(Reuters) -Steel Authority of India (SAIL) reported a lower fourth-quarter adjusted profit on Wednesday, hurt by inventory costs. The state-owned firm’s profit before exceptional items and tax dropped 13% to 15.94 billion Indian rupees ($187 million) in the quarter ended March 31. Revenue grew 5% to 293.16 billion rupees. But its expenses rose about 6% …
India’s SAIL posts quarterly profit drop on inventory costs Read More »
By Hritam Mukherjee (Reuters) -Indian initial public offerings of Leela hotels-owner Schloss Bangalore [SCHL.NS] and Aegis Vopak Terminals [AEGI.NS] were oversubscribed on Wednesday, hauled across the line by institutional buyers as retail demand floundered. India’s IPO market is still finding its legs after a slow start to the year, following blockbuster listings from companies such …
India’s Schloss, Aegis Vopak IPOs fully sold on final day, retail demand subdued Read More »
(Reuters) -Footwear maker Bata India reported a surprise fourth-quarter profit decline on Wednesday, hurt by sluggish consumer demand as the high cost of living hurts household budgets. The company’s quarterly consolidated profit fell 28% from a year ago to 459.2 million rupees ($5.4 million) while analysts expected a growth of around 5%, according to data …
Bata India posts surprise profit fall in fourth quarter as footwear demand wanes Read More »
By Arpan Chaturvedi NEW DELHI (Reuters) -Seven Samsung India executives have asked a court to revoke penalties of $81 million included in New Delhi’s $601-million tax demand from the company for allegedly misclassifying some imports, arguing “no grave offence” had been committed, according to legal papers and a source. The Indian tax authority in January …
Samsung India executives seek to quash $81 million penalty over tax evasion Read More »
By Rishika Sadam (Reuters) -Practo, an Indian healthcare services platform connecting doctors and patients, wants to double its revenue from international business in the next three years as it expands into developed markets, a top executive told Reuters. Founded in 2008, the Bengaluru-based firm gets about 20% of its revenue from international markets, where its …
By Rajendra Jadhav NEW DELHI (Reuters) – India has raised the price at which it will buy the new-season common rice paddy variety from local farmers by 3%, the lowest increase in five years, as New Delhi struggles to manage overflowing granaries after last year’s record harvest. India is the world’s second-largest producer of rice …
India raises purchase price of rice by 3%, lowest increase in five years Read More »
NEW DELHI (Reuters) -India’s industrial output grew 2.7% year-on-year in April, government data showed on Wednesday. Economists polled by Reuters were expecting a growth of 1%. Industrial output grew 3% in March and increased by 4% in fiscal year 2024-25. KEY NUMBERS * Manufacturing output up 3.4% in April * Electricity generation grew 1.1% in …
India’s industrial output rises 2.7% Y/Y in April Read More »
(Reuters) -India’s markets regulator on Wednesday approved Hero Fincorp’s initial public offering, according to a notification on its website. BY THE NUMBERS The IPO of the financial arm of two-wheeler maker Hero MotoCorp is valued at 36.68 billion rupees (about $430 million). It consists of a fresh issue of shares worth 21 billion rupees and …
India’s markets regulator greenlights Hero Fincorp’s $430 million IPO Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee ended nearly flat on Wednesday, as the impact of month-end dollar demand from importers was offset by an uptick in regional peers. The rupee closed at 85.36 against the U.S. dollar from 85.33 in the previous session. The unit weakened to 85.70 earlier in the session, …
Rupee ends nearly flat, wedged between importer dollar bids and Asia FX uptick Read More »
By Vivek Kumar M and Bharath Rajeswaran (Reuters) -India’s benchmark indexes edged lower on Wednesday, dragged by a slide in ITC, even as broader sentiment stayed upbeat on positive global cues, while investors awaited the U.S. Federal Reserve’s policy minutes. The Nifty 50 fell 0.30% to 24,752.45, while the BSE Sensex settled 0.29% lower at …
ITC weighs on India’s benchmark indexes; Fed minutes eyed Read More »
