TATASTEEL

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** Shares of Tata Steel TISC.NS down 4.2% at 207.75 rupees, highest intraday pct fall since January 2025

** Steelmaker posts consol Q4 net profit of 29.26 billion rupees, missing analysts' estimate of 30.8 billion rupees, per data compiled by LSEG

REGULATORY HEADWINDS CLOUD OUTLOOK

** Citi ("Sell"; PT: 200 rupees) flags impending closure of coke ovens creating uncertainty

** Expects India EBITDA/t to expand in Q1 and Netherlands EBITDA/t to be relatively flat due to volume loss; sees 6,000 rupees/ tonne increase in realizations

** Goldman Sachs ("Neutral"; PT: 218 rupees) notes potential disruption in operating rhythm of Tata Steel Netherlands owing to environmental footprint concerns in a complex regulatory environment

** HSBC ("Buy"; PT: 260 rupees) says weaker growth pipeline vs JSW Steel and Netherlands regulatory issues will keep valuation multiples discounted

** Despite medium-term challenges, expects strong earnings growth supported by higher steel prices

** BoFA ("Neutral"; PO: 220 rupees) lowers Netherlands profitability forecasts on carbon emissions compliance, partially offset by lower UK losses due to revisions to the UK safeguards and rupee depreciation; cuts FY28E EBITDA by 2%

(Reporting by Mridula Kumar in Bengaluru)

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Updates with statement from Tata Trusts in 4th bullet

By Jayshree P Upadhyay

MUMBAI, May 15 (Reuters) - India's Maharashtra state charity commissioner has ordered Tata Trusts to defer its Saturday board meeting after complaints triggered an inquiry into the trusts' governance.

• Tata Trusts holds a controlling stake in the holding company of the Tata Group, Tata Sons, which faces pressure to list.

• The trusts have been told not to hold the meeting until an inspector completes a probe and submits a report.

• The order, seen by Reuters, follows complaints over trust composition. One of the complainants is Venu Srinivasan, a senior trustee at Tata Trusts, the charity commissioner's order said.

• In a late-night statement, Tata Trusts said that directions from the authorities are being examined and that it was not aware of any complaint filed by Srinivasan.

(Reporting by Jayshree P Upadhyay in Mumbai, Writing by Anna Peverieri in Barcelona; Editing by Shinjini Ganguli and Muralikumar Anantharaman)

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May 15 (Reuters) - Tata Steel TISC.NS, India's second-largest maker of steel by market capitalisation, posted a smaller-than-expected fourth quarter profit on Friday, hurt by increased raw materials costs and one-off charge related to restructuring at its Netherlands unit.

• Consolidated net profit more-than-doubled to 29.26 billion rupees ($304.9 million) for the quarter ended March 31, but missed the average analysts estimate of 30.8 billion rupees, per data compiled by LSEG.

• Prices of coking coal, a key raw material for steelmakers, increased for a second straight quarter amid ongoing gas shortages linked to the U.S.-Israeli war against Iran, which lifted coal consumption.

• The steelmaker's cost of materials consumed rose 16.7%, and total expenses climbed 8% to 585.02 billion rupees.

• The firm incurred a net one-time charge of 3.4 billion rupees in the reported quarter, which included a 5.95 billion-rupee charge tied to its restructuring and redundancy provisions for its Netherlands unit.

• Indian steel producers saw a recovery in domestic steel prices during the January–March quarter, aided by safeguard duties and improved demand, following two straight quarters of sequential price declines, analysts said.

• Tata Steel's domestic steel production rose more than 14% on-year to 6.22 million tonnes, while deliveries rose 10.5% to 6.19 million tonnes in the fourth quarter.

• The firm's consolidated total revenue from operations rose by 12.5% to 632.70 billion rupees, beating analysts' expectation of 624.21 billion rupees.

• The firm approved a dividend of four rupees per share for fiscal 2026.

($1 = 95.9650 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Ronojoy Mazumdar)

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By Ira Dugal

May 5 - Sun Pharmaceutical's mammoth all-cash bid for U.S. drugmaker Organon & Co last week is yet another instance of Indian companies making bolder bets overseas, backed by the strength of their balance sheets.

But history shows that returns from these cross‑border deals are not always assured. With global M&A now becoming a strategic necessity rather than just offering bragging rights, is that likely to change? Write to me with your views on Indian companies' growing global ambitions at [email protected].

And, two executives are in the running for the post of Air India CEO. Scroll down for more on that.

THIS WEEK IN ASIA

• While Asia and Europe scramble for natural gas, the US glut has nowhere to go

• China's central bank guides banks to step up lending in April, sources say

• Investors are running out of time to brace for true oil shock

• One of Iran’s most powerful families founded its largest crypto exchange. It’s used by the IRGC to move millions

NOT JUST AMBITION, BUT A STRATEGIC NEED

From pharmaceuticals to IT, Indian firms across sectors are looking overseas in search of newer markets, products and technologies for their next burst of growth.

Sun Pharma is buying Organon in a deal valued at about $11.75 billion including debt, ‌making it the largest overseas acquisition by an Indian pharma company.

It eclipsed another large overseas bet just months ago by IT firm Coforge to acquire artificial intelligence firm Encora for $2.35 billion, and Tata Motors' purchase of Italian commercial vehicle manufacturer Iveco for $4.45 billion in July 2025.

The first quarter of 2026 has seen 56 outbound transactions valued at $3.9 billion, according to data from advisory firm Grant Thornton Bharat LLP. In 2025, 162 such deals worth $18.2 billion were closed.

Proximity to customers, control over distribution and insulation from trade barriers are important drivers of outbound M&A, said Bhavesh Shah, managing director and head of investment banking at Mumbai-based investment bank Equirus Capital.

"What’s changed is the rise in capability-led acquisitions, whether it’s R&D, specialty products, or technology," Shah said. "So earlier it was about global ambition; today it’s more a strategic necessity to stay competitive and de-risk supply chains."

Sun Pharma, for instance, is acquiring a suite of products in women's health with the Organon purchase - a segment projected to have a $600 billion opportunity. Coforge entered the much-in-demand agentic AI space with its acquisition of U.S.-based Encora.

"Together, the two deals capture the full spectrum of India's outbound ambition: buying capability where it does not exist domestically and buying global scale where organic growth would take decades," said Sumeet Abrol, partner and national leader for deals at Grant Thornton Bharat.

GROWTH OF FINANCING OPTIONS

Corporate India's overseas ambitions have ebbed and flowed over the years, and some have left individual companies burdened with debt.

The buyout rush of the early 2000s - which saw Tata Steel acquire Anglo-Dutch group Corus for $12 billion, Tata Motors buy out iconic British brands Jaguar and Land Rover for $2.3 billion and Hindalco acquire Canada's Novelis for $6 billion - was one of the reasons that led to excess leverage on corporate balance sheets.

But after a decade-long clean-up, debt on most Indian corporate balance sheets is low. The median debt-to-EBITDA for rated Indian corporates was at 0.5 times as of March 2026, while interest coverage ratio was 5 times, according to rating agency CRISIL.

Recent deals don't immediately raise red flags, analysts said.

"Funding has been quite disciplined this cycle. It’s a good mix of internal accruals and moderate leverage," said Equirus' Shah.

Transactions such as Tata Motors' purchase of Iveco have also seen the increased use of guarantees to raise debt in overseas units. Tata Motors issued a $2.26 billion guarantee to back financing for the deal.

"The availability of debt financing on target balance sheets in overseas markets (LBOs) with no or limited recourse to acquiring balance sheets in India is also fueling some of this activity while keeping the Indian balance sheets deleveraged," said Grant Thornton's Abrol, adding that these financing options are increasingly available to even mid-market companies.

Abrol, however, said the deal struck by Sun Pharma is a transaction that needs to be "watched carefully" for balance sheet discipline.

"Post-transaction, the combined entity's net debt-to-EBITDA is projected at 2.3x — manageable, but a meaningful departure from Sun Pharma's historically net cash positive position," he said.

The company said it aims to bring down debt "soon", with analysts expecting a three-four year period for debt reduction.

MARKET MATTERS

Foreign investors have continued to offload Indian shares, selling a net $6.5 billion in April after dumping $12.7 billion in March. With no quick resolution to the war between U.S.-Israel and Iran, investors expect earnings growth in India to slow, making valuations unattractive. Read here.

The persistent outflows have pushed the rupee back down to record lows despite steps taken by the central bank to support the currency.

The Indian central bank is mulling steps to draw dollar flows, Reuters reported on Monday.

THIS WEEK'S MUST-READ

The Tata Group has zoomed in on two possible options for the post of Air India CEO, which fell vacant when Campbell Wilson resigned last month. Singapore Airlines executive Vinod Kannan and Air India's commercial head Nipun Aggarwal are the two frontrunners to become the new CEO of Air India, Reuters' Aditya Kalra and Abhijith Ganapavaram report.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

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April 24 (Reuters) - An Indian court has put an antitrust investigation into state-run Steel Authority of India SAIL.NS on hold after the company challenged the Indian watchdog for procedural lapses, according to court records and the company's legal filings.

In the most high-profile antitrust case involving India's steel sector, an investigation by the Competition Commission of India found 28 firms colluded on steel prices, Reuters exclusively reported in January. These included Tata Steel TISC.NS, JSW Steel JSTL.NS and state-run SAIL and RINL.

Online Madras High Court records show the judge in an April 21 hearing put the investigation into SAIL on hold. The ruling and SAIL's arguments in court are being reported for the first time by Reuters.

SAIL did not respond to a request for comment.

(Editing by Elaine Hardcastle)

April 21 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - PARTNERS SMS GROUP TO DEPLOY WORLD-FIRST EASYMELT DECARBONISATION TECHNOLOGY

• TATA STEEL LTD - PROJECT AIMS TO CUT CO2 EMISSIONS BY MORE THAN 50 PERCENT VERSUS BASELINE OPERATION

Source text: ID:nBSE5mxBSq

Further company coverage: TISC.NS

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April 10 (Reuters) - Modern Engineering and Projects Ltd MODE.BO:

• MODERN ENGINEERING AND PROJECTS LTD - GETS ORDER WORTH 600 MILLION RUPEES

• MODERN ENGINEERING AND PROJECTS LTD - GETS ORDER FROM TATA STEEL

Source text: ID:nBSE8wS5zn

Further company coverage: MODE.BO

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** Shares of India's Tata Steel TISC.NS rise 3.35% to 204.84 rupees

** The steelmaker reported a 15% jump y/y to 6.25 million tons in domestic fourth-quarter crude steel production volumes, deliveries up 10% YoY at 6.19 million tons

** Gains also come amid an improvement in broader market sentiment after U.S. President Donald Trump agreed to a two-week ceasefire with Iran and as the RBI left its rates unchanged

** Stock rated "buy" on average by 31 analysts, median PT at 219 rupees, according to LSEG-compiled data

** TISC stock up 10.02%, YTD

(Reporting by Surbhi Misra in Bengaluru)

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April 7 (Reuters) - Tata Steel Ltd TISC.NS:

• FY2026 CRUDE STEEL PRODUCTION AT 23.48 MILLION TONS

• TATA STEEL INDIA 4QFY26 CRUDE STEEL PRODUCTION AT 6.25 MILLION TONS, UP 15% YOY

• INDIA 4QFY26 CRUDE STEEL PRODUCTION AT 6.25 MILLION TONS, UP 15% YOY

Source text: ID:nBSE7b0Bh3

Further company coverage: TISC.NS

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April 4 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - RECEIVES DEMAND NOTICE OF ABOUT 17.55 BILLION RUPEES OVER ALLEGED EXCESS COAL MINING

• TATA STEEL - MANAGEMENT BELIEVES THAT THE DEMAND LACKS JUSTIFICATION AND SUBSTANTIVE BASIS; WILL PURSUE SUITABLE LEGAL REMEDIES

Source text: [ID:]

Further company coverage: TISC.NS

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March 25 (Reuters) - Tata Steel Ltd TISC.NS:

• HIGH COURT GRANTS STAY ON TATA STEEL TAX PROCEEDINGS AS OF MARCH 25, 2026

Source text: ID:nBSER8m3b

Further company coverage: TISC.NS

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March 24 (Reuters) - Tata Steel Ltd TISC.NS:

• ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS PTE.

• ACQUIRED SHARES AGGREGATING TO $180 MILLION

Source text: ID:nBSE2gPlgb

Further company coverage: TISC.NS

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March 20 (Reuters) - Tata Steel Ltd TISC.NS:

• INAUGURATES ITS FIRST SCRAP-BASED ELECTRIC ARC FURNACE IN INDIA

Source text: ID:nBSEC8STV

Further company coverage: TISC.NS

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By Neha Arora

NEW DELHI, March 16 (Reuters) - Mounting gas shortages have disrupted operations at some steel plants of India's top metals conglomerate JSW Group, with one unit facing a potential shutdown in the coming days, according to an internal note seen by Reuters.

India, the world's second-largest crude steel producer, is facing its worst gas crisis in decades after the Middle East conflict disrupted supply routes.

JSW said in the note that disruptions to fuel supplies and maritime operations were starting to affect its operational stability and supply chain. As a result JSW Steel Coated Products risked missing sales and supply obligations for tinplate under the government's production-linked incentive scheme and has requested a six-month extension, it added.

"JSW has also received force majeure notice from one of its key suppliers - Petronet LNG Ltd owing to Middle East crisis affecting LNG shipment," the note said.

JSW did not immediately respond to a request for comment.

HUGE ADVERSE IMPACT

In a separate letter, also seen by Reuters, to the federal steel secretary dated March 7, the Indian Steel Association said a shortfall of propane and liquefied petroleum gas affected the entire value chain and would have a "huge adverse impact" on steel-based micro, small and medium enterprises and their ancillary units, which employ a large workforce.

JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS are among the ISA's members.

India has invoked emergency measures, restricting natural gas use to priority sectors after liquefied natural gas shipments through the Strait of Hormuz were disrupted by the conflict.

The ISA has asked the government to fast-track subsidised spot imports from non-Middle East sources and ensure priority allocation to steel and allied industrial clusters.

The steel association did not immediately respond to a request for comment.

India's small steel producers have warned of production halts because of gas shortages, Reuters reported last week.

(Reporting by Neha Arora; editing by Mayank Bhardwaj, Kirsten Donovan)

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Adds share reaction in paragraph 12

By Aditya Kalra

NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per metric ton.

Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.

Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.

The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.

The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.

The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.

Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence that underpin CCI's investigation findings.

Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.

The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.

After the Reuters story, shares of Shree Digvijay extended losses to fall as much as 5.4%, while India Cements was down 4.4% and Dalmia Bharat down 3.5%.

'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'

While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.

"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.

In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.

Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.

For example, the 2018 tender for 170,000 tons of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per ton with taxes, for different states.

That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.

India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".

"The financial bid was also supported by the numerology factor of 7", the company letter stated.

SUBMITTING BIDS TOGETHER

The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.

The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".

Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.

Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.

Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.

TARGETING FOREIGN FIRMS

Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.

They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.

Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.

The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.

In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."

The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.

(Reporting by Aditya Kalra; Editing by Sam Holmes)

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March 7 (Reuters) - The British government has made a proposal to pay compensation to British Steel's Chinese owner Jingye Group 600768.SS in a bid to unlock the impasse over the future of the UK's second-biggest steel producer, Sky News reported on Saturday.

The offer, which had been made in the last fortnight, is understood to have been worth less than 100 million pounds ($134.11 million), Sky News said, citing officials.

Reuters could not immediately verify the report.

($1 = 0.7457 pounds)

(Reporting by Disha Mishra in Bengaluru
Editing by Tomasz Janowski)

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Feb 27 (Reuters) - Tata Steel Ltd TISC.NS:

• SALE OF FERRO ALLOY PLANT AT JAJPUR FOR 6.1 BILLION RUPEES

Source text: ID:nBSE4tRWt4

Further company coverage: TISC.NS

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Feb 26 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - ACQUIRED SHARES OF T STEEL HOLDINGS WORTH UPTO USD 264 MILLION

Source text: ID:nBSE3hc5jS

Further company coverage: TISC.NS

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Feb 24 (Reuters) - Indian salt-to-software Tata conglomerate's executive chairman N Chandrasekaran has sought a deferment of discussion on his reappointment, after disagreements broke out in the board meeting of Tata Sons on Tuesday, the Economic Times reported, citing people familiar with the matter.

Tata Sons did not immediately respond to a Reuters request for comment.

(Reporting by Chandini Monnappa and Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 9 (Reuters) - ** India's Tata Steel TISC.NS posted a profit beat on Friday as higher sales volumes helped cushion the impact from weak steel prices nL4N3Z2180

** TISC shares up 0.7% at 198.37 rupees

IMPORT CURBS LIFT VOLUME, PRICE OUTLOOK

** ICICI Securities ("Buy," PT: raised to 226 rupees) says import safeguards will help boost prices across its domestic and European businesses, thereby boosting TISC's profitability

** Nomura ("Buy," PT: raised to 220 rupees) sees EU's carbon border tariff and potential import restrictions by UK, aiding prices for TISC's Dutch and British operations

** Motilal Oswal ("Buy," PT: raised to 240 rupees) sees lower fixed costs for European operations supporting profitability

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 6 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL EXEC: STEEL PRICES REBOUNDING SINCE MID-DEC AFTER INDIA'S SAFEGUARD LEVIES

• TATA STEEL EXEC: PLANNING TO SET UP CRGO STEEL PLANT IN JAMSHEDPUR

Source text: [ID:]

Further company coverage: TISC.NS

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