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[1/5] Customers stand next to a counter at a Starbucks' outlet at a market in New Delhi, India, May 30, 2023. Starbucks plans to open more stores in smaller towns, said an industry source, who spoke on condition of anonymity. Soon after Starbucks' May launch of $3.33 milkshakes, designed to attract children, Third Wave launched its own range, a fifth cheaper at $2.71. He saw Starbucks' cheaper, small-sized drinks as a response to competition in "an incredibly price-sensitive market". "Going deeper into smaller cities, beyond the metros, is the only way to grow," said Ankur Bisen, head of retail at India's Technopak Advisors.

Persons: Sushant Dash, Tim Hortons, Devangshu Dutta, We've, chai, Chas Hermann, Sushant Goel, Matt Chitharanjan, Dash, Ankur Bisen, Sriram, Aditya Kalra, Anushree Fadnavis, Varun Vyas, Euan Rocha, Miyoung Kim, Sophie Yu, Hilary Russ, Clarence Fernandez Organizations: REUTERS, MUMBAI, Blue, Starbucks, Tata Group, BET, CHAI, Wave, Third, Reuters, Blue Tokai, India's Technopak, Thomson Locations: New Delhi, India, American, DELHI, U.S, Blue Tokai, China, Singapore, United States, Bengaluru, Delhi, Aurangabad, Beijing, New York

☆ India's Tata Group signs $1.6 bln EV battery plant deal
▼ + stars: | 2023-06-02 | by ( Sumit Khanna | ) www.reuters.com time to read: +1 min

AHMEDABAD, June 2 (Reuters) - India's Tata Group signed an outline deal on Friday on building a lithium-ion cell factory, based on investment of about 130 billion rupees ($1.58 billion), as part of the nation's efforts to create its own electric vehicle supply chain. Compared to the size of its population, India's car market is tiny. Tata Motors dominates its electric vehicle (EV) sales, which made up just 1% of India's total car sales of about 3.8 million last year. "The plant will go a long way in contributing to the development of the EV ecosystem in Gujarat and India," Vijay Nehra, an official in the Gujarat state government told Reuters. ($1 = 82.3373 Indian rupees)Reporting by Sumit Khanna and Tanvi Mehta; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Nehra, Sumit Khanna, Tanvi Mehta, Barbara Lewis Organizations: India's Tata Group, Tata Motors, Solutions, Reuters, Thomson Locations: AHMEDABAD, Gujarat, Sanand, India

☆ Jaguar Land Rover recalling I-PACE vehicles in US over fire risks
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 31 (Reuters) - Jaguar Land Rover (JLR) said it is recalling nearly 6,400 I-PACE vehicles in the United States due to fire risks because the high-voltage electric vehicle battery may overheat. JLR, which is owned by India's Tata Motors (TAMO.NS), said the battery energy control module software will be updated and battery modules will be replaced as necessary in certain 2019 through 2024 model year vehicles. The automaker has reports of eight U.S. vehicle fires but no accidents or injuries. Reporting by David Shepardson; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: India's Tata, David Shepardson, Jason Neely Organizations: Rover, PACE, India's, India's Tata Motors, Thomson Locations: United States

☆ Factbox: Companies invest in EV battery factories in Europe
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +6 min

Below are recent investments announced by companies:GERMANYSweden's Northvolt said on May 13 it will invest 3-5 billion euros ($3.3-5.5 billion) in an EV battery plant in Heide in the northern state of Schleswig-Holstein as long as subsidies are approved. Volkswagen (VOWG_p.DE) plans to build six battery factories in Europe totalling 240 gigawatt (GWh) of capacity by 2030. Production at its first battery plant, "SalzGiga", in Salzgitter in the Lower Saxony region will start in 2025. Slovakian battery manufacturer InoBat said last October it had signed a declaration of intent with the Spanish government to set up an EV battery factory in central Spain's city Valladolid, expected to cost 3 billion euros. POLANDLG Chem EV battery in Wroclaw started production in the second half of 2017, with a capacity of 100,000 batteries per year.

Persons: Helena Soderpalm, GERMANY Sweden's Northvolt, China's CATL, Germany's, Mercedes Benz, Elon Musk, Berclau, Taiwan's ProLogium, Jean, Luc Monfort, Mata, BASQUEVOLT, InoBat, China's BYD, AEHRA, Poland's, Alessandro Parodi, Tiago Brandao, Matteo Allievi, Barbara Lewis, Milla Nissi Organizations: REUTERS, Volkswagen, EV, Germany's BASF, Automotive Cells Company, ACC, Stellantis, Tesla, FRANCE Joint, France, Renault, Basque Country, Spanish, India's Tata Group, ITALY Joint, POLAND LG, European Commission, SWEDEN Northvolt's Skelleftea, Thomson Locations: Vasteras, Sweden, Europe, Asia, United States, GERMANY, Heide, Schleswig, Holstein, Salzgitter, Lower Saxony, China, Erfurt, Thuringia, Schwarzheide, Brandenburg ., Ludwigsfelde, Berlin, Kaiserslautern, Rhineland, Palatinate, Gigafactory, FRANCE, Billy, France, Dunkirk, Douai, Ruitz, Ergué, Quimper, Montreal, SPAIN Spain, Europe's, Germany, Navalmoral de, Extremadura, Sagunto, Valencia, Spain, Basque, Slovakian, Spain's, Valladolid, Britain, ITALY, Termoli, POLAND, Wroclaw, HUNGARY

☆ India's TCS receives $1.83 bln-worth advance purchase order from BSNL
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] A private security guard stands at the exit gate of the headquarters of Tata Consultancy Services (TCS) in Mumbai, India October 13, 2016. REUTERS/Shailesh AndradeBENGALURU, May 22 (Reuters) - Tata Consultancy Services (TCS.NS) on Monday said it received an advance purchase order valued over 150 billion rupees ($1.83 billion) to deploy a 4G network across the country from Indian state-run telco Bharat Sanchar Nigam Ltd (BSNL.NS). ($1 = 81.7800 Indian rupees)Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Tesla is proposing to manufacture and sell vehicles in the country, Reuters reported on Wednesday, citing a source. Import duties of as much as 100% made it difficult to gauge demand, so Tesla lobbied to reduce tariffs, rather than producing locally. Committing to a factory could work for Musk too, though justifying a Tesla-sized facility calls for fast and furious sales. When Tesla set up a Gigafactory in China in 2019, its sheer scale meant supply chains sprang up to serve it. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on May 16.

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

India has made it easier for lessors to take back planes if airlines default on payments after joining an international treaty known as the Cape Town Convention. But lack of a proper legislation to enforce the treaty means India's bankruptcy law will supersede lessors' repossession requests, lawyers said. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Bigger rivals IndiGo (INGL.NS) and Tata Group's Air India are charting major expansion plans with hundreds of new planes on order as domestic air travel in India surpasses pre-pandemic levels. Air India did not immediately respond.

REUTERS/Niharika Kulkarni/File PhotoBENGALURU/SINGAPORE, May 6 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters. The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned (TITN.NS) Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS). While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal. BlueStone CEO Gaurav Kushwaha did not immediately respond to Reuters' request for comment, while Temasek declined to comment.

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ We expect power demand in India to stay robust, says Tata Power
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect power demand in India to stay robust, says Tata PowerPraveer Sinha of the power generation company says this is a "great opportunity" for India's power sector to expand renewable capacity.

☆ Disheartened Go First pilots rush to Air India's jobs drive
▼ + stars: | 2023-05-04 | by ( Tanvi Mehta | ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - Dozens of pilots, many from crisis-hit Go First, flocked to a Tata group hotel near Delhi on Thursday for walk-in interviews with the conglomerate's Air India airline. Air India said on Twitter the hiring drive in Delhi and Mumbai would be extended by a day to Friday. An Air India spokesperson told Reuters it had received more than 700 applications in response to an advert last week for pilots, which it is currently processing. Go First and Vistara - a Tata group joint venture with Singapore Airlines - declined to comment. A planned merger of Air India with Vistara and the launch of Akasa Air have increased competition for staff and planes as the industry recovers.

☆ Factbox: India's Wadia Group whose Go First is in trouble
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - India's Wadia Group has survived British colonial rule and fierce business rivalries to create an empire that spans industries, from aviation and real estate to retail, healthcare, engineering and chemicals. - Founded in 1736 by Loeji Nusserwanjee Wadia, the group began as a marine construction company that built ships for the British empire, according to its website. - Chairman Nusli N. Wadia is the grandson of Pakistan's founder, Muhammad Ali Jinnah. - Go First, India's third-largest airline filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. The Wadia Group said all its transactions had been conducted in compliance with the law.

☆ Auto giants are setting their sights on a new growth market for EVs: India
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

When it comes to electric cars, however, the country is playing a game of catch up. During a recent interview with CNBC's Charlotte Reed, Thierry Koskas accepted that the market in India was "just starting." Citroën India, which launched the fully electric ë-C3 in Feb. 2023, is not alone when it comes to making a move in India's nascent electric car sector. According to the IEA, Tata was responsible for more than 85% of battery electric vehicle sales within India last year. Other Indian firms jostling for position in the sector include Mahindra and Mahindra and Ola Electric.

NEW DELHI, May 3 (Reuters) - India's Wadia Group, the owner of cash-strapped Go Airlines (India) Ltd, is completely committed to the company, and has no plans to exit it, the airline's chief executive said on Wednesday. The news came a day after the airline, recently rebranded as Go First, filed for bankruptcy, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The insolvency proceedings were aimed at reviving the airline and not selling it, Chief Executive Kaushik Khona told Reuters in an interview, adding that the company had made all payments to Pratt & Whitney. The airline was also looking to engage with lessors to dissuade them from taking any action, he added. Reporting by Tanvi Mehta and Chris Thomas; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ A sustainable planet is possible with the help of cloud tech. Here's how an Asian partnership is working toward the future.
▼ + stars: | 2023-05-03 | by ( Sponsor Post | Created Insider Studios With Tata Communications | ) www.businessinsider.com time to read: +6 min

Alibaba Cloud, in partnership with Tata Communications, is developing digital solutions for a sustainable future. Alibaba Cloud's partnership with Tata Communications is built on a mutual understanding of the critical importance of sustainability for everyone. The partnership between Alibaba Cloud and Tata Communications has helped build a robust and elastic cloud infrastructure. "Seamless and intelligent hyperconnected ecosystems are how we power cloud giants like Alibaba Cloud to do what they do best." Together, Alibaba Cloud and Tata Communications are creating a futuristic vision for how businesses and people can live, work, and communicate.

☆ India's Wipro forecasts weak Q1 IT services rev
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 27 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Thursday revenue from its mainstay IT Services unit would fall in the current quarter, after posting a marginal dip in profit for the three months ended March. The Bengaluru-based company forecast revenue from IT Services business to fall between 1% and 3% on constant currency terms, in the range of $2,753 million to $2,811 million for the first quarter. Bigger rivals Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have also reported lower than expected quarterly earnings and gave weak forecasts. Net profit for Wipro fell for fell 0.4% to 30.75 billion rupees for the quarter ending March, while revenue rose 11.2%. Reporting by Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ India's Wipro to consider share buyback at board meeting this week
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 23 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Sunday it will consider a share buyback proposal at its board meeting on April 27. Wipro, which will report its fourth-quarter results on Thursday, last bought back shares in October 2020. That share buyback totalled 95 billion Indian rupees ($1.16 billion) worth of shares. Shares of Wipro are down 6.3% so far this year after falling more than 45% in 2022. ($1 = 82.0300 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ India's HCLTech sees smaller-than expected FY revenue growth
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 20 (Reuters) - HCLTech (HCLT.NS), India's No.3 IT services exporter, on Thursday forecast lower-than-expected revenue growth for the current fiscal amid worries of recession in major markets like the United States and Europe and global banking turmoil. HCLTech said it expects revenue to increase 6%-8% in the financial year ending March 2024 on constant currency basis, missing average analysts' estimates of 10.42%, according to Refinitiv IBES data. HCLTech's weak outlook followed disappointing earnings from market leader Tata Consultancy Services (TCS.NS) and No.2 Infosys Ltd's (INFY.NS) forecast of single-digit revenue growth this financial year. European clients were delaying decisions, HCLTech had said back in January, well before the current turmoil. It expects EBIT margins of 18% and 19% for FY 2024.

☆ There's still 'headroom' for us to grow in our international markets, says Tata Communications
▼ + stars: | 2023-04-20 | 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 EmailThere's still 'headroom' for us to grow in our international markets, says Tata CommunicationsAmur Lakshminarayanan, CEO of the company, says it is a "very small part of what other incumbents do, so we're going to be taking more market share from others."

☆ Jaguar Land Rover plans to invest 15 bln pounds in electric push
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - British luxury carmaker Jaguar Land Rover (JLR) on Wednesday said it plans to invest 15 billion pounds ($18.65 billion) over the next five years to expand its electric-vehicle offerings. JLR, which is owned by India's Tata Motors (TAMO.NS), added that its Halewood plant in Merseyside, UK, will become an all-electric manufacturing facility. ($1 = 0.8042 pounds)Reporting by Chandini Monnappa in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

[1/2] A man charges an electric vehicle (EV) at the charging hub of Indian ride-hailing BluSmart Electric Mobility in Gurugram, India, December 9, 2022. SCALING UPIndia's ride-hailing market is currently worth $13.4 billion - a tenth of China's - and penetration is just 7%, according to Statista, making the country of 1.4 billion a lucrative opportunity. BluSmart, which operates in just two cities with 5,000 vehicles, says it commands 9% market share of Delhi's ride-hailing market. In February, Uber's India chief Singh dismissed concerns about BluSmart, saying Uber still offered more diverse ride options, including scooters and autorickshaws. "In a way it (BluSmart) has forced Uber to reimagine how it wants to play in India," WEF's Khurana said.

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