Reuters India Business Archives - Page 886 of 1191

From mangoes to luxury watches, Indians look to offload 2,000-rupee notes

23 May 2023 23 May 2023

By Siddhi Nayak and Nikunj Ohri MUMBAI/NEW DELHI (Reuters) -Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee ($24.46) notes as they aim to sidestep the need to exchange or deposit them at banks. The Indian central bank announced on Friday the country’s largest denomination note will …

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GQG raises Adani stake by nearly 10%

23 May 2023 23 May 2023

(Reuters) -GQG Partners has raised its stake in Gautam Adani’s conglomerate by about 10% and will take part in the group’s future fundraising, the U.S. investment firm said on Tuesday. Although the company did not disclose the total value of its stake in its statement, GQG Chief Investment Officer Rajiv Jain told Bloomberg News that …

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Top palm oil buyer India’s May imports set to fall to 27-month low

23 May 2023 23 May 2023

(Refiles to add dropped word in paragraph one) By Rajendra Jadhav MUMBAI (Reuters) – India’s palm oil imports in May are set to fall to their lowest in 27 months as its rare premium over other edible oils prompted buyers to cancel cargoes and replace them with soyoil and sunflower oil, dealers and cargo surveyors …

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Rupee logs first gain in 5 sessions, eyes US debt ceiling updates

23 May 2023 23 May 2023

By Sethuraman N R MUMBAI (Reuters) – The Indian rupee closed higher for the first time in five sessions on Tuesday when investors evaluated hawkish comments from U.S. Federal Reserve officials and progress in the debt ceiling talks. The rupee closed up at 82.80 to the U.S. dollar compared with a close at 82.8275 in …

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Adani stocks lift Indian shares amid caution on US debt ceiling talks

23 May 2023 23 May 2023

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares advanced on Tuesday, aided by a broad-based rally across sectors and powered by Adani group stocks, while a slide in the high-weightage IT stocks capped gains amid uncertainty over the U.S. debt ceiling talks. The blue-chip Nifty 50 index closed 0.18% higher at 18,348. IST, while the benchmark …

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India’s Bajaj Electricals posts rise in Q4 profit on consumer goods demand

23 May 2023 23 May 2023

BENGALURU (Reuters) – Bajaj Electricals Ltd on Tuesday reported a nearly 32% jump in fourth-quarter profit as shoppers spent more on durable goods like fans and air coolers amid soaring temperatures. Consolidated net profit was 518.5 million rupees ($6.3 million) for the three months ended March 31, compared with 393.5 million rupees a year earlier. …

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India’s Adani stocks rally after SEBI probe draws a blank on foreign links

23 May 2023 23 May 2023

By Bharath Rajeswaran BENGALURU (Reuters) – Adani Enterprises Ltd led the gains among shares of Adani Group companies on Tuesday, extending a rally after a Supreme Court panel said on Friday it was not “possible to conclude regulatory failure on allegation of price manipulation”. The rally has led one of the group companies, Adani Ports …

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Cryptoverse: Busy bitcoin births new breed of crypto

23 May 2023 23 May 2023

By Medha Singh and Lisa Pauline Mattackal (Reuters) – Things are heating up on the bitcoin blockchain. Daily transactions have rocketed to an all-time high of 682,000 this month, according to data from Glassnode, almost 40% higher than the previous peak in 2017. Bitcoin’s dominance, or its share of the overall $1.16 trillion cryptocurrency market, …

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India to tax incentives offered by online gaming firms to customers

22 May 2023 22 May 2023

(Reuters) – Bonuses, referrals and incentives offered by online gaming companies to their customers will be considered as part of winnings and is subject to tax, the Indian government said on Monday. Online gaming companies will be required to deduct taxes at source if players claim their net winnings, including bonuses or incentives, according to …

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Gold dips as Fed officials suggest higher-for-longer US rates

22 May 2023 22 May 2023

By Seher Dareen (Reuters) – Gold prices inched lower as hawkish comments from two U.S. Federal Reserve officials on Monday weighed on non-yielding bullion and markets looked for more clarity around U.S. debt ceiling negotiations. Spot gold was down 0.1% to $1,974.90 per ounce by 2:13 p.m. ET (1813 GMT). U.S. gold futures settled 0.2% …

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