GOLD SLIPS BELOW ₹30,000 ON GLOBAL CUES

MUMBAI: Gold prices tumbled further by ₹350 to close at ₹29,705 per 10 gram at the bullion market here on Wednesday, tracking a weak trend overseas and slump in demand from local jewellers. Silver also dropped by ₹635 to ₹37,935 per kg following persistent offtake from industrial units. Standard gold (99.5% purity) fell by ₹350 to finish at ₹29,705 per 10 grams from Tuesday’s closing level of ₹30,055. Pure gold (99.9% purity) also moved down by a similar margin to close at ₹29,855 per 10 grams as against ₹30,205.

ED charge sheet against Sterling Biotech director

NEW DELHI: The Enforcement Directorate (ED), on Wednesday, filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against Rajbhushan Omprakash Dixit, the director of Sterling Biotech Ltd, in an ongoing bank loan fraud case. The agency has already frozen assets worth ₹4,700 crore of Sterling Biotech Group, a Gujaratbased pharmaceutical firm, in connection with a ₹5,000-crore bank fraud and money laundering case, it said on Wednesday.

Bandhan Bank Q1 net profit jumps 47.5% to ₹482 cr

MUMBAI: Bandhan Bank on Wednesday reported a net profit of ₹482 crore in the first quarter ending June 2018, registering a jump of 47.51%. The bank had posted a net profit of ₹327 crore in the April-june quarter of 2017-18. As per a regulatory filing of the bank, its total income was ₹1,766.8 crore in the first three months of 2018-19, up from ₹1,275.3 crore in the year ago period. Bank’s net NPA increased to 0.64% or ₹194.2 crore from 0.56% in the year-ago period.

Ultratech Cement Q1 profit drops 30% to ₹631 crore

MUMBAI: Ultratech Cement’s fiscal-first quarter profit fell 30% on higher petcoke and fuel prices. Net profit declined to ₹631 crore in the three months ended June 30 from ₹898 crore in the year earlier, the country’s largest cement maker said in a filing on Wednesday. In a presentation to investors, the company said that logistics costs, which account for 34% of overall expenses, rose 9% from a year earlier to ₹1,199 a tonne. Energy costs rose 18% due to higher prices of petroleum coke and a weakening rupee making imports more expensive.

COMPILED FROM MINT REPORTERS AND AGENCIES