The United Kingdom on Friday announced a joint investment package with Tata Steel worth 1.25 billion pounds, including a government grant of 500 million pounds, for the country's largest steelworks in Wales that will help protect thousands of jobs and boost the British economy. The government's grant has been dubbed as one of the largest British government support packages in history and a "defining moment" for the country's steel industry.
West Asian carriers are up against Air India and IndiGo in the battle for seats on lucrative international routes.
The incident which took place on Friday came close on the heels of two mid-air urinating incidents on the international flights of Tata Group-run private carrier Air India late last year.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Tata Group-owned Air India is considering buying more than 200 new planes with 70 per cent of them being narrow-bodied aircraft, aviation industry sources said on Sunday. While Air India has zeroed in on Airbus's A350 wide-bodied aircraft for the procurement, the talks with Airbus and Boeing for narrow-bodied aircraft is still on, they said. A wide-bodied plane like Airbus A350 has a bigger fuel tank that allows it to travel longer distances such as the India-US routes.
More than 1,600 employees of Air India, the former state-run carrier now owned by the Tata group, have opted for voluntary retirement under a scheme announced on June 1. These employees comprise 22 per cent of permanent staff (around 7,000). The airline has a total employee strength of around 10,800, including those on contract.
In a LinkedIn post on Wednesday, February 15, night, Nipun Aggarwal had said Air India, in addition to the order of 470 planes, had the option to purchase 370 aircraft from Airbus and Boeing.
Air India has given more time to pilots to accept the revised compensation structure, which has been opposed by two pilot unions, according to a source. The decision to provide more time to pilots who are yet to sign the new contracts also comes days after Air India organised a town hall meeting with many pilots to discuss their concerns. The source said the airline has given time till the end of this week for signing the new contracts apparently due to requests from people who had not earlier accepted the revised compensation structure.
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
The Adani Group has overtaken Mukesh Ambani Group to become the country's second biggest business group in terms of market cap behind Tatas. Adani Group cos now have a combined m-cap of Rs 19.44 trillion against Ambani Group cos combined m-cap of Rs 17.89 trillion. Tata Group leads the league table with the group market capitalisation of Rs 21.73 trillion on Monday. The Adani Group companies, however, continue to out-perform firms from business groups and the broader market on the bourses by a big margin.
According to the revised policy, guests should not be permitted to drink alcohol unless served by the cabin crew and that the cabin crew be attentive to identifying guests that might be consuming their own alcohol.
The country's largest IT services exporter TCS on Monday reported an 11 per cent jump in the December quarter net profit to Rs 10,846 crore, led by overall growth and forex gains. The Tata group company had reported a post-tax net profit of Rs 9,769 crore in the year-ago period. Overall revenue grew 19.1 per cent to Rs 58,229 crore for the reporting quarter from Rs 48,885 crore in the year-ago period, the company said, adding in constant currency, the topline growth is 13.5 per cent, and in the dollar terms, it clipped at 8 per cent.
The landmark Air India-Boeing deal will create up to 1 million jobs across 44 states in the US and will further deepen bilateral ties, President Joe Biden has told Prime Minister Narendra Modi. Boeing and Air India announced a mega deal on Tuesday under which the Tata Group-owned airline will purchase 190 B737 MAX, 20 B787, and 10 B777X for a total of 220 firm orders valued at $34 billion at list price. The deal will also include customer options for an additional 50 Boeing 737 MAX and 20 Boeing 787, totalling 290 airplanes for a total of $45.9 billion at the list price.
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.
No-frills airline IndiGo on Monday announced placing a firm order for 500 A320 family planes with European aviation major Airbus at the Paris Air Show. This is the largest ever aircraft order placed by any airline with Airbus, IndiGo said in a statement. Financial details of the order were not disclosed.
Air India has finalised an order for around 250 aircraft with Airbus and the deal is expected to be announced next week, a source said on Thursday. The source in the know also said the airline has signed a deal with Boeing for about 200 planes. Specific details could not be immediately ascertained and there was no immediate comments from Air India about the deals.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
In a bid to incentivise its staff and improve their performance, Air India may soon offer them employee stock options (ESOPs). The erstwhile national carrier, which was acquired by the salt-to-steel conglomerate Tata Group last year, will be the second company in the Group to have an ESOP policy. Tata Motors is the other Group company with an ESOP policy, which was implemented in 2018.
Software major Tata Consultancy Services on Wednesday reported a 14.8 per cent rise in net income to Rs 11,392 crore for the fourth quarter of last fiscal against Rs 9,959 crore in the year-ago period. The country's largest technology services company by market value said its revenue rose 16.9 per cent to Rs 59,162 crore during the reporting season from Rs 50,591 crore a year ago.
WhatsApp's advantage is that it is the first app millions of Indian check first thing in the morning and innumerable times during the day and night.
The passengers were stopped by the crew members for consuming alcohol and they apologised in writing for the incident.
The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets, ahead of the national airline's takeover by the Tata Group. The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore. The Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. The cash component of the deal would come once the handover process is completed. The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
The country's largest software services exporter TCS on Monday reported an annualised 8.4 per cent growth in net income at Rs 10,431 crore for the September quarter. The Tata Group company said its total revenue from services grew at a much faster pace of 18 per cent to touch Rs 54,309 crore in the period under review. The city-headquartered IT major had reported consolidated revenue of Rs 46,867 crore in the year-ago quarter from which it had earned Rs 9,624 crore net income.
Tata group-owned Air India plans to hire expat pilots for its Boeing 777 planes as the airline is facing a shortage of pilots amid plans to expand its fleet as well as international operations, according to sources. The carrier is looking to rope in around 100 pilots for the wide-body Boeing 777 fleet and has approached various agencies that provide expat flight crew to airlines, the sources told PTI. The loss-making Air India, which was under government ownership for nearly seven decades till the Tata group took over in January 2022, had stopped hiring expat pilots many years ago to save costs.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 86. "The Steel Man of India passes away. It is with profound grief that Tata Steel informs of the demise of Padma Bhushan Dr Jamshed J Irani," Tata Steel said in a statement. He passed away on October 31, 2022 at 10 PM at TMH (Tata Hospital) in Jamshedpur, it said.
Full service carrier Vistara will hike salaries of its pilots and cabin crew by up to 8 per cent from April amid deployment of higher capacities to meet rising travel demand, according to a source. The source also claimed that some 30 pilots have quit the airline in the last six months and are serving notice period after getting job offers mainly from the Gulf carriers. On Thursday, a senior Vistara official confirmed the salary hike for the pilots and cabin crew but denied that 30 pilots have left the airline.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
"Lady candidates need not apply." So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science at the institute, wrote a postcard to JRD Tata, expressing her surprise at this gender discrimination, especially since the Tata Group were pioneers on many fronts. Shortly, Murty became the first woman on the firm's shop floor.
Tata Neu, the super app from the Tata group, has been downloaded by over 7 million users within seven weeks of its launch. And, the company wants to ramp this up to 150 million users in the next two years, said senior executives of Tata Digital in an internal magazine of the Tata group. According to data from App Annie, a mobile app tracking platform, the Tata Neu app has been downloaded by over 11 million users.
In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
The United Nations has dedicated a solidarity tree in remembrance of victims of terrorism with a solemn ceremony that also honoured victims of the 2008 Mumbai attack, on the eve of Prime Minister Narendra Modi's visit to the world organisation.
Ratan Tata-promoted Electrodrive Powertrain Solutions or Electra EV has raised USD 25 million in equity capital from GEF Capital for a minority stake. The Tata Group patriarch set up Electra EV in 2017 and the company designs, manufactures and supplies EV powertrains systems across passenger and commercial vehicle segments. It also has products for the agriculture and off-highway segments.
Aviation regulator DGCA has asked Tata Group-owned Air India to repair its aircraft after a passenger complained on social media on Monday about the plane's shabby interiors, including a broken armrest, officials said. The Directorate General of Civil Aviation (DGCA) had last Wednesday grounded a SpiceJet aircraft over a passenger's complaint of dirty seats and malfunctioning cabin panels. The SpiceJet plane took to the skies a day later after all the suggested repairs were effected.
An airline official said the ban is with immediate effect and is in addition to the 30-day ban it had imposed on the individual earlier.
The Air India Group has started vacating its offices, which are currently being operated from government-owned properties, from this month, as part of its strategy to consolidate workspaces across the country. The loss-making Air India and its international budget arm Air India Express were taken over by the Tata Group on January 27 this year, after successfully winning the bid for the airline on October 8, last year. Besides these two airlines, Tata Group also holds a majority 51 per cent stake in Vistara, its joint venture airline with Singapore Airlines (SIA), and a 83.67 per cent stake in budget carrier, AirAsia India.
Former Tata Sons chairman Cyrus Mistry was on Sunday killed in a road accident after his car hit a divider in Maharashtra's Palghar district neighbouring Mumbai, a police official said.
"The strategic divestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd along with management control," DIPAM secretary Tuhin Kanta Pandey said in a tweet. A new board, led by the strategic partner, takes charge of Air India, he added.
Tata group-owned AirAsia India's inability to get approval for international flights is hurting UDAN, the Indian government's regional air connectivity project that also aims to link cities in Northeast India and Odisha to places abroad. Sources said the civil aviation ministry is waiting for the low-cost airline to come under the full ownership of Tata Sons and become part of Air India, the former state-owned carrier now owned by the private conglomerate, before allowing it to operate international flights. Tata owns 84 per cent stake in AirAsia India and it is understood that the group will complete the process of buying rest of the stake by July's end.
The Adani Group led in adding net fixed assets, which are up more than 90 per cent since September 2019 or before COVID-19.
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