The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves swell

Mumbai, Sept. 7: Indiaís foreign exchange reserves swelled to $ 61.5 billion as they witnessed a jump of $ 480 million during the week ended August 30 largely due to revaluation of the US dollar vis-a-vis euro and fresh inflows. In the previous week ended August 23, the countryís foreign exchange reserves crossed the $ 61 billion mark. According to the RBIís weekly statistical supplement, the foreign currency assets saw a rise of $ 480 million at $ 58.3 billion.

Union Bank

Mumbai, Sept. 7: Union Bank of India and National Bank for Agriculture and Rural Development (Nabard) today signed a memorandum of understanding (MoU) to jointly finance agriculture and rural projects. Nabard has expertise in project appraisal while commercial banks including UBI have skills to assess borrowers credit needs and records, bank chairman V Leeladhar said .

Japan stocks

will spend three trillion yen ($ 25 billion) in public funds in a bid to boost the depressed stock market as the key Nikkei-225 Index plunged to a 19-year low.

Welspun shops

Indian Limited is opening up franchisee shops in 34 Indian cities, starting with Calcutta for their speciality home textile items. CEO D.J. Singh said that the company was looking at the domestic market following WTO regulations that would have an effect on their exclusively export-oriented business.

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