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☆ Japan's Nikkei hits 1990 high on weak yen, US optimism; SoftBank surges
▼ + stars: | 2023-05-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, May 29 (Reuters) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen. SoftBank Group jumped more than 8% as shares of Japanese chip-related companies continued to outperform amid the AI euphoria that also propelled Wall Street peers. "The trigger for everything was Nvidia," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. The broader Topix (.TOPX) rose as much as 1.36% to 2,175.13 in early trading but failed to get close to last week's 33-year high at 2,188.66. Reporting by Kevin Buckland; Editing by Himani Sarkar, Muralikumar Anantharaman, Sherry Jacob-Phillips and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Nikkei hits highest since July 1990 on weak yen, US optimism
▼ + stars: | 2023-05-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, May 29 (Reuters) - Japan's Nikkei share average rose on Monday to its highest level since July 1990, buoyed by optimism over a U.S. debt ceiling deal and a weaker yen. "The Nikkei crossed the psychological 31,500 mark on Monday, but in the end that level proved a bit too heavy," she said. "This week, I expect the Nikkei to steadily advance, but with short-term retracements to check its speed." The broader Topix (.TOPX) rose as high as 2,175.13, but failed to get close to last week's 33-year high at 2,188.66. Reporting by Kevin Buckland; Editing by Himani Sarkar, Muralikumar Anantharaman, Sherry Jacob-Phillips and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ India's forex reserves edge towards $600 billion, hit near 1-year high
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

Changes in forex reserves also stem from valuation gains or losses. For the week to which the forex reserves data pertains, the rupee fell by 0.4%, dragged down by a broader strength in the dollar index. The local unit had traded in a range of 81.6900 to 82.2250. The rupee fell further by 0.6% this week, its worst fall in two months. The local unit ended at 82.66 against the dollar on Friday.

☆ Rupee records worst week since mid March as dollar regains strength
▼ + stars: | 2023-05-12 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

MUMBAI, May 12 (Reuters) - The Indian rupee fell to a three-week low on Friday and registered its worst week in eight, dragged down by a broader strength in the dollar index. The rupee closed at 82.1625 per U.S. dollar compared with 82.09 in the previous session. "We are seeing a lot of variations in the economic data, notably in the U.S. and across the Eurozone ... So based on the scenario globally, dollar is looking bit more positive," said Arnob Biswas, head FX research at SMC Global Securities. The U.S. dollar edged higher on Friday and was heading for its biggest weekly gain since February, while the dollar index gained nearly 0.8% so far this week.

☆ India's Tech Mahindra Q4 profit drops 26% as clients cut spending
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, April 27 (Reuters) - India's Tech Mahindra (TEML.NS) reported a drop in fourth-quarter profit on Thursday as challenging macro-economic conditions prompted clients to tighten spending. Consolidated net profit for the information technology services firm fell 25.8% to 11.18 billion rupees ($136.66 million)for the quarter ended March 31, from 15.06 billion rupees a year earlier. ($1 = 81.8100 Indian rupees)Reporting by Nishit Navin in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

The commodity-heavy FTSE 100 (.FTSE) edged 0.1% lower, while the mid-cap FTSE 250 (.FTMC) was flat as of 0814 GMT. "Gains in homebuilders is being counteracted by ex-dividend moves today," said Chris Beauchamp, chief market analyst at IG Group. Even as concerns over a potential U.S. recession have weighed on investor sentiment, defensive stocks such as pharmaceuticals as well as commodity-linked stocks have kept FTSE 100 afloat recently. Shares of Lloyds Group (LLOY.L), Unite Group (UTG.L) and Persimmon (PSN.L) among others were down between 1.7%-3% as the stocks traded ex-dividend. Reporting by Shristi Achar A in Bengaluru; Editing by Sohini Goswami and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's PhonePe raises another $100 mln from General Atlantic, other investors
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 12 (Reuters) - Walmart Inc (WMT.N)-owned Indian payments firm PhonePe on Wednesday said it had raised an additional $100 million from General Atlantic and other investors as part of its ongoing $1 billion fundraise to expand into the lucrative lending space. With the latest round, PhonePe, India's most valuable payments firm with an estimated value of $12 billion, has raised $650 million across four tranches from its backers, including Tiger Global. General Atlantic had invested $350 million in the fintech during the same funding round in January. At over 46%, PhonePe in March had the largest market share among applications running the unified payments interface (UPI) digital payments system, per data from the National Payments Corporation of India. Reporting by Nandan Mandayam in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Gold advances on softer dollar as traders await US inflation data
▼ + stars: | 2023-04-11 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

U.S. gold futures rose 0.4% to $2,012.30. Traders are now focussing on the U.S. consumer price data due Wednesday for more clarity on the path of rates heading into the Fed's May policy meeting. The opportunity cost of holding the non-yielding bullion rises when interest rates are increased to bring down inflation. "Near-term, there are also bearish technical setups for a corrective move lower" in gold prices, OCBC's Wong added. Data on Tuesday showed top bullion consumer China's March consumer inflation hit the slowest pace since September 2021 and suggested demand weakness persisted amid an uneven economic recovery.

☆ India's Tata Motors jumps to a 7-month high on strong Q4 JLR sales
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors's shares were the top gainer on India's bluechip Nifty 50 index (.NSEI), which was up 0.33%, and pushed the auto index (.NIFTYAUTO) up 1.16%. Tata Motors' global wholesales rose 8% in the quarter. JLR's sales contribute nearly 60% of Tata Motors's revenue from operations and the British automaker's strong sales in the October-December quarter had lifted the group to its first profit in two years. "The market is underestimating JLR's EBIT (earnings before interest and tax) margin potential from upcoming phase of wholesale volumes," Goldman Sachs said in a note. Tata Motors's stock hit a high of 473.30 rupees on the day, before giving up some gains to trade up about 6% at 463.75 rupees in early afternoon trading.

☆ Adani shares tumble on report group seeking time to pay ACC, Ambuja debt
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 28 (Reuters) - Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS). The group's flagship firm, Adani Enterprises (ADEL.NS), slid nearly 8% to a near four-week low, while Adani Ports (APSE.NS) tumbled 9.2%. The Adani Group and lenders Standard Chartered, Barclays and Deutsche Bank did not immediately respond to Reuters' requests for comment. Whatever expansion plans announced by Adani Ports, Adani Enterprises, and even Adani Total, for the next two years will undergo delays," said Avinash Gorakshakar, head - research of Profitmart Securities. Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.

☆ Gold steadies, Fed pause bets brighten outlook
▼ + stars: | 2023-03-24 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was little changed at $1,996.19 per ounce at 1202 GMT, holding a relatively narrow $20 range. U.S. gold futures rose 0.1% to $1,997.50. U.S. 10-year Treasury yields fell for the third straight session, while the dollar index rose 0.7%. Commerzbank raised its year-end gold forecasts to $2,000, joining similar upward revisions by Goldman Sachs, Citi and ANZ. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sohini Goswami and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ China's Weibo ups stake in Inmyshow Digital with $315 mln acquisition
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - China's Weibo Corp (9898.HK) said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd (600556.SS) through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4% stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57% stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. ($1 = 6.8640 Chinese yuan renminbi)Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Oaktree Capital seeks to raise $10 billion for new fund- FT
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - Oaktree Capital plans to raise $10 billion for a new fund that will help finance large private equity takeovers, the Financial Times reported on Tuesday, citing a letter sent to the U.S. asset manager's clients. The new fund, known as Oaktree Lending Partners, may tap into bank loans to ultimately invest $20 bln in sponsor-backed debt, the report said. The credit investment manager plans to raise and invest the $10 billion within the next two years, FT reported. Oaktree expects to offer loans of about $500 million or more to leveraged buyout groups, the newspaper said. The company and asset management firm Brookfield, which owns a majority stake in the investment firm, will invest $2 billion in the new fund, the report added.

☆ India's SpiceJet posts surge in Q3 passenger revenue on travel rebound
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 24 (Reuters) - India's SpiceJet Ltd (SPJT.NS) reported a 33% surge in third-quarter passenger revenue on Friday as the low-cost carrier flew more customers at higher fares amid a boom in travel demand, sending shares up 13% to a two-month high. The results come as the cash-strapped airline looks to raise capital with competition heating up in the industry. A rebound in passenger travel ensured strength in revenue for airlines like SpiceJet and rival IndiGo (INGL.NS). For the quarter ended Dec. 31, SpiceJet's passenger revenue surged 33% as yields, a proxy for airfares, jumped 21%. ($1 = 82.7550 Indian rupees)Reporting by Nallur Sethuraman and Chris Thomas in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ India cuts windfall tax on crude, aviation turbine fuel and diesel
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 16 (Reuters) - India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated Feb. 15. Windfall tax on crude was cut to 4,350 rupees ($52.60) per tonne from 5,050 rupees per tonne, effective Thursday. The government also cut export tax on aviation turbine fuel to 1.50 rupees per litre from 6 rupees per litre, and reduced export tax on diesel to 2.50 rupees per litre from 7.50 rupees per litre, the notification said. India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling it cheap at homeThe cuts came as Indian refiners continued to stock up discounted Russian fuel amid a steady increase in domestic consumption. ($1 = 82.7010 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru and Nikunj Ohri in New Delhi; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Apollo assessing possible CS First Boston investment -source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms considering investing in Credit Suisse's (CSGN.S) revamped investment bank CS First Boston, a source with knowledge of the matter told Reuters. U.S. asset manager and private equity firm Apollo has been contacted by the Swiss bank about investing in CS First Boston (CSFB) but has yet to make a decision, the source added. It will now focus on managing money for the wealthy and create CSFB to run its investment banking activities. Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB. Credit Suisse, which reports fourth-quarter earnings on Feb. 9, said in November that it expects to complete the transaction by mid-2023.

☆ Apollo Global in talks to buy stake in Credit Suisse unit -WSJ
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms in talks to buy a stake in Credit Suisse Group's (CSGN.S) revamped investment bank, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The talks with Apollo are continuing and could still fall apart, the report said, without mentioning the size of the potential stake or the potential deal value. Both Apollo Global and Credit Suisse declined to comment on the report. The entity advises on mergers and acquisitions, raises capital for clients through equity and debt markets, and provides leveraged finance as part of its core offerings. Reporting by Shivani Tanna in Bengaluru; Editing by Sohini Goswami and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Hut 8 Mining to merge with US Bitcoin to weather crypto downturn
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - Canada's Hut 8 Mining Corp (HUT.TO) will merge with rival US Bitcoin Corp to create a crypto mining giant in North America, consolidating after a steep fall in valuations for the crypto sector that saw high-profile collapses in recent months. The companies said the combined entity will have a market capitalization of around $990 million, and be equally owned by shareholders of both the companies. The merged entity, to be called Hut 8 Corp, will be listed on both the Toronto Stock Exchange and the Nasdaq after the all-stock deal. In December, Binance.US said it will acquire assets of bankrupt crypto lender Voyager Digital in a deal valued at roughly $1 billion. read moreReporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sohini Goswami and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

The Indian IT services industry, which enjoyed a pandemic-led boom, is now contending with slower spending or at least delays in decision-making due to growing fears of a global recession. Earlier this week, both Tata Consultancy Services (TCS.NS) and HCLTech (HCLT.NS) said European clients were tightening spending. Bengaluru-based Wipro said its fourth-quarter IT services revenue, which accounts for about 98% of overall revenue, could range between a 0.6% sequential drop and a 1% sequential rise, in constant currency terms. Wipro's IT services revenue rose 0.6% sequentially, to $2.80 billion in constant currency terms, in the third quarter, and had jumped 3.1% sequentially in the fourth quarter last year. Still, the company's total order bookings rose 26% year-over-year to $4.3 billion in the quarter ended Dec. 31.

☆ Vodafone plans hundreds of job cuts in cost-saving measures - FT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Vodafone Group Plc (VOD.L) is planning to shed several hundred jobs, most of which are located at its London headquarters, the Financial Times reported on Friday, citing people briefed on the discussions. The report follows Vodafone's November announcement of cost-saving measures worth 1 billion euros ($1.08 billion) in the wake of a deteriorating market outlook. Earlier this week, Vodafone agreed to the sale of its business in Hungary to local IT company 4iG and the Hungarian state for a total of 1.7 billion euros ($1.82 billion) in cash, a deal that was first announced in August last year. Vodafone did not immediately respond to a Reuters' request for comment. ($1 = 0.9225 euros)Reporting by Lavanya Ahire in Bengaluru; Editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Carlyle buys majority stake in India's VLCC for $300 mln - sources
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 10 (Reuters) - Private-equity firm Carlyle Group (CG.O) has acquired a majority stake in Indian beauty care and wellness solutions provider VLCC for around $300 million, two sources told Reuters on Tuesday. The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without specifying a deal value. "In a crowded market, having a distinct value proposition with high product efficacy and an established brand is very valuable, and that's what VLCC has," Jain added. Founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details. In December, the parent of Indian personal care products startup Mamaearth filedfor an initial public offering.

☆ Carlyle Group buys majority stake in India's VLCC
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 10 (Reuters) - Private-equity firm Carlyle Group (CG.O) said on Tuesday it acquired a majority stake in Indian beauty care and wellness solutions provider VLCC. The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without disclosing any financial terms. VLCC founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details. Carlyle has invested more than $5.5 billion in over 40 transactions in India as of Sept. 30, 2022, the company said. In November last year, a unit of Indian oil-to-chemicals conglomerate Reliance Industries (RELI.NS) picked a majority stake in Naturals Salon & Spa.

☆ SpaceX to raise $750 million at $137 billion valuation - CNBC
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 2 (Reuters) - Elon Musk's SpaceX is raising $750 million in a new round of funding that values the rocket and satellite company at $137 billion from investors, including Andreessen Horowitz, CNBC reported late Monday. SpaceX, which counts Alphabet Inc (GOOGL.O) and Fidelity Investments among its investors, had raised about $1.68 billion through equity financing in June. Spokespersons for SpaceX and Horowitz did not immediately respond to Reuters' requests for comment. Horowitz was also a co-investor in Musk's Twitter buyout deal worth $44 billion. SpaceX has launched numerous cargo payloads and astronauts to the International Space Station for the National Aeronautics and Space Administration (NASA).

☆ India's utility vehicles sales rise in Dec, demand for entry-level cars muted
▼ + stars: | 2023-01-02 | by ( Nandan Mandayam | ) www.reuters.com time to read: +2 min

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 New Issue IIFL Finance to raise funds via public issue
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Jan 2 (Reuters) - India's IIFL Finance (IIFL.NS) plans to raise at least 1 billion rupees ($12.10 million) through public issue of non-convertible debentures, according to a product note. The issue, which also has a greenshoe option to retain an oversubscription of 9 billion rupees, will open for subscription on Friday and close on Jan. 18. Equirus Capital, Edelweiss, Trust Investment Advisors, IIFL Securities are the lead managers for the bond issue, which is rated AA by CRISIL and ICRA. Fundraising through public issues is expected to see an uptick in 2023 as retail investors bet on attractive interest rates and companies look to diversify their funding portfolio under tightening liquidity conditions. ($1 = 82.6600 Indian rupees)Reporting by Bhakti Tambe; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

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