Tata Tea Q3 net down 10% to Rs 28 cr: Tata Tea announced its net profit for the third quarter ended December 31, 1998, fell 10.13 per cent to Rs 28.10 crore (Rs 31.27 crore) but said the company's nine-month net profit rose over 50 per cent to Rs 122.52 crore (Rs 81.58 crore). Income from operations during the third quarter, the company said, dropped slightly to Rs 204.16 crore (Rs 212.83 crore).

Thermax Q3 net falls to Rs 2 cr: Thermax said on Monday its net profit for the third quarter fell by half to Rs 2.45 crore, from Rs 4.95 crore, as the slowdown continued to eat into its growth. The Pune-based engineering major added its income from operations during the period dropped to Rs 96.63 crore, from Rs 129.09 crore.

Spic Q3 net up 15% to Rs 10 cr: Fertilisermajor Southern Petrochemicals Industries Corporation said its net profit for the third quarter ended December 31, 1998, rose 15.4 per cent to Rs 10.30 crore, against Rs 8.92 crore achieved in the year-ago period. But gross profit for the period, the company said, fell to Rs 22.46 crore, from Rs 23.21 crore.

Bombay Dyeing posts Rs 3cr Q3 net: Nusli Wadia flagship Bombay Dyeing said on Monday it posted a net profit of Rs 3.11 crore for the third quarter ended December 31, 1998, on the back of a higher other income. Sales rose to Rs 199.25, against an expenditure of Rs 189.53 crore, it said.

Arvind group firms' merger: The boards of three Arvind group companies Arvind Polycot, Arvind Cotspin, and Arvind Intex have approved the proposal to merge them with Arvind Products with retrospective effect from October 1, 1998, and the share-exchange ratio. The merger will be subject to approvals by shareholders, institutions and confirmation of the scheme of merger by the Gujarat high court.

AndrewYule, Phoenix AG joint venture: The public-sector Andrew Yule's joint venture with Germany's Phoenix AG for the belting division faces further delay as its banks want a part of the money the company received from the sale of a 74 per cent stake in the loss-making division. Andrew Yule, whose cash-cow is tea, had signed a memorandum of agreement on April 12, 1998, to sell the stake in the division to Phoenix AG.

R&S Bick's bid: R&S Bick, a subsidiary of Rhodes & Schwartz of Germany, has bid--through Octopacy Exports--to pick up a 51 per cent stake in the loss-making Meltron. The state-owned company's net worth has been wiped out with its accumulated losses rising to Rs 21.52 crore in March 1998.

Sensex up 11 points: The bellwether 30-share Sensex closed its Monday innings 11.29 points higher at 3,309.15 points, as institutional players continued to sell heavily reflecting the mixed bag of corporate results. The index had slipped below the crucial benchmark of 3,300 points duringmid-session to 3,246.03 points.

IDBI posts Rs 1,008cr nine-month net: IDBI said it posted a Rs 1,008-crore net profit in the first nine months (April to December) of the current fiscal. The industrial downturn took its toll as disbursements posted a meagre 1 per cent rise in the period, the term-lending institution said.

Court rejects petition: The Delhi high court on Monday dismissed two petitions seeking cancellation and an independent probe into a contract awarded in 1994 to a consortium of Enron Oil and Gas India, Reliance Industries and ONGC. The consortium was granted 25 years lease of the Mukta and Panna offshore oil and gas fields for Rs 12 crore. The petitioners had alleged that the contract was unconscionable.

Vajpayee counters hardliners: Prime Minister Vajpayee countered swadeshi hardliners on Monday saying the Government was not bowing to foreign pressure as alleged. He criticised the policies pursued during the last fifty years, and said the country should have its ownmodel of development.