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Modi will likely depart from privatisation plans, will overhaul state-run firms
UNION BUDGET: India plans to overhaul over 200 state-run firms to boost profitability, moving away from aggressive privatisation due to slowed progress and increased political resistance. The new strategy, expected to be announced in the July 23 budget, includes asset monetisation and long-term performance targets, aiming to raise $24 billion for reinvestment
D-Street's cooling earnings momentum set to challenge stock rally
HDFC Bank Ltd. and Bank of Baroda Ltd. posted a sequential drop in credit growth, suggesting that lenders — who have the highest weighting in the index are struggling to keep up the rapid expansion seen in recent years.
ET Exclusive: Tata Group puts its Trust in top panel for quick decisions
Separately, Aparna Uppaluri has stepped down from her role as COO of Tata Trusts citing personal reasons. Uppaluri was appointed in April 2023, and was the first to hold that role in Tata Trusts. Siddharth Sharma, who was appointed CEO of Tata Trusts at the same time, remains in his position. Tata Trusts is understood to be looking for a successor to Uppaluri, executives close to the matter said.
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
Priyank Kharge meets IT minister Ashwini Vaishnaw, requests Centre's support for state's chip firms
Karnataka IT minister Priyank Kharge met Ashwini Vaishnaw, union IT minister, to seek support for the state's semiconductor and electronics space. Kharge said that the State has the highest share of 46% in India in housing innovative companies and contributes 10% of India's industrial output.
Aviation firms plan own training schools to ensure supply of talent
While Air India is starting its own pilot training school, the GMR group that owns the country's largest airframe maintenance, repair and overhaul (MRO) company, GMR Aero Technic, has invested ?50 crore to start its own school for engineers. "To train such large numbers of engineers, GMR Aero Technic has entered the skill development segment with the GMR School of Aviation," Ashok Gopinath, president and accountable manager of GMR Aero Technic, said. The group also owns the Delhi, Hyderabad and Goa airports.
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MarketsMojo appoints Tata Digital's Amit Golia as group CEO
MarketsMojo appointed Amit Golia as group chief executive. Golia led investments at Tata Digital and has experience in fintech and securities firms.
Vivo set to open ₹3,000-cr India facility in July
Chinese smartphone maker Vivo is set to inaugurate one of India's largest mobile phone manufacturing facilities next month, with an annual capacity of 120 million devices. The facility is being set up with an investment of over ₹3,000 crore.
Robotics company Difacto raises $4.8 million from Stakeboat Capital
Bengaluru-headquartered Difacto will use the funds to expand across sectors such as cars, home appliances and electronics, as investment and volume in manufacturing go up.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
Unpacking K Krithivasan's first year as TCS CEO
TCS CEO K Krithivasan completed a year in office this month. His term was marked by an unprecedented slowdown in tech demand. The veteran, however, has brought growth and stability for the bellwether. Under his leadership, TCS reached $29.1 billion in annual revenues in the year ending this March, growing at 4.1%.
How the Indian GCC boom is lighting up prospects of IT firms
With India emerging as a hub for global capability centres (GCCs), IT services companies are cashing in, setting up projects, looking for partnership opportunities, and even acquiring such centres.
Zoho applies for semiconductor manufacturing facility in India
Software company Zoho, aiming to tap into India's aspirations to become a global semiconductor player, has applied with a partner to set up a semiconductor manufacturing facility in India. Co-founder Sridhar Vembu confirmed the move, citing a stringent evaluation process. The initiative aligns with India's semiconductor manufacturing incentive plan.
Air India introduces new feature, passengers can now lock fares for two days with extra charges
Air India, now under the Tata Group's ownership, has unveiled a new offering called 'Fare Lock' to enhance passenger convenience and flexibility in travel planning. This feature allows customers to reserve a chosen fare for a period of 48 hours, enabling them to solidify their travel plans while retaining the selected fare. With a nominal fee, travelers can now secure their desired fare for two days, streamlining the booking process and providing peace of mind.
Big Daddy LIC manages money nearly double the size of Pakistan's economy
LIC assets have exceeded Rs 50 lakh crore, marking a significant milestone and overshadowing Pakistan's GDP. In FY24, LIC reported a profit of Rs 40,676 crore and total premium income of Rs 4,75,070 crore. The company, with a market share of nearly 59% in the Indian life insurance sector, is now eyeing entry into the health insurance domain. Its market value has surged by nearly 52% in the past six months, making it the seventh-largest stock by market capitalization.
Modi plans post-election reforms to rival Chinese manufacturing
Indian Prime Minister Narendra Modi is planning business-friendly measures if he secures a third term, aiming to boost domestic manufacturing by easing labor regulations, offering subsidies, and reducing import taxes. Modi's vision includes creating industrial zones to attract global firms, but challenges remain with restrictive labor laws, land acquisition, and high import tariffs. His reelection campaign emphasizes economic development and positioning India as a manufacturing hub.
Tata Group firms engaged in over 100 Gen AI projects: N Chandrasekaran
TCS chairman N Chandrasekaran announced over 100 Gen AI projects within Tata Group, showcasing tangible business impact in customer experience, productivity, and efficiency.
GIC, Xander buy Allianz-Shapoorji Pallonji JV’s Hyderabad IT SEZ WaveRock for Rs 2,200 cr
In May 2023, ET first reported that global insurance and asset management major Allianz Group and Shapoorji Pallonji Group were looking to exit the IT Special Economic Zone (SEZ) property and that GIC had emerged as the frontrunner to acquire the 2.4-million-sq-ft asset.
Why Mukesh Ambani can't ignore a new consumer habit
Reliance Industries (RIL) chairman Mukesh Ambani is expanding the company's retail empire to include quick commerce services through JioMart. This move aims to compete with players like Blinkit and BigBasket, leveraging Reliance's extensive reach and resources. The shift towards quick commerce reflects changing consumer habits, favoring convenience and instant deliveries.
Mahindra to focus more on driving range, tech over price in future electric cars
Speaking to ET, R. Velusamy, president, automotive technology and product development at M&M said while TCO (total cost of ownership) approach to EV development or how much one saves after switching from petrol or diesel cars to EVs may work in the short term for “early adopters”, in the long term, it’s the range, technology and overall experience that will help in creating new market segments and to grow sales.
Tata Power seeks up to $1 billion loan for clean energy projects
The unit of Tata Group, one of India’s largest conglomerates, is in talks with lenders including State Bank of India, IndusInd Bank, Axis Bank and ICICI Bank for the loan, people familiar with the matter said, asking not to be identified as the information is private.
TCS signs deal with Kuwait’s Burgan Bank
Burgan Bank, one of the youngest commercial banks in Kuwait with a regional network of over 160 branches and 360 ATMs, will use TCS BaNCS suite solutions, which will enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity.
The super app bandwagon; Tata Digital revamped
Happy Tuesday! Traditional financial services firms are the latest to launch so-called super apps. This and more in today’s ETtech Morning Dispatch.
AI-led tech craze leaves mega Indian software stocks in the dust
Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy Services have yet to make significant advances in generative AI. That combined with a still cloudy outlook for client spending may soon leave them looking like the tech bets of yesterday.
Two multibagger stocks eyeing Nifty crown, one is Tata and another PSU
Nifty has 50 stocks which are selected based on a free-float m-cap weighted method, wherein the level of the index reflects the free-float m-cap of all stocks in the barometer. HDFC Bank has the highest weightage in Nifty at 11.48%, followed by RIL, ICICI Bank, Infosys, and L&T
AI-Vistara merger: Fitment of over 7,000 staff to be complete in June
Air India CEO and MD Campbell Wilson along with Vistara CEO Vinod Kannan on Monday held a one-and-a-half-hour long townhall meeting with the employees of both carriers about the proposed merger.
Tata Sons raises royalty fee 2x to Rs 200 crore
The owner of the Tata brand name kept the royalty fee at Rs 100 crore for a period of five years, before finally raising it by two times. TCS, TaMo and others will now have to pay Rs 200 crore as royalty fee to Tata Sons.
From boardrooms to law firms: General counsels eye law firm opportunities
A recent survey of 300 general counsels and legal heads of companies has revealed that 43% of respondents are interested in career opportunities at law firms. The survey highlights a preference for stability among respondents, with many looking at law firm opportunities as retirement approaches or in the absence of in-house growth prospects. This trend is underscored by recent high-profile moves, such as former Ola Electric Mobility general counsel Sanjit Nagarkatti joining Economic Laws Practice.
Temasek sells 10% stake in Tata Play to Tata Sons for Rs 835 crore
Tata Play, India's largest DTH firm with 21 million subscribers, has intimated the Ministry of Information and Broadcasting (MIB) about the change in shareholding, according to one of the persons, who did not wish to be identified. Under the DTH rules, licence holders are required to inform the ministry about a change in shareholding or partnership or foreign direct investment pattern.
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