Reuters India Business

By Mohi Narayan and Nidhi Verma NEW DELHI (Reuters) -A vessel under European Union sanctions is discharging Russian naphtha at a western India port operated by the Adani group, ship tracking data showed on Tuesday, the first such instance since the conglomerate barred blacklisted vessels from its terminals. The medium-range tanker Prometei, carrying about 30,000 …

EU-sanctioned vessel unloads Russian naphtha at Adani-run Indian port – tracking data Read More »

(Reuters) -Indian drugmaker Alembic Pharmaceuticals posted a 20.4% rise in second-quarter profit on Tuesday, aided by strong demand for its generic drugs as well as new launches in its key U.S. market. The company’s consolidated profit rose to 1.85 billion rupees ($21.05 million) in the quarter ended September 30. Revenue from its U.S. generics business …

India’s Alembic Pharma posts quarterly profit jump on strong generics demand Read More »

By Haripriya Suresh and Ashwin Manikandan BENGALURU/MUMBAI (Reuters) -Indian stock broking platform Groww is betting on wealth management and commodities trading to drive revenue growth, co-founder and Chief Operating Officer Harsh Jain told Reuters on Tuesday, as its $754 million initial public offering opened for public subscription. Groww is targeting a valuation of about $7 …

India’s Groww bets big on wealth, commodities as broking share declines Read More »

(Reuters) -Indian automaker Mahindra & Mahindra posted a nearly 18% rise in second-quarter profit on Tuesday, driven by steady demand for its high-margin sport-utility vehicles and tractors, and strong exports. The Scorpio SUV maker’s standalone profit after tax rose to 45.21 billion rupees ($514.4 million) from 38.41 billion rupees a year earlier. Mahindra has been …

Indian automaker Mahindra posts higher profit on strong SUV sales Read More »

By Dharamraj Dhutia MUMBAI (Reuters) -The Reserve Bank of India’s aggressive dollar sales to defend the rupee are draining liquidity from the banking system, prompting calls for bond purchases to ease the strain, ten traders and economists told Reuters. The RBI has scope to buy 1 trillion–1.5 trillion rupees ($11.3–$17.1 billion) of government bonds, citing …

India central bank’s rupee defense saps liquidity, fuels bond buy bets Read More »

(Reuters) -Renewable energy firm SAEL Industries has filed draft documents late Monday for a stock market listing valued at 45.75 billion rupees ($520.51 million). The solar and biomass operator said its initial public offering (IPO) will comprise a fresh issue of shares worth up to 37.5 billion rupees and an offer for sale of shares …

Indian renewable energy firm SAEL Industries files for $521 million IPO Read More »