Reuters India Business

India’s Mahindra Logistics posts sixth straight quarterly loss on higher costs

22 Jul 2024

BENGALURU – India’s Mahindra Logistics reported a sixth straight quarterly loss on Monday, hurt by higher spending on freight and warehousing. The company’s consolidated net loss widened to 93.2 million rupees ($1.1 million) in the quarter ended June 30, from a loss of 85.5 million rupees a year ago. Revenue of the logistics arm of …

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India’s inflation targeting framework must be re-examined, government report says

22 Jul 2024

NEW DELHI (Reuters) – India’s monetary policy framework should consider targeting inflation that excludes food, the prices of which are influenced more by supply than demand, the government’s 2023/24 economic survey said on Monday. India’s central bank targets consumer price index-based inflation and is currently mandated to keep inflation at 4% with a tolerance band …

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Rupee may test record low; India’s federal budget in spotlight

22 Jul 2024

By Dharamraj Dhutia and Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee may slip to a record low this week, with traders eyeing cues from the country’s federal budget, while the government likely sticking to fiscal discipline could cheer bond traders. Global developments including U.S. president Joe Biden’s decision not to run for another term …

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India’s Vedanta raised $1 billion through QIP share offering

21 Jul 2024

NEW DELHI (Reuters) – Vedanta Ltd, India’s metals-to-oil conglomerate, has raised 85 billion rupees ($1.0 billion) through a qualified institutional placement (QIP) that opened on July 15 at 440 rupees per share, a company statement said on Sunday. The company plans to use the proceeds from the QIP to reduce debt and meet certain capital …

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India Kotak Mahindra Bank appoints external auditor post RBI order

20 Jul 2024

By Siddhi Nayak MUMBAI (Reuters) -India’s Kotak Mahindra Bank has appointed Grant Thorton Bharat as an external auditor for its IT systems, months after the central bank (RBI) barred the lender from adding new clients digitally, its chief executive officer said on Saturday. The scope of the audit is finalised with the RBI, and Kotak …

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Indian airlines, airports and some brokerages affected by global IT outage

20 Jul 2024

By Jayshree P Upadhyay and Jaspreet Kalra MUMBAI (Reuters) -Several Indian airlines and airports and traders at some brokerages said they faced technical and operational disruptions on Friday amid a global IT outage. India’s minister for information technology in a post on X said the ministry was in touch with Microsoft and its associates regarding …

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India’s HDFC Bank beats Q1 profit forecast, margins stable

20 Jul 2024

MUMBAI (Reuters) – HDFC Bank, India’s largest private lender, beat quarterly profit forecasts on Saturday as loan-loss provisions fell even while loan growth slowed from the previous three months. The Mumbai-based lender posted a standalone net profit of 161.75 billion rupees ($1.93 billion) for the April-June quarter. That was above analysts’ forecast of 157.44 billion …

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India’s Yes Bank April-June profit climbs on lower provisions

20 Jul 2024

By Siddhi Nayak MUMBAI (Reuters) – India’s Yes Bank reported a bigger-than-expected 46% rise in net profit for the April-June quarter on Saturday, helped by a drop in loan-loss provisions and robust loan growth. The Mumbai-based private lender’s standalone net profit rose to 5.02 billion rupees ($60 million) for the financial first quarter from 3.43 …

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Indian refiner BPCL sees further cuts in oil OSPs as fuel margins drop

20 Jul 2024

By Nidhi Verma NEW DELHI (Reuters) – Bharat Petroleum Corp, India’s third-biggest refiner, expects Middle Eastern producers to cut the official selling prices (OSPs) of their crude in coming months to reflect lower margins on fuel sales, its head of finance said on Saturday. Lower fuel cracks – the difference between the cost of crude …

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