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BENGALURU, Feb 15 (Reuters) - India's embattled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had taken to buy controlling stakes in cement companies ACC Ltd (ACC.NS) and Ambuja Cements Ltd (ABUJ.NS) last year, the Economic Times daily reported on Wednesday. The group is looking to repay the bridge loan with cash this month, the report said, citing people aware of the matter, adding that the loan had a tenor of six months and was part of a larger $5.25 billion financing package. The loan was underwritten by Barclays (BARC.L), Deutsche Bank (DBKGn.DE) and Standard Chartered (STAN.L), ET reported. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho, the report said. Adani and the lenders did not immediately respond to Reuters' requests for comment.
BENGALURU, Feb 14 (Reuters) - Indian digital payments firm (WMT.N) PhonePe said on Tuesday it has raised $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds in a funding round that valued the Walmart Inc-backed company at $12 billion. The latest round is part of PhonePe's primary fundraise that took place last month through which the company raised $350 million from General Atlantic. Having raised $450 million in six weeks, PhonePe said it expects to raise the rest from global and Indian investors in due course. Despite a funding winter, the Indian digital payments space has been a bright spot due to the popularity of online payments and startups' ambitions to branch into the lucrative financial services space. PhonePe, in which U.S. retail giant Walmart has had a majority stake since 2018, completed its separation from Indian e-commerce major Flipkart last year.
India Budget 2023: Here's what the experts say
  + stars: | 2023-02-01 | by ( ) www.reuters.com   time to read: +13 min
"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.
BENGALURU, Jan 27 (Reuters) - Shares of Tata Motors Ltd (TAMO.NS), India's No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years. Tata Motors swung to a surprise profit of 29.58 billion rupees in the October-December quarter, from a loss of 15.16 billion rupees a year before. Improving semiconductor supplies and rising demand helped Tata Motors' luxury car unit, Jaguar Land Rover (JLR), turn profitable. Goldman rates Tata Motors' stock "neutral", while Nomura rates it "buy", which is also the average rating of the 30 analyst covering the stock, according to Refinitiv data. Bajaj Auto Ltd (BAJA.NS), among India's top motorcycles and three-wheelers maker, also reported a bigger-than-expected quarterly profit due to strong domestic demand and higher prices.
BENGALURU, Jan 27 (Reuters) - Shares of Indian Tata Motors Ltd (TAMO.NS) rose as much as 6% on Monday after the carmaker reported its first quarterly profit in two years on the back of strong demand and as its luxury car unit, Jaguar Land Rover (JLR), turned profitable. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
Mubadala Investment Co PJSC and BNP Paribas SA (BNPP.PA) have also bid for shares, the report said, adding that the anchor book was oversubscribed about two times. Adani Enterprises last week set the floor price for India's largest FPO at 3,112 rupees per share with a price cap of 3,276 rupees apiece. While bidding for anchor investors began on Wednesday, bidding for retail investors will commence from Friday, with the offer closing for both sets of investors on Jan. 31. Spokespersons for Adani Enterprises, LIC and SBI Life did not immediately respond to a Reuters request for comment. Adani has said it will use 108.69 billion rupees from the FPO to fund green hydrogen projects, airports facilities and greenfield expressways.
NEW DELHI/BENGALURU, Jan 23 (Reuters) - Amazon.com Inc (AMZN.O) on Monday launched a dedicated air cargo service in India, Amazon Air, as it looks to expand and speed-up deliveries across one of its key markets amid fast-growing e-commerce sales, an executive said on Monday. The move to use a dedicated cargo service will give Amazon tighter control over costs and flight schedules while reducing delivery times across a wider range of products, said Rhoads. "We want to deliver the majority of shipments in two days or less and Amazon Air enables that." India is the third market, after the United States and Europe, where the company has launched Amazon Air. Amazon, which uses its own ground delivery services for shipping, also partners with Deutsche Post DHL Group (DPWGn.DE) controlled Blue Dart Express Ltd (BLDT.NS), one of India's biggest air cargo carriers.
Amazon launches air freight service in India
  + stars: | 2023-01-23 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Jan 23 (Reuters) - Amazon.com Inc (AMZN.O) on Monday launched its own air cargo fleet in India, Amazon Air, as it seeks to expand and speed-up deliveries across one of its key markets. India is the third market, after the United States and Europe, where the company has launched Amazon Air. Quikjet will transport Amazon customer shipments to Hyderabad, Bengaluru, Delhi, and Mumbai, Amazon said in a press release. The books-to-boots online retailer, which competes with Walmart Inc (WMT.N)-owned Flipkart in India, said the launch of Amazon Air would support over 1.1 million sellers in the country. Amazon, which uses its own ground delivery services for shipping, also partners with Deutsche Post DHL Group (DPWGn.DE) controlled Blue Dart Express Ltd (BLDT.NS), one of India's biggest air cargo carriers.
India's PhonePe raises $350 million at $12 bln valuation
  + stars: | 2023-01-19 | by ( ) www.reuters.com   time to read: 1 min
BENGALURU, Jan 19 (Reuters) - Walmart-backed Indian digital payments app PhonePe has raised $350 million in a funding round led by private equity firm General Atlantic that valued the company at $12 billion. Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
India's HCLTech falls after lowering full-year revenue view
  + stars: | 2023-01-13 | by ( ) www.reuters.com   time to read: 1 min
BENGALURU, Jan 13 (Reuters) - Shares of Indian IT major HCLTech (HCLT.NS) fell as much as 2.6% on Friday after lowering its revenue growth outlook for this fiscal year and flagging delays in decision making by its European clients. The Noida-based company on Thursday lowered its revenue growth projection for the fiscal year ending March 31 to 13.5-14% from 13.5% to 14.5% previously. Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
BENGALURU, Jan 4 (Reuters) - Walmart Inc (WMT.N) and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India, Bloomberg News reported on Wednesday, citing people familiar with the matter. PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority and others, triggering the hefty charge, according to the report. Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly 80 billion Indian rupees ($966.13 million) for existing shareholders, Bloomberg News reported. PhonePe, Walmart and Tiger Global did not immediately respond to Reuters requests for comment. Walmart said last month it had completed the separation of PhonePe from Indian ecommerce giant Flipkart, adding that it would remain a majority stakeholder in both the companies.
BENGALURU, Jan 4 (Reuters) - Walmart Inc (WMT.N) has already paid the Indian government most of the nearly $1 billion in tax after digital payments company PhonePe shifted its headquarters from Singapore to India, a source with direct knowledge of the matter told Reuters. Bloomberg News previously reported that Walmart and other PhonePe investors would have to pay nearly $1 billion after its domicile change. Tiger Global, an existing PhonePe investor, was not required to pay the tax, according to the source. While PhonePe declined to comment, Walmart did not immediately respond to a Reuters request for comment. Moneycontrol reported last year PhonePe was raising funds at a $12 billion valuation in a round led by General Atlantic.
BENGALURU, Jan 2 (Reuters) - India's top automakers in December reported a double-digit rise in the sale of the more expensive utility vehicles, while entry-level cars saw muted demand despite discounts. Auto sales numbers are keenly watched as they are among the key indicators for assessing private consumption, which has more than 50% weightage in calculating the country's economic growth. Utility vehicles (UV), among the fastest-growing segments, saw a 22.3% rise in sales at Maruti Suzuki India (MRTI.NS) and 62.2% at Mahindra and Mahindra (MAHM.NS). Hero MotoCorp (HROM.NS), the world's largest bikemaker, reported a marginal fall in sales, while Bajaj Auto's (BAJA.NS) two-wheeler sales dropped 22%. The commercial vehicles (CV) segment reported a double-digit growth for December, with sales at industry leaders Eicher Motors (EICH.NS) and Ashok Leyland (ASOK.NS) rising 17.3% and 44.9%, respectively.
India's Mamaearth parent files for IPO - draft prospectus
  + stars: | 2022-12-29 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Indian skincare startup Mamaearth's products are on display for sale at a wholesale shop in Ahmedabad, India, June 22, 2022. REUTERS/Amit DaveBENGALURU, Dec 29 (Reuters) - Parent of Indian personal care products startup Mamaearth, Honasa Consumer Ltd, on Thursday filed for an initial public offering (IPO), according to draft papers submitted to the market regulator. The Sequoia- and Sofina-backed company's IPO will comprise of a fresh issue of shares worth 4 billion rupees ($48.30 million) and an offer for sale of 46.8 million shares. Reuters had reported in June that Mamaearth was in talks to raise at least $300 million for the IPO scheduled for 2023. Honasa said it would use about 1.86 billion rupees from the IPO for advertising expenses.
After the deal, the Indian conglomerate, led by billionaire Gautam Adani, will control 64.71% of NDTV, while the founders will retain a combined 5%. Over the last four quarters, the broadcaster raked in revenues in the range of 900 million rupees ($10.88 million) to 1.20 billion rupees. In comparison, rival TV18 Broadcast Ltd (TVEB.NS) has amassed revenues in the range of 12.7 billion rupees to 15.7 billion rupees. Both NDTV and TV18 had flagged reducing ad revenues in the September quarter. Shares of NDTV were last up 2.4% at 348.70 rupees, which was at a discount to the 368.43 rupees per share at which the Roys sold their stake.
It was last trading down 4.2% at 341.8 rupees in a broader market (.NSEI) that was down 0.58%. "We like Sula, given (its) market leadership in India’s grape wine industry, especially in premium brands," said Motilal Oswal equity strategist Hemang Jani. It raised a total of 9.6 billion rupees in the IPO, including 2.88 billion rupees from anchor investors like Abu Dhabi Investment Authority and Goldman Sachs. Sula, India's largest winemaker, has a portfolio of 56 labels from 13 of its own brands and 20 international ones. Its net revenue rose 8% year-over-year to 4.57 billion rupees in fiscal year 2022.
BENGALURU, Dec 21 (Reuters) - India has imposed an anti-dumping duty on stainless steel seamless tubes and pipe imports from China for five years to remove "injury" to the domestic industry, according to a government notification. Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Feb 14 (Reuters) - India, the world's fastest growing aviation market, has seen increased competition with a number of domestic and international carriers adding flights and destinations across the country. Air India on Tuesday placed landmark orders for 470 jetliners from Airbus (AIR.PA) and Boeing (BA.N) as it carves out an ambitious renaissance under the Tata Group. The fleet expansion plans come after Tata Group in November announced a merger of all its airlines, including full service carriers Air India and Vistara and budget airlines Air India Express and AirAsia India. The new planes are expected to help Air India take on IndiGo and win back international traffic from airlines like Emirates. Here are the fleet sizes of the major Indian airlines and foreign carriers versus Air India's.
CHENNAI, Dec 12 (Reuters) - Air India is carving out an ambitious renaissance under the Tata Group conglomerate, which regained control earlier this year after the airline was nationalised nearly seven decades ago. The report came days after Tata announced the merger of Air India with Vistara, a joint venture with Singapore Airlines, to cement itself as the country's largest international carrier and second largest in the domestic market after IndiGo (INGL.NS). The merged Air India entity will have 218 planes and fly to 52 domestic and 38 international destinations. Here is Air India's timeline that includes financial troubles, reputation drop and Tata's plans to restore it. *sourced from Britannica($1 = 82.5650 Indian rupees)Reporting by Praveen Paramasivam in Chennai and Nandan Mandayam in Bengaluru; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
BENGALURU, Dec 12 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter. The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added. Lenskart and ADIA did not immediately respond to a Reuters request for comment. Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
Another group project, a $900 million port redevelopment in Kerala state, has been stalled for months by protesters. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid. ($1 = 81.6750 Indian rupees)Reporting by Shilpa Jamkhandikar in Mumbai and Nandan Mandayam in Bengaluru; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.
Amazon to shut down online learning academy in India
  + stars: | 2022-11-24 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Nov 24 (Reuters) - Amazon.com Inc (AMZN.O) said on Thursday it would shut down its online learning platform for high-school students in India less than two years of its launch, without citing a reason. The Amazon Academy platform, launched early last year amid a boom in virtual learning during the COVID-19 pandemic, offered coaching for competitive exams including Joint Entrance Examination (JEE), which allows entry into top engineering colleges across India. Based on an assessment, the ecommerce giant said in a statement that it had made the decision to discontinue Amazon Academy "in a phased manner to take care of current customers". Other players Unacademy, Toppr, WhiteHat Jr, and Vedantu had also announced layoffs earlier this year, as per local media reports. Reporting by Nandan Mandayam in Bengaluru, additional reporting by Nishit Navin; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Indian food delivery firm Zomato's co-founder resigns
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: 1 min
BENGALURU, Nov 18 (Reuters) - India's Zomato Ltd (ZOMT.NS) said on Friday its co-founder, Mohit Gupta, had resigned after about five years at the food aggregator. Gupta is credited with building Zomato's food delivery operations from scratch and was the segment's chief executive before being elevated to co-founder in May 2020. His resignation follows that of the company's deputy chief financial officer, Nitin Savara, who stepped down in August. Zomato last week reported a narrow second-quarter loss, as volumes and value of its online orders rose. Reporting by Nandan Mandayam in Bengaluru; Editing by Shinjini Ganguli and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Cummins, Tata Motors team up for hydrogen-powered engines
  + stars: | 2022-11-14 | by ( ) www.reuters.com   time to read: 1 min
BENGALURU, Nov 14 (Reuters) - U.S.-listed Cummins Inc (CMI.N) said on Monday it has signed an agreement with Indian automaker Tata Motors (TAMO.NS) to develop hydrogen-powered internal combustion engines, fuel cells and battery electric vehicle systems for commercial automobiles in India. Several automakers, including Tata Motors, are aggressively shifting towards greener forms of energy for their vehicles as they try to reduce their dependence on fossil fuels, with India targeting net-zero carbon emissions by 2070. India will be one of the first markets to receive Cummins' hydrogen engines, the company said. Tata, one of India's largest electric-vehicle makers launched the country' first sub-$10,000 electric car in September. Reporting by Nandan Mandayam in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
REUTERS/Nandan MandayamNEW DELHI, Nov 12 (Reuters) - India's retail price inflation is expected to fall below 7% in October from 7.41% in September, Reserve Bank of India Governor Shaktikanta Das said on Saturday. The medium-term inflation target should continue to be held at 4%, he added. "If it (inflation) remains above 6% for a prolonged period, it will be detrimental to growth, hence 6% has been kept as the upper tolerance band," he said. Das said it was too early to get into a debate about whether inflation is likely to stay higher for longer. The change in inflation target could indicate that the central banks are less committed to "fight the war against inflation.
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