NEW DELHI (Reuters) – The Indian government said on Tuesday that it would exempt wholesalers and big chain retailers of oilseeds and edible oils from the current stock limit order, according to a statement. India is the world’s biggest importer of edible oils such as palm oil, soyoil and sunflower oil. (Reporting by Tanvi Mehta; Editing by …
(Reuters) – Indian tyremaker JK Tyre and Industries Ltd posted a 23% fall in its second-quarter profit on Tuesday, hurt by higher input costs. Consolidated net profit came in at 513.1 million rupees ($6.22 million) for the quarter ended Sept. 30, compared with 665.6 million rupees a year earlier. Revenue from operations rose 25.8% to …
India’s JK Tyre reports 23% fall in quarterly profit on higher costs Read More »
BENGALURU (Reuters) -Indian IT services provider Tech Mahindra reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. The Pune-based company’s revenue from operations increased nearly 21% to 131.3 billion Indian rupees ($1.59 billion) in the July-September quarter, but a 27% jump in expenses pulled …
India’s Tech Mahindra Q2 profit, revenue beats expectations Read More »
NEW DELHI (Reuters) – Indian state fuel retailers’ diesel sale in October surged from the previous month, preliminary sales data shows, indicate a pick up in industrial activity during the peak festive season. Fuel demand in India- a proxy for oil demand in Asia’s third-largest economy- typically rises during the month long festival season as …
Festive demand drives up Indian state refiners gasoil sales in Oct Read More »
BENGALURU (Reuters) – India’s FSN E-Commerce Ventures Ltd, parent of cosmetics-to-fashion retailer Nykaa, reported a more-than-three-fold surge in quarterly net profit on Tuesday, helped by strong demand heading into the festive season. The company’s shares rose about 4.5% to 1,204 rupees in afternoon trading, climbing back above its initial public offering (IPO) price of 1,125. …
India’s Nykaa posts surge in Q2 profit on strong festive season demand Read More »
BENGALURU (Reuters) – Sun Pharmaceutical Industries Ltd, India’s largest drugmaker, on Tuesday reported a 10.5% rise in second quarter profit on higher sales in the domestic market. The company, known for its consumer healthcare products such as Revital vitamins and pain relief medicine Volini, said consolidated net profit for three months ended Sept. 30 was …
By Dharamraj Dhutia MUMBAI (Reuters) – The Indian central bank’s window for foreign investors to buy commercial papers and shorter tenor corporate bonds closed without much interest as higher U.S. yields and a weakening rupee made the proposition unattractive, analysts said. “The one-year and two-year U.S. yields are trading at such high levels that it …
Foreign buyers pass up India’s invite for short-term corp. debt -analysts Read More »
BENGALURU (Reuters) – MG Motor India, owned by China’s SAIC Motor, said the Indian government sent a notice asking for the reason for the automaker’s losses in 2019-2020, its first year of operations in the country, a move that Bloomberg reported was over alleged financial irregularities. India’s Ministry of Corporate Affairs started the probe after …
MG Motor says India sought clarifications on losses for first year in country Read More »
By Bhakti Tambe and Dharamraj Dhutia MUMBAI (Reuters) – Indian corporate bond market participants are braced for a heavy supply of government-guaranteed bonds over the next few weeks, as state-run telecom giants MTNL and BSNL aim to raise $2.34 billion, three merchant bankers said. Mahanagar Telephone Nigam Ltd and Bharat Sanchar Nigam Ltd intend to …
Indian state-run telcos MTNL, BSNL line up $2.34 billion debt sales Read More »
NEW DELHI (Reuters) – The Indian government said it collected more than 1.50 trillion rupees ($18.14 billion) through indirect taxes in October, buoyed by festival-related spending and hinting at a steady recovery in Asia’s third-largest economy. The goods and services tax (GST) collection was 1.52 trillion rupees in October, the second-highest monthly collection since GST …
India’s monthly indirect tax collection jump hints at economic recovery Read More »
