Panoramic Universal, a Mumbai-based company having interests in hospitality and information technology, has informed that it has acquired 51% stake in Sri Vatsa Hotels for an undisclosed amount.

Wellington - New Zealand's inflation rate, boosted by soaring petrol prices, hit an 18-year high of 5.1 per cent in the 12 months ending September 30, official figures revealed Tuesday.

The consumers price index rose 1.5 per cent in the September quarter, Statistics New Zealand said.

The figures came as no surprise to analysts, who said that the inflation rate was likely to have peaked with consumer prices for fuel and food already beginning to ease.