Forex up by $ 371 m
The foreign exchange reserves of the country have increased by $ 371 million during the week ended March 13, 1998. Total forex reserves have gone up to $ 27.81 billion from $ 27.44 billion, according to the weekly statistical supplement released by the RBI.
UTI to take legal opinion on Hindustan Lever share sale
The Unit Trust of India (UTI) has decided to take legal opinion on its sale of 8 lakh shares of Brooke Bond Lipton to the corporate major, Hindustan Lever, just one month prior to the merger. The decision to sell shares to HLL has resulted in UTI losing over Rs 3.06 crore, which the market regulator SEBI has asked HLL to return UTI.
Ranbaxy takes possession of 50 beagles
Ranbaxy Laboratories Ltd has taken possession of the 50 beagles that are the focal point of animal-protection activists' ire over the last few days. The beagles were imported by the company from New York and were under quarantine in the ministry of agriculture's facility in Kapashera Village near Palam Airport.
HP launches new version of Java, plans licence to Microsoft
Hewlett-Packard Co on Friday launched a new version of Sun Microsystems Inc's Java software, which it will license to Microsoft Corp and other companies for use in office equipment and household appliances. The new software is based on Sun's Java specifications, but is designed in a way that requires less memory, so it fits more easily into smaller machines.
Thyssen, Krupp to merge
Steel and engineering groups Thyssen and Krupp continued their merger tango on Friday, both announcing favourable earnings data and hoping for an advantage in the sticky question of what each is worth. The question of relative valuations is the last remaining major hurdle to the fusion.
Adani emerges top exporter
Ahmedabad-based Adani Exports has emerged as the top exporter for the second consecutive year with a 40 per cent growth in turnover to Rs 1,089.40 crore in 1996-97. Next in line is Hindustan Lever which recorded an export turnover of Rs 681.457 crore, registering a growth of over 22 per cent for year ending December 1996.
