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Business Briefs

Forex reserves drop

Mumbai, Dec. 22: India’s foreign exchange reserves dipped by $599 million for the week ended December 14 to $272.95 billion. The reserves had increased by $33 million to $273.55 billion in the previous week. Foreign currency assets decreased by $596 million to $264.16 billion against $264.76 billion a week ago. Foreign currency assets expressed in dollars included the effect of appreciation or depreciation of currencies such as euro, pound sterling and yen held in reserves.

UB buy

Bangalore, Dec. 22: The UB group has acquired the US distribution rights for Dalmore Single Malt. “The transaction is a win-win one for the UB group and Beam Global Spirits and Wine”, a UB press release said. Dalmore is part of Whyte and Mackay’s portfolio but Jim Beam controlled the distribution rights for the US market.

BoB plan

Mumbai, Dec. 22: The Bank of Baroda (BoB) is planning to raise Rs 2,500 crore in the coming months to fulfil capital requirements. The bank has filed documents with both the stock exchanges to raise Rs 500 crore in perpetual bonds, Rs 1,500 crore in upper-tier II debt and Rs 500 crore in lower-tier II bonds.

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