(Reuters) – India’s Mahindra Logistics reported a seventh straight quarterly loss on Monday, hurt by higher freight and warehousing costs. Its consolidated net loss widened to 107.5 million rupees ($1.3 million) in the second quarter ended Sept. 30 from a loss of 93.2 million a year ago. Revenue from operations rose 11.5% to 15.21 billion …
India’s Mahindra Logistics posts widened Q2 loss on higher expenses Read More »
By Ahmed Tolba, Hadeel Al Sayegh and Federico Maccioni CAIRO/DUBAI (Reuters) -Lulu Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, kicked off an initial public offering on Monday that bankers say could be the UAE’s largest this year. The offering by the conglomerate that runs more than 240 stores in the …
Lulu Retail kicks off one of UAE’s biggest IPOs this year Read More »
By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -Indian shares closed lower on Monday, as lacklustre earnings and another bout of profit-booking overpowered a post-results rally in top private lender HDFC Bank. The NSE Nifty 50 fell 0.29% to 24,781.1, while the BSE Sensex settled 0.09% lower at 81,151.27 points. They swung between gains of about …
Indian shares dip as dull earnings, profit-booking outweigh HDFC Bank’s boost Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee declined to its weakest closing level on record on Monday but avoided sharper losses as likely intervention by the Reserve Bank of India (RBI) blunted the pressure from weakness in regional peers and persistent dollar outflows. The rupee closed at 84.0725 against the U.S. dollar, a …
Rupee slips to record closing low on outflows, weak Asia FX Read More »
By Rishika Sadam and Hritam Mukherjee (Reuters) -Adar Poonawalla, CEO of vaccine maker Serum Institute of India, will buy a 50% stake in filmmaker Karan Johar’s Dharma Productions for 10 billion rupees ($119 million), the Bollywood studio said on Monday. Poonawalla will buy the stake through his production company, Serene Productions. This is his first …
By Dharamraj Dhutia MUMBAI (Reuters) -India’s Navi Finserv has withdrawn a planned bond sale scheduled for bidding on Monday, the firm said, days after the country’s financial regulator barred the non-bank finance company (NBFC) from issuing new loans. The company was scheduled to raise 1 billion rupees (nearly $12 million) through two-year and three-month bonds, …
India’s Navi Finserv withdraws bond sale days after RBI action Read More »
MUMBAI (Reuters) – Shares of India’s Kotak Mahindra Bank and RBL Bank slumped on Monday as the lenders reported a jump in bad loans that hurt their second-quarter profit and margins, a trend that could continue for a few more quarters. Kotak’s shares slid as much as 6% to a near two-month low in early …
India’s Kotak Mahindra Bank, RBL Bank slump as loan stress hurts Q2 earnings Read More »
MUMBAI (Reuters) – India’s Kotak Mahindra Bank on Saturday reported a lower-than-expected 5% increase in July-September profit on higher loan provisions while lending margins shrank. The private lender’s standalone net profit, excluding subsidiaries, rose to 33.44 billion rupees ($397.8 million) in the second financial quarter from 31.91 billion rupees last year. That was below the …
India Kotak Mahindra Bank’s quarterly profit misses estimates on higher provisions Read More »
By Haripriya Suresh BENGALURU (Reuters) – Indian IT services firm Tech Mahindra on Saturday reported revenue grew more than expected in the three months through September, aided by growth in European and other non-American markets, as well as the banking, financial services, and insurance (BFSI) segment. Revenue rose 3.49% to 133.13 billion rupees ($1.58 billion) …
India’s Tech Mahindra beats July-Sept revenue view Read More »
NEW DELHI/MUMBAI (Reuters) – India’s top private lender HDFC Bank said on Saturday its HDB Financial Services unit will raise up to 125 billion rupees ($1.5 billion) in its initial public offering (IPO). Parent HDFC Bank, which holds a 94.6% stake in HDB Financial, will sell shares worth 100 billion rupees, the lender said, adding …
India’s HDB Financial to raise up to $1.5 billion in IPO Read More »
