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Tata Steel, Tata Motors rise, TCS in the red ahead of board meeting

Tata Sons board is set to meet again on July 17 to take the assessment and review of the COVID-19 situation forward, sources told CNBC-TV18.

July 17, 2020 / 02:02 PM IST
 
 
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Shares of Tata Group firms such as Tata Steel, Tata Motors, Tata Consumer and Tata Power Company were trading higher on BSE in the afternoon on July 17 ahead of the group's meet.

Shares of Tata Power, Tata Steel and Tata Metaliks rose up to 4 percent while those of Tata Motors, Titan Company, Tata Consumer Products and Tata Coffee rose up to 2 percent.

However, shares of Tata Communications, Tata Consultancy Services (TCS) and Tata Elxsi traded in the red.

Tata Sons board is set to meet later in the day to take stock of the coronavirus situation and assess the impact on individual companies, CNBC-TV18 reported sources as saying.

With many states unlocking, it is important to discuss operations across group companies and the plan of action for states that are undergoing more lockdowns.

Another key point will fund infusion into group companies after assessing the requirements, said sources. The two companies to keep a close watch on are Tata Steel and JLR, the report said.

The board will also assess the debt-reduction plan for companies as it wants to deleverage and reduce risks across the group. A long-term strategy for businesses like aviation, consumer, and IT may also be on the agenda.

The group may also look to fast track merger of businesses with a similar business focus, something that has been on the agenda for a while. Reports have also indicated that Tata Sons was the only company in the race for Air India assets. The bidding strategy may also be on the agenda, CNBC-TV18 reported.

The meeting comes a month after the board met in June to assess the performance of the group companies.

Moneycontrol News
first published: Jul 17, 2020 02:02 pm

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