Mumbai: The foreign exchange reserves fell by $1.98 billion (Rs8,791 crore) to $295.3 billion in the seven days ended 29 August, the central bank said.
Foreign currency assets declined $932 million to $286.11 billion during the week, the Reserve Bank of India said in an emailed statement in Mumbai.
Gold reserves dropped by $1.04 billion to $8.7 billion, while reserves with the International Monetary Fund (IMF) decreased $2 million to $496 million. The nation’s special drawing rights with IMF were unchanged at $4 million.
Ramanathan set to be next finance secretary
New Delhi:Arun Ramanathan, secretary of the department of financial services, will soon assume additional charge of finance secretary in the ministry of finance for three months. A notification in this regard is expected shortly, a senior finance ministry official told “Mint” on the condition of anonymity.
Ramanathan, 59, is a 1973 batch officer of the Indian Administrative Service of Tamil Nadu cadre. He will replace D. Subbarao, who has been appointed as the governor of the Reserve Bank of India. Ramanathan had taken over his current charge at the finance ministry in January this year. He was secretary in the department of chemicals and petrochemicals before taking up this assignment.
No immediate cut in fuel prices, says Deora
New Delhi: Global oil prices may have fallen $35 (Rs1,554) a barrel in past few weeks but consumers in India will have to wait for for a fuel price cut.
“We will consider a price reduction (when) international oil prices fall further,” petroleum minister Murli Deora told reporters here.
State-run oil companies such as Indian Oil Corp. Ltd, Hindustan Petroleum Corp. Ltd and Bharat Petroleum Corp. Ltd are still losing about Rs400 crore a day on sale of petrol, diesel, domestic LPG and kerosene despite oil coming off its peak of $147 per barrel to about $112.
Deora said the Government is considering dual-pricing for diesel. “Oil companies are projected to lose about Rs1 trillion on diesel sales this year as the subsidized fuel is being increasingly used in industries for power generation.”
The minister also said Oil and Natural Gas Corp. (ONGC), the country’s biggest exploration company, may complete the acquisition of the UK’s Imperial Energy Plc. in four to five weeks but did not elaborate further.
The explorer agreed on 26 August to buy Imperial for £1.4 billion (Rs10,934 crore) in what would be its biggest acquisition overseas. The proposed transaction is subject to shareholder and regulatory approval.
Sasan power project gets Supreme Court nod
New Delhi: The Supreme Court on Friday gave its approval to the 4,000MW Sasan power plant being built by Reliance Power Ltd.
It was awarded the contract to build the power plant in Madhya Pradesh in July 2007.
Premji buys 10% stake in Subhiksha
New Delhi: Software maker Wipro Ltd’s chairman Azim Premji has bought 10% stake in India’s largest discount retail chain Subhiksha Trading Services Ltd for about Rs230 crore.
“The transaction is already through. It materialized a couple of days ago,” said Mohit Khattar, president, marketing, Subhiksha.
Business dailies ‘The Economic Times’ and ‘Business Standard’ reported on Friday that Premji bought the stake in Subhiksha in his personal capacity through his private equity fund.
After Premji’s transaction, Subhiksha’s promoters’ share will be 59%, ICICI Ventures will hold 23%, with mutual funds holding at 5% and employees share will be 3%, the ‘Business Standard’, said.