Reuters India - Squid Business

India, ADB sign $1.2 billion loan agreements for infrastructure projects

NEW DELHI (Reuters) – The Indian government and the Asian Development Bank (ADB) on Tuesday signed loan agreements totalling $1.22 billion for developing infrastructure in various Indian states, a statement from the finance ministry said. The agreements would cover projects for improving the power sector and highways in the northeastern states of Tripura and Assam, …

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Cricket-BCCI invites bids to operate women’s IPL teams

(Reuters) – The Indian cricket board (BCCI) on Tuesday invited bids for the right to “own and operate” teams in the first ever women’s Indian Premier League (IPL). In December, the BCCI also floated tenders for the women’s league’s media rights for the 2023-27 cycle. “The Governing Council of the IPL invites bids from reputed …

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India raises windfall tax on crude, diesel, aviation fuel

(This Jan. 2 story has been corrected to show India is a major, not top, crude importer in paragraph 4) (Reuters) – India has raised its windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised the windfall tax on crude oil to 2,100 rupees …

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SBI to issue second tranche of infra bonds to meet credit growth – official

By Siddhi Nayak and Dharamraj Dhutia MUMBAI (Reuters) – The State Bank of India has approved raising another 100 billion rupees ($1.21 billion) through infrastructure bonds this quarter to fund credit growth, an official at the nation’s largest lender said on Tuesday. The executive committee of the bank’s central board, at a meeting held earlier …

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India aims for $17 billion cut in food, fertiliser subsidies in 2023/24 – sources

By Sarita Chaganti Singh and Nikunj Ohri (Reuters) – India aims to cut spending on food and fertiliser subsidies to 3.7 trillion rupees ($44.6 billion) in the fiscal year from April, down 26% from this year, two government officials said, to rein in a fiscal deficit that ballooned during the COVID-19 pandemic. Food and fertiliser …

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India govt to take final call on selling wheat in open market in 10 days – sources

By Sarita Chaganti Singh and Nikunj Ohri (Reuters) – The Indian government is considering selling 2.1 million tonnes of wheat in open market to control food inflation and a final decision will be taken in the next 10 days, two government officials told Reuters on Tuesday. The intervention is being planned by the government via …

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Rupee’s threat to slip below 83/USD likely nipped by cenbank

By Nimesh Vora MUMBAI (Reuters) – The Indian rupee declined against the U.S. currency on Tuesday, fuelled by the dollar’s surge versus its major peers and importer hedging, though the Reserve bank of India’s likely intervention kept the drop short of the 83-per-dollar mark. The rupee closed at 82.8800 per U.S. dollar, down from 82.7375 …

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Indian shares extend gains, powered by financials’ surge

BENGALURU (Reuters) – Indian shares extended gains for the second session on Tuesday, helped by an uptick in financials on strong quarterly updates. The Nifty 50 index closed 0.19% higher at 18,232.55, while the S&P BSE Sensex rose 0.21% to 61,294.20. The Nifty 50 has seen support at the 100-day moving average (DMA) level and …

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Bond yields dip on value purchase at start of the New Year

By Dharamraj Dhutia MUMBAI (Reuters) – Indian government bond yields ended lower on Tuesday as investors sought out value purchases at the start of a new quarter as well as the calendar year. The benchmark 10-year yield ended at 7.3211%, after ending at 7.3398% on Monday — its highest since Nov. 10. “Rates (yields) are …

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Cricket-India’s Bumrah included in ODI squad to face Sri Lanka

(Reuters) – India’s pace spearhead Jasprit Bumrah has recovered from a back injury and has been included in the one-day international (ODI squad to play Sri Lanka in a three-match series this month, the country’s cricket board (BCCI) said on Tuesday. Bumrah has been out of action since September due to a back injury that …

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