Reuters India Business

India’s Go First touts owner, govt backing after bankruptcy filing

3 May 2023

By Tanvi Mehta, Dhanya Skariachan and Chris Thomas BENGALURU (Reuters) – The owner of Go Airlines (India) has no plans to exit the budget carrier after engine troubles forced it into bankruptcy, the airline’s CEO told Reuters on Wednesday, as frustrated flyers complained of abrupt flight cancellations. India’s third-largest airline, which recently rebranded as Go First, …

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Exclusive-India’s Go First owner has no plans to exit airline -CEO

3 May 2023

By Tanvi Mehta and Chris Thomas NEW DELHI (Reuters) – India’s Wadia Group, the owner of cash-strapped Go Airlines (India) Ltd, is completely committed to the company, and has no plans to exit it, the airline’s chief executive said on Wednesday. The news came a day after the airline, recently rebranded as Go First, filed …

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India’s Go First Airways owes financial creditors $798 million – filing

3 May 2023

By Arpan Chaturvedi MUMBAI (Reuters) -Indian budget carrier Go Airlines (India) Ltd, which filed for bankruptcy on Tuesday, owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. The company, which operates the Go First airline, had not defaulted on any of these dues as of April 30, it said in the filing, …

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India’s Godrej Properties sees 15% rise in FY24 bookings value after Q4 profit jump

3 May 2023

BENGALURU (Reuters) – Indian real estate developer Godrej Properties Ltd said it expects value of bookings for fiscal 2024 to rise by 15% after reporting a 58.2% jump in fourth-quarter profit on Wednesday. The Godrej Group-owned firm’s consolidated net profit rose to 4.12 billion rupees ($50.34 million), from 2.60 billion rupees a year earlier, aided …

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India’s Multiples Alternate closes over $640 million private-equity fund

3 May 2023

(Reuters) – Indian private equity firm Multiples Alternate Asset Management said on Wednesday it has closed a more than $640 million fund aimed at investing in domestic companies. The Canada Pension Plan Investment Board (CPPIB), along with financial institutions including the International Finance Corporation (IFC) and State Bank of India (SBI), are the anchor investors …

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Indian tyremaker MRF’s profit soars on cooling rubber prices, higher demand

3 May 2023

CHENNAI (Reuters) – Indian tyremaker MRF Ltd on Wednesday reported its fourth-quarter profit more than doubled, as rubber prices cooled and higher vehicle sales prompted increased demand for tyres. Standalone profit from continuing operations rose nearly 161% to 4.11 billion Indian rupees for the quarter ended March 31, according to an exchange filing. Total expenses …

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India’s Adani Wilmar posts 60% drop in Q4 profit on weak edible oils demand

3 May 2023

BENGALURU/CHENNAI (Reuters) – India’s Adani Wilmar Ltd reported a 60% slump in fourth-quarter profit on Wednesday, as lower product prices and sluggish demand from some customers dragged down overall sales in its mainstay edible oils business. The Fortune cooking oil maker’s consolidated net profit fell to 936.1 million rupees ($11.44 million) for the quarter ended …

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India central bank likely buying dollars via public sector banks – traders

3 May 2023

MUMBAI (Reuters) – The Indian central bank was likely buying dollars via public sector banks on Wednesday to ensure that the rupee remained in a narrow range, traders told Reuters. The rupee was at 81.86 to the U.S. dollar at of midday, compared with a session-high of 81.7650. The Reserve Bank of India (RBI) “was …

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India’s Go First airline files for bankruptcy, blames Pratt & Whitney engines

2 May 2023

By Chris Thomas, Dhanya Skariachan and Tanvi Mehta BENGALURU (Reuters) -Cash-strapped Indian airline Go First filed for bankruptcy on Tuesday, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet. The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the …

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US FDA halts India’s Sun Pharma trials on dermatological drug

2 May 2023

BENGALURU (Reuters) -The U.S. Food and Drug Administration (FDA) has asked India’s Sun Pharmaceutical Industries Ltd to halt tests on one dose of an experimental dermatological drug due to the potential of blood clots, the company said on Tuesday. The FDA has also said that patients with alopecia areata – an autoimmune condition that results …

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