Open ICICI
3-in-1 Account
Manage your Savings, Demat and Trading Account conveniently at one place
Manage your Savings, Demat and Trading Account conveniently at one place
News: In a regulatory filing, Tata Motors has informed exchanges about winning an arbitration award from West Bengal Industrial Development Corporation Limited (‘WBIDC’), in relation to its claim of compensation from WBIDC under various heads, on account of the loss of capital investments, with regard to the automobile manufacturing facility at Singur (West Bengal). Tata Motors has been held to be entitled to recover from WBIDC a sum of ₹ 766 crore with interest thereon @ 11% p.a. from September 1, 2016 till actual recovery thereof. Tata Motors has also been held to be entitled to recover from WBIDC a sum of ₹ 1 crore towards cost of the proceedings.
Views: This is sentimentally positive for the stock and vindicates Tata Motors stand on serious investment in Singur abiding by the then rules of the land. Total compensation sum as on date is calculated as ~₹1,600 crore and shall further help the company walk the path of de-leveraging its balance sheet.
Impact: Positive