Accumulate Tata Motors on declines, says Harendra Kumar

Harendra Kumar of Elara Capital told CNBC-TV18, "For Tata Motors, there are two views in the market but what we have put out in the note is the depreciation of the pound which is positive for the currency and you should also know that the 40 percent of business is in USD which has appreciated significantly. There is a third angle which is the translation into the Indian currency which will have a very marginal impact but most of the positions are hedged and the band is extremely strong.""Our analyst was there in the UK plant just last week, so our view would be to accumulate Tata Motors on the declines. There is very marginal impact for FY17 and FY18 is too longer way. So we are not as alarmed as the market is on the stock," he added.