N CHANDRASEKARAN
Tata to fuel new ventures engine with ₹30,000 crore more, to hire new digital CEO soon
Tata Sons is set to inject ₹30,000 crore into its emerging ventures like Tata Digital, Tata Electronics, Air India, and its defence and battery units, aiming to fuel their next phase of growth. This investment, approved by the board, is in addition to the $120 billion already committed.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Tata Sons' key official gets clean chit for link with Rs 90-crore family firm
The Tata Sons board has cleared company secretary Suprakash Mukhopadhyay of violating the company's code of conduct after reviewing an internal report on his involvement with Divinion, a financial services firm owned by his family. While Mukhopadhyay didn't disclose his connection appropriately, the board determined he didn't intentionally break the rules.
Chandrasekaran steps down as Tata Chemicals Chairman
N Chandrasekaran resigned as chairman and director of Tata Chemicals, citing a need to reassess his responsibilities amidst the Tata Group's focus on new ventures like Tata Digital, Tata Electronics, and Air India. S Padmanabhan has been appointed as the new chairman of the board. Modan Saha was also appointed as an additional director.
TCS CEO’s pay hike; L Catterton’s India fund
IT major TCS paid Rs 26.5 crore in remuneration to CEO and MD K Krithivasan in FY25. This and more in today’s ETtech Top 5.
N Chandrasekaran to step down as Tata Chemicals chairman; S Padmanabhan named successor
N Chandrasekaran will resign as Chairman of Tata Chemicals, effective May 29, 2025, citing his commitments. The Board accepted his resignation and appointed S. Padmanabhan, a current Director, as the new Chairman, starting May 30, 2025. Additionally, Modan Saha has been appointed as an Additional Director, effective May 28, 2025.
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Disclosure shock: Tata reviews top officer’s link to ₹90 crore family wealth firm
Tata Trusts and Tata Sons are reviewing a report on disclosure lapses by company secretary Suprakash Mukhopadhyay regarding his family's wealth management firm, Divinion Advisory Services. The report, initiated by chairman N Chandrasekaran, found no intentional breach of conduct but noted disclosure failures related to Divinion's investments from Tata-linked individuals.
TCS to add AI agents alongside human workforce: N Chandrasekaran
Looking ahead, TCS plans four progressions - establish a large pool of AI agents working alongside our human workforce, deliver solutions through a human+AI model, invest in AI data centers and cloud infrastructure, as well as forge partnerships, Chandrasekaran said.
India remains bright spot of economic growth amidst volatile global environment: N Chandrasekaran
Tata Consumer Products Ltd. (TCPL) Chairman N Chandrasekaran highlights India's robust economic growth amidst global volatility. He emphasizes India's limited exposure to the US tariff regime and strong macroeconomic outlook.
Starbucks India losses surge 65% in FY25, sales grow 5%
Starbucks India witnessed a 5% sales increase, reaching ₹1,277 crore, but its losses widened by 65% to ₹135.7 crore in FY25. Despite launching 58 new outlets and expanding into 19 new cities, profitability was impacted by subdued demand in the QSR sector. The company aims to reach 1,000 outlets by FY28 amidst increasing competition from other coffee chains.
Demerger to bring strategic clarity, long-term returns for shareholders: Tata Motors chairman N Chandrasekaran
Tata Motors' Chairman N Chandrasekaran announced the demerger into Commercial Vehicles and Passenger Vehicles (including EV and JLR) is progressing as planned, promising strategic clarity and enhanced agility. Shareholders approved the demerger in early FY26, expected to be effective in the second half of 2025, with equivalent shares in both entities.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Top-deck churn at Tata Digital; Rapido’s cash burn rises
Happy Friday! Top-level exits continue at Tata Digital with CEO Naveen Tahilyani abruptly ending his year-long stint. This and more in today’s ETtech Morning Dispatch.
ETtech Exclusive: Tata Digital CEO Naveen Tahilyani steps down; CFO Hardeep Guru tipped for top job
Naveen Tahilyani's abrupt resignation, a year after being handpicked by Tata Sons chair N Chandrasekaran, highlights the conglomerate’s continued struggle to find steady leadership for its digital bets. People close to the matter said Tahilyani’s successor will likely be drawn from within the group, with Tata Digital CFO Hardeep Singh Guru coming up as a favourite.
Big Tata Digital exit; Honasa’s Q4 net profit dips
Top-deck churn continues at Tata Digital as Naveen Tahilyani is leaving after just one year. This and more in today’s ETtech Top 5.
Axis Securities retains Buy on Indian Hotels Company, lowers target price to Rs 900
Axis Securities maintains a Buy call on Indian Hotels Company, revising the target price to Rs 900. The brokerage anticipates continued momentum in the hospitality sector, driven by limited room supply and increasing foreign tourist arrivals. A rising middle class with greater spending power is expected to further boost the company's revenue, projecting double-digit growth while maintaining stable margins.
Buy Tata Motors, target price Rs 800: Emkay
Emkay Global suggests buying Tata Motors shares, setting a target price of Rs 800. Despite a recent share price correction and concerns about US tariffs, Emkay remains optimistic. They highlight Tata Motors' strong financial turnaround and attractive valuation. While trimming EPS estimates slightly, they maintain a Buy rating. Promoters hold 42.58% stake, FIIs own 18.66%, and DIIs hold 16.
I-Sec maintains Buy on Tata Steel, keeps target price unchanged at Rs 180
ICICI Securities maintains a Buy call on Tata Steel with a target price of Rs 180, citing the company's focus on cost reduction and value enhancement. Despite a slight dip in consolidated total income, the brokerage is optimistic about Tata Steel's green steel transition plan and potential EBITDA benefits in Europe. Promoters hold 33.
Buy TCS, target price Rs 4,060: JM Financial
JM Financial recommends a 'Buy' for Tata Consultancy Services (TCS), setting a target price of Rs 4060, citing strong TCV wins of $12.2bn and improved revenue visibility. Despite a margin miss in the latest quarter, management is confident of higher growth in FY26. The brokerage has cut EPS estimates but believes valuations have limited downside, maintaining a positive outlook.
Buy Tata Steel, target price Rs 150: Axis Securities
Axis Securities recommends a buy for Tata Steel, setting a target price of Rs 150. The company's financials for the quarter ending December 2024 show a consolidated total income of Rs 53869.33 crore and a net profit after tax of Rs 248.51 crore. Promoters held 33.19% stake, while FIIs and DIIs owned 18.53% and 23.38% respectively.
TCS calls up group veterans to lead the voyage into AI
The IT giant has also created a new position of chief strategy officer appointing Mangesh Sathe, who currently is the chief executive of Tata Strategic Management Group. Sathe, who had previously worked as a principal with the Boston Consulting Group, will also head the Global Consulting Practice and oversee the M&A functions at TCS once he joins in May.
Some part of US tariffs here to stay: Tata Sons chairman Chandrasekaran
Tata Sons Chairman N Chandrasekaran said some U.S. tariffs are likely to remain, noting the real challenge is the shift from decades-old globalisation norms. He highlighted ongoing supply chain issues and announced Tata’s plan to open seven new factories by 2027.
Tata's billion-dollar bet: BigBasket and 1mg set for $1.3 billion cash surge
Tata group is preparing to raise $1.3 billion for its digital assets BigBasket and 1mg to compete more effectively in quick commerce. The fundraising will support BigBasket’s shift towards quick delivery and 1mg's expanded healthcare services, backed by Tata Digital’s aggressive growth plans.
Tata Sons chief N Chandrasekaran to group firms: Embrace AI or risk falling behind
Tata Electronics ranks among the top ten revenue-generating businesses within the Tata Group, with newer ventures demonstrating strong growth and profitability. Emphasizing the importance of embracing AI and technology, Tata Sons chairman N Chandrasekaran urged a focus on domestic growth amid a challenging geopolitical landscape.
Add TCS, target price Rs 3,900: Emkay Global
Emkay Global Financial Services recommends adding Tata Consultancy Services (TCS) with a target price of Rs 3,900. Currently, TCS is priced at Rs 3,440. For the quarter ending December 2024, TCS reported a total income of Rs 65,216 crore and a net profit of Rs 12,444 crore. Promoters hold 71.77% stake in the company.
With earnings of Rs 135 crore in FY24, Tata Sons' N. Chandrasekaran retains spot as India Inc's highest-paid executive
Tata Sons Chairman N. Chandrasekaran earned Rs 135 crore in FY24, a 20% increase from the previous year, making him the highest-paid executive in an Indian company. Tata Sons CFO Saurabh Agrawal followed with Rs 30 crore. Other notable earners include TCS CEO K. Krithivasan and IHCL head Puneet Chhatwal.
N Chandrasekaran’s salary almost doubles in leap from TCS to Tata Sons
Chandrasekaran’s annual payout is nearly three times more than his predecessor Cyrus Mistry, who earned Rs 16 crore as remuneration before being ousted by the board.
Did not expect this dip in India, not seeing enough investments on the ground: N Chandrasekaran, TCS
"Digital has been doing well. In fact for the past several quarters, we have been seeing a tremendous uptick."
Growth from Europe to be ahead of company average: N Chandrasekaran, TCS
We will all be close to the company average or slightly ahead. That is what it means to me. Europe will definitely be ahead of the company average.
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