The Telegraph
Since 1st March, 1999
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Business Briefs

Exports surge 8.7%

New Delhi, June 1:The country’s exports grew by 8.71 per cent to $ 4.34 billion in the first month of the current fiscal compared with $ 3.99 billion in April 2002. Imports jumped 39.44 per cent to $ 5.86 billion in April 2003 over $ 4.21 billion a year ago. Trade deficit for April 2003 was estimated at $ 1.52 billion, which is higher than the deficit of $ 212.55 million in same month last year.

Inflation steady

New Delhi, June 1:Cheaper petrol and diesel could not bring down the rate of inflation that stood firm at the week-ago mark of 5.9 per cent for the week ended May 17. The inflation rate, however, was a mere 1.37 per cent in the comparable week in the previous year.

Bajaj sales

Mumbai, June 1:Bajaj Auto Ltd has reported a 5.9 per cent decline in total sales of two and three wheelers at 1,27,156 units in May against 1,35,126 units sold in the same period last year. The sale of two-wheelers was down by 8.3 per cent at 1,10,726 units (1,20,795 units in May 2002).

IOC-RIL pact

New Delhi, June 1: Indian Oil Corporation (IOC) today said it would lift petroleum products from the Jamnagar refinery of Reliance Industries (RIL) for sale through its retail network till March 2009 as per agreements with the private sector refiner.

Tax refund

New Delhi, June 1:In a bid to make the income-tax department more “people-friendly”, the government is contemplating a move to refund excess tax deductions “electronically” into the bank accounts of the payees.

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