By Siddhi Nayak MUMBAI (Reuters) – India’s Yes Bank reported a bigger-than-expected 46% rise in net profit for the April-June quarter on Saturday, helped by a drop in loan-loss provisions and robust loan growth. The Mumbai-based private lender’s standalone net profit rose to 5.02 billion rupees ($60 million) for the financial first quarter from 3.43 …
India’s Yes Bank April-June profit climbs on lower provisions Read More »
By Nidhi Verma NEW DELHI (Reuters) – Bharat Petroleum Corp, India’s third-biggest refiner, expects Middle Eastern producers to cut the official selling prices (OSPs) of their crude in coming months to reflect lower margins on fuel sales, its head of finance said on Saturday. Lower fuel cracks – the difference between the cost of crude …
Indian refiner BPCL sees further cuts in oil OSPs as fuel margins drop Read More »
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 »
By Rahul Paswan (Reuters) – Gold prices dipped more than 2% on Friday, as the dollar gained and profit taking kicked in following bullion’s all-time peak hit earlier this week, which was fuelled by rising expectations of U.S. interest rate cuts in September. Spot gold was down 1.9% at $2,399.13 per ounce by 1709 GMT. …
Gold slips from all-time peak on profit taking, firmer dollar 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 »
