Economy

Tata Steel comes out of red, Q1 profit at Rs 921 crore

Tata Steel comes out of red, Q1 profit at Rs 921 crore

Tata Steel has swung into profits in the first quarter of the current fiscal.

However, consolidated total expenses shot up to Rs 28,844 crore over Rs 25,003.7 crore in the year-ago period.

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Enjoy this little silent home movie of Nakajima putting the suit on one last time for a promotional photoshoot in the early '80s. In 2010, he published an autobiography, entitled Monster Life: Haruo Nakajima , the Original Godzilla Actor .

Exceptional items were Rs 617 crore, mainly relating to provision for mining related litigation.

"Factoring in Q1FY18 performance, we revise up FY18 and 19 EBITDA estimates by 9 per cent and 4 per cent, respectively". "The liquidity position of the group remains very robust with Rs 16,109 crore in cash and cash equivalents alone". "From a sequential per spective, there was inventory destocking across the channel in the run-up to the GST implementation which led to a drop in volumes.While realisations were under pressure during the qu arter, we are seeing a recovery in prices on the back of stronger domestic demand and better global prices", Narendran said.

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"Tata Steel Group witnessed an increase in revenues of 19 per cent compared to previous year, due to increased capacity in India and ongoing restructuring in Europe", Koushik Chatterjee, Group Executive Director, Finance and Corporate, was quoted as saying in a statement.

During the quarter, the company sold its stake in Tata Motors for a gross consideration of around Rs 3,778 crore. "The restructuring of the Tata Steel Europe is now complete with the sale of 42-inch and 84-inch pipe mills in Hartlepool, UK, to Liberty House Group", Chatterjee said.

UN, Obama Urge Peaceful Polls In Kenya
There is considerable fears of violence, given the country's past as well as two violent incidents leading up to election day. On Sunday during a Church visit in Nairobi the president urged Kenyan's to accept the election result whichever way it goes.


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