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Business Briefs

Citi sees 7.5% growth

New Delhi, Aug. 31: Citigroup has projected that investment trends in India might weaken as the impact of monetary tightening sets in, with the entire year clocking a slower growth rate of 7.5 per cent. Goldman Sachs has, however, projected that the economy would register a growth rate of 7.8 per cent in the current fiscal year, a shade lower than the GDP rate posted in the first quarter.

Real inflation

New Delhi, Aug. 31: Real inflation is hovering at around eight per cent against the present rate of over 12 per cent, if prices of all goods and services are taken into account. The real inflation is GDP at market price minus GDP at constant price. It measures movement in prices across all sectors of economy.

ArcelorMittal

New York, Aug. 31: ArcelorMittal and the United Steelworkers union (USW) reached a tentative agreement on Saturday on a new four-year contract that covers 14,000 employees of the steel maker. The union members will discuss the agreement with their negotiating committees before voting on whether to accept or reject the contract, USW said.

Ranbaxy show

New Delhi, Aug. 31: Ranbaxy has emerged as the top pharmaceutical company, ahead of Cipla, in terms of market share in the Rs 36,000-crore domestic drug market for July. During the month, Ranbaxy garnered a 5.1 per cent market share with a growth rate of 13.4 per cent in terms of sales, according to ORG-IMS.

3G funds

New Delhi, Aug. 31: GSM and CDMA mobile services providers have approached the finance ministry for granting one-off approval to successful bidders in the 3G and broadband wireless access auctions to raise funds through external commercial borrowings.

Tea auction

New Delhi, Aug. 31: Auctioning of tea in the country will go online by November this year and the software and system testing for the project will be carried out next month, a senior Tea Board official said.

Bhel venture

Ranchi, Aug. 31: The Heavy Engineering Corporation (HEC) and Bhel have entered into a joint venture and will sign an MoU on September 6. Bhel will use HEC’s foundry forges plant, and the companies will have equal participation in the venture.


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