Tata Motor Auto Sales Drop 7%, Hero Moto Vehicle Sales Rise 0.7%

Sarla Buch
02 Dec, 2015
New York City

India

[R]6:00 PM Mumbai, India – heavy rains shut down Chennai city for the second day in a row. Tata Motors said auto sales in November slipped 7% but Hero MotoCorp said two-wheeler vehicle sales rose 0.6%. Cox & Kings announced to sell its U.K.-based adventure travel subsidiary. CEAT signed distribution partnership with Italy-based Pirelli.[/R]

Stocks on Dalal Street struggled and investors reacted to local corporate news as Chennai remained submerged for the second day after heavy rains closed down the fourth largest city in India.

The aviation sector stocks traded higher after jet fuel prices were cut on Tuesday by 1.2%.

Jet Airways India Ltd surged 13% and SpiceJet Ltd soared 9%.

The metal companies are trading higher after that the central government may soon announce steps to curb steel imports, TV18 reported.

Tata Steel Ltd jumped 3%, Steel Authority of India soared 3% and JSW Steel Ltd advanced 2.2%.

The stocks of housing finance companies eased after the Reserve Bank of India kept interest rates unchanged on Tuesday.

LIC Housing Finance Ltd slid 0.8%, GIC Housing Finance Ltd fell 1.1%, Gruh Finance Ltd slipped 1.9%, Can Fin Homes Ltd slid 0.3% and Housing Development Finance Corp. dropped 1.2%.

Rupee slipped 10 paisa to 66.59 against one U.S. dollar.

The Sensex Index decreased 51.56 or 0.2% to close at 26,117.85. The CNX Nifty fell 23.55 or 0.3% to 7,931.35.

Gainers & Losers

CEAT Limited increased 1.7% to ₹1,067.45 after the largest Tyres maker signed a distribution partnership with Italy-based tyre maker, Pirelli.

Cox & Kings Limited dropped 2% to ₹245.45 after the tours and travel services provider announced the sale of its U.K.-based adventure holiday unit, Explore Worldwide Ltd. to the Switzerland-based hotel chain, Hotelplan Ltd for ₹258 crore or £25.8 million.

Hero MotoCorp Limited edged down 0.1% to ₹2,675.85 after the largest motorcycle maker said vehicle sales in November rose 0.6% from a year ago to 550,731 units.

IL&FS Engineering and Construction Company Limited surged 17.9% to ₹70.80 after the infrastructure developer secured a contract worth ₹675 crore from Ministry of Road Transport and Highways, Bihar.

Tree House Education and Accessories Limited soared 9.9% to ₹184 after the self-operated pre-school chain said Morgan Stanley bought 2.40 lakh shares or 0.24 million at a price of ₹166.56 per share by December 1.

Tata Steel Limited advanced 2.5% to ₹243.50 after the steel producer said its Singapore-based subsidiary signed agreements to refinance its debt worth $1.5 billion.

Tata Motors Limited decreased 1.1% to ₹412.70 after the commercial and passenger vehicles maker said total sales in November slipped 7% from a year ago to 38,918 units.

Domestic sales in the month dropped 6% to 35,345 units and export sales declined 17% to 3,573 units.

T.V. Today Network Limited soared 7.8% to ₹274.25 after the Reserve Bank of India allowed foreign investors to invest up to 26% in the media company.