The inflation rate has receded further by 0.43 per cent to touch yet another 17-year low of 1.19 per cent on July 24, following a decline in prices of food products and non-food articles. It was 1.62 per cent the week earlier. For the sixth successive week since June 19, when it nosedived to 2.53 per cent, the inflation rate has maintained a 17-year low.

IDFC, UTI eye Essar stake in Petronet

IDFC and UTI are believed to have expressed interest in buying out Essar Oil's 10 per cent stake in Petronet India. Industry sources said the move would need prior Petronet board approval. Essar has failed to pump in its equity share of Rs 10 crore. Company officials, however, said that Essar was committed to meet its obligation.

GIC allows arms to decide on offices

The General Insurance Corporation has stepped up its decentralisation drive by allowing subsidiaries-New India Assurance, United India, Oriental Insurance and National Insurance-to open orclose zonal offices. The decision effectively means that the subsidiaries just need to get approval from their boards.

RBI note on nostro accounts

RBI has, as a one-time measure, allowed state-run banks to reconcile their overseas accounts by adopting a prescribed netting procedure in respect of entries pertaining to the period up to March 31, 1996, and remaining unreconciled as on March 31, 2000. Banks have been asked to undertake reconciling after an inspection of their books by internal auditors and after placing the proposal before their boards.

Indian Airlines sets up 5 panels

Indian Airlines seems to mean business. The local carrier has set up five working panels to suggest ways and means to bolster revenue and curb expenditure. The airline, which had posted a marginal rise in Q1 net due to a drop in passenger traffic, is also altering its onboard menu.

Cement firms fix target price

Cement manufacturers in the south, buoyed by improved consumption, have set a price of Rs200 for a 50 kg bag in Tamil Nadu and Kerala. At present, retail prices are in the range of Rs 175-180 per bag.

HM contingent liability rises

There is more bad news for Hindustan Motors. The ailing automobile major of the CK Birla group has recorded a substantial jump in contingent liability and doubtful debts, according to its statutory auditor SR Batliboi & Co.

Century Gases director held

The Malabar police on Sunday arrested R Vijay Tata, director of Century Gases and Petrochemical. Tata, who faces 14 pending warrants filed against him by company dealers, was evading arrest for the past two months.

Plantation companies

Sebi may encourage cash-strapped plantation companies wishing to pay back investors to draw up repayment schemes. According to executive director (legal) Dharmishta Raval, the firms have been asked to chalk out their own schemes, which will be later vetted by the market regulator.

Dena Bank revises deposit rates

Dena Bank has revised interestrates on domestic term deposits from August 9. The bank will offer 5 per cent on deposits for 15-45 days, 6.25 per cent for 46-90 days, 6.75 per cent for 91-179 days and 7.75 per cent for 180 days to one-year deposits.

--Compiled by V Keshavdev