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☆ I toured Air India's new Airbus A350 — which it hopes will compete with elite competitors like Emirates and Qatar. See inside.
▼ + stars: | 2024-01-25 | by ( Taylor Rains | ) www.businessinsider.com time to read: +1 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAir India welcomed its new Airbus A350 in December — a first for the nation's flag carrier — and it's an incredible improvement from the airline's notoriously mediocre product. This story is available exclusively to Business Insider subscribers. The next-generation aircraft represents a new era for Air India, which debuted the Airbus model on Monday. To see the progress, I toured Air India's new A350 widebody at the Wings Airshow in Hyderabad last week — and I think customers have a lot to look forward to.

Persons: — Organizations: Service, India, Airbus, Business, Air India, Tata Group, Air, Wings Locations: Hyderabad

Political Cartoons View All 253 ImagesThe news is a major blow to Port Talbot, a town of about 35,000 people whose economy has been built on the steel industry since the early 1900s. At its height in the 1960s, the Port Talbot steelworks employed around 20,000 people, before cheaper offerings from China and other countries hit production. More than 300,000 people worked in Britain’s steel industry in 1971; by 2021 it was about 26,000. Last year the U.K. government gave Tata up to 500 million pounds ($634 million) to make the Port Talbot steelworks greener. “We saw it with the coal industry and now it is happening again with the steel industry.

Persons: ”, T.V, Narendran, Port, Tata, “, Tata's, Anthony Slaughter Organizations: Tata Steel, Tata, ” Tata Steel, Unions, Port Talbot, Commons Library, Community, Green Party Locations: Port Talbot, Wales, China, Port

☆ Britain’s Largest Steel Mill to Become Greener, at a Cost of Jobs
▼ + stars: | 2024-01-19 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Although the announcement was not a surprise, unions representing workers at the plant said they were angry that their proposals to save jobs had been rejected. The plant employs around 4,000 people, and it was unclear how many of the job cuts would take place at Port Talbot; Tata employs around 8,000 people in Britain. Electric steel making, which is more common in the United States than in Europe, tends to employ fewer workers. The government says the shift would ensure that steel making continued at the site and would cut Britain’s overall greenhouse gas emissions by 1.5 percent. The unions expressed skepticism that an electric furnace would be capable of producing metal of sufficient quality for some demanding applications, including automobile body panels and food and beverage cans.

Persons: Tata Organizations: Port Talbot, Tata, Tata Steel, steelworkers, Community Locations: Port, Britain, United States, Europe

☆ Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +1 min

Tata Steel said on Friday it will close its two blast furnaces in Britain by the end of this year, resulting in up to 2,800 workers potentially losing their jobs at its steelworks plant in Wales. Tata Steel said it would start a consultation process as part of its restructuring plan. "The course we are putting forward is difficult, but we believe it is the right one," Tata Steel Chief Executive T V Narendran said. Tata Steel employs more than 8,000 people in the UK, but the warning that as many as 3,000 of those jobs could go came in September when the government announced a funding package to help safeguard 5,000 jobs. The electric arc furnaces are operated by fewer workers compared to the blast furnaces.

Persons: Tata Steel, V Narendran Organizations: Tata, Tata Steel Locations: Britain, Wales, India

The hefty Davos promotions come after India surpassed China last year as the world's biggest country by population. Now India is touting its growing strength as a nation of innovation and as a global business hub in front of some of the world's richest and most powerful people. "As China's economy slows down, India's relatively rapid growth stands out as a clear opportunity for investors in Davos looking for bright spots." "We had an all-time revenue record in India," Apple CEO Tim Cook said on the company's latest earnings call in November, in response to an analyst's question about the company's momentum there. Hidary said Indian billionaire Mukesh Ambani's smartphone company Jio will serve about 600 million people in India through a $12 device.

Persons: There's, Ravi Agrawal, Agrawal, Narendra Modi, that's, Tim Cook, Apple Tim Cook, Punit Paranjpe, Jack Hidary, Hidary, Mukesh, Ambani Organizations: India Engagement, Wipro, Infosys, Tata, Foreign Policy, CNN, CNBC, World Bank, International Trade Administration, Visual, Bank of India, Dell, HP, Lenovo, Apple, AFP, Getty, India, AMD, Nvidia, Micron, WEF Locations: DAVOS, Switzerland, Davos, India, China, CNN India, Maharashtra, Tamil Nadu, Telangana, Karnataka, U.S, Mumbai, Bangalore, Gujarat

A pedestrian walks past the TATA pop up store with a poster reading 'The Future is AI' ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Sunday, Jan. 14, 2024. Some of the world's biggest companies are pushing their AI products and services with one declaring: "The future is AI." Companies from U.S. semiconductor firm Intel to Salesforce had AI slogans on the properties they took over. The "AI House" was one of the biggest displays on the Davos Promenade. Arjun Kharpal | CNBCU.S. semiconductor firm Intel took over one of the properties on the Davos Promenade with its AI agenda front and center.

Persons: Salesforce, Arjun Kharpal Organizations: Economic, Bloomberg, Getty, Global, Companies, Intel, CNBC U.S, CNBC Locations: Davos, Switzerland, DAVOS, Swiss

☆ IMF warns AI to hit almost 40% of jobs worldwide and worsen overall inequality
▼ + stars: | 2024-01-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The IMF noted that about 60% of jobs could be impacted by AI in high-income nations, and roughly half of these may benefit from AI integration to boost productivity. Comparatively, AI exposure was estimated to come in at 40% in emerging markets and at 26% in low-income countries, respectively. The findings suggest that emerging markets and low-income countries face fewer disruptions from AI in the short-term. The IMF also flagged that AI could affect income and wealth inequality within countries, warning of "polarization within income brackets." The IMF report comes as business and political leaders from around the world gather at the World Economic Forum in Davos, Switzerland.

Persons: Hollie Adams, Kristalina Georgieva, Georgieva, Goldman Sachs, WEF Organizations: Economic, Bloomberg, Getty, Monetary Fund, D.C, IMF Locations: Davos, Switzerland, The Washington

☆ India is a breakout star during a tough year for emerging markets investing
▼ + stars: | 2023-12-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The India SENSEX Index, an index of 30 large companies listed on the Bombay Stock Exchange, is up 18% this year. The iShares MSCI India ETF (INDA) is at a new high. You run several international ETFs focused on the internet and ecommerce, including the India Internet & Ecommerce ETF (INQQ). The internet companies are the fastest growing consumer companies. The India Internet economy may grow 500% by 2030.

Persons: Burton Malkiel, Kevin Carter, Todd Sohn, There's Organizations: Bombay Stock Exchange, Edge, Chemical Bank, Princeton University, EMQQ, India, Ecommerce, Strategas Securities, Microsoft, Apple, India's Tata Group, Bajaj Financial, China ETF, White House Locations: Europe, India, China, United States

☆ Tata Technologies CEO lays out plans after shares climbed over 160% on trading debut
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTata Technologies CEO lays out plans after shares climbed over 160% on trading debutWarren Harris, CEO and managing director of newly listed Tata Technologies, shares his plans for the company, including in areas such as electric vehicles.

Persons: Warren Harris Organizations: Tata Technologies

☆ Geely’s stalled IPO discounts global expansion
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 1 (Reuters Breakingviews) - Electric-car marque Zeekr, controlled by China’s largest private auto group Zhejiang Geely, has hit a roadblock. It is putting on hold its New York initial public offering because of a mismatch in valuation expectations, Reuters reported on Thursday. It was hoped the listing would break the ice and encourage a resurgence in Chinese volumes in U.S. capital markets. Its prospectus was published in November, when global stocks recorded their best performance since 2020. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Xi Jinping, Joe Biden, Katrina Hamlin, Julius Baer’s, Una Galani, Thomas Shum Organizations: Reuters, Zhejiang, American, Tata Technologies, X, Barclays, Thomson Locations: HONG KONG, York, Mumbai, Europe, United States, China

☆ India's Tata Technologies soars 140% in pre-open debut trade
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

A Tata sign is seen outside their offices in London, Britain March 30, 2016. REUTERS/Toby Melville/File Photo Acquire Licensing RightsBENGALURU, Nov 30 (Reuters) - Shares of India's Tata Technologies (TATE.NS) surged 140% in their trading debut on Thursday, valuing the company at 486.80 billion rupees ($5.84 billion). The stock debuted at 1,200 rupees in pre-open trade, compared with its initial public offer (IPO) price of 500 rupees. This is the first Tata Group company to go public since Tata Consultancy Services (TCS.NS) listed in 2004. ($1 = 83.3040 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Rama Venkat, Mrigank Organizations: Tata, REUTERS, Rights, India's Tata Technologies, Tata Group, Tata Consultancy Services, Thomson Locations: London, Britain, Bengaluru

☆ Hewlett Packard Enterprise beats quarterly profit estimates but forecast falters
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 28 (Reuters) - Hewlett Packard Enterprise (HPE.N) beat estimates for quarterly profit on Tuesday due to easing costs but unfavorable macroeconomic conditions led to a dour forecast for the current quarter. On an adjusted basis, the "edge-to-cloud" firm earned 52 cents per share, beating analysts' average estimate of 50 cents, according to LSEG data. In the fourth quarter, Texas-based HPE's net revenue fell 7% to $7.35 billion, marginally below estimates of $7.36 billion. Compute, its largest segment, reported revenue of $2.60 billion for the quarter, down nearly 31% from a year earlier. Annualized revenue run rate, a measure of future revenue, was up 39% at $1.30 billion in the quarter ended Oct. 31.

Persons: Brendan McDermid, Arsheeya, Maju Samuel Organizations: Hewlett Packard Enterprise Co, New York Stock Exchange, REUTERS, Hewlett Packard Enterprise, IT, Accenture, India's Tata Consultancy Services, Thomson Locations: New York City, U.S, HPE, Texas, Bengaluru

☆ Britain hopes to attract investment from Chinese carmakers - minister
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowHAMPTON COURT, England, Nov 27 (Reuters) - Britain's investment minister on Monday said he was working to attract Chinese car manufacturers to build a factory in the country and that investment from China was crucial to meeting environmental targets. At a foreign direct investment summit at Hampton Court Palace on Monday, British investment minister Dominic Johnson said commercial talks could run in parallel with political disagreements. "Chinese investment is crucial if we're to achieve our net zero goals ... "Absolutely, I have an ambition to try and attract a Chinese car manufacturer." Britain is re-examining the application of its recently introduced National Security and Investment (NSI) Act that has disproportionately blocked Chinese-backed deals.

Persons: Damir Sagolj, Rishi Sunak's, David Cameron, Cameron, Sunak, Dominic Johnson, we're, Johnson, carmakers, Alistair Smout, Alex Richardson Organizations: China, Financial, Bank of China, REUTERS, Nissan Motor, Conservative Party, National Security and Investment, Tata, Nissan, European Union, Thomson Locations: Beijing, China, HAMPTON, England, Hampton, Britain

☆ Nissan is ramping up its UK EV business with a $2.5 billion investment
▼ + stars: | 2023-11-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

Nissan announced that it would invest billions in its UK EV business. The Japanese company said it would build three EV models in its UK factory as part of the deal. AdvertisementThe Japanese car manufacturer Nissan announced on Friday that it would invest £2 billion, which is around $2.5 billion, in its electric vehicle (EV) business in the UK. It takes Nissan's total proposed investment in the region to £3 billion, or around $3.8 billion, after the company already pledged $1 billion. Nissan did not immediately respond to Business Insider's request for comment, which was made outside of normal working hours.

Persons: —, Makoto Uchida, Rishi Sunak, IAN FORSYTH, Getty Organizations: Nissan, EV, Service, Sunderland, Britain's, European Union, Land Rover, Tata, BMW, British Locations: England, Europe, Sunderland

☆ Nissan invests $1.4 bln to build two new EV models in Britain
▼ + stars: | 2023-11-24 | by ( Nick Carey | ) www.reuters.com time to read: +3 min

Nissan has made its electric Leaf model in Sunderland for years and will continue to do so, with batteries supplied by a small plant at the site. It announced a $1.4 billion investment in 2021 to build a second, 9 gigawatt-hour (GWh) battery plant in Sunderland with Chinese partner Envision AESC. Nissan did not comment on the value of any subsidies or guarantees being provided by Britain. [1/4]Britain's Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt attach a Nissan badge to a car as they visit the car manufacturer, Nissan, in Sunderland, Britain, November 24, 2023. But Sunak, who became prime minister a year ago, is having some success turning that around.

Persons: Rishi, Sunak, Nissan's, Alan Johnson, Rishi Sunak, Jeremy Hunt, Chancellor, Makoto Uchida, Brexit, Nick Carey, Sarah Young, Paul Sandle, Sonali Paul, Mark Potter Organizations: Nissan, Investment Summit, Britain, BBC, Britain's, India's Tata Motors, Rover, Thomson Locations: Sunderland, England, Britain, Europe, EVs

☆ Nissan to invest $1.4 bln to build two new EV models in Britain
▼ + stars: | 2023-11-24 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

A staff cleans charging ports of Nissan's Leaf battery electric vehicle during the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan, November 1, 2023. Japan's third-biggest automaker said it would announce the names of the new EV models and timings for production launches at a later date. Earlier this year, Nissan raised its targets for EV models as it plays catch up in a segment dominated by newcomers like Tesla (TSLA.O) - saying it would launch 19 new EV models by 2030. The Nissan EV production announcement comes just months after India's Tata Motors (TAMO.NS) said it would invest 4 billion pounds in a UK EV battery plant to supply its Jaguar Land Rover factories. Industry experts had described the Tata battery plant as good progress, but argue Britain needs much more EV battery production capacity to maintain a viable, growing auto industry.

Persons: Kim Kyung, Makoto Uchida, Rishi Sunak, Nick Carey, Sonali Paul Organizations: Japan, REUTERS, Nissan, British, Nissan EV, India's Tata Motors, EV, Rover, Industry, Tata, Thomson Locations: Tokyo, Japan, Sunderland, Europe, Britain

☆ Nissan leads $2.5 billion investment to build two more EVs in UK
▼ + stars: | 2023-11-24 | by ( ) edition.cnn.com time to read: +3 min

London — Nissan will pump 1.12 billion pounds ($1.4 billion) into its British plant to build electric versions of two models, offering a boost to the country’s auto industry and a UK prime minister desperate to attract foreign investment. In 2021, the company announced a $1.4 billion investment to build a second, 9 gigawatt-hour (GWh) battery plant in Sunderland with Chinese partner Envision AESC. Its 2021 battery investment was a show of confidence when other foreign investors were avoiding the UK after Brexit led to years of uncertainty around the country’s trading relationships. The Nissan deal comes just months after India’s Tata Motors said it would invest £4 billion ($5 billion) in a UK electric vehicle battery plant to supply its Jaguar Land Rover factories. The automaker’s latest UK investment comes despite Sunak’s decision in September to delay by five years a ban on sales of new petrol cars.

Persons: Rishi, ” Sunak, ” Nissan’s, Alan Johnson, ”, Makoto Uchida, Brexit, Sunak, India’s Tata Organizations: London, Nissan, Investment, BBC, India’s, India’s Tata Motors, Rover, Industry, Tata Locations: Sunderland, England, Britain, Europe

☆ India's Tata Technologies' IPO garners bids worth over $18 bln
▼ + stars: | 2023-11-24 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

A Tata sign is seen outside their offices in London, Britain March 30, 2016. REUTERS/Toby Melville//File Photo Acquire Licensing RightsBENGALURU, Nov 24 (Reuters) - India's Tata Technologies' 30.43 billion rupee ($366 million) initial public offering (IPO) remained the most oversubscribed domestic IPO this week, signalling robust demand for the Tata group's first public float in nearly two decades. Investors bid for about 3.13 billion shares worth 1.56 trillion rupees ($18.74 billion) by the close of subscriptions on Friday, compared with the 45 million shares on offer, with institutional investors showing the most interest. This is the first Tata group company IPO since Tata Consultancy Services (TCS.NS) in 2004. Tata Technologies, which provides engineering and technology services to auto, aero and heavy machinery makers, will be valued at 202.83 billion rupees at the top-end of its price band of 475-500 rupees.

Persons: Toby Melville, Arun Kejriwal, Rama Venkat, Sonia Cheema Organizations: Tata, REUTERS, Rights, India's Tata Technologies, Tata group's, Kejriwal Research, Investment Services, Tata Consultancy Services, Tata Technologies, Fedbank Financial Services, Flair, Industries, Indian Renewable Energy Development Agency, Gandhar Oil, Kejriwal, Thomson Locations: London, Britain, India, Bengaluru

LONDON (AP) — Nissan will invest more than 1 billion pounds ($1.3 billion) to update its factory in northeast England to make electric versions of its two best-selling cars, a boost for the British government as it tries to revive the country's ailing economy. The company said it's directly investing up to 1.12 billion pounds to produce electric successors to the two models. “Nissan’s investment is a massive vote of confidence in the U.K.’s automotive industry,” which contributes 71 billion pounds a year to the economy, Prime Minister Rishi Sunak said. India’s Tata Sons, which owns Jaguar Land Rover, is building a 4 billion-pound EV battery factory in the U.K. that's expected to produce about 40 gigawatt hours of battery cells every year, enough to provide half the U.K.’s electric vehicle batteries. Stellantis, parent company of British automaker Vauxhall, is investing 100 million pounds to make electric vans and cars in northwestern England.

Persons: —, it's, Rishi Sunak, Makoto Uchida, Sunak, India’s Tata Organizations: — Nissan, Nissan, BMW, India’s Tata Sons, Rover, EV, British, Vauxhall Locations: England, Sunderland, China, Europe, Oxford

[1/2] British Prime Minister Rishi Sunak speaks during the opening session of the Global Food Security Summit at Lancaster House in London, Britain November 20, 2023. Years of political churn - with five prime ministers and a non-stop ministerial carousel since the 2016 Brexit vote - have shaken Britain's reputation for stability among investors. Some executives say the country, long a magnet for FDI, has simply taken them for granted. But companies and investors say that a focus by regulators on limiting costs for bill-payers in sectors such as water, telecoms and energy has crimped investment. British investment minister Dominic Johnson said the government would be in listening mode at the gathering on Nov. 27 to hear how it can remove hurdles.

Persons: Rishi Sunak, Dan Kitwood, Sunak, Emanuel Macron, Jack Paris, Paris, Jeremy Hunt, EY, Alina Osorio, Mikhail Taver, Richard Harrington, Harrington, Dominic Johnson, Johnson, Kate Holton, Sinead Cruise, Andy Bruce, Alexander Smith Organizations: British, Global Food Security, Lancaster House, Hampton Court, Partners, Reuters, European Union, United, Labour Party, India's Tata Group, Britain, AstraZeneca, Ireland, Thomson Locations: London, Britain, Hampton, France, Versailles, European, Germany, United States, Europe, Delaware

☆ India's TCS to take $125 mln hit to Q3 earnings over US lawsuit
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Figurines with computers and smartphones are seen in front of Tata Consultanct Services logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 21 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Tuesday said it will make a provision of $125 million in its third-quarter results in relation to a 2014 trade secret lawsuit filed against the company by U.S.-based EPIC Systems. (This story has been corrected to say that the lawsuit was filed in 2014, not 2016, in paragraph 1)Reporting by Varun Vyas in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Varun Vyas, Varun Organizations: Tata Consultanct Services, REUTERS, Rights, India's Tata Consultancy Services, U.S, EPIC Systems, Thomson Locations: Bengaluru

☆ Indian shares set for muted opening; TCS, Cipla in focus
▼ + stars: | 2023-11-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBANGALORE, Nov 20 (Reuters) - Indian shares are set to open on a slightly muted note on Monday, with a focus on the global interest rate outlook after a more than 3% rally so far this month. The NSE Nifty 50 index (.NSEI) gained 1.58% last week, its best in two months, while the Sensex rose 1.37%. "Market is expected to continue its upward movement driven, by robust macro data and diminishing global concerns," SMC Global Securities said in a note. In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.3%, with investors awaiting minutes of the Fed's last meeting.

Persons: Francis Mascarenhas, Nifty, Sohini Goswami Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, U.S . Federal, SMC Global Securities, India's Tata Consultancy Services, United, United States Food, Drug Administration, CFM Mozambique, General Tax Authority, Sethuraman NR, Thomson Locations: Mumbai, India, Rights BANGALORE, Asia, Pacific, Japan, United States, Qatar, Bengaluru

☆ Australian bourse operator partners with TCS for long due trading software overhaul
▼ + stars: | 2023-11-19 | by ( Himanshi Akhand | ) www.reuters.com time to read: +3 min

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsNov 20 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Monday it entered a deal with TATA Consultancy Services (TCS) <TCS.NS> to design and replace its trading, clearing and settlement system, after months of backlash since pulling a blockchain-based overhaul of the system last year. The estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years, ASX said. ASX's initial attempt to overhaul CHESS earned rebuke from the Australian Securities and Investments Commission (ASIC) and Reserve Bank of Australia, with the regulators demanding more thorough reporting on plans to update the 30-year-old software. ($1 = 1.5366 Australian dollars)Reporting by Himanshi Akhand in Bengaluru Editing by Chris Reese and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Joe Longo, Helen Lofthouse, Himanshi, Chris Reese, Diane Craft Organizations: Australian Securities Exchange, REUTERS, TATA Consultancy Services, Australian Securities and Investments Commission, Reserve Bank of Australia, Accenture, TCS, Thomson Locations: Sydney, Australia, Australian, Bengaluru

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. That will, however, take time, with the overhaul now expected to finish in 2029, some 13 years after it began. It also prompted the Australian Securities and Investments Commission (ASIC) to open an investigation into the exchange's disclosures about the project. ASX said it expected the first stage of the new project, clearing software, to cost between A$105 million and A$125 million with delivery around 2026. The cost and timing of the settlement and other software will be decided in 2024.

Persons: David Gray, Tim Whiteley, Joe Longo, Longo, Byron Kaye, Himanshi, Edwina Gibbs Organizations: Australian Securities Exchange, REUTERS, Tata Consultancy Services, New, Australian Securities and Investments Commission, Thomson Locations: Sydney, Australia, India, Finland, Canada, New York, Bengaluru

☆ India's Tata Technologies sets IPO price band at 475-500 rupees per share
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Nov 16 (Reuters) - India's Tata Technologies on Thursday set a price band of 475 rupees to 500 rupees per share for its initial public offering (IPO), according to a newspaper advertisement. The IPO, which is a first from the Tata Group in nearly two decades, will have an offer for sale of up to 60.9 million shares from existing shareholders, including Tata Motors (TAMO.NS). The offering will open for bids for anchor investors on Nov. 21, while retail investors can make offers between Nov. 22 to Nov. 24. Reuters last week reported that Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock and some U.S. hedge funds to invest in its IPO at a valuation of $2.5 billion. Reporting by Rama Venkat in Bengaluru; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Rama Venkat, Sohini Goswami Organizations: India's Tata Technologies, Tata Group, Tata Motors, Reuters, Tata Technologies, Morgan Stanley Investment Management, Thomson Locations: BENGALURU, Blackrock, Bengaluru

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