MUMBAI UBS cut Tata Motors Ltd's (TAMO.NS) fiscal 2013 and 2014 earnings-per-share estimates by 6 percent after the automaker warned its luxury unit Jaguar Land Rover is likely to report a lower EBITDA margin in the October-December quarter.
UBS maintained its "sell" rating after the Tata announcement on Wednesday, citing "expensive" valuations, although the investment bank raised its price target to 255 rupees from 250 rupees as it rolls forward the target by six months.
(Reporting by Abhishek Vishnoi; Editing by G.Ram Mohan)
Trending On Reuters
The Reserve Bank of India (RBI) has not said it is done with interest rate cuts and will keep a close eye on incoming data, Governor Raghuram Rajan told CNBC in an interview. Read | RBI more likely to cut rates in Sept - Reuters poll