Share of Tata Steel plunged on the bourses on Thursday after the company reported disappointing results for the March quarter. The stock fell almost 5 percent on the Bombay Stock Exchange (BSE) and closed at ₹344.40.The country’s biggest steel maker reported net loss of ₹5,674 crore for the quarter ended March 2015 as against net profit of ₹1,036 crore for the quarter ended March 2014. The total income dropped 20.6 percent to ₹33,666 crore from ₹42,428 crore for the quarter ended March 2014. The company said that a steep fall in steel prices in the past few months due to a surge in cheap imports, particularly from China, Japan and Korea, led to a fall in revenues.An analyst said the trend of falling prices will persist in the near future, making things more difficult for Tata Steel.”We see further challenges ahead, as the company is yet to use 1.5 mt high cost iron ore and domestic prices fell further by ₹1000- 1500/ tonne. We have further reduced our estimates on standalone business factoring in drop in steel prices and higher iron ore costs,” Brokerage firm Emkay told Firstpost.The company’s earned a profit of ₹814 crore in March quarter from Indian market, down 59 percent from ₹1978.6 crore on year-on-year basis.”Our performance this year in India was impacted by surging imports, declining commodity prices, muted demand and regulatory uncertainties in our captive mining operations,” said Koushik Chatterjee, group executive director, Tata Steel.The results have forced many analysts to downgrade their outlook for the stock.Credit Suisse maintains a ‘underperfom’ rating for the stock with a target price of ₹210 per share, and notes that a “precipitous drop in Indian profitability is alarming”.Deutsche Bank has kept its ‘buy’ rating unchanged, but cut the target price to ₹400 per share.The bank expects improvement in profitability and volume trajectory in India operations in the second half of 2015-16, moneycontrol.com reported.
The Bombay Stock Exchange (BSE) logo is seen at the BSE building in Mumbai, India, January 25, 2017.ReutersHDFC Standard Life Insurance Company, a joint venture between mortgage lender HDFC and Standard Life Plc, UK, is firming up plans to list its shares on the stock exchanges after putting on hold acquisition of rival Max Life Insurance. The decision to go ahead with the listing plan was taken at HDFC Life’s board meeting on Monday, PTI reported, citing a regulatory filing to the Bombay Stock Exchange (BSE) by HDFC.Also read: SBI Life seeks capital markets regulator’s nod for IPO, says report”The IPO is subject to relevant regulatory and other necessary approvals, as applicable/ required, including that of the Insurance Regulatory and Development Authority of India (IRDA),” HDFC said.HDFC holds 61.3 percent in the venture while Standard Life has 35 percent stake. Max Life Insurance is a joint venture between listed entity Max Financial Services and Japan’s Mitsui Sumitomo Insurance Co. Ltd.Almost a year ago, in August 2016, the HDFC board had given its go-ahead for the merger of Max Life and Max Financial Services with HDFC Standard Life. But the plan hit a roadblock after regulator IRDA denied approval for the merger, citing the “complex nature” of merging insurance business with a financial company, prompting both parties to “evaluate various options,” PTI said.The original merger plan envisaged amalgamation of Max Life with Max Financial Services after which the insurance business was supposed to be hived off as a separate entity and transferred to HDFC Standard Life Insurance Company, according to the PTI report.HDFC shares were trading almost flat at Rs 1,661 apiece while Max Financial Services was down 2.5 percent to Rs 584 at around 11.03 am on the BSE.Max India Limited is part of the $2-billion Max Group that comprises Max Healthcare, Max Bupa Health Insurance and Max Financial Services Limited, according to its portal.
A lot can happen in a week. Some of it good. Some of it bad. Some of it downright ugly. When faced with intriguing developments in the week’s news, we turn to our rotating panel of “non-experts” to parse The Good, The Bad and The Ugly of it all.This week, our panel weighs in on the possibility of Rick Perry becoming the next Secretary of Homeland Security, Lt. Governor Dan Patrick saying he wants better communication with the Texas House, and rumors that Houston’s own pop icon Beyoncé is interested in investing in the Houston Rockets. Our panel of non-experts this week includes:Freelance writer Kyrie O’ ConnorWayne Ashley, academic advisor, digital media strategist and editor of TexasLeftist.com Happy Houston Public Media retiree Paul Pendergraft Share
ASCAP President Paul Williams said: “I am gratified by the hard work that the ASCAP team does every day to make it possible for members of ASCAP to make their living as music creators. 2017 was a year of progress on so many fronts at ASCAP, including important deals that keep money flowing back to creators, technological investments that will keep us ahead of changes in the industry and momentum behind our efforts to reform our outdated music licensing system.” Popular on Variety ASCAP, The American Society of Composers, Authors and Publishers, today announced record-high revenues and distributions in 2017. The organization collected approximately $1.144 billion in revenues last year and distributed — for the first time — more than $1.007 billion to its 660,000 songwriter, composer and music publisher members. Total ASCAP revenues increased by 8 percent and distributions were up 10 percent year-over-year, according to the announcement.Revenues from ASCAP’s licensing efforts in the US alone grew nearly 11 percent in 2017 to $846 million, up $86.9 million over 2016.Domestic distributions from ASCAP-licensed and administered performances in the US also increased, to $723 million, up 15 percent over 2016.ASCAP Chief Executive Officer Elizabeth Matthews (pictured above) commented: “ASCAP is privileged to represent the creators of the world’s best-loved music. ASCAP is securing a strong future for our members by successfully closing key licensing deals and launching innovative digital tools that will enhance the lives of our members and make it easier for licensees to do business with us. Our healthy 2017 financial results are proof positive that we are succeeding in our strategic transformation and our mission to support music creators and music publishers for a sustainable future in the digital economy.” ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15
As June wraps up, here is something for the Delhi art lovers. Panorama-3, curated by Priyanka Banerjee, brings to you a group exhibition that identifies strong new talent and bringing great art to a wide audience. The platform provides artists from around the city to exhibit and showcase their work.Banerjee, an energetic art curator, recognises the efforts of emerging artists by promoting their creative talent. She identifies talented young artists and provides them a platform to showcase their creativity. To continue with the spirit of art-appreciation, she is all set to present her next exhibition that features more than thirty artists – the best and brightest in the city. Also Read – ‘Playing Jojo was emotionally exhausting’With a renewed impetus to excellence, this exhibition aims at sustaining the artistic aspirations of the city by offering a holistic cultural experience. Banerjee believes that just the way a panorama represents an entire worldview of a place, this exhibition is a world view of the thoughts of its many diverse yet like-minded artists. These artworks emote through vivid strokes – some are muted and some vibrant; together they create a surreal experience for art aficionados. Interestingly, it is the theme of spirituality that sets this event apart from others. Also Read – Leslie doing new comedy special with NetflixMridul Chakraborty, Uma Bardhan, Kashi Nath Bose, Ganesh Panda, Hamlet Shougrakpam, Nilay Sircar, Rajeev Semwal, Meghna Agarwal, Sahil Jain, Saru Sharma, Rohini Jain, Jaya Sharma, Harpal Singh, Lalit Mohan, Shalini Varshney, Amit Kumar, Abid Zaidi, Sadaf Khan, Seema Kashyap, Shalini Goyal, Roshi Goyal, Aakanksha Bagga, Tarini Ahuja, Tatini Sengupta, Viniitii Vasundhara Aggarwal, Alpana Kataria, Jasmeet Khurana, Shipra Gupta, Darshan Sharma, Ekta Gandhi, Mahender Rai are some of the participants among others. Chakraborty has tried to depict speed in the lives of human beings. Jain’s paintings portray pigeons both symbolically and in abstract forms. Bardhan is fascinated by figurative paintings and observes his subjects for weeks, months and even years before bringing them alive on canvas. Meghna Agarwal uses a variety of mediums to express ideas like power and permanence through her works. Saru Sharma talks about the human desire to attain joy through her works and attempts to highlight the relation between our daily actions and attainment of pleasure through them.While each artist brings the best to the canvas, the real reason we want you to attend this exhibition is that it is one of its kind event that is funded by the artists entirely on their own. All this for the pure love of art.
Organised by Think Arts, the 26-day event will take children on a sensorial journey through an interactive art and theatre exhibition.NM Director-General Sanjiv Mittal said, “The exhibition aims to supply back the luxury that Indians a generation ago enjoyed in their younger days. We have scheduled it with the summer vacations for schools upcountry.”Ruchira Das,