Reliance Industries Ltd has written down Rs 39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.

RIL has restated its reserves following a change in accounting standards from April 1, 2016. It has moved from the Full-Cost Method (Indian GAAP) to the Successful-Efforts Method under IND AS.

The Income Tax Department has written to the RBI informing it about alleged illegal malpractices being deployed by a number of cooperative banks after its probe found “serious” difference in accounts, to the tune of multi-crore rupees, in the aftermath of the notes ban.

In an analysis report prepared by the department, also accessed by PTI, two specific instances in Mumbai and Pune have been reported where it was found that over Rs 113 crore “excess amount” of old demonetised notes was reported by two banks to the banking regulator in order to generate black funds.

Infosys Ltd MD and CEO Vishal Sikka on Thursday said the increase in local hiring in the US may not necessarily hurt margins, following his assertion that the company is hiring more people in the US to engage better with clients and foster innovation on the ground.

“It is incorrect to assume that local hiring means change in margins,” Sikka said in an interview to ET Now, adding that at times people on visa from elsewhere may cost higher than local people on site.

The Debt Recovery Tribunal ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at annual interest rate of 11.5%, from embattled tycoon Vijay Mallya and his companies in the Kingfisher Airlines case.

"I hereby ask the bankers to start the process of recovery of Rs 6,203 crore at the interest rate of 11.5% per annum from Mallya and his companies including UBHL, Kingfisher Finvest and Kingfisher Airlines," DRT Presiding Officer K Sreenivasan said in his order.

Bajaj Auto today launched the KTM RC range of bikes in India.

At a launch event in Pune, Bajaj Auto launched the KTM RC 390 at Rs 2.25 lakh and the KTM RC 200 at Rs 1.71 lakh (both prices, ex-Delhi).

YES Bank net up 30.6% in Q3 FY16 at Rs 882.6 crore compared to the Rs 675.7 crore posted in the same period last year.

In the October - December quarter, the bank's total income was up at Rs 5,229.96 crore versus Rs 4,122.12 crore in the same quarter last year.

Up to 30 people were feared to have died today after an Italian mountain hotel was engulfed by a powerful avalanche in the earthquake-ravaged centre of the country.

Italy's Civil Protection agency confirmed the Hotel Rigopiano had been engulfed by a two-metre high wall of snow and that emergency services were struggling to get ambulances and diggers to the site.

Ford India today launched an upgraded edition of its popular compact SUV EcoSport priced at Rs 10.39 lakh and Rs 10.69 lakh (ex-showroom Delhi).

The new EcoSport 'Platinum Edition' will be sold with a two engine options 1.5 litre diesel engine delivering mileage of 22.27 km/litre and 1.0l EcoBoost petrol engine with a fuel efficiency of 18.88 km/litre, the company said in a statement.

Come April next year, the Indian Railways will start entering into a clutch of ‘transportation guarantee agreements’, or memorandums of understanding, to improve its faltering freight segment, the backbone of the railways’ revenue.

“Many industries such as cement, iron ore and steel have already shown interest which will give me guarantee of a certain traffic for, say, 5-10 years, and the railways will give them a guarantee to provide adequate number of wagons throughout the year as per their requirement,” said a ministry of railway requesting not to be named.

Maruti Suzuki launched its new compact SUV Ignis which we believe is likely to be another winner due to its superior features, performance and higher fuel efficiency than its competition. Our analysis suggests that at the introductory launch price for Ignis, profitability of the car will be significantly lower than for Maruti Swift and we expect the company to raise prices after assessing the order book. Maintain Buy with an unchanged target price of R6,300.

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