The annual rate of inflation fell sharply by 0.47 percentage points to 8.22 per cent during the week ended October 3, despite a surge in prices of food articles, especially vegetables. The fall in inflation rate despite a 0.4 per cent increase in wholesale price index (WPI) for all commodities is due to the fact that the increase in the index was lower than corresponding increase for the same week last year.

NIIT to submit reply on showcause by Tuesday

NIIT is likely to submit a reply on Tuesday to DSE on the show cause issued to it for concealment of price sensitive information and not informing the exchange about the bonus issue recommendation. Senior company officials, including chief executive Vijay Thadani met the exchange officials on Saturday and sought time for filing a detailed reply.

AI may lease out Mumbai space for premium restaurant

Air India is considering a proposal to lease out part of its property located at the corporate office, inNariman Point to a premium restaurant.If the proposal is finally implemented the airline will lease out the employees canteen located on the second floor of the building to a restaurant.

Baron set to repeat audio success story in CTVs segment

Baron Electronics seems poised to repeat its success in the colour television market with the audio systems market also. The company's Aiwa campaign has caught the attention of the public and large number of orders surpassing expectations have been placed with leading retailers in Mumbai.

Nivea ups market share in cold cream segment

JL Morison's Nivea brand has somersaulted to the second position in the cold cream market, displacing Colgate-Palmolive's Charmis brand, whose market share has dwindled over the last year. While Nivea has upped its market share in the roughly Rs 100 crore cold cream's market in India, biting into the share of Charmis, Hindustan Lever's Pond's cold cream continues to reign supreme at the top slot with a market share of toover 55 per cent.

Rush for Santro

If the initial response to the auto deluge which has hit the town is anything to go by, the Hyderabadis' yen for the small car is set to take everyone by surprise. While the two Hyundai dealers in the city have bagged over 1,000 of the 1,200-odd bookings in the entire state, and a fifth of the 5061 fully-paid bookings in the south. Daewoo Matiz is hoping for anything between 2,500 and 3,000 bookings for the small car, though uncertainty shrouds its launch date.

Delhi government to airlift 400 tonne onions daily from Iran

The Delhi government proposes to airlift 400 tonnes of onions per day from iran to ease shortage of onions in the national capital. Chief minister Sushma Swaraj told reporters in New Delhi that onions from Iran would start arriving in the country in the next four days. She said the government had decided to airlift onions to meet the immediate requirement of the people since shipment of the commodity would take time.

Dull Diwalisales

It's again that time of the year when retailers and merchants across the country expect their cash registers to ring ceaselessly. But this year, there is disappointment all around. There are people-potential consumers- all over the marketplace but the showrooms are unusually empty. Even in crowded and busy shopping complexes in the capital such as Connaught Place, Darya Ganj and Lajpat Nagar, merchants and showroom managers are willing to spend a few minutes recounting Diwali festivities seen in the previous years, and the lack of it this year.

Ficci announces awards

The Federation of Indian Chambers of Commerce and Industry has announced the awards for 1997-98 in the fields of creativity in visual media, family welfare, research in science and technology, rural development, among others. Zee TV has bagged the award for creativity in visual media, while Tata Steel Rural Development Society, Jamshedpur has received recognition for institutional initiative in rural development. Nav JagratManav Samaj, Jamshedpur, is the recipient of family welfare award. Tata Tea, Munnar, has bagged the award for corporate initiatives in training and placement of persons with disability and ACC, Himachal Pradesh, for innovative measures in pollution control, waste management and conservation of mineral resources in mines and cement plant.

DSE closed on October 22

The Delhi Stock Exchange has announced a holiday on October 22 instead of October 20. The stock exchange will consequently remain open on October 20 but will be closed on October 22.

India, Pakistan beat around the Kashmir bush

India and Pakistan on Sunday vowed to reduce the risk of a conflict by building mutual confidence in nuclear and conventional fields and work for a `peaceful settlement' of all outstanding issues but failed to narrow differences on the contentious Jammu & Kashmir issue.

Anwar renews call for a change

Detained former Malaysian finance minister Anwar Ibrahim said Malaysian prime minister MahathirMohamad was desperately clinging to power to save his family and friends, and urged supporters to press ahead for change. Anwar renewed his call for an end to corruption and cronyism in a statement released late on Saturday by his wife, Wan Azizah Wan Ismail, after several thousand of his supporters protested in the capital against Mahathir's 17-year rule.

Korea to reveal Kia winner today

South Korea on Monday will reveal who has won the long-anticipated auction for debt-laden Kia and Asia Motors, with Ford Motor Co seen as the likely winner. The government, which virtually nationalised the carmakers when state-owned Korean Development Bank became its largest shareholder last year, has put the focus on Ford.

Rate-cut fuels optimism in Hong Kong

A round of interest rate cuts has given Hong Kong people a glimmer of hope that economic recovery may be around the corner, but analysts say data to be released this week could dent that optimism. Hong Kong, swept up in Asia's meltdown, is facingits worst economic downturn in decades with unemployment at 15-year highs. The government estimates a 4 per cent GDP contraction in 1998.