(Updates prices) By Seher Dareen (Reuters) – Gold rose on a weaker dollar on Friday but prospects of aggressive rate hikes from the U.S. Federal Reserve put bullion on course for a third consecutive weekly decline, while palladium fell over 8% on demand concerns. Palladium fell 6.3% to $2,049.13 an ounce by 2:16 p.m. ET …
Gold heads for weekly dip on rate hike bets, palladium sheds 8% Read More »
MILAN (Reuters) – Italy’s top insurer Generali said on Friday it had completed the acquisition of a 25% stake in its Indian non-life insurance joint venture, increasing its holding to 74% after receiving regulatory and competition approvals. When it announced the deal in January, Generali said it had agreed to pay 145 million euros ($153 …
Generali becomes majority shareholder in Indian non-life joint venture Read More »
BENGALURU (Reuters) -Reliance Industries Ltd, India’s most valuable company, reported a 22.5% surge in fourth-quarter profit on Friday, helped by higher fuel demand and margins at its mainstay energy business. Revenue from the company’s O2C operations — comprising the world’s biggest refining complex at Jamnagar and petrochemicals plants — rose more than 44% to 1.46 …
Reliance Industries energy unit powers fourth-quarter profit jump Read More »
By Aditi Shah NEW DELHI (Reuters) -Nexcharge, a joint venture between Indian battery maker Exide Industries and Switzerland’s Leclanche SA, will scale up production at its lithium-ion battery plant to 100% within four years, the company’s CEO said on Friday. The plant, where it started mass production of batteries on Thursday, is currently operating at …
Exide-Leclanche JV to scale up production at India battery plant Read More »
By Nupur Anand and Sudarshan Varadhan MUMBAI (Reuters) -India is planning to reopen more than 100 coal mines previously considered financially unsustainable, as a heatwave-driven power crisis forces the world’s third-biggest greenhouse gas emitter to double down on the fuel after months of low consumption. State-run Coal India, which accounts for 80% of domestic coal …
‘Bad boys’ are back: India doubles down on coal as heatwave worsens power crisis Read More »
(Reuters) – Russia’s Rosneft sold 700,000 tonnes of Urals oil loading from Baltic ports of Primorsk and Ust-Luga in May to Indian Oil Corp (IOC), the country’s top refiner, two traders familiar with the matter told Reuters on Friday. Rosneft allocated seven cargoes of 100,000 tonnes each loading between May 15 and 31 to IOC, …
Russia’s Rosneft ramps up oil sales to Indian Oil in May – traders Read More »
NEW DELHI (Reuters) – India has evoked an emergency law in a bid to start generation at some idle power plants running on imported coal which are not producing power because of financial stress or due to high international prices of coal, the government said on Friday. India is facing its worst power crisis in …
India invokes emergency law to operate idle coal import-based utilities Read More »
By Seher Dareen (Reuters) – Gold prices fell on Thursday, giving up some gains from a more than 1% rise, as a bounce in the dollar offset support for bullion from a relatively less hawkish stance on interest rate hikes from the U.S. Federal Reserve. Spot gold fell 0.3% to $1,876.13 per ounce by 1:43 …
Gold retreats post Fed-led boost as dollar gains upper hand Read More »
By Nupur Anand and Aftab Ahmed MUMBAI (Reuters) -India’s central bank unexpectedly hiked its key lending rate on Wednesday because it feared “shocker” inflation numbers for April, a person aware of the matter said. In its first rate move in two years and its first hike in nearly four, the Reserve Bank of India (RBI) …
India cbank hiked rates fearing ‘shocker’ inflation reading -source Read More »
By Marie Mannes (Reuters) – Privately owned food and drink company Paulig said on Thursday it had sold its operations in Russia to private Indian investor Vikas Soi, joining a scramble among Finnish companies to exit the country amid worries Moscow may seize assets. Paulig is the third Finnish company mentioned by Russian authorities as …
Finland’s Paulig sells Russia operations to Indian investor Read More »
