NEW DELHI - India is committed to efforts to develop its restive territory of Jammu and Kashmir, Prime Minister Narendra Modi said on June 6, accusing neighbour Pakistan of seeking to destroy livelihoods there with April's deadly attack on tourists. He was speaking on his first visit to the Himalayan region since Islamist attackers targeted Hindu tourists in the popular Pahalgam area, killing 26 men, triggering hostilities between the nuclear-armed neighbours that ended in ceasefire last month....Read More
India's electric vehicle (EV) sector is staring at a potential supply chain crisis as China's tightening export controls on rare earth magnets threaten to disrupt the production of critical EV components, according to a recent Jefferies report. The report highlights that several Indian companies are struggling to import magnets -- crucial for EV motors -- from China, which dominates over 90 per cent of the world's magnet supply. With existing inventories depleting fast, Indian manufacturers fear...Read More
NEW DELHI (Reuters) -India is committed to efforts to develop its restive territory of Jammu and Kashmir, Prime Minister Narendra Modi said on Friday, accusing neighbour Pakistan of seeking to destroy livelihoods there with April's deadly attack on tourists. He was speaking on his first visit to the Himalayan region since Islamist attackers targeted Hindu tourists in the popular Pahalgam area, killing 26 men, triggering hostilities between the nuclear-armed neighbours that ended in ceasefire la...Read More
SINGAPORE, June 6 (Reuters) - GAIL (India) Ltd (GAIL.NS), opens new tab has re-sold one liquefied natural gas (LNG) cargo this week, said three market sources on Friday, as the state-run firm's storage tanks for the fuel are full amid weak power demand in India. Fewer LNG imports by GAIL, the country's largest gas distributor, could reduce India's overall appetite for the super-chilled fuel. India is the world's fourth largest LNG buyer, importing about 26 million metric tons last year as it go...Read More
June 6 (Reuters) - Bajaj Holdings and Investment (BJAT.NS), opens new tab said on Friday that it sold a 0.65% stake in financial services firm Bajaj Finserv (BJFS.NS), opens new tab for 20.02 billion rupees ($233.8 million) via a block deal. On Thursday, news channel ET Now had reported, citing sources, that Bajaj Finserv's founding firm Jamnalal Sons and Bajaj Holdings and Investment would sell a combined 1.58% stake in the financial services firm via block deals, with an option to sell an add...Read More
NEW DELHI (Reuters) -Elon Musk's Starlink has received a key licence from India's telecoms ministry, sources with knowledge of the matter told Reuters on Friday, clearing a major hurdle for the satellite provider and taking it closer to launching commercial operations in India. Starlink is the third company to get a licence from India's Department of Telecommunications, which has approved similar applications by Eutelsat's OneWeb and Reliance Jio to provide services in the country. Starlink an...Read More
June 6 (Reuters) - GAIL (India)'s (GAIL.NS), opens new tab Dabhol LNG Terminal in the western state of Maharashtra received its first liquefied natural gas (LNG) cargo during the traditionally disruptive monsoon rains on June 2, the gas transporter said on Friday. This marks the start of year-round operations at the terminal, the company said in a press release. The commissioning of a breakwater facility -- structures that protect a port against high tides -- at the terminal last month allows ...Read More
MUMBAI, June 6 (Reuters) - India's central bank will release final regulations for gold lending by Monday, with more relaxed norms for small-ticket lending, governor Sanjay Malhotra said on Friday. In April, the Reserve Bank of India had proposed stricter rules for monitoring and disbursement of gold loans, which are often used by low-income borrowers. The RBI had sought comments on the proposed rules by the middle of May. Last week, the federal finance ministry sought relaxations to the propo...Read More
MUMBAI (Reuters) -India's central bank will release final regulations for gold lending by Monday, with more relaxed norms for small-ticket lending, governor Sanjay Malhotra said on Friday. In April, the Reserve Bank of India had proposed stricter rules for monitoring and disbursement of gold loans, which are often used by low-income borrowers. The RBI had sought comments on the proposed rules by the middle of May. Last week, the federal finance ministry sought relaxations to the proposed rules...Read More
June 6 (Reuters) - Shares of India's IndusInd Bank (INBK.NS), opens new tab rose as much 5.3% on Friday after a deputy governor at the country's central bank said "things should settle down soon" at the lender, which has grappled with accounting lapses. IndusInd said in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31. Separately, an internal audit of its microfinance business found that aroun...Read More
MUMBAI, June 6 (Reuters) - The Reserve Bank of India cut its key repo rate by a larger-than-expected 50 basis points on Friday to focus on supporting economic growth. The Monetary Policy Committee (MPC), which consists of three RBI officials and three external members, cut the repo rate (INREPO=ECI), opens new tab to 5.50%. It also changed the monetary policy stance to neutral from accommodative. The RBI cut the standing deposit facility rate to 5.25% and adjusted the marginal standing facili...Read More
MUMBAI, June 6 (Reuters) - India's foreign exchange reserves (INFXR=ECI), opens new tab stood at $691.5 billion as of May 30, the governor of the country's central bank said on Friday, down $1.2 billion from the previous week and coming off near-eight month highs. The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve...Read More
MUMBAI (Reuters) -India's foreign exchange reserves stood at $691.5 billion as of May 30, the governor of the country's central bank said on Friday, down $1.2 billion from the previous week and coming off near-eight month highs. The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve Bank of India Governor Sanjay Malho...Read More
[MUMBAI] The Reserve Bank of India (RBI) cut its key repo rate by a larger-than-expected 50 basis points on Friday, a third consecutive reduction, and slashed the reserve ratio for banks as muted inflation provided space for policymakers to focus on supporting economic growth. The Monetary Policy Committee (MPC), which consists of three RBI officials and three external members, cut the repo rate to 5.50 per cent. It has now cut rates by 100 basis points in 2025, starting with a quarter-point re...Read More
MUMBAI (Reuters) -The Reserve Bank of India (RBI) cut its key repo rate by a larger-than-expected 50 basis points on Friday, a third consecutive reduction, and slashed the reserve ratio for banks as muted inflation provided space for policymakers to focus on supporting economic growth. The Monetary Policy Committee (MPC), which consists of three RBI officials and three external members, cut the repo rate to 5.50%. It has now cut rates by 100 basis points in 2025, starting with a quarter-point r...Read More
June 6 (Reuters) - The Reserve Bank of India (RBI) cut its key repo rate by a larger-than-expected 50 basis points (bps) on Friday, a third consecutive reduction, as muted inflation provided space for policymakers to focus on supporting economic growth. The Monetary Policy Committee (MPC), which consists of three RBI officials and three external members, cut the repo rate (INREPO=ECI), opens new tab to 5.50%. It has now cut rates by 100 basis points in 2025, starting with a quarter-point reduc...Read More
MUMBAI, June 6 (Reuters) - India's central bank on Friday, in a surprise move, cut the cash reserve ratio (CRR), which banks are required to hold, by 100 basis points to 3% with an aim to accelerate policy transmission and boost lending. CRR is the proportion of deposits that banks need to set aside as cash. The cut would be done in four equal tranches staring from September to November and would release 2.5 trillion rupees ($29.13 billion) in the banking system, Reserve Bank of India Governor...Read More
MUMBAI, June 6 (Reuters) - The Reserve Bank of India (RBI) cut its key repo rate by a larger-than-expected 50 basis points on Friday, a third consecutive reduction, as muted inflation provided space for policymakers to focus on supporting economic growth. The Monetary Policy Committee (MPC), which consists of three RBI officials and three external members, cut the repo rate (INREPO=ECI), opens new tab to 5.50%. It has now cut rates by 100 basis points in 2025, starting with a quarter-point redu...Read More
NEW DELHI, June 5 (Reuters) - Indian and U.S. are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources said, with an announcement likely later this month. A U.S. delegation led by senior officials from the Office of the United States Trade Representative (USTR) began closed-door, two-day discussions in New Delhi on Thursday with Indian trade officials headed by chief negotiator Rajesh Agrawa...Read More
June 5 (Reuters) - India's new test captain Shubman Gill knows he has big shoes to fill after the retirements of Rohit Sharma and Virat Kohli but he wants to develop his own style of leadership, he said on Thursday. Rohit and Kohli, former skippers and batting mainstays of the team, both quit test cricket weeks before the start of India's five-test series in England. Gill, 25, impressed as captain of Indian Premier League (IPL) side Gujarat Titans, leading them to the playoffs. "The pressure ...Read More
BENGALURU, June 5 (Reuters) - In a major expansion of their partnership, Apple has entrusted India's Tata Group with handling after-sales repairs for iPhones and MacBooks in the rapidly growing Indian market. This move further cements Tata's rising stature as a key player in Apple's global supply chain, according to two people familiar with the development. The decision is part of Apple's broader push to reduce its manufacturing dependency on China and strengthen its foothold in India, the worl...Read More
NEW DELHI (Reuters) -Airline bosses are tentatively voicing greater confidence in Boeing's ability to deliver jets at the right quality in a step towards ending years of reputational damage for the embattled planemaker. An annual summit of airline leaders in New Delhi this week struck a more optimistic tone about Boeing's recovery from overlapping safety, regulatory and industrial crises, though executives stressed Boeing still had much work left to do. "What we've seen quarter to quarter is a...Read More
NEW DELHI, June 5 (Reuters) - France's Dassault Aviation and India's Tata Advanced Systems have agreed to manufacture the fuselage of the Rafale fighter aircraft in India, the companies said on Thursday, the first time it will be produced outside France. India, the world's biggest arms importer, has been looking to step up domestic production and boost defence exports, which jumped 12% in the fiscal year to end-March, to $2.76 billion. Tata will set up a production facility in the southern cit...Read More
Sample of Earth Minerals. (Representative) Quick Read Summary is AI generated, newsroom reviewed. India is negotiating with companies to create long-term rare earth magnet stockpiles. The initiative aims to reduce dependence on China, which controls 90% of magnet processing globally. The government is considering fiscal incentives to boost domestic production of rare earth magnets. New Delhi: India is holding talks with companies to establish long-term stockpiles of rare earth magnets by ...Read More
June 5 (Reuters) - The founding firms of India's Bajaj Finserv (BJFS.NS), opens new tab will sell at least a 1.58% stake they own in the financial services company in a deal worth 47.5 billion rupees ($554 million), news channel ET NOW reported on Thursday, citing sources. The firms, which include Jamnalal Sons and Bajaj Holdings and Investment (BJAT.NS), opens new tab, will sell the 25.3 million shares they own in the secondary market at a floor price of 1,880 rupees per share, the report said...Read More
BENGALURU, India, June 5 (Reuters) - Indian Premier League franchise Royal Challengers Bengaluru have pledged one million Indian rupees ($11,654) to each family of the 11 fans who died in a crowd surge outside the team's home stadium on Wednesday during celebrations following their maiden IPL title. The franchise will also launch a support fund for the injured. At least 11 people died and 47 were injured in the crowd surge as thousands of people lined the streets around the Chinnaswamy Stadium ...Read More
NEW DELHI, June 5 (Reuters) - Indian and U.S. are holding high-level talks this week, aiming to finalise tariff cuts in sectors such as farm and automobiles as part of an interim deal, two government sources said, with an announcement likely later this month. A U.S. delegation led by senior officials from the Office of the United States Trade Representative (USTR) began closed-door, two-day discussions in New Delhi on Thursday with Indian trade officials headed by chief negotiator Rajesh Agrawa...Read More
Investing.com -- India is in discussion with various companies to create long-term reserves of rare earth magnets. The government also aims to encourage domestic production by offering fiscal incentives, according to a Reuters report on Thursday. The government, led by Prime Minister Narendra Modi, is keen to expand domestic manufacturing capabilities to ease the dependence on China. It is contemplating offering production-based fiscal incentives to businesses, the report added. The Ministry o...Read More
NEW DELHI (Reuters) -This year's Asia Cup hangs in the balance following the recent clashes between tournament hosts India and arch-rivals Pakistan. Already-soured relations between the nuclear-armed neighbours further worsened after four days of intense fighting before a ceasefire was announced last month. India are scheduled to host the Asia Cup, a flagship event of the Asian Cricket Council (ACC), in September but uncertainty lingers over the T20 tournament. "To be honest, we have had no d...Read More
NEW DELHI (Reuters) -India estimates a "minor impact" from U.S. President Donald Trump's plan to increase tariffs on steel and aluminium products as the South Asian country exports low volumes to Washington, the federal steel minister said on Monday. Trump said last week he intends to increase tariffs on imported steel and aluminium to 50% from 25% currently, spurring declines on Monday in steelmakers' stocks in South Korea and Vietnam - major Asian exporters to the U.S. Roughly a quarter of a...Read More