Tata group could see Rs 1,18,000 crore in writedowns: Cyrus Misry

Says Indian Hotels, Tata Motors' passenger cars, Tata Steel UK, telecom biz and Mundra UMPP are legacy hotspots

Group companies in the salt-to-software Tata Sons conglomerate faces potential writedowns to the tune of close to $18 billion (about Rs 1,18,000 crore) due to investments in unprofitable businesses, according to an internal letter that ousted Chairman Cyrus Mistry sent to the company's board.

Mistry was shunted out of the company on Monday by the Tata Sons board for reasons not officially made public by the group, however, sources told Reuters that Mistry had lost favor with family patriarch Ratan Tata and the powerful trusts, which own two-thirds of the group.

Mistry said in the letter that Indian Hotels Co, passenger-vehicle operations of Tata Motors Ltd, the loss-making European steel operations of Tata Steel, its telecom venture and the Mundra ultra mega power plant of Tata Power are "legacy hotspots" of the company.

"A realistic assessment of the fair value (of) these businesses could potentially result in a write down over time of about Rs118,000 crores ($18 billion)," said Mistry in an e-mail seen by Reuters.

A spokesman for Tata Sons declined to comment. A spokeswoman for Cyrus Mistry declined to comment.

Article Source : Business Standard

Trai nod to Jio free offer till December 3

Trai nod to Jio free offer till December 3

The Telecom Regulatory Authority of India (Trai) on Thursday said Reliance Jio can offer its free promotional offer till December 3, also clarifying that tariffs offered by the Mukesh Ambani-led firm were not predatory or discriminatory.

This means new customers won’t be able to avail the offer after December 3 and Jio subscribers would have to pay as per the tariffs announced by the company. Customers who have subscribed before December 3 will enjoy benefits till December 31.

In its quarterly results, Jio said it might extend the period of free services in case its subscribers were unable to get adequate experience of seamless connectivity across the network because of interconnection congestion and the quality of service parameters are not as per the benchmarks desired by the Jio management.

Jio had launched the commercial services on September 5 and also announced it would provide all voice and data services free till December 31. The incumbent telcos objected, claiming such offers could not be provided for more than 90 days. Read More

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Intas buys Teva assets for Rs 5,100 cr

Ahmedabad-based firm beats domestic rival Aurobindo, global giants Mylan and Novartis

In one of the largest overseas acquisitions by an India pharmaceutical company, Ahmedabad-based Intas Pharmaceuticals acquired the generics business of Actavis in the UK and Ireland from global generics giant Teva for an enterprise value of £600 million (Rs 5,100 crore) in an all-cash deal.

This is a big leap for the unlisted Indian company, which had annual revenue of Rs 6,569 crore, an earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 22 per cent and net profit of Rs 882.5 crore in 2015-16.

Teva sold these assets after the European Commission's (EU) anti-trust divesture requirements arising from its acquisition of Actavis Generics.

The revenue of Teva's UK and Ireland stood at £250 million (Rs 2,100 crore) in 2015.

Intas paid 2.4 times Teva UK's revenue for the acquisition.

"This transaction represents a unique opportunity for Intas to build scale in the UK and in Ireland. It will add to our market-leading hospital franchise and create a strong platform for further European expansion," said Binish Chudgar, vice-chairman and managing director of Intas. Read More

Infosys unveils modular e-commerce platform

Infosys unveils modular e-commerce platform

Software major Infosys Ltd on Wednesday unveiled a mobile first and modular platform to drive e-commerce programmes across retail channels.

The platform has been developed by Skava, a Silicon Valley-based e-commerce start-up that the IT major acquired in June 2015 for $120 million, to enable businesses leverage cloud-based micro-services and white label applications to launch new offerings and improve conversion rates of digital channels.

"The platform can integrate into present technologies, while providing a future-ready architecture for next-generation shopping experiences leveraging artificial intelligence (AI) and machine learning, natural language processing and virtual reality (VR)," the IT major said.

The platform also has a mobile-first responsive web store and native mobile shopping applications that can be managed by non-technical business users through its studio, an intuitive web-based experience management tool. (more)

Hero launches new Achiever 150 priced up to Rs 62,800

Hero launches new Achiever 150 priced up to Rs 62,800

Country's largest two wheeler maker Hero MotoCorp on Monday launched an updated version of its premium segment bike Hero Achiever 150, priced up to Rs 62,800 (ex-showroom Delhi), as it looks to enhance presence in premium segment.

The variant with drum brakes is priced at Rs 61,800 while the one with disc brakes is at Rs 62,800.

"The launch of the next generation Achiever 150 is a reiteration of our strong focus on developing new, technologically superior and youthful products across segments for our customers in India and across the globe," Hero MotoCorp Chairman, MD and CEO Pawan Munjal told reporters here. read more

Jaguar launches new XF at Rs 49.5 lakh

New Jaguar XF Launched In India; Price Starts At Rs. 49.50 Lakh

Tata Motors-owned British brand Jaguar XF on Wednesday launched the all-new XF luxury saloon with prices starting at Rs 49.5 lakh (ex-showroom, Delhi).

Deliveries of XF are scheduled to begin from the end of September and customers can book one through any of the 23 authorised Jaguar Retailers located near them.

With the introduction of the Ingenium Diesel engine, the XF becomes the first Jaguar in India to get this power-train. The car is launched in three diesel and two petrol variants with the top end costing Rs 61.85 lakh.

The Jaguar XF will take on Mercedes-Benz E Class, AudiA6 and BMW 5 Series. The E-Class is the highest selling model for Mercedes-Benz, which is India's largest selling luxury car maker. Read More

Fans cheer, but Asia gives iPhone 7 subdued welcome

Fans cheer, but Asia gives iPhone 7 subdued welcome

Apple Inc fans from Sydney to Shanghai, the first customers worldwide to snap the new iPhone 7 off the shelves, cheered as they left stores on Friday brandishing their purchases, flanked by applauding sales staff.

But underneath the usual fanfare, the crowds of enthusiasts and overnight campers were smaller than in past years. Some customers complained after the larger version and models with the new jet-black colour sold out.

In part, online pre-ordering has made queues unnecessary for all but diehard fans, and in Chinese stores only those who had ordered in advance were queueing to collect.

Yet in markets like China, online interest in the new phone has also been muted compared to past launches, as cheaper local brands amp up their features, design and marketing.

Wu Ting, a 28-year-old from Nanjing, was surprised to find herself first in line at a downtown Apple store in Shanghai on Friday, a holiday in China.

"I found last year that there were crowds of people, but this year almost no one. I came an hour early thinking I'd have to wait a long time before getting seen," Wu said. Read More