By Noah Browning and Dmitry Zhdannikov LONDON (Reuters) – The United States announced a record-sized release of emergency crude oil reserves in March without consulting partners in the International Energy Agency, leaving them scrambling to match with releases of their own, according to two sources familiar with the matter. Unilateral action by Washington to address …
LUSAKA (Reuters) – Vedanta Resources has offered to step up investment in Zambia’s Konkola Copper Mines (KCM) and implement several social responsibility programmes if it resumes control of the local firm, a company letter sent to the government showed. Zambia’s previous government put KCM into the hands of liquidator Milingo Lungu in May 2019, triggering …
Vedanta offers Zambia investment commitments in return for copper-mine control Read More »
MUMBAI (Reuters) – State-owned Central Bank of India has not yet decided on a possible extensive branch closure plan this fiscal year, the lender said on Saturday days after Reuters reported it planned to shut some branches to improve its financial health. On Thursday, Reuters cited sources and a document saying the bank was looking …
Central Bank of India says not yet decided on branch closures Read More »
MUMBAI (Reuters) – India’s Tata Steel said three contract workers had been injured in a blast at one of its coke plant units in the eastern state of Jharkhand on Saturday. The unit was not operational and was undergoing a dismantling process, Tata, India’s largest steelmaker by revenue, said in a statement, adding that production …
Blast at India’s Tata Steel coke plant injures three contract workers Read More »
MUMBAI (Reuters) – India’s top housing finance firm HDFC Ltd said it would raise its retail prime lending rate on home loans by 30 basis points with effect from May 9, according to an exchange filing on Saturday. Several lenders have increased lending and deposit rates after India’s central bank in a surprise move on …
(Updates prices) By Seher Dareen (Reuters) – Gold rose on a weaker dollar on Friday but prospects of aggressive rate hikes from the U.S. Federal Reserve put bullion on course for a third consecutive weekly decline, while palladium fell over 8% on demand concerns. Palladium fell 6.3% to $2,049.13 an ounce by 2:16 p.m. ET …
Gold heads for weekly dip on rate hike bets, palladium sheds 8% Read More »
MILAN (Reuters) – Italy’s top insurer Generali said on Friday it had completed the acquisition of a 25% stake in its Indian non-life insurance joint venture, increasing its holding to 74% after receiving regulatory and competition approvals. When it announced the deal in January, Generali said it had agreed to pay 145 million euros ($153 …
Generali becomes majority shareholder in Indian non-life joint venture Read More »
BENGALURU (Reuters) -Reliance Industries Ltd, India’s most valuable company, reported a 22.5% surge in fourth-quarter profit on Friday, helped by higher fuel demand and margins at its mainstay energy business. Revenue from the company’s O2C operations — comprising the world’s biggest refining complex at Jamnagar and petrochemicals plants — rose more than 44% to 1.46 …
Reliance Industries energy unit powers fourth-quarter profit jump Read More »
By Aditi Shah NEW DELHI (Reuters) -Nexcharge, a joint venture between Indian battery maker Exide Industries and Switzerland’s Leclanche SA, will scale up production at its lithium-ion battery plant to 100% within four years, the company’s CEO said on Friday. The plant, where it started mass production of batteries on Thursday, is currently operating at …
Exide-Leclanche JV to scale up production at India battery plant Read More »
By Nupur Anand and Sudarshan Varadhan MUMBAI (Reuters) -India is planning to reopen more than 100 coal mines previously considered financially unsustainable, as a heatwave-driven power crisis forces the world’s third-biggest greenhouse gas emitter to double down on the fuel after months of low consumption. State-run Coal India, which accounts for 80% of domestic coal …
‘Bad boys’ are back: India doubles down on coal as heatwave worsens power crisis Read More »
