Reuters India Business Archives - Page 821 of 1191

Adani Enterprises weighs exiting $6 billion Wilmar venture – Bloomberg News

9 Aug 2023 9 Aug 2023

(Reuters) -India’s Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International, Bloomberg News reported on Tuesday, citing people familiar with the matter. The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar for a few months, according to the report. The India-based fast-moving consumer …

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Rupee fails to shake off 82.80/USD; US inflation, RBI policy awaited

9 Aug 2023 9 Aug 2023

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee was trading flat on Wednesday amid limited risk appetite and mixed Asian cues and ahead of U.S. inflation data and the Reserve Bank of India’s (RBI) policy decision. The rupee was at 82.8150 against the dollar by 10:40 a.m. IST, barely changing from the previous session. …

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Indian shares fall as China deflation, US bank downgrade sour mood

9 Aug 2023 9 Aug 2023

By Bharath Rajeswaran and Manvi Pant BENGALURU (Reuters) -Indian shares fell on Wednesday after data from China fuelled deflation concerns and Moody’s U.S. banking downgrade triggered a sell-off in Wall Street, ahead of the Reserve Bank of India’s (RBI) policy decision this week. The Nifty 50 index was down 0.47% at 19,480.80, while the S&P …

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Gold drops to near one-month low as dollar rallies

8 Aug 2023 8 Aug 2023

By Brijesh Patel (Reuters) – Gold prices fell to a near one-month low on Tuesday as investors took refuge in the dollar after weak Chinese trade data, while caution prevailed ahead of U.S. inflation figures later this week. Spot gold slipped 0.6% to $1,925.79 an ounce by 01:46 p.m. EDT (1746 GMT), after hitting its …

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India broadens access to ‘vostro’ accounts to facilitate rupee trade

8 Aug 2023 8 Aug 2023

(Reuters) – India has allowed banks in 22 partner countries, including Russia and the United Kingdom, to open “vostro” accounts in the country, the government told parliament on Tuesday, to help facilitate trade in rupees. Vostro accounts are accounts a domestic bank typically holds on behalf of a foreign bank, denominated in the currency of …

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Indian gaming platform MPL to lay off 350 employees to “survive” after govt tax – memo

8 Aug 2023 8 Aug 2023

By Aditya Kalra NEW DELHI/BENGALURU (Reuters) -Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to “survive” a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government’s decision last …

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Walmart buys out $1.4 billion Tiger Global stake in India’s Flipkart – WSJ

8 Aug 2023 8 Aug 2023

(Reuters) -Walmart has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel’s remaining 1% stake in the company as well, media reports said on Monday. The Wall Street Journal said Walmart bought the shares from Tiger Global recently, valuing the Indian …

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Coal India posts Q1 profit fall on higher wage provisions

8 Aug 2023 8 Aug 2023

BENGALURU (Reuters) – Coal India reported a fall in quarterly profit for a second straight quarter on Tuesday, as the world’s largest coal miner made higher provisions for wage hikes. Consolidated net profit fell nearly 10% to 79.71 billion rupees ($962.4 million) for the first quarter ended June 30, the state-run company said in an …

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India’s fuel demand slips to 10-month low in July

8 Aug 2023 8 Aug 2023

(Reuters) – India’s fuel consumption slipped to a 10-month low in July, government data showed on Tuesday, as monsoon rains restricted mobility in the world’s third-biggest oil importer and consumer. Total consumption in July, a proxy for oil demand, totalled 18.09 million tons, down 6.6% from June. However, it was up 2% compared with the …

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Rupee edges lower, but likely RBI hand limits decline

8 Aug 2023 8 Aug 2023

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee ended weaker on Tuesday, after having held in a tight range for most of the session as the U.S. dollar’s strength was offset, traders said, by the central bank selling the greenback to prevent the local unit from sliding further. The rupee closed down 0.1% at …

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