Reuters India Business Archives - Page 746 of 1191

Indian aluminium producer Hindalco misses Q2 profit view on lower prices, demand

10 Nov 2023 10 Nov 2023

By Manvi Pant and Neha Arora BENGALURU (Reuters) -India’s Hindalco Industries, one of the country’s largest aluminium and copper producers, reported a smaller-than-expected quarterly profit on Friday, hurt by lacklustre aluminium prices and demand. The Aditya Birla Group-owned company, which operates in 10 countries, said its consolidated net profit fell to 21.96 billion rupees ($263.33 …

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Indian shares log second weekly gain on energy stocks boost

10 Nov 2023 10 Nov 2023

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares rose for a second consecutive week on Friday, led by energy stocks as oil prices fell, even as hawkish U.S. Federal Reserve remarks reignited rate worries and dragged Asian peers. The NSE Nifty 50 index added 1.01% for the week, while S&P BSE Sensex gained 0.84%. The more …

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Indian rupee falls to record low, next week crucial to gauge new range

10 Nov 2023 10 Nov 2023

MUMBAI (Reuters) -The Indian rupee dropped to a record low against the U.S. dollar on Friday, which alongside the outage of the interbank order matching system, prompted the central bank to step in. The rupee dropped to a record low of 83.42 to the dollar and was last at 83.3925. The rupee had been in …

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Indian authorities seize $3 million property from Hero MotoCorp’s Munjal

10 Nov 2023 10 Nov 2023

BENGALURU (Reuters) – India’s financial crime agency has seized property worth about 249.5 million rupees ($3 million) belonging to Hero MotoCorp Chairman Pawan Munjal in relation to an ongoing money laundering investigation, the agency said on Friday. The Enforcement Directorate (ED) said it seized three properties in New Delhi, under the country’s provisions of The …

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India’s Mahindra’s Q2 profit jumps 67% on strong SUV demand

10 Nov 2023 10 Nov 2023

BENGALURU (Reuters) -Indian automaker Mahindra & Mahindra on Friday reported a 67% rise in second-quarter profit, helped by strong sales of its sport utility vehicles. The ‘Scorpio’ manufacturer reported a standalone profit after tax of 34.52 billion rupees ($413.88 million) in the September quarter, against 20.68 billion rupees a year before. Mahindra benefited from strong …

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Zee-Sony India merger talks stall over disagreement on leadership – Mint

10 Nov 2023 10 Nov 2023

BENGALURU (Reuters) – Talks of a merger between India’s Zee Entertainment Enterprises and Japan’s Sony’s Indian arm have stalled after a clash on which company’s top executive will run the merged entity, the Mint business daily reported on Friday. Sony is pushing for its Indian operations managing director N.P. Singh to head the merged company, …

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India’s Tata Technologies in talks with Morgan Stanley, US funds for IPO investment -sources

10 Nov 2023 10 Nov 2023

By M. Sriram MUMBAI (Reuters) -India’s Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock and some U.S hedge funds to invest in its initial public offering at a valuation of $2.5 billion, two sources with direct knowledge of the matter said. Part of conglomerate Tata Group, the company provides engineering services for …

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Gold rebounds ahead of Powell’s speech, palladium sinks

9 Nov 2023 9 Nov 2023

By Ashitha Shivaprasad (Reuters) – Gold rose on Thursday as investors awaited Federal Reserve Chair Jerome Powell’s speech for clarity on interest rates, while auto-catalyst palladium fell below the $1,000 an ounce level for the first time since 2018. Spot gold was up 0.7% at $1,963.49 per ounce by 1:41 p.m. ET (1841 GMT) after …

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India’s Go First lenders to challenge move that could let lessors reclaim planes – sources

9 Nov 2023 9 Nov 2023

By Siddhi Nayak MUMBAI (Reuters) – Lenders of grounded Indian airline Go First plan to legally challenge the aviation watchdog’s interpretation to retrospectively apply changes to bankruptcy law that could allow lessors to reclaim planes, according to four people with direct knowledge. India last month tweaked its laws to exclude leased aircraft from assets that …

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India’s Aurobindo Pharma posts jump in profit on strong overseas demand

9 Nov 2023 9 Nov 2023

HYDERABAD (Reuters) – India’s Aurobindo Pharma Ltd reported a better-than-expected 84.9% rise in second-quarter profit on Thursday, driven by strong sales in core markets Europe and the United States amid stablising drug prices. Consolidated net profit attributable to owners of the holding company rose to 7.57 billion Indian rupees ($90.91 million) from 4.09 billion rupees …

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