Worlds biggest clothing retailer ZARA reported profits of 3.44 billion euros ($3.88 billion)

Investors fret about Zara-owner’s slowing sales growth.

The world’s biggest clothing retailer reported profits of 3.44 billion euros ($3.88 billion) on sales of 26.15 billion euros.

TFMNews

Zara owner Inditex reported a 2 percent rise in full-year profit on March 13 as it launched Zara online into 106 new markets in November and benefited from favourable comparisons to unseasonably cold weather last year.

The world’s biggest clothing retailer reported profits of 3.44 billion euros ($3.88 billion) on sales of 26.15 billion euros, slightly lower than analysts’ expectations.

Unlike many in the troubled apparel sector, Inditex has been able to avoid heavy discounting thanks to its tightly controlled inventory and its ability to get looks on sale in a few weeks allowing it to respond to fast-changing trends.

Online sales grew by 27 percent in 2018, reaching 3.2 billion euros, or 12 percent of sales. Inditex estimated total like-for-like sales growth of between 4 to 6 percent for this financial year.

Sales in shops and online at constant exchange rates rose 7 percent in the first week of the new financial year, from Feb 1 to March 9.

Cash rich Inditex said the total dividend for the financial year would be 0.88 euros per share, an increase of 17 percent.

Source: Reuters on MoneyControl

– TFM News

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VW to launch electric models; profit margin slips to 3.8 percent last year

The profit margin at its core VW brand slipped to 3.8 percent last year, down from 4.2 percent, as higher investments into electric cars and challenges getting combustion-engined vehicles certified ate into profits, VW said.

TFMNews

WOLFSBURG, Germany, March 12 (Reuters) – Volkswagen on Tuesday said it will launch 70 new electric models by 2028, accelerating its rollout of zero-emission cars as earnings revealed the operating margin at its core brand had taken a hit from new emissions tests.

The profit margin at its core VW brand slipped to 3.8 percent last year, down from 4.2 percent, as higher investments into electric cars and challenges getting combustion-engined vehicles certified ate into profits, VW said.

Volkswagen released full earnings on Tuesday after pre-releasing earnings in February, when it said its 2018 group operating profit came in at 13.92 billion euros ($15.8 billion), 0.7 percent higher than the prior year and below 14.53 billion euros forecast in a poll.

Source: Reuters

– TFM News

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Volkswagen’s 5.9 billion euros annual savings goal may cut around 7,000 workforces

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to cut its workforces between 5,000 and 7,000 positions.

By Reuters @moneycontrolcom

TFM News

Volkswagen on March 13 stated it will reduce its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core Volkswagen brand by 2023 in a bid to raise Volkswagen’s operating margin to 6 percent.

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to reduce its workforce between 5,000 and 7,000 positions, the carmaker said.

“The measures from the earnings improvement programme will enable our brand to achieve a competitive return level of six percent in 2022,” Arno Antlitz, Volkswagen brand’s board member for controlling, said in a statement.

Source: Reuters @MoneyControl

– TFM News

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Dh28 billion surplus in 2018 revenue: UAE Govt

UAE Govt reported Dh28 billion surplus in 2018 revenue

The surplus surge is accredited to the rise in the UAE government’s revenues.

By GulfnewsTFMNews

Abu Dhabi: The UAE government’s surplus posted Dh28 billion in the first nine months of 2018, according to the latest figures released by the Federal Competitiveness and Statistics Authority.

The surplus increase is attributed to the rise in the UAE government’s revenues, which hit Dh304.5 billion in 2018’s first nine months, an increase of 4.8 percent compared to the same period of 2017.

Meanwhile, the expenditures increased from Dh259.3 billion to Dh276.2 billion during the same monitoring period. Total current expenditure as well as capital expenditure also increased by 4.8 per cent in the third quarter of 2018, resulting in the net operating balance recording a deficit of Dh2.5 billion in the third quarter of 2018, compared to a surplus of Dh21.7 billion in the previous quarter.

Oil prices improvements in the second and third quarters of 2018 as well as ongoing fiscal reforms have contributed to diversifying non-energy revenues sources, raising the total government revenues.

Source: GulfNews

– TFM News

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Telsa’s CEO Elon Musk presents estimate again for its 2019 production on Friday

Telsa’s CEO Elon Musk presents estimate again for its 2019 production on Friday

Highlights

  • Tesla will make somewhere in the range of 420,000 and 600,000 vehicles in 2019.
  • A fizzled Tweet landed CEO Musk in the line of sight of the U.S. Securities and Exchange Commission three days prior.
  • Here’s his full statement about how he come to this most recent calculation: “350,000 to 500,000 Model 3s, is what I said in the earnings call and then we would expect to make somewhere between 70,000 to 100,000 of the S and X. So, the lower bound would be 350,000 plus 70,000, and the upper bound would be 500,000 plus 100,000.”
– TFM Watch

tesla-dallas

Tesla will make somewhere in the range of 420,000 and 600,000 vehicles in 2019, the CEO said on a call with reporter to about the arrival of Tesla’s new $35,000 version of the Model 3 car. He gave the projection when asked whether Tesla will be able to surge production for its most reasonable vehicle.

Musk’s figures are a delicate subject. A fizzled Tweet landed him in the line of sight of the U.S. Securities and Exchange Commission three days prior. Here’s an unpleasant breakdown of how his 2019 assessments have progressed:

  • In a Jan. 30 investor letter, Tesla anticipated conveyances of 360,000 to 400,000 autos.
  • Hours after the fact, Musk said on a profit call the organization will create 350,000 to 500,000 Model 3s alone.
  • On Feb. 19, Musk tweeted Tesla will deliver around 500,000 vehicles in 2019.
  • Hours after the fact, Musk sent a subsequent tweet illuminating that the organization will come to an “annualized generation rate” of 500,000 before the year’s over. “Conveyances still evaluated to be about 400k”.
  • On Feb. 25, the SEC requested that a judge hold Musk in scorn of a settlement achieved a year ago, which expected him to get pre-endorsement from an in-house legal advisor before issuing tweets with material data.

Note: Production commonly surpasses conveyances by a couple of percent.

Estimation for the Model S and Model X

Musk’s most recent update incorporates his first estimate for 2019 creation of the Model S vehicle and Model X SUV, which he said will be somewhere in the range of 70,000 and 100,000. Early this year, Tesla raised costs and added features to the base variants of these models, leaving investors to ponder what the new measurement of demand might be.

On Thursday, Tesla brought down the cost of all vehicles as it cuts costs by shutting stores and moving all business worldwide to online-just requesting. The Model S presently begins at $79,000, and the Model X starts at $88,000.

While Musk forewarned “we don’t have a crystal ball,” here’s his full statement about how he come to this most recent calculation:

“350,000 to 500,000 Model 3s, is what I said in the earnings call and then we would expect to make somewhere between 70,000 to 100,000 of the S and X. So, the lower bound would be 350,000 plus 70,000, and the upper bound would be 500,000 plus 100,000.”

Source: bloomberg

– TFM Watch

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National Aluminium Company (Nalco) announced interim dividend of Rs.4.50 per share

National Aluminium Company (Nalco) announced interim dividend of Rs.4.50 per share

The payment of interim dividend will be made at the very latest March 31 to all qualified investors.

– TFM Watch

 

NALCO-lines-up-3-projects-invests-Rs-25000-crore.jpg

Aluminium producer Nalco on Friday announced interim dividend of Rs.4.50 per share for fiscal year 2018-19.

“The Board of directors of the organization has affirmed payment of interim dividend at the rate of Rs.4.50 per share on the paid-up equity share capital of Rs.932.81 crore for the fiscal year 2018-19,” Nalco said in an administrative recording.

The payment of will be made prior to March 31, 2019, to all qualified investors, whose names show up in the register of members as on the record date which is March 12, 2019, the organization said.

Source: PTI – ET

– TFM Watch

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Brazil’s bank Caixa selling 9-billion-real ($2.4 billion) stake, owned in Petroleo Brasileiro SA – sources

Brazil’s bank Caixa selling 9-billion-real ($2.4 billion) stake, owned in Petroleo Brasileiro SA – sources

The stock offering of the 2.3 percent stake possessed by Caixa in Petrobras, as the oil organization is known, relies upon the distribution of new presidential pronouncement approving the deal.

– TFM Watch

CaixaBank.jpg

SAO PAULO (Reuters) – Brazilian state-owned bank Caixa Economica Federal is nearly selling a 9 billion-real ($2.4 billion) stake it possesses in oil organization Petroleo Brasileiro SA, two sources with knowledge of the issue said on Tuesday.

The stock offering of the 2.3 percent stake possessed by Caixa in Petrobras, as the oil organization is known, relies upon the distribution of new presidential pronouncement approving the deal, the sources stated, asking not to be named as the plans had not been made public.

President Jair Bolsonaro has officially signed a first announcement approving Caixa to sell its Petrobras stake, yet the pronouncement had specialized oversights and should have been republished, they said.

When the new declaration is signed, Caixa will hire venture banks to help manage with the secondary stock offering.

Press delegates at Caixa Federal declined to remark.

Caixa plans to utilize the returns to satisfy approximately 40 billion reais in convertible bonds sold to the Brazilian government somewhere in the range of 2007 and 2013.

Petrobras regular offers were up 1.15 percent at 30.86 reais on Tuesday in Sao Paulo exchanging, and has aggregated a 36 percent increase throughout the most recent a year.

The closeout of the Petrobras stake will be the second divestiture driven by Caixa since Chief Executive Pedro Guimaraes assumed control at the state bank a month ago, after the clearance of a 2.4 billion reais stake in reinsurer IRB Brasil Resseguros SA. The IRB share offering will be evaluated later on Tuesday.

The IRB shares are claimed by an administration support in charge of financing training and overseen by Caixa. Caixa claims 3.2 percent of Petrobras regular stock straightforwardly and 1 percent of non-casting a ballot capital.

The two exchanges will be driven by Caixa’s as of late made speculation banking unit, with around 30 financiers enlisted inside.

Guimaraes has said he expects to list somewhere around four Caixa units: resource the executives, charge cards, lottery and protection. Guimaraes as of late selected new senior administration authorities at Caixa. Andre Laloni, previous head of UBS AG in Brazil and the Southern Cone, is the new CFO, while previous Banco Santander Brazil SA official, Luciane Ribeiro, will lead Caixa’s advantage the board unit.

Source: Reuters

– TFM Watch

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Online grocery startup Grofers raised fresh capital of $60 million esteeming company valuing $425 million

Online grocery startup Grofers raised fresh capital of $60 million esteeming company valuing $425 million

Japan’s SoftBank Vision Fund (SVF), US based Tiger Global and Sequoia Capital have impelled around $60 million fresh capital for this online grocery startup

– TFM Watch

Grofers-office.jpg

Online general store Grofers has raised nearly $60 million additional capital by SoftBank Vision Fund, esteeming the organization valuing $424.84 million, as indicated by business indications platform paper.vc.

The venture is a portion of the Gurgaon-based company’s new Series F financing round. Existing investors US-based Tiger Global Management and funding firm Sequoia Capital additionally took an interest in this round. While SoftBank put $37.49 million in the organization, Tiger Global emptied $19.99 million into Grofers and Sequoia Capital infused $1.99 million in the firm.

After this round of financing, Grofers’ valuation is assessed at $424.84 million, platform paper.vc. Grofers has so far raised over $300 million, as indicated by information from Crunchbase. Grofers did not react to FE’s questions.

In March a year ago, Grofers had brought around $62 million up in subsidizing driven by SoftBank. The financing was a portion of Series E. The capital raising comes when the organization is venturing into the quick moving customer products section. Analyst state the online FMCG fragment can possibly develop given its low infiltration at present.

Grofers, which was prior an unadulterated hyperlocal and moved to turning into an online merchant with a stock drove model, is betting on its FMCG private marks to drive its second period of development.

Author Saurabh Kumar had told FE in a before meeting the organization’s system is to make less expensive customer products accessible to the majority. “There are coordinations and capacity costs associated with transporting merchandise from the producers to the distributer and afterward to the retailer. The majority of that leaves for our situation,” Kumar had said.

Grofers limited its losses for the year to March, 2018 to Rs.258.30 crore from losses of Rs.268.32 crore reported in FY17, information sourced shown by business knowledge platform Tofler. Income from operations hopped 125% to Rs.29.83 crore in FY18 from Rs.13.23 crore detailed in the earlier year, the information appeared. Operating losses tumbled to Rs.88 crore from Rs.129 crore.

The challenge in the e-grocery space is strengthening with the dispatch of online food stage Swiggy’s on-request administration, Swiggy Stores. Swiggy will take into account customers’ every day needs by joining forces with more stores are yet offline.

Opponent BigBasket’s income from operations remained at Rs.1,583.15 crore in FY18 against income of Rs.1,176.66 crore posted in FY17.

Source: Financial Express

– TFM Watch

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India State-run electricity distribution companies (discoms) posted losses over Rs.15,000 crore in the first half of FY19

India State-run electricity distribution companies (discoms) posted losses over Rs.15,000 crore in the first half of FY19

  • The UDAY schem has gone under a cloud as there is stagnation in the improvement of different operational parameters.
  • Losses of the discoms in Telangana, Tamil Nadu, Madhya Pradesh, Assam and Andhra Pradesh dramatically increased during first half of FY19 throughout the earlier year first half.
Financial Express – TFM Watch

energy.jpg

State-run power conveyance organizations (discoms) detailed budgetary losses of over Rs.15,000 crore in the first half of this financial – as much as the losses brought about by them during the entire last year – flagging an inversion of a declining pattern since the UDAY plot for these substances’ recovery was propelled in November 2015 and a conceivable unravelling of the plan itself.

Losses of the discoms in Telangana, Tamil Nadu, Madhya Pradesh, Assam and Andhra Pradesh dramatically increased during H1FY19 over earlier year first half, as indicated by an ongoing influence service report checked on by FE. Under UDAY, monetary losses of the discoms in 27 states have tumbled to Rs.15,049 crore in FY18 from Rs.36,905 crore in FY17 (Rs.51,480 crore in FY16), on account of the funds made through lower intrigue costs.

The UDAY plan’s viability goes under a cloud likewise in light of the fact that there is inactivity as for the various operational parameters it was intended to improve. The total specialized and business (AT&C) misfortunes – power units lost by virtue of pilferage – of discoms in 26 states and UTs were at 19.8% toward the finish of December 2018, down just 0.7 rate point from the dimension recorded a year sooner.

The objective to reduce these losses to 15% before the finish of March 2019 is plainly going to be missed by a huge edge. Increment in power buy and establishment costs, low gathering from remotely found shoppers (particularly after the family unit charge drive under the Saubhagya plot), inadequate tax climbs, moderate endowment distributions from the individual state governments and rising levy from the administration offices have been the fundamental explanations behind the plan losing energy.

State administrations of 16 states have taken over around Rs.2.32 lakh crore obligation of their discoms according to UDAY conditions, bringing about a bringing of the financing costs down to 7-8.5% from around 11-12%. Reserve funds through lower control buy cost, foundation cost and duty defense and improvement in charging proficiency additionally added to the misfortune decrease. Be that as it may, these endeavors are believed to invert with expanding entrance of power.

Remarkable payment from various bureaus of state governments to the discoms have expanded 21% every year to Rs.40,580 crore during H1FY19. The greatest slow pokes on this front are Uttar Pradesh (duty of Rs.12,166 crore), Maharashtra (Rs.6,084 crore), Telangana (Rs.4,143 crore), Andhra Pradesh (Rs.4,143 crore) and Chhattisgarh (Rs.2,011 crore).

Power controllers not raising force levies as per the direction concurred while marking into UDAY has likewise added to the discoms’ weight. Just 17 states have expanded their taxes for FY19 contrasted with 22 for FY18.

Source: Financial Express

– TFM Watch

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Thomson Reuters reported $1.52 billion income in Q4; beats expectations

Thomson Reuters presented higher than expected fourth income of $1.52 billion

Highlights

  • Thomson Reuters detailed final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. 
  • They have profited by the organization repurchasing $10 billion worth of shares since August.
  • The organization has put aside $2 billion to develop its Legal, Tax and Accounting and Corporates organizations.
  • Legal income rose 4 percent amid the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

Reuters – TFM Watch

ThomsonReuters

TORONTO (Reuters) – Thomson Reuters presented higher than expected income on Tuesday and said it is proceeding to pursuit for acquisitions to strengthen its Legal and Tax and Accounting units, where request is up to some extent due to U.S. charge changes. They have profited by the organization repurchasing $10 billion worth of shares since August.

Thomson Reuters announced final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. Profit barring exceptional things were 20 cents for each share, down from 22 cents per share a year ago.

Thomson Reuters sold a 55 percent stake in its Financial and Risk (F&R) sector to private equity firm Blackstone Group LP last October in an arrangement that esteemed the unit, presently an independent business called Refinitiv, at about $20 billion.

The organization has put aside $2 billion of the $17 billion continues from the Blackstone arrangement to influence buys to develop its Legal, Tax and Accounting and Corporates organizations.

“We have various potential targets,” Chief Executive Jim Smith told investigators on a phone call. “We’re organizing those targets and, at some cases, starting some discussions, yet we’re not very nearly pulling the trigger on something big at the present time.” Smith also revealed to Reuters News in a meeting that advertise valuations were “challenging.”

Smith said U.S. tax changes were helping stimulate demand for the organization’s tax and accounting products.

“We need to verify we find the privilege key fit as well as the fit that bodes well also. It’s a quite foamy M&A showcase right now,” he said.

“Fast regulatory change is useful for our business,” he said.

Legitimate, Corporates and Tax and Accounting are the three greatest units following the F&R agreement.

Barring exchange rates, Legal income rose 4 percent during the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

“We were supported by deals development during the quarter,” said Edward Jones expert Brittany Weissman. “There are as yet many moving pieces in the outcomes following the closeout of the F&R business, however Thomson Reuters is seeing early indications of accomplishment in speeding up deals development and improving profitability.”

Profit were better than expected because of a lower tax rate and the shares buyback, Weissman said.

For 2019, the organization estimate balanced profit of $1.4 billion to $1.5 billion, up from $1.4 billion in the present year.

All-new Echo Dot (3rd Gen) – Smart speaker with Alexa (White)

The organization has held a 45-percent stake in Refinitiv, which offers information and news principally to financial clients. Under the deal with Blackstone, Refinitiv will make least yearly annual payment of $325 million to Reuters more than 30 years, balanced for expansion, to verify access to its news service, equivalent to nearly $10 billion altogether.

Refinitiv income developed by 3 percent, barring money developments, to $1.55 billion during the quarter, Thomson Reuters said.

Thomson Reuters, constrained by Canada’s Thomson family, is the parent of Reuters News. Income from Reuters News dramatically increased to $155 million, mirroring a first-time commitment from the Refinitiv deal. Smith told experts on a meeting he anticipates that the division should be a more grounded supporter of the general benefit going ahead.

For 2018 all in all, Thomson Reuters detailed generally speaking income development of 4 percent. Incomes barring the effect of the Blackstone bargain ascended by 2.5 percent.

For 2019, the organization is determining natural income development of 3 to 3.5 percent. For 2020, it expects income development of 3.5 percent to 4.5 percent, in accordance with December direction.

Source: Reuters

– TFM Watch

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German chemicals group BASF reported 60% Drop in operating profit in Q4

German’s BASF reported 60% Drop in operating profit in fourth-quarter

Final quarter income before interest and tax dove 59 percent to 630 million euros ($715.37 million), over the normal analyst gauge of 598 million euros in a Reuters survey.

Reuters – TFM Watch

GermansBASF.jpg

LUDWIGSHAFEN, Germany (Reuters) – German’s BASF announced an about 60 percent drop in final quarter operating profit on Tuesday, because of a sharp decrease in profit at its essential petrochemical production unit.

Final quarter income before intrigue and expense dove 59 percent to 630 million euros ($715.37 million), over the normal examiner gauge of 598 million euros in a Reuters survey.

CEO Martin Brudermueller is feeling the squeeze from analysts and investors to demonstrate that a decrease at the fundamental chemicals unit, which makes materials that go into products for example, heat protection foams or coatings, can be balanced by increase from further developed items, for example, pesticides, impetuses or building plastics.

In any case of weak worldwide economy, with the US – China trade issues burdening key clients in the Chinese car industry, are a drag on BASF’s main concern.

“We will utilize 2019 as a transitional year to develop much more grounded. This year, we are adjusting our structures and procedures, and concentrating our association obviously on the requirements of our clients,” Brudermueller said in an announcement.

Also, low water levels in the Rhine River hampered shipments of key crude materials by freight ship to the gathering’s biggest synthetic complex in Ludwigshafen, while the obtaining of seeds and harvest chemical businesses from Bayer prompted extra costs.

BASF said it was focusing on a slight increment in balanced EBIT for 2019.

Source: Reuters

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The e-cigarette maker Juul Labs Inc projected $3.4 billion revenue for 2019

Juul Labs Inc projects $3.4 billion revenue for 2019, Despite Flavored Vape Restrictions

The e-cigarette maker forecasts revenue that would nearly triple from last year.

By  and  on Bloomberg

– TFM Watch

Juul Labs.jpg

Bloomberg: Juul Labs Inc.’s move to stop selling most flavored e-cigarettes in U.S. stores dealt a blow to the company’s financial results last quarter, but the maker of America’s most popular e-cigarette device sees it as a minor setback. Juul forecasts revenue of $3.4 billion for 2019, almost triple what it generated last year, according to a person who was briefed on the numbers.

The financial outlook indicates high expectations from the company to sell more of its slender Juul vaping devices and accompanying nicotine pods overseas. It also suggests confidence that other governments won’t follow the U.S. in cracking down on the products, a move prompted by widespread use by teens across the country.

Juul posted fourth-quarter revenue of $424 million, a 2.5 percent decline from the previous quarter, said the person, who asked not to be identified because the information is private. Over the same periods, Juul’s adjusted loss was $70.4 million, compared with a $17 million profit in the prior quarter.

The company told investors it’s on track to make $3.4 billion in net revenue this year, almost triple what it generated last year.

According to the person briefed on the report, Juul told investors the numbers last quarter would have been lower if not for overseas gains. International revenue helped offset U.S. shortfalls after the company stopped selling some nicotine products in November, in anticipation of Food and Drug Administration restrictions on fruit and dessert-flavored e-cigarettes. The increased FDA scrutiny was intended to curb underage e-cigarette adoption.

Juul has said it mainly promotes its products to smokers looking to quit and that it never intended for kids to use them. It took steps last year to reduce youth adoption, including the removal of Juul social media accounts. The company declined to comment on the investor briefing.

The financial results, which haven’t been previously reported, help explain why American tobacco giant Altria Group Inc. paid a hefty premium for Juul stock in December. Altria, which sells Marlboro cigarettes in the U.S., acquired a 35 percent stake in Juul and valued the vaping business at $38 billion. That made the San Francisco-based company one of the world’s most valuable startups and turned the two founders into billionaires.

Juul’s net revenue declined after the company stopped selling some flavored nicotine products in November.

On a conference call last month to discuss Altria’s quarterly earnings report, four-fifths of analysts’ questions focused on the Juul investment. Howard Willard, Altria’s chief executive officer, said they would probably get a closer look at the privately held company’s financial performance later this year if the deal is approved by regulators. “We are excited about Juul’s domestic growth and international prospects,” Willard said. “Juul’s 2018 growth was quite remarkable.”

Altria told analysts that Juul generated about $200 million in 2017. The person briefed on the latest results told Bloomberg that Juul’s 2018 revenue was $1.3 billion and that it made a profit of $12.4 million. Juul anticipates 26 percent of sales will come from international customers by the end of this year. It expects 2019 sales growth of about 160 percent. Meanwhile, Altria’s annual growth rate has been less than 1 percent for the last two years.

Source: Bloomberg

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News should not be missed; Business Deals and Corporate Actions

Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 25Th Feb – 27Th Feb

Prakash Poojary, TFM News

6_7_6_1028676_Business-deals-work-together

100 sugar mills may face SEBI action; crackdown could freeze cane procurement: Report

Private placement norms allow an unlisted company to privately sell shares to a maximum of 49 people

HG Infra bags an EPC order worth Rs..189.49 crore

HG Infra Engineering has bagged an EPC order worth Rs. 189.49 Crore (Excluding GST & Labour Cess) from Megawide Construction DMCC for Flexible & Rigid Pavement (Runway, Taxiway & Apron) at Green fleld International Airport at MOPA, Goa.

Approval granted for purchase of defence equipment worth Rs.2,700 cr

The meeting of the council, the highest decision-making body for defence purchase, was chaired by Defence Minister Nirmala Sitharaman.

BEML secures contract valued around Rs.400 crore

BEML received contract for 7 Metro train sets of 6 cars configuration to augment the metro services in Bengaluru valued around Rs. 400 crore.

Time Technoplast up on tie-up with Confidence Petroleum

Shares of Time Technoplast rose nearly 9% touching to Rs. 94.1, as the company has entered into a partnership with Confidence Petroleum for making liquefied petroleum gas available across India in blast proof composite cylinders.

Both the companies expect substantial demand for the composite cylinders over the next three-five years.

Lupin launches Minocycline Hydrochloride ER tablets

Lupin announced the launch of Minocycline Hydrochloride Extended-Release Tablets USP 55mg, having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin’s Minocycline Hydrochloride ER Tablets USP 55mg is a generic version of Medicis Pharmaceutical Corporation’s Solodyn 55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older.

BOI approves fresh issue of equity shares

Bank of India has announced that board of directors at its meeting held on February 26, has approved issue of fresh equity shares to Government of India, through preferential issue in respect of share application money of Rs.4,638 crore received, after obtaining shareholders and other approvals.

NBCC signs MoU with Raipur SMART City

NBCC signs Memorandum of Understanding with Raipur SMART City as its Executing Agency for the various infrastructure works on deposit work basis. Co will charge project management consultancy (PMC) fees of 8% on the actual cost of work.

Adani Enterprises emerges as highest bidder for Guwahati airport

Adani Enterprises has emerged as the highest bidder for Lokpriya Gopinath Bordoloi International Airport of Guwahati at Rs. 160 per passenger, beating National Investment and Infrastructure Fund’s bid of Rs. 155, as per the report. According to report, with this, the group has emerged as the highest bidder for operating, managing and developing six airports. As of now, Delhi, Mumbai, Hyderabad, Bengaluru and Cochin are the only private-run airports in the country.

DHFL slumps as ICRA downgrades its creditworthiness

Dewan Housing Finance Corporation (DHFL) fell by 8% to Rs.125.45, after the credit rating agency ICRA downgraded the creditworthiness of DHFL’s commercial papers to A2+ from A1+ citing its inability to raise money and generate new business. ICRA has revised the short-term rating outstanding for the Rs. 8000 crore commercial paper (CP) programme of Dewan Housing Finance Corporation (DHFL) to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A1+ (pronounced ICRA A one plus). As on date, DHFL has CP outstanding of Rs. 1,525 crore. The company has indicated to ICRA that it shall buyback substantial portion of this amount over the next one month.

Iran buys Indian raw sugar for the first time in 5 years

Iran is buying the sugar from India to use up the rupees it has received for oil sales to India, the worlds third-largest oil user.

UPL hits 18-month high after Jefferies initiates coverage with buy

Jefferies is constructive on the scale benefits, product mix synergies from Arysta which acquired by the company for $4.2 billion in July 2018.

Palladium soars above $1,550 on mine strike fears; gold rises

Spot palladium traded as high as $1,553 per ounce as of 0400 GMT.

ArcelorMittal says facing risks like excess capex on proposed Essar acquisition

The company said it provided a $567 million performance guarantee in connection with the execution of the resolution plan.

Intellect Design bags multi-million $ deal win from Emirates NBD

Intellect Design Arena announced that Emirates NBD, UAE has selected the company for end-to-end digital transformation of its transaction banking business. The transformation is part of the banking group’s commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market leadership and will cover the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

HP investors meet: 159 MoUs with Rs.17,000 crore investment commitment signed, says CM Jai Ram Thakur

Stating that such initiatives were never taken before in the state, the CM said efforts would be made to ensure clearances for projects faster.

Businesses underestimate the prospects of 5G technology: Accenture Study

The government/public sector has the lowest awareness of 5G, with 59 percent believing it will be 10 times faster than 4G.

BSE stock options: Sebi slaps Rs 32 lakh fine on 6 entities for fraudulent trade

After observing a large-scale reversal of trades in the bourse#39;s stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015.

GE chief Larry Culp sells biopharma business for $21 billion

Culp said the sale to Danaher, where he was chief executive for more than a decade until 2014, was a pivotal milestone in efforts to turn around the 126-year old conglomerate.

17 lakh names deleted from electoral rolls in Maharashtra

More names were likely to be deleted in the coming weeks as the process of authentication of voters was underway, the ECI official said.

Tata Elxsi collaborates with Portuguese company

Tata Elxsi and NOS announce the launch of the Digital Operations Transformation Toolbox for communication and entertainment service providers. DOTT 2.0 offers an intelligent operations automation framework built using open source technology for user-defined service definition, zero touch provisioning, validation and scheduling of field partners for provisioning and testing scenarios thus enhancing customer digital experience. It also provides an extensible roadmap for service rollout and monitoring use cases, enabling communication service providers to launch new services rapidly. At 1.57 pm, Tata Elxsi was trading at Rs. 905.65, up by 0.06%, with a volume of 6867 shares on the BSE.

RPP Infra Projects wins a new order of Rs.105.7 crore

RPP Infra Projects has secured a LoA (Letter of Acceptance) worth Rs. 105.7 crore from the Tamil Nadu Slum Clearance Board for construction of 972 tenements at Moorthingar Street in Chennai. This project falls under the prestigious Housing for All (PMAY) scheme of the Government of India. RPP lnfra’s order book at the end of Q3FY19 stood at over Rs. 1,555.00 crore & the company has won new orders worth over Rs. 490.00 crore after Q3FY19.

Benelli Leoncino 500, Imperiale 400 confirmed for India launch in 2019

After forging a new partnership with Adishwar Auto Ride India, the Italian manufacturer announced the launch of five new products in 2019.

JSPL lowest bidder in RVLNs 4.45 LT rail tender: MD

RVNL functions as an extended arm of the Ministry of Railways. It is empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs, according to its website.

India to get 5G by 2021, ban on certain vendors won’t delay roll out: Nokia

The companys CEO Rajeev Suri said that after leading markets like the US, South Korea, China, emerging markets including India, Latin America, and certain developed markets will see roll out of the next generation technology by 2021, where million of trade secrets will flow on the network; and security will be a top priority for businesses.

Adani Ports falls on acquisition plan of Adani Agro

Adani Ports and Special Economic Zone fell over 8% to Rs.323, after Adani Logistics, a unit of Adani Ports and SEZ on Saturday announced that it would be acquiring Adani Agri Logistics from Adani Enterprises in an all-cash deal.

KPR Mills to set up Ethanol plant in Karnataka

KPR Mills to set up Ethanol plant at sugar factory in Karnataka with a capacity of 90 kL/day. The Project cost is Rs. 120 crore. Production is expected to commence from next season. This will increase the value addition and reduce the volatility in the sugar business. The Bank finance towards the Project is eligible for 50% lnterest subsidy announced recently by the Central Government.

GST rates on under-construction houses cut to 5% from 12%

The Goods and Tax Council in its meeting on February 24, 2019 cut rates on under-construction properties from 12% to 5% with effect from April 1, 2019 for houses over Rs.45 lakh. The council also reduced GST rates on affordable housing to 1% from the current 8%. However, builders will not be allowed to claim input tax credit under the new GST tax norms.

JBM Group acquires major shareholding in German Auto Major Linde-Wiemann

JBM Group announced that it has acquired a major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM’s worldwide.

Shilpa Medicare gets USFDA approval for Gemcitabine Injection

Shilpa Medicare received US Food and Drug Administration (USFDA) approval for its ANDA, Gemcitabine for Injection USP, 200 mg/vial and 1 g/vial Gemcitabine for Injection USP is a generic equivalent of reference listed drug (RLD), GEMZAR used in the treatment of ovarian cancer, breast cancer, non-small cell lung cancer & pancreatic cancer as recommended in the label approved by FDA. According to IQVIA MAT 12/2018, the US market for Gemcitabine for Injection USP, 200 mg/vial and 1 g/vlal is approximately US$ 11.7 Million.

Maruti Suzuki expands pre-owned sales network to 200 outlets

The company had relaunched upgraded True Value network with new brand and retail identity 19 months ago.

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Dropbox Inc forecasted drop in current-quarter operating margins

Dropbox expects drop in first-quarter operating margin, shares fall

File sharing and storage company Dropbox Inc shares down nearly 11% on 22nd Feb after forecasting drop in current-quarter operating margins.

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(Reuters) – File sharing and storage company Dropbox Inc forecast a drop in current-quarter operating margins from a year earlier, sending its shares down nearly 11 percent in extended trading.

The weak margin outlook overshadowed a better-than-expected quarterly profit and revenue, and current quarter revenue forecast that came in above estimates.

“Margin guidance reflects conservatism,” DA Davidson analyst Rishi Jaluria said.

Some investors might be picking on the net additions of 400,000 paying customers, which was above consensus but fewer than last year, Jaluria said. Dropbox added 580,000 paying customers in the year-ago quarter.

Shares of the San Francisco-based company, which rallied more than 25 percent so far this year, were down 10.5 percent at $22.90 in extended trading.

Dropbox forecast first quarter adjusted operating margins between 7 percent and 8 percent, compared to 10.9 percent last year.

The company, which competes with Alphabet Inc’s Google, Microsoft Corp as well as Box Inc, forecast current-quarter revenue between $379 million and $382 million. Analysts were expecting $377 million.

Dropbox said it had 12.7 million subscribers as of Dec. 31, beating analysts’ average estimate of 12.54 million, according to FactSet.

The company reported average revenue of $119.61 per user, beating estimates of $118.8, according to IBES data from Refinitiv.

Started as a free service to share and store photos, music and other large files, Dropbox now offers a range of enterprise software services and is betting on international expansion for user growth.

Last month, the company said it would buy electronic signature company HelloSign for $230 million in cash, aiming to expand its portfolio of workflow-related products.

Quarterly loss narrowed to $9.5 million in Dropbox’s fourth financial report as a publicly traded company, from $37.7 million a year earlier. The company is yet to turn a profit, which is common for startups that invest heavily in growth.

Excluding items, the company earned 10 cents per share, beating estimates of 8 cents.

Total revenue rose 23 percent to $375.9 million, above estimates of $370 million.

Source: Reuters

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Singapore’s OCBC reported its lowest quarterly profit in nearly two years

Singapore’s OCBC reported its lowest quarterly profit in nearly two years

OCBC’s weak earnings came from practically every part of its business coupled with a significant jump in its non-oil non-performing loans, Nomura analyst Marcus Chua said in a report.

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SINGAPORE (Reuters) – Singapore’s Oversea-Chinese Banking Corp Ltd unexpectedly reported its lowest quarterly profit in nearly two years, pinning the blame on its insurance unit and saying a slowing economy will intensify challenging business conditions.

The result on Friday came as Singaporean banks gear up for tougher times after three years of strong loan growth as the city-state’s export-reliant economy slows, partly due to the impact of a trade war between the United States and China.

OCBC’s weak earnings came from practically every part of its business coupled with a significant jump in its non-oil non-performing loans, Nomura analyst Marcus Chua said in a report.

“A perfect storm found its way to OCBC’s earnings,” Chua said.

October-December net profit fell 10 percent to S$926 million ($684 million) from the same period a year earlier. The result compared with the S$1.17 billion average of four analyst estimates, according to data from Refinitiv.

Explaining the decline, OCBC said market uncertainty and a challenging environment particularly affected the investment portfolio of subsidiary Great Eastern Insurance Holdings Ltd.

In contrast, domestic peer United Overseas Bank Ltd (UOB) reported a 7 percent rise in fourth-quarter net profit on Friday. On Monday, Singapore’s biggest lender, DBS Group Holdings Ltd, posted an 8 percent profit increase.

OCBC’s share price fell 1.9 percent after the results while the broader benchmark index lost 0.4 percent. UOB was also down 1.8 percent, but DBS was up 0.6 percent.

“We expect Singapore’s commercial banking sector to face a more challenging operating environment in 2019, which will put further downside pressure on loan growth,” Fitch Solutions said in a report last month, citing a slowing Singaporean economy.

For all of 2018, Singapore’s biggest three banks reported record full-year earnings, supported by improved net interest margins and higher interest rates. Net profit rose 11 percent at OCBC, 18 percent at UOB and 28 percent at DBS.

“Looking ahead, global economic growth is expected to slow on concerns of continued trade and geopolitical tensions, subdued market and investment sentiments and rising policy risks in the advanced economies,” OCBC Chief Executive Samuel Tsien said in a statement.

($1 = 1.3535 Singapore dollars)

Source: Reuters

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