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Business Briefs

Forex kitty

Mumbai, March 8: India’s foreign exchange reserves have crossed $300 billion, taking just 11 months to swell by $100 billion to this level. “It is revaluation that has taken place in major currencies such as yen, pound and euro which has led forex reserves to cross the $300-billion mark,” Development Credit Bank forex dealer Navin Raghuvanshi said. Euro has appreciated 2.4 per cent as of February 29 over its value a week ago while pound has improved by 1.4 per cent.

Nova stake

Dubai, March 8: Kuwait-based airline ground handling services provider National Aviation Services (NAS) has bought a majority stake in India’s Nova Aviation Services for an undisclosed sum. NAS will manage projects, currently handled by Nova, under its banner.


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