Gold & silver plunge during week

MUMBAI, 5 OCT: Gold succumbed to heavy profit-selling during the week and plummeted below the key psychological Rs 30,000 per 10/gm mark, driven by volatile global situation as well as subdued local buying interest. Trading sentiment was dampened by the ongoing inauspicious period which largely kept buyers on sidelines. Silver also plunged due to hectic speculative selling in the absence of industrial demand. Globally, the ongoing US budget standoff and subsequent partial Federal government ‘shutdown’ failed to stimulate any bullish momentum in gold despite its safe-haven appeal. The shiny metal lost more than two per cent, as investors remained sceptical and unconvinced to take long positions on hope that the US government shutdown will be short lived amid disappointing macro-economic data as well as Fed stimulus tapering uncertainty. pti
Toyota re-launches Innova
NEW DELHI, 5 OCT: Auto maker Toyota Kirloskar Motor today launched all new version of its multipurpose vehicle Innova, priced between Rs 12.45 lakh and Rs 15.06 lakh (ex-showroom Delhi), as it looks to enhance sales during the festive season. Launched with a new top-end Z variant, the new Innova comes with a whole new set of features and is available in a seven and an eight seater option in both Euro III and Euro IV, Toyota Kirloskar Motor (TKM) said in a statement. “We believe, with the introduction of the new Innova, the ownership experience of our customers will be further enhanced,” TKM MD and CEO Hiroshi Nakagawa said. pti
Modernisation of IISCO
NEW DELHI, 5 OCT: State-run Steel Authority of India (SAIL) today said modernisation of its IISCO Steel Plant (ISP) at Burnpur, undertaken at an investment of Rs 16,000 crore, is nearing completion. “SAIL ISP is being upgraded and modernised with a total cost of over Rs 16,000 crore and the plant will produce 2.9 million tons of Hot Metal after completion… modernisation and expansion work of ISP which is in the last mile of its integrated commissioning,” the company said in a statement. SAIL chief CS Verma today reviewed the modernisation measures there accompanied by director (technical) SS Mohanty and director (projects & business planning) TS Suresh. pti
Ratan Tata honoured
WASHINGTON, 5 OCT: India’s leading industrialist Ratan Tata will be formally inducted into the prestigious National Academy of Engineering in the USA tomorrow for his “outstanding contributions” to industrial development in India and the world over. Mr Tata, chairman emeritus of the Tata Group, one of India’s largest and oldest conglomerate, will be inducted as a Foreign Associate, the National Academy of Engineering said in a statement. Founded in 1964, the National Academy of Engineering is a private, independent, non-profit institution that provides engineering leadership in service to the nation. pti