Stocks

Companies and stocks to track today: Oct 6, 2020

K.S. Badri Narayanan Chennai | Updated on October 06, 2020

istock.com/sefa ozel   -  istock.com/sefa ozel

Scrips likely to see action: Tata Motors, Usha Martin, Vinati Organics, Infibeam Avenues, Escorts

Better JLR sales may drive Tata Motors

Tata Motors-owned Jaguar Land Rover (JLR) on Monday reported a 11.9 per cent dip in sales in the second quarter this fiscal to 1,13,569 units as compared to the same period in the previous year.

The company’s sales, however, improved by 50 per cent during the July-September quarter as against 74,067 units in April-June period of the current fiscal, JLR said in a statement.

Sales in China were particularly encouraging during the period under review, up 14.6 per cent over the previous quarter and 3.7 per cent on a year-on-year basis, it added.

Retail sales in other regions, including the UK, Europe, North America and other markets, also significantly improved from the prior quarter, JLR said.

The stock may react positively even as its shareholders will closely track the sales trend from the company.

CBI probe to keep Usha Martin stock under pressure

The Central Bureau of Investigation has filed a first information report against Usha Martin Ltd, Managing Director, Rajeev Jhawar, and certain other individuals, for alleged offences under the Prevention of Corruption Act.

The CBI officials visited Usha Martin's office in Delhi on October 3 in connection with the probe.

The matter is under investigation and the company should fully cooperate with the CBI and other law enforcement agencies, under appropriate legal advice, it said in a notice to the stock exchanges.

Shareholders will closely monitor further developments on this front.

Vinati Organics acquires Veeral Organics

Vinati

Organics has incorporated Veeral Organics Pvt Ltd, which will engage in the manufacture of organic fine speciality chemicals. Vinati Organics has subscribed to the memorandum and articles of associations to the extent of 99 per cent of the share capital of Veeral Organics Private Ltd, which was incorporated under the Indian Companies Act, 2013, on October 5.

Following the stake buy, Veeral Organics Private Ltd has become a subsidiary of the company.

Will tie-up with Jio Platforms boost Infibeam Avenues?

Infibeam

Avenues Ltd has entered into a definitive agreement with Jio Platforms Ltd and its affiliates to license, customise, maintain and access its enterprise e-commerce software and payments platform.

Infibeam Avenues had reported a revenue of Rs 86.34 crore and profits of Rs 3.18 crore for the quarter ended June 2020. For FY19-20, it had posted a PAT of Rs 38.60 crore on revenues of Rs 586.36 crore.

Escorts may turn fertile on acquisition of stake in KAI

Escorts has completed the acquisition of 2 crore equity shares of KAI from from Kubota Corporation, Japan, constituting 40 per cent of the share capital of KAI at Rs 45 a share for an aggregate value of Rs 90 crore.

Kubota and Escorts will hold a 60-40 per cent shareholding respectively in KAI.

The Japanese company is an agriculture product manufacturer and offers various machinery such as tractors, combine harvesters and rice transplanters. Kubota also offers engineering, procurement, construction to maintenance services, contributing to safety and security of water.

Published on October 06, 2020

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