Tata Steel Gets Regulatory Approval For UK Pension Deal

Tata Steel Ltd has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday, paving the way for a possible merger between its British and European steel businesses and those of Germany’s Thyssenkrupp.The pensions deal “represents the best possible structural outcome for the members of the British Steel Pension Scheme and for the Tata Steel UK business.

Read More

Bharat Petroleum June Quarter Profit Down 72% On Inventory Losses

State-run oil marketing company (OMC) Bharat Petroleum Corporation Ltd (BPCL) on Friday reported a massive 72 per cent fall in net profit for first quarter of the fiscal ended June at Rs. 745 crore caused by inventory loss and a drop in refining margins.The firm had posted a profit after tax (PAT) of Rs. 2,621 crore in the corresponding quarter a year ago, BPCL said in a stock exchange filing.

Read More

Sun Pharma Reports Rs. 425 Crore Loss In Q1 As Generics Business Suffers

Sun Pharmaceutical Industries, India’s largest drugmaker posted a surprise quarterly loss on Friday due to one-off legal costs and pressure over prices in its largest market, the United States, casting a shadow over its growth prospects.Sun is the latest maker of generic drugs to report poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the United States.

Read More

Services Sector Growth Moderated To 7.7 per cent In FY17: Economic Survey

The growth of India’s services sector, which was highly resilient even during the global financial crisis, has moderated to 7.7 per cent in 2016-17, according to the Economic Survey.The sector, which grew by 9.7 per cent in the previous year, however remains the key driver of India’s economic growth, contributing almost 62 per cent of its gross value added growth in 2016-17.

Read More

Commerce Minister holds ‘candid’ talks with Chinese counterpart

Commerce Minister Nirmala Sitharaman has held “candid” talks with her Chinese counterpart Zhong Shan over the ballooning trade deficit in favour of China which has crossed over $52 billion and sought a level playing field for Indian IT and agro products.
India’s trade deficit with China in 2015-16 swelled to $52.68 billion, which Indian officials say has become unsustainable.

Read More