Latest news with #TataGroup
The Star
2 days ago
- Business
- The Star
Welfare Trust set up for Air India crash victims
NEW DELHI, July 18 (Xinhua) -- Air India's parent company "Tata Group" on Friday announced setting up of a memorial and welfare trust worth 5 billion Indian Rupees (around 58 million U.S. dollars) for the benefit of the June 12 plane crash victims. The funds would be used in administering medical treatment of those who suffered serious injuries, and also rebuilding the B.J. Medical College Hostel's infrastructure which was damaged in the air crash. A total of 260 people were killed in the plane crash which took place in Ahmedabad city of the western state of Gujarat. The London-bound flight AI-171, a Boeing 787 Dreamliner, had crashed a few moments after taking off from the Ahmedabad airport. A preliminary probe revealed that the ill-fated aircraft's fuel-control switches were found moved from the "run" to the "cut-off" position. The final report was awaited. "The Trust will provide both immediate and continuing support to the dependents or next of kin of the deceased, to those injured, and to all others who are directly or collaterally affected by the accident," the Tata Group said in a statement. The Trust's philanthropic objects will also include ex-gratia payment of 10 million Indian Rupees (around 116,144 dollars) for each of the deceased's families, medical treatment of those who suffered serious injuries, and support for rebuilding the hostel infrastructure which was damaged in the accident.
&w=3840&q=100)
Business Standard
2 days ago
- Business
- Business Standard
Tata group to set up ₹500-crore welfare trust for Air India crash victims
'The AI-171 Memorial and Welfare Trust' has been registered in Mumbai New Delhi The Tata Group on Friday announced it will set up a ₹500-crore welfare trust for the families of victims of the Air India plane that crashed in Ahmedabad on June 12, which claimed the lives of all passengers on board except one. 'The AI-171 Memorial and Welfare Trust' has been registered in Mumbai. On July 4, Air India had announced that it has paid the compensation to families of nearly two-thirds of the victims who died in the crash. 'Our teams have been helping families receive interim compensation. Every affected family is being directly assisted by an Air India representative, with nearly two-thirds having already received payment or are in the final stages,' Air India Chief Executive Officer and Managing Director Campbell Wilson told the airline's employees in an internal post, PTI reported. The investigation of the Flight AI171 plane crash has been hit by controversy after The Wall Street Journal reported that it was the flight's senior pilot, Captain Sumeet Sabharwal, who seemed to have moved the aircraft's fuel supply switches to the 'off' position.
Forbes
2 days ago
- Automotive
- Forbes
Shaping The Future-Ready Mobility: In Conversation With JLR And TCS
Forbes, in collaboration with Tata Consultancy Services (TCS) and JLR, hosted an engaging fireside chat featuring industry leaders Barbara Bergmeier, Strategic Advisor JLR, and Anupam Singhal, President - Manufacturing at TCS, moderated by Sudeep Mazumdar, Head UK&I Manufacturing, TCS. The conversation explored pivotal themes that are shaping the future of manufacturing and mobility, including AI-driven transformation, software-defined vehicles (SDVs), and the evolution of supply chains. Leaders also addressed the rapid shift toward electrification and sustainability, highlighting innovations in EVs, battery ecosystems, and green mobility solutions. The role of AI and digitalization in smart factories, automation, and digital twins was also a focal point, alongside the critical need for a future-ready workforce through upskilling, DEI initiatives, and talent transformation. A key highlight was the Tata Group's cross-industry synergies, emphasizing collaboration and innovation across sectors. The conversation reinforced the importance of leadership in navigating transformation and building the future of automotive and mobility through digital innovation and strategic partnerships. This insightful discussion underscored how industry pioneers are driving the next wave of change, leveraging technology and collaboration to shape a more sustainable, intelligent, and connected future of mobility. Watch the full conversation here.
Mint
2 days ago
- Business
- Mint
Tata Chemicals declares board meeting date to announce Q1 results 2025. Details here
Tata Chemicals, a Tata Group company, is scheduled to release its financial results for the first quarter of the current fiscal (Q1FY26) on Friday, July 25, 2025. The announcement was made via a regulatory filing submitted to the stock exchanges. The board meeting will review and approve both the Unaudited Consolidated and Audited Standalone Financial Results for the quarter ended June 30, 2025. This update comes at a time when investors are closely watching the company's performance trajectory, following a steep fall in net profit and margins in the recently concluded March quarter. For the quarter ended March 31, 2025, Tata Chemicals reported a significant downturn in profitability. The company posted a consolidated net loss of ₹ 56 crore, a sharp reversal from the ₹ 850 crore net profit it had recorded in the same quarter last year (Q4FY24). This marked a more than 15-fold year-on-year decline. Revenue from operations, however, managed to grow marginally by 1 percent year-on-year to ₹ 3,509 crore, up from ₹ 3,475 crore in Q4FY24. This modest increase in revenue came amid persistent pricing pressure across geographies, which continued to weigh on overall profitability. At the operational level, EBITDA (earnings before interest, tax, depreciation, and amortisation) fell 26 percent to ₹ 327 crore, down from ₹ 443 crore in the year-ago period. Correspondingly, the EBITDA margin shrank to 9.3 percent from 13.8 percent in Q4FY24, highlighting margin compression due to adverse market conditions. Meanwhile, gross consolidated debt rose sharply during the quarter by ₹ 1,509 crore, reaching ₹ 7,072 crore. This included lease liabilities of ₹ 768 crore. The company attributed the increase in debt to higher working capital requirements across its operations in India, the United States, and the United Kingdom. For the full fiscal year ended March 2025, Tata Chemicals posted consolidated revenue of ₹ 14,887 crore, a decline from ₹ 15,421 crore in FY24. The drop in revenue was primarily due to weak pricing, which was only partially offset by increased volumes. Full-year EBITDA declined significantly to ₹ 1,953 crore from ₹ 2,847 crore, reflecting ongoing cost pressures and narrower margins. Profit after tax (before exceptional items and non-controlling interest) from continuing operations came in at ₹ 479 crore. Shares of Tata Chemicals were trading at ₹ 932.20 ahead of the earnings announcement. The stock remains about 25 percent below its 52-week high of ₹ 1,244.70, which it had touched in October 2024. Its 52-week low stands at ₹ 756.45, recorded in March 2025. Over the last one year, the stock has shed nearly 12 percent of investor wealth. On a month-on-month basis, it slipped 0.7 percent in July (as of mid-month), after rising 5.5 percent in June and 6 percent in May. April saw a marginal decline of 3 percent, but the stock had gained 11.2 percent in March. However, the early part of 2025 was challenging for the stock, as it plunged 21 percent in February and 6.3 percent in January. Despite the recovery in the second quarter of calendar 2025, the stock continues to trail its yearly peak, reflecting the market's cautious stance amid volatile performance and weak earnings visibility. Disclaimer: The views and recommendations expressed above are those of individual analysts or broking companies. Investors are advised to consult certified financial advisors before making any investment decisions.
Indian Express
2 days ago
- Business
- Indian Express
Okay, Tata: How Mamata govt is trying to put Nano in the rearview mirror
AS SHE seeks to recast her government's image as pro-industry, West Bengal Chief Minister Mamata Banerjee could not have chosen a more striking photo-op than her meeting with Tata Group Chairman N Chandrasekaran. The July 9 rendezvous, its photos widely shared, was the first such high-level meeting between Banerjee and a Tata executive since she led the Trinamool Congress agitation that drove the Tata Nano project out of Bengal in 2010, and rode the momentum to power. The focus on industry, and by extension jobs, reflects the political reality on the ground, with the BJP with its 'double-engine growth' narrative snapping at the heels of Banerjee's bid for a fourth consecutive term in power. Since Banerjee's meeting with Chandrasekaran, the Trinamool Congress government has announced a 'Business and Industry Conclave' later this year, while another Bengal Global Business Summit (after the one held in February this year) may be on the cards before the 2026 Assembly elections. Banerjee's meeting with Chandrasekaran, which lasted 45 minutes, was followed by messages by the TMC that underlined the distance the CM had travelled from the massive land acquisition agitation she led, while in the Opposition, against the Nano project. The party said the dialogue between Banerjee and the Tata Chairman was centred on West Bengal's growth. 'They talked about deepening the Tata Group's presence in the state, underscoring Bengal's emergence as a preferred destination for forward-looking industry leaders,' the TMC said. As per government sources, the overture to the Tatas had been in the making for several months. The CM first invited Chandrasekaran for the February Bengal Business Global Summit. While he could not make it, the two had an encouraging discussion on the eve of the summit. Later, at the summit's inaugural ceremony, Banerjee mentioned her conversation with Chandrasekaran. 'He assured us that they want to invest more and more in Bengal. And he will come to Bengal very soon and discuss (things in detail).' Currently the Tatas' presence in West Bengal is largely via Tata Consultancy Services, which has more than 54,000 employees across the state and is planning a 20-acre campus in the Bengal Silicon Valley Hub, located in New Town. The Tata Group also has investments in the hotel sector in the state. To a lesser degree, Tata Steel has a diversified presence with more than 11,100 employees, while Tata Hitachi has a plant in Kharagpur. Most of these plants date back to the Left time, with some expansions seen under the TMC regime. Amit Mitra, the Chief Financial Adviser to the CM, announced last week plans for a 'Business and Industry Conclave' in the state after Durga Puja. 'The State-Level Investment and Synergy Committee has been tasked with preparing a roadmap for the conclave,' Mitra, also the former state finance minister, said. The state government had announced the formation of this Committee ahead of the Global Business Summit 'in order to facilitate industrial growth and enhance the ease of doing business in the state'. The committee is headed by the Chief Secretary, with units planned in each district. The Bengal government has identified several revenue- and job-generating sectors for its industrialisation push, said Mitra. These include steel, gems and jewellery, Information Technology and related fields, food-related businesses, tourism, textiles and apparel, leather, pharmaceuticals and medical devices. A new pressure point for the TMC government are incidents of rounding up of Bengali migrants across the country as the Centre widens its crackdown against 'illegal' immigrants. The BJP has linked it to the Banerjee government's failure to check the exodus outside the state for work. The change in the messaging of the ruling TMC is stark. It came to power in 2011 riding on not just the Tata Nato agitation but also the anti-land acquisition protest against a pharmaceutical hub in Nandigram. The party's politics was encapsulated by the slogan 'Maa, Maati, Manush', first raised during the Singur movement, signifying its commitment to the disadvantaged and minorities above all. In March this year, the Banerjee government passed the Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants And Incentives Act, which took away all incentives granted to industries since 1993, with retrospective effect. The legislation said, 'The object of this Act is to make state finances available for various social welfare schemes formulated and under operation in the state of West Bengal… and not to expend such finances to provide special assistance, financial incentives, state support, benefits, concessions or special privileges at the cost of the marginalised.' An official said the incentives were revoked as the state government 'was going to introduce a new industrial policy'. Sources said the policy was in the drafting stage. An industrialist said they are hoping that this new policy is unveiled soon, and that it smoothens the process of getting licences. 'We basically want a one-window system. The administration should also take strong steps against extortion and local hooliganism.' However, some like cement maker Nuvoco Vistas Corporation are not impressed. Last month, it informed the stock exchange that its wholly owned subsidiary NU Vista had filed a writ petition in the Calcutta High Court challenging the constitutional validity of the Act. Nuvoco said incentives of Rs 2,427.14 crore and Rs 2,300.44 crore to be received by Nuvoco and NU Vista were likely to be impacted because of the Act. During a recent visit to West Bengal, Union Home Minister Amit Shah noted the 'poor state' of industry in the state, saying: 'At the time of Independence, Bengal's share in India's industrial production stood at 30%… Today, it is down to a mere 3.5%… In 1960, Bengal's per capita income was 105% of Maharashtra. Now, it's not even half… I want to ask Mamata Didi and the Communists (the Left was in power for 34 years, before being unseated by the TMC), who is responsible for this?' Shah also criticised the Congress, which ruled the state for a long time. The BJP later posted on X: 'Under Mamata Banerjee, West Bengal is sinking economically: GSDP growth is below the national average (4.3%), per capita income is 20% lower than the national average, GDP share dropped from 6.8% in 1990-91 to 5.8% in 2021-22, female labour force participation is lower than the national average, the Gross Enrolment Ratios, at both Higher Secondary (2015-16) and Higher Education (2021) levels, are less than the national average. The state has a high fiscal deficit, a high debt-to-GDP ratio and a higher revenue deficit than the national average.' Hitting back, Banerjee accused Shah of 'speaking a garbage of lies'. 'He claimed our state is zero in industry, but we are No. 1 in the MSME sector. He claimed we could not build roads, but we are No. 1 in that,' she said. A recent working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) presented a mixed picture for West Bengal. While its share in India's GDP nearly halved from 10.5% in 1960-61 to 5.6% in 2023-24, the state has brought down its fiscal deficit – from around 4.24% of the Gross State Domestic Product (GSDP) under the Left, to about 3.0 % by 2018-19. During the Covid pandemic, even as economic conditions were uniformly impacted, the Bengal government managed to not let the deficit balloon, and it stood at 3.26 % of the GSDP by the end of the 2022-23 financial year. In her Budget speech this year, West Bengal Finance Minister Chandrima Bhattacharya said, 'West Bengal's GSDP grew by 6.8% in 2024-25, outpacing India's overall growth rate of 6.37%. The industrial sector registered a growth of 7.3%, significantly higher than India's 6.2%, while agriculture and allied sectors grew by 4.2%, compared to India's 3.8%. The services sector is also growing faster, at a rate of 7.8%, surpassing India's 7.2%.' About the Banerjee government's industry push, CPI(M) Central Committee member Sujan Chakraborty said, 'Mamata Banerjee knows the people's anger is increasing. Now, she is trying to rectify by invoking 'Bengali' sentiments and meeting the Tata Chairman. But, people won't be mollified.' BJP state president Samik Bhattacharya said, 'Mamata Banerjee will not get a chance to do industrialisation. The people of Bengal gave her 15 long years for this and she failed… We have to create an industry-friendly, investment-friendly atmosphere. We have told the industrialists, please wait for a year.'.
