Reuters India Business

By Hritam Mukherjee BENGALURU (Reuters) -UltraTech Cement, India’s No.1 cement maker, reported first-quarter earnings below estimates on Friday, hurt by soft demand and muted prices amid intensifying competition, and said growth would pick up only next quarter. Cement prices were hovering around more-than-three-year lows from April to June as attempts to raise prices were stymied …

India’s UltraTech Cement expects another quarter of stymied growth Read More »

NEW DELHI (Reuters) – India ONGC Videsh has signed a $60 million deal with Norwegian energy giant Equinor to raise its stake in the offshore Azeri Chirag Gunashil (ACG) oil field in the Caspian sea and linked pipeline, the Indian company said on Friday. OVL, the overseas investment arm of India’s top explorer, will buy …

India ONGC to pay Equinor $60 million for stake in Caspian Sea oil assets Read More »

BENGALURU (Reuters) -Reliance Industries, India’s most valuable company, reported first-quarter profit below analysts’ estimates on Friday, hurt by lower margins on fuel sales. The billionaire Mukesh Ambani-led company said its consolidated profit fell to 151.38 billion rupees ($1.81 billion) in the April-to-June quarter, from 160.11 billion rupees a year earlier. Analysts had estimated a profit …

India’s Reliance misses profit estimates on weak fuel sales margin Read More »

BENGALURU (Reuters) – India’s ICICI Lombard General Insurance reported a nearly 49% jump in first-quarter profit on Friday, helped by an increase in premiums in its motor and health insurance segments. Profit after tax rose to 5.80 billion rupees ($69.4 million) for the quarter ended June 30 from 3.90 billion rupees a year earlier, the …

India’s ICICI Lombard posts Q1 profit jump on motor, health insurance boost Read More »

BENGALURU/CHENNAI (Reuters) – India’s Patanjali Foods reported a threefold jump in quarterly profit on Friday, as the consumer goods maker benefited from stable edible oil prices and higher demand for its packaged foods. Branded cooking oil sellers including Saffola parent Marico, Fortune brand owner Adani Wilmar and Patanjali typically book higher profits when edible oil …

India’s Patanjali Foods Q1 profit rises as stable edible oil prices keep expenses low Read More »

BENGALURU (Reuters) – PVR Inox, India’s largest multiplex operator, reported a first-quarter loss that more than doubled on Friday due to fewer big-budget Bollywood releases and weak box office returns from the ones that did. The company, formed by the merger of PVR and Inox in early 2023, posted a consolidated net loss of 1.79 …

India theatre chain PVR Inox’s loss doubles as Bollywood movies flop Read More »

By Siddhi Nayak and Swati Bhat MUMBAI (Reuters) – The Indian central bank’s target is to bring down inflation to 4% and though it looks at the real and neutral rates in the economy, those cannot be determinants of monetary policy, Governor Shaktikanta Das said on Friday. “Neutral rate and all are theoretical, abstract concepts …

Neutral rate cannot determine monetary policy in India, says cenbank chief Read More »

By Kashish Tandon BENGALURU (Reuters) -India’s Paytm on Friday said profitability and revenue should start improving from the second quarter due to better cost management, sending its shares higher, even as it posted its biggest quarterly loss since going public in 2021. The digital payments firm, hit by the wind down of its payments banking …

India’s Paytm sees earnings rebound from Q2, shares rise Read More »

By Manvi Pant and Bharath Rajeswaran BENGALURU (Reuters) -Indian shares reversed gains after rising to record highs at the open on Friday as broad-based profit booking outweighed results-driven gains in heavyweight Infosys . The NSE Nifty 50 and the S&P BSE Sensex rose about 0.3% each to hit record high levels at the open, before …

Indian shares drop as investors sell on profit; Infosys gains Read More »