Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

July 25, 2006

Figures for the previous period have been regrouped / reclassified wherever necessary.

The commercial vehicles sales volumes in the corresponding quarter of the previous year were mainly impacted by unanticipated difficulties in vehicle certification and procurement of some critical components.

Other expenditure includes foreign exchange loss of Rs. 78.30 crores for the quarter ended June 30, 2006 as against a profit of Rs. 14.50 crores in the quarter ended June 30, 2005. The corresponding figure for the year ended March 31, 2006 was a loss of Rs. 20.35 crores.

During this quarter, the Company has reversed export incentive of Rs. 35.57 crores that was accrued during the previous year, in view of reduction with retrospective effect in the incentive rate under Target Plus Export Incentive Scheme by the Government of India.

The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. These, in the context of Accounting Standard 17 on Segment Reporting, issued by the Institute of Chartered Accountants of India, are considered to constitute one single primary segment.

Subsequent to the quarter ended June 30, 2006, 8,800 1% Foreign Currency Convertible Notes (FCCN) (2008) and 6,000 Zero coupon FCCN (2009) representing 8.8% and 6% respectively of the said Notes, have been converted into 16,20,003 and 4,59,076 Ordinary Shares of Rs. 10/- each at a premium as per the terms of issue.

As on April 1, 2006, 3 Investor complaints were outstanding. The Company received 10 complaints during the said quarter and disposed off 10 complaints by June 30, 2006. There are 3 complaints unresolved as on June 30, 2006.

The Statutory Auditors have carried out an audit of the results stated in (B) above for the quarter ended June 30, 2006.

The above Results have been reviewed by the Audit Committee of the Board and were taken on record by the Board of Directors at its meeting held on July 25, 2006.

Figures for previous year have been regrouped / reclassified wherever necessary, to make them comparable. As per the Listing agreement, the Company is required to publish consolidated financial results on an annualised basis. The Company has decided to voluntarily make available the financial results on a consolidated basis so as to enable an investor facilitate a comparison of the financial performance between stand alone and consolidated basis.

The share of profit (net) in respect of investments in associate companies include profit of Rs.14.33 crores and loss of Rs. 0.19 crore, considered on the basis of Unaudited Financial Statements for the quarter ended June 30, 2006.

The Consolidated financial statement should be read in conjunction with the notes to the individual financial results for the quarter ended June 30, 2006.

For further press queries please contact Mr Debasis Ray at +91 22 6665 7209 or email at: debasis.ray@tatamotors.com.

All statements contained herein that are not statements of historical fact constitute “forward-looking statements. All statements regarding our expected financial condition and results of operations, business, plans and prospects are forward-looking statements. These forward-looking statements include but are no limited to statements as to our business strategy, our revenue and profitability, planned projects and other matters discussed herein regarding matters that are not historical fact. These forward-looking statements and any other projections (whether made by us or any third party) involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements or other projections. Additional risks that could affect our future operating results are more f! ully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by or on our behalf.