Tata Motors is trading lower by over 4% at Rs 233, extending its previous day’s 12% fall on account of lower than expected EBITDA (earnings before interest, taxes, depreciation, and amortization) margin at Jaguar Land Rover (JLR) of 14.6% against analyst estimate of around 16.5% during the quarter ended March 2012. The consolidated EBITDA margin has improved by only 30bps at 14.1% on year-on-year basis.
According to Reuters report,” UBS cut its 12-month price target for Tata Motors to Rs 270 from Rs 320, maintaining its "sell" rating after the auto maker's weaker-than-expected operating earnings. UBS believes volume growth for unit Jaguar Land Rover could "incrementally disappoint."
A combined 8.75 million shares have changed hands on the counter so far on both the exchanges.
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