Reuters India Business

By Shaloo Shrivastava BENGALURU (Reuters) – Activity in India’s dominant services sector remained upbeat in July on robust demand, leading to strong job creation, despite elevated cost pressures pushing up selling-price inflation to a seven-year high, a survey showed. The HSBC final India Services Purchasing Managers’ Index, compiled by S&P Global, fell marginally to 60.3 …

India’s services growth slows a touch but still solid, PMI shows Read More »

By Jaspreet Kalra MUMBAI (Reuters) – GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank’s digital currency pilot by offering transactions via the e-rupee, three sources directly involved in the discussions said. Indian fintech firms Cred and Mobikwik are the other two that have applied to join …

Google, Amazon, Walmart seek to join Indian cenbank’s digital currency project, sources say Read More »

BENGALURU (Reuters) – KFC India operator Devyani International reported a better-than-expected first-quarter profit on Monday, as promotions and discounts drew customers in. Consolidated net profit rose to 301.1 million rupees ($3.6 million) for the quarter ended June 30 from 117.6 million rupees a year ago. Analysts, on average, expected a profit of 207.5 million rupees, …

KFC India operator Devyani tops Q1 profit view as discounts drive demand Read More »

By Bharath Rajeswaran and Sethuraman N R BENGALURU (Reuters) – Indian shares accelerated their slide to nearly 3% late on Monday morning, in their steepest intra-day drop in two months, but fared better than their Asian peers amid a global sell-off in equities on fears of a slowdown in U.S. economic growth. The NSE Nifty …

Indian shares tumble 3%, less than Asian peers, as US growth fears spooks Read More »

By Aditya Kalra NEW DELHI (Reuters) – India, which bans direct advertising of liquor, is set to announce sweeping rules that will bar even surrogate ads and sponsoring of events, which could force firms such as Carlsberg, Pernod Ricard and Diageo to redraw marketing campaigns. Such “surrogate ads” often get round the ban by ostensibly …

Exclusive-India plans tougher ad curbs on liquor makers such as Carlsberg, Diageo, Pernod Read More »

MUMBAI (Reuters) – Strong loan demand helped State Bank of India, the country’s largest lender, beat estimates with $2 billion in April-June profits, but it also witnessed its provisions for loan losses rise sharply. The state-run bank reported on Saturday its net profit rose around 1% for the first financial quarter to 170.35 billion rupees …

State Bank of India reports $2 billion Q1 profit on strong loan growth Read More »

By Rahul Paswan (Reuters) – Gold prices retreated on Friday as profit-taking kicked in after bullion jumped over 1% earlier in the session on hopes of rate cuts buoyed by weaker than expected U.S. jobs data. Spot gold fell 0.5% to $2,432.19 per ounce as of 2:34 p.m. ET (1834 GMT). U.S. gold futures settled …

Gold retreats on profit-taking, logs weekly gain Read More »

CHENNAI/BENGALURU (Reuters) -India’s Britannia Industries reported quarterly earnings below market expectations on Friday, as branded consumer goods makers face tough competition from smaller rivals that offer cheaper alternatives. Britannia, which sells Jim Jam and NutriChoice biscuits, reported a consolidated net profit of 5.06 billion rupees ($60.44 million) for the first quarter ended June 30, compared …

India’s Britannia misses profit estimates hurt by tight competition Read More »