NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC (NMDC.NS), opens new tab is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters. State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics. The company plans to launch the new formula after initial tr...Read More
NEW DELHI (Reuters) -The proposed World Bowling League has received a major boost after marquee India cricketer Virat Kohli came on board as a strategic investor on Wednesday. Apart from being the leading name in international cricket, Kohli is a social media phenomenon and the third-most followed athlete on Instagram behind footballers Cristiano Ronaldo and Lionel Messi. "The World Bowling League (WBL) is pleased to announce cricketing icon Virat Kohli as a strategic investor in the league, i...Read More
MUMBAI (Reuters) -Billionaire Mukesh Ambani-led Reliance Group and U.S.-based BlackRock have received approval from India's markets regulator to start operations for their mutual fund business, the Indian company said on Tuesday. Jio Financial Services, a part of the Reliance Group, had in July 2023 announced the formation of a 50:50 joint venture with the world's largest asset manager to launch asset management services in India. The JV, Jio BlackRock Asset Management, plans to launch a range...Read More
NEW DELHI, May 23 (Reuters) - India will push the Financial Action Task Force (FATF), a global financial crime watchdog, to add arch-rival Pakistan to its "grey list", a top government source in New Delhi said on Friday. Pakistan was taken off the FATF grey list in 2022, boosting its reputation among lenders - which is essential for the crisis-hit economy. India will also oppose upcoming World Bank funding for Pakistan, amid renewed tensions between the two nuclear-armed neighbours, the govern...Read More
May 19 (Reuters) - India's Vodafone Idea had its petition to waive more than $5 billion in debt it owes the government rejected by the country's top court on Monday, dealing a hammer blow to the country's third-largest telecom company. The court also dismissed a similar petition from bigger rival Bharti Airtel, but the rejection will have a bigger impact on debt-ridden Vodafone Idea. The company's stock fell as much as 10% on Monday following the court ruling. Vodafone Idea, a joint venture b...Read More
Indian Finance Secretary Tuhin Kanta Pandey says: "Our stance is that we don't want to increase protection." India does not want to give any signal that it is protectionist, the top bureaucrat in the finance ministry said, after slashing import duties on high-end motorcycles, amid US President Donald Trump's moves on tariffs. Sunday's remarks came a day after Trump ignited a trade war with sweeping tariffs on Canada, Mexico and China. None were aimed at India, although Trump had called it a ta...Read More
New Delhi (AsiaNews) - The electoral race for the Delhi Legislative Assembly is getting tighter. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), which last year won state elections in Maharashtra and Haryana, is now trying to win back the National Capital Territory (NCT) after 30 years of opposition rule. The BJP's main adversary is the Aam Aadmi Party[*] (AAP), led by Arvind Kejriwal, at the helm of the NCT since 2013. Kejriwal, who resigned as chief minister in September due to l...Read More
India's Oil and Natural Gas Corp (ONGC) reported a 17% drop in third-quarter profit, falling to 82.40 billion rupees ($952 million) for the October-December period. India's Oil and Natural Gas Corp (ONGC) reported a third-quarter profit miss on Friday, as buoyant fuel demand failed to cushion the explorer from lower crude realisations.The state-owned firm's standalone profit fell 17% to 82.40 billion rupees ($952 million) in the October-December period, and came far below analysts' average expe...Read More
Jan 31 (Reuters) - India's LIC Housing Finance (LICH.NS), opens new tab reported a bigger-than-expected third-quarter profit on Friday, helped by healthy asset quality. The company said its profit after tax for the quarter ended Dec. 31 rose 23% to 14.32 billion rupees ($165.4 million). Analysts had expected a profit of 12.85 billion rupees, according to data compiled by LSEG. LIC Housing has seen an improvement in asset quality over the last few quarters, leading to lower funds being set asid...Read More
(Reuters) - India's Adani Total Gas reported a 20% fall in third-quarter profit on Monday, hurt by higher gas purchase costs following lower supply from the government. The Adani group company's consolidated profit fell 20% to 1.42 billion rupees ($16.4 million) in the three months ended Dec. 31, from a year ago. The government had cut cheaper gas supplies to city gas distributors like Adani Total Gas in October and November, citing lower output, but later restored in January. The company had...Read More
MUMBAI - An assailant who stabbed Bollywood actor Saif Ali Khan remains at large and nobody has yet been detained in the case, an Indian newspaper cited police as saying on Friday, contradicting earlier media reports that police were questioning a suspect. Khan was stabbed six times during a burglary attempt at his home in an upscale neighborhood in Mumbai early on Thursday. Doctors who operated on him for wounds to his spine, neck and hands have said he is out of danger. Indian television cha...Read More
MUMBAI (Reuters) - One Indian national apparently recruited by the Russian army has been killed while another was receiving treatment for injuries at a hospital in Moscow, the Indian foreign ministry said on Tuesday. Prime Minister Narendra Modi's government has "strongly taken up" the matter with Russian authorities in Moscow and with the Russian Embassy in New Delhi while reiterating its demand for the early discharge of remaining Indian nationals serving in the Russian army, the ministry sai...Read More
MUMBAI (Reuters): India's rice stocks hit a record high at the start of January, reaching eight times the government's target, while wheat stocks continued to deplete as traders urged the government to increase wheat sales amid market shortages. Higher rice stocks would enable the world's biggest exporter of the staple to accelerate exports. However, dwindling wheat stocks will likely deter the government from releasing more stock to bulk consumers. Rice reserves in state granaries, including ...Read More
BENGALURU (Reuters) - India's CESC, a power generation and distribution company, reported a fall in third-quarter profit on Friday, due to higher tax expenses and lower regulatory income. The company's consolidated profit fell 5.7% year-on-year to 2.65 billion rupees ($30.8 million) for the three months ended Dec. 31. Total tax expenses rose 27% to 800 million rupees. Regulatory income, which includes adjustments related to fuel cost, purchase of power and other fixed costs, fell to 3 billion...Read More
NEW DELHI (Reuters) - India's federal investigating agency has accused liquor giant Diageo and Sequoia Capital of making suspicious payments to a politician's firm to seek favourable government decisions, it said in a document Reuters reviewed on Friday. In the document, the Central Bureau of Investigation (CBI) says Diageo Scotland made a suspicious fund transfer to Indian politician Karti Chidambaram's firm after a 2005 ban on sale of its duty-free products hit sales of its Johnnie Walker whi...Read More
MUMBAI, Jan 10 (Reuters) - India's rice stocks hit a record high at the start of January, reaching eight times the government's target, while wheat stocks continued to deplete as traders urged the government to increase wheat sales amid market shortages. Higher rice stocks would enable the world's biggest exporter of the staple to accelerate exports. However, dwindling wheat stocks will likely deter the government from releasing more stock to bulk consumers. Rice reserves in state granaries, i...Read More
New Delhi, December 26: Russia is reportedly using Bitcoin as a means to conduct foreign trade amid Western sanctions. The development is said to come after legislative changes that allow the use of digital currencies as substitutes for regular financial systems. Russia is looking to get around Western sanctions with trading partners such as China and Turkey, by using cryptocurrencies. It can be seen as Russia's strategy to strengthen its economic ties and conduct international trade without re...Read More
NEW DELHI (Reuters) - India's sugar mills can easily export up to 2 million metric tons of the sweetener this season as domestic supply prospects improve and local prices show a downward trend, the head of a leading industry body said on Wednesday. "The supply situation looks better than initially expected, which is why the government should allow mills to export at least a million or a couple of million tons of sugar," Deepak Ballani, director general of the Indian Sugar Mills Association, tol...Read More
Dec 18 (Reuters) - India will not rush Mohammed Shami return to international cricket in the last two tests in Australia unless they are "200% sure" about the seamer's fitness, captain Rohit Sharma said on Wednesday. Shami has not played international cricket since the 50-overs World Cup last year because of an ankle injury that needed surgery. The 34-year-old, an automatic choice as India's second seamer when fit, has returned to domestic cricket to prove his fitness. The lack of support for...Read More
MUMBAI (Reuters): The Indian rupee weakened to its lifetime low on Tuesday, hurt by concerns about a widening trade deficit and likely outflows from local equities, although intervention by the central bank capped losses. The rupee hit a low of 84.93 against the US dollar, before closing at 84.8950, down 0.04% on the day. Benchmark Indian equity indexes BSE Sensex and Nifty 50, closed lower by over 1% each, dragged by weakness in financial stocks and Reliance Industries. Investor sentiment was...Read More
NEW DELHI, Dec 13 (Reuters) - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. The writer of the best-selling book "Capital in the 21st Century" called on India to follow through on a July pledge by finance ministers from the Group of 20 major economies to cooperate on effectively taxing the world's largest fortunes. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-...Read More
MUMBAI (Reuters) -Police in India's financial capital Mumbai said on Friday that they were investigating a bomb threat to the Reserve Bank of India (RBI) after it received an email in Russian warning of an explosive attack. The warning was sent to the official email address of newly appointed RBI Governor Sanjay Malhotra, a senior Mumbai police officer said. "We have registered a case, and the investigation is ongoing," the officer said. Schools, railway stations, airports and airlines in Ind...Read More
NEW DELHI (Reuters) - An Aviva business model that Indian tax officials say was used to pay agents unlawful commissions from 2017 to 2023 was rolled out internally in 2013 and approved in writing by top India executives, a confidential company document shows. Tax inspectors accuse the British insurer of engaging in a clandestine scheme involving hundreds of individuals and illegal payments of $26 million that used fake invoices to enable the commissions in excess of regulatory caps, Reuters has...Read More
NEW DELHI, India: India's antitrust body has asked the Supreme Court to hear legal challenges to an investigation of Amazon and Walmart's Flipkart e-commerce platforms. The body says those challenges, filed by Samsung, Vivo, and others at Indian high courts, aim to scuttle the probe. On December 3, the Competition Commission of India (CCI) asked the court to consolidate 23 lawsuits filed by Samsung, Vivo, and several Amazon and Flipkart vendors to speed up the resolution of an ongoing investig...Read More
NEW DELHI (Reuters) - India's retail inflation eased in November as soaring vegetable prices moderated, boosting expectations of an interest rate cut by the central bank at its next policy review amid concerns around slowing growth. Retail inflation eased in November to 5.48%, lower than 6.21% in the previous month and below a 5.53% forecast by economists in a Reuters poll. Food inflation slowed down to 9.04% from 10.87% a month earlier. Food accounts for nearly half of the consumption basket....Read More
NEW DELHI (Reuters) -- Samsung has accused India's competition watchdog of unlawfully detaining its employees and seizing data in a raid carried out in connection with an antitrust investigation on Amazon and Walmart's Flipkart, a legal filing shows. Samsung is embroiled in the Competition Commission of India's (CCI) investigation that in August concluded that the South Korean giant and other smartphone companies broke antitrust laws by colluding with Amazon and Flipkart to exclusively launch p...Read More
NEW DELHI (Reuters) - India's retail inflation eased in November as soaring vegetable prices moderated, boosting expectations of an interest rate cut by the central bank at its next policy review amid concerns around slowing growth. Retail inflation eased in November to 5.48%, lower than 6.21% in the previous month and below a 5.53% forecast by economists in a Reuters poll. Food inflation slowed down to 9.04% from 10.87% a month earlier. Food accounts for nearly half of the consumption basket....Read More
(Reuters) -Indian budget retailer Vishal Mega Mart's 80-billion-rupee ($943 million) initial public offering (IPO) was fully subscribed on day two of bids, led by demand from non-institutional investors. The issue, which runs from Dec. 11-13, received bids for 835.5 million shares as of 1440 IST, compared to the 756.8 million shares on offer sold by existing shareholder Samayat Services. The company will offer no new shares in the IPO. The portion for retail investors was subscribed 0.93 times...Read More
NEW DELHI, Dec 12 (Reuters) - India's steel ministry on Thursday announced a formula for defining 'green steel,' classifying it under three categories based on the quantity of carbon emissions per metric tonne of the alloy produced. Steel produced with carbon dioxide emissions of less than 2.2 tonne per tonne of finished steel would be defined as "green steel," a ministry presentation released in New Delhi showed. Steel produced with emissions below 1.6 tonnes per tonne of alloy would be class...Read More
NEW DELHI, Dec 12 (Reuters) - India is weighing imposition of a "safeguard duty", or a temporary tax, on steel, the steel minister, H.D. Kumaraswamy, said on Thursday, as it attempts to rein in a flood of cheap imports from China. The world's second-biggest producer of crude steel, India became a net importer of the alloy in the fiscal year to March 31, with imports surging to a seven-year high during the first seven months of the current financial year. The ministry has sought imposition of 2...Read More