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Silver reacts sharplyMUMBAI: Silver prices turned distinctly weak on the bullion market here Saturday and fell by Rs 100 per kg due to po...

Silver reacts sharply

MUMBAI: Silver prices turned distinctly weak on the bullion market here Saturday and fell by Rs 100 per kg due to poor overseas advices. Gold, however, held steady on scattered dealings. Ready silver (.999 fineness) and tenderable silver fell sharply by Rs 110 each to end at Rs 7890 and Rs 7895 from the last close of Rs 8000 and Rs 8005 respectively. Raw silver (.916 fineness) reacted by Rs 85 to close at Rs 7770 from yesterday’s close of Rs 7855. Standard gold and 22-carat gold were held steady at the previous close of Rs 4360 and Rs 4035 respectively, while ten tola gold bar (.999 purity) dropped by Rs 50 to end at Rs 51,100 from Rs 51,150.

Advantage Kerala

MUMBAI: A high delegation team from the Kerala government headed by Suseela gopalan, Minister for Industries met with key members of the industry, to launch Advantage Kerala’ an initiative to encourage investors to consider the South Indian state as a serious business proposition. Dispelling misconceivedperception that the Kerala labour is difficult to manage, Gopalan said current statistics show that Kerala has one of the lowest numbers of man days lost due to labour disputes, she assured investors of a risk-free and investment-friendly state poised for a new age of industrialisation.

Anand Mahindra, chairman, Confederation of Indian Industry (CII), eastern region, opened the forum to participating CEOs and managing directors of Tata Consultancy Services, Pricewaterhouse Coppers, Union Bank of India and Essel Packaging. Heralding the opportunities in the private sector, success stories of industries such as those Marico, RPG group and the Tatas already in operation in the area of nature care, tea and tourism respectively were quoted.

Corporation Bank

MUMBAI: The Cororation Bank has announced a 100 basis point reduction in its prime lending rate to 12 per cent, effective from March eight, 1999. The bank’s prime term lending rate has also been revised downwards to 12 per cent from the presentlevel of 12.75 per cent.

The bank has also revised the rates of interest on its term deposits, with base rates being revised downwards with a cap of 11%. The revised rates for 15 to 45 days would be five percent, 46 days to 179 days would be 6.5% 180 to less than one year 9.5 per cent, two years to less than three years would be ten per cent and three years and above would be 11%.