Reuters India

India cenbank bars four non-banks from fresh lending for breaching norms

By Swati Bhat and Siddhi Nayak MUMBAI (Reuters) -India’s central bank barred four non-bank finance companies (NBFCs) from sanctioning and disbursing loans due to “usurious” pricing and for charging a significant mark-up over their funding costs, it said in a release on Thursday. The restrictions on Asirvad Micro Finance, Arohan Financial Services, DMI Finance and …

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India’s Axis Bank posts Q2 profit beat on strong credit demand

By Nishit Navin BENGALURU (Reuters) – India’s Axis Bank reported a higher-than-expected second-quarter profit on Thursday, helped by an increase in core lending income. The country’s fourth-largest private lender by market value said its standalone net profit, which excludes its subsidiaries, rose 18% to 69.18 billion rupees ($823.25 million) for the quarter ended Sept. 30. …

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Infosys, Wipro revenue forecasts fail to impress investors

By VarunVyas Hebbalalu, Sai Ishwarbharath B and Haripriya Suresh BENGALURU (Reuters) -Indian software services providers Infosys and Wipro issued revenue forecasts below analysts’ expectations, suggesting a broad-based recovery in global tech spending was yet to take hold. U.S.-listed shares of Infosys, which have gained more than 35% in the past six months, fell 2.5% as …

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India’s CEAT misses Q2 profit estimates on high raw material prices, weak demand

(Reuters) – Indian tyre maker CEAT reported second-quarter profit below market estimates on Thursday, weighed by higher rubber costs and muted demand. The company posted a profit of 1.22 billion rupees ($14.5 mln) for the quarter ended Sept. 30, compared to 2.08 billion rupees a year ago. Analysts were expecting a profit of 1.38 billion …

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Musk’s win on India satellite spectrum raises prospect of price war with Ambani

By Munsif Vengattil, Aditya Kalra and Aditi Shah NEW DELHI (Reuters) – Having just lost a battle with Elon Musk over how India’s satellite spectrum is awarded, Asia’s richest man Mukesh Ambani could face a bigger challenge if Musk’s Starlink launches services in India and the two go head-to-head on price. India’s government said on …

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India’s budget supermarket chain Vishal Mega Mart files for $950 million IPO

(Reuters) – Indian budget supermarket chain Vishal Mega Mart on Thursday filed papers for an 80 billion rupee ($952 million) initial public offering, joining a growing list of companies tapping the country’s bustling capital market. The company will not issue new shares in the IPO and will not receive any proceeds. Only an existing shareholder, …

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India’s Tata Communications posts Q2 revenue growth on steady digital services demand

(Reuters) – India’s Tata Communications reported an 18% growth in its second-quarter revenue on Thursday, helped by steady demand for its digital services. The firm posted revenue of 57.67 billion rupees ($686 million) for the three months ended Sept. 30, as compared to 48.73 billion rupees a year earlier. Tata Communications provides services such as …

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Polycab India misses Q2 profit view as costs, competition bite

(Reuters) – Rcreported a smaller-than-expected second-quarter profit on Thursday as competition hurt its high-margin retail business, with a rise in expenses pressuring the bottomline further. The company said its consolidated net profit rose 3.4% to 4.40 billion rupees ($52.4 million) for the three months ended Sept. 30. Analysts, on average, had expected a profit of …

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Hyundai IPO, India’s biggest, gets $5.5 billion in bids despite subdued retail interest

By Nandan Mandayam, Hritam Mukherjee and Aditya Kalra (Reuters) -Hyundai Motor India’s $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation. Hyundai Motor’s first listing outside South Korea is India’s largest and the world’s second-largest IPO of 2024, …

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