Reuters India Business

Carlyle, India’s Premji Invest eye stake in auto loan firm TVS Credit -sources

2 May 2023

By M. Sriram MUMBAI(Reuters) – Private equity firm Carlyle and Indian billionaire Azim Premji’s investment unit are in separate talks to invest about $150 million in TVS Credit Services, an arm of scooter and motorcycle maker TVS Motors, two sources told Reuters. The winner of the race to bet on India’s fast-growing shadow-banking sector could …

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Indian automakers post lacklustre April commercial vehicles sales growth

2 May 2023

BENGALURU (Reuters) – India’s wholesale commercial and passenger vehicle sales growth moderated in April, following a boost from the festive season and pre-buying last month ahead of the implementation of tighter fuel emission norms. The norms, implemented on April 1, require automakers to fit vehicles with a device to check emissions, leading to extra costs. …

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India’s NMDC in talks with Australia’s Hancock for lithium mining – source

2 May 2023

By Neha Arora NEW DELHI (Reuters) -Indian iron ore miner NMDC Ltd is in talks with Australia’s Hancock Prospecting Pty Ltd for lithium exploration and mining, a source familiar with the matter told Reuters on Tuesday. Countries across the world are racing to secure lithium supplies for rechargeable batteries for future fleets of electric vehicles …

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India central bank likely buying dollars to absorb inflows – traders

2 May 2023

MUMBAI (Reuters) – The Indian central bank is likely buying dollars via state-run banks to prevent the rupee from appreciating in the wake of inflows, three traders told Reuters on Tuesday. The Indian rupee was trading at 81.8275 per U.S. dollar, having reached 81.7325 earlier. The long weekend inflows and the dollar offers from foreign …

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Pepsi bottler Varun Beverages posts Q1 profit jump; announces stock split

2 May 2023

BENGALURU/CHENNAI (Reuters) – India-based Pepsi bottler Varun Beverages on Tuesday reported an about 69% jump in quarterly profit on price increases and steady demand, and said it would split each of its existing shares into two. The company reported a consolidated net profit of 4.29 billion rupees ($52.46 million) for the first quarter ended March …

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Rupee higher, unperturbed by weak Asian peers and Fed risk

2 May 2023

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee was trading higher on Tuesday, supported by dollar inflows that helped it overcome the dollar’s strength against other Asian currencies. The rupee, which resumed trading following the extended weekend, was at 81.7600 per U.S. dollar by 11:02 a.m. IST, up from 81.8250 in the previous session. …

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Adani-owned NDTV profit plunges about 98% on weak advertising demand

1 May 2023

BENGALURU (Reuters) – Indian broadcaster New Delhi Television Ltd (NDTV), part of the embattled Adani Group, posted a 97.6% plunge in quarterly profit on Monday due to weak advertising demand. The results come as businesses worldwide look to rein in costs such as advertising to ride out an economic downturn caused by persistently high inflation …

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