Operating Margin to See Sharp Expansion on weak GBP Impacted by unfavourable foreign currency hedges, new customer acquisition programme in JLR business and decline in M&HCV; volumes, Tata Motors (TML) has reported muted performance in 2QFY17. The Company's consolidated EBITDA margin declined by 110bps yoy to 9.5%. Though we continue to believe that adverse forex would continue to impact TML's performance in the near-term due to its old hedge book, continued weakness in GBP would augur well for JLR's performance on unwinding in its hedges, as JLR generates 80% of its revenue via overseas sales....