Page 27 - Tata Group

Rs 750 cr stuck in Qatar projects due to delays in payments: Voltas CEO

Tata Group firm Voltas is facing a major headwind in Qatar as around Rs 750 crore has been stuck due to delays in the realisation of overdue receivables and execution timelines, said its MD and CEO Pradeep Bakshi. In some projects, bank guarantees were "unethically" encashed by some contractors, which was an "uncalled" action to make quick money, derailing the international project business of Tata Group firm in the December quarter, he added. "Unprecedented things are happening in that area, especially in Qatar, wherein, unfortunately, our dues are not being paid to us timely, and inordinate delays are happening. We have completed the project and handed it over, and despite that, payments are not made," Bakshi told PTI. Voltas has already approached the Indian government for help on the issue and also approached the Embassy in Qatar. MEP (mechanical, electrical, and plumbing) contractor Voltas has completed the projects in Qatar and handed them over as per the contract. However, i

No commitment on setting up fab plant in India, says Intel India MD

Viswanathan said that India has just begun its journey in the manufacturing space and has 'enough runway for growth'

Tata Power Q3FY24 results: Net profit rises 2% to Rs 1,076 crore

Tata Power on Friday posted a marginal increase of 2 per cent in its consolidated net profit at Rs 1,076 crore in December 2023 quarter. Its consolidated net profit was Rs 1,052 crore in the quarter ended on December 31, 2022, a company statement showed. Total revenues also rose to Rs 14,841 crore in the quarter from Rs 14,339 crore in the same period a year ago. Praveer Sinha, CEO and Managing Director, Tata Power, said in the statement, "Our core businesses continue to perform well and have helped the Company clock its 17th consecutive PAT (profit after tax or net profit) growth quarter." Our consistent performance shows strong fundamentals of excellence in operational performance and project execution capability, he noted. As the country witnesses a surge in power demand, Tata Power is well positioned to capitalize on the growth momentum with its cutting-edge, customized and cost-effective clean and green energy solutions, he said. The company stated that better realisation in

Tata Steel completes amalgamation of five businesses, TRF merger called off

TRF mentioned in its regulatory filing that an application to withdraw the scheme of amalgamation has been filed with the National Company Law Tribunal (NCLT), Kolkata Bench

Tata-owned Trent Q3 profit jumps more than two-fold on festive demand

The Tata Group-owned company reported a consolidated net profit of Rs 371 crore (about $45 million) for the three months ended Dec. 31, from Rs 155 crore a year earlier

Tata Group becomes first Indian conglomerate to cross Rs 30 trn mcap

The sharp rally in the TCS stock boosted the Mumbai-based salt-to-software major's total mcap to Rs 30.6 trillion

Tata Digital announces appointment of Naveen Tahilyani as new CEO

Naveen replaces Pratik Pal, who was at the helm of the company since the group announced its foray into digital commerce and the creation of Tata Neu, its superapp

Tata AIA Life Insurance appoints Venkatachalam H as new MD and CEO

Venkatachalam will take over from the incumbent, Naveen Tahilyani, who will be moving to another role in the Tata Group and has been elevated as a Non-Executive Director of Tata AIA Life Insurance Co

Tata AIA Life Insurance appoints Venkatachalam H as new CEO and MD

The outgoing CEO & MD Naveen Tahilyani will be transitioning to the role of non-executive director of Tata AIA Life Insurance Company

Tata Chemicals Q3 results: Profit drops 60% to Rs 158 cr on weak demand

Soda ash, the company's largest business, suffered last year as falling caustic soda prices made it more appealing than soda ash for the silicate market, prompting it to cut prices to stay competitive

More people choosing lower EV variants, 'range anxiety' improves: TaMo

People realising they are going to use electric cars in the city, says a senior executive

Air India appoints Ravindra Kumar as chief human resources officer

Air India on Friday said Ravindra Kumar G P will take over as the airline's Chief Human Resources Officer (CHRO) from April 1. Kumar, who is currently with Tata Motors, will replace Suresh Dutt Tripathi who is retiring from the airline. "Following a long career with General Electric Company, the last four years of which as CHRO for South Asia, Ravi joins from Tata Motors Ltd where he has held the role of President & CHRO since 2018," the airline said in a release. Kumar will report to Air India CEO and MD Campbell Wilson. "At the same time as welcoming Ravi, we acknowledge the outstanding contribution of Suresh who, upon Air India's privatization, answered the call and has played a vital role over the last two years," Wilson said. Tata group took over the reins of loss-making Air India in January 2022.

Tata, Pegatron in talks for iPhone assembly facility in Tamil Nadu: Report

Tata is building the iPhone assembly plant in Hosur city, which will be its second such facility in the country. The move comes as Apple and its contract manufacturers are rapidly expanding

Titan Q3 results: Profit rises 9.4% to Rs 1,040 crore, misses estimates

Indian jeweler and watch maker Titan Company reported third-quarter profit below estimates on Thursday as escalating costs of bullion outshined demand during the festive season

Tata, Israel's Tower Semiconductor among bidders for SCL Mohali revamp: Rpt

To enable SCL to manufacture modern chips, starting with 40 and 65 nm chips, the IT ministry had earmarked $1 billion for its modernisation

'Tata Steel to consider investment in UK plant, if govt funding available'

Tata Steel would consider additional future investments in its Port Talbot plant in the UK, if more government funding was made available, the company's Chief executive T V Narendran said on Wednesday. The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which was facing shutdown over high carbon emission. The plant employs around 8,000 people. As part of its restructuring plan backed by the government funding, Tata Steel will replace the blast furnaces at the unit with electric furnaces to use recycled steel in order to reduce carbon emission. However, the installation of low-emission system will lead to a loss of 2,800 jobs as electric furnaces need less manpower. "The electric arc furnaces need not be the end, it is the beginning," Narendran told the Welsh Affairs Committee of the House of Commons. Earlier, steel unions had also suggested the UK government to put more money into securing the future of Tata Steel. The company

Wistron Corp to set up laptop making unit in Karnataka for Rs 1,500 cr

The proposed plant is expected to create around 3,000 jobs and also produce electric vehicle-related parts, a statement from the government said

Flag coercive call from management to extend duty: Unions ask A-I pilots

Tata Group-owned Air India's two pilot unions on Wednesday asked their members to flag any "coercive call" from the management for extending flight duty timings beyond the stipulated limits. In a joint communication to their members, Indian Commercial Pilots Association (ICPA) and Indian Pilots Guild (IPG) also said that they are in the process of compiling the records of recent instances (of such calls). The communication comes in the backdrop of the two unions writing to Air India Managing Director and Chief Executive Officer Campbell Wilson, alleging that the airline management is "intimidating and coercing" some of their members to extend flight duty timings beyond the prescribed limits. The letter to Campbell was also marked to Tata Group and Air India Chairman N Chandrasekaran, among others. "We wish to bring to your attention a matter of utmost importance concerning potential coercive calls related to the extension of Flight Duty Time Limitations (FDTL)," the pilots unions s

Mixed outlook for Tata Steel stock as global demand remains soft

In Q3FY24, Tata Steel's standalone revenue increased by 2 per cent year-on-year (Y-o-Y) to Rs 34,700 crore, in line with consensus

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