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Forex reserves go downMUMBAI: India's foreign exchange reserves dipped by $248 million to $27.49 billion on February 13 from $27.74 billion ...

Forex reserves go down

MUMBAI: India’s foreign exchange reserves dipped by $248 million to $27.49 billion on February 13 from $27.74 billion the previous week, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday. The fall in forex reserves in the second week of this month was solely attributed to fall in foreign currency assets. The country’s year-on-year money supply (M3) growth fell to 15.6 per cent in the two weeks to January 30 from 16.6 per cent on January 16, the RBI said.

Rubber prices at all-time low

MUMBAI: THE prices of natural rubber hit an all-time low during the week ending February 20 as news of tyre major Dunlop India downing shutters sent tremors in the market. Market sources also said that the decision of Ceat Tyres to snap ties with the Tyre Corporation of India also hit market sentiments badly.

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According to Rubber Board sources, the price of the RSS4 variety of natural rubber dipped to Rs 26 per kg on Friday as demand for the commodityvirtually dried up. They said that before this rubber prices had touched such low levels only in January 1994.

Schott acquires Bharat Glass

MUMBAI: The Mainz-based Schott Glass, a German subsidiary of the $1.75 billion Schott group, has acquired Bharat Glass Tube Ltd of Baroda, a leading Indian pharmaceutical tubing manufacturer. According to a Schott press release issued on Saturday, the Baroda plant in Gujarat becomes the group’s first production plant in India. The new activity is to be run as a division of the holding company Schott Glass India Pvt Ltd, Mumbai.