IlluMyFi

GUWAHATI: Startup fuel retail firm Indo Petroleum Marketing (IPM) plans to set up 100 fuel stations across the country within the next five years while starting its business from Assam. The Delhi-based company has already generated a net worth of Rs 250 crore to roll out its network to sell different types of fuel in the country. "IPM will set up retail outlets or petrol pumps across the country to undertake fuel sales to the public. In the first phase, we will set up 100 outlets within five years," IPM founder Gyan Prakash Sharma said here. He said the firm is the first Petroleum and Natural Gas Ministry-authorised startup private oil marketing company to commence operations on the ground. "We plan to set up five retail outlets in remote areas within the next two years," Sharma said.

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Bearish/Bullish

13.01.24 01:44

by dtnext.in

Forex reserves fall sharply by $5.89 bn to $617.3 bn: RBI

NEW DELHI: Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have surged $55.72 billion, as per the RBI. In the previous reporting week ended December 29, the reserves rose $2.759 bn to $623.2 bn, the highest so far this fiscal. In the week before that, the reserves increased $4.471 bn to $620.441. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. Foreign currency assets - the single-largest component of the reserves - declined $4.96 billion to $546.65 billion. Gold reserves also declined $839 million to $47.48 billion during the reporting week, while the Special Drawing Rights were down $67 million to $18.29 billion, the RBI said. Gold reserves also declined $839 million to $47.48 billion during the reporting week.BlurbThe reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last yearBlurbHCCB India CEO said this transfer "ensures the right level of investments can be undertaken in all parts of the business for scale, continuity"