Gold prices skyrocket by Rs495 to five-month high

 Analysts said that trading sentiment remained firm as gold climbed in overseas markets on stronger demand for the alternative investment as currencies weakened and equities dropped

Gold prices today spurted by Rs495 to regain the Rs18,000 per 10gm level after five months on heavy buying driven by a rally in overseas markets, reports PTI.

Standard gold surged by Rs495 to Rs 18,110 per 10gm, a level last seen on 26 November 2009.

Silver also jumped Rs565 to Rs28,165 per kg on increased off-take by industrial units and coin-makers.

Analysts said that trading sentiment remained firm as gold climbed in overseas markets on stronger demand for the alternative investment as currencies weakened and equities dropped.

Gold in global markets, which normally set the price trend on the domestic front, recorded a handsome rally of $33.20 to $1,208.80 an ounce last evening.

Some funds shifting from melting equity to rising gold for quick gains and firming trend at futures trading further fuelled the uptrend, analysts said.

Standard gold and ornaments surged by Rs495 each to Rs18,110 per 10gm and Rs17,960 per 10gm respectively. Sovereign followed suit and rose by Rs100 to Rs14,250 per piece of 8gm.

In line with the general firming trend, silver ready spurted by Rs565 to Rs28,165 per kg. The weekly-based delivery shot up by Rs480 to Rs27,815 per kg.

Silver coins too traded higher by Rs100 to Rs34,000 for buying and Rs34,100 for selling of 100 pieces.
 

 

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India initiates steps to develop first home-grown civil plane

A high-powered committee will carry out a feasibility study for the project to be set up as a public-private partnership that is expected to evolve eventually into a new entity for development of a national civil transport aircraft and provide a basis for the civil aircraft industry in the country

India has initiated steps to build its first indigenous civilian transport aircraft under a public-private partnership project that will be undertaken in a national mission mode, reports PTI.

The government has set up a 15-member high-power committee (HPC) on National Civil Aircraft Development with former ISRO chief G Madhavan Nair as its chairman for management and development of the key project.

The first meeting of the core team of the committee comprising technologists is scheduled to be held tomorrow at the National Aerospace Laboratory (NAL) in Bengaluru to chart out a broad vision for the project, officials said.

The HPC will carry out a feasibility study for the project to be set up as a public-private partnership that is expected to evolve eventually into a new entity for development of a national civil transport aircraft and provide a basis for civil aircraft industry in the country.

“We are looking at developing a 90-100 seat civilian aircraft utilising nationally available talent and industry resources,” a senior official involved with the project told PTI.

This development comes weeks after the Directorate General of Civil Aviation (DGCA) said that there was no technical flaw in the Saras aircraft. The Prototype-II of the Saras aircraft, developed by CSIR’s NAL, had crashed during a test flight on 6th March last year killing the three-member crew.

The Council of Scientific and Industrial Research (CSIR)-NAL will assist the HPC in implementation of the project.

The terms of reference of the HPC include evolving a strategy for development of a civil aircraft indigenously; provide details on aircraft definition and performance, technologies and system, manufacturing plan, investments required, risk analysis and holding discussions with global original equipment manufacturers for partnership avenues.

The HPC has also been tasked to set up a core design group with seeding from CSIR-NAL which could be subsequently upgraded to a full-fledged design centre.

The design centre will be set up by drawing manpower from CSIR-NAL, Hindustan Aeronautics Limited, Aeronautic Development Authority, Defence Research and Development Organisation and the Indian Space Research Organisation.
Earlier, NAL had prepared a preliminary report on the need for a regional transport aircraft for the Indian market which is pegged at 400 planes over the next 20 years.

The aircraft is aimed at enhancing connectivity within the country, thereby helping in the economic development of far-flung regions.

The Planning Commission had made an allocation of Rs300 crore for the civilian aircraft project under the 11th Plan.

In October 2008, the Comptroller and Auditor General of India (CAG) had told NAL to defer plans to make a 70-seater passenger plane on account of delayed progress on its 15-seater Saras aircraft.

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