Reuters India Business

Rupee slips to all-time low on weak Asia FX, likely equity outflows

22 Oct 2024

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee slipped to an all-time low on Tuesday, pressured by weakness in its regional peers and likely outflows from local equities, although the Reserve Bank of India’s intervention helped curb sharp declines, traders said. The rupee closed marginally weaker at 84.0775 against the U.S. dollar, its weakest …

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India’s Kajaria Ceramics profit falls more than expected on sluggish demand

22 Oct 2024

(Reuters) – Indian tile maker Kajaria Ceramics reported a bigger-than-expected fall in its second-quarter profit on Tuesday amid sluggish domestic demand as monsoon rains slowed construction activity. Consolidated net profit fell 22% to 842.7 million rupees ($10 million) in the quarter ended Sept. 30 from 1.08 billion rupees a year earlier. Analysts, on average, had …

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Pepsi India bottler Varun Beverages tops Q3 profit view on healthy international demand

22 Oct 2024

(Reuters) – Pepsi India bottler Varun Beverages’ third-quarter profit exceeded analysts’ expectations on Tuesday as healthy demand for soda in its international markets helped outweigh a monsoon-hit domestic market. The company’s net profit rose nearly 24% to 6.20 billion rupees ($73.8 million), beating analysts’ expectation of 5.76 billion rupees, per LSEG data. Higher-than-normal rains throughout …

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Adani’s Ambuja to buy $451 million stake in CK Birla’s Orient Cement, stokes regulatory worries

22 Oct 2024

By Hritam Mukherjee (Reuters) -Ambuja Cements, India’s No.2 cement maker, said on Tuesday it would buy a nearly 47% stake in rival Orient Cement for 37.91 billion rupees ($451 million), but analysts raised doubts about the deal winning regulatory approval. Ambuja, part of billionaire Gautam Adani’s ports-to-power conglomerate, said it would buy the entire 37.9% …

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Indian apparel firm Raymond Lifestyle to hire 9,000 workers for hundreds of new stores

22 Oct 2024

By Praveen Paramasivam (Reuters) – Indian apparel firm Raymond Lifestyle will hire about 9,000 workers for hundreds of stores it plans to add in the next three years, Group Chairman Gautam Singhania told Reuters. Founded in 1925, Raymond’s business, which also includes its real estate and engineering units, spun off its lifestyle division earlier this …

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Major deals in India’s cement sector since Adani Group’s entry in 2022

22 Oct 2024

(Reuters) -Dealmaking in India’s cement sector is in the spotlight again, after Ambuja Cements said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement for $451 million. Billionaire Gautam Adani’s conglomerate is locked in a fierce battle with UltraTech Cement as the rivals snap up smaller firms in a bid to …

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Boosting macro fundamentals best defence vs global risks, India cbank deputy says

22 Oct 2024

MUMBAI (Reuters) – Fortifying India’s macroeconomic fundamentals is the best shield against elevated global uncertainties, a deputy governor of the country’s central bank said in New York on Monday. India’s merchandise exports and imports have been negatively impacted during episodes of rising geopolitical risk, deputy governor Michael Patra said in a speech at the New …

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Gold’s allure spreads as bulls lock in on fresh records

21 Oct 2024

By Polina Devitt and Swati Verma LONDON (Reuters) – Gold is extending a period of successive record highs, moving the psychological milestone of $3,000 per ounce into view, analysts said, as geopolitical tension, a tight U.S. electoral race and favorable macro backdrop attract more investors. Spot gold reached a historic high of $2,740.37 a troy …

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