Tata group has won the bid to acquire national carrier Air India. The group placed a winning bid of $2.4 billion to acquire a 100 percent stake in Air India.

Tata group wins Air India bid for $2.4 bn

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline. 
&nbsp; 
Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion&nbsp;($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters.&nbsp; 
 
<a href="https://www.wionews.com/business-economy/welcome-back-air-india-ratan-tata-tweets-as-airline-returns-to-bombay-house-after-68-years-419150">Also read | 'Welcome back, Air India': Ratan Tata tweets as airline returns to Bombay House after 68 years</a>

On October 4, a panel of ministers led by Home Minister Amit Shah authorised the bid, according to Pandey.

Financial proposals submitted by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days ago and evaluated by the Cabinet Secretary-led Core Group of Secretaries on Disinvestment.

The offers were compared to the reserve price, and Tatas was the top bidder.&nbsp;

In the opening remarks and presentation by DIPAM, Tuhin Kanta Pandey said: “The FM had said in her Budget speech that the Govt of India aims to complete the Air India divestment in FY22. The competitive process has been carried out in a transparent manner.”

He added: “Bidders had to quote min 15% of enterprise value for cash consideration. Bidders were to quote max 85% of quoted enterprise value for retained debt.”

Key takeaways from the Air India-Tata agreement&nbsp;

Tata Sons' winning bid of Rs 180 billion ($2.4 billion) for Air India was more than the federal government's reserve price of Rs 129 billion, DIPAM Secretary said, adding that the Centre will get Rs 27 billion in cash from Tatas for the sale of its whole share.

Notably, Tatas' winning proposal of Rs 180 billion includes taking over Rs 153 billion in debt and paying the remainder in cash, according to DIPAM Secretary.

The central government has imposed constraints on Tata.Tatas, according to the DIPAM Secretary, are not permitted to transfer the Air India trademark and logo for a period of five years. After five years, they may only be transferred to Indians.&nbsp;

Tatas will have to retain all the staff of Air India for one year. However, the group can subsequently offer a voluntary retirement scheme (VRS) in the second year, the Aviation Secretary was quoted as saying by PTI. 
 
Tata Group-Air India relationship

The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline.

The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay.

The airline quickly grew to include passenger planes, and in 1938 it began international flights.

With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines.&nbsp;

During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma.

After the war, the airline changed its name to the now-iconic Air India.

The Union government then became interested in Air India and purchased a 49 percent share in it.

Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953.

(With inputs from agencies)

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline.

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline. Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion ($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters. Also read | 'Welcome back, Air India': Ratan Tata tweets as airline returns to Bombay House after 68 years On October 4, a panel of ministers led by Home Minister Amit Shah authorised the bid, according to Pandey. Financial proposals submitted by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days ago and evaluated by the Cabinet Secretary-led Core Group of Secretaries on Disinvestment. The offers were compared to the reserve price, and Tatas was the top bidder. In the opening remarks and presentation by DIPAM, Tuhin Kanta Pandey said: “The FM had said in her Budget speech that the Govt of India aims to complete the Air India divestment in FY22. The competitive process has been carried out in a transparent manner.” He added: “Bidders had to quote min 15% of enterprise value for cash consideration. Bidders were to quote max 85% of quoted enterprise value for retained debt.” Key takeaways from the Air India-Tata agreement Tata Sons' winning bid of Rs 180 billion ($2.4 billion) for Air India was more than the federal government's reserve price of Rs 129 billion, DIPAM Secretary said, adding that the Centre will get Rs 27 billion in cash from Tatas for the sale of its whole share. Notably, Tatas' winning proposal of Rs 180 billion includes taking over Rs 153 billion in debt and paying the remainder in cash, according to DIPAM Secretary. The central government has imposed constraints on Tata.Tatas, according to the DIPAM Secretary, are not permitted to transfer the Air India trademark and logo for a period of five years. After five years, they may only be transferred to Indians. Tatas will have to retain all the staff of Air India for one year. However, the group can subsequently offer a voluntary retirement scheme (VRS) in the second year, the Aviation Secretary was quoted as saying by PTI. Tata Group-Air India relationship The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline. The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay. The airline quickly grew to include passenger planes, and in 1938 it began international flights. With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines. During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma. After the war, the airline changed its name to the now-iconic Air India. The Union government then became interested in Air India and purchased a 49 percent share in it. Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953. (With inputs from agencies)

Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year. The airline was started by JRD Tata way back in 1932 as Tata Airlines.

Ratan Tata and the love for aviation

Ratan Tata's love for aviation is widely known. A trained pilot, he always wanted to come back to skies with an airline and tried to bid for Air India earlier as well but Jet Airways owner Naresh Goyal allegedly didn't let it happen. Thereafter every now and then Ratan Tata's name cropped up for being in pilot's seat for aviation JVs. Even when Jet Airways was shutting down, news came that Ratan Tata was testing waters there as well. Ratan Tata's flirting with aviation ventures turned into serious affair when it entered a JV with Malaysia's AirAsia in 2014 for a low-cost carrier. And soon after when it announced another partnership with Singapore Airlines for a full-service carrier Vistara, the partnership with other erstwhile partner AirAsia turned sour. However, it is still not clear how Singapore Airlines and Air Asia will react once the Air India is acquired and how much risk can Tata Group take with 3 airlines under its fold.&nbsp;

Synergies for Tata Sons

Having Air India under its fold makes much sense for Tata Group as compared to any non-airline investor. With Vistara and Air Asia, acquisition of Air India will bring synergies for Tata Group's aviation business though the liabilities that come with the national carrier will also be hard to absorb. Still with the 900 overseas slots including in New York, Chicago, London, Narita and Seoul and 4400 domestic slots and bilateral rights to fly to other nations will give a huge advantage to Tatas owner airlines. Air India has a fleet of 173 aircraft including 13 Boeing 777-300 Extended Range, 27 Boeing 787-800 and 27 Airbus 321-NEOs and three Boeing 777-200 Long Range aircraft

Will Air India be Jaguar Land Rover for Tatas?

Tata Sons is not new to acquisitions and turnarounds. Wherever they can't create capacity or go for greenfield expansion, India's top conglomerate acquire assets and companies and Air India is a step in this direction. When Jaguar Land Rover was acquired in 2008, many companies had failed to run the British marquee auto firm profitably and Tata Group could do what others couldn't by making JLR profitable. Though the same thing couldn't happen with a failed takeover of one of world's largest steel maker Corus that became a drag on its books

Why are other suitors in race?

Other suitors are in race possibly for financial investment and selling the asset after turning it around. But in Air India's case turning around may not be too easy for an outsider. It is not SpiceJet where decisions could be taken freely without any external involvement. The airline has over 16,000 employees out of which 9,617 are permanent, 
This big chunk of erstwhile government employees can be a big liability if any new owner can't manage the differences.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year.

With the submission of financial bids, the stage is finally set for the privatisation of Air India, the debt-laden Indian national carrier. It was a daunting task to find a possible buyer for Air India after coronavirus shattered the aviation and travel industry in early 2020 but the submission of bids by Tata Sons and consortium led by SpiceJet promoter Ajay Singh yesterday has raised the hopes of one of the big disinvestment targets being met before the end of this year. The airline was started by JRD Tata way back in 1932 as Tata Airlines. Ratan Tata and the love for aviation Ratan Tata's love for aviation is widely known. A trained pilot, he always wanted to come back to skies with an airline and tried to bid for Air India earlier as well but Jet Airways owner Naresh Goyal allegedly didn't let it happen. Thereafter every now and then Ratan Tata's name cropped up for being in pilot's seat for aviation JVs. Even when Jet Airways was shutting down, news came that Ratan Tata was testing waters there as well. Ratan Tata's flirting with aviation ventures turned into serious affair when it entered a JV with Malaysia's AirAsia in 2014 for a low-cost carrier. And soon after when it announced another partnership with Singapore Airlines for a full-service carrier Vistara, the partnership with other erstwhile partner AirAsia turned sour. However, it is still not clear how Singapore Airlines and Air Asia will react once the Air India is acquired and how much risk can Tata Group take with 3 airlines under its fold. Synergies for Tata Sons Having Air India under its fold makes much sense for Tata Group as compared to any non-airline investor. With Vistara and Air Asia, acquisition of Air India will bring synergies for Tata Group's aviation business though the liabilities that come with the national carrier will also be hard to absorb. Still with the 900 overseas slots including in New York, Chicago, London, Narita and Seoul and 4400 domestic slots and bilateral rights to fly to other nations will give a huge advantage to Tatas owner airlines. Air India has a fleet of 173 aircraft including 13 Boeing 777-300 Extended Range, 27 Boeing 787-800 and 27 Airbus 321-NEOs and three Boeing 777-200 Long Range aircraft Will Air India be Jaguar Land Rover for Tatas? Tata Sons is not new to acquisitions and turnarounds. Wherever they can't create capacity or go for greenfield expansion, India's top conglomerate acquire assets and companies and Air India is a step in this direction. When Jaguar Land Rover was acquired in 2008, many companies had failed to run the British marquee auto firm profitably and Tata Group could do what others couldn't by making JLR profitable. Though the same thing couldn't happen with a failed takeover of one of world's largest steel maker Corus that became a drag on its books Why are other suitors in race? Other suitors are in race possibly for financial investment and selling the asset after turning it around. But in Air India's case turning around may not be too easy for an outsider. It is not SpiceJet where decisions could be taken freely without any external involvement. The airline has over 16,000 employees out of which 9,617 are permanent, This big chunk of erstwhile government employees can be a big liability if any new owner can't manage the differences. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

Wings & Wheels: 'Maharaja' on sale

The Cabinet Committee on Security (CCS) approved the purchase of 56 C-295 MW cargo planes for the Indian Air Force on Wednesday.

Within 48 months of signing the contract, 16 aircraft will be delivered in flyaway condition from Spain, and TATA Consortium will produce 40 aircraft in India within ten years.

This is the first initiative of its sort in which a commercial company will produce a military aircraft in India.

In a statement, the government stated, "All 56 aircraft will be equipped with an indigenous electronic warfare suite."&nbsp;

This is the first initiative of its sort in which a commercial company will produce a military aircraft in India.

According to the government, the project will enhance India's aerospace ecosystem by involving various MSMEs from throughout the country in the production of aeroplane parts.

According to the ministry, the project will improve India's aerospace industry by including various small and medium-sized businesses in the production of aeroplane parts.&nbsp;

According to the statement, the programme is intended to create 600 high-skilled jobs directly, over 3,000 indirect jobs, and an additional 3000 medium-skilled job prospects.

The government thinks that the project will help reduce defence import dependency while simultaneously increasing exports.

The C-295MW aircraft, which has a payload of 5-10 tonnes and is equipped with modern equipment, would replace the IAF's old Avro aircraft, according to the military ministry.

The aircraft includes a rear ramp door for quick response and cargo and troop paradropping.&nbsp;

(With inputs from agencies)

The Cabinet Committee on Security (CCS) approved the purchase of 56 C-295 MW cargo planes for the Indian Air Force on Wednesday. Within 48 months of signing the contract, 16 aircraft will be delivered in flyaway condition from Spain, and TATA Consortium will produce 40 aircraft in India within ten years.

The Cabinet Committee on Security (CCS) approved the purchase of 56 C-295 MW cargo planes for the Indian Air Force on Wednesday. Within 48 months of signing the contract, 16 aircraft will be delivered in flyaway condition from Spain, and TATA Consortium will produce 40 aircraft in India within ten years. This is the first initiative of its sort in which a commercial company will produce a military aircraft in India. In a statement, the government stated, "All 56 aircraft will be equipped with an indigenous electronic warfare suite." This is the first initiative of its sort in which a commercial company will produce a military aircraft in India. According to the government, the project will enhance India's aerospace ecosystem by involving various MSMEs from throughout the country in the production of aeroplane parts. According to the ministry, the project will improve India's aerospace industry by including various small and medium-sized businesses in the production of aeroplane parts. According to the statement, the programme is intended to create 600 high-skilled jobs directly, over 3,000 indirect jobs, and an additional 3000 medium-skilled job prospects. The government thinks that the project will help reduce defence import dependency while simultaneously increasing exports. The C-295MW aircraft, which has a payload of 5-10 tonnes and is equipped with modern equipment, would replace the IAF's old Avro aircraft, according to the military ministry. The aircraft includes a rear ramp door for quick response and cargo and troop paradropping. (With inputs from agencies)

Private firm TATA to make 40 out of 56 transport aircraft for Indian Air Force

Tata Group has increased its stake in AirAsia India as it looks to increase its stake in India's airline industry.

Tata group to take complete control of AirAsia India

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline.

However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29.

This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29.

The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS.

The government has further sweetened the deal and now it will be sold on its enterprise value.

Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so.

A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier.

As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid.

The bid process is being led by Meenakshi Mallik, Commercial Director, Air India.

However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid.

(With inputs from agencies)

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested.

Air India’s privatisation plan is entering its final lap. As the deadline for bidding for Air India ends on Monday, reports have suggested that leading corporate houses Tata, Adani and Hinduja may be interested. The final date for submission of bids for Air India strategic sale is December 14 and the government has not extended the deadline. However, the government of India has extended the intimation date for qualified interested bidders (QIBs) for Air India to January 5, from the earlier decided date of December 29. This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29. The government has been trying for two years to divest its Air India. It wants to divest 100 per cent stake in Air India and budget carrier AI Express, and sell its 50 per cent share in Air India SATS Airport Services, a joint venture with Singapore-based ground handling firm SATS. The government has further sweetened the deal and now it will be sold on its enterprise value. Reports have now emerged of three big-ticket corporate houses interested in the national carrier. Reports suggest that the Tata Group, Adani and Hinduja several others are evaluating bids for Air India. However, none of these has officially said so. A group of 209 employees of Air India are making preparations to bid for the national carrier in partnership with a private financier. As reported earlier, Air India employees are preparing to bid for the national carrier in partnership with a private equity fund and each employee will be asked to contribute Rs 1 lakh towards the bid. The bid process is being led by Meenakshi Mallik, Commercial Director, Air India. However, the unions representing pilots and cabin crew have advised their members not to participate in the employee bid. (With inputs from agencies)

Air India privatisation: Tata, Adani and Hinduja in the fray to acquire

Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story. Ratan Tata's love for animals is also well known.

On Wednesday, Tata posted a pic of him with dogs. There is nothing business-like in the picture. Ratan Tata appears in a casual mode. In this picture, Ratan Tata is not the business mogul he is, but just a man who is fond of animals.

"A few heartwarming moments with the adopted Bombay House dogs this Diwali, especially Goa, my office companion", reads the Instagram post.

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There are nearly 1 million likes on this photo.

A user wondered why the office dog was named 'Goa'. The name is a departure from usually preferred ones like 'Tommy' etc. The user asked Mr Tata about this.

And Ratan Tata actually told him the interesting reason why the dog was named so.

Tata said that the dog was a stray puppy. It jumped into Tata's colleague's car in Goa and came all the way to Bombay House, the global headquarters of Tata Group in Mumbai.

Goa is being well looked after at the Bombay House as there are provisions there to ensure that street dogs are well cared for.

Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story.

Ratan Tata needs no introduction. The Chairman Emeritus of Tata Group is a respected figure not just in business circles, but among public as well. His salt-to-steel conglomerate has been an important part of India Inc's success story. Ratan Tata's love for animals is also well known. On Wednesday, Tata posted a pic of him with dogs. There is nothing business-like in the picture. Ratan Tata appears in a casual mode. In this picture, Ratan Tata is not the business mogul he is, but just a man who is fond of animals. "A few heartwarming moments with the adopted Bombay House dogs this Diwali, especially Goa, my office companion", reads the Instagram post. View this post on Instagram A post shared by Ratan Tata (@ratantata) × There are nearly 1 million likes on this photo. A user wondered why the office dog was named 'Goa'. The name is a departure from usually preferred ones like 'Tommy' etc. The user asked Mr Tata about this. And Ratan Tata actually told him the interesting reason why the dog was named so. Tata said that the dog was a stray puppy. It jumped into Tata's colleague's car in Goa and came all the way to Bombay House, the global headquarters of Tata Group in Mumbai. Goa is being well looked after at the Bombay House as there are provisions there to ensure that street dogs are well cared for.

Ratan Tata's office dog's name is Goa. Here is the viral story behind it

India's top software exporter Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a 7.1% fall in quarterly profit.

The buyback comes at a time when TCS parent Tata Sons is engaged in a fight with one of its oldest shareholders, the Shapoorji Pallonji Group, which recently said "a separation from the Tata Group is necessary".

Consolidated net profit for the quarter fell to 74.75 billion rupees from 80.42 billion rupees a year earlier, as the company set aside 12.18 billion rupees under exceptional items related to a U.S. lawsuit.

Analysts on average had expected a profit of 78.05 billion rupees, according to Refinitiv data.

"The timing of the buyback has been partly triggered due to the ongoing feud between Tata and the Mistry group, with the Mistry group looking to exit its Tata Sons holdings," said Jyoti Roy, an analyst at Angel Broking.

TCS said its consolidated revenue for the period rose 3% to 401.35 billion rupees.

India's top software exporter Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a 7.

India's top software exporter Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a 7.1% fall in quarterly profit. The buyback comes at a time when TCS parent Tata Sons is engaged in a fight with one of its oldest shareholders, the Shapoorji Pallonji Group, which recently said "a separation from the Tata Group is necessary". Consolidated net profit for the quarter fell to 74.75 billion rupees from 80.42 billion rupees a year earlier, as the company set aside 12.18 billion rupees under exceptional items related to a U.S. lawsuit. Analysts on average had expected a profit of 78.05 billion rupees, according to Refinitiv data. "The timing of the buyback has been partly triggered due to the ongoing feud between Tata and the Mistry group, with the Mistry group looking to exit its Tata Sons holdings," said Jyoti Roy, an analyst at Angel Broking. TCS said its consolidated revenue for the period rose 3% to 401.35 billion rupees.

TCS announces up to $2.2 billion buyback, second quarter profit falls

Shapoorji Pallonji group said in the Supreme Court Tuesday that it would exit from Tata Sons, provided it gets an “early resolution” and a “fair, equitable solution” in the protracted legal battle between the two sides.

Tata vs Mistry: Shapoorji Pallonji group says 'time to seperate'

The Tata Group is in talks to buyout AirAsia's stake in the joint venture - AirAsia India. This comes at a time when the pandemic has put AirAsia's future in doubt. WION's Palki Sharma tells you more.

Gravitas: Tatas in talks to buyout AirAsia India

Indian conglomerate&nbsp;Tata&nbsp;Sons&nbsp;is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Tata&nbsp;Sons&nbsp;will likely tie up with other financial investors to acquire AirAsia's 49 per cent&nbsp;stake in the venture.

The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airasias-future-in-doubt-due-to-virus-share-price-tumbles-311765">AirAsia's future in doubt due to virus; share price tumbles</a>

Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern.

The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars.

AirAsia reported a loss of&nbsp; $187 billion&nbsp;in the first quarter, the biggest loss since listing on stock exchanges in 2004.

Also read:&nbsp;<a href="https://www.wionews.com/world/will-the-global-aviation-industry-survive-coronavirus-related-slowdown-286815">Will the global aviation industry survive coronavirus-related slowdown?</a>

There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well.

It has refused all deliveries of airbus jets this year.&nbsp;The pandemic has only hastened a development that was a long time coming...

The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India.

The Tata group has had a difficult partnership with Air Asia which&nbsp;began operations in 2013. But, a few years later, Air Asia's CEO&nbsp;Tony Fernandes was pulled up for money laundering in India.

The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations.

Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way.

If the deal goes through, the Tatas will be&nbsp;bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies.

A non-compete clause restricted both Tatas and AirAsia&nbsp;from investing in a rival airline.

However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD&nbsp;Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft.

The Tata group also owns 51 per cent in Vistara airlines which is a&nbsp;joint venture with the Singapore airlines.

So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines&nbsp;it is the perfect time most airlines are in deep trouble due to the pandemic.

Although AirAsia is going off the runway but&nbsp;is it the right time to enter the aviation market with an airline of one's&nbsp;own company.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report.

Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd's stake in their airline joint venture in India at a steep discount, according to a report. Tata Sons will likely tie up with other financial investors to acquire AirAsia's 49 per cent stake in the venture. The Tatas own 51 per cent in the airline and have the right of first refusal in acquiring shares of its partner. Also read: AirAsia's future in doubt due to virus; share price tumbles Malaysian budget carrier AirAsia had said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern. The losses from the pandemic have left no cash in the coffers and it is seeking a fund of over 500 million dollars. AirAsia reported a loss of $187 billion in the first quarter, the biggest loss since listing on stock exchanges in 2004. Also read: Will the global aviation industry survive coronavirus-related slowdown? There are plans to cut the workforce by 30 per cent and the remaining employees may have to take a pay cut of up to 75 per cent. AirAsia is unable to pay suppliers and lenders as well. It has refused all deliveries of airbus jets this year. The pandemic has only hastened a development that was a long time coming... The Tatas flew India's first airline in 1938. However, they lost it to nationalisation after independence. Now, 80 years later, the Tatas could have their own airline in India. The Tata group has had a difficult partnership with Air Asia which began operations in 2013. But, a few years later, Air Asia's CEO Tony Fernandes was pulled up for money laundering in India. The Central Bureau of Investigation began to probe the airline. Investigating agencies said the company used corrupt means to acquire a license for international operations. Soon top Air Asia executives were replaced by trusted Tata group veterans. Acquiring the AirAsia stake can be beneficial in another way. If the deal goes through, the Tatas will be bidding for Air India, India's national carrier. The government is looking to sell 100 per cent stake as part of the plan to limit its role in many state-run companies. A non-compete clause restricted both Tatas and AirAsia from investing in a rival airline. However, this hurdle has been removed as the Tata group is the sole contender to take over Air India. It is the same airline that was founded by JRD Tata in 1938. That year Tata airlines carried its first passengers from Bombay to Trivandrum in a six-seater aircraft. The Tata group also owns 51 per cent in Vistara airlines which is a joint venture with the Singapore airlines. So, the Tatas have three routes to take to the air independently. The crucial question is that of timing if it concerns acquiring other airlines it is the perfect time most airlines are in deep trouble due to the pandemic. Although AirAsia is going off the runway but is it the right time to enter the aviation market with an airline of one's own company.

Tata Sons in talks to acquire AirAsia's India stake at steep discount

The <a href="https://www.wionews.com/world/live-pm-modi-president-trump-at-howdy-modi-event-in-nrg-stadium-houston-251225">United States</a> hopes to announce several billion dollars worth of defence deals with <a href="https://www.wionews.com/world/live-pm-modi-president-trump-at-howdy-modi-event-in-nrg-stadium-houston-251225">India</a> in the near term, country's Ambassador to New Delhi Kenneth Juster said on Tuesday.

Speaking at a press briefing here a day prior to the beginning of the five-day DefExpo 2020 in Uttar Pradesh's capital city of Lucknow, Juster said, "When I first began working on <a href="https://www.wionews.com/world/live-pm-modi-president-trump-at-howdy-modi-event-in-nrg-stadium-houston-251225">US-India</a> relationship in 2001, there were virtually no defence sales between the United States and India. Today that figure is about 18 billion dollars and there are several billion dollars of additional sales in the pipeline on a range of items, some of which we hope to be announcing in the near term."

Also read:&nbsp;<a href="https://www.wionews.com/india-news/india-united-states-defence-deal-worth-75-billion-to-procure-drones-planes-in-the-works-262720">India-United States defence deal worth $7.5 billion to procure drones, planes in the works</a>

In his remarks at the press conference, the Ambassador said that there is an enormous potential for industry partnership between India and the US on state-of-the-art defence equipment.

He noted that the US firms participating in the Defence Expo are partnering with companies across India, "including in Uttar Pradesh's Defence Corridor, to produce defence equipment not just for our countries' militaries, but for those of partner nations"

Also read:&nbsp;<a href="https://www.wionews.com/world/live-pm-modi-president-trump-at-howdy-modi-event-in-nrg-stadium-houston-251225">Several defence deals in the works between US, India, says Trump</a>

"For example, Tata has partnered with Lockheed Martin to build all C-130 tails and F-16 wings here. And <a href="https://www.wionews.com/world/boeing-starliner-returning-to-earth-early-after-mission-failure-269557">Boeing </a>is collaborating with <a href="https://www.wionews.com/india-news/nirmala-sitharaman-says-hal-was-edged-out-of-rafale-deal-during-upas-tenure-166462">HAL </a>[Hindustan Aeronautics Limited] to produce all AH-64 Apache fuselages in Hyderabad," he said.

Boeing will showcase a range of advanced defence capabilities at DefExpo 2020, including F/A-18 Super Hornet, KC-46 tanker, AH-64E Apache and the P-8I.

In a statement last week, the Aerospace major noted that India has 11 C-17 Globemaster IIIs, eight P-8Is (with four more on order), 17 AH-64 Apaches (against an order of 22) and 10 CH-47 Chinook (against an order of 15).

The United States hopes to announce several billion dollars worth of defence deals with India in the near term, country's Ambassador to New Delhi Kenneth Juster said on Tuesday.

The United States hopes to announce several billion dollars worth of defence deals with India in the near term, country's Ambassador to New Delhi Kenneth Juster said on Tuesday. Speaking at a press briefing here a day prior to the beginning of the five-day DefExpo 2020 in Uttar Pradesh's capital city of Lucknow, Juster said, "When I first began working on US-India relationship in 2001, there were virtually no defence sales between the United States and India. Today that figure is about 18 billion dollars and there are several billion dollars of additional sales in the pipeline on a range of items, some of which we hope to be announcing in the near term." Also read: India-United States defence deal worth $7.5 billion to procure drones, planes in the works In his remarks at the press conference, the Ambassador said that there is an enormous potential for industry partnership between India and the US on state-of-the-art defence equipment. He noted that the US firms participating in the Defence Expo are partnering with companies across India, "including in Uttar Pradesh's Defence Corridor, to produce defence equipment not just for our countries' militaries, but for those of partner nations" Also read: Several defence deals in the works between US, India, says Trump "For example, Tata has partnered with Lockheed Martin to build all C-130 tails and F-16 wings here. And Boeing is collaborating with HAL [Hindustan Aeronautics Limited] to produce all AH-64 Apache fuselages in Hyderabad," he said. Boeing will showcase a range of advanced defence capabilities at DefExpo 2020, including F/A-18 Super Hornet, KC-46 tanker, AH-64E Apache and the P-8I. In a statement last week, the Aerospace major noted that India has 11 C-17 Globemaster IIIs, eight P-8Is (with four more on order), 17 AH-64 Apaches (against an order of 22) and 10 CH-47 Chinook (against an order of 15).

US hopes to announce several billion dollars worth of defence deals with India in near term: Ambassador Kenneth Juster

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost. &nbsp;

Ratan Tata and his advisers have returned to the public gaze as many of their decisions will be examined by the apex court of the land at the behest of ousted former Executive Chairman of Tata Sons, Cyrus Mistry.&nbsp;

The latest troubles come on top of others. Some of the Tata Trusts, indicted in 2015, and promptly challenged by the Trusts concerned, have been held liable in 2019 by the Income Tax Tribunal after examination of the facts. &nbsp;

It is for a massive evasion of taxes, an activity not normally associated with a Tata entity. Appeals are under process to the higher judiciary, but the taxes and fines imposed are for violating the terms that rendered the trusts tax-free in the first place. For decades these trusts have worked with integrity and probity. But lately, they have apparently gone in for some profit-making in violation of the rules. The consequences are onerous enough to break the backs of the trusts indicted. The Tata Group has said the Trusts, six of them out of several more, surrendered their registrations voluntarily in 2015 and should not have to pay the Rs 12,000 crores called up. They have, in fact, only had their registrations cancelled by the tax authorities in 2019. These six trusts, though not the main ones, own 39,000 shares of Tata Sons, the principal holding company of the Tata Group.&nbsp;

And now, to compound the group’s troubles, there is a sensational judgement of the NCLAT, restoring Cyrus Mistry, (also a minority shareholder, along with his brother, with over 18 per cent in Tata Sons), as Executive Chairman of Tata Sons. &nbsp;

This has come after many adverse judgements over three years in various courts, all against Mistry. But apparently, good legal counsel and persistence have paid off in the end. &nbsp;

The Tata establishment, on its part, has been given a four-week window to appeal to the Supreme Court, while the restoration of Mistry is held in abeyance for the duration. &nbsp;

Cyrus Mistry, a 51-year-old billionaire, who owns the Shapoorji Pallonji Group along with his brother and other family members, has also been immediately restored as Director on the boards of four leading Tata companies that he was thrown out of. &nbsp;

In addition, Tata Sons, converted illegally into a private limited company as per NCLAT, from a deemed public limited entity (for its sheer size), has been ordered to revert into a public limited company.&nbsp;

All of this has cast serious aspersions on the judgement of an ageing Ratan Tata and his advisers, and damaged the reputation of perhaps India’s most valued corporate group. The turmoil and uncertainty of the legal ramifications going forward, is also taking its toll on the share prices.&nbsp;

Ratan Tata, currently in the eye of the storm, was once the very leader to emulate. He took over the Tata Group as the designated successor to JRD&nbsp;Tata and both consolidated and grew the companies manifold over the years. He undertook diversifications into newer areas of business better suited to the liberalised era post-1991. One of the greatest successes was Tata Computer Services (TCS), which became the Group’s most profitable company.&nbsp;

Ratan Tata recruited N Chandrasekaran, the erstwhile boss of TCS, to replace Cyrus Mistry as Executive Chairman of Tata Sons, but this too has been found to be illegal by the NCLAT.&nbsp;

The irony is that Chandrasekaran, confronted with huge indebtedness and slowing revenues, has been following a course very similar to that taken by Cyrus Mistry. He too is cutting away dead wood where he can, and taking steps to hive off companies that are draining the group of its financial resources. &nbsp;

Some of these include overseas acquisitions made by Ratan Tata in the boom years at high prices. These, such as Corus Steel, and, alas, Jaguar/Landrover, are now bleeding cash in recessionary conditions. This, even as others, such as Tetley Tea, are doing fine still.&nbsp;

Ratan Tata, in recent times, has apparently been trying to hide his mistakes or bets that have gone bad because of altered market environments. Some of the new people he has relied upon have departed from the usual high standards of ethics upheld by the Tata Group in earlier days. In the quest to turn into something of multinational, vast differences in remuneration between Indian managers in the group and foreign recruits have demoralised many old stalwarts.&nbsp;

It is not clear if Cyrus Mistry will resume his old position once, and if, he is vindicated by the Supreme Court. But if he does, there is a good chance that he will be able to restore the Group to its former glory. The Mistry family, father and son, has sat in on the boards of not only Tata Sons but various other companies for decades now. Cyrus Mistry is well versed in the Tata ethos, and connected with the group’s Parsi roots. &nbsp;

It is these important intangibles that were being diluted, rather alarmingly, resulting in the Tatas’ becoming just another large conglomerate by Indian standards.&nbsp;

(Views expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost.

Just when it seemed the Chairman of the Tata Trusts and restored Executive Chairman of Tata Sons Ratan Naval Tata had got away with a number of questionable moves, dramatic developments have come home to roost. Ratan Tata and his advisers have returned to the public gaze as many of their decisions will be examined by the apex court of the land at the behest of ousted former Executive Chairman of Tata Sons, Cyrus Mistry. The latest troubles come on top of others. Some of the Tata Trusts, indicted in 2015, and promptly challenged by the Trusts concerned, have been held liable in 2019 by the Income Tax Tribunal after examination of the facts. It is for a massive evasion of taxes, an activity not normally associated with a Tata entity. Appeals are under process to the higher judiciary, but the taxes and fines imposed are for violating the terms that rendered the trusts tax-free in the first place. For decades these trusts have worked with integrity and probity. But lately, they have apparently gone in for some profit-making in violation of the rules. The consequences are onerous enough to break the backs of the trusts indicted. The Tata Group has said the Trusts, six of them out of several more, surrendered their registrations voluntarily in 2015 and should not have to pay the Rs 12,000 crores called up. They have, in fact, only had their registrations cancelled by the tax authorities in 2019. These six trusts, though not the main ones, own 39,000 shares of Tata Sons, the principal holding company of the Tata Group. And now, to compound the group’s troubles, there is a sensational judgement of the NCLAT, restoring Cyrus Mistry, (also a minority shareholder, along with his brother, with over 18 per cent in Tata Sons), as Executive Chairman of Tata Sons. This has come after many adverse judgements over three years in various courts, all against Mistry. But apparently, good legal counsel and persistence have paid off in the end. The Tata establishment, on its part, has been given a four-week window to appeal to the Supreme Court, while the restoration of Mistry is held in abeyance for the duration. Cyrus Mistry, a 51-year-old billionaire, who owns the Shapoorji Pallonji Group along with his brother and other family members, has also been immediately restored as Director on the boards of four leading Tata companies that he was thrown out of. In addition, Tata Sons, converted illegally into a private limited company as per NCLAT, from a deemed public limited entity (for its sheer size), has been ordered to revert into a public limited company. All of this has cast serious aspersions on the judgement of an ageing Ratan Tata and his advisers, and damaged the reputation of perhaps India’s most valued corporate group. The turmoil and uncertainty of the legal ramifications going forward, is also taking its toll on the share prices. Ratan Tata, currently in the eye of the storm, was once the very leader to emulate. He took over the Tata Group as the designated successor to JRD Tata and both consolidated and grew the companies manifold over the years. He undertook diversifications into newer areas of business better suited to the liberalised era post-1991. One of the greatest successes was Tata Computer Services (TCS), which became the Group’s most profitable company. Ratan Tata recruited N Chandrasekaran, the erstwhile boss of TCS, to replace Cyrus Mistry as Executive Chairman of Tata Sons, but this too has been found to be illegal by the NCLAT. The irony is that Chandrasekaran, confronted with huge indebtedness and slowing revenues, has been following a course very similar to that taken by Cyrus Mistry. He too is cutting away dead wood where he can, and taking steps to hive off companies that are draining the group of its financial resources. Some of these include overseas acquisitions made by Ratan Tata in the boom years at high prices. These, such as Corus Steel, and, alas, Jaguar/Landrover, are now bleeding cash in recessionary conditions. This, even as others, such as Tetley Tea, are doing fine still. Ratan Tata, in recent times, has apparently been trying to hide his mistakes or bets that have gone bad because of altered market environments. Some of the new people he has relied upon have departed from the usual high standards of ethics upheld by the Tata Group in earlier days. In the quest to turn into something of multinational, vast differences in remuneration between Indian managers in the group and foreign recruits have demoralised many old stalwarts. It is not clear if Cyrus Mistry will resume his old position once, and if, he is vindicated by the Supreme Court. But if he does, there is a good chance that he will be able to restore the Group to its former glory. The Mistry family, father and son, has sat in on the boards of not only Tata Sons but various other companies for decades now. Cyrus Mistry is well versed in the Tata ethos, and connected with the group’s Parsi roots. It is these important intangibles that were being diluted, rather alarmingly, resulting in the Tatas’ becoming just another large conglomerate by Indian standards. (Views expressed above are the personal views of the author and do not reflect the views of ZMCL)

The House of Tata rapped on the knuckles

Delhi’s Shamim Khan coasted to a comfortable three-shot win at the Kensville Open 2019 Presented by TATA Steel PGTI, an Rs. 40 lakh event, played at the Kensville Golf &amp;amp; Country Club near Ahmedabad from November 28 to December 1.

The experienced Shamim, the overnight leader by two shots, posted a tenacious two-under-70 in the final round to emerge as the wire-to-wire champion with a winning total of 13-under-275.

Khan thus lifted his 15th trophy on the TATA Steel PGTI which also accounted for his overall 17th professional win.

Pune-based Udayan Mane, the only player besides Shamim to return four sub-par rounds during the tournament, came up with the last round of 71 to secure the runner-up spot at 10-under-278.

Shamim Khan (66-68-71-70), who held the lead in all the three previous rounds, enjoyed his best day with the putter as he sank five birdies at the cost of three bogeys. The 41-year-old stretched his lead to three shots at the turn having made two 20-feet birdie conversions on the front-nine.

Khan dropped two bogeys on the back-nine after finding a tree on one hole and a hazard on the other, but he still managed to close out the match with two birdies even as the others were unable to catch up with him.

Shamim’s first title after a one-year gap earned him prize money worth Rs. 6,46,600 that pushed him up from 30th to 14th place in the TATA Steel PGTI Order of Merit.

Khan, known to have one of the smoothest golf swings in Indian golf, said, “This win really raises my confidence as it was achieved with a double-digit total score on a difficult course. In fact, only two players, Udayan and me, had a double-digit total this week. That reflects the tough scoring conditions at Kensville.

“I wasn’t having a great season until I arrived in Ahmedabad. But I feel that I can now carry this form into the last three events of the season,” added Shamim, the only man with career earnings in excess of Rs. 4 crores on the PGTI.

Udayan Mane (69-67-71-71), lying two off the lead in tied second after round three, shot a 71 on day four that featured three birdies and two bogeys. Mane, who began the day with a bogey on the first hole, was looking good for a late surge when he picked up birdies on the eighth, ninth and 11th. But Udayan’s bogey on the 15th put paid to his hopes as he conceded an almost unassailable four-shot lead to Shamim.

“I wasn’t having a great season until I arrived in Ahmedabad. But I feel that I can now carry this form into the last three events of the season,” added Shamim, the only man with career earnings in excess of Rs. 4 crores on the PGTI.

Udayan Mane (69-67-71-71), lying two off the lead in tied second after round three, shot a 71 on day four that featured three birdies and two bogeys. Mane, who began the day with a bogey on the first hole, was looking good for a late surge when he picked up birdies on the eighth, ninth and 11th. But Udayan’s bogey on the 15th put paid to his hopes as he conceded an almost unassailable four-shot lead to Shamim.

Delhi’s Shamim Khan coasted to a comfortable three-shot win at the Kensville Open 2019 Presented by TATA Steel PGTI, an Rs. 40 lakh event, played at the Kensville Golf &amp; Country Club near Ahmedabad from November 28 to December 1.

Delhi’s Shamim Khan coasted to a comfortable three-shot win at the Kensville Open 2019 Presented by TATA Steel PGTI, an Rs. 40 lakh event, played at the Kensville Golf &amp; Country Club near Ahmedabad from November 28 to December 1. The experienced Shamim, the overnight leader by two shots, posted a tenacious two-under-70 in the final round to emerge as the wire-to-wire champion with a winning total of 13-under-275. Khan thus lifted his 15th trophy on the TATA Steel PGTI which also accounted for his overall 17th professional win. Pune-based Udayan Mane, the only player besides Shamim to return four sub-par rounds during the tournament, came up with the last round of 71 to secure the runner-up spot at 10-under-278. Shamim Khan (66-68-71-70), who held the lead in all the three previous rounds, enjoyed his best day with the putter as he sank five birdies at the cost of three bogeys. The 41-year-old stretched his lead to three shots at the turn having made two 20-feet birdie conversions on the front-nine. Khan dropped two bogeys on the back-nine after finding a tree on one hole and a hazard on the other, but he still managed to close out the match with two birdies even as the others were unable to catch up with him. Shamim’s first title after a one-year gap earned him prize money worth Rs. 6,46,600 that pushed him up from 30th to 14th place in the TATA Steel PGTI Order of Merit. Khan, known to have one of the smoothest golf swings in Indian golf, said, “This win really raises my confidence as it was achieved with a double-digit total score on a difficult course. In fact, only two players, Udayan and me, had a double-digit total this week. That reflects the tough scoring conditions at Kensville. “I wasn’t having a great season until I arrived in Ahmedabad. But I feel that I can now carry this form into the last three events of the season,” added Shamim, the only man with career earnings in excess of Rs. 4 crores on the PGTI. Udayan Mane (69-67-71-71), lying two off the lead in tied second after round three, shot a 71 on day four that featured three birdies and two bogeys. Mane, who began the day with a bogey on the first hole, was looking good for a late surge when he picked up birdies on the eighth, ninth and 11th. But Udayan’s bogey on the 15th put paid to his hopes as he conceded an almost unassailable four-shot lead to Shamim. “I wasn’t having a great season until I arrived in Ahmedabad. But I feel that I can now carry this form into the last three events of the season,” added Shamim, the only man with career earnings in excess of Rs. 4 crores on the PGTI. Udayan Mane (69-67-71-71), lying two off the lead in tied second after round three, shot a 71 on day four that featured three birdies and two bogeys. Mane, who began the day with a bogey on the first hole, was looking good for a late surge when he picked up birdies on the eighth, ninth and 11th. But Udayan’s bogey on the 15th put paid to his hopes as he conceded an almost unassailable four-shot lead to Shamim.

Shamim Khan coasts to three-shot win at Kensville Open 2019 Presented by  TATA Steel PGTI

Gurugram’s Veer Ahlawat lived up to his first name ‘Veer’ which means ‘Brave’ in Hindi, as he put up a brave display in the final round of the IndianOil Servo Masters Golf 2019 to earn his maiden title.

The 23-year-old Ahlawat (69-64-68-72), the overnight leader by three shots, struck an eventful even-par-72 on the last day to come through in a humdinger of a contest by one shot at 15-under-273 after seeing off a tough challenge from veteran Mukesh Kumar of Mhow at the Rs.60 lakh event played at the Digboi Golf Links.

Veer, in his fourth season as a professional, thus ended a long wait for his breakthrough win. Ahlawat, fresh from his career-best Asian Tour finish of tied eighth at the Panasonic Open India last week, also continued his hot streak as a result of his sensational triumph. The victory lifted Veer from seventh to third place in the 2019 TATA Steel PGTI Order of Merit.

Mukesh Kumar (74-67-65-68) and Bengaluru’s M Dharma (67-67-70-70) finished tied second at 14-under-274. Mukesh’s dramatic last round 68 brought him within sniffing distance of a record seventh title at Digboi.

Veer Ahlawat, the runner-up in 2017, had a slow start like his previous rounds when he bogeyed the first after missing a short putt. However, the six-foot four-inch-tall golfer from the DLF Golf &amp;amp; Country Club, then capitalized with birdies on the first three par-5s, the seventh, ninth and 11th, at the cost of a bogey on the 10th.

Meanwhile, Mukesh Kumar came up with some great iron shots to land it close and set up birdie conversions within four feet on six of the first 11 holes. Mukesh had tied Veer for the lead after 11 holes.

The 54-year-old Mukesh’s title prospects became bright when Ahlawat conceded a two-shot lead to him after making a double-bogey on the 14th where he had an ordinary second shot and a three-putt. But the long-hitting Veer kept his nerve and came right back into the contest with a 17-feet eagle conversion on the par-5 15th to draw level with Mukesh once again.

The drama continued with Mukesh, a former Asian Tour winner, struggling with his putting on the final stretch as he made three-putt bogeys on the 17th and 18th to hand Ahlawat, playing one group behind him, a precious two-shot lead.

Ahlawat, who lost out in a playoff to Shamim Khan at the 2017 edition, was not to be denied this time around as he made a brilliant recovery on the 17th with a chip-in for par after finding the hazard with his tee shot. Veer finally sealed the title despite a bogey on the last hole.

Veer, who proved his mettle by neutralizing the threat from Mukesh’s final day charge, said, “I just played in my natural attacking style. I missed some short putts early on in the round but more than made up by capitalizing on all the four par-5s. I was five-under on the par-5s in round four with an eagle and three birdies.

“The 17th was the crucial hole for me as I knew that I had to at least make a par there in order to have a comfortable two-shot lead going into the last hole which would almost seal my win. I was in trouble with my first two shots on that hole but luckily I got relief with a free drop after my second shot. Thereafter, the chip-in came just at the right time for me and gave me that two-shot cushion going into the last hole which helped me relax and raised my confidence.

“It’s a big relief to finally get a title under my belt as I had come close to winning on a few occasions in the past. I struck the ball really well this week and also chipped and putted well. I made the par-5s count through the tournament and my driving distance was a big positive. I averaged about 310 yards with my drives.

“My good form continues as I had a terrific outing at the Asian Tour event last week as well. I would now look to carry this form to the last few events of the season. I’m looking at making a huge improvement on my previous best finish on the PGTI Order of Merit which was 11th in 2018,” added the lanky Ahlawat, the son of an Army officer.

Veer collected a prize purse of Rs. 9,69,900 and five valuable Official World Golf Ranking (OWGR) points for his victory in Digboi. He is now set to make major gains from his current world ranking of 1094 when the updated world rankings are released on Monday.

M Dharma’s short-game was not up to his expectations on the final day as he picked up four birdies but also conceded two bogeys during his 70 and never really seemed to be in a position to take the lead.

Bengaluru’s Abhishek Jha (71) took fourth place at 13-under-275.

Shamim Khan of Delhi, the winner of the last two editions, finished tied 24th at four-under-284.

Gurugram’s Veer Ahlawat lived up to his first name ‘Veer’ which means ‘Brave’ in Hindi, as he put up a brave display in the final round of the IndianOil Servo Masters Golf 2019 to earn his maiden title.

Gurugram’s Veer Ahlawat lived up to his first name ‘Veer’ which means ‘Brave’ in Hindi, as he put up a brave display in the final round of the IndianOil Servo Masters Golf 2019 to earn his maiden title. The 23-year-old Ahlawat (69-64-68-72), the overnight leader by three shots, struck an eventful even-par-72 on the last day to come through in a humdinger of a contest by one shot at 15-under-273 after seeing off a tough challenge from veteran Mukesh Kumar of Mhow at the Rs.60 lakh event played at the Digboi Golf Links. Veer, in his fourth season as a professional, thus ended a long wait for his breakthrough win. Ahlawat, fresh from his career-best Asian Tour finish of tied eighth at the Panasonic Open India last week, also continued his hot streak as a result of his sensational triumph. The victory lifted Veer from seventh to third place in the 2019 TATA Steel PGTI Order of Merit. Mukesh Kumar (74-67-65-68) and Bengaluru’s M Dharma (67-67-70-70) finished tied second at 14-under-274. Mukesh’s dramatic last round 68 brought him within sniffing distance of a record seventh title at Digboi. Veer Ahlawat, the runner-up in 2017, had a slow start like his previous rounds when he bogeyed the first after missing a short putt. However, the six-foot four-inch-tall golfer from the DLF Golf &amp; Country Club, then capitalized with birdies on the first three par-5s, the seventh, ninth and 11th, at the cost of a bogey on the 10th. Meanwhile, Mukesh Kumar came up with some great iron shots to land it close and set up birdie conversions within four feet on six of the first 11 holes. Mukesh had tied Veer for the lead after 11 holes. The 54-year-old Mukesh’s title prospects became bright when Ahlawat conceded a two-shot lead to him after making a double-bogey on the 14th where he had an ordinary second shot and a three-putt. But the long-hitting Veer kept his nerve and came right back into the contest with a 17-feet eagle conversion on the par-5 15th to draw level with Mukesh once again. The drama continued with Mukesh, a former Asian Tour winner, struggling with his putting on the final stretch as he made three-putt bogeys on the 17th and 18th to hand Ahlawat, playing one group behind him, a precious two-shot lead. Ahlawat, who lost out in a playoff to Shamim Khan at the 2017 edition, was not to be denied this time around as he made a brilliant recovery on the 17th with a chip-in for par after finding the hazard with his tee shot. Veer finally sealed the title despite a bogey on the last hole. Veer, who proved his mettle by neutralizing the threat from Mukesh’s final day charge, said, “I just played in my natural attacking style. I missed some short putts early on in the round but more than made up by capitalizing on all the four par-5s. I was five-under on the par-5s in round four with an eagle and three birdies. “The 17th was the crucial hole for me as I knew that I had to at least make a par there in order to have a comfortable two-shot lead going into the last hole which would almost seal my win. I was in trouble with my first two shots on that hole but luckily I got relief with a free drop after my second shot. Thereafter, the chip-in came just at the right time for me and gave me that two-shot cushion going into the last hole which helped me relax and raised my confidence. “It’s a big relief to finally get a title under my belt as I had come close to winning on a few occasions in the past. I struck the ball really well this week and also chipped and putted well. I made the par-5s count through the tournament and my driving distance was a big positive. I averaged about 310 yards with my drives. “My good form continues as I had a terrific outing at the Asian Tour event last week as well. I would now look to carry this form to the last few events of the season. I’m looking at making a huge improvement on my previous best finish on the PGTI Order of Merit which was 11th in 2018,” added the lanky Ahlawat, the son of an Army officer. Veer collected a prize purse of Rs. 9,69,900 and five valuable Official World Golf Ranking (OWGR) points for his victory in Digboi. He is now set to make major gains from his current world ranking of 1094 when the updated world rankings are released on Monday. M Dharma’s short-game was not up to his expectations on the final day as he picked up four birdies but also conceded two bogeys during his 70 and never really seemed to be in a position to take the lead. Bengaluru’s Abhishek Jha (71) took fourth place at 13-under-275. Shamim Khan of Delhi, the winner of the last two editions, finished tied 24th at four-under-284.

Ahlawat jumps from seventh to third in the TATA Steel PGTI Order of Merit

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers.

Under the first project of the strategic partnership policy of the Narendra Modi government to develop indigenous industry's defence manufacturing capacity, 111 light helicopters have to be built indigenously through joint ventures between Indian and foreign firms.

"The four Indian firms will now need to partner with foreign original equipment manufacturers including European Airbus Helicopters which has offered two choppers, American Sikorsky-Lockheed Martin and Russian Rosoboronexport," sources in the Navy told ANI.

The Navy will now take the case to the Defence Acquisition Council with the shortlisted names of both Indian and foreign manufacturers for the ambitious project to get the approval from the government for its shortlist and take the process forward.

Sources said a total of eight Indian companies had shown interest in becoming strategic partners including a public sector undertaking but only four have been shortlisted by the force which will use the new choppers to replace its fleet of Cheetah/Chetak helicopters.

The Strategic Partnership model was first envisaged under the leadership of late Manohar Parrikar during his stint as defence minister and gained shape later under Nirmala Sitharaman.

The strategic partnership model envisages tie-up between Indian and foreign firms leading to the acquisition of niche technologies and setting up of modern production facilities in India.

Under the plan, the first 16 helicopters have to be delivered from the OEM's overseas production facility and the remaining 95 helicopters Are to be manufactured in India by the selected strategic partner form.&nbsp;

 
&nbsp;

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers.

Four Indian firms including Tata, Adani, Mahindra Defence Systems and Bharat Forge have been shortlisted by the Indian Navy as strategic partners for the project involving a deal worth Rs 25,000 crore for indigenous manufacturing of 111 Naval Utility Choppers. Under the first project of the strategic partnership policy of the Narendra Modi government to develop indigenous industry's defence manufacturing capacity, 111 light helicopters have to be built indigenously through joint ventures between Indian and foreign firms. "The four Indian firms will now need to partner with foreign original equipment manufacturers including European Airbus Helicopters which has offered two choppers, American Sikorsky-Lockheed Martin and Russian Rosoboronexport," sources in the Navy told ANI. The Navy will now take the case to the Defence Acquisition Council with the shortlisted names of both Indian and foreign manufacturers for the ambitious project to get the approval from the government for its shortlist and take the process forward. Sources said a total of eight Indian companies had shown interest in becoming strategic partners including a public sector undertaking but only four have been shortlisted by the force which will use the new choppers to replace its fleet of Cheetah/Chetak helicopters. The Strategic Partnership model was first envisaged under the leadership of late Manohar Parrikar during his stint as defence minister and gained shape later under Nirmala Sitharaman. The strategic partnership model envisages tie-up between Indian and foreign firms leading to the acquisition of niche technologies and setting up of modern production facilities in India. Under the plan, the first 16 helicopters have to be delivered from the OEM's overseas production facility and the remaining 95 helicopters Are to be manufactured in India by the selected strategic partner form.

Four Indian firms including Tata, Adani in final race for Rs 25,000 crore chopper deal for Navy

Tata Motors may phase out small diesel cars from its portfolio as demand is expected to slow down. Watch this video to know more.

Tata Motors may drop small diesel cars

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far.

The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner.

"Over the last few days there has been growing speculation about Tata's interest in Jet Airways. We would like to clarify that any such discussions (to acquire Jet Airways) have been preliminary and no proposal has been made," Tata Sons said in a statement after a marathon five-hour board meeting at the headquarters here.

Addressing the analysts at the post-earnings concall, earlier this week, Jet Airways' deputy chief executive and chief financial officer Amit Agarwal had admitted that the airline was in talks with "multiple interested parties" for fund infusion as well as stake in its loyalty progarmme Jet Privilege.

Besides Goyal,who along with his family owns 51 per cent stake in the company, Gulf carrier Etihad Airways owns 24 per cent in the cash-strapped airline which has been delaying salaries and payments to vendors for many months now.

Media reports suggest that the parent company of Vistara, Tata Sons-Singapore Airlines, is looking at an all- stock merger of Jet Airways as part of the Tata group's plans to board Goyal's full service carrier, which is grappling with cash crunch and mounting losses.

The airline earlier this week reported a net loss of Rs 1,261 crore in the September quarter against a profit of Rs 71 crore y-o-y, making it the third straight quarters of heavy losses.

The two sides are reportedly inching towards a two- step transaction that would first see Jet merging with Tata- SIA joint venture through a share swap to form a new JV, which will have the Goyal family, Etihad, Tata Sons and Singapore Airlines as its partners. But a bone of contention is the Tatas' insistence on Goyal completely leaving the airline which he built 25 years ago.

However, in an exchange filing Thursday, Jet Airways described the media reports as speculative.

Reports also suggest in the eventuality of the Tata Group taking over Jet Airways, it might exit from AirAsia India, which has so far not been very aggressive in a market that has been clipping at 20 per cent on the back of a prolonged low-fare regime.

Jet, which along with its subsidiary JetLite flies 66 domestic and international destinations, has a combined fleet of 124 planes and enjoys 15.8 per cent market share, while Vistara, which has a low 3.8 per cent market share, on a fleet of 22 planes and flies to as many destinations.

On the other hand, AirAsia India accounts for just 4.4 per cent of the total domestic passenger traffic with a fleet of 19 planes. 
Besides, a merger of the two carriers will also allow Vistara will propel its plans to go international, which are currently reportedly stuck in the Rajiv Bhawan (which house civil aviation ministry) files.

Way back in 2008, the erstwhile Kingfisher Airlines had resorted to a similar move when it acquired the domestic low-cost pioneer Air Deccan to go international as it had not completed five years into domestic flying, which was mandatory for airlines at that time for overseas operations.

The merger talks have sent the Jet counter soaring over 40 per cent in the past five trading sessions alone. It soared over 26.41 per cent Thursday and rallied over 14 percent early Friday but closed with an over 8 per cent gain at Rs 346.85 on the BSE, whose index jumped 0.56 percent.

There are also rumours that the Tatas are being nudged by government. However, government has denied that it is brokering the deal or asked has bankers to take a haircut on Jet debt to sweeten the deal.

"The aviation ministry is not involved in this process so far. Hence any question of haircut (by banks and other stakeholders like Airports Authority) etc does not arise," aviation secretary RN Choubey told PTI Thursday.&nbsp;

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far. The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner.

Tata Sons Friday confirmed its interest in acquiring the beleaguered Jet Airways but said no concrete "proposal" has been made by the group so far. The Tatas, which already run two carriers-- the full- service Vistara in a joint venture with Singapore Airlines (SIA) and AirAsia India in a similar arrangement with Malaysian carrier Air Asia--have widely speculated to be planning to acquire Naresh Goyal-controlled airline with it's the Singaporean partner. "Over the last few days there has been growing speculation about Tata's interest in Jet Airways. We would like to clarify that any such discussions (to acquire Jet Airways) have been preliminary and no proposal has been made," Tata Sons said in a statement after a marathon five-hour board meeting at the headquarters here. Addressing the analysts at the post-earnings concall, earlier this week, Jet Airways' deputy chief executive and chief financial officer Amit Agarwal had admitted that the airline was in talks with "multiple interested parties" for fund infusion as well as stake in its loyalty progarmme Jet Privilege. Besides Goyal,who along with his family owns 51 per cent stake in the company, Gulf carrier Etihad Airways owns 24 per cent in the cash-strapped airline which has been delaying salaries and payments to vendors for many months now. Media reports suggest that the parent company of Vistara, Tata Sons-Singapore Airlines, is looking at an all- stock merger of Jet Airways as part of the Tata group's plans to board Goyal's full service carrier, which is grappling with cash crunch and mounting losses. The airline earlier this week reported a net loss of Rs 1,261 crore in the September quarter against a profit of Rs 71 crore y-o-y, making it the third straight quarters of heavy losses. The two sides are reportedly inching towards a two- step transaction that would first see Jet merging with Tata- SIA joint venture through a share swap to form a new JV, which will have the Goyal family, Etihad, Tata Sons and Singapore Airlines as its partners. But a bone of contention is the Tatas' insistence on Goyal completely leaving the airline which he built 25 years ago. However, in an exchange filing Thursday, Jet Airways described the media reports as speculative. Reports also suggest in the eventuality of the Tata Group taking over Jet Airways, it might exit from AirAsia India, which has so far not been very aggressive in a market that has been clipping at 20 per cent on the back of a prolonged low-fare regime. Jet, which along with its subsidiary JetLite flies 66 domestic and international destinations, has a combined fleet of 124 planes and enjoys 15.8 per cent market share, while Vistara, which has a low 3.8 per cent market share, on a fleet of 22 planes and flies to as many destinations. On the other hand, AirAsia India accounts for just 4.4 per cent of the total domestic passenger traffic with a fleet of 19 planes. Besides, a merger of the two carriers will also allow Vistara will propel its plans to go international, which are currently reportedly stuck in the Rajiv Bhawan (which house civil aviation ministry) files. Way back in 2008, the erstwhile Kingfisher Airlines had resorted to a similar move when it acquired the domestic low-cost pioneer Air Deccan to go international as it had not completed five years into domestic flying, which was mandatory for airlines at that time for overseas operations. The merger talks have sent the Jet counter soaring over 40 per cent in the past five trading sessions alone. It soared over 26.41 per cent Thursday and rallied over 14 percent early Friday but closed with an over 8 per cent gain at Rs 346.85 on the BSE, whose index jumped 0.56 percent. There are also rumours that the Tatas are being nudged by government. However, government has denied that it is brokering the deal or asked has bankers to take a haircut on Jet debt to sweeten the deal. "The aviation ministry is not involved in this process so far. Hence any question of haircut (by banks and other stakeholders like Airports Authority) etc does not arise," aviation secretary RN Choubey told PTI Thursday.

Tatas confirm in preliminary talks with Jet Airways for a deal

Tata Motors Ltd on Wednesday reported a loss for the three months ended September, dented by weak Jaguar Land Rover sales and a one-off charge in respect to a subsidiary closure.

The automaker made a loss of Rs 10.49 billion ($141.92 million), compared with a profit of Rs 24.83 billion in the year-ago period, the company said.

That was above the street estimate of a loss of Rs 2.40 billion, according to Refinitiv data.

Total expenses during July-September rose 8.6 per cent, while revenue climbed to Rs 712.93 billion from 695.70 billion rupees a year earlier.

Tata Motors Ltd on Wednesday reported a loss for the three months ended September, dented by weak Jaguar Land Rover sales and a one-off charge in respect to a subsidiary closure.

Tata Motors Ltd on Wednesday reported a loss for the three months ended September, dented by weak Jaguar Land Rover sales and a one-off charge in respect to a subsidiary closure. The automaker made a loss of Rs 10.49 billion ($141.92 million), compared with a profit of Rs 24.83 billion in the year-ago period, the company said. That was above the street estimate of a loss of Rs 2.40 billion, according to Refinitiv data. Total expenses during July-September rose 8.6 per cent, while revenue climbed to Rs 712.93 billion from 695.70 billion rupees a year earlier.

Tata Motors reports loss of Rs 1,048.80 crore on weak JLR sales in Q2

The iconic Taj Mansingh hotel in Lutyen's Delhi was retained by the Tata group in an auction by the New Delhi Municipal Council (NDMC) on Friday, official said.

The auction had been pending since the lease expired in 2011.

The lease for the property will be granted to the group for 33 years at double the license fees.

"The Tata group's Indian Hotels Company Limited (IHCL) has retained the property at license fees of&nbsp;Rs.&nbsp;7.03 crore per month including GST. Earlier, they were paying&nbsp;Rs.&nbsp;3.94 crore per month as license fees," a senior NDMC official told PTI.

<iframe data-load-complete="true" frameborder="0" height="1" id="google_ads_iframe_/1068322/NDTV_News_ROS_Native_Outstream_0" marginheight="0" marginwidth="0" name="google_ads_iframe_/1068322/NDTV_News_ROS_Native_Outstream_0" scrolling="no" srcdoc="" title="3rd party ad content" width="1"></iframe>The Taj Mansingh was given to the Tata group in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions.

The civic body could not auction the property then as it was tied up in a legal battle with IHCL.

The iconic Taj Mansingh hotel in Lutyen's Delhi was retained by the Tata group in an auction by the New Delhi Municipal Council (NDMC) on Friday, official said. The auction had been pending since the lease expired in 2011.

The iconic Taj Mansingh hotel in Lutyen's Delhi was retained by the Tata group in an auction by the New Delhi Municipal Council (NDMC) on Friday, official said. The auction had been pending since the lease expired in 2011. The lease for the property will be granted to the group for 33 years at double the license fees. "The Tata group's Indian Hotels Company Limited (IHCL) has retained the property at license fees of Rs. 7.03 crore per month including GST. Earlier, they were paying Rs. 3.94 crore per month as license fees," a senior NDMC official told PTI. The Taj Mansingh was given to the Tata group in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions. The civic body could not auction the property then as it was tied up in a legal battle with IHCL.

Tata's defeat ITC in NDMC auction to retain iconic Taj Mansingh Hotel

Shares of Tata Consultancy Services fell by nearly 6 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major.

The stock declined 5.46 per cent to Rs 2,885.20 on BSE.

On NSE, shares of the company dived 5.90 per cent to Rs 2,872.

The stock was the worst hit among the blue chips on both Sensex and Nifty during the morning trade.

Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.

Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to&nbsp;happen this week, the sources added.

When contacted, Tata Sons declined to comment.

After the proposed share sale, Tata Sons&#39; holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

On NSE, shares of the company dived 5.90 per cent to Rs 2,872.

Shares of Tata Consultancy Services fell by nearly 6 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE. On NSE, shares of the company dived 5.90 per cent to Rs 2,872. The stock was the worst hit among the blue chips on both Sensex and Nifty during the morning trade. Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources. Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to happen this week, the sources added. When contacted, Tata Sons declined to comment. After the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

Tata Consultancy Services shares tank on Tata Sons stake sale report

The BSE Sensex surged over 300 points in early trade and the Nifty reclaimed the 10,300-level on fresh capital inflows by foreign funds ahead of key IIP and inflation data to be released after market hours today.

Asian markets too were trading in the green on strong cues from Wall Street after a better-than-expected US jobs report on Friday.

The 30-share Sensex rallied 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade. The index had lost 44.43 points in the previous session on Friday.

All the sectoral indices, led by IT, Teck, oil &amp; gas, FMCG and realty sectors, were trading in the green with gains up to 1.24 per cent.

The broader NSE Nifty rose 96.10 points, or 0.93 per cent, to 10,322.95.

Major gainers were ITC, Tata Steel, Sun Pharma, Infosys, Wipro, Adani Ports, Bharti Airtel, HDFC, RIL, IndusInd Bank, M&amp;M and L&amp;T, rising up to 2.74.

Meanwhile, SBI dropped nearly 1 per cent to Rs 250.80.

Brokers said fresh buying by investors and foreign funds amid a firm trend in other Asian bourses improved market sentiment.

The rupee too appreciated against the US dollar in opening trade.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 550.36 crore while domestic institutional investors (DIIs) sold shares worth Rs 65.00 crore on Friday, provisional data showed.

In the Asian region, Hong Kong&#39;s Hang Seng was up 1.68 per cent and Shanghai Composite Index rose 0.75 per cent, while Japan Nikkei edged higher by 1.72 per cent in early trade.

Meanwhile, the US Dow Jones Industrial Average ended 1.77 per cent higher on Friday.&nbsp;

Brokers said fresh buying by investors and foreign funds amid a firm trend in other Asian bourses improved market sentiment

The BSE Sensex surged over 300 points in early trade and the Nifty reclaimed the 10,300-level on fresh capital inflows by foreign funds ahead of key IIP and inflation data to be released after market hours today. Asian markets too were trading in the green on strong cues from Wall Street after a better-than-expected US jobs report on Friday. The 30-share Sensex rallied 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade. The index had lost 44.43 points in the previous session on Friday. All the sectoral indices, led by IT, Teck, oil & gas, FMCG and realty sectors, were trading in the green with gains up to 1.24 per cent. The broader NSE Nifty rose 96.10 points, or 0.93 per cent, to 10,322.95. Major gainers were ITC, Tata Steel, Sun Pharma, Infosys, Wipro, Adani Ports, Bharti Airtel, HDFC, RIL, IndusInd Bank, M&M and L&T, rising up to 2.74. Meanwhile, SBI dropped nearly 1 per cent to Rs 250.80. Brokers said fresh buying by investors and foreign funds amid a firm trend in other Asian bourses improved market sentiment. The rupee too appreciated against the US dollar in opening trade. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 550.36 crore while domestic institutional investors (DIIs) sold shares worth Rs 65.00 crore on Friday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 1.68 per cent and Shanghai Composite Index rose 0.75 per cent, while Japan Nikkei edged higher by 1.72 per cent in early trade. Meanwhile, the US Dow Jones Industrial Average ended 1.77 per cent higher on Friday.

Sensex zooms 300 points in early trade

Just days after aviation minister <a href="http://www.wionews.com/india-news/now-air-india-looks-for-rs-1500-crore-short-term-loans-22668">Raju said the government does not want </a>Air India to &quot;go the Kingfisher way&quot;, Vistara&#39;s CEO Leslie Thng said today that Tata Group and Singapore Airlines are &quot;open to bid&quot; for Air India.

Vistara Airlines which started operations in India two years ago is a joint venture between Tata group and Singapore Airlines.

&quot;The two promoters are open to evaluate bids for Air India. They keep an open mind,&quot; Vistara CEO&nbsp;Thng said.

Tata group chairman N. Chandrasekaran had said last year that his group was ready to bid for the state-run airlines.

Civil aviation minister Ashok Gajapathi Raju had said in Lok Sabha last week: &quot;We don&#39;t want Air India to go the Kingfisher (Airlines) way,&quot;&nbsp;adding,&quot;We want the Air India to serve the nation, to serve the people and fly high.&quot;

The minister had told India&#39;s lower house that a ministerial committee headed by finance minister Arun Jaitley is looking into the matter of disinvestment of Air India.

Niti Aayog&nbsp;has recommended complete privatisation of Air India which has been running at a loss for decades.&nbsp;

In 2012, the UPA government headed by PM Manmohan Singh had extended a bailout package of 30,000 crore as the national airways struggled to keep afloat.

The airline has a debt of more than Rs 52,000 crore.

Tata group chairman N. Chandrasekaran had said last year that his group was ready to bid the state-run airlines.

Just days after aviation minister Raju said the government does not want Air India to "go the Kingfisher way", Vistara's CEO Leslie Thng said today that Tata Group and Singapore Airlines are "open to bid" for Air India. Vistara Airlines which started operations in India two years ago is a joint venture between Tata group and Singapore Airlines. "The two promoters are open to evaluate bids for Air India. They keep an open mind," Vistara CEO Thng said. Tata group chairman N. Chandrasekaran had said last year that his group was ready to bid for the state-run airlines. Civil aviation minister Ashok Gajapathi Raju had said in Lok Sabha last week: "We don't want Air India to go the Kingfisher (Airlines) way," adding,"We want the Air India to serve the nation, to serve the people and fly high." The minister had told India's lower house that a ministerial committee headed by finance minister Arun Jaitley is looking into the matter of disinvestment of Air India. Niti Aayog has recommended complete privatisation of Air India which has been running at a loss for decades. In 2012, the UPA government headed by PM Manmohan Singh had extended a bailout package of 30,000 crore as the national airways struggled to keep afloat. The airline has a debt of more than Rs 52,000 crore.

Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India

<a href="http://www.wionews.com/business-economy/indias-gdp-growth-to-slow-to-four-year-low-of-65-in-2017-18-28649" target="_blank">India&#39;s GDP growth to slow to four-year low of 6.5% in 2017-18</a>

The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.

<a href="http://www.wionews.com/india-news/all-you-need-to-know-about-new-rs-10-note-introduced-by-rbi-28641" target="_blank">All you need to know about new Rs 10 note introduced by RBI</a>

The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour.

<a href="http://www.wionews.com/world/entertainment-hbo-confirms-for-first-time-game-of-thrones-to-return-in-2019-28632" target="_blank">HBO confirms for first time, &#39;Game of Thrones&#39; to return in 2019</a>

Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of &quot;Game of Thrones&quot;&nbsp;won&#39;t be back until 2019.&nbsp;

<a href="http://www.wionews.com/business-economy/disinvestment-on-cards-tata-group-and-singapore-airlines-ready-to-bid-for-air-india-28637" target="_blank">Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India</a>

Just days after aviation minister Raju said the government does not want Air India to &quot;go the Kingfisher way&quot;, Vistara&#39;s CEO Leslie Thng said today that Tata Group and Singapore Airlines are &quot;open to bid&quot; for Air India.

<a href="http://www.wionews.com/business-economy/budget-likely-to-announce-several-features-to-strengthen-womens-safety-in-railways-28627" target="_blank">Budget likely to announce several features to strengthen women&#39;s safety in Railways</a>

The Union Budget&nbsp;<a href="http://www.wionews.com/india-news/union-budget-to-be-presented-on-february-1-28623">set to be announced on February 1</a>&nbsp;is set to include special measures to strengthen women&#39;s safety. The Railway Ministry is likely to announce 2018 as &quot;Railway Women&#39;s Safety Year&quot;.

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India's GDP growth to slow to four-year low of 6.5% in 2017-18 The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors. All you need to know about new Rs 10 note introduced by RBI The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour. HBO confirms for first time, 'Game of Thrones' to return in 2019 Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of "Game of Thrones" won't be back until 2019. Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India Just days after aviation minister Raju said the government does not want Air India to "go the Kingfisher way", Vistara's CEO Leslie Thng said today that Tata Group and Singapore Airlines are "open to bid" for Air India. Budget likely to announce several features to strengthen women's safety in Railways The Union Budget set to be announced on February 1 is set to include special measures to strengthen women's safety. The Railway Ministry is likely to announce 2018 as "Railway Women's Safety Year".

WION Evening News brief, 5 January 2018

Tata Power Solar has commissioned India&#39;s first rooftop solar car port at Unity One mall in Rohini, in association with Delhi Metro Rail Corporation (DMRC), to offer provide 300KW of solar electricity.

&quot;We feel proud to be associated with yet another milestone solar project for India. After earning the distinction of executing world&#39;s largest rooftop at a single location and India&#39;s largest carport at Cochin, we feel proud to accomplish India&#39;s first carport on a rooftop,&quot; Ashish Khanna, ED and CEO, Tata Power Solar said.Inaugurated by Minister of Power Satyender Jain, the plant is estimated to set off 438 tons of carbon emission annually.

The company had earlier won the bid in the open tender process fielded (DMRC) for multi-level car parking.

The project has been envisaged under net-metering scheme enabling self -&nbsp;reliance in the energy consumption and production cycle.

It enables the mall to receive real value of the energy produced by earning on the unused and excess solar electricity produced.

Tata Power Solar has commissioned India's first rooftop solar car port at Unity One mall in Rohini, in association with Delhi Metro Rail Corporation (DMRC), to offer provide 300KW of solar electricity

Tata Power Solar has commissioned India's first rooftop solar car port at Unity One mall in Rohini, in association with Delhi Metro Rail Corporation (DMRC), to offer provide 300KW of solar electricity. "We feel proud to be associated with yet another milestone solar project for India. After earning the distinction of executing world's largest rooftop at a single location and India's largest carport at Cochin, we feel proud to accomplish India's first carport on a rooftop," Ashish Khanna, ED and CEO, Tata Power Solar said.Inaugurated by Minister of Power Satyender Jain, the plant is estimated to set off 438 tons of carbon emission annually. The company had earlier won the bid in the open tender process fielded (DMRC) for multi-level car parking. The project has been envisaged under net-metering scheme enabling self - reliance in the energy consumption and production cycle. It enables the mall to receive real value of the energy produced by earning on the unused and excess solar electricity produced.

Tata Power Solar commissions India's first rooftop solar carport

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while <a href="http://www.wionews.com/business-economy/tatas-to-merge-telecom-business-with-bharti-airtel-22355" target="_blank">Bharti Airtel surged on its deal to buy the Tata conglomerate&#39;s consumer mobile business.</a>

The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week.

The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14.

Bharti Airtel jumped 7.7 per cent.

Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business

The Nifty touched a fresh high on Friday after data showed inflation unexpectedly held steady in September, while Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business. The NSE Nifty ended up 0.7 per cent at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81 per cent for the week. The benchmark BSE Sensex ended 0.78 per cent higher at 32,432.69. It rose 1.94 per cent for the week, its biggest such gain since the week ended July 14. Bharti Airtel jumped 7.7 per cent.

Nifty scales new peak, Bharti Airtel stocks surge

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash.

Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas.

The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world&#39;s largest telecom markets.

The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement.

&quot;This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition,&quot; Bharti Airtel Chairman Sunil Bharti Mittal said.

The transaction will create substantial long-term value for shareholders given the significant synergies, he said.

Tata Sons Chairman N Chandrasekaran said the agreement is the &quot;best and most optimal solution&quot; for the Tata Group and its stakeholders.

&quot;We have evaluated multiple options and are pleased to have this agreement with Bharti,&quot; he added.

In March this year, Airtel&#39;s rivals -- Vodafone India and Idea Cellular had announced merger plans to create India&#39;s largest telecom firm.

As part of the agreement, Bharti Airtel will absorb Tata CMB&#39;s operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added.

The merger will bolster Bharti Airtel&#39;s spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G.

&quot;The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network,&quot; the statement said.

Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups.

&quot;The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly,&quot; it added.

Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky.

Any such transaction will be subject to respective boards and other requisite approvals.&nbsp;Tata will also retain its stake in Viom and will take care of the liabilities associated with it.

The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction.

Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash

Tata Teleservices will merge with Bharti Airtel as the Tata group firm looks to tide over its financial woes by exiting the mobile telephony business. The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash. Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas. The deal, subject to regulatory approvals, will see over 40 million customers of Tata Teleservices (TTSL) and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel and mark further consolidation in one of the world's largest telecom markets. The merger will be on a debt-free, cash-free basis and all past liabilities and dues to be settled by Tata, the companies said in a statement. "This is a significant development towards further consolidation in the Indian mobile industry... The acquisition of additional spectrum made an attractive business proposition," Bharti Airtel Chairman Sunil Bharti Mittal said. The transaction will create substantial long-term value for shareholders given the significant synergies, he said. Tata Sons Chairman N Chandrasekaran said the agreement is the "best and most optimal solution" for the Tata Group and its stakeholders. "We have evaluated multiple options and are pleased to have this agreement with Bharti," he added. In March this year, Airtel's rivals -- Vodafone India and Idea Cellular had announced merger plans to create India's largest telecom firm. As part of the agreement, Bharti Airtel will absorb Tata CMB's operations in 19 telecom circles (17 under TTSL and 2 under TTML). It will also assume a small portion of the unpaid spectrum liability of Tata towards the Telecom Department, which is to be paid on deferred basis, the statement added. The merger will bolster Bharti Airtel's spectrum pool with significant additional 178.5 MHz spectrum in 1800, 2100 and 850 MHz bands, all widely used for 4G. "The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel?s overall customer base and network," the statement said. Tata and Bharti Airtel will work together to further explore other mutual areas of cooperation, that will be value accretive for both the groups. "The employees of Tata will be demerged on the lines of the two businesses ie CMB and EFL (Enterprise and Fixed Line and Broadband), and post an optimal manpower planning will be moved accordingly," it added. Tata is also in initial stages of exploring combination of its enterprise business with Tata Communications and its Retail Fixed Line and Broadband business with Tata Sky. Any such transaction will be subject to respective boards and other requisite approvals. Tata will also retain its stake in Viom and will take care of the liabilities associated with it. The Boards of Bharti Airtel, Tata Sons, TTSL and TTML have approved the transaction. Goldman Sachs (India) Securities Private Limited is financial adviser to Tata.

Tatas to merge telecom business with Bharti Airtel

India&#39;s Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business, its boss told television channel CNBC TV18 in an interview on Monday.

Tata would &quot;definitely look&quot; at Air India once the government finalised the privatisation process, N. Chandrasekaran, chairman of Tata group&rsquo;s holding company Tata Sons, told the channel.

He said Tata, which already has two small airline joint ventures in India, one with Singapore Airlines and the other with Malaysia&#39;s AirAsia Bhd, was still not clear about what a sale would look like.

The government has not said whether it will sell all or parts of Air India and what it might do about the loss-making airline&#39;s debt burden of $8.5 billion.

&quot;We still don&#39;t have all the details,&quot; Chandrasekaran said. &quot;We have two airlines, both are subscale. I feel scale is important.&quot;

When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: &quot;Do you think I would have not?&quot;

Tata&#39;s interest in Air India has been reported but Chandrasekaran had not spoken publicly about a possible bid.

Prime Minister Narendra Modi&#39;s cabinet in June gave the go-ahead to sell Air India, which has received $3.6 billion since 2012 in state aid.

Last month the government invited bids to appoint financial and legal advisors for the sale process.

Some companies including low-cost Indian carrier IndiGo, owned by InterGlobe Aviation, ground handling company Bird Group and Turkey&#39;s Celebi Aviation Holdings have expressed an interest in buying some of Air India&#39;s various businesses.

Air India, founded in 1930s by the Tata Group, is saddled with debts and a bloated cost structure.

Once the nation&#39;s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers expanded.

In Monday&#39;s interview, Chandrasekaran also said &quot;all options are on the table&quot; when asked about the future of its struggling telecoms unit Tata Teleservices.

The Economic Times said earlier this month that Tata had told the government it intended to shut down Tata Teleservices.

&quot;I will have to take a tough call and I will,&quot; Chandrasekaran said, adding that a solution would be found this financial year because Tata could not continue to pump in cash to fund the company.

Chandrasekaran also said the group was focusing on improving returns at Tata Motors and ending production of its loss-making Nano car would make little difference to the firm&#39;s profitability.

British luxury carmaker Jaguar Land Rover has long been the main source of revenues and profits at Tata Motors.

The company has said it will invest more than 40 billion rupees ($612 million) to boost sales of its passenger and commercial vehicles and return to profit in its domestic business.

 
&nbsp;

Tata would 'definitely look' at Air India once the government has finalised the privatisation process, N Chandrasekaran said

India's Tata conglomerate is interested in bidding for state-owned Air India as the group needs to increase the sizes of its aviation business, its boss told television channel CNBC TV18 in an interview on Monday. Tata would "definitely look" at Air India once the government finalised the privatisation process, N. Chandrasekaran, chairman of Tata group’s holding company Tata Sons, told the channel. He said Tata, which already has two small airline joint ventures in India, one with Singapore Airlines and the other with Malaysia's AirAsia Bhd, was still not clear about what a sale would look like. The government has not said whether it will sell all or parts of Air India and what it might do about the loss-making airline's debt burden of $8.5 billion. "We still don't have all the details," Chandrasekaran said. "We have two airlines, both are subscale. I feel scale is important." When asked whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran said: "Do you think I would have not?" Tata's interest in Air India has been reported but Chandrasekaran had not spoken publicly about a possible bid. Prime Minister Narendra Modi's cabinet in June gave the go-ahead to sell Air India, which has received $3.6 billion since 2012 in state aid. Last month the government invited bids to appoint financial and legal advisors for the sale process. Some companies including low-cost Indian carrier IndiGo, owned by InterGlobe Aviation, ground handling company Bird Group and Turkey's Celebi Aviation Holdings have expressed an interest in buying some of Air India's various businesses. Air India, founded in 1930s by the Tata Group, is saddled with debts and a bloated cost structure. Once the nation's largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers expanded. In Monday's interview, Chandrasekaran also said "all options are on the table" when asked about the future of its struggling telecoms unit Tata Teleservices. The Economic Times said earlier this month that Tata had told the government it intended to shut down Tata Teleservices. "I will have to take a tough call and I will," Chandrasekaran said, adding that a solution would be found this financial year because Tata could not continue to pump in cash to fund the company. Chandrasekaran also said the group was focusing on improving returns at Tata Motors and ending production of its loss-making Nano car would make little difference to the firm's profitability. British luxury carmaker Jaguar Land Rover has long been the main source of revenues and profits at Tata Motors. The company has said it will invest more than 40 billion rupees ($612 million) to boost sales of its passenger and commercial vehicles and return to profit in its domestic business.

Tata interested in bidding for Air India: Tata Sons chairman

Lloyds Banking Group on Tuesday told about 1,000 staff in its insurance division that they will be moving to Diligenta, a subsidiary of India&#39;s Tata Consultancy Services, in a move criticised by trade union Unite.

Unite said that the staff at Scottish Widows and Clerical Medical in Edinburgh and Bristol will be transferred to the new company. No time frame for the move was given.

&quot;The bank&#39;s &#39;sale&#39; of its committed Scottish Widows and Clerical Medical staff represents contempt for long-serving and skilled employees,&quot; Rob MacGregor, a Unite national officer, said in a statement.

&quot;The message from Lloyds Banking Group is loud and clear and appears to be &#39;so long, thanks for your efforts, you work for them now&#39;.&quot;

Lloyds in a statement confirmed the transfer of jobs and said the new arrangements &quot;will make managing heritage products simpler and more efficient for the bank&#39;s customers.&quot;

Tata Consultancy Services, India&rsquo;s biggest software services exporter, is the most profitable company in the nation&#39;s largest conglomerate.

Unite said that the staff at Scottish Widows and Clerical Medical in Edinburgh and Bristol will be transferred to the new company.

Lloyds Banking Group on Tuesday told about 1,000 staff in its insurance division that they will be moving to Diligenta, a subsidiary of India's Tata Consultancy Services, in a move criticised by trade union Unite. Unite said that the staff at Scottish Widows and Clerical Medical in Edinburgh and Bristol will be transferred to the new company. No time frame for the move was given. "The bank's 'sale' of its committed Scottish Widows and Clerical Medical staff represents contempt for long-serving and skilled employees," Rob MacGregor, a Unite national officer, said in a statement. "The message from Lloyds Banking Group is loud and clear and appears to be 'so long, thanks for your efforts, you work for them now'." Lloyds in a statement confirmed the transfer of jobs and said the new arrangements "will make managing heritage products simpler and more efficient for the bank's customers." Tata Consultancy Services, India’s biggest software services exporter, is the most profitable company in the nation's largest conglomerate.

Lloyds bank to transfer 1,000 staff to India's Tata Consultancy Services

Indian shares were little changed in lacklustre trade on Monday as gains in metal stocks such as Vedanta on the back of a price rally in London offset an extended slump in market heavyweight Infosys.

Infosys shed as much as 4.56 per cent following Friday&#39;s about 10 per cent plunge after Vishal Sikka resigned as the chief executive and managing director on the back of a fall-out with the company&#39;s founders. Multiple brokerages, including Nomura, downgraded the stock.

&quot;Difficult to gauge when Infosys shares will see a recovery,&quot; said Pankaj Kapoor, executive director of India IT services and software equity research at JM Financial Institutional Securities.

&quot;There are too many uncertainties surrounding the company now.&quot;

The broader NSE Nifty was up 0.04 per cent at 9,841.6 as of 0615 GMT, while the benchmark BSE Sensex was down 0.02 per cent higher at 31,517.80.

The Nifty Metal index rose over 2 per cent with Vedanta rising as much as 2.7 per cent and Hindalco Industries gaining up to 2.8 per cent.

London Metal Exchange (LME) zinc rose about 1 per cent to its highest in almost a decade, while copper rose as much as 0.6 per cent.

Meanwhile, shares of Infosys&#39; rivals advanced. Tata Consultancy Services rose 1.2 per cent after gaining 1.1 per cent on Friday.

Meanwhile, shares of Infosys' rivals advanced. Tata Consultancy Services rose 1.2 per cent after gaining 1.1 per cent on Friday

Indian shares were little changed in lacklustre trade on Monday as gains in metal stocks such as Vedanta on the back of a price rally in London offset an extended slump in market heavyweight Infosys. Infosys shed as much as 4.56 per cent following Friday's about 10 per cent plunge after Vishal Sikka resigned as the chief executive and managing director on the back of a fall-out with the company's founders. Multiple brokerages, including Nomura, downgraded the stock. "Difficult to gauge when Infosys shares will see a recovery," said Pankaj Kapoor, executive director of India IT services and software equity research at JM Financial Institutional Securities. "There are too many uncertainties surrounding the company now." The broader NSE Nifty was up 0.04 per cent at 9,841.6 as of 0615 GMT, while the benchmark BSE Sensex was down 0.02 per cent higher at 31,517.80. The Nifty Metal index rose over 2 per cent with Vedanta rising as much as 2.7 per cent and Hindalco Industries gaining up to 2.8 per cent. London Metal Exchange (LME) zinc rose about 1 per cent to its highest in almost a decade, while copper rose as much as 0.6 per cent. Meanwhile, shares of Infosys' rivals advanced. Tata Consultancy Services rose 1.2 per cent after gaining 1.1 per cent on Friday.

Infosys continues to reel after CEO exit, Sensex little changed

The Supreme Court ruled on Tuesday that Adani Power Ltd cannot charge its customers more to cover a surge in the cost of imported coal, overturning a decision by a power regulator in December.

The ruling sent Adani Power&#39;s shares down as much as 20 per cent on Tuesday, its biggest intra-day loss since it went public in 2009.

The court did, however, allow the utility to claim relief for the higher costs, which resulted from a shortage in domestic supplies at state-run Coal India Ltd.

Both Adani Power and competitor Tata Power - which was also party to the ruling although it was not mentioned directly in it - struck long-term deals in the middle of the last decade with distribution companies to supply power from plants they each operate in Prime Minister Narendra Modi&#39;s home state of Gujarat.

The companies also struck deals with domestic and foreign miners in the latter part of the last decade to fuel their plants in Gujarat, which each have over 4,000 megawatt (MW) of capacity.

&nbsp;

LENGTHY LEGAL BATTLE

In 2010, Indonesia adopted new benchmark coal prices leading to an increase in the price of coal imported from the country.

Adani and Tata appealed for relief, arguing that they had to be compensated for an unforeseen change in economic conditions which made the terms of the deal with distribution companies unviable.

Following a legal battle that stretched over half a decade, the Central Electricity Regulatory Commission (CERC) ruled in December last year that the companies could charge their customers more to compensate for higher costs.

The case, which was argued by former minister and lawyer Kapil Sibal and renowned anti-corruption lawyer Prashant Bhushan among others, was then escalated to the country&#39;s top court by the state distribution companies.

The top court ruled in favour of the distribution companies, saying the agreements did not state that &quot;coal is to be procured only from Indonesia at a particular price&quot;.

&quot;The price payable for the supply of coal is entirely for the person who sets up the power plant to bear,&quot; the top court&#39;s judges said in Tuesday&#39;s ruling.

CERC will now look at the matter afresh and determine what relief should be granted to the companies to make up for the shortage in domestic coal supplies.

Companies will now be more cautious when entering into long-term power purchase agreements, a Mumbai-based analyst told Reuters.

Adani Power&#39;s shares recovered some losses on the day to close about 16 per cent lower at 37.20 rupees. Shares in Tata Power closed down 1.8 per cent at 85.45 rupees.

(Reuters)

The ruling sent Adani Power's shares down as much as 20% on Tuesday, its biggest intra-day loss since it went public in 2009

The Supreme Court ruled on Tuesday that Adani Power Ltd cannot charge its customers more to cover a surge in the cost of imported coal, overturning a decision by a power regulator in December. The ruling sent Adani Power's shares down as much as 20 per cent on Tuesday, its biggest intra-day loss since it went public in 2009. The court did, however, allow the utility to claim relief for the higher costs, which resulted from a shortage in domestic supplies at state-run Coal India Ltd. Both Adani Power and competitor Tata Power - which was also party to the ruling although it was not mentioned directly in it - struck long-term deals in the middle of the last decade with distribution companies to supply power from plants they each operate in Prime Minister Narendra Modi's home state of Gujarat. The companies also struck deals with domestic and foreign miners in the latter part of the last decade to fuel their plants in Gujarat, which each have over 4,000 megawatt (MW) of capacity. LENGTHY LEGAL BATTLE In 2010, Indonesia adopted new benchmark coal prices leading to an increase in the price of coal imported from the country. Adani and Tata appealed for relief, arguing that they had to be compensated for an unforeseen change in economic conditions which made the terms of the deal with distribution companies unviable. Following a legal battle that stretched over half a decade, the Central Electricity Regulatory Commission (CERC) ruled in December last year that the companies could charge their customers more to compensate for higher costs. The case, which was argued by former minister and lawyer Kapil Sibal and renowned anti-corruption lawyer Prashant Bhushan among others, was then escalated to the country's top court by the state distribution companies. The top court ruled in favour of the distribution companies, saying the agreements did not state that "coal is to be procured only from Indonesia at a particular price". "The price payable for the supply of coal is entirely for the person who sets up the power plant to bear," the top court's judges said in Tuesday's ruling. CERC will now look at the matter afresh and determine what relief should be granted to the companies to make up for the shortage in domestic coal supplies. Companies will now be more cautious when entering into long-term power purchase agreements, a Mumbai-based analyst told Reuters. Adani Power's shares recovered some losses on the day to close about 16 per cent lower at 37.20 rupees. Shares in Tata Power closed down 1.8 per cent at 85.45 rupees. (Reuters)

Supreme Court stops Adani Power from charging higher prices

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