By M. Sriram MUMBAI (Reuters) -India’s Ola Electric is planning a stock market listing by the end of 2023, and has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale, a source with direct knowledge of the matter told Reuters. Ola Electric, which makes electric scooters, is backed by investors …
India’s Ola Electric aims for IPO by 2023-end, hires Goldman, Kotak – source Read More »
MUMBAI (Reuters) – The HDFC-HDFC Bank Ltd merger is just 4-5 weeks away and would result in lower net interest margin (NIM) for the lender this year, brokerages said on Thursday, a day after the management met analysts. The bank expects NIM – a key profitability measure – to fall to 3.7%-3.8% in 2023-24 from …
HDFC-HDFC Bank merger in 4-5 weeks; bank’s margin to drop, say analysts Read More »
By Sethuraman N R and Nimesh Vora MUMBAI (Reuters) – The Indian rupee inched lower on Thursday on risk aversion fuelled by the U.S. debt ceiling worries, but fared better than its Asian peers and continued to hold above a key level. The rupee was last at 82.7425 to the U.S. dollar, down less than …
Rupee drops, but broadly holds up to dollar’s surge Read More »
By Peter Hobson LONDON (Reuters) – The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian customs records show. The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the …
Exclusive-From Russia with gold: UAE cashes in as sanctions bite Read More »
(Corrects metrics in paragraph 2 to “profit before tax” and in paragraph 3 to “profit attributable to shareholders”; corrects paragraphs 4 and 6 to say orders were for BPC unit) BENGALURU (Reuters) – India’s FSN E-Commerce Ventures Ltd, parent of cosmetics-to-fashion retailer Nykaa, reported an almost 50% rise in fourth-quarter profit before tax on Wednesday, …
India’s Nykaa posts near-50% rise in Q4 pre-tax profit on higher margins Read More »
BENGALURU (Reuters) -Life Insurance Corporation of India on Wednesday posted a more than five-fold jump in fourth-quarter profit, as it moved nearly 73 billion rupees ($883 million) to a shareholders’ fund to shore up its bottom line. The country’s largest insurer posted a profit after tax of 134.28 billion rupees for the three months ended …
India’s LIC posts over five-fold jump in Q4 profit on fund transfer gains Read More »
By Jayshree P Upadhyay (Reuters) – India’s market regulator has asked all foreign funds investing in the country to identify their parent financial institution to help unravel opaque ownership structures, according to a letter seen by Reuters. The letter was sent by the Securities and Exchange Board of India (SEBI) to custodian banks, through which …
India’s market regulator tightens reporting requirements for offshore funds – document Read More »
By Deep Kaushik Vakil (Reuters) – Gold slipped on Wednesday as the dollar firmed, cutting some safe-haven flows into bullion from the looming risk of a U.S. debt default, while investors took stock of the minutes of the Federal Reserve’s May meeting. Spot gold was down 0.6% at $1,962.92 per ounce by 2:25 p.m. EDT …
Gold slips as dollar advances with US debt talks dragging on Read More »
NEW DELHI (Reuters) – India could consider supplying broken rice to other countries only through diplomatic channels, the Directorate General of Foreign Trade, an arm of the trade ministry, said in an order on Wednesday. India banned overseas shipments of broken rice and imposed a 20% duty on exports of various other grades in September …
India could consider broken rice shipments through diplomatic deals Read More »
BENGALURU (Reuters) – Bayer Cropscience Ltd, the Indian unit of German drug and pesticide maker Bayer AG, on Wednesday reported a near-4% rise in fourth-quarter profit, as its crop protection sales and corn seeds business offset a correction in glyphosate prices. The company’s net profit rose to 1.59 billion rupees from 1.53 billion rupees a …
India’s Bayer Cropscience posts 4% rise in Q4 profit Read More »
