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 »
BENGALURU (Reuters) – India’s LIC Housing Finance reported a fall in first-quarter profit on Friday, as higher borrowing costs offset gains from steady home loan demand. The company, a unit of Life Insurance Corp of India, said its profit after tax for the three months ended June 30 fell nearly 2% to 13 billion rupees …
India’s LIC Housing Finance posts fall in Q1 profit on higher costs 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 »
BENGALURU, August 2 (Reuters) – Logistics firm Delhivery swung to a first-quarter profit on strong growth in its supply chain, part truckload and express parcel services. The company reported a consolidated profit of 543.6 million rupees ($6.5 million) on Friday, from a loss of 894.8 million rupees a year ago. It had posted a narrower …
India’s Delhivery swings to Q1 profit on strong growth in key segments Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee slipped to a record low on Friday, as local stocks declined tracking a global equity sell-off caused by concerns of a slowdown in the United States and rising geopolitical tensions in the Middle East. The rupee closed down 0.04% at 83.75 against the U.S. dollar on …
Global stock sell-off pushes Indian rupee to record low Read More »
BENGALURU (Reuters) – India’s Dalmia Bharat Sugar and Industries reported a 10.8% fall in first-quarter profit on Friday, hurt by higher inventory and expenses. The company, which supplies sugar to companies like Coca-Cola, Britannia, Dabur, and Carlsberg, reported consolidated net profit of 547.3 million rupees ($6.5 million), compared to 613.4 million rupees year ago. Revenue …
India’s Dalmia Bharat Sugar Q1 profit falls on higher inventory, finance costs Read More »
By Arpan Chaturvedi NEW DELHI (Reuters) -Insolvency proceedings against India’s Byju’s were quashed by an appeals tribunal on Friday in a big win for founder Byju Raveendran but a setback for U.S. lenders that say they are owed $1 billion by the education start-up. Byju’s was valued at $22 billion in 2022 before suffering setbacks …
Byju’s insolvency quashed by Indian appeals tribunal Read More »
MUMBAI (Reuters) – India’s markets regulator is working to streamline the fundraising process for companies and simplifying public offer documents for investors, Chairperson Madhabi Puri Buch said on Friday. The Securities and Exchange Board of India (SEBI) is working to merge rights issues and preferential allotments to expedite fundraising, Buch said at an event in …
India markets regulator targets reduction in fundraising time Read More »
BENGALURU (Reuters) -Shares of India’s Zomato surged as much as 19% to a record high on Friday, a day after the food delivery company’s first-quarter profit blew past expectations, powered by strong growth in its Blinkit grocery delivery business. The stock’s surge defied the weakness in the broader market and its 15% increase as of …
India’s Zomato rockets to all-time high as Blinkit delivers stellar growth Read More »
