(Reuters) – Indian state-owned miner NMDC reported a higher third-quarter profit on Thursday, aided by price hikes during the period. The iron ore miner reported a 30% year-on-year rise in profit to 19.44 billion rupees ($222 million) for the October-December quarter. NMDC increased the prices of iron ore twice during the quarter, resulting in an …
Indian miner NMDC posts higher quarterly profit on strong prices Read More »
(Reuters) – Indian tyre maker MRF posted a near 40% fall in third-quarter profit on Thursday, as higher rubber costs outweighed steady demand for tyre, sending its shares more than 3% lower. Standalone net profit was 3.07 billion rupees ($35.06 million) in the quarter ended Dec. 31, missing analysts’ average estimate of 4.2 billion rupees, …
Indian tyre maker MRF profit plunges on higher rubber costs Read More »
By Manvi Pant and Praveen Paramasivam (Reuters) – Shares of Swiggy plunged about 8% to a record low on Thursday, after the Indian delivery firm’s quarterly loss worsened as an expansion of its quick commerce stores to counter rivals such as Blinkit and Zepto hit margins. The shares, which had their trading debut in November, …
India’s Swiggy slumps to record as quick-delivery push hits margins, deepens loss Read More »
By Bharath Rajeswaran (Reuters) – India’s financials accounted for nearly a third of the foreign sales from the country’s equity markets in January, highest outflows among sectors, data from the National Securities Depository Ltd. (NSDL) showed on Thursday. Last month, foreign portfolio investors (FPI) offloaded domestic equities worth about $9 billion, the second-highest monthly sales …
Foreign sales in India’s financials drive second-highest monthly outflows in January Read More »
MUMBAI (Reuters) – India’s central bank is likely conducting buy/sell dollar-rupee swaps in addition to selling spot dollars to support the rupee, three traders told Reuters on Thursday. The Reserve Bank of India’s (RBI) buy/sell swaps are largely for spot over February and January, the traders said. The RBI has been routinely conducting such swaps …
Indian central bank likely conducting buy/sell USD-INR swaps, traders say Read More »
(Reuters) – Solid demand in rural areas, as well as higher prices of staples including edible oil and wheat flour, helped the consumer goods sector report a 10.6% sales growth in the December quarter, market researcher NielsenIQ said on Thursday. India’s rural areas – which account for just over a third of consumer goods sales …
Rural demand, price hikes power India consumer goods sector growth, NielsenIQ says Read More »
By Swati Bhat MUMBAI (Reuters) -India’s central bank is widely expected to cut interest rates for the first time in nearly five years in Governor Sanjay Malhotra’s first monetary policy review on Friday, aiming to boost economic growth which is seen falling to a four-year low. Over 70% of respondents, 45 of 62, in a …
India’s central bank seen cutting rates for first time since May 2020 Read More »
By Dharamraj Dhutia MUMBAI (Reuters) – Indian government bonds are seeing increased buying interest from foreign investors ahead of an anticipated interest rate cut from the Reserve Bank of India this week. Foreigners have net bought 182 billion rupees ($2.09 billion) worth of debt in the past seven days, surpassing the aggregate purchases from these …
Foreigners step up India bond purchases before anticipated interest rate cut Read More »
BENGALURU (Reuters) – The Indian rupee is set to become more volatile as the Reserve Bank of India’s new governor loosens control over the partially convertible currency as a rampant U.S. dollar exerts relentless downward pressure, a Reuters poll found. The RBI’s actions in the market since Governor Sanjay Malhotra’s surprise appointment in December suggest …
Rupee set for volatile ride as RBI eases control amid dollar strength – Reuters poll Read More »
(Reuters) – OpenAI CEO Sam Altman on Wednesday said India is now OpenAI’s second-largest market by number of users, which have tripled in the past year. Altman met with India’s IT Minister Ashwini Vaishnaw and discussed India’s plan of creating a low-cost AI ecosystem. Altman lauded the country’s rapid AI adoption and growing ambitions. Vaishnaw …
India now OpenAI’s second largest market, Altman says Read More »
