August 1, 2018 / 4:53 AM / in 4 months

BUZZ-India's Tata Motors hits 2-week low; co posts biggest quarterly loss in nearly 10 years

** Tata Motors Ltd’s shares fall as much as 5.34 pct to 250 rupees, lowest since July 18

** Automaker posted June-qtr consol net loss of 19.02 bln rupees ($277.57 mln), its biggest loss in nearly 10 years; This was also co’s first quarterly loss in nearly three years

** Profitability was hurt as dealers in China delayed purchases of luxury brand Jaguar Land Rover (JLR) to benefit from an import duty cut that came into effect after qtr-end

** Jefferies cuts PT to 355 rupees from 440 rupees and maintains “buy” rating; Says while this may seem like a one-off (hurt by China import duty cut), such disappointments have been a recurring issue for JLR in a weak environment

** Credit Suisse cuts PT to 440 rupees from 460 rupees, maintains “outperform” rating

** 26 of 39 brokerages rate the stock “buy” or higher, 11 “hold” and two “sell” or lower; median PT 358 rupees - Thomson Reuters Eikon

** Tata Motors has an estimated PE of 8.56, lower than the sector average of 17.43

** More than 16 mln shares change hands, compared with 30-day avg of 11.4 mln shares

$1 = 68.5225 Indian rupees

0 : 0
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