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Since 1st March, 1999
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Business Briefs

Forex reserves swell

Mumbai, May 24: India’s foreign exchange reserves continue to scale new heights and crossed the $ 79 billion mark following inflows of $ 666 million during the week ending May 17. Foreign exchange reserves rose by $ 666 million to touch $ 79,225 million in the reporting week, according to the Reserve Bank of India’s weekly statistical supplement released here today. Foreign currency assets rose from $ 75,164 million to $ 75,830 million, it said.

OTS deadline

Mumbai, May 24: The Reserve Bank has extended the time period for receipt of applications under the one-time settlement (OTS) scheme, by five months to September 30, 2003. The decision to extend the time period was taken after the government and the RBI received requests from banks.

Maruti move

Mumbai, May 24: Ahead of its public offer to sell 7.2 crore shares next month, Maruti today gave a first-hand account of its technological and financial strength to over a 100 chosen stock brokers from about a dozen cities when they visited the car company’s production facilities in Haryana.


Calcutta, May 24: Netguru India expects to achieve a 40 per cent growth in its software and digital media services. Its engineering software division is also expected to grow by 30 per cent. “Our global revenues will be around Rs 140 crore from Rs 115 crore last year, said chairman and CEO Amrit Das.

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