Reuters India Business

Banks lift India’s Nifty to best session in three weeks, snapping 5-day losing streak

28 Oct 2024

By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -India’s benchmark Nifty 50 posted its best day in three weeks on Monday and snapped a five-session losing streak as upbeat results from ICICI Bank and other lenders powered gains in banking stocks. The NSE Nifty 50 jumped 0.65% to end at 24,339.15, while the narrower BSE Sensex …

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Indian Oil’s Q2 profit slumps on lower marketing margins

28 Oct 2024

(Reuters) – India’s top refiner Indian Oil Corp (IOC) posted a nearly 99% drop in its second-quarter profit on Monday, as narrowing marketing margins hurt. The state-owned firm’s standalone net profit plunged to 1.8 billion rupees ($21.4 million) for the three months ending Sept. 30. Analysts had expected a profit of 42.78 billion rupees, according …

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India’s BHEL posts Q2 profit on higher power equipment sales

28 Oct 2024

(Reuters) – India’s state-owned Bharat Heavy Electricals reported a second-quarter profit on Monday, as higher sale of power products offset an increase in expenses, sending its shares 6.3% higher. The power and industrial equipment manufacturer reported a net profit of 966.7 million rupees ($11.5 million) for the quarter ended Sept. 30 against a loss of …

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India’s BPCL says Russia oil intake share falls to 34% in September quarter

28 Oct 2024

By Nidhi Verma NEW DELHI (Reuters) – Indian refiner Bharat Petroleum Corp’s use of Russian oil fell to 34% of the total intake for crude processing in the July-September quarter due to a maintenance shutdown of units at its Bina and Kochi refineries, its finance head said on Monday. The state-run company, which can process …

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KFC India operator Sapphire Foods posts surprise Q2 loss as consumers watch spending

28 Oct 2024

(Reuters) – Sapphire Foods India, which operates Pizza Hut and KFC restaurants in the country, posted a surprise quarterly loss on Monday, as inflation-weary consumers chose to dine out less. Global fast-food chains, including McDonald’s and Domino’s, have been doubling down on cheaper pizzas and burgers in the price-sensitive Indian market, where consumers have been …

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India’s economic growth to stay strong, but job creation fails to spark joy: Reuters poll

28 Oct 2024

By Vivek Mishra and Anant Chandak BENGALURU (Reuters) – India’s economy will grow at a solid pace this fiscal year and next, according to a Reuters poll of economists, but they cautioned that key drivers such as job creation and household spending will only increase mildly over the next 12 months. While Asia’s third-largest economy …

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India’s Ambuja Cements beats quarterly profit view on strong volume growth

28 Oct 2024

(Reuters) – India’s Ambuja Cements beat estimates for second-quarter profit on Monday, as higher-than-expected volume growth helped mitigate a decline in cement prices. The company said its profit after tax fell 22% year-on-year to 5.01 billion rupees ($59.6 million), but came in above analysts’ average estimate of 3.57 billion rupees, as per data compiled by …

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Indian apparel retailer Arvind’s Q2 pre-tax profit jumps on strong demand; shares rise

28 Oct 2024

(Reuters) – Indian clothing retailer Arvind posted a 19% rise in second-quarter pre-tax profit on Monday, aided by strong textiles demand as customers splurged on clothes ahead of the festive season, sending its shares 5% higher. The company, which sells international brands such as Tommy Hilfiger, Arrow and Calvin Klein, said its consolidated profit before …

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Indian airline IndiGo falls 8% after warning on passenger revenue drop

28 Oct 2024

(Corrects media packaging code to “INDIGO-STOCKS/” from “ICICI BANK-STOCKS”) (Reuters) -Indian airline IndiGo’s shares fell 8% on Monday, set for their worst session since March 2022, after the carrier said it expects per-passenger revenue to drop following its first quarterly loss in two years. IndiGo’s shares fell as much as 13.4% to 3,780 rupees earlier …

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Swiggy cuts IPO valuation again, to $11.3 billion, BlackRock and CPPIB to invest, sources say

27 Oct 2024

By Aditya Kalra NEW DELHI (Reuters) – Indian food delivery giant Swiggy has slashed its IPO valuation again, to $11.3 billion, 25% below the initial goal of $15 billion as market volatility and the lacklustre debut of Hyundai India weigh on sentiment, two sources said on Sunday. BlackRock and Canada Pension Plan Investment Board (CPPIB) …

Swiggy cuts IPO valuation again, to $11.3 billion, BlackRock and CPPIB to invest, sources say Read More »

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