Vedanta Cairn, operator of the prolific Barmer field in Rajasthan, bid aggressively, while eight other companies, including state-run ONGC, Oil India, Indian Oil and GAIL (India) also put in their bids for the 55 hydrocarbon blocks offered under the Open Acreage Licensing Policy (OALP), a critical part of the March 2016-launched Hydrocarbon Exploration Licensing Policy (HELP).

The committee of creditors (CoC) of Essar Steel on Wednesday heard out explanations from ArcelorMittal and Numetal, the two bidders in the race for the loss-making steelmaker. Both companies made presentations to establish their eligibility to bid for the steelmaker, bankers familiar with the development told FE.

Idea Cellular (Idea) reported weak revenue, but better profitability. We believe, Idea and Vodafone’s data capacity utilisation at 78% is high and they will have to accelerate capacity expansion. Idea’s balance sheet is stretched due to sharp fall in ARPU and market recovery is crucial for EBITDA recovery. Given high operating and financial leverage, we expect the stock to be volatile.

After starting on a positive note, the benchmark BSE Sensex fell over 80 points in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries.

The 30-share index, after opening 80.89 points higher, turned negative on profit-booking at current levels to quote 86.59 points, or 0.22%, lower at 35,089.83.

Shares of Biocon have dipped 4% to Rs 634 per share on the BSE in early morning trade on Thursday after the biotechnology major on Wednesday said that US health regulator has made seven observations after inspection of its sterile drug product manufacturing facility in Bengaluru this week.

American e-commerce major Amazon has formally entered the battle for Flipkart, a move that may slow down rival Walmart’s effort to buy a controlling stake in the Bengaluru-headquartered firm. Sources indicated that Amazon, which aggressively competes with Flipkart in the India market, has put in a matching bid along with a $2-billion breakaway fee. While a competing bid could possibly raise Flipkart’s valuation, thereby helping investors, Walmart is learnt to be determined to strike a deal with India’s e-commerce poster boy.

Taking the offline route to take on e-commerce biggies such as Flipkart and Amazon, Paytm Mall, which completed a year in April, is planning to invest $30 million over the year. It will develop and roll-out connected Point of Sale (PoS) solutions across 100,000 retail stores.

The PoS is a software-based system, which can be used on any smartphone or tablet. Shopkeepers can also take a PoS machine that Paytm Mall would provide for rent.

India’s benchmark equity index just managed to close in the green after swinging between gains and losses as weak sentiment in Asia offset the good cheer from strong auto sales in April.

The S&P BSE Sensex rose 0.1 per cent to 35,176.42 after falling as much as 0.3 per cent. The measure swung between gains and losses at least a dozen times. All but two of the 19 sector sub-indexes compiled by BSE fell, led by an index of metal stocks.

Markets regulator Sebi today put in place additional risk management measures, pertaining to margin collection requirement and computation of liquid net worth, for equity derivatives segment.

The decision has been taken after taking into account feedback from the clearing corporations and the recommendations of Sebi's risk management review committee, the regulator said in a circular.

US online retail giant Amazon has made a formal offer to buy a 60 per cent stake in India's leading e-commerce marketplace Flipkart, according to a report by CNBC TV18 which cited sources.

Amazon's offer to acquire a majority stake in Flipkart comes at a time when rival Walmart is close to completing a $12 billion deal to pick up an equivalent amount of stake in the Indian firm.

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