Reuters India Business

(Reuters) – India’s fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales. Total consumption, a proxy for oil demand, totalled 21.09 million metric tons (4.99 million barrels per day) in March, down from 21.22 million tons (5.02 …

India’s fuel demand hits new FY record, up about 5% Read More »

By Dharamraj Dhutia MUMBAI (Reuters) – Indian overnight indexed swap (OIS) rates have moved higher since the Reserve Bank of India’s latest policy meeting on Friday, suggesting investors now expect a rate cut only in early 2025 as opposed to the last quarter of 2024 earlier. The one-year OIS rate, the most commonly used indicator …

India swaps suggest cenbank now likely to hold rates through 2024 Read More »

By Heekyong Yang and Joyce Lee SEOUL (Reuters) -Hyundai Motor Co and Kia Corp on Monday signed a memorandum of understanding with India’s Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the world’s No.3 auto market. The South Korean auto duo said in a statement …

Hyundai Motor, Kia to partner with India’s Exide Energy on EV batteries Read More »

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee gained in early trading on Monday, continuing its upside momentum from the previous session, even though U.S. bond yields jumped as investors pared bets on a rate cut by the Federal Reserve in June. The rupee was at 83.26 to the dollar as of 9:45 a.m. …

Rupee inches higher, forward premiums slip as Fed rate cut bets recede Read More »

New Delhi (Reuters) – India’s Vistara Airlines said on Sunday it was scaling back operations by around 25-30 flights per day, amid disruption that sources have said is caused by a shortage of pilots. Vistara, owned by the Tata group and Singapore Airlines, currently operates more than 300 flights a day, but has cancelled scores …

India’s Vistara cuts flights amid pilot shortage Read More »

By Nidhi Verma AHMEDABAD (Reuters) – Adani Group has begun commercial production of wafer and ingots used for making solar power cells and modules at its factory in Gujarat and aims to make polysilicon in 2027/28 to become India’s first integrated renewable energy player, a senior company official said. The Adani Group, controlled by billionaire …

Adani begins commercial output of wafers, ingots for solar power Read More »

By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -Wipro Chief Executive Officer Thierry Delaporte resigned on Saturday following a fraught few years for India’s No. 4 IT services company, to be succeeded by the head of its biggest market. Srinivas Pallia, a veteran of the company, will take over as CEO and managing director …

Wipro CEO Delaporte resigns; to be replaced by veteran insider Read More »

By Nandan Mandayam and Akash Sriram BENGALURU (Reuters) – India will need to keep subsidies for electric scooters for another few years to boost the switch from polluting motorbikes, the CEO of e-scooter maker Ather Energy told Reuters on Saturday. Industry experts believe subsidies such as cash incentives are crucial to India hitting its goal …

India must keep e-scooter subsidies to boost adoption, Ather CEO says Read More »

NEW DELHI (Reuters) – India’s largest real estate investment trust, Embassy Office Parks, said on Saturday it will raise 25 billion Indian rupees ($300 million) to fund its acquisition of an integrated office park and repay debt. Embassy, which manages over 45 million square feet (4.18 million square metres) of office parks, has clients including …

India’s Embassy REIT to raise $300 million to fund acquisition, lower debt Read More »