Buyers prefer to wait on expectation of better bargains.
This is a relatively sharp decline compared to the northern and southern markets in the country where prices have fallen by only Rs 2 - Rs 4 a bag. Kolkata-based dealers said that retail prices are now hovering around Rs 240 a bag due to a 10-15 per cent dip in demand.
Rising interest rates and anticipated launch of the Tata Nano has impacted the sales of entry level cars like the Maruti 800, and anlaysts expected the entry level market dynamics to change further post the Nano launch expected in the last quarter of the fiscal.
The company had started test runs for engines at its Pune facility in September after it work was stopped indefinitely at its Singur plant from August 29, leading to the abandoning of the Singur project site on October 3.
The company will look for other lines of business for Balmer Lawrie UK, a fully-owned subsidiary of BLC. "Retaining the subsidiary would help in our overseas operations. We would focus on speciality containers here in India through our logistics subsidiary Transafe Services Limited," said V Narayan Sharma, director, BLC. Sharma also said the company was open to overseas acquisitions to add a new line of business.
LIC will kickstart its credit card business in September 2008.
Coca Cola will set up a trust fund of $10 mn for CSR activities. It was recently awarded the Golden Peacock Global Award for Corporate Social Responsibility - 2008.
India's insurance sector is predicted to grow at 30% this fiscal compared to 95% of the last year.
Competition Commission of India is considering amnesty plan to bust cartels.
Pvt life insurers are planning to foray into health covers, with standalone health insurance policies.
The Indian Institute of Foreign Trade(IIFT) is planning a campus in South India, after Delhi and Kolkata, as the student representation from the region is quite low.
The US loses around $1 to 1.6 trillion annually due to corruption at the public services and private enterprises, estimated David M Luna, director, Anti-corruption & Governance Initiatives.
Japan's strategy of providing incentives to various stakeholders together with building up mobilisation on environmental issues has worked well for the country.
At current prices, the downstream petrochemical industry production is expected to increase from $15-$18 billion currently to $30-35 billion over the next 5-7 years.
The Institute of Company Secretaries of India is looking forward to expanding the conventional roles of chartered accountants to non-statutory areas like labour law audit and certification, secretarial audit of hotel and banking industries.
SAPL intends to start a new manufacturing facility in Damietta in Egypt with an installed capacity of 315,000 tonnes a year.
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