Reuters India Business

By Sherin Elizabeth Varghese and Ashitha Shivaprasad (Reuters) -Gold prices extended losses on Wednesday following reports that the U.S. and European Union were closing in on a 15% tariff deal, dampening safe-haven demand, while silver earlier surged to its highest level since September 2011. Spot gold was down 1.1% at $3,394.64 per ounce, as of …

Gold extends losses as US and EU close in on tariff deal, silver rallies Read More »

(Corrects paragraph 6 to say promoters have one board member from no representation) (Reuters) -India’s IndusInd Bank will raise up to $3.47 billion and allow promoters to nominate two board directors, the private sector lender said on Wednesday, as it seeks to restore confidence after a $230 million accounting lapse. IndusInd is looking to secure …

IndusInd Bank to raise up to $3.5 billion, allow Hindujas to nominate two board seats Read More »

(Reuters) -Westlife Foodworld, a McDonald’s franchisee in India, missed quarterly profit estimates by a wide margin on Wednesday, as restaurant chains faced higher costs and stiff competition from local cafes and online kitchens. Global fast-food giants, which once drove India’s burger and pizza boom, have struggled to boost sales over the past two years due …

McDonald’s India operator falls significantly short of profit estimates as competition, costs bite Read More »

By Vivek Mishra BENGALURU (Reuters) -The Indian government’s unemployment data is inaccurate and masks the severity of joblessness and underemployment, according to a Reuters poll of independent economists, several of whom said the true jobless rate is around twice the official figure. India is the world’s fastest-growing major economy at an annual rate of 7.4% …

Official India jobless data is not accurate, say top independent economists Read More »

By Munsif Vengattil and Aditya Kalra BENGALURU (Reuters) -India’s financial crime agency said on Wednesday an investigation had found that Walmart’s fashion business Myntra Designs breached laws prohibiting foreign wholesalers from selling to consumers. The case comes amid growing scrutiny of e-commerce players in India. An antitrust investigation last year found Amazon and Walmart’s other …

India accuses Walmart’s Myntra of breaching foreign investment rules Read More »

(Reuters) -India’s Tata Consumer Products missed first-quarter profit estimates on Wednesday, as elevated tea prices pressured the company’s margins. Net profit came in at 3.34 billion rupees ($38.7 million) for the quarter ended June, compared with analysts’ average estimate of 3.56 billion rupees, according to data compiled by LSEG. ($1 = 86.3850 Indian rupees) (Reporting …

India’s Tata Consumer misses profit estimates as tea, coffee inflation weigh Read More »

By Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) -India’s No.2 IT services provider Infosys raised the floor of its annual revenue forecast on Wednesday after reporting stronger-than-expected quarterly sales, as its financial services segment got a fillip from AI deals and market-share gains. The Bengaluru-based company narrowed its revenue growth forecast to 1% to …

Infosys raises annual revenue forecast on financial services boost Read More »