MUMBAI -- The rupee staged a smart rally against the US greenback on renewed dollar sales and absence of demand in an otherwise quiet holiday-mood trade at the Interbank Foreign Exchange (Forex) market here today.

Opening higher at Rs 39.53/56 per dollar from last Tuesday's finish of Rs 39.51/61, the rupee shot up further at the close to Rs 39.50/51 on persistent dollar sales and lack of buying interest.

Thus, the rupee gained sharply by about nine paise after a fall of 12 paise in the first two sessions of the week. The Forex market remained closed from Wednesday to Friday for various holidays.

Earlier, the Foreign Exchange Dealers Association of India (FEDAI) and the Reserve Bank of India (RBI) authorities in an unprecedented move kept the Forex and money markets open today, April 11 and April 12 (Easter Sunday) for normal transactions.

Elsewhere, the RBI fixed the reference rate at Rs 39.53 per dollar from Rs 39.65 on the last working day. The reference rate is basedon 12-noon rates of a few select banks in Mumbai.

ONGC Videsh Ltd

NEW DELHI -- Union cabinet today cleared the proposal of ONGC Videsh Ltd to acquire ten per cent working interest for an offshore oil project in Azerbaijan. An official spokesman said this acquisition is to enable ONGC Videsh Ltd to participate in oil exploration project in Agip block (Khurdashi) in south Caspian sea.

This acquisition will increase India'a oil equity abroad and enhance oil security, he added.

BoI advances

MUMBAI -- Bank of India (BoI) has recorded a 25.10 per cent growth in its global advances by Rs 4,602 crore to Rs 22,939 crore during the year 1997-98, said the provisional data released by BoI. While its domestic credit expanded by 23 per cent (Rs 3475 crore) to Rs 17,374 crore, deposits grew at a slightly lower levels. The global deposits touched a level of Rs 38,386 crore or an increase of Rs 6,414 crore or 20.06 per cent growth during the year ended March 31, 1998.

The domestic deposits grew by15.31 per cent in 1997-98, thus raising the deposits from Rs 26240 crore last year to Rs 30258 crore this year Deposit growth and credit expansion during the year 1997-98 has been the highest recorded by the bank in the recent past, said a press statement. During the previous year (1996-97), corresponding growth rates in deposits at 16.2 per cent and credit expansion at 17.6 percent were recorded by the bank, said the statement.

PTL FII ceiling

MUMBAI -- The directors of Punjab Tractors Ltd (PTL) have decided that, subject requisite approval, the company can raise its foreign institutional investors (FIIs) ceiling to 30 per cent. Requisite resolution would be moved at the next annual general meeting.

The PTL's consistent record of revenues and earnings, FIIs holding has been steadily moving up. From 6.3 per cent in 1994, the holding currently stands at 18.5 per cent of the Rs 20.25 crore equity. The financial institutions and small shareholders who together hold the remaining equity. Havingregard to this position and PTL's growth plans, the company has felt that it would be in the interest of all stakeholder to enhance FIIs participation. The decision to raise the ceiling to 30 per cent.

For the year ended March 1998, PTL crossed 40,000 mark for the first time, selling some 40,425 Swaraj tractors. This volume growth of 22.4 per cent over 1996-97 sales of 33,034 tractors has raised its market share to around 16.5 per cent (1996-97 15 per cent).Spurred by such volume growth, PTL's total revenue for the year has reached Rs 790 crore, an improvement of 28% over 1996-97.