Bizbits

Forex level falls againMUMBAI: The country's foreign exchange reserves have fallen to 32.986 billion as on September 10, down from 33.0...

Forex level falls again

MUMBAI: The country8217;s foreign exchange reserves have fallen to 32.986 billion as on September 10, down from 33.04 billion in the previous week due to a dip in foreign currency assets, the Reserve Bank of India said in its weekly statistical supplement on Saturday. Loans and advances to the federal government rose to Rs 5,608 crore from the week ended September 3, up from Rs 2,440 crore in the previous week.

Essar Oil

MUMBAI: Essar Oil has hired Pricewaterhouse Coopers as the financial advisor for its stake selling exercise. One of the suitors, Bharat Petroleum has already appointed SBI Caps and Engineers India Ltd to undertake a due diligence exercise for its 10.5 mmtpa refinery at Vadinar in Guajarat.

ABB Lummus Crest has the single point responsibility for completion of the project. Essar Oil officials said that 70 per cent of the work is almost over at the site. They add that SBI Capital Markets has assured them the due diligence report has not been submittedas yet and there is no question of any kind of warning to BPCL at this stage. 8220;Essar continues to be in dialogue with BPCL to sell its stake,8221; officials said, adding that Oman Oil is also in the race to buy stake.

Y2C from Godrej

MUMBAI: The Prima division of Godrej amp; Boyce Mfg Co Ltd has launched the Y2C series of copiers on Friday. The products have been sourced from Rex Rotary, keeping in mind the stringent Godrej quality requirement. The Rex Rotary brand is owned by NRC International who are market leaders in digital copiers in Europe.

Madura Garment

MUMBAI: Madura Garments, a division of Madura Coats Ltd, has entered into mid-priced trouser market by launching San Frisco8217;. San Frisco offers a full line of trousers, which can be broadly classified into formals and smart casuals. Madura Garments has revolutionised the readymade menswear industry in the country with popular brands like Louis Philippe, Van Heusen, Allen Solly, Peter England andByford.

Huntindia.com

MUMBAI: Internet firm Huntindia.com is setting up a network of 2000 franchisees across the country to and enable people without PC and internet account to place free classifieds on its site. The franchisees will charge only for access at the rate of Rs 1 per minute. There will no bar on the minimum amount of the surfing time as in cybercafes, promoter Lavinio Christopher said.

BgSE plan

Story continues below this ad

MUMBAI: The Bangalore Stock Exchange BgSE has drawn up a plan to be a listed profit-driven corporate entity by 2005. The exchange will also strive to become one of the largest brokerage houses in the country through strategic alliances at the national as well as global levels.

Badla rises

MUMBAI: Despite a 142 point fall in the Sensex during the week, badla rates rose by an average 2 per cent to settle in the band of 22.2 to 23 per cent during the badla session on the Bombay Stock Exchange. The Sensex has fallen from its last Friday8217;s close of 4760 points to close at4618 points on September 17. According to brokers, net long positions were at Rs 2,500 crore against Rs 2250 crore for the week ended September 10. The sharp rise in net long positions is attributed to new A group entrants which saw a sharp spurt in both price and volumes. quot;Most operators entered into badla transactions at the earliest on fears of higher rates.