Reuters India Business Archives - Page 1101 of 1191

India buys discounted Venezuelan petcoke to replace coal

16 Aug 2022 16 Aug 2022

By Sudarshan Varadhan and Marianna Parraga CHENNAI/HOUSTON (Reuters) – Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports not specifically targeted by U.S. sanctions. India’s growing appetite for Venezuela’s petcoke – a byproduct from oil upgrading and …

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Indian Oil aims to restart Paradip refinery from mid-Sept -sources

16 Aug 2022 16 Aug 2022

NEW DELHI (Reuters) – Indian Oil Corp will restart crude processing at its 300,000 barrel per day Paradip refinery in eastern Odisha state from mid-September after a 45-day maintenance turnaround, two industry sources said on Tuesday. The refinery has one crude unit. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous …

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India’s July WPI inflation eases to 13.93% y/y

16 Aug 2022 16 Aug 2022

NEW DELHI (Reuters) -India’s wholesale inflation rose 13.93% in July from a year earlier, helped by a lower increase in food prices, but it stayed in double digits for a 16th month, amid expectations that the central bank will again raise policy rates next month. In July, wholesale prices index-based inflation, which is akin to …

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India’s Digit Insurance eyes $440 million in IPO -filing, source

16 Aug 2022 16 Aug 2022

By M. Sriram and Chris Thomas MUMBAI (Reuters) – India’s Digit Insurance, backed by Canadian billionaire Prem Watsa’s Fairfax Group, aims to raise around $440 million through an initial public offering (IPO), according to a source with direct knowledge and regulatory documents filed on Tuesday. Founded in 2017, Digit is trying to expand its presence …

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Rains dampen Indian state retailers’ Aug. 1-15 gasoil sales

16 Aug 2022 16 Aug 2022

By Nidhi Verma NEW DELHI (Reuters) – Gasoil sales by Indian state fuel retailers in the first half of August were subdued from levels seen in the prior month, as monsoon rains hit mobility and construction work, preliminary sales data showed, while gasoline sales recovered marginally. Fuel demand in India, the world’s third-biggest oil importer …

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Caste in California: Tech giants confront ancient Indian hierarchy

15 Aug 2022 15 Aug 2022

(This August 14 story refiles to fix typo in para 17) By Paresh Dave OAKLAND, Calif (Reuters) – America’s tech giants are taking a modern-day crash course in India’s ancient caste system, with Apple emerging as an early leader in policies to rid Silicon Valley of a rigid hierarchy that’s segregated Indians for generations. Apple, …

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Precious metals fall as dollar firms, gold hits 1-week low

15 Aug 2022 15 Aug 2022

By Ashitha Shivaprasad (Reuters) – Gold fell over 1% to its lowest in a week on Monday amid sharp declines across precious metals due to a stronger dollar, with concerns over further rate hikes by the U.S. Federal Reserve adding to pressure on bullion. Spot gold slid 1.2% to $1,780.99 per ounce by 1:44 p.m. …

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Volkswagen, Mahindra deepen electric vehicle component cooperation

15 Aug 2022 15 Aug 2022

FRANKFURT (Reuters) – Volkswagen AG and Mahindra & Mahindra on Monday expanded their cooperation and signed a term sheet under which the German carmaker will supply electric components to its Indian peer. The agreement covers components of Volkswagen’s open platform for electric vehicles (EVs), called MEB, to be supplied to Mahindra’s new electric platform INGLO, …

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Indian ride-hailing firm Ola plans to start producing electric cars in 2024

15 Aug 2022 15 Aug 2022

NEW DELHI (Reuters) -Indian ride-hailing firm Ola Electric plans to start producing electric cars in India in 2024 with a range of up to 500 km (310 miles), Chief Executive Bhavish Aggarwal said on Monday. Ola, which is backed by Japan’s Softbank Group and currently makes e-scooters, did not give an investment figure or production …

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Russia-backed Indian refiner Nayara Energy posts record profit

13 Aug 2022 13 Aug 2022

By Nidhi Verma NEW DELHI (Reuters) -India’s Nayara Energy, part owned by Russian oil major RosneftMM>, posted a record quarterly profit in April-June as its margins improved due to higher intake of discounted Russian oil and fuel exports. Nayara posted a net profit of about 35.64 billion rupees($447.5 million) in the June quarter compared to …

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