Hexaware's $1 Billion India IPO Gets Enough Bids to Go Ahead
The offering, which is raising funds for the owner Carlyle Group Inc., drew bids that were about 77% more than the number of available shares as of 2:25 p.m. in Mumbai, according to BSE Ltd.'s website. Carlyle holds 95% stake in the Indian software-services company, and aims to raise as much as 87.5 billion rupees ($1 billion).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
35 minutes ago
- Yahoo
ESPN swallowing NFL RedZone, Hulu getting integrated, and Wrestlemania: Disney's big streaming swings, explained
The streaming wars entered yet another new iteration on Wednesday as Disney announced a major change to the division that it calls direct-to-consumer: Disney+ will integrate Hulu's operations, transforming into something that looks a lot like the old linear TV bundle. As CEO Bob Iger told investors on the company's third-quarter earnings call, 'combining Hulu into Disney plus [will] create a unified app experience featuring branded and general entertainment, news, and sports resulting in a one of a kind entertainment destination for subscribers.' The night before Disney released its third-quarter earnings, the company confirmed it had struck a deal with its long-time partner in sports, the National Football League, an asset and equity swap that sees the NFL getting a 10% stake in Disney's ESPN division and ESPN/Disney acquiring several streaming assets from the NFL. The NFL's 10% stake in ESPN is valued between $2 billion and $3 billion, per estimates from Octagon. ESPN will gain the rights to three additional NFL games per season, previously broadcast by the NFL's own networks, meaning more of America's highest-rated TV show, live football, will be Disney's as the company fortifies its streaming war chest. Disney has been reconstructing ESPN to survive the decline of linear TV with the launch of a standalone streaming service, and it will now plug in content beloved by football fanatics: the NFL Network, NFL RedZone distribution rights, and NFL Fantasy Football. In streaming, Netflix and Amazon have each acquired more NFL rights over recent years, so Disney's move shows its playing defense and some offense, too, on this front. Disney also announced an expanded agreement with the WWE, another recent Netflix partner, which subsequently emerged as a $1.6 billion deal that will make Disney the home of the marquee event, Wrestlemania. Iger said on the earnings call that ESPN 'will be the exclusive home for WWE Premium Live Events, further expanding ESPN's rights portfolio.' On Disney's plans in this area, Iger added Disney is 'building ESPN into the preeminent digital sports platform with our highly anticipated direct to consumer sports offering.' Disney revealed in its earnings that the sports division, anchored by ESPN, saw revenue fall 5% to $4.3 billion, mainly because of higher NBA and college-sports rights fees. Segment profit, however, soared 29% to $1 billion as a merger in its Indian unit took some losses off its balance sheet. Streaming profitable amid linear TV, movie studio decline Overall, third-quarter earnings showed resilience in key business segments for Disney such as streaming and theme parks, even as its traditional TV and film studio divisions showed fatigue. Total revenue for the quarter ending June 28 rose 2% year-over-year to $23.7 billion, just under Wall Street forecasts, while adjusted earnings per share climbed 16% to $1.61, surpassing analyst expectations of $1.47. Net income before taxes rose 4% to $3.2 billion. A headline achievement for Disney was the solid performance of its streaming business, which posted a 6% revenue increase to $6.2 billion and achieved operating profit of $346 million—a substantial turnaround from a $19 million loss reported in the same quarter last year. Subscriber metrics reflected steady gains, with Disney+ ticking up 1% quarter-over-quarter for a total of 128 million and Hulu by the same margin to 55.5 million subscribers. The combined Disney+ and Hulu subscriber base climbed to 183 million, up 2.6 million versus the previous quarter. Disney also finalized its acquisition of the remaining stake in Hulu from Comcast/NBCUniversal in June, setting the stage for a tighter integration of its streaming brands later this year. Meanwhile, Disney's studio entertainment segment saw a more modest 1% revenue growth to $10.7 billion, weighed down by a 15% drop in operating income to $1 billion. Theatrical releases, including original animated and live-action remakes, underperformed compared to last year's strong box-office showing with 'Inside Out 2.' Additionally, Disney's linear TV networks, including ABC and Disney Channel, recorded a 15% year-over-year decline in revenue to $2.3 billion, underscoring ongoing challenges from cord-cutting and lower international results following the Star India deal. Looking ahead, Disney expects total subscriptions for Disney+ and Hulu to rise by over 10 million in the next quarter, driven in part by an expanded agreement with Charter Communications. Theme parks and experiences shine Disney's 'Experiences' segment—which covers theme parks, cruise lines, and consumer products—delivered robust numbers, outstripping earlier forecasts. Q3 revenue increased 8% year-over-year to $9.1 billion, fueled by a 22% surge in operating income at domestic parks and experiences to $1.7 billion. Disney pointed to strong guest spending and higher occupancy rates in its parks and cruise lines, especially at Walt Disney World, despite the highly anticipated opening of competitor Universal's Epic Universe in Orlando. Executives emphasized the 'continued resilience' of Disney's park business in the face of new competition. Guidance raised, optimism for 2025 Notably, Disney raised its guidance for fiscal 2025, projecting adjusted earnings of $5.85 per share—an 18% increase over the prior year. The company also anticipates double-digit segment operating income growth in entertainment and sports, with an 8% gain in experiences for the full year. CEO Bob Iger affirmed Disney's commitment to global expansion, noting more active park expansions than at any time in Disney's history and highlighting ongoing strategic investments in streaming, theme parks, and sports as drivers for future growth. 'Disney is not done building, and we are excited for the future,' Iger said following the earnings release. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on
USA Today
40 minutes ago
- USA Today
Phones, jewelry, linens: Which products could cost more due to Trump's India tariffs?
President Donald Trump announced the United States will impose an additional 25% tariff on Indian goods, bringing import levies on some items as high as 50%. The Wednesday, Aug. 6, order from the president comes less than a week after the first round of 25% tariff hikes were announced for the South Asian nation and significant U.S. trading partner. Trump cited New Delhi's continued imports of Russian oil as the reason behind this newest measure, sharply escalating tensions between the two countries after months of negotiations over a possible limited trade agreement fell through. The new tariffs on some Indian goods would be among the steepest faced by any U.S. trading partner. Trade analysts warned the tariffs could severely disrupt Indian exports, according to Reuters. The president's order says the additional 25% tariff will go into effect 21 days after the previously-announced 25% tariff, which was set to take hold Aug. 7. Trump announced the initial 25% tariff in a post on his social media app Truth Social on July 30, two days before a bevy of increased reciprocal tariffs went into effect for dozens of nations on Aug. 1. India, the world's fifth largest economy in 2024, relies significantly on the U.S., counting it as its top trading partner last year. Indian goods exported to the U.S. totaled $87 billion in 2024, according to the Office of the U.S. Trade Representative, with pharmaceuticals and jewelry among its top product types, followed by petrochemicals and textiles. Separately, services exports, mainly IT and professional services, were worth $33 billion last year. The U.S. is India's third-largest investor, and has a $45.7 billion trade deficit with the South Asian nation. Here are some of the products the U.S. relies on most from India, as previously reported by USA TODAY. Pharmaceuticals The U.S. accounts for nearly a third of India's pharmaceutical exports, mainly cheaper versions of popular drugs, Reuters reports, with sales jumping 16% to about $9 billion last fiscal year. Among the dozens of types of medications and supplies the U.S. imports from India, a few classifications make up a significant share. They are items like wadding, gauze and bandages; antineoplastic and immunosuppressive medications, including those used to treat cancers; and analgesics, antipyretics and nonhormonal anti-inflammatory agents, such as pain relievers and medications used to reduce fevers. Smartphones Though China and Vietnam were responsible for more than half of phones sent to the U.S. last year, India also produces a significant share, and looks to be gaining a firmer foothold in the market. According to a new report, India has overtaken China in the last few months as the top exporter of smartphones to the U.S., following Apple's pivot to center manufacturing in New Delhi amid tariff concerns. The share of U.S. smartphone shipments assembled in China fell from 61% to 25% over the past year, the research firm Canalys said, with India picking up most of the decline and increasing its smartphone volume by 240% roughly within the same time frame. More: Trump's trade talks intensify with tariff deadline fast approaching Jewelry and precious stones Next to pharmaceuticals, jewelry and precious stones are among India's top products exported to American consumers. About 30% of India's gems and jewelry exports go to the U.S., accounting for about $10 billion in annual trade, said Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council of India, per Reuters. These goods include unmounted or unset diamonds, precious metal jewelry and jewelry clad with precious metal − such as pieces plated with gold or silver. Home linens India is among the top countries responsible for imported home linens in the U.S., representing 36% of nearly $6 billion in imports, according to a New York Times analysis of government data. These products include bathroom and kitchen linen made of terrycloth or cotton, along with bed and table linens. India is also a leader in some types of imported clothing, such as activewear, shirts, baby clothes and suits. According to the Yale Budget Lab, the tariff hikes so far have disproportionately affected clothing and textiles, with consumers facing up to 39% higher shoe prices and 37% higher apparel prices in the short run. Other products The U.S. also relies on Indian imports of frozen shrimp and prawns, petroleum oils such as transformer oil and motor fuel, semiconductor technologies like solar panels and certain types of electrical machinery and parts. Contributing: Reuters; Joey Garrison, USA TODAY. Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@ and on X @KathrynPlmr.
Politico
an hour ago
- Politico
Playbook PM: Trump's two-birds tariff move
Presented by THE CATCH-UP BULLETIN: '5 soldiers shot before arrest made at Army's Fort Stewart in Georgia,' per AP: 'Five soldiers were shot Wednesday at Fort Stewart in Georgia, leading to a lockdown at the Army base before the shooter was arrested, officials said. The conditions of the soldiers and the circumstances of the shooting weren't immediately clear, nor was the identity of the shooter. The Army said it's investigating.' WRATH OF TARIFFS: President Donald Trump took two birds with one stone today, making good on his threat to crack down on Russia and dropping an economic hammer on India. He announced via executive order new 25 percent tariffs — on top of the 25 percent levy he handed down earlier this month — that in 21 days will bring India's duties to a whopping 50 percent. The latest move comes two days before Trump's Friday deadline for Russia to come to the negotiating table on a ceasefire on the war in Ukraine, after which Trump promised up to 100 percent 'secondary sanctions' on countries buying goods from Russia. It also marks the latest instance of Trump wielding his sweeping tariffs to further a larger political agenda and bend international relations to his will. But there's a dual purpose here, as POLITICO's Ari Hawkins, Daniel Desrochers and Doug Palmer write: Trump has singled out India (a big importer of Russian crude oil) over the last few weeks as trade negotiations between the two countries have fallen flat. No formal actions have been taken yet against China (the biggest importer of Russian oil). The breakdown: Indian officials at one point were so confident they could pull off a deal that they told media that the tariff could be max 15 percent, but that deal never came through, Reuters' Manoj Kumar and colleagues report from New Delhi. 'The officials on both sides said a mix of political misjudgment, missed signals and bitterness broke down the deal between the world's biggest and fifth-largest economies.' After all, it wasn't that long ago that VP JD Vance was in Delhi with his family, touting the U.S. and India's trade relationship. The response: India's government denounced the tariffs as 'unfair, unjustified and unreasonable,' and added that 'India will take all actions necessary to protect its national interests,' in a statement. The view from the White House: 'India has been a little recalcitrant, but also, I think the president has decided that India should not be the release valve for Russia,' National Economic Council Director Kevin Hassett said on Fox Business Network this morning. 'And that one reason why the Russia-Ukraine war might be going on for so long is that Russia has a release valve through India where it can sell its stuff.' MEANWHILE IN MOSCOW: Special envoy Steve Witkoff met with Russian President Vladimir Putin today in Moscow for what Trump called a 'highly productive' three-hour conversation, as the White House continues trying to pressure Russia to agree to a peace deal. 'Great progress was made!' Trump posted on Truth Social. Trump also called Ukrainian President Volodymyr Zelenskyy this morning to update him on Witkoff's meeting, per Reuters' Tom Balmforth. Reality check: Russia has largely brushed off Trump's threats, as doubts swirl over how much impact tariffs will actually have in punishing the Russian economy. 'But Witkoff's visit to Moscow — his fifth this year — is seen by Russia as an important chance to deliver a message to the U.S. president and signal its willingness to at least keep talking with Kyiv,' WSJ's Matthew Luxmoore and Alexander Ward write. Not done yet: A White House official told WSJ that the U.S. will likely still move forward on Friday with the secondary sanctions against countries buying Russian energy. 'We'll have more to say about that later on today,' Secretary of State Marco Rubio said, per Reuters' Daphne Psaledakis. THE TRADE TALKS RAGE ON: Swiss President Karin Keller-Sutter said she had a 'very good meeting' with Rubio during her unscheduled swing through Washington today, Reuters' John Revill reports. Hassett this morning said he's 'not aware of any changes since yesterday' to the tariffs, but noted it was a 'fast-moving' thing. 'We'll see how it goes.' DON'T COUNT YOUR CHICKENS: Trump may flout the billions that the tariffs are raking in, but the U.S. may end up paying a lot of it back. It all depends on the legal dispute over Trump's tariff authority that's likely to make its way to the Supreme Court, Ari writes. 'That, trade and customs experts say, would be a logistical nightmare.' But there's a bigger problem: 'it would also undercut one of the core arguments he's made to justify his trade agenda.' Good Wednesday afternoon. Thanks for reading Playbook PM. Send all your tips and thoughts to abianco@ 7 THINGS YOU NEED TO KNOW 1. EPSTEIN FALLOUT: VP JD Vance's team is publicly taking issue with reporting from CNN that indicated that the Epstein files controversy would be a focus of a strategy session at the VP's residence tonight, POLITICO's Irie Sentner and Ben Johansen write in. 'The CNN story is pure fiction. There was never a supposed meeting scheduled at the Vice President's residence to discuss Epstein Strategy,' Vance comms director William Martin told them. Two additional people familiar with the meeting, one a senior White House official, confirmed the meeting was not explicitly Epstein related. None disputed the reported attendees, which included Vance, chief of staff Susie Wiles, AG Pam Bondi, Deputy AG Todd Blanche and FBI Director Kash Patel. FWIW: CNN's original report indicated that senior White House officials were gathering at the VP's residence and that the 'administration's handling of the Epstein case, as well as the need to craft a unified response, is expected to be a main focus of the dinner,' citing three sources familiar. Additionally, Fox News' Breanne Deppisch and colleagues matched CNN's reporting this morning, writing that Vance was hosting the officials for a 'strategy dinner to discuss how the administration should handle the ongoing Jeffrey Epstein fallout and move forward.' The impact: A new analysis of more than half a million social media posts and podcast segments this summer tracked the far-right response to the Trump administration's handling of the Epstein files, WaPo's Clara Ence Morse and Cleve Wootson Jr. write. The takeaway: Posts over the Epstein files — and criticism of Trump — exploded in July after the DOJ's announcement, but the pivot to talking about former president Barack Obama and the Russia hoax successfully changed the subject among far-right circles by the end of July. The survivors speak: The family of Virginia Giuffre issued a new statement calling for lawmakers to heed the voices of Epstein's survivors, per CNN's Kaitlan Collins. 'We also call upon the House subcommittee to invite survivors to testify. As Virginia Roberts Giuffre's siblings, we offer to represent her in her stead and we hope the administration takes our call to action seriously.' 2. AT 1600 PENN: Trump will announce at 4:30 p.m. a new $100 billion investment in domestic manufacturing from Apple, the latest move by the tech giant to ramp up U.S. production, Bloomberg's Hadriana Lowenkron scooped. The new American Manufacturing Program will bring more of Apple's supply chain stateside, and brings Apple's total commitments to $600 billion over the next four years. Apple CEO Tim Cook will attend the announcement, per Fox News' Jacqui Heinrich. In other tech news: OpenAI is providing federal workers access to ChatGPT for one dollar a year, Bloomberg's Shirin Ghaffary and Gregory Korte report. 3. 2026 WATCH: Voters are greeting Republicans with jeers over the One Big Beautiful Bill Act at their town halls during recess, which POLITICO's Nick Wu and colleagues report Republicans are denouncing as manufactured by Democrats. Meanwhile, Democrats are eager to ride the wave of fury through 2026. The backlash has mostly centered on Trump's sprawling legislation, but some voters are also bringing up the Epstein files, Rep. Ro Khanna (D-Calif.) told WSJ's Katy Stech Ferek. Trail mix: Sen. Marsha Blackburn (R-Tenn.) is running for governor of Tennessee and will face off in a primary against Rep. John Rose, POLITICO's Adam Wren writes. Consequently, Rep. Tim Burchett (R-Tenn) is now mulling a Senate run, per CNN's Manu Raju. … Michael Thurmond is entering the crowded Democratic primary for governor of Georgia, per AP's Jeff Amy. … Nevada state Sen. Carrie Ann Buck entered the Republican primary to represent Nevada's 1st Congressional District, she announced today. … Ryan Binkley is running in the Republican primary to represent Texas' 32nd Congressional District, per Axios' Andrew Solender. Meanwhile in Michigan: 'Detroit mayoral primary hints at Democratic mood ahead of 2026 midterms,' by WaPo's Andrew Jeong: 'Mary Sheffield, a Black woman and president of the city council, advanced to the November general election for mayor, the Associated Press reported late Tuesday, as votes for the mayoral primary were being counted. Solomon Kinloch, a pastor, bested Saunteel Jenkins, former city council president, for the second spot. Detroit, a heavily Democratic-leaning electorate, offers a glimpse into what kind of candidate Democratic voters are seeking ahead of next year's midterms.' 4. THE REDISTRICTING RODEO: Democratic lawmakers from Texas faced a potential bomb threat this morning, with Caucus Chair Gene Wu and other leaders noting 'a threat was made against the safety of the members of the Texas House Democratic Caucus. We are safe, we are secure, and we are undeterred and unintimidated.' More from POLITICO's Shia Kapos The latest roundup: The nation's biggest anti-gerrymandering lobby, Common Cause, is weighing whether to modify its stance opposing all redistricting efforts, Christian Science Monitor's Cameron Joseph scooped. … Rep. Ralph Norman (R-S.C.) wants South Carolina to join the redistricting battle and put all seven districts in GOP hands, Fox News' Liz Elkind scooped. … Unlike Texas, California will need voters' stamp of approval to redraw its maps. California's liberal voters will have to reckon with their distaste for partisan maps and their distaste of Trump, LA Times' James Rainey writes. 5. DAMNED LIES AND STATISTICS: National Economic Council Director Kevin Hassett repeated the Trump administration's claims today that the Bureau of Labor Statistics has been skewing its data and said on Fox Business Network this morning that it's the 'highest priority' for the administration to reform the BLS. But revisions of jobs data are standard, especially as the BLS struggles to adapt to the rapidly changing economy, NYT's Ben Casselman writes. On the Fed: Responding to the possibility Trump nominates him to replace Fed Chair Jerome Powell, Hassett told Maria Bartiromo that he was, 'I'm 'humbled to be mentioned in the same breath as some great men like Kevin Warsh along with that search, and we'll see what the president decides.' On the next BLS leader: 'Let me put it this way: People make mistakes all the time driving the car. Now imagine that you blur the windshield,' David Wilcox, a former Fed official, told POLITICO's Victoria Guida for her latest Capital Letter column. 'There are going to be a lot more automobile accidents on the road with devastating consequences, and I think that's the situation here.' 6. SCHOOL TIES: The Trump administration cut $584 million in grants to the University of California, Los Angeles, which amount to something of a 'death knell' for the school's medical research, LA Times' Jaweed Kaleem reports. The university is now in negotiations with the administration, with the goal to restore the funding 'as soon as possible,' but exact terms have not yet been announced. At multiple universities that have faced Trump's wrath, a new position — Title VI coordinator — is cropping up to monitor complaints of antisemitism on campus. But academics are warning of the dangers of a bloated university bureaucracy that could actually impede Trump's cause, per NYT's Jeremy Peters. 7. THE CRISIS IN GAZA: A group of 20 House Democrats, led by Caucus Chair Pete Aguilar and Rep. Steny Hoyer (D-Md.), are traveling to Israel today to meet with PM Benjamin Netanyahu and opposition leader Yair Lapid as fervor over the humanitarian crisis in Gaza grows, Punchbowl's John Bresnahan reports. It comes as Speaker Mike Johnson is already in Israel with a group from the GOP side, and another GOP group led by House Majority Whip Tom Emmer visited as well. On the ground: Netanyahu is preparing to push ahead with a plan to expand Israel's military campaign further in Gaza, meeting with his security council tomorrow despite the mounting global opposition, NYT's Isabel Kershner reports from Jerusalem. TALK OF THE TOWN SPOTTED, via Washingtonian: Hugh Jackman and Sutton Foster, 'canoodling' over a shared pizza at Bar Angie in DC's West End. OUT AND ABOUT — Tammy Haddad and Jessica Nigro hosted a Washington Women Technology Network breakfast with Josh Dawsey and Tyler Pager, co-authors of '2024: How Trump Retook the White House and the Democrats Lost America,' ($22.38) this morning at the House at 1229. SPOTTED: Luxembourg Ambassador Nicole Bintner-Bakshian, Alexandra Veitch, Tiffany Moore, Sumi Somaskanda, Tina Anthony, Govind Shivkumar, Charlotte Smith, Victoria Espinel, Joanna Guy, Charlotte Rock, Andrew Wills, Stacy Kerr, Michael Ahrens, Joiwind Ronen, Kathy O'Hearn, Ashley Lerner and Sydney Snowden. MEDIA MOVES — Jessica Rosenworcel is joining the MIT Media Lab as its executive director. She previously was chair of the Federal Communications Commission. … Corbin Bolies will be a media reporter at TheWrap. He currently is a media reporter at The Daily Beast. … Billy House is joining Newsday as a D.C. reporter. He previously was a Congress reporter at Bloomberg. The new MSNBC: The network's D.C. bureau announced a slate of new hires today: Akayla Gardner is joining as a White House reporter, after covering the White House for Bloomberg; Ryan Reilly is joining as a senior justice reporter, leaving NBC News; Priya Sridhar is joining as a Pentagon reporter, leaving NBC News; Mychael Schnell is joining as a reporter covering Congress, after covering Congress at the Hill; Arielle Hixson joins as a reporter, after working for NBC Washington; Julia Jester joins as a reporter, leaving NBC News where she was a producer covering the White House and State Department; and Alex Tabet joins as a reporter, leaving NBC News. TRANSITIONS — James Mazzarella is joining the Atlantic Council's Freedom and Prosperity Center as a senior fellow. He previously was a senior associate at the Center for Strategic and International Studies, and is a National Security Council alum. … Michael Qian is now a partner in the Supreme Court and appellate practice at Haynes Boone. He most recently served as counselor to the attorney general at the Department of Justice. … Keith Nagy will be comms director for Rep. Zoe Lofgren (D-Calif.). He most recently has been deputy comms director for Rep. Jared Moskowitz (D-Fla.). … Luisa Sanchez is now press secretary and digital manager for Rep. Lori Trahan (D-Mass.). She most recently was digital director for Rep. Josh Gottheimer (D-N.J.). … Kristi Johnson is now comms director for Jordan Wood's Senate campaign in Maine. She previously was rapid response director for the Kamala Harris campaign in Wisconsin and was national press secretary at NextGen America. Send Playbookers tips to playbook@ or text us on Signal here. Playbook couldn't happen without our editor Zack Stanton, deputy editor Garrett Ross and Playbook Podcast producer Callan Tansill-Suddath.
