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Gold prices move upMUMBAI -- The upbeat trend continued with the yellow metal firming up moderately while the white metal witnessed a mixed ...

Gold prices move up

MUMBAI — The upbeat trend continued with the yellow metal firming up moderately while the white metal witnessed a mixed trend in the Bombay bullion market today. Standard mint gold and 22-carat increased by Rs 40 each to Rs 4160 and Rs 3850 respectively on strong overseas advice and good buying support by local operators. Ten tola gold biscuit also looked up by Rs 400 to Rs 48,700 on renewed buying interest by investors as well as jewellery industries. Silver .999 strengthened by Rs 20 to Rs 8870 with good buying support and shortage of ready stock. However, raw silver remained steady at rs 8740 on lack of buying support. Closing rates: silver (per kg) .999 rs 8870 (8850) raw 8740 (8740) gold (ten gm) standard mint Rs 4160 (4120), 22-carat Rs 3850 (3810). Ten tola gold (per biscuit) Rs 48700 (48,300).

Credit policy

NEW DELHI — The slack season credit policy will be delayed owing to the political change at the Centre, finance minister Yashwant Sinhasaid on Saturday. However, he did not give any specific timeframe before which the credit policy is expected to be announced. Industry hopes that there would be measures to spur the sluggish industrial growth in the credit policy.

Money supply up

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MUMBAI — Year-on-year M3 money supply growth rose to 16.7 per cent in the two weeks to March 13 from 16.0 per cent on February 27, the RBI said in its weekly statistical supplement on Saturday.

Forex reserves

MUMBAI — India’s foreign exchange reserves rose to $28.78 billion on March 27 from $28.27 billion in the previous week, the RBI said in its weekly statistical supplement on Saturday.

I-T collections

MUMBAI — Income-tax collections in Maharashtra, excluding Mumbai, for 1997-98 have overshot the Rs 2,576-crore target. The department has collected Rs 2,766 crore with additional residual amounts expected to trickle in by April 25.

Gujarat Toll

AHMEDABAD — Gujarat Toll Road Ltd hasshortlisted five consortiums to bid for the Baroda-Halol highway project, the first project-recourse road project in the country. The short-listed consortiums are Larsen & Toubro, Shapporji Pallonji Consortium, Ircon & Punj Lloyd, Madhucon-Binapuri and Hindustan Construction with Renang of Malaysia.

Best & Crompton

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CHENNAI — S Venkitaramanan, the former RBI governor, is tipped to become the chairman of Best & Crompton Engineering Co Ltd. A court-appointed chairman of the interim board of the company till April 3, he was discharged of this duty on Friday. The firm was recently taken over by the Polysindo group of Indonesia.

Banks cut PLR

MUMBAI — Union Bank of India on Saturday reduced its prime lending rate by 50 basis points to 13.50 per cent and the PTLR by 25 basis points to 13.25 per cent with effect from April 11. It has also revised its short-term domestic deposit rates for 30-45 days to 7.5 per cent and for 46-90 days to 8.50 per cent and 9 per cent for depositsof 91-179 days maturity. Among the foreign banks, Societe Generale will cut its lending rate to 16.5 per cent from 18.5 per cent effective April 6.

Bangalore bourse

BANGALORE — The Bangalore Stock Exchange has decided to crack the whip on listed companies which have not paid the annual fees to the bourse for the year 1997-98. The bourse on Saturday disclosed the list of 118 companies.