Silver prices decline
MUMBAI: Silver prices reacted sharply by Rs 80 on the bullion market here on Saturday on fresh inflow of raw silver coupled with weak overseas advices. Gold prices also declined on poor demand and poor London advices.Ready silver (.999) opened weak and fell further to close at Rs 8335, revealing a fresh fall of Rs 80 over the last close of Rs 8415. Raw silver (.916) and tenderable silver also dropped to Rs 8210 and Rs 8340 respectively from Rs 8300 and Rs 8420. Standard gold declined by Rs 20 to end at Rs 4260 . 22-carat gold was quoted weak at Rs 3940 from Rs 3960 and ten-tola told bar (.999) fell by Rs 250 to close at Rs 50,200 from Rs 50,200.Thermax tie-up
MUMBAI: Thermax Ltd, leaders in energy and environmental engineering, signed an agreement with AlliedSignal Power Systems Inc to market it's micro-turbine based power systems in India. This small scale power source is marketed under the brand name of TurboGenerator TM and generates 75 KW or morepower.
DCB net up 33%
MUMBAI: Development Credit Bank Ltd (DCB) has posted impressive results for the year ended March 1998. Net profit for the year increased by 33.1 per cent from Rs 22.55 crore to Rs 30.02 crore. DCB's total income grew from Rs 152.06 crore to Rs 209.00 crore, a growth of 37.4 per cent. Operating profit increased by 60.5 per cent to Rs 50.71 per cent (Rs 31.59 crore). The bank's deposits grew by 40.5 per cent to Rs 1436.37 crore, while the advances rose from Rs 611.63 crore to Rs 762.83 crore, a growth of 24.7 per cent.
NTPC CMD term
NEW DELHI: The government has extended the term of the chairman and managing director of National Thermal Power Corporation, Rajendra Singh, for another two years. Singh has been the CMD of NTPC for the last six years, prior to which he was director, personnel, in NTPC.
TCS in top slot
MUMBAI: Tata Consultancy Services has overtaken Wipro as India's number one information technology company. With a turnover of Rs 1,083.63crore in 1997-98, TCS has displaced Wipro, which slipped to the number two slot with a revenue of Rs 1,048.7 crore. According to the Dataquest annual survey, the IT industry registered a revenue of Rs 18,015.8 crore for 1997-98, a growth of 34.1 per cent over the previous year.
Losses pile up
MUMBAI: India Steamship has reported a net loss of Rs 87 lakh for the year ended March 31, 1998 despite a profit of Rs 5.49 crore on sale of vessels. The accumulated losses of the company have piled up to Rs 188.65 crore. Net sales in 1997-98 amounted to Rs 47 crore (Rs 51.73 crore). The PBDIT was Rs 2.74 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
