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Business Briefs

Forex reserves surge

Mumbai, Nov. 1: Indiaís foreign exchange reserves continued to surge ahead to record highs following further inflow of $577 million during the week ending October 24, 2003. Foreign exchange reserves rose from $91,315 million to $91,692 million in the period under review, according to the Reserve Bankís weekly statistical supplement released here today.

Nirmal Bang

Mumbai, Nov. 1: The Securities Appellate Tribunal (SAT) has struck down Sebiís order cancelling registration of Nirmal Bang Broking entities for indulging in large scale trading from mid-February to mid-March 2001 to bring down scrip prices as the market regulator failed to establish a charge to warrant harsh penalty.

M&M merger

Mumbai, Nov. 1: The shareholders of Mahindra & Mahindra have approved the merger of subsidiaries, Mahindra Eco mobiles and Mahindra Information Technology with M&M.


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