Reuters India Business Archives - Page 910 of 1191

IndusInd Bank promoters get in-principal approval to raise stake in co – CEO

24 Apr 2023 24 Apr 2023

BENGALURU (Reuters) – Promoters of India’s IndusInd Bank have received in-principal approval from the country’s central bank to increase their stake in the private lender, the bank’s chief executive said on Monday. The promoters have filled out a form to increase the stake and the due diligence process takes about 90-180 days as per the …

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Indian pharma Ipca Labs to buy over 33% stake in Unichem

24 Apr 2023 24 Apr 2023

BENGALURU (Reuters) – Indian pharmaceutical firm Ipca Laboratories Ltd said on Monday it has agreed to buy a 33.38% stake in Unichem Laboratories Ltd for up to 10.34 billion rupees ($126.26 million). Ipca, which makes paracetamol tablets under the brand name Pacimol, is also launching an open offer to Unichem’s shareholders to buy an additional 26% …

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Financials power Indian shares after earnings boost

24 Apr 2023 24 Apr 2023

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares advanced on Monday, led by financials, after improved quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd prompted investors to shrug off concerns of a lacklustre earnings season. The Nifty 50 closed 0.68% higher at 17,743.40, while the S&P BSE Sensex added 0.67%. Ten of the …

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Russian oil slashes OPEC’s share of Indian market to 22-year low

24 Apr 2023 24 Apr 2023

By Nidhi Verma NEW DELHI (Reuters) -OPEC’s share of India’s oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers’ share could shrink further this year. Members of the Organization of …

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India’s GAIL to get 4 LNG cargoes from Germany’s Sefe in May

24 Apr 2023 24 Apr 2023

By Nidhi Verma NEW DELHI (Reuters) – Indian gas firm GAIL (India) Ltd will get 4 cargoes of liquefied natural gas (LNG) from Germany’s Sefe in May, equivalent to volumes it was getting under a deal with a former unit of Russia’s Gazprom, Chairman Sandeep Gupta said on Monday. Sefe supplied 2 LNG cargoes each …

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Indian cos sometimes face delays in paying for Russian oil above $60/bbl – oil secretary

24 Apr 2023 24 Apr 2023

NEW DELHI (Reuters) – Indian companies “sometimes” face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India’s oil secretary Pankaj Jain said on Monday. “Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service,” Jain …

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India’s Tata Steel begins hydrogen gas injection trial in blast furnace

24 Apr 2023 24 Apr 2023

BENGALURU (Reuters) – Indian steel maker Tata Steel Ltd on Monday said it initiated trial for injecting hydrogen gas at its blast furnace in the company’s flagship plant, in a move to reduce metallurgical coke usage and cut carbon emissions. The company commenced the trial injection at the plant in the eastern city of Jamshedpur, …

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India’s Adani Ports starts $130 million buyback of debt securities

24 Apr 2023 24 Apr 2023

(Reuters) – India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Monday that it started a buyback programme of certain debt securities to prepay part of its loans due in 2024. Adani Ports has floated a tender of up to $130 million in outstanding debt, it said …

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Indian refiners’ crude processing near record peaks in March

24 Apr 2023 24 Apr 2023

By Ashitha Shivaprasad and Ananya Bajpai (Reuters) -Indian refiners’ crude oil processing stayed near record peaks in March, provisional government data showed on Friday, catering to solid seasonal demand in the world’s third biggest oil consumer. Refinery throughput gained 3% to 5.44 million barrels per day (23 million tonnes) year-on-year for March. Throughput stood at …

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India’s Wipro to consider share buyback at board meeting this week

23 Apr 2023 23 Apr 2023

BENGALURU (Reuters) – Indian IT services provider Wipro Ltd said on Sunday it will consider a share buyback proposal at its board meeting on April 27. Indian IT services companies are facing challenges, with shares under pressure as clients cut budgets and scale back projects amid fears of a recession in major economies and recent …

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