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Business Briefs

Inflation rises to 8.62%

New Delhi, Oct. 15: Driven by higher prices of essential items, inflation moved up to 8.62 per cent in September from 8.51 per cent in August, with experts saying it will prompt the RBI to hike its short-term lending and borrowing rates at next month’s policy review. This is the second consecutive month in which inflation has stayed in the single digit.

Vodafone plea

New Delhi, Oct. 15: Vodafone has filed a petition in Bombay High Court defending itself against a new step by tax authorities treating the firm as an “agent” of the seller in its $11 billion (about Rs 50,000 crore) takeover of Hutchison Telecom in 2007.

JLR factory

London, Oct. 15: Tata Group-owned Jaguar Land Rover has scrapped plans to close one of its three factories in the UK after an agreement was reached with the workers’ union. “The agreement sees JLR revising its plans to consolidate manufacturing operations,” the company said.

Microfinance

Chandigarh, Oct. 15: The RBI has announced the constitution of a sub-committee to look into the functioning of micro-finance institutions as they have drawn flak for using strong-arm tactics to recover loans.

RNRL merger

Mumbai, Oct. 15: Bombay High Court has approved the merger of Reliance Power and Reliance Natural Resources. According to the arrangement, RPower shall allot one equity share of Rs 10 face value for every four shares of Rs 5 face value of RNRL.


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