India's Oberoi Realty reported a jump in second-quarter profit boosted by sustained demand for its premium projects, including luxury homes and office spaces. The real-estate developer's consolidated net profit jumped 29% to 5.89 billion rupees ($70 million) in the three months ended Sept. 30. Its revenue from operations grew 8.5% to 13.20 billion rupees, marginally … Read more
India's steel ministry favours a temporary tax to curb rising steel imports, a senior official with direct knowledge of the matter said, as it seeks to protect steelmakers reeling from a surge in cheaper Chinese imports. A temporary "safeguard duty" would help curb Chinese imports, and a process to impose the duty would start soon, … Read more
Indian broadcaster Zee Entertainment Enterprises posted a fall in second-quarter adjusted profit on Friday, although a sharp drop in expenses lifted its margins, sending shares to close 5.3% higher. Zee, whose $10 billion merger with Sony's Indian unit fell through earlier this year, reported a core profit margin of 16% for the quarter ended Sept. … Read more
The FIIs as per Friday's data were net sellers in both equity and debt segments, according to data released by the NSDL. In equity segment, the gross buying was of Rs 10357.39 crore against gross selling of Rs 17660.38 crore. Thus, FIIs stood as net sellers of Rs 7302.99 crore in equities. In the debt … Read more
Amid growing geopolitical tensions and FII selling, India's foreign exchange (forex) reserves dropped $10.746 billion to $690.43 billion for the week ended October 11, data from the Reserve Bank of India (RBI) showed on Friday. The forex had hit an all-time high of $704.885 billion at the end of September. In the previous reporting week, … Read more
Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. Brent crude futures rose 45 cents, or 0.6%, to $74.67 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude futures were at $70.84 … Read more
Asian shares steadied on Thursday ahead of a housing policy briefing in China that has raised expectations of support for the ailing property sector, while the dollar stood near 2-1/2 month highs on the prospect of a Donald Trump presidency. Global bonds rallied after a surprisingly large drop in British inflation and as the European … Read more
The Indian rupee is likely to decline on Thursday, weighed down by the U.S. dollar's rally to a two-and-a-half-month high on mounting expectations that the Federal Reserve will opt for a smaller interest rate cut at its next monetary policy meeting. The 1-month non-deliverable forward indicated that the rupee will open at 84.01-84.03 to the … Read more
Gold rose on Thursday to hover below record levels, underpinned by uncertainty surrounding the U.S. elections and expectations of more rate cuts by major central banks, while investors looked forward to a slew of U.S. data for further direction. Spot gold rose 0.3% to $2,682.14 per ounce by 0221 GMT. Prices had climbed to a … Read more
The Australian dollar charged higher on Thursday after employment numbers beat forecasts for a sixth month, while the dollar held near an 11-week high as it drew additional support from a potential Trump win at the upcoming U.S. election. The highlight of the Asia day was on a press conference in China which kicked off … Read more