Reuters India Business

By Nikunj Ohri and Shivangi Acharya NEW DELHI (Reuters) – India’s industrial output rose 4.2% year-on-year in April, data from the Ministry of Statistics showed on Monday. Analysts in a Reuters poll had forecast an expansion of 1.8%. In March, output growth was revised to 1.7% from 1.1%. Manufacturing, which accounts for about 17% of …

India’s industrial output rose 4.2% y/y in April Read More »

LONDON (Reuters) -Russian aluminium’s share of stocks in warehouses registered with the London Metal Exchange (LME) rose to 68% in May from 52% in April, data from the exchange showed on Monday, as traders reported increased demand for Indian metal as an alternative. The world’s oldest exchange and largest market for industrial metals has not …

Russian aluminium stocks at LME grow, boosting demand for Indian alternative Read More »

NEW DELHI (Reuters) – The Indian government has transferred a higher-than-normal amount of 1.18 trillion rupees ($14.31 billion) in taxes to state governments to help speed up capital spending, it said in a statement on Monday. The transfer is a part of monthly shifting of federal taxes to states, but was higher than the normal …

India transfers 1.18 trillion rupees of taxes to states – statement Read More »

By Rajendra Jadhav and Mayank Bhardwaj MUMBAI/NEW DELHI (Reuters) – India is not considering allowing sugar exports until at least the first half of the next season, as the government is worried the El Nino weather pattern could reduce rainfall and dent production, government sources said on Monday. India, the world’s second biggest sugar exporter, …

India to cap sugar exports until H1 2024 as El Nino looms – govt sources Read More »

By Navamya Ganesh Acharya BENGALURU (Reuters) – India’s outsourcing giants are slashing hiring and getting projects done with existing workers, a rare pullback that could weigh on the economy and affect engineering students who have seen information technology as the sector of choice for decades. The slowdown, triggered by global uncertainty in demand, is unprecedented …

Analysis-India’s outsourcing giants cut hiring; disheartening for economy, students Read More »

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee was marginally higher on Monday, managing to avoid the losses on other Asian currencies in the wake of a move up in U.S. yields. The rupee was at 82.4325 to the U.S. dollar by 10.40 a.m. IST, slightly up from 82.4625 on Friday. The offshore Chinese …

Rupee inches up; shrugs off weak Asian FX, higher US yields Read More »

NEW DELHI (Reuters) – India and the United Arab Emirates have mutually agreed to raise non-petroleum bilateral trade between the two countries to $100 billion by 2030, the South Asian nation’s trade minister said on Monday. The central banks of both countries were also discussing rupee-dirham trade mechanism, India trade minister Piyush Goyal said after …

India, UAE agree to raise non-petroleum bilateral trade to $100 billion by 2030: minister Read More »

NEW DELHI (Reuters) – India on Monday said power plants operating on imported coal would have to run at full capacity till the end of September, extending an earlier timeline by over three months, according to a government order seen by Reuters. Many power plants in India, including those owned by Adani Power and Tata …

India says plants using imported coal to operate at full capacity till September Read More »

BENGALURU (Reuters) -The family of IndiGo’s co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, worth upto 75 billion rupees ($909.58 million), CNBC Awaaz said in a report, citing sources. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of …

IndiGo co-founder’s family likely to sell stake worth up to $909.6 million – report Read More »