NEW DELHI, July 26 (Reuters) – India’s Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The council, chaired by India’s …
Read More »Tomato price shock hits Indian restaurants, cheaper puree sales boom
[1/2]People buy tomatoes from a vendor at a vegetable market in Ahmedabad, India, July 25, 2023. REUTERS/Amit Dave/File Photo NEW DELHI, July 26 (Reuters) – Many Indian restaurants are cutting back on tomatoes in their popular dishes and consumer companies are ramping up production of cheaper purees that are flying …
Read More »India’s Tech Mahindra posts 39% drop in Q1 profit as clients cut spending
BENGALURU, July 26 (Reuters) – India’s Tech Mahindra (TEML.NS) on Wednesday posted a surprise 39% drop in first-quarter profit, as challenging macroeconomic conditions prompted clients to curb spending. The company’s consolidated net profit fell to 6.93 billion rupees ($84.5 million) for the quarter ended June 30. Analysts were expecting profit …
Read More »Foxconn, chip giants head to Modi’s home state for India conference
[1/3]Visitors gather at Applied Materials and Micron Technology kiosks before the start of ‘SemiconIndia 2023’, India’s annual semiconductor conference, in Gandhinagar, India, July 25, 2023. REUTERS/Amit Dave GANDHINAGAR, India July 26 (Reuters) – Top executives from Foxconn and semiconductor firms Micron and AMD will this week attend a conference in …
Read More »India’s Mahindra and Mahindra shares slump after RBL Bank stake buy stirs concern
BENGALURU, July 27 (Reuters) – Shares of India’s Mahindra and Mahindra (MAHM.NS) fell nearly 7% on Thursday after the conglomerate’s stake purchase in private lender RBL Bank (RATB.NS) raised concerns about the rationale of its capital allocation strategy. Analysts at Macquarie said that the investment and Mahindra’s intention to invest …
Read More »Foxconn unit in talks for $200 mln components plant in India’s Tamil Nadu -sources
CHENNAI, India, July 26 (Reuters) – A Foxconn (2317.TW) subsidiary is in talks with India’s Tamil Nadu state to invest up to $200 million to build a new plant for electronic components in the southern region, two sources with direct knowledge told Reuters on Wednesday. Brand Cheng, CEO of Foxconn …
Read More »India’s Tech Mahindra’s shares hit over 1-mth low on Q1 profit fall
BENGALURU, July 27 (Reuters) – Shares of India’s Tech Mahindra (TEML.NS) fell as much as 5.3% on Thursday, their lowest since June 19, a day after the IT services firm posted a surprise drop in quarterly profit as challenging macroeconomic conditions forced clients to curb spending. Tech Mahindra on Wednesday …
Read More »U.S. chipmaker AMD to invest $400 mln in India by 2028
[1/2]FILE PHOTO-A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo GANDHINAGAR, India, July 28 (Reuters) – U.S. chipmaker Advanced Micro Devices (AMD.O) said on Friday it will invest around $400 million in India over the next …
Read More »Disney’s Hotstar India streaming service plans to limit account sharing -sources
NEW DELHI, July 27 (Reuters) – Walt Disney’s (DIS.N) India streaming service plans to start enforcing a policy of allowing its premium users to login from only four devices, an effort aimed at limiting password sharing in a key market, two sources with direct knowledge said. Disney’s plan comes just …
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