Reuters India Business Archives - Page 754 of 1191

Indian tyremaker MRF posts quarterly profit in line with estimates

3 Nov 2023 3 Nov 2023

BENGALURU (Reuters) – India’s MRF reported quarterly profit broadly in line with expectations on Friday, as the tyremaker benefited from softer raw material prices and steady demand for commercial vehicles. Standalone profit from continuous operations jumped over fourfold to 5.72 billion rupees ($68.71 million) for the quarter ended Sept. 30, while analysts, on average, expected …

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Whirlpool’s India unit posts nearly 24% drop in Q2 profit

3 Nov 2023 3 Nov 2023

BENGALURU (Reuters) – Whirlpool of India Ltd reported a 23.7% drop in second-quarter profit on Friday, as the home appliances maker grappled with weak demand amid stiff competition. Consolidated net profit fell to 365.8 million rupees ($4.39 million) in the quarter ended Sept. 30 from 479.3 million rupees a year ago. Revenue from operations dropped …

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India’s October services growth at 7-month low as demand cools

3 Nov 2023 3 Nov 2023

By Anant Chandak BENGALURU (Reuters) – India’s dominant services industry expanded at its slowest pace in seven months in October while a slight tapering in demand led to sluggish job creation, but underlying activity remained solid and exports continued to rise healthily, a survey showed on Friday. Taken together with a cooling in the manufacturing …

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India’s Tata Motors climbs on recovery bets after upbeat JLR outlook

3 Nov 2023 3 Nov 2023

BENGALURU (Reuters) -Shares of Tata Motors rose as much as 4.6% on Friday, amid hopes of a turnaround after the Indian auto maker raised its luxury car unit Jaguar Land Rover’s (JLR) margin outlook and reported its fourth consecutive quarter of profit. The shares pared some of the early gains and were last up 2.7%. …

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Indian lenders flag trading hit from cenbank’s debt sale plan, dull rupee

3 Nov 2023 3 Nov 2023

By Dharamraj Dhutia MUMBAI (Reuters) – Indian lenders have told the central bank that its plan to sell government bonds and its intervention in the foreign exchange market has hurt trading volumes, four bankers said on Friday. Officials of the Reserve Bank of India (RBI) met select lenders on Thursday, where these issues, among others, …

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Indian skincare firm Mamaearth’s IPO oversubscribed 7.6 times

2 Nov 2023 2 Nov 2023

BENGALURU (Reuters) – Indian skincare startup Mamaearth’s initial public offering (IPO) was oversubscribed by 7.6 times, fetching bids worth 71.3 billion rupees ($856.75 million), exchange data showed on Thursday. Investors bid for more than 220 million shares, compared with the 28.9 million shares on offer, with institutional investors showing the most interest, the data showed. …

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India weighs local tax options to avoid EU carbon levy – minister

2 Nov 2023 2 Nov 2023

NEW DELHI (Reuters) – India is looking at potentially taxing high-carbon goods locally, and then using the proceeds to support its green energy transition, to avoid the European Union’s carbon tax on imports, the country’s trade minister said on Thursday. The EU’s plan to impose a carbon levy from 2026 on high-carbon goods such as …

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India’s Gujarat Gas posts 26% drop in Q2 profit on lower selling prices

2 Nov 2023 2 Nov 2023

BENGALURU (Reuters) – Indian city gas distributor Gujarat Gas posted a more than 26% drop in second-quarter profit on Thursday, hurt by lower selling prices and steep competition. Standalone net profit after tax fell to 2.98 billion rupees ($35.82 million) in the three months ended Sept. 30 from 4.04 billion rupees a year earlier. Revenue …

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Zurich Insurance bets on India with $487 million stake in Kotak arm

2 Nov 2023 2 Nov 2023

By M. Sriram, Rama Venkat and Dimpal Gulwani BENGALURU (Reuters) – Zurich Insurance Group will buy a 51% stake in Kotak Mahindra Bank’s general insurance arm for about 40.51 billion rupees ($487 million), giving the European insurance giant a foothold in India’s fast-growing insurance market. The news, which was confirmed by the companies on Thursday …

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India’s Adani Green in talks to raise $1.8 billion loan -Bloomberg News

2 Nov 2023 2 Nov 2023

BENGALURU (Reuters) -Adani Green Energy, the renewable energy arm of Indian conglomerate Adani Group, is in talks with some foreign lenders to borrow up to $1.8 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. The lenders include Deutsche Bank, Standard Chartered Plc, Barclays Plc, BNP Paribas SA , First Abu Dhabi …

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