BENGALURU (Reuters) – India’s Jindal Stainless Ltd on Tuesday said it would acquire a 49% stake in Indonesia-based New Yaking Pte. Ltd for $157 million as it seeks to secure a supply of nickel, a key ingredient in the production of stainless steel. The deal includes the construction and operation of a nickel pig iron …
India’s Jindal Stainless strikes $157 million deal to secure nickel supply Read More »
By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares settled lower on Tuesday as caution over broader economic challenges and a sharp slide in Adani group stocks soured sentiment, while investors awaited some key economic data due later in the week. The Nifty 50 index closed down 0.20% at 16,951.70, while the S&P BSE Sensex fell 0.07% …
Indian shares end lower as caution prevails; Adani stocks slide Read More »
NEW DELHI (Reuters) – India has selected 11 companies to manufacture 39,600 megawatts (MW) of domestic solar PV modules, including Indosolar, Reliance and First Solar, the government said in a statement on Tuesday. The allotments are part of tranche two of a production-linked incentive scheme with a total outlay of 140 billion rupees ($1.7 billion), …
India selects 11 companies to manufacture solar PV modules Read More »
NEW DELHI (Reuters) – India’s pension fund body on Tuesday recommended marginally increasing the interest rate on deposits with it to 8.15% for the current financial year from 8.1% in the previous year, the labour ministry said in a statement on Tuesday. Last year’s interest rate was the lowest in nearly 25 years. The interest rate would …
India’s pension fund body recommends marginal hike in interest rate on deposits Read More »
BENGALURU (Reuters) – Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements. The group’s flagship firm, Adani Enterprises, slid nearly 8% to a near four-week low, while Adani …
Adani shares tumble on report group seeking time to pay ACC, Ambuja debt Read More »
By Nimesh Vora MUMBAI (Reuters) – The Indian rupee was trading higher versus the U.S. currency on Tuesday, boosted by the carry return of running short dollar positions on account of the upcoming change in the fiscal year. The rupee was at 82.1825 to the dollar by 11.14 a.m. IST compared with 82.37 in the …
Fiscal year change-led carry boosts Indian rupee; importers cap upside Read More »
By Rajendra Jadhav MUMBAI (Reuters) -India’s top sugar-producing state, Maharashtra, could churn out nearly 16% less sugar than the previously estimated as mills are closing early due to limited availability of sugar cane, a senior state government official told Reuters on Monday. Lower sugar output could prevent the world’s second-biggest exporter from allowing additional exports, …
India’s Maharashtra state to produce less sugar as mills close early Read More »
By Bharat Gautam (Reuters) – Gold prices fell more than 1% on Monday as worries over a crisis in the banking sector subsided, prompting investors to scale back safe-haven trades in favour of riskier assets like equities and crude oil. Spot gold dropped 1.2% to $1,952.95 per ounce by 2:10 p.m. EDT (18:10 GMT). U.S. …
Gold slips more than 1% as risk appetite improves Read More »
By Nidhi Verma NEW DELHI (Reuters) – India’s cabinet is set to adopt a gas panel report this week, which has recommended capping the price for most local gas at $6.50 per million British thermal units (mmBtu) in April, two sources said on Monday. India last year set up the panel, led by energy expert …
India to cut gas prices from April 1 after review panel report – sources Read More »
MOSCOW (Reuters) – India was the biggest buyer of seaborne Urals oil in March and the country’s demand for the grade means Russia has to maintain high exports, two traders said and Refinitiv Eikon data showed on Monday. Refiners in India, which in the past rarely bought Russian oil, because of high transport costs, have …
Indian demand for Urals crude keeps Russia’s exports up – sources, Refinitiv Read More »
