On Monday Tata Motors announced quarterly results that fell below most estimates. The company posted a 15.5% decline in profits to Rs1,877 crore. That was on a 26% rise in year-on-year net sales to Rs35,938 crore. Tata Motors has seen its domestic sales slow down and its margins getting squeezed. On the other hand, its UK business is picking up Jaguar Land Rover’s revenues climbed 33% during the quarter. Still, investors weren’t too happy. Shares of the firm tanked 2.09% on the BSE in anticipation of the results, to finish trade at 177.90.
Mahindra and Mahindra reported lower than expected results despite robust sales growth. Stand-alone net profit fell to Rs737 crore compared to last year’s Rs758 crore. Sales, on the other hand, jumped up 37.6% at Rs7,307 crore. Mahindra and Mahindra’s utility vehicle business expanded 14.2% during the quarter and its tractor sales grew 28.2%.But its stocks dropped 5.73% to end at 790.40.
India’s stubbornly high inflation isn’t going down. Indeed, prices have risen more than expected in October. The country’s wholesale price index climbed 9.73% during the month. That’s virtually unchanged from September’s 9.72%. Inflation in India has hovered at close to 10% despite 13 rate hikes by the Reserve Bank.