Torrent Gas Is Said to Consider $450 Million IPO in Mumbai
The company, which is the city gas distribution unit of Torrent Group, has invited investment banks to pitch for roles in the planned share sale, said the people, who asked not to be identified because the information is private. An IPO could value Torrent Gas at around $3 billion, depending on how global trade tensions play out, they said.
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Wall St futures steady, chip stocks slip on China sales deal
(Reuters) -U.S. stock index futures were little changed on Monday as investors geared up for a busy week, while major chip companies seemed caught in the middle of the latest twist in trade policy ahead of a key tariff deadline with China. Semiconductor giant Nvidia dropped 1% in premarket trading and Advanced Micro Devices lost 2%. A U.S. official told Reuters that the companies had agreed to give the United States government 15% of revenue from the sales of their advanced computer chips to China, days after the Commerce Department began issuing licenses for the sale of Nvidia's H20 chips. Sale of the semiconductors was an integral issue in the U.S. agreement with China signed earlier this year and could strain the relationship between the two economies just before Tuesday's deadline for the deal's expiration. "The Trump administration reckons higher prices and snarled-up supply chains are an acceptable price to pay to encourage more U.S. manufacturing," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. "The unusual arrangement is another example of a mega tech company acquiescing to the U.S. administration's demands, to gain an upper hand as trade relations are redrawn." Markets also await clarity on the sector tariffs U.S. President Donald Trump has announced. At 05:45 a.m. ET, Dow E-minis were up 98 points, or 0.22%, with 7,922 contracts changing hands, S&P 500 E-minis were up 6.25 points, or 0.10%, and Nasdaq 100 E-minis were up 11.5 points, or 0.05%. Traders took breather after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect the recent shake-up at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. Tuesday's consumer inflation report will either cast more doubt or offer clarity for investors, who are currently anticipating the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season was also a relief and BofA's monthly fund manager survey showed that owning megacap stocks was once again the most popular trade. Apple was a standout last week following its biggest weekly showing in five years, after the iPhone maker unveiled a series of U.S. investment pledges. The company's shares were down 0.7% on Monday. Gene therapy developers fell, with Sarepta Therapeutics dropping 7.6% and Capricor Therapeutics declined 9% as Vinay Prasad, a fierce critic of U.S. COVID-19 vaccine and mask mandates, was expected to return to the Food and Drug Administration. Intel was up 1.6% and focus turned to a report that said CEO Lip-Bu Tan was expected to visit the White House after Trump called for his removal last week. In geopolitical news, Trump and Russia's President Vladimir Putin are expected to meet on Friday to try and negotiate an end to the Ukraine war, which could also affect the outlook for crude prices. [O/R]
Yahoo
2 minutes ago
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Merifund Capital Management Projects AI Growth in AMD
AMD's Q2 earnings miss overshadowed by strong AI roadmap, record revenue growth, and expanding partnerships with global hyperscalers SINGAPORE, SG / / August 11, 2025 / Merifund Capital Management notes that AMD's latest quarterly results highlight a critical juncture for the semiconductor industry, with the company balancing significant top-line growth against intensifying regulatory constraints. Revenue in the second quarter reaches USD 7.35 billion, representing a 32% year-over-year increase, yet adjusted earnings per share of USD 0.46 fall slightly short of consensus expectations of USD 0.47-0.49. Market reaction sees shares decline by approximately 6%, reflecting investor caution over export restrictions and earnings pressure. U.S. government measures introduced in April 2025 targeting AMD's MI308 data-centre GPUs effectively remove access to the Chinese market, resulting in an estimated USD 763.37 million in inventory and related charges for the quarter. Without these charges, AMD's non-GAAP gross margin would be close to 54%, compared with the reported 43.3%. Merifund Capital Management's analysis underscores that the company's accelerated transition to its next-generation GPU portfolio may provide a structural advantage as hyperscalers seek alternative suppliers. Segment performance presents a mixed picture. Data-centre revenue increases 14.3% year-over-year to USD 3.09 billion, client revenue rises 67.5% to USD 2.39 billion, and gaming revenue grows 73.2% to USD 1.07 billion, while the embedded segment declines 4.3% to USD 786.27 million. The strong performance in multiple business lines reinforces Merifund's view that AMD retains operational resilience despite geopolitical headwinds. The launch of the Instinct MI350 series this year delivers fourfold generation-on-generation AI compute gains and incorporates 288 GB of HBM3E memory with bandwidth reaching 8 TB/s. AMD's preview of its MI400 series for 2026 introduces a leap to 432 GB of HBM4 with 19.6 TB/s bandwidth, more than doubling memory capacity. Merifund's report highlights that this product trajectory positions AMD as a credible challenger in the high-performance AI accelerator space. Partnerships with OpenAI, Meta, and Microsoft support this assessment. OpenAI intends to deploy the MI350 series in production workloads, Meta is integrating MI300X GPUs into Llama 3 and Llama 4 inference, and Microsoft is making MI300X available through Azure. While Nvidia retains an estimated 85-92% market share, AMD's current position in the 8-14.3% range demonstrates its growing foothold. The total addressable market for AI accelerators is projected to exceed USD 477.11 billion by 2028. Merifund Capital Management estimates that even a 5% market share could push AMD's earnings per share above USD 8.59 within three years. The company's open ecosystem approach through the ROCm software stack is a differentiator, offering hyperscalers supply-chain diversification while optimising cost-to-performance metrics. Merifund Capital Management maintains that AMD's execution on its AI roadmap, coupled with strategic industry partnerships, provides clear visibility into scaling opportunities. The firm's view is that while quarterly results face near-term challenges, the long-term growth engine remains robust. About Merifund Capital Management Founded in 2010, Merifund Capital Management Pte. Ltd. (UEN: 201024554E) is a Singapore-headquartered hedge-fund management firm specialising in ESG-integrated investment strategies across traditional long-only asset and portfolio management, long/short equity, global macro, event-driven, and systematic trading. The firm strategically employs derivatives to optimise market opportunities while emphasising capital preservation, liquidity, and disciplined risk controls. Merifund serves accredited investors, family offices, foundations, and endowments, and is expanding its offering to retail investors. For additional information, visit or contact Tao Yang at media@ Media Contact: Contact Person: Tao Yang Company: Merifund Capital Management Pte. Ltd. Email: media@ Website: SOURCE: Merifund Capital Management View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 minutes ago
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Tata Motors sees 62% profit drop in Q1 amid JLR struggles and US tariffs
Jaguar Land Rover (JLR) parent Tata Motors has disclosed a significant drop in its quarterly net profit, primarily due to lower demand and the imposition of US trade tariffs. The automotive company recorded a net profit of Rs40.03bn ($456m) for the first quarter (Q1) of the FY2026, which is a 62% decrease from the Rs105.87bn ($1.2bn) reported in the corresponding quarter of the previous year. The company's consolidated revenue from operations also saw a dip, falling to Rs1.03tn in Q1 FY26, a 2.9% decline from Rs 1.06tn in the same quarter of the previous year. In response to these challenges, Tata Motors is concentrating on reinforcing the core aspects of its business and lessening the impact of tariffs by capitalising on brand strength and improving margins through targeted measures. Tata Motors Group chief financial officer PB Balaji said: 'As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. 'Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second half performance.' JLR reported a revenue of £6.6bn ($8.84bn) for Q1 FY26, a reduction of 9.2% year-on-year. The decline was attributed to new US trade tariffs and the planned phase-out of legacy Jaguar ICE models ahead of a relaunch for Jaguar as an all-electric brand in 2026. JLR's profit before tax plummeted by 49.4% to £351m, adversely affected by the US tariffs and foreign exchange headwinds. The company is focusing on strengthening business fundamentals to mitigate the impact of tariffs and improve contribution margins. JLR reported a 10.7% year-on-year decline in wholesale volumes for Q1 of FY26. The announcement of these financial results comes shortly after JLR's CEO, Adrian Mardell, left the company. Mardell said: 'Looking ahead, we remain focused on delivering our transformational Reimagine Strategy, including investing £3.8 billion this financial year to support the development of our next-generation vehicles, including our stunning new electric Range Rover and Jaguar models.' The commercial vehicle (CV) segment's revenue decreased by 4.7% to Rs170.09bn, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins improved to 12.2%. In the CVsegment, wholesale volumes decreased by 6%, with domestic volumes down by 9% year-on-year. However, exports saw a significant increase of 68%. The passenger vehicle (PV) segment experienced an 8.2% revenue drop to Rs108.77bn, with EBITDA falling to 4%. The PV segment's wholesale volumes fell by 10.1% to approximately 124,800 units, with electric vehicle penetration holding steady at 13%. "Tata Motors sees 62% profit drop in Q1 amid JLR struggles and US tariffs" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
