Bizbits — RBI bars two NBFCs

MUMBAI: The Reserve Bank of India (RBI) has prohibited two West Bengal-based finance companies, Joydip Savings Ltd and Standard Economy Ltd...

MUMBAI: The Reserve Bank of India (RBI) has prohibited two West Bengal-based finance companies, Joydip Savings Ltd and Standard Economy Ltd from acceptingdeposits from any person including the existing depositors/certificate holders in any form.

The RBI has asked these companies not to dispose of any asset, including withdrawal of bank deposit lodged with banks or kept with themselves without its prior approval.

Money supply

MUMBAI: The year-on-year M3 growth falls to 17.4 per cent in the two weeks to November 21 from 17.7 per cent on November 7, RBI said in its weekly statistical supplement on Saturday. Forex reserves

MUMBAI: The country’s foreign exchange reserves fell to $ 27.49 billion on December 5 from $ 28.11 billion the previous week, RBI said in its weekly statistical supplement on Saturday.

ICI stake

LONDON: Britain’s Imperial Chemical Industries (ICI) said it had agreed to sell its 51 per cent stake in its South African explosives business to its joint venture partner for $117 million. AECI Explosives Ltd, in which ICI and AECI Ltd were partners, makes and supplies a range of bulk and packaged explosives, initiating systems and blast management services to the mining, quarrying and construction industries in Africa. The business was headquartered at Modderfont, near Johannesburg in South Africa. ICI said sale was part of its ongoing strategy to focus on speciality chemicals, coatings and materials sectors of the chemical industry.

Bullion down

MUMBAI: Both the precious metals declined marginally at the local bullion market. Silver .999 and raw silver eased by Rs 5 each to Rs 8125 and Rs 8025 per kg respectively due to limited buying interest from industrial users and local buyers.

Standard mint and 22 carat gold lost by Rs 15 each to Rs 3910 and Rs 3615 per 10 gm respectively following poor buying interest from local buyers.

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Prices of ten tola gold bar fell by Rs 200 to Rs 45700 per biscuit due to scattered demand from investors and jewellery industry.

Apollo Tyres

KOCHI: The Apollo Tyres factory at Perambra in Kerala resumed operations today, after a week long lock-out. This follows a tripartite settlement arrived at the meeting convened by the labour commissioner, P H Kurien, last night. The lock-out was declared in the early hours ofDec 6, following the six-day old strike resorted to by the workers of the electrical section for suspending a worker of the section on November 29, who "refused to do the normal duty assigned to him". The factory operations came to a standstill since then, according to a company spokesman.