TAMO's 3QFY18 profits came in below expectation. JLR posted weak performance during the quarter with subdued volumes impacting revenue and margins. Higher depreciation, increased tax provision and lower profit from China JV further dented JLR's 3QFY18 profits. Standalone business performance was strong in the quarter with strong volumes and significant improvement in margins. We expect the standalone business to continue witness gradual turnaround in its performance. For JLR, YoY volume growth is expected to stay tepid in the near term. However, JLR's performance is expected to improve as compared with 3QFY18. We introduce FY20 estimates and roll over the target price to FY20E earnings. We retain BUY with revised price target of Rs477 (earlier Rs514).
Shares of TATA MOTORS LTD. was last trading in BSE at Rs.374.85 as compared to the previous close of Rs. 377.5. The total number of shares traded during the day was 1041768 in over 9099 trades.
The stock hit an intraday high of Rs. 381 and intraday low of 372.7. The net turnover during the day was Rs. 391838827.