BENGALURU (Reuters) -Jio Financial Services (JFS) is seeking shareholder approval for its unit to acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries as the financial services provider plans to enter the device leasing business, a postal ballot notice said. Under the proposed deal, the JFS unit called Jio …
Jio Financial plans $4.33 billion deal with Reliance Retail Read More »
By VarunVyas Hebbalalu BENGALURU (Reuters) – Shares of Adani Enterprises on Friday bounced back to levels last seen in January 2023, before a report by U.S. short-seller Hindenburg Research triggered a sell-off in billionaire Gautam Adani’s ports-to-power conglomerate. Shares of the Adani group’s flagship company rose as much as 2.1% to 3,457.85 rupees. The stock …
India’s Adani Enterprises recovers to pre-Hindenburg levels Read More »
BENGALURU (Reuters) – Indian truck maker Ashok Leyland beat fourth-quarter profit estimates on Friday as reduced costs outweighed beleaguered demand for its trucks and buses. Standalone profit rose 19.8% to 9 billion rupees ($108.36 million) for the three months to March 31, surpassing analysts’ estimates of 8.69 billion rupees, according to LSEG data. Input costs …
India’s Ashok Leyland beats Q4 profit estimates on reduced costs Read More »
BENGALURU (Reuters) – India’s Hindalco Industries, one of the country’s largest aluminium and copper producers, reported a higher-than-expected fourth-quarter profit on Friday, as lower costs outpaced lacklustre aluminium prices. The company, owned by the Aditya Birla Group, said its consolidated net profit rose 31.6% to 31.74 billion rupees ($382.2 mln) for the three months ended …
India’s Hindalco beats Q4 profit view as lower costs outpace weak aluminium prices Read More »
By Jaspreet Kalra, Nimesh Vora and Swati Bhat MUMBAI (Reuters) -India’s central bank is changing tactics in the way it seeks to limit rupee volatility with the use of non-deliverable forwards now overtaking spot market interventions, which draw heavily on foreign exchange reserves, sources said. The Reserve Bank of India (RBI) has traditionally been more …
Indian cenbank shifts to NDFs as preferred FX intervention option, sources say Read More »
By Swati Bhat and Aftab Ahmed MUMBAI/NEW DELHI (Reuters) – India’s incoming government will be greeted with a $25 billion cheque from the central bank, giving it the option to either boost spending or narrow the fiscal deficit quicker, both of which will be cheered by investors. On Wednesday, the Reserve Bank of India (RBI) …
India’s new government will be spoilt for choice with $25 billion extra in kitty Read More »
By Harshit Verma (Reuters) – Gold fell to more than a week’s low on Thursday, extending its decline for a third straight session, as investors grew apprehensive over U.S. rate cut timings and on strength in U.S. business activity. Spot gold fell 1.8% to $2,336.39 per ounce, its lowest since May 13, as of 1748 …
Gold slips to over one-week low on hawkish Fed, US data Read More »
By Aditya Kalra NEW DELHI (Reuters) – Reliance Industries and Walt Disney have sought antitrust clearance for their $8.5 billion India media merger by arguing their combined power, especially on cricket broadcasting, will not hit advertisers, two people with direct knowledge told Reuters. The deal, announced in February, has been expected by experts to face …
Reliance, Disney seek India antitrust nod with cricket rights assurance, sources say Read More »
By Trixie Yap SINGAPORE (Reuters) – Indian refiners’ use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade sources and analysts said. That is because rising inventories in the Antwerp-Rotterdam-Amsterdam region and shaky east-west diesel price …
India’s use of crude tankers to export diesel slows in May Read More »
By Nandan Mandayam and VarunVyas Hebbalalu BENGALURU (Reuters) -India’s IndiGo airline operator Interglobe Aviation said on Thursday it will introduce business class on some domestic flights this year, in a departure from its single-class cabin, at a time when urban Indians are increasingly lapping up premium offerings. The airline, which is the world’s third largest …
India’s top airline IndiGo goes premium with business class foray Read More »
