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
London: Steel giant Tata Steel has reportedly warned the British government that it plans to shut down two research and development facilities in the country and shift them overseas including to India, resulting in 300-400 job cuts in the UK. In a move that will be seen as a major blow to Britain's already struggling industrial base, the company plans to close its technology centres on Teesside, in the north-east...
12:36 PM, Apr 29, 2013
Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a $ 100 billion global conglomerate with high-profile acquisitions abroad, will retire on Friday ending 50-year run in one of India's oldest business empires. ...
06:55 AM, Dec 28, 2012
Ratan Tata, who led the transformation of the Tata group from a conventional corporate house into a USD 100 billion global conglomerate with high-profile acquisitions abroad, will retire tomorrow ending a 50-year run in one of India's oldest business empires. Marking a generational change, Tata, who turns 75 tomorrow, will hand over the reins of the group to 44-year-old Cyrus Mistry, who was chosen his successor last year and formally...
12:24 PM, Dec 27, 2012
For a scientist who is passionate about history, Mark Denys appreciates the importance of the West Bokaro coalfields in the Indian clean coal technology space. It was in these coalfields in Jharkhand that Tata Steel set up the country's first coal washery in 1951. The washery reduced the coal's ash content from as much as 35 per cent to 18 per cent, improving the fuel's efficiency and extending the life...
04:29 PM, Jul 28, 2012
Every year, 17 million people use the Channel Tunnel, the undersea rail network that connects the United Kingdom with north of France. Considered as one of the Seven Wonders of the modern world, 37.9 km of the 50.5 km-long tunnel passes under the sea. To make sure that each and every part of this sophisticated transport network is as safe as possible, authorities recently opted for a new kind of...
11:15 AM, Feb 28, 2012
Anand outmaneuvered the Russian in the 12th round to rise to No 3 in group 'A'. ...
12:57 PM, Jan 31, 2010
After a lucky win in the previous round, Anand was back to splitting points as he played out a quick draw. ...
11:03 AM, Jan 31, 2010
World champion Viswanathan Anand ended his long chain of draws with a lucky victory over Spaniard Alexei Shirov. ...
02:19 PM, Jan 28, 2010
The job losses are 600 fewer than previously feared. ...
09:42 PM, Dec 04, 2009
The job cuts has been accelerated by the crisis in the global steel industry. ...
09:31 PM, Jan 25, 2009
Tata Corus has a strong presence but is hit by recession too. ...
01:49 PM, Nov 07, 2008
Corus Distribution employs 2,400 workers at 36 sites in Britain, Ireland. ...
10:06 AM, Nov 07, 2008
The economic crisis sweeping Europe was bound to affect all players. ...
06:42 PM, Oct 17, 2008
Mumbai: In the eye of storm for returning home after being excluded from playing XI against Orissa, veteran pacer Ajit Agarkar has made himself unavailable for Mumbai's next encounter against Saurashtra at Rajkot starting from December 6. India's pace spearhead Zaheer Khan will play his second first-class game after recovering from his ankle surgery. As far as Agarkar is concerned, the player himself had said that he is unavailable, a...
11:37 PM, Mar 26, 2008
New Delhi: The International Cricket Council (ICC) on Monday barred the electronic media from covering the remaining matches of the cricket World Cup. The game's governing body has taken this strong action against the electronic media for not adhering to the code of conduct and the media guidelines, which they had signed for accreditation. An ICC spokesman said that non-rights holders will no longer be allowed to cover the practice...
07:20 PM, Jan 09, 2008
Tata Group expects to more than double its turnover to USD 50 billion this fiscal. ...
09:54 PM, Jul 15, 2007
Here is a look at what else is likely to make news through the day today. ...
09:20 AM, Apr 11, 2007
Tata Steel will hold a Board meeting to consider raising long-term funds for its $12 billion takeover of Anglo-Dutch firm Corus. ...
10:44 PM, Apr 10, 2007
Tata Steel Ltd on Monday completed its $12 billion acquisition of Corus Group at a price of 608 pence per ordinary share in cash. ...
09:11 PM, Apr 02, 2007
