Reuters India - Squid Business

Indian banks’ bad loan ratio could improve from 10-yr lows – RBI

By Siddhi Nayak MUMBAI (Reuters) – The Indian banking sector’s bad loan ratio could improve to 3.6% by March 2024 from a 10-year low of 3.9% in March 2023, provided macroeconomic conditions don’t worsen, the Reserve Bank of India’s (RBI) financial stability report showed on Wednesday. The report includes contributions from all financial sector regulators …

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Rupee range-bound amid more Fed rate hike bets

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee held a narrow range on Wednesday after a fresh set of U.S. data strengthened bets of more rate hikes by the Federal Reserve. The rupee ended at 82.0550 to the dollar, marginally higher than 82.0250 in the previous session. The rupee in three sessions this week …

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Indian shares hit record highs; Nifty closes a notch below 19,000

By Bharath Rajeswaran BENGALURU (Reuters) -India’s blue-chip Nifty 50 and Sensex indexes rallied to hit record highs on Wednesday, lifted by gains in some Adani group stocks and heavyweight financials on the back of persistent foreign buying, stable macros and steady corporate earnings. The Nifty 50 rose as much as 1.03% to a record high …

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Goldman CEO says India has high growth trajectory – ET

(Reuters) – Goldman Sachs Chief Executive Officer David Solomon said India now had a very high growth trajectory, with a predicted growth of 6-7% over the next three years, the Economic Times reported on Wednesday. Global CEOs are thinking about India as a big growth opportunity while recognising some of the challenges with investing in …

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India gears up for multibillion-dollar battery subsidies – FT

(Reuters) -The Indian government is preparing a new multibillion-dollar subsidy scheme for companies making electricity grid batteries as part of its transition to clean energy, the Financial Times reported on Wednesday, citing a power ministry proposal. The draft proposal for a production-linked incentive subsidy scheme would offer 216 billion rupees ($2.63 billion) from this year …

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Edtech startup Byju’s making up shortfall to India pension fund

NEW DELHI (Reuters) -Indian education technology startup Byju’s has made up a shortfall in payments to a national pension fund, a lawyer representing the company – which is battling a U.S. lawsuit over a $1.2 billion loan – told Reuters on Tuesday. The comments from Zulfiquar Memon of MZM Legal came after labour ministry sources …

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Prosus slashes India’s Byju’s valuation to $5 billion

BENGALURU (Reuters) – Dutch-listed technology investor Prosus NV has slashed the valuation of troubled Indian edtech startup Byju’s to $5.1 billion according to its annual report, a fall of more than 75% from the startup’s $22 billion valuation last year. Prosus cut the value of its 9.6% stake in Byju’s to around $493 million in …

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Gold slips after strong US data as focus turns to Powell

By Deep Kaushik Vakil (Reuters) – Gold reversed course to slip on Tuesday after strong U.S. economic readings, while traders positioned for Federal Reserve Chair Jerome Powell’s speech and more data that could offer clues on future interest rate hikes. Spot gold dropped 0.2% to $1,918.19 per ounce by 10:37 a.m. EDT (1437 GMT), while …

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British minister: UK-India trade deal should have strong investment protections

LONDON (Reuters) – Britain’s investment minister said on Tuesday he would like to see strong investment protections in any future trade deal with India, and that the two countries could work more closely together on financial services even without a trade pact. Free trade agreement (FTA) negotiations between Britain and India were launched in January …

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RBI relaxes restrictions on HDFC Credila regarding addition of new customers

BENGALURU (Reuters) -Housing Development Finance Corporation (HDFC) on Tuesday said the Reserve Bank of India has relaxed restrictions on its education finance arm, HDFC Credila, related to the addition of new customers. The restrictions were eased after the company met RBI’s condition that the application for change in the shareholding of HDFC Credila as a …

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