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Tata Motors reported weak Jaguar Land Rover (JLR) sales numbers for the quarter ended December on account of continued disruptions due to semiconductor shortages. Retail sales for the quarter came in at 80,126 vehicles, down 13.6% vs. the prior quarter and down 37.6% vs. the same quarter last year. Sales were lower across geographies compared to the September quarter with China down 6.9%, North America -11.8%, UK -24.3% and Overseas -25.4%. The parent company said via a filing, “Underlying demand for JLR products remains strong and the Company has proactively managed semiconductor supplies to maximize production of higher margin products. Looking ahead, the chip shortage remains dynamic and difficult to forecast, however, we expect supply to continue to improve in Q4 of the fiscal year ending 31 March 2022.”

Tata Motors’ 5.75% 2024s are trading 0.2 points lower this week at 106.15 yielding 3.41% while JLR’s 4.5% 2027s are trading 0.4 points weaker this week at 96.623 yielding 5.19%.

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