Bizbits — Gold prices hit new low

MUMBAI -- Gold prices plunged to a new low today in the country's primary bullion market here following weak overseas advices after it touc...

MUMBAI — Gold prices plunged to a new low today in the country’s primary bullion market here following weak overseas advices after it touched off a three-year low on Saturday.

Lack of local buyers support also depressed the yellow metal’s prices as it ended up at Rs 4600 per ten gram against Saturday’s closing of Rs 4605 per ten gram.

The prices of silver also declined sharply in both Mumbai and Delhi. Subsequently, prices of ornament gold at Mumbai were nominally quoted weak at Rs 4,255 per ten gram against the previous closing of Rs 4,260 per ten gram, while the 10-tola gold bar was quoted Rs 50 lower.

Silver ready prices declined by Rs 25 here to close at Rs 6735 from Rs 6760 a kg. While raw silver (.916 fineness) opened at Rs 6655 to close at Rs 6635, tenderable silver was quoted at Rs 6740, Standard gold opened at Rs 4600 to close at Rs 4600. 22-carat gold remained unchanged at Rs 4255, 10 tola gold bar (.999 purity) also remained unchanged at Rs 53,800.

Investment Trust

MUMBAI — The net profit of Investment Trust of India Ltd has dropped to Rs 3.40 crore during the year ended March from Rs 4.52 crore last year. The directors recommended a dividend of 25 per cent. Income from operations during the year amounted to Rs 44.37 crore (Rs 35.87 crore). It has earned a higher gross profit of Rs 11.41 crore (Rs 10.95 crore).

Vanasthali Tex

MUMBAI — Vanasthali Textiles Industries Ltd has earned a net profit of Rs 3.04 crore during the year ended March 1997 from Rs 1.60 crore last year. Net sales has increased from Rs 18.12 crore to Rs 21.22 crore. The gross profit before interest has gone up to Rs 6.21 crore from Rs 4.05 crore. The company chalked out an expansion scheme at total cost of Rs 35 cr.