Reuters India Business

AstraZeneca threatens to move UK vaccine production to US, FT reports

23 Aug 2024

(Reuters) – AstraZeneca has warned it could relocate its vaccine manufacturing site from the UK to the United States as talks with the new Labour government over plans to cut state aid have become deadlocked, the Financial Times reported on Thursday. British finance minister Rachel Reeves wants to reduce state provisions to the company’s vaccine …

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Indian shares flat as global rally pauses, IT stocks slip

23 Aug 2024

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares were little changed on Friday, tracking a pause in the global equities’ rally ahead of Federal Reserve Chair Jerome Powell’s address, as investors awaited confirmation of their expectations for a U.S. rate cut next month. The NSE Nifty 50 index was down 0.09% at 24,789.5 as of 9:44 …

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Indian ed-tech giant Byju’s insolvency case fans employees’ fears

22 Aug 2024

By Ashwin Manikandan, Arpan Chaturvedi and Munsif Vengattil BENGALURU/NEW DELHI (Reuters) -The insolvency of Indian education technology company Byju’s threatens to be the biggest upset in a celebrated startup sector, unleashing a long battle by thousands of panic-stricken employees to recover dues and protect their careers. Once a darling of global investors, valued at $22 …

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India’s Adani Group-owned firm to sell stake worth $500 million in Ambuja Cements

22 Aug 2024

BENGALURU (Reuters) – An Adani Group-owned company is selling shares worth $500 million in Ambuja Cements, according to a term sheet seen by Reuters on Thursday. The holding company, Holderind Investments, is selling a 2.84% stake in the cement company on Friday, with the floor price of the sale set at 600 rupees per share. …

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Hindalco to spend $10 billion to expand India business and Novelis, chairman says

22 Aug 2024

BENGALURU (Reuters) – India’s Hindalco Industries will spend $10 billion to expand its domestic business and U.S.-based aluminium recycler Novelis Inc, Chairman Kumar Mangalam Birla said during the metals refiner’s shareholder meeting on Thursday. Hindalco would use the $10 billion for the ongoing aluminium and copper expansion projects as well as new ones, such as …

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India may let foreign investors raise capital in rupees to invest overseas, source says

22 Aug 2024

By Shivangi Acharya NEW DELHI (Reuters) – India may allow certain foreign investors to raise capital in rupees for investments in select countries, a government official said, in a move aimed at boosting the international use of the South Asian nation’s currency. The plan comes after Indian Finance Minister Nirmala Sitharaman said in July the …

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India’s Zomato shuts inter-city food-delivery service

22 Aug 2024

BENGALURU (Reuters) – India’s Zomato is shutting down its inter-city food-delivery service, CEO Deepinder Goyal said in a social media post on Thursday. The service, launched in 2022 and named Intercity Legends, allowed users in India to order food from other cities. “After two years of trying, not finding product market fit, we have decided …

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Analysis-To seal India merger, Disney-Reliance may need to dilute cricket dominance

22 Aug 2024

By Arpan Chaturvedi, Aditi Shah and Aditya Kalra NEW DELHI (Reuters) – The Indian antitrust body’s opposition to a proposed $8.5 billion merger of the Indian media assets of Walt Disney and Reliance may force the companies to sell some lucrative cricket broadcast rights or commit to advertising price caps. Reuters reported earlier this week …

Analysis-To seal India merger, Disney-Reliance may need to dilute cricket dominance Read More »

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