Bizbits

Standard gold opened sharply higher at Rs 4400 but eased to Rs 4390, showing a smart rise of Rs 30 over the previous close of Rs 4360. 22-carat gold was nominally quoted higher at Rs 4060 from Rs 4035 and ten-tola gold bar shot up by Rs 400 to Rs 51,600 due to restricted supply. Ready silver .999 fineness rallied further by Rs 70 to end at Rs 7745 from Rs 7675, while raw silver .916 fineness rose to Rs 7605 from Rs 7535. Tenderable silver also showed a good rally when it jumped up to Rs 7750 from Rs 7680.

Maruti vendors too cut prices

NEW DELHI: Several leading vendors of Maruti Udyog Limited MUL including Sona Steering, Gabriel India, Jay Bharat Maruti, Dheeraj Auto, Bharat Seats and Munjal Showa have effected a 10 to 15 percent cost reduction in the auto components supplied to the auto major. The price cuts vary from vendor to vendor and from product to product supplied to MUL.

The cuts are understood to have been in the wake of Maruti Udyog reducing the prices of its popular models 8212; 800, Omni and Zen. As a consequence of the reduction in the costs of the auto components, the profit margins of these companies have been squeezed.

Hyundai plans LPG version

CHENNAI: Hyundai Motor India Ltd HMI is ready to roll out an LPG version of Santro once the central government lifts the ban on usage of LPG as an automobile fuel. According to B V R Subbu, Director, Marketing and Sales, HMI has the necessary infrastructure in place and was only waiting for the government to allow the useage of LPG as a fuel for automobiles. Union petroleum minister, Vazhapadi Ramamurthi had recently stated that discussions were in an advanced stage8217; on allowing LPG to be used as a automotive fuel and that a positive decision would beannounced soon8217;.