Reuters India Business

Gold rush to endure through 2024 though $3,000 mark may prove elusive

By Brijesh Patel and Ashitha Shivaprasad SINGAPORE (Reuters) – Gold’s lightning rally to successive record highs shows every sign of continuing in the second half of 2024 as the fundamental case for bullion remains firmly in place, though $3,000 per ounce looks just out of reach, traders and industry experts said. Investors have flocked in …

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Indian banks to ask regulator to not raise provisioning for infra loans, sources say

By Siddhi Nayak MUMBAI (Reuters) -The Indian Banks’ Association (IBA) will ask the central bank not to change the amount of capital lenders should set aside for infrastructure projects, responding to its proposal to raise such provision amounts, three banking sources said on Wednesday. Last month, the Reserve Bank of India (RBI) proposed that banks …

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State-run firms boost India’s Nifty 50 to record closing high; inflation, Fed eyed

By Kashish Tandon and Bharath Rajeswaran BENGALURU (Reuters) -India’s benchmark index Nifty 50 surged to record closing high on Wednesday, boosted by state-owned companies, while investors awaited key inflation readings and the Federal Reserve’s rate decision. The NSE Nifty 50 settled 0.25% higher at 23,322.95, while the S&P BSE Sensex added 0.20% to 76,606.57. The …

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India’s April-May steel imports hit five-year high on buoyant domestic demand

By Neha Arora NEW DELHI (Reuters) – India’s finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer, according to provisional government data seen by Reuters. Steel demand has been buoyant in India, the world’s second-biggest …

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India aviation minister says to look into issue of rising airfares

NEW DELHI (Reuters) – India’s new aviation minister said on Tuesday he wanted to make air travel more accessible by tackling the issue of rising fares, as the sector sees rapid growth and carriers place record new plane orders. India is the world’s fastest growing aviation market but domestic carriers have to contend with global …

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India’s Ola Electric wins approval for $660 million IPO, sources say

By M. Sriram MUMBAI (Reuters) – Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country’s first ever EV stock listing. SoftBank and Temasek-backed Ola had filed its papers with India’s Securities and Exchange …

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Indian shares remain muted ahead of Fed decision, inflation data

By Kashish Tandon and Bharath Rajeswaran BENGALURU (Reuters) -Indian shares closed flat on Tuesday, coming off a sharp rise last week, as investors moved on from election related news to focus on upcoming inflation data, as well as the US Federal Reserve’s policy decision later in the week. The NSE Nifty 50 index settled 0.02% …

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