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Economic growth revised up by almost 50 percent


NEW DELHI - India's economy grew almost 50 percent faster in 2013/14 than earlier thought, the government said on Friday after changing a formula, a reminder of the challenges that unreliable statistics present to Indian policymakers.

Top News, Business 8:31pm IST

ICICI sets quarterly record profit as Q3 net rises 14 pct


MUMBAI - ICICI Bank Ltd, India's biggest private-sector lender, booked a 14 percent rise in quarterly profit on Friday, roughly matching analyst estimates and setting a record, as growth in income from interest and fees outpaced growth in bad loans.

2:28pm IST

Bank of Baroda profit tumbles as bad loans jump


MUMBAI - Bank of Baroda Ltd increased bad debt provisions by 66 percent in the third quarter, contributing to a big drop in profits, and the bank said bad loan growth would remain a problem in the short term.

5:39pm IST

Nifty falls 1.6 pct; banks, Coal India slump


MUMBAI - The BSE Sensex and Nifty fell more than 1.5 percent on Friday after earlier hitting a record high for a seventh session in eight, as ICICI Bank and Bank of Baroda posted disappointing results, while Coal India fell on the government's discounted stake sale.

4:35pm IST

Record Coal India share sale boosts privatisation drive


MUMBAI - India has raised about $3.6 billion by selling a 10 percent stake in state-run Coal India Ltd in the largest ever equity deal in the local market, giving a welcome boost to the government's faltering divestment drive.

Business, Top News 8:06pm IST

Adani hives off power, ports businesses to boost growth


NEW DELHI - Indian conglomerate Adani Group unveiled a wide-ranging restructuring of its businesses on Friday in a move designed to make it easier for the group to expand its mining, ports and power operations.

6:54pm IST

Oil price will average less in 2015 than during financial crisis - Reuters Poll


REUTERS - Crude oil will likely continue falling before posting only a mild recovery in the second half of this year, a Reuters survey of analysts showed on Friday, with prices set to average even less in 2015 than during the global financial crisis.

5:32pm IST

JSW Steel calls for action against Chinese steel "dumping"


MUMBAI - JSW Steel Ltd on Friday urged the government to address "dumping" of cheap steel by Chinese rivals and take steps to improve iron ore availability after lower steel prices led to a 30 percent drop in the company's third-quarter profit.

8:09pm IST

Vedanta plans capex cuts, "deep restructuring" in Zambia


- Vedanta Resources Plc, hit by weaker commodity prices, said it planned "hundreds of millions of dollars" in capital spending cuts and deferrals, while looking at a "deep restructuring" of its struggling Zambian copper business.

8:13pm IST

Fiscal deficit overshoots full-year target in December


NEW DELHI - India's fiscal deficit overshot the full-year target in December as the gap swelled to 5.32 trillion rupees ($85.90 billion), or 100.2 percent of the target for the fiscal year ending in March, government data showed on Friday.

4:41pm IST