Reuters India - Squid Business

Adani Enterprises weighs exiting $6 billion Wilmar venture – Bloomberg News

(Reuters) -India’s Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International, Bloomberg News reported on Tuesday, citing people familiar with the matter. The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar for a few months, according to the report. The India-based fast-moving consumer …

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Gold drops to near one-month low as dollar rallies

By Brijesh Patel (Reuters) – Gold prices fell to a near one-month low on Tuesday as investors took refuge in the dollar after weak Chinese trade data, while caution prevailed ahead of U.S. inflation figures later this week. Spot gold slipped 0.6% to $1,925.79 an ounce by 01:46 p.m. EDT (1746 GMT), after hitting its …

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India broadens access to ‘vostro’ accounts to facilitate rupee trade

(Reuters) – India has allowed banks in 22 partner countries, including Russia and the United Kingdom, to open “vostro” accounts in the country, the government told parliament on Tuesday, to help facilitate trade in rupees. Vostro accounts are accounts a domestic bank typically holds on behalf of a foreign bank, denominated in the currency of …

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Indian gaming platform MPL to lay off 350 employees to “survive” after govt tax – memo

By Aditya Kalra NEW DELHI/BENGALURU (Reuters) -Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to “survive” a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government’s decision last …

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Walmart buys out $1.4 billion Tiger Global stake in India’s Flipkart – WSJ

(Reuters) -Walmart has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel’s remaining 1% stake in the company as well, media reports said on Monday. The Wall Street Journal said Walmart bought the shares from Tiger Global recently, valuing the Indian …

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Coal India posts Q1 profit fall on higher wage provisions

BENGALURU (Reuters) – Coal India reported a fall in quarterly profit for a second straight quarter on Tuesday, as the world’s largest coal miner made higher provisions for wage hikes. Consolidated net profit fell nearly 10% to 79.71 billion rupees ($962.4 million) for the first quarter ended June 30, the state-run company said in an …

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India’s fuel demand slips to 10-month low in July

(Reuters) – India’s fuel consumption slipped to a 10-month low in July, government data showed on Tuesday, as monsoon rains restricted mobility in the world’s third-biggest oil importer and consumer. Total consumption in July, a proxy for oil demand, totalled 18.09 million tons, down 6.6% from June. However, it was up 2% compared with the …

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India says cheetah deaths not alarming, to consult experts

By Blassy Boben NEW DELHI (Reuters) – India is taking steps to ensure the wellbeing of cheetahs brought from southern Africa, the government has told the Supreme Court, as concerns rise over the deaths of the world’s fastest land animal re-introduced into India after 70 years. Six adult cheetahs out of the 20 imported from …

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Oil India’s Q1 profit rises marginally as lower costs outweigh rev drop

BENGALURU (Reuters) – Oil India reported a marginal rise in first-quarter profit on Tuesday as a fall in expenses offset a dip in revenue on the back of a drop in crude prices. The oil explorer’s profit rose 4% to 16.13 billion rupees ($194.8 million) for the quarter ended June 30 from a year earlier. …

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India’s rice export ban could hit planting, farm income -farmers’ body

By Mayank Bhardwaj and Rupam Jain NEW DELHI (Reuters) – Rice planting in India could fall by 5% as New Delhi’s decision to ban non-basmati white rice exports will cut farm income and encourage growers to switch to other crops, a leading farmers’ group with close ties to the ruling Bharatiya Janata Party said. The …

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