Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
Ratan Tata, chairman emeritus, Tata Sons, launched Goodfellows, India's companionship startup for senior citizens, in a bid to encourage inter-generational friendships.
Tata Sons on Thursday announced the appointment of Campbell Wilson as chief executive officer and managing director of Air India. Wilson is the founding CEO of low-cost airline Scoot.
'The funds were arranged from multiple banks at a very competitive rate and converted into dollars at the best rates.'
Billionaire Mukesh Ambani on Tuesday showered lavish praises on Tata Group chairman N Chandrasekaran, saying he has scripted the salt-to-software conglomerate's spectacular growth in recent years. Sharing the dais with Chandrasekaran at the 10th convocation of Pandit Deendayal Energy University in Gandhinagar, Ambani said Tata Group's gigantic steps in the field of renewable energy under his leadership are inspirational.
His wife, Dr Anahita Pandole, who was driving the car at the time of the accident, was recovering and will be discharged soon, said an official of the Sir H N Reliance Foundation Hospital.
An increased brand fee paid by India-listed Vedanta, apart from record dividend, has helped Vedanta Resources (VRL) - the London-based holding company of Vedanta Group - to repay part of its debt. Vedanta paid a brand fee of Rs 2,632 crore ($325 million) for 2022-23 (FY23), according to Nomura report. This was after the Anil Agarwal-owned holding company raised the brand fee to 2 per cent of the turnover for its Indian businesses in 2021.
The Air India board met on Monday afternoon to consider the candidature of Ilker Ayci and after due deliberations approved the appointment of Ayci as the CEO & MD of Air India, Tata Sons said in a statement.
The Air India board met on Monday afternoon to consider the candidature of Ilker Ayci and after due deliberations approved the appointment of Ayci as the CEO & MD of Air India, Tata Sons said in a statement.
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
Dr Anahita had only worn the shoulder harness from the back and had not adjusted the lap belt, police said.
Tata Sons stake in the group's listed companies is now worth Rs 9.28 trillion, up 34.4 per cent on a year-on-year (YoY) basis. In comparison, the Government of India's stake in listed central public sector undertakings (PSUs) is currently valued at Rs 9.24 trillion
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
'Cyrus was always very different. He would think before acting.'
Due to the group's presence across multiple businesses, it is in a unique position in the aviation industry to bring the best of talents.
Soon after the Supreme Court of India upheld all the appeals filed by the Tata group and set aside the order of the National Company Law Appellate Tribunal reinstating Cyrus Mistry as group chairman, Ratan Tata, chairman emeritus of Tata Sons and chairman of Tata Trusts, took to Twitter to share his views.
The police team probing the crash are examining the CCTV footage for further leads, the official said.
Dr Anahita Pandole and her husband Darius, who injured in the car accident that killed former Tata Sons chairman Cyrus Mistry, were on Monday shifted by road to Mumbai from a hospital in neighbouring Vapi town of Gujarat, an official said.
TCS became a slow-moving giant and lost some of its sheen to competitors -- both big and small. Even as TCS remains the primary cash cow of Tata Group, its revenue and profit growth have slowed considerably.
A well-known gynaecologist in Mumbai was driving the car which crashed into a road divider on Sunday, killing former Tata Sons chairman Cyrus Mistry and another occupant of the vehicle, the police said.
Singapore Airlines' deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, "The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
Ilker Ayci has declined the Tata Group's offer to be the chief executive officer (CEO) and managing director of Air India, aviation industry sources said on Tuesday. On February 14, Tata Sons had announced the appointment of Ayci, former chairman of Turkish Airlines, as the CEO and MD of Air India. RSS-affiliate Swadeshi Jagran Manch had last Friday said the government should not give clearance to the appointment of Ilker Ayci "keeping in view national security".
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
Air India will purchase 220 planes from Boeing for $34 billion, with an option to buy 70 more aircraft that could take the total transaction value to $45.9 billion, a deal that US President Joe Biden described as a "historic agreement". While announcing the Boeing-Air India deal on Tuesday, Biden also asserted that together with Prime Minister Narendra Modi, he was looking forward to deepen the ties between India and the US. As per an announcement from the White House, Boeing and Air India have reached an agreement under which the airline will purchase 190 B737 MAX, 20 B787, and 10 B777X for a total of 220 firm order valued at $34 billion at list price.
After a brief lull during the pandemic, there is a strong revival in luxury car sales, bolstered by more launches across price bands, replacement demand, ban on old diesel vehicles in the NCR, and 'revenge buying'.
The donation by Tata Sons and Trusts is the biggest sum committed by a corporate and its philanthropic arm since the outbreak of Covid-19. Others, including Reliance Foundation, Mahindra Group, Bajaj Group, and ITC, are lending support too in the battle against the pandemic.
The police in Palghar district of Maharashtra, who are investigating the Mistry car accident case, have found this during their investigation.
India Inc is gearing up for a slugfest this year and from tech to paints, new battlegrounds are emerging, observes Indrajit Gupta, co-founder, Founding Fuel.
The injuries also included vein ruptures causing internal bleeding, a medical officer said.
Calling Cyrus Mistry her twin, Nationalist Congress Party leader Supriya Sule on Monday said she has been devastated by the demise of the former chairman of Tata Sons.
Darius Pandole, who survived the car accident in which industrialist Cyrus Mistry died, has told the police that his wife Dr Anahita was driving the Mercedes-Benz car in the third lane and could not merge into the second lane that turned narrow near the Surya river bridge in Maharashtra's Palghar, an official said.
The Tatas have the know-how to quickly close deals which can otherwise get caught in legal wrangle. In 2018, on the day the National Company Law Tribunal declared Tata Steel as the winner of the bid for bankrupt Bhushan Steel, Bhushan promoter Neeraj Singhal was planning to file for a stay order. He did get the case listed for the following day, but the judge did not admit it, deferring it until the following week. The Tatas used the narrow window of 48 hours to close the deal and take control of the company.
The Delhi Police on Tuesday asked ride hailing firm Uber to verify past records of drivers before onboarding them and suggested that the company put a mechanism in the cab to check their alcohol consumption levels. While speaking at the safety feature launch event of Uber, Delhi Police additional commissioner Mahesh Chandra Bharadwaj said that drunken driving has been a major factor in case of rule violations. "If a driver is drunk then you should have some kind of mechanism to know that your driver is drunk. We test drunk and drive through the alcohol meter.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
The new owners of Air India will have to retain all the employees of the national carrier for at least one year post which they can offer a VRS. The gratuity, pension fund and post retirement medical benefits of existing and past employees too would be honoured by the new owner, civil aviation secretary Rajiv Bansal said. Tata Sons has emerged as the winning bidder for Air India with the government accepting its Rs 18,000 crore offer to acquire 100 per cent of the debt-laden state-run carrier.
Post handing over of Air India to the Tatas, government officials will be free to book their travel with any airline that offers them the best price. And, the Centre will not have a tie up with any carrier, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said. "The government is not mandating travel by any particular airline, going forward, after handing over Air India because there won't be any state-owned airline," he said. The department of expenditure (DoE) will soon issue instructions to government departments for official travel as this needs to be done before handing over Air India to the new buyer, he said.
'I don't think there will be a direct reaction to the fuel price hike on air ticket prices.'
The Delhi high court on Thursday dismissed BJP leader Subramanian Swamy's plea seeking to set aside the Air India divestment process on the allegation that the methodology adopted by the government in the valuation of the national carrier was "arbitrary, illegal and against public interest". The order was passed by a bench of Chief Justice D N Patel and Justice Jyoti Singh. The court said a detailed order will be uploaded. "Dr. Subramanian Swamy, sir we are dismissing this matter...," the bench said.
During the investigation, witnesses were questioned and reports were obtained from the Regional Transport Office and Mercedes Benz India Pune, said a police release.
The Tata Group-run Air India has banned smoking and consumption of intoxicating substances at the workplace and any employee violating this order will be "dealt with appropriate consequences", the airline's Chief Human Resources Officer (CHRO) Suresh Dutt Tripathi has stated. It was not clear what was the trigger for Wednesday's communique. Air India did not respond to PTI's request for statement on this matter.
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