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Stagflation risk in India remains low despite recent jump in prices – RBI bulletin

17 Aug 2023

MUMBAI (Reuters) – The risk of stagflation, a period of weak growth and high inflation, remains low in India despite a sharp uptick in prices, the Reserve Bank of India said in its August bulletin on Thursday. “Stagflation risk remains low for India with a probability of only 3% with easing of financial conditions, stability …

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India cenbank bought net $4.50 billion in spot forex market in June – bulletin

17 Aug 2023

MUMBAI (Reuters) – The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank’s monthly bulletin showed. The RBI purchased $7.79 billion and sold $3.28 billion, the bulletin showed. In May, the central bank had bought a …

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Footwear maker Bata India in partnership talks with Adidas -report

17 Aug 2023

BENGALURU (Reuters) -Bata India is in talks with Adidas for a strategic partnership that could likely boost the German sportswear maker’s presence in the south Asian country, CNBC-TV18 reported on Thursday. Bata India’s shares ended 5.3% higher, logging their best day since April 2020. Shares rose as much as 7.3% earlier in the session. Adidas …

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Rupee hits record closing low as risk aversion weighs on Asian currencies

17 Aug 2023

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee fell to its lowest closing level ever against the dollar on Thursday as rising U.S. Treasury yields and a risk-averse environment weighed on the local currency. The rupee ended at 83.14 against the U.S. dollar, weakening 0.24% from the previous session. The Malaysian ringgit and the …

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India’s OIS factors in one more rate hike; bond yields near top – traders

17 Aug 2023

By Dharamraj Dhutia MUMBAI (Reuters) -Indian overnight index swap rates rose to their highest levels in more than five months on Thursday as investors chose to pay short-end swaps amid growing expectations of yet another rate hike from the Reserve Bank of India (RBI). “The short-end of the OIS curve is completely factoring in one …

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India August retail inflation expected below 7% – Motilal Oswal’s Gupta

17 Aug 2023

By Savio Shetty MUMBAI (Reuters) – India’s annual retail inflation in August is expected to fall below 7% after unexpectedly rising to a 15-month-high of 7.44% in July, an economist at Motilal Oswal said on Thursday. Retail inflation rose as of last count as prices of vegetables and cereals skyrocketed, beating all market expectations and …

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India considers wheat imports from Russia at discount to calm prices-sources

17 Aug 2023

By Aftab Ahmed and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) – India is in talks with Russia to import wheat at a discount to surging global prices in a rare move to boost supplies and curb food inflation ahead of state and national elections next year, according to four sources. The imports would allow New Delhi …

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Indian eye hospital chain Dr. Agarwal’s raises $80 million from TPG, Temasek

17 Aug 2023

CHENNAI (Reuters) -Dr. Agarwal’s Health Care said on Thursday it raised $80 million from existing investors Singapore’s Temasek and U.S.-based TPG as the Indian eye hospital operator plans to double its hospital count. The top shareholder of publicly listed Dr. Agarwal’s Eye Hospitals plans to operate 300 hospitals by the end of 2025. It currently …

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GQG Partners buys 8.1% stake in Adani Power for $1.1 billion – source

16 Aug 2023

By Aditya Kalra BENGALURU (Reuters) -Investment firm GQG Partners bought an 8.1% stake in India’s Adani Power for $1.1 billion via block deals on Wednesday, a source with direct knowledge of the matter told Reuters. Multiple GQG funds bought around 152.1 million shares, as per data from BSE, one of India’s top stock exchanges, from …

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