Ratan Tata, Chandrasekaran deny reports of leadership changes at Tata Sons
“I am extremely disappointed with the recent media reports regarding a major revamp in the Tata group’s organisation framework through a speculative company wise restructure with me seen to be critical to implementing this change. Such speculation can only serve to cause disruption amongst a team that has been operating smoothly with impressive growth in market value”, said Tata in a statement today. Read more
Govt to sell up to 10% stake in Hind Copper via OFS, may garner Rs 1,120 cr
The government will sell up to 10 per cent stake in Hindustan Copper through an offer for sale (OFS) in a move that would help the exchequer garner about Rs 1,120 crore in divestment receipts.
The government will sell 5 per cent or 48.3 million shares in the copper miner at Rs 116 apiece on Thursday and Friday. Read more
Cabinet approves 4-year moratorium on payment of all govt dues by telcos
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100% foreign investment through the automatic route.
TCS m-cap tops $200 bn, shares hit lifetime high of Rs 3,980 intra-day
Tata Consultancy Services (TCS) topped the $200-billion market capitalisation mark on Wednesday as the stock extended this year’s winning run.
Shares of TCS logged a new lifetime high of Rs 3,980 before settling at Rs 3,955, up 1.8 per cent over previous day’s close. Shares of the company are up 35 per cent this year amid a sharp rally in IT stocks. At the closing price, the Tata group flagship had a market cap of Rs 14.63 trillion ($199.2 billion). Read more