Tata Motors-owned Jaguar Land Rover (JLR) released its 2020 sales figures on Monday, reflecting a significant impact as a result of the COVID-19 pandemic, but the company highlighted signs of recovery as sales in China remained strong.
For the calendar year 2020, the retail sale of Jaguar Land Rover was 425,974 vehicles, down 23.6 percent by 2019, reflecting the impact of COVID-19 on the industry, particularly in the first half of the year in which plants were shut down for more than two months.
However, the company said it has since seen a quarter-on-quarter increase in sales of more than 53% in the quarter ended September 30, 2020, followed by a 13.1% increase in the last quarter.
Here are some of the biggest movers in today’s business:
Volatility gauge shoots higher
While the benchmark indices were close to life-long highs, market participants’ concerns about frothy valuations became palpable as the India VIX Volatility Gauge rose 9 percent in the midst of global market weakness, and some prominent investors in the Nifty50 Options Contracts were likely to hedge.
Tech stocks rally on TCS’ earnings
Shares of large-scale IT companies single-handedly helped the benchmark indices to their record highs today, as TCS’s blockbuster December quarter earnings further fueled investor optimism. The Nifty IT index was 3.3 percent higher.
Tata Motors soars on Tesla rumors
Shares of Jaguar Land Rover-owner jumped 11 percent at the market buzz session that the company and Tesla may enter into a memorandum of understanding on the manufacture and sale of electric vehicles in India.
Auto ancillaries soar
Shares of auto-component makers increased 1-20 percent after peer GNA Axle reported strong earnings growth for the quarter ended December, leading investors to similar earnings from other companies.
Cement, steel stocks feel the heat
The government is mixed with the dramatic rise in steel and cement prices in the country, with Cabinet Minister Nitin Gadkari suggesting that the government could introduce a regulator. The shares of steel and cement companies, of course, fell sharply in response to the Minister’s suggestion.