Skip to content
Search AI Powered

Latest Stories

Covid-19 impact: India's Tata Motors reports $1.3 billion loss

INDIA's Tata Motors reported a loss of $1.3 billion for the first quarter (Jan-March) of 2020 as sales in its key markets of China and Europe were hit by the Covid-19 pandemic.

The Mumbai-based automaker had just returned to the black in the previous quarter amid Chinese demand for its British luxury brands Jaguar and Land Rover.


The 98.94 billion rupees ($1.3 billion) net loss for the January-March quarter followed a net profit of 11.17 billion rupees for the same period last year.

"The auto industry faced strong headwinds in FY20 amidst a slowing economy due to multiple factors... all leading to weak consumer sentiments and subdued demand across segments," Tata Motors chief executive Guenter Butschek said in a statement.

"Disruption in the supply chain induced by the pandemic and the nationwide lockdown in mid-March 2020 added to the problems."

The company forecast a weak April-June—the first quarter of the 2021 financial year—which coincided with widespread virus lockdowns across its Europe, UK and Chinese markets.

But it expects a gradual recovery of sales and improved cash flows for rest of the financial year.

Tata Motors is a $45 billion organisation. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defence vehicles.

Part of the $100 billion Tata group founded by Jamsetji Tata in 1868, Tata Motors is among the world’s leading manufacturers of automobiles. It offers an extensive range of integrated, smart and e-mobility solutions

More For You

Sanjay Bhandari's extradition appeal opens in London
Sanjay Bhandari

Sanjay Bhandari's extradition appeal opens in London

SANJAY BHANDARI, a consultant in the defence sector wanted in India on alleged tax evasion and money-laundering charges, began an appeal in the High Court in London against his extradition order.

The 62-year-old businessman had won permission to appeal against a November 2022 Westminster Magistrates’ Court ruling clearing his extradition earlier this year.

Keep ReadingShow less
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)
Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, US, September 23, 2024. (Photo: Reuters)

Murdoch's bid to secure eldest son's control of media empire fails

RUPERT MURDOCH’s attempt to secure control of his media empire for his eldest son, Lachlan, has reportedly failed, according to a US news report on Monday.

The Murdoch family, which oversees influential outlets like Fox News, The Wall Street Journal, and various British and Australian media organisations, has often been compared to the fictional dynasty in the TV series Succession. Like the show, real-life disputes within the Murdoch family have centred on control of the business after Rupert Murdoch’s death.

Keep ReadingShow less
Kamlesh Pattni faces UK sanctions for illicit gold trade
Pattni stands accused of central involvement in the infamous Goldenberg scandal. (Representational image: iStock)

Kamlesh Pattni faces UK sanctions for illicit gold trade

THE UK and US have imposed financial sanctions on Kamlesh Pattni, a British-Kenyan businessman with a controversial financial history. The punitive measures target Pattni and four of his close family members, including his wife and brother-in-law, reported the BBC.

The sanctions, announced by the UK Foreign, Commonwealth and Development Office, will result in the immediate freezing of assets, representing a significant intervention in what officials describe as a complex network of illicit gold trading spanning multiple African nations.

Keep ReadingShow less
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)
Sanjay Malhotra speaks during the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI) in New Delhi on December 4, 2024. (Photo: Getty Images)

India appoints Sanjay Malhotra as new central bank governor

INDIA has appointed Sanjay Malhotra, a senior finance ministry bureaucrat, as the new governor of its central bank, the Reserve Bank of India (RBI).

The announcement was made on Monday, a day before the term of outgoing governor Shaktikanta Das was set to expire.

Keep ReadingShow less
The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft.
The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft.

Air India orders 100 more Airbus jets to expand fleet

AIR INDIA has placed an order for 100 more Airbus aircraft to expand its fleet and enhance connectivity, the Tata Group-owned carrier announced on Monday.

The new order includes 10 widebody A350 planes and 90 narrowbody A320 family aircraft. The purchase is in addition to the 470 aircraft Air India ordered last year from Airbus and Boeing, the airline said in a statement.

Keep ReadingShow less