Bizbits

Rupee firms up against dollar

MUMBAI, September 5: The rupee opened steady at 42.45/46 ruled almost in the same range till noon, with matching dollar demand and supply. It started strengthening from the mid session and shot up to the high of the day at 42.26/28 on heavy unloading of dollar.

However, with fresh dollar demand at the lower levels, the rupee slid to 42.43/45 in the afternoon before closing at 42.36/38 level against the previous close of 42.45/46, appreciating by about 9 paise.

Fund buys 12 stake in LES

MUMBAI: India Private Equity Fund, advised by Indocean Chase Capital Advisors, is buying a 12 per cent stake in the Rs 48 crore infotech company, Leading Edge Systems Limited LES by investing in warrants exercisable over an 18-month period. The investement is expected ot aggregate Rs 36 crore on final conversion, a company press release said. LES will expand and increase it offshore component, and implement US GAAP accounting methods in a year8217;s time.