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Business Briefs

Inflation highest in two years

New Delhi, Feb. 16: With the rise in international crude prices amid fears of a war over Iraq pushing up domestic prices of diesel and petrol, the rate of inflation rose to a two-year high of 4.86 per cent for the week ended February 1. The wholesale price index (WPI) change, which was a mere 1.13 per cent in the year-ago period, rose 0.25 per cent in the reported week from the previous week’s level of 4.61 per cent, with prices of all major commodities skyrocketing. The WPI rose 0.2 per cent to 168.4 due to increase in the price of primary, fuel and manufactured products. The index was 160.6 in the previous year.

Petrol prices

New Delhi, Feb. 16: State-run oil firms today deferred the fortnightly revision of petrol and diesel prices in view of excessive volatility in international oil markets. Retail petrol and diesel prices should have gone up by close to Re 1 per litre each in view of the spike in global crude oil prices, which breached $ 37-a-barrel mark last week on heightened tension in West Asia.

PFC selloff

New Delhi, Feb. 16: The power ministry has opposed any move to privatise Power Finance Corporation (PFC) pending reforms in the power sector. The ministry has communicated its views to the disinvestment commission, which is currently finalising its recommendations on the company.

Idea stake

New Delhi, Feb. 16: In a setback to Tata Teleservices, AIG (Mauritius), the joint venture partner in Tata Cellular, would be getting its share in Birla-Tata-AT&T-run Idea Cellular Services, as the Delhi High Court has held that the Tatas’ offer to acquire AIG’s share was not in conformity with the law.


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