Gold biscuits firm up
Mumbai: Gold biscuits, called the 10-tola
gold bar, has shot up by Rs.1,000 to touch Rs.48,500.
In London, the metal reached a price of $263.4 per troy
ounce.
This
upward move is because of the higher number of bidders
than the gold available for sale during the gold auction
conducted by the Bank of England. The price at which the
25 tonnes of gold were auctioned was $255.75 per ounce.
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Pioneers
thrust is on MFs
Mumbai: US-based Pioneer Group is expecting
to increase its involvement in its mutual fund in India.
The group is holding a 47.5 per cent stake in Kothari
Pioneer AMC. The Kotharis had recently sold their stake
in the AMC to TCK Finance and Leasing Ltd. of Calcutta.
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JT
Mobile, Fascel licences may not be revoked
New Delhi: JT Mobile and Fascel, the
cellular operators who were threatened by the Department
of Telecommunications to have their licences cancelled,
seem to have been pardoned. They have now been asked to
pay the first installment of the licence fee according
to the revenue sharing system, by 1 October 1999.
JT
Mobile and Fascel had been earlier accused by the DoT
of not having replenished their encashed bank guarantees.
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Maharashtra
state and Hudco sign MoU
Mumbai: The Housing and Urban Development
Corporation and the Maharashtra state government have
signed a Rs.500 crore memorandum of understanding for
building a convention centre at Bandra. The centre will
be built on 7.5 acres of land near the Leelavati Hospital.
The
MoU will be for the state government to bring in the land
required through the Maharashtra Housing and Area Development
Authority, which owns the land. Hudco will prepare feasibility
reports and also undertake the implementation of the project.
The convention centre will be built according to international
standards.
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