Forex kitty swells

Mumbai, July 14: The country?s forex reserves increased by $348 million to $163.260 billion during the week ended July 7, 2006, against $162.912 billion in the previous week. The reserves had increased by $952 million during the preceding week ended June 30. Foreign currency assets also increased by $347 million to $156.315 billion during the week ended July 7, 2006, according to the figures released by the Reserve Bank of India.

New tax law

New Delhi, July 14: The Taxation Laws (Amendment) Act came into force today. the act that makes it mandatory for charitable institutions and scientific associations with annual receipts of over Rs 1 crore to file tax returns. President A.P.J. Abdul Kalam has given his assent to the bill that was cleared by Parliament in May.

Henkel buy

Chennai, July 14: German consumer goods maker Henkel has acquired the marketing, distribution and sales divisions of Wembley Laboratories Ltd that manufactures adhesives under the brandname Quickfix.

HDFC Bank

Mumbai, July 14: HDFC Bank has posted a 30.38 per cent rise in net profit at Rs 239.30 crore for the quarter ended June 30 compared with Rs 183.53 crore in the same period last year.

ONGC bid

New Delhi, July 14: The Oil and Natural Gas Corporation (ONGC) has lost out on a bid for an oil block in Angola to a Chinese-led consortium.