Inflation drops to 3.84%

New Delhi, Aug. 12: The rate of inflation dropped to 3.84 per cent in the week ended July 30, its lowest since August 2003. The inflation rate stood at 4.07 per cent in the previous week and 8.02 per cent last year. Though the government has kept its promise of containing prices of essential items and bringing down the inflation rate, RBI governor Y.V. Reddy has warned that rising global crude prices will affect forex reserves and influence domestic prices. Global crude prices have topped $67 a barrel today.

IIP firms up

New Delhi, Aug. 12: The index of industrial production (IIP) grew 11.7 per cent in June from 7.3 per cent recorded in the same period last year due to a better performance by manufacturing, power and mining sectors.

Bond market

New Delhi, Aug. 12: In a bid to reform the debt market that trades securities worth over Rs 20,00,000 crore annually, the government may grant more powers to the Reserve Bank of India for regulating and managing government securities and derivatives that may be launched in the future.

Bhatinda pie

Bhatinda, Aug. 12: British Petroleum, Total, Petronas and Saudi Aramco are eyeing equity in Hindustan Petroleum Corp?s Rs 12,000-crore Bhatinda refinery in Punjab, for which the company will tap the capital market in 2007.

FBT interest

New Delhi, Aug. 12: The finance ministry today said interests will not be charged on the delayed payment of the first instalment of the fringe benefit tax (FBT) till August 31.