Tata Motors asks 600 employees to leave: Report Reeling under a sharp slowdown in its local business, Tata Motors has asked about 600 employees to leave by accepting an early retirement offer (ERO), The Financial Express reported today quoting sources. 1 14 2Google +0 0Comments (3) Free Demat Account : With Money Back Guarantee*. Trade Across Multiple Devices. Open Now! religareonline/Demat_Account - Ads by Google Reeling under a sharp slowdown in its local business, Tata Motors has asked about 600 employees to leave by accepting an early retirement offer (ERO), The Financial Express reported today quoting sources. The report said those asked to leave were mostly employees who had been in the company for over 20 years and scored low on the firm’s appraisal system. The company has worked out a severance package for each employee under the ERO. The cost cuts were part of a program started by late MD Karl Slym who had introduced other methods such as cutting down on vendors and sourcing for Tata Motors and subsidiary Jaguar Land Rover commonly, the FE said. Tata’s domestic auto business has been lukewarm for a few years now, with a slowdown in the Indian auto sector coupled with its dated line-up of cars weighing sharply on sales. The firm’s overseas unit, JLR, on the other hand has picked up the slack, notching up robust sales in the past few years. Tata Motors’ standalone net profits fell from Rs 1,242 crore in FY12 to Rs 301.81 crore in FY13. Tata Motors stock price On February 24, 2014, Tata Motors closed at Rs 396.60, up Rs 0.65, or 0.16 percent. The 52-week high of the share was Rs 405.00 and the 52-week low was Rs 252.10. The companys trailing 12-month (TTM) EPS was at Rs 2.61 per share as per the quarter ended December 2013. The stocks price-to-earnings (P/E) ratio was 151.95. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 6.67. Read more at: moneycontrol/news/business/tata-motors-asks-600-employees-to-leave-report_1052455.html?utm_source=ref_article
Posted on: Wed, 12 Mar 2014 15:11:21 +0000
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