By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee weakened on Friday tracking its Asian peers after U.S. inflation data, which, while lower-than-expected, prompted comments from a Federal Reserve official that more progress is needed to combat inflation. The rupee was at 82.74 against the dollar by 10:42 a.m., down from 82.7125 on Thursday. The …
Rupee weakens but dollar demand from importers caps upside Read More »
By Bharath Rajeswaran and Manvi Pant BENGALURU (Reuters) -Indian shares fell on Friday, dragged by financials on the central bank’s move to mop-up excess liquidity as well as consumer stocks on near-term domestic price concerns, offsetting optimism over moderating U.S. inflation. The Nifty 50 index was down 0.42% at 19,460.45, while the S&P BSE Sensex …
Financial, consumer stocks lead slide in Indian shares Read More »
By Brijesh Patel (Reuters) – Gold prices ticked up on Thursday after data showed U.S. consumer prices increased moderately in July, cementing expectations the Federal Reserve is at the end of its rate hike cycle. Spot gold was up 0.1% at $1,915.49 per ounce by 1:51 p.m. EDT (1751 GMT), after rising as much as …
Gold firms on Fed pause hopes after US inflation data Read More »
HYDERABAD (Reuters) – India’s Biocon on Thursday posted a 29.8% fall in June-quarter profit, hurt by increased spending in research and development (R&D). Consolidated net profit attributable to shareholders came in at 1.01 billion rupees for the first quarter ended June 30, compared with 1.44 billion rupees a year earlier. Total expenses surged 66.8% to …
India’s Biocon Q1 profit falls on higher R&D spending Read More »
MUMBAI (Reuters) – India’s top real-estate developer DLF will form a company with Global Health Ltd to launch a multi-speciality hospital, the two companies said on Thursday, in what is DLF’s foray into the country’s booming hospital sector. Both Global Health, which runs the Medanta chain of hospitals, and DLF will own 50-50 equity in …
By Aditi Shah NEW DELHI/BENGALURU (Reuters) -Tata Group on Thursday unveiled a new logo, branding and plane livery for Air India as part of a multi-million dollar transformation of the former state-run carrier. The airline’s new logo includes a design with golden, red and purple colours, and will replace the old logo of a red …
Air India unveils new logo in rebranding push under Tata Group Read More »
(Reuters) – Verizon, the No. 1 U.S. telecom company by subscribers, said on Thursday it had signed a technology deal with India’s HCLTech to help manage networks for business customers in a bid to stem a decline in its wireline business. Verizon’s wireline business, which includes selling to business customers, has been a drag on …
By Sethuraman N R and Nikunj Ohri BENGALURU (Reuters) – Life Insurance Corporation of India reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders’ fund and income from its investments jumped. The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the …
India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund Read More »
BENGALURU (Reuters) – State-owned Steel Authority of India Ltd (SAIL) on Thursday reported an 81% slump in first-quarter profit as expenses grew faster than revenue. The company’s net profit was 1.50 billion rupees ($18.2 million) for the quarter ended June 30, compared with 7.76 billion rupees a year earlier. Subdued demand from China, the world’s …
Steel Authority of India posts Q1 profit fall as expenses outpace revenue growth Read More »
By Nandan Mandayam BENGALURU (Reuters) -Indian motorcycle maker Hero MotoCorp on Thursday doubled down on its bets on the premium segment after a tie-up with Harley-Davidson showed early promise, even as it missed first-quarter profit estimates on lower sales volumes. Two-wheeler makers including Hero have been struggling to return to pre-pandemic sales volumes, as costlier …
India’s Hero MotoCorp eyes more premium bike launches Read More »
