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Business Briefs

Marginal drop in inflation

New Delhi, July 20: Rate of inflation dipped marginally by 0.17 per cent to 5.15 per cent for the week ended July 5 due to a sharp 23 per cent drop in prices of fruits. While costlier fuels and manufactured products dampened the spirits for a substantial fall in general price level. The wholesale price index (WPI) inflation fell from the previous week’s figure of 5.32 per cent. However, it was only 2.48 per cent in the year-ago period. WPI declined by 0.2 per cent to 173.7 points with mass consumption primary articles becoming cheaper.

Arvind Mills

Mumbai, July 20: Foreign institutional investors have picked up 10 per cent stake in Arvind Mills Ltd during April-June 2003 while its promoters, Lalbhai group, reduced their holding from 51.02 per cent to 39.77 per cent in the same period.

Airport revamp

New Delhi, July 20: The Cabinet is likely to consider the modalities of restructuring the Delhi and Mumbai airports soon with the ministries of finance and civil aviation sorting out their differences, especially over the quantum of stake Airports Authority of India would hold, sources said.

Bike sales

New Delhi, July 20: Two-wheelers rode into the slow lane in the first quarter of this fiscal by posting 3.06 per cent growth in sales. A total of 12.39 lakh units were sold during April-June this year against 12.02 lakh units sold a year ago, according to the data compiled by the Society of Indian Automobile Manufacturers.

Tax network

New Delhi, July 20: In a move to outsource non-core services, the finance ministry has asked National Securities Depositories Ltd to put in place a tax information network to improve tax administration and check evasion.


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