DIRS.INFO The most relevant business & tech news

☆ 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

☆ Belgium's Proximus to buy 58% stake in India's Route Mobile for $721 mln
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

Proximus Opal, a unit of Belgian telecom service provider Proximus Group, has clients such as Salesforce and Bytedance, while Route Mobile's clients include Amazon and Indian telecom service provider Airtel. However, Clear Bridge Ventures, an affiliate of some Route Mobile promoters, will buy a minority stake of up to 14.5% in Proximus Opal for about 299.6 million euros (nearly $337 million). Proximus Opal will also have to make an offer to buy an additional stake of up to 26% in Route Mobile at the same price from retail shareholders, according to Indian regulations. "The partnership ... paves the way for Route Mobile to achieve a billion-dollar annual revenue run-rate much sooner than the anticipated 3-4 year time frame," said Rajdip Gupta, Route Mobile's CEO, who will also lead the combined company. ($1 = 82.1570 Indian rupees) ($1 = 0.8910 euros)Reporting by Rama Venkat and Sethuraman NR in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Opal, Rajdip Gupta, Morgan Stanley, Rama Venkat, Sethuraman, Dhanya Ann Thoppil Organizations: Route Mobile, Proximus, Airtel, Mobile, Route, Clear, Ventures, Thomson Locations: BENGALURU, Belgian, India, Bengaluru

☆ India's Vedanta to enter the chip market this year after Foxconn split
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn (2317.TW) pulled out of the $19.5 billion chipmaking project. Foxconn separately intends to apply for incentives under India's semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will "this year, subject to government approval" begin its foray to setup its semiconductor and display units. After Foxconn pulled out, Vedanta said it has lined up partners for the venture, without giving any further details. Volcan Investments, Vedanta's holding company and Foxconn had signed a pact last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state Gujarat in western India.

Persons: Anil Agarwal, Foxconn, Agarwal, Vedanta, Narendra Modi's, Foxconn's pullout, Tanvi Mehta, Nivedita Bhattacharjee, Louise Heavens Organizations: Volcan Investments, Reuters, JV, Sethuraman NR, Thomson Locations: BENGALURU, Volcan, Gujarat, India, Bengaluru, New Delhi

☆ India's Godrej Aerospace eyes share of GE engine manufacturing
▼ + stars: | 2023-07-10 | by ( Dhwani Pandya | ) www.reuters.com time to read: +1 min

MUMBAI, July 10 (Reuters) - India's Godrej Aerospace said on Monday it will pitch to manufacture modules of GE 414 engines and become part of the supply chain to manufacture engines that will power the country's next generation indigenous fighter jets. "We will have to study the tie up done between GE and HAL ... How the deal happens and how much technology transfer happens needs to be seen. We will have more clarity in 2-3 months," Maneck Behramkamdin, associate vice president and business head at Godrej Aerospace said during a plant visit. The company is planning to invest 2.50 billion Indian rupees ($30.26 million) to build a facility in Khalapur in Maharashtra for advanced manufacturing and assembly and integration facilities, Godrej Aerospace said. The Modi government has been pushing for indigenous manufacturing as well as sourcing local components for aerospace and defence and companies like Airbus and Boeing have recently committed to more local manufacturing and investment.

Persons: Narendra Modi's, Modi, Dhwani Pandya, Sethuraman, Himani Sarkar, Raju Gopalakrishnan Organizations: Aerospace, GE, U.S, Hindustan Aeronautics Limited, HAL, Godrej Aerospace, Airbus, Boeing, Dhwani, Thomson Locations: MUMBAI, Khalapur, Maharashtra, Mumbai

☆ India's TCS signs $1.1 bln contract with UK's Nest
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 21 (Reuters) - India's top IT services provider Tata Consultancy Services (TCS.NS) said on Wednesday that it has signed a new contract worth 840 million pounds ($1.1 billion) with British pension scheme Nest for an initial tenure of 10 years. The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement. The deal comes at a time when Indian IT services companies are facing demand challenges in their key markets, the United States and Europe, where clients have cut spends amid worries about recession. TCS and Nest have been working together since 2011. Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.

Persons: Shailesh Organizations: Tata Consultancy Services, TCS, Indian, Investors, Sethuraman NR, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

☆ Rupee to rise after dollar's biggest fall in over three months
▼ + stars: | 2023-06-16 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate the rupee will open at around 81.93-81.96 to the U.S. dollar, compared with its spot close of 82.1750 in the previous session. Meanwhile, the dollar index hit a five-week low on Thursday and saw its worst one-day session since March 13 after a hawkish European Central Bank (ECB) signalled more rate hikes. The rupee should see some appreciation on Friday, which should also benefit from the yuan's move, a trader with foreign bank said. The rupee has gained about 0.35% so far this week, benefiting from likely corporate dollar inflows. 14** NSDL data shows foreign investors sold a net $2.5mln worth of Indian bonds on Jun.

Persons: Srinivas Puni Organizations: U.S . Federal, U.S ., European Central Bank, QuantArt, Brent, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

☆ Indian rupee likely higher, awaits Fed rate decision
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 14 (Reuters) - The Indian rupee is expected to open higher on Wednesday after U.S. inflation data reaffirmed views that the Federal Reserve will likely keep interest rates unchanged in June. Non-deliverable forwards indicate the rupee will open at around 82.22-82.24 to the U.S. dollar, compared with 82.3675 in the previous session. Data earlier this month offered a mixed picture of the U.S. labor market, while some Fed officials have called for a pause. Post the CPI data, the odds of a Fed rate hike in June have fallen to 8% from 25% on Tuesday. "We think it will be a hawkish pause as the Fed emphasizes that the hiking cycle might not be done.

Persons: Sonia Cheema Organizations: Federal Reserve, U.S ., CPI, DBS, Nasdaq, Brent, Sethuraman NR, Thomson Locations: BENGALURU, Asia, Bengaluru

☆ Indian small-cap Urja Global jumps on Tesla-deal confusion
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 12 (Reuters) - Shares of Indian small-cap renewable energy company Urja Global (URJA.NS) jumped nearly 40% in two sessions following a deal with Gurugram-based Tesla Power India, which some investors mistook for U.S. automaker Tesla (TSLA.O). Urja on June 8 said it signed an agreement to manufacture and supply batteries with Tesla Power India, which has global headquarters in Delaware in the United States. "Investors misinterpreted this deal with the real Tesla, leading Urja stock to rally," said Prashanth Tapse, vice president of research at Mehta Equities. Urja shares were up 27.6% this year at 12.70 rupees. The small-cap stock was down 52% in 2022.

Persons: Tesla, Urja, Prashanth Tapse, Shinjini Organizations: Urja, Gurugram, Tesla Power, U.S, Mehta, Sethuraman NR, Thomson Locations: BENGALURU, Delaware, United States, Bengaluru

☆ Indian rupee posts biggest single-day gain in two months on strong growth data
▼ + stars: | 2023-06-01 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, June 1 (Reuters) - The Indian rupee saw its best single-day gain in two months on Thursday, and also rose to a two-week high during the session, following strong domestic growth data, which prompted traders to square off long dollar positions. On Thursday, the rupee rose 0.38%, to mark its best day since April 5. Consistent flows into equities coupled with strong economic data is supporting the rupee, said Dilip Parmar, a research analyst at HDFC Securities. Adding to strong growth numbers, India's factory output expanded at the quickest pace since October 2020 in May, thanks to strong demand and output, a private survey showed. The string of positives for the rupee has prompted USD/INR long positions to lose patience, a sales person at a private bank said.

Persons: Dilip Parmar, Parmar, Sonia Cheema Organizations: U.S ., HDFC Securities, . Federal Reserve, Fed, Sethuraman NR, Thomson Locations: MUMBAI, Mumbai

Search resuls for: "Sethuraman NR"

9 mentions found