India's largest automaker posted its 1st drop in profit in 5 quarters, on sluggishness from its British luxury unit. Tata Motors (TTM) reported fiscal Q3 profits of $302 mil, down 52%, and well shy of Thomson Reuters' consensus estimate of $535 mil. Profit at its Jaguar Land Rover unit declined 25%, missing views on higher costs and lower margins as customers shifted to less costly models. Tata's U.S. traded shares fell 4.9% to 27.25.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?