Reuters India Business Archives - Page 1081 of 1191

Vedanta sees no funding problems for Indian chip JV with Foxconn

14 Sep 2022 14 Sep 2022

NEW DELHI (Reuters) – India’s Vedanta does not see any funding problems for a $19.5 billion semiconductor venture with Taiwan’s Foxconn, its chairman told CNBC-TV18 on Wednesday, adding he hoped the project would foster local electronics clusters. Metals-to-oil conglomerate Vedanta on Tuesday signed an agreement with the western Indian state of Gujarat for the project, …

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India’s Byju’s fiscal 2021 loss swells to $574 million, pushes listing plans

14 Sep 2022 14 Sep 2022

By Nishit Navin BENGALURU (Reuters) -Tiger Global-backed Byju’s on Wednesday reported a loss of 45.64 billion rupees ($574.06 million) for the 2021 fiscal year as promotion and employee expenses rose, with the edtech startup pushing listing plans to next year due to uncertain global conditions. Byju’s is reporting results for fiscal 2021 after a delay …

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India’s trade with Russia in rupees to start soon – trade body

14 Sep 2022 14 Sep 2022

By Manoj Kumar and Nidhi Verma NEW DELHI (Reuters) – India will soon start trading with Russia in rupees as top lender State Bank of India has agreed to facilitate the new mechanism, the president of India’s exporter group said on Wednesday. India’s exports to Russia have slowed since the imposition of Western sanctions against …

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Goldman cuts India’s Infosys, TCS to “sell” on looming slowdown

14 Sep 2022 14 Sep 2022

BENGALURU (Reuters) -Goldman Sachs downgraded top Indian information technology service providers Tata Consultancy Services and Infosys <INFY.NS> to “sell,” from “buy,” citing a potential slowdown in dollar revenue growth in the face of impending macroeconomic stress. “We believe a slowdown in discretionary IT services spend around the growth and transformation agenda will be quite material …

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India’s August wholesale inflation eases as commodity prices fall

14 Sep 2022 14 Sep 2022

By Manoj Kumar NEW DELHI (Reuters) – India’s wholesale price inflation slowed in August helped by a fall in commodity prices, but double-digit price gains for the 17th month raise the chance for more rate hikes this month. The wholesale price index climbed 12.41% in August from a year earlier, lower than a forecast of …

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India narrows thermal coal imports gap with top buyer China

14 Sep 2022 14 Sep 2022

By Sudarshan Varadhan and Muyu Xu NEW DELHI/SINGAPORE (Reuters) – India is fast catching up with China in its thermal coal imports, as the world’s two biggest overseas buyers of the power generation fuel adjust purchases to align them with the varying trajectories of their economic growth. India, widely seen as one of the last …

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Oil dips nearly 1%, reversing gains after bearish U.S. economic data

13 Sep 2022 13 Sep 2022

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices ended nearly 1% lower on Tuesday, reversing earlier gains as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude for November delivery settled 83 cents lower at $93.17 a barrel with a …

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Amazon India to waive 50% fee for new sellers in festival season

13 Sep 2022 13 Sep 2022

BENGALURU (Reuters) -Amazon.com Inc’s Indian arm said on Monday it will halve the fee for new sellers on its platform as the e-commerce giant gears up for the festive season in one of its key markets. All new sellers registering on Amazon.in between Aug. 28 and Oct. 26, and launching within 90 days, can avail …

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Financials drive India’s Nifty above 18,000, U.S. inflation in focus

13 Sep 2022 13 Sep 2022

BENGALURU (Reuters) -India’s blue-chip Nifty 50 stock index jumped to its highest closing level since mid-January on Tuesday, driven by sharp gains in financials, while investors eyed U.S. inflation data for cues on interest rates. The Nifty 50 index was up 0.75% at 18,070.05 while the S&P BSE Sensex rose 0.76% to 60,571.08, both registering …

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Vedanta, Foxconn to invest $19.5 billion in India’s Gujarat for chip, display project

13 Sep 2022 13 Sep 2022

By Munsif Vengattil and Aditya Kalra NEW DELHI (Reuters) -Vedanta Ltd and Taiwan’s Foxconn will invest $19.5 billion under pacts signed on Tuesday to set up semiconductor and display production plants in Gujarat, the home state of Indian Prime Minister Narendra Modi. Reuters was first to report on Monday that the joint venture obtained subsidies …

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