DIRS.INFO The most relevant business & tech news

☆ Indian rupee drops below 83/USD, RBI likely intervenes
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Aug 14 (Reuters) - The Indian rupee on Monday declined below 83 to the U.S. dollar for the first time since October 2022, prompting the Reserve Bank of India to intervene, three traders told Reuters. The rupee was at 82.9650 to the dollar by 09:32 a.m. IST, down from 82.8450 on Friday. "It's obviously not a surprise that the RBI is there, but today seemed like the kind of day where it was possible they would relent". The Korean won, the Malaysian ringgit and the Indonesian rupiah were down between 0.6% and 0.8%. Reporting by Nimesh Vora; Editing by Savio D'Souza and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Nimesh Vora, Savio D'Souza, Sonia Cheema Organizations: U.S, Reserve Bank of India, Reuters, Korean, Malaysian, Thomson Locations: MUMBAI

☆ Rupee to fall on bets Fed to remain restrictive despite moderating inflation
▼ + stars: | 2023-08-11 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 11 (Reuters) - The Indian rupee will likely weaken on Friday on expectations that the U.S. Federal Reserve will keep interest rates high despite signs that price pressures are moderating. U.S. equities rallied, the dollar index dropped and U.S. yields declined after data showed that headline and core inflation rose less than expected. San Francisco Fed President Mary Daly said that while recent inflation data is moving in the right direction, more progress is needed before she would feel comfortable that the Fed has done enough. The dollar index , which dropped to 101.76 post the inflation data, was back near 102.50. Investors are cautious that while the Fed will pause in September, rates "will remain restrictive for some time", ANZ said in note.

Persons: it's, Mary Daly, Nimesh Vora, Sonia Cheema Organizations: U.S . Federal Reserve, U.S ., NDF, San Francisco Fed, ANZ, Brent, Thomson Locations: MUMBAI, Mumbai, U.S, San

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

☆ Coach owner creates US luxury giant with $8.5 bln deal for Michael Kors parent
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a top U.S. fashion house that can better compete with larger European rivals in the global luxury market. Tapestry will pay Capri shareholders $57 per share in cash, or $6.69 billion, representing a premium of nearly 65%. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion. LVMH, the world's largest luxury group, closed its $15.8 billion acquisition of Tiffany in early 2021. The Wall Street Journal first reported about a potential deal between Capri and Tapestry late on Wednesday.

Persons: Michael Kors, Tapestry's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Tiffany, Louis Vuitton, Neil Saunders, John Idol, Capri, Gucci, Valentino, LVMH, Chandni Shah, Aishwarya Venugopal, Sonia Cheema Organizations: Capri Holdings, Capri, Dior, Inc, Street Journal, Thomson Locations: U.S, Capri, Bengaluru

NEW DELHI/BENGALURU, Aug 8 (Reuters) - Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to "survive" a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government's decision last month to impose a 28% tax on funds that online gaming companies collect from customers. The new rule will increase the company's tax burden by 350%-400%, MPL CEO Sai Srinivas said in the memo, adding that the company is revisiting expenses related to their server and office infrastructure. The source could not be named as they are not authorised to speak to the media. Reporting by Aditya Kalra; Additional reporting by Biplob Kumar Das and Ashish Chandra; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sai Srinivas, Srinivas, MPL, Aditya Kalra, Biplob Kumar Das, Ashish Chandra, Sonia Cheema Organizations: NEW, Mobile Premier League, Reuters, Thomson Locations: NEW DELHI, BENGALURU

☆ State Bank of India first-quarter profit nearly triples to all-time high
▼ + stars: | 2023-08-04 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Rivals HDFC Bank (HDBK.NS) and ICICI Bank (ICBK.NS) have reported double-digit net interest income growth for the fiscal first quarter. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

Persons: Chowdhuri, Dinesh Kumar Khara, Khara, SBI's, Siddhi Nayak, Sonia Cheema Organizations: State Bank of India, REUTERS, Rivals HDFC Bank, ICICI Bank, Reserve Bank of India, Siddhi, Thomson Locations: Kolkata, India, MUMBAI, BENGALURU

☆ Rupee likely to remain under pressure on rising US yields
▼ + stars: | 2023-08-04 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

FILE PHOTO-A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas/File PhotoMUMBAI, Aug 4 (Reuters) - The Indian rupee is expected to remain under pressure on Friday after longer maturity U.S. yields reached the highest level this year. Non-deliverable forwards indicate the rupee will open slightly weaker to the U.S. dollar from 82.7225 in the previous session. "The rupee and the whole EM complex will not see any sort of relief if the volatility in U.S. yields remains high." The Fitch downgrade of the U.S. credit rating, broadly resilient U.S. data and rising U.S. inflation expectations have contributed to the selloff in Treasuries.

Persons: Francis Mascarenhas, Fitch, Nimesh Vora, Sonia Cheema Organizations: REUTERS, U.S, Reserve Bank of India, U.S ., Reuters, NFP, DBS Research, Brent, Thomson Locations: Mumbai, India, MUMBAI, Treasuries, U.S

☆ E-cigarette maker Juul Labs seeks $1 bln in funding - Bloomberg News
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. REUTERS/Elijah Nouvelage//File PhotoAug 2 (Reuters) - E-cigarette maker Juul Labs is seeking to raise about $1 billion in a fundraising effort, Bloomberg News reported on Wednesday, citing people familiar with the matter. Juul is working with Jefferies Financial Group Inc (JEF.N) for the fundraising, the report said, adding that the e-cigarette manufacturer had about $800 million in revenue in 2022. Juul and Jefferies did not immediately respond to Reuters' request for comment. Reporting by Gursimran Kaur in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Juul, Jefferies, Gursimran Kaur, Sonia Cheema Organizations: REUTERS, Juul, Bloomberg, Jefferies, Group Inc, Reuters, Thomson Locations: Atlanta , Georgia, U.S, Marlboro, Altria, Bengaluru

☆ Morgan Stanley upgrades India to "overweight", terms it top pick among emerging markets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

The Indian flag flies in front of the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 3 (Reuters) - Morgan Stanley has upgraded its view on Indian markets to "overweight" from "equal weight", citing easing valuations as compared to October 2022, when the global brokerage identified the onset of a new bull market in Asian and emerging market equities. India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth spot, due to supportive foreign inflows, macro stability and positive earnings outlook, the brokerage said in a note late Wednesday. Sectorally, the brokerage remains overweight on financials, consumer discretionary and industrial segments in India, and has an "add" rating on Larsen & Toubro and Maruti Suzuki India in its Asia Pacific focus and Global Emerging Markets lists. "We think returning India to an "overweight" rating and downgrading China to "equal weight" is warranted," analysts said, referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

Persons: Francis Mascarenhas, Morgan Stanley, Larsen, Bharath Rajeswaran, Sonia Cheema Organizations: Securities and Exchange Board of India, REUTERS, Toubro, Maruti Suzuki, Thomson Locations: Mumbai, India, BENGALURU, Asia, China, Bengaluru

☆ Coca-Cola bottler CCEP intends to acquire Coke's Philippines business for $1.8 bln
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A detail of a can of Coca-Cola is seen in London, Britain March 16, 2016. REUTERS/Stefan Wermuth/File PhotoAug 2 (Reuters) - Coca-Cola Europacific Partners (CCEPC.L) said on Wednesday it intends to jointly acquire Coca-Cola Beverages Philippines with Aboitiz Equity Ventures (AEV) for $1.8 billion, in an effort to become the world's largest Coca-Cola bottler by revenue and volumes. The deal to buy Coca-Cola's (KO.N) Philippines business in cash will be on 60:40 ownership structure between CCEP and Philippines conglomerate Aboitiz. CCEP has signed a non-binding term sheet and is in advanced discussions with AEV regarding a potential joint transaction, the company said in a statement. Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefan Wermuth, CCEP, Radhika Anilkumar, Rashmi Aich, sonia Cheema Organizations: REUTERS, Cola Europacific Partners, Cola Beverages, Aboitiz Equity Ventures, Thomson Locations: London, Britain, Philippines, CCEP, Western Europe, Australia, New Zealand, Bengaluru

☆ TPG Telecom gets $4.2 bln offer for non-mobile fibre assets from Vocus
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

TPG Telecom said that Vocus made a non-binding offer to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. Shares of TPG Telecom ended 11.6% higher at A$5.600 after resuming trading, marking their biggest intraday jump ever and finishing the day at their highest closing level since May 15. TPG Telecom said it has provided Vocus exclusive due diligence, which is set to expire on September 6. A spokesperson for Vocus said "discussions with TPG are confidential, subject to conditions and regulatory approvals. ($1 = 1.4977 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Vocus, Sameer Manekar, Sonia Cheema Organizations: TPG, TPG Telecom, Enterprise, Government, Wholesale, Vision, Telstra Group, Telstra, Vision Network, Australian Financial, Asset Management, Thomson Locations: Macquarie, Vocus, Bengaluru

☆ Before suing Coinbase, SEC asked it to trade only in bitcoin -FT
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong. The SEC told FT that its enforcement division did not make formal requests for "companies to delist crypto assets". The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler has labeled the crypto industry a "Wild West" that has undermined investor trust in the U.S. capital markets. The SEC and Coinbase did not immediately respond to a Reuters request for comment on the report.

Persons: Coinbase, Brian Armstrong, Armstrong, let's, Gary Gensler's, Gensler, Juby Babu, Sonia Cheema, Savio D'Souza Organizations: U.S . Securities, Exchange Commission, SEC, Financial Times, Binance, Thomson Locations: Solana, Cardano, U.S, Bengaluru

☆ Rupee hopeful of recovery on back of uptick on Asia FX
▼ + stars: | 2023-07-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, July 31 (Reuters) - The Indian rupee will be looking to recover on Monday, tracking the move higher in Asian peers on better-than-expected China data. Non-deliverable forwards indicate the rupee will inch up to the U.S. dollar at open from 82.2475 in the previous session. With Asian currencies doing well to begin the week and risk holding up, the rupee "will be hoping for a mini recovery", a forex trader at a bank said. The data comes after Federal Reserve Chair Jerome Powell left the door open for a rate hike at the September meeting. Data out on Friday supported investor expectations that the Fed rate hike cycle is over.

Persons: Kunal Kurani, Jerome Powell, Nimesh Vora, Sonia Cheema Organizations: U.S, Mecklai, China PMI, People's Bank of, Reuters, Brent, Thomson Locations: MUMBAI, China, U.S, People's Bank of China

☆ Netflix reworks Microsoft pact, lowers ad prices - WSJ
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

July 27 (Reuters) - Netflix (NFLX.O) is restructuring its advertising partnership with Microsoft (MSFT.O) a year into their deal and lowering ad prices, the Wall Street Journal reported on Thursday. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishabh, Sonia Cheema Organizations: Netflix, Microsoft, Wall Street, Thomson Locations: Bengaluru

☆ Rupee ends at 3-wk high on dollar inflows; Fed meet in focus
▼ + stars: | 2023-07-24 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

Likely corporate dollar inflows related to an Indian conglomerate was the major driver for the rupee's move, traders and analysts said. There are possibilities of central bank intervention given that it has previously bought dollars in the 81.85-81.90 range, said Dilip Parmar, research analyst at HDFC Securities. The appreciation in the rupee is also on the moderate side given the rise in the dollar index, Parmar said. The dollar inflows into equities have also been helping the rupee, traders added. The dollar index , on the other hand, has recovered from 15-month lows hit last week and was up 0.2% on Monday.

Persons: Dilip Parmar, Parmar, India's, Avni Jain, Sonia Cheema Organizations: U.S ., HDFC Securities, Reserve Bank of India, U.S . Federal, European Central Bank, Bank of, FX, HDFC Bank, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

☆ Rupee to fall on dollar recovery on signs US job market remains robust
▼ + stars: | 2023-07-21 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate the rupee will open at around 82.06-82.08 to the U.S. dollar, compared with 81.9850 in the previous session. "Just when there was a slight downside momentum (on USD/INR), the dollar is on its way up," a forex trader at a bank said. The rupee through the week has been in a narrow 25 paisa range. The dollar index and U.S. yields rose after data indicated the U.S. labour market remained resilient, which increased the probability that the Federal Reserve may deliver a rate hike beyond its July meeting. The Fed next week is widely expected to deliver a 25 basis points rate hike.

Persons: Srinivas Puni, Nimesh Vora, Sonia Cheema Organizations: U.S ., Federal Reserve, Reuters, QuantArt, Solutions, Fed, Brent, Thomson Locations: MUMBAI

☆ Vistry flags tough housing market, reiterates profit forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - British homebuilder Vistry Group (VTYV.L) on Thursday joined its bigger rivals in flagging an intensifying slowdown in the housing market but retained its annual profit forecast, reflecting resilience in its key affordable homes business. The FTSE 250 (.FTMC) firm, which works with local authorities and housing associations to build affordable homes, expects adjusted pre-tax profit for the year ending Dec. 31 to be in excess of 450 million pounds. Vistry, which is typically better insulated against housing market shocks as demand for affordable housing is high, said it was able to mitigate the slowdown in the market through bulk transactions in both its Partnerships and Housebuilding businesses. However, the group said its Housebuilding business, which is similar to its rivals' operations, had faced "more challenging market conditions" in the half-year period with the broader macro-economic challenges particularly impacting first-time buyers. Reporting by Suban Abdulla in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Fitzgerald, Suban Abdulla, Aby Jose Koilparambil, Sonia Cheema, Kate Holton Organizations: Vistry, Thursday, FTSE, Bank of England, British, Countryside, Thomson Locations: British, London, Bengaluru

☆ India's Infosys halves FY revenue growth outlook as clients cut spending
▼ + stars: | 2023-07-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

BENGALURU, July 20 (Reuters) - Infosys (INFY.NS), India's second-largest IT services firm by revenue, halved its full-year revenue forecast on Thursday and posted a first-quarter profit that missed estimates as clients cut back spending in a cloudy economic environment. Infosys' U.S.-listed shares fell nearly 7% in pre-market trading after the company cut its full-year revenue growth of 1%-3.5% on a constant currency basis from 4%-7% previously. There are some discretionary spending cuts from clients in the short-term and overall decision-making has slowed down, CEO Salil Parekh said in a media conference. Consolidated net profit rose 10.9% to 59.45 billion rupees ($725.5 million) in the three months to June 30, missing analysts' view of 61.41 billion rupees as per Refinitiv IBES. Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates.

Persons: Salil Parekh, Sonia Cheema Organizations: Infosys, U.S, Consolidated, Tata Consultancy Services, Wipro, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

☆ Indian shares pare early gains as IT stocks reverse course
▼ + stars: | 2023-07-19 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Niharika Kulkarni/File photoBENGALURU, July 19 (Reuters) - Indian shares trimmed gains on Wednesday, as information technology stocks reversed early gains and offset the broad sectoral rise, ahead of the June-quarter earnings of top companies. The Nifty 50 (.NSEI) index rose 0.18% to 19,784.25, with the S&P BSE Sensex (.BSESN) in toe at 66,921.20, as of 12:56 p.m. IST. High-weightage IT stocks (.NIFTYIT) erased 0.5% gains and are on course to snap a four-day winning streak. Among individual stocks, NTPC (NTPC.NS) rose over 4%, topping the Nifty 50 after brokerage Goldman Sachs identified it as the top pick in the power sector. Several other Nifty 50 constituents, including Infosys (INFY.NS), Ultratech Cement (ULTC.NS), Reliance Industries (RELI.NS), and ICICI Bank (ICBK.NS) will report their quarterly earnings later this week.

Persons: Niharika Kulkarni, Narendra Solanki, Anand, Goldman Sachs, Bharath Rajeswaran, Sonia Cheema, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, BSE, TV18, U.S . Federal Reserve, Investment Services, IndusInd Bank, Hindustan Unilever, Infosys, Ultratech, Reliance Industries, ICICI Bank, Thomson Locations: Mumbai, BENGALURU, U.S, Europe, Bengaluru

☆ HDFC Bank signs up over 100,000 customers in digital rupee pilots
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 13 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Thursday said it has signed up over 100,000 customers and 170,000 merchants in pilot programmes using the central bank digital currency (CBDC). The lender also linked the CBDC, termed e-rupee, and United Payments Interface (UPI) for merchants and customers, which would enable payments through both CBDC and UPI using a single Quick Response (QR) code, HDFC Bank said in a statement. The Reserve Bank of India (RBI) has devised the e-rupee as a digital alternative to physical cash, using blockchain distributed-ledger technology. The central bank aims to reach a target of one million CBDC transactions per day by the end of this year from 5000-10,000 currently, Deputy Governor T Rabi Sankar said on Tuesday. Reporting by Siddhi Nayak; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: T Rabi Sankar, Siddhi Nayak, Sonia Cheema Organizations: HDFC Bank, United, UPI, Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI

☆ Tesla in talks with India to set up factory with up to 500,000 annual capacity - report
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowBENGALURU, July 13 (Reuters) - Tesla (TSLA.O) has begun discussions with the Indian government for an investment proposal to set up a car factory in the country, with an annual capacity of as many as 500,000 electric vehicles, the Times of India reported on Thursday. The prices for the vehicles will start from 2 million rupees ($24,400.66), the report added. The discussions with the Indian government show a shift in strategy for the U.S. electric car maker. Last year, talks stalled after the Indian government refused to agree to a request from Tesla seeking lower import taxes on cars, which can be as much as 100%. India has strong potential for a sustainable energy future including solar power, stationary battery packs and electric vehicles, Musk said after meeting Modi, adding he hopes to bring SpaceX's Starlink satellite internet service to the country as well.

Persons: Elon Musk, Tesla, Musk, Narendra Modi, Modi, Rama Venkat, Sonia Cheema Organizations: Tesla, Reuters, U.S, Indian, Thomson Locations: India, 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

☆ India's Vedanta slips after Foxconn pulls out of semiconductor JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 11 (Reuters) - India's Vedanta (VDAN.NS) fell over 2% on Tuesday, a day after Taiwan's Foxconn (2317.TW) said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate. The companies partnered last year to set up semiconductor and display production plants in Gujarat state. S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval. The Securities and Exchange Board of India (SEBI), the country's market regulator, had imposed a 3 million rupee($36,430.76) fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture. Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Varun Vyas, Dhanya Ann Thoppil, Sonia Cheema Organizations: Reuters, Indian, Securities, Exchange Board of India, Vedanta, Thomson Locations: BENGALURU, Gujarat, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher, snapping its six-day losing streak. "Markets are expecting either the data to improve from China or stimulus to increase from the government. "This realization is dawning among investors yet again, that the inflationary fight is far from over." The healthcare sector has been declining in recent weeks and is down nearly 2.9% so far this month. Reporting by Amruta Khandekar, Siddarth S and Matteo Allievi in Gdansk; Editing by Rashmi Aich, Sonia Cheema, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: ECB's Lagarde, Christine Lagarde, Li Qiang, Giles Coghlan, Susannah Streeter, Hargreaves Lansdown, Streeter, Goldman Sachs, Amruta Khandekar, Siddarth, Matteo Allievi, Rashmi Aich, Sonia Cheema, William Maclean Organizations: European Central Bank, HSBC, Prudential Plc, Hargreaves, Siemens Energy, Thomson Locations: China, Russia, U.S, Gdansk

☆ India's Byju's seeks to raise $1 bln to stave off investor revolt - Bloomberg News
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Indian edtech startup Byju's is in advanced talks with potential new shareholders to raise $1 billion in funding as it attempts to sidestep a revolt by some investors, Bloomberg News reported on Tuesday, citing sources familiar with the matter. Reuters could not immediately verify if existing shareholders in Byju's have that option. It was not clear if founder Byju Raveendran will ultimately secure a capital influx, the sources, who asked not to be named as the information isn't public, told Bloomberg News. Byju's and its lenders are involved in legal cases in the United States over the restructuring of the loan. Reporting by Mrinmay Dey and Varun Vyas in Bengaluru; Editing by Sonia Cheema and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Chan, Byju Raveendran, Byju's, Mrinmay Dey, Varun, Sonia Cheema Organizations: Bloomberg, Prosus NV, Zuckerberg, Deloitte, Reuters, Bloomberg News, Varun Vyas, Thomson Locations: Byju's, United States, Bengaluru

Search resuls for: "Sonia Cheema"

25 mentions found