MOSL: TATA MOTORS (Buy)-JLR delivers flat wholesales in Oct’19
Tata Motors: JLR delivers flat wholesales in Oct’19
(TTMT IN, Mkt Cap USD7.5b, CMP INR172, TP INR185, 8% Upside, Buy)
- JLR's wholesale volumes were flat YoY at ~47.3k units (our estimate: ~49.5k), whereas China JV volumes increased ~56% YoY to 3.7k units.
- Jaguar volumes declined ~7.5% YoY to ~12.4k units (our estimate: 12k), whereas Land Rover (LR) volumes were up ~5% YoY at 34.9k units (our estimate: 37.5k).
- JLR's retail volumes declined ~5.5% YoY in Oct'19, as the recovery in China (+16%) was offset by the fall in the UK (-19%) and RoW (-11%). China witnessed the fourth consecutive month of a recovery in volumes.
Tata Motors is an automobile company, engaged in the manufacture and sale of commercial and passenger vehicles primarily in India. Co. provides cars, utility vehicles, trucks, buses, and defense vehicles, as well as develops electric and hybrid vehicles for personal and public transportation. In addition, Co. is engaged in the provision of engineering and automotive applications, as well as machine tools and factory automation applications; construction equipment manufacturing; automotive vehicle components manufacturing, among others. Co. markets its vehicles in Europe, Africa, the Middle East, South East Asia, South Asia, and South America.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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