JLR sales rise 20% in May. Accumulate Tata Motors from medium to long term perspective.
Jaguar Land Rover on Wednesday reported a 20% increase in global sales to 38,831 units in May. The Jaguar brand sold 6,450 units, up 4%, while the Land Rover sold 32,381 units, up 23%, the company said in a statement. JLR’s sales rose 53% in China, 19% in North America, 15% in the UK, 11% in Asia Pacific and 8% in Europe, it said. Despite the current global turmoil and slowdown in China JLR has posted strong set of numbers. The sales numbers were announced during market hours yesterday and is partially factored in; however investors should accumulate Tata Motors from medium to long term perspective .
National Economic News
India’s exports grow at fastest pace in 7 months in May
India’s exports grew by a double-digit pace for the first time in seven months in May, narrowing the trade deficit and setting the ground for easing of restrictions on gold imports. Exports last month rose 12.4% to $28 billion from a year earlier, while imports fell 11.4% to $39.23 billion. The twin effect led to the trade deficit narrowing to $11.23 billion from $19.37 billion a year earlier. The gap, however, was wider than April’s USD 10.1 billion and at a 10-month high.
Bank deposits up 14 % YoY; credit expansion at 13%
Bank deposits grew 14.09% YoY to Rs 79.3 trillion as of May 30, faster than the 13.01% growth in credit in the same period. Deposits of commercial banks stood at Rs 69.5 trillion during the same period last year, according to the RBI’s fortnightly data.
World Economic News
Japan Core Machine Orders Fall 9.1% In April
Core machine orders in Japan tumbled a seasonally adjusted 9.1% on month in April worth 851.3 billion yen. The headline figure beat forecasts for a decline of 10.8% following the 19.1% surge in March.
On a yearly basis, core machine orders spiked 17.6% also topping expectations for an increase of 13.3% following the 16.1% surge in the previous month.