The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves at $87 bn

Mumbai, Sept. 13: In one of the largest inflows in recent times, India’s foreign exchange reserves have shot up by $1.11 billion to cross the $87-billion mark, a new record high, for the week ended September 5. The foreign exchange reserves rose from $86,255 million to $87,365 million in the reporting period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. The foreign currency assets swelled by $1,018 million at $83,642 million for week ended September 5, a day before the new RBI governor Y. V. Reddy took over from Bimal Jalan.

Ranbaxy foray

New Delhi, Sept. 13: Domestic Pharmaceutical major Ranbaxy Laboratories has forayed into the $1.6-billion market for metformin, an anti-diabetic drug, in the United States . The drug is meant for patients with type 2 diabetes mellitus. The innovator brand for Metformin is Bristol Mayers Squibb’s Glucophage. However, that drug is in the tablet form whereas the New Drug Application that Ranbaxy has received approval for is an oral suspension using the generic form of the drug.

SBI offices

Dubai, Sept. 13: State Bank of India will shortly open offices in Sydney and Moscow and is looking at a similar possibility in Dubai. “SBI will soon open offices in Sydney and Moscow,” deputy managing director S. Santhanakrishnan said. He added that the bank’s chairman A. K. Purwar will be arriving here on September 19 and is likely to hold talks with the UAE Central Bank on the possibility of opening an office in Dubai. The UAE Central Bank had eased rules this week allowing more banks to open offices in Dubai.

SSI package

Bangalore, Sept. 13: The Union government will announce a package for small scale industries within a few days, the minister of state for SSIs C. P. Thakur said today. “We are preparing the package. Something good will come for the SSI,” Thakur said at the annual general meeting of Laghu Udyog Bharti, an all-India organisation for SSIs.

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