Reuters India Business

Indian basmati rice maker LT Foods’ Q1 profit jumps on strong demand

25 Jul 2024

BENGALURU (Reuters) – India’s LT Foods posted a bigger profit for the twelfth consecutive quarter on Thursday, bolstered by strong demand for its basmati rice. The company, which makes ‘Daawat’ and ‘Royal’ basmati rice, said consolidated net profit increased 11.5% to 1.53 billion rupees ($18.3 million) in the April-June quarter. According to official data, India’s …

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India’s Ashok Leyland reports Q1 profit miss as taxes weigh

25 Jul 2024

BENGALURU (Reuters) – India’s Ashok Leyland reported a first-quarter profit that missed estimates on Thursday, as tax expenses weighed down the bus and truck manufacturer more than expected. The Hinduja Group company’s profit for the April-June quarter fell 8.8% to 5.26 billion rupees (around $63 million). Analysts had expected 5.66 billion rupees, as per LSEG …

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India’s Axis Bank falls 5% after Q1 profit miss

25 Jul 2024

(Corrects third paragraph to say Axis Bank is India’s third largest private bank, not fourth largest) BENGALURU (Reuters) -Axis Bank’s shares fell about 5% on Thursday, a day after it reported a smaller-than-expected first-quarter profit on higher provisions for bad loans. The stock hit its lowest since June 14, recording its worst intraday percentage fall …

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India cenbank may prefer mild rupee weakness to correct overvaluation, BofA says

25 Jul 2024

MUMBAI (Reuters) – The Reserve Bank of India may allow the rupee to weaken slightly to unwind the slightly elevated real effective exchange rate and keep the South Asian currency “competitive,” BofA Securities said in a note on Thursday. “It supports the government’s ambitions for attracting large-scale manufacturing investments,” the Wall Street firm said, adding …

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Foreigners sell nearly $1 billion in Indian equities in two days since budget

25 Jul 2024

By Bharath Rajeswaran BENGALURU (Reuters) – Foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. Foreign portfolio investors (FPIs) net sold shares worth 81.06 billion rupees ($968 million) on Tuesday and …

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Nestle India misses Q1 estimates, posts slowest revenue growth in 8 years

25 Jul 2024

BENGALURU (Reuters) -Nestle India’s first-quarter profit and revenue came in below expectations on Thursday as price hikes drove shoppers towards cheaper rivals, pushing the consumer giant to mark its slowest revenue growth in eight years. The Indian arm of the Swiss food giant Nestle reported a net profit of 7.47 billion rupees for the three-month …

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UK and India launch technology security initiative

25 Jul 2024

LONDON (Reuters) -Britain said on Wednesday it had launched a new technology security initiative with India aimed at boosting economic growth, fostering collaboration on telecoms security and unlocking investment in emerging technologies. The British government said the agreement would see the two countries work more closely together on critical technologies including semiconductors, quantum and AI. …

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India’s Reliance gets US nod to import oil from Venezuela, source says

24 Jul 2024

By Nidhi Verma NEW DELHI (Reuters) -India’s Reliance Industries has received approval from the United States to resume importing oil from Venezuela despite Washington’s sanctions, a source familiar with the matter said on Wednesday. The United States in April re-imposed sanctions on Venezuela’s oil sector in response to President Nicolas Maduro’s failure to meet his …

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Gold prices climb as investors focus on US economic data

24 Jul 2024

By Ashitha Shivaprasad (Reuters) – Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline. Spot gold was up 0.3% at $2,416.39 per ounce, as of 0650 GMT. U.S. gold futures gained 0.4% to $2,416.10. Investors expect key U.S. data releases this week, including the …

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