BENGALURU (Reuters) – India’s LTIMindtree reported a bigger-than-expected rise in first-quarter revenue, snapping five straight quarters of slowing growth, aided by growth in its manufacturing and technology, media & communications (TMT) segments. Revenue rose 5.1% to 91.43 billion rupees ($1.09 billion) year-on-year, beating analysts’ average estimates of 90.8 billion rupees, as per LSEG data. The …
By Sarita Chaganti Singh and Mayank Bhardwaj NEW DELHI (Reuters) – India is likely to spend 2.25 trillion rupees ($11.97 billion) on food subsidies this financial year, four government sources said, up around 11% from the interim budget estimate in February due to higher spending on the support price for farmers. The country’s combined food …
India’s food subsidies to cost 11% more than initial plan, sources say Read More »
MUMBAI (Reuters) – India’s Mahanagar Telephone Nigam Ltd (MTNL) has made the requisite payment due to be paid to its bondholders later this week, the state-run telecom operator informed the exchanges on Wednesday. MTNL had to deposit the interest for the semi-annual 7.59%, July 2034 bonds in the third-party escrow account 10 days ahead of …
MTNL deposits bond interest payout after government guarantee invocation Read More »
By Brijesh Patel and Rahul Paswan (Reuters) – Gold prices jumped more than 1% to a record high on Tuesday, as investors flocked to the safe-haven asset after comments from Federal Reserve officials cemented expectations of a U.S. interest rate cut in September. Spot gold gained 1.8% to $2,464.82 per ounce by 2:18 p.m. ET …
Gold sprints to all-time high as Fed rate-cut hopes boost demand Read More »
BENGALURU (Reuters) – The International Monetary Fund on Tuesday raised India’s growth forecast for 2024-25 to 7% from 6.8% on the back of improving private consumption, particularly in rural India. The IMF left unchanged its estimate for a 6.5% growth in Asia’s third largest economy’s gross domestic product in the 2025-26 financial year, it said …
IMF raises India’s GDP forecast to 7% for 2024-25 Read More »
By Aditya Kalra and Aditi Shah NEW DELHI (Reuters) -SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around $4.5 billion for its initial public offering (IPO), around 16%-20% lower than the valuation at its last funding round, two sources told Reuters. The Indian markets regulator in June approved Ola’s $660 …
India’s Ola Electric eyes lower valuation of $4.5 billion for IPO, sources say Read More »
By Indranil Sarkar and Arpan Chaturvedi BENGALURU/NEW DELHI (Reuters) -Edtech company Byju’s, once India’s biggest startup valued at $22 billion, will face insolvency proceedings for failure to pay $19 million in dues to the country’s cricket board, a tribunal said on Tuesday. Byju’s has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors …
Once India’s biggest startup, Byju’s faces insolvency proceedings Read More »
By Bharath Rajeswaran and Manvi Pant BENGALURU (Reuters) -India’s benchmark indexes notched record closing highs on Tuesday, buoyed by gains in heavyweight information technology stocks amid prospects of a U.S. interest rate cut in September and a strong earnings outlook. The NSE Nifty 50 rose 0.11% to 24,613, while the S&P Sensex closed 0.06% higher …
IT leads Indian blue-chips to record closing highs Read More »
BENGALURU (Reuters) -Indian automaker Bajaj Auto reported a nearly 20% rise in first-quarter profit as it sold more expensive motorcycles and exports improved, sending its shares higher. The Pulsar motorcycle maker’s standalone profit after tax rose to 19.88 billion rupees ($238 million) for the three months to June 30. Analysts had expected a profit of …
India’s Bajaj Auto posts Q1 profit on higher domestic sales, exports Read More »
By Jaspreet Kalra and Nimesh Vora MUMBAI (Reuters) – A lack of arbitrage opportunities and narrow price action are prompting bankers to scale back on their activities in the Indian rupee forwards market, leading to a drop in volumes. Volumes between banks in the dollar-rupee forward market dropped 36% in the April-June period from the …
Indian rupee forward volumes drop on lack of arbitrage, listless price action Read More »
