Reuters India Business

India Cements posts wider Q1 loss as subdued demand adds to pricing woes

9 Aug 2024

BENGALURU (Reuters) – India Cements, in which market leader UltraTech Cement is taking majority control, posted a bigger first-quarter adjusted loss on Friday, hurt by subdued demand. The South India-focused company’s loss before exceptional items and tax increased to 1.62 billion rupees ($19.3 million) in the quarter, from 989.1 million rupees a year ago. The …

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India’s Zydus Lifesciences Q1 profit beats estimates on strong US demand

9 Aug 2024

BENGALURU (Reuters) – Indian drugmaker Zydus Lifesciences reported a bigger-than-expected first-quarter profit on Friday, driven by strong demand for its generic respiratory drugs in its key market of North America. The company’s consolidated net profit jumped nearly 31% year-on-year to 14.2 billion rupees ($169.2 million) in the quarter ended June 30, beat analysts’ average estimate …

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India’s equity mutual fund inflows ease off record high levels in July, data shows

9 Aug 2024

By Bharath Rajeswaran BENGALURU (Reuters) -Inflows into India’s equity mutual funds moderated in July to 371.13 billion rupees ($4.42 billion), easing off record high levels hit in the previous month, data from the Association of Mutual Funds in India (AMFI) showed on Friday. The sequential 9.4% drop in July from the previous month was due …

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Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism

8 Aug 2024

By Rahul Paswan (Reuters) – Gold prices rose more than 1% on Thursday, supported by firm safe-haven demand and growing expectations for a sizeable interest rate cut from the U.S. Federal Reserve in September. Spot gold rose 1.8% to $2,423.25 per ounce by 1758 GMT, snapping a five-session losing streak. U.S. gold futures settled 1.3% …

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Exclusive-India’s Reliance in crude-for-naphtha swap deal with Venezuela, sources say

8 Aug 2024

By Nidhi Verma and Arathy Somasekhar NEW DELHI/HOUSTON (Reuters) – India’s Reliance Industries plans to use naptha supplies as partial payment for crude purchases from Venezuela after the refiner obtained a U.S. approval last month to resume oil trade with the sanctioned producer, three sources aware of the contract terms said. One source said Reliance …

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India’s LIC forecasts higher FY25 new-business margin, eyes stake in health insurer

8 Aug 2024

By Dimpal Gulwani, Siddhi Nayak and Nikunj Ohri BENGALURU (Reuters) -Life Insurance Corporation of India, the country’s biggest insurer, forecast a 2%-3% higher value for new-business margin in fiscal 2025 and said it is eying a majority stake in a health insurance company. “Work is going on” to buy a majority stake in a standalone …

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India’s Biocon posts Q1 profit rise on sale of branded formulations business

8 Aug 2024

HYDERABAD (Reuters) – Biopharmaceutical company Biocon Ltd reported a more than six-fold rise in first-quarter profit on Thursday, boosted by a one-time gain from the sale of its Indian branded formulations business. Biocon said in March it would sell the branded formulations business to Eris Lifesciences in a deal worth 12.42 billion rupees. “Transaction has …

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FPI buying in Indian IT rises to highest since 2022 in July, NSDL data shows

8 Aug 2024

(This Aug. 7 story has been corrected to fix the name of the analyst, after clarification from the brokerage, in paragraph 6) By Bharath Rajeswaran BENGALURU (Reuters) – Foreign portfolio investors (FPIs) net bought Indian IT stocks worth 117.63 billion rupees ($1.40 billion) in July, data from National Securities Depository (NSDL) showed, the highest since …

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Indian drugmaker Alembic Pharma posts Q1 profit rise on strong US sales

8 Aug 2024

BENGALURU (Reuters) – Indian drugmaker Alembic Pharmaceuticals reported a 12% rise in first-quarter profit on Thursday, led by strong demand for its generic drugs in its key market of North America. The company’s consolidated profit rose to 1.35 billion rupees ($16 million) for the quarter ended June 30, while revenue rose 5% to 15.62 billion …

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India’s consumer goods sales hits over one-year low on weak urban demand, report shows

8 Aug 2024

(Reuters) – Indian consumer products’ sales slowed sharply to a more-than-one-year low from April to June due to softening demand for personal care products and packaged wheat flour, especially in urban areas, market researcher NielsenIQ said on Thursday. The overall sales volume growth slowed to 3.8% in the second quarter, compared with growth rates of …

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