Tata Technologies

Aug 7 (Reuters) - HONDA MOTOR CO., LTD. 7267.T:

• HONDA HAS OUTSOURCED PART OF ITS VEHICLE PLATFORM DEVELOPMENT TO TATA TECHNOLOGIES, NIKKEI SAYS

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Further company coverage: 7267.T

** Engineering services firm Tata Technologies shares TATE.NS rise as much as 6.75% to 804.9 rupees, highest in 18 months

** Bloomberg reports Japan's Honda Motor Co has outsourced its new vehicle program to TATE to cut costs

** TATE and Honda did not immediately respond to email seeking confirmation of the report

** Trading volume on TATE was about 7.79 million shares as of 3 p.m. IST, nearly seven times the 30-day average, according to data compiled by LSEG

** TATE shares are up about 25% in 2026 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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July 17 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES Q1 CONSOL NET PROFIT 1.81 BILLION RUPEES

• TATA TECHNOLOGIES Q1 CONSOL REVENUE FROM OPERATIONS 16.65 BILLION RUPEES

Source text: ID:nnAZN4T8FND

Further company coverage: TATE.NS

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** Shares of Tata Technologies TATE.NS rise 2.8% to 689.05 rupees

** TATE and Tenneco LLC partner for mobility transformation

** Tenneco expected to make an investment of over $100 mln in this engagement over the next five years, TATE says

** Stock set to snap five session losing streak

** YTD, TATE up ~8%

(Reporting by Vijay Malkar)

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July 1 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES - TENNECO AND TATA TECHNOLOGIES ANNOUNCE $100 MILLION STRATEGIC ENGAGEMENT

• TATA TECHNOLOGIES - TENNECO TO INVEST OVER $100 MILLION IN PARTNERSHIP OVER NEXT FIVE YEARS

Source text: ID:nBSEbjLVXQ

Further company coverage: TATE.NS

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June 1 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES - SECURES SAP PARTNEREDGE SELL AUTHORIZATION IN INDIA AND UNITED STATES

Source text: ID:nBSE1rg0wQ

Further company coverage: TATE.NS

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** Shares of Tata Technologies up 8.5% to 641.5 rupees; highest since February 6

** Engineering research and development firm posts 8.1% rise in Q4 profit to 2.04 billion rupees ($21.39 million)

** Co's revenue rises 22.29% to 15.72 billion rupees

** Profit was helped by a one-time gain of 561.3 million rupees from partial reversal of charges related to India's labour codes

** Co expects double-digit organic growth in fiscal year 2027, chief executive officer Warren Harris said

** BofA ("Neutral"; PO: 595 rupees) notes growth was well-distributed across anchor customers and other segments, with aerospace and industrial heavy machinery showing strong momentum

** Stock rated as "Sell" on average by 13 analysts; median PT at 550 rupees per data compiled by LSEG

** YTD, stock down 2.9%

($1 = 95.3675 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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May 4 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - RECOMMENDS FINAL DIVIDEND OF 8.35 RUPEES AND SPECIAL DIVIDEND OF 3.35 RUPEES

• TATA TECHNOLOGIES Q4 CONSOL NET PROFIT 2.04 BILLION RUPEES

• TATA TECHNOLOGIES Q4 CONSOL REVENUE FROM OPERATIONS 15.72 BILLION RUPEES

Source text: ID:nNSEbHZT7Z

Further company coverage: TATE.NS

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March 2 (Reuters) - Tata Technologies Ltd TATE.NS:

• CO AND WITTENSTEIN ANNOUNCE STRATEGIC PARTNERSHIP

• PARTNERSHIP TO ADVANCE SOFTWARE-DEFINED VEHICLE DEVELOPMENT

Source text: ID:nBSEb83VjY

Further company coverage: TATE.NS

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Jan 16 (Reuters) - Engineering research and development (ER&D) firm Tata Technologies TATE.NS reported a 96% drop in third-quarter profit on Thursday, hurt primarily by a one-time charge tied to India's new labour codes, their largest such drop since the company's 2023 market debut.

Going forward, the firm is still "poised for a sharp acceleration in Q4," CEO Warren Harris said in a statement, expecting more than 10% sequential revenue growth.

The Tata group company, which counts Jaguar Land Rover and Tata Motors TAMO.NS among its largest clients, said consolidated net profit fell to 66.4 million rupees ($731,036) in the October-December period from 1.69 billion rupees a year earlier.

Tata Technologies booked a one‑time exceptional charge of 1.4 billion rupees in the quarter after India notified new labour codes, which raised its gratuity and leave‑related liabilities.

The codes, which came into effect in November, require employee wages to be at least 50% of cost to company, and benefits like provident fund and gratuity to be determined based on wages.

Previously, companies like TCS TCS.NS and HCLTech HCLT.NS have reported similar one-time charges to factor in the new labour codes, while peer ER&D firm Tata Elxsi TTEX.NS's profit was hit by it.

Tata Technologies had said in October it expected short-term tactical challenges and margin pressure in the third quarter, due to "near-term temporary headwinds" and salary hikes.

"Margin headwinds from Q3 are behind us, and we expect to return to—and exceed—the Q2 adjusted margin run-rate," CFO Uttam Gujrati said.

Revenue from its services segment, making up 77% of overall revenue, rose 4.7%, while technology solutions revenue remained flat.

The company's overall revenue rose 3.7% to 13.66 billion rupees.

($1 = 90.8300 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Ronojoy Mazumdar)

((aleefjahan.cs@thomsonreuters.com))

Corrects bullet 6 to say J.P. Morgan's price target for KPIT Technologies is 1,400 rupees, not 4,800 rupees

** Shares of Indian software engineering firms Tata Technologies TATE.NS and Tata Elxsi TTEX.NS jump 4% and 8%, respectively

** J.P.Morgan upgrades both stocks to "Neutral" from "underweight" as automaker clients resume R&D programs after trade deals ease tariff uncertainties

** Work on projects won in 2025 to ramp up this year, brokerage says, with Europe, APAC clients leading demand recovery

** Auto investments focused on hybrids, brokerage notes, with EVs set to recover in the medium term

** As demand recovers, brokerage lifts PT on TATE to 710 rupees from 570 rupees; TTEX's PT raised to 4,800 rupees from 4,000 rupees

** However, KPIT Technologies KPIE.NS ("Overweight," PT: 1,400 rupees) remains JPM's top pick in sector; currently up 4.3%

** TTEX, TATE had underperformed Nifty IT .NIFTYIT index in 2025 on demand worries

** In 2025, TATE dropped 28%, TTEX was down 23% and KPIE fell 20% vs IT index's 13% fall

(Reporting by Nandan Mandayam in Bengaluru)

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Add details from paragraph 3

By Vivek Kumar M and Yagnoseni Das

Oct 13 (Reuters) - Tata Capital TATC.NS, India's third-largest non-bank lender by revenue, was muted in its debut trade on Monday, valuing the firm at 1.4 trillion rupees ($15.78 billion), with investors seemingly not that keen on the first listing by the storied Tata Group in nearly two years.

Tata Capital's subdued debut has come in a busy IPO market, where analysts say investors appear to be favouring LG Electronics India's LGEL.NS $1.3-billion share sale as they expect stronger listing gains and near-term growth, helped by recent tax cuts.

As of 10:57 am, Tata Capital shares traded at 329.8 rupees, slightly higher than their offer price of 326 rupees. Its market capitalization at the current price trails Bajaj Finance BJFN.NS and Jio Financial Services >, which are valued at $72 billion and $22 billion, respectively.

Tata Capital's IPO was fairly priced but the lack of a major valuation discount to its listed peers was one of the key factors for the tepid response, said Ambareesh Baliga, an independent market analyst.

"This is probably the first time we have seen such muted demand for an IPO from Tata Group," Baliga said.

Strong interest in LG Electronics India's IPO and negative news surrounding the Tata Group, including boardroom turmoil, also weighed on demand for Tata Capital's share sale, said Dhiraj Relli, CEO at HDFC Securities.

Last week, while Tata Capital got bids worth $2.9 billion for its IPO, LG Electronics India's public issue, which opened a day later, received nearly $50 billion worth of bids.

LG will start trading on October 14, while WeWork India, which made its debut last week, fell as much as 5.2% as investors stayed wary of its steep valuation and governance risks.

The last IPO from the salt-to-software Tata Group was by engineering and technology services provider Tata Technologies TATE.NS in November 2023, which listed at a premium of 140% to its issue price.

($1 = 88.7420 Indian rupees)

(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

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Oct 9 (Reuters) - Indian engineering research and development (ER&D) firm Tata Elxsi TTEL.NS reported a fourth straight quarter of widening profit fall on Thursday, as its key transportation business declined amid uncertain markets and geopolitical tensions.

The company, which relies heavily on the auto industry, said net profit fell 32.5% to 1.55 billion rupees ($17.46 million) in the July-September period year-on-year. In the previous three quarters, it had reported a profit fall of between 3.6% and 21.6%.

ER&D firms, which depend on work outsourced by U.S. and European clients, have been under pressure as global automotive clients cut back on investments and R&D spending, reeling from the impact of U.S. tariffs, according to analysts.

Tata Elxsi, which counts Jaguar Land Rover (JLR) among its largest clients, said in July that industry- and customer-specific issues had affected R&D spending and decision-making cycles across geographies.

It added that the global automotive industry remains in flux amid uncertainties surrounding the Chinese market and tariffs, casting a cloud over clients’ R&D plans, while major auto parts makers continue to face challenges.

JLR's temporary production shutdown following a September cyber attack in Britain is also expected to weigh on Tata Elxsi’s quarterly revenue, analysts had said ahead of the results.

Revenue from the transportation segment - Tata Elxsi's biggest - fell 9.9% year-on-year in the second quarter. The segment provides software and engineering services to auto and auto parts makers, including design of parts and technologies.

Its core profit margin came in at 21.1% in the quarter, down from 27.9% a year ago, but bigger than the 20.9% of last quarter.

Overall revenue fell by 3.9% to 9.18 billion rupees.

Shares of the company closed 2.1% higher ahead of results.

($1 = 88.7830 Indian rupees)

(Reporting by Aleef Jahan, Komal Salecha; Editing by Harikrishnan Nair)

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** Tata Technologies TATE.NS gains 2.9% to 737.5 rupees, a more than 4-week high

** Engineering, research and development firm posts smaller-than-expected Q1 revenue drop on deal wins

** Optimistic about sequential recovery in Q2, stronger H2 FY26

** However, ICICI Securities expects FY26 growth to likely be weak; maintains "sell" at PT of 510 rupees

** Models a 1.5% y/y USD dip in FY26 vs co's double-digit revenue growth aspiration

** Stock rated "sell" on avg; median PT is 640 rupees, per data compiled by LSEG

** YTD, TATE down ~17%

(Reporting by Aleef Jahan in Bengaluru)

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** India's Tata Technologies TATE.NS down 4.7% following large block deal

** Around 16 million shares, representing 3.95% stake in co, change hands, as per LSEG

** TPG Rise Climate, which holds 6.01% stake in TATE, likely seller, as per media report

** Shares sold at 676 rupees, a discount of 4.2% to Monday's closing price

** YTD, TATE down 25.6%

(Reporting by Vivek Kumar M)

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April 25 (Reuters) - India's Tata Technologies TATE.NS reported a smaller-than-expected revenue for the fourth quarter, hurt by slowing global demand for electric vehicles.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers.

The company's consolidated revenue from operations dropped 1.2% to 12.86 billion rupees ($150.6 million) in the January-to-March quarter.

Analysts, on average, had expected revenue of 13.13 billion rupees, as per data compiled by LSEG.

Revenue from its technology solutions segment dipped 14.5%, while its services segment revenue rose 2.9%.

Engineering, research, and development (ER&D) firms have been grappling with slower decision-making in the auto sector, largely driven by concerns over U.S. tariffs, weak auto growth in China, sluggish EV adoption and automakers scaling down electrification targets as a result.

Fellow Tata Group company and peer Tata Elxsi TTEX.NS, earlier in the month, missed quarterly estimates as its top customers in the auto industry paused a number of projects due to tariff issues.

Tata Technologies' net profit rose to 1.89 billion rupees from 1.57 billion rupees a year ago, helped by an uptick in its other income.

Shares of the company closed 3.4% lower ahead of results.

($1 = 85.4210 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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Jan 31 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - REPORTS RANSOMWARE INCIDENT AFFECTING IT ASSETS

• TATA TECHNOLOGIES LTD - IT SERVICES WERE TEMPORARILY SUSPENDED AND NOW RESTORED

• TATA TECHNOLOGIES LTD - CLIENT DELIVERY SERVICES REMAIN FULLY FUNCTIONAL AND UNAFFECTED

Source text: ID:nNSE4HfLzn

Further company coverage: TATE.NS

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Jan 21 (Reuters) - India's Tata Technologies TATE.NS reported a bigger-than-expected third-quarter profit, aided by improved demand in its services and technology segments.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers.

Consolidated profit after tax fell marginally to 1.69 billion rupees ($19.52 million) in the October-December quarter, from 1.70 billion rupees a year ago.

Analysts, on average, expected a profit of 1.61 billion rupees, as per data compiled by LSEG.

Its services segment revenue - which contributes over 78% to the total - grew 1%, while the smaller technology solutions segment grew 6%.

Engineering, research and design (ER&D) services, which include technology support to industries such as transportation and communications, contribute a sixth of the revenue to India's $254 billion technology sector.

Companies such as Tata Technologies and Tata Elxsi TTEX.NS are expected to benefit from the ER&D sector quadrupling to as much as $170 billion between 2023 and 2030, India's National Association of Software and Service Companies said.

Tata Technologies' revenue rose 2% to 13.17 billion rupees in the third quarter, slightly ahead of analysts' estimate of 13.11 billion rupees.

However, total expenses rose 7% as the company spent more on technology upgrades.

Shares of the company closed 0.5% higher ahead of results.

($1 = 86.5810 Indian rupees)

(Reporting by Aleef Jahan and Ashna Teresa Britto in Bengaluru; Editing by Eileen Soreng)

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Jan 7 (Reuters) - Tata Technologies Ltd TATE.NS:

• CO AND TELECHIPS SIGN MOU

• COLLABORATION TO FOCUS ON ADAS, AUTOMOTIVE COCKPIT, GATEWAY CONTROLLERS

Source text: ID:nBSE9sslbb

Further company coverage: TATE.NS

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Nov 20 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - SIGNS MOA FOR ITI UPGRADE PROJECT IN TRIPURA

• TATA TECHNOLOGIES LTD - TOTAL CONTRACT VALUE 956.5 MILLION RUPEES EXCLUDING GST

Further company coverage: TATE.NS

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Oct 28 (Reuters) - India's Tata Technologies TATE.NS reported a drop in profit for the third consecutive quarter, hurt by slowing global demand for electric vehicles.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers. Indian EV market leader Tata Motors TAMO.NS is its parent and also its top client.

Its consolidated profit after tax dropped 2% to 1.57 billion rupees in the July-September quarter. However, this was also its slowest decline in the three quarters when profits have fallen.

Use of electric vehicles has grown rapidly in recent years to account for 2% of India's annual sales of 4.2 million cars, but sales growth is now faltering, which analysts blame on high prices and a lack of charging facilities.

Globally too, some car makers are cutting back on their previous EV targets as consumers opt for hybrid vehicles that are cheaper than their electric counterparts.

Tata Technologies' revenue rose 2% to 1.30 billion rupees in the second quarter, while expenses grew about 1%.

"We are confident that the second half of the fiscal year will show stronger performance compared to the first half," CEO Warren Harris said.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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NEW DELHI, Oct 11 (Reuters) - Noel Tata was appointed on Friday as chairman of Indian conglomerate Tata group's philanthropic arm Tata Trusts, the CNBC TV18 channel reported, succeeding his half brother Ratan who died this week aged 86.

(Reporting by Tanvi Mehta; Editing by YP Rajesh)

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Updates, adds Bill Gates quote in paragraph 8, funeral details in 9-12

By Tanvi Mehta

NEW DELHI, Oct 10 (Reuters) - India bade farewell on Thursday to one of its most respected corporate leaders - Ratan Tata, who expanded companies under his brand name into a global behemoth spanning multiple industries.

Ahead of a state funeral, hundreds of people including corporate leaders, politicians and celebrities gathered in India's financial hub Mumbai to pay their last respects to Tata, who died aged 86 on Wednesday.

Known for his exemplary business acumen and philanthropic nature, Tata as chairman led various companies within the Tata conglomerate for more than 20 years. It recorded revenue of $165 billion in 2023-24.

Although in recent years Tata was not as active in the day-to-day running of the group, he was consulted on big decisions by the Tata Sons leadership, a senior company executive told Reuters.

Tata had been in a Mumbai hospital since Monday, but the cause of his death was not immediately made public.

After his death, tributes poured in from around the world, underlining a popularity that transcended boundaries and generations.

"India and the world have lost a giant with a giant heart," U.S. Ambassador Eric Garcetti said on X regarding Tata, who was awarded the Padma Vibhushan, India's second highest civilian honour.

Billionaire philanthropist Bill Gates said on LinkedIn:

"Ratan Tata was a visionary leader whose dedication to improving lives left an indelible mark on India—and the world... His loss will be felt around the world for years to come, but I know the legacy he left and example he set will continue to inspire generations."

Draped in the Indian national flag, Ratan Tata's body was kept at a cultural centre in Mumbai before being cremated with full state honours.

Reliance Industries Chairman Mukesh Ambani, Tata Sons' N. Chandrasekaran and Aditya Birla Group's Kumar Mangalam Birla were among business leaders who paid their last respects.

Other attendees included India's Home Minister Amit Shah, central bank governor Shaktikanta Das, cricketer Sachin Tendulkar and actor Aamir Khan.

A licensed pilot who would occasionally fly the company plane, Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.

His love for animals led him to start the Small Animal Hospital in Mumbai and he often used social media to voice his concern for stray animals. His pet dog was brought to the funeral.

"We will remember his legacy of transformative giving to Cornell," his alma mater Cornell University said on X, calling Tata their most generous international donor.

(Reporting by Tanvi Mehta; editing by Michael Perry and Mark Heinrich)

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Oct 9 (Reuters) -

• CHAIRMAN EMERITUS OF INDIA'S TATA GROUP RATAN TATA IN CRITICAL CONDITION IN INTENSIVE CARE IN MUMBAI HOSPITAL- SOURCES

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Oct 8 (Reuters) - Tata Technologies Ltd TATE.NS:

• BMW HOLDING B.V. COMPLETED INVESTMENT IN SHARE CAPITAL OF BTIPL

Source text for Eikon: [ID:]

Further company coverage: TATE.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 20(Reuters Breakingviews) - Prime Minister Narendra Modi has spent much of the past decade lowering barriers to foreign investment in India. Yet a growing list of firms including BlackRock BLK.N, BMW BMWG.DE and Shein are expanding in the country in partnership with local tycoons. It tightens the grip powerful families have on the world’s fifth-largest economy, and sets them up as future global rivals to those knocking on their door.

On paper, the once-markedly socialist country is open for business. Its craving for capital is strong. Overseas companies in most sectors are free to enter the market on their own, unlike in China, where large swathes of the economy were kept off limits and where some sectors, like autos, were opened up on the condition that foreign companies found local partners.

The problem is, India’s federal political system and sheer cultural and geographical diversity means it remains a tricky place for international companies. Powerful families offer a shortcut to establishing a nationwide footprint, avoiding cut-throat domestic competition, or achieving both of those things.

BlackRock’s decision to re-enter India exemplifies the dilemma. The company run by Larry Fink, which manages over $10 trillion, is in the process of teaming up with Mukesh Ambani’s Jio Financial Services JIOF.NS in asset and wealth management. The U.S. company exited an Indian joint venture with DSP in 2018 because it didn’t have a path to control.

Fink is unlikely to have a path to control with Jio but the rapid financialisation of savings in recent years means the market is too attractive for BlackRock to ignore. Partnering with a tycoon is less risky for the U.S. company than trying to beat India’s richest man who wants to push into financial services and is known for obliterating competition.

The desire of foreign companies to defend their market position in India partly explains their rush to subscribe to fundraisings by Reliance’s RS.N business units in 2020. These include Facebook-owner Meta Platforms' META.O $5.7 billion purchase of a 10% stake in Reliance’s digital and telecoms business. India remains open for U.S. Big Tech but Indian companies are also flexing their muscles more in digital businesses from telecoms to e-commerce as more Indians get smartphones.

Elsewhere, New Delhi is encouraging partnerships through subsidies in its flagship production-linked incentive scheme to spur manufacturing. This allows the government to dictate which foreign companies team up with which Indian families to be the next leaders in future industries.

Taiwan’s Hon Hai Precision Industry 2317.TW, more widely known as Foxconn, pulled out of a joint venture last year to make chips with Anil Agarwal’s Vedanta VDAN.NS after widespread concerns about the Indian company’s debt and its ability to fund investments. Meanwhile, global companies like French oil giant TotalEnergies TTEF.PA are burnishing their green credentials by partnering with Indian tycoon Gautam Adani, who has big ambitions in renewable energy. Smoother access to subsidies is one reason companies including Japan’s Fujifilm 4901.T are scouting for local partners before they start production in India.

It’s significant that many of the new partnerships are in the realm of technology. Adani’s group will work with Israel’s Tower Semiconductor TSEM.TA to build a chip fabrication plant; German carmaker BMW and Tata Technologies TATE.NS plan to leverage Indian talent in IT to develop intellectual property that will drive cars of the future.

While India’s approach to inward investment differs from China’s in many ways, the country desires the same thing as its neighbour wanted from foreign multinationals: know-how.

The government yearns for the South Asian nation to become a manufacturing powerhouse. India’s leading business families also want to dominate in their home market and to break out as leaders on the global stage. After picking up a stake in UK telecom operator BT BT.L last month, Bharti Enterprises Chair Sunil Bharti Mittal told journalists India's government is continuously encouraging a handful of companies which have gone global to accelerate the process.

That sets up the potential for at least some of the new Indian alliances to sour, just as several Chinese joint ventures did. True, some foreign companies that ventured into the People’s Republic simply failed to keep up with fast-changing local consumer preferences. Others, though, said they were pressured into handing over technology to their private or state-backed joint venture partners, to local officials or to Chinese regulators as a condition for doing in business in the world’s second-largest economy.

That complaint took centre stage in a trade war launched in 2018 by then U.S. President Donald Trump. When Stellantis STLAM.MI ended its joint venture with Guangzhou Automobile Group 601238.SS in 2022, the European carmaker’s CEO Carlos Tavares blamed rising “political influence” in doing business with partners in China.

It is therefore perhaps unsurprising that Chinese companies have the least freedom to operate on their own in India. The government turned up the heat on companies from the People’s Republic after a deadly skirmish between the two countries’ militaries along the Himalayan border in 2020. This tension has resulted in some particularly eye-catching joint ventures struck by Chinese companies that want to continue to expand in the fast-growing Indian market.

Four years after New Delhi banned Shein’s app, the fast-fashion company which was founded in China is back in partnership with Ambani’s $240 billion Reliance Industries. Together they plan to digitise the supply chains of the conglomerate’s retailer, manufacture goods and export them to the world. Similarly, less than two years since India launched an investigation into a local unit of Chinese automotive giant SAIC Motor 600104.SS, the company finalised a joint venture in March to sell its MG-branded cars in partnership with Sajjan Jindal’s JSW Group.

New arrivals at least have some examples of successful foreign joint ventures in India to aspire to. Take $46 billion Maruti Suzuki MRTI.NS, purveyor of 40% of the country’s cars. This partnership with Japan’s Suzuki Motor 7269.T has delivered yearly returns to shareholders over the past decade, including dividends, which exceed those of the benchmark Nifty 50 Index. Meanwhile, Adani Wilmar ADAW.NS, the Adani group’s partnership with Singapore’s Wilmar WLIL.SI, established a quarter of a century ago, is behind India’s largest selling edible oil brand.

Outside of joint ventures, some foreign companies have had more luck than others on their own in India. South Korea’s Samsung 005930.KS has had remarkable success selling smartphones and held a leading position in the consumer electronics market for a long time, but British telecom operator Vodafone VOD.L struggled with a price war and merged with India’s Idea Cellular in 2018. Whether or not India is open for business, foreign business alliances are accumulating even more power in the hands of the country’s leading tycoons.

Follow @ShritamaBose on X

(Editing by Una Galani and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/
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** Shares of Tata Technologies TATE.NS up 2.7%; among top gainers in Nifty mid-cap index .NIFMDCP100

** About 2.5 mln shares changed hands in multiple block deals as per LSEG

** Overall 13.3 mln shares change hands, sees most active session so far this year

** Stock down 12.7% YTD, eighth top loser in mid-cap 100 index, which is up 27.4%

(Reporting by Sethuraman NR in Bengaluru)

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BENGALURU, July 18 (Reuters) - India's Tata Technologies TATE.NS reported a 15% fall in first-quarter profit on Thursday, hurt by declining revenue from its services segment and higher expenses.

The company, which provides engineering and technology services to auto, aero and heavy machinery makers, said its consolidated net profit after tax declined to 1.62 billion rupees (around $19 million) in the quarter ended June 30 from 1.92 billion rupees earlier.

Analysts' notes point towards a heavy dependence on client orders, including from major ones such as parent Tata Motors - which dominates India's small but growing EV market - and Vietnamese EV company VinFast 0TL.F.

Revenue from VinFast, however, declined in the preceding quarters, with analysts saying the effects of the cut would have "bottomed out" in the April-June quarter.

Tata Technologies' profit fell 27% in the quarter ended March 31 due to similar reasons.

Revenue from its services segment fell 0.5% in the quarter, while its smaller technology solutions segment's revenue grew 6%.

Overall revenue for the June quarter rose just 0.3%, and, together with a 12% rise in expenses, hit the company's bottomline.

While the company did not provide a breakdown of the revenue decline from VinFast, CEO and Managing Director Warren Harris said in a statement that the VinFast transition is now largely behind and added he expects the sequential revenue growth in the services business to accelerate from the current quarter.

The June quarter marks the third quarterly earnings for the Tata Motors TAMO.NS unit, which went public in a smashing debut in November at a valuation of $6.4 billion.

($1 = 83.6130 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman )

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June 18 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES COLLABORATES WITH MICROSOFT AND TATA MOTORS

Source text for Eikon: ID:nBSE13GmmN

Further company coverage: TATE.NS

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