Reuters India Business

By Lawrence White and Anshuman Daga LONDON/SINGAPORE (Reuters) -HSBC named Georges Elhedery as its new chief financial officer on Tuesday in a surprise shift that puts the former head of its investment bank in pole position to eventually succeed Noel Quinn as chief executive. The change came as HSBC reported a 42% slide in third …

HSBC elevates Elhedery to CFO in surprise CEO-in-waiting move Read More »

MOSCOW (Reuters) – Russia’s dominant lender Sberbank is offering clients “vostro” accounts in rupees at its branches in India, aiming to facilitate clients in carrying out rupee-denominated trade transactions which are increasing due to western sanctions. Sberbank said on Monday it had obtained permission to open vostro accounts – which a local correspondent bank holds …

Russia’s Sberbank opens ‘vostro’ rupee accounts at India branches Read More »

MUMBAI (Reuters) -India’s SEBI capital market regulator has barred Bombay Dyeing and Manufacturing Company Ltd from the securities markets for two years after finding the firm, a sister company and several executives had misrepresented financial statements. The firms’ parent company, the Wadia Group, said on Saturday all transactions had been conducted in compliance with the …

India’s regulator bars Bombay Dyeing and others from securities market Read More »

MUMBAI (Reuters) -ICICI Bank (ICBK.NS), India’s second-largest private-sector lender, reported a 37% rise in quarterly net profit on Saturday as loan growth inched up and provisions for bad loans fell. Net profit for the three-months ending Sept. 30 rose to 75.58 billion rupees ($916 million), broadly in line with analysts’ estimate of 73.51 billion rupees, …

India’s ICICI Bank net profit jumps 37% as bad loan provisions drop Read More »

MUMBAI (Reuters) – India’s Yes Bank said on Saturday its profit fell in the July-September quarter as it set aside more provisions for bad loans recorded in previous quarters. The private lender’s net profit declined 32% from a year ago to 1.53 billion rupees ($18.5 million). Analysts had expected a profit of 3.69 billion rupees, …

India’s Yes Bank quarterly profit falls 32% on provision set-asides Read More »

By Aftab Ahmed NEW DELHI (Reuters) – Indian fiscal and monetary authorities must remain watchful even as the nation is one of the bright spots amid a “gloomy global scenario where the dark clouds of recession gather”, the finance ministry said on Saturday. “Inflation trajectory remains dependent on geopolitical developments,” the report stated, adding risks …

India’s fiscal, monetary authorities should be watchful amid global gloom -govt Read More »

MUMBAI (Reuters) -India’s Kotak Mahindra Bank on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth. The private lender’s standalone profit jumped 27% from the same period last year to 25.80 billion Indian rupees ($313 million) in its fiscal second quarter. Analysts were expecting a profit of …

India’s Kotak Mahindra Bank quarterly net profit jumps 27% y/y Read More »

BENGALURU (Reuters) -Alphabet Inc’s Google said on Friday that the Indian antitrust watchdog’s decision to fine it 13.38 billion Indian rupees ($161.95 million) for anti-competitive practices was a “major setback” for consumers and businesses in the country. The Competition Commission of India (CCI) on Thursday said Google leveraged its dominant position in markets such as …

Google calls India antitrust watchdog’s Android decision a “setback” for consumers Read More »