Wed, May 24, 2017 | updated 07:24 PM IST

Tata Steel Q1 loss widens 10-fold to Rs. 3,183 crore, EBITDA up 21 pct

Updated: Sep 13, 2016 13:10 IST      
Tata Steel Q1 loss widens 10-fold to Rs. 3,183 crore, EBITDA up 21 pct

New Delhi [India], Sep 13 (ANI): Tata Steel started off the financial year 2016-17 on a weak note with the consolidated quarterly loss widening 10-fold to Rs. 3,183 crore compared with Rs. 317 crore in same period last fiscal, dented by discontinued operations (include sale of Scunthorpe assets to Greybull Capital).

In a company statement, it said, "Loss from discontinued operations of Rs. 3,296 crore recognized on account of divestment of Long Steel UK Limited. The sale was completed during the quarter."

The revenue has also missed the analysts expectations, falling 5.8 percent to Rs. 26,406 crore in the quarter ended June 2016 against Rs. 28,025 crore in year-ago period. Profit was expected at Rs. 292 crore on revenue of Rs. 29,110 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

On strategic developments in Europe business, the firm said that Tata Steel UK is currently progressing with the divestment of the specialty steel business and the pipe mills in Hartlepool.

It further continues to be in discussion with industry players to explore options for a strategic collaboration through a potential joint venture.

Tata Steel said net debt stood at Rs. 75,259 crore at the end of June quarter, higher by Rs. 4,171 crore over Q4FY16 while there was strong liquidity position with cash and cash equivalents including drawn and undrawn bank lines of Rs. 12,746 crore. (ANI)

Union Cabinet scraps FIPB

Updated: May 24, 2017 19:07 IST     

New Delhi [India], May 24(ANI): The Union Cabinet on Monday abolished the 25 year old Foreign Investment Promotion Board (FIPB) that oversees Foreign Direct Investment proposals requiring the government's approval.

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Updated: May 24, 2017 18:40 IST     

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New Delhi [India], May 24 (ANI): Income Tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017.

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BI Worldwide India wins big at the 31st MAA worldwide globes

Updated: May 24, 2017 16:56 IST     

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Updated: May 23, 2017 18:05 IST     

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Updated: May 23, 2017 15:47 IST     

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Entertainment Services under GST to have lower tax incidence

Updated: May 23, 2017 15:29 IST     

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Tax incidence on entertainment services under GST lowered

Updated: May 23, 2017 12:57 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements were subsidised under the Goods and Services Tax (GST), except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

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Acko General Insurance raises USD 30 million

Updated: May 23, 2017 12:00 IST     

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