By Siddhi Nayak MUMBAI (Reuters) – The Indian rupee ended at a record closing low on Tuesday, as rising geopolitical tensions in the Middle East and worries that the Federal Reserve will delay interest rate cuts triggered a selloff in risky assets. The rupee ended at 83.5350 to the U.S. dollar, its weakest close on …
Rupee ends at record closing low on risk-off, broad dollar rally Read More »
By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares extended losses to a third session in a row on Tuesday, led by a slide in information technology stocks on receding bets of early U.S. rate cuts and worries over the conflict in the Middle East. The NSE Nifty 50 shed 0.56% to close at 22,147.90, while the …
Indian shares fall for third straight session on US rates, geopolitical woes Read More »
By Siddhi Nayak MUMBAI (Reuters) -Three key financial businesses of India’s Aditya Birla group are expected to grow 19%-21% in the next three to five years, the cement-to-retail conglomerate’s chairman Kumar Mangalam Birla said on Tuesday. Speaking at an event in Mumbai, Birla was referring to the company’s credit, investment and insurance arms, but did …
India’s Aditya Birla sees 19%-21% growth in key financial businesses in 3-5 years Read More »
MUMBAI (Reuters) – Interest rate cuts in India are “off the table” in fiscal year 2024/25 given the change in the Federal Reserve’s policy path and strong growth in the South Asian nation, analysts at Morgan Stanley said on Tuesday. “We believe that improving productivity growth, rising investment rate, and inflation tracking above the target …
India rate cuts ‘off the table’ in 2024/25, Morgan Stanley says Read More »
BENGALURU (Reuters) – Shares of Jio Financial Services rose as much as 5% on Tuesday, a day after the company entered into a new joint venture with BlackRock to set up a wealth management and broking business in India. The stock was last up 3.5% at 366.65 rupees, while the broader market was down 0.7%. …
India’s Jio Financial Services rises 5% after BlackRock wealth management JV Read More »
By Ashitha Shivaprasad (Reuters) – Gold prices climbed on Monday due to safe-haven demand spurred by Middle East tensions, even as the dollar and Treasury yields gained following a higher-than-expected uptick in U.S. retail sales in March, feeding apprehensions that the Federal Reserve could delay cutting interest rates this year. Spot gold rose 0.9% to …
Gold firms despite stronger dollar as geopolitical concerns mount Read More »
(Reuters) – The Indian government has raised its windfall tax on petroleum crude to 9,600 rupees ($114.99) a metric ton from 6,800 rupees with effect from April 16, the government said on Monday. The tax, which is revised every fortnight, will remain unchanged at zero for diesel and aviation turbine fuel. The government had on …
MUMBAI (Reuters) – Jio Financial Services said on Monday that it had entered into a new joint venture (JV) with U.S.-based BlackRock Inc to set up a wealth management and broking business in India less than a year after launching an asset management venture. Jio Financial Service, part of billionaire Mukesh Ambani-led Reliance Group, said …
BlackRock doubles down on India bet, signs new JV with Ambani’s Jio Financial Read More »
BENGALURU (Reuters) -Indian education technology company Byju’s said on Monday that its India CEO Arjun Mohan has stepped down after spending seven months in the role, the latest setback for the embattled startup already hit with financial, legal and operational woes. The move comes after a seven-month operational and costs review led by Mohan, who …
Edtech firm Byju’s India CEO resigns in latest setback Read More »
By Nikunj Ohri NEW DELHI (Reuters) -India’s merchandise exports fell for the first time in four years in 2023/24, official data showed on Monday, hit by factors including geopolitical tensions and export curbs on foodstuffs such as rice to curb domestic inflation. India’s goods exports in the fiscal year to March 31 fell to $437 …
India’s 2023/24 merchandise exports fall for first time in four years Read More »
