Reuters India Business

Indian shares close at 1-month high as inflation concerns ease; TCS dips

8 Jul 2022

BENGALURU (Reuters) -Indian shares gained for a third straight week to close at a one-month high on Friday as inflation concerns ebbed, while IT major Tata Consultancy Services slipped ahead of its quarterly earnings report. The NSE Nifty 50 index ended 0.54% higher at 16,220.6, while the S&P BSE Sensex gained 0.56% to 54,481.84, advancing …

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Mahindra aims to lead electric SUV sales in India with new EV unit

8 Jul 2022

By Aditi Shah NEW DELHI (Reuters) – India’s Mahindra and Mahindra aims to lead sales of electric sport-utility vehicles (SUVs) in the country, its CEO said on Friday, a day after the automaker raised money for its new electric vehicle (EV) unit at a $9.1 billion valuation. Mahindra and British International Investment (BII) said late …

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India equity mutual fund inflows to remain soft in current quarter- industry body

8 Jul 2022

BENGALURU (Reuters) – Inflows in India’s equity mutual funds dropped more than 16% in June compared with May and are likely to remain weak in the current quarter due to worries over interest rate hikes and inflation, an industry body said on Friday. Mutual funds that invest in equities showed a net inflow of 154.98 …

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Investors fear earnings season will spark new equities selloff

8 Jul 2022

By Danilo Masoni and Medha Singh MILAN (Reuters) – The upcoming corporate earnings season could prompt another sharp fall in global share prices with profit forecasts looking far too upbeat given mounting recession risks, investors and analysts warn. After shedding more than $20 trillion in value since hitting record highs in January, world stocks are …

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UK’s BII to invest in new Mahindra EV unit at $9 billion valuation, shares soar

8 Jul 2022

By Nathan Gomes (Reuters) -Mahindra and Mahindra Ltd and British International Investment (BII) will each invest up to $250 million in the automaker’s new electric vehicle unit at a valuation of $9.1 billion, sending the Indian company’s shares soaring on Friday. BII will have a 4.8% ownership in the business, which will focus on four-wheel …

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Indian budget carrier Akasa Air gets final approval to begin flying

7 Jul 2022

By Aditi Shah NEW DELHI (Reuters) – India’s newest budget carrier Akasa Air, which is backed by billionaire Rakesh Jhunjhunwala, has got a final approval from the country’s aviation regulator to begin flying passengers, it said on Thursday. The airline plans to launch its first flight later this month, Akasa said in a statement, after …

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Indian shares hit near 4-week high as metals surge, inflation fears ebb

7 Jul 2022

By Sethuraman N R BENGALURU (Reuters) – Indian shares touched a near four-week high on Thursday as metal and financial companies gained, with fears of imported inflation easing amid a decline in crude prices this week. The NSE Nifty 50 index rose 0.89% to 16,132, while the S&P BSE Sensex gained 0.8% to 54,178.46. Brent …

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