Reuters India Business

Strong economy, flows power India’s Nifty to best fiscal year since 2021

BENGALURU (Reuters) – India’s blue-chip Nifty 50 index surged nearly 29% this financial year, ending March 31, powered by a booming economy and strong fund inflows that helped mark the best year for domestic stocks since a post-COVID bounce in fiscal 2021. Aided by the rally in domestic equities, the overall market capitalisation of all National Stock Exchange (NSE) …

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Indian mutual funds to keep buying state bonds, expect yields to fall

By Dharamraj Dhutia MUMBAI (Reuters) -Indian mutual funds are likely to continue swapping the central government debt on their books with high-yielding state government bonds, expecting the spread in yields between the two to ease soon, four fund managers said on Thursday. “Mutual funds likely sold 10-year government bond and got into state debt, as …

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Rupee little changed, traders cite ‘mild’ dollar sales from state-run banks

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee was little changed on Thursday, paring early gains as dollar sales from state-run banks offset demand from local corporates and slight weakness in broader Asian peers. The rupee was at 83.3625 against the U.S. dollar as of 11:10 a.m. IST, compared to its previous close of …

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India to send teams to Chile seeking lithium and copper assets, source says

By Neha Arora NEW DELHI (Reuters) – India will send two delegations next month to Chile to scout for lithium and copper resources, a government source said, as rapid economic expansion and New Delhi’s efforts to speed up the energy transition stoke demand for critical minerals. Chile is a key target as it is the …

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Indian shares close FY24 with weekly, quarterly gains, led by financials

By Bharath Rajeswaran and Hritam Mukherjee BENGALURU (Reuters) -Indian shares advanced on Thursday to close the fiscal year with weekly and quarterly gains in a holiday-shortened week, led by financials after the central bank eased recently tightened rules for lenders’ investments in alternative investment funds. The blue-chip NSE Nifty 50 index rose 0.92% to 22,326.90, …

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India’s Alteria Capital closes third fund at $180 million

By M. Sriram MUMBAI (Reuters) – India’s Alteria Capital said on Thursday it has raised 15.5 billion rupees ($186.05 million) for its third fund, bolstering its ability to lend to startups which have historically boomed but are now struggling to find backers. Alteria, founded by former executives of Temasek-backed InnoVen Capital, has backed more than …

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Billionaire Gautam Adani’s family raises Ambuja Cement stake with $799 million infusion

BENGALURU (Reuters) -Indian billionaire Gautam Adani’s family infused 66.61 billion rupees (about $799 million) in Ambuja Cements, raising its stake to about 67% from 63.15%, to help ramp up the cement maker’s manufacturing capacity. The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday. The Adani …

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Malaysia to request additional 500,000 metric tons of white rice from India

KUALA LUMPUR (Reuters) – Malaysia will submit an request to India to procure an additional 500,000 metric tons of white rice, its agriculture minister said. The request would be in addition to the 170,000 tons of white rice India has previously allocated to Malaysia for the year. India, the world’s biggest rice exporter, had restricted …

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FTSE Russell defers India’s inclusion in government bond index

By Dharamraj Dhutia MUMBAI (Reuters) – Global index provider FTSE Russell will defer India’s inclusion in its government bond index due to taxation, registration and settlement issues, even as two other major index providers have announced their inclusions, it said on Thursday. However, it acknowledged progress in the accessibility of the securities in its March …

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