Reuters India Business Archives - Page 678 of 1191

India’s Apollo Hospitals beats Q3 profit view on higher healthcare services revenue

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) -India’s Apollo Hospitals Enterprise reported a bigger-than-expected third-quarter profit on Thursday, as higher revenue from its healthcare services business helped offset the impact of losses from its cash-guzzling pharmacy vertical. Consolidated net profit surged 59% to 2.45 billion rupees ($29.5 million) in the three months ended Dec. 31, beating analysts’ average estimate of …

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India central bank clampdown on Paytm Payments Bank followed persistent non-compliance

8 Feb 2024 8 Feb 2024

MUMBAI (Reuters) -The Reserve Bank of India’s (RBI) clampdown on Paytm Payments Bank was the result of persistent non-compliance with regulations, top central bank officials said on Thursday, adding they took action after giving the company ample time to comply. The RBI last week ordered Paytm Payments Bank to stop accepting new deposits in its …

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3M India posts smallest profit growth in nine quarters as costs bite

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) – Diversified products maker 3M India posted on Thursday its smallest profit growth in nine quarters, as surging input costs countered sustained demand for its core products. Consolidated profit after tax came increased more than 8% from a year earlier to 1.35 billion rupees (about $16 million) in the third quarter ended Dec. …

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India’s Dynamatic Tech inks deal with Airbus to make all A220 door variants

8 Feb 2024 8 Feb 2024

By Aditi Shah NEW DELHI (Reuters) – India’s Dynamatic Technologies and Airbus have signed an agreement to make all door variants for the French planemaker’s A220 planes, the two companies said in a press conference on Thursday. The contract awarded to Dynamatic is the biggest one so far by Airbus for doors, Remi Maillard, President …

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India’s Venky’s posts Q3 loss on subdued oilseed business

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) – Venky’s (India) reported a third-quarter loss on Thursday, hurt by the subdued performance of its key oilseed business, sending its shares down by 6%. The company reported a net loss of 79.4 million rupees (nearly $957,000) in the three months to Dec. 31, compared to a profit of 165.3 million rupees a …

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India wants multi-year oil purchase deal with Guyana -Guyana minister

8 Feb 2024 8 Feb 2024

By Nidhi Verma QUITOL, India (Reuters) – India wants to sign a multi-year oil purchase deal with Guyana and acquire stakes in the South American nation’s exploration areas, the Guyanese minister for natural resources said on Thursday. “We will make a decision at some point in time” on crude oil sales to India in a …

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India’s central bank holds rates, keeps focus on ‘last mile of disinflation’

8 Feb 2024 8 Feb 2024

By Swati Bhat and Sudipto Ganguly MUMBAI (Reuters) -India’s central bank left rates unchanged on Thursday, signalling that interest rate cuts may be some time away as it focuses on the “last mile of disinflation” towards its 4% medium-term target and the economy remains resilient. The six-member monetary policy committee, consisting of three Reserve Bank …

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India equity mutual fund inflows jump to nearly two-year high in Jan – data

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) – Inflows into India’s equity mutual funds rose to a nearly two-year high in January, led by sustained interest in small-caps, data from the Association of Mutual Funds in India (AMFI) showed on Thursday. Net equity mutual fund inflows rose 28% sequentially to 217.81 billion rupees ($2.62 billion), the highest since March 2022. …

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LG Energy plans to sell batteries to more EV car makers in India

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) – South Korea’s LG Energy Solution, the biggest supplier of battery cells to electric scooter makers in India, plans to grow its presence in the country’s passenger vehicle market, the company said in a statement on Thursday. LG Energy, which globally supplies batteries to car makers like Tesla and Hyundai, said it is …

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Microsoft partners with India’s Sarvam AI for voice-based genAI tools

8 Feb 2024 8 Feb 2024

BENGALURU (Reuters) -Microsoft will support the development of voice-based generative artificial intelligence (AI) applications through a partnership with Indian startup Sarvam AI, the Windows-maker said on Thursday. The partnership was announced during CEO Satya Nadella’s three-day visit as the company pushes for wider adoption of its products by consumers in India, the fastest-growing major economy. …

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