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Bangladesh private power producers seek $1 billion in foreign currency for fuel imports

21 Feb 2023

By Ruma Paul and Rahat Sandhu DHAKA (Reuters) – Bangladesh’s private power producers will need $1 billion in foreign currency to import fuel oil and avert an energy crisis this summer, their industry association said in a letter to the central bank seen by Reuters. Analysts expect power cuts in Bangladesh to worsen this year, …

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India’s NSE extends market trading hours for interest rate derivatives

21 Feb 2023

(Reuters) – The National Stock Exchange has extended the market trading hours for interest rate derivatives to 5 p.m. IST (1100 GMT), effective Feb. 23, the Indian stock exchange said in a notice on Tuesday. (Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Shailesh Kuber)

India’s Adani Ports to prepay 10 billion rupees on CPs due in March – spokesperson

21 Feb 2023

By Bhakti Tambe MUMBAI (Reuters) -India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, plans to prepay 10 billion rupees ($120.8 million) in commercial papers maturing in March, a company spokesperson said. “This part prepayment is from the existing cash balance and funds generated from the business operations,” the …

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Indian rupee’s expected volatility at 7-mth low, tracking narrow spot range

21 Feb 2023

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee’s expected volatility against the dollar over the next one month hit its lowest level in almost seven months on Tuesday, tracking the currency’s recent narrow trading range and on expectations of the central bank’s continued support. The rupee’s one-month at-the-money volatility was quoting at 4.50/4.80%, near …

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Spicejet to consider capital raise amid losses, market share battle

21 Feb 2023

BENGALURU (Reuters) -Indian carrier Spicejet Ltd said, on Tuesday, it will consider options to raise fresh capital by issuing securities to qualified institutional buyers amid a string of quarterly losses as competition heats up in the aviation industry. The plan to raise capital comes as Spicejet’s cash reserves dwindle and new entrant Akasa Air jostles …

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India sets up panel to assess impact of higher temperatures on wheat crop

21 Feb 2023

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) -India has set up a panel of officials to assess the impact of rising temperatures on the wheat crop, government officials said on Monday, as the weather office warned that above normal temperatures would prevail in key producing states. The world’s second biggest wheat producer earlier …

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India invokes emergency law to force coal-based power plants to up output

20 Feb 2023

By Sarita Chaganti Singh NEW DELHI (Reuters) – India on Monday invoked an emergency law to force power plants that run on imported coal to maximise output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters. Many of India’s power plants that use …

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Indian edtech sector still attractive for investors, GSV Ventures says

20 Feb 2023

By M. Sriram New Delhi (Reuters) – India is still one of the world’s most exciting markets for education technology investors, says venture capital firm GSV Ventures, sounding an upbeat tone for a sector still reeling from massive layoffs and a funding crunch. U.S.-based GSV invests only in edtech startups around the world and manages …

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Adani decides against bid for stake in state-backed PTC India – Bloomberg News

20 Feb 2023

BENGALURU (Reuters) – Adani Group’s billionaire founder Gautam Adani has decided against bidding for a stake in electricity trader PTC India Ltd as the beleaguered conglomerate looks to conserve cash amid a short seller attack, Bloomberg News reported on Monday. Bloomberg reported in January that Adani was among the possible bidders reviewing preliminary information on …

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