MUMBAI: Silver prices shot up by Rs 140 per kilo on the bullion market here Wednesday due to sharp rise in the international prices coupled with restricted supply. However, gold held steady.Dealers said buying activity had shifted to silver today following yesterday's steep rise in gold prices. At the London market, the white metal opened sharply higher at $ 5.04/5.06 per troy ounce as against the previous close of $ 4.93/4.96 per troy ounce, dealers said. Ready silver (.999 fineness) opened sharply higher at Rs 7515 and shot up further to close at Rs. 7585, showing a steep rally of Rs 140 over the last close of Rs 7445. Raw silver (.916 fineness) spurted by Rs 120 to Rs 7460 from Rs 7340. However, standard gold at Rs 4350, 22-carat gold at Rs 4025 and ten-tola gold bar (.999 purity) at Rs 51,000 held steady at yesterday's level.

SEBI rejects Delta's application

MUMBAI: The Securities and Exchange board of India today rejected the application of French companyDelta Plus group for acquiring 8.62 per cent of equity capital of the target company Mallcom India, which would increase Delta's holding in the company to 24 per cent. The capital market regulator directed Delta to make an open offer as required by SEBI's takeover regulations. Delta's application was considered by SEBI's takeover panel, which was of the view that the exemption from making an open offer should not be granted.

Gail defers decision on buyback

NEW DELHI: Gas Authority of India (GAIL) today deferred a decision on buy back of shares, intended to help government bridge the likely gap in realisation of the Rs 5,000 crore disinvestment target. With this, GAIL became the third public sector undertaking (PSU) in the oil sector to have deferred the decision on buy back after Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC). "The board today deferred a decision on the buy back issue," a GAIL spokesman told PTI after the meeting of the board.