Bizbits

Out of the total loan amount of $264.35 mn, $152 mn credit has been specified for promoting primary education in Bihar and help enroll about 5.5 mn school children in 17 educationally disadvantaged districts. The second loan of $59.4 mn has been earmarked for the Uttar Pradesh government towards attaining 100 per cent enrollment in basic education statewide in the next decade.

TN Minister’s plea to Essar

CHENNAI: Tamil Nadu law minister Aladi Aruna has appealed to the Essar group of companies to honour the assurances it made to chief minister M Karunanidhi regarding the Tamilnad Mercantile Bank (TMB).

In a statement here on Wednesday, he asked Sashi Ruia of Essar to hand over the 67-odd per cent stake the group had picked up in TMB to the Nadar community as promised in the tripartite meeting convened by Karunanidhi in June this year.

At the meeting, Ruia had agreed to sell the shares held by Essar to the Nadar community for Rs 100 crore and that the community would raise the amount by December 31. There was no claim by anyone then that Essar’s shares had been sold to others, Aruna said.

Rupee ends marginally lower

MUMBAI: Activity was at its low ebb at the interbank forex market here today and the rupee ended marginally lower due to increased inward exporter remittances and the absence of corporate demand.

The rupee opened in the region of Rs 39.22/26 against the US greenback, moved in a very narrow range at a high of Rs 39.22/24 and a low of Rs 39.23/26 and closed at Rs 39.2250/2270 as against its previous close of Rs 39.20/22 per dollar. The RBI fixed the reference rate for the dollar at Rs 39.23 as against Rs 39.28 per dollar on the last working day. The swap section witnessed heavy paying pressure and the premiums dropped sharply. Spot over April ended at 91-93 paise premium as against the previous close of 108-110 paise.