Foreign exchange reserves declined further by $105 million to $32,904 million during the week ended July 9, compared with previous week of $33,176 million, according to RBI's weekly statistical supplement. Foreign currency assets also dropped by $105 million to $30,198 million against the previous close of $30,303 million. The gold and the special drawing rights remained unchanged at $2,706 and Re 1 crore respectively.

FII investment

With the heavy buying spree resorted by foreign funds on local bourses, FII's net investment during the period from July 1 to 16 was about Rs 1304.4 crore. According to a Sebi release, the gross purchases by FIIs during the period stood at Rs 3006 crore against their net selling worth Rs 1701.6 crore.

Exide Q1 net rises 19% to Rs 6.5 cr

The net profit of exide industries has risen 19 per cent to Rs 6.5 crore in the first quarter of 1999-2000, compared with Rs 5.44 cr in the previous corresponding period. Itssales have risen to Rs 194.97 crore against Rs 165.75 crore.

Bajaj Auto to launch new motorcycles

Bajaj Auto has scheduled the launch of its100cc four-stroke automatic `Saffire 'in October 1999 and lined up six new motorcycles for next year, three each in the 100-125cc and 125-250cc range. Saffire's trial production began on Saturday and its commercial production will coincide with the launch.

Albright & Wilson Chem net falls

Albright & Wilson Chemicals, manufacturers of industrial phosphates and surfactants, registered a 10.27 per cent fall in net profit to Rs 6.32 crore for the year ended March 31, 1999, against Rs 7.04 in the previous year. Sales for the year rose to Rs 107.83 crore from Rs 102.51 crore.

Novartis board meet

The board of Novartis will meet on July 28 to take on record the unaudited financial results for the quarter ended June 30, 1999.

Ipca Labs unveils Nimica

Ipca Laboratories has launched a Nimesulide-based drug, Nimica, for the treatment ofpain, fever, inflammation and tissue-damage associated with various clinical conditions. Nimica, a non-steroidal anti-inflammatory drug, inhibits the inflammation and pain-causing hormones in the human body.

Three-day fixed rate repos

RBI has announced a three-day fixed rate repos in Government of India dated securities on July 19, 1999 for parties holding SGL account and current account with it in Mumbai. The repo rate is 6.00 per cent per annum.

RBI advises banks on Rs 500 notes

The RBI has advised banks and the public to continue to accept notes of Rs 500, following reports that these notes were not being readily accepted for fear of their being forged. The RBI assured the public these notes continue to be legal tender.

TMF outperforms indices

Equity schemes from Tata Mutual Fund have outperformed the benchmark indices, Sensex and Natex as on June 30, having increased investments in the auto sector and diversified engineering, cement and steel sector.

Rise inexpenditure

Finance minister Yashwant Sinha on Saturday put the onus for the increase in revenue expenditure for the first quarter of the current fiscal on state governments owing to a new devolution schedule adopted by the Government. Nine states were given a benefit when the Centre advanced the date of devolution of states' share in revenues to April this year.

Economy on road to recovery: Phdcci

High buoyancy is visible in the economies of the northern states as the agriculture sector has recorded an exceptional growth in these states, Phdcci has said. Agricultural growth will provide a fillip to allied industries and manufacturing sector, it has said.

Microsoft cleared of charges

Computer giant Microsoft has been cleared of charges that it violated state and federal anti-trust laws as alleged in a case brought by Bristol Technologies, but it still faces two other anti-trust suits. Bristol, a small software company with some 70 employees, had accused Microsoft of blockingaccess to a code for its Windows operating system.

Taiwan-China crisis

Taiwan president Lee Teng-hui's bold new declaration on the country's statehood may have been a well-calculated move, but China was infuriated and has threatened to attack the island. Taiwanese have given Lee widespread support as he tries to raise the island's international status, but with Beijing stepping up its pressure daily, there are now some calls for a face-saving way out of the predicament.

Israel sets time frame

Israel has set a target date of November 2000 for the completion of final peace negotiations with the Palestinians as well as with its Arab neighbours Lebanon and Syria. Israeli Prime Minister Ehud Barak agreed to the 15-month time-frame during his talks with US President Bill Clinton on resumption of peace deals that were stalled during the tenure of his hard-line predecessor Benjamin Netanyahu.

France stops delivering Mirages to Pak

Pakistan has confirmed that France has stopped thedelivery of eight Mirage fighter aircraft and the Agosta-class submarine in an "arm-twisting" exercise over Islamabad's role in the Kargil crisis.

Asean ministers to meet

At a time when much of South-east Asia is slowly emerging from its economic slump, its member-states will Tuesday start to discuss how to also regain some of their lost political clout.

Farming technique

A revolutionary new technique called soil-less agriculture or hydroponics is changing local agriculture methods. Hydroponics offers exotic species a foothold in unfavourable environment.

War of words

A war of words is being fraught on the Net. Several sites on Kargil have sprung up with constant updates on the happenings across the border.