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Fundamentals March 14, 2013

Nik's Diary
Indian markets opened marginally in the red tracking SGX Nifty, which too is currently trading marginally lower by ~0.1%. Major Asian indices have had a mixed opening. While the Hang Seng is trading lower by ~0.8%, Shanghai and Nikkei are trading marginally in the green. US stocks moved modestly higher on Wednesday after recovering from an early move on the downside. The Dow ended the day slightly higher, recording its first nine-day winning streak since November of 1996 and setting another new closing record high. Before the start of trading, the Commerce Department released a report showing a strong jump in retail sales in February, although the increase was largely due to higher gas prices. Most of the European markets were down on Wednesday. Meanwhile Indian markets extended declines for a third day in a row, weighed down by renewed concerns about a slowdown in China and uncertainty over Europe's economic outlook. The Indian markets will keenly await the WPI numbers, which are to release during the day. 

TTMT global sales dip sharply in February 2013 
Tata Motors is faring poorly not just in the domestic market, but overseas too. Tata Motor’s total sales, fell by 22.4 per cent to 98,837 vehicles in February. Passenger vehicles sales in February declined by almost 70 per cent at 11,177 units. This is the fourth consecutive month Tata Motor’s global sales have declined. However, sales of luxury brands Jaguar Land Rover were up at 35,485 units in February, against 32,257 units in the year-ago month, an increase of 10 per cent. “Global sales for Jaguar Land Rover were 35,485 vehicles. Jaguar sales for the month were 7,102 and cumulative sales are 50,191 vehicles, while Land Rover sales for the month were 28,383 and cumulative sales are 279,189 vehicles,” said Tata Motors in a statement. Global sales of all passenger vehicles were 46,662 units in February, down 32.82 per cent from 69,461 units in the same month previous year. Cumulative passenger vehicles sales for April-February 2013 were at 545,312 vehicles. Firm’ market share in the passenger car segment has fallen to its lowest level of 4.9 per cent in February 2013 as rising competition and overall slowdown in the market took a toll on sales. In order to increase its market share, Tata Motors has also introduced attractive buyback scheme on select passenger car models. In the domestic market, Tata Motors’ sales fell by over three-fold to 7,769 units in February this year as against 28,236 units in the same months last year. Tata Motors sold 52,175 commercial vehicles in February compared with 57,857 units in February 2012, down 9.8 per cent compared with same month a year ago. Tata Motors has appointed consultancy firm Accenture to help it in regaining market shares in the commercial vehicles division. Commercial vehicles include Tata, Tata Daewoo and the Tata Hispano Carrocera range. Cumulative commercial vehicles wholesales for the financial year are 535,109 units. Recently, Tata Motors launched six new trucks. Source: mydigitalfc

BGR Energy pulls out of `800cr contract with NTPC
BGR Energy has pulled out of a contract, estimated to be Rs. 800 crore, for supply of power equipment to NTPC's proposed 1,600 megawatt (MW) Darlipali project in Odisha, citing non-progress of the project. According to sources, BGR Energy, which had bagged the contract for supplying turbines and generators to Darlipali plant in Odisha in 2011, pulled out as project work has not yet started at plant due to non-availability of various clearances and physical possession of land. The contract was valued at Rs. 800 crore. When asked to confirm the development a BGR Energy spokesperson said: "We need to review the cost of the contract if NTPC is going ahead with it." When asked whether NTPC would invite fresh bids for the turbines and generators, its chairman and managing Director Arup Roy Choudhury told PTI, "There will be fresh bids for the turbine." NTPC, on the other hand, said that the company has not received the requisite land for the project. The project requires approximately 1,600 acres of land. "We are unable to start work on the project due to delayed clearances," an NTPC official said.  Source: NDTV

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