Reuters India Business

MUMBAI (Reuters) – India’s central bank has issued rules allowing banks to offer non-deliverable forward contracts involving the rupee to resident Indians. These contracts can be issued to non-retail residents for hedging purposes and settled in Indian rupees, the Reserve Bank of India said in a notification. For contracts with a person resident outside India, …

India cenbank says banks can offer NDF contracts to resident Indians for hedging Read More »

MOSCOW (Reuters) – The local governor of Russia’s Pacific island of Sakhalin has invited companies from India and China to tap the region’s energy resources following the departure of European and American oil and gas majors. Russia has been forging closer political and economic ties with Asia since the start of what the Kremlin calls …

Russia’s Sakhalin invites India and China to tap energy resources Read More »

NEW DELHI (Reuters) – German and Indian companies are nearing a deal to build submarines in India, ET Now reported on Tuesday, at a time when the German defence minister is on a visit to New Delhi. India’s Defence Minister Rajnath Singh and his German counterpart Boris Pistorius met on Tuesday. “India’s skilled workforce & …

German, Indian companies near deal to build submarines in India – ET Now, citing agencies Read More »

BENGALURU (Reuters) – India’s Aditya Birla Group said on Tuesday it was foraying into the branded jewellery retail business with an investment of 50 billion rupees ($605.2 million), as it looked to attract affluent customers in a crowded market. A new venture, named Novel Jewels Ltd, will house the jewellery business that will build large …

Aditya Birla Group bets on branded jewellery with over $600 million investment Read More »

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee was trading marginally higher on Tuesday after a pullback in the U.S. dollar, while traders awaited the Reserve Bank of India’s policy decision. The rupee quoted at 82.6125 to the U.S. dollar by 11:08 a.m. IST, up from 82.67 in the previous session. The USD/INR pair …

Rupee inches up, continues to lack clear direction; awaits RBI Read More »

MUMBAI (Reuters) – Indian states will aim to raise an aggregate of 173 billion Indian rupees ($2.09 billion) on Tuesday through the sale of bonds maturing in five years to 30 years. The Reserve Bank of India will likely set cutoff yields for the 10-year bonds in the 7.32%-7.35% band, according to a Reuters poll …

India’s RBI likely to set cutoff yield on 10-yr state bonds in 7.32%-7.35% band: Reuters poll Read More »

By Ira Dugal and Dharamraj Dhutia MUMBAI (Reuters) – The Reserve Bank of India’s policy review on Thursday will be closely watched for cues on its approach towards liquidity, even as policy interest rates are likely to remain unchanged, at least three bankers said. Banks in India have been reluctant to park their surplus liquidity …

Bankers await signs on Indian cenbank’s liquidity approach amid persisting disconnect Read More »

By Bharath Rajeswaran BENGALURU (Reuters) – Indian shares fell marginally on Tuesday as a slide in information technology stocks overshadowed the gains in auto and realty amid hopes of a rate hike pause by the U.S. Federal Reserve and Reserve Bank of India heading into their policy meetings. The blue-chip Nifty 50 index was down …

IT stocks drag Indian shares down outweighing hopes of rate pause Read More »

By Rajendra Jadhav MUMBAI (Reuters) – India’s palm oil imports sank to a 27-month low in May as buyers cancelled expensive cargoes of the edible oil and replaced them with cheaper soyoil and sunflower oil, six dealers told Reuters on Tuesday. Palm oil imports by India fell to 441,000 tonnes last month, down 14% from …

India’s palm oil imports hit 27-month low, buyers pick cheaper soft oils – dealers Read More »