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Tata Motors drops as ADR tumbles

Capital Market/ 09:31 , Jan 24, 2013

Tata Motors slumped 6.14% to Rs 292.85 at 9:30 IST on BSE after the company's American depository receipt or ADR slumped 9.88% to settle at $26.99 on the New York Stock Exchange on Wednesday, 23 January 2013.

Meanwhile, the BSE Sensex was down 31.09 points, or 0.16%, to 19,995.52.

On BSE, 10.22 lakh shares were traded in the counter compared with average volume of 11.99 lakh shares over the past two weeks.

The stock hit a high of Rs 295 and a low of Rs 282.05 so far during the day.

Tata Motors' ADR slumped after Jaguar Land Rover (JLR) on Wednesday, 23 January 2013, said it is likely to report a lower earnings before interest, taxation, depreciation and amortisation (Ebitda) margin in the October-December quarter compared with the previous two quarters due to exchange rate fluctuations and a higher mix of Evoque sales.

JLR also said free cash flow for 2013-14 could be negative as capital expenditure will rise to 2.75 billion pounds in the next year, up from 2 billion pounds in the current year.

Meanwhile, Jaguar Land Rover Automotive plc (the issuer), the parent company of the Jaguar Land Rover group of companies, on Wednesday, 23 January 2013, announced the offer of $400 million Senior Notes due 2023 (the notes). The notes will be guaranteed on a senior unsecured basis by Jaguar Land Rover, Land Rover, Jaguar Land Rover North America, LLC, Land Rover Exports and Jaguar Land Rover Exports. The net proceeds from the issuance and sale of the notes will be used for general corporate purposes, including to support Jaguar Land Rover's on-going growth and capital spending plans, Jaguar Land Rover (JLR) said in a statement. JRL is a subsidiary of Tata Motors.

Tata Motors had announced on 15 January 2013 that its global sales declined 13.88% to 98,968 units in December 2012 over December 2011. Tata Motors' cumulative wholesales rose 1.8% to 881,009 units in fiscal 2012 over fiscal 2011. Global wholesales of all passenger vehicles fell 23.16% to 46,925 units in December 2012 over December 2011. Cumulative wholesales of all passenger vehicles for the fiscal were 444,769 units.

Tata Motors' global wholesales of all commercial vehicles - Tata, Tata Daewoo and the Tata Hispano Carrocera range - were 52,043 units, in December 2012. Cumulative wholesales of all commercial vehicles for the fiscal were at 436,240 units.

Global wholesales of Tata passenger vehicles were at 14,643 units, for the month while cumulative wholesales for the fiscal stood at 189,047 units.

Global wholesales for Jaguar Land Rover in the month of December 2012 were 32,282 vehicles. Jaguar wholesales for the month were 5,444 and cumulative wholesales were 36,649 vehicles, while Land Rover wholesales for the month were 26,838 and cumulative wholesales were 219,073 vehicles. Cumulative wholesales for Jaguar Land Rover for the fiscal were 255,722 vehicles.

Tata Motors' consolidated net profit rose 10.5% to Rs 2074.73 crore on 19.1% growth in net sales to Rs 42818.90 crore in Q2 September 2012 over Q2 September 2011.

Tata Motors is India's largest automobile company, with consolidated revenues of Rs. 1,65,654 crore ($32.5 billion) in 2011-12. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain and South Africa. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 7.5 million Tata vehicles plying in India, Tata Motors is the country's market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world's fourth largest truck and bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America.


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