By M. Sriram MUMBAI (Reuters) -Bain Capital plans to sell stake worth $429 million in Indian private lender Axis Bank on Tuesday, according to a term sheet seen by Reuters. The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday’s stake sale, a source …
Bain Capital to sell $429 million stake in India’s Axis Bank, term sheet shows Read More »
NEW DELHI (Reuters) – India was a net importer of finished steel during the 2023/24 financial year that ended on March 31, according to provisional government data seen by Reuters on Monday. The country imported 8.3 million metric tons of finished steel between April and March, up 38.1% from a year earlier, the data showed. …
India turns net importer of finished steel in 2023/24, data shows Read More »
By Bharath Rajeswaran BENGALURU (Reuters) -India’s blue-chip indexes climbed to all-time highs on Monday, led by a rebound in heavyweight Reliance Industries and auto stocks gaining on hopes of strong quarterly earnings. The NSE Nifty 50 rose 0.68% to 22,666.30, while the S&P BSE Sensex added 0.67% to 74,742.50, at close. The 50-member Nifty has …
Reliance, auto stocks boost India’s Nifty, Sensex to record highs Read More »
(Reuters) – India’s fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales. Total consumption, a proxy for oil demand, totalled 21.09 million metric tons (4.99 million barrels per day) in March, down from 21.22 million tons (5.02 …
India’s fuel demand hits new FY record, up about 5% Read More »
By Dharamraj Dhutia MUMBAI (Reuters) – Indian overnight indexed swap (OIS) rates have moved higher since the Reserve Bank of India’s latest policy meeting on Friday, suggesting investors now expect a rate cut only in early 2025 as opposed to the last quarter of 2024 earlier. The one-year OIS rate, the most commonly used indicator …
India swaps suggest cenbank now likely to hold rates through 2024 Read More »
By Heekyong Yang and Joyce Lee SEOUL (Reuters) -Hyundai Motor Co and Kia Corp on Monday signed a memorandum of understanding with India’s Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the world’s No.3 auto market. The South Korean auto duo said in a statement …
Hyundai Motor, Kia to partner with India’s Exide Energy on EV batteries Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee gained in early trading on Monday, continuing its upside momentum from the previous session, even though U.S. bond yields jumped as investors pared bets on a rate cut by the Federal Reserve in June. The rupee was at 83.26 to the dollar as of 9:45 a.m. …
Rupee inches higher, forward premiums slip as Fed rate cut bets recede Read More »
New Delhi (Reuters) – India’s Vistara Airlines said on Sunday it was scaling back operations by around 25-30 flights per day, amid disruption that sources have said is caused by a shortage of pilots. Vistara, owned by the Tata group and Singapore Airlines, currently operates more than 300 flights a day, but has cancelled scores …
India’s Vistara cuts flights amid pilot shortage Read More »
By Nidhi Verma AHMEDABAD (Reuters) – Adani Group has begun commercial production of wafer and ingots used for making solar power cells and modules at its factory in Gujarat and aims to make polysilicon in 2027/28 to become India’s first integrated renewable energy player, a senior company official said. The Adani Group, controlled by billionaire …
Adani begins commercial output of wafers, ingots for solar power Read More »
By Haripriya Suresh and Sai Ishwarbharath B BENGALURU (Reuters) -Wipro Chief Executive Officer Thierry Delaporte resigned on Saturday following a fraught few years for India’s No. 4 IT services company, to be succeeded by the head of its biggest market. Srinivas Pallia, a veteran of the company, will take over as CEO and managing director …
Wipro CEO Delaporte resigns; to be replaced by veteran insider Read More »
