Reuters India Business

BENGALURU (Reuters) – Shareholders of India’s Reliance Industries approved a deal worth $4.3 billion between its units Reliance Retail and Jio Financial Services (JFS), according to a disclosure with stock exchanges on Friday. JFS plans to acquire equipment worth 360 billion rupees from Reliance Retail, as the financial services provider plans to enter the device …

Shareholders of India’s Reliance approve retail unit’s $4 billion lease to Jio Financial Read More »

By Swati Bhat MUMBAI (Reuters) – The Reserve Bank of India’s rate panel has diverged further in its views on the need for high interest rates to tame inflation, with some fearing economic growth is being sacrificed, minutes of the latest monetary policy meeting released on Friday showed. The RBI’s six monetary policy committee (MPC) …

India cenbank’s rate panel views diverge further amid fears of growth sacrifice Read More »

BENGALURU, June 21 (Reuters) – Business activity in India expanded at a faster clip this month from May thanks to gains in manufacturing and services, according to a business survey that also showed the pace of job creation was at its strongest in over 18 years. Robust gains in both sectors at the end of …

India business activity grew faster in June, job creation at 18-year high, PMI shows Read More »

By Aditya Kalra and Neha Arora NEW DELHI (Reuters) – ArcelorMittal’s India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed. The curbs planned by the world’s second-biggest producer of …

Steelmaker Arcelor-Nippon says India’s plan for raw material curbs ignores Red Sea crisis Read More »

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee inched higher on Friday recovering from a decline to its lifetime low in the previous session that was spurred by weakness in the Chinese yuan and likely dollar outflows. The rupee was at 83.61 against the U.S. dollar as of 10:00 a.m. IST, up from its …

Rupee ticks up after weaker yuan triggers fall to record low Read More »

By Yuvraj Malik (Reuters) – Indian grocery startup Zepto said on Friday it has raised $665 million in an investment round, in less than a year of its last fundraising, underscoring the high demand for services that deliver essentials within minutes. Three-year old Zepto was valued at $3.6 billion, a sharp increase from the $1.4 …

Zepto raises $665 million in second funding round in a year Read More »

By Rajendra Jadhav (Reuters) – Food inflation in India, driven by supply-side factors like adverse weather affecting crops, has remained at around 8% year-on-year since November 2023 and is unlikely to ease any time soon, despite early arrival of monsoon rains and forecasts of above-normal rainfall. Elevated prices of food, which accounts for nearly half …

Explainer-Why food prices will remain high in India Read More »