Reuters India Business

France’s Saint-Gobain accused of anti-competitive practices in India – documents

27 Jun 2023

By Aditya Kalra NEW DELHI (Reuters) – India’s antitrust watchdog is reviewing a case against Compagnie de Saint-Gobain that says the French group forced some partners to buy glass from it exclusively or risk being excluded from supplies altogether, documents seen by Reuters showed. The case against Saint-Gobain and its local unit was filed to …

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India’s Aditya Birla Capital to raise up to $213 million via share sale

27 Jun 2023

BENGALURU (Reuters) -India’s Aditya Birla Capital has proposed to issue equity shares worth up to 17.5 billion rupees ($213.5 million) through a qualified institutional placement, according to a term sheet seen by Reuters on Tuesday. The issue price for the placement is 175 rupees per share, according to a person with direct knowledge of the …

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Go First’s lenders approve $55 million fund infusion to revive bankrupt Indian carrier – sources

26 Jun 2023

By Siddhi Nayak MUMBAI (Reuters) – Lenders to India’s Go First, which is under bankruptcy protection, have approved interim funding of 4.50 billion rupees ($54.9 million) to resume operations and restart the airline, two banking sources said. Go First was granted bankruptcy protection on May 10. Reuters reported last week that the airline has sought …

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Google asks India’s top court to quash Android antitrust directives -sources

26 Jun 2023

By Aditya Kalra NEW DELHI (Reuters) -Google has urged India’s Supreme Court to quash antitrust directives against it for abuse of the Android market, two sources said, as its presses its legal battle against the competition watchdog in one of its most important markets. The Competition Commission of India (CCI) said in October that Google, …

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India cenbank fines credit bureaus for gaps in customer data, service

26 Jun 2023

MUMBAI (Reuters) – The Reserve Bank of India on Monday fined four credit bureaus, including TransUnion CIBIL, for not complying with the rules on maintaining borrower data, a move that comes as the central bank pushes for more accountability following customer complaints. Certain data related to the credit information maintained by TransUnion CIBIL, Experian Credit …

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India’s Shree Cement slumps after report of $2.81 billion tax evasion

26 Jun 2023

BENGALURU (Reuters) -Shares of India’s Shree Cement fell on Monday after a local television news channel reported that multiple searches at company locations revealed it had allegedly evaded taxes worth 230 billion rupees ($2.81 billion). Deductions claimed by Shree Cement are false and the company siphoned off 12-14 billion rupees every year, an NDTV report …

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India’s Nifty 50 ends higher on auto boost; midcaps climb

26 Jun 2023

BENGALURU (Reuters) -India’s blue-chip Nifty 50 ended a touch higher on last-hour buying on Monday, lifted by gains in automakers after monsoons revived in some parts of the country, while midcap stocks climbed sharply. The Nifty closed up 0.14% at 18,691.2, while the S&P BSE Sensex dipped 0.01% to 62,970.00. However, the Nifty midcap 100 …

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Rupee holds in narrow range around 82/USD, premiums higher

26 Jun 2023

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee stuck to a narrow range and hovered around the 82-per-dollar level on Monday, amid deeper losses for most Asian currencies and a lack of speculative interest, traders said. The rupee traded in an 81.9400-82.0475 range before ending at 82.0400 to the dollar, marginally lower than 82.0350 …

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India’s ICICI Securities jumps on plans to delist by share-swap with ICICI Bank

26 Jun 2023

BENGALURU (Reuters) -India’s ICICI Securities jumped 15% in heavy trading on Monday on plans to delist from the stock exchange, likely by swapping its shares with those of parent ICICI Bank, which have outperformed those of the brokerage. While neither company’s statement mentioned a share swap, they said their boards will consider a delisting proposal …

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