By Jayshree P Upadhyay GANDHINAGAR, India (Reuters) -Indian Prime Minister Narendra Modi is looking to revive a decade-old project to build a new financial hub in his home state of Gujarat, with new breaks aimed at drawing in foreign brokers and companies. The GIFT City project was launched on the outskirts of Ahmedabad in 2011 …
Modi seeks to revive hinterland finance hub with new sweeteners Read More »
NEW DELHI (Reuters) -India’s wholesale price index in November rose 0.26% from a year earlier, returning to positive territory after seven months on higher food prices, government data showed on Thursday. The rise in the index was steeper than 0.08% growth expected by economists polled by Reuters. It fell 0.52% in October. In November, food …
India’s Nov wholesale prices rise after 7 months of decline Read More »
By Sudarshan Varadhan SINGAPORE (Reuters) – Booming demand for Indian coal is driving up the shares of miner Coal India and power generator NTPC Ltd, state giants investors once dismissed as plodding dinosaurs, but which are now outperforming the wider market and global peers. NTPC, which produces mostly coal-fired power, has surged 78%, far ahead …
Booming Indian coal demand powers rise of state-run giants Read More »
By Nimesh Vora MUMBAI (Reuters) – The Indian rupee is expected to open higher on Thursday after a dovish U.S. Federal Reserve outcome prompted investors to price in more rate cuts next year, fuelling a plunge in U.S. Treasury yields and the dollar. Non-deliverable forwards indicate the rupee will open at around 83.30 to the …
Rupee to rise after dovish Fed emboldens bets of big rate cuts Read More »
BENGALURU (Reuters) – S&P Global Ratings on Thursday downgraded the rating of Vedanta Resources, parent of Indian miner Vedanta Ltd, citing concerns about extension of maturities of some of its bonds. Vedanta Resources late Wednesday said it raised $1.25 billion from financial institutions for refinancing, including a new credit facility. The company also said it …
S&P Global Ratings downgrades Vedanta Resources amid bond maturity extension Read More »
BENGALURU (Reuters) -Private equity firm Bain Capital sold a stake worth $448 million in Indian private lender Axis Bank in a block trade on Wednesday, according to a term sheet seen by Reuters. Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV sold 33.4 million shares, or a …
Bain Capital sells $448 million stake in India’s Axis Bank Read More »
By Ashitha Shivaprasad and Sherin Elizabeth Varghese (Reuters) – Gold prices rose more than 1% on Wednesday after the U.S. Federal Reserve flagged an end to its interest rate hike cycle and indicated possible rate cuts next year. Spot gold gained 1.3% to $2,004.79 per ounce as of 2:34 p.m. ET (1934 GMT). U.S. gold …
Gold climbs over 1% after Fed signals end of rate hikes Read More »
By Aditya Kalra NEW DELHI (Reuters) – Billionaire Mukesh Ambani’s Reliance Industries and U.S. giant Walt Disney are discussing a plan to hold next-stage talks about their India media business merger in London next week, two people familiar with the matter said. Disney and Reliance have held talks to merge their India businesses by forming …
Disney, Reliance plan London meeting for India media merger talks-sources Read More »
By Bharath Rajeswaran BENGALURU (Reuters) -India’s benchmark indexes were muted on Wednesday, weighed down by a drop in information technology (IT) stocks after U.S. inflation concerns resurfaced ahead of the Federal Reserve policy decision later in the day. The NSE Nifty 50 index settled 0.10% higher at 20,926.35, while the S&P BSE Sensex rose 0.05% …
Indian shares muted as IT stocks weigh; Fed policy eyed Read More »
BENGALURU (Reuters) -Indian automaker Mahindra and Mahindra said on Wednesday that the company, along with external investors, will spend 8.75 billion rupees ($105 million) in its two-wheeler unit, Classic Legends, over the next two to three years. The ‘Scorpio’ car manufacturer, will invest 5.25 billion and the remaining will come from existing shareholders and new …
India’s Mahindra and Mahindra, others to invest $105 million in two-wheeler unit Read More »
