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Business Briefs

Forex reserves rise

Mumbai, Dec. 9: Forex reserves went up $2.707 billion to $175.48 billion during the week ended December 1 against $172.78 billion during the week ended November 24. The reserves had increased $2.427 billion during the preceding week. The foreign currency assets also increased $2.384 billion to $168.445 billion during the week ended December 1. Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as euro, sterling and yen.

Tide Water

New Delhi, Dec. 9: The government has decided to call off the sale of its stake in Tide Water Oil to the Oil and Natural Gas Corporation (ONGC). ONGC had conducted a due diligence exercise for the company, which is a subsidiary of Andrew Yule, but its offer of Rs 50 crore was around half of what the government would get from the market.

Morocco move

Rabat, Dec. 9: Morocco wants to strengthen its trade ties with India and has thrown open sectors ranging from automobile to agriculture and power to tourism for investments.


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