The Election Commission has announced a five-day election schedule for the 13th Lok Sabha. The polls will be held on September 4, 11, 17, 24 and October 1 for 543 constituencies. With the announcement, the model code of conduct has come into effect from Sunday.

Inflation rate dips to 2.03%

The Wholesale Price Index-based annual inflation rate dropped sharply to a record two-decade low of 2.03 per cent for the week ended June 26 as prices of food articles and primary commodities continued to fall. The rate has not gone below 2.03 per cent since 1980, the year when the Government started keeping the inflation record on a weekly basis.

Vijay Kelkar elected IMF ED

Finance secretary Vijay Kelkar has been elected executive director of the International Monetary Fund representing India, Bangladesh, Bhutan and Sri Lanka. Kelkar replaces India's MR Shivaraman, who will complete his term on July 31, a finance ministry spokesman said onSunday.

Apollo Tyres declares lockout at unit

Apollo Tyres' Perambra units has declared a lockout with effect from Sunday. While the management attributed the abrupt decision to alleged intimidation of senior executives by workers, trade unions in Apollo Tyres said the lockout was unwarranted.

Hindalco expansion plan

Under threat from the public-sector Nalco, which is expanding capacities at a cost of around Rs 4,000 crore, Hindalco is counting on a brownfield expansion at its integrated smelter site in Renukoot, Uttar Pradesh, to hold on to the numero uno slot. On the cards is also participation in the bidding process for the strategic sale of Balco.

Ministry rejects Rashtriya Ispat plan

The finance ministry has rejected Rashtriya Ispat Nigam's Rs 2,000-crore, one-million-tonne expansion plan into long products. It has also turned down a financial restructuring package that sought to nearly halve the company's equity capital of Rs 7,800 crore by adjusting accumulated lossesworth Rs 3,500 crore.

Revival plan for Pennar Aluminium

The Aggarwals of Sterlite Industries, following operating agency IDBI's refusal, have submitted a fresh rehabilitation package for the ailing Pennar Aluminium incorporating major changes in the repayment schedule. The changes include a reduction in moratorium on repayment of working-capital loans and Rs 112-crore principal outstandings.

Canara Bank to appeal

Canara Bank will appeal before the Appellate Authority of Industrial & Financial Reconstruction against the July 9 order of the Board for Industrial and Financial Reconstruction which declared the megastar Amitabh Bachchan-promoted ABCL as a sick company.

SBI Caps to enter broking business

The board of directors of SBI Capital Markets on Saturday cleared the proposal to enter the broking business. This marks the first step towards merger of the broking business of SBI Securities with SBI Caps.

AIR FM channels

The Government on Sunday made it clear that FMbroadcasting will not be permitted in news and current affairs, and the channels will be free-to-air. The Centre had recently allowed FM channels in 40 citites.