Reuters India Business

India’s Schneider Electric Infrastructure posts second-quarter profit

3 Nov 2022

BENGALURU (Reuters) – Schneider Electric Infrastructure reported a profit in the second quarter on Thursday, after winning a slew of orders following a pickup in economic activity. The Noida-based company, which makes a range of electrical products including power transformers and switchgears, is benefiting from modernisation of India’s power and grid sector, as well as …

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India’s October iron ore exports ‘nearly zero’ – mining body official

3 Nov 2022

By Neha Arora NEW DELHI (Reuters) -India’s iron ore exports dropped to “nearly zero” in October, and overseas shipments of the steelmaking raw material are expected to continue to languish due to higher export taxes and lower demand from China, a senior industry official said on Thursday. India in May raised the export tax on …

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India’s Indigo Paints Q2 profit more than doubles

3 Nov 2022

BENGALURU (Reuters) – India’s Indigo Paints on Thursday reported a second-quarter profit that more than doubled, as price hikes helped offset increasing costs of raw materials. Net profit jumped 173.8% to 370.9 million Indian rupees ($4.47 million) for the three months ended Sept. 30, from 135.5 million rupees a year earlier, the Pune-based company said …

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Adani Total Gas Q2 profit edges higher, helped by higher sales prices

3 Nov 2022

BENGALURU (Reuters) -India’s Adani Total Gas reported a marginal rise in second-quarter profit on Thursday, as the city gas distributor raised prices, but higher input costs dented its margins. The company’s consolidated profit rose 1.3% to 1.60 billion Indian rupees ($19.30 million) in the July-September quarter, from 1.58 billion rupees a year ago. “The city …

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Growth in India’s services sector quickened in Oct, optimism highest since early 2015

3 Nov 2022

By Shaloo Shrivastava BENGALURU (Reuters) – Activity in India’s dominant services industry gathered pace in October despite high inflationary pressures, underpinned by robust domestic demand, leading to the second fastest hiring pace in over three years, a private survey showed. The S&P Global India services Purchasing Managers’ Index edged up to 55.1 in October from …

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India unlikely to offer tax sops for first sovereign green bond issue – source

3 Nov 2022

By Nikunj Ohri NEW DELHI (Reuters) – India’s government is unlikely to offer any tax concessions to attract investors to its first issue of sovereign green bonds, a senior government official told Reuters on Thursday. Despite that, it expects the bonds to be sold at a lower coupon rate than other government securities. The plan …

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India’s Attero to set up lithium-ion battery recycling plant

3 Nov 2022

By Tanvi Mehta NEW DELHI (Reuters) – India’s largest electronics recycling firm Attero Recycling said on Thursday it will invest 6 billion rupees ($72.4 million) to set up its second lithium-ion battery recycling plant in the country. The plant will increase Attero’s battery recycling capacity to 19,500 tonnes by the end of 2023 from 4,500 …

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India’s Adani Wilmar profit plunges on cost rise, soft rural demand

3 Nov 2022

BENGALURU (Reuters) -India’s Adani Wilmar reported a 73% slump in second-quarter profit on Thursday, as the Fortune cooking oil maker reeled under dull demand from rural areas and wrestled with industry-wide input cost inflation. Consolidated net profit for the second quarter ended Sept. 30 fell to 487.6 million Indian rupees ($5.88 million) from 1.82 billion …

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