BENGALURU (Reuters) – UK-based Vedanta Resources, parent of India’s Vedanta, has settled dues worth $245.75 million to help revive operations in Konkola copper mines (KCM) in Zambia as part of a deal to take back the mines, the Indian miner said on Friday. The miner, owned by billionaire Anil Agarwal, had in November 2023 regained …
By Rahul Paswan (Reuters) – Gold prices edged higher on Thursday, as expectations of a September interest rate cut from the U.S. Federal Reserve continue to gather momentum. Spot gold was up 0.3% at $2,466.33 per ounce as of 1448 GMT. It hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures also climbed …
By Shivangi Acharya and Nikunj Ohri NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi will seek to mend his relationship with voters in the federal budget to be announced next week, economic analysts said, citing possible steps to boost jobs and incomes as growth in the economy remains uneven and food prices continue to …
India’s Modi to focus on jobs, incomes in first budget after election setback Read More »
CHENNAI (Reuters) – Indian department-store chain Shoppers Stop swung to a quarterly loss on Thursday, its first in nine quarters, as high inflation weighed on consumer spending on discretionary products, including apparel and beauty products. India’s retail inflation rate hovered around 5% during April-June, mostly due to high food prices, tending to lead to lower …
India’s Shoppers Stop swings to quarterly loss on demand slowdown Read More »
By Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) – Infosys topped quarterly results estimates on Thursday as a recovery in demand from clients in its mainstay financial services business helped, prompting India’s second-largest IT services firm to raise its yearly revenue forecast. U.S.-listed shares of the Bengaluru-based company rose as much as 5.1% as …
India’s Infosys raises annual sales forecast as IT demand returns Read More »
BENGALURU (Reuters) – Indian tyremaker CEAT beat first-quarter profit estimates on Thursday, as price hikes coupled with healthy demand in the replacement market helped outweigh higher rubber costs. CEAT’s profit increased 6.6% to 1.54 billion rupees for the April-June quarter, beating analysts’ expectation of 1.52 billion rupees, according to LSEG data. Revenue rose 8.8% to …
India’s CEAT Q1 profit beats estimates, tyremaker sees demand rising Read More »
By Swati Bhat MUMBAI (Reuters) -India’s central bank said on Thursday that the economy’s natural rate of interest has increased since the pandemic and will rise further, driven by the growth of potential output, which analysts said could limit the scope to ease monetary policy. The natural rate of interest is associated with an economy …
India cenbank pegs natural rate higher, analysts caution on policy easing Read More »
BENGALURU (Reuters) – Indian engineering research and development services provider L&T Technology Services retained its full-year revenue growth forecast of 8%-10% but missed quarterly revenue expectations on Thursday due to prolonged weakness in its key U.S. market. The company’s revenue grew about 7% to 24.62 billion rupees ($294.4 million) for the three months ending June …
India’s L&T Technology retains FY rev forecast, Q1 rev misses view Read More »
By Manvi Pant and Bharath Rajeswaran BENGALURU (Reuters) -Indian shares recovered from a weak start to end at record closing highs on Thursday, led by information technology stocks as LTIMindtree’s better-than-expected results added to expectations of a turnaround in the sector’s fortunes. The NSE Nifty 50 added 0.76% to end at 24,800.85, while the S&P …
IT boost lift Indian shares to record closing highs Read More »
BENGALURU (Reuters) – Home appliances maker Havells India reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans. Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts’ expectations of 4.31 billion rupees, as …
Home appliances maker Havells India misses Q1 profit view on higher expenses Read More »
