Bizbits

selection of the bidder is due any day now, officials from the Tamil Nadu Electricity Board (TNEB), Tamil Nadu Industrial Development Corporation (Tidco) and advisers from Credit Rating Information Services of India Ltd (Crisil) are now contemplating to re-evaluate the bidding process which was allegedly manipulated by two bidders having Indian partnered consortium.

Jacobs Engineering

MUMBAI: Jacobs Engineering Group Inc US has announced that they have increased ownership in their India subsidiary to 70 per cent. In1993, Jacobs purchased 40 per cent of Humphreys & Glasgow Consultants Pvt Ltd.With Jacobs’ ownership at 70 per cent, its India subsidiary now conducts business as Jacobs H&G Ltd.

Kotak Mahindra’s K Gilt and K 30

MUMBAI: The RBI has, in principle, permitted FIIs registered with SEBI and NRIs, to invest in K Gilt and K 30 of Kotak Mahindra on repatriation as well as non-repatriation basis. The funds for this purpose will have to be remitted from abroad through normal banking channels or paid out of funds held in investors’ NRE/FCNR, FII’s special NR accounts maintained with authorised dealers. Remittance from NRO account is also permitted in case of investments on non-repatriation basis.

Smart rise in silver prices

MUMBAI: Silver prices rallied by Rs 95 on the bullion market on Thursday due to firm overseas advices coupled with restricted supply amidst increased demand. Gold also rose sharply on good local demand. Ready silver (.999 fineness) resumed smartly higher at Rs 7510, but reactedmoderately to close at Rs 7495, still showing a sharp rise of Rs 95 over the last close of Rs 7400.

Standard gold also opened firm and closed at Rs 4330,showing a good rise of Rs 30 over the last close of Rs 4300. 22-carat gold was nominally quoted higher at Rs 4005 from Rs 3980.