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TELCO M/HCV sales slump in November - Views on News from Equitymaster
 
 
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  • Dec 16, 1999

    TELCO M/HCV sales slump in November

    Truck major, TELCO, has witnessed a slump in M/HCV sales in November 1999. (570) 520, 477, 5120, 100

    Tata Engineering and Locomotive (TELCO) is India's largest medium/heavy commercial vehicles (M/HCV) (65% market share in September 1999) and light commercial vehicles (LCV) (63% market share) manufacturer. It also manufactures utility vehicles (28% market share) and passenger cars (7% market share).

    TELCO has posted M/HCV sales of 5,277 units in November 1999, compared to 5,155 units in November 1998. The company's car sales appreciated significantly last month to 5,266 units, (151 units in November 1998).

    While TELCO's M/HCV business faced a slump in November, its car business has done exceedingly well. The reason for the non-performance of the M/HCV business could not be ascertained. The reasons seem even more strange in view of the fact that Ashok Leyland (TELCO's biggest competitor) posted 69% sales boom in November 1999.

    However, Indica's sales are as robust as ever. Although, figures are not strictly comparable with those of the previous year, there are no two opinions about Indica's success. This week, TELCO confirmed Indica's export order to Malta - the first time a private car manufacturer has bagged an export order to Europe. However, Indica continues to be a drag on the company's resources.

    Market view:
    Analysts have flagged a 'LONG TERM BUY' on the company due to its disappointing 2QFY2000 results. Analysts are bullish on the company's improved CV performance and expect it to pull the company into the black in FY2000. However, Indica's impact on profitability will continue to be negative.

     

     

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