Sensex skids 108 points
Wild speculation fuelled by rumours and aggressive selling by FIIs pulled down the Sensex by 108.62 points on Thursday. The sentiment which was upbeat in the morning changed for the worse with the index seen moving in a downward direction to close the day at 3,292.33 points. The Nifty index also recorded a sharp decline of 20.35 points to close at 956.15 points.

Writeback powers SBI net to Rs 1,861 crore
The State Bank of India on Thursday reported a net profit of Rs 1,861.20 crore for 1997-98, up 40% from the previous year's Rs 1,329.30 crore. The sharp rise in profit was helped by a Rs 964-crore writeback of excess depreciation, a Rs 800 crore growth in income from treasury operations and a 2.5% dip in operating expenses.

Baroda Rayon asset sale stalled as ICICI goes on legal offensive
The Gaekwad-controlled Baroda Rayon has been forced to put plans for revival through sale of a division and other assets on hold following aggressive legal action by Industrial Credit & Investment Corporation of India (ICICI) and a consequent Bombay High Court injunction. ICICI says it is forcing the issue because the promoters have refused to share sale proceeds on a pari passu basis.

CORPORATE
Tata Chemicals net spurts 14%; maintains dividend
Mafatlal Finance to set up AMC; seeks SEBI nod

ECONOMY
Defence labs to be opened for private sector
Maharashtra seeks expansion of optical-fibre network by DoT

EXPRESSIONS
Towards a new order
Ebbing confidence

MARKETS
SEBI plans to probe into `rigged' GTB scrip
Rupee rallies to 41.88, but weakens to 42.21 by close

LEISURE
Auctions play to the gallery as serious art suffers
New Net-based bulletin for ex-patriates