Reuters India Business

Tesla to discuss factory plan for new $24,000 car with India commerce minister -source

By Aditi Shah and Aditya Kalra NEW DELHI (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters. Tesla has expressed an interest …

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India’s PNB Housing posts 48% rise in Q1 profit on strong housing demand

BENGALURU (Reuters) – Indian mortgage lender PNB Housing Finance on Monday posted a nearly 48% rise in its first-quarter profit, driven by robust demand for housing loans and improved asset quality. PNB Housing, a unit of state-run lender Punjab National Bank, said its consolidated net profit after tax stood at 3.47 billion rupees ($42.4 million) …

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India’s ITC to demerge hotel business into separate company

BENGALURU (Reuters) -India’s ITC Ltd said on Monday it would spin off its hotels business from the rest of the company, separating it from its cigarettes and food businesses. The cigarettes-to-hotels conglomerate would hold a 40% stake in the newly formed entity, to be named ITC Hotels Ltd, with the remaining 60% held by shareholders …

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BASF India’s Q1 profit falls on sluggish demand, high input costs

BENGALURU (Reuters) – Chemicals maker BASF India on Monday reported a fall in its first-quarter profit, hurt by weak sales and higher input costs. The Indian arm of Germany’s BASF said its profit for the quarter ended June 30 fell nearly 43% to 1.13 billion rupees ($13.8 million), while sale of products fell to 33.43 …

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India’s Samvardhana Motherson buys Germany’s Dr. Schneider for $132 million

BENGALURU (Reuters) -Indian auto parts maker Samvardhana Motherson International (SMIL) said on Monday it made a second acquisition this month, buying Germany’s Dr. Schneider Group for 118.3 million euros ($131.6 million). Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed …

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India’s economy to hold top spot for GDP but not so much for jobs growth: Reuters poll

By Milounee Purohit BENGALURU (Reuters) – India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly. The world’s most populous country aspires to leapfrog to …

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India’s Reliance eases off record highs as Q1 profit disappoints

BENGALURU (Reuters) -Shares of Reliance Industries, India’s largest company by market capitalisation, fell nearly 3% on Monday, the most in nearly two weeks, after the conglomerate posted a bigger-than-expected drop in profit late. The stock also slid 3.1% on Friday, ahead of the results, but that came after a rally of a little over 13% …

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