Reuters India Business

Oil India beats fourth-quarter profit estimates on higher gas prices

24 May 2023

BENGALURU (Reuters) – Oil India Ltd beat fourth-quarter profit estimates on Wednesday, benefiting from higher gas prices as a recovery in the country’s economy from the pandemic-induced slump stokes energy demand. The Indian government has also slashed windfall taxes on petroleum crude, providing relief to energy companies. Oil India’s profit rose 9.71% to 17.88 billion …

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Indian towel-to-paper maker Trident Q4 profit falls as inflation hits demand

24 May 2023

BENGALURU (Reuters) – Indian towel-to-paper maker Trident Ltd reported a 28% drop in its fourth-quarter profit on Wednesday, as stubborn inflation hit demand for its products. Consolidated net profit for the quarter ended March 31, declined to 1.30 billion rupees ($15.73 million) from 1.81 billion rupees a year earlier. Consolidated net profit after tax for …

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Uber steps up EV push in India with Uber Green

24 May 2023

By Aditi Shah and Navamya Ganesh Acharya NEW DELHI/BENGALURU (Reuters) -Ride-hailing platform Uber Technologies is stepping up its efforts to go green in India by introducing more electric vehicles, partnering with fleet operators, boosting financing options and giving its users the option to hire electric vehicles while booking their ride. As part of the launch …

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Financials, metals weigh on Indian shares amid US debt-ceiling deadlock

24 May 2023

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares snapped a three-day winning streak on Wednesday, dragged by high-weightage financials and metal stocks, as caution over the U.S. debt ceiling deadlock weighed on stock markets around the globe. The blue-chip Nifty 50 index closed down 0.34% at 18,285.40, while the benchmark S&P BSE Sensex fell 0.34% to …

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India’s aviation regulator to audit Go First for service restart – internal memo

24 May 2023

By Aditya Kalra New Delhi (Reuters) -The Indian aviation regulator will conduct an audit of cash-strapped carrier Go First’s preparedness to restart its operations, the company said on Tuesday night in an internal memo. The Directorate General of Civil Aviation (DGCA) will conduct the audit in the coming days, with operations commencing following the regulator’s …

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India’s RBI chief says inflation moderated, flags El Nino worries

24 May 2023

NEW DELHI (Reuters) -India’s inflation has moderated, but lingering weather-related uncertainties still pose headwinds, the governor of the Reserve Bank of India said on Wednesday. “The war on inflation is not over, we have to remain alert,” Shaktikanta Das said at an event in New Delhi. “There is no room for complacency. We will have …

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Vedanta raises about $850 million via JPMorgan, Oaktree loan – Bloomberg News

23 May 2023

(Reuters) – Vedanta Group, the promoter of metals-to-oil conglomerate Vedanta Ltd, has signed a five-year loan for about $850 million with JPMorgan and Oaktree, Bloomberg News reported, citing people familiar with the matter. The billionaire Anil Agarwal-led group is relying on money from its units to tackle its debt burden, after its efforts to sell …

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