State-owned Indian Oil Corp (IOC) on Wednesday reported a 47% drop in its first quarter net profit due to a slump in refinery margins.

The company reported a consolidated net profit of Rs 3,737.50 crore during the quarter ending June 2019, as compared to a net profit of Rs 7,092.42 crore during the corresponding period last year, the company said in a regulatory filing.

Commercial vehicle major Ashok Leyland posted a 44% dip in consolidated profit at Rs 247 crore in the first quarter of current fiscal. The company had posted a profit of Rs 443.32 crore in the April-June quarter a year ago.

The company's consolidated revenue from operations declined 8% during the quarter under review to Rs 6,612.42 crore from Rs 7,193.79 crore in the corresponding quarter of 2018-19.

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd-owned Reliance Retail for buying up to 26% stake in India's biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

Talks began after Reliance's negotiations with China's Alibaba Group to sell a stake in the retail entity fell through due to differences over valuation, the financial daily reported citing two senior industry executives.

The only major Asian economy that’s grown its export share since the start of the tariff wars in 2018 is the one with the fewest trade links to China.

India’s share of world exports rose to 1.71 per cent in the first quarter of 2019 from 1.58 per cent in the fourth quarter of 2017, data compiled by Bloomberg show. The share of every other economy among Asia’s 10 biggest exporting nations fell in the same period.

The government seems to have softened its stance on the time frame for transition to electric vehicles (EVs).

The Ministry of Heavy Industries, the Ministry of Road Transport and Highways, the power ministry, and the NITI Aayog — tasked with the policymaking and implementation of the government’s e-mobility plan — have extended an olive branch to the beleaguered automobile industry by agreeing to a “softer, pragmatic, phase-wise approach”.

Facebook doesn’t have to face a lawsuit by victims of Hamas attacks and their relatives who claimed that the social network unlawfully assisted the terror group, a federal appeals court ruled.

In a 66-page ruling issued Wednesday, a divided court upheld a judge’s decision to throw out the case, saying an interactive computer service is not the publisher of third-party information when it uses tools that are designed to match content with consumer interests.

Former finance minister Arun Jaitley on Wednesday said opposition to the triple talaq bill "exposed pseudo liberals" as he hit out at the Congress for giving higher priority to "fundamentalist" vote bank than justice to women.

In a blog, Jaitley said a 'liberal' should be hostile to the idea of discrimination and injustice perpetuated by an oral divorce. But in this case, not one spoke in favour of the bill which is ending the injustice, he added.

Markets regulator Sebi Tuesday imposed a total fine of Rs 17 lakh on two entities for executing fraudulent trades in the illiquid stock options segment on the BSE. The two entities, Dippy Investments Pvt Ltd, Dhan Stock and Share Brokers Pvt Ltd were fined Rs 12 lakh and Rs 5 lakh, respectively as per Sebi’s separate orders.

Indian stock markets were lower on Wednesday as investors exercised caution, rattled by renewed trade war concern following US President Donald Trump’s threats to Beijing amid tariff negotiations and ahead of the Federal Reserve’s long-awaited rate cut in a decade. The Sensex was down about 200 points while Nifty traded 61 points lower at 11,025.

The rupee tumbled 9 paise to trade at 68.94 against the U.S. Dollar in early trade on July 31 amid unabated foreign fund outflows and rising crude oil prices.

The Rupee opened weak at 68.89 at the interbank forex market and slipped further to 68.94, showing a decline of 9 paise against its previous close.

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