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Since 1st March, 1999
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Business Briefs

Forex reserves surge

Mumbai, July 26: India’s foreign exchange reserves crossed the $ 84 billion mark following record inflows during the week ending July 18, 2003. The foreign exchange reserves jumped by $ 844 million and stood at $ 84,101 million as on July 18. The country’s foreign currency assets swelled by $ 840 million to reach $ 80,398 million in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. Analysts said the rise is mainly due to fresh inflows and revaluation of non-US currencies, including the euro, against the dollar.

UTI Bank

Mumbai, July 26: UTI Bank has raised Rs 100 crore by issuing unsecured redeemable debentures to investors including banks and insurance companies like Life Insurance Corporation through private placement to shore up capital adequacy base. The issue was open for more than seven days for subscription and received response for bonds worth over Rs 115 crore, UTI Bank sources said here today.

WTO meet

New Delhi, July 26: India today expressed disappointment that the draft text for Cancun WTO ministerial meet did not specify clearly provisions for strengthening of special and differential treatment even as wanted the agenda to reflect concerns of developing countries.

Mercedes Benz

Chennai, July 26: With more than 1800 customers having decided to buy the Mercedes-Benz 'C-class Kompressor' since its market launch in India in may 2001, Daimler Chrysler India is planning to sell 1600 units in the country during the current year. "The successful sales of this C-class car is now set to scale even greater heights in the coming years,” A Faria, general manager (after sales), said.

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