Reuters India Business

Foreigners sold Asian bonds in April amid firm dollar, Fed uncertainty

17 May 2024

(Reuters) – Foreign investors were net sellers of Asian bonds for a second straight month in April as a strong U.S. dollar and uncertainties around the Federal Reserve’s interest rate cuts dampened appetite. Investors net sold bonds worth $1.91 billion from Indonesia, India, Thailand, Malaysia and South Korea, although the disposals were was significantly lower …

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Rupee little changed, likely RBI intervention counters slip in Asian peers

17 May 2024

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee was largely unchanged on Friday as dollar sales from state-run banks, likely on behalf of the Reserve Bank of India (RBI), curbed weakness in the currency even as its Asian peers slipped. The rupee was at 83.48 against the U.S. dollar as of 10:40 a.m. IST, …

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Space data fuels India’s farming innovation drive

17 May 2024

By Nivedita Bhattacharjee BENGALURU (Reuters) – Lokeswara Reddy, an Indian farmer with two decades of experience, has seen his crops flourish after lean years, thanks to earth-observation satellites. Shifting climate patterns, high input costs, a scarcity of labour and erratic weather began to disrupt his earnings about 10 years ago, said Reddy, 52, currently a …

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Exclusive-UK tightens scrutiny of all Indian spice imports amid contamination allegations

16 May 2024

By Rishika Sadam HYDERABAD (Reuters) -Britain’s food watchdog has applied extra control measures on all spice imports from India, it said on Wednesday, becoming the first to ramp up scrutiny of all Indian spices after contamination allegations against two brands sparked concerns among global food regulators. Hong Kong last month suspended sales of three spice …

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India’s Mahindra & Mahindra to invest $1.44 billion in EV arm; explores hybrid tech

16 May 2024

By Meenakshi Maidas and Nandan Mandayam BENGALURU (Reuters) -Indian automaker Mahindra & Mahindra said on Thursday it would invest $1.44 billion over the next three years in its electric vehicle (EV) unit to boost growth, even though it is now also closely looking at hybrid technology. Mahindra, India’s third-biggest EV maker, currently sells just one …

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India’s Vodafone Idea misses Q4 revenue view as subscriber base narrows

16 May 2024

BENGALURU (Reuters) – Vodafone Idea, India’s third-largest telecom operator by subscribers, missed analysts’ estimates for quarterly revenue on Thursday, hurt by its shrinking user base. The company’s consolidated revenue rose 0.7% to 106.07 billion Indian rupees ($1.27 billion) for the quarter ended March 31, compared with LSEG estimates of 107.15 billion rupees. Consolidated loss after …

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India’s Biocon posts Q4 profit fall as higher raw material costs bite

16 May 2024

HYDERABAD (Reuters) – Indian biopharmaceutical company Biocon reported a decline in its fourth-quarter profit on Thursday, as soaring raw material costs overshadowed growth in its biosimilar business in key United States and Europe markets. The company’s consolidated net profit fell 56.6% to 1.36 billion rupees ($16.3 million) for the quarter ended March 31. Its revenue …

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IT stocks, Mahindra & Mahindra lift Indian shares to best session in over 2 weeks

16 May 2024

By Dimpal Gulwani and Bharath Rajeswaran BENGALURU (Reuters) – Indian shares advanced on Thursday, led by information technology stocks after softer-than-expected U.S. inflation data reignited hopes of at least two interest rate cuts in 2024. The blue-chip NSE Nifty 50 rose 0.92% to 22,403.85 points, while the S&P BSE Sensex settled 0.93% higher at 73,663.72. …

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India cenbank cautions non-bank lenders against growing reliance on algo credit models

16 May 2024

MUMBAI (Reuters) – India’s central bank has cautioned non-bank finance companies (NBFCs) against becoming over-reliant on algorithm-based credit models, while also urging them to avoid overlending in certain segments. Rule-based models can lead to inaccuracies in credit assessment, Deputy Governor Swaminathan J said in a speech released on the Reserve Bank of India’s website on …

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