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Tata Steel's TV Narendran elected chairman of worldsteel; becomes second Indian to head global body

suimt — Tue, 15 Oct 2024 11:47:12 +0000

Tata Steel Ltd CEO and MD TV Narendran (Pic credit: PTI)

NEW DELHI: The World Steel Association (worldsteel), a global organisation, announced on Tuesday that Thachat Viswanath Narendran, the managing director and CEO of Tata Steel, has been elected as its chairman.
Narendran is the second Indian to hold this position, following JSW Group chairman Sajjan Jindal, who was elected as worldsteel Chairman in 2021.
The Brussels-based association also stated that Ugur Dalbeler from Colakoglu Metalurji AS and Leon Topalian, president and CEO of Nucor Corporation, have been elected as vice-chairs.
In addition to his role as chairman, Narendran has been appointed to the 17-member executive committee alongside other prominent industry leaders such as Jindal, ArcelorMittal executive chairman LN Mittal, Topalian, and Dalbeler. The association also named several other members to the committee, including CEOs and high-ranking executives from various steel companies around the world.
The World Steel Association represents a significant portion of the global steel industry, with its members accounting for approximately 85 per cent of the world’s steel production.
The organisation comprises over 160 steel producers, national and regional steel industry associations, and steel research institutes, making it a crucial platform for collaboration and knowledge sharing within the industry.

'Are You Guys Crazy…': When Ratan Tata Announced Lifetime Salary, Insurance for Sacked Employees

suimt — Fri, 11 Oct 2024 11:47:56 +0000

Ratan Tata was the chairman of the Tata Sons between 1991 and 2012.

During the 1990s decade, Tata Steel faced financial crisis and existential issue due to high wage bills, global competition due to liberalisation and hostile takeover fears following economic reforms.

Ratan Tata, the former chairman of Tata Sons who passed away on late October 9, has left his huge legacy of corporate practices and philanthropy. The way he handled matters at the companies with a more humane approach made him unique and earned him immense respect. One such case was related to Tata Steel when it had to reduce its employee count to half in 1990s.

During the 1990s decade, Tata Steel faced financial crisis and existential issue due to high wage bills, global competition due to liberalisation and hostile takeover fears following economic reforms. The company had two options left — either close down itself completely or reduce the employee count from 80,000 to 40,000.

Tata Steel’s wage bill was high due to the company’s culture of paying more than recommended. For such company, both the options were tough choices. Eventually, the company came up with an employee separation scheme or voluntary retirement scheme, which became a benchmark of a humane approach to layoffs.

The employee separation scheme included:

1) Full salary till employees’ notional date of retirement. Employees over 55 were paid their current salaries until they reached retirement age. Employees between 45 and 55 were paid 1.2 to 1.5 times their salary until retirement.;

2) Employees and their families received medical insurance for life;

3) Employees were allowed to stay in company quarters for three years while they found a new place to live; and

4) If an employee died before retirement, their family continued to receive their full salary until retirement.

Industry veterans strongly discouraged Ratan Tata from going ahead with the scheme and said “Are you guys crazy?”.

Despite the opposition, the Ratan Tata-chaired Tata group went ahead with the scheme and provided support to the employees in lieu of layoffs.

Fortune magazine listed the scheme as one of the world’s top 10 best industrial decisions.

Ratan Tata, who held 0.83 per cent stake directly in Tata Sons, was the chairman of the holding company between 1991 and 2012.

Tata, who remained the Chairman Emeritus of the sprawling salt-to-software conglomerate till his death, breathed his last at Breach Candy Hospital in south Mumbai at 11:30 pm on October 9. A recipient of the Padma Vibhushan, India’s second-highest civilian award, Tata was put under intensive care on October 7.

Ratan Tata was laid to rest on October 10 with full state honours in Mumbai.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

Tata Group stocks rise up to 10%

suimt — Thu, 10 Oct 2024 08:19:48 +0000

The overall sentiment remained bullish on Tata stocks.

Shares of Tata Group companies rose on Thursday, with Tata Chemicals and Tata Teleservices emerging as top performers, rising up to 10 per cent. Ratan Tata, the Chairman Emeritus of Tata Sons, who played a pivotal role in transforming the group into a global conglomerate passed away late on Wednesday at the age of 86.
“Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.Ratan Tata, while pursuing the group’s growth, contributed substantially to India’s growth and millions of ordinary investors gained from the great man’s vision,” PTI quoted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services saying.
On the Bombay Stock Exchange (BSE), Tata Investment Corporation’s stock surged 10.47 per cent to Rs 7,235.80, Tata Chemicals rose 6.26 per cent to Rs 1,174.85, Tata Teleservices Maharashtra climbed 5.84 per cent to Rs 83.77, Tata Elxsi gained 3.37 per cent to Rs 7,867.80, and Tata Power increased by 2.56 per cent to Rs 472.70.
Also Read | Who is Noel Tata? Meet Ratan Tata’s half-brother, who could be successor at Tata Trusts
Additionally, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also experienced gains.
However, not all Tata Group companies saw positive movement. Trent, the group’s retail firm, slipped 0.90 per cent to Rs 8,146.35, Titan fell 0.81 per cent to Rs 3,465.80, and Tata Motors declined by 0.40 per cent to Rs 935.35 per share.
Despite these few exceptions, the overall sentiment remained bullish.
Vijayakumar emphasized that investors should take a cue from the growth of the Tata empire and understand the importance of a long-term investment horizon to truly benefit from the wealth creation opportunities presented by the capital market. He noted that even in a bull market, valuation concerns may persist.
Also Read | When Narayana Murthy touched Ratan Tata’s feet
In light of Ratan Tata’s demise, Tata Consultancy Services (TCS) has cancelled its scheduled press conference on Thursday evening, which was intended to announce the company’s second quarter performance.
However, TCS will still inform the exchanges about its July-September performance after the board meeting, as originally planned. The call with analysts at 7 pm will also proceed as scheduled.
The last rites of Ratan Tata are set to take place after 4 pm on Thursday at Worli in central Mumbai.