August 21, 2019

Uber rival Bolt launches food delivery service in Europe

Bolt Food is a food delivery service from Estonian ride-hailing company Bolt.BoltCompetition in Europe's food delivery market is getting even more heated. Uber rival Bolt announced Wednesday it will launch a food delivery service in Tallinn, Estonia, where it is headquartered. The Estonian start-up said it would expand the service to Latvia, Lithuania, and South Africa later this year before launching in more markets in Europe and Africa in 2020. Bolt, formerly known as Taxify, is entering an already-crowded field of competitors in the European food delivery market. Uber Eats and Amazon-backed Deliveroo are aggressively expanding across the region, while Britain's Just Eat recently agreed to merge with Amsterdam-based Takeaway.com to create the biggest food delivery company outside of China. VIDEO1:5201:52Amazon investment will enhance competition, Deliveroo COO saysSquawk Box EuropeBolt Chief Product Officer Jevgeni Kabanov said in an interview with CNBCWednesday the company..
August 21, 2019

Venezuela’s Maduro confirms secret high-level talks with US officials

Venezuela's President Nicolas Maduro delivers a speech during a pro-government rally against US sanctions in Caracas on August 10, 2019.FEDERICO PARRA | AFP | Getty ImagesThe leaders of the U.S. and Venezuela have confirmed high-ranking officials from their respective governments have been engaged in talks "for months." It comes less than three days after both Axios and the Associated Press reported that the U.S. had opened secret communications with top members of Venezuela's socialist administration. Speaking at the White House during a meeting with his Romanian counterpart on Tuesday, President Donald Trump said: "We are talking to various representatives of Venezuela … I don't want to say who but we are talking at a very high level." Shortly thereafter, Venezuela's embattled President Nicolas Maduro said during a televised address: "I can confirm that for months that we have had contact." Maduro said the aim of discussions was to "normalize and resolve this conf..
August 20, 2019

Naveen Kulkarni’s top picks in auto, IT sectors

Next three months are going to remain tough for us. From October-November, things should get better, says Naveen Kulkarni, Head of Research, Reliance Securities. Excerpts from an interview with ETNOW. What is the sense that you are getting given the fact that in the past history has shown that the large bearish stances by the FPIs have led 5% to 8% rally in the past. Could the kind of oversold market that we are looking at lead to a bounceback any time soon? What is happening right now is that we have seen some bit of bounce back which to some extent was expected, the reason being the global noise or the global challenges that we saw on trade talks that have receded a bit. Some bit of bounce back was expected and that has happened now. Going ahead, we are in a very volatile period in terms of how the market is going to behave at least for the next three months, the reason being we are seeing a lot of challenges in the BFSI sector. There are liquidity challenges which have permeated a..
August 20, 2019

Shares inch higher as stimulus hopes spur rebound

LONDON: European shares followed their Asian counterparts higher on Tuesday as investors bet possible monetary and fiscal stimulus measures would help stave off a major global economic downturn. After a tumultuous first half of August as investors dumped equities and poured their money into government debt and other safe haven assets, some calm has returned to markets this week as traders welcomed talk of more stimulus in China and Germany. In early European trade, the pan-region Euro Stoxx 600 rose 0.2%, the German DAX gained 0.1%, and Britain's FTSE rose 0.36%. That followed gains in Asia. The MSCI world equity index, which tracks shares in 47 countries, rose 0.1% and followed a decent rebound on Monday. Investors were cheered by signs policymakers were willing to do more to support their economies in the grip of international trade frictions, led by the bruising Sino-U.S. tariff tussle, and not everyone thinks the economy is in as bad shape as the market selloff last week i..
August 20, 2019

Anand Rathi maintains buy on Sanghi Industries, target Rs 80

Anand Rathi maintains a buy on Sanghi Industries with a target price of Rs 80 for a superior performance despite subdued demand. Softer input prices and cost rationalisation helped Sanghi Industries perfor well. Sanghi Industries stock fell 0.40 to Rs 55.90 at a time the Sensex was down 96.93 points to 37,305.56. Company Financials Subdued demand growth, labour and water shortages and the liquidity crisis pulled down its Gujarat market 11.5% y/y; hence, domestic volumes fell 12% to 0.566m tons. Volumes of cement sold, of clinker exports and of RMC sales, together rose a mere 1% y/y leading to overall revenue coming flat y/y at Rs 2.7bn. Management says prices would be stable and demand improve, post-Q3. The brokerage expects a 12% revenue CAGR over FY19-21, with a 7% volume CAGR. A better blended ratio, softer coal/ diesel prices, more bulk cement dispatches, the axle-load policy and various operating efficiencies offset the rise in other expenditure (high maintenance cost), leading..
August 20, 2019

Global bond rally sidesteps India as deficit fears mount

By Kartik Goyal India’s fixed-income traders have swung from joy to misery within the span of two weeks as the global bond rally passes them by. Rupee-denominated sovereign bonds have lost more than half the gains they made since the government’s July 5 budget, as concern rises that authorities may sell more debt to finance further fiscal stimulus. Confusion over plans to shift part of India’s 7-trillion-rupee ($100 billion) borrowing abroad is adding to the negative sentiment, along with weakness in the rupee, which is Asia’s worst-performing currency this month. “Uncertainty is really killing the markets,” said Lakshmi Iyer, chief investment officer for fixed income at Kotak Mahindra Asset Management Co. in Mumbai, who’s turned to corporate debt and short-term bonds for shelter. “While bond yields globally are declining and heading toward negative territory, bonds in India are less enthused.” The yield on benchmark 10-year sovereign bonds rose three basis points on Tuesday to 6..
August 20, 2019

Shell exits city gas business in India, sells MGL stake in open market

NEW DELHI: Shell India, the local arm of the Netherlands-based Royal Dutch Shell Plc, on Tuesday exited the city gas business in the country after it sold its 10 per cent stake in Mahanagar Gas Ltd for Rs 770 crore. According to stock exchange data, BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 9.98 million shares in the company through block deals at Rs 780 apiece. Mahanagar Gas Ltd (MGL), where the majority stake is owned by state-owned GAIL India Ltd, sells compressed natural gas (CNG) to automobiles and piped-cooking gas to households in and around Mumbai. When MGL was listed in July 2016, Shell and GAIL held 32.5 per cent stake each in the company. Last year, Shell sold 24 per cent of its shareholding in two tranches -- 8.5 per cent in April and 14 per cent in August -- in the open market through bulk deals. The government of Maharashtra has 10 per cent shareholding in MGL, while the remaining is with the public. Shell sold its stake in the open m..
August 20, 2019

Bank of America says buy these two high-yield transport stocks as rates fall

As investors look for reliable income streams in a world of falling bond yields, Bank of America Merrill Lynch is recommending two global bellwethers in the transportation sector. The firm said shipping company UPS and small-cap Fortress Transportation and Infrastructure are well positioned in the current environment of low interest rates thanks to their high and steady dividend yields.
August 20, 2019

Italian prime minister’s resignation kicks off fresh uncertainty and could push up borrowing costs

Italian Prime Minister Giuseppe Conte gestures as he delivers a speech at the Italian Senate, in Rome, on August 20, 2019, as the country faces a political crisis.Andreas Solaro | AFP | Getty ImagesItaly's prime minister, Giuseppe Conte, formally tendered his resignation Tuesday evening in Rome, after a day of confrontational drama in the Italian Senate triggered a fresh round of uncertainty over the country's political future but also a surprisingly beneficial jolt to its borrowing costs with yields falling. Conte, a law professor-turned-premier who was handed power after inconclusive elections last spring, assailed Matteo Salvini, his deputy prime minister and interior minister, repeatedly in an address to the upper legislative chamber. He said Salvini's demands earlier this month for a fresh national vote, which had precipitated the current crisis, had been "irresponsible" and rooted in personal and partisan motives. Salvini heads the anti-immigrant and euroskeptic L..