Reuters India Business

Indian power company CESC’s Q2 profit rises on better distribution

12 Nov 2024

BENGALURU (Reuters) – India’s CESC, a power generation and distribution company, reported an increase in second-quarter profit on Tuesday, due to fewer leaks during distribution and bill collection. The Kolkata-based company said its consolidated net profit rose 1.4% year-on-year to 3.53 billion rupees ($41.8 million) for the quarter ended Sept. 30. Revenue from operations rose …

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India thermal coal imports fall at fastest pace in 15 months

12 Nov 2024

By Sudarshan Varadhan SINGAPORE (Reuters) – India’s imports of thermal coal plunged by about a third on an annual basis in October, according to data analytics firms Bigmint and Kpler, due to slowing power generation and higher clean energy output. Shipments into the world’s second-largest coal importer plunged 31.8% to 13.56 million metric tons, Bigmint …

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India’s Zydus Life posts Q2 profit rise on steady US demand

12 Nov 2024

(Reuters) – Indian drugmaker Zydus Lifesciences reported a 14% rise in second-quarter profit on Tuesday, helped by strong demand for generic drugs in its key United States and Indian markets. The company’s consolidated net profit rose to 9.11 billion rupees ($107.93 million), in line with analysts’ average estimate of 9.13 billion rupees, as per data …

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India may relax spending limits to meet FY25 capex target, source says

12 Nov 2024

By Nikunj Ohri NEW DELHI (Reuters) – India is considering the relaxation of quarterly spending limits to ensure it does not fall short of its capital expenditure target for the financial year 2024/2025, according to a government source. Federal government spending slowed during April-June due to the national elections, with total expenditure in six months …

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Indian Oil says fire at refinery fully extinguished, death toll climbs to two

12 Nov 2024

NEW DELHI (Reuters) -Indian Oil Corp said on Tuesday a fire at its Gujarat refinery had been fully extinguished and refinery operations were back to normal, even as the death toll rose to two. Officials had earlier said that one person was killed and two others injured in the fire that broke out on Monday …

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Indian cenbank likely selling dollars to support rupee amid Asian currencies’ slide

12 Nov 2024

MUMBAI (Reuters) – The Indian central bank was likely selling dollars to support the rupee after the local currency hit its all-time low on Tuesday, pressured by a Chinese yuan-led decline in Asian currencies, four traders told Reuters. The rupee weakened to a low of 84.40 per dollar in early trading, eclipsing its previous record …

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Gold drops over 2% as dollar strengthens; investors await Fed policy cues

11 Nov 2024

By Sherin Elizabeth Varghese (Reuters) – Gold prices slipped more than 2% on Monday, weighed down by the greenback’s continued rise and broader implications of Donald Trump’s victory in the U.S. presidential election on fiscal policy and interest rate cuts. Spot gold fell 2.5% to $2,617.96 per ounce, as of 1:54 p.m. ET (1854 GMT). …

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India’s Blue Dart Express posts Q2 profit fall on higher expenses

11 Nov 2024

(Reuters) – Indian courier delivery platform Blue Dart Express reported a drop in second-quarter profit on Monday as a rise in expenses offset strong freight volumes. The company’s consolidated net profit was 628.4 million rupees ($7.5 million) for the quarter ended Sept. 30, down 14% from a year ago. Its revenue from operations climbed 9.4% …

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India’s Hindalco beats Q2 profit view on higher aluminium prices

11 Nov 2024

By Neha Arora and Anuran Sadhu (Reuters) -India’s Hindalco Industries, one of the country’s largest aluminium and copper producers, posted a better-than-expected second-quarter profit on Monday, helped by higher aluminium prices. The company, owned by the Aditya Birla Group, said its consolidated net profit jumped 78% to 39.09 billion rupees ($463.3 million) for the three …

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