Reuters India

India’s Tata Steel posts Q3 profit as lower costs counter weak revenue

BENGALURU (Reuters) – India’s Tata Steel reported a third-quarter profit on Wednesday, as declining expenses more than offset lower revenue due to weak domestic prices. Subdued local prices due to cheaper shipments from top producer China hurt the country’s steelmakers in the October-December period, despite sustained domestic demand. The quarter partly coincided with an eight-month …

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India’s PNB Housing Finance posts Q3 profit rise on lower expenses

BENGALURU (Reuters) – India’s PNB Housing Finance reported a nearly 26% rise in third-quarter profit on Wednesday, as lower overall expenses made up for dipping interest income. The company, a unit of state-run lender Punjab National Bank, said its consolidated net profit rose to 3.38 billion rupees (nearly $41 million) for the quarter ended Dec. …

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India approves 85 billion rupees in incentives for coal gasification

NEW DELHI (Reuters) – India’s cabinet on Wednesday approved plans to provide incentives worth 85 billion rupees ($1.02 billion) for projects to convert coal into gas, the coal and mines minister said, as it seeks to reduce its reliance on imported fuel. The financial assistance by the government will include 40.5 billion rupees for Public …

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India’s TVS, Bajaj Auto forecast challenges to export recovery

By VarunVyas Hebbalalu, Nandan Mandayam and Kashish Tandon BENGALURU (Reuters) -India’s TVS Motor and Bajaj Auto on Wednesday forecast lingering challenges to recovery in exports, even as both beat third-quarter profit estimates. Successive festive and wedding seasons, periods when Indians prefer to make big-ticket purchases, helped TVS and Bajaj Auto post profits comfortably above analyst …

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Cricket-England’s Bashir granted visa for India but still misses first test

By Amlan Chakraborty HYDERABAD, India (Reuters) -Spinner Shoaib Bashir has been ruled out of England’s opening test against India following a visa delay, now resolved, an episode that has marred the buildup to the five-match series between the sides beginning in Hyderabad on Thursday. Bashir, who is of Pakistani heritage, returned to London from Abu …

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India’s Blue Dart Express posts rise in profit on festive demand

(Reuters) – Indian logistics services provider Blue Dart Express reported a flat third-quarter profit on Wednesday, snapping four straight quarters of profit fall, driven by festive season-induced demand recovery. Consolidated net profit rose to 888.9 million Indian rupees ($10.70 million) from 886.6 million rupees a year ago in the December quarter, the Deutsche Post DHL …

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India’s Container Corp posts higher Q3 profit on growing cargo volumes

BENGALURU (Reuters) – Container Corporation of India (Concor) reported a jump in third-quarter profit on Wednesday, supported by growth in volumes of cargo handled that eclipsed higher freight prices being passed to consumers. The state-owned company reported a consolidated net profit of 3.31 billion rupees ($39.8 million) for the quarter ended Dec. 31, up 12% …

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India’s Tech Mahindra misses Q3 profit view on muted spending in key segments

MUMBAI/BENGALURU (Reuters) -India’s Tech Mahindra posted a 60.6% drop in third-quarter net profit on Wednesday, missing estimates as clients continued to hold back spending in communications and banking segments. The fifth-largest Indian IT services company’s net profit fell to 5.10 billion rupees ($61.36 million) for the three months ended Dec. 31, 2023, from 12.97 billion …

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India must approve GIFT City listings with investors from bordering nations

By Nikunj Ohri and Jayshree P Upadhyay NEW DELHI (Reuters) – Indian government approval will be needed if a local company with shareholders from neighbouring countries such as China wants to list on exchanges registered in a new financial hub, according to rules issued on Wednesday. The rules lay out how companies can list their …

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