Morning Buzz: Foxconn junks $19.5 bln Vedanta chip plan, direct tax mop-up grows 16 percent, and more

Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta Image: Xing Yun / Costfoto/Future Publishing via Getty Images

Foxconn junks $19.5 bln Vedanta chip plan, Vedanta says other investors are lined up

Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, which some experts see as a setback to the country’s chip making plans. The world's largest contract electronics maker had signed a JV with Vedanta in 2022 to set up semiconductor and display production plants in Gujarat. The government says it will not have a negative impact while Vedanta says it has lined up other partners to set up the factory.
(Economic Times, Business Standard, BQ Prime, Financial Express, Moneycontrol, Forbes India) 

Direct tax mop-up grows 16 percent to Rs 4.75 trillion in FY24

Direct tax collections have picked up pace over the past month, with net inflows rising 15.9 percent to Rs 4.75 lakh crore by July 9, helping the government meet more than 26 percent of its target for this year. Gross direct taxes, which had risen 12.7 percent as of June 17, had grown 14.65 percent to Rs 5.17 lakh crore. It is not just a reflection of income and corporate taxes and an improving tax collection structure, but it also helps the government manage its fiscal deficit numbers better.
(Hindu Businessline, BQ Prime, Business Standard) 

Government invites bids to set up green hydrogen production facilities

The Solar Energy Corporation of India has invited bids from interested parties to set up 4.5 lakh tonnes per annum of green hydrogen (GH2) production facilities in the country under the SIGHT scheme. The Ministry of New and Renewable Energy aims to establish an electrolyser manufacturing base and green hydrogen producing facilities.
(Hindu Businessline) 

SAT dismisses Zee Entertainment promoters’ plea against Sebi’s interim order

The ongoing battle between the regulator and the Zee-Sony deal has taken a twist. A Securities tribunal dismissed an appeal by former Zee Group Chairman Subhash Chandra and Zee Entertainment CEO Punit Goenka to lift the markets regulator's ban on them holding board positions in publicly listed companies. Sebi had issued a ban on June 12, alleging that the duo were involved in diverting company funds to the group's other listed entities and firms related to founding shareholders.
(Financial Express) 

Reliance Retail’s valuation pegged in excess of $100 bln

The valuation of Reliance Retail (RRL) has inched upwards of $100 billion, according to estimates by brokerages. Last week promoter Reliance proposed to reduce the share capital of RRL by buying it back from shareholders, other than promoters and holding company, at Rs 1,362 per share. This, according to calculations from firms such as JP Morgan pegs RRL’s enterprise value at $112 billion, UBS pegs it at $110 billion and JM Financial at $105 billion.
(Economic Times, Financial Express, Yahoo Finance)