Tuesday, March 17
Mumbai: Tata Sons chairman N Chandrasekaran is stepping up direct involvement with Tata Consultancy Services (TCS) as a priority to steer India’s largest IT company through a vulnerable phase and ring-fence the group’s largest cash generator at a time when artificial intelligence (AI) threatens established business models, said people with knowledge of the matter.The renewed focus includes bolstering the role of TCS as default AI partner for Tata Group companies, they said. It will also explore acquisitions of AI-focused startups to accelerate the AI pivot, they said.“The legacy business model of TCS cannot stay the way it was,” said a highly placed executive close to the matter. “Chandrasekaran has told his top team to do what it takes to grow and defend its turf.”Addressing m
Shares of IDBI Bank slipped as much as 4% to an intraday low of Rs 103 amid developments around the planned strategic sale of the state-owned lender. The disinvestment process has attracted bids from Indian-Canadian investor Prema Watsa’s Fairfax Financial and Emirates NBD.The government of India and Life Insurance Corporation of India (LIC), which hold stakes of 45.48% and 49.24% respectively, are together looking to divest a 60.7% stake in the bank as part of the broader privatisation programme.Meanwhile, Kotak Mahindra Bank clarified that it has not submitted a financial bid for IDBI Bank, dismissing recent media reports. The proposed sale was first announced in 2022, and the government is targeting to announce the successful bidder by March.The bank has a current market capitalisatio
New Delhi: Several hotel owners are rushing to renegotiate longstanding agreements with international operators and booking platforms to clarify data protection responsibilities under the new Digital Personal Data Protection (DPDP) Act and strengthen measures to prevent any breach of guest data.The move reflects the growing concern among hoteliers about the liability exposure in an industry where guest information is exposed to several stakeholders including hotel management firms and travel companies, legal experts said. 128082181 They said the sector is more vulnerable than others, citing given prior instances of hacking and credit card theft and widespread sharing of guest data across property systems, brand platforms, online travel agencies (OTAs) and technology providers, creating mu
Adani Energy Solutions has secured long-term financing from a consortium of Japanese banks for its renewable energy transmission project connecting Rajasthan and Uttar Pradesh. The financing, however undisclosed, is led by MUFG Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC) acting as key financiers, the company announced on Monday.The financing has been raised under AESL’s sustainable debt framework, enabling participating lenders to classify the facility as a Green Loan. Latham & Watkins and Saraf & Partners acted as borrower’s counsel, while Linklaters and Cyril Amarchand Mangaldas advised the lenders on the transaction.Adani Energy Solutions Limited share price: Shares of Adani Energy Solutions were trading at Rs 1025.00 per scrip after a Rs 7.85 (+0.77%) rise as o
