The Telegraph
Since 1st March, 1999
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Business Briefs

Inflation rate dips to 4.96%

New Delhi, Nov. 7: Inflation rate slipped to 4.96 per cent during the week ended October 25 due to decline in prices of food items like wheat, jowar, bajra, maize, tea, vegetables and fruits. The wholesale price index-based inflation rate, which was 5.01 per cent in the previous week, was still higher than 3.14 per cent a year ago. WPI dipped by 0.1 per cent to 175.8 points from 175.9 a week before as primary articles were cheaper by 0.7 per cent, while fuel prices remained static and manufactured products were costlier by 0.1 per cent.

Foreign banks

Mumbai, Nov. 7: The RBI has permitted foreign banks operating in India to remit net profits or surplus (net of tax) earned in a quarter year in normal course of business to their head offices without prior approval from the apex bank.

Bayer recast

Leverkusen , Nov. 7: In a radical shake-up of one of Germany’s best-known companies, Bayer today said it would float its chemicals and plastics businesses on the stock exchange by 2005 and focus instead on higher-margin healthcare and agrochemical activities.

Dr Reddy’s arm

Mumbai, Nov. 7: Dr Reddy’s Laboratories Ltd has launched its South African subsidiary in partnership with J&J group.

Essar move

New Delhi, Nov. 7: Essar group, in partnership with Deutsche Bank, has acquired 80 per cent stake in Aegis Communication Inc for Rs 130 crore, the company said.

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