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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: India's Tata Motors Q2 net profit plunges 34 pct AFP - Saturday, November 1 MUMBAI (AFP) - - India's leading vehicle company Tata Motors announced Friday second-quarter net profit plunged by 34 percent, hit by rising input costs, high interest rates and lack of financing. Net profit fell to 3.46 billion rupees (70 million dollars) for the quarter ending September from 5.26 billion rupees a year ago, a company statement said. Revenues rose 11.34 percent to 75.01 billion rupees for the three months. "The automobile industry remains severely impacted with continued lack of financing and high interest rates," Tata Motors said in a brief statement. "The quarter was also impacted by high input costs." Sales volumes declined by 1.1 percent to 135,037 vehicles. Tata Motors is set to launch its Nano small car, billed as the world's cheapest car, later in the financial year to March 2009. The company said "pre-construction activity" had begun at Sanand in western Gujurat state for the Nano plant. Tata decided to set up the plant in Gujarat earlier in October after violent protests by local farmers against seizure of land for a factory in the eastern state of West Bengal where it had originally planned to build the car. The company introduced several trucks and passenger cars in the second quarter. The results did not include figures for British luxury icons Jaguar and Land Rover which Tata Motors bought earlier this year from ailing Ford Motor Co for 2.3 billion dollars The purchase was part of Tata's bid to expand its reach beyond Asia but analysts have been unenthusiastic, saying it represents a considerable challenge for Tata to integrate such a large operation that only recently turned profitable. Analysts say Jaguar and Land Rover sales have been under heavy pressure this year due to the global economic downturn. Analysts say they fear the global liquidity crunch and weak demand for vehicles will hit Tata Motors' earnings in coming quarters "We're concerned about how the company will raise money in the future," said Vaishali Jajoo, analyst at Angel Broking. Tata Motors managed to raise 850 million dollars through a rights issue in October to part-finance the Jaguar and Land Rover deals. "Demand for vehicles is also expected to remain weak in coming quarters due to the financial environment," she told AFP. Tata Motors said it made strong strong gains in volume and market share in the entry mid-size sedan segment. The company has a 12.8 percent share in the passenger vehicles segment. The company aims to boost its car financing operations in a tough business environment to attract more customers "to ensure sales do not suffer," Tata Motors managing director Ravi Kant told reporters. It has become increasingly difficult for car buyers to get bank loans to buy cars with lending becoming increasingly tight so vehicle companies are seeking to offer financing to consumers. Tata Motors shares rose 14.35 rupees or 9.11 percent to 171.8 on the Mumbai stock exchange after analysts said it was oversold. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Treasury bill rates fall even as stocks reboundAP - Saturday, November 1 Evidence of a recession grows higherAP - Saturday, November 1 Vodafone offers Storm free in U.K. with 2-yr planReuters - Saturday, November 1 Ag futures fall on Chicago Board of TradeAP - Saturday, November 1 TOPWRAP 13-Gloomy US consumers cut spending, Japan cuts ratesReuters - Saturday, November 1 Enlarge Photo India's Tata Motors Q2 net profit plunges 34 pct Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow McCain, Obama step up battleground blitz Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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