State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year.

The ICICI Bank’s then board, which rushed to give a clean chit to its former Chief Executive Officer and Managing Director Chanda Kochhar in March 2018 without any investigation, is liable and can be prosecuted for violation of various sections of the RBI, Sebi Act, whistle-blower policy, and the bank’s own code of conduct, according to corporate lawyers.

With Rs 1.8 trillion ($25 billion) in bad corporate debt to clean up, State Bank of India is having an easier time negotiating with founders keen to avoid the nation’s two-year-old bankruptcy law, according to Anshula Kant, a managing director overseeing stressed assets at the lender. That’s because a crackdown by policy makers has convinced business owners that they risk losing their companies once the courts become involved.

Even as India struggles to manage its plastic waste, a new report has raised concerns about the impact of generating a cheap and polluting fuel from used tyres in pyrolysis plants.

The Guardian reported that, every month, the UK exports “thousands of tonnes” of used tyres to India. It suggests that most of these tyres are used by pyrolysis plants to produce fuel. Several of these plants flout regulations on pollutants released in the process.

ICICI Bank posted a fall of 2.7 per cent in net profit to Rs 1,604.9 crore for the quarter ending December as against Rs 1,650.24 crore in the corresponding period last year. The net interest income (NII) was recorded Rs 6,875 crore as against Rs 5,705 crore for the same period, a drop of 20 per cent. The private lender also recorded slippages at Rs 2019 crore.

Sebi has proposed a new set of framework for REITs and InvITs in order to provide flexibility to the issuers in terms of fund raising and increasing the access of these investment vehicles to investors. Under the proposal, minimum allotment and trading lot for publicly issued REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be reduced.

Indian automaker Bajaj Auto Ltd posted a higher profit on Wednesday, exceeding analysts' expectations, as the company sold more motorcycle units during the quarter.

Profit rose to Rs 1,102 crore ($154.72 million) for the three months ended Dec. 31, compared with Rs 952 crore a year earlier.

Telecom regulator Trai has asked DTH operators to allow customers to continue their pre-paid long-terms packs after the February 1 industry deadline to switch over to a new broadcasting regime.

Telecom Regulatory Authority of India (Trai) Chairman R S Sharma told PTI that there is no change in February 1 deadline for migration to the new tariff regime for broadcasting and cable services.

Taking a contrary stance from peers, the economists at SBI Research see the government meeting the fiscal targets this year and the same is likely to pegged at Rs 6.72 trillion or 3.2 per cent of GDP next fiscal year, assuming a moderate nominal GDP growth of 11.7 per cent, says a report.

NEW DELHI: Paytm has launched hotel bookings on its platform and acquired NightStay, which offers deals on last-minute bookings at luxury hotels, as the Alibaba-backed payments and ecommerce company expands its travel business.

Paytm said it plans to invest Rs 500 crore in scaling up its travel operations and has partnered with more than 5,000 hotels across the budget, luxury and business segments.

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