Tata Steel reported consolidated net loss of Rs 2127 crore in Q3 December 2015 compared with net profit of Rs 157 crore in Q3 December 2014. Turnover fell 16.63% to Rs 28039 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) excluding one-offs and profit on sale of investments declined 69.96% to Rs 838 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
T V Narendran, Managing Director of Tata Steel India and South East Asia said that steel markets in India have been affected by depressed international steel prices and predatory imports. The quarter saw a sharp decline in steel prices which has impacted the margins, Narendran said.
Koushik Chatterjee, Group Executive Director (Finance and Corporate) said that the current business conditions for the global steel industry are extremely challenging with confluence of elevated imports across regions, currency headwinds and depressed market sentiments affecting Tata Steel Group's profitability. The Tata Steel Group has embarked on significant cost rationalisation program including fixed cost reduction, right sizing of manpower, productivity management and enriching the product mix across all geographies, Chatterjee said. These programs are expected to enhance the sustainable profitability profile of the company, he added. The company has also undertaken significant portfolio restructuring and will continue to pursue the same in the future, Chatterjee said.
Mahindra & Mahindra yesterday, 4 February 2016, announced the launch of its new heavy commercial truck series under the BLAZO brand at the Auto Expo at Greater NOIDA. The BLAZO series of heavy commercial vehicles include multi-axle trucks, tippers and tractor trailers in the range of 25 to 49 ton GVW for the domestic market.
Lupin, Bosch and Tata Power Company among others will declare their Q3 December 2015 results today, 5 February 2016.
Shares of Reliance Infrastructure (RInfra) and Birla Corporation will be in focus. RInfra yesterday, 4 February 2016 announced the signing of Share Purchase Agreement with Birla Corporation in relation to 100% sale of its subsidiary Reliance Cement Company (RCCPL). RCCPL has an integrated cement capacity of 5.08 Mtpa at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra. Under this transaction Birla Corporation will acquire the 100% shareholding of RInfra in RCCPL. The transaction is subject to approval of the Competition Commission of India and other applicable regulatory approvals. The announcement was made after market hours yesterday, 4 February 2016.
Mahindra & Mahindra Financial Services said that Mahindra Asset Management Company, a wholly-owned subsidiary of the company has on 4 February 2016 received the approval from the Securities and Exchange Board of India to act as the Asset Management Company to the Mahindra Mutual Fund, set up by the company. The announcement was made before market hours today, 5 February 2016.
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Torrent Pharmaceuticals' consolidated net profit jumped 189.22% to Rs 483 crore on 28.95% rise in total income to Rs 1590 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
Visaka Industries' net profit jumped 312.53% to Rs 1.11 crore on 0.57% rise in net total income from operations to Rs 215.37 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
JK Lakshmi Cement reported net loss of Rs 3.67 crore in Q3 December 2015 compared with net profit of Rs 18.48 crore in Q3 December 2014. Total income rose 18.01% to Rs 663.99 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
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