India News

Tata Sons shores up stake in Tata Motors to 34.2% as UK biz faces headwinds

Tata Sons has increased its stake in Tata Motors at a time when its market capitalisation is eroding and valuations dipping amid uncertainties facing Jaguar Land Rover (JLR), its UK subsidiary.

At the end of the quarter ended September, the Tata Group holding company increased its stake in the flagship firm to 34.2 per cent from 33.3 per cent in June, according to the latest shareholding data shared by the company.

Flipkart grabs 51 per cent, Amazon 32 per cent of festive season sales

Chennai: Of the USD 2.3 billion gross merchandise value (GMV) garnered during the five-day online festive season sales, Flipkart cornered a higher market share of 51 per cent, followed by Amazon at 32 per cent.

As per the study done by RedSeer Consulting on the sales, both Flipkart and Amazon together took away a large slice of the market pie as big as 83 per cent.

HDFC Bank surges nearly 3% post Q2 results

Shares of HDFC Bank climbed as much as 2.78 per cent in the intra-day deals on Monday to Rs 2,020.45 apiece on BSE after the lender reported a 20.6 per cent rise in its net profit at Rs 50.05 billion for the second quarter ended September this fiscal, as the core income grew at a healthy pace.

The bank had registered a net profit of Rs 41.51 billion in the July-September quarter of 2017-18.

SBI Life in fine form

SBI Life Insurance, a joint venture between the country’s biggest bank and BNP Paribas Cardif, has posted an 11 per cent rise in net profit for the quarter ended September 30, 2018, driven by a rise in gross premium income.

Net profit during the quarter was Rs 250.53 crore against Rs 225.47 crore in the corresponding period a year ago.

ArcelorMittal’s Essar Steel acquisition: Who wins, who loses

Mumbai: The narrative around distressed steel assets has been one about incumbents consolidating their hold over the sector.

That changed last week.

On Friday, ArcelorMittal was declared the highest bidder for Essar Steel Ltd. Its winning bid of 42,000 crore gives the world’s largest steel producer a sizeable foothold in the Indian steel market.

TCS restructures its business units to focus on long-term strategy

Tata Consultancy Services (TCS) has restructured its industry solutions units (ISUs), giving almost 200 employees control of them and quarterly target goals as it looks to free up senior executives to focus on long-term strategy. TCS first broke up its business into smaller units in 2008, a move that helped power growth, with revenue soaring to over $19 billion in FY18 from $6 billion in FY09.

BSNL cautious in partnering with ZTE to Set up 5G network, says Shrivastava

NEW DELHI: Bharat Sanchar Nigam Ltd (BSNL) will be “cautious” while deciding on extending an alliance with Chinese technology vendor ZTE to set up a fifth-generation (5G) network in the country in the wake of security concerns, a top official said.

“When it comes to rolling out the 5G network, a cautious call will be taken,” BSNL chairman Anupam Shrivastava told ET, adding that the telecom technology needs to be protected. He was responding to a question on the threat perceived in deploying Chinese telecom equipment.