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India's RIL posts marginal quarterly profit rise

Energy giant Reliance Industries Ltd reported a marginal rise in quarterly profit Friday, with billionaire tycoon Mukesh Ambani saying his company had turned in a "satisfying" full-year performance. Reliance, which operates the world's biggest refining complex, said net profit for its fourth quarter ended March 31 rose 0.8 percent to 56.3 billion rupees ($933 million) from a year earlier. The profit was in line with analysts' forecasts.

India's newest banks plot divergent growth strategies

By Nivedita Bhattacharjee (Reuters) - India's two newest would-be banks, Infrastructure Development Finance Co (IDFC) and Bandhan Financial Services Ltd, are planning divergent paths in an industry that is crowded with lenders but still fails to reach roughly half the population.

British supermarket giant Tesco announces joint venture with Tata to enter India retail market

AHMEDABAD, India - British supermarket giant Tesco announced a joint venture in India on Friday with a company owned by Tata Group to invest in a chain of grocery and household goods stores. It is the first multinational entry into India's vast but underserved supermarket sector since the country allowed such investment in 2012.

India's Reliance Industries quarterly profit flat

India's largest private firm, Reliance Industries, reported nearly flat quarterly net profit Friday, hit by weak margins from refining operations and sliding gas output. But the performance still beat market expectations. The energy giant, controlled by India's wealthiest man Mukesh Ambani, said net profit for the third quarter ending December rose 0.20 percent to 55.11 billion rupees ($888 million), from 55.02 billion rupees in the same period a year earlier.

India's Reliance Industries reports $900M quarterly profit, record net income for 9 months

MUMBAI, India - Indian conglomerate Reliance Industries Ltd. reported quarterly profits of $900 million on Friday and a record income for the year so far on strong energy and retail revenues. The Mumbai-based company's net profit for the quarter ending Dec. 31 was up just 0.2 per cent from the same period the previous year. It said that profits for the nine months since the start of its fiscal year last April were a record-high $2.6 billion.

India tycoons agree telecom infrastructure pact

Two of India's billionaire tycoons announced a pact Tuesday to share telecom infrastructure that could accelerate rollout of communication services in the fiercely competitive sector and cut costs. The Reliance conglomerate, which plans to launch an ultra-fast fouth-generation (4G) network, and the nation's biggest mobile company by subscribers will be able to use each other's existing and future telecom infrastructure under the deal. Reliance Industries is headed by India's wealthiest man Mukesh Ambani while Bharti Airtel is led by billionaire Sunil Bharti Mittal.

India's Tata Group withdraws application for bank licence

India's giant Tata group has withdrawn its application for a banking licence, the central bank said Wednesday. The group, which filed an application on July 1, was one of 26 seeking a licence as the central bank tries to set up more private banks to expand services to the villages. "The company has indicated that its current financial services operating model best supports the needs of the Tata Group's domestic and overseas strategy and provides adequate operating flexibility to its companies..." the Reserve Bank of India said in a statement on its website.

India's UltraTech Cement second-quarter profit halves on subdued demand

MUMBAI (Reuters) - UltraTech Cement Ltd <ULTC.NS>, India's largest cement maker, reported a 52 percent fall in net profit for the July-September quarter, the biggest drop since 2010, after it was hit by a slowdown in homebuilding and infrastructure projects. Rising input and energy costs have been putting pressure on margins at Indian cement companies, including UltraTech and Ambuja Cements Ltd <ABUJ.NS>, while demand remains a concern in an economy that is growing at its slowest pace in a decade.

Indian banks begin to tap dollar loans under concessional swap program

By Archana Narayanan MUMBAI (Reuters) - Indian banks have begun tapping a new concessional swap facility for overseas fundraising, one of a spate of measures the central bank has taken to attract offshore funds to support the battered rupee. Under the program launched on September 10, Indian banks can borrow overseas up to 100 percent of their Tier 1 capital level, although any loan over 50 percent of that level must be for a minimum 3 years - a duration some bankers said may deter overseas lenders.

India tycoon's wife tells court she's a housewife, not a businesswoman

Tina Ambani, a former Bollywood star wed to one of one of India's top tycoons, has told a court hearing a massive corruption case she had no knowledge of the companies allegedly involved as she is a "housewife". Her testimony came after prosecutors asked the judge to declare her husband Anil Ambani, chairman of industrial group Reliance ADAG, a hostile witness in the case -- one of the biggest corruption scandals in India's history -- after he repeatedly told the court he had no recollection of many of the events.
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