Reuters India Business Archives - Page 833 of 1191

Nestle’s India business beats profit estimates on higher prices, demand

27 Jul 2023 27 Jul 2023

CHENNAI (Reuters) -Nestle India reported second-quarter earnings above estimates on Thursday, benefiting from price increases and demand for its chocolates and packaged foods, including Maggi noodles. The KitKat chocolate maker’s profit increased to 6.98 billion rupees ($85.12 million) for the quarter ended June 30 from 5.10 billion rupees a year earlier, it said in an …

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India’s Jio Financial Services, BlackRock to launch asset management venture

26 Jul 2023 26 Jul 2023

MUMBAI (Reuters) -India’s Jio Financial Services, part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. …

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Gold rises as U.S. dollar, yields slip after Fed rate hike

26 Jul 2023 26 Jul 2023

By Brijesh Patel (Reuters) – Gold prices extended gains on Wednesday, helped by a weaker dollar and bond yields after the U.S. Federal Reserve delivered a widely expected interest-rate hike and investors digested comments from Chair Jerome Powell. Spot gold was up 0.5% at $1,974.09 per ounce by 03:21 p.m. EDT (1921 GMT). U.S. gold …

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India’s Marico to buy 58% stake in plant-based brand for $45 million

26 Jul 2023 26 Jul 2023

BENGALURU (Reuters) – Indian consumer goods company Marico said on Wednesday it will acquire a 58% stake in Satiya Nutraceuticals, which owns a plant-based nutrition brand, for 3.69 billion rupees ($45 million). Marico, owner of the Parachute oil brand, has so far bought a 32.75% stake in Satiya Nutraceuticals and will complete the acquisition of …

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Colgate-Palmolive’s Indian unit reports Q1 profit rise on demand recovery

26 Jul 2023 26 Jul 2023

BENGALURU (Reuters) – Toothpaste maker Colgate-Palmolive (India)’s quarterly profit rose 30.5% on Wednesday, aided by improved domestic demand. Net profit rose to 2.74 billion rupees ($33.40 million) for the quarter ended June 30 compared to 2.10 billion rupees a year earlier. Steady rural demand pick-up and some ease in domestic retail inflation helped Indian consumer …

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Indian staffing firm Teamlease’s profit drops again as rising costs, IT slowdown bite

26 Jul 2023 26 Jul 2023

By Bharath Rajeswaran BENGALURU (Reuters) – India’s Teamlease Services reported a lower profit for a third straight quarter on Wednesday, on weak demand for its specialised staffing services in the IT industry and as rising costs outweighed growth in its general staffing business. The company, which hires and trains people in various skills before supporting …

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India’s Bajaj Finance beats Q1 profit view on robust loan demand

26 Jul 2023 26 Jul 2023

BENGALURU (Reuters) – Indian non-bank lender Bajaj Finance reported a bigger-than-expected increase in quarterly profit on Wednesday, boosted by healthy loan growth and strong customer additions. The company’s consolidated profit after tax rose a little over 32% to 34.37 billion rupees ($419 million) in the first quarter, beating analysts’ average estimate of 33.24 billion rupees, …

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IndiGo says working with Pratt & Whitney after latest engine inspection

26 Jul 2023 26 Jul 2023

NEW DELHI (Reuters) – InterGlobe Aviation, which owns India’s top airline IndiGo, said on Wednesday that it is working with Pratt & Whitney to assess the impact on the company’s fleet after the engine maker’s latest inspection of its engines. (Reporting by Tanvi Mehta; Editing by Edmund Klamann)

Global rice market set for government deals as India’s ban curbs supplies

26 Jul 2023 26 Jul 2023

By Naveen Thukral SINGAPORE (Reuters) – Global rice importers are likely to seek direct deals with governments in exporting countries as India’s ban on shipments of a key variety is squeezing supplies and igniting concerns over food security. Buyers from Africa to Asia are likely to scramble for rice shipments as supplies tighten in coming …

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India’s Shree Cement beats Q1 profit view on strong domestic demand

26 Jul 2023 26 Jul 2023

BENGALURU (Reuters) – Indian cement company Shree Cement Ltd reported a bigger-than-expected 84% rise in first-quarter profit on Wednesday, helped by robust domestic demand. The company reported a profit of 5.81 billion Indian rupees ($70.87 million) for the three months ended June 30, beating analysts’ average estimate of 4.29 billion rupees, according to Refinitiv IBES …

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