Tata Motors Ltd.’s losses widened substantially in the June quarter as the automaker was hit by bleak demand in India while sales of its luxury unit Jaguar Land Rover Automotive Plc continued to struggle.
Net loss increased to Rs 3,680 crore from Rs 1862.7 crore year-on-year, according to its exchange filing. Analysts tracked by Bloomberg were expecting a loss of Rs 1,970 crore.
Operating margin narrowed 130 basis points to 7.5 percent.
JLR’s revenue fell 3 percent to £5.07 billion.
Revenue fell 7 percent to Rs 61,647 crore.
Margin for JLR fell 200 basis points to 4.2 percent.
Tata Motors was the biggest loser in the Sensex pack, cracking 4.56%, ahead of its quarterly results. Bajaj Finance, RIL, Yes Bank, NTPC and Tata Steel were among other top losers.
On the other hand, gains in Vedanta, Sun Pharma, IndusInd Bank, Axis Bank, PowerGrid, TCS, Tech Mahindra and Infosys helped support the index.
Elsewhere in Asia, most bourses ended on a positive note on hopes of a resolution to the US-Chine trade tiff as US and Chinese officials prepared to restart negotiations in an effort to resolve the year-long trade dispute, with two days of talks due next week.
Shanghai Composite Index, Hang Seng and Nikkei ended higher, while Kospi settled in the red. Bourses in Europe were also trading on a mixed note in their early sessions.
On the currency front, the Indian rupee depreciated marginally to 69.02 against the US dollar (intra-day).
Meanwhile, the global oil benchmark Brent crude futures rose 0.79% to USD 63.68 per barrel.
