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BUZZ-India's Tata Motors falls to over 1-yr low after Q1 results
August 10, 2017 / 3:58 AM / 3 months ago

BUZZ-India's Tata Motors falls to over 1-yr low after Q1 results

** Tata Motors’ shares fall as much as 4.8 pct to lowest in over a year

** Q1 profit rose 42 pct helped by a one-off gain related to changes to Jaguar Land Rover’s pension plans, masking a fall in co’s income

** “... the first quarter results have not met our expectations,” chief executive Guenter Butschek said in results statement on Wednesday

** Analysts at Morgan Stanley say list of unknowns is rising in business model and high uncertainty will keep multiples suppressed, downgrading stock to “Equal-weight”

** FY18 cut in margin estimates to be higher to account for higher-than-expected hedge losses, Credit Suisse analysts wrote, cutting price target to 570 rupees from 630 rupees

** Analysts at Nomura also cut PT on stock to 514 rupees from 518 rupees, expecting forex losses to run out in FY18

**Tata Motors’ U.S.-listed shares hit over a year-low, closing down 6 pct at $31.5 on Wednesday

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