Reuters India - Squid Business

India considers imports of Mongolian coking coal via Russia, source says

By Neha Arora and Mayank Bhardwaj NEW DELHI (Reuters) – India is exploring ways to import regular supplies of Mongolian coking coal by way of Russia, a senior government official with direct knowledge of the matter said, as New Delhi seeks to avoid over-reliance on transit through China. Mills in India, the world’s second-biggest producer …

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India cenbank sold $6.49 billion in spot forex market in August, bulletin shows

MUMBAI (Reuters) – The Reserve Bank of India (RBI) sold $6.49 billion, on a net basis, in the spot foreign exchange market in August, according to data released on Monday as part of the central bank’s monthly bulletin. In July, it had bought a net of $6.93 billion in the spot market. The RBI said …

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Prosus expects e-commerce profit to jump in 2025, more IPOs in India

JOHANNESBURG (Reuters) – Dutch technology investor Prosus NV expects adjusted profit at its e-commerce business to surge to $400 million this fiscal year and expects more of its Indian businesses to list following Swiggy’s IPO, Chief Executive Fabricio Bloisi said on Monday. Prosus, majority-owned by South Africa’s Naspers, is a major shareholder in Indian food …

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India’s Mahindra Logistics posts widened Q2 loss on higher expenses

(Reuters) – India’s Mahindra Logistics reported a seventh straight quarterly loss on Monday, hurt by higher freight and warehousing costs. Its consolidated net loss widened to 107.5 million rupees ($1.3 million) in the second quarter ended Sept. 30 from a loss of 93.2 million a year ago. Revenue from operations rose 11.5% to 15.21 billion …

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The long road to resolving the India-China border stand-off

NEW DELHI (Reuters) – India said on Monday that it had reached an agreement with China over patrolling arrangements along the disputed Himalayan border the countries share, opening the door to resolving a conflict that escalated in 2020. Here is a look at what happened and how the nuclear-armed neighbours have tackled the standoff over …

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Lulu Retail kicks off one of UAE’s biggest IPOs this year

By Ahmed Tolba, Hadeel Al Sayegh and Federico Maccioni CAIRO/DUBAI (Reuters) -Lulu Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, kicked off an initial public offering on Monday that bankers say could be the UAE’s largest this year. The offering by the conglomerate that runs more than 240 stores in the …

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Indian shares dip as dull earnings, profit-booking outweigh HDFC Bank’s boost

By Bharath Rajeswaran and Hritam Mukherjee (Reuters) -Indian shares closed lower on Monday, as lacklustre earnings and another bout of profit-booking overpowered a post-results rally in top private lender HDFC Bank. The NSE Nifty 50 fell 0.29% to 24,781.1, while the BSE Sensex settled 0.09% lower at 81,151.27 points. They swung between gains of about …

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Rupee slips to record closing low on outflows, weak Asia FX

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee declined to its weakest closing level on record on Monday but avoided sharper losses as likely intervention by the Reserve Bank of India (RBI) blunted the pressure from weakness in regional peers and persistent dollar outflows. The rupee closed at 84.0725 against the U.S. dollar, a …

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Trudeau has wrecked Canada-India political relations, says expelled envoy

OTTAWA (Reuters) -India’s envoy to Canada, who is being expelled over what Ottawa says are links to the murder of a Sikh leader, insisted in an interview he was innocent and said Prime Minister Justin Trudeau had wrecked bilateral political ties, but trade may remain unscathed. Both countries on Monday ordered out six diplomats in …

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Bollywood filmmaker Karan Johar’s studio sells 50% stake worth 10 billion rupees to vaccine maker’s CEO

By Rishika Sadam and Hritam Mukherjee (Reuters) -Adar Poonawalla, CEO of vaccine maker Serum Institute of India, will buy a 50% stake in filmmaker Karan Johar’s Dharma Productions for 10 billion rupees ($119 million), the Bollywood studio said on Monday. Poonawalla will buy the stake through his production company, Serene Productions. This is his first …

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