Forex reserves dip by $10m
The country's forex reserves were down by $10 million to US $34,851 million in the week ended October 27 over the previous week. Old reserves and special drawing rights remained static at $2,834 million and $8 million respectively. Loans and advances extended by the RBI to Central government declined by Rs 2,219 crore to Rs 3,822 crore.Multi-round bidding for AI
The Centre would engage in multi-round bidding for Air India to get the best prices from prospective bidders, said Minister of State for Disinvestment Mr Arun Shourie. In the process, the best bid at the end of each round would be made public and taken as the lowest bid acceptable in the next round.
PNB deposits rise 16%
Punjab National Bank's net profit at the end of September 2000 rose by 10.5 per cent to Rs 290.18 crore as compared to the same period last year.
Aggregate deposits of PNB also rose by 16.2 per cent and net credit registered an increase of 24.2 per cent over the previous year.
UBI posts 228% growth in operating profits
United Bank of India has recorded 227.78 per cent growth in operating profits at Rs 59 crore for the first half ended September 2000-01, compared to Rs 18 crore in the previous year. Deposits grew by 5.3 per cent to Rs 17,678 crore for the first half of 2000-01 and by 13.3 per cent on year-on-year basis.
Honda to set up export base in Gurgaon
Japanese auto giant Honda Motor is planning to set up a Rs 700 crore export base station for South Asia in Gurgaon in addition to the Rs 500 crore two-wheeler project at the same location. Japanese auto major Suzuki Motor Corporation is also setting up a Rs 200 crore die-casting unit at Manesar (Haryana), agencies reported.
Minoo Shroff bags Govt of Japan award
Government of Japan has announced the award of The Order Of The Rising Sun, Gold Rays With Neck Ribbon to Mr Minoo Rustomji Shroff for outstanding contribution to the promotion of business and friendship between India and Japan. Mr Shroff is a well-known economic and financial expert. He has authored several publications on Indo-Japanese relations.
Growth rate may drop: Sinha
Finance Minister Yashwant Sinha on Saturday admitted that the growth rate would drop by one per cent, but said his government would adopt a four-point strategy to reverse it. Mr Sinha said the strategy would be to contain fiscal deficit, increase exports, push up reforms and ensure a transparent public administration.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.