By: Dr K C Gupta, YBB Personal Finance

Mini Feature TATA

CONTRARIAN INDICATORS

AAII Bull-Bear Spread -11.5% (below average)
CNN Fear & Greed Index 54 (neutral)
NYSE %Above 50-dMA 51.88% (positive)
SP500 %Above 50-dMA 53.60% (positive)

ICI Fund Allocations (Cumulative), 7/31/26
OEFs & ETFs: Stocks 62.92%, Hybrids 3.89%, Bonds 17.00%, M-Mkt 16.19%

INTEREST RATES

CME FedWatch
Cycle peak 5.25-5.50%
Current 3.50-3.75%
FOMC 9/16/26+ hike
FOMC 10/28/26+ hold

Treasury

T-Bills 3-mo yield 3.90%, 1-yr 4.15%; T-Notes 2-yr 4.34%, 5-yr 4.48%, 10-yr 4.73%; T-Bonds 30-yr 5.22% (normal yield-curve);
TIPS/Real yields 5-yr 2.18%, 10-yr 2.42%, 30-yr 2.96%
FRNs Index 3.751%

Bank Rates www.depositaccounts.com/



Stable-Value (SV) Rates, 9/1/26
TIAA Traditional Annuity (Accumulation) Rates
Restricted RC 5.50%, RA 5.25%
Flexible RCP 4.75%, SRA 4.50%, IRA-101110+ 4.20%
TIAA MYGA 4.60% (3-yr), 4.80% (5-yr), 4.85% (7-yr) Stale
TSP G Fund pending (previous 4.875%)

India Fear & Greed MMI 49.46 (fear-low)
Weekly ETFs: INDA -0.16%, INDY +0.18%, EPI -0.05%, INDH -0.09% | SPY +0.47%

The data above are as of Sunday preceding the publication date.

CONSUMERS

Danish brewer Carlsberg is seeking SEBI approval to list its India unit via IPO (really a secondary offer with money going to Carlsberg Group); its beer brands include Tuborg, Carlsberg Elephant & Kronenbourg 1664 Blanc. Foreign companies tapping into Indian IPO market is a growing trend.

Diesel-ethanol blend won’t work because the flashpoint of the mix is too low for proper functioning of diesel engines. It will require future technological developments. This work followed the recent controversy over mandated E20 gasohol use without extensive testing for old gasoline engines designed for E10 (however, talk of E25 rollout has been postponed).

ENERGY

Coal India may buy or form a joint-venture (JV) with Chilian Kuska Minerals (lithium mining), a subsidiary of Canadian Wealth Minerals. The 3 parties have already filed for a lithium mining license that has been delayed due to a change in Chilian government.

FINANCIALS

Patanjali insurance? Baba RAMDEV’s Patanjali Ayurveda is famous for Ayurveda-based herbal medicines & remedies. It has also expanded into healthcare, foods, cosmetics & education. Now, Patanjali Ayurveda & Dharampal Satyapal (DS) Group have acquired Magma General Insurance. The ownership will be split 73.6% & 24.5%, respectively; 1.9% will be owned by others. General insurance is for auto, property, health & commercial businesses. It’s unclear whether the insurance businesses will continue with their current names or will be changed to Patanjali insurance.

INDUSTRIALS

Vijayan Trishul Defence Solutions (VTDS) & Czech DEUS Automation/STV Group are collaborating on ammunition production & technology transfer.

IT/TECH

AI-coding company Cursor is expanding business in India. It will offer special India-pricing. SpaceX xAI unit is acquiring Cursor.

SPECIAL TOPIC – TATA

This piece covers the recent Tata history & a later piece will cover its early history.

Tata Sons has a storied history (founded in 1868) & has businesses related to all important areas in India. It has grown rapidly & is the biggest business group in India. The Tata “management” & minority owners want simplification & growth with Tata Sons being public. Tata “Trusts” & “Family” want to keep it private & not dilute their controlling ownerships.

Organizationally, Tata Sons is a private holding company that controls various Tata entities, listed or unlisted. Tata Sons’ Board has only 6 directors including the Chairman (formerly, N CHANDRASELARAN). Tata Sons is owned 66% by charitable Tata Trusts whose Chairman (Noel TATA) is one of the 6 directors; there is another director from Trusts. The conflicts/ frictions between Tata Sons Chairman (the nominal “boss”) & Tata Trust Chairman (with only 1 Board vote but 66% voting control) are inevitable. These issues developed in a major way in 2016-17 (Cyrus MISTRY vs Ratan TATA) & in a minor way in 2026 (N Chandrasekaran vs Noel Tata). On an impasse, the so-called “boss” is dumped on the initiative of the director with 66% voting control.

RBI passed a rule in 10/2022 that large nonbank financials (NBFC) holding companies must be public within 3 years & clarified the asset threshold only in 06/2026 to be Rs 1 trillion – Tata assets are Rs 1.75+ trillion. Tata is in the process of disposing its NBFC units. Tata Trusts/Family have asked for RBI waiver.

If the RBI waiver isn’t granted, the Trusts/Family may have to shrink Tata Sons by divesting some other companies to be under RBI Rs 1 trillion limit. That would be followed by years of restructurings & no growth at the top Tata level.

That was the primary friction between Noel Tata & N Chandrasekaran (who resigned on 8/12/26, effective 02/2027). Now the issue will be handled by the next Chairman of Tata Sons – a search is underway.

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