Reuters India Business

$2.4 billion wiped off Adani shares after Hindenburg allegations against regulator

12 Aug 2024

BENGALURU (Reuters) – Adani Group, the Indian conglomerate rocked by a Hindenburg Research report last year, faced another heavy share selloff on Monday after the shortseller accused the head of India’s market regulator of having links to offshore funds also used by the group. $2.43 billion, or 1%, had been wiped off the market value …

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Indian state-run miner NMDC’s Q1 profit tops estimates on higher prices

12 Aug 2024

BENGALURU (Reuters) – India’s state-run miner NMDC reported a first-quarter profit ahead of estimates on Monday as higher prices offset a decline in sales primarily caused by workers’ strikes. Profit for the country’s largest state-owned iron ore miner swelled 20% from a year earlier to 19.84 billion rupees (about $236 million) for the three months …

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India’s Vodafone Idea reports lower-than-expected Q1 loss on reduced expenses

12 Aug 2024

BENGALURU (Reuters) – Indian telecom operator Vodafone Idea reported a smaller-than-expected first-quarter loss on Monday, helped by a fall in expenses. The company posted a consolidated loss after tax of 64.32 billion rupees ($766.4 million) for the quarter ended June 30, compared to a loss of 78.40 billion rupees a year earlier. Analysts, on average, …

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India’s JSW Steel to buy $120 million stake in Australian firm to expand coal reserves

12 Aug 2024

By Manvi Pant and Indranil Sarkar BENGALURU (Reuters) – India’s top steelmaker JSW Steel said on Monday it will buy a 67% stake in an Australian private firm for $120 million in a bid to expand its coal reserves. JSW Steel said it will buy the stake in M Res NSW HCC, an affiliate of …

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India oil ministry seeks withdrawal of windfall tax on petroleum products, ET Now says

12 Aug 2024

NEW DELHI (Reuters) – India’s oil ministry has asked the finance ministry to withdraw windfall tax on petroleum products, broadcaster ET Now reported on Monday, citing sources. The oil ministry has sought the withdrawal due to a reduction in crude prices, the report said. (Reporting by Shivam Patel in New Delhi; Editing by YP Rajesh)

Tanker with Russian oil leaves India after 3 weeks, sources say

12 Aug 2024

NEW DELHI (Reuters) – Oil tanker Destan, stuck in India for three weeks due to technical issues with its engine, discharged Russian oil and departed on Monday, two sources with knowledge of the matter said. The Panama-flagged tanker carrying about 740,000 barrels of Russian light sweet ESPO oil for refiner Indian Oil Corp arrived at …

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Top Pernod India counsel quits for Google amid antitrust, criminal probes, sources say

12 Aug 2024

By Aditya Kalra NEW DELHI (Reuters) – Pernod Ricard’s legal head in India has resigned, said two sources with direct knowledge of the matter, a key departure at a time when the French liquor giant faces many legal and regulatory headaches in the critical Indian market. The sources, who spoke on condition of anonymity, said …

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Indian steelmakers’ body seeks export tariff on low-grade iron ore, pellets

12 Aug 2024

By Neha Arora NEW DELHI (Reuters) – India’s leading steelmakers’ body wants the government to impose an export tax on low-grade iron ore and pellets to address local shortages, according to a letter by the Indian Steel Association (ISA), which was seen by Reuters. India, the world’s fourth-largest producer of the steel-making ingredient, targets to …

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Who is Madhabi Puri Buch, India’s markets regulator under attack from Hindenburg?

12 Aug 2024

By Jayshree P Upadhyay MUMBAI (Reuters) – The chief of India’s markets regulator, Madhabi Puri Buch, who is under attack from Hindenburg Research following its accusations against the Adani Group, is renowned as a no-nonsense leader who is used to difficult situations. The first woman at the helm of the Securities and Exchange Board of …

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Explainer-India’s Adani vs Hindenburg Research: What you need to know

12 Aug 2024

NEW DELHI/MUMBAI (Reuters) – An 18-month battle between Hindenburg Research and India’s Adani Group has taken a fresh turn with the U.S. based short-seller alleging over the weekend that the chief of the country’s market regulator has a conflict of interest in the matter. The Securities and Exchange Board of India (SEBI) has been investigating …

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