Tata Motors falls on fears Q3 results may miss estimates
Reuters Market Eye - Shares in Tata Motors (TAMO.NS) shares fell more than 2 percent on worries that October-December earnings will miss market expectations on the back of a disappointing report card at the key Jaguar Land Rover (JLR)subsidiary.
Increasing reliance on lower-margin models such as the Land Rover Evoque and Freelander and adverse currency movements are seen denting Tata Motors' quarterly results due later on Thursday, as JLR's free cash flow (FCF) turns negative.
British luxury car maker JLR issued a warning last month that it is likely to report lower EBITDA margin in the October-December quarter compared with the previous two quarters.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- UPDATE 5-GM to drop Chevy brand in Europe to focus on Opel
- Google's mystery barge in San Francisco Bay under investigation
- South Africa, world mourn "giant for justice" Mandela
- UPDATE 3-Gunmen kill U.S. teacher in Libya's Benghazi
- Delhi's rubble-strewn Connaught Place mirrors Congress' election struggle
The BSE Sensex rose more than 1 percent on Thursday to its highest close in a month as stocks of blue chip companies such as ICICI Bank surged after exit polls predicted a strong showing for the key opposition party in state elections held recently. Full Article