A proposal for upgradation and modernisation of IISCO's steel mines in Burnpur and Kulti, and colleries and ore mines in West Bengal and Bihar in joint venture with Tyazh Prom Export (TPE), the number one steel company in Russia, was submitted some time back. IISCO is currently saddled with huge losses.

The proposal was awaiting clearance from the government. Under the proposal, Rs 2100-crore modernisation programme was to be implemented. The entire project was to be implemented in two stages with the first stage comprising of Rs 800 crore and it was supposed to become a part of the entire project.

Fine Forge buys back stake from IDBI
Mumbau: The promoters of Fine Forge Ltd have bought back 4 lakh shares of the face value of Rs10 each held by Industrial Development Bank of India (IDBI) at a price of Rs 19.09 per share. According to an IDBI release, the aforesaid shares transaction constitute over 1 per cent of the paid-up capital of Fine Forge Ltd and the information regarding the transaction and price was disclosed in terms of the buyback agreement.

Silver, gold prices move up
Mumbai: The precious metals moved up at the local bullion market today. Silver .999 and raw grades moved up slightly by Rs five and Rs ten to Rs 8310 and Rs 8010 per kg respectively on scattered demand at the previous lower level from local dealers and industrial users coupled with poor arrivals.

Gold biscuit price rose by Rs 50 to Rs 54,650 per ten tola while standard mint and 22 carat prices gained marginally by Rs five each to Rs 4665 and Rs 4315 per ten gm respectively on fresh support at the previous lower level from local buyers as well as jewellery units.