Reuters India Business

Rupee off record low on likely central bank intervention, Iranian official’s comment

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee recovered after slipping to a record low on Friday, on likely intervention by the central bank and comments by an Iranian official that there was no missile attack on the country. The rupee was at 83.5175 to the U.S. dollar at 11:15 a.m. IST, marginally up …

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Russia squeezes Mideast, OPEC shares in India’s oil market to historic lows

By Nidhi Verma NEW DELHI (Reuters) – Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed. New Delhi has been gorging on Russian oil …

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Middle East worries weigh down Indian shares; Infosys drags IT stocks

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares declined on Friday, tracking Asian peers, on worries of escalating tensions in the Middle East, while a post-earnings drop in software services firm Infosys pulled down information technology stocks. The NSE Nifty 50 was down 0.51% at 21,883.25 as of 10:15 a.m. IST, while the S&P BSE Sensex …

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Gold surges as escalating Middle East tensions bolster demand

By Ashitha Shivaprasad (Reuters) – Safe-haven gold gained on Thursday as persistent tensions in the Middle East added to the metal’s appeal despite robust economic data from the U.S. that raised prospects of fewer interest rate cuts. Spot gold firmed 1% at $2,384.83 per ounce at 1:47 p.m. ET (1747 GMT). Prices touched an all-time …

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India’s Biocon developing its own version of Wegovy, clinical trial likely next year

By Rishika Sadam HYDERABAD (Reuters) – Indian drugmaker Biocon, looking to grab a piece of the exploding weight-loss drug market as early as possible, is developing its own version of Novo Nordisk’s wildly popular Wegovy and is prepared to conduct a clinical trial next year if needed, the CEO told Reuters. Wall Street has forecast …

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India’s Infosys forecasts downbeat revenue as spending falters

By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -India’s No.2 software services exporter Infosys forecast annual revenue below expectations on Thursday as global macroeconomic uncertainty pressures client spending on discretionary projects. The news pulled down its U.S.-listed shares as much as 6% and raised concerns about future demand for the $254 billion Indian IT …

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After NSE, BSE cautions investors on CEO’s deepfake videos

By Jayshree P Upadhyay MUMBAI (Reuters) – India’s BSE became the latest victim of deepfakes after a morphed video clip of the stock exchange’s CEO giving investment and stock advice surfaced on a social media platform. “It has come to our notice that some fake, unauthorized and fraudulent videos and audios created through innovative and …

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Tata plans Jaguar Land Rover EV imports to India under new policy, sources say

By Shivangi Acharya, Sarita Chaganti Singh and Aditi Shah NEW DELHI (Reuters) -India’s Tata Motors plans to import its Jaguar Land Rover (JLR) luxury electric cars under a new government policy that lowers import taxes for companies agreeing to set up local manufacturing, two Indian government sources said. Tesla is also expected to start importing …

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Tata Motors to use new $1 billion plant to make Jaguar Land Rover cars, sources say

By Shivangi Acharya, Aditya Kalra and Aditi Shah NEW DELHI (Reuters) – India’s Tata Motors is planning to manufacture Jaguar Land Rover (JLR) luxury cars at a $1 billion plant that it is planning to build in the southern state of Tamil Nadu, two sources with direct knowledge of the plans said. Tata Motors announced …

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Energy, metals lead rebound in Indian shares after three-session drop

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares inched up on Thursday tracking their Asian peers, after closing lower for three consecutive sessions, led by energy stocks as crude prices fell and metals stocks on global supply worries. The NSE Nifty 50 was up 0.15% at 22,181.20 as of 10:16 a.m. IST, while the S&P BSE …

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