DIRS.INFO The most relevant business & tech news

☆ India tax council to meet on Aug 2 to finalise online gaming tax - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 26 (Reuters) - India's Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The official asked not to be named because he was not authorised to speak to the media. The Finance Ministry and GST Council Secretariat did not immediately respond to a Reuters request for comment. Since the government first announced its plan for the tax on July 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers. This would be taken into account when a final decision is taken by the GST Council, Malhotra told NDTV.

Persons: Nirmala Sitharaman, Narendra Modi, Sanjay Malhotra, Malhotra, Nikunj Ohri, Savio D'Souza Organizations: Goods, Services Tax, India's, Finance Ministry, Tiger, Steadview, NDTV, Thomson Locations: DELHI

☆ Aston Martin races past second quarter expectations
▼ + stars: | 2023-07-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO-Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. Aston Martin kept its 2023 forecast for volumes of about 7,000 vehicles and an adjusted core profit margin of about 20%. Aston Martin reported an adjusted operating loss of 38.9 million pounds ($50.2 million) and revenue of 381.5 million pounds in the quarter to June. Analysts on average had expected an adjusted operating loss of 51 million pounds on revenue of 344 million pounds, according to a company-compiled consensus. Aston Martin said it was also on track to meet its medium-term financial targets.

Persons: Aston Martin, Phil Noble, Amedeo Felisa, Felisa, JP Morgan, James Bond's, China's Geely, Yadarisa, Savio D'Souza, Mark Potter Organizations: Aston, REUTERS, HK, Lucid, Thomson Locations: Gaydon, Britain, Bengaluru

SummaryCompanies Alphabet climbs on Q2 profit beatMicrosoft slides as AI spending grows faster than revenueFed's rate decision awaited at 2:00 p.m. Meta Platforms <META.O> rose 1.8% after Alibaba's cloud unit said it would support the Facebook owner's open-source AI model Llama. The Fed is expected to deliver a 25-basis point interest rate hike later in the day, though there is less clarity over what the central bank will do at subsequent meetings. ET, Dow e-minis were down 65 points, or 0.18%, S&P 500 e-minis were down 7.25 points, or 0.16%, and Nasdaq 100 e-minis were down 43.75 points, or 0.28%. Wells Fargo (WFC.N) climbed 2.8% after the bank's board authorized a new share buyback program of up to $30 billion.

Persons: Joshua Warner, Stefan Koopman, Wells Fargo, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva Organizations: Microsoft, Dow, Nasdaq, Wall, Google, NYSE, Facebook, Rabobank, Dow e, Federal Trade Commission, Thomson Locations: Bengaluru

☆ Dow flags dismal second-half, Q2 profit tumbles
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Dow (DOW.N) on Tuesday posted a 70% drop in second-quarter profit on lower product prices and weak sales volumes, while warning that the macroeconomic environment would remain challenging in the second half of the year after. Dow said it was expecting third-quarter net sales in the range of $10.25 billion to $10.75 billion, lower than Wall Street's expectations of $12.37 billion in net sales. Dow's net sales during the quarter fell to $11.4 billion from $15.7 billion, hinting at weak demand for its products that are used in everything from plastics and paints to building materials. Dow posted operating income of 75 cents per share, beating estimates by 5 cents, according to Refinitiv data, aided by its cost-saving efforts. Reporting by Sourasis Bose in Bengaluru; Editing by Savio D'Souza and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dow, Sourasis Bose, Savio D'Souza, Anil D'Silva Organizations: Dow, Thomson Locations: United States, Europe, China, Bengaluru

☆ Adidas swamped with $565 mln in orders for unsold Yeezy shoes- FT
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks.

Persons: Ye, Kanye, Kanye West, Shannon Stapleton, Bharat Govind Gautam, Juby Babu, Savio D'Souza, Nivedita Organizations: Adidas, Financial Times, REUTERS, Thomson Locations: Garden City , New York, U.S, China, Bengaluru

☆ Some strikes at UK airport Gatwick cancelled, suspended - union
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Passengers wait in the queue for check-in in the South Terminal building at Gatwick Airport, in Gatwick, Britain, December 21, 2018. REUTERS/Toby Melville/File PhotoLONDON, July 24 (Reuters) - Some of the strikes planned by baggage handlers and other workers at Britain's no.2 airport Gatwick in the peak summer travel period have been suspended or cancelled, the Unite trade union said on Monday. But improved pay offers mean that DHL workers, who provide services to easyJet, have cancelled their walk outs completely after they voted to accept a 15% pay rise, the union said. Currently ASC workers have not yet suspended their walk outs, while Menzies have suspended some of them. A fourth set of workers, who are contracted by GGS, have suspended strikes between July 28-Aug.1 to allow negotiations to continue but are still due to walk out Aug. 4-8.

Persons: Toby Melville, Menzies, Sarah Young, Eva Mathews, Savio D'Souza, Kylie MacLellan Organizations: Gatwick Airport, REUTERS, Gatwick, British Airways, DHL, Workers, Menzies, ASC, GGS, Thomson Locations: Gatwick, Britain, Britain's, TUI, easyJet, Rhodes, Greece, London, Bengaluru

☆ India's TVS Motor beats Q1 profit view on two-wheeler demand
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 24 (Reuters) - India's TVS Motor (TVSM.NS) reported a bigger-than-expected rise in first-quarter profit on Monday, helped by strong demand for its two-wheelers, including its flagship electric scooter. The Apache motorbike maker reported a near 46% jump in profit to 4.68 billion rupees ($57.2 million) for the quarter ended June 30, beating analysts' average estimate of 4.36 billion rupees, according to Refinitiv IBES data. TVS Motor, which exports two-wheelers to Asia, Africa and America, said its revenue from operations rose 20.1% to 72.18 billion rupees. With electric vehicle (EV) adoption gaining momentum, consumers also picked up TVS Motor's electric scooters ahead of a reduction in government subsidies, effective June 1. Rival two-wheeler maker Bajaj Auto (BAJA.NS) is scheduled to report results on July 25 while Hero MotoCorp (HROM.NS), the world's largest two-wheeler maker by sales, will report on Aug. 10.

Persons: MotoCorp, Dimpal, Savio D'Souza Organizations: TVS, TVS Motor, TVS iQube, Bajaj, Thomson Locations: BENGALURU, Asia, Africa, America, Bengaluru

NEW DELHI, July 21 (Reuters) - Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors asking Indian Prime Minister Narendra Modi to review a 28% gaming tax, saying the levy would adversely impact $4 billion in prospective investments, a letter showed. India last week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have become increasingly popular in recent years, but have also raised concerns about addiction among players. Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League. Over 100 gaming firms wrote a letter recently to the finance ministry with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in the sector at risk.

Persons: Narendra Modi, Aditya Kalra, Chris Thomas, Tanvi Mehta, Savio D'Souza, Kim Coghill, Muralikumar Organizations: Tiger, Steadview, Indian, Reuters, Tiger Global, Sequoia Capital, Mobile Premier League, Thomson Locations: DELHI, India, Sequoia Capital India, New Delhi

☆ Google explores AI tools for journalists, in talks with publishers
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Google is exploring using artificial intelligence tools to write news articles and is in talks with news organizations to use the tools to assist journalists, a company spokesperson said late on Wednesday. These AI tools could assist journalists with options for headlines or different writing styles, for instance, in a way that "enhances their work and productivity," the Google spokesperson said, adding it was in the "earliest stages of exploring ideas". "Quite simply these tools are not intended to, and cannot, replace the essential role journalists have in reporting, creating, and fact-checking their articles," the spokesperson said. The AI tool that was pitched is called Genesis internally at Google, the NYT said, citing people familiar with the matter. A News Corp spokesperson declined to comment on the NYT report or the AI tool, but said, "We have an excellent relationship with Google, and we appreciate (Google CEO) Sundar Pichai's long-term commitment to journalism."

Persons: Sundar Pichai's, OpenAI, Urvi Dugar, Savio D'Souza Organizations: Google, New York Times, Washington Post, Wall Street, News Corp, Associated Press, Thomson Locations: Bengaluru

☆ Google explores AI tools for journalists, in talks with publishers - spokesperson
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

Persons: Sundar Pichai's, OpenAI, Urvi Dugar, Savio D'Souza Organizations: Google, New York Times, Washington Post, Wall Street, News Corp, Associated Press, Thomson Locations: Bengaluru

REUTERS/Anushree Fadnavis/File PhotoBENGALURU, July 20 (Reuters) - Jio Financial Services (JFS) has been valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19) in its demerger from Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS). At a $20 billion valuation, Jio Financial would be one of the top 40 Indian companies by market capitalisation, in a list headed by Reliance at $233 billion. The price was determined as 261.85 rupees, or the difference between 2,841.85 rupees, Reliance's closing price on Wednesday, and 2,580 rupees, its price at the end of the special session. JFS's stock price is higher than analysts' estimate of 160 rupees to 190 rupees. Reliance Strategic Investments, the unit to be renamed JFS, late on Wednesday reported a net profit after tax of 1.45 billion rupees ($17.7 million) for April-June based on revenue of 2.15 billion rupees.

Persons: Anushree, Mukesh, Chokkalingam, JFS, Ira Dugal, Savio Shetty, Savio D'Souza, Jamie Freed Organizations: Mobile, REUTERS, Jio Financial, Reliance Industries, Reliance, Macquarie Research, AAA, Reliance Strategic Investments, Thomson Locations: Pragati, New Delhi, India, BENGALURU

☆ Australia's Westpac splits consumer and business banking unit into two
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

July 19 (Reuters) - Westpac Banking Corp (WBC.AX) on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1. The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller as CEO of the business and wealth division. Westpac also promoted Nell Hutton to head its institutional bank unit. These changes come at a time when Australia's biggest banks are reeling under the pressures of increased interest rates, which have contributed to slowing credit growth. The Reserve Bank of Australia has raised interest rates by a whopping 400 basis points in just 14 months.

Persons: Chris de Bruin, Jason Yetton, Anthony Miller, Nell Hutton, Harish Sridharan, Savio D'Souza Organizations: Westpac Banking Corp, Westpac, Reserve Bank of Australia, Thomson Locations: Bengaluru

Speaking at the Adani Enterprises' annual general meeting, Adani said the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices." "While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards," billionaire Adani said. The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. Adani Enterprises shares climbed over 4% on Tuesday, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) rose 4.7% and 5.7%, respectively. He also added that Adani Ports (APSE.NS), in the next 12-24 months, will commission India's largest transshipment hub.

Persons: Gautam Adani, Adani, Chris Thomas, Nallur, Savio D'Souza, Nivedita Organizations: U.S, Adani Enterprises, Securities and Exchange Board, Green Energy, Thomson Locations: BENGALURU, India, Bengaluru

☆ Disney approaches Indian court in Google in-app billing dispute - source
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW DELHI, July 18 (Reuters) - Walt Disney (DIS.N) has approached a state court in India in an ongoing legal challenge against Google's (GOOGL.O) in-app billing system, a source familiar with the matter told Reuters on Tuesday. In May, India's competition watchdog started an inquiry into Google after some companies alleged the service fee the U.S. firm charges for in-app payments breaches an earlier antitrust directive. Google, which counts India as a key growth market, had earlier said the service fee supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services. Reporting by Arpan Chaturvedi in New Delhi and Indranil Sarkar in Bengaluru ; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Walt Disney, Google's, Arpan Chaturvedi, Indranil Sarkar, Savio D'Souza, Nivedita Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Reuters, Google, Android, Thomson Locations: New York, U.S, DELHI, India, New Delhi, Bengaluru

☆ India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 18 (Reuters) - India's Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country's western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added. After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details. Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan. Reporting by Sethuraman NR and Aleef Jahan in Bengaluru; Editing by Savio D'Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Taiwan's, Anil Agarwal, Taiwan's Foxconn, Foxconn, Vedanta, Foxconn's pullout, Aleef, Savio D'Souza, Maju Samuel Organizations: Vedanta Semiconductors, Reuters, Sethuraman, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ India needs to grow at 7.6% a year for 25 yrs to be a developed nation -cenbank bulletin
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 17 (Reuters) - India will need to grow at a rate of 7.6% annually for the next 25 years to become a developed nation, according to a research paper published by the central bank in its monthly bulletin on Monday. India's per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country. "It may, however, be mentioned that the best (nominal growth) India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18." To reach that level of sustained growth, India requires investment in physical capital and reforms across sectors covering education, infrastructure, healthcare and technology, the study said. The country's industrial and services sector would need to grow at over 13% annually for these 25 years for India to achieve developed economy status, it said.

Persons: Ira Dugal, Savio D'Souza Organizations: Bank, Reserve Bank, Thomson Locations: MUMBAI, India

☆ Musk's Twitter sues four Texas entities for data scraping, seeks damages
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Twitter has filed a lawsuit against four unnamed entities in Texas for data scraping last week, a move that showed why the Elon Musk-owned social network recently placed daily limits on the number of tweets a user could read. The complaint by Musk's X Corp, which owns Twitter, alleged that the entities indulged in "unlawfully scraping data" and sought monetary relief of more than $1 million, the lawsuit said. Musk, meanwhile, reiterated the reason for data limits in a reply to a tweet that referenced the data-scraping lawsuit. The case is X Corp Vs John Does 1-4, in the district court of Dallas County, Texas, no. Reporting by Shubham Kalia and Juby Babu in Bengaluru; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon, Musk, John, Shubham Kalia, Juby Babu, Savio D'Souza, Arun Koyyur Organizations: Twitter, Elon Musk, Musk's X Corp, Meta, X Corp, Thomson Locations: Texas, Dallas County , Texas, Bengaluru

The deal builds out Exxon's plan to develop an emerging market that makes money from reducing its own and others' greenhouse gases. Carbon sequestration is the favored strategy for U.S. oil and gas companies to reduce emissions while continuing to expand oil and gas production. Last year, Exxon struck its first commercial carbon storage deal with top ammonia maker CF Industries. The Denbury deal "reflects our determination to profitably grow our low carbon solutions business," Exxon CEO Darren Woods said in a statement. The all-stock transaction represents a 1.9% premium to Denbury's Tuesday close at 0.84 Exxon shares for each Denbury share.

Persons: Raymond James, Pavel Molchanov, Denbury, Darren Woods, Sabrina Valle, Arathy, Arunima Kumar, Savio D'Souza, Shilpi Majumdar, Conor Humphries Organizations: Denbury, Exxon Mobil Corp, Denbury Inc, Exxon, Linde AG, CF Industries, Carbon Solutions, Thomson Locations: HOUSTON, Plano , Texas, U.S, Texas, Alabama, Houston, Bengaluru

☆ Musk reaffirms tweet-reading limits put due to data scraping
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Twitter introduced tweet-reading rate limits to address extreme levels of data scraping, Elon Musk reaffirmed on Thursday, in reply to a tweet that said the social media company has filed a lawsuit against four entities in Texas for data scraping. That is why we had to put rate limits in place," Musk said. However, the Twitter owner did not confirm or deny that a lawsuit had been filed. Musk has previously blamed data scraping for his move to limit how many tweets per day various accounts can read. Twitter has said only a small percentage of people using the platform have been affected by the limits.

Persons: Elon Musk, Musk, Twitter, Shubham, Savio D'Souza Organizations: Reuters, Twitter, Thomson Locations: Texas, Bengaluru

☆ Indian online gaming companies' shares fall on 28% tax blow
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - Shares of Indian online gaming firms Nazara Technologies (NAZA.NS), Onmobile Global (ONMO.NS), and Delta Corp (DELT.NS) slid on Wednesday, a day after the government imposed a 28% tax on the funds collected by online gaming companies from customers. The tax will not differentiate skill-based games from those based on chance, Maharashtra state minister Sudhir Mungantiwar said on Tuesday. Shares of Nazara Technologies and Onmobile Gaming fell as much as 14.2% and 8.9% before they trimmed some losses. Delta Corp slipped 10% to hit its lower circuit. Nazara and Delta have risen 21.6% and 15.9%, respectively, so far this year as of Tuesday's close, while Onmobile has fallen 11.9%.

Persons: Nirmala Sitharaman, Sudhir Mungantiwar, Onmobile, Varun Vyas, Savio D'Souza, Sonia Cheema Organizations: Nazara Technologies, Onmobile, Delta Corp, Thomson Locations: BENGALURU, Maharashtra, Bengaluru

☆ Nvidia in talks to become anchor investor in Arm IPO - FT
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Chip designer Arm is in talks to bring in Nvidia (NVDA.O) as an anchor investor as it presses ahead with plans for a New York listing as soon as September, the Financial Times reported on Wednesday. Nvidia is the latest company to hold talks with SoftBank-owned Arm to take a long-term stake in the company at its initial public offering. In June Reuters reported that Arm was talking to more than 10 companies, including existing partners such as Intel (INTC.O). Nvidia and Arm declined to comment to Reuters. Last year regulators struck down Nvidia's planned acquisition of Arm worth $66 billion on competition grounds.

Persons: Rishabh, Savio D'Souza, Kim Coghill, Muralikumar Organizations: Nvidia, Financial Times, SoftBank, Reuters, Intel, Thomson Locations: York, Bengaluru, Anton, Tokyo

☆ Meta's Instagram to bring branded content tools to Threads - Axios
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Meta Platforms's (META.O) Instagram is planning to bring its branded content tools to Threads, Axios reported on Tuesday, citing a source familiar with the matter. Such tools will help marketers collaborate with influencers on paid partnerships on the social media platform while advertising is unavailable. Instagram allows users to port their accounts, credentials and followers to Threads, giving the text-based social media platform access to the photo-sharing platform's more-than-2 billion-strong user base. Several companies have already started making accounts on Threads to post content organically, despite a lack of advertising on the platform. However, the lack of hashtags and keyword search functions on Threads could limit the platform's appeal to advertisers.

Persons: Instagram, Axios, influencers, Elon, Mark Zuckerberg, Mrinmay Dey, Akash Sriram, Savio D'Souza Organizations: Meta, Facebook, Twitter, Thomson Locations: Bengaluru

☆ EU probes Novo Nordisk drugs after reports of suicidal thoughts
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Suicidal thoughts are not currently listed as a side effect in the EU product information of these treatments. Side effects have hobbled several previous attempts by the drug industry to develop lucrative weight-loss drugs. Sanofi's (SASY.PA) Acomplia, which never won a U.S. approval, was withdrawn in Europe in 2008 after being linked to suicidal thoughts. New weight-loss drugs such as Wegovy, however, regulate appetite by mimicking a gut hormone, and not directly interfere with brain chemistry. Safety data did not show any "causal association" between the suicidal or self-harming thoughts and the drugs, it added.

Persons: Acomplia, Bhanvi, Ludwig Burger, Savio D'Souza, Nivedita Organizations: European Medicines Agency, EMA, Icelandic Medicines Agency, Novo Nordisk, Thomson Locations: Danish, United States, Europe, Novo, Bengaluru, Frankfurt

Reliance Retail includes Ambani's core retail businesses, including digital and brick-and-mortar stores. It is fully owned by Reliance Retail Ventures, which also houses other retail operations such as international partnerships and the billionaire's consumer goods business. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) by selling a 10.09% stake, valuing it at roughly $57 billion based on current exchange rates. EY valued Reliance Retail at 884.03 rupees per share, while BDO valued it at 849.08 rupees, the source said. Reliance Retail has in recent years partnered with a slew of global brands to launch and expand their presence in India.

Persons: Mukesh Ambani, valuers, Ambani, Tiffany, Aditya Kalra, Sriram, Chris Thomas, Savio D'Souza, Louise Heavens, Mark Potter Organizations: Reliance, Reuters, BDO, EY, Reliance Retail Ventures, KKR, Saudi Public Investment Fund, General Atlantic, Reliance Retail, Burberry, Thomson Locations: DELHI, India, New Delhi, Mumbai, Bengaluru

☆ India's Vedanta to take over Foxconn chip JV from holding company
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 7 (Reuters) - India's metals-to-oil conglomerate Vedanta Ltd (VDAN.NS) said on Friday that it would take over from its holding company the ownership of a joint venture with Taiwan's Foxconn that was set up to make semiconductors. Vedanta also said it would also take over a display glass manufacturing venture from Volcan Investments, Vedanta's holding company. Moreover, Vedanta's disclosures last year related to the deal made it seem like it was running the project. It later clarified that Volcan Investments would take the helm. Still, India's marker regulator, after an investigating, penalised Vedanta last week, saying it had broken regulations by initially making it appear it had partnered with Foxconn.

Persons: Taiwan's, Vedanta, Ashish Chandra, Savio D'Souza Organizations: Vedanta, Volcan Investments, TW, Reuters, Foxconn, Thomson Locations: BENGALURU, Volcan, Foxconn, Gujarat, India, Bengaluru

Search resuls for: "Savio"

25 mentions found