Mumbai: Tata Steel on Thursday posted consolidated net loss of Rs 6,528.51 crore for the quarter ended March 31, following a non-cash write down of Rs 8,355.91 crore related to European operations and fall in demand in the euro-zone. A significant portion of Rs 8,355.91 crore impairment charge relates to the goodwill created on the acquisition of Corus Group plc in 2007, the company said. It had reported a consolidated net profit of Rs 433.46 crore in Q4 of 2011-12. The company said it has not put any of its assets on sale and the impairment was taken after taking a long term view.
"We have not put out any assets on sale...It is not a one year process. It is a journey to regain competitiveness of some of the businesses we have in our portfolio for which we are investing significant amounts...," Tata Steel's group CFO Koushik Chatterjee told reporters in Mumbai. He said the decision to take a write down was correct at this point of time and "it is also backed by plans of restructuring...We are fundamentally looking at improving competitiveness of Tata Steel Europe". Chatterjee also said that his firm is not looking at making any more provisioning at present unless some major event happens.
The company had announced few days back that it will be taking $1.6 billion non-cash write down in its financial numbers for the last quarter. According to Tata Steel, the euro-zone crisis has pushed the European economy into a
11:41 PM, May 23, 2013
New Delhi: The Department of Personnel and Training (DoPT) on Thursday opposed scrapping of the provision which requires the Central Bureau of Investigation (CBI) to seek government's permission for probing bureaucrats in corruption cases. The DoPT raised the issue during a power-point presentation at the maiden meeting of the Group of Minister headed by Finance Minister P Chidambaram which discussed the issue of giving greater autonomy and more financial powers...
10:44 PM, May 23, 2013
New Delhi: As the investigations into spot-fixing scandal continue, the man under intense focus is 67-year-old Narayanaswami Srinivasan. Through a stream of controversies over his tenure, Srinivasan's position as BCCI chief has never been under threat until now. So has time finally run out for the BCCI strongman? Srinivasan took over as president of the BCCI from Shashank Manohar in September 2011. As a secretary of the board over the...
08:12 PM, May 23, 2013
New Delhi: As the investigations into spot-fixing scandal continue, the man under intense focus is 67-year-old Narayanaswami Srinivasan. Through a stream of controversies over his tenure, Srinivasan's position as BCCI chief has never been under threat until now. So has time finally run out for the BCCI strongman? Srinivasan took over as president of the BCCI from Shashank Manohar in September 2011. As a secretary of the board over the...
08:12 PM, May 23, 2013
The rupee recovered from a more than 8-month low hit earlier on Thursday, as exporters took advantage of a spike in the dollar to sell the greenback and on fears the central bank would intervene to stabilise the local currency. The rupee still posted a fifth day of falls to mark its longest losing streak in over three months as worries about a potential pullback in the US monetary stimulus...
06:39 PM, May 23, 2013
Opinion polls conducted across the country have shown that the UPA is losing ground but is the BJP gaining? CNN-IBN's deputy bureau chief Sumit Pande joined IBNLive readers for an interaction on the issue. Q. Going by the recent assembly elections, it seems that people are preferring voting to elect a majority government. Do you think if this phenomena can also be replicated at the national level and if so...
05:43 PM, May 23, 2013
New Delhi: The Group of Ministers formed by the PM to review the SC observations on the CBI met for the first time on Thursday in New Delhi. Union Ministers P Chidambaram, Kapil Sibal, Salman Khurshid and MoS PMO V Narayanasamy were in attendance. However, CBI Director Ranjit Sinha, who was one of the special invitees to the meeting, did not attend it. Coming out of the meeting, Sibal said...
05:11 PM, May 23, 2013
New Delhi: The BJP on Thursday protested against the Congress-led UPA government and its policies in New Delhi. Members of BJP Yuva Morcha under the leadership of Anurag Thakur protested and shouted slogans at Janpath against the UPA. The Delhi Police tried to stop the protests and used water cannons on the BJP activists. They were stopped by the police from marching to the Congress headquarters who also put up...
04:43 PM, May 23, 2013
Chennai: The Mumbai Police team on Thursday had to leave Chennai Super Kings CEO Gurunath Meiyappan's residence without questioning him as he was not in Chennai. They handed over the summons to those present at Meiyappan's residence. The police team was, in fact, made to wait outside Meiyappan's residence for quite a few minutes. Gurunath Meiyappan has been asked to appear before the Mumbai Police on Friday for questioning in...
03:57 PM, May 23, 2013
New Delhi: The first meeting of the Group of Ministers (GoM) to ensure greater independence for the Central Bureau of Investigation (CBI) will take place on Thursday in the Finance Minister's office. The government had set up the GoM after the Supreme Court had pulled it over the lack of functional autonomy to the CBI. The Supreme Court in its order has asked the government to bring a law which...
02:20 PM, May 23, 2013
New Delhi: The big betting controversy of the Indian Premier League has reached the Chennai Super Kings with arrested actor Vindoo Dara Singh revealing links with senior people in the franchise. In fact, Vindoo Dara Singh has also been spotted watching IPL matches with CSK captain MS Dhoni's wife Sakshi. Sakshi has taken to Twitter to react to the ongoing betting controversy. In an apparent dig on the recent reports,...
01:35 PM, May 23, 2013
New Delhi: Sports Minister Jitendra Singh on Thursday said he has been forced to hang his head in shame due to the IPL spot-fixing scandal, which is becoming bigger and murkier with each passing day, insisting that a deterrent law could have prevented the credibility crisis that cricket is facing right now. "It is very shameful. As a young person, as a sports fan, as the Sports Minister of the...
12:45 PM, May 23, 2013
Chennai: A Mumbai Police team is in Chennai to question Gurunath Meiyappan, the son-in-law of BCCI chief and Chennai Super Kings owner N Srinivasan, according to sources. This comes after arrested Bollywood actor Vindoo Dara Singh said he placed bets on behalf of Meiyappan in the Indian Premier League. Sources have also told CNN-IBN that apart from Meiyappan, other functionaries in the Chennai Super Kings may also be quizzed. Sources...
12:23 PM, May 23, 2013
New Delhi: A Public Interest Litigation has been filed in the Supreme Court challenging the appointment of the new Comptroller and Auditor General. Defence Secretary Shashi Kant Sharma is set to take charge as the new CAG and his appointment is already being questioned by the Opposition, which calls it a case of conflict of interest. Sharma handled several defence acquisitions and the government has given no reason for appointing...
12:11 PM, May 23, 2013
London: Champions League finalists Borussia Dortmund and Bayern Munich are bitter rivals, yet in tactical terms they offer variations on the same theme. Both press their opponents high up the pitch, can move the ball from defence to attack with bewildering speed and play with a 4-2-3-1 formation featuring wide players on each flank and a lone striker. Dortmund, however, are more lightweight and lean towards a more counter-attacking style....
11:40 AM, May 23, 2013
Kolkata: It has been a month since Sharada chit fund scam accused Sudipta Sen was arrested. The scam has driven at least eight people to suicide, lakhs of investors lost their life savings and hundreds of agents have fled their homes. An SIT to probe the case was announced and a Rs 500-crore package was announced. But one month on, questions are being raised about the pace of investigation and...
11:29 AM, May 23, 2013
Kolkata: The threat of rain is looming over the IPL 6 final and the second qualifier to be held here, according to the Met department. It's been raining heavily in the city for the last few days as Rajasthan Royals, who eliminated Sunrisers Hyderabad on Wednesday night at New Delhi's Feroz Shah Kotla, prepare themselves to play Mumbai Indians in the second qualifier at the historic Eden Gardens on Friday...
11:28 AM, May 23, 2013
New Delhi: Actor Anupam Kher has tweeted a photo from the sets of director Satish Kaushik's 'Gang of Ghosts'. The film also has Sharman Joshi and Parambrata Chatterjee. 'Gang of Ghosts' is the Hindi remake of superhit Bengali film 'Bhooter Bhabishyat'. ...
11:22 AM, May 23, 2013
New Delhi: 9.33 pm: BCCI CAO Ratnakar Shetty said, "We had sought an appointment with Himanshu Roy (Mumbai Joint CP, Crime) to hand over a letter from the BCCI as the Supreme Court has said that the BCCI must complete its enquiry within 15 days. We have requested the Mumbai Police to help in our enquiry. At the same time, we also promised to help in their investigations." 8.58 pm:...
10:57 AM, May 23, 2013
Hyderabad: The Telugu film industry wants to highlight its contribution to Indian cinema and will kickstart the centenary celebrations here soon amongst the presence of the entire fraternity. "We have never highlighted how much has Telugu industry contributed to Indian cinema. We want to showcase the achievements of some of our luminaries who have made us proud over the years. The celebrations will start soon and we have also requested...
10:55 AM, May 23, 2013
