BHEL profit at Rs 720 crore: Bharat Heavy Electricals Ltd has recorded a profit after tax of Rs 720 crore on a turnover of Rs 6,471 crore during 1997-98. BHEL CMD KG Ramachandran said that despite a perceptible slump in the economy, the company has maintained its double-digit growth achieved during the last three years.

NTPC, PSEB sign power purchase pacts: NTPC and Punjab State Electricity Board have signed four power purchase agreements for two combined cycle gas-based power plants and two coal-based stations. As per the agreements, Punjab will receive about 325mw power from these stations which are to be commissioned progressively starting 2000-01. These agreements are for the 650mw each Anta-II and Auraiya-II, respectively, and for the 1,000mw Rihand-II and 420mw Unchahar-II power stations.

Lasgas-Mobil keen on stake in Petronet arms: The multinational Lasgas-Mobil combine has evinced interest in picking up 26 per cent stake in Petronet LNG's gas terminals at Dahej and Cochin. The combine, which is to supply LNG to the two terminals, has approached the company for taking equity in these terminals, Petronet sources said.

RBI hikes 91-day T-bill cut-off yield: The RBI on Wednesday hiked the cut-off yield of the 91-day treasury bill by 97 basis points to 9.99 per cent. This is 39 basis points higher than the yield of the 364-day T-bill which is currently pegged at 9.60 per cent. Out of a notified amount of Rs 200 crore, RBI received nine bids of Rs 300 crore. It allotted all the nine bidders (two partially) Rs 200 crore at a cut-off price of Rs 97.57. The cut-off yield of the 14-day T-bill remained unchanged.

Maharashtra enters pact with US energy firms: The Maharashtra government has signed a memorandum of understanding with Enron Corporation and Universal Electricals for the upgradation and modernisation of the gas-based Uran and Nashik and Bhuvsal Karodi thermal power projects. The deals were firmed up during the recent World Energy Congress at Houston in the US recently.

CII global meet on Oct 6: The union minister of tourism and parliamentary affairs, Madan Lal Khurana, will inaugurate the international conference on "Positioning the Indian Ocean Rim for Tourism: The 21st Century Growth Industry" being organised jointly by the CII and Indian Ocean Tourism Organisation (IOTO). The conference will be held on October 6.

Centre to stick to stand on Bihar: The government is "at present" sticking to its stand of not reiterating the recommendation for imposing central rule in Bihar following its rejection by president KR Narayanan, home minister LK Advani said on Wednesday. Advani said he had discussed several issues with the president on Tuesday, including the Bihar situation. This did not imply that the government was in any way reviewing the stand taken by the union cabinet on Saturday, a home ministry spokesman said.

DMK never offered support to Cong: Karunanidhi: DMK president and Tamil Nadu chief minister M Karunanidhi on Wednesday said he had never stated that his party would extend outside support to the Congress if it formed an alternative government at the centre. Such comments were attributed to him by some journalists, he told reporters in Chennai.