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India’s DCM Shriram reports 19% fall in Q2 profit as costs jump

BENGALURU (Reuters) – Indian chemicals-to-sugar maker DCM Shriram Ltd reported a 19.2% fall in second-quarter profit on Wednesday, hurt by challenges in its vinyls business and higher excise duty, power and fuel costs. The New Delhi-based company’s consolidated profit fell to 1.28 billion rupees ($15.4 million) in the three months ended Sept. 30, from 1.59 …

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India’s INOX Leisure loss halves as box office income picks up

BENGALURU (Reuters) – INOX Leisure Ltd, India’s No.2 multiplex cinema operator, on Wednesday said its second-quarter loss more than halved, as box office and food and beverage revenues inched closer to pre-pandemic levels. The company, set to merge with bigger rival PVR Ltd, reported a loss of 403.7 million Indian rupees ($4.9 million) for the …

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Cricket-Pakistan warn tit-for-tat reaction v India if Asia Cup shifts

LAHORE, Pakistan (Reuters) – Shifting the 2023 Asia Cup out of Pakistan because of India’s refusal to tour the country may prompt similar tit-for-tat reaction from the Pakistan Cricket Board, the PCB said on Wednesday. Secretary of the Indian board Jay Shah, who also heads the Asian Cricket Council (ACC), said on Tuesday India would …

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Indian shares rally for fourth day in a row, led by consumer stocks

BENGALURU (Reuters) – Indian shares surrendered some of their earlier gains to close slightly higher on Wednesday as Nestle India’s strong earnings boost consumer stocks, though lingering fears of high inflation and interest rates on corporate profits capped the increase. The NSE Nifty 50 index ended up 0.14% at 17,512.25, while the S&P BSE Sensex …

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UN wants India to mobilise G20 to help debt-stressed countries

NEW DELHI (Reuters) – U.N. chief Antonio Guterres on Wednesday sought India’s support in mobilising G20 nations to help out developing countries saddled with debt, with three of India’s neighbours already seeking IMF loans as their economies struggle. India takes over the G20 presidency from Indonesia for a year from Dec 1. India’s neighbours Sri …

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Cricket-World Cup hero Binny replaces Ganguly as India board president

MUMBAI (Reuters) -Former test player Roger Binny was elected president of the powerful Indian cricket board on Tuesday, replacing former captain Sourav Ganguly in the role. Jay Shah, son of Home Minister Amit Shah, was re-elected as secretary of the world’s richest cricket board. He also heads the Asian Cricket Council. At its annual general …

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India-Russia joint venture hopes for $5 billion in supersonic missile exports by 2025

NEW DELHI (Reuters) – An India-Russia joint venture that makes nuclear capable supersonic cruise missiles hopes to bag orders worth $5 billion by 2025, its chairman said on Tuesday, having signed its first export deal of $375 million this year with the Philippines. BrahMos Aerospace is in discussions with Indonesia, Malaysia and Vietnam for new …

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