Forex kitty rises

Mumbai, may 17: India’s foreign exchange reserves increased $200 million to $312.70 billion for the week ended May 9. The forex reserves had declined for three consecutive weeks before rising again. In the week before, forex reserves fell $371 million to $312.50 billion, according to the Reserve Bank data. Foreign currency assets during the reporting week increased $200 million to $302.77 billion.

HSBC buy

Mumbai, may 17: Financial services major hsbc said it planned to acquire a 73.21 per cent stake in brokerage firm il&fs Investsmart for $241.6 million (around Rs 1,002.5 crore). The acquisition will enable hsbc to use Investsmart’s platform for distribution of other financial products, including mutual funds, and help in accelerating growth of the group in the domestic market.

Orchid stake

Mumbai, may 17: Pune-based Adurjee & Bros Pvt Ltd has accumulated a 7.22 per cent stake in Orchid Chemicals through open market transactions. At present, this stake is worth over Rs 125 crore.

Mindtree offer

Mumbai, may 17: An open offer by it services firm Mindtree Consulting to acquire an additional 20 per cent stake in Aztecsoft will start on June 27. The open offer will close on July 16. Earlier, the company had said the offer would start on June 30 and end on July 21.