NEW DELHI: The government today announced new duty drawback rates to make Indian exports prices competitive particularly when the country is confronted with poor export growth.

The new rates to be effective from June 1 this year has added 11 more items to the list of 694 exports which would entail this incentive.

Videocon Intl

MUMBAI: Videocon International has posted only 0.28 % increase in profit after tax at Rs 88.61 crore for the year ended March 31, 1997 as against Rs 88.36 crore. A 66 % increase in interest cost from Rs 26.79 crore to Rs 44.54 crore affected profit margins. Net sales were 3.9 % higher at Rs 1,703 crore as against Rs 1,638 crore.Gross profit was 7 % higher at Rs 122 crore from Rs 114 crore last year. The net profit margin was unchanged at 5.2 % while the gross profit margin increased marginally to 7.1 % from 6.9 %

Yellow metal

MUMBAI: Silver prices shot up sharply and gold improved modestly on local buying at the bullion market on Friday. Silver crossed the Rs 6900-mark on hectic industrial demand in the wake of stringent arrivals through imports and recycled silver. Gold edged up on scattered seasonal demand in sluggish arrivals.

Silver ready .999 fineness shot up to Rs 6930 from Rs 6875. Raw silver .916 fineness and tenderable silver both gained by Rs 55 each . Standard gold edged up by Rs 5 to Rs 4780 from Rs 4775. 22-carat gold was higher at Rs 4780 from Rs 4775.

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