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MUMBAI, April 2 (Reuters) - The Indian rupee extended gains against the U.S. dollar and rose above the 93 handle for the first time in nearly two weeks, as the central bank imposed curbs on speculative activity. The rupee climbed almost 2% to 92.94 per U.S. dollar after the latest central bank measures to curb a near one-way move witnessed in the currency over the last few days. Reporting by Dharamraj Dhutia; Editing by Sonia Cheema Our Standards: The Thomson Reuters Trust Principles., o ...Read More >
NEW DELHI, April 2 (Reuters) - India has abolished import tax on petrochemicals used for making plastics and pharmaceutical goods after the government invoked emergency powers and diverted local chemicals for production of cooking gas due to shortages caused by the Iran war. The import tax exemption, opens new tab on 40 products is valid till June 30, according to a government statement on Thursday. "The government's decision to grant customs duty exemption on select petrochemical products ap ...Read More >
NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies. The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections. ...Read More >
MUMBAI, April 2 (Reuters) - Indian banks are set to face heightened uncertainty on Thursday after the central bank's curbs on corporate activity made it costlier for lenders to cut arbitrage positions, potentially saddling them with larger losses. Late on Wednesday, the Reserve Bank of India barred banks from offering rupee non-deliverable forwards to resident and non-resident clients. The move was aimed primarily at halting a surge in corporate-driven arbitrage activity seen on Monday, four b ...Read More >
NEW DELHI/BENGALURU, April 1 (Reuters) - India's top carmaker, Maruti Suzuki (MRTI.NS), opens new tab, said on Wednesday that it will likely raise prices as the Middle East war has pushed up commodity prices, wiping out gains from last year's consumption tax cuts. The Iran war has driven up the prices of everything from oil and gas to key metals used in manufacturing vehicles. The carmaker, majority-owned by Japan's Suzuki Motor (7269.T), opens new tab, said it has not faced any supply disrupt ...Read More >
April 1 (Reuters) - The Reserve Bank of India on Wednesday barred authorized dealers from offering rupee non-deliverable forwards to resident and non-resident clients, further tightening foreign exchange rules as the South Asian currency faces persistent pressure. The central bank said that while lenders could offer deliverable foreign exchange derivative contracts to users to meet their hedging requirements, they need to ensure the clients have not taken an offsetting position in the non-deliv ...Read More >
NEW DELHI, April 1 (Reuters) - India does not plan to go ahead with auctioning deep-sea mining rights due to a lack of technological preparedness and expectations of a weak response from potential bidders, two sources familiar with the matter told Reuters. In November of 2024, India had announced the maiden auction of 13 offshore mineral blocks that included three lime mud blocks, three construction sands blocks and seven polymetallic nodules blocks in the first tranche. The blocks contained ...Read More >
NEW DELHI, March 31 (Reuters) - India appointed a senior bureaucrat to lead its aviation regulator on Tuesday, with the incumbent moving to another government role following a tough year for the country's civil aviation sector. The government named Vir Vikram Yadav, additional secretary in the Ministry of Environment, Forest and Climate Change, as the chief of the Directorate General of Civil Aviation (DGCA), as part of a wider reshuffle of roles. The current head of the DGCA, Faiz Ahmed Kidwa ...Read More >
NEW DELHI, March 31 (Reuters) - A day before Israel and the United States attacked Iran on February 28, the Indian‑flagged LPG tanker Pine Gas loaded cargo at the United Arab Emirates' Ruwais port, hoping to reach home within a week. However, it would be nearly three weeks before the vessel safely transited the Strait of Hormuz, after Iran began selectively allowing ships through the narrow waterway. Pine Gas Chief Officer Sohan Lal said the ship's 27 Indian crew had seen missiles and drones f ...Read More >
NEW DELHI, March 31 (Reuters) - Indian low-cost carrier IndiGo (INGL.NS), opens new tab named Willie Walsh, the current director general of the International Air Transport Association, as its new chief executive on Tuesday. Walsh's tenure as head of the global airline industry body comes to a close on July 31, and he is expected to join IndiGo no later than August 3, the airline said in a statement. Walsh's appointment comes weeks after Pieter Elbers abruptly stepped down as IndiGo's CEO foll ...Read More >
NEW DELHI, March 31 (Reuters) - Indian billionaire Anil Agarwal is challenging fellow tycoon Gautam Adani's winning bid for a bankrupt real estate giant in the Supreme Court, intensifying the fight over a $4 billion pool of prized assets that includes the country's only Formula One track. Agarwal's Vedanta has mounted a legal challenge over a creditor committee's decision to award the assets of Jaiprakash Associates (JAIA.NS), opens new tab to Adani, a portfolio that includes homes, power, ceme ...Read More >
March 31 (Reuters) - India's Zetwerk has filed confidential draft papers with the market regulator for its initial public offering, a newspaper advertisement on Tuesday showed. Earlier this month, Reuters reported that the contract electronics manufacturer was aiming to raise up to $550 million at a valuation of about $4 billion. The company is targeting a listing later this year, the sources said, adding that the IPO includes about $300 million in fresh equity, with the remainder coming from ...Read More >
NEW DELHI, March 30 (Reuters) - India on Monday approved 29 proposals from various companies under its electronics component manufacturing program, with a total investment of 71.04 billion rupees ($751.21 million), the Electronics and Information Technology Ministry said. India has launched a series of incentive programs to attract global and domestic investors, expand local manufacturing capacity, reduce import dependence and strengthen supply chains as it looks to improve its electronics man ...Read More >
MUMBAI, March 30 (Reuters) - India's HDFC Bank (HDBK.NS), opens new tab delayed taking action against officials involved in the mis-selling of additional tier 1 bonds to investors in Dubai, Atanu Chakraborty, the former chairman of the lender told CNBC-TV18 in an interview broadcast on Monday. Chakraborty abruptly resigned from the bank's board earlier this month, citing differences over "values and ethics" and triggering a stock selloff and a damage control exercise by the lender. HDFC Bank t ...Read More >
MUMBAI, March 30 (Reuters) - Indian bonds tumbled in the fiscal year ending March, snapping a two-year rising streak, as demand weakened and the Middle East war sent oil prices surging, outweighing the impact of record debt purchases and cash infusion by the central bank. Elevated oil prices threaten to raise inflation and widen India's current account deficit, and could force the central bank to start raising policy rates earlier than anticipated. Bonds could extend their losing run in the we ...Read More >
BENGALURU, March 30 (Reuters) - India on Monday proposed changes to its IT law to make advisories and clarifications legally binding on internet platforms such as Meta (META.O), opens new tab, Google (GOOGL.O), opens new tab and X, the latest in a string of stricter compliance requirements for tech giants. Prime Minister Narendra Modi's government this year compressed the timeline for platforms to take down content flagged by authorities to three hours, from 36 hours previously, and has impose ...Read More >
NEW DELHI, March 30 (Reuters) - India has adequate stocks of fertilizers and is tapping alternative sources to boost supplies for the summer-sown crops, a senior government official in the Ministry of Chemicals and Fertilizers said on Monday. The Gulf region accounted for about 20% to 30% of India's urea imports and 30% of Diammonium Phosphate (DAP) prior to the Iran war, Aparna Sharma, additional secretary in the ministry, told a media briefing. India expects to need 39 million metric tons of ...Read More >
NEW DELHI, March 30 (Reuters) - India has proposed an overhaul of its bankruptcy law, including allowing financial creditors to initiate insolvency proceedings and tightening deadlines, in a bid to speed up resolutions and promote ease of doing business. Resolutions of stressed assets in India have been delayed despite a mandated 330-day timeline under the Insolvency and Bankruptcy Code, introduced in 2016, largely due to procedural and legal hurdles. Cases often pile up for admission at the Na ...Read More >
The Indian Premier League (IPL) 2026 season has barely begun, but it has already delivered its first major controversy. Following Kolkata Knight Riders' (KKR) six-wicket defeat to Mumbai Indians (MI) at the Wankhede Stadium, a pointed remark from captain Ajinkya Rahane has triggered a wider debate - forcing Cricket Australia (CA) to step in with a clarification. At the centre of the storm is Cameron Green, KKR's high-profile signing worth INR 25.20 crore, who did not bowl a single over despite ...Read More >
NEW DELHI, March 30 (Reuters) - India is accelerating clearances for commissioning of wind power plants and battery energy storage systems as the U.S.-Israeli war against Iran has led to a gas shortfall, the country's junior power minister said on Monday. Although gas accounts for only around 2% of India's total power generation, the South Asian country uses about 8 gigawatt (GW) of gas power during peak-demand periods or heatwaves. "Presently, there are challenges in respect of availability ...Read More >
NEW DELHI, Feb 17 (Reuters) - Indian cricket greats Sunil Gavaskar and Kapil Dev joined a dozen other former international captains on Tuesday in demanding better prison treatment for "one of the finest all-rounders" of the game Imran Khan, Pakistan's former prime minister. Cricketer-turned-politician Khan, 73, has been in jail since August 2023, convicted in a string of cases that he says were politically driven following his ouster in a 2022 parliamentary vote. Khan's lawyer told Pakistan's ...Read More >
Oct 23 (Reuters) - Tata Technologies (TATE.NS), opens new tab will recruit more local nationals in the United States, its top boss said, as the Indian engineering services provider reacts to U.S. President Donald Trump's wide-ranging immigration crackdown. The United States plans to charge businesses a steep fee for H1-B visas, used by tech majors including Amazon.com (AMZN.O), opens new tab and Meta Platforms (META.O), opens new tab, in a move the Trump administration said would shield America ...Read More >
Oct 16 (Reuters) - Nestle India (NEST.NS), opens new tab posted a marginal increase in second-quarter profit on Thursday, benefiting from improving urban demand for items such as Maggi noodles and Nescafe coffee, sending its shares up about 5% to a one-year high. The Indian arm of Swiss food major Nestle (NESN.S), opens new tab said profit before exceptional items and tax edged up to 10.29 billion rupees ($117.07 million) for the September quarter. It had booked a one-off gain of 2.91 billion ...Read More >
BENGALURU: A day after Biocon chief Kiran Mazumdar-Shaw highlighted Bengaluru's "creaking" infrastructure, Karnataka's deputy CM D K Shivakumar Wednesday accused her of "betrayal" and of tarnishing the very state and country that helped her succeed as an entrepreneur.However, people sprang to her defence, accusing the government of displaying hostility towards those who speak up, and of refusing to accept constructive criticism.On her part, Shaw on Wednesday blamed previous governments' inaction ...Read More >
NEW DELHI: Employees' Provident Fund Organisation's (EPFO) move to allow withdrawals of up to 75% of the corpus will make life easier for its over 7 crore subscribers, while the norms around 25% balance are meant to ensure a healthy kitty, without imposing any restrictions on pension or PF payment at the time of retirement, a top official said. "The idea is to empower members and repose trust. The changes are meant to pave the way for automated settlement of claims," Central Provident Fund commi ...Read More >
BENGALURU, Oct 15 (Reuters) - The Indian city of Ahmedabad in the state of Gujarat has been recommended as the host city for the 2030 Centenary Commonwealth Games, the Commonwealth Sport Executive Board said on Wednesday. The board said it will propose Ahmedabad, also known as Amdavad, in the western Indian state of Gujarat, to the full Commonwealth Sport membership for approval at the General Assembly in Glasgow on November 26. The recommendation follows an evaluation process of candidate cit ...Read More >
MUMBAI/NEW DELHI, Oct 15 (Reuters) - India's market regulator late on Wednesday issued an order against two officials of the country's federal power regulator alleging they traded on price-sensitive information in shares and derivatives of Indian Energy Exchange (IIAN.NS), opens new tab (IEX). The Securities and Exchange Board of India (SEBI) said two officials at the Central Electricity Regulatory Commission (CERC), along with related persons, traded in IEX derivatives and shares ahead of a po ...Read More >
Oct 9 (Reuters) - India's payments authority National Payments Corporation of India and fintech firm Razorpay have collaborated with Microsoft-backed (MSFT.O), opens new tab OpenAI to launch AI-driven payments on ChatGPT, the companies said on Thursday. The initiative, currently in the pilot stage, will allow users to make purchases on ChatGPT, facilitated by India's homegrown payments network Unified Payments Interface (UPI). The pilot will evaluate how the service can be expanded across vert ...Read More >
NEW DELHI, Oct 9 (Reuters) - India captain Shubman Gill ruled out a drop in their intensity and said they will field their strongest playing XI in their pursuit of a 2-0 series sweep against a demoralised West Indies in the final test beginning on Friday. India thumped West Indies by an innings and 140 runs inside three days of the opening test in Ahmedabad and look on course to win their first test series under Gill's captaincy at Delhi's Arun Jaitley Stadium. West Indies were blanked 3-0 by ...Read More >
MUMBAI, Oct 1 (Reuters) - The Reserve Bank of India (RBI) kept its key repo rate unchanged at 5.50% on Wednesday, in line with market expectations, as it evaluates the impact of earlier rate cuts and recent tax reductions amid global trade uncertainties. The central bank had cut the repo rate (INREPO=ECI), opens new tab by a total of 100 basis points in the first half of 2025, but paused at its previous meeting in August. The six-member rate-setting panel voted unanimously to keep the key repo ...Read More >
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