Reuters India Business

MUMBAI (Reuters) – India’s third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed, it said in a regulatory filing on Thursday. Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank’s international strategy is to …

India’s Axis Bank to wind up UK subsidiary after deal with OpenPayd fails- filing Read More »

(Reuters) – Alibaba Group Holding Ltd, on Thursday reported flat quarterly revenue growth for the first time in its history, showing how China’s COVID lockdowns have hit its business. The slowdown adds to challenges facing China’s e-commerce giant, which has enjoyed double-digit revenue growth almost every quarter since it went public in 2014, as it …

Alibaba revenue growth flatlines for first time as China’s lockdowns bite Read More »

By Dharamraj Lalit Dhutia MUMBAI (Reuters) – India’s currency in circulation has increased by only around 500 billion rupees in the first four months of this financial year that began in April, which is nearly half the pace of the same period a year ago. “Economic activity is completely back to pre-pandemic levels, and hence …

India’s pace of rise of currency in circulation dips Read More »

By Aditi Shah NEW DELHI (Reuters) -India’s biggest airline IndiGo will add a third ramp for passengers disembarking from most of its planes, a top executive said on Thursday, as it looks to improve turnaround times and increase efficiency in the face of growing competition. A third ramp would help the budget airline improve turnaround …

India’s IndiGo to add a third ramp as aims for faster turnaround times Read More »

By Sudarshan Varadhan NEW DELHI (Reuters) – Russia became India’s third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coalmint showed. Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the …

Russia becomes India’s third-largest coal supplier in July, Coalmint data shows Read More »

By Anushka Trivedi (Reuters) – The Indian rupee declined against a strong dollar on Thursday as the country’s record trade deficit remained a cause for concern ahead of the Reserve Bank of India’s monetary policy decision due at the end of the week. The partially convertible rupee was trading at 79.44 per dollar by 0504 …

Indian rupee inches towards record low on trade deficit worries Read More »

KUALA LUMPUR (Reuters) – Malaysia said on Thursday it was ready to help India meet its palm oil demand in view of potentially erratic supply from top supplier Indonesia. India is expected to see a surge in demand to around 800,000 tonnes per month for the next six months, Malaysia’s Plantation Industries and Commodities Minister …

Malaysia says ready to help India meet palm oil demand Read More »