MARKET EYE-Tata Motors falls on disappointment over JLR margins

* 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. (http://link.reuters.com/ryw54v)

* "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 (Xetra: 885836 - news) 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.

($1 = 0.6252 British pounds)

(abhishek.vishnoi@thomsonreuters.com

/abhishek.vishnoi.thomsonreuters.com@reuters.net)