Tata Motors takes U-turn on disappointing profits

DALAL STREET SPIKES

The auto major skidded 4.18 per cent to settle at Rs 498.40 after the company announced disappointing quarterly results. More than 26.8 lakh shares changed hands at the NSE on Wednesday.

Tata Motors posted a 9.40 per cent growth in net profit to Rs 338 crore for the September quarter, while there was a 15.30 per cent rise in revenues to Rs 4781 crore.

However, the results are not comparable since the results include the results of Tata Finance, Telco Dadajee Dhackjee Ltd and Suryodaya Capital and Finance (Bombay) Ltd, which were merged with Tata Motors.

The company's passenger and utility vehicles sales also declined by 5 per cent in the September quarter, though there was a 14 per cent rise in sales of commercial vehicles.