Beating market expectations, cigarette-to-hotel-to-FMCG major ITC on Thursday reported a 10.08% year-on-year (y-o-y) rise in its standalone net profit to Rs 2,818.68 crore for the first quarter ended June 30, with total expenses falling and revenue from the non-cigarette FMCG business soaring during the period.

In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI bank and Allahabad Bank.

LIC has reduced its stake in IDBI Bank from 10.82% in Q4FY18 to 7.98% in Q1FY19. In addition, it has trimmed its stake in Allahabad Bank from 12.37% to 9.89% in the said period.

KOLKATA: State-owned Coal India is exploring the possibility of restricting fuel supplies to power plants saddled with large stocks but operating at low capacity utilisation. The plan is to divert supplies from these plants to the ones running at higher capacity but faced with low stocks, a Coal India executive said.

NEW DELHI: State-run refiner Indian Oil Corp has opposed natural gas firm GAIL’s pitch for a unified tariff for its pipelines, saying such a move would raise input cost for its three refineries by Rs 1,000 crore and only help operators of old liquefied natural gas terminals and pipelines.

Indian Oil, BP and Shell have also demanded separation of GAIL’s natural gas transportation and marketing business before shifting to a unified tariff.

Mumbai: The recently concluded FIFA World Cup has created new viewership records for international football games in India.

While the viewership for final match between France and Croatia was 15.8 million impressions, making it the most watched match of the tournament, total viewership for the 64 matches was at 231 million impressions, as per BARC India.

BSNL has now introduced a new prepaid plan for Rs 171, which will compete against Reliance Jio, Vodafone and Airtel.

The new plan will offer 60GB data, which comes up to 2GB data per day, with 30 days validity. Additionally, the plan also offers unlimited voice calls and SMS benefits.

After coming close to hitting $1 billion, Amazon's international losses have fallen for the third consecutive quarter as operating margins in markets such as Europe and Japan grew, offsetting losses the company continues to make in India.

Amazon reported a loss of $494 million on sales of $14.6 billion from international markets (outside North America) for the three months that ended June 2018.

The US and India are working together "hand in glove" diplomatically and militarily to build dimensions of the critical bilateral relationship ahead of the "two-plus-two" dialogue, a State Department official has told American lawmakers.

During a Congressional hearing, Alice Wells, principal deputy assistant secretary of state for South and Central Asia, said the US is looking forward to the "two-plus-two" dialogue with India in New Delhi in September.

State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce performance-linked salary structure for the senior management — a first-of-its-kind move among public sector banks (PSBs).

PNB Managing Director and Chief Executive Officer Sunil Mehta told Business Standard:

Israel's national carrier El Al said it has withdrawn its plea filed in the top court against the government decision to allow Air India to fly over Saudi Arabia's airspace on Delhi-Tel Aviv route, something it had claimed gives its competitor an unfair competitive edge.

Local media reports said Israel's High Court of Justice had urged El Al to drop the petition it filed in March this year, days after Air India's inaugural flight landed in Tel Aviv on March 22.

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