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India’s Wipro banks on better 2025 after beating Q3 estimates

17 Jan 2025

By Haripriya Suresh and Sai Ishwarbharath B BENGALURU/MUMBAI (Reuters) -India’s No. 4 IT services provider Wipro beat third-quarter estimates for revenue and profit on Friday, and its CEO hoped for a better year after facing macroeconomic challenges in 2024. “Our clients are cautiously optimistic and we see discretionary spending slowly coming back,” CEO Srinivas Pallia …

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India’s economy set for rebound but food inflation needs monitoring, cenbank says

17 Jan 2025

By Siddhi Nayak and Swati Bhat MUMBAI (Reuters) – India’s economic growth is poised to rebound as domestic demand regains strength, but “stickiness” in food inflation warrants careful monitoring, the central bank said in its monthly bulletin released on Friday. In India, there is a “conducive quickening” of high-frequency economic activity indicators in the second …

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India’s ICICI Lombard beats Q3 profit estimates on health, motor insurance boost

17 Jan 2025

(Reuters) – India’s ICICI Lombard General Insurance beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments. The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68% on-year. Analysts, on average, expected a profit of 6.10 billion …

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India steel minister says probe to determine safeguard measures ongoing

17 Jan 2025

NEW DELHI (Reuters) – India’s investigation to determine safeguard measures is ongoing, the country’s steel minister H D Kumaraswamy said on Friday. India’s finished steel imports hit at least a six-year high in the first nine months of the financial year that started in April 2024, provisional government data reviewed by Reuters showed. (Reporting by …

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India approves $1.32 billion revival plan for debt-laden RINL, minister says

17 Jan 2025

NEW DELHI (Reuters) – India’s federal cabinet has approved a financial plan of 114.40 billion rupees ($1.32 billion) to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL), a minister said on Friday. The revival plan, which includes an equity capital infusion of 103 billion rupees, will help state-owned RINL revive blast furnaces to full capacity within …

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SBI Life Insurance posts higher Q3 profit on policy renewals, new sales

17 Jan 2025

(Reuters) – India’s SBI Life Insurance Company posted a higher third-quarter profit on Friday, led by growth in renewed and new insurance policies. Its profit rose 71% to 5.51 billion rupees ($63.6 million) for the quarter ended Dec. 31, from 3.22 billion rupees a year earlier. The insurer’s net premium income grew 11% to 248.28 …

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IT stocks drags Indian equity benchmarks to weekly losses

17 Jan 2025

By Bharath Rajeswaran (Reuters) -India’s benchmark indexes declined on Friday and logged weekly losses as IT companies tumbled on mounting worries about earnings growth in the current quarter and amid persistent foreign outflows from domestic equities. The Nifty 50 fell 0.47% to end at 23,203.2, while the BSE Sensex shed 0.55% to close at 76,619.33. …

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Rupee ends weaker, logs worst week in 18 months on foreign outflows

17 Jan 2025

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee slipped on Friday and logged its worst week in 18 months, hurt by persistent foreign portfolio outflows and heightened dollar bids in the non-deliverable forwards (NDF) market. The currency declined to an all-time low of 86.6475 earlier in the week but frequent interventions by the Reserve …

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Exclusive-First Indian startups picked for Indo-US defence programme, investor says

17 Jan 2025

By Nivedita Bhattacharjee BENGALURU (Reuters) -Seven Indian privately-held startups have been chosen for a first-of-its-kind India-U.S. space and defence collaboration programme, potentially unlocking a lucrative and strategic market for Indian firms, an investor who co-launched the project told Reuters on Friday. The companies include space imaging company KaleidEO, rocket makers EtherealX and AI-driven company Shyam …

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