Essar Oil has posted a 52.33 per cent fall in its net profit for 1997-98 to Rs 20.24 crore from Rs 42.46 crore the previous year. The turnover also declined by 29.76 per cent to Rs 228.96 crore (Rs 325.97 crore). While income from operations fell marginally from Rs 211.28 crore to Rs 204.54 crore, other income dropped sharply by 78.7 per cent to Rs 24.42 crore (Rs 114.69 crore). Total expenditure during 1997-98 fell to Rs 171.32 crore from Rs 236.89 crore. Interest outgo also dipped from Rs 20.50 crore to Rs 15.87 crore.

Herren Drugs shelves merger plan: The board of directors of Herren Drugs & Pharmaceuticals has decided to drop the proposed merger of Dolphin Drugs and United Intermediates & Chemicals with the company.

Ballarpur to extend financial year: The board of Ballarpur Industries has decided to extend the financial year 1997-98 by three months to June 30, 1998. The board considered the application of Modern Agencies (MAL) a group company,for allotment of 75,00,000 equity shares on conversion of the 25,00,000 warrants (issued by the company to MAL in June, 1993) at a premium of Rs 140 per share.

Software Technology, Golden Gate in pact: Software Technology Group (STG) has entered into a partnership with Golden Gate University (GGU) of San Francisco wherein GGU would use STG's advanced instructional technology to train students for Microsoft and Oracle certification. According to STG, the partnership is aimed at training high quality software professionals towards industry recognised standards. The advanced instructional technology incorporates features like multimedia instruction techniques, computer-assisted practice school and smarttest to accelerate the process of learning.

HCL Insys bags Hindustan Motors order: HCL Infosystems Ltd (HCL Insys) has bagged an order from Hindustan Motors for the implementation of SAP R/3 enterprise resource planning (ERP) business solution for the automotive company's Lancer carproject.

Bhilwara Spinners, RSWML to merge: Bhilwara Spinners Ltd (BSL) is to be merged with its sister concern Rajasthan Spinning & Weaving Mills Ltd (RSWML). The exchange ratio will be one equity share of RSWML for every four equity shares of BSL, and the deal will be with retrospective effect from April 1, 1998. The board of directors of BSL hasapproved the proposal of amalgamation, pending approval from the concerned authorities.

Fuller India skips dividend: Fuller India has skipped dividend for the year ended December 1997, the first time in many years due to lower profits, according to a release.In the previous year, the company had a dividend outgo of Rs 4 crore. Close on the heels of its second offer, Fuller India declared its results, a profit after tax of Rs 1.2 crore for the year ended December 31, 1997, against Rs 10.5 crore in the previous year ended March 31, 1997. The current year order backlog is also low.