Bizbits

The inflation, based on wholesale price index, rose by 0.17 percentage points during the week to 3.84 per cent from 3.67 per cent a week ago. The rate of increase in prices had stood at 6.60 per cent exactly a year ago.

MTNL to expand WLL network

NEW DELHI: MTNL is expanding the wireless in local loop network, both in Mumbai and Delhi upto 50,000 and 10,000 subscribers respectively. It expects to start giving connections from the middle of June. The tender for supplying equipment for Mumbai is currently under evaluation, MTNL sources said.

Dena Bank to broaden card base

MUMBAI: Dena Bank is targeting a credit card base of one 1 lakh by 2001, increasing it to 3 lakhs within three years. It will launch its visa credit card on Monday, targeted primarily at the growingmiddle class with an entry fee as low as Rs 400.

IFCI to seek active role in boards

NEW DELHI: IFCI will seek proactive role in the boards of the companies in which it has sizeable exposure as a measure to ensure effective corporate governance. The move comes at a time when there is enough resistance from the industry associations against the active role of the nominee directors.

Reliance net to grow by 26

MUMBAI: Reliance Industries Ltd RIL net profits are expected to grow at an annual rate of 26.5 per cent in the next two years, investment bank Morgan Stanley Dean Witter has said. In an analysis of the company8217;s performance, Morgan Stanley said net income of RIL was expected to increase from Rs 1,844.7 crore in 1998-99 to Rs 2,208.3 crore in 1999-2000 and to Rs 2,938 crore by the end of March 2001. It also said the company8217;s gross profits would grow at an annual rate of 29 per cent over the next two years.