Reuters India - Squid Business

India’s Reliance-backed Dunzo defers pending salary dues till Sept – memo

BENGALURU (Reuters) -Indian on-demand delivery platform Dunzo on Wednesday informed employees that pending salaries since June would be delayed until September, according to an internal email seen by Reuters. Dunzo, backed by Indian conglomerate Reliance, has recently found itself in the middle of a cash shortage, forcing it to reduce 50% of its dark stores, …

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At least 16 killed by suspected electrocution in north Indian state

LUCKNOW (Reuters) – At least 16 people were killed and another six injured in a suspected case of electrocution in the north Indian state of Uttarakhand on Wednesday morning, government officials said. The incident took place inside a sewage treatment plant established in the Himalayan state’s Chamoli district as part of a flagship programme of …

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Rupee to track yuan’s slide at open, eyes 82.20/USD

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee is expected to decline on Wednesday, pressured by the yuan’s fall on worries over China’s growth outlook. Non-deliverable forwards indicate the rupee will open at 82.08-82.12 to the U.S. dollar, compared with 82.03 on Tuesday. With the yuan “back to losing ways”, the rupee will struggle …

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UAE’S ADNOC Gas agrees $7 billion-$9 billion 14-year LNG agreement with Indian Oil Corp -statement

DUBAI (Reuters) – Abu Dhabi’s ADNOC Gas on Tuesday announced a 14-year $7 billion-$9 billion deal with Indian Oil Corp to supply 1.2 million metric tonnes of liquefied natural gas (LNG) per year, ADNOC said in a statement. The deal was signed during Prime Minister Narendra Modi’s Visit to the United Arab Emirates (UAE) last …

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Gold advances over 1% as traders bet on Fed rate pause

By Ashitha Shivaprasad (Reuters) – Gold rose over 1% on Tuesday to a more than one-month high, bolstered by a softer dollar and lower Treasury yields, with investors betting that recent U.S. economic readings make the case for a pause in the Federal Reserve’s interest rate hikes. Spot gold was up 1.1% at $1,975.49 per …

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Tata to choose UK for new EV battery plant – source

By Muvija M and Alistair Smout LONDON (Reuters) – India’s Tata is expected to announce on Wednesday that it has chosen to build an electric vehicle battery plant in Britain, a source familiar with the matter said, a win for the country’s automotive industry amid stiff global competition. Tata had been choosing between a site …

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Indian opposition parties form ‘INDIA’ alliance, Modi calls them opportunists

By YP Rajesh NEW DELHI (Reuters) -More than two dozen Indian opposition parties said on Tuesday that they had formed an alliance called “INDIA” to challenge Prime Minister Narendra Modi’s ruling Bharatiya Janata Party (BJP) in parliamentary elections next year. The alliance said in a statement that the BJP was assaulting the character of the …

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Several G20 members condemn Russia quitting Black Sea grain deal

By Shivangi Acharya and Sarita Chaganti Singh GANDHINAGAR, India (Reuters) -Several G20 members condemned Russia’s move to quit an agreement that allowed safe export of grain from Ukraine, India’s finance minister said on Tuesday, as concerns rise in poorer countries over a rise in food prices following Moscow’s decision. Russia halted participation in the United …

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India’s Vedanta says it’s awaiting govt nod for semiconductor plant in Gujarat

BENGALURU (Reuters) -India’s Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country’s western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The metals-to-oil conglomerate has engaged with more than 100 global suppliers …

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CIE Automotive India’s Q2 profit surges on robust domestic, European demand

BENGALURU (Reuters) – Auto components supplier CIE Automotive India on Tuesday reported a 60% jump in second-quarter profit, boosted by the growth in Indian and European markets. The unit of Spain’s CIE Automotive reported a consolidated net profit of 3.02 billion rupees ($36.8 million) for the quarter ended June 30, compared to 1.89 billion rupees …

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