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Bankers will remain bankers
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.

Prof Sabharwal case: SC refuses to entertain son's plea
The Supreme Court (SC) today refused to entertain a petition filed by Himanshu Sabharwal challenging acquittal of ABVP activists in the case of killing of his father Professor H S Sabharwal in Madhya Pradesh.

News of the day

Air India pay nod averts pilots' strike
The stand-off between Air India and Indian Commercial Pilots Association (ICPA), which represent the domestic pilots of erstwhile Indian Airlines, was resolved here today with the management agreeing to payment as per 5th day commission.
Corporate

Bharat Forge Q4 consolidated net down 68%

World"s top forging company Bharat Forge reported a sharp decline of 68.03 per cent in consolidated net profit to Rs 20.33 crore during the fourth quarter of the financial year 2008-09 as against Rs 63.6 crore posted over the same quarter a year ago. - Bharat Forge Q4 net dips 26% at Rs 61 cr - Mundra Port Q4 net up 66% at Rs 151 cr - Thermax net up 17% y-o-y to Rs 94.33 cr - Jayashree Chemicals net up 36% to Rs 4.9 cr - Vodafone FY09 profit up 16.7% on strong India revenues - Essar Shipping FY09 net dips 72% at Rs 77 cr The consolidated revenue of the company also fell to Rs 627.33 crore, a drop of 46.13 per cent over revenue of Rs 1,164.69 crore year-on-year (y-o-y) basis, the company said in a filing to the Bombay Stock Exchange (BSE). The severe slump in the global automotive market has seen the company deliver poor performance during the financial year 2008-09. Although, the consolidated revenue of the Pune-based company grew marginally by 2.61 per cent to Rs 4,774.04 crore during the year 2008-09 against Rs 4,652.28 crore in the previous fiscal, the company"s net profit saw a severe decline. The consolidated net profit for the year 2008-09 stood at Rs 41.11 crore, down 85.86 per cent as compared to Rs 290.82 crore posted in the previous financial year, the company said. The company had to suffered a foreign exchange loss of Rs 103.73 crore during the year along with damage claims settlement of Rs 30 crore, which affected company"s profit. Commenting on the results, Bharat Forge CMD Baba Kalyani said, "The first half of the year was characterised by sharp increase in steel and crude oil prices driven by booming global economic activity. In contrast, the second half has witnessed a severe recession globally. Bharat Forge, with its global operations, has been severely affected by the downturn. We have taken various measures internally to reduce operational costs and working capital with emphasis on conserving cash. Similarly on the market side, we are working to increase our customer base as well as our product portfolio." "We are optimistic that with a stable government at the Centre, new measures will be put in place to stimulate the economy and bring it back on the high growth path,” he added.


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