BENGALURU (Reuters) – Tech investor Prosus NV said it has written off the fair value of its 9.6% stake in Indian edtech firm Byju’s during the financial year 2024, making the Dutch firm the first to fully write-off its investment in the troubled startup. Prosus cites the write off to “the significant decrease in value for …
Prosus writes off its 9.6% stake in India’s Byju’s Read More »
By Nimesh Vora MUMBAI (Reuters) – The Indian rupee was largely unchanged on Monday with expectations of dollar inflows related to domestic bonds being included in a JPMorgan index being countered by weakness in the Chinese yuan and Japanese yen. The rupee was at 83.5350 to the U.S. dollar at 11:12 a.m. IST, having risen …
Rupee underpinned by expected inflows, countered by weak Asian peers Read More »
By Siddhi Nayak MUMBAI (Reuters) – India’s Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers digitally. In April, the Reserve …
India’s Kotak Mahindra Bank to add up to 200 branches in FY25, official says Read More »
By Swati Bhat MUMBAI (Reuters) – India’s economy needs an interest rate cut to sustain high growth, two external members of the central bank’s rate panel said, arguing that food price shocks so far have not added to broader inflationary pressures. Ashima Goyal and Jayanth Varma, who are members on the Reserve Bank of India’s …
Some Indian rate panelists see growth risks from tight policy Read More »
MUMBAI (Reuters) – India’s Quant Mutual Fund said in a statement to its investors it is responding to queries received from the country’s market regulator, without specifying the nature of the enquiries. Local news website Money Control had reported on Sunday evening that the Securities and Exchange Board of India (SEBI) was investigating allegations of …
India’s Quant Mutual Fund says responding to regulator queries Read More »
By Brijesh Patel (Reuters) -Gold prices dropped more than 1% on Friday, weighed down by a stronger dollar and higher bond yields after data showed strong U.S. business activity, while auto-catalyst metal palladium jumped to a one-month high. Spot gold was down 1.7% at $2,319.95 per ounce as of 01:47 p.m. ET (1747 GMT). U.S. …
Gold slides as US dollar, yields rise; palladium hits one-month peak Read More »
BENGALURU (Reuters) – Japan’s Takeda Pharmaceutical gave India’s Sun Pharmaceutical and Cipla the rights to commercialize gastrointestinal drug Vonoprazan in the country. The drug, which is sold in the form of tablets under the brand name ‘Voltapraz’, blocks a key step in the production of stomach acid, Sun Pharma said on Friday. Cipla announced the …
Takeda gives Sun Pharma, Cipla rights to commercialize gastro drug in India Read More »
By Hritam Mukherjee BENGALURU (Reuters) -Prestige Estates Projects said on Friday it will raise 50 billion rupees ($598.6 million) by issuing shares to institutional investors. The Indian real estate developer added its board has approved the monetization of its hospitality assets through a share issue and has formed a sub-committee to oversee the process. “The …
India’s Prestige Estates Projects approves $599 million fundraise Read More »
BENGALURU (Reuters) – Shareholders of India’s Reliance Industries approved a deal worth $4.3 billion between its units Reliance Retail and Jio Financial Services (JFS), according to a disclosure with stock exchanges on Friday. JFS plans to acquire equipment worth 360 billion rupees from Reliance Retail, as the financial services provider plans to enter the device …
Shareholders of India’s Reliance approve retail unit’s $4 billion lease to Jio Financial Read More »
By Swati Bhat MUMBAI (Reuters) – The Reserve Bank of India’s rate panel has diverged further in its views on the need for high interest rates to tame inflation, with some fearing economic growth is being sacrificed, minutes of the latest monetary policy meeting released on Friday showed. The RBI’s six monetary policy committee (MPC) …
India cenbank’s rate panel views diverge further amid fears of growth sacrifice Read More »
