Cheaper non-food articles and food products drove the wholesale price index-based annual inflation rate down by by 0.44 percentage points to 4.60 per cent in the first week of 1999-2000. A week ago, the rate was 5.04 per cent. Inflation had stood at 5.34 per cent during the corresponding week of last year.

Government fall to squeeze shares

Shares will be depressed this week after the collapse of the country's ruling coalition brought closer the prospects of fresh elections, or another fragile alliance taking power. "The market will be weak, trading lacklustre and activity stock-specific," said SSKI Securities vice-president of equity sales, Vetri Subramaniam.

Open offer for Narmada Cements

Narmada Cements' small shareholders have opted to grab the open offer by Larsen & Toubro and lodged their equity for transfer with the engineering major, people in the know of the matter say. Although they have a combined stake of less than 20 per cent inNarmada Cements, the positive response may enable L&T to hike its post-offer holding in the company to a comfortable level.

Pfizer stays in black

Pharmaceutical major Pfizer had to fall back on service income for the second year in succession to post a profit. Despite higher sales, Pfizer's margins were under pressure and it banked heavily on services, interest and miscellaneous income to post a profit of Rs 18.87 crore for the year to November 30, 1998.

Rallis expands R&D wing

The Rs 1,217-crore Rallis India has expanded its research and development centre at Belapur, near Thane, to facilitate ``process development of new molecules.'' Rallis India managing director Vijay Rai said that the company had built an additional 20,000 sq ft in Belapur to look after process development of new molecules.

Modicorp Internet service

BK Modi's Modicorp is looking for a foreign joint venture partner for providing Internet services in the country. "We are planning to set up a separatecompany for Internet services and are looking for a foreign joint venture partner," Modicorp managing director Deepak Mohla said.

RRBs turnaround

After reaching the precipice of collapse owing to poor recoveries and decaying credit culture, regional rural banks in the country have made a remarkable turnaround in the post-restructuring scenario, thanks to a set of new initiatives to enhance customer orientation and employee motivation. From a grim position, the RRBs were now recording an improved performance.

Trade deficit rises

The country's cumulative trade deficit during the April-February 1998-99 period has risen by about 28 per cent to $8.2 billion, from $6.4 billion in the same period last year, as exports are expected to decline for the first time after 1991-92. According to the review on the country's economy for March-April by the Centre for Monitoring Indian Economy, data till February confirm that exports in 1998-99 are likely to remain lower at $33.5 billion ($34billion).

Punters trade on global bourses

After having tasted the thrills of trading in domestic commodity futures, operators have gone a step ahead and begun punting on the global commodity bourses.

EC decision on euro

The European Commission has backed a three-year time-table for the introduction of euro-denominated notes and coins and rejected calls to circulate the new currency earlier than the due date of January 1, 2002.