Five months after Tata Motors shifted its Nano plant to Gujarat, another Tata company has decided to move a project out of West Bengal. Tata Metaliks has scrapped its 500,000-tonne billet project, proposed to be built with an investment of Rs 700-800 crore
The company said it had extended financial support to the UK business.
Less than five months after Tata Motors relocated its Nano project from West Bengal to Gujarat over land issues, another Tata group company, Tata Metaliks, is reviewing its expansion project in the state on similar grounds.
The managing directors -- Rana Sinha of Tata Hitachi Construction Machinery Company, Dibyendu Bose of TM International Logistics Limited, Sandipan Chakravortty of Tata Steel Processing and Distribution Limited, Viresh Oberoi of mjunction, and Sanjiv Paul of Tata Metaliks -- met at Nabanna, the makeshift state secretariat. Finance and industry minister, Amit Mitra, was also present.
Goa plant has a capacity of 2 lakh tonne per annum.
In 2006-07, TCS had employed 7,000 people in the eastern states.
The group's major investments in Bengal are from Tata Metaliks, Tata Consultancy Services, Indian Hotels and Tata Hitachi.
Tata Steel has a technical tie-up with Nippon Corporation for automotive steel production. Nippon is also helping plan the layout of its proposed steel plant at Kalinga Nagar.
Nandigram may have turned into a war zone once more but the industry feels that the issue is national. Despite the current crisis being a turf war between the political parties, the genesis of the issue is land acquisition for a chemical hub project. Harsh K Jha, president, Indian Chamber of Commerce and MD of Tata Metaliks, said Nandigram per se may be a state issue but it has affected the investment climate and land acquisition across the country.
Mitra said that Tata group firm TCS was creating additional 20,000 jobs.
On Friday, shares of Tata Motors rose by 2.68 per cent and Tata Steel went up by 1.85 per cent on the Bombay Stock Exchange.
Small- and mid-size companies where Cyrus was the chairman did better on bourses than large Tata group companies
Tata Group overall commands market capitalisation of over $125 billion
The Federation of Indian Mineral Industries has strongly objected to Indian steel companies' policy of selling surplus iron ore in the domestic market and crying for a ban on iron ore export to meet shortage of the commodity.
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.
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
Thirteen years after their small car project was forced out of West Bengal following the anti-land acquisition movement in Singur, Industry and IT Minister Partha Chatterjee has said talks are on with the Tatas for big-ticket investments in the state. Underscoring job creation as the TMC government's top priority, Chatterjee also said incentives to companies will depend on ability to generate employment. He said the Mamata Banerjee dispensation wants two large manufacturing units to be set up by any prominent industrial house at the earliest. "We never had any enmity with the Tatas, neither we fought against them. "They are one of the most respected and biggest business houses of this country and also abroad. "You can't blame the Tatas (for the Singur fiasco).
Tata Group shares were among the top losers while Adani Ports emerged as the top gainer
Tata Steel and Tata Chemicals under investor watch
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
Auto stocks are weighing on the indices.
The average return for the 2,127 companies outside the A-group is 42 per cent
Broader markets underperformed the benchmark indices with BSE Midcap and Smallcap indces slipping 0.8%-1.1%
Weakness in Infosys, L&T and Hindalco cap index gains.
Out of the 192 mining leases of iron and manganese ores in Odisha, 94 do not have environment clearance.
Ahead of the assembly elections next year, the BJP has been wallowing in a welter of ideas that has resurrected the debate on populism versus pragmatism, as it has to pander to two important but incompatible constituencies, of the freebie consuming masses and Bengaluru's heavy hitters craving for even roads, pristine lakes and unbroken power supply, reports Radhika Ramaseshan.
Sensex rises, Nifty ends at record high; RIL shares rally.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
A mixed global trend and weakness in rupee influenced the sentiments during the day.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
Sanjeev Gupta of Liberty House, a global supplier of metals and engineering solutions, who has emerged front-runner for a number of stressed companies, plans to fund a string of companies through a mix of equity and debt.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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