Net income for the first quarter ended June 30 dropped to Rs 107 crore ($16.4 million) from Rs 328 crore a year earlier.

Indian refiners had received approval to pay Iran $1.4 billion in oil dues, Reuters reported earlier, in one of the first signs a nuclear deal with six major world powers is helping Tehran unlock frozen funds. 

The company has been forced to cut costs and jobs following its ill-timed entry into Europe, where steel demand has languished after the financial crisis and clients have turned to cheaper imports.

The company's net profit for the period ended June 30 more than doubled to Rs 763 crore ($118.82 million), on a consolidated basis, from Rs 337 crore a year earlier.

The South Korean steelmaker has signed an agreement with Uttam Steel and Power to set up a 3 million tonne-per-year integrated steel plant in the state.

Weak monsoon rains, essential for irrigating the majority of farmland, have affected the incomes of farmers in several parts of the country, leading to lower tractor sales.

\"We remain fully committed to our Africa operations and will continue to invest in its growth and building a profitable business and accordingly have no plan to exit,\" the company said.

The deal, valued at about Rs 800 cr, is expected to be completed in 2015, Fairfax said in a statement.

The company said it was shelving plans to buy a cricket team in the highly profitable Indian Premier League blaming the 'negative aura' of the corruption-hit competition.

Tata Motors, part of Tata Group, generated about Rs 2,000 crore ($316 million) in revenue from defence over the last three years, about 3 per cent of the company's total revenues.

Reliance Industries plans to sell a 3.1 per cent stake in Network18 Media to comply with rules mandating public ownership in listed firms.

Essar Oil, part of the country's diversified Essar Group, now requires approval from the BSE to go ahead with the delisting process, first approved by its board in June last year.

The money pouring into the country's solar industry is likely to be soaked up by foreign-organised projects such as one run by China's Trina Solar - not the country's own solar panel manufacturers.

Further dismaying local firms such as JSW and Kalyani Steels, this week India extended a deal to provide high-grade iron ore to Japan and South Korea as part of bilateral ties.

Backers in the $500 million funding include Indian billionaire Sunil Mittal's Bharti Enterprises, Richard Branson's Virgin Group and Europe's Airbus Group.

Unitech's stock closed 35.69 per cent lower at Rs 8.65, having hit a low of Rs 6.75 earlier.

The company's profitability has been hit in recent quarters after a slowdown in China and a devaluation of the Russian rouble led to a surge of cheaper steel products entering international markets, pressuring steel prices and squeezing margins.

Reliance Industries has faced the absence of cheap devices opening access to its services, making these Chinese deals critical.

Reliance Jio, RIL's telecom unit, got an undue benefit of about $530 million after the government allowed it to offer voice services over wireless broadband spectrum it had won in 2010, the CAG said.

\"The platform unveiled will be open to all developers who meet certain guidelines including content being built for browsing on both feature and smartphones and in limited bandwidth scenarios\", the company said.