The Nepal digest Information about Nepal and India, tibet and more [1/2]A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo NEW DELHI, July 24 (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build …
Read More »India’s Byju’s, creditors agree to amend $1.2 billion loan terms
BENGALURU, July 24 (Reuters) – India’s Byju’s and its lenders, who own more than 85% of the edtech startup’s $1.2 billion term loan, have agreed to work towards amending that loan by Aug. 3, the steering committee of the creditors group said on Monday. The successful execution of the loan …
Read More »India’s Mahindra Logistics swings to loss on higher costs, weak demand
BENGALURU, July 24 (Reuters) – India’s Mahindra Logistics ( MALO.NS ) swung to a loss in the first quarter on Monday, hurt by higher expenses and lukewarm demand. The freight carrier posted a consolidated net loss after tax of 85.5 million rupees ($1.04 million) in the three months ended June …
Read More »India’s Byju’s downsizes Bengaluru office space in cost-saving bid
NEW DELHI/BENGALURU, July 24 (Reuters) – Troubled Indian startup Byju’s has cut down on its office spaces in Bengaluru, two sources told Reuters on Monday, as the company tries to cut costs and ramp-up liquidity. The move comes as the edtech company has already let go of thousands of employees …
Read More »India’s PNB Housing posts 48% rise in Q1 profit on strong housing demand
BENGALURU, July 24 (Reuters) – Indian mortgage lender PNB Housing Finance (PNBH.NS) on Monday posted a nearly 48% rise in its first-quarter profit, driven by robust demand for housing loans and improved asset quality. PNB Housing, a unit of state-run lender Punjab National Bank (PNBK.NS), said its consolidated net profit …
Read More »India’s ITC to demerge hotel business into separate company
BENGALURU, July 24 (Reuters) – India’s ITC Ltd (ITC.NS) said on Monday it would spin off its hotels business from the rest of the company, separating it from its cigarettes and food businesses. The cigarettes-to-hotels conglomerate would hold a 40% stake in the newly formed entity, to be named ITC …
Read More »India’s Reliance shares drop after Q1 profit misses estimates
BENGALURU, July 24 (Reuters) – Shares of Reliance Industries (RELI.NS), India’s largest company by market capitalization, fell nearly 3% on Monday after the conglomerate posted a bigger-than-expected drop in its first-quarter profit late on Friday. Weak demand and a steep fall in refining margins impacted the company’s flagship oil-to-chemicals (O2C) …
Read More »India’s ACME Group gets $490 million in funding for Oman project
NEW DELHI, July 21 (Reuters) – Indian renewable energy company ACME Group said on Friday it raised 40 billion rupees ($487.98 million) in fresh funding from infrastructure finance firm REC (RECM.NS), to start its green hydrogen and ammonia project in Oman. The money will be used for the first phase …
Read More »India’s Paytm says quarterly revenue rises 39% as loan demand soars
BENGALURU, July 22 (Reuters) – Indian digital payments firm Paytm (PAYT.NS) reported a 39% rise in quarterly revenue, helped by soaring demand for loans. One 97 Communications Ltd (PAYT.NS), parent of India’s no. 2 digital payments app by market share, reported late Friday that revenue rose 39% year-on-year to 23.42 …
Read More »India rejects BYD’s $1 bln factory proposal -Economic Times
NEW DELHI, July 22 (Reuters) – India has rejected Chinese automaker BYD Co’s (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion …
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