MUMBAI: Silver prices skyrocketted and touched a new high of the year at the local bullion market on Wednesday due to sustained brisk seasonal demand from local dealers coupled with better global and upcountry advices. Gold prices, however, eased modestly on lack of buying.

Usha International profit rises

MUMBAI: Usha International Ltd, a Siddharth Shriram group company, has registered a total sales turnover of Rs 272 crore during the nine months ended December 1998, an increase of 16 per cent. The company's gross profit has gone up by 77 per cent at Rs 5.06 crore and net profit increased by 88 per cent.

Delkor Technik sets up venture

MUMBAI: Delkor Technik India Pvt Ltd has been incorporated with an authorised capital of Rs one crore and will primarily focus on the manufacture and marketing of solid-liquid separation unit. As per the structure of the joint venture, 51 per cent stake is held by Delkor Technik BV, Netherlands and the rest by Indiantechnocrats and NRIs. Eminent technocrat in this field and managing director Sunil Navare said that "Delkor would focus on scientific applications rather than the ad hoc sizing of equipment so that engineered products are available to the industry."

Blue Star MD gets NRDC award

MUMBAI: Kumar B Bhatia, managing director, Blue Steel Engineering Pvt Ltd has bagged the Government of India's National Research Development Corporation (NRDC) invention award announced on the Republic Day. This award which carries a cash prize of Rs 25,000 has been given for the development of a "Composite type Indentation Hardness Tester" for rubber and like substances such as plastics.

Ambience ties up with Clea

MUMBAI: Ambience Advertising and Clea Public Relations have tied up. The new entity would be called Ambience-Clea Public Relations. After this tie-up, Clea would be offering a range of PR services to all the clients of Ambience. Ambience managing director Ashok Kurien said that the tie-up would help theagency to provide best services to its clients. Ambience-Clea would be headquartered in Mumbai and would be jointly managed by Clea group CEO Vinod Nair and Ambience senior vice-president Nakul Chopra.

Tata LNG project to raise Rs 1680 cr

NEW DELHI: The Rs 2,530 crore joint venture between the Tatas and Total of France for liquefied natural gas (LNG) has decided to raise term loans of Rs 840 crore from the domestic financial institutions (FIs) and an equal amount from overseas lending agencies. The project is being set up for storage, re-vapourisation, transportation and delivery of LNG. The joint venture also plans to design, develop, operate and maintain a LNG terminal at Trombay, Maharashtra.

The 50:50 joint venture will have an equity base of Rs 850 crore. The debt-equity ratio has been pegged at 2:1. The Tata companies which are participating in the joint venture are Tata Power Company, Andhra Valley Power Supply Companies and Tata Hydro-electric Power Supply Company Ltd. The Tata-Totaljoint venture intends to approach the finance ministry shortly for approval to raise Rs 840 crore foreign debt. Total is also charging a technical know-how fee and engineering services charges of $2 million (Rs 8.40 crore), net of taxes, payable in 10 annual instalments.