Forex kitty swells

Mumbai, Sept. 3: The country?s foreign exchange (forex) reserves resumed their upward journey, rising by $623 million during the week ended August 26. The reserves, which had fallen last week by $1.1 billion dollars after continuously rising for three previous weeks, stood at $143.841 billion, according to the Reserve Bank of India?s weekly statistical supplement released here today. The rise in inflows is primarily due to revaluation of non-us foreign currencies such as euro, sterling and yen, analysts said.

Companies Act

New Delhi, Sept. 3: The government today said a bill to amend Companies Act, 1956, expected to be tabled in the winters session of Parliament, would contain provisions against those siphoning off funds collected from the public. ?We will ensure that depositors are not defrauded and that incidents like Morepen Labs do not recur,? company affairs minister Prem Chand Gupta told reporters here. The revised act would have provisions for post-deposit or post-IPO investigations so that the funds are not siphoned off, he said.

P&G net

Mumbai, Sept 3: Proctor & Gamble Hygiene and Health Care Ltd today posted a 35.19 per cent rise in net profit at Rs 124.61 crore for the year ended June 30, 2005, compared with Rs 92.17 crore in previous year. The board of the company has recommended a final dividend of Rs 40 per equity share for the financial year 2004-05, the company informed the Bombay Stock Exchange. The total income of the company increased 23.51 per cent to Rs 731.54 crore during the reporting year.