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India central bank deputy Patra expects inflation to breach 6% for three quarters

24 Jun 2022

By Aftab Ahmed and Swati Bhat NEW DELHI (Reuters) – India’s retail inflation is likely to breach the mandated inflation target band of 2-6% for three straight quarters but is showing indications of peaking, Reserve Bank of India deputy governor Michael Patra said on Friday. “The RBI Act mandates that in case the inflation target …

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Gold slips on dollar gains as Powell doubles down on policy tightening

23 Jun 2022

By Ashitha Shivaprasad (Reuters) – Gold gave up initial gains and edged lower on Thursday as the dollar regained momentum after U.S. Federal Reserve Chairman Jerome Powell doubled down on the central bank’s policy tightening aimed at taming inflation. Spot gold fell 0.8% to $1,822.64 per ounce by 2:28 p.m.m ET (1828 GMT). U.S. gold …

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India orders investigation into Tata Motors EV fire incident

23 Jun 2022

By Chris Thomas and Aditi Shah BENGALURU (Reuters) -India has ordered an investigation into a fire incident involving a Tata Motors electric vehicle, a government official said on Thursday, after the automaker described it as an “isolated thermal incident”. A video on social media, which has gone viral, showed one of the company’s electric cars …

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Indian shares rise as automakers enjoy best day in over two years

23 Jun 2022

BENGALURU (Reuters) -Indian shares bucked a broader downturn on Thursday as weak metal and oil prices drove beaten-down automakers to their best day since April 2020. The NSE Nifty 50 index rose 0.93% to 15,556.65, while the S&P BSE Sensex climbed 0.86% to 52,265.72. The indexes have added around 1.7% so far this week, after …

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Fall in onshore forward premiums could push India rupee even lower

23 Jun 2022

By Swati Bhat MUMBAI (Reuters) – A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said. The one-year annualised forward premium stood at …

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Thyssenkrupp loses fight against EU veto of Tata Steel JV

23 Jun 2022

(This Jun. 22 story corrects headline and text to show only Thyssenkrupp was involved in the court appeal) By Foo Yun Chee BRUSSELS (Reuters) – Thyssenkrupp has lost its fight against a European Union antitrust veto of its proposed landmark joint venture with Tata Steel, after Europe’s second-highest court rejected its arguments. The two companies …

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Russian oil tankers get India safety cover via Dubai company

23 Jun 2022

By Nidhi Verma and Jonathan Saul NEW DELHI/LONDON (Reuters) -India is providing safety certification for dozens of ships managed by a Dubai subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil exports to India and elsewhere after Western certifiers withdrew their services due to global sanctions against Moscow. Certification by the Indian …

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India aims to keep FY2023 fiscal deficit at last year’s level – sources

23 Jun 2022

By Aftab Ahmed and Swati Bhat NEW DELHI/MUMBAI (Reuters) – India’s government will not be able to cut its budget deficit this fiscal year as previously projected, officials said, but will seek to cap the shortfall at last year’s level to prevent a major deterioration in public finances. Efforts to maintain some fiscal discipline reflect …

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Gold gains as economic worries mount

22 Jun 2022

By Ashitha Shivaprasad (Reuters) – Gold prices rose on Wednesday as a retreat in U.S. Treasury yields and the dollar bolstered bullion’s appeal amid growing recession concerns. Spot gold rose 0.4% to $1,840.39 per ounce by 1:59 p.m. ET (1759 GMT), and U.S. gold futures settled at $1,838.4. “The fundamental going in the gold market …

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India’s Jan-March current account gap narrows sequentially on lower trade gap

22 Jun 2022

By Swati Bhat MUMBAI (Reuters) -India’s current account deficit narrowed in the three months from January to March, mainly on the back of a moderation in the trade gap and a lower net outflow of primary income, the Reserve Bank of India said on Wednesday. The current account deficit stood at $13.4 billion or 1.5% …

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