After being eclipsed for a decade by Tata Consultancy Services (TCS), Tata Steel restored its profit-leading credentials in the Tata Group, highlighting the bottom-line impact of an unparalleled global commodities upcycle that has coincided with robust economic recovery in India.

Commodity companies have benefited from record inflation in Europe and the United States as a result of ultra-loose monetary policies, while technology services have faced increased competition and lower-than-expected profit expansions due to spiralling costs and a never-ending global war for top talent.