Reuters India - Squid Business

India’s BHEL reports bigger-than-expected Q1 loss on rise in expenses

BENGALURU (Reuters) – India’s state-owned Bharat Heavy Electricals Ltd (BHEL) reported a bigger-than-expected loss for the first quarter on Friday, hurt by higher expenses. The power generation equipment manufacturer’s standalone net loss widened to 3.52 billion rupees ($42.5 million) in the quarter ended June 30, from 1.92 billion rupees a year earlier. Analysts, on average, …

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Rupee likely to remain under pressure on rising US yields

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee is expected to remain under pressure on Friday after longer maturity U.S. yields reached the highest level this year. Non-deliverable forwards indicate the rupee will open slightly weaker to the U.S. dollar from 82.7225 in the previous session. The rupee on Thursday reached 82.81, the lowest …

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Indian shares set to open higher tracking Asian peers

BENGALURU (Reuters) – Indian shares are set to open marginally higher on Friday, tracking Asian peers on hopes of measures to support economic recovery in China. India’s GIFT Nifty on the NSE International Exchange was up 0.16% at 19,483, as of 8:13 a.m. IST Both the Nifty 50 and Sensex slid 2% each over the …

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India reviews production incentive scheme amid overhaul push – source

By Shivangi Acharya NEW DELHI (Reuters) – India’s top bureaucrat reviewed a production-linked incentive scheme on Thursday amid a push from industry for faster payouts to improve the programme that aims to boost investment in manufacturing, a government official said. The scheme is crucial to boosting the broader Indian economy which has been starved of …

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Gold at three-week low as higher dollar, yields dim shine

By Brijesh Patel (Reuters) – Gold was near a more than three-week low on Thursday, dragged by a robust dollar and elevated bond yields, while investors remained cautious ahead of July U.S. nonfarm payrolls data. Spot gold was flat at $1,933.80 per ounce by 2:34 p.m. EDT (1834 GMT), after hitting its lowest since July …

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Some Mumbai residents risk safety for affordable, central housing

By Francis Mascarenhas MUMBAI (Reuters) – *Photo essay: Amid the luxury towers and expansive villas of Mumbai’s most exclusive postcode, a crumbling apartment block exemplifies the risks some people are willing to take to live in one of the world’s most expensive property markets. Some 600 people, mainly middle-class civil servants and their families, live …

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Tesla discusses India plans with commerce minister Goyal in Delhi -sources

By Aditya Kalra and Shivangi Acharya NEW DELHI (Reuters) – India’s Commerce Minister Piyush Goyal met senior U.S.-based Tesla executives last week in a closed-door meeting to discuss the carmaker’s plans to establish a manufacturing plant in the country, two people with direct knowledge of the matter told Reuters. Tesla has expressed an interest in …

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India drug regulator finds counterfeit medicines worth 20 million rupees in raid

(Reuters) – India’s drug regulator recovered counterfeit medicines worth more than 20 million rupees ($241,666) after a raid last month in the eastern city of Kolkata, the federal health ministry said on Thursday. The raid, carried out by the Central Drugs Standard Control Organisation, found counterfeit copies of leading brands by manufacturers like Cipla, Sun …

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India’s LIC Housing Finance Q1 profit jumps on strong loan demand

(Reuters) – India’s LIC Housing Finance on Thursday reported a 43% rise in first-quarter profit, helped by strong demand for housing loans. The company posted a profit after tax of 13.24 billion rupees ($159.95 million) for the quarter ended June 30, from 9.25 billion rupees an year ago. Housing demand in India has risen in …

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India’s Bharti Airtel beats Q1 revenue view on 4G subscriber growth

By Nishit Navin BENGALURU (Reuters) -Bharti Airtel, India’s No.2 telecom carrier by users, posted a bigger-than-expected rise in quarterly revenue on Thursday as it signed up more subscribers for its higher-priced 4G services and benefited from tariff hikes in its base plans. Airtel, market leader Reliance Jio and other telcos have a dual focus of …

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