Bizbits

RBI lifts curbs on Bharati Telecom shares

MUMBAI: The Reserve Bank has withdrawn the restriction placed on the purchase of shares of Bharati Telecom Ltd BTL as investments to the paid up capital has gone down below eight per cent. The RBI said NRIs, Overseas Corporate Bodies OCBs and Persons ofIndian Origin PIOs can invest in the shares of this company under the portfolio investment scheme subject to guidelines. It also said that no further purchases of equity shares of Bank of Punjab, Nalco Chemicals India, National Steel Industries and South Indian Shipping Corporation in the secondary market would be allowed by NRIs, OCBs and PIOs without prior clearance as the aggregate net purchases has reached the limit of eight per cent of their paid up capital.

Hindalco production up 20 per cent

NEW DELHI: Aditya Birla8217;s Hindustan Aluminium Company Hindalco has recorded a growth of 20 per cent in aluminium production in the first nine months of current fiscal over the corresponding period last year. Public sector National Aluminium Company8217;s Nalco production has dropped by 32 per cent during the period.

Nalco produced 99,523 tonnes on metal between April and December 1998 compared with 1,46,702 tonnes in the corresponding period of last fiscal, while Hindalco produced 1,78,377 tonnescompared with 1,48,857 tonnes in the corresponding period last year. The total production by five aluminium manufactures in the first nine months was 3,96,612 tonnes compared with 4,09,008 tonnes in the same period last year, a drop of three per cent, production figures provided by government said. Actual production of 3,96,612 tonnes during the period was down by 15 per cent against the target production of 4,65,373 tonnes.

Silver rises

MUMBAI: Silver prices rose sharply by Rs 135 per kg on the bullion market here Friday due to fresh industrial demand amidst thin supply and firm overseas advices. Gold closed higher on good local support.

VTV, TKK tie-up

MUMBAI: Toyo Kanetsu KK TKK of Japan and Vijay Tanks and Vessels Ltd VTV of India have formed an alliance to carry out the design and construction of storage tank systems in India. TKK with 50 years experience in the storage business is one of the largest international storage tank contractors in the world. This Indo-Japanesecollaboration will now for the first time in India offer clients the combined expertise of two of the world8217;s leading storage tankage contractors. The VTV-TKK alliance will undertake the design and construction of low temperature storage tanks 8211; LNG and LPG.

BSE depository

MUMBAI: The Bombay Stock Exchange BSE has said that State Bank of India SBI has already subscribed Rs 10 crore to the capital of Central Depository Services Ltd as a sponsor.

Infotech show

NEW DELHI: Union Communications Minister Jagmohan today inaugurated an international information technology show organised jointly by three major industry associations. Organised alongside the India Engineering Trade Fair IETF by National Association of Software and Services Companies Nasscom, Manufacturers Association of Information Technology MAIT and Confederation of Indian Industries CII, it showcases complete end-to-end solutions available in the industry for the end users. The show has over 80 companies from morethan seven countries.