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Business Briefs

Gold prices tumble

Mumbai, March 22: Gold plunged by Rs 90 per ten gram on the bullion market here today and standard gold closed at a three-month low level of Rs 5,250 following heavy selling pressure by stockists fearing further fall in prices. Silver also met with a similar fate and crashed by Rs 120 per kilo. The steep fall in gold prices, which dropped sharply to a level not seen since December 2002, was a direct impact of a heavy fall in the global prices on increased offloading as the metal had lost its war premium, dealers said.

Forex reserves

Mumbai, March 22: India’s foreign exchange reserves continued to surge ahead and neared the $ 74 billion mark following fresh inflows of $ 178 million to touch $ 73,918 million during the week ended March 14. The country's foreign currency assets swelled by $ 178 million at $ 70,189 million, according to the Reserve Bank of India's weekly statistical supplement released here today. The foreign currency assets include the effect of appreciation/depreciation of euro, sterling and yen held in reserves, the RBI said.

Telecom issues

New Delhi, March 22: Basic and cellular operators, despite their differences on the limited mobility issue, have jointly approached communications minister Arun Shourie to continue the dialogue on issues such as Spectrum. “There are some issues besides limited mobility where basic and cellular operators have given a joint presentation and said they want to continue their dialogue,” Shourie said.

PNB move

Mumbai, March 22: State-owned Punjab National Bank will pick up a 26 per cent stake in Assets Care Enterprise Ltd (ACEL), a company formed by IFCI for reconstruction of impaired or stressed assets. The board of Delhi-based bank has approved a proposal to subscribe to 13 lakh shares of Rs 10 each, aggregating a Rs 1.30 crore of ACEL Capital, PNB informed the NSE today.


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