Auto Sector

As per the agreement, Ravi Sanghi & family will sell their 56.74% stake in SIL to Ambuja Cements, a division of Adani Cement

Grover stated to ET, "We feel we have a formidable combination of levers to help us overcome any such competition.

Recommendation: Buy; Target price: Rs 300

This negative sentiment extended to the broader markets for the second consecutive session.

The project is expected to be completed within 30 months from the date of the Letter of Intent, with a target completion date of January 2026.

The primary factor contributing to the lower sales was a significant 15% drop in two-wheeler dispatches

The company sold 3,91,310 units in July 2023, compared to 4,45,580 units last year.

July sales rose 32 % year-on-year to 73,117 units.

The company's net profit increased to Rs 726 crore, up from Rs 566 crore in the year-ago period.

On FY24 growth expectations, Anup Bagchi said “If you look at month-on-month growth, our May and June were better than April. For the quarter there was a little bit of compression on the margin and the APE. So that led to a little bit of compression on VNB.”