Reuters India Business

By Aditya Kalra BENGALURU (Reuters) -Ola Electric’s IPO drew bids worth over $2 billion from institutions ahead of its opening for retail investors, with shares allocated to Nomura, Norges Bank and some Indian mutual funds, a source with direct knowledge said. Indian Electric scooter maker Ola, backed by SoftBank, plans to raise $734 million in …

India’s Ola Electric IPO attracts $2 billion of bids from big institutions, source says Read More »

By VarunVyas Hebbalalu BENGALURU (Reuters) -Tata Motors, India’s largest EV-maker by sales, said on Thursday it would be open to making hybrid cars if demand for the technology surged, but does not support government incentives for it. The ‘Nexon’ SUV-maker, which has raised money from TPG for its electrification push, has urged Indian government officials …

Tata Motors may look at hybrids if demand is strong, CFO says Read More »

MUMBAI (Reuters) – Nearly 300 small Indian banks which were forced to go offline a day earlier due to a ransomware attack were back online on Thursday, the National Payments Corporation of India, an authority that oversees payments systems, said. The attack had affected C-Edge Technologies, a technology service provider to the banks. India has …

Small Indian banks back online after ransomware attack, payments authority says Read More »

BENGALURU (Reuters) – India’s Adani Enterprises’ first-quarter profit more than doubled on Thursday as growth in its new energy division outweighed weakness in its key coal trading segment. Consolidated net profit rose to 14.55 billion rupees (around $174 million) for the quarter ended June 30, from 6.74 billion rupees a year ago, the company, which …

India’s Adani Enterprises posts Q1 profit surge Read More »

HYDERABAD/BENGALURU (Reuters) – Sun Pharmaceutical, India’s largest drugmaker by revenue, reported first-quarter profit above analysts’ estimates on Thursday, helped by strong sales of its chronic therapy and specialty dermatology drugs in the key U.S. and domestic markets. The Mumbai-based company’s net profit rose 40% to 28.36 billion rupees ($339 million) in the three months ended …

Indian drugmaker Sun Pharma beats Q1 profit expectations Read More »

By Siddhi Nayak MUMBAI (Reuters) – India’s third-most valued state-run lender Bank of Baroda expects to receive 100 billion rupees ($1.2 billion) through bad loan recoveries in the financial year ending March, led by corporate and small-ticket loans, its chief executive officer said on Thursday. The bank has a couple of corporate accounts under insolvency, …

India’s Bank of Baroda aims to recover 100 billion rupees from bad loans in FY25, CEO says Read More »

BENGALURU (Reuters) -India’s Adani Ports and Special Economic Zone reported a 47% jump in quarterly profit on Thursday, as strong commercial activity in the world’s fifth-largest economy lifted cargo volumes. Shares of the Adani Group company were up 1.2% after the results, while the broader benchmark Nifty 50 gained 0.2%. India’s largest private port operator …

India’s Adani Ports logs 47% jump in Q1 profit on strong cargo volumes Read More »

BENGALURU (Reuters) – Akzo Nobel India reported a 4.3% rise in its first-quarter profit on Thursday, as demand for its paint products across different verticals picked up in June ahead of the monsoon. The maker of Dulux Paints said its consolidated net profit rose to 1.15 billion rupees ($13.74 million) in the quarter ended June …

Paint maker Akzo Nobel India reports Q1 profit rise on higher demand Read More »