The Telegraph
Since 1st March, 1999
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Business Briefs

Inflation dips to 5.44%

New Delhi, June 15: The rate of inflation continued to fall for the second consecutive week, sliding by 0.21 per cent to 5.44 per cent for the week ended May 31, although manufactured items and food articles became costlier. Indicating increased cost of living, the general price line, measured by the wholesale price index (WPI), stood far lower at 1.93 per cent in the year-ago period. WPI, however, rose by 0.2 per cent to 172.5 points in the latest reported week even as prices of primary articles and fuels were stuck at the previous week’s level.

Selloff meet

New Delhi, June 15: The core group of secretaries on disinvestment is likely to meet during the week to clear appointment of advisors for disinvestment of Bharat Petroleum, Eight merchant bankers are in the fray for the BPCL mandate.

Trai move

Mumbai, June 15: Trai is soon expected to ask the government for converting all licenses into a “unified” one to enable any operator venture into any discipline. Trai would send the recommendation within four to six weeks as there is a mounting pressure from banks and FIs for some rescue package to ward off a collapse due to staggering losses being suffered by major segments of the telecom industry.

RBI proposal

New Delhi, June 15: Bankers fear that RBI’s proposal to change the definition of bad loans from March 2004, may shoot up their NPAs by at least 3 per cent to 10 per cent of net advances in the next fiscal.

Sudan crude

New Delhi, June 15: ONGC will ship half of its share of 3.2 million tonnes of crude oil in a Sudan oil field this fiscal for processing at Mangalore Refinery and Petrochemicals Ltd.

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