Inflation to stabilise to 5.5% by March, says PM
With the rate of price rise moderating in recent months, Prime Minister Manmohan Singh today exuded confidence that inflation will stabilise at around 5.5 per cent by March next year and the economic growth will improve to 8.5 per cent. “Inflation remains a cause for serious concern in our country... We expect this downward trend to continue and the rate of inflation to stabilise around 5.5 per cent by next March,” he said while addressing the 83rd Plenary Session of the Congress Party. Inflation, which has become a politically sensitive issue, declined to 7.48 per cent in November from 8.58 per cent in the previous month. It was in double digits for several months till July. Food inflation, however, rose to 9.46 per cent for the week ended December 4 from 8.69 per cent in the previous week.
USFDA nod for Glenmark drug
Glenmark Pharma has said it has got approval from US health regulator for its generic Felodipine tablets, an anti-hypertensive drug, in the American market. Glenmark Generics Inc, the company’s US-based arm has received final approval from the US Food and Drug Administration (USFDA) for Felodipine extended-release tablets, the company said in a statement.
State-owned oil firms losses widen
State-owned oil firms have seen their losses on diesel sales widen to over Rs 6 per litre, even as a ministerial panel meeting on raising prices has not yet been scheduled. “The Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee was tentatively scheduled to meet on December 22. But there is no communication so far on the meeting from the EGoM head (Mukherjee’s office),” an oil ministry official said. An Rs 2 per litre hike in diesel prices was on the agenda of the EGoM meet, with the objective of narrowing the difference between the domestic retail price of the transport fuel and the imported cost. “The under-recovery or the revenue oil marketing companies lose on selling diesel, today stands at Rs 6.08 per litre,” the official said.
TT Ltd knits INR 450 million MOU with China
TT Ltd., one of the oldest textile company of India signed a Memorandum of Understanding (MoU) with a Chinese company for supply of textile products. TT will supply textile products worth USD 10 million (INR 450 million ) to the Chinese company in China.
— Business desk with inputs from PTI and IANS