
India's Tata Motors says shareholders approve plan to split automaker
Tata Motors' Altroz Racer is seen on display at Bharat Mobility Global Expo organised by India's commerce ministry at Pragati Maidan in New Delhi, India, February 1, 2024. REUTERS/Anushree Fadnavis Purchase Licensing Rights , opens new tab
May 6 (Reuters) - India's Tata Motors (TAMO.NS)
, opens new tab said on Tuesday its shareholders have approved the company's plan to split the automaker into two listed companies focussed on passenger and commercial vehicles.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.
Reporting by Hritam Mukherjee in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Share X
Facebook
Linkedin
Email
Link
Purchase Licensing Rights
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
2 hours ago
- Reuters
September Fed rate cut bets undermine dollar, handing rupee a breather
MUMBAI, June 5 (Reuters) - The Indian rupee is set to open slightly higher on Thursday, aided by a decline in the U.S. dollar after weaker-than-expected private payrolls and services data spurred concerns over the U.S. economic outlook and fuelled hopes of a dovish Federal Reserve stance. The 1-month non-deliverable forward indicated a open in the 85.82-85.84 range, versus 85.90 in the previous session. The Indian currency has logged daily losses in six of the past seven sessions, and on Wednesday it slipped past the 86 level. "The rupee should find relief from its downtrend," a currency trader at a Mumbai-based bank said. Whether that opening move has any follow through or holds is doubtful, he said. The 85.70–85.75 zone will now act a support for the dollar/rupee pair, while resistance is in the 86.00–86.10 region, he added. The current bias, he noted, favours a break past 86.00–86.10 rather than a sustained move dip below 85.70–85.75. The dollar dropped against its major peers on Wednesday and the currency was down versus Asian currencies on Thursday after two disappointing sets of data raised the odds of the Fed cutting rates at the September meeting. The probability of Fed rate reduction this month remains low. The private survey showed the increase in U.S. private payrolls was well short of estimates. The Institute for Supply Management (ISM) report on the U.S. services sector unexpectedly showed a contraction. The ISM's measure of prices paid for services inputs rose to 68.7, the highest level since November 2022, from 65.1 in April. Concerns around the U.S. economic outlook mounted after the data, pushing U.S. yields and the dollar lower, Morgan Stanley said in its daily commentary. Private payroll has been slowing since the fourth quarter of 2024, signalling softening in the labour market and the ISM services data signals stagflation concerns, it added. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.98; onshore one-month forward premium at 10.75 paise ** Dollar index at 98.86 ** Brent crude futures down 0.2% at $64.8 per barrel ** Ten-year U.S. note yield at 4.37%, dropped 10 basis points on Wednesday ** As per NSDL data, foreign investors sold a net $385.6 million worth of Indian shares on June 3 ** NSDL data shows foreign investors bought a net $15 million worth of Indian bonds on June 3


Reuters
2 hours ago
- Reuters
Indian equity benchmarks set to open higher tracking Asian stocks
June 5 (Reuters) - India's benchmark indexes are likely to open higher on Thursday, mirroring gains in Asian peers, while Treasury yields and the U.S. dollar dipped. Gift Nifty futures were trading at 24,733.5 as of 8:00 a.m. IST, indicating a firm start above Nifty 50's (.NSEI), opens new tab previous close of 24,620.2. MSCI Asia ex Japan (.MIAPJ0000PUS), opens new tab was up 0.8%, led by South Korean shares, which rose to an 11-month high on post-election optimism, and Hong Kong stocks. U.S. stocks ended mixed overnight, while Treasury yields and the dollar fell, as data showed a contraction in the services sector for the first time in a year. Investors now await U.S. employment data due later in the week. Yields move inversely to prices, and lower yields bode well for equities in emerging markets such as India. Foreign investors snapped a three-day selling streak in India on Wednesday as they bought shares worth 10.76 billion rupees ($125.3 million), as per provisional data. Meanwhile, domestic institutional investors remained buyers for the twelfth session in a row. Back home, investors are waiting for the Reserve Bank of India's policy decision on Friday, where it is widely expected to cut key lending rates by 25 basis points for a third straight meeting. ** Hindustan Aeronautics ( opens new tab says it is in talks with General Electric engines for the LCA Mark 2 aircraft, adds it is not negotiating with any other companies for the engine ** The National Company Law Tribunal approves the merger of Fusion Cosmeceutics and Just4Kids Services with Honasa Consumer ( opens new tab ** Force Motors ( opens new tab posts rise in both domestic and total sales in May ** Gland Pharma ( opens new tab says France's medical regulator issued a final report with 11 observations for Cenexi's manufacturing unit


Reuters
4 hours ago
- Reuters
Philippine annual inflation at 1.3% in May
MANILA, June 5 (Reuters) - Philippine annual inflation wasin May, just below the previous month's 1.4% rate and the lowest reading since November 2019, the statistics agency said on Thursday. Economists in a Reuters poll had expected annual inflation of 1.3% last month, within the central bank's forecast range of 0.9% to 1.7%. The statistics agency said the pace of increase of housing, water, electricity and some fuel costs moderated in May. The annual core inflation rate, which strips out volatile food and energy prices, was 2.2% last month.