India’s oil minister Hardeep Singh Puri said state-run fuel retailers booked ₹74,781 crore in retail losses in Q1 as they continued to sell fuel made from higher-cost crude bought earlier. Brent was trading near $70 a barrel on Thursday, down 26% in a month and nearly 40% below its April high, but Puri gave no clear signal of an immediate retail price cut. He said a reduction is possible if crude prices remain steady for a while, according to Reuters. Puri also said no Indian refiner had directly exported petrol to Russia, though traders may have shipped Indian-made fuel there.

India’s gold price rebounded on Thursday to ₹1.47 lakh per 10 grams and silver rose to ₹2,40,000 per kilogram, tracking gains in international markets and a weaker US dollar. Spot gold climbed 1% to $4,070.04 per ounce, while silver added 1.3% to $59.89 per ounce. Analysts said a less hawkish tone from US Federal Reserve Chair Kevin Warsh and a firmer Japanese yen helped pull down the US dollar index.

India plans to proceed over the coming months with stake sales in eight state-owned companies, including Hindustan Zinc Ltd. The Hindustan Zinc divestment is expected to raise about ₹50 billion (around $525 million). The sales are part of the government’s annual asset-monetisation target aimed at improving public finances.

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Brent crude fell below $72.5 a barrel and extended losses for a fourth straight session, returning to levels seen before the U.S.-Iran tensions escalated. Physical crude markets have weakened, and the forward curve has shifted into bearish contango. The report says sentiment has swung from supply-disruption fears to expectations of surplus, driven by diplomatic progress, improving shipping through the Strait of Hormuz, and rising crude supply from the Middle East and Africa.

India’s Enforcement Directorate (ED) said it searched nine Rajesh Exports-linked locations and found a roughly 40% gap between recorded gold inventory and physical stock. The agency also said it found no supporting records for a purported ₹1,035 crore investment in African mining assets, and flagged suspected siphoning of more than ₹600 crore via share transactions using NRI benamidars, according to the ED. The findings follow action by market regulator Sebi, which has barred the company and promoter-chairman Rajesh Mehta from the securities market pending further investigation and alleged the firm overstated revenue by about ₹15.15 lakh crore between FY21 and FY25.

Kirloskar Oil Engines (KOEL) said it has won a 192MW data centre power systems order from HyperNext, covering 96 units of 2500kVA Optiprime Dual Core systems, in one of India’s largest hyperscale data centre power deployments to date. JM Financial also upgraded the stock to “Buy” from “Add” and raised its target price to ₹2,430 from ₹1,955. The two developments helped push KOEL shares up more than 30% over two sessions, with the stock hitting the upper circuit.

Iran and the United States held a first round of talks in Switzerland and agreed on a framework to reach a final deal within 60 days. The discussions came after Iran said it had again closed the Strait of Hormuz, stoking fears of supply disruptions. As tensions appeared to ease, Brent crude futures fell about 1.5% to $79.4 a barrel, well below the late-April peak of $126.4.

India’s Jyothy Labs said it will stop operating Henkel-licensed Pril and Fa brands from May 31, 2026, and will instead scale up its owned Exo brand into a full-format dishwash range spanning bars and liquids. The company reported FY26 revenue growth of 3.5% and volume growth of 6%, alongside 26% growth in e-commerce channels. Jyothy Labs said its direct retail reach has expanded to 1.4 million outlets across India.