Reuters India Business

LTIMindtree to replace HDFC in India’s Nifty 50 index on July 13

4 Jul 2023

(Reuters) – Indian stock exchange NSE on Tuesday said its Index Maintenance Sub-Committee has decided to replace Housing Development Finance Corporation (HDFC) with LTIMindtree in the benchmark Nifty 50 index, effective July 13. The replacement comes after HDFC merged with HDFC Bank on July 1. Analysts had earlier said that LTIMindtree was an expected replacement …

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Gold gains in thin holiday trade as investors seek more Fed cues

4 Jul 2023

By Arundhati Sarkar (Reuters) – Gold prices edged higher on Tuesday as some traders bet that recent weak U.S. economic data may prompt the Federal Reserve to rethink its rate-hike trajectory, while also awaiting further cues from the minutes of the central bank’s last meeting. Spot gold rose 0.4% to $1,928.09 per ounce by 09:31 …

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India’s Epsilon Advanced Materials expects US plant to start by 2026

4 Jul 2023

By Neha Arora NEW DELHI (Reuters) – Epsilon Advanced Materials, an Indian battery materials company, expects to start commercial production at its first U.S. facility by 2026, a top company official said. Days after India’s Prime Minister Narendra Modi and U.S. President Joe Biden met in Washington to deepen ties, Epsilon unveiled its plans to …

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HSBC chases wealthy clients in India with private bank launch

4 Jul 2023

LONDON (Reuters) – HSBC said on Tuesday it would target business with India’s wealthy as it launched its global private banking business in the country. Europe’s largest bank said the new unit was aimed at ‘high-net-worth’ and ‘ultra-high-net-worth’ clients in India with investable assets of more than $2 million. HSBC is pursuing a strategy of …

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Reliance Jio’s new low-cost phone unlikely to disrupt Indian telecom market – analysts

4 Jul 2023

By Indranil Sarkar BENGALURU (Reuters) -Reliance Jio’s plan to launch a 4G phone at a market-low price of $12 to capture the broadly untapped entry-level 2G market in India will disrupt the bottom of the consumer pyramid, but not spark a price war reminiscent of its first such move in 2016, analysts said on Tuesday. …

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India’s IDFC First Bank slips, IDFC hits record high on merger approval

4 Jul 2023

By VarunVyas Hebbalalu and Siddhi Nayak BENGALURU/MUMBAI (Reuters) -Shares of private lender IDFC First Bank fell as much as 6% on Tuesday, while those of IDFC rose 6% to record highs after the companies approved a reverse merger aimed at simplifying their corporate structure and easing regulatory compliance. As part of the deal – coming …

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S&P says Indian companies in ‘good credit shape’

4 Jul 2023

BENGALURU (Reuters) – S&P Global Ratings said on Tuesday that Indian companies were in “good credit shape” due to strong growth in the country’s economy and accommodative corporate balance sheets. “By our estimates, aggregate EBITDA in fiscal 2024 will be about 50% higher than five years back for rated corporate and infrastructure entities in India,” …

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