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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Pioneer’s 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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