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☆ Vista Equity Partners to buy EngageSmart for $4 billion
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: 1 min

Oct 23 (Reuters) - Payments software vendor EngageSmart (ESMT.N) said on Monday it would be taken private by Vista Equity Partners for about $4 billion, marking the latest buyout deal in the technology sector. Shares of EngageSmart rose more than 11% in trading before the bell. Under the terms of the deal, shareholders in EngageSmart will receive $23.00 per share in cash. The offer represents a premium of nearly 23% to the stock's closing price on Oct. 4, a day before Reuters reported that private equity firm General Atlantic, which owns a 52% stake, was exploring a sale of the company. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Samrhitha, Dhanya Ann Thoppil Organizations: Vista Equity Partners, Reuters, Atlantic, Thomson Locations: EngageSmart, Bengaluru

☆ US equity funds suffer outflows on rising bond yields, geopolitical tensions
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 20 (Reuters) - U.S. equity funds registered huge withdrawals in the week ending Oct. 18, hit by a surge in bond yields and escalating geopolitical tensions in the Middle East. Investors sold $4.57 billion of U.S. equity funds on a net basis during the week, logging outflows for the fifth consecutive week, according to LSEG data. Reuters Graphics Reuters GraphicsUtilities and tech topped sectoral outflows, booking $931 million and $707 million of outflows each. Reuters Graphics Reuters GraphicsInvestors also liquidated about $3.66 billion of bond funds, compared with about $1.13 billion of net purchases in the previous week. U.S. short/intermediate investment-grade, and high yield funds saw $2.4 billion and $1.93 billion worth of net selling, respectively.

Persons: Brendan McDermid, Gaurav Dogra, Patturaja, Dhanya Ann Thoppil Organizations: New York Stock Exchange, REUTERS, Investors, Reuters Graphics Reuters Graphics U.S, Treasury, Reuters Graphics Reuters Graphics Utilities, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, Bengaluru

☆ London stocks set for weekly declines on rising yields
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.6%, FTSE 250 off 0.7%Oct 20 (Reuters) - THe UK's FTSE 100 inched down on Friday as industrial metal miners slipped and a rise in long-term bond yields kept investors away from risky assets. The main FTSE 100 (.FTSE) index was down 0.7% by 7:13 GMT, and was on track for weekly declines of nearly 2%. The FTSE 250 (.FTMC) index also lost 0.7% and was set for its fifth consecutive weekly fall. Adding to the declines, industrial metal miners (.FTNMX551020) shed 1.6% as copper prices fell on a strengthening dollar.

Persons: Toby Melville, Sterling, Khushi Singh, Dhanya Ann Thoppil Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, U.S, Thomson Locations: City, City of London, Britain

☆ Wall St drops as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The rate-sensitive real estate sector (.SPLRCR) dropped 2.4% and was the day's worst-performing S&P 500 sector. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The labor market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022. The S&P 500 posted 2 new 52-week highs and 37 new lows; the Nasdaq Composite recorded 15 new highs and 370 new lows.

Persons: Tesla, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Brendan McDermid, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Netflix, Dow, Nasdaq, Treasury, Wealthspire Advisors, Economic, Dow Jones, New York Stock Exchange, REUTERS, Data, U.S . Labor Department, Netflix Inc, American Airlines, United Airlines, NYSE, Thomson Locations: Westport , Connecticut, New York, U.S, New York City, United States, Britain, France, Bengaluru

☆ Wall St ends down as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The Dow Jones Industrial Average (.DJI) fell 254.24 points, or 0.76%, to 33,410.84. Data this week has pointed to strong consumer demand and a tight labor market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.

Persons: Brendan McDermid, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Netflix, Tesla, Treasury, Wealthspire Advisors, Economic, Nasdaq, Dow Jones, U.S . Labor Department, Thomson Locations: New York City, U.S, Westport , Connecticut, New York, United States, Britain, France, Bengaluru

Powell, however, added the economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases. Third-quarter earnings for S&P 500 companies are now estimated to grow at 1.6% compared with expectations of a 2.2% increase last week, LSEG data showed. Yields on the 2-year note, which best reflects short-term interest rate expectations, fell , while that on the 10-year note edged higher to 4.9215%, near the 5% level last seen in 2007. Communications services (.SPLRCL) and information technology (.SPLRCT) led gains amongst the major S&P 500 sectors. On the earnings front, Blackstone (BX.N) slipped 6.0% as the world's largest private equity firm's third-quarter distributable earnings fell more than expected due to a decline in asset sales in its real estate business.

Persons: Brendan McDermid, Jerome Powell, Powell's, CME's, Powell, Chris Zaccarelli, Russell Hackmann, Austan Goolsbee, Atlanta's Raphael Bostic, Philadelphia's Patrick Harker, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Netflix, Dow, Nasdaq, Economic, of New, Traders, Independent, Alliance ., Hackmann Wealth Partners, Investors, Chicago Fed, Dow Jones, Communications, Blackstone, Lam Research, NYSE, Thomson Locations: New York City, U.S, of New York, United States, Britain, France, Bengaluru

☆ Walmart-owned India's PhonePe revenue soars 77% in FY23
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 18 (Reuters) - Walmart-owned (WMT.N) PhonePe said on Wednesday its consolidated revenue for financial year 2023 surged 77%, as more customers used its platform to send and receive money in India's booming digital payments market. The company's loss before interest, taxes, depreciation and amortisation on a standalone basis widened to 17.55 billion rupees ($210.8 million) from 16.12 billion rupees a year ago, PhonePe said in a statement. Consolidated revenue grew to 29.14 billion rupees from 16.46 billion rupees a year ago. PhonePe, which has more than 490 million registered users, had a near 51% share of the value of transactions on India's instant money transfer system, Unified Payments Interface (UPI), as of March end. ($1 = 83.2420 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: PhonePe, Rama Venkat, Dhanya Ann Thoppil Organizations: Walmart, Atlantic, Tiger Global, Thomson Locations: BENGALURU, India, Singapore, Bengaluru

☆ Citigroup to sell China consumer wealth business to HSBC
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 9 (Reuters) - Citigroup Inc (C.N) said on Monday it had agreed to sell its China consumer wealth portfolio, including clients, assets under management (AUM) and deposits, to Asia-focused HSBC Holdings Plc (HSBA.L). Citi first announced its plan to exit China consumer banking in April 2021 as part of a global strategy revamp. The consumer banking business mainly served rich clients with deposit, fund and structured product offerings. Reuters first reported late last month that HSBC was set to acquire Citi's China consumer wealth business, in a major boost to the London-based bank's business in the world's second-largest economy. Apart from the China consumer banking deal, Citi plans to complete the sale of its Indonesia consumer business later this year, the bank statement said.

Persons: Andrew Kelly, Aishwarya Nair, Xie Yu, Sumeet Chatterjee, Dhanya Ann Thoppil, Jamie Freed, Miral Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup Inc, HSBC Holdings Plc, Citi, Reuters, HSBC, Standard Chartered, Thomson Locations: Manhattan , New York City, U.S, China, Asia, London, Singapore, Hong Kong, Europe, East, Mexico, Indonesia, Korea, Russia, Bengaluru

☆ India's Adani Ports stock drops on Haifa port worries over Israel conflict
▼ + stars: | 2023-10-09 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement. Haifa's contribution to Adani Ports' numbers is "relatively small" at 3% of the total cargo volume, the statement added. Shares of Adani Ports are down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index (.NSEI). "The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias ... Earlier in the year, Adani Ports completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project.

Persons: Gautam Adani's, Adani, Avinash Gorakshakar, Indranil Sarkar, Dhanya Ann Thoppil Organizations: Hamas, Saturday, Ports, Profitmart Securities, Adani Ports, Adani Group, Sethuraman, Thomson Locations: BENGALURU, Israel, South Israel, Haifa, Haifa Port, Iran, Myanmar, Bengaluru

☆ India's Tata Group in talks with Temasek to buy back stake in Tata Play, Bloomberg reports
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur/File photo Acquire Licensing RightsBENGALURU, Oct 5 (Reuters) - India's Tata Group is in advanced talks with Temasek Holdings [RIC:RIC:TEM.UL] to buy back about 20% stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group didn't immediately respond to a Reuters request for confirmation, and Temasek declined to comment. Bloomberg News had in July reported that Tata Group is considering making an offer to buy back Temasek's stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play. Tata Play is a subscription-based video streaming service for television and over-the-top apps.

Persons: Vijay Mathur, Tata Group didn't, Ashish Chandra, Kashish Tandon, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Tata Group, Confederation of Indian Industry, REUTERS, Rights, India's Tata Group, Temasek Holdings, Tata, Bloomberg, Temasek, Bloomberg News, Tata Play, Thomson Locations: New Delhi, Bengaluru

☆ Japan's Sony says Zee merger to be delayed by a few months
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Zee Entertainment and SONY logos are displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 29 (Reuters) - Japan's Sony Group Corp (6758.T) said on Friday a merger of its Indian unit with Zee Entertainment Enterprises (ZEE.NS), which had an initial deadline of September, would take a few more months to complete. "Based on the current state of preparation, we expect completion within the next few months," Sony said in a statement, without elaborating further. It was delayed due to issues including a legal battle with lenders over loan defaults by a Zee group entity. Zee shares, which have lost about a quarter of their value since the merger was announced in 2021, were up 2.7% on Friday.

Persons: Dado Ruvic, Punit Goenka, Zee, Ashna Teresa Britto, Chris Thomas, Dhanya Ann Thoppil, Sohini Organizations: Zee Entertainment, SONY, REUTERS, Sony Group Corp, Zee Entertainment Enterprises, Sony, Zee, Securities and Exchange Board, India, Finance, Thomson

☆ UK's CMA says examining Qualcomm's buyout of Israel's Autotalks
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Autotalks and Qualcomm logos are seen in this illustration taken, May 8, 2023. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsCompanies Autotalks Ltd FollowQualcomm Inc FollowSept 29 (Reuters) - Britain's antitrust regulator on Friday said it was examining whether Qualcomm's (QCOM.O) purchase of Israeli auto-chip maker Autotalks would lessen competition in the UK market. Qualcomm had said it would acquire Autotalks, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal. Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive business. Qualcomm and Autotalks did not immediately respond to Reuters' request for comment.

Persons: Dado Ruvic, Autotalks, Eva Mathews, Rashmi Aich, Dhanya Ann Thoppil Organizations: Qualcomm, REUTERS, Markets Authority, Politico, U.S . Federal Trade Commission, Reuters, Thomson Locations: Bengaluru

☆ Indian shares struggle on weak global cues, higher crude prices
▼ + stars: | 2023-09-28 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 28 (Reuters) - Indian shares struggled to add to initial gains on Thursday as weakness in global equities markets over fears of higher interest rates and surging crude prices weighed. "Despite the correction, India has still outperformed the global markets.. But, we are also seeing many emerging risks like higher crude prices and depreciation in rupee," said Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors. Crude prices, which rose 3% overnight will hurt India, the world's third-largest importer, which is also reeling under lower-than-expected monsoon rains, triggering inflation risks. Among sectoral indexes, information technology stocks (.NIFTYIT) fell 0.8%, metals (.NIFTYMET) gained 0.6%, while the public sector banks (.NIFTYPSU) climbed 0.9%.

Persons: Francis Mascarenhas, Samrat Dasgupta, Esquire's Dasgupta, Sohini Goswami, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Esquire Capital Investment Advisors, Treasury, Federal Reserve, Oil India, ICICI Lombard, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

☆ Indian shares set for muted opening on weak global cues
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Indian shares are set for a muted opening on Wednesday, tracking weakness in global equity markets as investors continue to grapple with prospects of higher interest rates denting economic growth. India's GIFT Nifty (.GIFc1) was mostly unchanged at 19,609 points at 7:34 a.m. IST on the NSE International Exchange. Meanwhile, foreign investors remained net sellers this month, offloading about $1.5 billion of shares as of Sept. 22, after pouring over $15 billion into Indian equities this year. Foreign investors sold 6.93 billion rupees of shares, while domestic investors bought 7.14 billion rupees shares on Tuesday, provisional exchange data showed.

Persons: Francis Mascarenhas, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, U.S, Federal, Vedanta, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

☆ India's Vedanta hits over 1-year low after Moody's downgrades parent
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Shares of Indian conglomerate Vedanta (VDAN.NS) fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment." Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook. Vedanta was the top loser on the Nifty 100 index (.NIFTY100), which was down 0.26%.

Persons: Danish Siddiqui, Anil Agarwal, Vedanta, Rama Venkat, Dhanya Ann Thoppil Organizations: Vedanta, REUTERS, Danish, Rights, Moody's Investors Service, Resources, Vedanta Resources, Thomson Locations: Mumbai, India, Caa2, Caa1, Bengaluru

Demonstrators hold placards next to a banner as they attend a protest against the sharing of Cauvery river water with neighbouring Tamil Nadu state, in Bengaluru, India, September 26, 2023. Schools and colleges were shut in the capital of the southern state of Karnataka, home to more than 3,500 tech companies. "I can shed my blood but I don't want to give water to Tamil Nadu," said one protester, Ravi Mallikarjuna. The delay provoked small demonstrations near a railway station in Tamil Nadu. The Cauvery river originates in the Karnataka region of Talakaveri, flowing through Tamil Nadu into the Bay of Bengal.

Persons: Dhanya, Santosh Babu, Ravi Mallikarjuna, Shivakumar, Ramachandra, Rupam Jain, Miral Fahmy, Clarence Fernandez Organizations: REUTERS, Inc, Walmart, Police, Farmers, Google, Schools, Supreme, Tamil, Ecological Sciences, Indian Institute of Science, Thomson Locations: Tamil Nadu, Bengaluru, India, BENGALURU, India's, Karnataka, Farmers, Bengal

☆ Australia fines lender NAB $1.4 mln for wrongfully charging fees
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsCompanies National Australia Bank Ltd FollowSept 22 (Reuters) - The Australian Federal Court has fined the country's second-biggest lender National Australia Bank (NAB) <NAB.AX> a penalty of A$2.1 million ($1.4 million) for wrongfully charging customers periodic payment fees, the securities regulator said on Friday. Between January 2017 and July 2018, National Australia Bank continued to charge its customers periodic payment fees for transferring money despite knowing it had no contractual entitlement to do so, the Australian Securities & Investments Commission (ASIC) said. The bank wrongfully charged 2,888 personal banking customers and 513 business clients payment fees totalling A$139,845 on 74,593 occasions, the regulator added. Shares of NAB were trading 0.7% lower as of 0221 GMT after declining as much as 1.3% earlier in the day.

Persons: Daniel Munoz, Sarah Court, Sameer Manekar, Ayushman, Janane Venkatraman, Dhanya Ann Thoppil Organizations: National, REUTERS, National Australia Bank, Australian Federal Court, Australia Bank, Australian Securities & Investments Commission, NAB, Reuters, Royal Commission, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia fines lender NAB $1.4 million for wrongfully charging fees
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsCompanies National Australia Bank Ltd FollowSept 22 (Reuters) - The Australian Federal Court has fined the country's second-biggest lender National Australia Bank (NAB) <NAB.AX> a penalty of A$2.1 million ($1.4 million) for wrongfully charging customers periodic payment fees, the securities regulator said on Friday. Between January 2017 and July 2018, National Australia Bank continued to charge its customers periodic payment fees for transferring money despite knowing it had no contractual entitlement to do so, the Australian Securities & Investments Commission (ASIC) said. The bank wrongfully charged 2,888 personal banking customers and 513 business clients payment fees totalling A$139,845 on 74,593 occasions, the regulator added. NAB in an email to Reuters acknowledged "some customers were incorrectly charged for periodical payment fees several years ago," adding that it had completed a remediation program and repaid more than A$8.3 million to affected customers.

☆ Condom-shy India arouses interest of global contraceptive makers
▼ + stars: | 2023-09-21 | by ( Kashish Tandon | ) www.reuters.com time to read: +5 min

Such is the trend that the market is set to more than double to $1.7 billion by 2030, showed data from GrandView Research. By contrast, 19% of U.S. men use condoms every time they have sex, showed data from the National Center for Health Statistics. World Bank data showed that, in 2021, per capita gross domestic product crossed $2,000 - a threshold at which, in China in 2006, consumption jumped. Britain's Reckitt Benckiser Group (RKT.L) has launched new products under its Durex brand and expanded its "Birds and the Bees" rural marketing campaign. SOCIAL MEDIAIndia's market leader is domestic manufacturer Mankind Pharma (MNKI.NS) with a 33% share, ahead of Reckitt Benckiser at 14%, TechSci data showed.

Persons: Kazuhiro Kamio, Okamoto, Arvind Singhal, Miah Kiat Goh, Dwight, Mankind, Ashita Aggarwal, Kashish Tandon, Sumit Khanna, Rocky Swift, Dhanya Skariachan, Christopher Cushing Organizations: GrandView Research, Reuters Graphics Reuters, Okamoto Industries, National Center for Health Statistics, Technopak Advisors, Reuters, United Nations, Benckiser, ., Mankind Pharma, Social, Jain Institute of Management & Research, HDFC Securities Institutional, View Research, Thomson Locations: BENGALURU, India, Europe, Japan, China, U.S, S.P, Bengaluru, Ahmedabad, Rocky, Tokyo

☆ GE HealthCare gets $44 mln grant to develop AI-assisted ultrasound tech
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 18 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) has received a grant of more than $44 million from the Bill & Melinda Gates Foundation to develop AI-assisted ultrasound technology, the company said on Monday. The grant will facilitate development of AI-assisted ultrasound imaging auto-assessment applications and tools to help address maternal and fetal health and respiratory diseases. The X-ray and ultrasound machine maker added that the grant is aimed at expanding access to high quality care around the world with an emphasis on low- and middle-income countries. Caption Health, acquired by GE HealthCare earlier this year, will design the technology to run across a range of ultrasound devices and probes, including lower-cost handheld devices. Reporting by Pratik Jain in Bengaluru; Editing by Dhanya Ann Thoppil and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Melinda Gates, Pratik Jain, Dhanya Ann Thoppil Organizations: REUTERS, GE HealthCare Technologies Inc, Melinda Gates Foundation, GE HealthCare, Thomson Locations: Bengaluru

☆ Indian winemaker Sula not losing sleep over foreign rivals - CEO
▼ + stars: | 2023-09-15 | by ( Biplob Kumar Das | ) www.reuters.com time to read: +2 min

BENGALURU, Sept 15 (Reuters) - India's largest winemaker, Sula Vineyards (SULA.NS), is expanding its production capacity and counting on a pricing sweet spot to fend off foreign rivals in its home turf. Last year, the Indian government slashed import duties for some Australian winemakers as part of a foreign trade agreement (FTA) between the two nations. But among all the Indian wine companies, Sula has the least to fear," Chief Executive Officer Rajeev Samant told Reuters. He is counting on Sula's pricing strategy to thwart rivals. Wine consumers are getting "turned on" by the 800 rupee-plus category, he said, adding that the rise in demand for premium wines was largely limited to India's big cities.

Persons: Rajeev Samant, Samant, Grover Zampa, Biplob Kumar Das, Dhanya Skariachan, Gerry Doyle Organizations: Reuters, Grover, Diageo, Spirits, Heineken, United Breweries, Thomson Locations: BENGALURU, Sula, India, Mumbai, Bengaluru

The new round, led by T. Rowe Price, could mark the last round of private funding as the data company gears up for the public market. Chipmaker Nvidia (NVDA.O), another beneficiary of the AI boom, and credit card firm Capital One Financial (COF.N), also participated in the latest funding round. AI, the latest buzzword in the technology space, has captivated the interest of investors from Silicon Valley to Wall Street. Its latest valuation is over 13% more than the $38 billion the San Francisco-based company was worth after its last fundraise in 2021. The company has raised $4 billion since inception.

Persons: Rowe Price, Ali Ghodsi, Ghodsi, Andreessen Horowitz, Baillie Gifford, Morgan, Weeks, Databricks, Niket, Krystal Hu, Dhanya Ann Thoppil Organizations: Nvidia, Reuters, Fidelity Management & Research, Tiger Global, Thomson Locations: Silicon Valley, Wall, Francisco, Bengaluru, Hong Kong

SAP Labs India Managing Director Sindhu Gangadharan hopes the Indian unit will scale up its share of global SAP patents to 50% from 25% currently, she said in an interview on the sidelines of an event in Bengaluru. SAP Labs India, which employs over 15,000 people, aims to embed generative AI across its products to cater better to the changing needs of its clients ranging from Thermax (THMX.NS) to Dabur India (DABU.NS). "Through AI, India can solidify its IT supremacy," Gangadharan had said in the event, earlier in the day. The comments come as SAP looks to "double down" on investments in India, its fastest growing region and home to 40% of its global Research and Development (R&D) activity. Gangadharan, while referring to the regulation of AI, said there should be a "great amount of responsibility barriers with flexibility to the end-user".

Persons: Arnd, Sindhu Gangadharan, Gangadharan, Sam Altman, Hritam Mukherjee, Navamya Ganesh, Dhanya Skariachan, Josie Kao Organizations: SAP, AG, REUTERS, Rights, Reuters, SAP Labs India, Research, Microsoft, Thomson Locations: Regensdorf, Switzerland, Bengaluru, India

☆ India's Aeroflex in talks to enter aerospace sector - executive
▼ + stars: | 2023-09-13 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

BENGALURU, Sept 13 (Reuters) - India's Aeroflex Industries (AERO.NS), whose metal hoses are used in utilities, refineries and fire fighting equipment, is in talks to enter the aerospace sector, a top company executive said, aiming to capitalise on the country's burgeoning space program. "It is our aim that our products be a part of India's next space mission," Aeroflex Managing Director Asad Daud told Reuters in an interview last week. While HAL and BHEL are existing clients, the ongoing talks are a first for specific space-related projects, he said. Aeroflex expects its total revenue to increase by 35% in the next three to four years, with at least 5% coming from aerospace, Daud said. Aeroflex has three Chinese suppliers that, currently, meet 70%-75% of its needs for their coils.

Persons: Asad Daud, Daud, Aeroflex, Hritam Mukherjee, Dhanya Organizations: Aeroflex Industries, Reuters, Hindustan Aeronautics Ltd, HAL, Electricals, Indian Space Research Organisation, ISRO, Thomson Locations: BENGALURU, India, India's, China, Bengaluru

☆ Battery startup Lyten raises $200 mln in new funding round
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Silicon Valley battery startup Lyten said on Tuesday that it raised $200 million in new funding as it looks to scale up manufacturing of lithium-sulfur EV batteries, lightweight composites and sensors. The latest funding, led by venture capital firm Prime Movers Lab, takes the total equity investment in Lyten to more than $410 million. The company in May received an investment from Stellantis (STLAM.MI) to help the carmaker simplify its supply chain and pursue greener technology for EVs. Lyten targets to deliver its first commercial composites application by year-end. Reporting by Nathan Gomes in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Dhanya Ann Thoppil Organizations: Prime, Lab, Stellantis, FedEx, U.S ., Thomson Locations: Lyten, Stellantis, U.S, Bengaluru

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