India's gold reserves and special drawing rights in the week remained unchanged at $9.746 billion and $1 million respectively, the central bank said.
India's foreign exchange reserves fell $9.94 billion during the week ending October 10, 2008 to $274 billion mainly because the Reserve Bank of India continued to sell dollars to check the steep depreciation of the rupee.
The banks offer FCNR deposits in six currencies -- US dollar, euro, pound sterling, Canadian dollar, Australian dollar and Japanese yen. In the FCNR deposit category, SBI has raised rates by 12-21 basis points on US dollar deposits across various maturities. The new rate for the one and less than two years category is 3.12 per cent (2.98 per cent). Five-year FCNR (B) deposits carry a higher rate across various maturities at 3.66 per cent as against 3.45 per cent earlier.
After the rechristening of Telco to Tata Motors in 2003, one of the auto-maker's earliest decision was to settle its high-cost debts of around Rs 500 crore with the proceeds from foreign currency convertible bonds, or FCCBs. The company had raised $100 million and repaid the debt.
It claimed doctors were being paid 'for referring medical tests'.
While Geojit Financial Services and Kotak Securities are already managing large NRI portfolios in West Asian countries, Sharekhan, yet another local brokerage outfit, recently launched a broking platform called India First in Bangkok for NRI clients.
In a continuing trend for the previous two quarters, foreign currency fluctuations and mark-to- market losses are affecting profits of India's drug makers, despite increase in net sales ranging between 4.5 and 42 per cent for most of the firms during the three-month period.
Last month, the ADAG firm announced that it had bought back 250 FCCBs worth $100,000 each, aggregating about Rs 121.22 crore (Rs 1.21 billion). The bonds were bought back at a discount of 52.5 per cent over the issue price. In two tranches, RCom has bought back FCCBs aggregating to about Rs 170 crore (Rs 1.7 billion).
India's foreign exchange reserves fell by $481 million to $254.759 billion for the week ended January 9 from $255.240 billion in the previous week.During the period, the foreign currency assets (FCAs) also decreased by $458 million to $245.417 billion as against $245.417 billion in the previous week.
Anil Ambani Group firm Reliance Communications said it has bought back foreign currency convertible bonds (FCCBs) worth Rs 121.22 crore (Rs 1.21 billion).
Foreign exchange reserves increased $1.43 billion to $199.18 billion during the week ended March 30, according to the weekly supplement released by the Reserve Bank of India .
The finance ministry wants the central bank to permit corporate houses to use FCEBs for import of capital goods. The ministry said RBI's proposal to limit the use of the instrument only for financing overseas acquisitions by Indian companies is "too restrictive."
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
Following the announcement, share prices of Wockhardt rose 3.02 per cent on the Bombay Stock Exchange (BSE) from Rs 104.20 to close at Rs 107.35 on Friday. An extraordinary general meeting of the members of the company has been convened on January 19, to consider and approve the plan.
India's foreign exchange reserves rose by $631 million for the week ended April 24 to $253.091 billion from $252.460 billion in the previous week.
But Down Under is a tough call due to shipment time and quality control issues.
Foreign exchange reserves increased $1.547 billion to $195.957 billion for the week ended March 16, according to the weekly supplement released by the RBI on Friday.
India's forex reserves surged by a whopping $5.04 billion to $291.3 billion in the week ended November 29 on account of a robust jump in foreign currency assets (FCAs), the Reserve Bank said.
Foreign currency assets, which stood at $236.971 billion in the previous week, went up to $238.968 billion this week, RBI data showed on Friday. Gold reserves, during the week, declined to $7.861 billion from $8.382 billion in the week before while the country's special drawing rights remained unchanged at $3 million, the data said.
India's foreign exchange reserve fell by $550 million to $245.80 billion during the week ended November 21, 2008, due to revaluation in some foreign currencies and partial intervention by the Reserve Bank of India to check a steep depreciation of the rupee.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment
Foreign exchange reserves increased $675 million to $164.023 billion for the week
Foreign exchange reserves increased $924 million to $179.052 billion during the week ended January 26, according to the weekly supplement released by the Reserve Bank of India on Friday.
Tata Motors, which bought Jaguar and Land Rover, said it will reconsider its plan to raise as much as $600 million from overseas markets due to the global credit crisis. The decision also follows a 34 per cent drop in the company's second-quarter profit owing to foreign currency losses and slowing sales.
India should start evaluating options to create a sovereign wealth fund given our large accumulated reserves and sub-optimal investment strategy.
Foreign exchange reserves zoomed $841 million to $177.426 billion for the week ended January 12, according to the weekly supplement released by the Reserve Bank of India on Friday.
After rising for four consecutive weeks, India's foreign exchange reserves declined by $1.657 billion to $281.294 billion in the week to November 1 on account of drop in a key component, Reserve Bank said.
The ED had filed six cases in the Additional Chief Metropolitan Magistrate (Economic Offences Court-I) which had discharged the duo in two cases in 2015 and directed them to face the trial in other cases.
The bonds are expected to be listed on the Singapore Stock Exchange and closing is likely to take place on January 21, 2008, subject to requisite approvals, Gremach said in a filing to the Bombay Stock Exchange. The company intends to use the net proceeds of the issue for foraying into oil rig business as may be permitted by Indian law and RBI regulation.
Foreign currency convertible bonds (FCCBs) are proving to be a double-edged sword with large premiums simply vanishing on account of bear markets and the ghost of redemption at yield-to-maturity (YTM) hanging on.
Indian companies that raised large sums of foreign funds to finance growth and acquisition plans during the bull run in the stock markets are in a Catch 22 situation. The conversion price of their foreign currency convertible bonds is several times higher than their current market prices.
Tata Steel and Anil Ambani-led& Reliance Communications raised $1.375 billion through overseas borrowings and convertible bonds in September, according to data released by the Reserve Bank of India. Tata Steel, which early this year acquired Anglo-Dutch firm Corus to become the sixth-largest maker of the alloy, raised $875 million for overseas acquisition through foreign currency convertible bonds.
India's foreign reserves jumped by $650 million to $289.461 billion for the week ended September 12 from $288.811 billion in the previous week.
India's foreign exchange reserves rose by a healthy $1.51 billion to touch $279.240 billion in the week to October 11 on account of growth in a key component of the assets, the Reserve Bank said.
The rising credit costs in tight financial markets have hit India Inc's plans to raise funds through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). The borrowings through this route dipped to $ 862 million in February 2008. Indian companies raised $ 2.24 billion in November 2007, $ 2.26 billion in December 2007 and $ 1.88 billion in January 2008, according to the Reserve Bank of India data. The total ECB flow in Apr-Dec 07 was $ 16.3 bn.
Foreign exchange reserves increased $987 million to $155.196 billion for the week ended April 14, 2006, according to the weekly supplement released by the RBI on Friday.\n\n
What could compound the problem is that many of these firms do not account for the debt. In other words, they are not providing for the borrowings on an annual basis over the life of the instrument. According to a study by a leading brokerage, accounting for the loan and the interest would, on an average, knock off at least 12 per cent of the profits in FY09 and about 10 per cent in FY10.
The measures include increasing the number of services on which exporters are granted service tax exemption and refunds, re-introducing interest payment on the Exchange Earners Foreign Currency account and extending the period and scope of pre- and post-shipment credit.
Confirming this, Chief Financial Officer S Venkatesan said that the company has passed an enabling resolution to raise around $200 million from foreign investors either through an FCCB or a private placement.
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