UPDATE 1-India's Tata Motors Q4 profit up 17 pct, below f'cast

Newswire

(Adds detail) MUMBAI, May 19 (Reuters) - India's top truck maker, Tata Motors Ltd. , reported a lower-than-expected 17 percent rise in quarterly net profit on Friday, dragged by higher product development expenses and raw material costs. India's bus and truck market, the world's fifth-largest, has enjoyed 30 percent annual growth in the past three years on cheap loans and an improving highway network. But the pace had slowed in fiscal 2006 on a cyclical downturn, higher fuel prices and ...

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