Gold crosses Rs22K mark, silver shines bright at Rs66,300

In international markets, gold climbed 0.3% to $1,500.43 an ounce and silver jumped 0.9% to a 31-year peak of $44.35 an ounce

New Delhi: Gold crossed the psychological level of Rs22,000 today on aggressive buying by stockists, amid a rising global trend. It rose by Rs115 to Rs22,060 per 10 grams. Silver also climbed to a new high, rising by Rs1,850 to Rs66,300 per kg on rising demand from industrial units, reports PTI.

Silver coins followed suit and shot up by Rs1,500 to a record high of Rs72,000 for buying and Rs72,500 for selling of 100 pieces.

Trading sentiments remained bullish as gold extended its record-making rally to top $1,500 an ounce in global markets as dollar fell on mounting debt in Europe and the US, prompting investors to seek bullion as a store of value.

In international markets, gold climbed 0.3% to $1,500.43 an ounce and silver jumped 0.9% to a 31-year peak of $44.35 an ounce.

Besides, retail customers and jewellers buying for the coming marriage season further fuelled the uptrend.

On the domestic front, gold of 99.9% and 99.5% purity shot up by Rs115 each to a new high of Rs22,060 and Rs21,940 per 10 grams, respectively.

Sovereigns also moved up by Rs100 to fresh peak level of Rs18,000 per piece of eight grams.

Silver continued its record setting spree and spurted by Rs1,850 to new peak level of Rs66,300 per kg and weekly-based delivery by Rs1,530 to Rs65,055 per kg.


Want fast approval for a loan? You need to have a credit score of 800 and above

CIBIL, the first credit bureau in India, has launched 'Score', which will help individuals to get loan approvals quicker and negotiate better interest rates

Lenders are readily giving loans to customers who have a credit score of 800 and above, therefore, it is in the interest of a loan-seeker to maintain a healthy credit score.

A credit score provided by credit bureaus like Credit Information Bureau (India) Ltd (CIBIL) is an assessment of an individual's probability of default over a period of the next 12 months. The 'Score' will help credit institutions estimate the likelihood of repayment of loan, based on an individual's past pattern of credit usage and loan repayment behaviour. The closer the score is to 900, the more confidence the credit institution will have in the individual's ability to repay the loan and hence, the better the chances of the individual's application getting approved.

According to information available, in 2010, the percentage of new loans sanctioned went up to 57% from 37% in 2008, for customers who have a credit score of 800 and above. This means more and more lenders are choosing to give loans to customers with better credit scores.

Till today, individuals were not able to access their credit score, but CIBIL's new product 'CIBIL TransUnion Score' will change this.

Arun Thukral, managing director, CIBIL, said at a news conference today, "We are very happy to provide this service directly to consumers as knowing their CIBIL TransUnion Score will help them assess their credit history better and enable them to 'see themselves as lenders do'. We believe that this initiative will also be helpful in making the lending process more transparent, inculcating financial discipline and enhancing consumer awareness on credit information."

"The higher the score, the more favourably it is viewed by credit institutions. However, every credit institution has its own benchmark of what constitutes a good credit score. CIBIL does not recommend any cut-off score for loan application eligibility," Mr Thukral said.

The CIBIL TransUnion Score is a three-digit numeric summary (ranging from 300 on the lower side to 900 at the higher side) of a consumer's credit history, compiled from information received from lenders who are members of CIBIL. The model followed by CIBIL predicts the likelihood of an individual missing more than three payments on a credit line over the next 12 months.

The CIBIL TransUnion Score product is available to consumers for Rs450.

The officials from CIBIL could not provide the exact components and their weightage for the calculation of the credit score for individuals. However, Satish Pillai, senior vice-president, marketing and data quality, CIBIL, said, the highest weightage would be given to delinquencies.

The world over, the exact formula for calculating credit scores is kept a secret by credit bureaus. Each major credit bureau in the US (Experian, Equifax, TransUnion) uses a proprietary tool developed by the Fair Issac Corp to calculate a FICO score. The components and their weightage in a credit score, as disclosed by FICO, and available on Wikipedia are:

1. Payment history - 35%. Late payments on bills, such as a mortgage, credit card or automobile loan, can cause a FICO score to drop. Paying bills on time will improve your FICO score.

2. Credit utilisation - 30%. The ratio of current revolving debt (such as credit card balances) to the total available revolving credit, or credit limit. You can improve your FICO scores by paying off debt and lowering the credit utilisation ratio.

3. Length of credit history - 15%. As your credit history ages, it can have a positive impact on the FICO score.
4. Types of credit used - 10%. You can benefit by having a history of managing different types of credit, like instalment, revolving, consumer finance and mortgage.

5. Recent search of credit - 10%. Credit inquiries, which occur when you are seeking new credit, can hurt your score.


Yatra Online raises Rs200 crore to fund expansion

Yatra Online Pvt Ltd has raised Rs200 crore from Valiant Capital Management, Norwest Venture partners and Intel Capital for expansion purposes

Gurgaon-based travel services provider Yatra Online Pvt Ltd today said it has raised Rs200 crore from Valiant Capital Management, Norwest Venture partners and Intel Capital for expansion purposes.

"This round of funding will enable us to broaden our reach and brand awareness in tier two and tier three towns, which are experiencing tremendous growth in e-commerce," Yatra chief executive officer Dhruv Shringi said in a statement.

In addition, the funds will be used to accelerate expansion in the hotels and holidays segments, Shringi added.

Yatra currently provides reservation facility for more than 3,800 hotels across 336 cities in India and over 90,000 hotels around the world.

Last year, the company had picked up majority stake in Delhi-based ticketing services provider Travel Services International (TSI) for an undisclosed amount to strengthen its position in business to business (B2B) segment.

Yatra has in the past, received Rs150 crore funding from investors such as Reliance ADA Group company Reliance Venture Asset Management, TV18 Group, Norwest Venture Partners and Intel Capital.

Commenting on the latest round of funding, Intel Capital Asia Pacific Managing Director Sudheer Kuppam said, "This investment is aligned with Intel's strategic objective of increasing broadband penetration in India through fostering entrepreneurship in compelling content and e-commerce opportunities."

Yatra registered a turnover of $500 million in 2010-11, Shringi said.


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