Reuters India Business

Schaeffler India’s Q3 profit rises on higher parts supplies for two-wheelers

23 Oct 2024

(Reuters) – Auto parts maker Schaeffler India reported a rise in its third-quarter profit on Wednesday, helped by strong demand for two-wheeler parts. The company, a unit of Germany’s Schaeffler AG, reported a 5.2% rise in standalone profit to 2.47 billion rupees ($29.4 million) for the July-September quarter. Sales of two-wheelers were up 13% during …

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India’s Dr Lal Path Labs posts bigger-than-expected Q2 profit on demand for medical tests

23 Oct 2024

(Reuters) – Dr. Lal PathLabs, India’s top diagnostics firm by revenue, reported a bigger-than-expected second-quarter profit on Wednesday, driven by continued demand and a rising awareness for health and wellness. The company’s consolidated net profit increased 18% year-over-year to 1.29 billion rupees ($15.4 million), increasing for the sixth quarter in a row. That beat analysts’ …

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India’s TVS Motor misses Q2 profit view on higher costs

23 Oct 2024

(Reuters) – Indian two-wheeler maker TVS Motor Company reported a lower-than-expected quarterly profit on Wednesday hurt by higher costs, even as demand was stable. ‘Jupiter’ scooter maker’s profit rose 23.5% to 6.63 billion rupees ($78.86 million) in the quarter ended Sept. 30, which missed analysts’ estimate of 6.97 billion rupees, per data compiled by LSEG. …

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Indian blue-chips succumb to selling pressure for third straight day

23 Oct 2024

By Hritam Mukherjee (Reuters) -Indian equity benchmarks slipped for a third straight session on Wednesday, as dull corporate earnings and sustained foreign selling overpowered early gains and a rise in shares of non-bank lender Bajaj Finance. The NSE Nifty 50 closed down 0.15% to 24,435.5 points as of 3:30 p.m. IST, while the S&P BSE …

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Indian news broadcaster NDTV posts Q2 loss as operating, production costs weigh

23 Oct 2024

(Reuters) – India’s New Delhi Television (NDTV) posted its fourth-straight quarterly loss on Wednesday, as the news broadcaster’s expenses surged. The company, 64.7% of which is owned by ports-to-energy conglomerate Adani Group, reported a loss of 527.7 million rupees ($6.28 million) for the July-September quarter, compared to a profit of 59.1 million rupees in the …

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Rupee slips to record closing low but fares better than regional peers

23 Oct 2024

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee slipped to its weakest closing level on record on Wednesday pressured by a buoyant dollar but the local unit managed to fare better than its Asian peers supported by dollar sales from state-run banks. The rupee ended at 84.08 against the U.S. dollar, its weakest closing …

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Indian insurer SBI Life’s Q2 profit rises on higher investment income

23 Oct 2024

BENGALURU (Reuters) – India’s SBI Life Insurance Company reported a nearly 40% year-on-year rise in second-quarter profit on Wednesday, helped by higher investment income and sustained demand for insurance products. SBI Life said its profit rose to 5.29 billion rupees ($62.92 million) for the quarter ended Sept. 30, from 3.8 billion rupees a year earlier. …

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Indian dairy products maker Heritage Foods’ Q2 profit surges two-fold

23 Oct 2024

(Reuters) – Indian dairy products maker Heritage Foods posted a two-fold surge in second-quarter profit on Wednesday, marking the seventh consecutive quarter of earnings growth, as increased rural demand boosted sales. The company posted a consolidated profit of 486.3 million rupees ($5.8 million) in the three months ended Sept. 30. Its revenue from operations rose …

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ADIA to invest $750 million in debt of India’s GMR Group

23 Oct 2024

(Reuters) – Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. The investment will also allow the Indian company to reduce the pledged shareholding on its airports business. ADIA …

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Byju’s payment dispute settlement with India cricket body set aside by top court

23 Oct 2024

By Arpan Chaturvedi NEW DELHI (Reuters) – India’s top court on Wednesday set aside an appeals tribunal order that allowed settlement of a payment dispute between the Indian cricket body and education technology company Byju’s, handing a win to its U.S. lenders who had opposed the settlement and a halt to insolvency proceedings. Byju’s was …

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