ETERNAL

Adds details throughout

May 11 (Reuters) - Shares of Indian food delivery major Swiggy SWIG.NS fell as much as 6.8% on Monday, heading for their worst session in more than a month, as slowing growth in its quick-commerce business and intensifying competition overshadowed a narrower fourth-quarter loss.

The stock was on track for its biggest intraday percentage drop since April 2.

Investor concerns centred on Swiggy losing quick-commerce market share to rival Eternal's ETEA.NS Blinkit, while competition from players such as Zepto, Amazon AMZN.O and Walmart-backed Flipkart WMT.O remains intense, analysts said.

On Friday, Swiggy reported a consolidated loss of 8 billion rupees ($84.3 million) for the three months ended March 31, compared with 10.65 billion rupees in the previous quarter.

JPMorgan said growth at Swiggy's quick commerce arm Instamart lagged peers, with gross order value rising 68.8%, well below Blinkit's 95.4% increase, suggesting continued market-share losses.

Morgan Stanley said while Swiggy's food delivery business recorded its strongest growth in years and margins improved, investor focus remains on execution and profitability in quick commerce amid aggressive competition.

($1 = 94.9500 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Sumana Nandy)

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Updates with details throughout

By Urvi Dugar and Devika Madhusudhanan Nair

May 8 (Reuters) - India's Swiggy SWIG.NS on Friday reported a narrower fourth-quarter loss as its core food delivery business posted its strongest growth in nearly four years, driven by a sharp rise in orders and users as the firm focuses on affordability to sustain demand.

Food delivery is "defying scepticism around a sector slowdown, with meaningfully better margins than a year ago," CEO Sriharsha Majety said, citing how the segment has crossed 10 billion rupees ($105.84 million) in annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

Swiggy said affordability would be the biggest driver of growth in its food delivery business, helped by offerings such as its 99-Store and affordable restaurant marketplace Toing.

Rival Eternal ETEA.NS, which reported results last month, also said curated offerings and meals priced under 250 rupees led to the growth of its food delivery business during the quarter.

RISING ORDERS

Gross order value in food delivery, a key industry metric reflecting the total value of app orders and subscription fees, rose about 23% to 90.05 billion rupees.

Quick commerce arm Instamart posted a 68.8% jump in gross order value to 78.81 billion rupees, with contribution margin-revenue remaining after variable costs- improving 65 basis points sequentially to negative 1.8%.

India's fast‑growing quick‑commerce sector has become an $11.5 billion market within five years, changing how Indians shop with apps allowing groceries and electronics to be home delivered within minutes.

The crowded space pits Swiggy against Eternal, global players like Amazon < AMZN.O > and Walmart < WMT.O >-backed Flipkart and local rivals such as Reliance < RELI.NS >, and Zepto.

"By actively pivoting away from unprofitable low average order value (AOV) consumers and related orders, we have significantly changed the order mix by halving their share during this period," the company said.

The company's consolidated loss narrowed by about a quarter to 8 billion rupees for the March quarter while revenue from operations rose nearly 4% for the same period.

($1 = 94.4800 Indian rupees)

(Reporting by Urvi Dugar and Devika Nair in Bengaluru; Writing by Abinaya V; Editing by Ronojoy Mazumdar)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

** Eternal ETEA.NS rises as much as 4.9% to 265.40 rupees; set to snap four sessions of losses

** Q4 margins for co's core food delivery and quick-commerce business improve as concerns over growth slowdown pause despite elevated competition

** Despite fears Iran war-driven fuel shock could hit delivery volumes, co says margins should remain intact unless fuel prices spike sharply

** Co sets targets of $1 billion in adjusted EBITDA from its consumer businesses by FY29, which Nomura believes is achievable through disciplined execution, focus on profitability

** Blinkit's growth slowed as order frequency, ticket sizes fell even as margins held; co sees segment to grow more than 60% annually

** Stock rated "buy" on avg; median PT is 360 rupees, per data compiled by LSEG

** YTD, ETEA down 9.4%

(Reporting by Urvi Dugar in Bengaluru)

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Rewrites throughout, adds details from earnings call

By Surbhi Misra

April 28 (Reuters) - Indian online delivery firm Eternal ETEA.NS beat quarterly profit estimates on Tuesday, as budget offerings and cost management helped its core food delivery business while the quick-commerce arm benefited from further expansion.

Analysts had expected the Iran war-led energy shock to weigh on food-delivery volumes but Eternal does not foresee a dent to margins.

"Unless it's a drastic increase, I don't expect fuel pricing to have a meaningful impact on margins on our business," Chief Financial Officer Akshant Goyal said in a post-earnings call.

Eternal has historically passed on moderate cost increases without affecting demand, Goyal said, adding the firm was increasingly relying on platform fees and discounts for price-sensitive customers.

Curated offerings and meals priced under 250 rupees ($2.6) aided Zomato, the food delivery business, the company said, with net order value jumping 18.8% year-on-year, a third straight quarterly gain.

Margins for both the businesses improved on higher revenue per order and as cost efficiencies offset the impact of a shift towards lower-value orders, Eternal said.

QUICK-COMMERCE BOOM

Blinkit - which delivers everything from groceries to electronics in minutes - also drove earnings as the store count rose nearly 10% to more than 2,200 with a wider range of products on sale.

In India's fast-growing quick-commerce market, Eternal competes with global players Amazon AMZN.O and Walmart WMT.O-backed Flipkart and local ones such as Reliance RELI.NS, Swiggy's SWIG.NS Instamart and Zepto.

Despite the competition, Eternal expects the quick-commerce business to grow at more than 60% annually over the next three years, its CFO said.

For the quarter ended March, revenue rose nearly three-fold to 172.92 billion rupees, missing analysts' expectations of 182.81 billion rupees, according to LSEG-compiled data.

Consolidated net profit, at 1.74 billion rupees, beat estimates of 1.21 billion rupees.

($1 = 94.5400 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar, Abinaya V and Mrigank Dhaniwala)

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By Aditya Kalra

NEW DELHI, April 23 (Reuters) - India's biggest food delivery app Zomato has agreed to drop a contract term that penalized restaurants for offering cheaper meals to walk-in diners, a company source said, after opposition from eateries who said the policy undermined their pricing decisions.

Eternal's ETEA.NS Zomato app has 24 million consumers and 300,000 listed restaurants. As demand for food delivery boomed, Eternal shares have more than doubled since their 2021 listing and the company is valued at nearly $26 billion.

For years, Zomato has had a "charges for price disparity" clause in its contracts, which allowed it to fine restaurants if their eat-in or their own delivery prices were lower than those listed on the Zomato app. Zomato's contracts also stated that it could use mystery shopping, or secretive restaurant visits, among other tactics to check that outlets were not undercutting the app in price, according to contracts seen by Reuters.

The clause was never enforced but has been dropped now, a Zomato source said on Thursday, without explaining the rationale for the decision.

Reuters is first to report Zomato's decision, as a review of publicly available Zomato policy for restaurants also showed the clause has been dropped.

Zomato did not respond to Reuters queries.

With players like Domino's DPZ.O and KFC 3420.T competing with millions of restaurants in India, the country's $94 billion food services market is set to be worth $153 billion by 2031, Mordor Intelligence estimates.

ANTITRUST RISK OF CLAUSE

According to Zomato's contracts, it would charge a fine equal to "three times the differential amount" per order. This was opposed by the National Restaurant Association of India as it restricted their pricing ability, said Sagar J. Daryani, president of the group that represents over 500,000 outlets.

"It’s our product and should be our pricing. We appreciate their assurance that price parity will no longer be enforced," Daryani told Reuters.

Five lawyers and one former Indian antitrust official who reviewed the clause in the Zomato agreement said it was prone to hurt competition and could have faced scrutiny from regulators.

They referred to how a complaint by a hotels body led to a 2022 decision by India's antitrust watchdog which asked travel booking websites MakeMyTrip and GoIbibo to remove clauses that prohibited hotels from offering lower rates to other agents.

"The clause has resemblance to those found to be in violation in India hotel booking business ... though similar clauses have faced scrutiny world over, the company would have needed to provide an objective justification to defend it," said Rahul Goel, antitrust partner at India's AnantLaw.

An Indian antitrust investigation in 2024 also found Zomato and rival Swiggy breached competition laws with their business practices favouring select restaurants, Reuters has reported. The companies deny any wrongdoing.

(Reporting by Aditya Kalra; Editing by Susan Fenton)

((Email: aditya.kalra@tr.com; X: @adityakalra;))

By Kritika Lamba, Aditya Kalra and Chandini Monnappa

BENGALURU/NEW DELHI, April 17 (Reuters) - Walmart-owned WMT.O Indian e-commerce firm Flipkart plans to sell movie and concert tickets in India, moving into a fast-growing space driven by consumers spending more on entertainment, two sources familiar with the matter said.

India's live events and ticketing market has gathered pace over the last year, as demand for large-scale concerts, international tours and sporting spectacles surges, drawing tens of thousands of fans across major cities, led by the country's lucrative cricket calendar.

One of the sources said Flipkart was aiming to launch into the market in May, pitting it against Accel-backed BookMyShow and Zomato's ETEA.NS District to take advantage of rising disposable incomes and wider smartphone use in the world's most populous nation.

Flipkart is also preparing to pilot food delivery from May, the second source said, adding that timelines could change as plans evolve.

The company did not respond to a request seeking comment.

Flipkart has been laying the groundwork for an initial public offering in India, including shifting its holding company back to the country, reshuffling senior management and strengthening business units such as fashion arm Myntra.

India's online ticketing and food delivery leaders have scaled up through heavy spending and deep discounts. Flipkart's plans would take it into fiercely competitive, low-margin sectors dominated by entrenched rivals.

Years of investor-funded expansion have left India's food delivery market dominated by Zomato and Swiggy, with smaller rivals squeezed out and profitability still elusive despite strong urban demand.

Founded in 2007 as an online bookseller, Flipkart competes with Amazon AMZN.O in India's growing e-commerce market. It was valued at about $37 billion in 2024, when Alphabet's GOOGL.O Google bought a $350 million stake, following Walmart's $16 billion controlling acquisition six years earlier.

(Reporting by Kritika Lamba, Aditya Kalra and Chandini Monnappa; Editing by Dhanya Skariachan and Elaine Hardcastle)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

** Eternal ETEA.NS rises ~4.4%, peer Swiggy SWIG.NS gains as much as 5% in broad market rally on hopes Iran war could end soon

** ETEA, SWIG lost 7.03% and 13.82%, respectively, in March on concerns over LPG shortages, elevated crude prices due to Iran war

** HDFC Securities upgrades ETEA to "buy" from "add", raises FY27, FY2028 profit estimates

** Says volume impact due to LPG shortages remains minimal

** Adds minimum orders for discounted sales raised, aiding profitability; says Blinkit's execution, market share gains likely to improve

** Reiterates "buy" on SWIG; calls it a steal after recent drop

** YTD, ETEA sheds 14%, SWIG slips 31%; Nifty 50 .NSEI falls 12.5%

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

** Shares of Eternal ETEA.NS jump about 8% this week, snaps four-week losing streak

** Gains driven by a three-day rebound earlier in the week, supported by improving market sentiment and value buying

** Online delivery services firm's stock rose 1.51% to 232.19 rupees on Friday, Nifty 50 .NSEI up 0.34%

** Broader Indian markets rebound following a sharp selloff in the previous session when ETEA lost nearly 6%

** ETEA rose 5.7% on Tuesday, its biggest single-day pct gain since July 22, 2025, after JM Financial said recent correction may be overstated and quick delivery service unit Blinkit continues to drive growth

** YTD, stock down nearly 18% vs .NSEI drop of about 11%

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

** Shares of India's Eternal ETEA.NS jump 5.8% to 234.92 rupees

** Extend gains after snapping an 18-session losing streak on Monday, the longest such streak since listing in July 2021

** JM Financial maintains "buy" and says recent correction driven by competition and macro concerns may be overstated

** Brokerage says Eternal's quick commerce platform Blinkit is driving growth with improving margins, while food delivery remains resilient despite competitive intensity

** Stock rated "buy" on avg by 31 analysts, median PT at 380 rupees -- data compiled by LSEG

** YTD, stock down ~20%

(Reporting by Surbhi Misra in Bengaluru)

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By Praveen Paramasivam

CHENNAI, March 12 (Reuters) - Indian households are rushing to buy electric induction stoves, draining stocks online and in stores, amid fears of a potential cooking gas shortage tied to the Middle East conflict.

India, the world's ​second-largest importer of liquefied petroleum gas (LPG), has invoked emergency powers to boost supplies for households even as availability tightens for commercial users including canteens, hostels and restaurants.

Meanwhile, consumers are buying electric cooking appliances as a precaution, with some households worried about refill delays and higher prices.

Checks by Reuters on Thursday showed several induction stove models were unavailable on Amazon AMZN.O, Walmart-backed WMT.O Flipkart, Eternal's ETEA.NS Blinkit and Zepto, while some offline chains said fresh supplies were still days away.

Induction stove sales on Amazon India have jumped more than 30-fold, while rice cookers and electric pressure cookers are up fourfold, a company spokesperson said.

Kitchen appliances maker TTK Prestige TTKL.NS said demand for induction stoves had surged far beyond supply.

"There is a threefold surge (in demand)," CEO Venkatesh Vijayaraghavan told Reuters.

The company has raised its production capacity to 100% from about 70% before the start of the war, and increased staffing by roughly 15%. It also plans to raise prices of induction stoves in the June quarter to offset any higher costs.

Induction stoves accounted for about a tenth of TTK's 25.30 billion rupees ($274.52 million) standalone revenue in 2024–25.

Online shopping platforms also showed models from Butterfly CROP.NS, Havells India HVEL.NS and Bajaj Electricals BJEL.NS marked as "currently unavailable".

Google Trends showed search interest for induction stoves hit a record high on March 12, while some restaurant chains, including Wow Momo and California Burrito, said they were exploring induction stoves as a contingency plan.

Anand Rathi analyst Manish Valecha said large kitchen appliance makers with domestic assembly and strong distribution, including TTK Prestige, Butterfly and Stove Kraft STOE.NS, are best placed to benefit from the surge in induction cooktop demand. But reliance on imported components could pose supply risks if the spike persists, he added.

TTK Prestige will switch from sea shipments to airlifting components sourced from China and Southeast Asia, absorbing higher costs to ensure supplies if disruptions persist, Vijayaraghavan said.

The Middle East conflict has disrupted shipping through the Strait of Hormuz and the Gulf, raising costs and tightening oil and gas supplies from the Middle East. O/R

On Thursday, the Suezmax tanker Shenlong reached Mumbai with Saudi crude, becoming the first crude carrier to arrive in India from the Middle East since the war between Iran and the United States and Israel erupted in late February, LSEG data showed.

($1 = 92.1625 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Leroy Leo)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

Feb 17 (Reuters) - Eternal Ltd ETEA.NS:

• ETERNAL LIMITED AND OPENAI ANNOUNCES STRATEGIC COLLABORATION TO ADVANCE AI CAPABILITIES ACROSS ETERNAL'S BUSINESSES

Further company coverage: ETEA.NS

((Reuters.Briefs@thomsonreuters.com;))

By Chandini Monnappa and Praveen Paramasivam

MUMBAI, Feb 16 (Reuters) - India's Reliance Industries RELI.NS retail unit is piloting a search-and-discovery platform in a bid to more closely integrate its store and online shopping experiences, a top executive said on Monday.

Reliance Retail is the country's largest retailer, operating 19,340 stores nationwide and selling everything from electronics and apparel to groceries to more than 349 million customers.

The company is piloting the platform at its apparel stores such as Trends and Yousta, and plans to roll it out at its retail chain Smart Bazaar later this year, said Damodar Mall, chief executive officer of Grocery Retail at Reliance Retail.

Customers can scan a QR code at stores to use the platform, which then helps them discover and search for products tailored to their preferences, Mall said on the sidelines of the Retail Leadership Summit in Mumbai.

He did not disclose an investment amount or other operational details for the new platform.

India's retail sector faces intensifying competition from online shopping platforms such as Amazon's AMZN.O India unit and Walmart WMT.N-backed Flipkart, while quick commerce firms such as Swiggy's SWIG.NS Instamart, Eternal's ETEA.NS Blinkit and Zepto have been eating up market share rapidly.

Reliance's online grocery delivery service JioMart expanded to compete in the 10-minute delivery segment in 2025.

Festive discounting, investment in hyperlocal delivery and a one-off impact from India's new labour code trimmed core margins at the retail business to 8% in the third quarter from 8.6% a year earlier.

The pace of change in India's retail sector remains intense, Mall said, though it is unfolding against the backdrop of a still-expanding consumption market, which allows room for shifts in market share without constraining overall growth, he added.

(Reporting by Chandini Monnappa and Praveen Paramasivam in Mumbai; Writing by Surbhi Misra and Abinaya Vijayaraghavan in Bengaluru; Editing by Janane Venkatraman)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Feb 6 (Reuters) - Eternal Ltd ETEA.NS:

• ETERNAL LTD - ZOMATO NETHERLANDS B.V HAS BEEN DISSOLVED

Source text: ID:nnAZN4SA5RA

Further company coverage: ETEA.NS

((reuters.briefs@thomsonreuters.com;))

Feb 5 (Reuters) - Eternal Ltd ETEA.NS:

• RECEIVES GST DEMAND INCLUDING INTEREST, PENALTY 17.5 MILLION RUPEES

Source text: ID:nNSE4VyCWh

Further company coverage: ETEA.NS

((Reutersbriefs@thomsonreuters.com;))

** Shares of India's Eternal ETEA.NS jump 4.6% to 285.15 rupees

** Jefferies adds Eternal to its model portfolio, citing a major boost to investor sentiment following the U.S.–India trade deal

** U.S. President Donald Trump announced a trade deal that cuts tariffs on Indian exports to the U.S. to 18% from an effective 50%

** Jefferies says deal addresses key overhang for foreign investors, with India underweight positioning among emerging-market funds and $34 bln in FPI outflows over the past 16 months

** Brokerage says improved trade visibility could support the rupee and act as a positive trigger for FPI flows

** Jefferies replaces Godrej Consumer Products GOCP.NS with Eternal, citing strong growth and margin improvement across quick commerce and food delivery

** ETEA closed flat in 2025, stock down ~2% so far in 2026

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Corrects dateline

Jan 29 (Reuters) - India's Swiggy SWIG.NS reported a narrower third‑quarter loss sequentially, as strong demand in its quick‑commerce arm Instamart partly offset the drag from continued high investments.

The company reported a consolidated loss of 10.65 billion Indian rupees ($115.8 million) for the quarter ended December 31, compared to 10.92 billion rupees in the second quarter.

Losses, however, remained higher than the 7.99 billion rupees recorded a year earlier.

($1 = 91.9590 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

** Shares of Eternal ETEA.NS, Indian online delivery firm, rise 5.1% to 266.90 rupees apiece; set to snap three-session losing streak

** Last week, Co posted sequential rise in Q3 profit and said founder Deepinder Goyal will step down as CEO and MD

** Jefferies says ETEA fell 10% post Q3 results on investors concerns over leadership change and Blinkit's profitability

** However, Blinkit has consistently delivered best‑in‑class unit economics (incl. in 3Q), and hence, we do not see any concern on this front, Jefferies says

** Jefferies maintains "buy" rating on stock; PT at 480 rupees- second highest among 31 analysts tracking ETEA

** Despite Goyal's transition, he remains closely engaged in strategy, culture, and governance at Eternal, ensuring continuity - Jefferies

** Avg rating on stock is "buy"; median PT of 390 rupees - data compiled by LSEG

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

** Shares of Eternal ETEA.NS, Indian online delivery firm, fall 4.44% to a six-month low of 263.50 rupees apiece

** Stock down 8.4% for the week so far, its worst week since March 2025

** On Wednesday, Co said founder Deepinder Goyal will step down as chief executive officer and managing director, effective February 1; Blinkit head Albinder Dhindsa will take the helm

** Co also reported a 73% jump in quarterly profit

** More than 43 million shares exchange hands today vs 37.4 miliion 30-day avg vol

** Avg rating of 31 analysts is "buy"; median PT of 390 rupees - data compiled by LSEG

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Jan 22 (Reuters) - Shares of Eternal ETEA.NS jumped nearly 6% in premarket trading on Thursday after the parent company of online food delivery firm Zomato posted a quarterly profit jump.

The stock was the top percentage gainer on the benchmark Nifty 50 .NSEI, which was trading 0.7% higher.

(Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema)

((Komal@thomsonreuters.com;))

Jan 21 (Reuters) - Eternal Ltd ETEA.NS:

• Q3 CONSOL NET PROFIT 1.02 BILLION RUPEES

• Q3 CONSOL REV FROM OPS 163.15 BLN RUPEES

• ACCEPTED THE RESIGNATION OF DEEPINDER GOYAL AS THE DIRECTOR, MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER OF THE COMPANY

• RESIGNATION OF DEEPINDER GOYAL AS MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER OF EFFECTIVE FEBRUARY 1, 2026

• ALBINDER SINGH DHINDSA APPOINTED AS CEO EFFECTIVE FEBRUARY 1, 2026

• APPOINTMENT OF DEEPINDER GOYAL AS THE VICE CHAIRMAN & DIRECTOR ON THE BOARD
  

Source text: [ID:]

Further company coverage: ETEA.NS

((Reuters.Briefs@thomsonreuters.com;;))

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Jan 20 - By Ira Dugal, Editor Financial News, with global Reuters staff

Reliance Industries RELI.NS has had a rough start to the year, with a rare share-price slide in January and weaker-than-expected earnings, highlighting the pressures building across some of its key businesses.

What is the outlook for the stock of India's most valuable company? That's our focus this week. Write to us at ira.dugal@thomsonreuters.com

And, India plans to open up the defence sector to larger foreign investment. Scroll down for that Reuters exclusive report.

THIS WEEK IN ASIA

*Japan's snap election and tax pledge keep nation's finances in spotlight

*Indonesia's rupiah hits record low on central bank independence worries

*China curbs ‘flash boys’ access to exchange data, sources say

*As US orders fade, Chinese salespeople face tough grind in new markets

*Dozens missing after massive Karachi mall fire, 21 killed

TESTED BY GEOPOLITICS

Mukesh Ambani’s Reliance, which has a market value of 19.12 trillion rupees ($210.42 billion), has slumped about 10% so far in 2026, a rare early-year drop that has weighed on the benchmark Nifty 50 .NSEI, which is down roughly 2%. The last time the stock dropped more in any January was in 2011.

The fall, including a 3% decline after the company reported weaker-than-expected quarterly earnings, reflects complications in its refining business due to geopolitical tensions, intensifying competition in its retail operations, and investor caution ahead of the planned listing of its telecoms unit.

The company faces "headwinds" from loss of Russian crude in its export-focused refinery and higher freight costs in its core oil-to-chemicals business, Jefferies said in a January 16 note.

But it could potentially resume purchases of Venezuelan oil, defraying the loss of Russian barrels, the brokerage said.

Reliance cut imports of Russian oil by 32.4% in December, the lowest level since February 2024, under pressure from Western sanctions, data analysed by Reuters journalist Nidhi Verma showed. The company's Russian imports are likely to be low in January too. Click here for that story.

The company has said it is in talks with the U.S. to permit purchases of oil from Venezuela.

Despite these challenges, the business continues to report strong financials.

Factors working in its favour include strong volume growth and fuel cracks - the difference between the price of refined products and the crude used to produce them - Mumbai-based brokerage BOB Caps said.

Fuel retailing volumes via the Jio-BP joint venture are also expanding, it added.

RETAIL REVENUE GROWTH LAGS

Where the earnings disappointed most was in the retail business, Reliance Retail, which was dragged down by India's shifting consumer preferences.

Reliance Retail reported a 9% growth in net revenue, lower than the 13% for competitor Avenue Supermarts AVEU.NS, and blamed this partly on a shift in festival dates and a demerger of its consumer products division.

Its margins also declined due to discounts offered in the festival season and investments made in quick commerce.

India's fast-changing consumer market has seen attention shift from traditional stores to online shopping and now quick commerce where deliveries within minutes have sparked opportunity and risks.

The company told analysts this business is already margin- positive as Reliance leverages its extensive store network to deliver electronics, fashion, and groceries, creating a unique omnichannel advantage.

The quick-commerce business, where Zomato, run by Eternal ETEA.NS, Swiggy SWIG.NS and Walmart's WMT.O Flipkart are big players, recently came under fire for promoting 10-minute deliveries that critics have argued put delivery staff at risk.

Read here to catch up on the controversy.

Jefferies analysts also red-flagged Reliance's fast-moving consumer goods business where too many brands may mean it is spreading itself "too thin".

While the retail business seems to be some distance away from a listing, the public offering of the telecoms unit Jio Platforms appears imminent.

The government has given the green light for a minimum float of 2.5% for a public listing, clearing the way for large IPOs including Jio's.

Despite the pressures, analysts still see upside to the Reliance Industries stock in 2026, with only 2 of 34 analysts on LSEG listing it as a sell. The median price target on the stock is 1,700 rupees per share, a 20% upside from current levels.

MARKET MATTERS

A ruling by India's top court in a tax case related to U.S. investment firm Tiger Global's sale of shares in Flipkart to Walmart in 2018 has spooked global investors who have poured $180 billion into India via the tax haven of Mauritius.

Read details of the judgement here and don't miss this analysis on its implications for investors.

The ruling comes at a time when India has seen a sharp drop in portfolio and strategic investments from overseas, a decline that the market regulator is trying to reverse through a series of steps.

THIS WEEK'S MUST-READ

India plans to make it much easier for foreign firms to invest in defence companies, Reuters journalists Nikunj Ohri and Sarita Chaganti Singh reported.

Foreign firms may be permitted to pick up 74% in Indian firms with government approval, and tough conditions related to technology transfers may be lifted.

Read the details here.

($1 = 90.6663 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

((Ira.Dugal@thomsonreuters.com; +91-9833024892;))

By Aditya Kalra and Munsif Vengattil

NEW DELHI, Jan 13 (Reuters) - India's government has ordered Blinkit, Zepto and Swiggy to stop promoting their grocery deliveries as a "10-minute" service, two sources said, in a setback for a sector that has changed the way Indians in cities shop and is sought after by investors.

Fears of rash driving by riders and low pay for not completing orders within 10 minutes have dogged the so-called "quick commerce" sector that today is worth some $11.5 billion, data from Datum Intelligence shows.

The labour ministry raised the issue during a closed-door meeting on Saturday with representatives from the three companies, asking them to stop promoting the business as a 10-minute service, the sources added, declining to be named as the gathering was confidential.

Eternal's ETEA.NS Blinkit did not respond to Reuters queries. IPO-bound Zepto and Swiggy SWIG.NS declined to comment. The labour ministry did not immediately respond to a request for comment.

The companies' quick commerce shopping apps allow urban shoppers to get groceries, and even many electronics and household items within minutes.

The industry has attracted billions of dollars in investment. Swiggy in December raised $1.11 billion from institutional investors, including BlackRock, Temasek and Fidelity.

Blinkit now describes its offering as "Groceries & more", instead of "Grocery in 10 minutes" earlier, according to the internet archive website Wayback Machine.

However, Tata's BigBasket, Zepto and Swiggy's Instamart all continued to promote their business offering as a "10-minute" service on the Apple App Store on Tuesday.

(Reporting by Aditya Kalra and Munsif Vengattil; additional reporting by Vibhuti Sharma, Editing by Alexandra Hudson)

((munsif.vengattil@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.

Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.

Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.

In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.

But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.

More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.

The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.

The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.

Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.

Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.

The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.

The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.

For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.

Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.

Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.

To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.

Follow Shritama Bose on LinkedIn and X

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

** Shares of Eternal ETEA.NS jump 3% to 293 rupees, top pct gainer on largely flat benchmark Nifty 50 .NSEI index .BO

** Goldman Sachs keeps "buy" rating, trims PT to 375 rupees from 390 rupees on co, the parent of food delivery platform Zomato and quick-commerce Blinkit

** Says recent 14.6% Oct-Dec selloff vs 6.2% Nifty 50 gain reflects "elevated competition narratives, quick-commerce slowdown expectations"

** "We disagree with the extent of bearishness" being priced into ETEA - note

** Stock, on an avg, rated "buy" by 31 analysts; median PT 400 rupees - data compiled by LSEG

** ETEA unchanged in 2025 vs rival Swiggy's SWIG.NS 29% decline

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Jan 8 (Reuters) - Eternal Ltd ETEA.NS:

• ETERNAL LTD - COMPANY RECEIVES ORDERS CONFIRMING GST DEMAND OF 167.2 MILLION RUPEES

Source text: ID:nBSE6mhQhj

Further company coverage: ETEA.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Eternal ETEA.NS fall 2% to 277.10 rupees

** ETEA's quick commerce company Blinkit's chief financial officer Vipin Kapooria has resigned, Economic Times reports citing sources

** Kapooria joined Blinkit in September 2024

** YTD, ETEA down 0.3% vs 9.5% gains in Nifty 50 index .NSEI

(Reporting by Vijay Malkar)

((VijayDattaram.Malkar@thomsonreuters.com;))

Adds analyst comment in paragraphs 5 and 9, details throughout

By Vivek Kumar M and Kashish Tandon

Oct 14 (Reuters) - LG Electronics India LGEL.NS surged 50.4% in its trading debut on Tuesday and notched a valuation of $13.07 billion, eclipsing its South Korean parent's market capitalisation, as investors piled into the country's most bid-for IPO since 2008.

Shares of the Indian arm of LG Electronics 066570.KS made a strong debut on the National Stock Exchange of India, opening at 1,710.10 rupees and rising to 1,714.90 rupees, well above the issue price of 1,140 rupees.

The debut valued the company above its $8.73 billion target and its South Korean parent's roughly $9 billion market cap.

It also put the firm ahead of its India-listed peers such as Whirlpool WHIR.NS, Voltas VOLT.NS, and Havells HVEL.NS, which are valued between $1.7 billion and $10.4 billion.

The company's listing performance was the best for a billion-dollar IPO in India since 2021, and comes in the midst of what is India's second-busiest quarter on record for IPOs, with WeWork India WEWO.NS and Tata Capital TATC.NS posting lacklustre debuts in recent days.

"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.

LG Electronics, India's second-biggest appliance maker, whipped up strong demand at the bidding stage. Investors snapped up its $1.3 billion IPO within hours of opening, with bids worth a staggering $50 billion.

The investor euphoria made it the most subscribed billion-dollar offering in nearly two decades, eclipsing interest seen in high-profile listings such as Life Insurance Corp of India’s LIFI.NS $2.7 billion issue in 2022, and Paytm's $2.5 billion debut and Zomato's ETEA.NS $1.3 billion flotation in 2021.

At the share sale, qualified institutional buyers bid 166.5-fold their allotted quota, while non-institutional and retail investors subscribed 22.4 times and 3.54 times, respectively, according to exchange data.

"Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation and will be forced to participate aggressively in the listing and beyond to achieve reasonable sizing," Relli added.

($1 = 88.7680 Indian rupees)

(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)

((mridula.kumar@thomsonreuters.com))

** Goldman Sachs hikes Blinkit parent Eternal ETEA.NS PT to 360 rupees from 340 rupees; keeps "buy" rating

** Expects Blinkit store count to double over next 2-3 years, says meaningful market share expansion not reflected in current price

** Blinkit's FY27 Net Order Value (NOV) projections are higher than earlier estimates with EBITDA break-even anticipated by Dec 2025, signaling strong growth

** ETEA's quick commerce and food delivery segments are expected to accelerate Y/Y in 2Q FY26; food delivery NOV growth could reach 20% Y/Y by March 2026

** Follows J.P.Morgan PT hike to street-high 390 rupees last week

** ETEA rated "buy" on avg, median PT 329 rupees- data compiled by LSEG

** Stock up nearly 20% YTD

(Reporting by Urvi Dugar)

((UrviManoj.Dugar@thomsonreuters.com))

** Swiggy SWIG.NS, Zomato-parent Eternal ETEA.NS rise 2% each

** Motilal Oswal upgrades SWIG to "buy" from "neutral", raises PT to 560 rupees from 450 rupees

** Retains "buy" on ETEA, raises PT to 420 rupees from 330 rupees

** Says GST changes expected to accelerate adoption of quick commerce services in non-metro cities

** Expects food delivery growth to exceed 20% over the next two-four quarters, up from previously stunted 17%–18% growth, driven by upcoming festive demand, GST reforms

** Highlights easing expansion, discounts at Swiggy Instamart and Blinkit

** SWIG, ETEA rated "buy" on avg, with median PT of 450 rupees, 321 rupees, respectively, per data compiled by LSEG

** YTD, SWIG falls 20%, ETEA gains 20%

(Reporting by Rudra Pratap Singh in Bengaluru)

((rudrapratap.singh@thomsonreuters.com))

Updates shares in paragraph 2, adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted so far:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer, and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

"While it is anticipated that there will be lowering of the premiums due to lowering of the taxes, we are yet to understand the extent of this reduction as this will also depend upon availability of the input tax credit, which will become clearer over the coming days."

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector. Making vehicles more affordable, particularly in the entry-level segment, these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"The 56th GST Council meeting marks a watershed moment for India's automobile retail industry. This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival by lifting consumption and supporting allied sectors.

"Our categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts come at the right time which is just ahead of the festive season and against the backdrop of U.S. tariff tiffs. Lower taxes on essentials, FMCG products, autos and cement will leave consumers with more money in hand.

"This should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings. It also carries the potential to ease inflation. The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality, with rate reductions on essentials like dairy, medicines, and food directly benefiting consumers due to their inelastic nature.

"Combined with RBI rate cuts, FY26 income tax rebates, and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"The GST tax cuts are a major move by the government to further turbocharge growth. For our industry especially, it’s a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials, and enhances global competitiveness. As a key input for infrastructure and housing, fairer taxation is expected to boost consumption and support projects from affordable housing to large-scale infrastructure."

NITIN RAO, CEO, INCRED WEALTH

"History has shown that such measures add significantly to GDP growth and a repeat is expected.

"Positive this will play out, though a small concern remains wherein recent measures like the rate cuts + budgetary measures taken on reduced taxes have not created necessary consumption boosters. We will have to wait and see if this welcome third step reverses the consumption trend or there is a deeper problem around availability of money with consumers."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"This coupled with certain process reforms is also positive for SMEs (small and medium enterprises). While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs (non-bank financial companies)."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs (micro, small and medium enterprises), and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine.

"Timely implementation of these reforms ahead of the upcoming festival season will surely give a huge boost to consumption across categories, widen market access, and accelerate our collective journey towards a Viksit Bharat."

SHEETAL ARORA, CEO, MANKIND PHARMA

"The GST revisions go beyond tax rationalization, they represent a structural shift in how India is enabling healthcare access. By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signaled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The recent GST rationalization reflects the government’s commitment to India’s clean energy transition. The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets. It also sends a strong signal to investors, improving the financial viability and attractiveness of the renewable energy sector."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))