Reuters India Business

India’s Allied Blenders and Distillers files for $180 million IPO

19 Jun 2024

BENGALURU (Reuters) – Indian liquor company Allied Blenders and Distillers (ABD) on Wednesday filed for an initial public offering (IPO) to raise up to $180 million, amid intensifying competition in a market dominated by the likes of Diageo and Pernod Ricard. ABD, which sells whisky brands such as Officer’s Choice and Sterling Reserve in India’s estimated $33 …

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India raises crop prices as Modi tries to win over farmers

19 Jun 2024

By Rajendra Jadhav and Mayank Bhardwaj MUMBAI/NEW DELHI (Reuters) – India on Wednesday raised the government-mandated price for summer-sown crops such as rice, soybean and cotton as Prime Minister Narendra Modi looks to woo millions of farmers ahead of key state elections later this year. The country announces support prices for more than a dozen …

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UK’s Vodafone sells $1.8 billion stake in India’s Indus Towers; Airtel boosts stake

19 Jun 2024

By M. Sriram and Nandan Mandayam MUMBAI (Reuters) -Vodafone Group has sold a bigger-than-planned 18% stake in India’s Indus Towers, raising $1.82 billion that will serve to reduce its debt, the British telecom group said on Wednesday. Bharti Airtel, India’s no. 2 telecom company, said it bought about 1% of Indus shares in the transaction, …

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India’s human rights body calls for scrutiny of Amazon warehouse labour practices

19 Jun 2024

By Arpan Chaturvedi NEW DELHI (Reuters) – India’s human rights commission asked the government on Wednesday to look into allegations of labour law violations at an Amazon warehouse near New Delhi over alleged harsh working conditions during a severe heatwave. Indian media this month reported that workers in the e-commerce giant’s warehouse in Manesar, near …

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Foreigners buy $10 billion of index-bound Indian bonds since JPM inclusion announcement

19 Jun 2024

By Dharamraj Dhutia MUMBAI (Reuters) – Foreign investors have bought more than $10 billion of Indian government bonds that will be included in a widely-followed JPMorgan debt index on June 28, taking their ownership of such papers to a record high. In the nine months since JPMorgan said India’s sovereign debt will be included in …

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India’s coal-based power demand at all-time high, government says

19 Jun 2024

MUMBAI (Reuters) – India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday. Peak demand for power in India’s hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet …

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Indian shares end flat as private banks offset drop in state-owned firms

19 Jun 2024

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares ended little changed in a volatile session on Wednesday as a rise in high-weightage private banks offset a drop in state-owned firms and energy stocks after a recent rally. The NSE Nifty 50 shed 0.18% to 23,516, while the S&P BSE Sensex added 0.05% to 77,337.59. Both the …

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India’s Axis Bank raises stake in Max Life Insurance for $4.3 million

19 Jun 2024

BENGALURU (Reuters) – India’s Axis Bank acquired additional equity shares of Max Life Insurance Company, a unit of Max Financial Services, for 3.36 billion rupees ($4.32 million), the private lender said on Wednesday. The bank’s board of directors approved the proposal to acquire Max Life shares, raising Axis entities’ total holding in the insurance firm …

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India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day

19 Jun 2024

By Jaspreet Kalra and Nimesh Vora MUMBAI (Reuters) – Foreign inflows into Indian bonds will hit a decade-high of $2 billion around June 28, when they will be included in a widely-tracked JPMorgan index, although the central bank will lap up most of the dollars to avoid a knee-jerk rise in the rupee, bankers said. …

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