Reuters India Business

India’s Shoppers Stop posts consecutive quarterly loss on sluggish demand

22 Oct 2024

(Reuters) – India’s Shoppers Stop reported a loss for a second straight quarter on Tuesday, as high inflation led customers to cut back on discretionary spending. The department store chain saw subdued demand during the second quarter due to fewer wedding dates, extended rains and overall weak discretionary spending, its CEO Kavindra Mishra said. Due …

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Indian insurer ICICI Prudential’s key margin shrinks in H1 on sale of market-linked policies

22 Oct 2024

BENGALURU (Reuters) – Indian insurer ICICI Prudential Life Insurance Company on Tuesday reported a decline in a key margin in the first half of the fiscal year due to higher sales of market-linked policies. Demand for market- or unit-linked insurance plans (ULIPs) has been strong in recent quarters, driven by India’s rising equity market. More …

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India’s Bajaj Finserv says Allianz considering exiting insurance JVs

22 Oct 2024

BENGALURU (Reuters) -India’s Bajaj Finserv said on Tuesday that Allianz SE is considering exiting its life and general insurance joint ventures with the Bajaj Group, potentially ending a decades-old partnership. “Allianz has indicated to Bajaj that given its strategic priorities, it is actively considering an exit from the life and general insurance joint ventures,” Bajaj …

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Indian fintech Paytm’s Q2 results show regulatory woes still haunt, shares drop

22 Oct 2024

By Dimpal Gulwani and Siddhi Nayak (Reuters) – India’s Paytm barely slowed its revenue decline in the second quarter, while its user base dwindled in its key digital payments business, indicating a slower-than-expected recovery from a central bank-ordered shuttering of its banking unit. Shares of Paytm, which had in May forecast a “meaningful improvement” in …

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India’s Reliance Infra to invest $1.2 billion for ammunition project

22 Oct 2024

(Reuters) – Indian industrialist Anil Ambani’s Reliance Infrastructure said on Tuesday it will invest 100 billion rupees ($1.19 billion) over the next ten years on a project to produce explosives, ammunition and small arms. India, which counts the Tata Group, the Adani Group and Larsen & Toubro as major private defence manufacturers, has been pushing …

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Hyundai Motor India drops 7% on debut after country’s biggest IPO

22 Oct 2024

By Nandan Mandayam and Dhwani Pandya BENGALURU/MUMBAI (Reuters) -Hyundai Motor India shares fell 7.2% on their market debut on Tuesday after retail investors gave a lukewarm reception to the country’s biggest ever initial public offering (IPO) amid concerns about a lofty valuation and an auto industry slowdown. The stock listed at 1,934 rupees on the …

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India’s Zomato misses Q2 profit estimates as expansion costs squeeze margins

22 Oct 2024

By Ashna Teresa Britto (Reuters) -India’s Zomato reported a smaller-than-expected rise in profit for the second quarter on Tuesday as margins took a hit from investments on growing “dark stores” used to fulfill online orders on its Blinkit quick commerce platform. Its consolidated net profit rose nearly five-fold to 1.76 billion rupees ($20.94 million) for …

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India’s Solar Energy Corp plans to bid for state projects, chairman says

22 Oct 2024

By Sethuraman N R and Manoj Kumar NEW DELHI (Reuters) – Solar Energy Corporation of India (SECI) plans to bid for states’ renewable energy projects to meet its target of 10 gigawatts of renewable energy capacity by 2030, its Chairman and Managing Director R.P. Gupta said on Tuesday. The company, which issues and award tenders …

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Indian benchmarks log worst session in three weeks; small-, mid-caps underperform

22 Oct 2024

By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -Indian shares posted their biggest single-day drop in about three weeks on Tuesday, weighed down by slowing corporate earnings and sustained foreign selling. The NSE Nifty 50 fell 1.25% to 24,472.1, while the BSE Sensex shed 1.15% to 80,220.72. Both the benchmarks gained about 0.4% each in the …

Indian benchmarks log worst session in three weeks; small-, mid-caps underperform Read More »

Indian chemicals maker SRF misses Q2 profit view on weak demand, higher costs

22 Oct 2024

(Reuters) – Indian chemicals and polymers maker SRF posted a steeper-than-expected drop in its second-quarter profit on Tuesday, hurt by sustained weak demand in its mainstay chemicals business and higher costs. SRF reported a consolidated net profit after tax of 2.01 billion rupees ($23.9 million) for the quarter ended Sept. 30, down 33% from last …

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