The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves at $ 70 bn

Mumbai, Jan. 4: After recording a jump of over $ 1 billion in the previous week, the country’s foreign exchange reserves crossed a record level of $ 70 billion in the week ended December 27. Fresh inflows, export remittances and revaluation of the euro vis-a-vis the dollar led to a rise of $ 783 million at $ 70,291 million in the country’s foreign exchange reserves for the period under review. In the 52-week period ended December 27, 2002, the total reserves grew by $ 22.24 billion.

Selloff queries

New Delhi, Jan. 4: Attorney general Soli Sorabjee today sought certain clarification from disinvestment minister Arun Shourie and his officials for forming an opinion on the legal aspects of privatisation of oil PSUs — HPCL and BPCL — which were acquired by the government through Acts of Parliament. Sorabjee is likely to submit his opinion early next week.

Shaw Wallace

Mumbai, Jan. 4: Shaw Wallace Breweries has revised its open offer to shareholders of Skol Breweries Ltd to 10.03 per cent instead of 9.98 per cent as announced earlier. It would acquire up to 33,39,574 equity shares at Rs 38.07 per share.

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