BENGALURU (Reuters) – India’s PC Jeweller swung to a profit in the first quarter on Wednesday as promotions and discounts drove demand. It reported a consolidated net profit of 1.56 billion rupees ($18.6 million), compared with a loss of 1.72 billion rupees a year earlier, snapping six straight quarters of losses. Revenue from operations surged …
India’s PC Jeweller swings to Q1 profit on robust demand Read More »
By Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) – Global banks have started reviving the technology projects they put on ice in 2023, raising hopes for the $254 billion Indian IT sector that makes about a third of its revenue from banking, financial services and insurance (BFSI) clients. Quarterly reports from Tata Consultancy Services …
Global banks’ tech revival sparks hope for $254 billion Indian IT sector Read More »
By Rajendra Jadhav and Ashitha Shivaprasad MUMBAI (Reuters) – India’s palm oil and soyoil imports surged to their highest levels in about a year in July, as refiners increased purchases for upcoming festivals amid a correction in prices, a leading trade body said on Wednesday. Higher palm oil purchases by the world’s biggest importer of …
India’s July palm imports surge to near one-year high on festive demand Read More »
By Nikunj Ohri NEW DELHI (Reuters) -India’s wholesale price inflation slowed in July mainly due to a fall in vegetable prices, government data released on Wednesday showed. The wholesale price index rose 2.04% in July from a year earlier, compared with a 3.36% rise in June. Economists polled by Reuters had expected a 2.39% gain …
India’s July wholesale prices rise 2.04% on year Read More »
By Dharamraj Dhutia MUMBAI (Reuters) – Investment in a type of bond derivative called forward rate agreements could likely rise in India as the interest rate cycle turns and the country’s largest insurer enters the market, traders said. Forward rate agreements (FRA) are contracts between banks and insurance firms that allow the latter to lock in rates …
India’s interest rate derivatives to get boost as top insurer LIC enters market Read More »
By Siddhi Nayak MUMBAI (Reuters) – State Bank of India (SBI), the country’s largest lender, aims to strike a deal by end-March for the sale of its 24% stake worth 184.2 billion rupees ($2.2 billion) currently in smaller rival Yes Bank, four sources with direct knowledge said. Japanese lender Sumitomo Mitsui Banking Corp and Dubai-based …
India’s SBI aims to sell its Yes Bank stake worth $2.2 billion by end-March, sources say Read More »
BENGALURU (Reuters) -India’s Hindalco on Tuesday reported first-quarter profit below estimates, hurt by a jump in expenses tied to disruptions at its Novelis unit’s Switzerland plant. Consolidated net profit for the Aditya Birla Group-owned company surged 25% to 30.74 billion rupees (about $366 million). Analysts, on average, expected a profit of 36.71 billion rupees, according …
India’s Hindalco misses first-quarter profit estimates on higher expenses Read More »
By Neha Arora NEW DELHI (Reuters) – India plans to provide funding for research institutes to give technical assistance to miners, according to a government source and a letter reviewed by Reuters, to try to develop a critical minerals industry. The funding illustrates the efforts India is making to get the critical mineral industry off …
India to offer incentives for critical minerals extraction, govt source says Read More »
By Aditya Kalra NEW DELHI (Reuters) – India’s antitrust body has ordered an unusual recall of reports of an investigation that found Apple breached competition laws, after the U.S. giant complained its commercial secrets were disclosed to opponents, including Tinder-owner Match. The move will prolong a procedure, begun in 2021 and already marred by delays, …
India orders unusual recall of reports on Apple antitrust probe Read More »
By Hritam Mukherjee and Bharath Rajeswaran BENGALURU (Reuters) -Indian shares were marginally lower on Tuesday, weighed by a fall in top private lender HDFC Bank, which will likely see lower-than-expected inflows because of a staggered adjustment of its weight on a key MSCI emerging market index. The NSE Nifty 50 index shed 0.23% at 24,288.25, …
Top private lender HDFC Bank weighs on Indian shares Read More »
