FOREX RESERVES DROP BY $33.2 MN TO $400.84 BN

MUMBAI: India’s foreign exchange reserves fell by $33.2 million to $400.847 billion in the week to August 17 mainly due to fall in foreign currency assets, according to RBI data. In the previous week, the forex reserves had witnessed a drop of $1.822 billion to $400.881 billion. The reserves have been declining in the past few weeks as the RBI is selling the US dollar to contain depreciation in the rupee, which is frequently testing the 70-level against the American unit. The rupee opened on Friday at 70.24 a dollar and closed at 69.91. The Indian unit had hit an intra-day low of $70.40 on April 14, 2018. The Indian unit had hit an intra-day low of $70.40 on April 14, 2018. In the week ended August 17, foreign currency assets, a major component of the overall reserves, dipped by $60.2 million to $376.205 billion, as per data.

Rcom seeks investor’s nod to raise its borrowing limits

NEW DELHI: Debt-laden Reliance Communications has sought shareholders’ approval to enhance the company’s borrowing limits to up to ₹50,000 crore to meet its capital requirements. The company said its annual general meeting is scheduled to be held on September 18, 2018 to consider various proposals, including revising borrowing limits, alterations to the Articles of Association of the company, and private placement of non-convertible debentures or other debt securities. In 2014, a special resolution had been passed authorising the board to borrow up to four times of the aggregate of the then paid-up capital of the company and its free reserves, Rcom said.

Patanjali moves NCLT against Ruchi Soya lenders

NEW DELHI: Baba Ramdev-led Patanjali Ayurved has approached the NCLT challenging the decision by Ruchi Soya’s lenders to approve Adani Wilmar’s ₹6,000 crore takeover bid. The matter is expected to come up for hearing on Monday (August 27) before the Mumbai bench of the National Company Law Tribunal (NCLT), people aware of the matter said. When contacted, Patanjali spokesperson SK Tijarawala declined to comment, saying that matter is sub-judice. A spokesperson of Adani Group also declined to comment. On Friday, Adani Wimar’s bid was approved by the committee of creditors (COC) of the bankruptcy-bound Ruchi Soya with about 96% votes in favour.

Offshore India funds, ETFS outflow at $2 bn this year

NEW DELHI: India-focused offshore funds and exchangetraded funds (ETFS) registered outflow of $357 million in July, taking the total withdrawals to nearly $2 billion in the first seven months of this year, according to a Morningstar report. These offshore funds receive inflows from overseas investors for Indian markets. Along with ETFS, they are a subset of the foreign portfolio investor (FPI) flows.

LIC Housing Finance Q1 net profit rises 18% to ₹568 cr

NEW DELHI: LIC Housing Finance has reported 18.4% surge in its standalone net profit to ₹567.94 crore for the first quarter ended June 30. The company’s net profit was ₹479.65 crore in the same quarter of 2017-18. The total income during April-june of this fiscal stood at ₹4,050.95 crore, up from ₹3,648.24 crore in the year-ago period, the firm said.

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