NEW DELHI (Reuters) – India’s gasoline demand will likely recover from late August, while diesel consumption is expected to stay weak, an official at refiner Hindustan Petroleum Corp Ltd (HPCL) said on Monday. The local sale of diesel by private refiners is also denting sales by state-run companies, the official said. The official did not …
India’s gasoline demand likely to recover from late August – HPCL exec Read More »
(Reuters) – U.S. startup Fisker said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year. The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local …
Fisker to sell limited edition electric SUVs in India by fourth quarter Read More »
MUMBAI (Reuters) – The Reserve Bank of India (RBI) bought $7.37 billion in the spot foreign exchange market in May, showed data released on Monday as part of the central bank’s monthly bulletin.   The RBI did not sell any dollars in the reported month, the data showed. In April, the central bank had bought a …
India cenbank buys $7.37 billion in spot forex market in May – bulletin Read More »
MUMBAI (Reuters) – HDFC Bank, India’s largest private lender, on Monday reported a bigger-than-expected 30% jump in first-quarter profit, helped by higher net interest income (NII) and strong loan growth. The lender’s standalone net profit was at 119.52 billion rupees ($1.46 billion), up from 91.96 billion rupees a year ago. Analysts had expected a profit …
India’s HDFC Bank posts bigger-than-expected jump in Q1 profit Read More »
BENGALURU (Reuters) – Mattress maker Sheela Foam on Monday said it will buy a nearly 95% stake in rival Kurlon for 21.5 billion rupees ($262.09 million) in a cash deal as it eyes a bigger share in India’s mattress market. Shares of the company, which makes the “Sleepwell” brand of mattresses, had jumped about 6% …
India’s Sheela Foam to buy mattress maker Kurlon for $262 million Read More »
By Sarita Chaganti Singh and Shivangi Acharya GANDHINAGAR, India (Reuters) – Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries …
Debt restructuring talks at G20 meet hurt by differences, low attendance Read More »
BENGALURU (Reuters) – Indian design and technology services firm Tata Elxsi on Monday posted its smallest rise in profit in 15 quarters. The company’s profit rose marginally by 2.2% year-on-year to 1.89 billion rupees ($23 million) in the quarter ended June 30, while revenue from operations climbed 17.1% to 8.5 billion rupees ($103.6 million). For …
India’s Tata Elxsi posts smallest profit growth in nearly four years Read More »
By Adnan Abidi and Gabrielle Fonseca Johnson NEW DELHI (Reuters) – People living near a river running through India’s capital began returning to their homes on Monday as floodwaters receded five days after the Yamuna overflowed into the city. The Yamuna River rose to its highest in 45 years last week following unusually heavy rainfall …
People living near Yamuna River in New Delhi return home as waters recede Read More »
By Neha Arora NEW DELHI (Reuters) – Indian traders have been scooping up Chinese steel at a deep discount, industry officials and analysts said, spooking Indian producers ahead of a seasonal pick up in domestic demand. Lured by discounts of $30 to $50 a tonne on hot-rolled and cold-rolled products, Indian buyers are signing a …
Indian traders scoop up cheaper Chinese steel – industry execs say Read More »
BENGALURU (Reuters) – India’s LTIMindtree reported a lower-than-expected first-quarter profit on Monday as some of its clients cut spending due to a challenging macroeconomic environment, while higher employee-related expenses ate into margins. The IT services and consulting firm’s consolidated net profit after tax rose 4.1% to 11.52 billion rupees ($140.44 million) for the three months …
India’s LTIMindtree misses Q1 profit view as clients cut spending Read More »
