Briefly Business

In volatile trading,the BSE Sensex on Tuesday fell 39 points as investors booked profits ahead of monthly settlement in the derivatives segments amid concerns that interest rates might go up in view of high inflation and a weak Asian trend.

Sensex down 39 pts in volatile trading

Mumbai: In volatile trading,the BSE Sensex on Tuesday fell 39 points as investors booked profits ahead of monthly settlement in the derivatives segments amid concerns that interest rates might go up in view of high inflation and a weak Asian trend. Sensex,which dipped nearly 1.4 per cent at the outset,erased initial losses and closed 38.96 points down,or 0.20 per cent,at 19,545.35 on emergence of late buying in blue-chip at attractive low levels. The National Stock Exchange index Nifty fell 6.10 points,or 0.10 percent to 5,868.40.

Silver plunges from record high

Mumbai: Silver prices plunged from overnight record highs at the domestic bullion market here today amid heavy profit-taking by speculators and overseas cues. The white metal which had spiked to Rs 75,000 a kilo in Mondays trading on heavy speculative activity could not sustain the peak level and attracted heavy profit-booking. Silver ready .999 fineness tanked by a hefty Rs 5,150 per kg to close at Rs 69,870 from Mondays closing level of Rs 75,020. Standard gold 99.5 purity dropped by Rs 195 per 10 grams to end at Rs 21,800 from Rs 21,995 in the previous session.

UK Sinha elected as IOSCO Asia-Pacific head

Mumbai: Sebi chief U K Sinha has been elected as the chairman of the Asia-Pacific committee of the International Organisation of Securities Commissions. Sinha replaces former Sebi chairman C B Bhave who served as the head of the Asia-Pacific regional committee of IOSCO from June 2009 till February this year. U K Sinha,chairman,Sebi has been elected Chairman of the Asia- Pacific Regional Committee APRC of the IOSCO at the 36th Annual Conference of IOSCO held at Cape Town,South Africa from April 17 to 21, the market regulator said. The IOSCO is an association of organisations that regulates the worlds securities and futures markets.

Mamp;M launches Verito in a new price range

Mumbai: A day after renaming the Logan sedan as Verito and dropping the French automaker Renaults badge,Mahindra amp; Mahindra on Tuesday revised the price of the car which will now sell at between Rs 4.82-Rs 5.62-lakh in both petrol and diesel variants,pan-India. For the first time,we are using social media platforms to unveil a new product,reflecting alternative thinking, Mamp;Ms chief executive,automotive division,Rajesh Jejurikar,said in a statement.

JK Paper to raise R250 cr through rights issue

Mumbai: Countrys largest producer of branded papers JK Paper Ltd plans to raise Rs 250 crore through a rights issue in May,a top company official said on Tuesday. We expect Sebi approval in mid-May and hope to raise Rs 250 crore through a rights issue to part finance our Rs 1,650-crore expansion programme, J K Paper CFO V Kumaraswamy said. The company has filed a Draft Letter of Offer with Sebi,he said.