Inflation drops to 3.02%

New Delhi, Nov. 2: The rate of inflation fell to 3.02 per cent in the week ended October 20, closer to the Reserve Bank’s target of 3 per cent for the medium term. The inflation rate was 5.61 per cent in the corresponding week a year ago. In the previous week, it stood at 3.07 per cent. During the week, prices of various items moved in a narrow range.

Hind Unilever

Mumbai, Nov. 2: Hindustan Unilever has decided to set up a joint venture with South African company Smollan Holdings. The companies will service the organised retail sector.

Apar Ind

Mumbai, Nov. 2: Electrical and metallurgical firm Apar Industries will sell its polymer unit to the Indian arm of French Eliokem Group for Rs 111 crore. The unit, based in Valia, Gujarat, will be sold on a going concern basis and the deal will be finalised within 90 days.

Rupee float

New Delhi, Nov. 2: Deputy chairman of the Planning Commission, Montek Singh Ahluwalia, said the government is yet to take a final call on the time frame for rupee convertibility.

Siemens

Frankfurt, Nov. 2: The new Siemens CEO, Peter Loescher, plans thousands of job cuts and a drive to link the pay of top management closer to performance, according to Financial Times.