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India’s Welspun posts steep Q2 profit drop on low domestic steel bar demand

8 Nov 2024

(Reuters) – India’s Welspun Corp reported a 25% drop in second-quarter profit on Friday, due to sluggish domestic demand for its steel bars amid a slowdown in construction activity. The company, which makes which makes pipes to move oil, natural gas, and bars for infrastructure, said its consolidated net profit fell 25% to 2.87 billion …

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India’s LIC posts Q2 profit fall on higher benefits paid but margin expands

8 Nov 2024

(Reuters) -Life Insurance Corporation of India (LIC), the country’s biggest insurer, posted a 3.8% fall in second-quarter profit on Friday as it paid out higher benefits, while new business margins for the half-year expanded. LIC’s profit after tax fell to 76.21 billion rupees ($903.6 million) for the quarter ended Sept. 30 from 79.25 billion rupees …

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India’s rice inventories hit record high, triples govt target

8 Nov 2024

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI (Reuters) – India’s rice inventories surged to an all-time high of 29.7 million metric tons in November, sources said on Friday, nearly three times the government’s target, as export curbs imposed over the past two years bumped up local supplies. Higher stocks would allow the world’s biggest …

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Indian shares log fifth week of losses in six as foreign outflows, dull earnings drag

8 Nov 2024

By Bharath Rajeswaran (Reuters) -Indian stocks dropped on Friday, ending the week in the red, as concerns over dull corporate earnings and persistent foreign outflows outweighed gains in information technology stocks following the U.S. Federal Reserve’s expected interest rate cut. The NSE Nifty 50 fell 0.21% to 24,148.2, while the BSE Sensex shed 0.07% to …

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Indian miner Vedanta tops Q2 profit view on higher metals prices

8 Nov 2024

(Reuters) – Indian miner Vedanta Ltd posted a bigger-than-expected second-quarter profit on Friday buoyed by higher metals prices even as demand was sluggish. The conglomerate, led by billionaire Anil Agarwal, reported consolidated net profit of 43.52 billion rupees (about $516 million) for the September quarter, which surpassed analysts’ average estimate of 23.67 billion rupees, as …

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US election result to keep energy prices reasonable, Indian official says

8 Nov 2024

NEW DELHI (Reuters) – The outcome of U.S. elections is positive for energy prices to remain reasonable and affordable, India’s Chief Economic Adviser V. Anantha Nageswaran said on Friday. That was an important factor for India and several developing economies, he added. (Reporting by Nikunj Ohri; Editing by Clarence Fernandez)

India’s GAIL seeks 60 cargoes over five-year period, say sources

8 Nov 2024

SINGAPORE (Reuters) – GAIL (India) is seeking 60 cargoes of liquefied natural gas (LNG) for delivery over a five-year period, two industry sources said on Friday. India’s largest natural gas distributor is seeking one LNG cargo a month to be delivered from April 2025 to March 2030 at a price linked to U.S. benchmark Henry …

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India’s Ashok Leyland beats Q2 profit view as lower costs counter sluggish demand

8 Nov 2024

(Reuters) – Indian truckmaker Ashok Leyland beat estimates for second-quarter profit on Friday, as lower costs more than offset the impact of tepid demand for its trucks and buses. The Hinduja Group company’s profit rose 37.3% to 7.7 billion rupees ($91.3 million) for the three-month period ended Sept. 30, beating analysts’ estimate of 5.66 billion …

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India Cements posts wider Q2 loss as prices hit 5-year lows

8 Nov 2024

(Reuters) – India Cements reported a bigger second-quarter loss on Friday as prices fell to five-year lows. The company, majority-owned by market leader UltraTech Cement, said its consolidated loss swelled to 3.39 billion rupees ($40.2 million) in the July to September quarter, from 855.4 million rupees a year earlier. For further earnings highlights, (click here) …

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Indian tyre maker MRF beats Q2 profit view on higher replacement demand

8 Nov 2024

(Reuters) – Indian tyre maker MRF reported better-than-expected second-quarter profit on Friday, as stronger replacement demand from retail customers outpaced muted sales to carmakers. The company’s consolidated net profit fell 20.4% to 4.55 billion rupees (nearly $54 million) for the quarter ended Sept. 30, but it beat analysts’ average estimate of 4.25 billion rupees, according …

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