The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves rise

Mumbai, Jan. 8: India's foreign exchange reserves were up by $163 million during the week ended December 31 taking the total reserves to $1,31,178 million. The foreign currency assets also grew by $115 million to touch $1,25,164 million, according to the Reserve Bank's weekly statistical supplement.

UBI rates

Calcutta, Jan. 8: United Bank of India (UBI) today increased the interest rates on term deposits by 50 basis points for amounts up to Rs 1 crore and up to 125 basis points on deposits above Rs 1 crore. The new rates will be effective from today and will be applicable only for deposits from 91 days to less than three years.

PNB offer

New Delhi, Jan. 8: Punjab National Bank plans to raise about Rs 3,000 crore through its second public offer of eight crore shares. Post-offer, the government holding in the bank will come down to 57 per cent from 80 per cent.

HCL Tech

New Delhi, Jan. 8: HCL Technologies today said it has completed the acquisition of the balance 49 per cent stake in DSI Financial Solutions, its joint venture with Deutsche Bank.

AllBank arm

Calcutta, Jan. 8: AllBank Finance Limited, a wholly-owned subsidiary of Allahabad Bank, is set to expand its activities in various fields, including merchant banking.

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