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Steep fall in bullion pricesMUMBAI: Gold and silver declined sharply on the bullion market today due to steep fall in the international p...

Steep fall in bullion prices

MUMBAI: Gold and silver declined sharply on the bullion market today due to steep fall in the international prices. The fall in gold was due to sharp setback in New York prices as a reaction to the French President Jacques Chirac8217;s suggestion yesterday that IMF should sell some of its gold reserves to lessen the debt burden on Latin American countries, dealers said.

Silver also met with heavy stockists offering and suffered a setback in prices. Ten tola gold bar .999 purity fell by Rs 550 to Rs 51,100 from Rs 51,650. Standard gold dropped by Rs 30 to Rs 4350 from Rs 4380 and 22-carat gold was nominally quoted weak at Rs 4025 from Rs 4050. Ready silver .999 and tenderable silver resumed weak and fell to Rs 7685 and Rs 7690 respectively, showing a steep fall of Rs 160 each from the last close of Rs 7850 and Rs 7855. Raw silver .916 fell by Rs 155 to Rs 7565 from Rs 7720.

NSE declares NRI Fin as defaulter

MUMBAI: The National Stock Exchange NSE hasdeclared NRI Financial Services Ltd as defaulter on account of outstanding dues to the exchange and the clearing corporation. According to an NSE release, this is to take effect from the close of business hours of Tuesday, March 16, 1999. The member has not been trading on the exchange since March 8, 1996. The Sebi had cancelled the certificate of registration of the member as a stock broker by its order dated November 13, 1998, on account of non-redressal of investors complaints.

ITC Hotels to buy stake in Ansal

NEW DELHI: ITC Hotels will pick up a minority equity stake in Ansal Hotels which is setting up a 222-room five star deluxe hotel in the capital. The estimated cost of the project is over Rs 150 crore. Ansals will retain a majority stake of 51 per cent. Itochu of Japan already holds about 25 per cent stake in Ansal Hotels. ITC Hotels managing director SSH Rehman could not be contacted as he was out of town but a senior company official said quot;discussions on the amount of equity participationby ITC Hotels are still on and a clear picture will emerge in the next few daysquot;. The board of directors of ITC Hotels is slated to meet to discuss the issue on Thursday.

Centre brings tourism in EPCG ambit

NEW DELHI: The Government has further liberalised the zero duty export promotion capital goods scheme by extending it to the tourism industry as well. The industry will cover hotels, travel agents, tour operators or tourist-transport operators who are certified as an export, trading, star trading or super star trading house in accordance with a notification issued by the commerce ministry on Nov 26, 1998.