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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...

Benchmark shares  indices crashed over 2%, amid a sell-off in Asia and Europe, after suspension of trading in Chinese shares post the sharp plunge in Shanghai Composite. Further, geopolitical tensions in the Middle-East also dampened sentiment. The S&P BSE Sensex tumbled 534 points to close at 25,627 and the Nifty50 plunged 171 points to end at 7,793. In the broader markets, BSE Mid-cap and Small-cap indices cracked 1% each. Market breadth finished remain weak with 1,284 gainers and 1,598 losers on the BSE. “China's PMI continues to underline its downward growth trajectory with equity markets reflecting a sub-7% GDP figure for calendar 2016 and beyond. India’s manufacturing PMI has hitherto stayed reasonably resilient despite weak aggregate demand. However,a sub-50 print at the beginning of the year marks extended expectations on a recovery. One would hope that prudent fiscal expansion and select sector-wise recovery would bring back the ...

Tata Steel UK has signed a letter of intent with Greybull Capital, an investment company, to enter exclusive negotiations for a potential sale of its long products Europe business. This development was revealed by  Tata Steel , the largest steel producer in the country, on Tuesday. Tata Steel UK is an indirect subsidiary of Tata Steel Europe. The memorandum covers several UK-based assets such as the Scunthorpe Steelworks, mills in Teesside and north France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge, which are currently being “mothballed”, said Tata Steel in its notification to the exchanges. “This is an extremely critical time for the whole industry, and we have been working hard to explore all options that could provide a future for the long products Europe business,” the notification said, quoting Karl Koehler, the chief executive of Tata Steel’s Eur...