Gold prices plunged by more than Rs. 100 per 10 gm on the Mumbai bullion market on Saturday tracking a massive decline in the precious metals prices on the New York market. Gold plummeted by a record $16 per ounce to a 12-year-low at $308.60 following the Swiss Government proposal to sell more than half the country’s gold reserves. The Swiss Finance Ministry and Swiss National Bank have proposed to sell 1,400 tonnes of “excess” official gold reserves. The sale of 1,400 tonnes of gold from a total reserve of 2,590 tonnes at current European prices is expected to fetch $14 billions to the Swiss National Bank.

Suzuki spanner in MUL works?

The Maruti Udyog Ltd. board is meeting on Monday to consider the company’s proposed expansion plans, which would raise its annual installed capacity by an additional one lakh vehicles. At present MUL makes 2.5 lakh vehicles a year. The board meeting assumes significance since this would be the first after the annual general meeting held here on September 22, which saw the controversial appointment of Mr. R.S.S.L.N. Bhaskarudu as the company’s Managing Director.

Coca-Cola surprises market with July-Sept growth

An extended summer, launches in new markets and one-rupee reduction in price per bottle in Mumbai are the reasons cited by a spokesman for Coca-Cola India for the company’s unusual 19 per cent increase in Unit Case Volumes in the third quarter of 1997. Its performance is surprising because, for cola companies, which calculate their UCV performance from Jan to Dec, the third quarter from July to Sept is not usually a high-growth period. Instead, April-June is considered good for these companies because of the onset of summer throughout the country.

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