Most Asian stocks ended the day in the red, while stocks in Europe were trading mixed. The rupee was trading at Rs 63.55 to the dollar at the time of writing.
Barring Ashok Leyland, most auto stocks closed weak today with the key losers being Tata Motors, Mahindra & Mahindra (M&M) and Hero Motocorp. TVS Motors announced results for the fourth quarter and year ended March 2015. Revenues grew by a decent 14% YoY during the quarter led by the 7% YoY growth in volumes. While volumes of motorcycles were up 12% YoY, growth in scooter volumes was even better at 21% YoY. Two wheeler exports grew by 24% YoY, while three wheeler sales were up 26% YoY. For the quarter, net profits grew by an impressive 74% YoY. For the full year, while total revenues grew by 27% YoY, net profits grew by 33% YoY. The company attributed this healthy performance to a comprehensive product portfolio, good market acceptance of new products and consequent growth in volumes. TVS Motors also closed weak today.
Auto ancillary stocks also closed mixed today. While Bosch Ltd and Bharat Forge found favour, Exide Industries and Amara Raja Batteries closed in the red. Exide Industries also announced results for the fourth quarter and year ended March 2015. Revenues grew by a mere 2% YoY during the quarter as a result of which growth in net profits was also subdued at 4% YoY. For the full year, revenues were up 15% YoY, while profit before tax during the same period grew by 10% YoY. The total dividend for the year stood at Rs 2.2 per share, which translates into a dividend yield of 1.3%.