Angel Broking files offer document with Sebi for IPO to raise Rs 600 crore

As of end-June, the company managed Rs 113 billion in client assets and operates around 1.1 million active broking accounts.

IPO News: Angel Broking filed its offer document with markets regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking at an initial public offering (IPO) of equity to raise Rs 6 billion, half of which would be new funds.

Sources say the offer will value Angel Broking around Rs 25 billion.

Through the IPO, promoter Ashok Thakkar and World Bank arm International Finance Corporation (IFC) will divest part of their holding. The new capital will be used for working capital requirements. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are managing the IPO.

Earlier this year, ICICI Securities, also a broking and investment banking entity, came out with an IPO which wasn’t received well by investors. Key listed brokers Motilal Oswal, IIFL and Edelweiss are not purely broking entities.

Angel Broking is an independent full-service retail broking house. The company offers services such as broking, advisory, margin funding and loan against shares. It offers broking services through digital platforms and 11,000-odd sub-brokers.

A CLSA report ranked Angel Broking seventh in terms of number of active clients as of March, with a four per cent market share. The top three on this measure were ICICI Securities, HDFC Securities and Zerodha. The top five in the4 segment have three bank-backed ones and one discount brokerage.

Full News Updates → Angel Broking IPO

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News Source: BS

Rupee slumps to 71-mark first time ever, drops 26 paise against US dollar

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering.

Stock Market Live: The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.

Rupee Vs Dollar

On Thursday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.
Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.
Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade.
Meanwhile, the BSE Sensex fell 78.64 points, or 0.20 per cent, to 38,611.46 points in opening trade.

Read more on Rupee At 71

 

RBL Bank's Q1 result meets estimates; profit up by 35% to Rs 1.9 bn

The bank's provision coverage ratio grew by 250 bps over the previous quarter to 60.41 per cent.

Share Market News » Private sector lender RBL Bank’s first-quarter net profit rose 35 per cent due to rise in interest income. RBL bank’s net profit rose to Rs 1.9 billion in the quarter ended June, in comparison to Rs 1.4 billion in the year-ago quarter. The bank's net interest income rose 46 per cent on a y-o-y basis.

The net interest margin (NIM), the difference between the yield on advances and cost of fund, grew to 4.04 per cent, against 3.8 in the previous quarter and 3.54 in the year-ago quarter. "We have crossed the milestone of 4 per cent and expect to maintain NIM at this level or even improve it, said Vishwavir Ahuja, MD and CEO of RBL Bank.

The gross non-performing assets (NPAs), as a percentage of total advances, in the present June quarter, stood at 1.4 per cent, flat against the previous March quarter. In the year-ago quarter, the gross NPA ratio was at 1.46 per cent.

The bank's provision coverage ratio grew by 250 bps over the previous quarter to 60.41 per cent. "60 per cent is considered a prudent level of provision. This is a comfortable level and we will continue to improve it," said Ahuja.

The deposit and credit grew at 27 per cent and 36 per cent respectively in the full-year period. Wholesale loans form 59 per cent of the bank's books while retail forms 41 per cent. While most of the wholesale loans of the bank comprise of working capital with a tenure less than two years, Ahuja said that the bank was moving towards a greater share of retail loans. "Both segments are showing strong growth and the book would be 50:50 in the next 2-3 years," he added.

Of the total advances, 33 per cent is unsecured. The unsecured book mainly comprises of Microbanking and card business. The capital adequacy ratio for the quarter was 14.23 per cent, an improvement against 13.06 per cent in the previous quarter. The bank does not plan to raise capital for the next seven to eight quarters. During the quarter, the bank took 100% stake in Swaadhar Finserv, which targets Microbanking and medium and small entrepreneurs.

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News Source : BS

Cipla acquires 100% stake in South African pharmaceutical company Mirren

The transaction is subject to the approval by the Competition Commission of South Africa.

Share Market News » Cipla has acquired a 100 per cent stake in Mirren, a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor. The transaction is subject to the approval by the Competition Commission of South Africa.

Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla's current OTC portfolio, by adding Mirren's well-established brands like Bronco! cough syrup, Coryx, Tensopyn, and Ultimag. This deal will also increase Cipla's local manufacturing footprint.

Lynton Lomas, director of Mirren, said, "The acquisition by Cipla will help to ensure that, the continued growth that the Mirren brands have achieved over the past three years will be sustained. The wellbeing of Mirren's dedicated staff was one of the biggest deciding factors

About Cipla LTD. (CIPLA) - Company History

Cipla Ltd is one of the leading pharmaceutical companies in India. The company focuses on development of new formulations and has a wide range of pharmaceutical products. The product portfolio includes over 1500 products across wide range of therapeutic categories.Cipla Ltd was incorporated in the year 1935 with the name Chemical Industrial & Pharmaceutical Laboratories Ltd. Khwaja Abdul Hamied the founder of Cipla gave the company all his patent and proprietary formulas for several drugs and medicines without charging any royalty. On August 17 1935 Cipla was registered as a public limited company with an authorized capital of Rs 6 lakh.In the year 1941 as the Second World War cuts off drug supplies the company starts producing fine chemicals dedicating all its facilities for the war effort. In the year 1952 the company set up first research division for attaining self-sufficiency in technological development. In the year 1960 they started operations at second plant at Vikhroli Mumbai producing fine chemicals with special emphasis on natural products. In the year 1968 the company manufactured ampicillin for the first time in the country. In the year 1972 the company started Agricultural Research Division at Bangalore for scientific cultivation of medicinal plants. In the year 1976 they launched medicinal aerosols for asthma. In the year 1980 the company won Chemexcil Award for Excellence for exports. In the year 1982 the company started operations in their fourth factory at Patalganga Maharashtra. In the year 1984 they developed anti-cancer drugs vinblastine and vincristine in collaboration with the National Chemical Laboratory Pune. Also they won Sir P C Ray Award for developing in-house technology for indigenous manufacture of a number of basic drugs.

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Cipla Share Price

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News Source : BS

TCS shares jump 5.5% to Rs 1,979; m-cap Rs 392.82 bn after Q1 result

The stock was the biggest gainer among the blue chips on both the key indices

 

 

Share Market News » Shares of Tata Consultancy Services surged 5.5 per cent today, adding Rs 392.81 billion to its market valuation after the company posted better-than-expected quarterly earnings.

The stock jumped 5.47 per cent to close at Rs 1,979.60 on BSE. During the day, it climbed 6.28 per cent to Rs 1,995 -- its 52-week high.

At NSE, shares of the company advanced 5 per cent to close at Rs 1,970.

The stock was the biggest gainer among the blue chips on both the key indices.

Led by the sharp gain in the stock, the company's market valuation zoomed Rs 392.81 billion to Rs 757.04 billion.

In terms of equity volume, 11.57 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"TCS first quarter results were better-than-expected on all fronts against our/street estimates," Emkay Global Financial Services said in a report.

Country's largest software exporter TCS on Tuesday posted 23.4 per cent rise in consolidated net profit to Rs 73.40 billion for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 59.45 billion in the same period previous fiscal, TCS said in a regulatory filing.

The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow 15.8 per cent to Rs 342.61 billion during the reported quarter, up from Rs 295.84 billion a year ago.

Buying was also seen in other IT stocks, with HCL Tech rising 1.63 per cent, Infosys 1.37 per cent, Wipro 0.65 per cent and Tech Mahindra 0.65 per cent on BSE.

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TCS Share Price

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News Source : BS

TCS Q1 net profit jumps 23.4% to Rs 73.40 billion; revenue up 15.8%

TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters.

 

 

Share Market News » Shares of Tata Consultancy Services (TCS) rose 3% to Rs 1,928 per share on the BSE in early morning trade after the country’s biggest software services exporter posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

TCS has recorded a consolidated net profit of Rs 73.40 billion in April-June 2018 (Q1FY19) versus a profit of Rs 59.45 billion in the same quarter last year. While the revenues at the reported currency grew 15.8% YoY and 6.8% QoQ to Rs 342.61 billion, in constant currency (CC) terms, it rose by 9.3% year-on-year (YoY) and 4.1% sequentially.

Analysts on an average had expected profit of Rs 69.67 billion on revenue of Rs 341.69 billion for the quarter.

“TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters. Revenue recovery has gathered further momentum with a definite growth revival in BFSI and retail verticals. Slowdown in these two verticals had adversely impacted FY18 growth and with the recovery double digit constant currency revenue growth is almost a certainty,” Antique Stock Broking said in a result review.

Overall, FY19 has started on a strong note for TCS. Company will outshine peer group in FY19 with CC revenue growth of ~12% while most of the peer group will grow at mid-single digit. TCS will also report YoY EBIT margin improvement and company has maintained aspirations to achieve 26%-28% EBIT margin range. Robust deal signings in 1QFY19 is after a very strong order booking in 4QFY18, the brokerage firm said with ‘buy’ rating on the stock and 12 month target price of Rs 2,090.

“TCS reported an above-expected operating performance in Q1FY19 driven by a beat on both revenue and margins. With a growth recovery in BFSI services in North America, management is confident of sustaining growth momentum in the medium term. Digital revenue growth accelerated for the fifth straight quarter, rising 44.8% YoY in CC terms,” analysts at BOB Capital Markets said in result review.

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TCS Share Price

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News Source : BS

Infosys hits new high; stock surges 25% so far in 2018

With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.

 

Stock Market News » Shares of Infosys hit a new high of Rs 1,298 per share, up 2% on the BSE in early morning trade in an otherwise flat market. With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.
Thus far in the calendar year 2018 (CY18), Infosys has outperformed the market by gaining 25% as compared to 3.3% rise in the S&P BSE Sensex.

Infosys, the country's second largest IT services company, on Wednesday after market hours said that it is scheduled to announce its financial results for first quarter (April-June) of current fiscal 2018-19 (FY19) on July 13.

Infosys has set a 3-year roadmap stabilize in FY19, build momentum in FY20 and accelerate in FY21. The company outlined that FY19 is going to be a year of investments in the area of sales, scaling up digital capabilities, localization and employee re-skilling.

“Infosys has done a good job on margins and revenues in FY18 considering it was a year of change in management in the company. Although the investments will impact the margin profile in the short term, we believe Infosys is well placed in the medium term to ride the digital wave. We see stability returning to the company and a rapid adoption of new technologies. With industry tailwinds, we believe Infosys should be able to grow revenues around industry growth in FY19 and do better from FY20 onwards,” analysts at Antique Stock Broking said in analyst meet update. However, the stock was trading above its 12-month target price of Rs 1,265.

The brokerage firm Sharekhan believes the valuation gap with Tata Consultancy Services (TCS) would reduce as Infosys is catching up the earnings growth and other financial parameters along with consistent execution under stable leadership. TCS has rallied 38% thus far in CY18.

Given the significant growth opportunity in the agile digital business, Infosys is well on track to execute strategy for digital growth, the brokerage firm said in recent note with upgrade rating on the stock of Infosys to Buy from Hold with a revised price target of Rs 1,420.

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Info Edge gains 10% after agreement with SoftBank for joint investment

The stock surged 10% to Rs 1,288 on the BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces, the parent of PolicyBazaar.

Stock Market News » Shares of Info Edge (India) have surged 10% to Rs 1,288 per share on the BSE in intra-day trade after the company announced that it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces Marketing and Consulting, the parent of PolicyBazaar, for an 8.93% stake on a fully diluted basis.

The investment will be routed through its subsidiary Diphda Internet Services floated earlier this month.

“The Company has entered into an agreement with SVF India Holdings (Cayman) (‘Soft Bank’), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is a limited partner, whereby Soft Bank has agreed to invest an amount equivalent to about $ 45 million for 49.99% stake (on a fully diluted basis) in Diphda Internet Services (‘Diphda’), a wholly owned-subsidiary of the Company, for the time being,” Info Edge (India) said in a statement.

Thereby the company has also agreed to invest an amount equivalent to about $ 45 million in Diphda for 50.01% stake (on a fully diluted basis); and to jointly invest through Diphda, an amount equivalent to about $ 90 million in Etechaces Marketing & Consulting Pvt. Ltd. (‘Etechaces’) for 8.93% stake (on a fully diluted basis post completion of fund raise exercise with other investors), it added.

At 09:57 am; Info Edge (India) was trading 6% higher at Rs 1,250 on the BSE, as compared to 0.11% rise in the S&P BSE Sensex. A combined 217,344 shares changed hands on the counter on the NSE and BSE so far.

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 Info Edge Share Price

Avanti Feeds turns ex-stock split; stock surges 19%

The stock rallied 19% to Rs 619 on the BSE in early morning trade on Tuesday as the stock of shrimp exporter turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

 

Stock Market News » Shares of Avanti Feeds have rallied 19% to Rs 619 per share on the BSE in early morning trade on Tuesday in an otherwise subdued market. The stock of shrimp exporter has turned ex-stock split in the ratio of 1:1 and ex-bonus in the ratio of 1:2 from today.

The company has fixed June 27, 2018 as the record date for the purpose of ascertaining the eligibility of the members for sub-division of equity shares from face value of Rs 2 each to Re 1 each and issue of bonus equity shares of Re 1 each in the ratio of 1:2, i.e.one equity share of Re 1 each for every two equity shares of Re 1 each (i.e. after sub-Division of shares).

The board of directors of Avanti Feeds at their meeting held on May 9, 2019 had approved the bonus issue and sub division of equity shares. Since then the stock had underperformed the market by falling 35% as compared to 0.43% rise in the S&P BSE Sensex till Monday.

Thus far in the current calendar year 2018, the stock tanked 38% against 4% rise in the benchmark index till yesterday. During the previous calendar year 2017, shares of Avanti Feeds zoomed 416% as compared to 28% rise in the Sensex.

At 09:39 am; the stock was trading 16% higher at Rs 606 on the BSE. On comparison, the Sensex was trading flat at 35,490, up 0.06%. A combined 1.17 million shares changed hands on the counter on the BSE and NSE so far.

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HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

It will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57% and 38% respectively.

Stock Market News » HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said. “Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation. The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn’t include the name of HDFC MF.

Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

According to an update on Sebi’s website on April 27, HDFC MF’s IPO was kept abeyance for past violations. “Sebi needed clarity on some issues, which were provided to them,” said a banker. Nomura, Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan and Morgan Stanley are the investment banks handling HDFC MF’s IPO.

HDFC MF’s IPO will be the second by a domestic asset manager after Reliance Nippon MF. HDFC MF’s offering will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57 per cent and 38 per cent respectively. In the IPO, HDFC is selling 4 per cent and Standard Life is offloading 8 per cent stake. The IPO size is expected between Rs 35 billion and Rs 38 billion. The maiden offering could value the asset manager at Rs 307 billion.

HDFC MF currently manages assets worth over Rs 3 trillion making it the second-biggest fund house in the country after ICICI Prudential MF.

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Tata Steel to raise Bhushan steel stake to 75%, to acquire additional 2.5%

Tata Steel’s subsidiary Bamnipal Steel had acquired 72.65 per cent stake in Bhushan Steel in May this year after the company failed to repay its Rs 560 billion in debts.

Stock Market News » Tata Steel plans to buy an additional 2.5 per cent stake in Bhushan Steel from lenders, taking its stake from 72.65 per cent to over 75 per cent. This would make merger with Bhushan Steel easier.

Lenders have given the green light to the merger of Bhushan Steel with Tata Steel in the current fiscal year itself. “Indian banks hold more than half of the minority-held shares, and hence the voting on merger resolution would be a smooth affair,” said a banking source.

Tata Steel Ltd. (TATASTEEL) – Company History

Tata Steel is one of the world’s largest steel companies with a steel production capacity of approximately 27.5 million tonnes per annum (MnTPA) as on 31 March 2017. The company is a diversified steel producer with major operations in India Europe and South East Asia. The company has manufacturing units in 26 countries and a commercial presence in over 50 countries. Tata Steel is the second largest steel producer in Europe with a crude steel production capacity of over 12.1 million tonnes per annum.The company together with its subsidiaries is engaged in the manufacture and sale of steel products in India and internationally. They offer hot and cold rolled coils and sheets galvanized sheets tubes wire rods construction rebars and bearings. Tata Steel is one of the few steel companies that are fully integrated – from mining to the manufacturing and marketing of finished products.The company also involves in prospecting discovering and mining iron ore coal ferro alloys and other minerals; designing and manufacturing plants and equipment for steel oil and natural gas energy and power mining railways ports aviation and space industries; and agricultural implements. Further they offers alumina dolomite and monolithic refractories as well as silica refractories for coke ovens and the glass industry; manufactures bricks; sponge iron lumps and fines; and rolls for applications in integrated steel plants power plants and government mint as well as paper textile and food processing sectors.Tata Steel’s operations are grouped under six Strategic Business Units include Bearings Division Ferro Alloys and Minerals Division Agrico Division Tata Growth Shop (TGS) Tubes Division and Wire Division.

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National anthem to BCCI: SC verdicts that stirred the nation in 2016

Of the several judgments delivered, most were monumental, though some could be termed as surprising

Breaking News - It was a happening year for the Supreme Court as it produced several judgement in the course of the year. While most of them were monumental, a few could be termed as surprising.

Business Standard  brings you the top five judgements by the apex court of the nation.

SC verdicts that stirred the nation in 2016

J&K's Constitution subordinated to Indian Constitution

Rap on the knuckles to BCCI 

National anthem in cinema halls

The Cauvery tangle

The Sahara case

2016  was a happening year for the Supreme Court as it produced several judgement in the course of the year. While most of them were monumental, a few could be termed as surprising.

Read Article Source>>>

Be Updated on Stock Market News  &  Latest Business News  |  Business Standard

Year End Special: Top 5 cars launched in 2016 (Watch Video)

Demonetisation marred high-growth hopes, but there were several interesting launches during the year

Latest News -  The year 2016 has been one of joy and agony for automakers. Even as sales volumes had been looking up in the earlier part of the year, igniting the hope of a double-digit growth for the sector, the central government’s decision to demonetise high-value currency notes in November seemed to have dented the prospects of a robust recovery.

Business Standard  brings you its selection of top five launches of the year, rated on the basis of appeal factor, as well as sales performance.

#1. Maruti Suzuki Vitara Brezza

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#2. Tata Tiago

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#3. Ford Mustang

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#4. Toyota Innova Crysta

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#5. Toyota Fortuner

 Read Article Source  &  Watch Full Video on Top 5 Cars

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From surgical strike to 80 martyred personnel, 2016 a mixed year for Army

Biggest deal to be struck during 2016 was the one for 36 Rafale fighter jets for 7.8 billion Euros

Latest News - Signing of long-pending deals including one for Rafale fighters, a logistics agreement with the US, Surgical Strikes, new blacklisting and defence procurement policies besides induction of indigenous nuclear submarine were some of the achievements of the defence ministry in 2016, which was a mixed year for the armed forces.

The high point for the military was the daring surgical strike carried out by the special forces on terror launch pads across the LoC it lost a number of soldiers during the year.

Jammu and Kashmir alone saw over 80 security personnel being killed while countering Pakistan's proxy war. The army managed to eliminate about 160 militants in the state including the poster boy of militancy Burhan Wani.

Many security personnel were also killed fighting armed insurgency. Deadly attacks on the Pathankot air base, and army camps in Uri and Nagrota were a setback that led to the loss of several lives.

The armed forces also had a mixed year when it came to administration and compensation issues.

Read Article Source>>>

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2016: A very bad year for women

By the measure of women's greater visibility in politics, 2016 has been a vintage year

Latest News -  On balance, 2016 was a year of highs and lows for women. The lows, however, have been of the “how-low-can-you-go” variety. In fact, there have been moments when it felt like the year of the anti-woman.

By the measure of women’s greater visibility in politics, 2016 has been a vintage year. I can’t think of another in which there has been so much conversation and public debate about women, ranging from the probing and aspirational to the prodding and vicious.

One step forward, two steps to the right

High profile women are inevitably more vulnerable. But does having women in top leadership positions promote the causes and concerns of most women?......

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Women in Europe

In the 1930s, feminist internationalist and novelist Winifred Holtby was particularly alarmed about what authoritarianism and fascism meant for women. She noted that “whenever women hear political leaders call their sex important.......

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The biggest upset

It hardly needs to be said that the greatest blow for women has been the American election. Even had Hillary Clinton won, the election campaign would have been traumatic enough for women: politically, sexually, ......

Historical reflection cannot offer future projection. However, the cycles of modern feminism are figured by the cresting and the crashing of waves. Tallying up women’s most newsworthy achievements and setbacks, 2016 has not been a good year for women and certainly not for feminism. It has been an anti-woman year.

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Year End Special: Top 6 bikes launched in 2016

Here are the six most spectacular bike launches for the Indian two-wheeler industry in 2016

Breaking News - The year 2016 has been an action-packed one for India’s two-wheeler market. From the Royal Enfield Himalayan, which the makers claim is India’s first all-terrain motorbike, to the Bajaj V12, made from the steel of the iconic INS Vikrant naval ship – there have been several interesting two-wheeler launches for the domestic market.

As the year draws to a close, Business Standard bring you the six most spectacular top bikes 2016  launches that the Indian two-wheeler market witnessed this year:

#1. Triumph Bonneville T100 

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#2. Bajaj Dominar 400

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#3. Royal Enfield Himalayan

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#4. Tork T6X

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#5. Bajaj V12

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#6. Honda CB Hornet 160R

Read Article Source>>>>

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Seven to one: How Cyrus Mistry was removed from Tata Sons on October 24

Ratan Tata said what Mistry had done in the past four years should be recognised

Monday, October 24, is a day former Tata Sons chairman Cyrus Mistry is unlikely to forget. The minutes of that day’s board meeting, which were included in Cyrus Mistry’s petition submitted to the National Company Law Tribunal, throw light on Mistry’s ouster.

The meeting, which was held at Bombay House to remove Cyrus Mistry, was chaired by the Tata Trusts’ nominee director on the Tata Sons board, Vijay Singh, and two other Trusts’ Stock Market news nominee directors on the Tata Sons board, Amit Chandra and Nitin Nohria. Ratan Tata attended the meeting as chairman emeritus. 

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The sacking

According to the minutes of the meeting, before the commencement of consideration of items in the agenda that was circulated to the directors on October 15, 2016, Nohria mentioned that the Trusts had asked its nominees on the board to bring a motion to the board of Tata Sons.......

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New agenda

Singh, as chairman of the meeting, proposed including additional matters that were not on the agenda but were circulated to the board of directors. His resolution was seconded by Sen......

Read our full coverage on Tata vs Mistry

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Recognise Mistry’s contribution: Tata

After the resolutions were approved, Tata said there was a need to recognise what Mistry had done in the last four years and the group needed to move forward as seamlessly as it could....

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Metlife deal

The board was informed by Hussain that Tata Sons and AIA planned to buy a 70 per cent stake in PNB Metlife, except the 30 per cent held by Punjab National Bank. Hussain is also chairman of Tata AIA Life Insurance Company news....

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