JlR July sales down 21.6% at 36,144 units
New Delhi: Tata Motors-owned Jaguar land Rover today reported 21.6 per cent decline in global retail sales at 36,144 units in July. Sales of Jaguar brand were down 15.2 per cent at 10,992 units last month, while those of land Rover stood at 25,152 units, a decline of 24 per cent, the company said in a statement. “We have had challenges to navigate in key markets this month,” Jaguar land Rover Chief Commercial Officer Felix Brautigam said. Retail sales for July were down in China by 46.9 per cent, reflecting continued market volatility in the first month of the duty change as well as trade tensions, JlR said. In Europe sales were also down by 26.5 per cent and the UK were down by 18.3 per cent, impacted by the industry-wide issue of delays in WlTP (Worldwide Harmonised light Vehicle Test Procedure) certification of 2019 model year vehicles, it added. Sales were also down by 9.5 per cent in North America, the company said. “We are also adapting to the impact of tariff changes in the Chinese market. While this could strengthen demand, the trade conflict with the USA has a negative effect on automotive buyers’ confidence and transaction prices in China,” Brautigam said.
SBI posts Q1 loss of Rs 4,876cr as bad loans rise
New Delhi: The country’s largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans. The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing. However, total income during the three-month period rose to Rs 65,492.67 crore as compared to Rs 62,911.08 crore in the June quarter of 2017-18. The bank’s gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago. However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier. Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year. However, net NPAs of the bank declined to Rs 99,236 crore at the end of the first quarter, against Rs 1,07,560 crore in the year-ago period. Total provisions more than doubled to Rs 19,228 crore for the first quarter of this fiscal, from Rs 8,929.48 crore. On a consolidated basis, the bank posted a net loss of Rs 4,230 crore as against a profit of Rs 3,032 crore earlier. The SBI stock rose 0.38 per cent to Rs 317.65 on BSE in afternoon trade.
Sebi to auction properties of 5 cos next month
New Delhi: Markets regulator Sebi will auction as many as 19 properties owned by five companies including Maitreya Services and Suman Motels next month for a reserve price totalling over Rs 40 crore. Besides, properties of Arise Bhoomi Developers, Parasrampuria Plantations and Four Seasons Farms would go under the hammer too. The move is part of an effort by Sebi to recover money that the companies had illegally mobilised from people. The auction of these properties, spread across Maharashtra and Uttar Pradesh, and include land parcels, flats and shops will be conducted on September 12, Sebi said in a notice on Friday. Out of the 19 properties being put on the block, seven belong to Arise Bhoomi Developers followed by Four Seasons Farms (5), Maitreya Services (4) Parasrampuria Plantations (2) and Suman Motels (1). The reserve price of the properties is fixed at over Rs 40 crore, it added. The regulator has engaged SBI Capital Markets ltd to assist it for sale of these properties through e-auction platform.