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BUZZ-India's Tata Motors plunges to over 2-month low; JLR profit falls
February 15, 2017 / 3:55 AM / 9 months ago

BUZZ-India's Tata Motors plunges to over 2-month low; JLR profit falls

** Tata Motors falls as much as 8.6 pct, lowest since Dec 7, 2016

** Company on Tuesday reported worse-than-expected 96 pct fall in Dec-quarter profit, citing sharply lower earnings at its British luxury carmaker Jaguar Land Rover (JLR) and losses in its domestic business

** Consolidated net profit fell to 1.12 bln rupees ($16.76 million), missing analysts estimate of 22.48 bln rupees, according to Thomson Reuters data

** Company expects to see much better Q4, Chief Financial Officer C Ramakrishnan said in a news conference

** While a weak Pound is a big boon for JLR, given hedging it has lead to high losses - Morgan Stanley analysts

** Management commentary on JLR margins has weakened significantly with hedging losses likely to continue at high levels for longer and rising incentives due to demand pressures,” CLSA analysts write

$1 = 66.8100 Indian rupees

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