Reuters India Business

(Reuters) -The Indian government has objected to miner Vedanta’s planned split into four new companies, arguing that the demerger could hinder its ability to recover dues from the company, news channel CNBC-TV18 reported on Wednesday. At a hearing conducted by the National Company Law Tribunal, the Indian government alleged that Vedanta modified the demerger scheme …

Indian miner Vedanta’s demerger faces government pushback, CNBC-TV18 reports Read More »

NEW DELHI (Reuters) -India’s infrastructure output grew 2% year-on-year in July, government data showed on Wednesday. The index, which tracks activity across eight sectors and makes up 40% of the country’s industrial production, grew at a revised 2.2% in June, compared to the initial estimate of 1.7%. KEY NUMBERS * Crude oil output fell 1.3% …

India’s infrastructure output grows 2% year-on-year in July Read More »

(Reuters) -India’s Aurobindo Pharma is leading the race to buy Prague-based drugmaker Zentiva for up to $5.5 billion, the Economic Times reported on Wednesday, in what could be the largest-ever acquisition by an Indian pharmaceutical firm. Aurobindo is in talks with Zentiva’s owner U.S.-based private equity firm Advent International, the report said, citing people aware …

India’s Aurobindo Pharma leads race to buy generic drugmaker Zentiva for $5.5 billion, Economic Times reports Read More »

(Reuters) -UltraTech Cement said on Wednesday it will offload a stake of up to 6.5% in its unit India Cements, valued at 7.45 billion rupees ($85.6 million) according to Reuters calculations, via open market transactions. India Cements’ stock ended 0.8% lower at 370.25 rupees. Shares of UltraTech, India’s largest cement maker, ended flat at 12,874 …

UltraTech to sell India Cements’ stake worth up to $85.6 million Read More »

By Ashwin Manikandan MUMBAI (Reuters) – The Indian rupee slipped on Wednesday, as corporate hedging and short-term speculators bolstered demand for the greenback, most of which was met by dollar sales by foreign banks. The rupee settled at 87.0650 to the U.S. dollar against its close of 86.9500 on Tuesday when it climbed the most …

Rupee edges lower as dollar sales by foreign banks offset most of greenback demand Read More »

By Bharath Rajeswaran (Reuters) -India’s equity benchmarks rose for a fifth straight session on Wednesday as tech stocks rallied ahead of the Federal Reserve’s Jackson Hole symposium and as consumer shares gained on hopes of a demand boost from the proposed tax reforms. The Nifty 50 added 0.28% to 25,050.55, while the BSE Sensex rose …

Indian benchmark shares rise for fifth straight session on IT, consumer gains Read More »

By Nidhi Verma NEW DELHI (Reuters) -India’s Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season, according to trade sources and data. Russian oil imports for the world’s third-biggest oil importer and consumer are …

India’s Russian oil imports dip in July, skips LatAm supply, data shows Read More »

By Aftab Ahmed and Aditya Kalra NEW DELHI (Reuters) -India’s government plans to ban online games played with money, a proposed bill showed on Tuesday, in what would be a heavy blow for an industry that has attracted billions of dollars of foreign investment. Citing psychological and financial harm it says can be caused by …

India plans to ban online games played with money, citing addiction risks Read More »

By Neha Arora and Sethuraman N R NEW DELHI (Reuters) -Hindustan Zinc, India’s top refined zinc producer, will aim to expand into uranium mining if the government opens up the sector to private players, its chief executive Arun Misra told Reuters on Tuesday. Government sources told Reuters last week that India wants to allow private …

Hindustan Zinc to expand into uranium mining if government allows, CEO says Read More »

By Noel John (Reuters) – Gold prices edged lower on Tuesday as the U.S. dollar firmed, while investors hunkered down for Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later this week.  Spot gold fell 0.4% to $3,317.71 per ounce by 1:42 a.m. ET (1742 GMT). The contract fell to its lowest level since …

Gold falls as investors await Fed’s Jackson Hole conference Read More »