BUSINESS STARTEGY

PROJECT (Section – F)

A REPORT ON
TATA GROUP
 INTRODUCTION
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise,
headquartered in India, comprising 30 companies across 10 clusters. The
group operates in more than 100 countries across six continents, with a
mission 'To improve the quality of life of the communities we serve
globally, through long-term stakeholder value creation based on
Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of

Tata companies. Sixty-six percent of the equity share capital of Tata
Sons is held by philanthropic trusts, which support education, health,
livelihood generation and art and culture. In 2017-18, the revenue of
Tata companies, taken together, was $110.7 billion.

These companies collectively employ over 700,000 people. Each Tata

company or enterprise operates independently under the guidance and
supervision of its own board of directors. There are 28 publicly-listed
Tata enterprises with a combined market capitalization of about $145.3
billion (as on March 31, 2018).

Companies include Tata Consultancy Services, Tata Motors, Tata

Steel, Tata Chemicals, Tata Global Beverages, Titan, Tata Capital, Tata
Power, Tata Advanced Systems, Indian Hotels and Tata
Communications.
 TATA MOTORS
Tata Motors Limited, formerly Tata Engineering and Locomotive
Company (TELCO), is an Multinational Automotive Manufacturing
company headquartered in Mumbai, Maharashtra, India.
It is a part of Tata Group, an Indian conglomerate. Its products include
passenger cars, trucks, vans, coaches, buses, sports cars, construction
equipment and military vehicles.
Tata Motors has auto manufacturing and assembly plants
in Jamshedpur, Pantnagar, Lucknow, Sanand, Dharwad, and Pune in
India, as well as in Argentina, South Africa, Great Britain, and Thailand.
It has research and development centers in Pune, Jamshedpur, Lucknow,
and Dharwad, India and in South Korea, Great Britain, and Spain.

Products
Tata Motors Cars is a division of Tata Motors which produces passenger
and commercial vehicles under the Tata Motors marquee. Tata Motors is
among the top four passenger vehicle brands in India with products in
the compact, midsize car, and utility vehicle segments. The company's
manufacturing base in India is spread across Jamshedpur (Jharkhand),
Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttrakhand),
Dharwad (Karnataka) and Sanand (Gujarat). Tata's dealership, sales,
service, and spare parts network comprises over 3,500 touch points. Tata
Motors has more than 250 dealerships in more than 195 cities across
27 states and four Union Territories of India. It has the third-largest sales
and service network after Maruti Suzuki and Hyundai.
 Passenger Cars
 Tata Tiago 
 Tata Tigor 
 Tata Hexa 
 Tata Nexon 
 Tata Harrier 
 Tata Sumo
 Tata Safai Storme
 Tata Nano
 Tata Zest
 Tata Bolt

Commercial Vehicles
 Tata Ace
 Tata Ace Zip
 Tata Super Ace
 Tata TL/Telco line/207 pick-up truck
 Tata 407 Ex and Ex2
 Tata 709 Ex
 Tata Starbus

Markets
With over 8.5 million Tata branded vehicles plying globally, Tata
Motors is among the select companies in the world to offer an extensive
portfolio to its consumers. We have expanded our international footprint
through exports since 1961. The Tata Motors group is present in over
175 countries, with a worldwide network comprising over 6,600 touch
points. Tata Motors has R&D centers in UK, Italy, India and South
Korea. With vast global experience, the company brings deep
understanding of customer expectations from diverse markets, and is
well positioned to cater to ever changing automotive norms and
consumer trends across the globe.
 TATA CAPITAL
Tata Capital Limited is a financial and investment service provider in
India. It is based in Mumbai and has more than 100 branches across the
country. The company offers consumer loans, wealth
management, commercial finance, and infrastructure finance, among
others.
Tata Capital, a subsidiary of Tata Sons Limited, was established in the
year 2007. It is a holding company of Tata Capital Financial Services
Limited (TCFSL), Tata Securities Limited, and Tata Capital Housing
Finance Limited. The company is registered with the Reserve Bank of
India (RBI) as a Systematically Important Deposit Accepting Non-
Banking Financial Company. Tata Capital offers services like
commercial finance, investment banking, consumer loans, private
equity, treasury advisory, and credit cards. It serves corporate, retail, and
institutional customers through its wholly owned subsidiary, TCFSL.

Some of the customized products offered to the customers are given

below:
General Corporate Purpose loan – Secured Term Loan
Loan against Property
Loan against shares
Lease Rental Discounting
Project Finance
Construction Finance
Inventory Funding  - Real estate
Promoter Funding
Funding for Acquisition of company
Working Capital Funding – Cash Credit/ Overdraft
Non fund based limits – LC`s, Bank Guarantees
Developer Funding
Unsecured Loans – Short Term/Long Term (of large conglomerates in
the country)
External Commercial Borrowing/FCNR(B)
Down – sell of existing portfolio/loans from TCFSL`s book
Structured Deals – deals backed by corporate guarantee of a large
conglomerate, letter of comfort backed by board resolution etc.
 TATA SKY
Tata Sky is an Indian direct broadcast satellite television provider in
India, using MPEG-4 digital compression technology, transmitting
using INSAT4A and GSAT-10 satellite. Incorporated in 2006 . It was
started as a joint venture between Tata Group and 21st Century Fox .

It currently offers total 601 channels, 495 SD channels and

99 HD channels and services, along with other many active services.
Tata Sky entered into an agreement with French firm Technicolor to
supply 4K set top boxes from early 2015.
Tata Sky was the first to bring customized package and ala-carte
channels options and Interactive services on the platform, Hindi
programming guide, DIY video library and many more.
Tata Sky brought about a complete paradigm shift in the market with the
launch of Tata Sky+, offering the breakthrough 'Personal Video
Recorder' (PVR) technology for the first time in the Indian subcontinent,
with unique features such as Pause, Record & Rewind Live TV. It was
also the first to launch a 4k enabled and Transfer enabled STB in India.
Tata Sky was the first to launch platform and interactive services
customized for the Indian market. The services today include Tata Sky
Fun Learn, Tata Sky Smart Games, Tata Sky Vedic Math, Tata Sky
English, Tata Sky Cooking, Tata Sky Smart Manager, Classroom, Tata
Sky Javed Akhtar, Music+, Tata Sky Devotion, Tata Sky Darshan,
Comedy, Tata Sky Music, Tata Sky Fitness and Dance Studio. Tata Sky
is the only Pay TV player in the world, to have a successful business
model on its offering of pioneering interactive services today.
Tata Sky provides the most comprehensive channels and platform
services line-up ranging from movies, news, entertainment and sports
channels. The Tata Sky Mobile App enables subscribers to experience
Live TV as they would have watched it on their TV sets, along with
services such as On-Demand with over 3000 titles, Remote Record to set
recording on the STB even when not at home or near the STB and
Transfer to download and view content recorded from the STB.
The company has invested in state-of-the-art digital infrastructure,
partnered with global leaders to provide superior technology and set-up
high-end 24x7 call centers in 13 languages across the country manned
by multi-lingual customer service associates to offer professional and
efficient customer service. Tata Sky currently has over 600 channels and
services.
Tata Sky has been a pioneer in the HD Set top box segment having
significant market share in the category. It has been continuously adding
new channels and platform services across various genres and languages
to beef up its content offering to cater to all segments of the audience.
Tata Sky currently has its footprints spread across 2 lakhs towns with
over18 million connections in India.
 TATA STEEL
Tata Steel, formerly Tata Iron and Steel Company Limited (TISCO), is
an Indian multinational steel-making company headquartered
in Kolkata, West Bengal, India, and a subsidiary of the Tata Group.
It is one of the top steels producing companies globally with
annual crude steel deliveries of 27.5 million tones (in FY17), and the
second largest steel company in India (measured by domestic
production) with an annual capacity of 13 million tones after SAIL.
Tata Steel is headquartered in Mumbai, Maharashtra, India and has its
marketing headquarters at the Tata Centre in Kolkata, West Bengal. It
has a presence in around 50 countries with manufacturing operations in
26 countries including: India, Malaysia, Vietnam, Thailand, UAE, Ivory
Coast, Mozambique, South Africa, Australia, United Kingdom, The
Netherlands, France and Canada and employs around 80,500 people. Its
largest plant (10 MTPA capacity) is located in Jamshedpur, Jharkhand.
In 2007, Tata Steel acquired the UK-based steel maker Corus.

PRODUCTS
The steel plant produces:
 Iron
 Soft iron
 Cast iron
 Alloy
 They also produce:
 Locomotive parts
 Agricultural equipment
 Machinery, tinplate
 Cable and wire
Branded products and solutions like Pravesh Doors, Nest-in building
structures.

Market Capitalisation
Tata Steel Ltd. is a Large Cap company (having a market cap of Rs
45222.93 Crore) operating in Metals - Ferrous sector.
Tata Steel Ltd. key Products/Revenue Segments include Steel & Steel
Products which contributed Rs 67213.85 Crore to Sales Value (95.18 %
of Total Sales), Power which contributed Rs 1709.51 Crore to Sales
Value (2.42 % of Total Sales) and Other Operating Revenue which
contributed Rs 1687.56 Crore to Sales Value (2.38 % of Total Sales)for
the year ending 31-Mar-2019.
For the quarter ended 30-09-2019, the company has reported a
Consolidated sale of Rs 33953.75 Crore, down -4.04 % from last quarter
Sales of Rs 35382.16 Crore and down -15.77 % from last year same
quarter Sales of Rs 40313.03 Crore Company has reported net profit
after tax of Rs 3279.87 Crore in latest quarter.
As on 30-06-2019, the company has a total of 1,204,126,385 shares
outstanding.
 TATA CONSULTANCY SERVICES
Tata Consultancy Services Limited (TCS) is an Indian
based multinational information technology service and consulting
company, headquartered in Mumbai, Maharashtra, India. It is a
subsidiary of Tata Group and operates in 149 locations across 46
countries.
TCS is the second largest Indian company by market capitalization. Tata
consulting services is now placed among the most valuable IT services
brands worldwide. In 2015, TCS was ranked 64th overall in
the Forbes World's Most Innovative Companies ranking, making it both
the highest-ranked IT services company and the top Indian company. It
is the world's largest IT services provider. As of 2018, it is ranked
eleventh on the Fortune India 500 list. In April 2018, TCS became the
first Indian IT company to reach $100 billion market capitalization, and
second Indian company ever (after Reliance Industries achieved it in
2007) after its market capitalization stood at ₹6,79,332.81 Crore ($102.6
billion) on the Bombay Stock Exchange.

Products And Services:

TCS and its 67 subsidiaries provides a wide range of information
technology-related products and services including application
development, business process outsourcing, capacity planning,
consulting, enterprise software, hardware sizing, payment processing,
software management and technology education services. The firm's
established software products are TCS BANCS and TCS Master Craft.
Service Lines
TCS' services are currently organized into the following service lines
(percentage of total TCS revenues in the 2012-13 financial year
generated by each respective service line is shown in parentheses):
Application development and maintenance (43.80%) value;
Asset leverage solutions. (70%);
Assurance services (7.70%);
Business process outsourcing (12.50%);
Consulting (2.00%);
Engineering and Industrial services (4.60%);
Enterprise solution (15.21%); and
 TATA HOTELS
Taj Hotels is a chain of luxury hotels and a subsidiary of the Indian
Hotels Company Limited; headquartered at Express Towers, Nariman
Point in Mumbai. Incorporated by the founder of the Tata
Group, Jamshedji Tata, in 1903, the company is a part of the Tata
Group, one of India's largest business conglomerates. The company
employed over 13,000 people in the year 2010.
As of 2018, the company operates a total of 100 hotels and hotel-resorts,
with 84 across India and 16 in other countries, including Bhutan,
Malaysia, Maldives, Nepal, South Africa, Sri Lanka, UAE, UK, USA
and Zambia.
 TATA CLiQ
Tata Cliq (stylized as Tata CLiQ) is an Indian e-commerce venture. It is
owned by Tata UniStore, of Tata Group.
Tata Cliq was launched on 27 May 2016. It tied up with Genesis Luxury
Fashion on to sell international luxury brands, and partnered with
Adobe, for digital shopping. It launched Tata CLiQ Luxury, a luxury
fashion and lifestyle venture, on December 2016.
Product/Service Diversity
They sell different type of products through their application and
website:-
 Clothing
 Footwear
 Accessories
 Appliances
 Electronics
 Jewels
Geographic Coverage
They serve all these products through Tata Cliq only in India.
Distribution Channel
The products are shipped directly from the brand’s stores to your
doorstep or can also be collected at the dedicated CLiQ and PiQ kiosks
at 100+ stores as well.
Number of market segments served
Tata CLiQ consists of middle class social groups who are comfortable
with online shopping and find it convenient but Tata CLiQ luxury also
brings in the higher class groups who can afford costlier brands.
 TANISHQ
Tanishq is a jeweler brand of India. It is a division of Titan Company, a
company promoted by the Tata Group in collaboration with the Tamil
Nadu Industrial Development Corporation (TIDCO). Tanishq's
headquarters is at Bangalore in Karnataka.
Product/ Service Diversity
Tanishq sells different jewelers like pendant, necklace, rings, earrings,
bangles, etc. of gold, diamond and platinum.
Geographic Coverage
In the early 2000s, Tanishq opened stores internationally, in the Middle
East and in the United States (Chicago and New Jersey), but closed them
before the end of the decade. Now they have opened its online jewelry
store for the Indians residing overseas. They have about 275 stores in
170 cities in India.
Distribution Channel
It has a widespread distribution channel that includes fully-owned
showrooms and operations via franchise model with spacious, elegant
and exclusive boutiques located in high-profile areas. Tanishq has an
online portal that displays its designs and offers product and related
information.
Number Of Market Segments Served
In 2017, Tanishq launched a sub-brand called Rivaah targeting the
wedding segment. In January 2017, the Titan group merged its Gold
Plus stores with the larger Tanishq retail brand. In April 2017, Tanishq
launched the sub-brand Mirayah to cater to women under their 40's. In
December 2017, Tanishq launched the Aveer line, its first line of
products for men.
 CROMA
Croma is an Indian retail chain for consumer electronics and durables.
Infiniti Retail, a subsidiary of the Tata Group, runs Croma stores in
India. It is nation's first large format specialist retail chain in 'Omni-
channel' consumer electronics & durables market. It was founded in
2006 and is headquartered in Mumbai. Croma started its own label
journey in 2008. Croma own label product range covers almost 500+
product across the electronics & consumer durable categories. Croma
own label products are known for their price range with high quality.
Gadgets of Desire have a curetted a range of innovative and unique tech
products which provides the ambiance of digital savvy and gadget-
loving experience. First Gadgets of Desire store has opened up at Green
Park, Delhi.
Product/ Service Diversity
Croma offers wide range of products which include home appliances,
computers and peripherals, gaming software, mobiles phones, home
entertainment systems and the white goods.
Geographic Coverage
There are a total of 142 Croma stores in 32 cities in India. They serve
only in India.
Distribution Channel
Distribution channel of Croma includes direct selling and it has a well-
trained and knowledgeable staff to offer personalized and sound advice
to all its customers. Online outlets of Croma stores have proved a boon
for customers as they can go through every desired item and make a
choice without travelling to a store.
STRATEGY CLOCK
PRICE BASED STRATEGIES

1) No-Frills Strategy:- it combines a low price, low perceived

product/service benefits and a focus on Price Sensitive market segment.

The following Strategic Business Units Of TATA Group come under

this strategy:-
TATA Sky
Air Asia
Tata Global Beverages (TGB; consist of Tata Tea and Coffee)

2) Low-Price Strategy:- it seeks to achieve a lower price than

competitors whilst trying to maintain similar perceived product or
service benefits to those offered by competitors.
The following Strategic Business Units Of TATA Group come under
this strategy:-
Star Quick (Similar to Big Basket and Groffers)
Tata Cliq (Similar to Amazon and Myntra)

DIFFERENTIATION STRATEGIES

Differentiation Strategy
It seeks to provide products or services that offer benefits that are
different from those of competitors and that are widely valued by
buyers.

The following Strategic Business Units Of TATA Group come under

this strategy:-
Starbucks Coffee
Westside
TATA Consultancy Services (TCS)

The Hybrid Strategy

Hybrid Strategy:- it seeks to simultaneously achieve differentiation and a
price lower than that of competitors.

The following Strategic Business Units Of TATA Group come under

this strategy:-
Croma
Tata Motors
Tata Chemicals (Covers FMCG like Tata Salt &Tata Sampana)

Focused Differentiation

Focused Differentiation:- the strategy seeks to provide high perceived

product/service benefits justifying a substantial price premium, usually
to selected market segment (Niche Market).

The following Strategic Business Units Of TATA Group come under

this strategy:-
Indian Hotels Company Ltd (IHCL; consists of Taj, Vivanta and
Gateway)
TATA SIA Airlines (Vistara; JV B/W TATA & Singapore Airlines)
Jaguar Landrover
Failure Strategies

Failure Strategy:- is one that does not provide perceived value for money
in terms of product features, price or both.

The following Strategic Business Units Of TATA Group come under

this strategy:-
TATA Communications

Illustrating the SBU’s based on factors of SBU strength and market

attractiveness can be done with the help of 3 matrices. They are:
1.) BCG Matrix
2.) Ashridge Matrix

Definition
BCG matrix (or growth-share matrix) is a corporate planning tool,
which is used to portray firm’s brand portfolio or SBUs on a quadrant
along relative market share axis (horizontal axis) and speed of market
growth (vertical axis) axis.
Growth-share matrix is a business tool, which uses relative market share
and industry growth rate factors to evaluate the potential of business
brand portfolio and suggest further investment strategies.

Understanding the BCG Matrix

BCG matrix is a framework created by Boston Consulting Group to
evaluate the strategic position of the business brand portfolio and its
potential. It classifies business portfolio into four categories based on
industry attractiveness (growth rate of that industry) and competitive
position (relative market share). These two dimensions reveal likely
profitability of the business portfolio in terms of cash needed to support
that unit and cash generated by it. The general purpose of the analysis is
to help understand, which brands the firm should invest in and which
ones should be divested.

Relative market share. One of the dimensions used to evaluate

business portfolio is relative market share. Higher corporate’s market
share results in higher cash returns. This is because a firm that produces
more, benefits from higher economies of scale and experience curve,
which results in higher profits. Nonetheless, it is worth to note that some
firms may experience the same benefits with lower production outputs
and lower market share.

Market growth rate. High market growth rate means higher earnings
and sometimes profits but it also consumes lots of cash, which is used as
investment to stimulate further growth. Therefore, business units that
operate in rapid growth industries are cash users and are worth investing
in only when they are expected to grow or maintain market share in the
future.

There are four quadrants into which firms brands are classified:

Dogs. Dogs hold low market share compared to competitors and operate
in a slowly growing market. In general, they are not worth investing in
because they generate low or negative cash returns. But this is not
always the truth. Some dogs may be profitable for long period of time,
they may provide synergies for other brands or SBUs or simple act as a
defense to counter competitors moves. Therefore, it is always important
to perform deeper analysis of each brand or SBU to make sure they are
not worth investing in or have to be divested.
Strategic choices: Retrenchment, divestiture, liquidation

Cash cows. Cash cows are the most profitable brands and should be
“milked” to provide as much cash as possible. The cash gained from
“cows” should be invested into stars to support their further growth.
According to growth-share matrix, corporate's should not invest into
cash cows to induce growth but only to support them so they can
maintain their current market share. Again, this is not always the truth.
Cash cows are usually large corporations or SBUs that are capable of
innovating new products or processes, which may become new stars. If
there would be no support for cash cows, they would not be capable of
such innovations.

Stars. Stars operate in high growth industries and maintain high market
share. Stars are both cash generators and cash users. They are the
primary units in which the company should invest its money, because
stars are expected to become cash cows and generate positive cash
flows. Yet, not all stars become cash flows. This is especially true in
rapidly changing industries, where new innovative products can soon be
outcompeted by new technological advancements, so a star instead of
becoming a cash cow, becomes a dog.
Strategic choices: Vertical integration, horizontal integration, market
penetration, market development, product development

Question marks. Question marks are the brands that require much
closer consideration. They hold low market share in fast growing
markets consuming large amount of cash and incurring losses. It has
 potential to gain market share and become a star, which would later
become cash cow. Question marks do not always succeed and even after
large amount of investments they struggle to gain market share and
eventually become dogs. Therefore, they require very close
consideration to decide if they are worth investing in or not.
Strategic choices: Market penetration, market development, product
development, divestiture

BCG matrix quadrants are simplified versions of the reality and cannot
be applied blindly. They can help as general investment guidelines but
should not change strategic thinking. Business should rely on
management judgement, business unit strengths and weaknesses and
external environment factors to make more reasonable investment
decisions.

Advantages and disadvantages

Benefits of the matrix:
 Easy to perform;
 Helps to understand the strategic positions of business portfolio;
 It’s a good starting point for further more thorough analysis.

Growth-share analysis has been heavily criticized for its

oversimplification and lack of useful application. Following are the main
limitations of the analysis:
 Business can only be classified to four quadrants. It can be confusing to
classify an SBU that falls right in the middle.
 It does not define what ‘market’ is. Businesses can be classified as cash
cows, while they are actually dogs, or vice versa.
 Does not include other external factors that may change the situation
completely.
 Market share and industry growth are not the only factors of
profitability. Besides, high market share does not necessarily mean high
profits.
 It denies that synergies between different units exist. Dogs can be as
important as cash cows to businesses if it helps to achieve competitive
advantage for the rest of the company.

BCG MATRIX OF TATA GROUP

 STAR QUESTION MARK
TCS TATA CLiQ
TAJ HOTELS AIR ASIA
TATA MOTORS TATA TELESERVICES
AEROSPACE &
DEFENCE

CASH COW DOG

TATA STEEL TATA CAPITAL
TATA POWER TATA AIG
TATA CHEMICALS TATA HOUSING

ASHRIDGE PORTFOLIO MATRIX

Ashridge portfolio matrix is used to evaluate the attractiveness of
potential acquisition target or existing business to the parent. This matrix
has two variable according to which the attractiveness of businesses is to
be judged. One is Benefit and the other is Feel. In practice, other
variables, like previous experience, management attitudes and culture,
stakeholders expectations, may also influence the decision regarding
potential acquisitions to be included in the portfolio of the business. All
the relevant factors needs to be considered taking the decision. Let
discuss each of the above variables.
Benefits: It is the value business can add to potential business by
utilizing their resources and competencies. Business may have many
resources and capabilities, but only those resources and capabilities are
counted towards benefits which the potential business needs to grow. In
other words, benefits are the opportunities to help. More the business
can help, more it can add value.

Feel: Feel is the similarity between Parent and the potential business.
Similarities can be determined by industry, organization structure,
culture and law. There can be many other elements need to be
considered. Feel is about critical success factors (CSF) related to the
elements stated above. If the business understands how to makes
potential business successful as it know its CSF, it can use its resources
and capabilities more effectively.

The combination of Benefits and Feels gives the following types of

business acquisition targets which varies in attractiveness according to
situation.
Alien Businesses: These are the business outside the industry of the
business considering takeover or merger proposal, so business has no
knowledge of internal and external factors affecting the business
operating in that industry, needed to make it successful. It can be said
that it has low feel. There are no opportunities for the parent to add value
by helping it because potential business has the skills necessary for its
success. It can be said that it has low benefits.

Value Trap Businesses: These are the business outside the industry of
the business considering takeover or merger proposal. It can be said that
it has low feel. There are opportunities for the parent to add value by
helping it because the business possess resources and capability to help
the potential acquisition target lacks the skills necessary for its success.
It can be said that it has high benefits.
Ballast Businesses: These are the business inside the industry of the
business considering takeover or merger proposal. It can be said that it
has high feel. There are no opportunities for the parent to add value by
helping it because potential acquisition target has the skills necessary for
its success. It can be said that it has low benefits.

Heartland Businesses: These are the business inside the industry of the
business considering takeover or merger proposal. It can be said that it
has high feel. There are opportunities for the parent to add value by
helping it because potential business lacks the skills necessary for its
success. It can be said that it has high benefits.

Category Description Treatment

Heartlands Parent can Core of the
add value future
without risk corporate
of harming strategy.
SBU.
Ballasts Parent Needs a
understands light touch
SBU well from the
but can do parent.
little to add
value.
Value Traps Parent can Only focus
add value if can be
but may do moved to
more harm heartlands.
than good. For this
parent must
be willing to
learn SBU
business.
Aliens Parent has Dispose of
poor fit with them.
the SBU and
 can do little
to help
anyway.

ASHRIDGE MATRIX OF TATA GROUP

1. HEARTLANDS
 TCS
 TAJ HOTELS
 TATA MOTORS (HEAVY VECHILES)
 DAEWOO COMMERCIAL VEHICLES CO.

2. BALLASTS
 JAGUAR
 LAND ROVER
 TEATLEY

3. VALUE TRAPS
 TATA CLiQ
 AIR ASIA
 TATA TELESERVICES
 AEROSPACE & DEFENCE

4. ALIEN BUSINESSES
 TATA CAPITAL
 TATA AIG
 TATA HOUSING