Arrested gangster was planning to kill Salman Khan: Police

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

Feb 6: The Income Tax Department on Thursday recovered Rs 65 crores from the residence of Tamil actor Joseph Vijay's financer in Chennai during raids which were carried out in the connection with an alleged tax evasion case linked to AGS Cinemas, said sources.

The department is conducting raids and surveys at Actor Vijay, Financer and Producer Anbu Chezhiyan residences.

Around 38 premises have been covered in the raid.

According to IT sources the counting of money is still on so there are chances that the amount will rise. Vijay's wife was at Chennai home when IT sleuths carried out a raid at his residence.

Speaking on the reports of the Actor being intervened during the shooting of the film, the income tax official said, "Actor Vijay was not picked up between his shooting as reported in some media reports."

The actor was shooting for his upcoming film "Master in Neyveli" when he received the news of the raid.

"Actor Vijay had cut short his shooting and returned to his home immediately after getting the news of raids, now the officials are ready to facilitate him to continue his shooting if he wishes to," sources from Income Tax told news agency.

Los Angeles, May 2: Pop diva Madonna has revealed that she has tested positive for the COVID-19 anitbodies.

The singer shared the news in the 14th edition of her “Quarantine Diary” on Instagram TV.

“Took a test the other day and I found out that I have the antibodies. So tomorrow I’m just going to go for a long drive in the car, and I’m gonna roll down the window and I’m gonna breathe in the COVID-19 air. Yup. I hope the sun is shining,” Madonna said.

According to Centers for Disease Control and Prevention (CDC), US, antibody tests are used to determine whether or not a person has been exposed to COVID-19 by finding proteins the body produces to fight the virus.

However, the CDC has yet to confirm if the possession of antibodies is equal to immunity.