Shares of India's Tata Motors Ltd fell as much as 4.6% on Monday after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover business, prompting brokerage J.P. Morgan to downgrade the stock over the weekend.
A Tata Motors logo is pictured outside the company showroom in Mumbai, India February 5, 2018. REUTERS/Danish Siddiqui/File Photofell as much as 4.6% on Monday after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover business, prompting brokerage J.P. Morgan to downgrade the stock over the weekend.
Tata Motors late on Friday said its Jaguar Land Rover wholesale volumes - excluding its joint venture in China - were 75,307 for the second quarter, while it had in August,The automaker, among the largest in the country, blamed lower-than-expected supply of specialised chips from one supplier for failing to meet its target.However, it said new deals with semiconductor suppliers would lead to improved sales in the second half of the fiscal year.
"We would need more clarity on the pace of production recovery at Jaguar Land Rover to turn constructive on the stock," J.P. Morgan analyst Amyn Pirani wrote in a note, downgrading the rating on Tata Motors to "neutral" from "overweight." The brokerage also lowered its price target to 455 Indian rupees from 525 Indian rupees. Shares were last down 3.8% at 396.4 Indian rupees on Monday.
Current average rating among 30 analysts covering the stock was "buy" and median price target was 530 Indian rupees, according to Refinitiv.Reporting by Praveen Paramasivam in Bengaluru; Editing by Neha Arora
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bus catches fire in west India, killing 12 and injuring 43NEW DELHI (AP) — A bus caught fire after hitting a truck on a highway in western India early Saturday, killing at least 12 passengers, an official said. Another 43 people with serious burns were taken to a hospital in Nashik, a city in Maharashtra state, said police officer Bhagwan Adke.
Baca lebih lajut »
Go Won Hee Gets Married + Shares Dazzling Wedding Photos With Thoughtful MessageActress Go Won Hee has tied the knot with her significant other! Last month, Management KOO announced that the actress would be getting married the following month. Following her wedding ceremony on October 7, Go Won Hee took to Instagram to share wedding photos. She included the following message: As the time we spend together
Baca lebih lajut »
Chinese tech shares tumble after U.S. publishes new export rulesShares in Chinese tech giants Alibaba Group and Tencent as well as in chipmakers slumped on Monday, following the latest U.S. crackdown on China's chipmaking industry to slow Beijing's technological and military advances.
Baca lebih lajut »
Shakira Shares Cryptic Video Following Gerard Piqué SplitIn a video posted to Instagram, Shakira said she was 'hurt' over something she has never spoken about, with many of her fans and followers believing that her cryptic post has something to do with her split from Gerard Piqué. 💔
Baca lebih lajut »