MUMBAI - Three of India's leading state-run lenders reported a drop in their first quarter net profits, weighed down by rise in provision for bad loans and cooling expectations of a turnaround in the country's dominant but ailing government banking sector.
Recent Business News
MILAN - Talks on the sale of indebted Italian car designer Pininfarina to Indian vehicle maker Mahindra & Mahindra will resume after the summer after the parties failed to strike a deal in July, two sources close to the matter said on Tuesday.
NEW DELHI - Punjab National Bank (PNB), India's fourth-largest state lender by assets, could take control of some of the country's most heavily indebted steel companies and sell them on as part of a restructuring backed by New Delhi, bank officials said.
MUMBAI - India's stock markets fell on Tuesday, with the BSE Sensex marking its lowest close in more than a month, as investors were unwilling to make any risky bets amid weak corporate earnings and ahead of the central bank's policy review next week.
MUMBAI - The Competition Commission of India (CCI) fined the local unit of Hyundai Motor Co 4.2 billion rupees ($65.8 million) on Tuesday after an investigation found it had engaged in anti-competitive practices.
SYDNEY - Asian shares attempted a rebound on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the U.S. Federal Reserve.