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India’s Grasim to raise $481 million to pay down debt, fund paints journey

16 Oct 2023

BENGALURU (Reuters) -India’s Grasim Industries said on Monday it will raise up to 40 billion rupees ($480.64 million) through a rights issue as it looks to pay down debt and become the country’s second-biggest paints company. The fund raise at the Aditya Birla Group-owned company, which has already raised money through debt earlier this year, …

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India’s CEAT Q2 profit soars as sales rise, input costs fall

16 Oct 2023

BENGALURU (Reuters) – Indian tyre maker CEAT on Monday reported a sharp rise in second-quarter profit which beat estimates, as strong sales and lower expenses boosted margins. CEAT reported a consolidated net profit of 2.08 billion rupees ($24.99 million) for the quarter ended Sept. 30, compared with 78.3 million rupees a year earlier, when the …

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India’s Jio Financial Q2 profit doubles from previous quarter

16 Oct 2023

BENGALURU (Reuters) -India’s Jio Financial Services (JFS) on Monday said its second-quarter profit doubled from the previous quarter, in its first earnings report after being carved out from billionaire Mukesh Ambani’s Reliance Industries and listed on stock exchanges. Consolidated profit after tax for the three months ended September 30, which includes share of profits of …

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India’s HDFC Bank sees margins drop, bad loans rise post $40 billion merger

16 Oct 2023

MUMBAI (Reuters) -India’s HDFC Bank reported a sharp sequential drop in its lending margin and an increase in bad loans for the second quarter as it reported results as a single company for the first time since merging with parent Housing Development Finance Corp (HDFC). HDFC Bank merged with HDFC on July 1 in a …

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India’s basmati rice growers face losses as floor price dents exports

16 Oct 2023

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) – India’s decision to maintain the current floor price for basmati rice exports will further hamper overseas sales of the premium variety and hit farm income, leaving growers saddled with large stocks of the new-season variety, farmers and millers said. India and Pakistan are the only …

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Olympics-IOC decision on 2036 Olympics host will not come before 2026-IOC

15 Oct 2023

MUMBAI (Reuters) – The decision on which city will host the 2036 summer Olympics will be taken in three years time at the earliest, the International Olympic Committee said on Sunday. India this week declared interest in staging the Olympics in 2036, with Prime Minister Narendra Modi addressing the IOC leadership at the opening ceremony …

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Cricket-Six-hitting machine Rohit brings PlayStation-like feel to batting

15 Oct 2023

By Amlan Chakraborty AHMEDABAD, India (Reuters) – Umpire Marais Erasmus was not the only one marvelling at Rohit Sharma’s six-hitting prowess during India’s comprehensive victory in Saturday’s World Cup blockbuster against Pakistan. Watching him dismantle the Pakistan attack at the Narendra Modi Stadium, team mate Hardik Pandya, a formidable hitter himself, said it felt more …

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Cricket-‘Timid’ Pakistan search for ways to revive World Cup campaign

15 Oct 2023

By Amlan Chakraborty AHMEDABAD, India (Reuters) – Pakistan could not break their India jinx in the 50-overs World Cup on Saturday but more than their seven-wicket defeat by the arch-rivals, it was the manner in which they lost that is troubling the 1992 champions. Hosts India, egged on by a 100,000-plus crowd at a heaving …

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