Bizbits 8212; MSP for wheat fixed

NEW DELHI: The Union Cabinet on Friday approved the recommendations of the Commission for Agricultural Costs and Prices CACP on fixing th...

NEW DELHI: The Union Cabinet on Friday approved the recommendations of the Commission for Agricultural Costs and Prices CACP on fixing the minimum support prices MSP for wheat barley, gram, rapeseed and mustard and safflower for the year 1997-98.

The MSP for wheat has been raised to Rs 455 per quintal and that of barley to Rs 850 per quintal. The MSP for gram has been fixed at Rs 815 per quintal. Among the edible oil, the procurement price of rapeseed and mustard seed has been fixed at Rs 940 per quintal. The prices of other oilseeds belonging to this group would be fixed on the basis of their normal market price differentials with rapeseed and mustard seed. The price of safflower seed, has however, been fixed at Rs 910 per quintal.

GSFC net profit rises by 26

MUMBAI: Gujarat State Fertilizers amp; Chemicals has achieved a higher net profit of Rs 84.79 crore during the first six-month period ended September 1997 compared to Rs 67.35 crore same period last year an increase of 26 per cent. Sales during the year amounted to Rs 1128.66 crore Rs 961.46 crore and it earned a higher gross profit of Rs 128.13 crore against Rs 110.61 crore. The provision for depreciation is at Rs 33.39 crore Rs 33.28 crore and taxation Rs 9.95 crore Rs 9.98 crore.

SKF Bearings profits fall

MUMBAI: The net profit of SKF Bearings India Ltd has dropped sharply to Rs 10.3 crore during the six-month period ended September 1997 from Rs 18.8 crore in the same period of last year. The net sales also declined to Rs 185 crore from Rs 205.5 crore. The company8217;s gross profit slumped to Rs 35.1 crore from Rs 51.9 crore in the corresponding period last year.

Sharp rise in silver prices

MUMBAI: Silver prices rallied sharply on the bullion market here today on hectic industrial buying coupled with better overseas advices and gold also fared well on good demand. Ready silver of .999 fineness started higher at Rs 6745, and shot up further by Rs 95 to close at Rs 6820 as against the last close of Rs 6725. Raw silver of .916 fineness and tenderable silver also hardened by a similar margin to Rs 6720 and Rs 6825 from Rs 6625 and Rs 6730 respectively.

Standard gold opened weak at Rs 4190 and later found fresh demand and improved to close at Rs 4205, showing a gain of Rs 5 over the last close of Rs 4200. 22-carat gold was nominally quoted higher at Rs 3890 from Rs 3885 while, 10-tola gold bar of .999 purity recovered by Rs 100 to close at Rs 49,200 from Rs 49,100.