Reuters India Business

India’s Reliance gets US nod to import oil from Venezuela, source says

24 Jul 2024

By Nidhi Verma NEW DELHI (Reuters) -India’s Reliance Industries has received approval from the United States to resume importing oil from Venezuela despite Washington’s sanctions, a source familiar with the matter said on Wednesday. The United States in April re-imposed sanctions on Venezuela’s oil sector in response to President Nicolas Maduro’s failure to meet his …

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Gold prices climb as investors focus on US economic data

24 Jul 2024

By Ashitha Shivaprasad (Reuters) – Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline. Spot gold was up 0.3% at $2,416.39 per ounce, as of 0650 GMT. U.S. gold futures gained 0.4% to $2,416.10. Investors expect key U.S. data releases this week, including the …

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India may cut borrowing if small saving inflows are high, official says

24 Jul 2024

By Nikunj Ohri MUMBAI (Reuters) – India could look at cutting gross borrowing later in the financial year if inflows into national small saving schemes (NSSF) are high, Economic Affairs Secretary Ajay Seth told Reuters on Wednesday. NSSF consists of public investments in schemes like postal deposits, savings certificates, public provident fund and senior citizens’ …

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Indian appliance maker V-Guard’s Q1 profit beats estimates on strong demand

24 Jul 2024

BENGALURU (Reuters) – India’s V-Guard Industries posted a first-quarter profit that beat analysts’ estimates on Wednesday, driven by strong demand for its electrical products which range from kitchen appliances to water heaters. The company’s consolidated net profit rose 54% to 989.7 million rupees (nearly $12 million) in the three-month period ended June, beating analysts’ average …

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Indian towels-maker Welspun Living’s Q1 profit rises on strong urban demand

24 Jul 2024

BENGALURU (Reuters) – India’s Welspun Living posted a rise in first-quarter profit on Wednesday, on strong demand for its towels and bed sheets from urban consumers. The company’s profit rose 15% year-on-year to 1.86 billion rupees ($22.2 million) in the three months to June 30. Its revenue climbed 16% to 25.36 billion rupees, the company …

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India’s Reliance gets US nod to resume Venezuelan oil imports, Bloomberg News reports

24 Jul 2024

BENGALURU (Reuters) – India’s Reliance Industries has received approval from the United States to resume importing oil from Venezuela, Bloomberg News reported on Wednesday, citing people aware of the development. The nod comes months after the refiner resubmitted a license request to the U.S. to import crude oil from sanctioned Venezuela and resume trade between …

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India’s business growth at three-month high in July, PMI shows

24 Jul 2024

By Anant Chandak BENGALURU (Reuters) – India’s business activity accelerated at its fastest pace in three months in July thanks to strong demand, especially in the services sector, according to a survey that also showed companies hired at the fastest pace in over 18 years. The data reflected sustained growth in the private sector, which …

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New Delhi city rejects Pernod liquor licence appeal, document shows

24 Jul 2024

By Aditya Kalra, Arpan Chaturvedi NEW DELHI (Reuters) -Pernod Ricard’s latest attempt to obtain a licence to sell alcohol in India’s capital has been rejected, with New Delhi authorities citing investigations into suspected violations of the city’s liquor policy, an excise department order shows. The rejection adds to Pernod’s India woes, with the French drinks …

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