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Tata Group stocks such as TCS and Tata Chemicals dropped up to 8% on Friday after Tata Trusts labelled Chandrasekaran’s appointment illegal. This follows Tata Sons granting Chairman N Chandrasekaran a fresh five-year term and initiating the process for the group’s much-awaited holding company IPO.

In today’s session, Tata Chemicals declined 8% to its day’s low of Rs 719, while Tata Investment Corp declined 5% to Rs 683 per share on the BSE. India’s largest IT services provider, TCS, slipped 3.5% to Rs 2,118 apiece. Tata Motors, Tata Elxsi, and Tata Tech slipped up to 3% on Friday.

The decision, however, faced opposition from Noel Tata, chairman of Tata Trusts, the umbrella organisation for several charitable trusts that collectively own a majority stake in Tata Sons. Noel Tata was the only director to vote against the resolution. After the meeting, Tata Trusts said publicly that it considered the board’s decision to reappoint Chandrasekaran for another five years to be illegal.

RBI rejects Tata Sons requests, pushes for listing

The board meeting came days after the Reserve Bank of India rejected Tata Sons’ request to remain private and unlisted. The central bank also clarified that its rules for shadow banks of a certain size, which require them to be publicly held, would apply to Tata Sons. Shortly after the meeting, Tata Sons said its board had, by majority decision, resolved to reappoint Chandrasekaran as executive chairman for five years after the completion of his current term.
Also read: All-Out War at Tata

Tata Trusts, however, maintained its opposition. “The Trusts’ position remains unchanged, as a considered judgement of a majority shareholder,” it said in a statement. The trust said its position had been reiterated at the board meeting by its chairman. According to the statement, four directors voted in favour of Chandrasekaran’s reappointment while Noel Tata voted against it. Tata Trusts said the resolution was a legal nullity because of provisions in the Articles of Association of Tata Sons.

Tata Trusts vs Tata Sons on IPO plans

Tata Trusts controls 66% of Tata Sons through the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust. In July 2025, Tata Trusts passed a resolution seeking to keep Tata Sons privately owned. The Shapoorji Pallonji Group, which holds an 18.37% stake and is the largest minority shareholder in Tata Sons, considers a listing the most practical route to unlocking value.On the listing question, Noel Tata has maintained that Tata Sons could meet the RBI’s requirements without making an explicit commitment to a public listing. He suggested that structural alternatives could be explored to satisfy the regulator while allowing Tata Sons to remain privately held.

Noel also proposed creating a committee or team with representatives from Tata Trusts and Tata Sons to jointly examine the options and determine how the company could comply with the RBI directive.

Tata Sons AGM is due

The public opposition from Tata Trusts also makes Tata Sons’ deferred and overdue Annual General Meeting particularly significant. Chandrasekaran needs to be reappointed as a director at the AGM to continue as chairman, and Tata Trusts, as the majority shareholder, holds the decisive position at the meeting.

However, one of the two trusts that together hold a majority of Tata Sons, the Sir Ratan Tata Trust, is currently barred by the Maharashtra charity commissioner from making decisions and therefore cannot participate in the AGM. As a result, the meeting has had to be deferred because of a lack of quorum.

The dispute has also brought renewed attention to the mechanism through which Tata Trusts exercises control over Tata Sons. Under a provision known as the assenting vote, directors nominated by the trusts have a role in approving key decisions. Tata Sons’ Articles of Association state that important decisions at the board require the assenting vote of a majority of trust nominees. In case of a tie, the chairman of the board can exercise a casting vote.

At present, only two trust nominees, Noel Tata and Venu Srinivasan, serve on the Tata Sons board. Both voted in opposite directions on the two resolutions considered on Thursday, bringing the tie-breaker mechanism into focus.

Read more: Tata Trusts puts Rs 25,000 cr SP Group liquidity plan before Tata Sons board

The Tata Sons board, supported by legal opinion, has taken the view that the chairman of the session can use a casting vote to resolve the tie. Since Chandrasekaran was not eligible to vote on his own reappointment, Harish Manwani, who was asked to chair the session, exercised the casting vote, according to multiple people familiar with the developments.

Tata stocks that have stake in Tata Sons

Tata Chemicals holds a 2.53% stake in Tata Sons, while Tata Investment Corporation holds a significant stake in Tata Sons. Others such as TCS, where Chandrasekaran earlier served as the CEO, Tata Motors PV, Tata Elxsi, Tata Tech and Tata Steel will also be in focus on Friday.

Chandrasekaran resigned in August as Tata Sons chairman after his reappointment decision was deferred by the Tata Sons board. Tata Trusts raised reservations about the performance of the new businesses. Noel Tata was also in favour of a two-year executive term for Chandrasekaran, in line with the group’s retirement age of 65 for executive roles, ET reported earlier.

Disclaimer: This article has been written by Veer Shamra, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

The government is launching a national disaster insurance scheme aimed at aiding households in quicker recovery from significant natural disasters. This initiative is designed to provide financial assistance and enhance resilience, ensuring that affected families can rebuild and restore normalcy in the aftermath of events such as floods, hurricanes, and other major natural calamities.

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CABINET APPROVES NATIONAL INSURANCE PLAN FOR 30 MILLION HOMES AGAINST DISASTERS

In a landmark decision aimed at enhancing the nation’s resilience to natural calamities, the federal cabinet has approved a comprehensive national disaster insurance policy covering 30 million homes. This pivotal move reflects a commitment to fortifying economic stability in the face of increasing climate-related adversities. By spreading risk across a larger pool and offering a safety net to homeowners, the government aims to mitigate the financial devastation wrought by natural disasters, ensuring swifter recovery and rebuilding efforts.

The coverage extends to a wide array of disasters, including earthquakes, floods, hurricanes, and wildfires, providing homeowners with a critical buffer against potential financial ruin. With climate change intensifying the frequency and severity of such events, this insurance scheme is both timely and essential. The initiative seeks to relieve the financial burden on individuals, promoting a culture of preparedness and proactive risk management across communities.

Government officials emphasize that the policy will be underpinned by strategic collaborations with private insurance firms, leveraging expertise to optimize operational efficiency and coverage effectiveness. Citizens are encouraged to familiarize themselves with the policy terms and ensure adequate protection. Ultimately, this insurance program is more than just a safety net; it represents a national commitment to resilience, offering peace of mind and supporting a more secure future for millions of families.

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Shares of Yatharth Hospital & Trauma Care Services rallied sharply over 10% on Friday, extending gains from the previous session after US-based private equity firm Advent International announced that it will invest Rs 3,150 crore to acquire a 24.9% stake in the Indian hospital chain.

The company’s shares jumped to a fresh all-time high of Rs 1,184 apiece on NSE on Friday morning, breaking the previous record made just yesterday. The stock has gained 20% in just two days since the stake acquisition was announced.

Also read | Advent inks pact with Yatharth Hospital to invest Rs 3,150 crore for 24.9% stake

Advent to pick 25% stake in Yatharth Hospitals

Advent International on Thursday announced that it entered into a definitive agreement with Yatharth Hospitals to invest Rs 3,150 crore of primary capital to acquire a significant minority stake of 24.9% in the latter, subject to customary closing conditions.
After the investment, Yatharth Hospitals’ promoter, the Tyagi Family, will remain the largest shareholder and continue to guide the company’s long-term vision, alongside a strong leadership team of healthcare and business professionals, the companies said in a joint press release. The transaction marks a pivotal milestone in Yatharth Hospitals’ growth journey and reflects Advent’s confidence in the company’s differentiated healthcare platform, strong clinical capabilities, scalable operating model, and experienced management team, the press release further said.

Yatharth Hospitals has built one of North India’s leading healthcare networks, operating nine multi-speciality hospitals with around 2,800 beds and an overall announced capacity of nearly 3,250 beds. Speaking about Advent’s stake acquisition, Yatharth Hospitals Whole-time Director Yatharth Tyagi said it marks a pivotal milestone in the company’s journey and helps validate the strength of our platform and long-term vision. Beyond capital, Advent brings deep healthcare expertise, global insights, and a strong value-creation mindset that will help speed up the Indian hospital chain’s next phase of growth, he added.
“Together, we aim to expand our reach, strengthen our capabilities, and build one of India’s leading healthcare networks while remaining committed to delivering high-quality outcomes for patients,” Tyagi further said.Advent MD Pankaj Patwari, meanwhile, said the investment underscores the US-based private equity company’s deep and long-standing commitment to India’s healthcare sector, which it believes is entering a decade of structural growth as access expands, quality improves, and consolidation advances. “We are pleased to partner with the Yatharth family, bringing our global healthcare expertise and experience investing in founder-led businesses to help support and accelerate the Company’s next phase of growth,” he wrote.

Advent has been a big backer of Indian pharma companies but has, so far, not made an investment in the hospitals sector other than a 2012 investment in Care Hospitals. Aster DM Quality Care was formed by a mega merger of Moopen family-founded Aster DM Healthcare and Quality Care India, unifying four healthcare brands — Aster DM, CARE Hospitals, Evercare and KIMSHEALTH. It also saw two of the biggest PE groups, TPG and Blackstone, join forces to create the country’s second-largest healthcare chain.

For the first quarter ended June, Yatharth reported a 51% year-on-year increase in consolidated revenue to Rs 392.70 crore. Average revenue per occupied bed was Rs 34,758, up 7% from a year ago. Whole-time director Yatharth Tyagi recently told analysts on an earnings call that the hospital chain grew at 37% in FY26 and is set to “easily surpass that growth” this year.

Also read | Advent International joins India’s hospital gold rush with Rs 3,150 crore Yatharth bet

Yatharth Hospital share price

Shares of Yatharth Hospital have delivered strong returns for its investors, jumping more than 70% in 2026 so far. After hitting a 52-week low of Rs 538.25 apiece, the stock more than doubled in less than eight months to hit a fresh record high of Rs 1,184 apiece today.

In the longer term, Yatharth Hospital shares have jumped around 46% in one year and more than 203% in three years. The company has a market capitalisation of around Rs 11,163 crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Shares of GPT Infraprojects rallied as much as 8.59% to hit an intraday high of Rs 123.32 after the company announced securing a major railway infrastructure order worth Rs 483.72 crore from Rail Vikas Nigam Limited (RVNL).

The order was awarded by the Chief Project Manager, RVNL, Bhubaneswar, and involves the construction of Important Bridge 544, a 32×65.84-metre open-web steel girder bridge over the Mahanadi River. The bridge will be constructed at Chainage 406.305 km as part of the development of the third and fourth railway lines between the Nergundi–Barang section in the Khurda Road Division of East Coast Railway.

The contract is valued at Rs 409.94 crore and is scheduled to be completed within 1,095 days from the appointed date.

The company said the order is a domestic railway bridge project and clarified that the promoter, promoter group and group companies have no interest in RVNL. It also stated that the contract does not constitute a related-party transaction.

The fresh order adds to GPT Infraprojects’ railway infrastructure portfolio and comes as the company continues to secure projects in the transportation and infrastructure segment.

Following the latest order win, the company’s outstanding order book stands at Rs 4,992 crore, while its total order inflow for Fiscal 2027 has reached Rs 818 crore.
Following today’s rally, GPT Infraprojects’ market capitalisation climbed to around Rs 1,440 crore, while the stock’s 52-week high stands at Rs 150.On the technical front, the stock’s 14-day Relative Strength Index (RSI) stood at 50.9. An RSI reading below 30 is generally considered to indicate an oversold zone, while a reading above 70 is viewed as overbought.

GPT Infraprojects is currently trading above all 8 of its key Simple Moving Averages (SMAs), indicating that the stock is positioned above these commonly tracked technical benchmarks.

The company also witnessed a modest increase in foreign investor ownership during the June 2026 quarter. FII/FPI holdings rose to 2.96% from 2.72% in the previous quarter.

Meanwhile, mutual fund holdings remained unchanged at 4.07% during the June 2026 quarter.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

As steel prices surge, Motilal Oswal Financial Services sees the domestic steel cycle shifting from a volume-led recovery to pricing- and cost-led earnings growth.

In its latest report released on Thursday, the brokerage said prices have remained firm in the ongoing second quarter of FY27 despite seasonal weakness, supported by lean channel inventories, maintenance-led supply constraints and rising input costs.

Domestic hot-rolled coil (HRC) prices jumped 7% month-on-month to a four-year high of Rs 62,000 per tonne in September, while cold-rolled coil (CRC) prices rose 8% MoM to Rs 70,500 per tonne.

Rebar prices also recovered sharply to Rs 56,800 per tonne in September, from Rs 48,850 per tonne in June. This rally signals a broad-based pricing strength across both flat and long products, Motilal Oswal said.

The domestic brokerage attributed the improvement in steel prices mainly to cost pass-through, adding that input costs (coking coal, iron ore and pellet) have simultaneously increased, raising the cost base for steelmakers. Premium Australian coking coal price has risen to $300 per tonne from $260 per tonne in June 2026, implying that every $10 per tonne increase in coking coal adds nearly $7-8 per tonne to input costs, creating a margin headwind. Iron ore and pellets prices also remained firm during the muted demand cycle, it added.

Also read | India protects over 80% of steel exports to EU as 1.9 MT country quota is secured; residual access could push total to 2.8 MT

Strong steel demand outpaces production growth

Domestic steel volumes, meanwhile, remained fundamentally healthy. India produced around 67.4 million tonnes of finished steel during the period between April and August this year, up 3.7% YoY, while finished-steel consumption grew by a stronger 7.2% YoY to 70.3 million tonnes, according to the brokerage. The faster growth in consumption relative to production has kept the domestic market relatively tight, it added.Motilal Oswal noted that the global volume backdrop is equally supportive from a supply perspective. Global crude steel production declined 0.6% YoY to around 1.08 bt during the period between January and July this year, with China’s output falling 3.1% YoY to nearly 577 mt. The structural decline in Chinese steel output is important for global market balance given China’s major role in global steel production and exports, the domestic brokerage noted.

Why Motilal Oswal is constructive on domestic steel pricing

“In the near term, we remain constructive on domestic steel pricing as we believe the domestic steel cycle is transitioning from volume-led recovery to pricing and cost-led earnings growth. Lean inventories, constrained supply, resilient underlying consumption and global cost inflation provide the foundation for higher steel prices. If postmonsoon demand normalizes as expected, the sector could enter 2HFY27 with a considerably stronger realization environment than the current consensus assumptions imply,” Motilal Oswal said.

The domestic brokerage believes the immediate earnings trajectory will be backed by positive realisation momentum, while margin sustainability will depend on the mills’ ability to pass through further price increases as the impact of cost inflation will be evident steadily in the coming quarters. Companies with stronger cost positions, captive raw materials and greater downstream or value-added exposure should be better positioned to defend margins, it added.

Also read | Metals emerge as 2026’s top sectoral bet, IT, FMCG struggle

Motilal Oswal’s top steel picks

Motilal Oswal named JSW Steel and Tata Steel as its top picks among the steel companies. JSW Steel shares have gained around 9% in 2026 so far and 14% in one year. In the longer term, the shares of the company jumped 58% in three years and 87% in five years. The company has a market capitalisation of around Rs 3.12 lakh crore.

Tata Steel shares, meanwhile, rose around 3% in 2026 so far. In the longer term, the shares of the Tata Group company have gained 9% in one year, 44% in three years and more than 35% in five years. The company has a market capitalisation of around Rs 2.34 lakh crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.