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NEW DELHI (Reuters) – India’s lower house of parliament on Wednesday approved relaxing new property tax rules it proposed just two weeks ago, after criticism that the changes added to the financial strain on the middle class. Finance Minister Nirmala Sitharaman, as part of the annual budget on July 23, said the long-term capital gains …

India’s parliament lower house approves property tax relief after public outcry Read More »

BENGALURU (Reuters) – India’s Sula Vineyards reported a rise in quarterly profit on Wednesday as consumers snapped up more of its cheaper wine, outpacing feeble demand for its premium offerings due to national elections and heatwaves during the period. The country’s biggest wine maker’s consolidated net profit rose 7% year-on-year to 146.3 million rupees ($1.7 …

India’s Sula Vineyards posts Q1 profit rise on higher demand for cheaper wine Read More »

By Nidhi Verma and Sethuraman N R NEW DELHI/BENGALURU (Reuters) – Indian conglomerate Reliance Industries is ready for its next stage of growth and aims to become the largest developer of renewable energy projects in the country, the company said in its annual report issued on Wednesday. “Reliance has consolidated its balance sheet after the …

India’s Reliance ready for next level of renewables-focused growth Read More »

By Dharamraj Dhutia and Jaspreet Kalra MUMBAI (Reuters) – Traders in India’s derivative market expect an increase in the transaction limit for foreign investors in overnight index swaps (OIS), which four treasury officials said could come as part of the central bank’s monetary policy review on Thursday. As of Aug. 6, foreign investors have already …

India swap market traders expect hike in foreign investment limit, treasury officials say Read More »

PARIS (Reuters) -Indian wrestler Vinesh Phogat was disqualified just hours before the women’s 50kg freestyle final at the Paris Olympics on Wednesday after failing to make weight, the Indian Olympic Association (IOA) said. Phogat had been set to lock horns with Sarah Hildebrandt of the United States for the gold medal. The disqualification means she …

Olympics-Wrestling-India’s Phogat out of gold medal bout after failing to make weight Read More »

NEW DELHI (Reuters) – India has evacuated all non-essential staff and their families from its embassy and consulates in neighbouring Bangladesh, two Indian government sources said on Wednesday, after weeks of unrest forced Prime Minister Sheikh Hasina to quit and flee. All Indian diplomats remain in Bangladesh and the missions are functional, the sources added. …

India evacuates non-essential staff from its embassy, consulates in Bangladesh, Indian official sources say Read More »

By Anant Chandak and Vivek Mishra BENGALURU (Reuters) – The outlook for the Indian rupee has barely changed from last month as the Reserve Bank of India’s interventions keep the currency, deemed expensive compared with its peers, in a tight range, according to a Reuters poll of foreign exchange analysts. A sharp fall in global …

RBI’s firm grip to keep rupee anchored in narrow range: Reuters poll Read More »

By Kashish Tandon and Nandan Mandayam BENGALURU (Reuters) – Ola Electric’s IPO drew $1.8 billion in bids as the share sale closed on Tuesday, as investors piled into the first stock offering by a pure-play electric vehicle maker in India. The SoftBank-backed company’s $734 million IPO, also India’s biggest so far this year, received bids …

Ola Electric gets bids worth $1.8 billion in India’s first EV IPO Read More »