July 19, 2019

Brookfield, investors to invest Rs 25,215 crore, buy 49% in Jio tower unit

Reliance Jio Infratel is set to get Rs 25,215 crore as investment from Brookfield and a clutch of investors who will pick up about 49% stake in the company currently owned by Reliance Industries, subject to government and regulatory approvals. Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Limited, said Friday that it has entered into an agreement with an affiliate of Brookfield Asset Management Inc. for the investment by Brookfield along with co-investors, the company said in a statement while issuing its results for the quarter ending June 2019. “Proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of RJIPL and acquiring the balance 49% of equity share capital of Reliance Jio lnfratel Private Limited (RJIPL), currently held by RIL,” the company added. The units are proposed to be issued by the Tower Infrastructure Trust in accordance with the Securities and Exchange Board of ..
July 19, 2019

Reliance Jio Q1 profit jumps 46% YoY; ARPU falls to Rs 122

Reliance Jio Infocomm (Jio) reported its seventh straight profitable quarter, with a 46% on year expansion in the bottom line for the April-June period on the back of strong user additions and increased data usage, though the company average revenue per user (ARPU) fell on quarter as the company added mostly lower revenue generating subscribers. The Mukesh Ambani-controlled company, which has upended the market since its entry in September 2016 with cheap mobile Internet services, posted a net profit of Rs891 crore for the fiscal first quarter, compared with Rs840 crore in the January-March period. Quarterly ARPU fell for the sixth straight quarter to Rs122 from Rs126.2 in the January-March period. “Strong momentum continuing in subscriber additions with gross adds of 33.8 million in 1Q FY20,” the company said in a statement Friday. It added that despite a larger consumer base across tariff plans, customer engagement improved with higher data usage of 11.4 GB per user per month, wh..
July 19, 2019

Reliance Q1 profit rises 7% YoY to Rs 10,104 crore, beats Street estimates

NEW DELHI: Mukesh Ambani-led Reliance Industries on Friday reported 6.82 per cent yearly rise in profit at Rs 10,104 crore for the June quarter thanks to robust growth in telecom and retail businesses. Analysts in an ET NOW poll had projected a profit of Rs 9,550 crore. Reliance’s telecom unit Jio reported 45.60 per cent rise in profit at Rs 891 crore while sales of retail unit grew 47.5 per cent to Rs 38,196 crore. The company’s overall revenue increased by 21.25 per cent to Rs 1.61 lakh crore in the June quarter from Rs 1.33 lakh crore in the year-ago period. The Gross refining margin (GRM) for June quarter stood $8.1 per barrel, premium of $4.6 per barrel over Singapore complex margin. Basic earnings per share (EPS) of the overall group stood at Rs 17.1 as against Rs 16 in the corresponding period of the previous year. Ahead of Q1 earnings, shares of the company settled 1 per cent down at Rs 1,249, while the BSE Sensex closed 560 points, or 1.44 per cent down at 38,337. Key Hi..
July 19, 2019

Sebi changes formats for limited review, audit reports

New Delhi: Regulator Sebi Friday tweaked the formats for limited review and audit report of listed entities in order to align them with the revised auditing standards. Providing new formats for audit report and limited review report in the circular, Sebi said that in view of revision in auditing standards (SA 700) by the Institute of Chartered Accountants of India (ICAI), "audit report formats need to be aligned with SA 700 (revised)". This would also be applicable to entities whose accounts are to be consolidated with the listed entity. "This circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019 and after," Sebi said. In March this year, Sebi came out with procedure and formats to be followed for limited review and audit report of listed entities after a new sub-regulation was inserted in the LODR (Listing Obligation and Disclosures Requirements) norms which requires the statutory auditor of a listed entity to undertake a limi..
July 19, 2019

Fear is overdone, exit of FIIs gives an opportunity to buy: Sanjiv Bhasin

There is an extremely good opportunity to buy in the next 10-12 weeks through SIP in select midcaps and large caps, says Sanjiv Bhasin, Executive Vice President, IIFL Securities. Excerpts from an interview with ETNOW. What should one do with the midcaps that are cracking? The fear is overdone. Market is very despondent and that has more to do with some of the FIIs exiting because of the tax. A large part of the imponderables are on the positive side and we are calling it the 12-week factor, from here till middle of October. October onwards we are very bullish on the market and we think that in this fear, you should do a SIP for the next 10-12 weeks in select midcaps and select largecaps, because we think midcaps maybe on the way to the bottom. This is a very good selloff in the broader market and the largecaps. It tells you that inherently over ownership or the exit of some of the FIIs are giving you an opportunity. The cement numbers are a clear indicator for an economy and it says ..
July 19, 2019

A big Tesla skeptic on Wall Street raises his estimate for second-quarter earnings

Tesla got a boost Friday from one of its biggest Wall Street skeptics, who now sees Elon Musk's electric car company headed to a nearly profitable second-quarter earnings report. Barclays, which has an underweight rating and a $150 price target on Tesla shares, raised its forecast for the company's second-quarter report to a loss of 16 cents a share — a jump from the firm's previous estimate of a loss of 71 cents a share. Tesla reports its quarterly earnings Wednesday. "Increasing 2Q estimates as TSLA did indeed 'move the metal,'" Barclays analyst Brian Johnson said in a note to investors. Tesla shares rose 0.6% in Friday's premarket from its previous close of $253.54. Its stock surged in early July after Tesla reported a record second-quarter deliveries number. At the time, Johnson called the number "impressive" but said Tesla would have to show that it's improving profitability, urging investors to focus on the second-quarter earnings report. But t..
July 19, 2019

Commuters on London’s world famous underground to get 4G services next year

Hundreds of miles of cabling have been installed on the network in preparation.
July 19, 2019

Debt-laden Anheuser-Busch InBev’s stock jumps after it agrees to sell its Australian unit

An employee adjusts bottles of Bud Light brand beer at an Anheuser-Busch InBev NV facility in Williamsburg, Virginia, U.S., on Wednesday, Aug. 8, 2018.Andrew Harrer | Bloomberg | Getty ImagesShares of Anheuser-Busch InBev jumped Friday morning after the company confirmed the sale of its Australian business and said it was still interested in an initial public offering of its Asian business. The Budweiser brewer's stock rose 4% in premarket trading. The stock, which has a market value of $151.3 billion, is down 10% over the last year. AB InBev is selling Carlton & United Breweries, its Australian unit, to Japan's Asahi Group Holdings for about $11.3 billion in enterprise value. The deal is expected to close by the first quarter of 2020, and the proceeds will be used to pay down the Belgian-based company's debt. The brewer has spent years focused on acquisitions, from craft beer brands that are stealing share to its biggest rival SABMiller, a deal that roughly doubled the ..
July 19, 2019

Mayor Sadiq Khan calls for new powers to impose rent controls in London

Photographer | Collection | Getty ImagesMayor of London Sadiq Khan has called for new powers designed to impose rent controls in the U.K.'s capital city. In a report released Friday, Khan said there needed to be a "fundamental overhaul" of the private rented sector in London. The mayor wants caps to be placed on existing rent levels, a "universal register of landlords" and a private rent commission which will set out how rents can be gradually reduced. Tenancy contracts could also be open-ended under the mayor's plan. The mayoral office has claimed that the cost of renting a one-bedroom flat is now more than the average of a three-bedroom house in every other area of England, also claiming that the case for rent control has become "overwhelming." The report also said that 40% of Londoners were now renting privately, compared to just 18% in 1990. Khan, a member of the opposition Labour party, admitted that unlike other mayors around the world he had "no powers over the private..

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