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The company also reported a second-quarter core profit (EBITDA) of $1.56 billion, slightly above its compiled consensus of $1.53 billion, but down from $1.65 billion in the first quarter and only about half its earnings of a year earlier.
This is a reversal of the earlier trend where banking sector talent moved into the NBFC space
The only segment that registered a half a percent growth was light commercial vehicle, under which it sells Super Carry.
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Exports for July 2019, however, almost trebled to 355 units as against 127 units in July 2018.
Bars and coins saw 12% drop in the second quarter mainly due to China following the easing of currency concerns and high prices.
The stock valuation is reasonable post the correction and the currency movement could help, given the domestic macro headwinds. We see limited downside in the stock from the current level.
Motorcycle sales, which contributed 84 percent to total business, slipped to 3.22 lakh units in month gone by, falling 3 percent YoY
Commenting on the sales performance MG Motor India Chief Commercial Officer Gaurav Gupta said, the company remains strongly focused on timely vehicle deliveries and seamless assistance.
Talks began after Reliance#39;s negotiations with China#39;s Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.

The decisions were taken at the annual Heads of Circles Conference held at Srinagar in Jammu and Kashmir from July 29-31, 2019 to adopt a 100-day action plan and a five-year vision to align the Department of Posts with the Prime Minister#39;s âNew Indiaâ initiative, a statement from the postal department said.
Zomato had reached 200 cities milestone in April and upgraded its expansion target to 500 by September, it said in a statement.
Fed Chairman Powell cited global weakness, simmering trade tensions and a desire to boost too-low inflation in explaining the central bank#39;s decision to lower borrowing costs
In July last year, JSPL had received from the national transporter an order of about one lakh tonne rails, which was later extended by over 26 lakh.

The brokerage said it will not be able to pay its broking members as NSE Clearing Corporation, the clearing and settlement arm of the National Stock Exchange, has not released its payment
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
In September, Hyderabad-based Aurobindo announced that it would acquire the commercial operations of Swiss drug maker Novartis AGsâ generics unit in the US for $900 million. However, the proposed deal, which could emerge as the largest outbound deal by an Indian company, is yet to see the light of day considering that the FTC is yet to respond.
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
âI wanted someone who would understand a business from a founderâs point of view, which is important for a startup," said Hallekere, chief executive and co-founder of the five-year-old Bounce, who pivoted from a luxury bike rental platform to the current dockless scooter-sharing solution to ease urban congestion.
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29

We feel that the valuation at 2.2 times FY21 estimated book value has potential to re-rate should the journey to reaching 18 percent RoE pan out.
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
Economic Affairs Secretary suggested that using cryptocurrencies in payment could be outlawed but not in its entirety.
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
The codershare partnership between the two partners will come into effect from next month, Air India said in a release.
Addressing business leaders in Denver, Colorado, India#39;s Ambassador to the US Harsh Vardhan Shringla said India-based global IT services companies employ more than 175,000 workers in the US accounting for 8.4 per cent of employment in the computer systems design and related services industry.
Almost 90 percent of suicides can be prevented by timely intervention, say experts
The body of Café Coffee Day (CCD) founder VG Siddhartha was found early morning on July 31, ending speculation about his fate.
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
Live updates: Cafe Coffee Day founder VG Siddhartha#39;s body has been found near Mangaluru. He was missing since July 29
Almost 90 percent of suicides can be prevented by timely intervention, say experts
"On the regulatory front, the API plant at Miryalaguda was given an Establishment Inspection Report (EIR) in 2017 resolving the earlier warning letter. We also received EIR for the injectable site at the Duvvada and we are awaiting for CTO VI site at Srikakulam.
This despite improvement in asset quality, with a decline in the number of non-performing assets
Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.
Analysts said raising of bets by participants taking positive cues from domestic markets mainly pushed up gold prices at futures trade here.A compilation of estimates suggests the company#39;s Q4 FY24 net profit is projected to decline by 2.2 percent quarter on quarter to Rs 1,1...