TCS

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 17 (Reuters Breakingviews) - No chair of a company can govern effectively without the backing of a majority shareholder. Trying to do so at a $260 billion conglomerate whose interests span steel to chips to IT and whose revenues equal roughly 5% of India's GDP is not just untenable, but potentially ruinous for all concerned.

That's the astonishing drama unfolding at the Tata group. The 158-year-old conglomerate's privately-held holding company, Tata Sons, on Thursday awarded N. Chandrasekaran a third five-year term, just weeks after he voluntarily quit citing the lack of unanimous board support. Its 65% owner, the Tata Trusts, led by Noel Tata, part of the wider Tata family, promptly dismissed Chandra's return as illegal.

It sets up a protracted showdown. Shareholders of Tata Sons, which owns stakes in listed companies from Tata Consultancy Services to Tata Motors, will sooner or later have to approve Chandra's reappointment at a shareholder meeting. That may not happen any time soon because a bizarre order by a state authority has barred trustees of Sir Ratan Tata Trust, one of the two largest trust shareholders, from convening meetings. Chandra's current term runs to February.

If the Trusts which use their dividends to fund philanthropy were to vote today, Chandra would be unlikely to win the required support. A long standoff however will test the unity of the Trusts as their own boards not only include Noel and his son, Neville, but also known Chandra supporters such as Venu Srinivasan, who also sits on Tata Sons' board and voted in favour of the reappointment. In time, it's possible that more board members will change their positions.

The stalemate will hurt India in a couple of ways. The two main trusts also theoretically hold veto rights over the Tata Sons board's decisions, including on any ⁠investment of more than 1 billion Indian rupees, a paltry sum of $10 million. That could make it harder for its struggling carrier Air India to secure a sought-after capital lifeline and crimp fresh spending into Tata's other unlisted ventures from chipmaking to batteries which New Delhi is keen to advance to catalyse economic growth.

It's also a red flag for foreign investors undecided about committing to India. The standoff between Chandra and Noel has its roots in an order by the Reserve Bank of India to take Tata Sons public, which the regulator is now trying to enforce. Chandra appears to have overreached but excessive official meddling in a private business is also to blame.

Going forward, Tata not only needs new leadership that can unite the board and ultimate owners, but also a new leadership structure, including a separation of the chair and CEO roles to shore up its governance. A stalemate is in nobody's interests but, for now, it seems inescapable.

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CONTEXT NEWS

The board of Tata Sons on September 17 said it had approved by majority vote a third five-year term for N. Chandrasekaran as executive chairman. Tata Sons is the holding company for India's Tata conglomerate.

The development reverses Chandrasekaran's decision, announced on August 12, to not seek reappointment. He cited the absence of unanimous support from the board.

Tata Sons' majority shareholders, Tata Trusts, responded to the reappointment in a statement, dismissing it as "illegal".

The Trusts said Tata Sons' articles of association require both of the Trusts' nominee directors to the Tata Sons board to vote in favour of the chair. Noel Tata, one of the nominees and chair of Tata Trusts, voted against the proposal and that makes the reappointment void, the statement added.

(Editing by Una Galani; Production by Oliver Taslic)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Adds analyst comment in paragraphs 4,5

By Urvi Dugar

Sept 15 (Reuters) - Indian IT stocks .NIFTYIT surged as much as 5.2% on Tuesday, tracking gains in global software shares, after AI executives called for a slower pace of development amid concerns over the technology's risks.

Shares of software companies globally have been battered by concerns that AI could make parts of their business obsolete. India's $315 billion IT industry is seen as especially vulnerable because of its reliance on billable hours, leaving IT stocks among the market's worst performers over the past year.

The IT index was set for its best session since July 2. It has fallen about 21% this year, more than twice the decline of the benchmark Nifty 50 index .NSEI.

A slower pace of AI development could give Indian IT firms more time to adapt to new models and manage their costs, rather than continually spending to keep pace with the rapidly evolving technology, said Piyush Pandey, an analyst at Centrum Broking.

"Faster AI development increases uncertainty for enterprises," Pandey said, adding that Tuesday's gains were a tactical bounce rather than a sign of a fundamental improvement in the sector's outlook.

HCLTech HCLT.NS led gains on the index on Tuesday, climbing 6.21% after eight straight sessions of declines. Infosys INFY.NS and TCS TCS.NS rose 4.72% and 4.76%, respectively.

The rally comes after Anthropic CEO Dario Amodei called on AI companies to slow the rate at which they advance model capabilities after mounting fears that the technology could be misused. Both Elon Musk, who runs xAI, and OpenAI CEO Sam Altman said they agree with Amodei.

Alarm about the potential harm from AI intensified earlier this month when Anthropic researcher Jacob Coxon resigned, saying AI companies are "gambling with our lives."

Indian IT outsourcing companies including Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS and HCLTech HCLT.NS have been rejigging their business models in response to AI-led disruption, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.

(Reporting by Urvi Dugar in Bengaluru; Editing by Abinaya V and Sonia Cheema)

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Sept 8 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• WINS 1.22 BILLION RUPEES BID TO BUILD AI-ENABLED DIGITAL GOVERNANCE PLATFORM FOR ODISHA GOVERNMENT

• WILL IMPLEMENT ODISHA STATE WORKFLOW AUTOMATION SYSTEM 3.0 TO STREAMLINE STATE’S PAPERLESS GOVERNANCE SYSTEMS

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];))

Sept 7 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS LAUNCHES AI-NATIVE CREATIVE ENGINEERING STUDIO IN THE UK

• NEW FACILITY IS PART OF TCS' COMMITMENT TO CREATING 5,000 JOBS IN UK

Further company coverage: TCS.NS

(([email protected];;))

Sept 3 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - SELECTED AS A STRATEGIC PARTNER BY INTERNATIONAL WHOLESALER METRO AG

• TCS - TCS WILL HELP INTERNATIONAL WHOLESALER METRO SIMPLIFY ITS TECHNOLOGY ENVIRONMENT

Source text: [ID:]

Further company coverage: TCS.NS

(([email protected];;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, Sept 1 (Reuters Breakingviews) - The disruption from artificial intelligence across India's $315 billion IT services sector is forcing companies to get creative. Case in point: Tata Consultancy Services' TCS.NS recent tie-up with luxury carmaker Porsche P911_p.DE. Financial gains are limited for the $91 billion giant, but the alliance gives it a foothold in Europe's auto sector.

As part of the deal unveiled last week, TCS will buy Porsche's automotive and consulting unit MHP at a 320 million euro enterprise value, equal to 0.4 times the target's 2025 sales. At the same time, the high-end German manufacturer will commit 1.3 billion euros to the Indian group to "embed AI" across its operations in a five-year strategic partnership.

That works out to an extra $300 million for TCS's annual top line, or just 1% of revenue for the year to the end of March. Strategically, though, TCS gains expertise that rivals may struggle to replicate: MHP boasts roughly 4,500 employees and a client roster including Porsche and other car brands, as well as industrial groups spanning aerospace to energy. But the bigger prize may be direct access to the $45 billion Volkswagen group that also owns, in addition to Porsche, Audi, Lamborghini and other brands.

TCS has stepped up acquisitions of late, including two U.S. deals last year; expanding its footprint in Europe, which accounts for roughly a third of revenue, looks sensible. This year, it bagged an $800 million AI contract with Swedish manufacturer SKF SKFb.ST and launched a sovereign cloud computing service for European governments, public sector enterprises and regulated industries. Deepening ties with the region's industrial groups should help ease reliance on its biggest market by sales, North America. Revenue there grew just 2% last quarter from the same period last year, compared to the 4.3% increase in Continental Europe.

TCS's latest move echoes rival Wipro's WIPR.NS strategic tie-up, announced in May, with Singapore-based food and agricultural conglomerate Olam OLAG.SI, which also offloaded its IT and digital services to the Indian firm. Both deals underscore the need to find new growth in specialised areas as AI upends the industry's once-booming outsourcing business model. TCS's stock currently trades on less than 15 times forward 12-month earnings, per LSEG, far below its five-year average of over 25 times. Carving out industry niches is a promising strategy that will require some unusual dealmaking.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Tata Consultancy Services will buy Porsche AG's automotive and consulting unit MHP at an enterprise value of €320 million, the IT major said on August 24 in a stock exchange filing.

Under the partnership, Porsche has signed a five-year strategic deal with MHP and TCS amounting to €1.25 billion. The deal is expected to close by the end of the year.

(Editing by Robyn Mak; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

Aug 25 (Reuters) - ** Tata Consultancy Services TCS.NS will buy Porsche AG's P911_p.DE automotive and consulting unit MHP, as part of a wider partnership under which Porsche has committed €1.25 billion for the Indian firm and MHP

** Shares rise 0.7% to 2,300 rupees

STRENGTHENING EUROPE AUTO PLAY

** HSBC ("hold," PT: 2,350 rupees) says the MHP acquisition fills a key white space in TCS' European automotive and consulting business and comes with committed revenues from Porsche

** Morgan Stanley ("equal-weight," PT: 2,200 rupees) says the deal strengthens TCS' automotive engineering capabilities, adds a marquee Porsche relationship and expands its European footprint, but expects only a modest financial contribution

** Emkay Global ("add," PT: 2,600 rupees) says the acquisition and accompanying AI partnership with Porsche should bolster TCS' automotive and industrial consulting capabilities in Europe

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]; 8800437922))

Tata Consultancy Services said Porsche AG had executed a five-year strategic deal with TCS and MHP worth €1.25 billion. The agreement covered the industrialisation of AI across Porsche’s engineering, manufacturing, operations, customer experience and enterprise transformation activities, including automotive technology services and software-defined mobility platforms. The deal was linked to TCS’s acquisition of MHP Management- und IT-Beratung GmbH and was effective from the closing date of that acquisition. TCS’s annualised AI revenue had risen to $2.3 billion, while recent AI product and ecosystem announcements had not specified customer revenue or contract values.

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Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH, Porsche AG's automotive and industrial consulting subsidiary, for an enterprise value of €320 million. The transaction formed part of a five-year strategic partnership under which Porsche signed a €1.25 billion deal with TCS and MHP to develop AI services across its mobility value chain. MHP reported turnover of €742 million in calendar 2025 and employed about 4,500 people, with subsidiaries in Romania, the UK, the US, India and Mexico. The announcement followed TCS's recent AI expansion through Google Cloud Gemini Experience Centres, a Vodafone Business partnership and the TCS ADD Agent Hub, while those releases did not disclose customer revenue or contract values.

Powered by Tijori

Tata Consultancy Services agreed to acquire 100% of MHP Management- und IT-Beratung GmbH from Porsche AG for an enterprise value of €320 million, subject to regulatory approvals. Porsche also signed a five-year strategic deal with TCS and MHP worth €1.25 billion, under which TCS will establish an AI Mobility Centre of Excellence for Porsche. MHP, headquartered in Germany, had turnover of €742 million in 2025 and about 4,500 employees, with operations spanning automotive and industrial consulting, AI, SAP and software-defined mobility. TCS generated AI revenue of $2.3 billion in FY26 and had recently expanded its AI delivery network through Google Cloud centres and an agentic-AI platform.

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Rewrites, adds details, analyst comment from paragraph 3

Aug 24 (Reuters) - Tata Consultancy Services TCS.NS will buy Porsche AG's P911_p.DE automotive and consulting unit MHP, the IT major said on Monday, as part of a wider partnership under which Porsche has committed €1.25 billion ($1.46 billion) for the Indian firm and MHP.

The deal comes at a time when AI has been disrupting traditional outsourcing models in India's $315 billion IT industry with clients pausing tech spends.

MHP is an automotive and industrial consulting firm that specializes in business consulting and software-defined mobility. The deal, for an enterprise value of €320 million, is expected to close in the next 3-4 months, TCS said.

The wider five-year pact is tied to deploying AI across Porsche's engineering, manufacturing, operations and customer experience verticals, as well as developing automotive technology and software-defined mobility platforms, TCS said.

Porsche is part of the Volkswagen group, which is under pressure to cut costs and trim back its sprawling portfolio as it faces pressure from Chinese competitors, tariffs and EV costs.

The firm sold stakes in sports car makers Bugatti and Rimac earlier this year and scrapped three subsidiaries including its battery unit Cellforce and e-bike business, costing over 500 jobs.

"The deal will be adding to TCS revenue. It is similar to Harman DTS, Olam acquisitions done by Wipro WIPR.NS where companies would land and expand. It will have a neutral impact on the stock and overall capability of the company," said Piyush Pandey, an IT analyst at brokerage Centrum Broking.

($1 = 0.8573 euros)

(Reporting by Abhirami G and Sai Ishwarbharath B in Bengaluru and Rachel More in Berlin; Editing by Mrigank Dhaniwala)

(([email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Aug 21 (Reuters Breakingviews) - India's most respected conglomerate has an opportunity to take an important step forward. In a bid to improve governance, charitable trusts controlling the $280 billion Tata salt-to-IT group formally split ownership from management in 2022 by giving Tata Sons, the unlisted holding company, its own chair. The fractious departure of the latest person to hold that position, N. Chandrasekaran, suggests the reform fell short. If the trusts' ultimate goal is to maximise income to fund their philanthropic mandate, they should resist reimposing central control and give the next chair greater authority.

Set up by founder Jamsetji Tata in 1892, the Tata Trusts are a cluster of charities aiming to advance social and economic development. Their activities, ranging from building hospitals to sponsoring sports in India's hinterland, are financed through dividends drawn from their 66% stake in Tata Sons. This income grew more than 11-fold during the four years ended March 31 to 29.4 billion rupees ($307.24 million). The charity work, and the founder's insistence that Tata group companies look after employees to a high standard, has made its brand synonymous with public service.

In the long term, however, indirectly owning large or majority stakes in some 31 companies ranging from $87 billion Tata Consultancy Services TCS.NS to $18 billion Tata Motors TATM.NS may not be the best way for the trusts to fund their mission. A true arm's-length separation between the charities and the holding company, with the latter making minority investments like a pension or sovereign fund, may be more lucrative.

The current structure is the worst of all worlds because it has allowed the trusts to cling onto power. The two main charities don't just nominate one-third of directors on Tata Sons' board, they also hold veto rights over its decisions. Any investment of more than 1 billion rupees ($10.45 million) gets kicked up to the board, a threshold so low that the charities have the final say over most spending.

As a result, the trusts have someone to blame if they don't like performance but are not delegating enough power for the holding company chair to maximise returns. It has led to bizarre decisions that jeopardise the charities' future income, such as the purchase of struggling carrier Air India from the government. By contrast, the not-for-profit foundation Robert Bosch Stiftung has no influence on the strategic or business orientation of Germany's Bosch despite owning 94%.

Tata is much more complex and no corporate structure is immune to boardroom clashes of the sort that culminated in Chandra's exit. The root of his departure revolved around a unique disagreement over whether to list the holding company, which would fundamentally change the group's structure. Nonetheless, now that he's on the way out, the trusts have an opportunity to reflect on how best to fulfill their philanthropic mandate.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Tata Trusts, the charities controlling India's Tata group of companies, said on August 13 that trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new Chairman for Tata Sons. N. Chandrasekaran on August 12 said he would not offer himself for a third term as chair of Tata Sons, citing the absence of unanimous support from the board for his re-appointment.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Bharath Rajeswaran

Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.

The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.

Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.

"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.

However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."

Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.

"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."

After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.

Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.

Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.

It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.

($1 = 95.7525 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)

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Aug 18 (Reuters) - India's Tata Sons TATO.NS has deferred its annual general meeting which was supposed to be held on August 18, CNBC-TV18 reported on Tuesday, citing sources.

The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group's controlling shareholder.

(Reporting by Surbhi Misra and Kashish Tandon in Bengaluru; Editing by Rashmi Aich and Ronojoy Mazumdar)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Aug 17 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS- LAUNCHES AGENTIC AI PLATFORM TO TRANSFORM DRUG DEVELOPMENT

Source text: ID:nnAZN4TEQEF

Further company coverage: TCS.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Ujjaini Dutta

BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.

Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.

Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.

From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.

AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.

This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

Updates with latest developments in paragraphs 1-2, 10-12, 14

By Jayshree P Upadhyay and Gopika Gopakumar

MUMBAI, Aug 13 (Reuters) - Tata Sons Chairman N. Chandrasekaran is preparing to step down after nearly a decade at the helm, intensifying focus on succession and a potential stock market listing.

The transition at Tata Sons, the holding company of 31 group companies including Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS, Tata Steel TISC.NS and Air India, has also raised questions about the balance of power between its board and the charitable trusts that control the conglomerate.

Until now, Tata Sons has remained unlisted. But pressure to list has mounted this year from stakeholders including the second-largest shareholder, Shapoorji Pallonji Group (SP Group), and from central bank rules that could require Tata Sons to go public unless it secures an exemption.

WHAT IS THE STRUCTURE OF THE TATA GROUP?

The 108-year-old salt-to-steel conglomerate is uniquely structured, with a combine of philanthropic organisations broadly known as the Tata Trusts holding 66% in Tata Sons. Debt-ridden construction and infrastructure conglomerate SP Group holds 18.4% of the company.

The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.

Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.

WHO WANTS TATA SONS TO LIST?

Pressure for listing is coming from multiple quarters.

At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large amounts of capital that cannot be generated internally.

SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But SP Group is not represented among the trustees.

The key pressure is regulatory, stemming from Reserve Bank of India rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.

WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?

As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations requiring enhanced supervision.

Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.

As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.

HAS RBI CLARIFIED ITS STANCE?

While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.

The RBI last week retained Tata Sons' status as requiring enhanced ‌regulatory supervision, but added that it does not affect the company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.

WHO IS OPPOSING THE LISTING?

Noel Tata has not made public comments, but he has privately opposed converting Tata Sons into a listed entity, according to media reports that say he and other trustees unanimously opposed listing last year and asked the Tata Sons chairman to engage with the RBI.

WHAT WILL HAPPEN AT THE SHAREHOLDERS MEETING NEXT WEEK?

The shareholders of Tata Sons are expected to meet on August 18, and a central agenda item will be to look for a successor before the current chairman leaves office next year. The controlling trusts said on Thursday that they are setting up a committee to recommend a new chairman.

Another item is how Tata Sons will navigate the RBI rules and their implications for a potential listing and provide an exit for cash-starved SP Group.

Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, and a review of Tata Sons’ performance.

The shareholders meeting - the first since Chandra said he would step down and the RBI publicly revealed the company's application to deregister as a non-banking finance company - is being keenly watched by the market.

($1 = 95.7150 Indian rupees)

(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai; Editing by Ira Dugal, Raju Gopalakrishnan and Jamie Freed)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

Changes headline, rewrites, updates shares

By Surbhi Misra

Aug 12 (Reuters) - Shares of Tata Group companies fell on Wednesday after N. Chandrasekaran said he would not seek reappointment as Tata Sons chairman, deepening uncertainty at India's largest conglomerate that is already grappling with issues ranging from regulatory scrutiny to pricing pressures.

India's top IT services exporter, Tata Consultancy Services TCS.NS, slumped 3.9% and was the biggest loser on the Nifty .NSEI, dragging benchmark indexes lower.

Jaguar Land Rover-parent Tata Motors Passenger Vehicles TAMO.NS closed down 1.3%, while jeweller Titan TITN.NS and Tata Steel TISC.NS slipped 0.6% and 1.1%, respectively.

The stocks, however, ended off the day's lows.

Chandrasekaran cited a lack of backing from the board as the reason behind his decision, following months of tensions with Tata Trusts, the charity arm that owns 66% of Tata Sons, which, in turn, controls more than 30 companies in the conglomerate.

The two sides have disagreed over a potential listing of Tata Sons, losses at Air India, the planned exit of a minority shareholder and board representation.

"It's a knee-jerk reaction as Chandra has been at the helm for a long time, however, once the new chairperson is announced, it would be back to business as usual," said Ambareesh Baliga, a Mumbai-based market analyst.

Over the past year, the conglomerate has had to grapple with regulatory scrutiny of Air India following a fatal crash, pricing pressure at TCS and a cyberattack at JLR that disrupted production and weighed on Britain's economic output.

A source with direct knowledge of Chandrasekaran's decision told Reuters the disagreements were the sole reason for his resignation.

So far in 2026, TCS shares have dropped 25.6%, Tata Motors Passenger Vehicles is down 6.6% while Tata Steel has gained 3.4%. Titan shares have risen 26%.

"We have witnessed such uncertain periods for Tata Group, when Ratan Tata had taken over in early 1990s and more recently during the Cyrus Mistry imbroglio, but it has always managed to steer through. So this time it shouldn't be any different," said Baliga.

(Reporting by Kashish Tandon, Surbhi Misra and Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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Aug 11 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS- TCS AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN MEXICO TO HELP DRIVE AI ADOPTION

Source text: ID:nBSE15qS6j

Further company coverage: TCS.NS

(([email protected];))

Aug 10 (Reuters) - India's Tata Consultancy Services TCS.NS said on Monday that it had received threat-intelligence alerts alleging the possible exposure of certain employee-related data, and added there was no indication that customer data or systems had been impacted.

(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; 8800437922;))

Rewrites with comments from source, background

By Nishit Navin and Gopika Gopakumar

Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.

To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.

A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.

"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter

The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".

Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.

The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.

Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.

Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.

($1 = 95.2200 Indian rupees)

(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)

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Adds details on new tech hub, additional details on data center and background

July 24 (Reuters) - India's HCLTech HCLT.NS said on Friday it would invest 142.57 billion rupees ($1.48 billion) to set up its first AI data center in the eastern state of Odisha in partnership with homegrown startup Sarvam AI.

India’s IT services firms are entering the data center business to capitalise on demand from AI and cloud computing while diversifying beyond their traditional outsourcing operations.

HCLTech's investment will include financial support from the Odisha government, the company said.

The project, based in the state capital of Bhubaneswar, will utilise HCLTech's full-stack AI capabilities and Sarvam's foundation models to offer sector-specific AI applications to both government-owned and private companies.

Last month, HCLTech acquired a 10.5% stake in Sarvam AI for $150 million.

Additionally, India's third-largest IT firm said it is also opening a technology center in Bhubaneswar, which will house 5,000 employees and start operations by 2028.

HCLTech CEO C Vijayakumar in a post-earnings press conference last week said that the company wants to deliver full-stack AI services, with data centers being a part of the value chain.

"...it's the data centre, it's the GPUs, it's the models, it's the applications that we will deliver on top of it. The overall value creation is significantly of a very different magnitude when you really look at this as a full stack, and that's really what we want to play," he said.

In November, larger peer Tata Consultancy Services' TCS.NS announced plans to invest $2 billion to develop AI data centers in partnership with private equity firm TPG.

The AI boom has spurred a rush among companies to pour money into data centers, with India seen as a key market due to its large internet user base and lower power and operating costs.

($1 = 96.5425 Indian rupees)

(Reporting by Abhirami G and Haripriya Suresh in Bengaluru; Editing by Sonia Cheema)

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Adds details of CEO transition, more analyst comments, background, shares and graphic

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, July 23 (Reuters) - Infosys INFY.NS named company veteran Ashiss Kumar Dash as its next CEO on Thursday, tapping a three-decade insider to lead India's No. 2 IT firm through an AI-driven upheaval reshaping the technology services industry.

The succession plan was announced alongside a cut to the company's annual revenue growth forecast, sending its U.S.-listed shares down 5% in early trading.

Dash, who heads the company's energy and utilities business, will take over in April 2027 for a five-year term after Salil Parekh steps down at the end of his tenure in March, the company said.

The appointment comes as India's $315 billion IT sector wrestles with the impact of AI on technology spending and traditional outsourcing models.

"Ashiss Kumar Dash is a safe, execution-focused appointment at a time when Infosys needs stability as much as transformation," said Phil Fersht, CEO of tech research firm HFS Research.

"He understands the firm's culture, clients, and delivery engine, which should reassure customers and investors after a period of uncertainty."

Nandan Nilekani, the co-founder and non-executive chairman of Infosys, said Dash's long career at the firm had given him experience across key functions, including delivery, sales and account management, making him well-suited for the top role.

Dash will return from Los Angeles to India in the coming months and begin a structured handover process, with Parekh expected to mentor him from October as part of the transition.

NARROWS REVENUE GROWTH FORECAST

The Bengaluru-based firm narrowed its fiscal 2027 revenue growth forecast to 1.5%-3.0% from 1.5%-3.5%, citing cautious client spending amid AI-driven disruption. Analysts had expected growth of 2.5%-4.5%.

Parekh said the forecast's upper end reflected expectations of a stronger macroeconomic environment, which have yet to materialise.

StoxBox ‌analyst Sagar Shetty said the forecast downgrade likely reflects a more pressuring environment going forward.

Revenue in the quarter rose 14% to 482.11 billion rupees ($4.99 billion), missing analysts' average estimate of 483.67 billion rupees, according to data compiled by LSEG. Net profit rose 12.2% to 77.69 billion rupees, while analysts expected 78.32 billion rupees.

Rivals Tata Consultancy Services TCS.NS and HCLTech HCLT.NS beat quarterly estimates earlier, aided by strong financial services demand and a weaker currency.

AI services accounted for 8.2% of Infosys' revenue, compared with 5.5% in the December quarter.

Large deal bookings were $3.6 billion in the quarter, up from $3.2 billion in the previous quarter but down from $3.8 billion a year earlier.

($1 = 96.5725 Indian rupees)

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Additional reporting by Mridula Kumar, Surbhi Misra and Kashish Tandon; Editing by Nivedita Bhattacharjee, Dhanya Skariachan and Devika Syamnath)

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** TCS TCS.NS, India's top software services exporter, up 9% this week

** Co on track for best week in nearly six years

** Stock, which is down more than 30% so far this year, has shown some signs of recovery in July

** Co posted quarterly revenue last week on strong banking demand, rising AI revenue

** Analysts note revenue growth in coming quarters, led by AI revenue; prospects for grown in BFSI, high-tech and regional markets

** On the day, stock up 2.8% to 2,262.4 rupees in lighter-than-usual trading

** More than 2.6 mln shares change hands vs 30-day avg of 5.1 mln shares

** Stock top gainer on IT index .NIFTYIT on Friday, among top gainers on benchmark Nifty 50 .NSEI

** Avg rating of 43 analysts is "buy"; median PT is 2,400 rupees - LSEG data

(Reporting by Abinaya V in Bengaluru)

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July 16 (Reuters) - Tata Consultancy Services Ltd TCS.NS:

• TCS - CO AND GOOGLE CLOUD LAUNCH GEMINI EXPERIENCE CENTER IN KOLKATA

• TCS - BY END OF 2026, PLANS TO ESTABLISH TOTAL OF 10 GECS GLOBALLY, INCLUDING FOUR IN INDIA

Source text: ID:nBSE15x2Fn

Further company coverage: TCS.NS

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July 15 (Reuters) - NVIDIA Corp NVDA.O:

• TCS - LAUNCHES INDUSTRIAL AI SOLUTIONS LAB IN BENGALURU POWERED BY NVIDIA

Source text: ID:nBSEbk81Nz

Further company coverage: NVDA.O

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By Ira Dugal

July 14 - Foreign investors are embracing the Indian bonds with uncommon enthusiasm, even as they remain wary of the nation's stocks. The resulting drop in borrowing costs is delivering immediate benefits for the government and economy, but are risks waiting in the wings? That's our focus this week. Share your views with me at [email protected].

Also, quarterly earnings from India's largest IT company bring relief to beaten-down tech stocks. Scroll down for that. And, catch the best of Reuters reporting on India in our 'must-reads' section.

THIS WEEK IN ASIA

• Japan pension pivot seen as a slow burn, not a bond market fire sale

• How the absence of Iran's new supreme leader is becoming a liability for the Islamic Republic

• China lifts fuel export curbs for July, sources say

• Bangladesh's Hasina plans December return with party colleagues to surrender

BONDS GET A VOTE OF CONFIDENCE

While Indian equity markets have struggled to draw foreign investor interest over the past year, the country's bonds are enjoying a moment in the spotlight.

A confluence of factors has led to nearly $6.5 billion in foreign investment into government securities since the start of June - a month which saw record inflows, pulling down the benchmark 10-year bond yield by about 25 basis points to 6.73%, close to the levels seen before the Iran war began.

A relatively dovish central bank, lower taxes for foreign investors and a dollar deposit scheme targeting the Indian diaspora are all playing a part.

"The relative stability in the rupee after the central bank's steps aimed at drawing dollar flows has also been a key positive for bond investors," said Vivek Kumar, an economist at QuantEco Research.

Additionally, some front-running of the potential inclusion of Indian sovereign debt in Bloomberg's flagship Global Aggregate Index could be driving demand, said Abhishek Upadhyay, co-head of economic and fixed income research at Mumbai-based ICICI Securities Primary Dealership.

"It has been a beautiful set-up for anyone considering allocation to Indian government bonds," he said.

COULD BOND BULLS TURN VIGILANTES?

The inflows have given foreigners increasing clout in a market that the government historically has carefully controlled.

Overseas ownership of bonds in a category called "fully accessible route (FAR)" climbed to 7%, Reuters' Dharamraj Dhutia reported. FAR bonds, introduced in 2020, have no foreign investment restrictions and are now part of three global bond indices, buffing their attractiveness to foreign investors.

Prior to 2020, India had tightly limited overseas investment in government debt, even though equity markets were fully open. The worry was that foreign ownership might spur volatility in borrowing costs across the economy, acting as a constraint on policymakers.

For instance, bond vigilantes — investors who demand higher yields when they perceive fiscal risks — could complicate the pursuit of spending priorities such as strategic energy reserves. Yields rise when bonds sell off.

India could eventually become more susceptible to such pressures, but those risks remain limited for now, said Upadhyay.

"Foreign ownership of Indian government bonds is still low, while domestic banks and insurers continue to provide a stable source of demand because of regulatory requirements," he said.

Banks are required to hold 18% of their deposits in government bonds, while investment guidelines for insurance companies also require large holdings of these securities.

India's 7% foreign ownership is lower than countries like Malaysia and Indonesia, where overseas investors own about 22% and 14% of government debt, respectively.

And QuantEco's Kumar noted that much of the investment has come from funds tracking global bond indices, suggesting the inflows could prove sticky.

"These are largely passive investors and they typically don't swing positions very sharply due to near-term macroeconomic developments as their holdings are linked to an index weight," he said.

MARKET MATTERS

After a sharp fall since the start of the year for technology stocks, earnings from Tata Consultancy Services TCS.NS for the June quarter beat market expectations, bringing some relief to the sector.

Strong banking demand and rising AI revenue helped India's largest IT services firm beat revenue estimates. Company executives told Reuters' Sai Ishwarbharath B and Haripriya Suresh that it is scouting for acquisitions in the AI space to boost revenue further. Read more here.

THIS WEEK'S MUST-READS

• India is holding out for a better trade deal with the U.S. as Prime Minister Narendra Modi draws confidence from new trading partners and a relatively resilient economy, Shivangi Acharya, Manoj Kumar and Trevor Hunnicutt reported.

• India's National Stock Exchange (NSE) will pitch its IPO to over 30 global investors this month as a bet on the country's rapid financial expansion and growing capital-market participation, Jayshree Upadhyay reported.

• An Indian investigation found duty-free shops run by billionaire Gautam Adani's business group at Mumbai international airport breached the law by selling nicotine pouches, Aditya Kalra reported. Adani denies wrongdoing. The Indian government is seeking to throw out a court challenge mounted by the Adani group.

(Reporting by Ira Dugal; Editing by Kevin Buckland)

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Updates with details of company and analyst commentary, details of data center foray, recasts throughout

By Haripriya Suresh and Sai Ishwarbharath B

BENGALURU, July 13 (Reuters) - HCLTech HCLT.NS, India's third-largest software services exporter, beat profit and revenue expectations for the first quarter on Monday, buoyed by strength in its financial services and a weak rupee.

The company also retained its annual revenue forecast while announcing a foray into the data center business.

Analysts have lowered their expectations for India's $315 billion IT industry as global clients cut non-essential tech spending and fears mount that advanced AI tools could disrupt the business models of software companies.

HCLTech's deal wins of $2.4 billion, its highest ever in the first quarter, are a positive indicator, CEO C Vijayakumar said in a press conference.

"There has been some impact due to West Asia (conflict), which started in March, and some of that is continuing. Some of the discretionary spend softness continues to be there, but we see a large pipeline, very healthy booking. We expect strong booking even in Q2," he said.

A weaker rupee also ​boosted revenue for IT firms as they bill clients in foreign currencies, while incurring most costs in rupees.

HCLTech posted a 13.9% year-on-year rise in revenue to 345.79 billion rupees ($3.62 billion) during the June quarter, against analysts' average estimate of 343.5 billion rupees, according to LSEG data.

Revenue in constant currency, or stripping out exchange-rate effects, rose 2.6%.

Analysts said the company's performance in financial services and retail segments was positive, with the financial services segment being the secular growth driver for the industry.

"It's a good set of numbers, but the FY27 guidance has not increased or narrowed. That was the biggest monitorable, particularly because the company won a $1.14 billion deal this month. From that perspective, this was slightly disappointing," said Sushovon Nayak, analyst at Anand Rathi.

HCLTech also saw a n‌et reduction in headcount of over 3,000, the steepest drop in eight quarters.

The company announced a foray into the data center business, for which it plans to invest 35 billion rupees with the potential to scale to 50 megawatts of capacity.

"While the investment could modestly weigh on cash flows in the near term, it positions HCLTech to participate across the full AI value chain," StoxBox research analyst Sagar Shetty said.

($1 = 95.6200 Indian rupees)

(Reporting by Haripriya Suresh and Sai Ishwarbharath B in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath)

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By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, July 12 (Reuters) - Tata Consultancy Services TCS.NS is building a team of up to 8,900 forward-deployed engineers and hunting for AI acquisitions as it bets artificial intelligence will create new business rather than undermine outsourcing, two TCS executives told Reuters.

The strategy emerges amid investor concern that AI could disrupt India's $315 billion IT services industry by reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.

"We would be ... ensuring that we have as many as 1% to 1.5% of our associates who could be what you would call FDEs," CEO K Krithivasan said in an interview. TCS TCS.NS is India's largest software services firm.

Krithivasan's figures would translate to roughly 5,900 to 8,900 employees based on TCS's end-June headcount. Krithivasan did not say whether the company would hire externally or retrain existing staff.

Forward-deployed engineers embed with clients to accelerate AI adoption and tailor tools to business needs, a role that has emerged as a hiring bright spot in a sector grappling with AI-driven efficiency gains.

The plan pits TCS against firms such as OpenAI, Anthropic and Microsoft MSFT.O, which have expanded hiring for forward-deployed engineers to help clients deploy AI tools.

The Mumbai-based company is also evaluating acquisitions in AI, data security and cybersecurity, after largely shunning acquisitions for years and relying instead on organic growth until late 2025.

"We are looking at where we can find things which will help us enable or enhance our strategic positioning," CFO Samir Seksaria said.

AI: FRIEND OR FOE?

Krithivasan dismissed concerns that AI would disrupt the outsourcing model, arguing that companies still need partners such as TCS to integrate and deploy AI systems.

"What you need is a deep knowledge of the customer environment to make it work. That is where we differentiate ourselves. This has nothing to do with cost arbitrage. It's essentially because of the talent pool that we have built," Krithivasan said.

Companies increasingly use multiple AI models and require partners such as TCS to connect those models with existing systems and manage data flows, he said.

Even so, TCS's annualised AI revenue growth slowed to 13% in the first quarter from 28% in the previous quarter. Krithivasan said he would like the business to grow about 25% quarter-on-quarter over the long term but that he did not expect a linear trajectory.

TCS spends about $1 billion annually on talent development and making AI accessible internally, with a focus on training, targeted hiring and niche recruitment in AI-native technologies, Seksaria said.

(Reporting by Sai Ishwarbharath B and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Tom Hogue)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, July 10 (Reuters Breakingviews) - Tata Consultancy Services TCS.NS shares have been battered by fears that coding tools from Anthropic and others will make it redundant, but the $78 billion IT services giant had plenty of good news to offer on Thursday when it reported better-than-expected quarterly earnings. Unhelpfully, the bespoke metric it created to flaunt the firm's tech credentials is sending a less optimistic signal.

The Indian company’s topline returned to growth on Thursday, buoyed by higher spending from banking clients and a weak rupee. Revenue stood at 723 billion rupees ($7.6 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms. Its deal pipeline ticked up slightly to $9.5 billion after the company won an $800 million AI-led business transformation pact with European manufacturing giant SKF SKFb.ST, insurer Canada Life and Norwegian packaging firm Elopak ELO.OL.

This, as CEO K Krithivasan suggested on a post-earnings call, hints that AI deflation may not be as bad as many feared. Asked by analysts about the likely impact of higher spending by global companies on AI tokens, he said most enterprises will use multiple large language models and that the complex architecture involved could result in more work for IT firms.

Such optimism is reinforced by a surprise uptick in hiring. Tata Consultancy added ⁠around 9,300 employees, its fastest quarterly pace in more than three years, including AI-native engineers who can be deployed immediately on client projects. That's a striking contrast with one month ago when Chair N Chandrasekaran, who also leads the holding company of the wider Tata group, said AI would slow industry hiring and predicted AI agents' numbers would soon match the company's workforce. The apparent contradiction mattered little to investors: shares rose 3% in early trading on Friday.

Yet one figure which the company only started disclosing in December gives pause. The company's so-called annualised AI services revenue, which includes AI for business transformation and modernisation work, reached just $2.6 billion for the period. That was up 13% from the previous quarter but a sharp slowdown from the 28% pace it logged in March. Management blamed lumpy deal timing, noting that AI projects last only one or two quarters and then need to be won again, unlike traditional services deals with recurring revenue. It's a reminder that, for IT giants, future growth may be less predictable in the agentic era.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Tata Consultancy Services on July 9 reported revenue of 723 billion rupees ($7.58 billion) in the quarter ended June 2026, up 14% year-on-year and 2.7% in constant currency terms.

The Indian IT firm's order book stood ​at $9.5 billion, down from $12 billion in the March quarter.

Annualised AI services revenue, a figure the company started disclosing in December, rose 13% quarter-on-quarter to $2.6 billion, slower than the 28% growth in the prior three months.

Tata Consultancy added ⁠around 9,300 employees, its fastest quarterly pace in more than three years. Asked by analysts about the likely impact of higher spend on AI tokens, CEO K Krithivasan said most enterprises will use multiple large language models, which will result in bigger roles for IT firms.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))