Tata Steel and Indian Hotels on Wednesday said they have always made all relevant disclosures and have no further comments to offer following comments made by ousted Tata Group chairman Cyrus Mistry that Tata group firms could face a potential USD 18 billion writedown.
Mr Tata said a letter had arrived in his office from a young woman who had applied for the graduate engineering programme of TELCO Pune and been turned down. 'I wouldn't interfere with your selection process, Maira,' he said. 'However, I am calling you because this lady says that her rejection letter says that though she is very well qualified for the programme, TELCO Pune cannot select her because she is a woman.' 'Why are you discriminating against women?' he asked. A must read excerpt from Arun Maira's The Learning Factory: How The Leaders Of Tata Became Nation Builders.
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
Govt to play enabler not handler, India never had more decisive government: PM Modi Prime Minister Narendra Modi on Monday cited his dispensation's push for wide-ranging reforms, including the privatisation of Air India, to assert that the country never had a more "decisive government". Launching the Indian Space Association (ISpA), an industry body aspiring to be the voice of the country's space sector, Modi noted that fields like mining, coal, defence and space have been opened to private players, and said his government's clear policy about public sector enterprises is to open those to private industry where its presence is not required. While opening a host of sectors, the government has built a regulatory environment in which priority has been given to national interest as well as the interests of different stakeholders, he said.
A high-level three-member committee is formed to grow awareness about fraudulent job offers.
HR Guru Mayank Rautela offers practical advice.
HR Guru Mayank Rautela offers practical advice.
Historically, Tata Steel has always been among the biggest companies in the group in terms of m-cap, revenue, and profit but its fortunes began to decline after 2010 due to a sharp decline in the profitability of its European operations that it had acquired in 2007. The company was hit by a sharp rise in its debt level after this acquisition. First, it lost out to Tata Motors in terms of revenue in FY11 and then in March 2015, Titan beat it to become the third-biggest firm in the group in terms of m-cap. In FY20, TCS reported higher revenue and Tata Steel had become the third biggest company in that terms.
Ratan Tata, an iconic corporate leader, retired as Chairman of the $100-billion Tata Group on Friday after a 50-year run, on his 75th birthday.
Jhunjhunwala holds a stake in more than 30 listed firms.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
Mody held important positions in Tata group and led Tata Steel till he retired in the early 1990s.
The Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
Further stimulus measures are expected in the upcoming Budget where the focus is likely to be on reforms, including some structural measures such as reducing red tape and boosting foreign direct investment. The meeting with industrialists is in the series of discussions that Modi has had during the last couple of weeks to seek suggestions to revive growth.
The industry is hoping the Tatas deepen their dive and offer two stable airlines -- a Vistara merged into Air India servicing the international routes, and an AirAsia India merged with Air India Express that competes with the low fare airlines in India and offers destinations within five hours, says Anjuli Bhargava.
The Tata group firm has enhanced its product portfolio through "targeted acquisitions" as it aspires to be a formidable player in the FMCG category, said Chandrasekaran, who is also the chairman of Tata Sons. Besides, it has stepped up the pace of innovation across markets in line with consumer trends such as health and wellness and convenience, he said in his message to shareholders in the latest annual report of TCPL.
"Twelve years after India's worst terror attack on Mumbai, two Taj hotels -- Colaba and Bandra have received a terror threat from Karachi. "I have had detailed discussions on beefing up security arrangements with both Maharashtra DGP and Mumbai Commissioner of Police," Deshmukh said.
The world is on the threshold of a new era of cooperation in which individuals, business and nations more readily join forces, thanks to the coronavirus pandemic and only a global effort can help get back to normality from the health crisis, according to Tata Sons chairman N Chandrasekaran. In his New Year address to over 7.5 lakh employees of the consumer products to aerospace conglomerate, Chandrasekaran said the pandemic has rewritten the rules and there has been a shift in priorities with greater focus on safety and resilience, and a transition from 'just in time' toward 'just in case' -- changes that "offer a glimpse of the new economy that will emerge from the old".
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
In 2006-07, TCS had employed 7,000 people in the eastern states.
The Padma Bhushan was conferred on 17 personalities including N Chandrasekharan, chairman of Tata Sons, Krishna and Suchita Ella of Bharat Biotech, Cyrus Poonawalla, Satya Nadella, chairman of Microsoft, Sunder Pichai, chairman of Google.
This test uses an indigenously developed, cutting-edge CRISPR technology for detection of the genomic sequence of SARS-CoV-2 virus, CSIR said in a statement.
Rajan's last day at Tata Sons, where he has worked since the 1990s, will be March 31.
"We are waiting for any input from any quarter," Civil Aviation Secretary R N Choubey said, adding, "We have not received anything so far".
Ratan Tata was deeply involved in promoting a technology-oriented culture in the group
HR Guru Mayank Rautela offers practical advice.
HR Guru Mayank Rautela offers practical advice.
For debt-laden Jet Airways, bitter foe Tata may turn into timely saviour.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
M&M was the top gainer in the Sensex pack, surging 3.37 per cent, followed by Sun Pharma 2.53 per cent, Asian Paints 1.88 per cent, ITC 1.66 per cent, HDFC Bank 1.58 per cent and Tech Mahindra 1.51 per cent.
The marquee names include Hindalco, three Tata group companies and Colgate.
Sources in the Tata group said they could not attend as they were travelling.
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
Applicants have also in the past expressed fear about higher capital requirements, stringent priority sector lending norms and rules on promoter shareholding as key deterrents.
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
Stating that his role is for the short term so as to ensure stability and continuity at the group, Tata asked top executives of the USD 100 billion conglomerate to act as leaders in respective markets and focus on enhancing returns to shareholders.
The Mumbai-headquartered company, however, said it would selectively hire experienced employees from outside.
Let's take a look at 30 companies named after people.
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