Notwithstanding robust volume growth and a strong performance from Jaguar Land Rover (JLR), Tata Motors, the country's second-largest automobile (auto) manufacturer by market capitalisation, disappointed the Street with its January-March quarter (Q4) results for 2023-24 (FY24). While consolidated revenues saw a 13 per cent increase, lower-than-expected realisations in the Indian operations weighed down overall performance.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pounds (about $ 284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
Tata Motors, which owns Jaguar and Land Rover, is in talks with the UK government on assistance for the luxury units as sales have plummeted.
Sales of luxury brands from Jaguar Land Rover were at 20,358 units during June, up one per cent from the same month last year.
Tony Woodley, joint general secretary of Unite, said that there was little reason for the British government not to act now that Tata Motors had injected more cash. 'I would now be extremely surprised if the government did not give financial support to the company as well and I would be very surprised if it wasn't this side of Christmas. I would be disappointed if there was not confirmation of the availability of a loan or credit guarantees at least,' he said.
Jaguar and Land Rover, the UK based carmakers, are to set up dealership networks in India soon as they seek to use ties with Tata Motors, their new owner, to find new markets.
After the successful deployment of Chandrayaan-3's lander and rover on the moon, Indian Space Research Organisation (ISRO) is hoping that their mission life will not be limited to one lunar day or 14 earth days, and that they will come back to life when the sun again rises on the Moon, to carry on with the experiments and studies there.
Tata Motors will see 'strong operational recovery of its domestic business, which we believe should be the prime driver of stock valuations', Merrill Lynch said in a research report, adding that 'Jaguar Land Rover is likely to recover next year'.
If the UK government's help does not come soon, Indian owner Tata Motors will have to cut down its investment plans for Jaguar Land Rover with possible job losses and plant closures, a media report said.
JLR is looking to increase sales point in India to 20 by the end of the fiscal from the current four.
Tata Motors' luxury automotive brand, Jaguar, bagged a three-year order to supply 13,000 units of its range to a Chinese company earlier this year. Its Land Rover, jointly with Jaguar, is charting new territories for expansion.
'Jaguar Land Rover will manage the long-term impact and implications of this decision.'
Expressing satisfaction at Indian conglomerate Tatas' move to pump in money into Jaguar Land Rover, the head of the UK's biggest union Unite, Tony Woodley, has said he expects the Gordon Brown government to offer financial aid to the luxury car maker.
With no signs of financial aid coming from the UK government, Indian conglomerate Tatas have agreed to inject "tens of millions of pounds" into its British car company Jaguar Land Rover, says a media report.
Tata Motors has sold one Jaguar and Land Rover model a day since it launched the marque brands in India just under a month ago -- on June 28. But that's enough to satisfy the company and has, in fact, come as a surprise to many market experts.
Tata Motors on Monday said its global sales increased by 36 per cent in July to 90,646 units on robust demand for both commercial and passenger vehicles.
The UK government today approved a grant of pound 27 million to Tata Group-owned Jaguar Land Rover
"The process (of raising the amount) is over. Tata will borrow the money from us (the banks consortium) on Monday and might come with an official announcement in the next few days," a source close to the development told PTI. Tatas had entered into a definitive agreement with Ford to buy Jaguar and Land Rover in March for $2.3 billion. The $3 billion fund raising included Tata Motor's other committements as well.
They were touted as prestigious takeover trophies won abroad, but there is no mention of the Tatas at the Internet addresses of luxurious car brands Jaguar and Land Rover.
India's ambitious third Moon mission's spacecraft Chandrayaan-3 after the launch on July 14, had entered into lunar orbit or the Moon's orbit on August 5.
The management of luxury carmaker Jaguar is 'entirely relaxed' about the prospects of Indian conglomerate Tata Group taking over the brand along with Land Rover. Earlier, this month, Ford had named Tata Motors, which is part of the Tata Group, as the preferred bidder for its British marquees -- Jaguar and Land Rover, but a final decision for the sale is yet to be taken.
Not wanting to alienate other suitors including Mahindras, Ford may wait till the new year to announce the winner for its Jaguar and Land Rover brands, although Indian conglomerate Tatas have emerged as the top choice, media reports said in London on Friday. "Tata Motors is set to be chosen by Ford as the preferred bidder for Jaguar and Land Rover as early as Friday," a report in Financial Times said quoting people close to the situation.
The Chang'e-4 spacecraft scripted history on Thursday when it made the first-ever soft landing on the far side of the moon.
JLR is the UK's largest carmaker, which has witnessed a complete turnaround in its fortunes since Tata Motors acquired the traditional British brands from Ford 10 years ago.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Tata Motors shares fall 2%; m-cap erodes by Rs 5,521 cr.
Tata Safari - The Legend Lives!
Sales of commercial vehicles declined 24.51 per cent in June to 31,384 units from 41,577 units a year ago.
Leading Indian public sector banks State Bank of India, Bank of Baroda and Syndicate Bank are close to committing a part of the $3 billion bridge loan that Tata Motors has to raise to finance the acquisition of Jaguar and Land Rover from Ford.
Indian conglomerate Tata and US car maker Ford are expected to complete the deal of the latter's luxury brands Jaguar and Land Rover within a few days, a media report said on Monday. According to The Guardian newspaper, Ford is expected to complete the sale of Jaguar and Land Rover to Tata "within a few days." However, neither side has put a price on the marques. The price tag is likely to get closer to $ 2 billion. The deal was prolonged due to complexities in the agreement.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
The company is banking on investments lined up for product development and other innovations.
China's first moon rover is back to work after a "nap" and has succeeded in sending back the first images of the national flags on itself and the lander, space authorities said on Sunday.
The Lander and the Rover have scientific payloads to carry out experiments on the lunar surface. The main function of the Propulsion Module (PM) was to carry the Lander Module (LM) from the launch vehicle injection till final lunar 100 km circular polar orbit and separate the LM from PM, which it did.
In a huge setback to China's ambitious space programme, its first lunar rover Yutu or the Jade Rabbit was declared dead after attempts to revive it failed, media reports said on Wednesday.
Chandrayaan-3 mission's lander 'Vikram' chose a relatively flat region on the lunar surface to touch down, images captured by its camera showed.
Beresheet was developed by SpaceIL and Israel Aerospace Industries. If the mission had been completed successfully, Israel would have been the fourth country, after the Soviet Union, the United States and China, to land a spacecraft on the moon.
S&P Global Ratings has upgraded its long-term ratings on Tata Motors to speculative grade 'BB' with stable outlook on earnings improvements and potential deleveraging. The ratings agency had earlier placed Tata Motors in 'BB-'. As per S&P ratings, a BB grade is less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.
The landing will mark the beginning of a two-year prime mission to investigate one of the most intriguing places on Mars.
India will become the fourth country to master the technology of soft-landing on the lunar surface after the US, China and the erstwhile Soviet Union.
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