The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves surge

Mumbai, Aug. 31: Buoyed largely due to the revaluation of the dollar vis-a-vis the euro and fresh inflows, India’s foreign exchange reserves crossed a record high of $ 61 billion during the week ended August 23. The foreign exchange reserves swelled by $ 396 million to reach $ 61,035 million in the reporting week, according to the Reserve Bank of India’s weekly statistical supplement released here. This rise was solely due to the foreign currency assets witnessing a jump of $ 396 million at $ 57,777 million. Gold at $ 3,248 million and special drawing rights at $ 10 million remained unchanged.

SHCIL chief

Mumbai, Aug. 31: K. C. Bandyopadhyay has taken over as the managing director and chief executive officer of Stock Holding Corporation of India Ltd (SHCIL). Before joining SHCIL, Bandyopadhyay was working as the chief general manager with the Reserve Bank of India.

Gulf Oil profit

Mumbai, Aug. 31: Gulf Oil Corporation Ltd has posted a profit after tax of Rs 7.7 crore for the financial year ended March 31, the first audited results after merger of erstwhile Gulf Oil India with IDL Industries in January. The board has announced a dividend of Rs 3 per share.

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