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Tata Motors falls on disappointment over Jaguar Land Rover margins

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SummaryExcluding a one-time local tax incentive of $126.4 mn, it stood at 16.1 pct.

Shares in Tata Motors Ltd fall 1.7 percent after operating profit margins at its key unit Jaguar Land Rover Ltd (JLR) for the July-September quarter missed estimates when adjusted for one-time tax incentives.

JLR's reported operating margins were 17.8 percent. Excluding a one-time local tax incentive of 79 million pounds ($126.4 million), it stood at 16.1 percent, as per a presentation posted on its web site.

"At the outset, it seemed that F2Q14 was as a stellar quarter but as we adjust for one-offs, it comes down to an in-line quarter at net level and JLR EBITDA was tad below expectations," said Morgan Stanley in a report on Monday.

"Given that F2Q14 has been a quarter full of beats across auto names, an in-line result could be taken as a disappointment by the Street thus we could get better entry points into the stock," it said.

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