The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves up $ 869m

Mumbai, July 12: After recording a decline in the previous week, India’s foreign exchange reserves jumped by $ 869 million at $ 82,774 million during the week ended July 4. The country’s foreign currency assets swelled by $ 844 million to reach $ 79,075 million in the period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. Analysts said the rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the dollar. Gold reserves at $ 3,698 million, rose by $ 25 million while special drawing rights saw a nil balance.

LPG price

Chandigarh, July 12: Petroleum minister Ram Naik today said the Centre was “examining” the request of state-owned oil retailing firms seeking a Rs 40 per cylinder raise in domestic cooking gas (LPG) prices and a Rs 2 per litre hike in kerosene prices to offset what the companies call the drastic cut in subsidy provided by the government. “They (the oil companies) have requested us and we are examining this. Any decision on this will be taken only after taking the larger interests of consumers and oil companies into consideration,” Naik said.

Syndicate move

Calcutta, July 12: Syndicate Bank has cut interest rates on its housing loan scheme SyndNivas. The revised interest rate on housing loans on floating rate and fixed rate schemes with repayment period of up to five years will be 8.25 per cent. The rate cut will take effect from July 15. The bank has also recently introduced a revised educational loan Syndvidya.

Birla Sun life

Mumbai, July 12: Birla Sun Life Insurance has said that the returns on its investment funds for the quarter ended June 30, 2003, have outperformed the Benchmark Indices. The company has also catapulted itself into the second position amongst private life insurers on the back of its efforts in unit linked life insurance plans.

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