Reuters India Business

India vulnerable to recurring, overlapping food price shocks, RBI chief says

9 Nov 2023

MUMBAI (Reuters) – India is vulnerable to “recurring and overlapping” food price shocks despite the recent moderation in inflation, the governor of the Reserve Bank of India (RBI) said on Thursday. “In these circumstances, monetary policy remains watchful and actively disinflationary to progressively align inflation to the target, while supporting growth,” Shaktikanta Das said in …

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Rupee may inch up after US yields, oil prices fall further

9 Nov 2023

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee is expected to open slightly higher on Thursday after demand worries prompted a further fall in oil prices and as U.S. yields slid more. Non-deliverable forwards indicate the rupee will open at around 83.24-83.25 to the U.S. dollar, compared with 83.2725 in the previous session. “Taking …

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India’s Patanjali Foods Q2 profit doubles as lower costs offset revenue drop

8 Nov 2023

BENGALURU (Reuters) – India’s Patanjali Foods on Wednesday reported a second-quarter profit that more than doubled as a slump in expenses outpaced falling revenue, dragged by lower edible oil prices. The Ruchi Gold oil maker’s profit rose to 2.55 billion Indian rupees ($30.63 million) in the quarter ended Sept. 30, from 1.12 billion rupees a …

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India’s Landmark Cars posts about 21% rise in Q2 profit on lower costs

8 Nov 2023

BENGALURU (Reuters) – Indian luxury auto dealer Landmark Cars reported a 20.55% rise in quarterly profit, helped by lower expenses even as demand slowed. Consolidated net profit rose to 201.6 million rupees ($2.42 million) for the quarter ended Sept. 30 from 167.2 million rupees a year earlier. The auto reseller, which was listed last December, …

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Indian adhesive maker Pidilite Industries’ Q2 profit jumps; to enter lending

8 Nov 2023

BENGALURU (Reuters) – India’s Pidilite Industries on Wednesday posted a jump in second-quarter profit on the back of lower costs, and said it would enter the lending business. The Fevicol-maker posted a consolidated net profit of 4.5 billion rupees ($54.1 million) for the quarter ended Sept. 30, up over 35% from last year. Profit growth …

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India commerce minister to meet Tesla’s Musk amid market entry talks-sources

8 Nov 2023

By Aditya Kalra, Aditi Shah and Shivangi Acharya NEW DELHI (Reuters) – Indian commerce minister Piyush Goyal will meet Tesla chief Elon Musk in the United States next week as the two sides look to advance the U.S. carmaker’s plan to enter the South Asian market, sources familiar with the plans said. The meeting between …

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India’s Smirnoff vodka maker United Spirits Q2 profit rises on strong premium demand

8 Nov 2023

BENGALURU (Reuters) – India’s United Spirits, which makes Smirnoff vodka, reported a 14.2% rise in second-quarter profit on Wednesday boosted by strong demand for its premium brands of alcohol. The Diageo PLC-owned company’s profit before exceptional items and tax rose to 4.17 billion rupees ($50.08 million) in the quarter ended Sept. 30 from 3.65 billion …

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Footwear maker Bata India’s profit slides 38% on one-time charge

8 Nov 2023

BENGALURU (Reuters) – Bata India reported a 38% fall in second-quarter profit on Wednesday, hurt by a one-time charge and as inflationary pressures kept footfalls at its shoe outlets in check. The footwear maker said its consolidated profit fell to 339.9 million rupees ($4.1 million) in the July-September quarter, from 548.2 million rupees in the …

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