Tata Motors net races 58% despite sales dip

Tata Motors, India's largest vehicle maker, on Monday, defied market forecasts to clock a 58% rise in net profit for the June quarter, on the back of share sales in a sister concern and new accounting norms that offset forex losses. Tata Motors, which delivered its first Nano earlier this month, reported a standalone net profit of 5.14 billion rupees, up from 3.26 billion rupees a year ago.