Tata Steel arm sells 27% stake in Malaysian firm for $72 million

NEW DELHI: Tata Steel on Friday said its Singapore-based subsidiary NatSteel Holdings has sold about 27 per cent stake in Malaysian firm Southern Steel Berhad for $72 million.

"Tata Steel announces its subsidiary NatSteel Holdings Pte has sold of 27.03 per cent in Southern Steel Berhad at a total consideration of around $72 million," the company said in a filing to the Bombay Stock Exchange

India's forex reserves up at $279.422bn

MUMBAI: The country's foreign exchange reserves rose to $279.422 billion for the week ended July 9, up by around $1.16 billion over the previous week, backed by a healthy jump in foreign currency assets.

The foreign currency assets, which is a major component of the reserves, grew by $1.13 billion during the week to $253.26 billion from $252.12 billion in the week ago, the RBI said in its weekly report today.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as euro, sterling and yen, held in the reserves, the apex bank said.

During the week, country's gold reserves remained static at $19.89 billion while the Special Drawing Rights (SDRs) moved a notch to $4.93 billion, up from $4.91 billion in the preceding week, the data showed.

India's reserve position in the International Monetary Fund also inched up to $1.328 billion as compared to $1.325 billion the week before, the central bank said.