Reuters India Business

MTNL deposits bond interest payout after government guarantee invocation

17 Jul 2024

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 …

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IMF raises India’s GDP forecast to 7% for 2024-25

16 Jul 2024

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 …

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India’s Ola Electric eyes lower valuation of $4.5 billion for IPO, sources say

16 Jul 2024

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 …

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Once India’s biggest startup, Byju’s faces insolvency proceedings

16 Jul 2024

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 …

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India’s Bajaj Auto posts Q1 profit on higher domestic sales, exports

16 Jul 2024

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 …

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Indian rupee forward volumes drop on lack of arbitrage, listless price action

16 Jul 2024

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 …

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India’s Paytm gets warning from markets regulator for old transactions with banking unit

16 Jul 2024

BENGALURU (Reuters) – Paytm received an administrative warning from India’s markets regulator for certain transactions with its banking unit in the fiscal year 2021-22, the fintech firm said in an exchange filing. The Securities and Exchange board of India (SEBI), in the latter dated July 15, said some transactions between Paytm and the now wound-down …

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