Bizbits

Gold fallsMUMBAI: Gold prices continued to fall sharply on the bullion market on Saturday due to further fall in the international prices....

Gold falls
MUMBAI: Gold prices continued to fall sharply on the bullion market on Saturday due to further fall in the international prices. Standard gold declined further sharply by Rs 40 to end at Rs 4440 from yesterday8217;s close of Rs 4480 and showing a whopping setback of Rs 170 since Monday. 22-carat gold fell by Rs 35 to end at Rs 4110 from the last close of Rs 4145 and ten-tola gold bar .999 purity declined by Rs 400 to Rs 51,800 from Rs 52,200. Ready silver .999 fineness, after a better start at Rs 8025, ended at Rs 7990, showing a fall of Rs 10 over the last close of Rs 8000. Raw silver .916 fineness eased to Rs 7845 from Rs 7850. Tenderable silver dropped to Rs 7995 from Rs 8005.

Forex reserves up
MUMBAI: Foreign exchange reserves of India stood at 34,257 million as on November 26, 1999, an increase of 231 million from the previous week. The increase in the reserves was solely due to the rise in foreign currency assets which stood at 31,037 million at the end of last week, according to Reserve Bank of India8217;s RBI weekly statistical supplement. The earlier high in FCA was on July 30, 1999 when they reached 30,760 million with forex reserves at 33,474 million. Special drawing rights SDRs remained static at four million.

Oil future trading
MUMBAI: The Bombay Oilseeds and Oils Exchange Ltd, one of the country8217;s oldest commodity exchanges has been recognised by the Government of India for conducting futures trading in RBD palmolein along with groundnut, sunflower, sesameseed, rice bran, cottonseed, their oils and oilcakes extractions. quot;This historic announcement will considerably strengthen the working of the oilseeds based sector whose current annual turnover in the physical market is estimated at Rs 50,000 crore,quot; G Satyamoorthy, deputy secretary of Bombay Oilseeds and Oils Exchange said.

Parametric Tech
MUMBAI: Parametric Technology Corporation has said that India has been accorded Area Status, owing to the achievement of a threshold of business. The area headed by Kishore Rao, managing director-India, will be split into three territories and each headed by a regional director. This will enable PTC to service its customers in a more focussed manner and target the B and C class manufacturing centers in the country much more effectively.

Pushpa Polymers
MUMBAI: Pushpa Polymers8217;s polystyrene plant based in Dahej, Gujarat, has switched on production for its first line of 30,000 tonnes high impact polystyrene recently, when the first batch of polystyrene rolled out of the plant. The second line of General Purpose Polystyrne is set to go on stream by end of December.

Alcobev meet
MUMBAI: Alcobev Millennium Conference, India8217;s premier international conference on the alcohol beverage industry is to be held on December 8 and 9, at Leela Kempinski in Mumbai. The conference is the second such event supported by the CIABC the Confederation if Indian Alcobev Beverage Companies.

Ernst amp; Young
MUMBAI: Global professional services firm Ernst amp; Young announced the launch of its proprietary e-security services tool e-defense, and cyber process certification in India. 8220;There has been an increased reliance on e-commerce solutions to support core business strategics. Business structures and technologies are becoming more and more complex creating increased risk to business. There has been an increasing focus on cost control and return on investment,8221; said a release.