By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee was nearly unchanged on Thursday as dollar demand from local oil companies offset positive cues from a decline in U.S. bond yields and on broad weakness in the dollar. The rupee was at 83.5925 against the U.S. dollar as of 10:45 a.m. IST compared with its …
Rupee flat; dollar bids from oil firms cap gains amid US bond yield dip Read More »
By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI (Reuters) – India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world’s biggest rice …
India plans to ease rice export curbs as stocks surge to record, sources say Read More »
BENGALURU (Reuters) -Shares of Asian Paints fell as much as 4.5% in early trade on Thursday, a day after India’s no.1 paint maker reported its steepest quarterly profit slide in three years, hurt by weak demand and price cuts. Out of 34 analysts covering Asian Paints, at least six downgraded its shares after the results, …
India’s Asian Paints falls after Q1 earnings slide Read More »
By Rahul Paswan (Reuters) – Gold prices notched up an all-time high on Wednesday, as growing optimism for an interest-rate cut from the U.S. Federal Reserve in September and a weaker dollar boosted demand. Spot gold dropped about 0.6% to $2,454.98 per ounce by 1748 GMT due to profit-taking after hitting an all-time high of …
Gold extends record rally on Fed rate-cut bets, softer dollar Read More »
By Hritam Mukherjee and Haripriya Suresh BENGALURU (Reuters) – Karnataka state’s move to require companies to give 50%-70% of jobs to locals is still in the preparation stage, Chief Minister Siddaramaiah said on Wednesday, after the draft bill was criticised for making it harder for global companies operating there to attract talent. “A final decision …
By Dhwani Pandya MUMBAI (Reuters) – Citigroup plans to bolster the headcount in its India investment banking unit, betting on a surge in equity capital market and M&A deals in one of the world’s fastest growing economies, a top country executive said. “We haven’t firmed up the numbers, but it would be a meaningful increase …
Citi to boost investment banking headcount in India betting on deals surge Read More »
By Manoj Kumar NEW DELHI (Reuters) – India’s economy is expanding at the fastest rate among major emerging economies, and tax receipts are higher, factors that could prompt Finance Minister Nirmala Sitharaman to increase spending in the new 2024/25 budget that will be presented to parliament on July 23. The budget is expected to see …
Factbox-India’s economy poised for robust growth ahead of annual budget Read More »
By Shivangi Acharya and Nikunj Ohri NEW DELHI (Reuters) -India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi’s third five-year term, which could usher in changes to economic priorities. After a shock election result saw Modi’s party fail to win a majority, though it returned to …
Factbox-What Indian industry wants from Modi’s budget after poll setback Read More »
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 »
