TCS
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By Jayshree P Upadhyay
MUMBAI, Oct 6 (Reuters) - Four trustees of the Tata charities that control the group have accused two fellow trustees of breaking with their long-held opposition to listing Tata Sons, two sources familiar with a letter sent on Monday said, deepening a dispute at the top of the $277 billion Tata empire.
Tata Sons, the holding company of 26 publicly listed Tata Group companies, is at the centre of a dispute with Tata Trusts, which owns 66% of the company.
In the letter to trustees Venu Srinivasan and Vijay Singh, Noel Tata, his son Neville Tata, senior lawyer Darius Khambata and longtime Tata executive Bhaskar Bhat said exploring ways to keep Tata Sons unlisted was consistent with positions previously approved by the seven charitable trusts that control the company, the sources, who read out contents of the letter to Reuters, said.
The letter was dated October 5, they added. The sources declined to be named as the contents of the letter are not public.
Srinivasan and Singh did not immediately respond to text messages seeking comment. A spokesperson for Tata Trusts did not respond to an email seeking comments.
The authors of the letter have argued the issue of keeping Tata Sons unlisted had been debated and endorsed on multiple occasions and said a recent proposal to restructure Tata Sons was being considered after India's central bank rejected the conglomerate's request for an exemption from rules that would require it to list, the two sources said.
"They also said that trust was not interfering in the affairs of Sons and only voicing opinions on company's listing as controlling shareholders," one of the two sources said.
Reuters reported last week that fault lines had emerged among trustees over proposals that could allow Tata Sons to avoid a stock market listing, while separate complaints have also raised broader governance concerns within the trusts.
(Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
By Jayshree P Upadhyay
MUMBAI, Oct 6 (Reuters) - Four trustees of the Tata charities that control the group have accused two fellow trustees of breaking with their long-held opposition to listing Tata Sons, two sources familiar with a letter sent on Monday said, deepening a dispute at the top of the $277 billion Tata empire.
Tata Sons, the holding company of 26 publicly listed Tata Group companies, is at the centre of a dispute with Tata Trusts, which owns 66% of the company.
In the letter to trustees Venu Srinivasan and Vijay Singh, Noel Tata, his son Neville Tata, senior lawyer Darius Khambata and longtime Tata executive Bhaskar Bhat said exploring ways to keep Tata Sons unlisted was consistent with positions previously approved by the seven charitable trusts that control the company, the sources, who read out contents of the letter to Reuters, said.
The letter was dated October 5, they added. The sources declined to be named as the contents of the letter are not public.
Srinivasan and Singh did not immediately respond to text messages seeking comment. A spokesperson for Tata Trusts did not respond to an email seeking comments.
The authors of the letter have argued the issue of keeping Tata Sons unlisted had been debated and endorsed on multiple occasions and said a recent proposal to restructure Tata Sons was being considered after India's central bank rejected the conglomerate's request for an exemption from rules that would require it to list, the two sources said.
"They also said that trust was not interfering in the affairs of Sons and only voicing opinions on company's listing as controlling shareholders," one of the two sources said.
Reuters reported last week that fault lines had emerged among trustees over proposals that could allow Tata Sons to avoid a stock market listing, while separate complaints have also raised broader governance concerns within the trusts.
(Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adds details, comments and context from paragraph 2 onwards
Oct 5 (Reuters) - India's Nifty IT Index .NIFTYIT rose roughly 1.6% on Monday after IT services firm Accenture ACN.N forecast stronger-than-expected annual revenue growth, lifting sentiment toward the sector and easing concerns that AI-driven disruption could dent technology spending.
Accenture's results, often viewed as a bellwether for Indian IT companies, come as investors grapple with the implications of AI for the $315 billion sector.
While advances in AI have raised concerns that automation could disrupt the industry's labour-intensive business model, brokerages increasingly view enterprise-scale adoption of the technology as a major new growth opportunity as companies move beyond pilot projects and deploy AI across business functions.
Persistent Systems PERS.NS, Mphasis Limited MBFL.NS, Wipro WIPR.NS and Tata Consultancy Services TCS.NS were among the top gainers in the index on Monday, rising 3.1%, 1.1%, 2.1%, and 2.1%, respectively.
"For Indian IT services, elevated booking growth and continued revenue conversion, particularly in outsourcing, provide a positive read-through on enterprise IT spending," according to PL Capital analysts.
The Nifty IT index pared early gains and was up 0.4% as of 10:34 a.m. IST.
Accenture's comments on an increase in smaller deals and improving conversion of deal wins into revenue were seen as positive for Indian IT firms, signalling healthier demand and stronger execution.
"The sector (Indian IT services) is positioned for a gradual growth improvement as technology budgets normalise, while AI creates a new multi-year spending opportunity," says analysts at Centrum Institutional Research.
The IT index has fallen 24.5% year-to-date.
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; (+91) 8296756080))
Adds details, comments and context from paragraph 2 onwards
Oct 5 (Reuters) - India's Nifty IT Index .NIFTYIT rose roughly 1.6% on Monday after IT services firm Accenture ACN.N forecast stronger-than-expected annual revenue growth, lifting sentiment toward the sector and easing concerns that AI-driven disruption could dent technology spending.
Accenture's results, often viewed as a bellwether for Indian IT companies, come as investors grapple with the implications of AI for the $315 billion sector.
While advances in AI have raised concerns that automation could disrupt the industry's labour-intensive business model, brokerages increasingly view enterprise-scale adoption of the technology as a major new growth opportunity as companies move beyond pilot projects and deploy AI across business functions.
Persistent Systems PERS.NS, Mphasis Limited MBFL.NS, Wipro WIPR.NS and Tata Consultancy Services TCS.NS were among the top gainers in the index on Monday, rising 3.1%, 1.1%, 2.1%, and 2.1%, respectively.
"For Indian IT services, elevated booking growth and continued revenue conversion, particularly in outsourcing, provide a positive read-through on enterprise IT spending," according to PL Capital analysts.
The Nifty IT index pared early gains and was up 0.4% as of 10:34 a.m. IST.
Accenture's comments on an increase in smaller deals and improving conversion of deal wins into revenue were seen as positive for Indian IT firms, signalling healthier demand and stronger execution.
"The sector (Indian IT services) is positioned for a gradual growth improvement as technology budgets normalise, while AI creates a new multi-year spending opportunity," says analysts at Centrum Institutional Research.
The IT index has fallen 24.5% year-to-date.
(Reporting by Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; (+91) 8296756080))
Oct 1 (Reuters) -
TCS - BEST BUY’S GLOBAL CAPABILITY CENTER IN INDIA TO TRANSITION TO TCS
Source text: ID:nNSE63hJM4
Further company coverage: BBY.N
(([email protected];))
Oct 1 (Reuters) -
TCS - BEST BUY’S GLOBAL CAPABILITY CENTER IN INDIA TO TRANSITION TO TCS
Source text: ID:nNSE63hJM4
Further company coverage: BBY.N
(([email protected];))
Sept 29 (Reuters) - A potential Tata Sons listing and leadership transition at the Tata Group would not immediately affect ratings on its operating companies, ratings agency S&P Global said on Tuesday, adding that any changes to the conglomerate's financial policies are likely to be gradual.
(Reporting by Kashish Tandon in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected]; 8800437922;))
Sept 29 (Reuters) - A potential Tata Sons listing and leadership transition at the Tata Group would not immediately affect ratings on its operating companies, ratings agency S&P Global said on Tuesday, adding that any changes to the conglomerate's financial policies are likely to be gradual.
(Reporting by Kashish Tandon in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected]; 8800437922;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Sept 28 (Reuters Breakingviews) - A power struggle at India's Tata group may have another victim in Deutsche Bank. The German lender helped unlisted builder Shapoorji Pallonji group raise pricey debt which it's now trying to offload at a premium. That taps into hopes for an imminent listing of Tata's holding company, Tata Sons. Such an outcome will shore up the ability of SP group, owner of an 18% stake, to honour its borrowings in excess of 541 billion rupees ($5.64 billion). But the timing is less promising than it seems.
The 160-year-old construction group behind Mumbai's iconic Taj Mahal Palace Hotel ran into financial difficulties in 2020, as Covid disrupted cash flows. Its problems intensified through the last six years, pushing the SP group towards higher-cost funding sources.
Deutsche latched onto the lending opportunity as did private credit funds which have been warming up to India. In July, when SP group entities issued bonds worth 214 billion rupees, sole arranger Deutsche scooped up 29% of the offer, according to data from Tracxn. In May 2025, SP group raised 286 billion rupees, roughly $3 billion at current exchange rates, from Ares Management ARES.N, BlackRock BLK.N and others in India's largest ever onshore private credit transaction. Each of those notes is backed by shares in Tata Sons.
Now Deutsche is trying to offload three-year zero-coupon notes issued by Eqyizen Investment, a unit of the SP group, at a yield of up to 18.75%, down from 18.95% in July, according to a Reuters report citing unnamed merchant bankers. Yet the spat at Tata group which spilled into public this month muddies, rather than improves, SP's group's ability to honour its borrowings and monetise its Tata Sons holding which might be worth at least 250 billion rupees.
Although Tata Sons' chair, N. Chandrasekaran, supports a listing for the holding company he leads, the move is being forced upon the conglomerate by the Reserve Bank of India. And Noel Tata, chair of the Tata Trusts which owns 65% of Tata Sons, fiercely opposes both a listing and Chandra's leadership position at the holding company.
That could entangle the duo in legal battles and delay any capital markets debut. The power struggle also ought to make SP group's credit and its Tata Sons stake less attractive to investors and lenders because of the sheer official meddling in the Indian conglomerate.
The SP group is already seeking an extension to payments worth 35 billion rupees ($365 million) due on September 30. Until now, it has been able to keep deferring and gorging on increasingly expensive debt to stay afloat. But the struggle at Tata group could make it harder for SP group to refinance. That provides a strong incentive for Deutsche and other lenders to try and monetise their positions.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Deutsche Bank and other investors are offering rupee-denominated bonds of a Shapoorji Pallonji group firm at a premium, encouraged by the construction group's plans to sell part of its stake in Tata Sons, Reuters reported on September 21, citing three unnamed merchant bankers.
The SP group is also planning to seek an extension to a debt repayment worth around 35 billion rupees, which is due on September 30, the report added.
Tata Trusts on September 17 said the SP group proposed to sell part of its 18% stake worth 250 billion rupees in Tata Sons, the unlisted holding company of the wider steel-to-IT Tata conglomerate.
(Editing by Una Glani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Sept 28 (Reuters Breakingviews) - A power struggle at India's Tata group may have another victim in Deutsche Bank. The German lender helped unlisted builder Shapoorji Pallonji group raise pricey debt which it's now trying to offload at a premium. That taps into hopes for an imminent listing of Tata's holding company, Tata Sons. Such an outcome will shore up the ability of SP group, owner of an 18% stake, to honour its borrowings in excess of 541 billion rupees ($5.64 billion). But the timing is less promising than it seems.
The 160-year-old construction group behind Mumbai's iconic Taj Mahal Palace Hotel ran into financial difficulties in 2020, as Covid disrupted cash flows. Its problems intensified through the last six years, pushing the SP group towards higher-cost funding sources.
Deutsche latched onto the lending opportunity as did private credit funds which have been warming up to India. In July, when SP group entities issued bonds worth 214 billion rupees, sole arranger Deutsche scooped up 29% of the offer, according to data from Tracxn. In May 2025, SP group raised 286 billion rupees, roughly $3 billion at current exchange rates, from Ares Management ARES.N, BlackRock BLK.N and others in India's largest ever onshore private credit transaction. Each of those notes is backed by shares in Tata Sons.
Now Deutsche is trying to offload three-year zero-coupon notes issued by Eqyizen Investment, a unit of the SP group, at a yield of up to 18.75%, down from 18.95% in July, according to a Reuters report citing unnamed merchant bankers. Yet the spat at Tata group which spilled into public this month muddies, rather than improves, SP's group's ability to honour its borrowings and monetise its Tata Sons holding which might be worth at least 250 billion rupees.
Although Tata Sons' chair, N. Chandrasekaran, supports a listing for the holding company he leads, the move is being forced upon the conglomerate by the Reserve Bank of India. And Noel Tata, chair of the Tata Trusts which owns 65% of Tata Sons, fiercely opposes both a listing and Chandra's leadership position at the holding company.
That could entangle the duo in legal battles and delay any capital markets debut. The power struggle also ought to make SP group's credit and its Tata Sons stake less attractive to investors and lenders because of the sheer official meddling in the Indian conglomerate.
The SP group is already seeking an extension to payments worth 35 billion rupees ($365 million) due on September 30. Until now, it has been able to keep deferring and gorging on increasingly expensive debt to stay afloat. But the struggle at Tata group could make it harder for SP group to refinance. That provides a strong incentive for Deutsche and other lenders to try and monetise their positions.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Deutsche Bank and other investors are offering rupee-denominated bonds of a Shapoorji Pallonji group firm at a premium, encouraged by the construction group's plans to sell part of its stake in Tata Sons, Reuters reported on September 21, citing three unnamed merchant bankers.
The SP group is also planning to seek an extension to a debt repayment worth around 35 billion rupees, which is due on September 30, the report added.
Tata Trusts on September 17 said the SP group proposed to sell part of its 18% stake worth 250 billion rupees in Tata Sons, the unlisted holding company of the wider steel-to-IT Tata conglomerate.
(Editing by Una Glani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
By Jayshree P Upadhyay and Arpan Chaturvedi
MUMBAI, Sept 18 (Reuters) - India's Tata Group, which owns Jaguar Land Rover and Air India, is facing its worst crisis in years, pitting the board of its holding company against its controlling charity arm and raising questions about the future of the 158-year-old conglomerate.
Here is an explainer on the complex dispute that has embroiled the salt-to-aviation group, which has annual revenues of over $180 billion.
WHAT IS THE TUSSLE ABOUT?
Tata Sons and its controlling charity arm, Tata Trusts, have been at odds for months over issues including a potential listing of Tata Sons, Air India's mounting losses and a planned exit of a minority shareholder.
The board of Tata Sons, the group's holding company, reappointed Natarajan Chandrasekaran as its chairman for another five years on Thursday, despite opposition from the head of Tata Trusts.
After the decision, Tata Trusts publicly protested against Chandrasekaran's reappointment, calling it in breach of internal rules, and also opposing any stock market listing of Tata Sons, warning it would "destroy" the character of a group majority-owned by charities.
WHO RUNS POWERFUL TATA TRUSTS AND WHAT'S THE HISTORY?
Tata Trusts owns 66% of Tata Sons, and is led by Noel Tata, a member of the conglomerate's founding family.
Dividends received from the operating companies flow through the Trusts into public charity.
The Tatas are Parsis, descendants of Zoroastrians who fled Persia and are believed to have settled in western India from around the eighth century.
Chandrasekaran is not from the Tata family but joined the group in 1987.
IF TRUSTS ARE SO POWERFUL, WHY CAN'T THEY ASSERT THEIR DEMANDS?
The Tata Trusts have problems of their own that are currently blunting their control over the conglomerate.
The Trusts are an umbrella of affiliated charities, and one of the two biggest - Sir Ratan Tata Trust - alone owns 23.6% of Tata Sons. A charity regulator has barred that trust from convening its trustees in a dispute over how they were appointed, leaving it unable to take decisions.
On the face of it, the charity arm's 66% stake would let it override almost any decision of Tata Sons. But the regulatory bar means it cannot hold a meeting, and so cannot push its agenda for now.
HOW BIG IS THE TATA GROUP AND WHO ARE ITS CLIENTS?
Tata Group was founded in 1868 and operates in more than 100 countries across six continents.
Tata Sons controls more than 30 Tata companies including IT services firm Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS and one of the world's oldest steelmakers, Tata Steel TISC.NS. It counts Apple AAPL.O and Tesla TSLA.O among its clients, and Starbucks as its partner.
Tata companies generated combined revenue of $185 billion in the last financial year. Its 26 listed companies had a combined market capitalisation of $277 billion as of March 31, 2026, Tata's website says.
Each of these businesses runs with an independent board and management.
WHAT IS THE CHARITY ARM'S VIEW AND DISCONNECT WITH THE TATA SONS BOARD?
Tata Trusts has argued that a chairman's appointment and any decision on listing at Tata Sons required the vote of both Trusts nominees on the board - Noel Tata and Venu Srinivasan, the other key player in the saga.
Noel Tata disagreed with the chairman's reappointment, but Srinivasan did not - showing divisions within Trusts nominees.
Noel Tata is arguing the reappointment is illegal as the two trustee votes diverged. The Tata Sons view is there is nothing wrong as the reappointment was done through a majority vote.
WHY IS A PUBLIC LISTING SUCH A BIG STICKING POINT?
The dispute comes days after the Reserve Bank of India rejected Tata Sons' request for an exemption from rules that would require it to list.
The Tata Sons board is agreeable to a stock market listing, it decided during Thursday's board meeting, but Noel Tata is not.
In a statement late on Thursday, Tata Trusts said the holding company must explore alternatives, arguing the Tata operating structure was unique as its majority shareholder is a charity, and a "listing will destroy its character and strike at the heart of this principle."
Shapoorji Pallonji Group, the second-largest shareholder in Tata Sons, backed a potential listing of the holding company. The group is headed by Shapoor Mistry, whose sister is married to Noel Tata.
WHAT HAPPENS NOW?
Legal experts say Tata Trusts can approach a court to seek overturning the reappointment of the Tata Sons chairman and the board's decision to consider a stock market listing, despite the opposition of the majority shareholder.
Tata Trusts could also use an upcoming annual general meeting of Tata Sons in December to block Chandrasekaran's reappointment, but they first need to resolve their internal disputes.
(Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; +91-9833024892;))
By Jayshree P Upadhyay and Arpan Chaturvedi
MUMBAI, Sept 18 (Reuters) - India's Tata Group, which owns Jaguar Land Rover and Air India, is facing its worst crisis in years, pitting the board of its holding company against its controlling charity arm and raising questions about the future of the 158-year-old conglomerate.
Here is an explainer on the complex dispute that has embroiled the salt-to-aviation group, which has annual revenues of over $180 billion.
WHAT IS THE TUSSLE ABOUT?
Tata Sons and its controlling charity arm, Tata Trusts, have been at odds for months over issues including a potential listing of Tata Sons, Air India's mounting losses and a planned exit of a minority shareholder.
The board of Tata Sons, the group's holding company, reappointed Natarajan Chandrasekaran as its chairman for another five years on Thursday, despite opposition from the head of Tata Trusts.
After the decision, Tata Trusts publicly protested against Chandrasekaran's reappointment, calling it in breach of internal rules, and also opposing any stock market listing of Tata Sons, warning it would "destroy" the character of a group majority-owned by charities.
WHO RUNS POWERFUL TATA TRUSTS AND WHAT'S THE HISTORY?
Tata Trusts owns 66% of Tata Sons, and is led by Noel Tata, a member of the conglomerate's founding family.
Dividends received from the operating companies flow through the Trusts into public charity.
The Tatas are Parsis, descendants of Zoroastrians who fled Persia and are believed to have settled in western India from around the eighth century.
Chandrasekaran is not from the Tata family but joined the group in 1987.
IF TRUSTS ARE SO POWERFUL, WHY CAN'T THEY ASSERT THEIR DEMANDS?
The Tata Trusts have problems of their own that are currently blunting their control over the conglomerate.
The Trusts are an umbrella of affiliated charities, and one of the two biggest - Sir Ratan Tata Trust - alone owns 23.6% of Tata Sons. A charity regulator has barred that trust from convening its trustees in a dispute over how they were appointed, leaving it unable to take decisions.
On the face of it, the charity arm's 66% stake would let it override almost any decision of Tata Sons. But the regulatory bar means it cannot hold a meeting, and so cannot push its agenda for now.
HOW BIG IS THE TATA GROUP AND WHO ARE ITS CLIENTS?
Tata Group was founded in 1868 and operates in more than 100 countries across six continents.
Tata Sons controls more than 30 Tata companies including IT services firm Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS and one of the world's oldest steelmakers, Tata Steel TISC.NS. It counts Apple AAPL.O and Tesla TSLA.O among its clients, and Starbucks as its partner.
Tata companies generated combined revenue of $185 billion in the last financial year. Its 26 listed companies had a combined market capitalisation of $277 billion as of March 31, 2026, Tata's website says.
Each of these businesses runs with an independent board and management.
WHAT IS THE CHARITY ARM'S VIEW AND DISCONNECT WITH THE TATA SONS BOARD?
Tata Trusts has argued that a chairman's appointment and any decision on listing at Tata Sons required the vote of both Trusts nominees on the board - Noel Tata and Venu Srinivasan, the other key player in the saga.
Noel Tata disagreed with the chairman's reappointment, but Srinivasan did not - showing divisions within Trusts nominees.
Noel Tata is arguing the reappointment is illegal as the two trustee votes diverged. The Tata Sons view is there is nothing wrong as the reappointment was done through a majority vote.
WHY IS A PUBLIC LISTING SUCH A BIG STICKING POINT?
The dispute comes days after the Reserve Bank of India rejected Tata Sons' request for an exemption from rules that would require it to list.
The Tata Sons board is agreeable to a stock market listing, it decided during Thursday's board meeting, but Noel Tata is not.
In a statement late on Thursday, Tata Trusts said the holding company must explore alternatives, arguing the Tata operating structure was unique as its majority shareholder is a charity, and a "listing will destroy its character and strike at the heart of this principle."
Shapoorji Pallonji Group, the second-largest shareholder in Tata Sons, backed a potential listing of the holding company. The group is headed by Shapoor Mistry, whose sister is married to Noel Tata.
WHAT HAPPENS NOW?
Legal experts say Tata Trusts can approach a court to seek overturning the reappointment of the Tata Sons chairman and the board's decision to consider a stock market listing, despite the opposition of the majority shareholder.
Tata Trusts could also use an upcoming annual general meeting of Tata Sons in December to block Chandrasekaran's reappointment, but they first need to resolve their internal disputes.
(Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; +91-9833024892;))
Sept 17 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:
TATA TRUSTS MAINTAIN THAT RESOLUTION TO RE-APPOINT CHANDRASEKARAN AS CHAIRMAN, TATA SONS, IS ILLEGAL - NOEL TATA
TATA TRUST SAYS NOEL TATA, ONE OF TATA TRUSTS NOMINEE DIRECTORS, VOTED AGAINST PROPOSAL, IT WAS RENDERED LEGALLY VOID AND WITHOUT ANY BASIS
Further company coverage: TAMO.NS
(([email protected];))
Sept 17 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:
TATA TRUSTS MAINTAIN THAT RESOLUTION TO RE-APPOINT CHANDRASEKARAN AS CHAIRMAN, TATA SONS, IS ILLEGAL - NOEL TATA
TATA TRUST SAYS NOEL TATA, ONE OF TATA TRUSTS NOMINEE DIRECTORS, VOTED AGAINST PROPOSAL, IT WAS RENDERED LEGALLY VOID AND WITHOUT ANY BASIS
Further company coverage: TAMO.NS
(([email protected];))
Shares of Tata Chemicals jump 20% to 2-1/2-month high
Potential Tata Sons' listing may unlock value for group firms
Tata Sons has sought to remain privately held
Adds developments in paragraph 3, updates share movement
Sept 15 (Reuters) - Shares of several Tata Group companies jumped on Tuesday on renewed expectations that Tata Sons could eventually be listed, after India's central bank rejected the holding company's application to deregister as a non-bank lender.
A potential listing of Tata Sons, the holding company of 31 group companies, could unlock value and boost valuations for listed Tata companies, particularly those with stakes in the unlisted parent. Tata Chemicals, Tata Motors and Tata Investment are among the companies that own stakes in Tata Sons.
The Reserve Bank of India pre-emptively approached the courts seeking to be heard in any matter filed related to the potential listing, Reuters reported, citing a source directly familiar with the matter.
Disagreements between Tata Sons Chairman N Chandrasekaran and Tata Trusts, which owns 66% of the holding company, included a potential listing of Tata Sons, losses at Air India and the planned exit of a minority shareholder.
Last month, Tata Sons said Chandrasekaran would not seek reappointment, adding to uncertainty around the group's future leadership.
Shares of Tata Chemicals TTCH.NS jumped as much as 20% on Tuesday, while Tata Motors Passenger Vehicles TAMO.NS was up about 4%. Shares of Tata Investment TINV.NS advanced 11.5%.
Tata Chemicals, trading at its highest level in roughly 2-1/2 months, holds around 2.5% in Tata Sons, according to ICICI Securities.
The brokerage estimates the stake is worth 100 billion rupees to 150 billion rupees ($1.04 billion to $1.56 billion), close to Tata Chemicals' current market capitalisation, underscoring the potential for significant value unlocking.
ICICI Securities, however, said it expects a "prolonged legal battle", though the stock could remain in positive territory in the near term.
PRIVATELY HELD
The more than a century-old holding company, which had standalone assets totalling 1.75 trillion rupees as of March 2025, has sought to remain privately held.
Tata Sons is classified as a core investment company and is subject to RBI rules for non-bank lenders that require companies with assets exceeding 1 trillion rupees, or those with direct or indirect access to public funds, to be listed.
The company had also faced pressure from its stakeholders to go public, including the second-largest shareholder, Shapoorji Pallonji Group.
Two Tata trustees have supported the listing of Tata Sons in media interviews, arguing that expansion into new areas such as semiconductors will require large amounts of capital that cannot be generated internally.
($1 = 95.8600 Indian rupees)
(Reporting by Aishwarya Jain and Vivek Kumar M in Bengaluru; Writing by Abinaya V; Editing by Sonia Cheema and Sherry Jacob-Phillips)
(([email protected];))
Shares of Tata Chemicals jump 20% to 2-1/2-month high
Potential Tata Sons' listing may unlock value for group firms
Tata Sons has sought to remain privately held
Adds developments in paragraph 3, updates share movement
Sept 15 (Reuters) - Shares of several Tata Group companies jumped on Tuesday on renewed expectations that Tata Sons could eventually be listed, after India's central bank rejected the holding company's application to deregister as a non-bank lender.
A potential listing of Tata Sons, the holding company of 31 group companies, could unlock value and boost valuations for listed Tata companies, particularly those with stakes in the unlisted parent. Tata Chemicals, Tata Motors and Tata Investment are among the companies that own stakes in Tata Sons.
The Reserve Bank of India pre-emptively approached the courts seeking to be heard in any matter filed related to the potential listing, Reuters reported, citing a source directly familiar with the matter.
Disagreements between Tata Sons Chairman N Chandrasekaran and Tata Trusts, which owns 66% of the holding company, included a potential listing of Tata Sons, losses at Air India and the planned exit of a minority shareholder.
Last month, Tata Sons said Chandrasekaran would not seek reappointment, adding to uncertainty around the group's future leadership.
Shares of Tata Chemicals TTCH.NS jumped as much as 20% on Tuesday, while Tata Motors Passenger Vehicles TAMO.NS was up about 4%. Shares of Tata Investment TINV.NS advanced 11.5%.
Tata Chemicals, trading at its highest level in roughly 2-1/2 months, holds around 2.5% in Tata Sons, according to ICICI Securities.
The brokerage estimates the stake is worth 100 billion rupees to 150 billion rupees ($1.04 billion to $1.56 billion), close to Tata Chemicals' current market capitalisation, underscoring the potential for significant value unlocking.
ICICI Securities, however, said it expects a "prolonged legal battle", though the stock could remain in positive territory in the near term.
PRIVATELY HELD
The more than a century-old holding company, which had standalone assets totalling 1.75 trillion rupees as of March 2025, has sought to remain privately held.
Tata Sons is classified as a core investment company and is subject to RBI rules for non-bank lenders that require companies with assets exceeding 1 trillion rupees, or those with direct or indirect access to public funds, to be listed.
The company had also faced pressure from its stakeholders to go public, including the second-largest shareholder, Shapoorji Pallonji Group.
Two Tata trustees have supported the listing of Tata Sons in media interviews, arguing that expansion into new areas such as semiconductors will require large amounts of capital that cannot be generated internally.
($1 = 95.8600 Indian rupees)
(Reporting by Aishwarya Jain and Vivek Kumar M in Bengaluru; Writing by Abinaya V; Editing by Sonia Cheema and Sherry Jacob-Phillips)
(([email protected];))
Sept 8 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
WINS 1.22 BILLION RUPEES BID TO BUILD AI-ENABLED DIGITAL GOVERNANCE PLATFORM FOR ODISHA GOVERNMENT
WILL IMPLEMENT ODISHA STATE WORKFLOW AUTOMATION SYSTEM 3.0 TO STREAMLINE STATE’S PAPERLESS GOVERNANCE SYSTEMS
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];))
Sept 8 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
WINS 1.22 BILLION RUPEES BID TO BUILD AI-ENABLED DIGITAL GOVERNANCE PLATFORM FOR ODISHA GOVERNMENT
WILL IMPLEMENT ODISHA STATE WORKFLOW AUTOMATION SYSTEM 3.0 TO STREAMLINE STATE’S PAPERLESS GOVERNANCE SYSTEMS
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];))
Sept 7 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS LAUNCHES AI-NATIVE CREATIVE ENGINEERING STUDIO IN THE UK
NEW FACILITY IS PART OF TCS' COMMITMENT TO CREATING 5,000 JOBS IN UK
Further company coverage: TCS.NS
(([email protected];;))
Sept 7 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS LAUNCHES AI-NATIVE CREATIVE ENGINEERING STUDIO IN THE UK
NEW FACILITY IS PART OF TCS' COMMITMENT TO CREATING 5,000 JOBS IN UK
Further company coverage: TCS.NS
(([email protected];;))
Sept 3 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - SELECTED AS A STRATEGIC PARTNER BY INTERNATIONAL WHOLESALER METRO AG
TCS - TCS WILL HELP INTERNATIONAL WHOLESALER METRO SIMPLIFY ITS TECHNOLOGY ENVIRONMENT
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];;))
Sept 3 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS - SELECTED AS A STRATEGIC PARTNER BY INTERNATIONAL WHOLESALER METRO AG
TCS - TCS WILL HELP INTERNATIONAL WHOLESALER METRO SIMPLIFY ITS TECHNOLOGY ENVIRONMENT
Source text: [ID:]
Further company coverage: TCS.NS
(([email protected];;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Sept 1 (Reuters Breakingviews) - The disruption from artificial intelligence across India's $315 billion IT services sector is forcing companies to get creative. Case in point: Tata Consultancy Services' TCS.NS recent tie-up with luxury carmaker Porsche P911_p.DE. Financial gains are limited for the $91 billion giant, but the alliance gives it a foothold in Europe's auto sector.
As part of the deal unveiled last week, TCS will buy Porsche's automotive and consulting unit MHP at a 320 million euro enterprise value, equal to 0.4 times the target's 2025 sales. At the same time, the high-end German manufacturer will commit 1.3 billion euros to the Indian group to "embed AI" across its operations in a five-year strategic partnership.
That works out to an extra $300 million for TCS's annual top line, or just 1% of revenue for the year to the end of March. Strategically, though, TCS gains expertise that rivals may struggle to replicate: MHP boasts roughly 4,500 employees and a client roster including Porsche and other car brands, as well as industrial groups spanning aerospace to energy. But the bigger prize may be direct access to the $45 billion Volkswagen group that also owns, in addition to Porsche, Audi, Lamborghini and other brands.
TCS has stepped up acquisitions of late, including two U.S. deals last year; expanding its footprint in Europe, which accounts for roughly a third of revenue, looks sensible. This year, it bagged an $800 million AI contract with Swedish manufacturer SKF SKFb.ST and launched a sovereign cloud computing service for European governments, public sector enterprises and regulated industries. Deepening ties with the region's industrial groups should help ease reliance on its biggest market by sales, North America. Revenue there grew just 2% last quarter from the same period last year, compared to the 4.3% increase in Continental Europe.
TCS's latest move echoes rival Wipro's WIPR.NS strategic tie-up, announced in May, with Singapore-based food and agricultural conglomerate Olam OLAG.SI, which also offloaded its IT and digital services to the Indian firm. Both deals underscore the need to find new growth in specialised areas as AI upends the industry's once-booming outsourcing business model. TCS's stock currently trades on less than 15 times forward 12-month earnings, per LSEG, far below its five-year average of over 25 times. Carving out industry niches is a promising strategy that will require some unusual dealmaking.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Tata Consultancy Services will buy Porsche AG's automotive and consulting unit MHP at an enterprise value of €320 million, the IT major said on August 24 in a stock exchange filing.
Under the partnership, Porsche has signed a five-year strategic deal with MHP and TCS amounting to €1.25 billion. The deal is expected to close by the end of the year.
(Editing by Robyn Mak; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Sept 1 (Reuters Breakingviews) - The disruption from artificial intelligence across India's $315 billion IT services sector is forcing companies to get creative. Case in point: Tata Consultancy Services' TCS.NS recent tie-up with luxury carmaker Porsche P911_p.DE. Financial gains are limited for the $91 billion giant, but the alliance gives it a foothold in Europe's auto sector.
As part of the deal unveiled last week, TCS will buy Porsche's automotive and consulting unit MHP at a 320 million euro enterprise value, equal to 0.4 times the target's 2025 sales. At the same time, the high-end German manufacturer will commit 1.3 billion euros to the Indian group to "embed AI" across its operations in a five-year strategic partnership.
That works out to an extra $300 million for TCS's annual top line, or just 1% of revenue for the year to the end of March. Strategically, though, TCS gains expertise that rivals may struggle to replicate: MHP boasts roughly 4,500 employees and a client roster including Porsche and other car brands, as well as industrial groups spanning aerospace to energy. But the bigger prize may be direct access to the $45 billion Volkswagen group that also owns, in addition to Porsche, Audi, Lamborghini and other brands.
TCS has stepped up acquisitions of late, including two U.S. deals last year; expanding its footprint in Europe, which accounts for roughly a third of revenue, looks sensible. This year, it bagged an $800 million AI contract with Swedish manufacturer SKF SKFb.ST and launched a sovereign cloud computing service for European governments, public sector enterprises and regulated industries. Deepening ties with the region's industrial groups should help ease reliance on its biggest market by sales, North America. Revenue there grew just 2% last quarter from the same period last year, compared to the 4.3% increase in Continental Europe.
TCS's latest move echoes rival Wipro's WIPR.NS strategic tie-up, announced in May, with Singapore-based food and agricultural conglomerate Olam OLAG.SI, which also offloaded its IT and digital services to the Indian firm. Both deals underscore the need to find new growth in specialised areas as AI upends the industry's once-booming outsourcing business model. TCS's stock currently trades on less than 15 times forward 12-month earnings, per LSEG, far below its five-year average of over 25 times. Carving out industry niches is a promising strategy that will require some unusual dealmaking.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Tata Consultancy Services will buy Porsche AG's automotive and consulting unit MHP at an enterprise value of €320 million, the IT major said on August 24 in a stock exchange filing.
Under the partnership, Porsche has signed a five-year strategic deal with MHP and TCS amounting to €1.25 billion. The deal is expected to close by the end of the year.
(Editing by Robyn Mak; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
Aug 25 (Reuters) - ** Tata Consultancy Services TCS.NS will buy Porsche AG's P911_p.DE automotive and consulting unit MHP, as part of a wider partnership under which Porsche has committed €1.25 billion for the Indian firm and MHP
** Shares rise 0.7% to 2,300 rupees
STRENGTHENING EUROPE AUTO PLAY
** HSBC ("hold," PT: 2,350 rupees) says the MHP acquisition fills a key white space in TCS' European automotive and consulting business and comes with committed revenues from Porsche
** Morgan Stanley ("equal-weight," PT: 2,200 rupees) says the deal strengthens TCS' automotive engineering capabilities, adds a marquee Porsche relationship and expands its European footprint, but expects only a modest financial contribution
** Emkay Global ("add," PT: 2,600 rupees) says the acquisition and accompanying AI partnership with Porsche should bolster TCS' automotive and industrial consulting capabilities in Europe
(Reporting by Kashish Tandon in Bengaluru)
(([email protected]; 8800437922))
Aug 25 (Reuters) - ** Tata Consultancy Services TCS.NS will buy Porsche AG's P911_p.DE automotive and consulting unit MHP, as part of a wider partnership under which Porsche has committed €1.25 billion for the Indian firm and MHP
** Shares rise 0.7% to 2,300 rupees
STRENGTHENING EUROPE AUTO PLAY
** HSBC ("hold," PT: 2,350 rupees) says the MHP acquisition fills a key white space in TCS' European automotive and consulting business and comes with committed revenues from Porsche
** Morgan Stanley ("equal-weight," PT: 2,200 rupees) says the deal strengthens TCS' automotive engineering capabilities, adds a marquee Porsche relationship and expands its European footprint, but expects only a modest financial contribution
** Emkay Global ("add," PT: 2,600 rupees) says the acquisition and accompanying AI partnership with Porsche should bolster TCS' automotive and industrial consulting capabilities in Europe
(Reporting by Kashish Tandon in Bengaluru)
(([email protected]; 8800437922))
Tata Consultancy Services said Porsche AG had executed a five-year strategic deal with TCS and MHP worth €1.25 billion. The agreement covered the industrialisation of AI across Porsche’s engineering, manufacturing, operations, customer experience and enterprise transformation activities, including automotive technology services and software-defined mobility platforms. The deal was linked to TCS’s acquisition of MHP Management- und IT-Beratung GmbH and was effective from the closing date of that acquisition. TCS’s annualised AI revenue had risen to $2.3 billion, while recent AI product and ecosystem announcements had not specified customer revenue or contract values.
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Tata Consultancy Services said Porsche AG had executed a five-year strategic deal with TCS and MHP worth €1.25 billion. The agreement covered the industrialisation of AI across Porsche’s engineering, manufacturing, operations, customer experience and enterprise transformation activities, including automotive technology services and software-defined mobility platforms. The deal was linked to TCS’s acquisition of MHP Management- und IT-Beratung GmbH and was effective from the closing date of that acquisition. TCS’s annualised AI revenue had risen to $2.3 billion, while recent AI product and ecosystem announcements had not specified customer revenue or contract values.
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Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH, Porsche AG's automotive and industrial consulting subsidiary, for an enterprise value of €320 million. The transaction formed part of a five-year strategic partnership under which Porsche signed a €1.25 billion deal with TCS and MHP to develop AI services across its mobility value chain. MHP reported turnover of €742 million in calendar 2025 and employed about 4,500 people, with subsidiaries in Romania, the UK, the US, India and Mexico. The announcement followed TCS's recent AI expansion through Google Cloud Gemini Experience Centres, a Vodafone Business partnership and the TCS ADD Agent Hub, while those releases did not disclose customer revenue or contract values.
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Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH, Porsche AG's automotive and industrial consulting subsidiary, for an enterprise value of €320 million. The transaction formed part of a five-year strategic partnership under which Porsche signed a €1.25 billion deal with TCS and MHP to develop AI services across its mobility value chain. MHP reported turnover of €742 million in calendar 2025 and employed about 4,500 people, with subsidiaries in Romania, the UK, the US, India and Mexico. The announcement followed TCS's recent AI expansion through Google Cloud Gemini Experience Centres, a Vodafone Business partnership and the TCS ADD Agent Hub, while those releases did not disclose customer revenue or contract values.
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Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH from Porsche AG for an enterprise value of €320 million, subject to regulatory approvals. Porsche also signed a five-year strategic deal with TCS and MHP worth €1.25 billion, under which TCS will establish an AI Mobility Centre of Excellence for Porsche. MHP, headquartered in Germany, had turnover of €742 million in 2025 and about 4,500 employees, with operations spanning automotive and industrial consulting, AI, SAP and software-defined mobility. TCS generated AI revenue of $2.3 billion in FY26 and had recently expanded its AI delivery network through Google Cloud centres and an agentic-AI platform.
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Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH from Porsche AG for an enterprise value of €320 million, subject to regulatory approvals. Porsche also signed a five-year strategic deal with TCS and MHP worth €1.25 billion, under which TCS will establish an AI Mobility Centre of Excellence for Porsche. MHP, headquartered in Germany, had turnover of €742 million in 2025 and about 4,500 employees, with operations spanning automotive and industrial consulting, AI, SAP and software-defined mobility. TCS generated AI revenue of $2.3 billion in FY26 and had recently expanded its AI delivery network through Google Cloud centres and an agentic-AI platform.
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Aug 24 (Reuters) - Indian IT services company TCS TCS.NS on Monday said it would acquire Porsche's PSHG_p.DE IT division MHP for €320 million($373.25 million).
($1 = 0.8573 euros)
(Reporting by Abhirami G in Bengaluru)
Aug 24 (Reuters) - Indian IT services company TCS TCS.NS on Monday said it would acquire Porsche's PSHG_p.DE IT division MHP for €320 million($373.25 million).
($1 = 0.8573 euros)
(Reporting by Abhirami G in Bengaluru)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.
Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.
In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.
The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.
As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.
Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.
Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.
In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.
The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.
As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.
Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
By Bharath Rajeswaran
Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.
The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.
Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.
"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.
However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."
Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.
"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."
After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.
Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.
Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.
It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.
($1 = 95.7525 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.
The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.
Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.
"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.
However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."
Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.
"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."
After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.
Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.
Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.
It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.
($1 = 95.7525 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
Adds details paragraph 3 onwards
Aug 18 (Reuters) - India's Tata Sons TATO.NS has adjourned its annual general meeting that was scheduled for August 18, a source with direct knowledge of the matter told Reuters on Tuesday.
The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group holding company Tata Sons' controlling shareholder.
Tata Trusts set up a selection committee last week to recommend a new chairman for Tata Sons. The trusts hold a controlling stake in Tata Sons and appoint a third of its directors, who have veto powers over key decisions.
Tata Trusts and Tata Sons did not immediately respond to Reuters' requests for comment.
The succession process is one of the most significant decisions facing the 158-year-old conglomerate, whose listed companies have a combined market value of about $277 billion.
Tata Sons is also facing pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, an issue on which Tata Trusts and its chairman, Noel Tata, are expected to have significant influence.
(Reporting by Surbhi Misra, Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Rashmi Aich and Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Adds details paragraph 3 onwards
Aug 18 (Reuters) - India's Tata Sons TATO.NS has adjourned its annual general meeting that was scheduled for August 18, a source with direct knowledge of the matter told Reuters on Tuesday.
The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group holding company Tata Sons' controlling shareholder.
Tata Trusts set up a selection committee last week to recommend a new chairman for Tata Sons. The trusts hold a controlling stake in Tata Sons and appoint a third of its directors, who have veto powers over key decisions.
Tata Trusts and Tata Sons did not immediately respond to Reuters' requests for comment.
The succession process is one of the most significant decisions facing the 158-year-old conglomerate, whose listed companies have a combined market value of about $277 billion.
Tata Sons is also facing pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, an issue on which Tata Trusts and its chairman, Noel Tata, are expected to have significant influence.
(Reporting by Surbhi Misra, Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Rashmi Aich and Ronojoy Mazumdar)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Aug 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- LAUNCHES AGENTIC AI PLATFORM TO TRANSFORM DRUG DEVELOPMENT
Source text: ID:nnAZN4TEQEF
Further company coverage: TCS.NS
(([email protected];))
Aug 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- LAUNCHES AGENTIC AI PLATFORM TO TRANSFORM DRUG DEVELOPMENT
Source text: ID:nnAZN4TEQEF
Further company coverage: TCS.NS
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Ujjaini Dutta
BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.
Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.
Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.
From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.
AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.
This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
Updates with latest developments in paragraphs 1-2, 10-12, 14
By Jayshree P Upadhyay and Gopika Gopakumar
MUMBAI, Aug 13 (Reuters) - Tata Sons Chairman N. Chandrasekaran is preparing to step down after nearly a decade at the helm, intensifying focus on succession and a potential stock market listing.
The transition at Tata Sons, the holding company of 31 group companies including Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS, Tata Steel TISC.NS and Air India, has also raised questions about the balance of power between its board and the charitable trusts that control the conglomerate.
Until now, Tata Sons has remained unlisted. But pressure to list has mounted this year from stakeholders including the second-largest shareholder, Shapoorji Pallonji Group (SP Group), and from central bank rules that could require Tata Sons to go public unless it secures an exemption.
WHAT IS THE STRUCTURE OF THE TATA GROUP?
The 108-year-old salt-to-steel conglomerate is uniquely structured, with a combine of philanthropic organisations broadly known as the Tata Trusts holding 66% in Tata Sons. Debt-ridden construction and infrastructure conglomerate SP Group holds 18.4% of the company.
The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.
Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.
WHO WANTS TATA SONS TO LIST?
Pressure for listing is coming from multiple quarters.
At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large amounts of capital that cannot be generated internally.
SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But SP Group is not represented among the trustees.
The key pressure is regulatory, stemming from Reserve Bank of India rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.
WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?
As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations requiring enhanced supervision.
Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.
As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.
HAS RBI CLARIFIED ITS STANCE?
While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.
The RBI last week retained Tata Sons' status as requiring enhanced regulatory supervision, but added that it does not affect the company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.
WHO IS OPPOSING THE LISTING?
Noel Tata has not made public comments, but he has privately opposed converting Tata Sons into a listed entity, according to media reports that say he and other trustees unanimously opposed listing last year and asked the Tata Sons chairman to engage with the RBI.
WHAT WILL HAPPEN AT THE SHAREHOLDERS MEETING NEXT WEEK?
The shareholders of Tata Sons are expected to meet on August 18, and a central agenda item will be to look for a successor before the current chairman leaves office next year. The controlling trusts said on Thursday that they are setting up a committee to recommend a new chairman.
Another item is how Tata Sons will navigate the RBI rules and their implications for a potential listing and provide an exit for cash-starved SP Group.
Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, and a review of Tata Sons’ performance.
The shareholders meeting - the first since Chandra said he would step down and the RBI publicly revealed the company's application to deregister as a non-banking finance company - is being keenly watched by the market.
($1 = 95.7150 Indian rupees)
(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai; Editing by Ira Dugal, Raju Gopalakrishnan and Jamie Freed)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Updates with latest developments in paragraphs 1-2, 10-12, 14
By Jayshree P Upadhyay and Gopika Gopakumar
MUMBAI, Aug 13 (Reuters) - Tata Sons Chairman N. Chandrasekaran is preparing to step down after nearly a decade at the helm, intensifying focus on succession and a potential stock market listing.
The transition at Tata Sons, the holding company of 31 group companies including Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS, Tata Steel TISC.NS and Air India, has also raised questions about the balance of power between its board and the charitable trusts that control the conglomerate.
Until now, Tata Sons has remained unlisted. But pressure to list has mounted this year from stakeholders including the second-largest shareholder, Shapoorji Pallonji Group (SP Group), and from central bank rules that could require Tata Sons to go public unless it secures an exemption.
WHAT IS THE STRUCTURE OF THE TATA GROUP?
The 108-year-old salt-to-steel conglomerate is uniquely structured, with a combine of philanthropic organisations broadly known as the Tata Trusts holding 66% in Tata Sons. Debt-ridden construction and infrastructure conglomerate SP Group holds 18.4% of the company.
The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.
Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.
WHO WANTS TATA SONS TO LIST?
Pressure for listing is coming from multiple quarters.
At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large amounts of capital that cannot be generated internally.
SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But SP Group is not represented among the trustees.
The key pressure is regulatory, stemming from Reserve Bank of India rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.
WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?
As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations requiring enhanced supervision.
Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.
As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.
HAS RBI CLARIFIED ITS STANCE?
While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.
The RBI last week retained Tata Sons' status as requiring enhanced regulatory supervision, but added that it does not affect the company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.
WHO IS OPPOSING THE LISTING?
Noel Tata has not made public comments, but he has privately opposed converting Tata Sons into a listed entity, according to media reports that say he and other trustees unanimously opposed listing last year and asked the Tata Sons chairman to engage with the RBI.
WHAT WILL HAPPEN AT THE SHAREHOLDERS MEETING NEXT WEEK?
The shareholders of Tata Sons are expected to meet on August 18, and a central agenda item will be to look for a successor before the current chairman leaves office next year. The controlling trusts said on Thursday that they are setting up a committee to recommend a new chairman.
Another item is how Tata Sons will navigate the RBI rules and their implications for a potential listing and provide an exit for cash-starved SP Group.
Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, and a review of Tata Sons’ performance.
The shareholders meeting - the first since Chandra said he would step down and the RBI publicly revealed the company's application to deregister as a non-banking finance company - is being keenly watched by the market.
($1 = 95.7150 Indian rupees)
(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai; Editing by Ira Dugal, Raju Gopalakrishnan and Jamie Freed)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Recasts, adds graphic, context in paragraph 10
Chandrasekaran says clarity on leadership is important
Disagreements have simmered for months
Tata stocks fall after the resignation news
By Aditya Kalra and Chandini Monnappa
NEW DELHI, Aug 12 (Reuters) - The chairman of India's largest conglomerate Tata Sons will not seek reappointment, he said, citing the board's lack of backing after tensions with the charitable arm that controls the group.
N. Chandrasekaran's decision to leave in February adds to the difficulties of the 158-year-old group that faces mounting losses at airline Air India, a sharp decline in sales for its Jaguar Land Rover car business and was forced to revamp processes after a data leak at its electronics arm that affected clients Apple AAPL.O and Tesla TSLA.O.
Disagreements have simmered over recent months between Chandrasekaran, 63, and Tata Trusts, which owns 66% of Tata Sons. The two sides have clashed over issues including whether Tata Sons should be listed, the losses at Air India and how to handle the planned exit of a minority shareholder.
In February, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS TCS.NS, Tata Motors TAMO.NS and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.
"It has been six months since that board meeting, and no resolution has been reached till date," Chandrasekaran said in his statement.
"Tata Sons is a very large institution and there are many strategic projects that are under critical stages of execution ... clarity on leadership is important for employees, investors, partners and other stakeholders," he added.
Tata Trusts did not respond to a Reuters request for comment.
A source with direct knowledge of his decision, who declined to be identified, said the disagreements between Chandrasekaran and the Tata Trusts were the sole reason for his resignation.
Shares in TCS, where Chandrasekaran built his career, closed down 4%, while Jaguar Land Rover-parent Tata Motors TAMO.NS fell 1.3%. Tata Steel TISC.NS lost over 1%.
"Under Chandrasekaran, the group has scaled profits substantially. However, some parts are also making substantial losses in areas such as Air India, digital and e-commerce," said Deven Choksey, managing director of a Mumbai-based financial services firm.
TATA HAS EXPERIENCED DISAGREEMENT BEFORE
Over the years, Tata, India's largest conglomerate by market capitalisation, acquired Jaguar Land Rover, British tea firm Tetley, and last year said it had agreed to buy European company Iveco's IVG.MI trucks and bus business in a $4.36 billion deal. Tata also runs hundreds of Starbucks SBUX.O outlets as a partner of Starbucks India.
Relations between Tata Sons and Tata Trusts have been turbulent in the past and in 2016, Tata Sons' board sacked the then-chairman after he fell out with group patriarch and charity arm's head Ratan Tata over corporate governance issues.
Tata products, ranging from salt, tea and pulses to cars and hotels, are found almost everywhere in India.
In the last financial year, Tata Group companies had combined revenue of $185 billion. The 26 that are publicly listed had a combined market capitalisation of $277 billion as of March 31.
Chandrasekaran joined the Tata Group in 1987 as an intern at TCS and spent his entire corporate career at the IT giant, rising through the ranks to become CEO in 2009, before taking over as Tata Sons chair in 2017.
The Tata family are descendants of Persians who first landed in India in the eighth century. Chandrasekaran, widely known as Chandra, is not related to the Tata family and was the first non-Parsi chairman of Tata Sons.
(Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Chris Thomas in Mexico City; Editing by Edwina Gibbs and Barbara Lewis)
(([email protected];))
Recasts, adds graphic, context in paragraph 10
Chandrasekaran says clarity on leadership is important
Disagreements have simmered for months
Tata stocks fall after the resignation news
By Aditya Kalra and Chandini Monnappa
NEW DELHI, Aug 12 (Reuters) - The chairman of India's largest conglomerate Tata Sons will not seek reappointment, he said, citing the board's lack of backing after tensions with the charitable arm that controls the group.
N. Chandrasekaran's decision to leave in February adds to the difficulties of the 158-year-old group that faces mounting losses at airline Air India, a sharp decline in sales for its Jaguar Land Rover car business and was forced to revamp processes after a data leak at its electronics arm that affected clients Apple AAPL.O and Tesla TSLA.O.
Disagreements have simmered over recent months between Chandrasekaran, 63, and Tata Trusts, which owns 66% of Tata Sons. The two sides have clashed over issues including whether Tata Sons should be listed, the losses at Air India and how to handle the planned exit of a minority shareholder.
In February, Tata Sons — which controls more than 30 Tata companies, including IT firm TCS TCS.NS, Tata Motors TAMO.NS and Air India — postponed a decision on reappointing Chandrasekaran as chairman after Noel Tata, chairman of Tata Trusts, opposed the move.
"It has been six months since that board meeting, and no resolution has been reached till date," Chandrasekaran said in his statement.
"Tata Sons is a very large institution and there are many strategic projects that are under critical stages of execution ... clarity on leadership is important for employees, investors, partners and other stakeholders," he added.
Tata Trusts did not respond to a Reuters request for comment.
A source with direct knowledge of his decision, who declined to be identified, said the disagreements between Chandrasekaran and the Tata Trusts were the sole reason for his resignation.
Shares in TCS, where Chandrasekaran built his career, closed down 4%, while Jaguar Land Rover-parent Tata Motors TAMO.NS fell 1.3%. Tata Steel TISC.NS lost over 1%.
"Under Chandrasekaran, the group has scaled profits substantially. However, some parts are also making substantial losses in areas such as Air India, digital and e-commerce," said Deven Choksey, managing director of a Mumbai-based financial services firm.
TATA HAS EXPERIENCED DISAGREEMENT BEFORE
Over the years, Tata, India's largest conglomerate by market capitalisation, acquired Jaguar Land Rover, British tea firm Tetley, and last year said it had agreed to buy European company Iveco's IVG.MI trucks and bus business in a $4.36 billion deal. Tata also runs hundreds of Starbucks SBUX.O outlets as a partner of Starbucks India.
Relations between Tata Sons and Tata Trusts have been turbulent in the past and in 2016, Tata Sons' board sacked the then-chairman after he fell out with group patriarch and charity arm's head Ratan Tata over corporate governance issues.
Tata products, ranging from salt, tea and pulses to cars and hotels, are found almost everywhere in India.
In the last financial year, Tata Group companies had combined revenue of $185 billion. The 26 that are publicly listed had a combined market capitalisation of $277 billion as of March 31.
Chandrasekaran joined the Tata Group in 1987 as an intern at TCS and spent his entire corporate career at the IT giant, rising through the ranks to become CEO in 2009, before taking over as Tata Sons chair in 2017.
The Tata family are descendants of Persians who first landed in India in the eighth century. Chandrasekaran, widely known as Chandra, is not related to the Tata family and was the first non-Parsi chairman of Tata Sons.
(Reporting by Aditya Kalra in New Delhi and Chandini Monnappa in Bengaluru; Additional reporting by Chris Thomas in Mexico City; Editing by Edwina Gibbs and Barbara Lewis)
(([email protected];))
Aug 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- TCS AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN MEXICO TO HELP DRIVE AI ADOPTION
Source text: ID:nBSE15qS6j
Further company coverage: TCS.NS
(([email protected];))
Aug 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:
TCS- TCS AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN MEXICO TO HELP DRIVE AI ADOPTION
Source text: ID:nBSE15qS6j
Further company coverage: TCS.NS
(([email protected];))
Adds details from paragraph 2
Aug 10 (Reuters) - Tata Consultancy Services TCS.NS has received alerts alleging the possible exposure of certain employee-related data, India's largest IT firm said on Monday, adding that there was no indication that customer data or systems have been impacted.
The information referenced in the alerts appears to be over-four-year old and limited to basic employee information, TCS said in a statement, without offering further details including who has issued the alerts and when.
TCS said it has had safeguards in place for over two years against the manner in which this attack was carried out. Its own operational systems have not been impacted, the IT firm said.
"Based on the current review, these controls remain effective, and the Company continues to monitor the environment closely," it said.
(Reporting by Kashish Tandon and Haripriya Suresh in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; 8800437922;))
Adds details from paragraph 2
Aug 10 (Reuters) - Tata Consultancy Services TCS.NS has received alerts alleging the possible exposure of certain employee-related data, India's largest IT firm said on Monday, adding that there was no indication that customer data or systems have been impacted.
The information referenced in the alerts appears to be over-four-year old and limited to basic employee information, TCS said in a statement, without offering further details including who has issued the alerts and when.
TCS said it has had safeguards in place for over two years against the manner in which this attack was carried out. Its own operational systems have not been impacted, the IT firm said.
"Based on the current review, these controls remain effective, and the Company continues to monitor the environment closely," it said.
(Reporting by Kashish Tandon and Haripriya Suresh in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; 8800437922;))
RBI keeps Tata Sons in top tier of NBFCs
Says move won't affect pending licence surrender application.
Decision leaves unresolved whether Tata Sons will ultimately be required to list
Rewrites with comments from source, background
By Nishit Navin and Gopika Gopakumar
Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.
To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.
A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.
"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter
The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".
Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.
The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.
Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.
Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)
(([email protected];))
RBI keeps Tata Sons in top tier of NBFCs
Says move won't affect pending licence surrender application.
Decision leaves unresolved whether Tata Sons will ultimately be required to list
Rewrites with comments from source, background
By Nishit Navin and Gopika Gopakumar
Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.
Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.
To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.
A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.
"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter
The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".
Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.
The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.
Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.
Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.
($1 = 95.2200 Indian rupees)
(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)
(([email protected];))
Adds details on new tech hub, additional details on data center and background
July 24 (Reuters) - India's HCLTech HCLT.NS said on Friday it would invest 142.57 billion rupees ($1.48 billion) to set up its first AI data center in the eastern state of Odisha in partnership with homegrown startup Sarvam AI.
India’s IT services firms are entering the data center business to capitalise on demand from AI and cloud computing while diversifying beyond their traditional outsourcing operations.
HCLTech's investment will include financial support from the Odisha government, the company said.
The project, based in the state capital of Bhubaneswar, will utilise HCLTech's full-stack AI capabilities and Sarvam's foundation models to offer sector-specific AI applications to both government-owned and private companies.
Last month, HCLTech acquired a 10.5% stake in Sarvam AI for $150 million.
Additionally, India's third-largest IT firm said it is also opening a technology center in Bhubaneswar, which will house 5,000 employees and start operations by 2028.
HCLTech CEO C Vijayakumar in a post-earnings press conference last week said that the company wants to deliver full-stack AI services, with data centers being a part of the value chain.
"...it's the data centre, it's the GPUs, it's the models, it's the applications that we will deliver on top of it. The overall value creation is significantly of a very different magnitude when you really look at this as a full stack, and that's really what we want to play," he said.
In November, larger peer Tata Consultancy Services' TCS.NS announced plans to invest $2 billion to develop AI data centers in partnership with private equity firm TPG.
The AI boom has spurred a rush among companies to pour money into data centers, with India seen as a key market due to its large internet user base and lower power and operating costs.
($1 = 96.5425 Indian rupees)
(Reporting by Abhirami G and Haripriya Suresh in Bengaluru; Editing by Sonia Cheema)
Adds details on new tech hub, additional details on data center and background
July 24 (Reuters) - India's HCLTech HCLT.NS said on Friday it would invest 142.57 billion rupees ($1.48 billion) to set up its first AI data center in the eastern state of Odisha in partnership with homegrown startup Sarvam AI.
India’s IT services firms are entering the data center business to capitalise on demand from AI and cloud computing while diversifying beyond their traditional outsourcing operations.
HCLTech's investment will include financial support from the Odisha government, the company said.
The project, based in the state capital of Bhubaneswar, will utilise HCLTech's full-stack AI capabilities and Sarvam's foundation models to offer sector-specific AI applications to both government-owned and private companies.
Last month, HCLTech acquired a 10.5% stake in Sarvam AI for $150 million.
Additionally, India's third-largest IT firm said it is also opening a technology center in Bhubaneswar, which will house 5,000 employees and start operations by 2028.
HCLTech CEO C Vijayakumar in a post-earnings press conference last week said that the company wants to deliver full-stack AI services, with data centers being a part of the value chain.
"...it's the data centre, it's the GPUs, it's the models, it's the applications that we will deliver on top of it. The overall value creation is significantly of a very different magnitude when you really look at this as a full stack, and that's really what we want to play," he said.
In November, larger peer Tata Consultancy Services' TCS.NS announced plans to invest $2 billion to develop AI data centers in partnership with private equity firm TPG.
The AI boom has spurred a rush among companies to pour money into data centers, with India seen as a key market due to its large internet user base and lower power and operating costs.
($1 = 96.5425 Indian rupees)
(Reporting by Abhirami G and Haripriya Suresh in Bengaluru; Editing by Sonia Cheema)
Forecast cut reflects more demand pressure, analyst says
AI revenue up 8.2% versus 5.5% in December quarter
U.S.-listed shares down 5% in early trading
Adds details of CEO transition, more analyst comments, background, shares and graphic
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 23 (Reuters) - Infosys INFY.NS named company veteran Ashiss Kumar Dash as its next CEO on Thursday, tapping a three-decade insider to lead India's No. 2 IT firm through an AI-driven upheaval reshaping the technology services industry.
The succession plan was announced alongside a cut to the company's annual revenue growth forecast, sending its U.S.-listed shares down 5% in early trading.
Dash, who heads the company's energy and utilities business, will take over in April 2027 for a five-year term after Salil Parekh steps down at the end of his tenure in March, the company said.
The appointment comes as India's $315 billion IT sector wrestles with the impact of AI on technology spending and traditional outsourcing models.
"Ashiss Kumar Dash is a safe, execution-focused appointment at a time when Infosys needs stability as much as transformation," said Phil Fersht, CEO of tech research firm HFS Research.
"He understands the firm's culture, clients, and delivery engine, which should reassure customers and investors after a period of uncertainty."
Nandan Nilekani, the co-founder and non-executive chairman of Infosys, said Dash's long career at the firm had given him experience across key functions, including delivery, sales and account management, making him well-suited for the top role.
Dash will return from Los Angeles to India in the coming months and begin a structured handover process, with Parekh expected to mentor him from October as part of the transition.
NARROWS REVENUE GROWTH FORECAST
The Bengaluru-based firm narrowed its fiscal 2027 revenue growth forecast to 1.5%-3.0% from 1.5%-3.5%, citing cautious client spending amid AI-driven disruption. Analysts had expected growth of 2.5%-4.5%.
Parekh said the forecast's upper end reflected expectations of a stronger macroeconomic environment, which have yet to materialise.
StoxBox analyst Sagar Shetty said the forecast downgrade likely reflects a more pressuring environment going forward.
Revenue in the quarter rose 14% to 482.11 billion rupees ($4.99 billion), missing analysts' average estimate of 483.67 billion rupees, according to data compiled by LSEG. Net profit rose 12.2% to 77.69 billion rupees, while analysts expected 78.32 billion rupees.
Rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS beat quarterly estimates earlier, aided by strong financial services demand and a weaker currency.
AI services accounted for 8.2% of Infosys' revenue, compared with 5.5% in the December quarter.
Large deal bookings were $3.6 billion in the quarter, up from $3.2 billion in the previous quarter but down from $3.8 billion a year earlier.
($1 = 96.5725 Indian rupees)
(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Additional reporting by Mridula Kumar, Surbhi Misra and Kashish Tandon; Editing by Nivedita Bhattacharjee, Dhanya Skariachan and Devika Syamnath)
(([email protected];))
Forecast cut reflects more demand pressure, analyst says
AI revenue up 8.2% versus 5.5% in December quarter
U.S.-listed shares down 5% in early trading
Adds details of CEO transition, more analyst comments, background, shares and graphic
By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, July 23 (Reuters) - Infosys INFY.NS named company veteran Ashiss Kumar Dash as its next CEO on Thursday, tapping a three-decade insider to lead India's No. 2 IT firm through an AI-driven upheaval reshaping the technology services industry.
The succession plan was announced alongside a cut to the company's annual revenue growth forecast, sending its U.S.-listed shares down 5% in early trading.
Dash, who heads the company's energy and utilities business, will take over in April 2027 for a five-year term after Salil Parekh steps down at the end of his tenure in March, the company said.
The appointment comes as India's $315 billion IT sector wrestles with the impact of AI on technology spending and traditional outsourcing models.
"Ashiss Kumar Dash is a safe, execution-focused appointment at a time when Infosys needs stability as much as transformation," said Phil Fersht, CEO of tech research firm HFS Research.
"He understands the firm's culture, clients, and delivery engine, which should reassure customers and investors after a period of uncertainty."
Nandan Nilekani, the co-founder and non-executive chairman of Infosys, said Dash's long career at the firm had given him experience across key functions, including delivery, sales and account management, making him well-suited for the top role.
Dash will return from Los Angeles to India in the coming months and begin a structured handover process, with Parekh expected to mentor him from October as part of the transition.
NARROWS REVENUE GROWTH FORECAST
The Bengaluru-based firm narrowed its fiscal 2027 revenue growth forecast to 1.5%-3.0% from 1.5%-3.5%, citing cautious client spending amid AI-driven disruption. Analysts had expected growth of 2.5%-4.5%.
Parekh said the forecast's upper end reflected expectations of a stronger macroeconomic environment, which have yet to materialise.
StoxBox analyst Sagar Shetty said the forecast downgrade likely reflects a more pressuring environment going forward.
Revenue in the quarter rose 14% to 482.11 billion rupees ($4.99 billion), missing analysts' average estimate of 483.67 billion rupees, according to data compiled by LSEG. Net profit rose 12.2% to 77.69 billion rupees, while analysts expected 78.32 billion rupees.
Rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS beat quarterly estimates earlier, aided by strong financial services demand and a weaker currency.
AI services accounted for 8.2% of Infosys' revenue, compared with 5.5% in the December quarter.
Large deal bookings were $3.6 billion in the quarter, up from $3.2 billion in the previous quarter but down from $3.8 billion a year earlier.
($1 = 96.5725 Indian rupees)
(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Additional reporting by Mridula Kumar, Surbhi Misra and Kashish Tandon; Editing by Nivedita Bhattacharjee, Dhanya Skariachan and Devika Syamnath)
(([email protected];))
** TCS TCS.NS, India's top software services exporter, up 9% this week
** Co on track for best week in nearly six years
** Stock, which is down more than 30% so far this year, has shown some signs of recovery in July
** Co posted quarterly revenue last week on strong banking demand, rising AI revenue
** Analysts note revenue growth in coming quarters, led by AI revenue; prospects for grown in BFSI, high-tech and regional markets
** On the day, stock up 2.8% to 2,262.4 rupees in lighter-than-usual trading
** More than 2.6 mln shares change hands vs 30-day avg of 5.1 mln shares
** Stock top gainer on IT index .NIFTYIT on Friday, among top gainers on benchmark Nifty 50 .NSEI
** Avg rating of 43 analysts is "buy"; median PT is 2,400 rupees - LSEG data
(Reporting by Abinaya V in Bengaluru)
** TCS TCS.NS, India's top software services exporter, up 9% this week
** Co on track for best week in nearly six years
** Stock, which is down more than 30% so far this year, has shown some signs of recovery in July
** Co posted quarterly revenue last week on strong banking demand, rising AI revenue
** Analysts note revenue growth in coming quarters, led by AI revenue; prospects for grown in BFSI, high-tech and regional markets
** On the day, stock up 2.8% to 2,262.4 rupees in lighter-than-usual trading
** More than 2.6 mln shares change hands vs 30-day avg of 5.1 mln shares
** Stock top gainer on IT index .NIFTYIT on Friday, among top gainers on benchmark Nifty 50 .NSEI
** Avg rating of 43 analysts is "buy"; median PT is 2,400 rupees - LSEG data
(Reporting by Abinaya V in Bengaluru)
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Popular questions
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What does TCS do?
Tata Consultancy Services (TCS)is an IT services, consulting and business solutions organization partnering with many of the world’s largest businesses in their transformational journeys for many years. With a global presence and deep domain expertise across multiple industry verticals, the company offers a comprehensive portfolio of services and offerings - grouped under application development and management, digital transformation, AI (Artificial Intelligence), data and cloud services, engineering services, cognitive business operations, cyber security, and products & platforms - targeting every C-suite stakeholder.
Who are the competitors of TCS?
TCS major competitors are Infosys, HCL Technologies, Wipro, Tech Mahindra, LTM, Oracle Finl. Service, Persistent Systems. Market Cap of TCS is ₹7,52,309 Crs. While the median market cap of its peers are ₹1,50,846 Crs.
Is TCS financially stable compared to its competitors?
TCS seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does TCS pay decent dividends?
The company seems to pay a good stable dividend. TCS latest dividend payout ratio is 80.92% and 3yr average dividend payout ratio is 77.47%
How has TCS allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Accounts Receivable
How strong is TCS balance sheet?
Balance sheet of TCS is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of TCS improving?
Yes, profit is increasing. The profit of TCS is ₹50,055 Crs for TTM, ₹49,210 Crs for Mar 2026 and ₹48,553 Crs for Mar 2025.
Is the debt of TCS increasing or decreasing?
Yes, The net debt of TCS is increasing. Latest net debt of TCS is -₹25,809 Crs as of Mar-26. This is greater than Mar-25 when it was -₹30,912 Crs.
Is TCS stock expensive?
TCS is not expensive. Latest PE of TCS is 15.11, while 3 year average PE is 27.51. Also latest EV/EBITDA of TCS is 9.98 while 3yr average is 19.35.
Has the share price of TCS grown faster than its competition?
TCS has given lower returns compared to its competitors. TCS has grown at ~6.42% over the last 10yrs while peers have grown at a median rate of 12.72%
Is the promoter bullish about TCS?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in TCS is 71.77% and last quarter promoter holding is 71.77%.
Are mutual funds buying/selling TCS?
The mutual fund holding of TCS is decreasing. The current mutual fund holding in TCS is 5.68% while previous quarter holding is 5.77%.