5 march 2000

forex reserves up $402 million in week
mumbai: india’s foreign exchange reserves rose $402 million during the week 25 february 2000. with that, total foreign exchange reserves rose to $35.59 billion, including foreign currency assets of $32.64 billion, according to the reserve bank of india’s weekly statistical supplement.

inflows have been strong on account of foreign funds being net buyers in the indian stock markets, in february net inflows from foreign institutional investors were $708 million.

cellular numbers crossed 1.5 million in 1999
new delhi: india’s mobile phone subscriber base shot up by half a million in 1999 to reach 1.58 million from 1.07 million a year earlier, according to the cellular operators association of india.
most of the growth happened in the second half of 1999.

in 1999, the metropolitan cities had a total of 6.93 lakh subscribers, and ‘a’ circles had 4.73 lakh.

global trust to offer 20% to foreign partner
mumbai: global trust bank has informed stock exchanges that it will 20 per cent of its equity to a foreign partner through a preferential share allotment. it may either rope in a foreign bank as a strategic partner or offer up to 20 per cent of its equity to other foreign investors.

the proposal, cleared recently at a gtb board meeting, will be placed before an extraordinary general meeting of the bank’s shareholders on 27 march.

anti-dumping duty on metronidazole
new delhi: the commerce ministry’s directorate general of anti-dumping and allied duties has notified an anti-dumping duty on imports of metronidazole from china. metronidazole is an anti-diarrhoeal and anti-microbial drug. the duty, which is provisional, will apply to all metronidazole imports below rs 519 per kg.