Reuters India Business

India’s Ashok Leyland beats Q4 profit estimates on reduced costs

24 May 2024

BENGALURU (Reuters) – Indian truck maker Ashok Leyland beat fourth-quarter profit estimates on Friday as reduced costs outweighed beleaguered demand for its trucks and buses. Standalone profit rose 19.8% to 9 billion rupees ($108.36 million) for the three months to March 31, surpassing analysts’ estimates of 8.69 billion rupees, according to LSEG data. Input costs …

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India’s Hindalco beats Q4 profit view as lower costs outpace weak aluminium prices

24 May 2024

BENGALURU (Reuters) – India’s Hindalco Industries, one of the country’s largest aluminium and copper producers, reported a higher-than-expected fourth-quarter profit on Friday, as lower costs outpaced lacklustre aluminium prices. The company, owned by the Aditya Birla Group, said its consolidated net profit rose 31.6% to 31.74 billion rupees ($382.2 mln) for the three months ended …

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Indian cenbank shifts to NDFs as preferred FX intervention option, sources say

24 May 2024

By Jaspreet Kalra, Nimesh Vora and Swati Bhat MUMBAI (Reuters) -India’s central bank is changing tactics in the way it seeks to limit rupee volatility with the use of non-deliverable forwards now overtaking spot market interventions, which draw heavily on foreign exchange reserves, sources said. The Reserve Bank of India (RBI) has traditionally been more …

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India’s new government will be spoilt for choice with $25 billion extra in kitty

24 May 2024

By Swati Bhat and Aftab Ahmed MUMBAI/NEW DELHI (Reuters) – India’s incoming government will be greeted with a $25 billion cheque from the central bank, giving it the option to either boost spending or narrow the fiscal deficit quicker, both of which will be cheered by investors. On Wednesday, the Reserve Bank of India (RBI) …

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Reliance, Disney seek India antitrust nod with cricket rights assurance, sources say

23 May 2024

By Aditya Kalra NEW DELHI (Reuters) – Reliance Industries and Walt Disney have sought antitrust clearance for their $8.5 billion India media merger by arguing their combined power, especially on cricket broadcasting, will not hit advertisers, two people with direct knowledge told Reuters. The deal, announced in February, has been expected by experts to face …

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India’s use of crude tankers to export diesel slows in May

23 May 2024

By Trixie Yap SINGAPORE (Reuters) – Indian refiners’ use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade sources and analysts said. That is because rising inventories in the Antwerp-Rotterdam-Amsterdam region and shaky east-west diesel price …

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India’s top airline IndiGo goes premium with business class foray

23 May 2024

By Nandan Mandayam and VarunVyas Hebbalalu BENGALURU (Reuters) -India’s IndiGo airline operator Interglobe Aviation said on Thursday it will introduce business class on some domestic flights this year, in a departure from its single-class cabin, at a time when urban Indians are increasingly lapping up premium offerings. The airline, which is the world’s third largest …

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Volkswagen CFO: in concrete discussions over car partnerships in India

23 May 2024

By Joseph White and Christoph Steitz MUNICH (Reuters) – Volkswagen is in concrete talks about partnering up on passenger car production in India, the group’s finance chief said on Thursday, adding it was tough to earn money in the market that still presents a “clear” opportunity. “We are in very good discussions,” Arno Antlitz told …

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Financials power India’s Nifty, Sensex to record closing highs

23 May 2024

By Bharath Rajeswaran and Dimpal Gulwani BENGALURU (Reuters) -India’s blue-chip indexes notched all-time closing highs on Thursday, powered by gains in financial stocks, as the central bank’s record dividend to the government kindled hopes of a reduction in the country’s fiscal deficit. The blue-chip NSE Nifty 50 gained 1.64% to close at a record 22,967.65. …

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