India's Tata Tech hits all-time low after subdued Q3 results

Tata Technologies

22/01/2025 04:41

** Shares of Tata Technologies  TATE.NS  fall as much as
3.5% to all-time low of 788.65 rupees; last down 1.3%
    ** Auto-focused tech co on Tuesday reported fall in Q3
profit, while revenue missed some analysts estimates as clients
cut spending
    ** Management expects recovery to happen after two quarters,
JP Morgan said, adding it prefers KPIT Technologies  KPIE.NS 
over Tata Tech
    ** Brokerage also cut PT to 750 rupees from 800 rupees,
keeping "underweight" rating
    ** At least 4 analysts trim PT after results, with median PT
at 765 rupees vs 885 rupees a month back - LSEG data
    ** Stock rated "hold" on average by analysts, while rival
KPIT is "buy" rated - LSEG data
    ** TATE shares down 10% so far in January, while KPIT is
down 11.7%

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))