Bollywood legend Sridevi passes away due to cardiac arrest in Dubai

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.

Mumbai, Jul 8: Veteran Actor-comedian Jagdeep, best known for his role as Soorma Bhopali in "Sholay", died on Wednesday at his residence. He was 81.

The actor, whose real name is Syed Ishtiaq Ahmed Jafri, was not keeping well. "He passed away at 8: 30 pm at his residence in Bandra. He was not keeping well due to age related issues," producer Mehmood Ali, a close family friend, told news agency.

Jagdeep appeared in around 400 films but it is his role as Soorma Bhopali in 1975 film "Sholay" that is etched in audiences' minds even today. He also played memorable roles in "Purana Mandir" and in "Andaz Apna Apna" as Salman Khan's father.

Better known by his stage name Jagdeep, the actor also directed the movie "Soorma Bhopali" with his character as the protagonist. He is survived by two sons - Javed and Naved.

New Delhi, Jun 3: "This year feels relentless," actor Priyanka Chopra said urging Mumbai residents to take precautionary measures in view of Cyclone Nisarga.

The cyclone storm is approaching the north coast of Maharashtra with a speed of 11 kilometres per hour, according to the India Meteorological Department (IMD) on Wednesday.

Sharing Mumbai's famous Bandra-Worli Sea Link road picture on her Instagram story, the actor wrote: "Cyclone Nisarga is making its way to Mumbai, my beloved home city of more than 20 million people, including my mom and brother."

"Mumbai hasn't experienced a serious cyclone landfall since 1891, and at a time when the world is so desperate, this could be especially devastating," the 'Don' actor added.

"This year feels relentless. Please, everyone, find cover, take precautions, and follow the guidelines outlines. Please stay safe everyone, " said Chopra as she shared a swipe up link to Brihanmumbai Municipal Corporation (BMC) page that details the Do's and Don'ts for Mumbaikars to take on Cyclone Nisarga.

Earlier, the IMD had stated that the severe cyclonic storm is expected to impact the Maharashtra coast by the afternoon/evening of June 3.

On Tuesday, actor Vicky Kaushal shared a picture of the cloudy sky on the photo-sharing platform and hoped that the "first showers only bring relief and joy and not too much drama." The 'Raazi' actor also urged people to stay safe.