The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves rise

Mumbai, July 10: After witnessing a decline in the previous week, India's foreign exchange reserves grew by $671 million to cross the $120-billion-mark for the week ended July 2. The country's foreign exchange reserves rose from $1,19,407 million to $1,20,078 million during the period under review, according to the Reserve Bank of India’s weekly statistical supplement released here today. The foreign currency assets registered a growth of $589 million at $1,14,718 million.

Bharat Forge

Mumbai, July 10: Bharat Forge will offer 18.83 lakh shares on a rights basis in the ratio of one share of Rs 10 each for every 20 held, aggregating over Rs 105 crore. The rights shares of Rs 10 each are being offered at a premium of Rs 550 per share.

SBI plan

Mumbai, July 10: State Bank of India is eyeing an over 30 per cent growth in farm credit disbursals in the current fiscal. It is also working to de-bottleneck processing to tone up farm loan delivery. “We look at agriculture as a viable business area and want to bring more farmers into the credit net. The bank has targeted agri-loan disbursals of Rs 7,000-8,000 crore in 2004-05,” MD Ashok Kini said.

Reliance results

Mumbai, July 10: Reliance Industries will announce its financial results for the first quarter ended June 30, 2004, on July 27.

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