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Factbox-What brokerages expect from India’s union budget on Feb. 1

27 Jan 2025

By Bharath Rajeswaran (Reuters) – India’s federal government is expected to use next month’s budget to stimulate economic growth through measures such as income tax cuts, although a significant increase in capital expenditure appears unlikely, multiple brokerages said. India’s benchmark indexes have fallen about 7% since the government’s last budget announcement on July 23, 2024, …

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Exclusive-India to ditch privatisation plans, pour billions in state-run firms, sources say

27 Jan 2025

By Nikunj Ohri and Sarita Chaganti Singh NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters. Less than a month into …

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JSW Group to invest $301 million in India copper mines in non-ferrous foray as steel prices dull

27 Jan 2025

(Reuters) -India’s steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall. The billionaire Sajjan Jindal-led group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from …

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OpenAI to face Indian news firms of Ambani, Adani in copyright battle, documents show

27 Jan 2025

By Aditya Kalra and Arpan Chaturvedi NEW DELHI (Reuters) – Digital news units of Indian billionaires Gautam Adani and Mukesh Ambani, and other outlets including the Indian Express and the Hindustan Times, are joining proceedings against OpenAI for improperly using copyright content, legal papers show. Courts globally are hearing claims by authors, news organisations and …

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Indian Oil posts smaller-than-expected profit on lower margins, losses in LPG

27 Jan 2025

(Reuters) – Indian Oil Corp (IOC), the country’s top refiner, reported a smaller-than-expected third-quarter profit on Monday, hurt by lower marketing margins and losses in its liquefied petroleum gas (LPG) segment. The state-owned firm’s standalone net profit plunged 64.4% to 28.74 billion rupees ($332.9 million). Analysts, on average, had expected a profit of 51.88 billion …

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Daawat basmati rice maker LT Foods Q3 profit drops on higher costs; shares slip

27 Jan 2025

(Reuters) – India’s Daawat’ and ‘Royal’ basmati rice maker LT Foods posted a 5.2% fall in third-quarter profit on Monday, as a surge in rice prices after the government eased export rules spiked costs, sending its shares down as much as 9.3%. The company said consolidated net profit fell to 1.43 billion rupees ($16.56 million) …

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India’s Adani Total Gas posts Q3 profit fall on higher gas procurement charges

27 Jan 2025

(Reuters) – India’s Adani Total Gas reported a 20% fall in third-quarter profit on Monday, hurt by higher gas purchase costs following lower supply from the government. The Adani group company’s consolidated profit fell 20% to 1.42 billion rupees ($16.4 million) in the three months ended Dec. 31, from a year ago.  The government had …

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UltraTech in talks to buy HeidelbergCement India, Moneycontrol reports, following rival Adani

27 Jan 2025

(Reuters) – UltraTech Cement, India’s top cement producer by capacity, is in advanced talks with German firm Heidelberg to acquire its Indian unit, Moneycontrol reported on Monday, citing sources familiar with the matter. Executives from the Aditya Birla Group, UltraTech’s parent, met Heidelberg management to discuss the acquisition of HeidelbergCement India, the report said, without …

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Indian cement maker ACC’s third-quarter profit surges on volumes boost

27 Jan 2025

Indian cement maker ACC reported a third-quarter profit surge on Monday, as strong sales volume growth cushioned the impact of weak prices. The Adani group firm’s profit after tax more than doubled on-year to 10.89 billion rupees ($126.10 million) for the three months to Dec. 31. Revenue rose 7% to 51.76 billion rupees. For further …

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