Reuters India Business

Biocon may list biosimilars business by 2025 first half – CEO

11 Aug 2023

By Rishika Sadam HYDERABAD (Reuters) – Indian biopharmaceutical company Biocon Ltd is planning to list its biosimilars business, a significant contributor to the company’s total revenue, by the first half of 2025, a top executive said on Friday. Biocon Biologics, a fully integrated subsidiary of Biocon Ltd, focuses on making biosimilars, with key revenue-generating markets …

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India’s Voltas posts rise in Q1 profit on surge in AC sales

11 Aug 2023

(Reuters) – Tata Group company Voltas reported nearly a 19% rise in first-quarter profit on Friday, boosted by the performance of its arm that makes air conditioners and air coolers. Consolidated net profit rose to 1.29 billion Indian rupees ($15.58 million) for the quarter ending June 30 from 1.09 billion rupees a year earlier. Income …

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India’s Glenmark Pharma Q1 profit drops on higher expenses

11 Aug 2023

BENGALURU (Reuters) – India’s Glenmark Pharmaceuticals Ltd reported a 22% decline in quarterly profit on Friday, hit by higher expenses and a one-time cost. Consolidated net profit fell to 1.50 billion rupees ($18.12 million) for the three months ended June 30, from 1.93 billion rupees a year ago, the cetrizine maker said. Glenmark, which caters …

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India’s Raymond Q1 profit jumps on one-off gain from consumer business sale

11 Aug 2023

BENGALURU (Reuters) – Indian textiles maker Raymond reported on Friday a multifold jump in first-quarter profit, helped by an exceptional gain from the sale of its consumer business. Raymond’s consolidated profit was 10.65 billion rupees ($128.7 million) for the three months ended June 30, compared with 809 million rupees a year earlier. In April, Raymond …

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India expects production-linked payouts to rise to 130 billion rupees this year: trade official

11 Aug 2023

NEW DELHI (Reuters) – India expects production-linked incentive payouts to manufacturers to rise to at least 130 billion rupees ($1.6 billion) this year, a top trade official said on Friday. Under the $24 billion scheme, the federal government pays local manufacturers when targets such as sales are met, aiming to boost investment in manufacturing. Targets …

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India cenbank’s incremental CRR move a surprise, policy signal – StanChart’s Pasricha

11 Aug 2023

By Savio Shetty (Reuters) – The Reserve Bank of India’s (RBI) move to ask banks to maintain additional cash reserve ratio (CRR) came as a surprise and could be used as a policy tool, an economist at Standard Chartered Bank said on Friday. The RBI asked banks to hold an incremental CRR of 10% on …

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Subway India takes away free cheese slice, offers sauce as inflation bites

11 Aug 2023

By Riddhima Talwani NEW DELHI (Reuters) – Subway sandwiches in India will no longer come with the option of a free cheese slice following revisions to its menu that analysts regarded as being more about cost-cutting than just a matter of taste. American chain Subway is one of largest restaurant franchisers in India, with around …

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India’s Zydus Lifesciences more than doubles profit on US sales growth

11 Aug 2023

BENGALURU (Reuters) – Indian generic drugmaker Zydus Lifesciences Ltd said on Friday its profit more than doubled in the first quarter, driven by strong sales in its U.S market. The pharmaceutical company’s consolidated net profit rose to 10.87 billion rupees ($131.3 million) in the quarter ended June 30, compared with 5.18 billion rupees a year …

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India’s Adani group units in talks to tap local bond market -sources

11 Aug 2023

By Bhakti Tambe MUMBAI (Reuters) – Two units of India’s Adani group are in talks with merchant bankers to raise as much as 15 billion rupees ($181 million) each through local currency bonds as part of the ports-to-power conglomerate’s aim to raise 100 billion rupees this financial year, a company official and three bankers said. …

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Analysis-Domino effect: India rice export ban puts market on edge for copycat curbs

11 Aug 2023

By Rajendra Jadhav MUMBAI (Reuters) – India’s rice export ban has the world market bracing for similar actions by rival suppliers to avoid potential domestic shortages as sellers try to fill the 10 million metric ton gap left by New Delhi, stoking concerns over already high global food inflation. India’s latest restrictions are almost identical …

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