Briefly Business

After two sessions of heavy losses,the BSE Sensex gained 31 points in volatile trading to close over 19,121 amid some buying in strong stocks.

Sensex gains 31 pts in volatile trading

Mumbai: After two sessions of heavy losses,the BSE Sensex gained 31 points in volatile trading on Tuesday to close over 19,121 amid some buying in strong stocks despite weak investor sentiment. Smart rise in heavyweights like Lamp;T,HDFC Bank,Bharti Airtel,ICICI Bank and TCS helped the Sensex end in the positive terrain. The BSE benchmark moved between 19,201.92 and 18,976.19,before ending the day at 19,121.83 a marginal gain of 30.66 points. The NSE 50-share Nifty also moved up by 11.65 points to 5,740.75.

PSB reduces rate on deposits over R1 cr

New Delhi: Punjab amp; Sind Bank has reduced the interest rate by up to 1.25 per cent on domestic term deposits of above Rs 1 crore. Keeping in view eased liquidity and sluggish credit offtake PSB has reduced the rate of interest on domestic term domestic of above Rs 1 crore to 5 crore ranging from 25 basis points to 125 basis points with effect from April 18,2011, the bank said.

MMTC to import 50 more silver in FY12

New Delhi: State-run MMTC on Tuesday said it plans to import 50 per cent more silver this fiscal at 1,200 tonnes to encash on the growing appetite for investments in the white metal in the domestic market. The company also expects gold import to increase to 275 tonnes this year from 245 tonnes last year. We plan to import 1,200 tonnes of silver in the 2011-12 fiscal,up from 800 tonnes in a year-ago period, a senior MMTC official said.

Reliance Venture exits Sequans Comm

Mumbai: Anil Ambani group firm Reliance Venture Asset Management on Tuesday announced its exit from France-based 4G chipmaker Sequans Communications which got listed on the New York Stock Exchange NYSE this Monday. While,Reliance Venture did not specify its investment or returns from the same,sources said that returns are almost three times of the original investment. The investment was to the tune of nearly 2 per share of Sequans,and the shares were sold in the US listing at just below 8,sources said.

ADB to provide 150 mn for solar power

New Delhi: In a bid to diversify Indias energy mix towards renewable sources,the Asian Development Bank will provide up to 150 million in credit guarantees to local and foreign commercial banks in the country that finance private sector solar power plants.