By Paul Lienert (Reuters) – Mahindra and Mahindra, one of India’s oldest automakers, aims to sell its new family of electric SUVs around the globe, but an entry into the U.S. market won’t happen until later in the decade, the chief executive told Reuters. “I don’t see us launching in the U.S. in the next …
Mahindra CEO sees U.S. entry for new electric vehicles at least five years away Read More »
BENGALURU (Reuters) – HDFC Bank Ltd, India’s top private lender, on Wednesday raised most of its retail fixed deposit rates by 40-75 basis points (bps), the latest among major banks taking the step to boost lagging deposit growth. Growth in bank deposits has trailed lending growth sharply, causing concern for the central bank, as depositors …
India’s HDFC Bank joins peers in raising deposit rates Read More »
NEW DELHI (Reuters) – India will sell an up to 5% stake in Indian Railway Catering and Tourism Corp (IRCTC), the company said in a filing on Wednesday, as the government seeks to meet a steep divestment target for the year. The government is looking to sell a 2.5% stake in the state-owned firm at …
Indian government to sell up to 5% stake in railway unit IRCTC Read More »
BENGALURU (Reuters) -Poonawalla Fincorp said on Wednesday it would sell its housing finance unit to an affiliate of U.S. private equity firm TPG Global for 39 billion rupees ($473 million), as the Indian non-bank lender switches focus to technology-led growth. The sale comes after at least five other bidders, including Indian investment firm ChrysCapital, expressed …
India’s Poonawalla Fincorp to sell housing unit to TPG for $473 million Read More »
BENGALURU (Reuters) – Vinay Choletti, head of WhatsApp’s India payment business, has quit the firm within four months in the role, marking the latest in a series of domestic senior-level departures at parent company Meta Platform Inc. “As I move on to my next adventure, I strongly believe that WhatsApp has the power to phenomenally …
WhatsApp Pay India chief quits within months of taking charge Read More »
BERLIN (Reuters) – Bosch will beat revenue forecasts and earn more than 87 billion euros ($92 billion) in revenues this year, its deputy chief executive Christian Fischer told Handelsblatt in an interview published on Wednesday. He added that the engineering company would rethink its strategy in view of the geopolitical crises facing the world, including …
Bosch to beat forecasts, double down on India – Handelsblatt Read More »
By Jose Devasia KOCHI, India (Reuters) – Construction work on a $900 million port in the state of Kerala, being built by India’s Adani Group, will be speeded up to meet a deadline of September 2023, the local government said on Wednesday, a week after four month-long protests ended at the site. More barges would …
Construction work on Adani port in southern India to speed up to meet deadline Read More »
By Rajendra Jadhav and Ashitha Shivaprasad MUMBAI (Reuters) – Palm oil imports to India, the world’s biggest buyer, rose in November by 29% from the previous month as steep discounts to rivals soyoil and sunflower oil made purchases lucrative for local refiners, a trade body said on Wednesday. Imports last month were 1.14 million tonnes, …
Palm oil imports to top buyer India surge on discount to rivals Read More »
By Aftab Ahmed and Nikunj Ohri NEW DELHI (Reuters) – India’s annual wholesale price-based inflation rate (WPI) eased to its lowest in 21 months, signalling that price pressure in Asia’s third-largest economy is beginning to cool and policymakers might shift their focus to growth. Food, energy and prices of manufactured products cooled down, hinting that …
India’s Nov WPI inflation at 21-month low as food, commodity prices ease Read More »
BENGALURU (Reuters) – Indian automaker Mahindra and Mahindra Ltd said on Wednesday it would invest 100 billion rupees ($1.21 billion) to set up an electric vehicle manufacturing plant in Pune as part of its aggressive push in the country’s EV space. India’s car market is tiny compared to its population, with electric models making up …
India’s Mahindra to set up $1.2 billion EV plant in Pune Read More »
