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Tata Motors shares tumble after JLR boss warning on coronavirus
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SME Times News Bureau | 19 Feb, 2020
Shares of Tata Motors fell as much as 5 per cent on the BSE before
closing 2 per cent lower on Wednesday following JLR boss Ralf Speth's
comment on the adverse impact on business due to the coronavirus
outbreak.
Jaguar Land Rover CEO Speth reportedly said that the
company does not have enough parts from China to maintain its British
production post two weeks from now. Speth's comments came after Apple on
Monday revised down its target for iPhone sales due to the coronavirus
outbreak.
"We are safe for this week and we are safe for next
week and in the third week we have ... parts missing," Speth reportedly
said.
The death toll due to novel coronavirus (COVID-19) in China
rose to over 2,000 on Wednesday as 136 new deaths from the disease were
reported, while the confirmed cases stood at 74,185, Chinese health
authorities announced.
With several industries in China on a
standstill due to the coronavirus outbreak, the Confederation of Indian
Industry (CII) said that the revenue of Indian companies operating in
China is likely to fall by 15-20 per cent in the first two quarters of
2020 and may revive only in the third quarter.
An assessment
report by the industry body said that extended holidays have reduced
productivity which has a direct impact on revenues and growth.
Businesses have been closed since January 24, 2020 and are expected to
resume operations only by February 20, which is not certain, it added.
"Overall,
companies foresee a dip in revenue by 15-20 per cent in Q1 and Q2 over
the previous year. It is expected that businesses will get normalised
only by Q3," it said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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