Shares of automobiles companies were in focus at the bourses on Friday ahead of the November month sales numbers, which release next week. The stock market will remain closed on account of Gurunanak Jayanti on Monday, November 30.
At 11:00 am, the S&P BSE Auto index, the top gainer among sectoral indices, was up nearly 2 per cent, as compared to 0.19 per cent decline in the S&P BSE Sensex.
TVS Supply Chain Solutions (TVS SCC), part of the $8.5 billion TVS Group, said that it is focusing on a 90-day plan to combat the national lockdown due to coronavirus. The company also said that it has managed to get six customers during the period.
After announcing the launch of Corona Kavach, a PPE kit, Ravi Vishwanathan, joint managing director, TVS SCC said, the 90-day plan will make sure that as an organisation the company remains agile and stays closer to its customers, ecosystem, pays more attention to its employees so that it will have the ability to bounce back very quickly and be very transparent to its stakeholders.
Shares of TVS Motor Company hit an over four-year low of Rs 279, down 6 per cent, on the BSE on Wednesday on concerns that sales volume in the month of April could decline significantly due to the lockdown until April 14 amid the outbreak of coronavirus (Covid-19) pandemic.
The stock of the company, which primarily makes two-wheelers and three-wheelers, was trading at its lowest level since March 2016.
Engineering and construction giant Larsen & Toubro (L&T) on Monday announced Rs 150 crore donation to the PM-CARES Fund to fight the coronavirus outbreak and said it has set aside over Rs 500 crore per month to support about 1.60 lakh contract workers.
L&T joins a list of other corporates including Tata Group and Reliance Industries who have come forward to offer their support to fight this unprecedented crisis.
Hyundai Motor India and TVS Motor have decided to halt production in line with other automakers because of the coronavirus (Covid-19) pandemic.
Hyundai said that it will be taking the preventive counter-measure of suspending its manufacturing operations at the Chennai facility from March 23, 2020 till further notice to stop the spread of coronavirus (Covid-19) pandemic.
TVS Motor Company has strengthened its operations in Central America by forming a partnership with Motomundo SA, one of the largest business groups in Honduras.
As a part of this association, Motomundo SA will facilitate the sales and service of TVS products across all Motomundo stores in the country in a phased manner. Motomundo stores will start with an exclusive outlet for TVS Motor Company and will expand it to three stores in the country within a year.
Shares of TVS Motor Company slipped 6 per cent to Rs 410 on the BSE on Tuesday after the two and three-wheelers manufacturer said the outbreak of pandemic Coronavirus (COVID-19) in China will lead to 10 per cent drop in its planned production in February. The stock was trading at its lowest level since October 17, 2019.
In the past one month, TVS Motor has underperformed the market by falling 12 per cent, as compared to 3 per cent decline in the S&P BSE Sensex.
TVS Motor has reported a 26.52 per cent drop in domestic two-wheeler sales during November, to 191,222 units from 260,253 units the same month a year ago, owing to huge pressure is its scooter segment.
The company has attributed the decline to the advancing of the Diwali season by a month and the planned adjustment of BS IV stocks.
TVS Motor has reported a 25 per cent drop in domestic two-wheeler sales during the month of October 2019, at 252,684 units as compared to 338,988 units a year ago. However, the company said October sales were two per cent higher than in September, which effectively reduces stock-in-trade for BS VI transition.
Total two-wheeler sales, including exports, were down by 20 per cent to 308,161 units in October 2019 from 384,307 units a year ago.
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