Tata Steel’s Q4 loss at Rs 3,214 cr

Tata Steel has reported a consolidated loss of Rs 3,214 crore in the March 2016 quarter against a loss of Rs 5,674 crore in the year-ago period, owing to lower net sales and exceptional items impairment charges taken on restructuring of Europe operations and employee separation compensation in India.

Tata

The company, India’s largest steel producer, however, did not make any announcement on the sale of its UK assets.

Its consolidated net sales for the March 2016 quarter declined 12.5 percent on a year-on-year (y-o-y) basis to Rs 29,164 crore in the March quarter as deliveries slipped owing to the closure of some units at Tata Steel UK operations.

According to Bloomberg estimates, the company’s bottom line was expected to report a loss of Rs 979 crore, while the top line was expected to be at Rs 30,337 crore.

The firm’s revenue and net profit numbers were lower than Bloomberg estimates, but its earnings before interest, taxes, depreciation and amortisation (Ebitda) at Rs 2,270 crore was higher than the estimated Rs 1,367 crore. Its Ebitda in the March 2015 quarter was Rs 1,580 crore.

While the pressure on product prices continued during the quarter both in India and Europe, our operations were more resilient across most geographies,” said Koushik Chatterjee, group executive director (finance and corporate), at Tata Steel.

The total impairment charge taken by the company in the quarter under review stood at Rs 2,858 crore. In the March 2015 quarter, it had taken an impairment charge of Rs 4,476 crore.

For 2015-16, Tata Steel’s loss increased to Rs 1,674 crore from Rs 1,388 crore in the previous year. Deliveries of the commodity stood at 6.94 million tonnes (mt), down 1.7 per cent from 7.06 mt a year ago.

The company’s Ebitda per tonne in the period under review stood at Rs 3,200 against Rs 2,700 in the corresponding period a year ago.

As on March 31, the company’s consolidated net debt stood at Rs 74,000 crore.

There is no significant repayment for both domestic and Europe operations and, hence, we do not see need for further refinancing as of now,” said Chatterjee.

The company plans to spend under Rs 10,000 crore in capital expenditure for the current financial year, most of which would be towards sustenance capital of India, southeast Asia as well as European operations. In the year ended March 2016, the company’s capex stood at Rs 11,486 crore with about Rs 3,600 crore spent on the Kalinganagar unit. Tata Steel said it would grow its domestic volumes by five or six per cent in FY17.

On the status of its UK asset sale, Chatterjee said the process is on as some bidders have sought clarification. “No bidder has been short-listed yet and evaluations are on,” he added.

Google’s Paris HQ raided in tax probe

GoogleFrench money authorities have raided the Paris workplaces of US web giant Google as a component of a tax fraud examination.

Reports say in regards to 100 expense authorities entered Google’s workplaces in focal Paris at a young hour in the morning.

Police sources affirmed the strike. Google said: “We comply with French law and are co-operating fully with the authorities to answer their questions.

Google is blamed for owing €1.6bn ($1.8bn; £1.3bn) in unpaid taxes.

UK deal struck

The duty courses of action of global organizations have gone under close investigation as of late.

A few have been blamed for utilizing lawful strategies to minimize their expense bills.

For Google’s situation, its duty structure permits it to pay charge in the Republic of Ireland, notwithstanding when deals seem to identify with the UK.

In January, it hit an arrangement with UK charge powers to pay an additional £130m in duty for the period from 2005, yet that arrangement was intensely scrutinized.

The UK Public Accounts Committee (PAC) said the £130m settlement “appears to be excessively little“, contrasted and the measure of its UK business.

‘Nation by  Nation’

Europe’s opposition powers have been analyzing whether some arrangements hit by huge organizations with national expense powers add up to illicit state help.

In April, the EU revealed arrangements to drive extensive organizations to unveil more about their expense issues.

They will need to announce openly the amount of assessment they pay in every EU nation and also any exercises completed in particular expense sanctuaries.

The principles on “nation by-nation reporting” would influence multinational firms with more than €750m in sales.

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You can get a private jet with a wraparound sunroof for just $53 million

For those poking around the private jet market but not seeing anything that truly embodies conspicuous luxury, aircraft manufacturer Embraer has the answer: a plane with a wraparound sunroof.

The sunroof wraps around the sides and top of the aircraft, offering amazing views to the surrounding skies. The windows are the size of a typical door on a commercial plane.

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Embraer has given the Lineage 1000 aircraft with this feature the “Kyoto Airship,” and the price starts at $53 million.

Jay Beever, Embraer’s vice president of interior design, told Wired that a potential customer of the Kyoto Airship would be a Japanese businessman who prefers to sit on the floor, bathed in sunlight.

Although installing the super-sized windows is a fairly easy procedure — just punch some holes in the plane’s fuselage and then stick some windows in there — the placement can work against the plane’s structural integrity. Beever said this problem is alleviated by the windows’ placement in front of the wings.

However, the large windows will add weight to the plane and hurt fuel economy. But then, if you’re buying a $53 million private jet, is fuel economy your biggest concern? Probably not.

Embraer is experimenting with electrochromic glass to allow tinting and shading of the windows, which could make it possible to completely block out light (for nap time).

If a wraparound sunroof isn’t motivation enough to consider Kyoto Airship, the plane’s 800-square-foot living space comes with a queen-sized bed and two-person shower.

We’ve proven to ourselves that we can make this,” Beever told Wired. “And when a Lineage customer is ready to order this airplane, we will make it.”

While commercial fliers can seethe and cite world poverty statistics, it’s impossible to deny that it would be pretty cool to fly through the through the skies with a near-panoramic view of the world outside.

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Private Jets owned by Indian Billionaires

The most influential people of our country are fond of bounteous belongings which can be observed from the luxurious assets they have their hands on. These gentlemen own extravagant private jets as a crown-jewel.

Lakshmi Mittal- ArcelorMittal

Lakshmi Mittal

Captain of Steel Industry, Lakshmi Mittal, travels to three countries in a day in his Gulfstream G550 which is considered as Rolls-Royce of private jets. The airship caters eight passengers at a time whilst can reach to the speed of 675 miles per hour. Additionally, it is equipped with military-style “heads-up” display technology that allows pilots to take their eyes off the control panel.

Atul Punj- Punj Lloyd

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Atul Punj, a global business tycoon and Chairman of Punj Lloyd Group has a private jet that can accommodate two beds, shower facility and an ostentatious living room, a Gulfstream IV. The craft has an aerodynamically and structurally improved wing with 30 per cent fewer parts, for a $ 2 billion worthy entrepreneur.

Vijay Mallya- Kingfisher Airlines

Vijay Mallya.jpgAlcohol King, Vijay Mallya , owner of Kingfisher Airlines has reserved incomparable A319 ACJ for himself for which he gave away whopping $40 million just for retro-fitting and fireproofing upholstery. The sumptuous plane is designed to welcome 24 people on board and fly to US or UK with a single refueling halt. Apart from A319 ACJ, Mallya also acquires a GulfStream, a Hawker and a Boeing 727, a model which is also used by French and Brazilian state heads.

Gautam Singhania-  Raymond Group

 Gautam Singhania.jpgGautam Singhania, chairman of Raymond Group, is renowned for his passion towards fast cars, lavish yachts, nightclubs and jets. He possesses a Challenger business jet and a helicopter which is designed by International aircraft interior designer Eric Roth, who has given exquisite interiors to Singhania’s private jet. An advanced Collins ProLine IV EFIS avionics system with colour displays, and enhanced fuel tankage are intrinsic to Challenger’s aspects.

KP Singh- DLF Group

 KP Singh.jpgThe VIP of Real estate industry, KP Singh of DLF Group acquires a Gulfstream IV of utmost characteristics as it implicates Rolls-Royce Tay turbofans which take care of less fuel consumption and noise pollution.

Navy phases out Sea Harrier aircraft, inducts MiG 29k/Kub into INAS 300

Fighter JetPANAJI: The Indian Navy bid adieu to the illustrious British-built Sea Harrier as it inducted the MiG 29k/Kub aircraft into the INAS 300 naval aviation squadron.
Chief of naval staff Admiral RK Dhowan oversaw the change of guard when the commander Shikhu Raj, a Sea Harrier pilot, handed over the baton signifying the command of the squadron to Captain KHV Singh.
Captain KHV Singh is a MiG 29k/Kub pilot and has over 800 hours of flying experience. “These sea harrier aircraft and their pilots did a sterling service to the nation. The sea harrier aircraft has not only done yeomen service to the Navy and the Nation, it has also made a mark for itself across the world,” Dhowan said.
The ceremony had a large number of serving and retired Sea Harrier pilots in attendance and included an air display by Sea Harriers and MiG 29Ks, including an 8G turn. May 11 marked the last flight of the Sea Harriers in the Indian Navy, Dhowan said.
The fighters were de-inducted from the Royal Navy in the year 2006 but continued in service with the Indian Navy even as the next generation MiG 29K/Kub fighters were purchased and integrated into service in India. The fighters operated for the last time from INS Viraat on March 6, 2016.

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Another feather in their cap: BCCI recommend Kohli for Khel Ratna, Rahane for Arjuna Award

India’s Test captain Virat Kohli may soon have another prestigious feather in his already illustrious cap.

The Board of Control for Cricket in India (BCCI) has recommended Kohli for the Rajiv Gandhi Khel Ratna, the country’s highest sporting honour. Ajinkya Rahane has also been been recommended for the prestigious Arjuna Award.

BCCI sources confirmed the development. It is after a gap of four years that a cricketer has been recommended for the Khel Ratna.

 

We have received the recommendations from the BCCI. Their names will be sent to the awards selection committee,” a sports ministry official was quoted as saying by The Times of India. 

If Kohli is selected for the honour, it will make him only the third cricketer after Sachin Tendulkar (1997-98) and MS Dhoni (2007-08) to claim the the award. If selected, Rahane will join teammates Rohit Sharma and Ravichandran Ashwin, who have been previous recipients of the awards.

According to sources Kohli will be up against Incheon Asian Games gold medallist shooter Jitu Rai, golfer Anirban Lahiri, athlete Tintu Luka and squash player Deepika Pallikal for the Khel Ratna.

The Khel Ratna carries a cash reward of Rs 7.5 lakh along with a citation, while the Arjuna award consists of a cash prize of Rs 5 lakh and a citation.

The last one year has been incredible for Kohli, who was given the Test captaincy in early 2015 after the retirement of Dhoni. He went on to lead India to a series win in Sri Lanka, and followed that up with a 3-0 win against South Africa at home, becoming the number one ranked Test nation in the process. Rahane has also improved immensely and is today one of India’s most consistent batsmen, especially in the longer format.

Kohli is enjoying a fine run of form in the ongoing Indian Premier League. He was also at the top of his game in the preceding ICC World T20, singlehandedly guiding India to wins over Australia, Pakistan and Bangladesh. For his exploits, Kohli was named the World T20 Player of the Tournament and skipper of the World T20 team. Rahane equalled the record of holding the highest number of catches in a Test innings during India’s series win against Sri Lanka last year under Kohli’s leadership.

Apple CEO Tim Cook says betting big on India

NEW YORK: Apple sees a “huge market potential” for its products in India and the technology giant is “really putting energy” in the country which will begin rolling out high-speed wireless networks this year, CEO Tim Cook said.
This is another huge one. India will be the most populous country in the world in 2022. India today has about 50% of their poptim_cook_ceo Appleulation at 25 years of age or younger. It’s a very young country. People really want smartphones there,” Cook said in a CNBC interview.
He said in emerging markets like India, LTE (wireless) penetration is currently “zero” but as LTE begins to roll out this year in the country, the dynamics will change.
And so that’s changing. Huge market potential,” he said in response to a question about the Indian market for Apple.
Cook said the company has got “great innovation” in the pipeline and new iPhones that will attract people in markets like India.
Cook said in countries like India, Apple penetration has been less since there is no LTE networks.
What I see is that countries like India, no LTE, so 0% penetration. They are selling smartphones, and we sell iPhone there. But arguably you can’t get the full value from it,” he said adding that retailers in markets like India are not “huge national kind of retailers.”
And the carriers don’t sell phones in India. So there’s a lot of work to do,” he said.
While sales for Apple in China, its second-largest market after the United States, fell 11% in the latest quarter, in India iPhone sales were up 56% from a year ago.
Noting the growth registered by Apple in India, Cook said “this is pretty big.”
He said Apple is “now…really putting energy in India” as well as in other markets across the world “where I think that people sitting here in this country look at it through just a lens of what’s happening in the United States. And but there are a lot of people in the world who don’t have the pleasure of owning an iPhone yet.