Amazon.com Inc’s Chinese partner, Beijing Sinnet Technology Co., said it would purchase Amazon’s Chinese web services business for up to 2 billion yuan ($301 million), ending the U.S. firms’s cloud-computing business in the country. Sinnet, which began operating the Amazon services in August 2016, said in a filing late on Monday the pending purchase would help the unit “comply with local laws and regulations and further improve service quality and security.” Amazon did not immediately respond to a request for comment on Tuesday morning.

BHEL’s 2QFY18 results came in well below expectations with a reported EBITDA loss. Company would have reported a loss if not for the 98% y-o-y rise in other income to Rs 6 billion. Other expenses rose 36% y-o-y (ex of Rs 2.5 billion wage revision expense) on a 4% y-o-y revenue decline. Management indicated there is no one-off expense in the same. Given no visibility on material reduction in debtors or market pie expansion, we maintain Underperform. Giving benefit of revenue recovery due to Yadadri BHEL’s revenues declined 4% y-o-y to Rs 63 billion v/s expectations of a 7% y-o-y rise. Management didn’t really highlight GST implementation as a reason for revenue deferment, but discussed general revenue recognition milestones impacting the same.

The State-run ONGC has said it will resist the government’s reported move to hand over its 11 “discovered” hydrocarbon fields to private operators for their expeditious development. The fields, where hydrocarbon deposits were found before 1999, were given to ONGC on a nomination basis. Fellow PSU Oil India also holds four such fields and these too are under threat of being transferred to private firms via auction. “Obviously we will defend (auctioning off the assets to private firms),” said an ONGC executive, asking not to be named. But the executive clarified that no official information about transfer of fields has been communicated to the company. OIL officials could not be contacted immediately.

A report by Bank of America Merrill Lynch says that in the next decade, India will overtake Japan to become the third largest economy. The factors that will enable this are reduced dependency on other nations, financial maturity, and higher income and affordability, the Economic Times reported.

The report also adds that India is likely to become the world’s fifth largest economy by 2019.

Idea Cellular on Monday posted a loss of Rs 1,106.80 crore for the second quarter of the current financial year.

Idea, which is in the process of a merger with Vodafone India, had reported a net profit of Rs 91.5 crore in the July-September quarter of the last fiscal. Its revenue from operations fell 19.72% to Rs 7,465.5 crore.

State-owned power giant NTPC on Monday reported a decline of 2.3 per cent in its stand-alone net profit at Rs 2,438.60 crore for quarter ended September due to higher borrowing and depreciation cost. The firm’s net profit was Rs 2,496.98 crore in the quarter ended on September 30, 2016, NTPC said on Monday.

According to the statement, the total income of the firm rose to Rs 19,960.35 crore in second quarter compared to Rs 19,588.56 crore a year ago.

After a disappointing June quarter, Coal India Ltd (CIL) reported a consolidated net profit of Rs369 crore for the quarter to September, a 40% decline from the year earlier. That’s way below what analysts were pencilling in. For instance, Kotak Institutional Equities and Prabhudas Lilladher Pvt. Ltd were expecting the coal miner to report a net profit of Rs1,483 crore and Rs1,844 crore, respectively.

A key factor that drove the miss was that CIL made a provision of Rs2,300 crore towards wage settlement in its employee costs, while analysts were considering a lower number. What also adversely affected profitability was that other income dropped sharply by 56% year-on-year (y-o-y).

Indian stock market tumbled on Monday as caution flows among the investors following mixed corporate earnings for the second quarter of the financial year 2018. BSE Sensex ended lower by 0.84% or 281 points at 33,033.56 while NSE Nifty lost 0.94% or 96.8 points to settle at 10,224.95. A profit booking in the shares of heavyweight companies such as HDFC, ICICI Bank, L&T, Reliance Industries and ITC led to a heavy slump in the key indices. During the day, the benchmark Sensex dropped 314.58 points made a low of 32,999.98 whereas the broader Nifty lost as much as -105.5 points to mark the day’s low of 10,216.25.

In a major move, the Reserve Bank of India (RBI) has decided not to pursue a proposal for introduction of Islamic banking in the country.

Replying to an RTI query, the central bank said the decision was taken after considering "the wider and equal opportunities" available to all citizens to access banking and financial services.

Earthquake strikes near Iran Iraq border Earthquake strikes near Iran Iraq border At least 140 people were killed and 860 people were injured when a 7.3-magnitude earthquake shook the mountainous Iran-Iraq border triggering landslides that were hindering rescue efforts, officials said today.

Footage posted on Twitter showed panicked people fleeing a building in Sulaimaniyah, northern Iraq, as windows shattered at the moment the quake struck late yesterday, while images from the nearby town of Darbandikhan showed major walls and concrete structures had collapsed.

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