The Wholesale Price Index-based inflation rate succumbed to the law of averages and posted a marginal 0.02 percentage points rise to 1.85 per cent for the week ended July 10, breaking a seven-week downward spell. The current rate reflects the rise in prices of vegetables and pulses. The downward trend this year is mainly owing to the bumper foodgrains production and the resultant lower prices as compared to last year.

Banks, FIs stuck with properties

It wasn't a bright idea after all. When the property market was booming, banks and financial institutions swapped realty with bad debts. But with the trend now reversed, they are stuck with the properties held as collateral against sticky loans.

`Permanent vigil along LoC'

With trust between India and Pakistan further eroding after the Kargil episode, defence minister George Fernandes has said that the armed forces would maintain a permanent vigil all along the Line of Control and theborder. The minister also said that the non-statutory Subrahmanyam committee, set up to examine the events leading to the intrusion, was not meant to probe intelligence lapses. The panel will suggest measures to strengthen national security, he added.

Aggregate Q1 net of 102 firms rises

The aggregate net profit of 102 companies rose by 44.7 per cent to Rs 320 crore during April-June 1999, from Rs 221 crore in the same period a year ago, a study carried out by the FE Research Bureau on the results of firms declared in the past week shows. Companies like Alembic, Apollo Tyres, and Aurobindo Pharma may have contributed to the overall upsurge, the study adds.

Samsung India wipes out losses

Samsung India says it has wiped out accumulated losses worth $1 million in the first quarter ended March 1999. The company now hopes to post a higher net profit in the full year ending December than the target of Rs 16 crore.

Hero Honda aims to capture 40% share

Hero Honda Motors aims tostrengthen its leadership in the motorcycles market by garnering 40 per cent share in the next three years by launching new models and expanding its marketing network. The firm also aims to increase its share in the current fiscal by 1 per cent to 38.6 per cent, people familiar with the matter say.

Daewoo founder sees empire caving in

Daewoo group chairman Kim Woo-choong seems destined to preside over the dissolution of South Korea's second largest conglomerate, an empire that lived, thrived and may die under the elixir of debt. The country's economic policy-makers said at the weekend that Daewoo's creditors, who rescued it from bankruptcy with emergency financing last week, would soon move to spin off the group's many affiliates.

Tata-BP unveils engine oils for Indica

Tata-BP, a joint venture between the Tatas and British Petroleum, has launched a new range of engine oils exclusively for Telco's small car, Indica. The launch of the Indica special oils signifies Tata-BP's entry into thepassenger-car segment, Tata-BP officials said.

Sebi panel decision

The Sebi-appointed GP Gupta committee has dropped plans to make it mandatory for initial public offerings to appoint market-makers to offer buy and sell quotes. Earlier, a draft report had recommended compulsory market-making for IPOs for one year.

SBI advances grow 13.5% in Q1

The year-on-year advances of State Bank of India have grown by 13.5 per cent for the first quarter ending July 2. The bank will unveil its quarterly results on July 30.

Marketing norms for petro items

In a bid to exercise some control over the petroleum products market after the Administered Price Mechanism is dismantled and the sector is delinked from the Oil Coordination Committee, the Centre may amend the Essential Commodities Act. The ministry for petroleum and natural gas, too, is likely to set up a Group on Private Sector Marketing soon to evolve guidelines for the free market.

Compiled by S Hariharan