State overdraft crosses Rs 600 cr
The Maharashtra government's all financial calculations for 2000-01 to 2004-05 have gone haywire in the first month of current fiscal with the drawal of overdraft crossing Rs 600 crore.

IOC-ONGC alliance in troubled waters
The strategic alliance between Indian Oil and the Oil and Natural Gas Corporation is under tremendous strain with no project having taken off the ground for over 15 months since its formation.

Dr Reddy's Lab net jumps 16%
DR Reddy's Laboratories (DRL), has reported a 16 per cent growth in its net profit to Rs 60.32 crore over the previous year profit of Rs 51.76 crore. The company baord has recommended a final dividend of 5 per cent for the year 1999-2000.

Bata Q1 net falls
The post-tax profit of Bata India for the first quarter ended March 31, 2000, has fallen to Rs. 3.96 crore from Rs. 4.29 crore in the same period previous year. Net sales of the company during the 2000-01 first quarter increased marginally to Rs 171.89 crore from Rs 170.71 crore in the previous year.

TVS Electronics Q1 net dips
The bottomline of the computer peripheral manufacturer TVS Electronics slumped by 73 per cent despite a 25 per cent increase in sales in the first quarter ended March 31, 2000 vis-a-vis the corresponding period of the previous fiscal.

Crompton Greaves MD may step down
The chairman and managing director of Crompton Greaves KK Nohria, has expressed his desire to step down as the managing director at the expiry of his current term. Nohria may, however, continue in his capacity as chairman of the company.

Development loan oversubscribed
The 10.52 per cent ten-year state development loan for a notified amount of Rs 4,369 crore was over-subscribed, with RBI mopping up Rs 5,837 crore. This was the first sale of state government loans during the current fiscal.

IRDA's new member
HO Sonig 59, has taken over as the second member Insurance Regulatory and Development Authority on Wednesday. Sonig who was an executive director, Life Insuarnce Corporation will be representing the life insurance industry in the authority. H Ansari continues to be the member for non-life industry.

New India Assurance to enter China
Even as the domestic insurance sector has been thrown open to the foreign players, India's largest domestic non-life company New India Assurance (NIA) is planning to expand its operation to China. The Chinese operation will help the company to consolidate its operation in the Asian market since it is already the largest non-life insurer in the Afro-Asia region excluding Japan.

-- Compiled by Mukund Sharma