Ispat's Bhadravati power project: MSEB will not pick up 30 per cent in Ispat group's thermal-powered 1082mw Bhadravati project. The group supposedly asked the state power board not to pick up the stake in the wake of a reduction in the project's internal rate of return from 16.95 per cent to 12 per cent. The group has also scaled the project's capital cost from Rs 4,631 crore to Rs 4,555.8 crore.

Tariff Advisory board: The centre has allowed GIC to nominate 15 members to the new tariff advisory committee board. The move, which signals thatthe board would be expanded from its current strength of 14 members, virtually lays to rest the view that the state-run insurance firm was set to loose its control over the body after its chairmanship went to the IRA chief from the GIC chairman.

NSE-50 is now S&P CNX Nifty: The National Stock Exchange and Crisil on Tuesday announced that they had transferred their stock-market indices to a joint venture firm, India Index Services & Products. International credit-ratings agency S&P has allowed the venture to use its brand name. The NSE-50 and Crisil-500 will now be called S&P CNX Nifty, and S&P CNX 500, respectively.

Indian Oil Q1 net up 105% to Rs 59O cr: Indian Oil said on Tuesday that its net profit in the first quarter of 1998-99 had jumped 105 per cent to Rs 590 crore, compared with the year-ago period's Rs 287 crore. Sales spurted 21 per cent to Rs 17,134.89 crore from the year-ago period's Rs 14,104.64 crore.

L&T net dips 11% to Rs 72 cr: Stung by high interest costs, L&Tsaid on Tuesday that its net profit for the first quarter of 1998-99 had dipped around 11 per cent to Rs 72.05 crore, compared with the year-ago period's Rs 81.13 crore. Sales were up to Rs 1,470 crore from the year-ago period's Rs 1,264.31 crore.

Raymond posts Rs 13cr net losses in Q1: The Vijaypat Singhania-owned Raymond said on Tuesday that it had recorded net losses of Rs 12.76 crore for the first quarter of 1998-99, up from Rs 10.93 crore a year ago. The textile major's losses have mounted despite a spurt in other income -- to over Rs 7 crore from Rs 2.3 crore -- and a marginal cut in expenditure.

Hindustan Motors posts Rs 3cr net losses in Q1: Hindustan Motors said on Tuesday that it had posted net losses of Rs 3.08 crore for the first quarter of 1998-99. Sales stood at Rs 212.51 crore, while gross profit was Rs 2.86 crore.

Ballarpur net Q1 dips: Ballarpur Industries said on Tuesday that its net profit for the first quarter of 1998-99 had dipped to Rs 7.65 crore, compared withthe year-ago period's Rs 38 crore. Sales slumped to Rs 277 crore, while gross profit stood at Rs 18.19 crore.

Indal Q1 net soars 76% to Rs 16 cr: The Calcutta-based Indal said on Tuesday that its net for the first quarter of 1998-99 had jumped 76 per cent to Rs 16.1 cr, compared with the year-ago period's Rs 9.1 crore. Sales shot up 10 per cent to Rs 266.8 crore, compared with the year-ago period's Rs 243.1 crore.

Novartis Q1 net at Rs 13.5 cr: Novartis India said on Tuesday that its net profit for the first quarter of 1998-99 stood at Rs 13.5 crore. Sales spurted 13.8 per cent to Rs 167.2 crore.

Hero Honda net jumps 40% to Rs 23 cr: The Rs 1,160-crore motor cycle-maker Hero Honda said on Tuesday that its net profit for the first quarter of 1998-99 had jumped by 40 per cent to Rs 22.91 crore, compared with the year-ago period's Rs 16.28 crore. Sales jumped 24.71 per cent to Rs 323.58 crore from the year-ago period's Rs 259.47 crore.

Alstom Q1 net losses up 25% to Rs 12 cr:Alstom Ltd, formerly GEC Alsthom India Ltd, said on Tuesday that its net losses for the first quarter of 1988-99 had increased to Rs 12.09 crore, compared with the year-ago period's Rs 9.68 crore. Sales dipped 8.23 per cent to Rs 93.04 crore from the year-ago period's Rs 101.38 crore.

German Remedies Q1 net at Rs 2 cr: Pharmaceuticals major German Remedies said on Tuesday that its net profit for the first quarter of 1998-99 amounted to Rs 1.69 crore. Sales shot up to Rs 33.88 crore. The firm said comparative figures for the first quarter of 1997-98 were not "readily" available.

Sensex jumps 82 points: Shares on Bombay Stock Exchange reversed a seven-day losing streak as speculators covered short positions on Tuesday. The benchmark BSE 30-Share Sensitive Index, which had dropped over 11 per cent in the past seven days as a combination of political worries and concerns over a regional crisis unsettled players, closed its Tuesday innings at 3166.84 points, up 81.67 points.

Dena Bank Q1 netleaps 35% to Rs 33 cr: The state-owned Dena Bank said on Tuesday that its net profit for the first quarter had jumped 35 per cent to Rs 33.67 crore, compared with the year-ago period's Rs 24.90 crore. Interest income grew around 30 per cent to Rs 342.46 crore from Rs 263.45 crore, while other income increased about 17 per cent to Rs 42.58 crore from Rs 36.4 crore.

Rupee ends firmer: The rupee firmed up a tad against the greenback on Tuesday as corporates' month-end dollar demand stayed flat. The six-month dollar ended lower on Tuesday at an annualised 7.30 per cent against the previous close of 7.53 per cent.

Private operators not to operate in international sector: Civil aviation minister Ananth Kumar told the Rajya Sabha on Tuesday that private operators would not be allowed to operate international flights. He said the centre would disinvest its stake in Indian Airlines up to 51 per cent.

16 killed in Doda: Suspected Hizb militants shot dead 16 persons of a particularfaith, including two women, and seriously wounded six in two villages of Doda district in Jammu & Kashmir on Tuesday, police said.

Sonia Gandhi on Vajpayee government: Congress president Sonia Gandhi on Tuesday launched a scathing attack on the shaky Vajpayee coalition government. She told a massive rally in the capital that the Vajpayee administration had failed in all fronts.

Sanctions will be short-lived, says Celeste: US ambassador Richard Celeste said on Tuesday that sanctions imposed on India would be "short-lived", as long-term measures would not suit the two countries.