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Further dip in forex reservesMUMBAI: Foreign exchange reserves fell to 26.75 billion on January 16 from 27.04 billion in the previous we...

Further dip in forex reserves

MUMBAI: Foreign exchange reserves fell to 26.75 billion on January 16 from 27.04 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement on Saturday. The fall in forex reserves is due to shrinkage in foreign currency assets to the tune of 291 million during the week. Foreign currency assets fell from 23.72 billion to 23.43 billion on account of RBI intervention in forex market.

The year-on-year money supply M3 growth slowed to 15.5 per cent in the two weeks to January 2 from 17.3 percent on December 19, the Reserve Bank said.

Gold, silver up

MUMBAI: Gold and silver prices bounced back trimming recent losses on the bullion market here today. Standard gold spurted by Rs 65 at Rs 4,010 per 10 gm. Gold .22 carat rose by Rs 60 at Rs 3,710 per 10 gm in sympathy. Prices of gold biscuit 116.50 gm hardened by Rs 700 at Rs 46,900 per piece.

Seasonal demand improved at the lower while sharp upsurge in the world market and limited supplies pushed gold prices upward according to marketmen.

In the global market gold advanced from 292 to 300 per ounce.Silver .999 recovered by Rs 75 at Rs 8,365 per kg. Silver .916 shot up by Rs 85 at Rs 8,265 per kg. Industrial and speculative buying continued while thin supplies and acute shortage of ready stock offerings were at a low ebb today. In the overseas market silver recovered sharply from 5.82 to 5.95 per an ounce.

DEPB rates

NEW DELHI: The commerce ministry on Friday said that finalisation of rates under the duty-exemption passbook scheme would continue. The clarification comes in the wake of reports saying that the centre had put on hold the finalisation of rates as the scheme had flopped. The new rates will come into effect on April 1.

Philips Medical

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MUMBAI: Philips Medical System has signed an agreement with the government of Gujarat to execute a healthcare development project in the state. The project is valued at Rs 200 crore and Philips Medical System will be the custodian of this project.

Gorup Ashima

MUMBAI: Group Ashima, India8217;s largest integrated cotton textile manufacturer, has recently launched ready-to-stitch trouser and shirt kits under the brand name Icon8217;. This is one of the first times that a Ready To Stitch concept is being introduced in the formal and casual wear segment of shirts and trousers.

IRE director

MUMBAI: S Sivasubramanian has taken charge as director technical of India Rare Earths Ltd, a PSU under the Dept of Atomic Energy. IRE operates plants at Alwaye amp; Chavara in Kerala, Manavalakkurichi in Tamil Nadu, Chatrapur in Orissa and Trombay, Mumbai.

MSRDC issue

MUMBAI: The 500-crore private placement of the MSRDC Bonds Series I with a greeshoe option to retain oversubscription has received an overwhelming response. The corporation has already received money of over Rs 1150 crore in its account and has decided to retain it. The MSRDC bond issue is the largest state issue in the infrastructure sector.

Printonics

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MUMBAI: Printonics Inter-Marketing Int, a division of Printonics India Inc, has launched India8217;s has launched Win a Mercedes Benz Sweepstakes called The Stargate Sweepstakes.