Inflation rate dips to 4.91%

New Delhi, March 19: The rate of inflation fell to 4.91 per cent for the week ended March 6, after remaining at over 5 per cent for 16 weeks. There was a sharp fall in the prices of vegetables, wheat, fuel products and manufactured items in the reporting week. The wholesale price index inflation for the reporting week fell by 0.41 per cent from 5.32 per cent in the previous week. It is in line with the Centre’s expectation of containing inflation by the end of 2003-04. The index was as high as 5.74 per cent in the year-ago period. The last time the general price level touched below 5 per cent was during the week ended November 8, 2003.

Dredging Corp

Mumbai, March 19: Dredging Corporation today witnessed intense volatility on the stock exchanges as the shares plummeted over 9 per cent during intra-day trades. It opened at Rs 455 and fell to an intra-day low of Rs 450.25. However, the share recovered from this trough to finish at Rs 501, a gain of over Rs 5 against its previous close of Rs 495.30.

Core sector

New Delhi, March 19: The infrastructure industries grew 11.3 per cent in February due to an increase in the output of cement, electricity, coal and petroleum products.

Bayer chief

Mumbai, March 19: Bayer (India) Ltd, renamed as Bayer CropScience Limited, has appointed UB group chief Vijay Mallya as its chairman.

Biocon offer

Bangalore, March 19: Biocon Ltd’s initial public offer through the book-building route has been oversubscribed by over 32 times, with maximum demand (90 per cent) at the top end of the price band of Rs 315 per share, the company said today.

Sebi missive

Mumbai, March 19: The Securities and Exchange Board of India (Sebi) has asked mutual funds to adopt uniform cut-off time for assigning net asset value for subscriptions and redemptions by March 25 to protect investors’ interest.

ITC buy

Calcutta, March 19: ITC Ltd today said it has completed the process of acquisition of the paperboard manufacturing facility of Bilt Industrial Packaging Co Ltd, near Coimbatore in Tamil Nadu.