The Telegraph
Since 1st March, 1999
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Business Briefs

Inflation falls to 4.69%

New Delhi, March 16: The rate of inflation fell 0.22 per cent to 4.69 per cent for the week ended March 1. It might give a breather to the government, but skyrocketing prices of petrol, diesel and lubricants will hit the industry and commoners hard. The point-to-point price change, as measured by the wholesale price index (WPI), fell from the previous week’s level of 4.91 per cent, though it remained at a mere 1.95 per cent in the year-ago period. The WPI rose by 0.4 per cent to 169.6 during the latest reported week from the previous week’s figure of 168.9 due to a sharp increase in domestic fuel prices and marginal hike in primary articles, even as manufactured products prices stood firm. The index was 162 in the year-ago period.

MTNL layoffs

Mumbai, March 16: State-owned Mahanagar Telecom Nigam Limited (MTNL) will introduce a voluntary retirement scheme for its employees in the next financial year as part of its plans to take on competition in metropolitan cities.


Singapore, March 16: ICICI Bank is set to open a branch in Singapore and moves are underway to expand in the US, UK, Canada, China and Dubai. The bank is awaiting a nod from the Monetary Authority of Singapore to begin operations there.

Maruti IPO

Mumbai, March 16: The initial public offer (IPO) for Maruti Udyog Ltd will hit the market in May-June, while the disinvestment in Shipping Corporation of India is likely to come up in the first quarter of 2003-04, Union disinvestment, IT and telecom minister Arun Shourie said today.

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