Indian Oil Corp (IOC) sold a naphtha cargo from its Paradip refinery this week, four traders that participate in the market said on Friday, in what was likely the first sale since May 2017.

IOC sold up to 30,000 tonnes of naphtha on late Thursday in two separate cargoes for second-half August loading from Paradip to a trading house at discounts of about $14 a tonne to its own price formula on a free-on-board (FOB) basis, the traders said.

Over 60,000 retail petrol pump and hundreds and thousands of small and big transporters, bulk users and diesel-consuming industries will soon be able to hedge the price risk in petrol and diesel, as Sebi is in final stages of allowing futures in these two commodities.

ICEX, the third largest Commodity Exchange, has urged the regulator to allow futures trading in petrol and diesel.

New Delhi: Newly appointed ICICI Bank chairman Girish Chandra Chaturvedi has assured shareholders that he would give top priority to upholding the best governance practices as the bank facing controversies involving CEO Chanda Kochhar.

Chaturvedi hopes uncertainties would be resolved at the earliest.

Switzerland's highest court has allowed tax authorities to turn over bank account details of two Indian citizens who had fought the release on the grounds that India's request for assistance in a tax-dodging probe arose from stolen bank data.

The case involved information leaked by whistleblower Herve Falciani, a French citizen who worked for HSBC's Swiss private bank and in 2008 disclosed details on thousands of clients he suspected were using accounts to evade tax.

Opposing Reliance Communications’ (RCom) plea for quashing of the insolvency proceedings initiated against it and its two subsidiaries, telecom equipment manufacturer Ericsson India on Thursday urged the Supreme Court not to do so till the former paid Rs 500 crore as mutually agreed between them.

The port blockages reflect the inability of India’s infrastructure to cope with an expanding economy and consumption. Freight and passenger trains jostle for space on the same tracks, and goods carriers often have to make way for passenger traffic, prolonging the turnaround time for carriages to haul coal, the mainstay of power generation in the country.

India’s most profitable telecom company, with the country’s largest 4G customer base, has tied up with its largest bank, paving the way for creating India’s biggest digital bank with shopping and entertainment thrown in.

While SBI has over 42 crore customers, it has just 2.5 million on its online app YONO (You Only Need One app); all of RJio’s 23 crore customers are on its MyJio app which will now be seamlessly integrated with YONO.

State-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 58% jump in net profit to Rs 6,144 crore for the first quarter of FY19, compared with Rs 3,885 crore a year ago, driven by higher realisation for its produce.

The revenue from operations of the explorer increased 42% to Rs 27,213 crore in the quarter gone by from Rs 19,073 crore in the comparable period last fiscal.

Domestic markets on Friday opened in green tracking the positive global cues. At 9:41 AM, Sensex was up by 37,413.27 points while Nifty was at 11,321.45 points. On Thursday, Sensex dropped over 200 points to 37,373.08 on heavy selling in metal, auto, banking, capital and realty stocks amid sustained capital outflows by foreign funds after the RBI yesterday hiked repo rate for the second time in two months.

National passenger carrier Air India will enhance a codeshare agreement with Ethiopian Airlines, the company said in a statement on Thursday.

According to the statement, the expanded codeshare agreement will allow its passengers to access Ethiopian Airlines' network in Africa.

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