Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Tata Motors shares edged higher on the BSE on Friday despite reporting double the losses in the June quarter than what it incurred in the same quarter last year.
The country’s largest commercial vehicle (CV) maker Tata Motors shares closed nearly 2 per cent higher at Rs 147.20 apiece. However, it did succumb to heavy selling pressure on Thursday, ahead of its result announcement.
The company on Thursday also clarified that the Fitch rating downgrade said that it has no formal engagement with Fitch. “This is an unsolicited rating and hence we have no comments to offer,” the company said in a regulatory filing.
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It has further informed of Analyst/Institutional investors meeting with Citi Bank on August 1.
Kotak Institutional Equities maintained a ‘BUY’ rating saying that its standalone business performance was better than expectations due to a better product mix in the passenger vehicle (PV) business.
“Management highlighted JLR retail volume growth in China has turned positive in July 2019, which could boost profitability in coming quarters. We maintain BUY rating but cut our fair value to Rs 205 (from Rs 215 earlier),” Kotak said.
Tata Motors Group on Thursday reported a net loss of Rs 3,679.66 crore for the quarter ended June 30, 2019. It had posted a Rs 1,862.57 crore net loss for the corresponding period of the previous financial year.
Its revenue for Q1FY20 declined to Rs 60,830.16 crore from Rs 65,956.78 crore reported for Q1FY19.
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