#WatchNow | In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Shriram Subramanian, Founder & Managing Director of InGovern Research Services, and Hetal Dalal, President & Chief Operating Officer of Institutional Investor Advisory Services India Limited (IIAS).
They unpack the growing tensions and leadership struggle inside Tata Trusts, which control 66 percent of Tata Sons — the powerful holding company behind India’s most iconic brands: Tata Motors, Tata Steel, Titan, TCS, and Indian Hotels.
The conversation explores how a dispute among trustees has exposed deeper questions about governance, control, and succession within the Tata Group, one of the world’s most respected business empires. What does this mean for investors, the markets, and the future of India Inc?
Key themes discussed:
1) The internal power struggle at Tata Trusts and its impact on Tata Sons
2) The legacy of Ratan Tata and the leadership role of Noel Tata
3) The Shapoorji Pallonji Group’s 18% stake and the ongoing exit impasse
4) How governance, family ties, and capital allocation collide in corporate India
5) Lessons for succession planning and trust governance across family-run businesses
This deep-dive conversation goes beyond the headlines — revealing how ego, structure, and legacy shape billion-dollar decisions in Indian boardrooms.
If you follow business news, corporate governance, leadership, or the Indian economy, this episode offers crucial insights into the forces reshaping India’s biggest business empire.
🎧 Watch now to understand:
a) Why the Tata Trust dispute matters to investors and India’s markets
b) How governance conflicts can ripple through India’s largest corporations
c) What this means for the future of family-run businesses and leadership transitions
Stay tuned with The Core Report for more insights into the Tata Group, Tata Sons, and Tata Trusts power struggle shaping corporate India. Explore how governance, leadership, and succession define the future of Indian business and markets. Subscribe for more in-depth business news and analysis.
#TataTrusts #CorporateGovernance #IndiaBusiness #LeadershipCrisis #TheCoreReport
On Episode 714 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajit Ranade, former Chief Economist at Aditya Birla Group and former vice chancellor of the Gokhale Institute of Politics and Economics in Pune as well as, Head - Fixed Income at Kotak Mahindra Asset Management Company.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why The Trump-Jinping meet after six years won’t really help markets
(05:24) Why US markets are weak
(06:30) Decoding the Federal Reserve’s rate cuts
(12:50) How more Indians are borrowing money at record levels for consumption and the dangers that come with it
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On Episode 713 of The Core Report, financial journalist Govindraj Ethiraj talks to Aamar Deo Singh, Senior Vice President - Equity, Commodity & Currency at Angel One.
SHOW NOTES
(00:00) Stories of the Day
(01:10) Will Trump’s Asia visit goodwill spill over to India?
(02:56) Market exuberance rules higher as Nvidia crosses $5 trillion
(05:17) It's the best time in a long time for PSU banks and the markets are rewarding the stocks.
(14:33) Suzuki wants to regain 50% of India auto market share and become the largest electric car company here.
(15:57) Did Bill Gates just do an about turn on climate?
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On Episode 712 of The Core Report, financial journalist Govindraj Ethiraj talks to Madhavi Arora, Lead Economist at Emkay Global Financial Services as well as Chokkalingam G, Founder at Equinomics Research Pvt Ltd. For our Build on Blockchain segment we feature Suraj Teja, Founder at Sow & Reap.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Why is the global economy growing?
(04:19) Why banking stocks are doing well and the big bet on PSU banks
(12:50) What explains India’s upward growth projections?
(21:58) Amazon’s job cuts and what they mean
(25:13) Build on Blockchain
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On Episode 711 of The Core Report, financial journalist Govindraj Ethiraj talks to Mihir Gandhi, Partner and Leader - Payments Transformation and Fintech at PricewaterhouseCoopers Private Limited. We also feature an excerpt of journalist and author Puja Mehra’s conversation with Economist Anoop Singh in her recent episode of How India’s Economy Works.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Are Indian markets breaking out to aim for record highs?
(02:56) Trump’s Asia visit seems promising but the big question is China
(04:47) What analysts are predicting for gold in the next year?
(06:27) How towns like Panipat and Karur are driving India’s role in the global ecommerce market
(07:50) UPI payments growth is slowing down but why the real value might come now
(16:28) Why public financial management systems are critical in an era of global financial and trade uncertainty
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On Episode 710 of The Core Report, financial journalist Govindraj Ethiraj talks to Dheeraj Sinha, Group CEO - India & South Asia at FCB and President of The Advertising Club.
SHOW NOTES
(00:00) The Take
(04:41) Is a US-India trade deal really around the corner?
(10:42) Oil markets are sceptical Trump will stay committed to Russian sanctions
(11:41) Gold prices stay down but a fall is possible
(12:42) Remembering Piyush Pandey and what’s changed since his heydays?
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On Episode 709 of The Core Report, financial journalist Govindraj Ethiraj talks to Shalini Pillay, India Leader for the Global Capability Centres segment at KPMG in India.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Markets rise for the 6th day as optimism takes over.
(02:49) US sanctions on Russian oil majors will affect India.
(06:18) India’s vast talent pool is a magnet for more GCC business verticials, latest being energy.
(15:14) Tesla posts losses again though its CEO wants a $1 trillion salary.
(16:51) Feedback
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On Episode 708 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Goel, Co-founder & Chief Global Strategist at PACE 360 as well as Dr. Jan Mischke, co-author of the report Out of balance: What's next for growth, wealth, and debt? and Partner at the McKinsey Global Institute (MGI).
SHOW NOTES
(00:00) Stories of the Day
(00:50) Gold prices reverse their manic run, where will they go now?
(10:30) Oil prices are up on renewed hopes of an India-US deal and Indian purchases of oil.
(11:29) Global wealth has reached $600 trillion, outpacing GDP growth since 2000, and powered more by debt and paper wealth than productivity. What does that mean?
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On Episode 707 of The Core Report, financial journalist Govindraj Ethiraj talks to Vikas Bansal, CEO at Amazon Pay as well as Nikhil Varma, Technical Lead, India at Algorand.
SHOW NOTES
(00:00) The Take
(07:14) Financials are in and so are markets
(08:43) Gold prices ease off but not enough for Diwali
(09:26) US-China squabble again, more flights from India to China
(10:38) How women entrepreneurs are driving growth in payments
(24:11) IES and Blockchain
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Indians own more than 60% of America’s hotels. How did the so-called “Patel Motel Cartel” grow from humble mom-and-pop motels to multi-billion-dollar hospitality empires?
In this episode of The Core Report Weekend Edition, Govindraj Ethiraj is in conversation with Emmy & Peabody-winning filmmakers Amar Shah and Rahul Rohatgi, directors of The Patel Motel Story, whose new documentary traces this journey — from 1940s California farm labor camps to AAHOA’s 33,000-member powerhouse network.
They unpack handshake loans, family-run operations, franchising leaps, women-led growth, risk, resilience, and the post-COVID reset that reshaped the industry.
What You’ll Learn:
• Why Patels control ~60% of U.S. hotels and motels
• The Kanji Monshu Desai origin story and early Gujarati networks
• How “live-in, run-lean” operations outcompeted higher-cost players
• Franchising, asset ownership, and the move to premium brands
• How 2nd/3rd-gen operators turned into real-estate powerhouses
• The pivotal role of women in scaling and governance
• Headwinds: safety issues, racism, immigration sentiment, and COVID shocks
• What’s next — consolidation in the U.S. or global expansion?
If you’re into business strategy, entrepreneurship, hospitality, real estate, immigration economics, or great origin stories — this episode is unmissable.
Suggested Chapters:
1.30- Introduction
2.55- The Idea Behind the Patels’ Motel Legacy
7.05- Tracing the Patels’ Roots: A Generational Story
12.10- How the Patels Spread Across the U.S
16.55- The Start of the Patel Motel Revolution
21.00 - How Patels Built a Distinctive Hospitality Model
23.50- How New Generations Are Shaping the Patel Motel Legacy
30.38- The Role of Women in the Patel Motel Legacy
36.25- Reflections on 70+ Years of the Patel Motel Story
40.25- Challenges for Patel Motel Owners in Today’s America
48.30- The Most Enduring Patel Motel Stories
51.45- Closing
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On Episode 705 of The Core Report, financial journalist Govindraj Ethiraj talks to Mario Morales, GVP & General Manager, Semiconductors & Enabling Technologies at IDC.
SHOW NOTES
(00:00) Stories of the Day
(00:41) The Markets Jump
(02:44) Tech Results Are In
(04:34) Semiconductors and AI
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On Episode 704 of The Core Report, financial journalist Govindraj Ethiraj talks to John Pearson, Global CEO at DHL Express, from a larger conversation featured in our Weekend Edition.
SHOW NOTES
(00:00) Stories of the Day
(00:50) Surge in gold and silver imports drives up India’s trade deficit
(03:55) Oil prices fall on uncertainty but India stands to benefit
(04:46) Why you will stop investing in IPOs if you hear these numbers
(07:35) One country may leave global trade but 219 are embracing it, find out why and how
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On Episode 703 of The Core Report, financial journalist Govindraj Ethiraj talks to Madan Sabnavis, Chief Economist at Bank of Baroda as well as Vikas Jain, Founder and Chief Investment Officer at Multipl.
SHOW NOTES
(00:00) Stories of the Day
(00:50) LG has blockbuster debut on Indian bourses
(03:41) IMF raises growth targets for India
(07:41) Decoding the Nobel Economics Prize through an India lens
(14:54) How are small equity investors responding to the gold and silver rise?
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On Episode 702 of The Core Report, financial journalist Govindraj Ethiraj talks to Nachiket Mor, Former banker and Visiting Scientist at Banyan Academy of Leadership in Mental Health.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Are IPO listings becoming more muted?
(03:39) Silver sees historic short squeeze in London as gold prices continue to rise
(05:23) Inflation down to 8 year low of 1.54%
(07:15) Global airlines are facing an additional $11 billion in costs because of challenges in aerospace supply chains and how that is affecting airlines and thus travel
(09:22) World Mental Health Day was last week. Why mental health and stress need to be tackled separately
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On Episode 701 of The Core Report, financial journalist Govindraj Ethiraj talks to Satish Dondapati, Fund Manager - ETF at Kotak Asset Management Company Ltd as well as Nikhil Varma, Technical Lead, India at Algorand.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Trump reminds everyone he is still a market mover
(08:08) Fresh signs of overheating in IPO market as franchise owner of bankrupt company’s brand lists at discount
(09:12) LG Electronics to list after garnering record Rs 440,000 crore for Rs 11,600 crore offer
(10:27) How a gap between international and domestic silver prices caused a mutual fund to shut its silver ETF
(20:09) Digital advertisers have to change their strategy with new privacy rules that protect you, decoding the impact
Algorand Summit: https://algobharat.in/road2impact2025/
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In this Episode Of The Core Report Weekend Edition, Govindraj Ethiraj In Conversation With John Pearson, Global CEO, DHL Express.
India’s big manufacturing moment feels real. Global supply chains are shifting. DHL is watching demand move from China to Vietnam, from Asia to the Middle East, and into ASEAN. Hear how exporters can protect margins, win new customers, and ride the next wave in electronics, AI hardware, EVs, renewables, and healthcare.
What you will get
• The playbook DHL gives clients to navigate tariffs, de minimis, bonded warehouses, and duty drawback
• Why India can capture the China plus one shift and where the near term wins are
• How DHL reallocates aircraft and capacity as trade lanes flip
• Where laptops, textiles, and lifestyle goods are flowing now and what that means for Indian exporters
• How AI and data centers change logistics and customer service• What peak season means for costs, capacity, and delivery timesWhy this matters now
• New FTAs and corridors are opening markets for Indian manufacturers
• Cross border e commerce keeps growing despite paperwork and duties
• Capacity tightens before year end and smart planning pays off
Chapters:
00:00 Introduction
2.30 India & the US – A Trade Snapshot
4:45 Tariff shock and creative export strategies
19.00 How organizations adapt to unexpected disruptions
23:00 Middle East and ASEAN demand
29.40- India’s Manufacturing Ambitions: Challenges & Opportunities
32:52 Data centers, AI, EVs, renewables
35.30- Christmas Commerce: Trends & Insights
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On Episode 699 of The Core Report, financial journalist Govindraj Ethiraj talks to Sheetal Sapale, Vice President at Pharmarack as well as Deepak Maheshwari, Senior Policy Advisor at the Centre for Social and Economic Progress (CSEP).
SHOW NOTES
(00:00) Stories of the Day
(01:00) Global markets continue to stay strong
(02:41) Falling food prices are putting downward pressure on inflation
(05:12) How economic growth in Asia projected to come in stronger
(06:09) You would never guess which drug has made it No 2 in India’s drug brands
(11:09) Why clean energy stocks are actually outperforming equities and even gold
(12:47) We have just marked the 140th anniversary of the Indian Telegraph Act, 1885
(23:43) Feedback Section
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On Episode 698 of The Core Report, financial journalist Govindraj Ethiraj talks to Anindya Banerjee, Head, Research, Currency and Commodity, Kotak Securities as well as Sidharath Kapur, Founder and Board Member at Refex Airports and Transportation.
SHOW NOTES
(00:00) Stories of the Day
(00:41) Why investors are worrying over rising gold prices
(04:33) Markets stand by for earnings signals
(13:00) UK says no work visas
(14:38) How Mumbai’s new airport could change traffic patterns
https://algobharat.in/road2impact2025/
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On Episode 697 of The Core Report, financial journalist Govindraj Ethiraj talks to Vandana Hari, Founder & Chief Executive Officer at Vanda Insights as well as Sachin Shah, Executive Director & Fund Manager at Emkay Investment Managers Ltd.
SHOW NOTES
(00:00) The Take
(05:38) Why are the markets rising right now?
(06:13) Gold hits fresh records even as futures are pointing higher
(07:47) Decoding the outlook for the latest earnings season and expectations
(16:10) Why is everyone suddenly talking about a glut in the oil market?
(24:58) Prices of potatoes, onions and tomatoes fall sharply, bringing down the cost of a thali
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On Episode 696 of The Core Report, financial journalist Govindraj Ethiraj talks to Rajat Maheshwari, chairman of the Singapore Chapter of the Global Anti-Scam Alliance (GASA) and Senior Vice President, Strategic Growth, Asia Pacific at Mastercard.
SHOW NOTES
(00:00) Stories of the Day
(01:09) You can bet on hundreds of stocks or just on gold
(02:31) The financial system is reporting higher lending
(03:21) AI mania continues as AMD stock prices jump 25% after signing a deal with OpenAI for GPUs
(04:25) Why there is a global shortage of the gas turbines
(06:15) Eli Lilly to invest $1 billion in India for local manufacturing too
(08:55) How did online scams become a trillion dollar industry so fast?
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