Top headlines: Chairman rules out Tata Sons' revamp; telcos get govt relief

Business Standard brings you the top headlines from today

Ratan Tata, Chandrasekaran deny reports of leadership changes at Tata Sons

Patriarch of the Tata Group, Ratan Tata and Tata Sons chairman, N Chandrasekaran have denied today that there is any change at the top leadership at Tata Sons, the holding company of Tata Group.

“I am extremely disappointed with the recent media reports regarding a major revamp in the Tata group's organisation framework through a speculative company wise restructure with me seen to be critical to implementing this change. Such speculation can only serve to cause disruption amongst a team that has been operating smoothly with impressive growth in market value”, said Tata in a statement today. Read more

Govt to sell up to 10% stake in Hind Copper via OFS, may garner Rs 1,120 cr

The government will sell up to 10 per cent stake in Hindustan Copper through an offer for sale (OFS) in a move that would help the exchequer garner about Rs 1,120 crore in divestment receipts.

The government will sell 5 per cent or 48.3 million shares in the copper miner at Rs 116 apiece on Thursday and Friday. Read more

Cabinet approves 4-year moratorium on payment of all govt dues by telcos

In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100% foreign investment through the automatic route.

Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnaw said nine structural reforms for the telecom sector were approved. Read more

TCS m-cap tops $200 bn, shares hit lifetime high of Rs 3,980 intra-day

Tata Consultancy Services (TCS) topped the $200-billion market capitalisation mark on Wednesday as the stock extended this year’s winning run.

Shares of TCS logged a new lifetime high of Rs 3,980 before settling at Rs 3,955, up 1.8 per cent over previous day’s close. Shares of the company are up 35 per cent this year amid a sharp rally in IT stocks. At the closing price, the Tata group flagship had a market cap of Rs 14.63 trillion ($199.2 billion). Read more