NEW DELHI — India’s largest truckmaker’s foray into cars is not proving to be a long-term cash success, despite initial excitement over the move. Rather, it has exacted a toll from first-quarter performance figures, analysts here say. Tata Engineering and Locomotive Co. Ltd. (Telco) is posting higher sales volumes and better margins in its mainstay heavy-truck unit, but expenses from its car project, the Indica (see WAI — March ’99, p.1), soaked up those earnings in the period of April ...

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