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Politics Business Expressions General Sports Leisure States 02 April 1998   RBI cuts WMA, hikes interest rate The government will pay more dearly for fiscal indiscipline following the RBI move to reduce the limit for ways and means advances (WMA) available to the government to bridge any mismatches between expenditure and receipts. It has also jacked up the interest rate on WMA by a wide margin by linking it to the bank rate instead of 91-day treasury bills.   DCA files fresh charges against Peerless The Department of Company Affairs has made fresh charges of imprudent commercial practices and financial irregularities against Peerless General Finance and Investment Company in a rejoinder filed before the Company Law Board. The rejoinder reiterates DCA's earlier petition for appointment of government nominees on the board of the company. Raasi counter offer to check ICL bid The Hyderabad-based takeover target, Raasi Cement has decided to make a counter offer to the public offer by India Cement Ltd (ICL) to acquire a 20% stake in Raasi, after their efforts to block the takeover attempt in the Andhra Pradesh High Court failed. A division bench of the High Court yesterday rejected Raasi's contentions about the likely damage to its interest posed by ICL's bid. ONGC posts Rs 2,425 cr net The Oil and Natural Gas Corporation (ONGC) achieved a 19.2% jump in net profit last year, the highest growth in the national oil company's gains in the last four years. The ONGC's net profit rose to Rs 2,425 crore during 1997-98 from Rs 2,033.7 crore the year before while its operating revenue also rose by 13.5% to Rs 15,139 crore.   RBI forex assets up The Reserve Bank of India's (RBI) foreign currency assets increased by $3.5 billion to touch $25.9 billion at end-March 1998, up from $22.4 billion during the previous fiscal. Total foreign exchange reserves, inclusive of gold and SDRs, stood at $29.3 billion at end-March 1998, an increase of $2.9 billion over the previous fiscal. PowerGrid notches Rs 402 cr profit Powergrid Corporation of India has achieved a turnover of Rs 1,380 crore and a net profit of Rs 402 crore during 1997-98. This is a substantial increase over the turnover of Rs 1,035 crore and profit of Rs 306 crore during the previous year.     Trade deficit rises to $6.39 bn   Daiichi of Japan to be liquidated   New BSE chief sets agenda   Public issue mobilisation falls 75%   ITC leads bull rally at BSE   IDFC ties up with 9 global investors   SAIL increases prices   Emirates buys 40% stake in Air Lanka