Reuters India Business

Infosys, Wipro revenue forecasts fail to impress investors

17 Oct 2024

By VarunVyas Hebbalalu, Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) -Indian software services providers Infosys and Wipro issued revenue forecasts below analysts’ expectations, suggesting a broad-based recovery in global tech spending was yet to take hold. U.S.-listed shares of Infosys, which have gained more than 35% in the past six months, fell 2.5% as …

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India’s CEAT misses Q2 profit estimates on high raw material prices, weak demand

17 Oct 2024

(Reuters) – Indian tyre maker CEAT reported second-quarter profit below market estimates on Thursday, weighed by higher rubber costs and muted demand. The company posted a profit of 1.22 billion rupees ($14.5 mln) for the quarter ended Sept. 30, compared to 2.08 billion rupees a year ago. Analysts were expecting a profit of 1.38 billion …

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Musk’s win on India satellite spectrum raises prospect of price war with Ambani

17 Oct 2024

By Munsif Vengattil, Aditya Kalra and Aditi Shah NEW DELHI (Reuters) – Having just lost a battle with Elon Musk over how India’s satellite spectrum is awarded, Asia’s richest man Mukesh Ambani could face a bigger challenge if Musk’s Starlink launches services in India and the two go head-to-head on price. India’s government said on …

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India’s budget supermarket chain Vishal Mega Mart files for $950 million IPO

17 Oct 2024

(Reuters) – Indian budget supermarket chain Vishal Mega Mart on Thursday filed papers for an 80 billion rupee ($952 million) initial public offering, joining a growing list of companies tapping the country’s bustling capital market. The company will not issue new shares in the IPO and will not receive any proceeds. Only an existing shareholder, …

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India’s Tata Communications posts Q2 revenue growth on steady digital services demand

17 Oct 2024

(Reuters) – India’s Tata Communications reported an 18% growth in its second-quarter revenue on Thursday, helped by steady demand for its digital services. The firm posted revenue of 57.67 billion rupees ($686 million) for the three months ended Sept. 30, as compared to 48.73 billion rupees a year earlier. Tata Communications provides services such as …

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Polycab India misses Q2 profit view as costs, competition bite

17 Oct 2024

(Reuters) – Rcreported a smaller-than-expected second-quarter profit on Thursday as competition hurt its high-margin retail business, with a rise in expenses pressuring the bottomline further. The company said its consolidated net profit rose 3.4% to 4.40 billion rupees ($52.4 million) for the three months ended Sept. 30. Analysts, on average, had expected a profit of …

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Hyundai IPO, India’s biggest, gets $5.5 billion in bids despite subdued retail interest

17 Oct 2024

By Nandan Mandayam, Hritam Mukherjee and Aditya Kalra (Reuters) -Hyundai Motor India’s $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation. Hyundai Motor’s first listing outside South Korea is India’s largest and the world’s second-largest IPO of 2024, …

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India’s Tata Chemicals posts Q2 profit drop as soda ash prices slip, freight costs rise

17 Oct 2024

(Reuters) – India’s Tata Chemicals reported a near 55% year-on-year fall in its second-quarter profit on Thursday, hurt by lower soda ash prices and higher freight costs. The chemical maker’s consolidated net profit fell to 1.94 billion rupees ($23.1 million) for the quarter ended Sept. 30 from 4.28 billion rupees a year earlier. While revenue …

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Indian shares slip for third straight day as Bajaj Auto’s forecast adds to blues

17 Oct 2024

By Hritam Mukherjee (Reuters) -Indian shares fell for the third straight session on Thursday as motorcycle maker Bajaj Auto’s warning of weak festive period sales rippled through the markets, adding to the pressure of high stock valuations and the exodus of foreign funds. The Nifty 50 index dropped 0.9% at 24,749.85 points as of 3:30 …

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