Reuters India Business

UK’s Mothercare partners with Reliance to strengthen South Asia presence

17 Oct 2024

(Reuters) – Mothercare formed a joint venture with Reliance Brands Holding UK, strengthening its presence in the South Asian region, and said it refinanced its existing debt facilities with Gordon Brothers. Reliance Brands, a unit of Reliance Industries Ltd, acquired a 51% stake in the JV that owns the Mothercare brand and related intellectual property …

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India cenbank bars four non-banks from fresh lending for breaching norms

17 Oct 2024

By Swati Bhat and Siddhi Nayak MUMBAI (Reuters) -India’s central bank barred four non-bank finance companies (NBFCs) from sanctioning and disbursing loans due to “usurious” pricing and for charging a significant mark-up over their funding costs, it said in a release on Thursday. The restrictions on Asirvad Micro Finance, Arohan Financial Services, DMI Finance and …

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India’s Axis Bank posts Q2 profit beat on strong credit demand

17 Oct 2024

By Nishit Navin BENGALURU (Reuters) – India’s Axis Bank reported a higher-than-expected second-quarter profit on Thursday, helped by an increase in core lending income. The country’s fourth-largest private lender by market value said its standalone net profit, which excludes its subsidiaries, rose 18% to 69.18 billion rupees ($823.25 million) for the quarter ended Sept. 30. …

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Infosys, Wipro revenue forecasts fail to impress investors

17 Oct 2024

By VarunVyas Hebbalalu, Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) -Indian software services providers Infosys and Wipro issued revenue forecasts below analysts’ expectations, suggesting a broad-based recovery in global tech spending was yet to take hold. U.S.-listed shares of Infosys, which have gained more than 35% in the past six months, fell 2.5% as …

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India’s CEAT misses Q2 profit estimates on high raw material prices, weak demand

17 Oct 2024

(Reuters) – Indian tyre maker CEAT reported second-quarter profit below market estimates on Thursday, weighed by higher rubber costs and muted demand. The company posted a profit of 1.22 billion rupees ($14.5 mln) for the quarter ended Sept. 30, compared to 2.08 billion rupees a year ago. Analysts were expecting a profit of 1.38 billion …

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Musk’s win on India satellite spectrum raises prospect of price war with Ambani

17 Oct 2024

By Munsif Vengattil, Aditya Kalra and Aditi Shah NEW DELHI (Reuters) – Having just lost a battle with Elon Musk over how India’s satellite spectrum is awarded, Asia’s richest man Mukesh Ambani could face a bigger challenge if Musk’s Starlink launches services in India and the two go head-to-head on price. India’s government said on …

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India’s budget supermarket chain Vishal Mega Mart files for $950 million IPO

17 Oct 2024

(Reuters) – Indian budget supermarket chain Vishal Mega Mart on Thursday filed papers for an 80 billion rupee ($952 million) initial public offering, joining a growing list of companies tapping the country’s bustling capital market. The company will not issue new shares in the IPO and will not receive any proceeds. Only an existing shareholder, …

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India’s Tata Communications posts Q2 revenue growth on steady digital services demand

17 Oct 2024

(Reuters) – India’s Tata Communications reported an 18% growth in its second-quarter revenue on Thursday, helped by steady demand for its digital services. The firm posted revenue of 57.67 billion rupees ($686 million) for the three months ended Sept. 30, as compared to 48.73 billion rupees a year earlier. Tata Communications provides services such as …

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Polycab India misses Q2 profit view as costs, competition bite

17 Oct 2024

(Reuters) – Rcreported a smaller-than-expected second-quarter profit on Thursday as competition hurt its high-margin retail business, with a rise in expenses pressuring the bottomline further. The company said its consolidated net profit rose 3.4% to 4.40 billion rupees ($52.4 million) for the three months ended Sept. 30. Analysts, on average, had expected a profit of …

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