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☆ M&A in sports technology is booming as dealmaking reaches new heights in Q2, a new report shows
▼ + stars: | 2023-08-14 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +3 min

The sports tech sector had one of its best quarters ever in Q2, according to investment bank Drake Star. The large number of new M&A deals, coupled with an influx of capital and a rebounding market, are driving growth in sports tech, Drake Star principal Mohit Pareek told Insider. In Q2, the biggest deal — and one of the largest ever sports-tech deals — was the April acquisition of WWE by Endeavor, the parent company of the UFC. Drake Star found 199 private-funding deals closed in Q2, up from 176 deals in Q1. Overall, though, less money was raised with the Q2 deals totaling $1.6 billion, compared to $1.7 billion last quarter.

Persons: Drake Star, Drake, Mohit Pareek, Pareek, —, BPEA EQT Organizations: Drake Star, WWE, UFC, Endeavor, IMG Academy, NeoGames SA, Media, FuboTV, Drake Locations: Sportradar

☆ Why this landmark cardiac study means a bigger market for Lilly's blockbuster weight loss drug
▼ + stars: | 2023-08-09 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +7 min

A landmark study of the cardiovascular benefits of weight loss drug Wegovy is being seen as a pivotal step toward broadening access to these drugs. The drug, also known as tirzepatide, is expected to be approved for weight loss by the Food and Drug Administration by year-end. Notably, Medicare does reimburse obese patients for weight loss surgery, but Mounjaro has been able to help patients realize an average weight loss that approaches the typical success of bariatric procedures. If CMS is able to reimburse patients for weight loss treatment that would significantly increase access, boosting sales. "This is the first time a weight [loss] medicinal intervention has shown to have cardiovascular risk reduction.

Persons: enrollees, Eli Lilly, Lilly, Akash Tewari, NVO, Tewari, Wells, Mounjaro, Mohit Bansal, Robert Califf, Goldman Sachs, Chris Shibutani, Shibutani, Goldman, Refinitiv, Morgan Stanley, comorbidities, Bansal Organizations: Nordisk's Ozempic, Centers for Disease Control, Food and Drug Administration, Jefferies, Medicare, Services, GLP, STAT, Goldman, Lilly, Novo Nordisk, BMI, Novo Locations: U.S, GLP, Tuesday's

☆ Wells Fargo's Mohit Bansal sees durable growth behind Eli Lilly's blockbuster products
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Mohit Bansal sees durable growth behind Eli Lilly's blockbuster productsMohit Bansal, Wells Fargo equity analyst, joins 'Power Lunch' to discuss Eli Lilly quarterly results as shares soar on Q2 earnings and revenue beats.

Persons: Wells, Mohit, Eli Lilly's, Eli Lilly Locations: Wells Fargo

☆ Analysts give their reads on LLY, UPS & AMC earnings
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalysts give their reads on LLY, UPS & AMC earningsMohit Bansal, Wells Fargo equity analyst, Amit Mehrotra, Deutsche Bank transports analyst, and Alicia Reese, Wedbush, join 'Power Lunch' to give the read on Eli Lilly, UPS and AMC earnings.

Persons: Amit Mehrotra, Alicia Reese, Wedbush, Eli Lilly Organizations: UPS, AMC, Deutsche Bank Locations: Wells Fargo

An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Eli Lilly (LLY.N) on Tuesday raised its annual forecasts after beating estimates for quarterly results, driven by strong demand for its new diabetes drug Mounjaro, ahead of a decision on its use as a weight-loss treatment. The company is leaning on Mounjaro, approved last May in the U.S. for diabetes, to soften the hit from insulin price cuts and competition for cancer therapy Alimta. A decision on Mounjaro to treat obesity, expected later this year, could help the drugmaker tap a multi-billion dollar market. Lilly now expects annual revenue in range of $33.4 billion to $33.9 billion, compared with its prior range of $31.2 billion to $31.7 billion.

Persons: Eli Lilly, Mike Segar, Mounjaro, Wells, Mohit Bansal, Lilly, Bhanvi Satija, Mariam Sunny, Sriraj Organizations: Company, REUTERS, Novo Nordisk, Thomson Locations: Branchburg , New Jersey, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. All eyes will be squarely on the July U.S. nonfarm payrolls report, due at 8:30 a.m. ET, with a Reuters poll of economists estimating payrolls increased by 200,000 jobs last month, after having risen 209,000 in June, showing labor market conditions remain tight. "Today's NFP data would be important for setting the market tone for the coming weeks," Jefferies strategist Mohit Kumar said. ET, Dow e-minis were up 10 points, or 0.03%, S&P 500 e-minis were up 8.5 points, or 0.19%, and Nasdaq 100 e-minis were up 44.25 points, or 0.29%.

Persons: Brendan McDermid, Amazon's, nonfarm, Jefferies, Mohit Kumar, Stocks, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Organizations: New York Stock Exchange, REUTERS, Apple Futures, Dow, Nasdaq, Amazon.com, Microsoft, Labor Department, Fitch, AAA, Dow e, Horizon Therapeutics, Sports, Thomson Locations: New York City, U.S, States, Bengaluru

☆ Regeneron expects FDA decision on higher-dose Eylea this year
▼ + stars: | 2023-08-03 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File PhotoAug 3 (Reuters) - Regeneron Pharmaceuticals (REGN.O) expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares up 5% on Thursday. The U.S. Food and Drug Administration declined to approve the higher-dose version in June following an inspection at third-party manufacturer Catalent (CTLT.N). Regeneron said it has been submitting manufacturing data required by the FDA on a rolling basis, and expects to finish the submissions by mid-August. Regeneron said the higher-dose Eylea was manufactured on the same line as pozelimab, its experimental drug being reviewed to treat a rare blood disease.

Persons: Brendan McDermid, Regeneron, Wells, Mohit Bansal, Bayer, Sanofi, Khushi, Sriraj Organizations: Regeneron Pharmaceuticals, REUTERS, U.S . Food, Drug Administration, FDA, Thomson Locations: Westchester, Tarrytown , New York, U.S, Eylea, Bengaluru

☆ Biogen to cut 1,000 jobs to save costs as Alzheimer's drug launch gathers pace
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

Investors have pinned their hopes on Leqembi as sales of multiple sclerosis drug Tecfidera take a hit from cheaper generic rivals while spinal muscular atrophy drug Spinraza faces rival treatments by Novartis (NOVN.S) and Roche (ROG.S). "Biogen's business is in transition," said CEO Christopher Viehbacher, who was hired in November to help power up growth and put behind a series of setbacks for older Alzheimer's drug Aduhelm. Multiple sclerosis treatments Avonex and Vumerity, as well as SMA therapy Spinraza, beat analyst estimates, while Tecfidera missed expectation as it faced generic rivals. "We see no unexpected surprises in Q2 results, allowing investors to focus on Alzheimer's," said Wells Fargo analyst Mohit Bansal. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Christopher Viehbacher, Tecfidera, Wells, Mohit Bansal, Manas Mishra, Mariam Sunny, Sriraj Organizations: Biogen, Novartis, Thomson Locations: Massachusetts, Bengaluru

☆ Biogen to cut 1,000 jobs to save costs as company prepares for Leqembi launch
▼ + stars: | 2023-07-25 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Biogen on Tuesday said it expects to cut approximately 1,000 jobs, or about 11% of its workforce, to save costs as the biotech company prepares to launch its newly approved Alzheimer's drug Leqembi. It's the latest round of layoffs after Biogen slashed nearly 900 jobs last year. The larger plan is expected to generate approximately $1 billion in gross operating expense savings by 2025, according to Biogen. About $300 million of those savings will be reinvested into product launches and R&D programs. "There's a need, obviously, to have a strong investment in our new product launches.

Persons: Chris Viehbacher, Wells, Mohit Bansal

☆ Morgan Stanley sees profound shift in diabetes treatment boosting opportunity for weight-loss drugs
▼ + stars: | 2023-07-25 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

Morgan Stanley analysts said they are seeing a profound shift in the way diabetes is being treated, with doctors intensifying the focus on weight management, which is accelerating the uptake of GLP-1 medications. Meanwhile, Eli Lilly has been approved to sell Mounjaro, or tirzepatide, as a Type 2 diabetes treatment. Both GLP-1 medications have attracted a lot of attention for their ability to lower blood sugar, curb food cravings and help patients with weight loss. Morgan Stanley said GLP-1 medicines now make up nearly 30% of all new diabetes prescriptions in the U.S. About 22% of all diabetes prescriptions are for this class of drug. The analysts now anticipate the market for GLP-1 medications will reach $77 billion in 2030, up from a prior forecast of $54 billion.

Persons: Morgan Stanley, Lilly GLP, Eli Lilly, Lilly, GLP, Morgan, Wells, Mohit Bansal, Bansal, he's, — CNBC's Michael Bloom Organizations: Novo Nordisk, Food and Drug Administration, U.S, GLP Locations: U.S, Wells Fargo

☆ Pfizer to end development of experimental obesity pill due to elevated liver enzymes
▼ + stars: | 2023-06-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Monday said it would stop developing its experimental obesity and diabetes pill, lotiglipron, due to elevated liver enzymes in patients who took the drug once a day in mid-stage clinical studies. New York-based Pfizer said it will instead focus on its other oral obesity drug, danuglipron, which is in a fully enrolled phase two clinical trial. Pfizer CEO Albert Bourla has said that an obesity pill could eventually generate $10 billion each year for the company. The new class of obesity drugs is piquing public interest and causing a weight loss industry gold rush. Analysts believe Eli Lilly’s pill has an edge over Pfizer’s danuglipron.

Persons: William Sessa, Albert Bourla, Eli Lilly, Eli Lilly’s, danuglipron, Wells, Mohit Bansal, orforglipron, Bansal Organizations: Pfizer, Novo Nordisk, National Institutes of Health Locations: New York, danuglipron

☆ Dollar ekes out gain after Fed hike hint; yen slips
▼ + stars: | 2023-06-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The euro was last flat versus the dollar at $1.0841 after touching a four-week high of $1.0865 on Wednesday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed. The kiwi dollar sank 0.6% to $0.6172 after data showed New Zealand's economy slipped into a technical recession in the first quarter, putting further rate hikes in doubt.

Persons: Jerome Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt, Sim Moh Siong, Samuel Indyk, Rocky Swift, Edmund Klamann, Sohini Goswami, Shweta Agarwal Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX, People's Bank of China, Singapore, Thomson Locations: The Bank of Japan

☆ Dollar gains after Fed hike hint; yen tumbles
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +2 min

The U.S. dollar strengthened on Thursday after the Federal Reserve left borrowing costs unchanged but signaled further rate hikes to come as attention turned to the European Central Bank policy announcement later in the day. The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The market's attention is now turning to other central bank decisions late this week, with the ECB policy announcement on Thursday before the Bank of Japan on Friday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed.

Persons: Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX Locations: The Bank of Japan

☆ Asia shares near month high ahead of central bank meetings
▼ + stars: | 2023-06-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, June 12 (Reuters) - Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path. China stocks (.SSEC) eased 0.01%, while Hong Kong's Hang Seng Index (.HSI) opened up 0.3%. Markets are pricing for a 71% probability the U.S. central bank will stand pat when it meets on June 13-14, according to CME FedWatch tool. While doubts persist among investors which path the Fed will take this week, they are more certain the European Central Bank, which meets on Thursday, will raise rates and remain hawkish. The yen eased 0.01% to 139.39 per dollar ahead of the Bank of Japan's (BOJ) policy meeting on Friday.

Persons: Hong, HSI, Lagarde, Mohit Kumar, Kumar, Sterling, Brent, Jacqueline Wong Organizations: Federal, Japan's Nikkei, Reserve Bank of Australia, Bank of Canada, Citi, European Central Bank, Jefferies, ECB, Bank of Japan's, Reuters, Thomson Locations: SINGAPORE, Europe, Japan, United States, Asia, Pacific, China, Turkish

☆ Futures muted as bond yields rise on rate jitters
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.01%, S&P 0.06%, Nasdaq 0.09%June 8 (Reuters) - U.S. stock index futures were largely flat on Thursday as government bond yields hovered near recent highs on worries that major central banks could keep raising interest rates. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) closed lower on Wednesday, with megacap stocks leading declines as U.S. bond yields rose after the Bank of Canada (BoC) surprised markets with an interest rate hike. The 2-year Treasury yield , which tends to move in step with short-term rate expectations, rose for a third day to 4.56%, as investors await the Federal Reserve meet next week. Eventually we don't think the Fed will hike in July," Jefferies strategist Mohit Kumar said. They see a 50% chance of a rate hike in July.

Persons: Jefferies, Mohit Kumar, Russell, Thierry Breton, Ryan Cohen, Zhu Jiang, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, Bank of Canada, BoC, Microsoft Corp, Apple Inc, Amazon.com Inc, Treasury, Reserve, Traders, U.S . Labor Department, Dow e, Meta, Inc, GameStop Corp, Thomson Locations: U.S, KBW, China, Bengaluru

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ Merck sues US government to halt Medicare drug price negotiation
▼ + stars: | 2023-06-06 | by ( Michael Erman | ) www.reuters.com time to read: +4 min

NEW YORK, June 6 (Reuters) - Merck & Co (MRK.N) sued the U.S. government on Tuesday, seeking to halt the Medicare drug price negotiation program contained in the Inflation Reduction Act (IRA), which it argues is violates the Fifth and First Amendments to the U.S. Constitution. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for Medicare. Merck called the talks with CMS coercive and forces drugmakers to participate in "political Kabuki theater" by pretending negotiations are voluntary. The first ever Medicare drug price reduction process is due to begin in September when CMS identifies its 10 most costly drugs. Merck's top selling drug, cancer immunotherapy Keytruda, could be subject to negotiations as soon as 2028.

Persons: drugmakers, Merck, Ameet, Robin Feldman, Wells, Mohit Bansal, Xavier Becerra, Chiquita Brooks, Michael Erman, Patrick Wingrove, Edwina Gibbs, Nick Zieminski Organizations: YORK, Merck & Co, U.S, U.S . Constitution, Biden, Medicare, District of Columbia, Merck, Reuters, CMS, Harvard Medical School, UC College of the, Supreme, U.S . Department of Health & Human Services, Centers, Medicaid Services, LaSure, HHS, Thomson Locations: U.S ., U.S, San Francisco

☆ Opinion: Ambitious, tech-savvy and jobless. Why India’s young people could reshape the internet
▼ + stars: | 2023-06-02 | by ( Opinion Snigdha Poonam | ) edition.cnn.com time to read: +10 min

Her book, “Dreamers: How Young Indians Are Changing Their World,” was longlisted in 2019 for the PEN America Literary Awards. Unlike China, which leveraged its demographic dividend through large-scale factory employment, India’s economic growth does not rely on young workers manufacturing goods. Catering to a market of 750 million smartphone users, India’s fast-growing gig economy is attracting young workers in great numbers. As incidents of abuse and exploitation pile up, many of India’s gig workers are questioning their career choice. Feeding the social media monsterThere are other ways in which India’s young people are shaping the future of technology.

Persons: ”, Raju Rai, Rai, “, ” Rai, Dhiraj Singh, Mithun Kumar, Kumar, hyperlocal, Jewel Samad, Mohit Yadav, Monu Manesar Organizations: PEN, CNN, Delhi CNN, Facebook, Catering, Bloomberg, Getty, YouTube, Big Tech, Twitter, New York Times Locations: Delhi, India, Thailand, Indian, Varanasi, Bangkok, Myanmar, Uttar Pradesh, Kerala, Southeast Asia, Europe, China, Mumbai, Bihar, Covid, AFP

☆ Positive Alzheimer's drug trial data pushes Eli Lilly shares to another all-time high and brightens our outlook
▼ + stars: | 2023-05-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

LLY 1Y mountain Shares of Eli Lilly over the past 12 months. The FDA granted accelerated approval to an anti-amyloid drug — developed by Japanese pharmaceutical firm Eisai and U.S.-based partner Biogen (BIIB) — in early January. For Eli Lilly, specifically, Seigerman said the donanemab data appears to be a "home run." Eli Lilly said two participants in the Phase 3 trial died due to ARIA side effects, while a third patient did after a serious ARIA incident. The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.

☆ Obesity drug could be a 'big upside' for Eli Lilly, says Wells Fargo's Mohit Bansal
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailObesity drug could be a 'big upside' for Eli Lilly, says Wells Fargo's Mohit BansalMohit Bansal, Wells Fargo managing director, joins 'Fast Money' to talk Eli Lilly drug trials, it's competition with Biogen for an alzheimer's drug, and more.

☆ EIi Lilly's weight-loss drug is 'much better' than others on the market, says Wells Fargo's Bansal
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEIi Lilly's weight-loss drug is 'much better' than others on the market, says Wells Fargo's BansalMohit Bansal, Wells Fargo managing director, joins 'Fast Money' to discuss Eli Lilly's recent stock performance as demand for its weight-loss drugs climb.

☆ Moderna shares fall despite promising data from cancer vaccine trial
▼ + stars: | 2023-04-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of Moderna fell Monday as Wall Street chewed over new trial results on the personalized cancer vaccine it is developing with Merck . Those results, presented at an American Association for Cancer Research meeting in Florida, add to the initial results on the treatment combination released in December. Analysts from SVB Securities said the results suggest the personalized cancer vaccine shows promise. Wells Fargo analyst Mohit Bansal also said he's expressing "cautious optimism" about the treatment combination. In a Sunday note, Bansal pointed to "trial imbalances" that potentially produced more favorable results for the personalized cancer vaccine.

☆ J.P.Morgan puts India's HCL on 'negative catalyst watch' ahead of Q4 results
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 4 (Reuters) - J.P.Morgan on Tuesday placed Indian IT services provider HCL Technologies Ltd (HCLT.NS) on "negative catalyst watch" ahead of the earnings season, citing the highest near-term risks for the company. The brokerage also expected Infosys to give "soft" guidance due to the uncertain macro environment and the departure of Mohit Joshi, its president and head of banking, financial services and insurance. TCS Chief Executive Officer Rajesh Gopinathan resigned last month, while Joshi was named CEO of Tech Mahindra (TEML.NS). Earlier, J.P.Morgan had said TCS and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil. Reporting by Nallur Sethuraman in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ A 27-page report breaks down where the money is flowing in sports tech and the investors to watch. Here were 5 key takeaways.
▼ + stars: | 2023-03-22 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +7 min

Investment bank Drake Star broke down dealmaking in 2022 and what it means for the year ahead. Sports tech M&A activity in 2022, from Drake Star's Global Sports Tech Report 2022. Drake Star Global Sports Tech Report 2022The fourth quarter saw a surge in M&A volume with 67 deals, the most in the sector's recent history. More sports tech companies could explore public listings in the second half of the year. "Some of the IPO ready sports tech companies are expected to explore IPO/SPAC listings."

☆ India's Tech Mahindra soars 10% as Infosys veteran to join as CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 13 (Reuters) - Shares of Tech Mahindra Ltd (TEML.NS) surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd (INFY.NS) veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. Shares of Tech Mahindra (TEML.NS) were up 8.2% at 1,148.80 rupees, Infosys (INFY.NS) fell 1.1% to 1,455.05 rupees. At least three brokerages indicated it is a welcome move for Tech Mahindra. The current average rating of 39 analysts covering Tech Mahindra is "buy" and the median price target is 1,143 rupees, according to data from Refinitiv.

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