February 6, 2018 / 4:01 AM / 6 months ago

BUZZ-India's Tata Motors hits lowest in over 10 months

** Shares of Tata Motors Ltd slump as much as 9.9 pct to 356.5 rupees, lowest since March, 2016

** Stock posts biggest intraday pct loss since Nov, 2016

** Automaker on Monday reported a surge in quarterly profit, driven by higher sales at its Jaguar Land Rover (JLR) business after an exceptionally weak quarter a year earlier

** Q3 consolidated PAT came in lower than our estimate due to lower EBIT from the JLR business - Macquarie

** Adds seasonality of sales in key markets, along with JLR’s model launch plans and rolling-off of unfavourable currency hedges, points to stronger growth and margins in Q4 FY18

** JLR continues to suffer from weak demand in the west, margin pressure from rising incentives, weakening product mix, and an ageing portfolio - CLSA

** Up to Monday’s close, stock had fallen 24 pct in 12 months

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