State-owned oil companies' losses on selling diesel below the market price have declined 46.5 per cent to Rs 1.33 per litre on continued monthly price hikes coupled with softening global crude oil prices.

Brent crude oil prices slid as higher output from the Organisation of Petroleum Exporting Countries (OPEC) and low demand in the US, the world's largest oil consumer, outweighed tensions in West Asia, Africa and the Ukraine.

The government transferred Special Drawing Rights (SDRs) holdings worth $820 million in March 2014 to the Reserve Bank of India out of SDR account held with the International Monetary Fund (IMF).

RBI, in its half-yearly report on management of foreign exchange reserves on Friday, said it had inked pact with the government on March 20 for transfer of the government's SDR holdings in its SDR account with the IMF to RBI in a phased manner.

The National Spot Exchange Ltd (NSEL) and the agencies investigating a scam in the commodities bourse seem to have failed to recover money from defaulters and distribute it among the beleaguered investors. The recovery has reached a nadir in June.

The exchange recovered a negligible Rs 1.64 crore in June, the lowest monthly recovery since the Rs 5,574-crore scam became public in July 2013.

South Korea's Hyundai Motor Co is recalling about 420,000 vehicles covering three models for separate problems in the US after recalling 883,000 Sonata sedans this week, according to US safety regulators.

No injuries or accidents have been reported in the latest recall, the National Highway Traffic Safety Administration (NHTSA) said on its website on Friday.

The Securities and Exchange Board of India (Sebi) has criticised companies which wrap up their Annual General Meetings (AGMs) within 15 minutes. AGMs are once-a-year exercises, allowing shareholders to interact with company officials. “Allocation of 15 minutes for conducting the AGM of a public listed company having more than 100,000 shareholders does not appear adequate enough to facilitate a constructive discussion on matters transacted. Such a practice affects the rights of investors to seek clarifications/hold discussions and prima facie appears prejudicial to the interest of the investors,” said the Sebi circular, issued on Friday.

BSE has sought clarifications from Jignesh Shah-led Financial Technologies (FTIL) with regard to the discounted price at which it had struck a deal with Kotak Mahindra Bank for sale of 15 per cent in Multi Commodity Exchange (MCX).

On July 20, FTIL entered into a share purchase agreement with Kotak Mahindra Bank to sell its 15 per cent stake in MCX for Rs 459 crore at Rs 664 a share, a discount of 24 per cent compared to the prevailing price the previous day.

DLF, the country’s largest property developer, is looking to bring some office assets under real estate investment trusts (Reits), an official said on Friday, in an analyst conference call.

Reits are pooled investment vehicles for this sector. They are tax-efficient, distributing 90 per cent of the income as dividend.

Vishal Sikka's may be a formidable name in the global technology segment, but he isn't your average geek who has time only for technology labs and technical journals.

On his first day as Infosys managing director and chief executive, Sikka quotes Rabindranath Tagore in describing himself as a "servant leader"; calls himself a Hindi movie buff (till recently, a song from a Bollywood blockbuster was on his Twitter feed); and says he wants to write regularly, as it has a "calming influence" on him (his blog, Timelessness, deals with his childhood memories, Diwali in Delhi, etc).

NEW DELHI: Higher sales and cost reduction measures boosted the first quarter earnings of the country's top carmaker Maruti Suzuki on a day when Osamu Suzuki, chairman of the company's parent Suzuki, called on Prime Minister Narendra Modi.

Maruti's profits, also aided by forex gains, rose 21% in the April-June'14-15 quarter at Rs 762 crore against Rs 632 crore in the same period of last fiscal. Net sales during the quarter stood at Rs 11,074 crore, up 11% against Rs 9,995 crore in the April-June quarter of last fiscal.

Mumbai: Andhra Bank is set to raise Rs1,000 crore by selling long-term infrastructure bonds under the new guidelines issued by Reserve Bank of India (RBI) on 15 July.

The funds will be used to fund infrastructure and affordable housing projects.

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