Monday, December 14, 1998
today's calendar
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B U S I N E S S | Monday, December 14, 1998 |
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spotlight today's calendar |
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Government neglecting
industry: HCCI BoB
allowed to own Uganda jv Gujral:
review IMF approach |
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AI,
IA boards reconstituted |
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Govt
neglecting industry: HCCI KARNAL, Dec 13 — The issue of reviving the industry in Haryana was discussed at a meeting of the Haryana Chamber of Commerce and Industry held yesterday, which was presided over by Mr Shiv Partap Bajaj, President of the chamber’s state unit. Members accused the state government of neglecting the industry. It was felt that if the trend continued it would affect the economy of the state. They said sales tax rate were much higher in Haryana as compared to other states. The sales tax on paints in Haryana was 10 per cent, while in Punjab, it was only 4 to 5 per cent. Besides the Punjab Government was providing more facilities. A leading paint manufacturer recently preferred SAS Nagar to set up his unit than Haryana. The power rates charged in Haryana were more than Rs 4 per unit, while in Punjab it was 50 per cent less. The HCCI also regretted the delay in the abolition of octroi. In case octroi was abolished, there should be no surcharge on industrialists they said. The chamber demanded at least 30 per cent subsidy and more sales tax exemptions. Some industrial units in Haryana which got no subsidy and sales tax exemption were shifting to other states. Members regretted that their suggestions given to the government were rarely implemented. Members wanted that the single window system should be made more effective. The plywood industry should be given proper attention because of the progress made by the industry, the state was called “mini-Assam” of India. There were nearly 250 units in Yamunanagar district which manufacture ply and other wood products. Dr Jai Dev, former
president of the HCCI, raised the problem of the
increasing cost of land for setting up units. |
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NEW DELHI, Dec 13 (PTI) — The Reserve Bank of India (RBI) has permitted Bank of Baroda (BoB) to buy-out the entire stake of Uganda Government in their joint-venture Bank of Baroda (Uganda) Ltd. After the buy-out, BoB Uganda would become wholly owned by BoB. At present, the bank holds 51 per cent in the venture. The central bank has also allowed BoB to set-up a subsidiary in Guyana in the Carribean islands by converting its existing international branch there. RBI sources said the Finance Ministry had also approved BoB proposals for increasing the stake in the joint-venture and the subsidiary in Guyana. BoB would buy the additional 49 per cent stake from the Uganda Government in the Kampala based bank, sources said. The Uganda government planned to sell its holding in the joint-venture as part of privatisation of state owned companies in the country. It has already privatised two banks in the last two years. In 1996, Uganda Government sold its 49 per cent stake in Stantic Bank (Uganda) Ltd to SIBC Africa holding of South Africa for 6.7 billion shillings (currency of Uganda) and in 1998 it sold stake in Uganda Commercial Bank to Westmon Land (Asia) of Malaysia for $ 5 million. RBI sources said the Bank of Baroda would pay around 5.5 billion Ugandan Shillings to the Uganda Government and invest about Rs 3.5 crore for setting up the subsidiary in Guyana. BoB has a presence in Uganda since 1953, when it set up its overseas branch. Later, the branch was converted into a joint-venture company with BoB holding 51 per cent stake. In Guyana, it has an overseas branch which the bank desired to convert it into a subsidiary company. Recently RBI had permitted BoB to take over IBU Banking Company in Hong Kong for wholesale banking. As part of the deal BoB
will buy the stake from the other shareholders of IBU
Banking Company — Union Bank of India and Indian
Bank — for Rs 40-50 crore. |
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DUBAI, Dec 13 (PTI) — Former Prime Minister I.K. Gujral has called for a review of the International Monetary Fund (IMF) and the World Bank saying their fiscal solutions had failed in most part of the world. “Whether it is South East Asia or Russia or Latin America, all countries which adopted the IMF concept of growth have faced recession and this was recognised at a recent UNDP Conference at Seoul in which 36 nations took part,” he said. “India escaped their plight because we did not take the full dose of the IMF approach,” he said and called for democratisation of the World Monetary bodies to make them part of the United Nations. Gujral said India was cautious in not allowing the full convertibility of the Indian rupee and pursued reforms at its own pace. That is why we could achieve a growth rate of at least 5 per cent. Gujral said it was in the
interest of all countries in the sub-continent to move
together. “The Gulf Cooperation Council could be a
model for SAARC”, he told reporters after speaking
at the Sharjah University on Education in the millennium. |
GNFC to set up fertiliser plant RAJKOT, Dec 13 (PTI) — The Gujarat Narmada Valley Fertilizer Company (GNFC) would set up a Rs 1500-crore fertiliser plant in the state with a capacity to produce 1350 MT ammonia and 2330 MT urea annually. The Chairman of the GNFC, Pradeepsinh Jadeja, told newsmen here yesterday that a proposal for the giant plant had been forwarded to the Union Government and they were expecting an early approval. He said at present, India was importing over 25 lakh tonne fertiliser every year. The proposed plant would help ease the crisis. For this liquid natural gas-based plant, negotiations were on with the British Petronet Company for the supply of fuel, he said. Jadeja said that the Saurashtra region needed a huge stock of calcium ammonium nitrate for the cotton crop and to meet the demand, the company has urged the central allocation committee for more supply, he added. The GNFC had gained a net
profit of Rs 68.97 crore last year and this year the
company has achieved boosting results in the first
quarter. |
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MUMBAI, Dec 13 (PTI) — The Unit Trust of India (UTI) has finalised arrangements with the National Securities Depository Ltd (NSBL) and units of Masterplus ’91 and Mastergain ’92 can now be traded in the dematerialised form. Investors can approach their depository participants for dematerialising the units of the two schemes, with effect from December 14, 1998. The two schemes have a combined corpus of Rs 2,746 crore and the introduction of the Demat facility would enhance liquidity in the scrip owing to easy transferability of units traded. The Sebi had included
units of Master Gain, Master Plus, Master Share and
Master Growth schemes of the UTI, in the list of scrips
mandated for compulsory dematerialised trading by
institutional investors from December 15, 1998. |
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MUMBAI, Dec 13 (PTI) — The government today reconstituted the boards of Air India and Indian Airlines by making the basic nomenclature of the board. For the first time Functional Directors find place in the board. They will, however, have to be appointees of the public enterprise selection board, airline sources said here today. At present, the Directors are appointed by the respective airlines. The board of Air India will now have the following: Mr P.V Jayakrishnan, Secretary of Civil Aviation, as part time Chairman. Mr M.P. Mascarenhas, Managing Director, Anil Baijal, who yesterday took over as Chairman and Managing Director of Indian Airlines, Mr P.K. Brahma, Joint Secretary and Financial Advisor, Ministry of Civil Aviation, Mr D.V. Gupta, Chairman of Airports Authority of India, CEO of ICICI (by designation), four functional Directors holding charge of finance, commercial, engineering and personnel. There will be five non-Official Directors nominated by the government. Likewise, an IA Board
would comprise of Mr Anil Baijal, Mascarenhas, Mr A.P.
Singh, Joint Secretary of Civil Aviation, Mr P.K. Brahma,
Mr D.V. Gupta, Industrial Development Bank of India (by
designation) and also four functional directors and five
non-official directors nominated by the government.
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Japan insists on Asian fund TOKYO (AFP): Japan wants to press ahead with an Asian fund to deliver financial aid to its ailing neighbours despite strong US opposition to similar plans in the past, a senior government spokesman said. Tokyo is finally offering a raft of billion-dollar deals to the struggling region, with new loans to be announced at the Association of Southeast Asian Nations (ASEAN) summit next week in Hanoi. Now the world’s second largest economy, itself gripped by its worst post-war recession, wants to create a fund to manage that money. “This is something we want to have in Japan vis-a-vis other countries, “said Akitaka Saiki, the Deputy Press Secretary to Japan’s Prime Minister Keizo Obuchi. Japan has already announced a $ 30 billion aid package for Asia which may be enlarged and Obuchi will offer new loans next week worth some $ 8 billion to Japanese firms working in the region, Saiki said. In addition, Japan has agreed to a $ five billion aid programme with the United States, of which Tokyo will give $ 3 billion. But when several Asian countries suggested a similar fund last year it was quickly shot down by US, which was concerned the region wanted to create its own version of the IMF with more lenient conditions attached to aid. Foreign trade ISLAMABAD: Pakistan’s trade performance in the first five months of the 1998-99 fiscal year remained stagnant with both exports and imports plunging dramatically over the same period. According to latest figures released by the statistical department, Pakistan’s exports between July to November fell by 12.3 per cent while imports in that period dropped by 19.8 per cent over the same period in the previous year. Economy analysts attribute this is part to the sanctions slapped on Pakistan after the May 28 nuclear tests. Before the tests, the economy had started showing signs of resilience, with single digit inflation and signs of robust growth in farm and industrial sectors. However, the nuclear tests led to suspension of all World Bank and International Monetary Fund programmes, creating serious difficulties on account of balance of payments. But official sources were confident that with the balance of payments position will improved with the agreement with IMF. The trade deficit in the first five months of the current fiscal years stood at $555 million, down from $ 1.02 billion in the same period of 1997-98. — IANS Japanese banks TOKYO (AFP): The value of outstanding loans made by Japanese banks tumbled to a record 4 per cent in November from last year, the Bank of Japan said, as managers cut back lending and wrote off bad loans. Banks had outstanding loans worth 504.6 trillion yen ($ 4.3 trillon in the month, the central bank said. Loans by major banks, particularly Trust Banks which deal with pension funds, fell sharply, those at the hundreds of smaller regional banks were close to the same level at last year. Trust Bank loans were down by a hefty 9.7 per cent. Loans issued by long-term credit banks, set up to finance industry, were down by 8.2 per cent from last year. GDP growth BEIJING (PTI): China has reportedly lowered its growth rate for 1999 to 7 per cent from current year’s set target of 8 per cent. China would try for 7 per cent growth in the gross domestic product (GDP) as helping flood victims resume their lives is the most pressing task for the coming year, former Minister for Foreign Trade and Economic Cooperation (MOFTEC) Wu Yi was quoted as saying by the official media. China GDP growth has been on the decline after decades of double-digit rise. In 1997 its GDP growth slumped to 8.8 per cent compared to 9.6 per cent in 1996. Its gross domestic product
grew a year-on-year, 7.2 per cent in the first nine
months of this year, off Beijing’s target of 8.0 per
cent this year.
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DCM In 1997, I and my son invested Rs 10,000 each in the DCM Limited New Delhi under their NCDS Series ‘A’. They were to be redeemed after the expiry of 17 months and 25 days on 14/8/98. The debenture certificates bearing Folio No 101700 and 202831 were sent to the company duly discharged for payment but the company is not paying back the amount despite several reminders. Tilak
Raj Handa, DCM Fin I had invested Rs 10,000 with the DCM Financial Services Ltd vide their FDR No 73240 dated 17.3.97 for one year. The FDR became due for payment on 17.3.98 and was deposited in their Chandigarh office on 6.3.98. Instead of making payment, the Company informed vide their letter dated 22/4/98 and 4/5/98 that due to financial constraints the company was making past payment to the Investors for the present. However, no payment has actually been received by me so far. Kaushalya Thaper Milk I have 40 debentures of Thaper Milk Products. The redemption amount Rs 6400 ( 1600 each) with Folio Nos is 57182, 57185, 57186, 57187 was due in May 1997. The company has changed the name to Mehar Dairy Industries, 93 Sant Nagar East of Kailash, New Delhi. The redemption amount Rs 6400 due in May ‘97 is still awaited despite several reminders. Din
Dayal Garg Reliance Ind I deposited debentures series K numbering 60 under Master Folio No 03307344 of Reliance Industries Ltd issued vide offer No 0060867 to M/s MTM Finance and Management Consultants Pvt. Ltd. SCO 1046-1047 Sector 22-B, Chandigarh on 10/9/97. But till date I have not received the redemption amount of the debentures despite many reminders. Balwant
Kaur Sagar Suri Fin We deposited following amounts in FDRs for which interest warrants and warrants for maturity amount were issued by M/s Sagar Suri Estates and Finance Ltd., 6 Tilak Marg, New Delhi. These were returned by the bank with remarks that the arrangement ceases. Despite reminders and personal visits, payments have not yet been received. Ajit Singh
Sodhi, 025972 17.5.98 Rs 10,000/- CD/A00424 |
British Airways prefers passengers to VIP WHAT is important for an airline — security of passengers and safety of aircraft or uplifting of a VIP, his group and baggage (cargo)? British Airways, a private, commercial undertaking without any bondage of government, chose security of passengers instead of accommodating an Indian VIP and group. The incident occurred at Dhaka recently. The airline declined to uplift the VIP, his group and baggage for several technical reasons. The VIP, on an official visit to Bangladesh, was totally unaware of the travel arrangements as his over-zealous, over-confident officials messed up the “bandobast” made for the return flight. The Indian authorities have declined to react on the issue, the British Airways officials say that they have no details as the incident took place in territory other than theirs. The facts, collected from different sources, are: 1. The group reported for check-in about 30 minutes before take-off time. 2. The official, handling the travel arrangements, presented excess baggage coupons for more than 200 kg. 3. The coupons, paid or complimentary, were not accepted by the airline officials on the ground that TRIM sheet had already been finalised and it would now be difficult. 4. The airline officials made it clear that the group could be “accommodated” but the baggage would follow by another flight. This was not acceptable to the VIP. 5. The Bangladeshi authorities reportedly asked the commander to return from the runway. He reportedly said that he would ‘dutifully’ do so, but it would not be possible for him to uplift any passenger. The plane took-off behind schedule without the VIP and his group. The VIP and his group had to spend a night in Dhaka before returning to Delhi. Importance of FANS Airbus Industrie’s future navigation system (FANS) is unquestionably the unique system which, in addition to enhancing the safety of passengers, and the aircraft, is also equipped to help cut costs and save travelling time. Essentially an air-to-ground data-link, FANS will lead to benefits such as enhanced safety, fewer delays and shorter routings and hence the ability to carry more passengers and cargo on ultra-long haul routes, according to Airbus Industrie officials. Regardless of existing problems in the Bay of Bengal for ‘bottlenecks’, the FANS-equipped aircraft will conveniently overcome delays as also effect saving on fuel. Airbus Industrie officials were forthright and candid in their approach while presenting FANS to mediapersons, “It is an ideal system for India” adding that India has to have the system for its advantage. Hindustan Aeronautics Ltd (HAL) and Airbus Industrie have signed a memorandum of understanding (MoU) to study freight-carrying versions of the A-320 family. Under the terms of MoU, HAL and Airbus Industrie will work together initially to explore the commercial, technical and financial aspects of such a partnership. HAL and AB are currently engaged in studying the conversion of both new and second-hand A-319s, A-320s and A-321s into freighter, convertible and quick-convertible versions. The freighter version of the A-319 will be able to carry about 20 tonnes of cargo up to 2400 nm (4450 km) that of the A-320 some 22 tonnes up to 2150 nm (4,000 km) and that of the A-321 around 30 tonnes over 2100 nm (3900 km). Pawan Hans Pawan Hans helicopters presented a cheque of Rs 3.87 crore to Anant Kumar, Minister for Civil Aviation as part of profits made in 1996-97. It also gave a cheque for Rs 1.06 crore to the ONGA. This was the final dividend for the year 1996-97. The company had already paid interim dividend of Rs 4.46 crore to the government and the ONGA for the same year. Pawan Hans has been making
profits for the last five years. This was appreciated by
the Minister. Pawan Hans is likely to expand its areas of
operations. |
Q: Please comment on the long term prospects of Reliance Industries? — Parminder Bhatti, Jalandhar Ans: The largest manufacturer of synthetic blended fibres (PSF/PFGY), intermediates (PTA/MEG/PX), plastics and polymers in India, Reliance Industries has become a truly global sized company that gives it the much required leverage and pull. During 1997-98, the company successfully commissioned a new 2 lakh tpa polyethylene plant, a new 1.2 lakh tpa MEG plant, a 30,000 tpa FF plant and a new 2.5 lakh tpa PTA plant. In addition, the capacity of the multifeed cracker was increased from 5 lakh tpa to 7.5 lakh tpa of ethylene. In fact, over the past 2-3 years, the company has reportedly commissioned 17 new world class facilities with different technologies. At present, it is concentrating most of its efforts in building two world scale plants at the site of its Jamnagar refinery at a cost of Rs 5,000 crore. Upon the completion of the project, the company is expected to emerge as one of the top five PP manufacturers in the world and also the world’s second largest producer of paraxylene. In effect, its Jamnagar complex will be the first world scale manufacturing complex to have a fully integrated petroleum refinery, petrochemicals complex, power plant and a port with related infrastructure. RIL’s PET has received approval from US Food and Drug Administration and EEC authorities resulting in enhanced export potential. However, considering the fact that 81 per cent of the market for fibre intermediates like purified Terephthalic Acid and Mono-Ethylene Glycol is controlled by RIL’s domestic demand will solely depend upon growth in the polyester business. It is also likely to create pressure on prices and will impact margins. There remains an excess supply over demand for fibre intermediates and is likely to continue for another two years. RIL has already incurred a capital expenditure of over Rs 700 crore in the Q1 98-99. This would reduce outgo on taxation as depreciation available under the Income Tax Act would increase, substantially. Besides, the company has revalued its plant and machinery located at Patalganga and Naroda resulting in an appreciation of Rs 2771 crore. This will also help in significantly reducing Minimum Alternate Tax (MAT) liability. The company has also not provided any amount for its MAT liability. Overall, the prospects of this company seem satisfactory, albeit unexceptional. Q: Please comment on the future prospects of Pidilite Industries Ltd? — Pragya Jain, Solan Ans: Pidilite Industries has strong brands which command a premium in the market. The company has 40 established brands and over 400 varied products including the well known brand Fevicol. Its other brands include Fevicryl, Fevikwik, Fevibond, Fevitite, PV Seal, Pidivyl etc. The company enjoys market leadership in the adhesive products segment with a 60 per cent market share. The company would generate sizable cash flows which would be used torepay out-standing debt since no major capital expenditure is budgeted for the next couple of years. The company stands to benefit from the thrust given to the housing sector in the ‘98-99 budget. The market for premium construction chemicals, which the company created a couple of years back, is expected to clock high growth. Products in this segment include integral cement water proofing compound — Pidiproof and tile fixing adhesive Fevimate. The company’s sales can be broadly divided into three divisions. The adhesive division, under the flagship brand name Fevicol, accounts for 54 per cent of sale, industrial products which include dyes, pigments and synthetic resind account for 25.5 per cent of sale. Consumer products like colours, gum and maintenance sprays account for another 12 per cent of sales. Of the remaining, exports account for 7.5 per cent and agency division 1 per cent of sales. After growing at a rate of over 25 per cent, sales growth slackened to 11 per cent over the last two years. This can be attributed largely to a fall in growth rates of the industrial segment, in line with the fall in growth rates of its user industries. Major customers for the industrial division include the packaging, paint, printing ink, plastic and textiles manufacturers. On the whole thus, this company’s future prospects appears to be quite bright. Q: Kindly comment on the overall outlook for Wartsila NSD India Ltd? — Manmeet Sodhi, Nalagarh Ans: Wartsila Diesel Indian Ltd (WDIL) is the leader in the domestic medium-speed diesel engine segment with a market share of 70 per cent. It benefits from the technological support of its parent, Wartsila Oy, Finland, which has a global market share of 22 per cent diesel and gas engines of above 1 MW output. WDIL imports components from the parent company and assembles diesel engine sets with a capacity of less than 6 MW output at its plant in Khopoli, Mumbai. It earns a commission on sales of its parents’ engines in the Indian market. The company has been appointed the civil contractor for four IPPs with a combined generation capacity of over 400 MW to be delivered by Wartsila NSD Oy, Finland. By the end of the financial year 1998-99, an output of 558 MW could be added to the installed base driving up the cumulative deliveries to 1854 MW. The company earns a commission in the range of Rs 4.5 lakh per MW on imported engines. Wartsila NSD has a 70 per cent share of the medium speed diesel engine market in the country. The competition in this segment has been restricted to mainly two other players, MAN of Germany and Mireless of UK. The government, in its budget for ‘98-99, has laid considerable stress on investments in the power sector. The budgeted investment in the power sector has been raised to Rs 9950 crore in ‘98-99 from Rs 8188 crore the year before. The government is also trying to speed up private sector investment for capacity addition in the power sector through IPPs. Towards this, end, the government has announced a new liquid fuel policy which has kept all liquid fuels excluding naphtha outside the purview of the 12,000 MW cap imposed earlier. Yet, the overall outlook for this company appears to be positive. Q: Should I hold or sell the shares of ONGC? — Anjali Puri, Chandigarh Ans: The biggest producer of oil and natural gas in India, Oil and Natural Gas Corporation (ONGC) is recognised as one of the top 20 oil companies in the world. However, of late, the company has not been performing up to expectations. The company has undertaken a major restructuring programme so that the company can consolidate its leadership position in the exploration and production segment. The programme is expected to go on for a year and a half. The company targets deep sea drilling, 3-D seismic survey, coal-bed methane, paraxylene and gas hydrates as potential growth activities. The company is likely to benefit most from the removal of the Administered Price Mechanism (APM). Considering that ONGC accounts for 90 per cent of the production of oil and natural gas and controlling 95 per cent of the oil and gas reserves in the country, ONGC appears to be in an enviable position. The future performance of the company is likely to improve. Existing shareholders would thus do well to hold on. Q: Please comment on the growth prospects of Smithkline Beecham Healthcare? — Banty Singh, Bathinda Ans: I
leading producer of the malted food drink, Smithkline
Beecham Consumer Healthcare Ltd (SBCHL) has under its
belt popular brands like Horlicks and Boost. The former
is a leader in the market with a share of 45 per cent
while the latter is positioned fourth behind Complan and
Bournvita with market share of 6 per cent. On the
financial front, the company has maintained a steady
track record. The company enjoys the benefit of a solid
brand equity and in view of the same, it plans to
introduce newer products and also extensions of its
existing brands. One such plan involves the introduction
of the Boost brand of biscuits. SBCHL is a dominant
player in the malted food drink market which is expected
to grow in the region of 10-13 per cent. With a view to
cash in on the same, the company is on a spending spree
on the advertising front, thus trying to consolidate its
position. Moreover, the reduction in excise duty on
malted food drink could prove beneficial to the company.
It thus appears that the company is well geared up for
excellent growth in the future. |
Q: We are engaged in the business of purchase and sale of Gur. Last week we despatched a consignment of Gur to a party based at Mandi Dabwali in Haryana which was fully supported by the prescribed documents as required under sub-section (2) of Section 37 of the Haryana General Sales Tax Act, 1973. While the goods were en route these were intercepted near Rajpura by an Excise and Taxation Officer, Enforcement Wing, Patiala on the alleged ground that the consignment was to be delivered in Punjab. The initiation of proceedings under sub-section (7) of section 14-B of the Punjab General Sales Tax Act, 1973 was resisted by us by way of filing an objection in writing before the Assistant Excise and Taxation Commissioner-cum-Deputy Director, Enforcement Wing, Patiala and it was pleaded that we have had no intention to deliver the goods in question in Punjab and thus no evasion of tax was involved. However, a penalty of Rs 15,000-00 has been levied. Kindly advise. — R.K. Gupta, Yamunanagar Ans: No penalty under sub-section (7) of Section 14-B of the Punjab General Sales Tax Act, 1948 becomes leviable unless it is proved beyond doubt that the person sought to be proceeded has attempted to evade the tax due under the provisions of law. It is equally a settled principle of law that penalty cannot be imposed by the authorities on mere surmises and conjectures. Simply because the goods are passing through the State of Punjab it does not give rise to any tax liability under the Punjab General Sales Tax Act, 1948 and therefore the question of evasion of tax cannot arise. The finding that the goods in question were sought to be delivered in Punjab cannot be arrived at unless the officer concerned brings some legally acceptable evidence on record to support it. The burden lies upon the revenue to prove the point in order to establish the evasion of sales tax under the provisions of the Punjab General Sales Tax Act, 1948. Unless this burden is discharged in a proper manner, the sales tax authorities have no right to penalise a person who is simply carrying goods from place to another in Haryana and happens to pass through the State of Punjab. Q: What is the rate of tax on the sales of plastic goods under the Haryana General Sales Tax Act, 1973 at present. Kindly advise if the State Government has promulgated any notification in respect of concessional rate of tax after June 30, 1998? — Jagmohan Sharma, Karnal Ans: The
earlier notification prescribing 4 per cent sales tax on
the sale of plastic goods was operative upto June 30,
1998 and that no notification has been issued thereafter
providing the benefit of concessional rate of Tax.
However, the matter regarding 4 per cent sales tax on
plastic goods is under consideration before the State
Government. Unless a proper notification is issued, the
dealers are required to pay tax on these goods at a
general rate. |
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| Inflation falls NEW DELHI, Dec 13 (PTI) —Annual rate of inflation fell below the 8 per cent mark for the first time in six weeks to 7.85 per cent for the week ended November 28 as the upsurge in food prices continued to ease. During the week inflation, based on the wholesale price index (WPI) fell by 0.28 percentage points to 7.85 per cent (provisional) from 8.13 per cent (P) in the previous week. In comparison, annual inflation was at 4.40 per cent during the corresponding week of last year. Honoured |
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