Inflation may rise in Dec before coming down in Jan

 New Delhi: The wholesale price index (WPI) based inflation may snap three-month decline and rise in December from 7.48% in November before coming down in January, reports PTI quoting official sources.

While not commenting on the likely figures in December, a top advisor in the finance ministry said inflation is likely to ease in January, not only from the figures of December but also November.

“The next reduction could happen with the January figure when I would expect another decline in inflation (from November),” chief economic advisor Kaushik Basu said on the sidelines of TIE Entrepreneurial Summit.

He, however, declined to comment on onion prices which touched Rs70 a kg in retail markets.

WPI inflation declined to 7.48% in November from 8.58% in October, mainly boosted by lowering of pressure on certain food items.

This was the fourth consecutive month when the overall wholesale price inflation has been in the single digits. It had remained over 10% for six months till July.

The retail price inflation for items consumed by agricultural and rural labourers also declined to 7.14% and 6.95%, respectively in November.

However, wholesale price food inflation rose to 9.46% for the week ended 4th December on account of higher prices of rice, vegetables, milk and fruits. It stood at 8.60% in the previous week.

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Tamilnad Mercantile Bank raises interest rates for deposits

Tamilnad Mercantile Bank Ltd (TMB) has increased its domestic term deposit interest rates for various maturities by 25 to 100 basis points with effect from 21st December.

The revised rates for deposits are: 7% (old rate 6.25%) from 91 days to 120 days for the general public as well as senior citizens. For deposits from 121 days to 270 days, the rate had been increased to 7.25% (6.25%) for general public as well as senior citizens.

For 271 days to less than a year the rate is 7.5% (7%) for general public as well as senior citizens.

The rate for deposits of one year to 554 days would be 8.75% (8.25%) for general public and for senior citizens 9.25% (8.75%).

For period of 555 days, the rate had been revised from 8.50% to 8.85% for general public and for senior citizens from 9% to 9.35%. For 556 days and less than three years the rate would be 8.75% (8.25%) for general public and for senior citizens it would be 9.25% (8.75%).

The interest rate for three years to less than 10 years tenure would be 8.50% for general public and 8.75% for senior citizens. For more than 10 years, the rate was 9%.

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Bajaj Hindusthan signs MoU with Uttar Pradesh government to set up 1,980MW plant

Bajaj Hindusthan Ltd (BHL) has said that the company through a consortium has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for setting up a mega power project of 1,980MW (3x660MW) at Bargarh in Uttar Pradesh (UP).

The cost of this project is estimated to be Rs5 crore per MW.

The above venture is proposed to be undertaken either directly or through a special purpose vehicle (SPV) of BHL, in which BHL/consortium, as the case may be, is obligated to hold a minimum of 26% equity.

On Tuesday, BHL rose 0.36% to Rs110.15 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.

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