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Singapore: <keyword id="20036942" type="General" weightage="100" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="83" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="83" meta.entityid="Vistara">Vistara</keyword> with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="83" meta.entityid="Air India">Air India</keyword>, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="83" meta.entityid="Tata Group">Tata Group</keyword> and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and <keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword> received to-date, represent a significant development towards the completion of the proposed merger," the airline said in the filing to the Singapore Stock Exchange. The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months. "At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024," it added. According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024. The merger, which will create one of the biggest airline groups, was approved by the National Company Law Tribunal (NCLT) in June. In March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal. Prior to that in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions. "SIA will make the necessary announcement(s) upon completion of the proposed merger or in the event that there are other significant developments," the filing said on Friday.

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

<ul><li><keyword id="194006" type="General" weightage="20" keywordseo="tata-technologies" source="Orion">Tata Technologies</keyword> has filed an addendum to its DRHP that’s been filed with SEBI.</li><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> will offload 20% of its stake in Tata Technologies via the IPO.</li><li>This is the first Tata Group company to go public in 19 years, after TCS listed in 2004. </li></ul>One of India’s most awaited public issues, Tata Technologies has filed an addendum to its DRHP that’s been filed with the market regulator. As per the update, its offer for sale component will consist of 95 million shares in its upcoming initial public offer (IPO). Its parent company, Tata Motors, will sell most of these shares in the OFS segment. It will offload 81 million shares – that’s 20% of the stake it owns in the company. Tata Motors holds over 74% stake in the company. Alpha TC Holdings will offload 9 million shares accounting to 2.4% of its holdings. Tata Capital Growth Fund I will sell 4.8 million shares representing up 1.20% of its holdings. No other details like the time of the IPO, its size, price band etc has been revealed yet. JM Financial, Citigroup Global Markets India, and BofA Securities India are the book running lead managers to the issue. After a gap of 19 years… Tata Technologies is the first group company to go public in 19 years. TCS listed on the bourses in 2004. This year, two other conglomerates – Reliance Industries and JSW also brought their group companies onto the markets. Jio Financial Services listed in late August, while JSW Infrastructure stock debuted in early October. Tata Technologies is a subsidiary of Tata Motors and is engaged in the business of providing engineering services to original equipment manufacturers (OEMs). It offers product development and digital solutions, including turnkey solutions, to global OEMs and their tier 1 suppliers. “The company has deep domain expertise in the automotive industry and leverages this expertise to serve clients in adjacent industries, such as in aerospace and transportation and construction heavy machinery,” the company said in its DRHP. According to consulting firm Zinnov, global engineering, research and development (ER&amp;D) spending was at approximately $1.64 trillion as of 2021. It expects it to grow to approximately $2.28-2.33 trillion by 2025. “Tata Technologies has been recognized as a domain expert and leader by Zinnov for several sectors like automotive, aerospace and electrification services,” the company’s DRHP said.

Tata Motors to offload 20% stake in the upcoming Tata Technologies IPO

<ul><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> posted a consolidated net profit of ₹3,203 crore in Q1, beating analyst expectations.</li><li>This quarter’s profits were driven by growth in domestic sales and improved performance of Jaguar Land Rover.</li><li>Total revenue from operations stood at ₹1.02 lakh crore in the first quarter as against ₹71,935 crore in the year-ago period.</li></ul> Indian automaker Tata Motors has reported a consolidated net profit of ₹3,203 crore in the first quarter of the current financial year (Q1FY24) riding on an improved performance at its British subsidiary<a href="https://www.businessinsider.in/business/auto/news/tata-motors-jlr-q1-retail-sales-up-29-in-april-june-2023/articleshow/101575182.cms"> Jaguar Land Rover</a>. In the same quarter last year, the company had reported a loss of ₹5,007 crore. Sectoral analysts had been expecting the reading at around ₹2,000 to 2,500 crore. Total revenue from operations grew 42.1% YoY to ₹1.02 lakh crore in the first quarter as against ₹71,935 crore in the year-ago period. On a standalone basis, the automaker reported a net loss of ₹64 crore for the period under review as against ₹181 crore loss in the first quarter of 2022-23. “FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals,” said <keyword id="509018" type="General" weightage="50" keywordseo="pb-balaji" source="Orion">PB Balaji</keyword>, Group Chief Financial Officer, Tata Motors. <cmsannotation type="cmsannotation" annotationid="JLR shifts gears" comment="subhead" text="JLR shifts gears"><keyword id="45218" type="General" weightage="80" keywordseo="jlr" source="Orion">JLR</keyword> shifts gears</cmsannotation> Tata Motors' British arm JLR reported a 57% increase in sales at 6,903 million pounds, when compared to the same period last fiscal. The operating margin, calculated as earnings before interest and taxes (EBIT) came in at 8.6% for the quarter under review. JLR claims that it has had the highest production levels in nine quarters and thus achieved the highest Q1 cashflow on record. "I am pleased to report a third consecutive quarter of strengthening financial performance for JLR... This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy,” said Adrian Mardell, chief executive officer, JLR. <cmsannotation type="cmsannotation" annotationid="Tata Motors’ Q1 results compared" comment="subhead" text="Tata Motors’ Q1 results compared">Tata Motors’ Q1 results compared</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY24 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:1pt 1pt 1pt 1pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY23 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,02,236 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹71,935 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:1pt 1pt 1pt 1pt;overflow:hidden;overflow-wrap:break-word;">₹1,05,932 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,203 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹5,007 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:1pt 1pt 1pt 1pt;overflow:hidden;overflow-wrap:break-word;">₹5,408 crore </td></tr></tbody></table> Source: Company reports “We aim to deliver a strong performance in the rest of the year too, thanks to a healthy order book coupled with low-break-even in JLR, a steady improvement in demand whilst we continue to drive our demand-pull strategy in CV, a set of exciting launches ahead of the festive season in PV and continued aggression in EVs,” the company said in its exchange filing. Shares of the company ended 1.62% up at ₹639.45 apiece ahead of the earnings report, on the BSE. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mukesh-ambanis-entourage-gets-a-new-10-crore-bulletproof-mercedes-benz-s680-guard/slidelist/102101339.cms">Mukesh Ambani’s entourage gets a new ₹10 crore bulletproof Mercedes-Benz S680 Guard</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-5-z-flip-5-galaxy-watch-series-6-and-more-set-to-launch-july-end/articleshow/101538049.cms">Samsung Galaxy Z Fold 5, Z Flip 5, Galaxy Watch Series 6 and more set to launch July-end</a> <a href="https://www.businessinsider.in/business/news/netflix-india-ends-password-sharing-outside-households/articleshow/101976844.cms">Netflix India ends password sharing outside households – Here’s how it will work</a>

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Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

PTI

Tata Motors to offload 20% stake in the upcoming Tata Technologies IPO

Katya Naidu

Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance

Sourabh Jain

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