CHENNAI/BENGALURU, July 26 (Reuters) – India’s Tata Consumer Products (TACN.NS) reported a smaller-than-expected 24% rise in first-quarter profit on Wednesday, as mounting expenses outpaced higher sales of its eponymous packaged food and beverages. The Kolkata, West Bengal-based company said its consolidated net profit rose to 3.17 billion Indian rupees ($38.66 …
Read More »Tomato price shock hits Indian restaurants, cheaper puree sales boom
[1/2]People buy tomatoes from a vendor at a vegetable market in Ahmedabad, India, July 25, 2023. REUTERS/Amit Dave/File Photo NEW DELHI, July 26 (Reuters) – Many Indian restaurants are cutting back on tomatoes in their popular dishes and consumer companies are ramping up production of cheaper purees that are flying …
Read More »India tax council to meet on Aug 2 to finalise online gaming tax – source
NEW DELHI, July 26 (Reuters) – India’s Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The council, chaired by India’s …
Read More »Colgate-Palmolive’s Indian unit reports Q1 profit rise on demand recovery
[1/2]Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California January 30, 2014. REUTERS/Mario Anzuoni/File photo BENGALURU, July 26 (Reuters) – Toothpaste maker Colgate-Palmolive (India)’s (COLG.NS) quarterly profit rose 30.5% on Wednesday, aided by improved domestic demand. Net profit roseto 2.74 billion rupees ($33.40 million) for the …
Read More »India’s Tech Mahindra posts 39% drop in Q1 profit as clients cut spending
BENGALURU, July 26 (Reuters) – India’s Tech Mahindra (TEML.NS) on Wednesday posted a surprise 39% drop in first-quarter profit, as challenging macroeconomic conditions prompted clients to curb spending. The company’s consolidated net profit fell to 6.93 billion rupees ($84.5 million) for the quarter ended June 30. Analysts were expecting profit …
Read More »India’s Mahindra & Mahindra picks up 3.53% stake in RBL Bank for $51 mln
BENGALURU, July 26 (Reuters) – Indian tech-to-tractor conglomerate Mahindra & Mahindra (MAHM.NS) on Wednesday said it bought a 3.53% stake in private lender RBL Bank (RATB.NS) for 4.17 billion rupees ($50.8 million). The company might consider further investment in the lender subject to pricing, regulatory approvals and required procedures, Mahindra …
Read More »India’s prime minister’s office probing dumping of Chinese stainless steel, Jindal Stainless executive says
NEW DELHI, July 26 (Reuters) – India’s Prime Minister’s office (PMO) has launched a probe into potential dumping of Chinese stainless steel products into the country, Abhyuday Jindal, managing director of Jindal Stainless (JIST.NS), said on Wednesday. “The Prime Minister’s Office has taken up the mantle,” Jindal told reporters, adding …
Read More »Foxconn unit in talks for $200 mln components plant in India’s Tamil Nadu -sources
CHENNAI, India, July 26 (Reuters) – A Foxconn (2317.TW) subsidiary is in talks with India’s Tamil Nadu state to invest up to $200 million to build a new plant for electronic components in the southern region, two sources with direct knowledge told Reuters on Wednesday. Brand Cheng, CEO of Foxconn …
Read More »India’s Tech Mahindra’s shares hit over 1-mth low on Q1 profit fall
BENGALURU, July 27 (Reuters) – Shares of India’s Tech Mahindra (TEML.NS) fell as much as 5.3% on Thursday, their lowest since June 19, a day after the IT services firm posted a surprise drop in quarterly profit as challenging macroeconomic conditions forced clients to curb spending. Tech Mahindra on Wednesday …
Read More »India’s offer to privatise rocket has 20 potential bidders
BENGALURU, July 27 (Reuters) – The Indian government’s effort to privatise part of its space programme by opening bids to build its small satellite launch rocket has attracted initial interest from 20 companies, an official overseeing the process told Reuters. India’s Small Satellite Launch Vehicle (SSLV) was developed by the …
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