Reuters India Business

Hyundai IPO, India’s biggest, gets $5.5 billion in bids despite subdued retail interest

17 Oct 2024

By Nandan Mandayam, Hritam Mukherjee and Aditya Kalra (Reuters) -Hyundai Motor India’s $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation. Hyundai Motor’s first listing outside South Korea is India’s largest and the world’s second-largest IPO of 2024, …

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India’s Tata Chemicals posts Q2 profit drop as soda ash prices slip, freight costs rise

17 Oct 2024

(Reuters) – India’s Tata Chemicals reported a near 55% year-on-year fall in its second-quarter profit on Thursday, hurt by lower soda ash prices and higher freight costs. The chemical maker’s consolidated net profit fell to 1.94 billion rupees ($23.1 million) for the quarter ended Sept. 30 from 4.28 billion rupees a year earlier. While revenue …

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Indian shares slip for third straight day as Bajaj Auto’s forecast adds to blues

17 Oct 2024

By Hritam Mukherjee (Reuters) -Indian shares fell for the third straight session on Thursday as motorcycle maker Bajaj Auto’s warning of weak festive period sales rippled through the markets, adding to the pressure of high stock valuations and the exodus of foreign funds. The Nifty 50 index dropped 0.9% at 24,749.85 points as of 3:30 …

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India’s Jindal Stainless eyes higher sales in Canada

17 Oct 2024

NEW DELHI (Reuters) – India’s Jindal Stainless is targeting increasing sales in Canada if the North American country imposes duties on Chinese products, Managing Director Abhyuday Jindal said on Thursday. “If this duty comes on China then we will be able to push even more volumes into Canada,” Jindal said at a post-results news conference. (Reporting by Neha …

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India’s Wipro beats Q2 revenue estimate

17 Oct 2024

(Reuters) – Wipro, India’s fourth-largest software company, posted higher-than-expected second-quarter revenue on Thursday, helped by a revival in spending by its clients in the U.S. communications sector. The company’s consolidated revenue fell 1% to 223.02 billion rupees ($2.65 billion) in the July-September quarter, but was above analysts average estimate of 222.58 billion rupees, as per …

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Rupee ends at record closing low, pressured by outflows, weak Asia FX

17 Oct 2024

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee ended at its weakest closing level on record on Thursday, weighed down by strong dollar demand from foreign banks, likely due to outflows from equities, and the weakness in regional peers as the U.S. dollar rose to an eleven-week high. The rupee closed at 84.0675 against …

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Havells India misses Q2 profit view on lower demand, surging expenses

17 Oct 2024

(Reuters) – Home appliances maker Havells India reported a smaller-than-expected rise in second-quarter profit on Thursday, due to lower demand for its air conditioners and fans on account of the monsoon season and higher expenses. Profit rose nearly 10% from a year earlier to 2.73 billion rupees ($32.5 million) for the three months ended Sept. …

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Yellen to warn sweeping tariffs would ignite inflation, NYT reports

17 Oct 2024

(Reuters) – The economic policies being proposed by Republican presidential candidate Donald Trump would fuel inflation and harm businesses, U.S. Treasury Secretary Janet Yellen plans to warn in a speech, according to a report in the New York Times on Thursday. Yellen’s critique is set to be delivered in remarks to the Council on Foreign …

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Nestle India’s Q2 profit slides on weak demand, higher costs

17 Oct 2024

BENGALURU (Reuters) -Nestle India reported a nearly 9% decline in quarterly profit on Thursday, hurt by higher ingredient prices and weaker demand for its packaged food. The Indian arm of Swiss food major Nestle reported profit before exceptional items and tax of 10.21 billion rupees ($121.51 million) for the second quarter ended Sept. 30. Consumer …

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