Reuters India Business

India’s push for home-grown satellite constellation gets 30 aspirants

24 Dec 2024

By Nivedita Bhattacharjee BENGALURU (Reuters) – Thirty Indian companies have answered the space regulator’s call to build and operate constellations of Earth observation (EO) satellites in a groundbreaking private-public partnership to reduce the country’s reliance on foreign data for defense, infrastructure management and other critical mapping needs. “We have received 9 applications … Each applicant …

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Indian state refiners may buy Mideast spot oil to replace Russian shortfall

24 Dec 2024

By Nidhi Verma NEW DELHI (Reuters) – Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining sources said, in a move that could support prices for high-sulphur oil. The three large state refiners- Indian Oil Corp, Bharat Petroleum Corp and Hindustan …

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Indian central bank likely selling dollars to cap rupee depreciation, traders say

24 Dec 2024

MUMBAI (Reuters) – The Indian central bank was likely selling dollars to limit the rupee’s losses after it hit a record low on Tuesday on higher U.S. bond yields and dollar demand from local oil companies. The rupee was quoted at 85.16 to the U.S. dollar as of 9:20 a.m. IST after dipping to a …

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Rupee to hover near record low amid rise in US Treasury yields

24 Dec 2024

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee may open near its all-time low on Tuesday and continue to trade with a mild depreciation bias, pressured by a rise in U.S. bond yields, with traders expecting the domestic central bank to intervene to keep a lid on sharp declines. The one-month non-deliverable forward indicated …

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US FDA restricts imports of some Viatris drugs made at India facility

23 Dec 2024

(Reuters) -Viatris said on Monday the U.S. Food and Drug Administration has restricted imports of 11 products made at the drugmaker’s facility in India after the regulator’s inspection found it had violated federal requirements. The FDA has issued a warning letter to Viatris related to its drug manufacturing facility in Indore in the central Indian …

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Gold eases as US dollar, yields rise in thin holiday trading

23 Dec 2024

By Sherin Elizabeth Varghese (Reuters) – Gold prices edged lower in subdued holiday-season trading on Monday, weighed down by a robust dollar and high U.S. Treasury yields as investors awaited clearer signals on the Federal Reserve’s monetary policy for 2025. Spot gold was down 0.4% at $2,611.17 per ounce, as of 1:42 p.m. ET (1842 …

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Indian EV maker Greaves Electric Mobility files IPO papers

23 Dec 2024

(Reuters) – Indian electric-vehicle maker Greaves Electric Mobility plans to raise 10 billion rupees ($117.5 million) through an initial public offering, according to the draft papers it filed on Monday. Greaves Electric is known for its ‘Ampere’ brand of e-scooters and also manufactures three-wheelers under a different brand. The company’s top shareholder – publicly listed …

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How to tax popcorn? India’s formula sparks outrage against GST system

23 Dec 2024

By Nikunj Ohri NEW DELHI (Reuters) -India’s move to tax popcorn differently based on its sugar or spice content has drawn criticism from the opposition and sparked social media outrage, with two former government economic advisers questioning the tax system introduced in 2017. The Goods and Services Tax (GST) Council, chaired by the finance minister …

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Weather woes to crush India’s sugar production, export hopes

23 Dec 2024

By Rajendra Jadhav MUMBAI (Reuters) – Sugarcane yields in India are declining due to last year’s drought and this year’s excessive rains, which could reduce the country’s sugar production below consumption levels for the first time in eight years, farmers and industry officials said on Monday. Lower-than-expected output by the world’s second-largest sugar producer could …

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India’s benchmark indexes rebound after worst week since June 2022

23 Dec 2024

By Bharath Rajeswaran (Reuters) – India’s benchmark indexes rose on Monday, led by heavyweights HDFC Bank and Reliance Industries, as well as metal stocks, and in line with regional peers on the back of lower-than-expected U.S. inflation data. The Nifty 50 climbed 0.7% to 23,753.45 points, while the BSE Sensex gained 0.64% to 78,540.17, with …

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