Shareholders of Yes Bank approve proposal to raise up to ?10,000cr ($1,402m) by issuing equity shares.
Preparing for the Worst
India’s largest private steel company, Tata Steel yesterday reported a consolidated net loss of ?1,229cr ($172m) in Q3 vs a profit of ?1,753cr ($245m) a year ago, on the back of lower steel prices and weak demand.
Consolidated revenue fell 8.9% YoY to ?35,520cr ($4,980m) during the period under consideration, even though steel sales rose 13% to 7.31 million tonnes (mt) from 6.47 mt a year ago.
TV Narendran, CEO and MD of Tata Steel, said: “the European operations made a loss (in Q3FY20) as it felt the brunt of the overall slowdown and the consequent shrinking of spreads. This adversely affected our consolidated performance.” [Financial Express]
The shareholders of YES Bank on Friday cleared a proposal to raise up to ?10,000cr ($1,402m) by issuing equity shares or convertible securities - a move that could help enhance the private sector lender’s capital adequacy. [Hindu BusinessLine]
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