Gold remains firm
New Delhi: Gold rose on the bullion market on Monday on the back of a form overseas trend and closed higher by Rs50 at Rs8,920 per ten grams. Silver also recovered on fresh stockists buying while the inflow of fresh stock was limited. Gold rose in the Asian market by $5.12 to $584.45 an ounce mainly led to the rise in gold prices in the domestic market here. Standard gold and ornaments remained in demand and gained another Rs50 each at Rs8,920 and Rs8,770 per ten grams respectively. Sovereign followed suit and up by Rs50 at Rs7,550 per piece of eight gram. Silver attracted fresh buying from stockists and recovered by Rs175 at Rs17,350 per kilo.

However, silver weekly-based delivery shed Rs10 at Rs17,705 a kilo. Silver coins quoted higher by Rs100 at Rs21,200 for buying and Rs21,300 for selling of 10 0 coins.
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MCX enters into deal with Zhengzhou Commodity Exchange
Mumbai: Financial Technologies India's subsidiary, Multi Commodity Exchange of India (MCX) has entered into a memorandum of understanding with China's Zhengzhou Commodity Exchange (ZCE). The MoU would help MCX and ZCE to explore areas of co-operation that could mutually benefit the exchanges. MCX India offers commodity futures contracts in agriculture, metals and energy commodities whereas ZCE China offers commodity futures contracts in wheat, cotton & white sugar.

The company said the exchanges would work together to assist and benefit the underlying producers, end-users and investors in their commonly traded products by maximizing the application of international best practices for price risk management and exchange operations.
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Fortis Financial to come out with rights issue
Mumbai: Fortis Financial Services has received approval from its board to issue 1.34 equity shares on rights basis to the shareholders. The board also constituted a Rights Issue Committee for the purpose, Fortis Financial informed the Bombay Stock Exchange today.

The company said a proposal for investments, giving guarantees or securities up to Rs300 crore was also given a nod by the board, subject to shareholders approval.
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Educomp Solutions to raise US$25mn via FCCB issue
Educomp Solutions is planning to raise funds up to USD 25 million through Foreign Currency Convertible Bonds. The board of directors of the company has recently approved the declaration of dividend at the rate of Rs1.50 per equity share for the financial year 2005-06. The board has given the authority to borrow money upto Rs10,000 million, subject to provisions and approvals.
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Club Mahindra to float IPO
Mumbai: Club Mahindra, the hospitality subsidiary of M&M, plans to enter the capital market soon. Club Mahindra plans to add at least 25 holiday resorts by 2010 taking the number to 40 from the present 15. The four resorts would be set up with an investment of Rs170-Rs180 crore.

The proposed four theme-based resorts would be set up at Kumbalgarh in Rajasthan, Lonavala in Maharashtra, Kollam in Kerala and Corbett in Uttaranchal.
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