CALCUTTA: Coal India Ltd increased the prices of coking coal and A, B and C grades of non-coking coal of some collieries by five per cent from Wednesday, according to a press release issued by the company here.The board of directors in a review decided that there should be no revision of the prices of coal barring that of coking coal produced by Bharat Coking Coal Ltd (BCCL) and the prices of A, B and C grades of coal - containing a lower amount of ash - produced by Eastern Coalfields Ltd (ECL).The price of coking coal and the grades of non-coking coal were last revised in October 1996.Govt relaxes Sidbi investment normsNEW DELHI: The union cabinet has decided to relax the investment norms for the Small Industries Development Bank of India (SIDBI). The cabinet decision to amend Section 16 of the SIDBI Act will permit the institution to investment surplus funds in high-yielding financial instruments and thereby improve operational spread, profitability and competitiveness. The government will have to introduce a bill in Parliament to amend Section 16 and add a new clause under sub-section (2) of Section 52 of the SIDBI Act 1989.The cabinet has also approved the proposal for investment of Rs 10 lakhs in the initial capital of Rs 1 crore of the new company to be floated by EXIM Bank to function as procurement agency.Sharp rise in gold pricesMUMBAI: Gold shot up steeply by Rs 120 to close at Rs 4610 per 10 gms due to sharp rise in international prices and poor supplies, dealers said. Festival buying also aided the upward trend. Silver also rose further on lack of ready stocks coupled with increased festival demand. Standard gold opened firm at Rs 4550 and shot up to close at Rs 4610, showing a remarkable rally of Rs 120 over the previous close of Rs 4490. 22-carat gold was nominally quoted Rs 110 higher at Rs 4265 as against the last close of Rs 4155. Ten tola gold bar of .999 purity displayed a steep jump of Rs 1400 to close at Rs 54,100 from Rs 52,700.Ready silver of .999 fineness started notably higher at Rs 7325 on frantic buying. Later, due to lack of support at the prevailing high level, it declined and closed at Rs 7280, still showing a smart gain of Rs 55 over the last close of Rs 7225. Raw silver of .916 fineness and tenderable silver also rose to close at Rs 7180 and Rs 7285 from Rs 7125 and Rs 7230 respectively.
