Tata Motors, whose portfolio stretches from the marque Jaguar to the world’s June quarter, on the back of share sales in a sTata Motors, whose portfolio stretches from the marque Jaguar to the world’s June quarter, on the back of share sales in a sister concern and new accounting norms that offset forex losses.
The flagship firm of the steel-to-software Tata Group said its standalone profit for its first quarter of the year rose to Rs 514 crore, from Rs 326 crore a year ago, even as revenues dipped 8% to Rs 6.404 crore because of weaker sales of its mainstay heavy trucks.
Of this, Rs 318 crore came from the sale of 11-million shares of Tata Steel to parent Tata Sons. An average of four analysts’ forecasts estimated India’s largest commercial vehicle maker’s net profit at Rs 100 crore, as the street factored the tight liquidity conditions and high raw material costs. Shares of Tata Motors rose 0.3% to close at Rs 374.10 on the Bombay Stock Exchange on Monday. ister concern and new accounting norms that offset forex losses.
The flagship firm of the steel-to-software Tata Group said its standalone profit for its first quarter of the year rose to Rs 514 crore, from Rs 326 crore a year ago, even as revenues dipped 8% to Rs 6.404 crore because of weaker sales of its mainstay heavy trucks.
Of this, Rs 318 crore came from the sale of 11-million shares of Tata Steel to parent Tata Sons. An average of four analysts’ forecasts estimated India’s largest commercial vehicle maker’s net profit at Rs 100 crore, as the street factored the tight liquidity conditions and high raw material costs. Shares of Tata Motors rose 0.3% to close at Rs 374.10 on the Bombay Stock Exchange on Monday. ister concern and new accounting norms that offset forex losses.
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