KPITTECH

** Indian automotive tech firm KPIT Technologies KPIE.NS jumps 4.2% to 1,257 rupees

** Co said Qualcomm Ventures, the venture capital arm of Qualcomm QCOM.O, will become minority shareholder in KPIE's joint venture company Qorix GmbH

** Qorix GmbH is KPIE's JV with German technology manufacturing company ZF Friedrichshafen ZFF.UL

** Qualcomm Ventures will have an option to increase shareholding in JV by up to 10 million euros ($10.9 million), it did not disclose the initial shareholding details

** KPIE stock is rated "buy" on avg, median PT at 1,580 rupees - data compiled by LSEG

** KPIE down ~18% YTD

($1 = 0.9189 euros)

(Reporting by Manvi Pant in Bengaluru)

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March 14 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• QUALCOMM VENTURES IS INTRODUCED AS THIRD SHAREHOLDER IN QORIX GMBH

• QUALCOMM HAS OPTION TO INCREASE SHAREHOLDING IN QORIX UP TO EURO 10 MLN

Further company coverage: KPIE.NS

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** KPIT Technologies KPIE.NS, which provides software to auto industry, rises 6.1% to 1,422.4 rupees; set to snap three-session losing streak

** J.P. Morgan maintains "overweight"; retains PT of 1,900 rupees, implying a 42% upside over the next 12 months

** Expects KPIE to rise again, log fastest rev growth in its coverage of tech companies over FY24-FY27

** Says exposure to automotive vertical, EVs to boost earnings

** KPIE down ~18% since October on lowering FY25 rev outlook

** Stock rated "buy" on avg, median PT is 1,850 rupees - LSEG

** KPIE down 5.7% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

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Oct 23 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• SEPT-QUARTER CONSOL NET PROFIT 2.04 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 14.71 BILLION RUPEES

Source text for Eikon: ID:nNSEWZSLT

Further company coverage: KPIE.NS

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Oct 18 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• VOLUNTARY LIQUIDATION OF SUBSIDIARY PATHPARTNER TECHNOLOGY GMBH

Source text for Eikon: ID:nNSE96C4t

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April 29 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• EXPECT FY25 REVENUE GROWTH BETWEEN 18% AND 22%

Source text for Eikon: ID:nNSE6Ff0c

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Jan 30 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.55 BILLION RUPEES VERSUS PROFIT 1 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.57 BILLION RUPEES VERSUS 9.17 BILLION RUPEES

Source text for Eikon: ID:nBSE7dgX0n

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Dec 22 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• ACQUIRED 13% SHAREHOLDING IN N-DREAM FOR EURO 2.7 MILLION AS PRIMARY INVESTMENT

Further company coverage: KPIE.NS

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Updates with closing levels in paragraph 1, 4

By Rama Venkat

BENGALURU, Nov 30 (Reuters) - Shares of India's Tata Technologies TATE.NS settled nearly three-fold higher on their trading debut on Thursday, valuing the first Tata Group company to go public in nearly two decades at 532.64 billion rupees ($6.4 billion).

The Tata Motors' TAMO.NS unit, which provides engineering and technology services to auto, aero and heavy machinery makers, beat the valuation of its peers like KPIT Technologies KPIE.NS and L&T Technology Services LTEH.NS.

Tata Technologies' listing-day gains were also among the best since 2021-end, according to LSEG data and analysts.

The shares surged past the initial public offer price of 500 rupees to debut at 1,200 rupees before hitting the day's high of 1,400 rupees and ending 163% higher at 1,313 rupees.

"The listing was beyond imagination... and post that, the rally to 1,400 rupees was even more unexpected," Arun Kejriwal, founder of Kejriwal Research and Investment Services, said, adding that short-term investors could book profits.

The company's future earnings through a part of financial year ending March 2025 appear to have been discounted at the current valuation, Kejriwal added.

Tata Technologies' valuation has topped that of its peers KPIT Technologies, L&T Technology Services and sister Tata Group company Tata Elxsi TTEX.NS, which are valued between 409 billion rupees and 514 billion rupees.

IT services provider Tata Consultancy Services TCS.NS, which listed in 2004, was the last Tata Group company to go public.

India has seen a record 201 IPOs so far this year, while share benchmarks have scaled record highs on improving economic growth prospects.

Shares of the other stock market debutantes on Thursday, Fedbank Financial Services FEDB.NS and Gandhar Oil Refinery GADH.NS, closed 0.2% and 78.3% higher, respectively.

Pharmaceutical company Sigachi Industries SIGC.NS and Paras Defence & Space PRAF.NS had climbed as high as 270% and 171%, respectively, on listing in 2021, Aditya Kondawar, Vice President of Complete Circle Capital, said.

($1 = 83.3520 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Mrigank Dhaniwala)

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Nov 29 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• UNIT PATHPARTNER RECEIVED DRAFT ORDER FROM INCOME TAX DEPARTMENT ON NOV 28

• DRAFT ORDER ON MAKING TRANSFER PRICING ADJUSTMENT TO TUNE OF 56.8 MILLION RUPEES FOR A.Y. 2021-22 TO INCOME OF UNIT

• CO FEELS THERE MAY NOT BE ANY IMPACT ON POSSIBLE FINANCIAL, OPERATION OR OTHER ACTIVITIES

Source text for Eikon: ID:nBSE8Dzhpj

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** India's KPIT Technologies KPIE.NS shares down 5.4% to 1,536 rupees, their worst intra-day fall since July 21

** Stk has rallied 36% over past month without major fundamental catalyst, Kotak Institutional Equities said in a note

** Kotak says co's valuations excessive at 59X FY2025, "unrealistic" growth expectations embedded in stk price

** KPIT deserves premium valuations due to strong capabilities in high-growth area, but disagree with premium magnitude - Kotak

** Kotak's stk fair value at 940 rupees, keeps "sell"

** Near-term strength in automotive engineering, research and development spends adequately factored in stk price - Kotak

** Co lacks various software capabilities compared to pure play IT companies and need investments - brokerage

** Including Tuesday's loss, KPIT shares up 26% YTD

(Reporting by Nallur Sethuraman in Bengaluru)

(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Refiles to fix typo in second paragraph.

By Pranav Kiran

BENGALURU, Nov 17 (Reuters Breakingviews) - Slowly does it. Unlike many Indian drivers, Tata is not putting its pedal to the metal with the listing of Tata Technologies. The engineering firm, which serves the electric-vehicle industry, is priced well below its peers. That makes sense given the company’s dependence on a handful of clients, Indian stocks’ expensive valuations and a cooling in demand for EVs.

For its first initial public offering in nearly two decades, the salt-to-software conglomerate Tata group is taking a cautious approach. The listing of Tata Technologies will enable existing owners to sell their shares at a price valuing the company at $2.4 billion, or about 28 times its earnings for the 2023 financial year. That’s a discount to peers like KPIT Technologies KPIE.NS and Tata Elxsi TTEX.NS, which trade at much punchier multiples of 66 and 49 times, respectively.

In theory, Tata could have turbocharged the listing above the current $366 million it will fetch if its unit prices at the top of the range. EVs are clearly the future of the road and demand is expected to remain steady in the long run.

Cars are also adding more gadgets and receiving ever-increasing amounts of software. Globally, auto firms are set to spend $515 billion in as little as five years to develop and build battery-powered models, according to consulting firm Zinnov. Tata Technologies counts large makers like Vietnam’s VinFast VFS.O and Japan’s Honda Motor 7267.T among its clients. It helps them make vehicles lighter and manages the rollout of software updates, among other things.

Yet some caution is warranted. Tata Technologies started off as an in-house engineering services provider for Tata Motors TAMO.NS, the group’s $30 billion auto business. As a result, it’s still heavily dependent on a handful of clients. More than 60% of revenue from operations in the financial year ended in March came from just five companies, including Tata Motors, Jaguar Land Rover and VinFast. Widening its client base could take time.

The listing also comes as electric-car makers are cutting prices as demand cools. And the current price is already a premium on the near $2 bln valuation Tata Technologies fetched when private equity firm TPG picked up a 9% stake last month.

Finally, Indian stocks are expensive, making comparisons with peers slightly misleading. The MSCI India Index trades at 19.7 times 12-month forward earnings, above the MSCI Emerging Markets Index’s 11 times.

By picking a conservative price, Tata has increased the chances the IPO will not sputter.

Follow @PranavKiranBV on X

CONTEXT NEWS

Tata Technologies set a price band of 475-500 rupees per share for its initial public offering, per a term sheet and newspaper ad on Nov. 16.

Tata Motors and other shareholders will sell up to 60.9 million shares in the IPO, which will be open for bids from Nov. 21-24. The company will make its trading debut on Nov. 30.

The company was in talks with Morgan Stanley Investment Management, BlackRock and some U.S. hedge funds to invest in its IPO at a $2.5 billion valuation, Reuters reported on Nov. 9 citing two sources with direct knowledge of the matter.

(Editing by Francesco Guerrera and Thomas Shum)

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Nov 9 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• ACQUISITION OF 13% SHAREHOLDING IN N-DREAM AG

• INVESTMENT BY KPIT TO ACQUIRE 13% STAKE IS EURO 3 MILLION

Source text for Eikon: ID:nBSE2ygDDC

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Oct 30 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.41 BILLION RUPEES VERSUS 834.8 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 11.99 BILLION RUPEES VERSUS 7.45 BILLION RUPEES

Source text for Eikon: ID:nBSE9wDKSH

Further company coverage: KPIE.NS

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Sept 27 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• KPIT TECHNOLOGIES LTD - FURTHER INVESTED EUR 5 MILLION IN UNIT KPIT TECHNOLOGIES

Source text for Eikon: ID:nBSE9cnFBS

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July 25 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• INDIA'S KPIT TECHNOLOGIES JUNE-QUARTER CONSOL NET PROFIT 1.34 BILLION RUPEES VERSUS PROFIT 854.3 MILLION RUPEES

• KPIT TECHNOLOGIES JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 10.98 BILLION RUPEES VERSUS 6.86 BILLION RUPEES

Source text for Eikon: ID:nBSE94SyWQ

Further company coverage: KPIE.NS

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** Shares of KPIT Technologies KPIE.NS rises as much as 4.78% to a record-high of 948.80 rupees

** Shares rose over 6% on Wednesday due to 42% growth in Q4 net profit, revenue soared by 56% for the qtr

** KPIE also recommended a final dividend of 2.65 rupees per share for FY2023

** The moving average convergence divergence (MACD line) reversed above the signal line on Wednesday, suggesting bullish bias after co's earnings

** About 3.44 mln shares change hands as of 12:35 p.m. IST, more than the 30-day avg of 3.43 mln shares - Refinitiv data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

April 26 (Reuters) - KPIT Technologies Ltd KPIE.NS:

• MARCH-QUARTER CONSOL NET PROFIT 1.12 BILLION RUPEES VERSUS 788.8 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.17 BILLION RUPEES VERSUS 6.52 BILLION RUPEES

• DIVIDEND 2.65 RUPEES PER SHARE

Source text for Eikon: ID:nBSE7jy1pT

Further company coverage: KPIE.NS

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