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India to push back against ‘agenda-driven’ global ranking firms – Modi advisor

29 May 2023

By Sarita Chaganti Singh NEW DELHI (Reuters) -India plans to push back against “agenda-driven”, “neo-colonial” country rankings produced by global agencies on topics like governance and press freedom, a key advisor to Indian Prime Minister Narendra Modi told Reuters in an interview on Friday. Sanjeev Sanyal, a member of Modi’s Economic Advisory Council, said India …

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India’s steel demand to grow 7.5% in 2023-24 – industry

27 May 2023

NEW DELHI (Reuters) – India’s steel consumption is expected to grow by 7.5% during the current fiscal year to March 2024, boosted by rising demand from the domestic construction, railways and capital goods sectors, a leading industry body said on Friday. Steel demand is expected to be 128.9 million tonnes during 2023-24, up from 119.9 …

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India’s Sun Pharma posts near-30% rise in Q4 profit on lower input costs

27 May 2023

BENGALURU (Reuters) -Sun Pharmaceutical Industries Ltd, India’s largest drugmaker by revenue, on Friday reported a 29.6% rise in fourth-quarter profit, as it benefited from lower expenses and higher sales of specialty drugs. The company’s consolidated profit before exceptional items and tax rose to 24.11 billion rupees ($291.7 million) for the quarter ended March 31, it …

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India’s BHEL reports 34.2% fall in profit as higher material costs weigh

26 May 2023

BENGALURU (Reuters) – India’s state-owned Bharat Heavy Electricals Ltd reported a 34.2% fall in quarterly profit on Friday, hurt by a rise in total expenses despite the surging power demand in the country. Standalone net profit fell to 5.98 billion Indian rupees ($72.4 million) for the fourth quarter ended Mar. 31, from 9.09 billion rupees …

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Engineers India Ltd expects more orders from Middle East – chairperson

26 May 2023

NEW DELHI (Reuters) – State-run Engineers India Ltd (EIL) expects to get more orders from the Middle East, where the focus is on maximising oil production, the company’s chairperson said on Friday. “There is an upside to increasing production before energy transition kicks in and we want to capture that opportunity, and that opportunity is …

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India’s Mahindra flags persisting chip shortages as profit rises

26 May 2023

BENGALURU (Reuters) -Indian automaker Mahindra and Mahindra Ltd on Friday warned that chip shortages were still limiting its efforts to ramp up production of sports utility vehicles (SUVs) after reporting a 22% rise in quarterly profit. The maker of the Scorpio, Thar and XUV range of SUVs benefited from robust demand for larger and pricier …

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IT stocks, Reliance boost Indian shares to five-month high

26 May 2023

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares advanced on Friday, with the Nifty 50 rising to a five-month high, led by information technology (IT) stocks and a jump in Reliance Industries, the country’s biggest company by market capitalisation. The blue-chip Nifty 50 index closed 0.97% at 18,499.35, while the benchmark S&P BSE Sensex rose 1.02% …

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