Bizbits

Snowcem closes city unitMUMBAI: Cement-based paint major Snowcem India Ltd is closing down its Mumbai unit as the state government has turne...

Snowcem closes city unit

MUMBAI: Cement-based paint major Snowcem India Ltd is closing down its Mumbai unit as the state government has turned down its expansion plans at the same site. The application has been rejected on the grounds that the location of the company plant at Chandivili (located near Powai lake) falls in the zone-I of the Bombay Metropolitan Region Area. This means the zone falls under the residential area category where industrial expansions are not allowed. The company is shifting all its activities to a new plant at Sinnar, near Nashik.

BSE board clears Damani’s term

MUMBAI: The BSE governing board on Tuesday cleared M G Damani’s re-appointment for another term. The board has suggested certain amendments in the by-law 114 whereby the exchange president’s tenure can be extended for a third term. Sebi may be asked for a final clearance by the week-end.

TNEB, Videocon sign PPA

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CHENNAI: The Tamil Nadu Electricity Board (TNEB) has signed a power purchase agreement(PPA) with the Videocon group, which is putting up the North Madras thermal power plant Stage II at Ennore near Madras with a capacity of 1050 mw. The signing of the agreement follows months of negotiations. TNEB chairman Om Kumar confirmed that the PPA had been signed with Videocon group and said negotiations took a long time because the state government’s interest was to negotiate for "cheap power" and get the best tariff.

Silver prices fall

MUMBAI: Silver prices continued its downward trend while gold recovered moderately further in the Mumbai bullion market here today. Silver .999 and raw drifted lower by Rs 80 and Rs 40 to Rs 8735 and Rs 8620 respectively following lack of demand from the industrial users and local buyers.

Standard mint and 22-carat moved moderately by Rs 10 each to Rs 4020 and Rs 3720 per ten gram on buying support from local operators and restricted inflow from overseas market. Ten tola gold prices firmed up by Rs 100 to Rs 47,000 on demand from the jewellery industryand common investor. Closing rates: Silver (per kg) .999 Rs 8735 (Rs 8815), and raw Rs 8620 (Rs 8660).