The centre said on Thursday that it planned to review the draft of the Ninth Plan in a bid to include its altered priorities on self-reliance and the role of state-run and private fims outlined in the national agenda for governance. The draft was released two months ago by one-time finance minister Madhu Dandavate.

US makes light of Vajpayee offer:

The United States on Wednesday pooh-poohed New Delhi's offer to sign an accord that incorporates a no-first-use clause of nuclear weapons by Pakistan. State department spokesman James P Rubin said Delhi would do well to focus less on the issue and more on signing the Comprehensive Test Ban Treaty without conditions. Rubin suggested that Delhi must desist from weaponising its nuclear arsenal and from deploying its ballistic missiles to earn itself a good international standing.

ITI turns around:

The state-run ITI has bounced back into the black with a post-tax profit of nearly Rs 6 crore in theyear to March 1998. The telecommunication firm--which had recorded a sizable Rs 60-crore loss in 1996-97--says it owes its turnaround in no small measure to the department of telecommunication's alacrity in resolving several pending pricing and financial issues.

AI losses put at Rs 280 crore:

The state-run Air India has run up losses of over Rs 280 crore in the year to March 1998, Lok Sabha members were informed on Thursday. The beleaguered carrier has been in the red for three years on the trot now, clocking losses above Rs 250 crore. A committee headed by tariff commission chairman Vijay Kelkar is now busy chalking out a turnaround plan for the airline.

JCT deep into red:

Thapar group flagship JCT has sullied its profit-and-loss accounts with a loss of over Rs 78-crore for the year ended March 1998. The mounting losses have come in the wake of a fall in turnover to nearly Rs 883 crore from Rs 968 crore a year ago. The company says that it plans to draft a revival package within thenext few days.

Open offer for Merind a hit:

Drugs firm Wockhardt's open offer to buy out the public holding in Merind has drawn an enthusiastic response with almost nine out of every 10 shareholders deciding to sell their stake. The Habil Korakiwala-owned firm, which had made the open offer after buying out the Tatas' 50 per cent stake in Merind for Rs 47 crore, is likely to press for a delisting of Merind shares, people familiar with the matter say.

Cipla sales up:

The Mumbai-based Cipla said on Thursday that its net profit surged past Rs 100 crore in the year to March 1998 from nearly Rs 71 crore a year ago. Analysts said the spurt in bottomline came on the back of a substantial growth in exports, reduced interest costs and an increase in margins. The company's net sales rose nearly 14 per cent to about Rs 513 crore.

Araco, Polyflex tie up:

Japanse components firm Araco, which supplies ware to automobile giant Toyota, says it plans to set up a joint production venture inalliance with the Bangalore-based Polyflex India. While Araco will hold a majority 66 per cent in the venture, Polyflex will hold 24 per cent. The alliance partners say they plan to invest nearly Rs 22 crore in the project.

Icra unveils new product:

Ratings firm Icra has embarked upon an exercise to assess local corporates to help, not investors, but overseas clients. An official said that Icra had already completed a set of assignments for Japanese firms like Mitusbishi, Marubeni and Sumitomo, all keen on floating business ventures with local firms. On the domestic turf, Icra says it will carry out the exercise for state-run oil companies that seek to find out the credit-worthiness of its dealer outlets.

IDBI Bank net spurts:

The nascent IDBI Bank says its net profit for the year to March 1998 has vaulted to over Rs 20 crore from under Rs 4 crore a year ago. The growth in bottomline rode piggyback on the spurt in deposits, which shot up to around Rs 1,800 crore from about Rs 500crore. The bank plans to tap the capital market later in the year with a Rs 40-crore public issue.

Sensex dips 55 points:

The bellwether 30-scrip Sensitive Index slipped 55 points on Thursday on continued pounding by leading market players. Analysts said that the index would have dipped further but for buying support from foreign institutional and local institutions. Foreign funds, which had dumped the ITC stock on Wednesday, made fresh purchases at lower prices. The index closed the day 3721 points.

Russia caught in economic maelstorm:

Russia, caught in its worst financial crisis in years, sent interest rates soaring to defend its currency and watched as its stock market plummeted more than 10 per cent on Wednesday. Investors and officials in Moscow and Washington said Russia, which just a few months ago appeared to be bouncing back from its post-Soviet collapse, may now be in need of a financial bailout from the International Monetary Fund.

Yen trips against dollar:

Muchas the Washington administration is piqued by the fall of the yen against the dollar to its seven-year low, it has done little to assuage the situation. Analysts in Washington and on Wall Street say the yen's weakness is a fallout of the financial markets' dismay with Japan's economy and its economic policies.