BENGALURU (Reuters) -Taiwan’s Foxconn will invest $600 million in two projects in the southern Indian state of Karnataka for chip equipment manufacturing and casing components for iPhones, the state government said on Wednesday. Some $350 million will go towards setting up the iPhone component unit which will generate 12,000 jobs, while Foxconn will tie up …
BENGALURU (Reuters) – India’s Orient Electric reported a nearly 4% rise in first-quarter profit on Wednesday, as demand in its mainstay consumer durables business, which includes fans and home appliances, increased. The New Delhi-based company said its profit for the April-June quarter rose to 196.9 million rupees ($2.38 million) from 189.5 million rupees a year …
India’s Orient Electric Q1 profit rises on higher consumer durables demand Read More »
BENGALURU (Reuters) – Indian building materials maker Prism Johnson swung to a profit in the first quarter on the back of strong demand for cement and declining input costs. Consolidated profit after tax was 207.6 million rupees ($2.5 million) in the three months ended June 30, compared with a loss of 160.1 million rupees a …
India’s Prism Johnson swings to Q1 profit on strong cement demand Read More »
By Sakshi Dayal NEW DELHI (Reuters) – Traffic was lighter than usual on Wednesday and some streets deserted in the Gurugram business hub south of the Indian capital Delhi as authorities said the death toll from two days of Hindu-Muslim clashes in the region had mounted to seven. The violence erupted during a religious procession …
Indian business hub Gurugram remains tense after Hindu-Muslim clashes Read More »
(This story has been refiled to change the name of bike model from Scrembler 400 X to Harley Davidson X440 in picture caption) BENGALURU (Reuters) – Two-wheeler maker Hero MotoCorp on Wednesday raised prices of the new Indian Harley-Davidson motorcycle by 10,500 rupees ($127.45) days after the Harley chief executive said pre-orders of the new …
Hero MotoCorp raises new Harley-Davidson prices in India Read More »
By Jayshree P Upadhyay (Reuters) – India’s markets regulator will put forth two options to water down its earlier proposal to levy a standard investor fee on mutual funds, to limit the impact on the profitability of the 44.3 trillion-rupee ($537.75 billion) asset management industry, two sources with direct knowledge of the matter said. The …
India’s markets regulator to ease proposals on mutual fund fee structures – sources Read More »
By Nimesh Vora MUMBAI (Reuters) – The Indian rupee declined on Wednesday on risk aversion fuelled by the U.S. credit rating downgrade, putting the currency at risk of slipping below a key level. The rupee was at 82.47 to the U.S. dollar by 10.54 a.m. IST, down from 82.2550 on Tuesday. U.S. equity futures and …
Rupee drops, at risk of slipping below key level on risk aversion Read More »
By Brijesh Patel (Reuters) – Gold prices fell 1% on Tuesday, weighed down by a stronger dollar and an uptick in bond yields, while investors looked forward to more U.S. economic data this week that could influence the Federal Reserve’s policy stance. Spot gold was down 1% at $1,944.29 per ounce by 02:51 p.m. ET …
Gold slips 1% as US dollar, Treasury yields tick higher Read More »
By Aditya Kalra NEW DELHI (Reuters) – India’s Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani’s firm. The deal by Ambuja is likely to be announced as soon …
Adani-owned Ambuja Cements to acquire majority stake in India’s Sanghi -sources Read More »
(Reuters) – International Battery Company (IBC) has signed an investment pact worth 80 billion rupees ($971.89 million) with India’s southern state of Karnataka to build a battery manufacturing facility, the state’s minister said on Tuesday. The manufacturing facility will be spread across 100 acres in the state, Minister for Commerce & Industries, Infrastructure MB Patil …
Battery maker IBC to set up plant in India’s Karnataka for nearly $1 billion Read More »
