Silver makes new record at Rs74,300, gold shoots up by Rs60

Traders said the buying activity was purely of speculative nature as the precious metals in overseas markets rallied to records as investors sought to protect their wealth against accelerating inflation and a weak dollar

New Delhi: Gold and silver continued their winning streak for the seventh session today on brisk buying by speculators, amid a firming global trend. While gold added Rs60 and climbed to a new high of Rs22,380 per 10 grams, silver shot up by Rs2,300 to a record Rs74,300 per kg, reports PTI.

Silver coins also zoomed up by Rs2,500 to new peaks of Rs80,500 for buying and Rs81,500 for selling of 100 pieces.

In the last seven trading sessions, silver has gained Rs 11,100 and gold has added Rs 610.

Traders said the buying activity was purely of speculative nature as the precious metals in overseas markets rallied to records as investors sought to protect their wealth against accelerating inflation and a weak dollar.

In overseas markets, gold climbed to a record high level of $1,518 an ounce and silver surged to $49.79 an ounce, beating the previous peak set in 1980.

The global factor is driving the bullion to record levels only in day-to-day trading but there is hardly any physical purchases by retailers and jewellers, traders said.

The upsurge was further boosted as the precious metal in futures trading on the Multi Commodity Exchange maintaining its bullish mood and climbed to records.

Scattered small buying in silver by industrial units is another encouraging factor to some extent, they added.

On the domestic front, silver ready spurted by Rs2,300 to Rs74,300 per kg and weekly-based delivery by Rs2,160 to Rs72,800 per kg.

Similarly, gold of 99.9 and 99.5 per cent purity added Rs60 each to Rs22,380 and Rs22,260 per 10 grams, respectively.

Sovereigns shot up by Rs100 to new peak of Rs18,200 per piece of eight grams.

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Star Union Dai-Ichi’s premium grows by 73.21%

Star Union Dai-Ichi Life Insurance has registered a 73.21% growth in total premium collection at Rs936.70 crore compared to the previous year

Private insurance company Star Union Dai-Ichi Life Insurance has registered a 73.21% growth in total premium collection at Rs936.70 crore compared to the previous year.

"During the year 2010-11, the company has collected Rs936.70 crore of premium. This performance enabled the company to register a growth of 73.21% in total premium over the premium for the year 2009-10," Star Union Dai-Ichi Life Insurance said in a release.

The company has set a target to turn profitable within five years of commencement of business, its Managing Director and CEO Kamalji Sahay said.
The company, which has completed 26 months of business after receiving license from the Insurance Regulatory Authority of India (IRDA) in December 2008, has underwritten new business premium of Rs1,323.89 crore since inception.

The new business of the company grew by 43.5%. "The company is expected to maintain its low cost operation model. The operating expense ratio for the year is expected to be below 15% of total premium," Sahay said.

The private insurer collected Rs182.81 crore as renewal premium, it said.

The company has also successfully settled about 90% of death claims intimated up to 31st March, the release said.

It has insured 3,53,994 lives under its various group schemes and has exceeded by a large margin the mandatory condition of 9% of rural business.

About 23% of company's premium has been collected from rural areas, it added.

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Birla Sun Life Mutual Fund introduces Fixed Term Plan-Series C

Birla Sun Life Mutual Fund new issue closes on 28th April

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series C, a close ended income scheme with the duration of 370 days from the date of allotment. The new issue opens on 26th April and closes on 28 April 2011.

The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

The minimum investment amount is Rs5,000. CRISIL Short Term Bond Fund Index is the benchmark index for the scheme. The fund manager of the scheme will be Kaustubh Gupta.

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