Aug 12: The day in pictures
Aug 12: The day in pictures
Labourers work inside a steel factory in Siliguri
Tata Steel on Friday said first-quarter net profit more than tripled, beating estimates, helped by stronger volumes at its Indian operations, better prices in Europe and a one-time gain from a stake sale.
Excluding a one-time gain of Rs 2,880 crore from the company's sale of its stake in Australian coal miner Riversdale to Rio Tinto, Tata Steel reported a profit of Rs 2,470 crore.
Shares in Tata Steel, valued at about $10 billion, have fallen nearly 29% so far in 2011, compared with a nearly 17% fall in the BSE Sensex.
Stranded passengers stand outside the Air India counter at the domestic airport in New Delhi
A financial restructuring plan of ailing state carrier Air India will take about three months to complete, civil aviation minister Vayalar Ravi said on Friday.
"The entire exercise of finalising the financial restructuring plan and restructuring of loans would take about three months," Ravi told parliament in a written reply.
Air India is in talks with banks to restructure $4 billion of working capital debt and is in the midst of implementing a turnaround plan with a hub-and-spoke route model focus, cut costs by redeploying staff and unload non-core real estate.
Berkshire Hathaway chairman and CEO Warren
Buffett attends the second day of the Allen and Company Sun Valley Conference in Sun Valley, Idaho
Warren Buffett has been buying amid this week's sharp declines in the market, and has not yet seen anything that suggests another downturn is emerging, the legendary investor told Fortune magazine.
In an interview published on Thursday, Buffett also told the magazine he understood why Standard & Poor's lowered its outlook on the credit rating of his conglomerate Berkshire Hathaway, but said he disagreed with the underlying premise - the downgrade of the United States' credit rating.
The 80-year-old "Oracle of Omaha" is known for his love of a good deal, which is why his company made an unsolicited offer below book value for reinsurance company Transatlantic Holdings last weekend, and why Berkshire sold $2 billion of senior unsecured notes this week at historically low rates.
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