Silver prices crash againMUMBAI: Silver prices crashed by Rs 295 per kilo on the bullion market here today due to steep fall in the international prices. Silver prices nosedived in the international markets, particularly in New York and London as a result of funds selling coupled with speculative and technical liquidation, dealers said.Ready silver (.999 fineness) opened sharply lower and nosedived to end at Rs 8100, showing a steep fall of Rs 295 from the last close of Rs 8395. Similarly raw silver (.916 fineness) and tenderable silver fell by Rs 295 each to end at Rs 7965 and Rs 8105 from the last close of Rs 8260 and Rs 8400 respectively. Standard gold at Rs 4360 and 22-carat gold at Rs 4035 held steady on scattered support, while ten-tola gold bar (.999 purity) fell by Rs 100 to Rs 51,100 from Rs 51,200.Icra downgrades Alpic FinanceMUMBAI: Icra has downgraded the rating assigned to the fixed deposit programmes of Alpic Finance Company from `MA+' to `MB+'. The revised ratingindicates inadequate safety. The rating agency had earlier placed the rating under rating watch with negative rating. The revised rating takes into account the profitability levels for the year ended June 30, 1998, due to reduction in lending rates, increase in interest expenses and higher provisioning on non-performing assets. The rating also continues to takes into account the relatively low gearing of the economy.J&K Bank branchMUMBAI: Jammu & Kashmir Bank has opened its 389th branch at Muhammad Ali Raod, Mumbai. The branch was inaugurated by Jammu & Kashmir Chief Minister Farooq Abdullah in the presence of Dilip Kumar. With the opening of this branch, the number of computerised branches has gone up to 83. The bank is opening two more branches in Maharashtra shortly.According to M Y Khan, chairman of the bank, it is planning to float subsidiaries for mutual fund and housing finance activities. It is also planning to shift its foreign exchange business to Mumbai. The bank has achieved acapital adequacy ratio at 20.48 per cent, much higher than the minimum level of 8 per cent stipulated by the RBI for all banks.
