BENGALURU (Reuters) -Shares of India’s Ambuja Cements jumped over 10% to an all-time high on Monday, as the company said it would raise 200 billion Indian rupees ($2.51 billion) through an issue of convertible warrants to an Adani Group company. On Friday, Indian billionaire Gautam Adani, took over as chairman of the company, following the …
India’s Ambuja Cements touches record high on Adani deal Read More »
BENGALURU (Reuters) -India’s Ola will cut about 200 engineering jobs to reduce redundancy across its two main businesses of ride-hailing and electric vehicle manufacturing, the SoftBank Group-backed company said on Monday. The company said it is focussed on being a “vertically integrated mobility company” and is centralizing operations to build a structure to strengthen relevant …
Indian ride-hailing firm Ola to cut 10% engineering jobs Read More »
MUMBAI (Reuters) – The Reserve Bank of India could raise interest rates by 50 basis points at its upcoming policy review, thanks to stubbornly high inflation and the pace at which major global central banks are hiking rates, Morgan Stanley said. “We were earlier expecting a 35 bps increase, however, sticky inflation and continued hawkish …
Morgan Stanley revises rate call on India’s RBI to 50 bps on sticky inflation Read More »
MUMBAI (Reuters) – Canadian pension fund Ontario Teachers’ Pension Plan has agreed to buy a 30% stake for 23.71 billion rupees ($297.5 million) in Indian automaker Mahindra’s renewable power assets, an exchange filing showed. “This will enable the Mahindra Group to unlock value in the Renewable Energy Sector and it will continue to invest along …
Canadian pension fund OTPP to buy 30% stake in India’s Mahindra renewables assets Read More »
MUMBAI (Reuters) – A sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead, the government said in its monthly economic review for August published on Saturday. It said an increase in private consumption and higher capacity utilisation rates had helped private-sector capital expenditure reach one of …
India economic growth to be sustained by consumer spending rebound, says govt review Read More »
By Laila Kearney NEW YORK (Reuters) -Oil prices rose slightly on Friday as a spill at Iraq’s Basra terminal appeared likely to constrain crude supply, but remained down on the week on fears that hefty interest rate increases will curb global economic growth and demand for fuel. Brent crude futures settled at $91.35 a barrel, …
Oil prices up after Basra spill, but log weekly decline Read More »
(Reuters) – Indian government lowered taxes on aviation turbine fuel exports to 5 rupees per liter from 9 rupees per liter, a government notification said on Friday. The government also reduced windfall tax for domestically produced crude oil to 10,500 rupees per tonne from 13,300 rupees per tonne, according to the notification. (Reporting by Ann …
India slashes taxes on aviation fuel exports, domestic crude oil Read More »
By Kavya Guduru (Reuters) – Gold edged up on Friday as the dollar stalled, but expectations of a sizeable U.S. rate hike kept bullion well below the key $1,700 mark and en route to its worst week in four. Spot gold was 0.6% higher at $1,673.19 per ounce by 12:02 p.m. ET (1602 GMT). U.S. …
Sturdy dollar, looming rate hikes push gold to worst week in 4 Read More »
By Swati Bhat MUMBAI (Reuters) – The Reserve Bank of India said on Friday it will have to front-load its monetary policy to fight stubborn inflation and shield medium-term growth in the world’s fifth-largest economy. Inflation in India has remained above the apex bank’s tolerance level since January, prompting it to raise interest rates by …
India’s RBI says front-loaded rate hikes needed to tame inflation, shield growth Read More »
MUMBAI (Reuters) – The Reserve Bank of India sold a net $19.05 billion in the spot foreign exchange market in July, it said in its monthly bulletin released on Friday. The central bank said it had bought $19.72 billion and sold $38.77 billion in the spot market. The rupee moved in a wide range of …
India cenbank sold net $19.05 billion in spot forex market in July – bulletin Read More »
