Vodafone Idea Ltd reported a 5.4% fall in its first-quarter revenue on Thursday, as a nationwide lockdown hurt its business and the telecom company lost subscribers. The company, a joint venture between Britain's Vodafone Group and billionaire Kumar Mangalam Birla's Idea Cellular, also reported a bigger quarterly loss, as it set aside 194.41 billion rupees for dues owed to the government.
(Bloomberg) -- Jaguar Land Rover will slash costs by more than already planned after the coronavirus pandemic battered results in the first quarter of its fiscal year.The carmaker owned by India’s Tata Motors Ltd. increased its savings target for the year to 2.5 billion pounds ($3.3 billion) after booking a 413 million-pound pre-tax loss for the quarter that ended in June. While the company said it expects sales, profitability and cash flow to gradually improve, it cautioned in a statement that its outlook remains “very uncertain” due to Covid-19.JLR already was struggling with a sales ...
India's Tata Motors Ltd warned on Friday that its luxury car unit, Jaguar Land Rover (JLR), may post another quarterly loss as the coronavirus crisis saps demand and cripples its supply chain. The pandemic has taken a heavy toll on automakers globally and piled pressure on Tata Motors, which has been trying to improve JLR's cash flows by reining in costs after geopolitical and regulatory challenges hurt the British carmaker's sales. Tata Motors raised its cost savings target for JLR by 1 billion pounds ($1.31 billion) and now expects to save 6 billion pounds in costs by March 2021, Chief ...
(Bloomberg) -- State Bank of India posted a higher profit, bolstered by interest income and a sale in its insurance unit while reducing its forecast for new loans amid the pandemic that’s still racing through the nation.Although the bank has covered more than 86% of its existing bad loans, it will be cautious on boosting credit as the virus-led uncertainty continues to hurt the economy, Chairman Rajnish Kumar said at a briefing on Friday. India’s biggest lender cut its loan-growth target to 8% from 10% for the year started April 1. “Any lender who doesn’t take risk is not a lender,” Kumar ...
State Bank of India (SBI) posted a sharp increase in net profit on Friday and provided a steady outlook for the coming quarters, even as the coronavirus crisis ravages the country's economy. SBI's results come as Indian lenders brace for a flood of potential loan defaults, with many small businesses finding it hard to operate as the pandemic crushes demand. The lender reported an 81% surge in profit and better asset quality as bad loan provisions dropped.
Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to TTM's future business outlook. This transaction provides us the balance sheet flexibility to continue the journey to increase TTMs focus on differentiation and less capital-intensive, less seasonal, long-cycle end markets.
(Bloomberg Opinion) -- Whatever else you do with a bank that loses half its deposits in six months, don’t leave it with half a rescue.Yes Bank Ltd. was the poster child of India’s $200 billion-plus bad-loan malaise. But the story of its dubious underwriting is now just another long-drawn criminal case. (Co-founder Rana Kapoor, who ran the bank into the ground, is facing charges of accepting bribes against loans to a fraud-ridden property financier that’s since gone bankrupt. He has denied any wrongdoing.) Of late, Yes is a cautionary tale about botched bailouts and ill-conceived bail-ins.The ...
Jaguar Land Rover (JLR) has picked ousted Renault boss Thierry Bollore as its next chief executive, with a mission to return Britain's biggest carmaker to profit after a big hit from the COVID-19 pandemic. Bollore took over at Renault in January 2019 after the fall of Carlos Ghosn, but was always viewed a close to the French carmaker's long-time boss and was pushed out in October when it looked for a fresh start. Bollore will take over at JLR on Sept. 10, replacing Ralf Speth, whose tenure ends after more than 10 years.
Moody's Investors Service has assigned a Baa3 senior unsecured rating to the proposed notes to be issued by TML Holdings Pte Limited, a wholly-owned subsidiary of Tata Motors Limited (B1 negative). The notes are supported by an irrevocable standby letter of credit (SBLC) from Bank of Baroda, London Branch (the LC Bank). Moody's has a Baa3(cr) long-term Counterparty Risk (CR) Assessment on Bank of Baroda (Baa3, rating under review for downgrade).
(Bloomberg Opinion) -- India’s lenders and their shareholders are playing a dangerous game of hide and seek.Financial firms need to raise a record amount of capital, something they would like to do before the central bank’s Covid-19 moratorium on repayment ends next month and they have to disclose a big jump in bad loans. So they have an incentive to pretend that their borrowers have become miraculously stress-free. Investors know this and are trying to ferret out bad news. Valuations are sliding, and if policy makers have a plan for rescuing this vital industry, they’re keeping it close to ...
(Bloomberg Opinion) -- With the $28 billion he’s raised working from home, India’s richest man wants to step into the breach created by the technology cold war between America and China. The two Silicon Valley tech giants that gave him a third of the money will help put him there. It’s an audacious plan. Politicians in many nations, including the U.S., the U.K. and India, are reluctant to let Huawei Technologies Co., which they accuse of being an instrument of the Chinese state, become embedded in the fast-speed internet networks that will run everything from power stations to autonomous ...
(Bloomberg Opinion) -- For a long time, U.S.-based internet giants entertained the idea of finally accessing the world’s biggest market and tapping into a base of more than 1.3 billion potential consumers. Now, just as the door to China appears firmly shut, the next giant market is opening up.Alphabet Inc. CEO Sundar Pichai is ready to realize India’s potential with the one way executives know best: a big fat check. The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of ...
State bank of India, country's largest lender's executive committee has approved a further investment of upto 17.60 billion rupees in public offering of Yes Bank, according to a regulatory filing. In March this year, SBI board had approved an investment of 72.50 billion rupees into the troubled lender Yes Bank. Earlier this year the Reserve Bank of India (RBI) had taken control of Yes Bank, after the bad-debt laden lender had failed to raise the capital it needed to stay above mandated regulatory requirements.
The job cuts comprise just under 40% of the entire DHL workforce on the contract, the union said. DHL indicated that the half of the job cuts are due to a decline in car production and half are the result of anticipated "efficeincy savings", the union added. "DHL must not attempt to make permanent full-time staff redundant while continuing to outsource work to sub-contractors," Matt Draper, Unite national officer for logistics, said.
