Bizbits

Silver prices decline further

MUMBAI: Silver prices declined further steeply and closed at a recent low level of Rs 7600 due to weak overseas advices coupled with heavy stockists offerings in the global markets. Gold also continued to fall on heavy arrivals and weak London advices. Ready silver of .999 resumed sharply weak at Rs 7575 but improved marginally to close at Rs 7600, still showing a sharp setback of Rs 70 over the last close of Rs 7670. Raw silver of .916 fineness declined by Rs 60 and closed at Rs 7500 from Rs 7560. Tenderable silver dropped by Rs 70 toend at Rs 7605 from Rs 7675. Standard gold, after a steady start, turned weak and finished at Rs 4115, revealing a further loss of Rs 15 from the last close of Rs 4130. 22-carat gold was nominally quoted weak at Rs 3805 from Rs 3820. 10-tola gold bar of .999 purity fell by Rs 200 and closed at Rs 48,300 from Rs 48,500.

NHB gets new executive director

MUMBAI: R Nanjappa has taken charge as the executive director of the National Housing Bank with effect from April 29, 1998. Prior to this, Nanjappa was chief general manager, heading the New Delhi office of the Reserve Bank of India. Nanjappa who started his career as a direct recruit officer with the RBI in 1965 has held several senior positions in its central and regional office and the departments of currency management, exchange control and bank supervision.

Microtech gets IBM award

MUMBAI: Microtech has won the IBM8217;s prestigious quot;Business Partner of the Year Award-1997quot;. The award was instituted four years ago by Tata-IBM in India torecognise the best IBM-Reseller in India. quot;What set the company apart from its competitors, helping it to bag the coveted award, was the combination of overall revenue generated and high quality of service resulting in customer satisfaction,quot; said a press release. Microtech faced stiff competition from giants like Redington, Godrej, Tangerine, Melstar, Zenith and Thakral before getting the award.

IMC letters

MUMBAI: Alarmed by the fallout of US and Japan8217;s economic sanctions against India, Y P Trivedi, president of Indian Merchant8217;s Chamber has sent separate letters to over 50 chambers of commerce in various countries requesting them not to let the business confidence between members in both the countries suffer as a result of the sanctions. IMC pointed out that its memorandum of understandings with these chambers have helped boost bilateral trade relations and industrial cooperation, but also helped individual businessmen in establishing industry-specific relations with their counterparts abroad.The letter said that any panic in respect of renewed N-tests by India was unwarranted.