MUMBAI: Silver prices reacted sharply while gold ended marginally lower at the bullion market on Saturday. Silver ready .999 fineness dropped by Rs 30 to Rs 7990 and tenderable silver also declined by the same margin of Rs 30 to Rs 7995 from the previous close of Rs 8020 and Rs 8025 respectively. Raw silver .916 fineness slumped by Rs 50 to Rs 7855 from the last close of Rs 7905.Gold prices eased marginally following a decline in prices of gold biscuits by Rs 100 per 10 tolas and lack of local buying interest. Standard gold softened by Rs 5 to Rs 4240 from Rs 4245 previously. 22-carat gold was nominally quoted at Rs 3925, unchanged from the previous close. Ten-tola gold bar .999 purity dropped by Rs 100 to Rs 49,900 from the last close of Rs 50,000.

G'nut oil down

MUMBAI: GROUNDNUT oil prices declined sharply by Rs 9 to close at Rs 493 per 10 kg following the 10 per cent cut in the edible oils import duty. Elsewhere, prices of castor oil and castor seed futuresclosed firm on good demand from soap manufacturers and exporters.

Gift show

MUMBAI: Mumbai Gift Show, featuring corporate and personal gifts, is being held at World Trade Centre in Mumbai from July 8 to 12. The show is organised by Conventions & Fairs (India) Pvt Ltd engaged in the business of organising exhibitions, conventions and conferences. The show offers a platform for interaction between the buyers and the sellers of gift items. It also provides the industry an opportunity to assess the changing needs of consumers.

Foster's

MUMBAI: Australia's top-selling beer `Foster's', distributed in 130 countries worldwide with annual sales reaching $ four billion was launched in Mumbai. The first major international brewer to invest in India, Foster's has set up a brewery in Aurangabad. The brewery is 74 per cent owned and managed by Foster's Brewing group with remaining 26 per cent equity by several local shareholders in the equity holding of Rs 50 crore, according to M Natarajan,managing director of Foster's India.

Atul Choksey

MUMBAI: Atul Choksey, former managing director of Asian Paints, has entered the software industry, by taking over Bangalore-based Infoway Solutions Pvt Ltd. Infoway is promoted by a team of information technology professionals led by Ajay Chakravarti, former CEO of PCL Mindware. Chakravarti is the CEO of the company. The main focus of Infoway will be the development of software exports business, concentrating primarily in the markets in US, Europe, Singapore and Japan. Infoway Solutions has its headquarters and primary development facilities in Bangalore.

AIAI's plea

MUMBAI: There has been a dilemma as the actual notification reconfirming the limit on small scale industry sector from Rs 3 crore to Rs 1 crore has not been issued, thereby creating enormous problems for small scale sectors, government departments and the bankers, according to Vijay G Kalantri, President, All India Association of Industries (AIAI). Earlier also when Rs 3crore limit was announced by the Central Government, the notification was issued after eight months and even now for last two months there has been no sign of the notification in spite of the announcement made by the Prime Minister. ``Such confusion not only hinders growth but also the exports. One cannot plan its production activity,'' he said.