The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI&#39;s policy announcement later in the day.

The rupee&#39;s weakness against the dollar too dampened the overall mood.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent.

The gauge had lost 67.28 points in the previous session.

The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10.

Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged.

Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro.

Among the Asian bourses, Hong Kong&#39;s Hang Seng was down 1.12 per cent while Japan&#39;s Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37

The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI's policy announcement later in the day. The rupee's weakness against the dollar too dampened the overall mood. The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent. The gauge had lost 67.28 points in the previous session. The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10. Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged. Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro. Among the Asian bourses, Hong Kong's Hang Seng was down 1.12 per cent while Japan's Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today. The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

Sensex down 100 points as RBI policy decision looms

The BSE Sensex fell by 185 points in early session today due to losses in realty, power, PSU, metal and infrastructure stocks amid weak Asian cues.

Besides, investors were cautious ahead of September quarter GDP data to be released later in the day.

Offloading of positions by participants with today being the last trading session of November series contracts in the derivatives segment pulled down the index, brokers said.

The 30-share flagship index was down 185.24 points, or 0.55 per cent, at 33,417.52 with sectoral indices led by realty and power falling up to 0.88 per cent.

The gauge had fallen 121.68 points in the previous two sessions.

The 50-share NSE Nifty too was quoting lower by 57.50 points, or 0.55 per cent, at 10,303.80.

Weakness in the rupee, which slipped 24 paise to 64.55 against the dollar today, too weighed on the sentiments.

Among laggards Kotak Bank, Cipla, Adani Ports, ONGC, M&amp;M, Reliance Industries, Coal India, Axis Bank, Hind Unilever, Tata Motors, Bharti Airtel, HDFC Ltd, Tata Steel and Lupin dropped up to 1.71 per cent.

Hong Kong&#39;s Hang Seng weakened 1.21 per cent while Shanghai Composite lost 0.26 per cent in early trade. Japan&#39;s Nikkei too shed 0.10 per cent.

US Dow Jones Industrial Average ended 0.44 per cent higher yesterday.&nbsp;

The BSE Sensex fell by 185 points due to losses in realty, power, PSU, metal and infrastructure stocks

The BSE Sensex fell by 185 points in early session today due to losses in realty, power, PSU, metal and infrastructure stocks amid weak Asian cues. Besides, investors were cautious ahead of September quarter GDP data to be released later in the day. Offloading of positions by participants with today being the last trading session of November series contracts in the derivatives segment pulled down the index, brokers said. The 30-share flagship index was down 185.24 points, or 0.55 per cent, at 33,417.52 with sectoral indices led by realty and power falling up to 0.88 per cent. The gauge had fallen 121.68 points in the previous two sessions. The 50-share NSE Nifty too was quoting lower by 57.50 points, or 0.55 per cent, at 10,303.80. Weakness in the rupee, which slipped 24 paise to 64.55 against the dollar today, too weighed on the sentiments. Among laggards Kotak Bank, Cipla, Adani Ports, ONGC, M&M, Reliance Industries, Coal India, Axis Bank, Hind Unilever, Tata Motors, Bharti Airtel, HDFC Ltd, Tata Steel and Lupin dropped up to 1.71 per cent. Hong Kong's Hang Seng weakened 1.21 per cent while Shanghai Composite lost 0.26 per cent in early trade. Japan's Nikkei too shed 0.10 per cent. US Dow Jones Industrial Average ended 0.44 per cent higher yesterday.

Stocks fall ahead of GDP numbers, F&O expiry

Germany&#39;s steel company Thyssenkrupp said today it could reach an agreement in principle to merge its European steel business with Tata Steel.

The deal which was in the works for over one and half years was stuck mainly because of <a href="http://www.wionews.com/business-economy/tata-steel-agrees-british-pensions-deal-15658">Tata Steel&#39;s pension liabilities in Britain</a>. Tata Steel was able to ink an agreement last month agreeing on a final salary settlement with British Steel Pension Scheme.

In fact, last month&nbsp;Thyssenkrupp <a href="http://www.wionews.com/business-economy/thyssenkrupp-wont-rush-into-tata-steel-merger-cfo-18833">CFO Guido Kerkhoff had said his company would </a>evaluate the Tata Steel and not rush into a deal with the Indian steel company.

However, on Monday a spokeswoman for Thyssenkrupp said both groups were close to a memorandum of understanding (MoU), paving the way for a detailed look at one another&#39;s books and detailed negotiations before creating the second largest steelmaker in Europe, Reuters reported.

Thyssenkrupp Chief Executive Heinrich Hiesinger favours a steel joint venture, Reuters said.

However, Trade union IG Metall said it remained opposed to a joint venture, adding there were no signs the labour representatives it has on Thyssenkrupp&#39;s supervisory board would agree, a Reuters report said.

India-based Lakshmi Mittal&#39;s ArcelorMittal is Europe&#39;s biggest steel-maker with headquarters in Luxembourg.

?Thyssenkrupp CFO Guido Kerkhoff had said his company would evaluate the Tata Steel and not rush into a deal with the Indian steel company.

Germany's steel company Thyssenkrupp said today it could reach an agreement in principle to merge its European steel business with Tata Steel. The deal which was in the works for over one and half years was stuck mainly because of Tata Steel's pension liabilities in Britain. Tata Steel was able to ink an agreement last month agreeing on a final salary settlement with British Steel Pension Scheme. In fact, last month Thyssenkrupp CFO Guido Kerkhoff had said his company would evaluate the Tata Steel and not rush into a deal with the Indian steel company. However, on Monday a spokeswoman for Thyssenkrupp said both groups were close to a memorandum of understanding (MoU), paving the way for a detailed look at one another's books and detailed negotiations before creating the second largest steelmaker in Europe, Reuters reported. Thyssenkrupp Chief Executive Heinrich Hiesinger favours a steel joint venture, Reuters said. However, Trade union IG Metall said it remained opposed to a joint venture, adding there were no signs the labour representatives it has on Thyssenkrupp's supervisory board would agree, a Reuters report said. India-based Lakshmi Mittal's ArcelorMittal is Europe's biggest steel-maker with headquarters in Luxembourg.

Germany's Thyssenkrupp set to sign MOU with Tata Steel, set to create second largest steel company in Europe

Shares of Tata Steel rose by over<a href="http://www.wionews.com/business-economy/sensex-edges-down-tata-steel-rises-ahead-of-results-18706"> 4 per cent </a><a href="http://www.wionews.com/business-economy/sensex-edges-down-tata-steel-rises-ahead-of-results-18706">today,</a><a href="http://www.wionews.com/business-economy/sensex-edges-down-tata-steel-rises-ahead-of-results-18706"> after the company returned to profit</a> in the quarter ended June 30, 2017. 
 
After making a positive opening, shares of the company further jumped 4.15 per cent to Rs 624.95--its 52-week high--on BSE. 
 
At NSE, shares of the company gained 4.24 per cent to hit its one year high of Rs 625.50. 
 
Yesterday, Tata Steel posted a consolidated net profit of Rs 921.09 crore for the quarter ended June on the back of higher revenue from operations. 
 
The company had posted a consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to BSE. 
 
&quot;Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp up of our Kalinganagar facility helped us increase our volumes and increase our market share,&quot; T V Narendran, Managing Director, Tata Steel India and South East Asia said in a statement. 
 
The consolidated revenue from operations during April- June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.

After making a positive opening, shares of the company further jumped 4.15 per cent to Rs 624.95

Shares of Tata Steel rose by over 4 per cent today, after the company returned to profit in the quarter ended June 30, 2017. After making a positive opening, shares of the company further jumped 4.15 per cent to Rs 624.95--its 52-week high--on BSE. At NSE, shares of the company gained 4.24 per cent to hit its one year high of Rs 625.50. Yesterday, Tata Steel posted a consolidated net profit of Rs 921.09 crore for the quarter ended June on the back of higher revenue from operations. The company had posted a consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to BSE. "Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp up of our Kalinganagar facility helped us increase our volumes and increase our market share," T V Narendran, Managing Director, Tata Steel India and South East Asia said in a statement. The consolidated revenue from operations during April- June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.

Tata Steel shares zoom after first quarter results

Sensex&nbsp;slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel&nbsp;on expectations of strong quarterly results.

The benchmark BSE&nbsp;Sensex&nbsp;fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

The benchmark BSE?Sensex?fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

Sensex slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel on expectations of strong quarterly results. The benchmark BSE Sensex fell 0.16 per cent to 32,273.67, while the broader NSE Nifty ended 0.09 per cent lower at 10,057.40.

Sensex edges down, Tata Steel rises

Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.

The broader NSE Nifty rose as much as 0.65 per cent to a record high of 9,572.25, while the benchmark BSE Sensex gained as much as 0.73 per cent, also touching a life-high of 30,975.52.

&quot;Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&amp;O expiry,&quot; said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank.

&quot;On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today&#39;s session. Nifty saw 75 per cent rollover yesterday,&quot; said Miraj Vora, derivative analyst at Prabhudas Lilladher.

A higher rollover is typically a bullish sign and means investors expect gains to continue.

Reliance Industries gained as much as 3.22 per cent, while Tata Steel gained as much as 5.6 per cent to 511.90 rupees, its highest since September 2014.

Consumer firm ITC, which is slated to report March quarter results later in the day, gained as much as 1.55 per cent.

Meanwhile, downstream oil companies lost some ground.

&quot;There is some profit-booking in downstream oil companies,&quot; Patnaik said.

Indian Oil Corp slipped for the first time in three sessions, falling as much as 5.2 per cent, while Bharat Petroleum lost as much as 3.3 per cent and looked set to snap three sessions of gains.

Pharma company Cipla dropped to an eleven-month low after posting a quarterly loss against analysts&#39; expectations.

(Reuters)

Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights. The broader NSE Nifty rose as much as 0.65 per cent to a record high of 9,572.25, while the benchmark BSE Sensex gained as much as 0.73 per cent, also touching a life-high of 30,975.52. "Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry," said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank. "On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today's session. Nifty saw 75 per cent rollover yesterday," said Miraj Vora, derivative analyst at Prabhudas Lilladher. A higher rollover is typically a bullish sign and means investors expect gains to continue. Reliance Industries gained as much as 3.22 per cent, while Tata Steel gained as much as 5.6 per cent to 511.90 rupees, its highest since September 2014. Consumer firm ITC, which is slated to report March quarter results later in the day, gained as much as 1.55 per cent. Meanwhile, downstream oil companies lost some ground. "There is some profit-booking in downstream oil companies," Patnaik said. Indian Oil Corp slipped for the first time in three sessions, falling as much as 5.2 per cent, while Bharat Petroleum lost as much as 3.3 per cent and looked set to snap three sessions of gains. Pharma company Cipla dropped to an eleven-month low after posting a quarterly loss against analysts' expectations. (Reuters)

Sensex hits record highs; Tata Steel scales over 2.5 year peak

Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday.

The pension scheme was a major stumbling block in talks to merge Tata Steel&#39;s British and European steel assets with those of Thyssenkrupp, because the German company was opposed to taking on Tata&#39;s 15 billion pounds in UK pension liabilities.

The deal, agreed with the scheme&#39;s trustees, will see Tata plough 550 million pounds into the final salary British Steel Pension Scheme (BSPS). It is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly.

Tata has also agreed, as part of the deal, to sponsor a new pension scheme, which will have lower benefits than those of the original scheme, and to give the BSPS a 33 per cent equity stake in its UK business.

With benefit cuts in place, the new scheme will pose less of a risk to the company, Tata said.

The British Steel Pension Scheme is one of Britain&#39;s largest final salary schemes with 130,000 members.

The pension scheme&#39;s members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all the scheme&#39;s members, including those in the new scheme, are guaranteed PPF compensation levels.

The PPF is a lifeboat for pension schemes in Britain that run into trouble.

(Reuters)

Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday

Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the company said on Tuesday. The pension scheme was a major stumbling block in talks to merge Tata Steel's British and European steel assets with those of Thyssenkrupp, because the German company was opposed to taking on Tata's 15 billion pounds in UK pension liabilities. The deal, agreed with the scheme's trustees, will see Tata plough 550 million pounds into the final salary British Steel Pension Scheme (BSPS). It is subject to formal approval by The Pensions Regulator, but Tata said it expected to get approval shortly. Tata has also agreed, as part of the deal, to sponsor a new pension scheme, which will have lower benefits than those of the original scheme, and to give the BSPS a 33 per cent equity stake in its UK business. With benefit cuts in place, the new scheme will pose less of a risk to the company, Tata said. The British Steel Pension Scheme is one of Britain's largest final salary schemes with 130,000 members. The pension scheme's members who do not agree to move to the new scheme will automatically transfer to the Pension Protection Fund (PPF), which said all the scheme's members, including those in the new scheme, are guaranteed PPF compensation levels. The PPF is a lifeboat for pension schemes in Britain that run into trouble. (Reuters)

Tata Steel agrees British pensions deal

UK Steel workers&#39; unions have given their backing to Indian conglomerate Tata Steel UK&#39;s pension plan in a bid to rescue thousands of jobs and allow a merger with German major ThyssenKrupp to go ahead.

Union representatives held a meeting yesterday to discuss the changes announced, which would see the British Steel Pension Scheme (BSPS) close to future accrual and replaced with a defined contribution scheme.

&quot;We do not make this recommendation lightly. Nobody is saying that the proposal on the table is without issues. We fully understand the concerns of members, particularly around the British Steel Pension Scheme (BSPS),&quot; said a joint- statement from the three workers&#39; unions, Unite, GMB and Community which have come together as the National Trade Union Steel Coordinating Committee (NTUSCC).

&quot;But as we have said before what you are voting on is the best outcome that could be achieved through negotiation. It is our collective view, supported by our independent experts, that this is the only credible and viable way to secure the future,&quot; the statement added.

An agreement on Tata Steel&#39;s proposed changes to pensions are essential to future investment, including 1 billion pounds at the Port Talbot plant in Wales over 10 years.

A ballot on the offer is now expected to go ahead on Monday.

The move came as ThyssenKrupp CEO Heinrich Hiesinger warned today that a deal with the Indian giant was possible only if the pensions liability is separated from its UK units.

&quot;Tata needs to separate its pension liabilities from the plants in Ijmuiden and Port Talbot, then we can talk,&quot; Hiesinger told German newspaper &#39;Handelsbatt&#39; in an interview.

&quot;We too would like a speedy solution, but it has to be a good solution. A solution that secures the future of steel production in Germany and Europe -- and that takes time,&quot; he added.

His comments came as trustees of the 15-billion-pound BSPS warned its 130,000 members that the funding gap can rise from 300 million pounds to as much as 2 billion pounds unless more funds are injected.

In a letter to BSPS members, Allan Johnston, chair of the scheme&#39;s trustees, said that closing the scheme was a &quot;necessary step&quot; for it to be separated from the company.

The letter reads: &quot;Tata Steel has told the trustee that despite recent improvements in the performance of the Tata Steel UK business, [it] remains dependent on financial support form the wider Tata Steel group and that continuing support will be conditional on a separation of the BSPS from Tata Steel.&quot;&nbsp;

&quot;If Tata Steel UK is no longer able to access additional capital from the wider Tata Steel Group for continuation of business, the Trustee would have to adopt more risk-averse investment policies that are expected to produce lower investment returns.

&quot;This means that the next actuarial valuation, as at 31 March 2017, is expected to report a deficit of between 1 billion pounds and 2 billion pounds,&quot; it said.

Once the unions have voted on a new agreement, the pension scheme would be uncoupled from Tata&#39;s UK steel business, which currently makes large payments into it to make up funding shortfalls.

The scheme is then expected to become self-sufficient.

The pension fund and its deficit were the reason that attempts by Tata to sell its UK steel business failed last year.

It has since been pursuing a merger with ThyssenKrupp.

Tata Steel has declined to comment on the latest developments.

Koushik Chatterjee, Group Executive Director Tata Steel and Executive Director for Tata Steel&#39;s European business, had said earlier this month: &quot;The proposed changes to future pension provision and other employment terms are necessary to de-risk the company and help achieve long-term sustainability.

&quot;We are also working separately on a necessary structural solution for the British Steel Pension Scheme fund.&quot;&nbsp;

(PTI)

ThyssenKrupp has warned Tata Steel that a merger was possible only if the pensions liability is separated from its UK unit

UK Steel workers' unions have given their backing to Indian conglomerate Tata Steel UK's pension plan in a bid to rescue thousands of jobs and allow a merger with German major ThyssenKrupp to go ahead. Union representatives held a meeting yesterday to discuss the changes announced, which would see the British Steel Pension Scheme (BSPS) close to future accrual and replaced with a defined contribution scheme. "We do not make this recommendation lightly. Nobody is saying that the proposal on the table is without issues. We fully understand the concerns of members, particularly around the British Steel Pension Scheme (BSPS)," said a joint- statement from the three workers' unions, Unite, GMB and Community which have come together as the National Trade Union Steel Coordinating Committee (NTUSCC). "But as we have said before what you are voting on is the best outcome that could be achieved through negotiation. It is our collective view, supported by our independent experts, that this is the only credible and viable way to secure the future," the statement added. An agreement on Tata Steel's proposed changes to pensions are essential to future investment, including 1 billion pounds at the Port Talbot plant in Wales over 10 years. A ballot on the offer is now expected to go ahead on Monday. The move came as ThyssenKrupp CEO Heinrich Hiesinger warned today that a deal with the Indian giant was possible only if the pensions liability is separated from its UK units. "Tata needs to separate its pension liabilities from the plants in Ijmuiden and Port Talbot, then we can talk," Hiesinger told German newspaper 'Handelsbatt' in an interview. "We too would like a speedy solution, but it has to be a good solution. A solution that secures the future of steel production in Germany and Europe -- and that takes time," he added. His comments came as trustees of the 15-billion-pound BSPS warned its 130,000 members that the funding gap can rise from 300 million pounds to as much as 2 billion pounds unless more funds are injected. In a letter to BSPS members, Allan Johnston, chair of the scheme's trustees, said that closing the scheme was a "necessary step" for it to be separated from the company. The letter reads: "Tata Steel has told the trustee that despite recent improvements in the performance of the Tata Steel UK business, [it] remains dependent on financial support form the wider Tata Steel group and that continuing support will be conditional on a separation of the BSPS from Tata Steel." "If Tata Steel UK is no longer able to access additional capital from the wider Tata Steel Group for continuation of business, the Trustee would have to adopt more risk-averse investment policies that are expected to produce lower investment returns. "This means that the next actuarial valuation, as at 31 March 2017, is expected to report a deficit of between 1 billion pounds and 2 billion pounds," it said. Once the unions have voted on a new agreement, the pension scheme would be uncoupled from Tata's UK steel business, which currently makes large payments into it to make up funding shortfalls. The scheme is then expected to become self-sufficient. The pension fund and its deficit were the reason that attempts by Tata to sell its UK steel business failed last year. It has since been pursuing a merger with ThyssenKrupp. Tata Steel has declined to comment on the latest developments. Koushik Chatterjee, Group Executive Director Tata Steel and Executive Director for Tata Steel's European business, had said earlier this month: "The proposed changes to future pension provision and other employment terms are necessary to de-risk the company and help achieve long-term sustainability. "We are also working separately on a necessary structural solution for the British Steel Pension Scheme fund." (PTI)

Unions back Tata Steel UK's pension plan

With Tata Sons seeking to remove him as director from main listed group entities, Nusli Wadia on Monday hit back saying he has been targetted for his &quot;independence of mind and action&quot; and he is not required to act in their interest as he does not not serve the Tata group in any capacity.

In a letter to the shareholders of Tata Steel -- which has convened an EGM on December 21 to consider a resolution by Tata Sons to remove Cyrus Mistry and him as directors -- Wadia said several allegations levelled against him were false, unsubstantiated and baseless.

Terming the allegation that he has acted in concert with Mistry as &quot;totally false and baseless&quot;, he wrote, &quot;My actions as an independent director are totally independent and not linked to any individual.&quot;

Stating that he is the only independent director that Tata Sons has sought to remove from Tata Steel, Tata Chemicals and Tata Motors, Wadia said, &quot;The reasons for which I am being sought to be removed as director is my independence of mind and action...&quot;

Reacting to the allegation that he was acting against the interest of the group, he said, &quot;I do not serve the Tata group in any capacity and I am not required to act in their interest. The statement is irrelevant to my position as an Independent Director of Tata Steel. It is also baseless and unsubstantiated.

&quot;I have a fiduciary responsibility to act as an Independent director in the best interest of the companies on whose board I serve, no more or less.&quot;

He further said, &quot;My independent stand has aggravated Tata Sons and my removal is being sought because I chose not to follow their diktat. My fiduciary duty is to your company and not to an unidentified Tata group.&quot;

Wadia further said Tata Sons&#39; principal allegations against him &quot;are unsubstantiated, baseless, false, motivated, defamatory and libellous and have been made with the intention of harming my reputation.&quot;

He also claimed that it was &quot;the first time in the history of corporate India that a promoter is using his muscle power with false and vindictive allegations to remove an Independent director&quot;.

&quot;Although it is my removal that you are being asked to vote upon, the real &#39;person&#39; on trial is the institution of the independent director itself and not me,&quot; he said.

Underlining his actions as an independent director, Wadia recalled that he differed &quot;strongly&quot; with Ratan Tata &quot;in the acquisition of Corus but a decision was ultimately taken by consensus&quot;.

Further, Wadia said he &quot;differed strongly providing continuous financial resources towards Tata Steel Europe from the year 2012 prior to Tata stepping down. From that date to now the capital employed in the business has risen by around Rs 25,000 crore with nil return.&quot;

Any return on investment to the shareholders of Tata Steel from its investments in Tata Steel Europe looks a near impossibility, he said.

&quot;The shareholders of Tata Steel have already suffered a serious impairment of approximately Rs 35,000 crore and are likely to have further substantial impairments in future,&quot; Wadia claimed.

Alleging violation of insider trading regulations, Wadia said, &quot;I believe that Mr Ratan Tata, Mr Noshir Soonawala and the Board of Tata Sons even post notification of the insider trading regulations (January 25m 2015) sought access to information and documents of Tata Steel, Tata Motors and other Tata companies.&quot;

Recalling that he joined Tata Steel as a director almost four decades ago when JRD Tata invited him, Wadia said at that point of time JRD encouraged freedom of thought and expression.

&quot;It is both sad and unfortunate that Tata Sons and its interim Chairman Ratan Tata are not only not practicing this great tradition but effectively destroying it,&quot; Wadia wrote.

Last month Wadia had sent a legal notice to Tata Sons stating &quot;the special notice for EGM of Tata Steel shareholders are aimed at defaming me as the content of the notice are false, frivolous, and per se defamatory, which are now established to be unsubstantiated for which I shall be compelled to initiate legal proceedings to protect my interest.&quot;&nbsp;

(PTI)

Wadia slammed Tatas for their proposal to remove him as independent director of Tata Steel

With Tata Sons seeking to remove him as director from main listed group entities, Nusli Wadia on Monday hit back saying he has been targetted for his "independence of mind and action" and he is not required to act in their interest as he does not not serve the Tata group in any capacity. In a letter to the shareholders of Tata Steel -- which has convened an EGM on December 21 to consider a resolution by Tata Sons to remove Cyrus Mistry and him as directors -- Wadia said several allegations levelled against him were false, unsubstantiated and baseless. Terming the allegation that he has acted in concert with Mistry as "totally false and baseless", he wrote, "My actions as an independent director are totally independent and not linked to any individual." Stating that he is the only independent director that Tata Sons has sought to remove from Tata Steel, Tata Chemicals and Tata Motors, Wadia said, "The reasons for which I am being sought to be removed as director is my independence of mind and action..." Reacting to the allegation that he was acting against the interest of the group, he said, "I do not serve the Tata group in any capacity and I am not required to act in their interest. The statement is irrelevant to my position as an Independent Director of Tata Steel. It is also baseless and unsubstantiated. "I have a fiduciary responsibility to act as an Independent director in the best interest of the companies on whose board I serve, no more or less." He further said, "My independent stand has aggravated Tata Sons and my removal is being sought because I chose not to follow their diktat. My fiduciary duty is to your company and not to an unidentified Tata group." Wadia further said Tata Sons' principal allegations against him "are unsubstantiated, baseless, false, motivated, defamatory and libellous and have been made with the intention of harming my reputation." He also claimed that it was "the first time in the history of corporate India that a promoter is using his muscle power with false and vindictive allegations to remove an Independent director". "Although it is my removal that you are being asked to vote upon, the real 'person' on trial is the institution of the independent director itself and not me," he said. Underlining his actions as an independent director, Wadia recalled that he differed "strongly" with Ratan Tata "in the acquisition of Corus but a decision was ultimately taken by consensus". Further, Wadia said he "differed strongly providing continuous financial resources towards Tata Steel Europe from the year 2012 prior to Tata stepping down. From that date to now the capital employed in the business has risen by around Rs 25,000 crore with nil return." Any return on investment to the shareholders of Tata Steel from its investments in Tata Steel Europe looks a near impossibility, he said. "The shareholders of Tata Steel have already suffered a serious impairment of approximately Rs 35,000 crore and are likely to have further substantial impairments in future," Wadia claimed. Alleging violation of insider trading regulations, Wadia said, "I believe that Mr Ratan Tata, Mr Noshir Soonawala and the Board of Tata Sons even post notification of the insider trading regulations (January 25m 2015) sought access to information and documents of Tata Steel, Tata Motors and other Tata companies." Recalling that he joined Tata Steel as a director almost four decades ago when JRD Tata invited him, Wadia said at that point of time JRD encouraged freedom of thought and expression. "It is both sad and unfortunate that Tata Sons and its interim Chairman Ratan Tata are not only not practicing this great tradition but effectively destroying it," Wadia wrote. Last month Wadia had sent a legal notice to Tata Sons stating "the special notice for EGM of Tata Steel shareholders are aimed at defaming me as the content of the notice are false, frivolous, and per se defamatory, which are now established to be unsubstantiated for which I shall be compelled to initiate legal proceedings to protect my interest." (PTI)

My independent stand has aggravated Tatas: Nusli Wadia hits back

Tata Steel UK has agreed a deal guaranteeing jobs and production at its British steelworks in exchange for cutbacks to pensions, unions said on Wednesday.

Britain&#39;s largest steelmaker offered to keep production at the country&#39;s largest steel plant in Port Talbot, Wales, going for at least five years, with a commitment to try to avoid any compulsory redundancies for five years, steel unions said in a statement.

In return however, Tata, which employs some 4,000 people at the plant and 11,000 in the UK, wants to close employees&#39; debt laden pension scheme and replace it with a defined contribution scheme.

Unions will ballot on the plan in January next year.

(Reuters) 
&nbsp;

Tata Steel has agreed to keep production going for at least five years, unions reported

Tata Steel UK has agreed a deal guaranteeing jobs and production at its British steelworks in exchange for cutbacks to pensions, unions said on Wednesday. Britain's largest steelmaker offered to keep production at the country's largest steel plant in Port Talbot, Wales, going for at least five years, with a commitment to try to avoid any compulsory redundancies for five years, steel unions said in a statement. In return however, Tata, which employs some 4,000 people at the plant and 11,000 in the UK, wants to close employees' debt laden pension scheme and replace it with a defined contribution scheme. Unions will ballot on the plan in January next year. (Reuters)

Tata Steel agrees to deal on keeping UK Port Talbot plant going

Tata Steel today clinched a pact with UK-based Liberty House Group that allows it to start exclusive talks for potential sale of its Speciality Steels business for an enterprise value of 100 million pounds subject to due diligence and corporate approvals.

The signing of the letter of intent (LoI) is in line with the company&#39;s overall restructuring strategy of the UK portfolio.

Liberty House Group, led by India-origin businessman Sanjeev Gupta, had emerged as the frontrunner for the Indian steel giant&#39;s UK plants when these were put on the block earlier this year.

The agreement covers some of Tata Steel&#39;s South Yorkshire-based assets, including the Rotherham electric arc steelworks, the steel-purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury in the UK and in Suzhou and Xi&#39;an in China.

Speciality Steels employs nearly 1,700 people making steel for aerospace, automotive and oil and gas industries.

&quot;The Speciality Steels business is independent of the pan-European strip products supply chain and today&#39;s announcement is in line with the overall restructuring strategy of the UK portfolio,&quot; said Bimlendra Jha, CEO of Tata Steel UK.

&quot;This is an important step forward in seeking a future for Speciality Steels and we have reached this stage, thanks to the efforts of employees, trade unions and management. We now look forward to working with Liberty on the due diligence and other work streams so that the sale can be successfully concluded.&quot;

The firm on Monday also revealed plans to pursue 85 million pounds worth of capital investments covering a range of &quot;sustenance and improvement schemes&quot;.

Jha also expressed the intent to continue to work closely with trade unions and communicate any material news on this issue to the employees on an ongoing basis.

The Liberty Group said its latest acquisition is expected to be complete by the first quarter of 2017, subject to various clearances, and will mark a significant step in realising Liberty&#39;s GreenSteel vision, which promotes widespread melting and upcycling of UK domestic scrap metal, using arc furnaces powered from renewable energy sources.

Gupta, Executive Chairman of the Liberty House Group, said: &quot;We look forward to working with Tata Steel over the coming weeks to complete this hugely important milestone transaction. We recognise the world-class skills of the Speciality Steels workforce and are eager to join with them to develop the business and increase market share, both domestically and internationally, using our global presence.&quot;

The planned purchase of Tata Steel&#39;s Speciality Steels business is the latest in a succession of key acquisitions undertaken by Gupta over the past year, including assets in South Wales, the West Midlands, Scotland and Kent.

Meanwhile, Tata Steel stated that it is actively seeking solutions to the structural challenges. 
There has been speculation in the UK media over the company&#39;s plans to retain the bulk of its steel business under the interim chairmanship of Ratan Tata.&nbsp;

The challenges is the need to develop a more sustainable business in the UK as well as a self-sustaining future for the British Steel Pension Scheme.

&quot;As part of that process, we will now engage fully with the trade unions and the local community. We are counting on their full support,&quot; Gupta said.

The British Steel Pension Scheme has been a major obstacle to the future of the Tata Steel business in the UK. It has liabilities of more than 15 billion pounds and 130,000 members, making it one of the biggest retirement schemes in the UK.

Tata Steel said it has recently approved schemes focused on improving manufacturing capability to enable production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot&#39;s power plant.

&quot;Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with the company strategy to enhance premium product focus for its UK strip products supply chain,&quot; Tata Steel UK said.

Highlighting its track record in the UK, Tata Steel said it has invested 1.5 billion pounds of capital over the last nine years.

&quot;The company&#39;s board considers technical feasibility and economic returns of investments while taking decisions as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments,&quot; the firm said.

Tata Steel is Europe&#39;s second-largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe.&nbsp;

 
&nbsp;

Speciality Steels employs nearly 1,700 people making steel for aerospace, automotive and oil and gas industries

Tata Steel today clinched a pact with UK-based Liberty House Group that allows it to start exclusive talks for potential sale of its Speciality Steels business for an enterprise value of 100 million pounds subject to due diligence and corporate approvals. The signing of the letter of intent (LoI) is in line with the company's overall restructuring strategy of the UK portfolio. Liberty House Group, led by India-origin businessman Sanjeev Gupta, had emerged as the frontrunner for the Indian steel giant's UK plants when these were put on the block earlier this year. The agreement covers some of Tata Steel's South Yorkshire-based assets, including the Rotherham electric arc steelworks, the steel-purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury in the UK and in Suzhou and Xi'an in China. Speciality Steels employs nearly 1,700 people making steel for aerospace, automotive and oil and gas industries. "The Speciality Steels business is independent of the pan-European strip products supply chain and today's announcement is in line with the overall restructuring strategy of the UK portfolio," said Bimlendra Jha, CEO of Tata Steel UK. "This is an important step forward in seeking a future for Speciality Steels and we have reached this stage, thanks to the efforts of employees, trade unions and management. We now look forward to working with Liberty on the due diligence and other work streams so that the sale can be successfully concluded." The firm on Monday also revealed plans to pursue 85 million pounds worth of capital investments covering a range of "sustenance and improvement schemes". Jha also expressed the intent to continue to work closely with trade unions and communicate any material news on this issue to the employees on an ongoing basis. The Liberty Group said its latest acquisition is expected to be complete by the first quarter of 2017, subject to various clearances, and will mark a significant step in realising Liberty's GreenSteel vision, which promotes widespread melting and upcycling of UK domestic scrap metal, using arc furnaces powered from renewable energy sources. Gupta, Executive Chairman of the Liberty House Group, said: "We look forward to working with Tata Steel over the coming weeks to complete this hugely important milestone transaction. We recognise the world-class skills of the Speciality Steels workforce and are eager to join with them to develop the business and increase market share, both domestically and internationally, using our global presence." The planned purchase of Tata Steel's Speciality Steels business is the latest in a succession of key acquisitions undertaken by Gupta over the past year, including assets in South Wales, the West Midlands, Scotland and Kent. Meanwhile, Tata Steel stated that it is actively seeking solutions to the structural challenges. There has been speculation in the UK media over the company's plans to retain the bulk of its steel business under the interim chairmanship of Ratan Tata. The challenges is the need to develop a more sustainable business in the UK as well as a self-sustaining future for the British Steel Pension Scheme. "As part of that process, we will now engage fully with the trade unions and the local community. We are counting on their full support," Gupta said. The British Steel Pension Scheme has been a major obstacle to the future of the Tata Steel business in the UK. It has liabilities of more than 15 billion pounds and 130,000 members, making it one of the biggest retirement schemes in the UK. Tata Steel said it has recently approved schemes focused on improving manufacturing capability to enable production of premium steels in Shotton, Llanwern, Trostre, Orb in Newport, and other downstream operations as well as environmental schemes for Port Talbot's power plant. "Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products are in line with the company strategy to enhance premium product focus for its UK strip products supply chain," Tata Steel UK said. Highlighting its track record in the UK, Tata Steel said it has invested 1.5 billion pounds of capital over the last nine years. "The company's board considers technical feasibility and economic returns of investments while taking decisions as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments," the firm said. Tata Steel is Europe's second-largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe.

Tata Steel signs  ?100 million deal for sale of UK speciality steels business

In sharp escalation of boardroom brawl at India&#39;s largest conglomerate, Cyrus Mistry was today ousted as chairman of Tata Steel, the third Tata Group firm to do so, a move that Mistry-camp slammed as unprecedented erosion of core values.

The 10-member board of Tata Steel by &quot;majority consent&quot; removed Mistry as Chairman and named O P Bhatt, an independent director and former head of State Bank of India, as interim head.

Tata Steel in a regulatory filing said following leadership change at Tata Sons, the holding company of the group from where Mistry was abruptly ousted on October 24, it had received a notice from the principal promoter seeking convening of a shareholder meet to remove him as director of the company.

&quot;In view of the current situation ie the Special Notice and Requisition received from Tata Sons Ltd, the Board of Directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Mr Cyrus P Mistry as the Chairman of the board with immediate effect,&quot; it said.

Tata Steel is the third group firm to remove Mistry as chairman. First Tata Consultancy Services (TCS) removed him as chairman but that ouster was not through a vote but by virtue of Tata Sons holding a commanding 73.26 per cent stake in the India&#39;s largest software services firm.

Then on November 15, seven out of 10 board members of Tata Global Beverages voted him out.

Slamming the latest move, sources close to Mistry said, &quot;We believe that this unprecedented erosion of core Tata Values, is seriously damaging Brand Tata. Each time one thinks the current standard of corporate governance in Tata Group listed companies under the leadership of the Interim Chairman (Ratan Tata) cannot hit a newer low, one has been belied.&quot;

They claimed a circular resolution for replacing Mistry as chairman was initiated just minutes before a pre-scheduled Board Meeting.

&quot;Those involved are representatives of Tata Sons, those drawing large remuneration from other Tata Trustee-controlled companies, and an &quot;independent&quot; director, who is the wife of a newly-inducted Tata trustee, who is also recently nominated director of Tata Sons,&quot; they claimed without naming anyone. (MORE) PTI RNK ANZ

Besides Bhatt, Tata Steel has Subodh Bhargava, Chairman Emeritus of Eicher Group, Andrew M Robb, Jacobus Schraven, Nusli Nevile Wadia and Mallika Srinivasan as independent directors.

Koushik Chatterjee is CFO and Tata veteran Ishaat Hussain is also on the board. T V Narendran is Managing Director of the company and D K Mehrota is the other non-executive director on the company board.

Mallika is wife of Venu Srinivasan who was inducted as non-executive director on Tata Sons after Ratan Tata was named interim chairman on removal of Mistry.

After returning, Tata is attempting to tighten his reins over the USD 103 billion group as Tata Sons has sought ouster of Mistry as director from group firms.

While the chairman remains in chair at the pleasure of the board members, a director on a company board can only be removed by shareholders.

On its instance, Tata Chemicals, TCS, Indian Hotels Co Ltd, Tata Motors and now Tata Steel have called extraordinary general meetings of shareholder to remove him.

In a separate filing, Tata Steel said its board has convened the EGM on December 21 for removal of Cyrus Mistry and Nusli Wadia as directors of the company.

Tata Sons holds 29.75 per cent stake in Tata Steel.

Tata Steel said its board took note of the leadership changes at Tata Sons and had received a special notice from the promoter and principal shareholder to convene an Extraordinary General Meeting (EGM) for removal of Cyrus Mistry and Nusli Wadia as its directors.

&quot;The board of directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Cyrus P Mistry as chairman of the board with immediate effect and elected O P Bhatt, an independent director, as the chairman of the board,&quot; it said in a regulatory filing.

The firm said Bhatt has been appointed the chairman &quot;keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM&quot;.

This decision was taken to also ensure stability to the company and in the larger interest of Tata Steel&#39;s stakeholders, including but not limited to employees, trading partners, financial stakeholders and local community around its operations, it added.

(PTI) 
&nbsp;

Tata Steel is the third Tata Group firm to oust Mistry

In sharp escalation of boardroom brawl at India's largest conglomerate, Cyrus Mistry was today ousted as chairman of Tata Steel, the third Tata Group firm to do so, a move that Mistry-camp slammed as unprecedented erosion of core values. The 10-member board of Tata Steel by "majority consent" removed Mistry as Chairman and named O P Bhatt, an independent director and former head of State Bank of India, as interim head. Tata Steel in a regulatory filing said following leadership change at Tata Sons, the holding company of the group from where Mistry was abruptly ousted on October 24, it had received a notice from the principal promoter seeking convening of a shareholder meet to remove him as director of the company. "In view of the current situation ie the Special Notice and Requisition received from Tata Sons Ltd, the Board of Directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Mr Cyrus P Mistry as the Chairman of the board with immediate effect," it said. Tata Steel is the third group firm to remove Mistry as chairman. First Tata Consultancy Services (TCS) removed him as chairman but that ouster was not through a vote but by virtue of Tata Sons holding a commanding 73.26 per cent stake in the India's largest software services firm. Then on November 15, seven out of 10 board members of Tata Global Beverages voted him out. Slamming the latest move, sources close to Mistry said, "We believe that this unprecedented erosion of core Tata Values, is seriously damaging Brand Tata. Each time one thinks the current standard of corporate governance in Tata Group listed companies under the leadership of the Interim Chairman (Ratan Tata) cannot hit a newer low, one has been belied." They claimed a circular resolution for replacing Mistry as chairman was initiated just minutes before a pre-scheduled Board Meeting. "Those involved are representatives of Tata Sons, those drawing large remuneration from other Tata Trustee-controlled companies, and an "independent" director, who is the wife of a newly-inducted Tata trustee, who is also recently nominated director of Tata Sons," they claimed without naming anyone. (MORE) PTI RNK ANZ Besides Bhatt, Tata Steel has Subodh Bhargava, Chairman Emeritus of Eicher Group, Andrew M Robb, Jacobus Schraven, Nusli Nevile Wadia and Mallika Srinivasan as independent directors. Koushik Chatterjee is CFO and Tata veteran Ishaat Hussain is also on the board. T V Narendran is Managing Director of the company and D K Mehrota is the other non-executive director on the company board. Mallika is wife of Venu Srinivasan who was inducted as non-executive director on Tata Sons after Ratan Tata was named interim chairman on removal of Mistry. After returning, Tata is attempting to tighten his reins over the USD 103 billion group as Tata Sons has sought ouster of Mistry as director from group firms. While the chairman remains in chair at the pleasure of the board members, a director on a company board can only be removed by shareholders. On its instance, Tata Chemicals, TCS, Indian Hotels Co Ltd, Tata Motors and now Tata Steel have called extraordinary general meetings of shareholder to remove him. In a separate filing, Tata Steel said its board has convened the EGM on December 21 for removal of Cyrus Mistry and Nusli Wadia as directors of the company. Tata Sons holds 29.75 per cent stake in Tata Steel. Tata Steel said its board took note of the leadership changes at Tata Sons and had received a special notice from the promoter and principal shareholder to convene an Extraordinary General Meeting (EGM) for removal of Cyrus Mistry and Nusli Wadia as its directors. "The board of directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Cyrus P Mistry as chairman of the board with immediate effect and elected O P Bhatt, an independent director, as the chairman of the board," it said in a regulatory filing. The firm said Bhatt has been appointed the chairman "keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM". This decision was taken to also ensure stability to the company and in the larger interest of Tata Steel's stakeholders, including but not limited to employees, trading partners, financial stakeholders and local community around its operations, it added. (PTI)

India: Tata Steel removes Cyrus Mistry as chairman, O P Bhatt takes charge

Thyssenkrupp has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp&#39;s chief executive said.

Tata Sons this month put in place a new management team for the $100 billion steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata.

&quot;The new management has told us personally it still sees the rationale,&quot; Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday.

Thyssenkrupp and Tata Steel had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain&#39;s vote to leave the European Union and then thrown into question by the management turmoil at Tata.

(Reuters)

Thyssenkrupp and Tata Steel had been in talks to merge their European steel units but the negotiations were disrupted by Brexit

Thyssenkrupp has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of the German group, Thyssenkrupp's chief executive said. Tata Sons this month put in place a new management team for the $100 billion steel-to-software group, days after its board ousted Chairman Cyrus Mistry and disbanded his advisory council, triggering a public spat between him and patriarch Ratan Tata. "The new management has told us personally it still sees the rationale," Heinrich Hiesinger told a news conference after Thyssenkrupp reported 2015/16 results on Thursday. Thyssenkrupp and Tata Steel had been in talks to merge their European steel units - which include assets in Britain, Germany and the Netherlands - but the negotiations were disrupted by Britain's vote to leave the European Union and then thrown into question by the management turmoil at Tata. (Reuters)

Thyssenkrupp CEO says new Tata management still wants steel deal

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