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

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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

Had opposed MNS’s Rs 5 crore demand from ADHM makers in the meeting: Fadnavis

Karan Johar’s film faced protests by MNS workers for casting Pakistani actor Fawad Khan

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Under fire over “brokering” a deal between producers of “Ae Dil Hai Mushkil” and MNS Chief Raj Thackeray, Maharashtra Chief Minister Devendra Fadnavis has maintained that he had opposed the offer of Rs 5 crore contribution from makers to the Army welfare fund.

Karan Johar’s film faced protests by MNS workers for casting Pakistani actor Fawad Khan. Film’s smooth release, scheduled to open on October 28, was ensured at a meeting Film Producers’ Guild, producers and MNS Thackeray, mediated by Devendra Fadnavis last week. A key demand conceded in the meeting was Rs 5 crore contribution from makers for the army welfare.

“Thackeray had put three demands, out of which there was no objections to the other two. When the issue of Rs 5 crore came up, I intervened and made it clear to the Film Producers’ Guild that they need not have to agree to it. I also told them that the contribution has to be made voluntarily. However, it was producers’ decision to accept it,” Fadnavis said on Monday evening at his residence ‘Varsha’. Read More

Also Read:

‘ADHM’ controversy has rubbed salt onto the wounds of martyred soldiers: Shiv Sena

After ADHM stir, MNS wants traders to ‘sacrifice’ biz with Pak

ADHM Truce: Raj Thackeray asks producers to pay Rs 5 cr for casting Pak artistes

Not Johar, Members of Producers Guild to meet Rajnath over ‘Áe Dil Hai Mushkil’ controversy

MNS to continue protest against ‘ADHM’, Karan Johar to meet Rajnath today

Akhilesh vs Mulayam: Why the SP infighting is bad news for BJP

Walking out of the shadow of his father and uncle and with the support of Congress and Nitish Kumar, Akhilesh Yadav could be bad news for the BJP

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The split in the Samajwadi Party (SP), which increasingly looks imminent, is bad news for the Bharatiya Janata Party (BJP), not just for the 2017 Uttar Pradesh Assembly polls but also for the 2019 Lok Sabha elections.

With the Congress weakened, the BJP effort has been to dent the support base as well as credibility of regional political parties that have the potential to form the nucleus of a strong third front in the 2019 Lok Sabha polls.

These parties are Uttar Pradesh-based SP and Bahujan Samaj Party (BSP); Naveen Patnaik-led Biju Janata Dal (BJD) in Odisha; the Dravidian parties of Tamil Nadu; the Nitish Kumar-Lalu Prasad Akhilesh Yadav combine in Bihar, Mamata Banerjee-led Trinamool Congress in Bengal and the Left parties.

The states where these parties wield influence – Uttar Pradesh, Bihar, Bengal, Odisha, Tamil Nadu, Kerala, Jharkhand and Tripura – send over 250 seats to the Lok Sabha, that is nearly half its strength of 543.

The long-term BJP plan is to fill the vacuum created by the decline of some of these regional parties and capture the support bases these parties have in their respective states, particularly among Hindus – primarily the Dalits and Other Backward Castes.

In the last two years, the BJP has tried to weaken these regional parties, but not always with significant success, as the Bihar Assembly poll results of 2015 showed. In recent months, the BJP cadre has been galvanised in Kerala, Bengal and Odisha. The party held its national council meeting in Kozhikode in Kerala in September. Read More

Also Read:

SP saga: Mulayam shows who’s boss, says Amar Singh will stay

Mulayam defends Amar, Shivpal; SP meet ends in acrimony

Akhilesh told me he would float new party, says Shivpal at SP meet

My heart goes out to Akhilesh Yadav, says Shatrughan Sinha

Would have resigned had Netaji asked me to, says an emotional Akhilesh

India triumphs in Kabaddi World Cup 2016, maintains dominance

India wins 2016 Kabaddi World Cup beats Iran 38-29

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India fought off a tough challenge from Iran to win their third successive Kabaddi World Cup 2016 here on Saturday.

In perhaps the most exciting match of this World Cup, the Indians overturned a first-half deficit with a superb second-half performance to win 38-29.

India have thus won all the three Kabaddi World Cups held so far. They have beaten Iran in the finals of all the three editions.

The experienced Ajay Thakur played a crucial role in India’s win with his raiding prowess.

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Iran enjoyed a stronger start and dominated the first half. But the Indians showed superb fighting spirit and aggression to pull off the win.

Thakur had started the revival early in the second session by claiming four consecutive raid points. His team-mates also showed excellent raiding and defending technique to edge out their opponents.

“This is the best moment of my life,” Thakur said after the win. Read More

Trai nod to Jio free offer till December 3

Trai nod to Jio free offer till December 3

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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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Jio effect? Bharti Airtel’s new 4G users can get 10GB for Rs 259

Should you buy RIL post Q2 results?

RIL surprises with Rs 7,704-cr net profit

Reliance Retail profit jumps 31%

INS Arihant commissioned in Aug, but not ‘fully ready’ for patrols: Report

India’s 1st indigenous nuclear-powered ballistic missile submarine can carry between 4 to 12 nuclear-tipped missiles

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India quietly commissioned into service its first indigenous nuclear submarine, the INS Arihant, in August this year and the vessel has been operational since then, The Times of India reported on Tuesday while citing sources.

With its induction, India has completed the first step towards setting up a nuclear triad.

The national daily said that according to the same sources, despite being inducted, the Arihant is “not yet fully ready” to be deployed for “deterrent patrols”. The report added that the Ministry of Defence and the Indian Navy have refused to comment on the matter.

All you need to know about INS Arihant:

INS Arihant is India’s first nuclear-powered ballistic missile submarine. While India has leased nuclear submarines from Russia before, Arihant is the first such vessel built indigenously.

According to reports, the vessel will be armed with the K-15 missiles, which can carry nuclear warheads to a range of 750 km, and with K-4 missile, which has a longer range.

In April this year, news agency IANS had reported that the K-4 ballistic missile was test-fired secretly from the Arihant in March the same year. The report added that the Defence Research and Development Organisation (DRDO) refused to officially comment on the matter.

The report said that the K-4 missile had a range of 3,500 km, adding that the Arihant has four vertical launch tubes, which can carry 12 K-15 missiles or four larger K-4 missiles. Read More

India seeks $500-bn BRICS trade by 2020

Leaders of the five economies agree to work on credit rating agency, trade in local currency and cooperation on tax evasion

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While a key agreement on setting up a BRICS credit rating agency eluded them, leaders of the five emerging large economies ended their eighth summit with a commitment to strive for greater synergy and higher economic growth.

With Indian and Chinese exports to the West shrinking, Prime Minister Narendra Modicalled for doubling of intra-BRICS trade to $500 billion by 2020.

This was seen as a key to spur growth in BRICS economies, two of which have recorded negative growth. Chinese President Xi Jinping drew attention to “some countries getting more inward looking in their policies… Protectionism is rising and the forces against globalisation are an emerging risk,” he said.

The ‘Goa Declaration’, issued at the end of the summit, welcomed “experts exploring the possibility of setting up an independent BRICS Rating Agency based on market-oriented principles, in order to further strengthen the global governance architecture. However, it was felt that experts should study the proposal further since credit rating agencies need to have credibility,” said Amar Sinha, secretary (economic relations), external affairs ministry.

An important idea that nearly reached fruition was the suggestion that BRICS members should trade in their local currencies. If this happens, trading costs could come down by up to six per cent, according to estimates. (more)