TATATECH

** India's Tata Technologies TATE.NS down 4.7% following large block deal

** Around 16 million shares, representing 3.95% stake in co, change hands, as per LSEG

** TPG Rise Climate, which holds 6.01% stake in TATE, likely seller, as per media report

** Shares sold at 676 rupees, a discount of 4.2% to Monday's closing price

** YTD, TATE down 25.6%

(Reporting by Vivek Kumar M)

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BENGALURU, April 25 Reuters - Diary of India economic, corporate events on April 25

ECONOMIC, CORPORATE .BSE500 EVENTS:

(Compiled by Bengaluru Newsroom)

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Jan 31 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - REPORTS RANSOMWARE INCIDENT AFFECTING IT ASSETS

• TATA TECHNOLOGIES LTD - IT SERVICES WERE TEMPORARILY SUSPENDED AND NOW RESTORED

• TATA TECHNOLOGIES LTD - CLIENT DELIVERY SERVICES REMAIN FULLY FUNCTIONAL AND UNAFFECTED

Source text: ID:nNSE4HfLzn

Further company coverage: TATE.NS

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Jan 21 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES Q3 CONSOL NET PAT 1.69 BILLION RUPEES; IBES PROFIT EST. 1.61 BILLION RUPEES

• TATA TECHNOLOGIES Q3 CONSOL REVENUE FROM OPERATIONS 13.17 BILLION RUPEES; IBES EST. 13.11 BILLION RUPEES

Source text: ID:nBSE3jFYPk

Further company coverage: TATE.NS

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Jan 7 (Reuters) - Tata Technologies Ltd TATE.NS:

• CO AND TELECHIPS SIGN MOU

• COLLABORATION TO FOCUS ON ADAS, AUTOMOTIVE COCKPIT, GATEWAY CONTROLLERS

Source text: ID:nBSE9sslbb

Further company coverage: TATE.NS

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Nov 20 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - SIGNS MOA FOR ITI UPGRADE PROJECT IN TRIPURA

• TATA TECHNOLOGIES LTD - TOTAL CONTRACT VALUE 956.5 MILLION RUPEES EXCLUDING GST

Further company coverage: TATE.NS

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Oct 28 (Reuters) - Tata Technologies Ltd TATE.NS:

• Q2 CONSOL NET PAT 1.57 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 12.96 BILLION RUPEES

Source text: ID:nNSE5Qts56

Further company coverage: TATE.NS

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Oct 11 (Reuters) -

• NOEL TATA APPOINTED CHAIRMAN OF TATA TRUSTS - CNBC TV18

Source text for Eikon: [ID:]

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By Tanvi Mehta

NEW DELHI, Oct 10 (Reuters) - Hundreds of people, including corporate leaders, politicians and celebrities, gathered in Mumbai on Thursday to pay their last respects to one of India's most respected business tycoons, Ratan Tata, who died aged 86.

Known for his exemplary business acumen and philanthropic nature, as chairman he led various companies under the Tata conglomerate for more than 20 years, which had revenue of $165 billion in 2023-24.

Although in recent years Tata was not as active in the day-to-day running of the group, he was consulted on big decisions by the Tata Sons leadership, a senior company executive told Reuters.

Tata had been in a Mumbai hospital since Monday, but the cause of his death was not immediately made public.

After his death, tributes poured in from around the world, underlining his popularity that transcended boundaries and generations.

"India and the world have lost a giant with a giant heart," U.S. ambassador to India Eric Garcetti said on X.

"He ... was instrumental in mentoring and developing the modern business leadership in India. He deeply cared about making India better," Google GOOGL.O Chief Executive Sundar Pichai said.

Draped in the Indian national flag, Ratan Tata's body was kept at a cultural centre in Mumbai, and his funeral will be conducted later in the day with full state honours.

India's central bank governor Shaktikanta Das, Tata Sons Chairman N. Chandrasekaran and Aditya Birla Group Chairman Kumar Mangalam Birla were among early visitors to pay their last respects to the Padma Vibhushan awardee - India's second-highest civilian honour.

A licensed pilot who would occasionally fly the company plane, Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.

"We will remember his legacy of transformative giving to Cornell," his alma mater Cornell University said on X, calling Tata their most generous international donor.

(Reporting by Tanvi Mehta; Editing by Michael Perry)

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Oct 9 (Reuters) - Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, Tata Group said in a statement late on Wednesday. He was 86.

(Reporting by Abhirup Roy and Gursimran Kaur; Editing by Edwina Gibbs and Chris Reese)

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Oct 8 (Reuters) - Tata Technologies Ltd TATE.NS:

• BMW HOLDING B.V. COMPLETED INVESTMENT IN SHARE CAPITAL OF BTIPL

Source text for Eikon: [ID:]

Further company coverage: TATE.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 20(Reuters Breakingviews) - Prime Minister Narendra Modi has spent much of the past decade lowering barriers to foreign investment in India. Yet a growing list of firms including BlackRock BLK.N, BMW BMWG.DE and Shein are expanding in the country in partnership with local tycoons. It tightens the grip powerful families have on the world’s fifth-largest economy, and sets them up as future global rivals to those knocking on their door.

On paper, the once-markedly socialist country is open for business. Its craving for capital is strong. Overseas companies in most sectors are free to enter the market on their own, unlike in China, where large swathes of the economy were kept off limits and where some sectors, like autos, were opened up on the condition that foreign companies found local partners.

The problem is, India’s federal political system and sheer cultural and geographical diversity means it remains a tricky place for international companies. Powerful families offer a shortcut to establishing a nationwide footprint, avoiding cut-throat domestic competition, or achieving both of those things.

BlackRock’s decision to re-enter India exemplifies the dilemma. The company run by Larry Fink, which manages over $10 trillion, is in the process of teaming up with Mukesh Ambani’s Jio Financial Services JIOF.NS in asset and wealth management. The U.S. company exited an Indian joint venture with DSP in 2018 because it didn’t have a path to control.

Fink is unlikely to have a path to control with Jio but the rapid financialisation of savings in recent years means the market is too attractive for BlackRock to ignore. Partnering with a tycoon is less risky for the U.S. company than trying to beat India’s richest man who wants to push into financial services and is known for obliterating competition.

The desire of foreign companies to defend their market position in India partly explains their rush to subscribe to fundraisings by Reliance’s RS.N business units in 2020. These include Facebook-owner Meta Platforms' META.O $5.7 billion purchase of a 10% stake in Reliance’s digital and telecoms business. India remains open for U.S. Big Tech but Indian companies are also flexing their muscles more in digital businesses from telecoms to e-commerce as more Indians get smartphones.

Elsewhere, New Delhi is encouraging partnerships through subsidies in its flagship production-linked incentive scheme to spur manufacturing. This allows the government to dictate which foreign companies team up with which Indian families to be the next leaders in future industries.

Taiwan’s Hon Hai Precision Industry 2317.TW, more widely known as Foxconn, pulled out of a joint venture last year to make chips with Anil Agarwal’s Vedanta VDAN.NS after widespread concerns about the Indian company’s debt and its ability to fund investments. Meanwhile, global companies like French oil giant TotalEnergies TTEF.PA are burnishing their green credentials by partnering with Indian tycoon Gautam Adani, who has big ambitions in renewable energy. Smoother access to subsidies is one reason companies including Japan’s Fujifilm 4901.T are scouting for local partners before they start production in India.

It’s significant that many of the new partnerships are in the realm of technology. Adani’s group will work with Israel’s Tower Semiconductor TSEM.TA to build a chip fabrication plant; German carmaker BMW and Tata Technologies TATE.NS plan to leverage Indian talent in IT to develop intellectual property that will drive cars of the future.

While India’s approach to inward investment differs from China’s in many ways, the country desires the same thing as its neighbour wanted from foreign multinationals: know-how.

The government yearns for the South Asian nation to become a manufacturing powerhouse. India’s leading business families also want to dominate in their home market and to break out as leaders on the global stage. After picking up a stake in UK telecom operator BT BT.L last month, Bharti Enterprises Chair Sunil Bharti Mittal told journalists India's government is continuously encouraging a handful of companies which have gone global to accelerate the process.

That sets up the potential for at least some of the new Indian alliances to sour, just as several Chinese joint ventures did. True, some foreign companies that ventured into the People’s Republic simply failed to keep up with fast-changing local consumer preferences. Others, though, said they were pressured into handing over technology to their private or state-backed joint venture partners, to local officials or to Chinese regulators as a condition for doing in business in the world’s second-largest economy.

That complaint took centre stage in a trade war launched in 2018 by then U.S. President Donald Trump. When Stellantis STLAM.MI ended its joint venture with Guangzhou Automobile Group 601238.SS in 2022, the European carmaker’s CEO Carlos Tavares blamed rising “political influence” in doing business with partners in China.

It is therefore perhaps unsurprising that Chinese companies have the least freedom to operate on their own in India. The government turned up the heat on companies from the People’s Republic after a deadly skirmish between the two countries’ militaries along the Himalayan border in 2020. This tension has resulted in some particularly eye-catching joint ventures struck by Chinese companies that want to continue to expand in the fast-growing Indian market.

Four years after New Delhi banned Shein’s app, the fast-fashion company which was founded in China is back in partnership with Ambani’s $240 billion Reliance Industries. Together they plan to digitise the supply chains of the conglomerate’s retailer, manufacture goods and export them to the world. Similarly, less than two years since India launched an investigation into a local unit of Chinese automotive giant SAIC Motor 600104.SS, the company finalised a joint venture in March to sell its MG-branded cars in partnership with Sajjan Jindal’s JSW Group.

New arrivals at least have some examples of successful foreign joint ventures in India to aspire to. Take $46 billion Maruti Suzuki MRTI.NS, purveyor of 40% of the country’s cars. This partnership with Japan’s Suzuki Motor 7269.T has delivered yearly returns to shareholders over the past decade, including dividends, which exceed those of the benchmark Nifty 50 Index. Meanwhile, Adani Wilmar ADAW.NS, the Adani group’s partnership with Singapore’s Wilmar WLIL.SI, established a quarter of a century ago, is behind India’s largest selling edible oil brand.

Outside of joint ventures, some foreign companies have had more luck than others on their own in India. South Korea’s Samsung 005930.KS has had remarkable success selling smartphones and held a leading position in the consumer electronics market for a long time, but British telecom operator Vodafone VOD.L struggled with a price war and merged with India’s Idea Cellular in 2018. Whether or not India is open for business, foreign business alliances are accumulating even more power in the hands of the country’s leading tycoons.

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(Editing by Una Galani and Ujjaini Dutta)

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** Shares of Tata Technologies TATE.NS up 2.7%; among top gainers in Nifty mid-cap index .NIFMDCP100

** About 2.5 mln shares changed hands in multiple block deals as per LSEG

** Overall 13.3 mln shares change hands, sees most active session so far this year

** Stock down 12.7% YTD, eighth top loser in mid-cap 100 index, which is up 27.4%

(Reporting by Sethuraman NR in Bengaluru)

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BENGALURU, July 18 (Reuters) - India's Tata Technologies TATE.NS reported a 15% fall in first-quarter profit on Thursday, hurt by declining revenue from its services segment and higher expenses.

The company, which provides engineering and technology services to auto, aero and heavy machinery makers, said its consolidated net profit after tax declined to 1.62 billion rupees (around $19 million) in the quarter ended June 30 from 1.92 billion rupees earlier.

Analysts' notes point towards a heavy dependence on client orders, including from major ones such as parent Tata Motors - which dominates India's small but growing EV market - and Vietnamese EV company VinFast 0TL.F.

Revenue from VinFast, however, declined in the preceding quarters, with analysts saying the effects of the cut would have "bottomed out" in the April-June quarter.

Tata Technologies' profit fell 27% in the quarter ended March 31 due to similar reasons.

Revenue from its services segment fell 0.5% in the quarter, while its smaller technology solutions segment's revenue grew 6%.

Overall revenue for the June quarter rose just 0.3%, and, together with a 12% rise in expenses, hit the company's bottomline.

While the company did not provide a breakdown of the revenue decline from VinFast, CEO and Managing Director Warren Harris said in a statement that the VinFast transition is now largely behind and added he expects the sequential revenue growth in the services business to accelerate from the current quarter.

The June quarter marks the third quarterly earnings for the Tata Motors TAMO.NS unit, which went public in a smashing debut in November at a valuation of $6.4 billion.

($1 = 83.6130 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman )

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June 18 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES COLLABORATES WITH MICROSOFT AND TATA MOTORS

Source text for Eikon: ID:nBSE13GmmN

Further company coverage: TATE.NS

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** Shares of Tata Technologies TATE.NS fall as much as 5% to 1,032.70 rupees; last down 3.5%

** The engineering and technology services provider reports a 27.4% fall in March-qtr consol net profit

** TATE on track for second straight session of losses, with trading vol on the day already equal to 30-day avg

** Avg rating of 7 analysts is "sell" on TATE; median PT is 920 rupees -LSEG data

** Stock down ~11% YTD, had lost 10% in 2023

(Reporting by Dimpal Gulwani in Bengaluru)

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May 3 (Reuters) - Tata Technologies Ltd TATE.NS:

• MARCH-QUARTER CONSOL NET PAT 1.57 BILLION RUPEES VERSUS 2.17 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 13.01 BILLION RUPEES VERSUS 14.02 BILLION RUPEES

• DIVIDEND 8.4 RUPEES PER SHARE

• RE-APPOINTMENT OF WARREN KEVIN HARRIS AS CEO AND MANAGING DIRECTOR

• SPECIAL DIVIDEND OF 1.65 RUPEES PER SHARE

Further company coverage: TATE.NS

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Adds analyst comment in paragraphs 5-6

By Rama Venkat

BENGALURU, April 12 (Reuters) - Bharti Hexacom's shares BHAX.NS surged 54.4% in their trading debut on Friday, beating analysts' expectations and valuing the Indian telecom operator at 440 billion rupees ($5.28 billion).

The stock opened at 755 rupees, subsequently climbing to 880 rupees. Analysts had expected the stock to list at a 10%-15% premium on its initial public offering price of 570 rupees.

So far in 2024, 64 Indian companies have gone public, raising $2.31 billion cumulatively, compared with 42 companies that $170.6 million in the same period last year, according to LSEG data.

Seventeen of the 64 companies that went public did so on the main stock exchange. Among them, Hexacom's trading pop was the second biggest so far this year. Indian EV charger maker Exicom Tele-Systems' EXIC.NS 93.3% surge on its trading debut in March was the biggest this year.

"The listing is beyond expectations and the movement thereafter even more surprising," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

"While Hexacom's IPO price was at a discount compared to what Airtel trades at, after the rise on the debut day, the companies seem to be at a similar valuation based on earnings, said Kejriwal. "One would wonder whether it makes sense to buy Hexacom or Airtel."

Billionaire Sunil Mittal-led Bharti Airtel BRTI.NS, India's No.2 telecom operator by subscribers, owns 70% of Bharti Hexacom. Bharti Airtel shares fell 0.4% at 1,224.55 rupees.

While the parent company operates across India, Bharti Hexacom offers mobile, broadband and fixed-line telephone services under the "Airtel" brand in the northwestern state of Rajasthan and some parts of northeastern India.

The 42.75-billion rupee IPO, the country's largest public issue in a year, was oversubscribed 29.88 times last week.

The Tata Group's Tata Technologies TATE.NS and JSW Group's JSW Infrastructure JSWN.NS also had strong debuts late last year, surging 180% and 32.2%, respectively.

($1 = 83.3750 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Pranav Kiran

BENGALURU, April 9 (Reuters Breakingviews) - India’s technology sector is primed for an artificial intelligence boost. Companies like BMW BMWG.DE are deepening their ties with the country’s IT and engineering services firms. That will help India take a bigger share of the global $4 trillion digital services trade.

Global firms are shifting focus to develop artificial intelligence capabilities and are relying more on their Indian offices to do so. Nearly 300,000 employees across U.S. tech companies were laid off in 2022 and 2023 according to Crunchbase research. Meanwhile, India-based roles formed a larger share of total hiring at tech titans like Alphabet GOOGL.O, Microsoft MSFT.O, Meta META.O and Amazon AMZN.O, as per data from staffing firm Xpheno. The country has over 50% share in the market known as global capability centres.

Those jobs are mostly back-office IT, finance, accounting and HR operations. But Indian workers are doing more complicated and higher-value tasks such as engineering research and development. Canadian insurer Sun Life Financial SLF.TO, for instance, relied on its local Indian office to develop AI tools, according to consulting firm Zinnov. BMW and outsourcing firm Tata Technologies TATE.NS recently formed an auto software joint venture in Pune, Bengaluru and Chennai. By 2026, companies are expected to hire more than a million data science and AI workers in the country, according to industry lobby Nasscom. That should boost India's exports of software, valued at $320 billion, or 11% of the global total.

It helps that the country has the biggest talent pool of data science and AI workers after the United States, according to Nasscom and consulting firm Draup. Moreover, the supply of general software engineers jumped 15% to 3 million in 2022, putting the country nearly on par with China, and at much cheaper costs.

All this bodes well for the country's IT outsourcing sector, which accounts for 7.5% of India's GDP. Shares of industry leaders Tata Consultancy Services TCS.NS and HCL Technologies HCLT.NS have rallied over 23% and 38% respectively in the past year. The latter's stock now trades on 23 times forecast next 12-months earnings, per LSEG data, well above its five-year average of 18 times.

With global CEOs increasing spending in all things AI-related, India's tech engine is primed for a upgrade.

Follow @PranavKiranBV on X

CONTEXT NEWS

The BMW Group and Tata Technologies announced on April 2 that they have signed an agreement to form a joint venture to establish an automotive software and IT development hub in Pune, Bengaluru and Chennai.

(Editing by Robyn Mak and Katrina Hamlin)

((For previous columns by the author, Reuters customers can click on KIRAN/
[email protected]; Reuters Messaging: [email protected]@reuters.net))

Adds background, details in paragraphs 2, 5-9

BENGALURU, April 2 (Reuters) - BMW Group BMWG.DE and Tata Technologies TATE.NS will form a joint venture to develop automotive software for the German luxury carmaker, the Indian engineering services company said on Tuesday.

India is a software development hub for global automakers and auto parts makers including Volvo VOLVb.ST and Magna International MG.TO, while also witnessing rising investments from companies including Toyota Motor 7203.T and Mercedes Benz MBGn.DE to boost production.

The BMW-Tata Technologies venture, the first partnership between the two, will develop automotive software for automated driving and the dashboard system among other features, the Tata company said but didn't disclose any financial details of the agreement.

The BMW Group and Tata Technologies will each hold a 50% stake in the newly-formed company, it added.

BMW has a manufacturing plant in the southern Indian city Chennai, and gets its engines in the country from Force Motors FORC.NS, while TVS Motor TVSM.NS helps make the German company's motorcycles.

The joint venture will operate in Chennai, Bengaluru, and Pune and will commence operations with 100 employees, Tata Technologies said.

Tata Technologies, a unit of India's top carmaker by revenue Tata Motors TAMO.NS, provides engineering and technology services to auto, aero and heavy machinery firms including Honda 7267.T, Ford F.N and Airbus AIR.PA.

Its shares were up more than 7% after the announcement, before trimming some gains.

The company went public in November last year to become the first Tata Group company to launch an initial public offering in nearly two decades. Its shares have more-than-doubled from its listing price.

(Reporting by Varun Hebbalalu in Bengaluru; Editing by Savio D'Souza and Rashmi Aich)

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BENGALURU, Jan 25 (Reuters) - India's Tata Technologies TATE.NS reported a near-15% climb in profit in its first results since going public, helped by strong demand from the automobile sector.

The unit of Tata Motors TAMO.NS reported a consolidated net profit of 1.70 billion rupees ($20.5 million) for the quarter ended Dec. 31, compared to 1.48 billion rupees a year ago.

The company, the first Tata Group entity to go public in nearly two decades, was valued at $6.4 billion in a smashing debut in November.

Tata Technologies provides engineering and technology services to auto, aero and heavy machinery makers.

Analysts at JM Financial said companies such as Tata Technologies stand to benefit from the automotive sector's push towards electrification and digitisation.

"We remain positive on customer spending in the automotive vertical as original equipment manufacturers continue to pivot towards electrification and other alternative propulsion systems. The aerospace industry is looking upbeat, with a good pickup in demand there," CEO Warren Harris said in a statement.

The company said it won five large deals in the quarter, including one contract valued at over $50 million.

Its revenue from operations rose 14.7% to 12.89 billion rupees, led by a 9.3% revenue growth in its services segment, which accounted for nearly 78% of revenue.

Meanwhile, expenses rose 14.5%, though it came in at a lower 10.85 billion rupees. The company attributed it mainly to higher purchases of technology solutions and employee-related expenses.

Shares of Tata Technologies closed marginally higher ahead of the results. Though they have fallen 12.8% since listing, they are still 129% higher than the initial public offer price of 500 rupees.

Rival KPIT Technologies KPIE.NS is set to report its results on Tuesday.

($1 = 83.0820 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Varun H K)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

BENGALURU, Jan 18 (Reuters) - Tata Technologies TATE.NS will invest 150 billion rupees ($1.80 billion) in the Indian state of Telangana to set up government-affiliated skilling centres, the state government said on Thursday.

The investment from the unit of Tata Motors TAMO.NS is the second commitment to the Telangana government in two days after the Adani Group announced a $1.49 billion investment on Wednesday.

Indian states have received a slew of pledges for investment from companies including Maruti Suzuki MRTI.NS in the past week at business events such as the Vibrant Gujarat Global Summit and the World Economic Forum.

Tata Technologies, which provides engineering services to auto, aero and heavy machinery makers, will set up skilling centres in 50 government-run industry training organisations.

The salt-to-aviation conglomerate also is close to announcing plans to build a semiconductor fabrication plant in Indian Prime Minister Narendra Modi's home state of Gujarat, Tata Sons' chairman said last week.

The latest investment is part of a larger commitment from Tata Group companies, such as Tata Consultancy Services TCS.NS and Tata Advanced Systems, to expand in the state.

"Tata Group is expanding its Air India fleet and has plans to increase both domestic and international connections from Hyderabad," the state government said in a statement.

It did not provide details on the other Tata investments.

($1 = 83.1150 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Sonia Cheema)

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By M. Sriram

MUMBAI, Dec 19 (Reuters) - Hopes of policy stability in India after victories for Prime Minister Narendra Modi's ruling party in key state polls this month should extend a boom in initial public offerings (IPO) into 2024 as companies rush to tap investor demand, bankers say.

The $6.8 billion raised by Indian IPOs so far this year is 16% less than in all of 2022, Dealogic data shows, but outperforms a plunge of 36%, to about $5 billion, in Hong Kong listings, which are set for their weakest year in two decades.

The victory of Modi's Bharatiya Janata Party (BJP) in three of four major Indian states gives it a boost ahead of general elections due by May, and expectations of stability will spur more fundraising in 2024, bankers said.

"The state election outcome was more positive than expected, and has given investors more conviction leading up to the final elections, boosting confidence," said Subhrajit Roy, India head of global capital markets for Bank of America.

At least five companies plan to raise $500 million each, or more, in India listings next year, including three backed by SoftBank - Ola Electric, retailer FirstCry, and food delivery firm Swiggy.

More than a dozen others, from lenders to drugmakers and technology firms, have hastened preparation work on IPOs after the state poll results, bankers say, without identifying them.

"Issuers are stepping up the pace on their listing timeline to tap the current market sentiment," said Mahesh Natarajan, Nomura India head of equity capital markets. "The number of deals in the pipeline has multiplied as compared to last year."

India's market benchmark Sensex .BSESN is up nearly 17% this year and stands at a record, after having risen for seven straight weeks until last week, in its longest winning run since January 2018.

India's market share of IPO volumes has also grown this year amid economic slowdown and geopolitical concerns in China and a slump in U.S. listings.

India's share of global IPO proceeds is at an all-time high of 5.98%, Dealogic says, almost doubling in two years, while its share of Asia IPO proceeds has also grown to 9.9% this year from 5.9% in 2018.

RECORD YEAR

The year's major new Indian listings included Mankind Pharma MNKI.NS, which raised $500 million in May, the same month that saw Nexus Malls NEXE.NS raise $400 million, while Tata Technologies raised $360 million in November.

The fundraising activity has also been boosted by domestic growth that has beaten estimates, along with upward revisions of economists' projections, making the country a rare bright spot for global investors.

"India's relevance to the world is ever-increasing, as one among the few economies continuing to outperform against a global slowdown," Nomura's Natarajan said.

Other IPO hopefuls in 2024 include Warburg Pincus-backed India First Life Insurance, which is eyeing a January listing, while National Securities Depository Ltd is targeting a listing in the first quarter, two sources with direct knowledge said.

Both companies, which received regulatory approval for their IPOs more than six months ago, did not respond to queries seeking comment.

Top bankers are seeing multiple pitches every week, and expect the momentum to continue into 2024.

"This is the most momentum we have seen in at least 18 months ... all the signs are there for a record year (in 2024). India's bullishness seems given today," Bank of America's Roy said.

($1=83.1930 Indian rupees)

(Reporting by M. Sriram in Mumbai; Additional reporting by Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Clarence Fernandez)

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The author is a Reuters Breakingviews columnist. The opinions expressed are their own. Refiles to fix Capital Calls list.

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. The deal was expected to raise less than $500 million: that would potentially nearly double the total Chinese issuance stateside so far this year, per Dealogic.

Zeekr’s timing wasn’t bad. Its prospectus was published in November, when global stocks recorded their best performance since 2020. It was the same month President Xi Jinping and his American counterpart Joe Biden met and put a floor under the Sino-American relationship. Globally, investors remain keen on the sector too. Tesla’s TSLA.O shares are up 95% this year and those of Tata Technologies TATE.NS, an EV servicing firm, nearly tripled on their debut in Mumbai this week.

Yet Zeekr may have struggled to match the $13 billion valuation it achieved in a February funding round because its growth hinges on expansion into Europe and the United States, where policymakers are increasingly wary of Chinese carmakers gaining traction. Other China-linked names expanding rapidly around the world and planning public debuts like fast-fashion giant Shein will take note. (By Katrina Hamlin)

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BENGALURU, 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.

The benchmark Nifty 50 index .NSEI was up 0.1%.

($1 = 83.3040 Indian rupees)

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

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

By Rama Venkat

BENGALURU, 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.

The bids were roughly 69.43 times the issue on offer, according to stock exchange data.

"The oversubscriptions, even as the size is not very large, is a positive factor and this shows that if an issue is well priced, leaving something on the table, investors are willing to invest," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

This is the first Tata group company IPO since Tata Consultancy Services TCS.NS in 2004. The company will make its trading debut on Nov. 30.

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.

Other listings this week included Fedbank Financial Services, Flair Writing Industries, Indian Renewable Energy Development Agency, and Gandhar Oil Refinery. They were oversubscribed between 2.20-64.07 times.

India has seen 196 IPOs so far in 2023, a record both at home and compared with any other country. The domestic equity market has hit record highs this year as India's economic growth prospects and a vast consumer base make it an attractive destination for companies and investors.

Kejriwal expects this momentum to continue in the coming months.

"There seems to be an appetite for IPOs as there are many in the pipeline. There is money. As long as people get the pricing right, there should be no concern," he added.

($1 = 83.2440 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

** Tata Technologies' IPO oversubscribed 13.79x as of 4 p.m. IST on Thursday, the second day of bids

** IPO was oversubscribed 6.54x on Wednesday, the most among the five IPOs launched this week

** Investors subscribe for over 621 mln shares vs 45 mln on offer, fetching bids worth 310.5 bln rupees ($3.73 bln), per exchange data

** Tata Tech stakeholders, incl parent Tata Motors TAMO.NS, selling shares worth up to 30.43 bln rupees in IPO

** Tata Tech valued at 202.83 bln rupees at top end of 475-500 rupees price band

** IPO to close for bids on Fri; Stock will list on Nov. 30

($1 = 83.2440 Indian rupees)

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

Updates subscription details in paragraph 3, 4

By Rama Venkat

BENGALURU, Nov 22 (Reuters) - India's Tata Technologies' 30.43 billion-rupee ($366 million) initial public offering on Wednesday was oversubscribed more than the other four IPOs this week, signalling strong demand for the Tata Group's first public float in nearly two decades.

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 the price band of 475-500 rupees.

Investors bid for about 294.4 million shares - worth about 147.19 billion rupees ($1.77 billion) - by the end of the first day of bids. This was roughly 6.54 times the issue on offer, stock exchange data showed.

The other IPOs launched this week were from Fedbank Financial Services, Flair Writing Industries, Indian Renewable Energy Development Agency and Gandhar Oil Refinery. They have been oversubscribed between 0.38-5.52 times so far.

Investor focus, however, is on Tata Technologies as it is the first Tata group company to go public since Tata Consultancy Services TCS.NS in 2004.

"Everybody wants to have a share of the pie" of the "most-hyped issue this week," said Arun Kejriwal, founder of Kejriwal Research and Investment Services. "However, ... the offering is not very large."

India has had 194 IPOs so far this year, smashing records for the most number of offerings at home and globally, at a time when the domestic equity market has surged to all-time highs on economic growth prospects and a vast consumer base, making it an attractive destination for companies and investors.

Tata Technologies' stakeholders, including parent Tata Motors TAMO.NS, are selling shares worth up to 30.43 billion rupees in the IPO. The company is not issuing fresh shares.

The IPO will close for bids on Friday and the company will make its trading debut on Nov. 30.

($1 = 83.2440 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema, Savio D'Souza and Janane Venkatraman)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))

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.

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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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[email protected]; Reuters Messaging: [email protected]@reuters.net))

Recasts with analyst's comment, details

By Rama Venkat

BENGALURU, Nov 16 (Reuters) - India's 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 Thursday, valuing the first Tata Group company to go public in nearly two decades at roughly $2.5 billion.

India has had a record 194 IPOs so far this year, during which the stock market has hit record highs as the country's economic growth prospects and a vast consumer base make it an attractive prospect for companies and investors.

Tata Technologies, which provides engineering and technology services to auto, aero and heavy machinery makers, will be worth 202.83 billion rupees at the upper end of the price band, less than most of its peers.

However, it is fairly valued on a price-to-earnings (PE) basis, said analysts.

"They seem to have got the math right with respect to the IPO price band," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

Kejriwal estimates Tata Technologies' PE is 30-32, while its peers such as fellow Tata group firm Tata Elxsi, KPIT Technologies KPIE.NS and L&T Technology Services LTEH.NS have a PE of 38 to 100.

Tata Technologies 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 last week.

Tata Motors TAMO.NS 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 last Tata group company to go public was Tata Consultancy Services TCS.NS in 2004. It is now the country's top IT services firm.

Tata Technologies's consolidated profit jumped about 36% to 3.52 billion rupees in the half-year ended Sept. 30, while its revenue rose nearly 34%.

BofA Securities India and JM Financial are the lead managers for the IPO.

($1 = 83.2330 Indian rupees)

(Reporting by Rama Venkat in Bengaluru and Scott Murdoch in Sydney; Editing by Sohini Goswami and Savio D'Souza)

(([email protected]; https://twitter.com/ramavenkat0607; +91 8095218099;))