Reuters India Business

(Reuters) – India’s Adani Group on Saturday said its stocks and financials were unaffected days after the Organized Crime and Corruption Reporting Project (OCCRP) said business partners of the family used ‘opaque’ funds to invest in stocks. Adani Group said the ‘misleading reports’ had no substantial impact on the group’s business performance, and said the …

India’s Adani Group rejects OCCRP report it used ‘opaque’ funds to invest Read More »

By Jayshree P Upadhyay and Ira Dugal (Reuters) -Billionaire Uday Kotak, who founded and leads Kotak Mahindra Bank, has resigned as the managing director and chief executive four months before his term was set to end, the bank said in a stock exchange filing on Saturday. Kotak’s early exit from the country’s fourth-largest bank is …

Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank Read More »

(Reuters) – Indian stock exchange on Saturday revised Jio Financial Services’ circuit filter from 5% to 20% and the filter will be effective from Monday, BSE said in a notification. Circuit filters are a price range provided for each index. Jio, which was spun out of Reliance Industries, was removed from BSE indices on 1 …

BSE changes circuit filters for Jio Financial Services Read More »

(Reuters) – The Indian government will cut the windfall tax on petroleum crude to 6,700 rupees ($81.03) per metric ton from 7,100 rupees starting on Saturday, according to a government notification issued on Friday. The government will also raise the windfall tax on diesel to 6 rupees per litre from 5.50 rupees, the notification said. …

India cuts windfall tax on petroleum crude Read More »

(Reuters) -India’s financial crime fighting agency on Friday arrested Jet Airways founder Naresh Goyal, an Enforcement Directorate source said, in a case local media said was related to an alleged 5.38 billion Indian rupees ($65.06 million) money laundering case linked to Canara Bank. Goyal was taken into custody under the Prevention of Money Laundering Act …

India’s Enforcement Directorate arrests Jet Airways founder Naresh Goyal – source Read More »

BENGALURU/NEW DELHI (Reuters) -India’s antitrust body on Friday approved the merger of Tata group-owned Air India with sister airline Vistara, subject to compliance with voluntary commitments made by the carriers. The approval comes amid growing concerns within the industry about a duopoly, with a merged Air India-Vistara and IndiGo controlling more than 75% of the domestic market, …

India’s antitrust body approves Vistara merger with Air India Read More »

By Rajendra Jadhav MUMBAI (Reuters) – Indian farmers have planted 39.8 million hectares (98.3 million acres) with rice, up 3.7% on the same period last year, farm ministry data showed on Friday, as record high prices prompted farmers to expand the area. Higher rice planting could alleviate supply concerns in the world’s second biggest producer …

India’s rice area grows on higher prices, cotton sowing lags Read More »

NEW DELHI (Reuters) – The Indian government has invited bids to appoint an asset valuer for IDBI Bank as it seeks to sell a majority stake of the lender. The asset valuer will have to conduct a valuation of the lender’s assets, and provide assistance in the sale process of IDBI Bank, according to a …

India invites bids for asset valuer for IDBI Bank Read More »