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Tata Motors slipped nearly 3% in noon deals after its UK subsidiary Jaguar Land Rover (JLR) expanded its capex guidance for the fiscal year ending March 2015 which is likely to strain the company's cash flows in near term.
According to reports, the capital expenditure at Jaguar Land Rover (JLR) will be increased to 3.5-3.7 billion pounds in the fiscal year ending March 2015, higher than its proposed capex of 2.75 billion pounds in the financial year ending March 2014.
The company intends to continue its investment plans towards new product development, new power trains and technologies to meet regulatory requirements, capacity expansion at existing UK facilities and setting up of new plants in China and Brazil, reports added.
Thus far, the stock has hit a high of Rs 377 and a low of Rs 367 on the BSE. A combined 43 lakh shares changed hands on the BSE and NSE.
