Reuters India

India’s Asian Paints tops Q3 profit view on strong decorative business

BENGALURU (Reuters) -India’s top paintmaker Asian Paints reported a larger-than-expected rise in third-quarter profit on Wednesday, helped by strong sales in its mainstay decorative business. Consolidated net profit rose about 35% to 14.48 billion rupees ($174.15 million) in the quarter ended Dec. 31, it said in a filing, surpassing analysts’ expectations of 14.04 billion rupees …

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HDFC Bank sparks worst day for India’s Nifty, Sensex since June 2022

By Bharath Rajeswaran BENGALURU (Reuters) -India’s blue-chip indexes posted their worst session in 19 months on Wednesday, led by a slide in top private lender HDFC Bank after its quarterly results. The blue-chip NSE Nifty 50 shed 2.09% to 21,571.95, while the S&P BSE Sensex lost 2.23% to 71,500.76. Both indexes posted their biggest single-day …

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Fund flows to Indian IT stocks set to rise on positive earnings surprise – analysts

By Bharath Rajeswaran and Haripriya Suresh BENGALURU (Reuters) – Fund flows into India’s information technology stocks both from local and global investors are expected to rise gradually over the next two quarters, led by growing optimism for a soft landing of the U.S. economy and better-than-expected earnings, analysts said. Shares of India’s IT companies, which …

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India’s HDFC Bank posts worst day in nearly 4 years on margin concerns

BENGALURU (Reuters) -Shares of India’s HDFC Bank fell more than 8% on Wednesday, their worst day since March 2020, after the country’s biggest private lender reported weak margins for a second consecutive quarter. While HDFC Bank’s standalone net profit for the third fiscal quarter beat analyst estimates, its core net interest margin (NIM) on total …

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India to keep diversifying oil supply, accelerate energy transition -Oil Minister

By Una Galani DAVOS, Switzerland, Jan 17 (Reuters) – Supply cuts by OPEC+, costly shipments from some traditional Middle East suppliers and geopolitical tension is driving India, the world’s third biggest oil importer, to diversify its crude sources and accelerate its energy transition, its Oil Minister Hardeep Singh Puri said. “Whenever there is vulnerability and …

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India may earmark $48 billion for next year’s food, fertiliser subsidies

By Sarita Chaganti Singh and Mayank Bhardwaj NEW DELHI (Reuters) – India may earmark about 4 trillion rupees ($48 billion) for food and fertiliser subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year’s general election. Food and fertiliser subsidies account for about one-ninth of India’s total budget …

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India plans budget incentives for low-cost housing ahead of elections: sources

By Manoj Kumar NEW DELHI (Reuters) – India plans to announce an extension to Prime Minister Narendra Modi’s flagship federal housing scheme in next month’s budget and an increase in available subsidies for low-cost housing loans, three sources said, ahead of elections this year. Finance Minister Nirmala Sitharaman, who will present an interim budget on …

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Gold dips over 1% as dollar, yields rise on hawkish remarks by Fed’s Waller

By Anushree Ashish Mukherjee (Reuters) – Gold prices fell over 1% on Tuesday, pressured by a firmer dollar and higher U.S. Treasury yields after Federal Reserve Governor Christopher Waller’s hawkish remarks on interest rate cuts this year, but safe-haven buying limited bullion’s downside. Spot gold was down 1.3% at $2,027.26 per ounce as of 2:36 …

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Target seeing some disruption of India supplies due to Red Sea crisis

By Siddharth Cavale NEW YORK (Reuters) -U.S. retailer Target is experiencing some disruptions of shipments from India and Pakistan, a big region for apparel manufacturing, due to the crisis in the Red Sea, a source familiar with the matter told Reuters on Friday, calling the effect “minor” overall. The company has faced delays in receiving …

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