July 30, 2019

BP CEO warns a Corbyn-led UK government would be ‘quite alarming’

VIDEO2:4902:49A Corbyn government that fulfills its pledges would be 'quite alarming,' BP CEO saysSquawk Box EuropeBP Chief Executive Bob Dudley is concerned about the prospect of U.K. opposition leader Jeremy Corbyn becoming prime minister. "A Jeremy Corbyn government, of a kind that does what it says it might do, I think is quite alarming for everybody," BP CEO Bob Dudley told CNBC's "Squawk Box Europe" on Tuesday. "I think when you talk about nationalizing assets in companies, and particularly think about the bond holders who are global, I mean everyone is sitting up and saying: 'Really?'" Dudley said. The Labour party did not respond to a request for comment when contacted by CNBC Tuesday morning. Corbyn, the leftist leader of the Labour Party since 2015, reportedly said Sunday that he is "absolutely" willing to go up against newly-elected Prime Minister Boris Johnson if a general election is called over the coming months. Britain is not due to hold a nat..
July 29, 2019

DLF Q1 profit jumps over two-fold to Rs 414.72 crore

Realty major DLF on Monday reported over two-fold jump in its consolidated net profit at Rs 414.72 crore for the quarter ending June despite a fall in revenue. Its net profit stood at Rs 172.77 crore in the year-ago period. Total income, however, declined to Rs 1,540.95 crore during the April-June quarter of this fiscal from Rs 1,657.67 crore in the corresponding period of the previous year, the company said in a regulatory filing. The company reported an exceptional income of Rs 296.51 crore, which helped in a significant rise in its net profit. The company's net sales bookings stood at Rs 705 crore in the June quarter. In a statement, DLF said that promoters infused the last tranche of funds amounting to Rs 2,250 crore into the company in the last quarter. "With a total infusion of Rs 11,250 crore, this is one of the largest infusion by promoters in an Indian company. DLF has now successfully completed the entire process of transformation of its balance sheet," it added. W..
July 29, 2019

Tata Sponge reports Rs 85.9 crore loss in April-June

Tata Sponge Iron on Monday reported a consolidated net loss of Rs 85.99 crore for the quarter ended on June 30, 2019, due to high finance costs and other charges. The company had posted a net profit of Rs 45.56 crore during the same period a year ago, Tata Sponge Iron Ltd said in a BSE filing. Total income of the company during the quarter under review was at Rs 745.78 crore against Rs 272.84 crore in the corresponding period of the 2018-19 financial year. Total expenses rose to Rs 827.69 crore in april-June 2019 from Rs 203.86 crore in the same period last fiscal due to a spike in finance cost, employee benefit cost and other expenses. The company in a separate filing said that its board has approved the appointment of Sanjay Kumar Shrivastav as the Joint Chief Financial Officer of the company with effect from July 29. Tata Sponge Iron Limited (Tata Sponge) is one of India's largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron b..
July 29, 2019

Kansai Nerolac net profit at Rs 144.69 crore in June quarter

Kansai Nerolac Paints on Monday reported a net profit of Rs 144.69 crore for the first quarter ended June 30. It had posted a net profit of Rs 138.58 crore in the June quarter a year ago, Kansai Nerolac said in a BSE filing. Its total income was Rs 1,549.18 crore during the quarter. It was Rs 1,423.73 crore of the corresponding quarter last year. According to the company, "due to certain acquisitions made by the parent company in the current quarter and the previous year, current figures are not comparable." Kansai Nerolac Paints Vice-Chairman and Managing Director H M Bharuka said, "Decorative segment has seen good double-digit volume and value growth. This has helped offset the huge effect of the unprecedented slowdown in the automotive segment where the company has a significant exposure." Kansai Nerolac's total expenses was at Rs 1,326.26 crore as against Rs 1,209.93 crore, up 9.61 per cent. Shares of Kansai Nerolac Paints Ltd on Monday settled at Rs 431.65 on the BSE, up..
July 29, 2019

Trade setup: Market creates bright chance for a potential trend reversal

In a disappointing start to the week, the market resumed its decline on Monday after taking breather for a day. The market opened on a positive note but stayed positive for a very brief time. The indices soon slipped into the negative territory and went on to extend their losses. By afternoon, Nifty went very close to its crucial support at the 200-DMA, which currently stands at 11,140. Looking at the positive side, the second half of the session saw the market move sideways without extending the losses. The headline index ended the day down 95.10 points, or 0.84 per cent. The market has created a very bright chance for a potential trend reversal. Nifty stayed very close to its crucial 200-DMA. A Bearish Engulfing Candle emerged near the support area, which may potentially mark a short-term bottom. Apart from this, for the first time in the recent past, the decline came with a rise in OI, indicating the creation of new short positions and unwinding has stopped at least for now. We c..
July 29, 2019

Is Swamy triggering rise in NBFC yields?

Yields on NBFC bonds are showing signs of surging after BJP MP Subramanian Swamy alleged that Indiabulls Housing, a non-banking financier of homes, was involved in siphoning off funds to the tune of more than Rs 1 lakh crore. Bonds of stressed financier Dewan Housing Finance (DHFL) also changed hands in two separate secondary-market transactions of Rs 25 crore each on Monday. Those deals yielded 50-51 per cent, compared with 38-39 per cent more than a month ago, dealers said. “Large overseas intuitional investors are likely to have bought those papers from a domestic house,” said a dealer with knowledge of the deals. The instruments were long-term bonds the company had sold through public issuance last year. Bond yields rise when prices fall. Even a few foreign banks reportedly offered to bid Indiabulls Housing Finance bonds at 15 per cent. But there were no sellers (at that yield) after the company denied allegations of funds diversion through the National Housing Bank (NHB) windo..
July 29, 2019

Morgan Stanley: The S&P 500 will fail to break out for a third time in 18 months

The third time is "not the charm" for an S&P 500 breakout, according to Morgan Stanley. Despite the S&P 500 closing at an all-time high Friday, the index's internals and fundamentals are too weak to maintain the rally, the firm said. "While our 2400–3000 call from 18 months ago may look vulnerable, we think this latest surge will fail again, as we don't expect a Fed cut to rekindle growth the way market participants may be hoping, and now pricing," said Mike Wilson, Morgan Stanley's chief U.S. equity strategist and chief investment officer, in a note to clients Monday. In the last 18 months, the S&P 500 has peaked close to or just above the 3,000 range three times. The last two times were followed by a market correction and this time is no different, according to Wilson. While The Federal Reserve is likely to cut interest rates by 25 basis points Wednesday, the boost from the easing will not sustain the breakout that many investors are expecting, he said. A growth slow..
July 29, 2019

Next IMF chief must be ‘ready to go to war’ – trade and currency, strategist says

VIDEO1:5701:57Here are the names in the mix for the IMF's top positionSquawk Box EuropeThe next head of the International Monetary Fund (IMF) will have to deal with trade wars, currency manipulation and new digital currencies, a strategist told CNBC Monday. On Monday, the IMF opened the official process to choose its next chief, after Christine Lagarde resigned earlier this month to take on a new role. Throughout the Fund's history, the managing director has always been from Europe and the 28 European countries are gearing up to rally behind another European to take on the job. Mouhammed Choukeir, chief Investment officer at Kleinwort Hambros told CNBC's "Squawk Box Europe" that history has shown the selection process is "very political." "Whoever is going to head the IMF needs to be ready to go to war. The war is trade war, currency war – those are emerging risks that need to be addressed," Choukeir said, adding that digital currencies will be another challenge ahead...
July 29, 2019

Boeing better get its ‘s— together,’ Ryanair CEO warns as 737 Max grounding drags on

VIDEO5:4505:45Ryanair CEO Michael O'Leary sounds off on Boeing 737 Max groundingSquawk BoxRyanair CEO Michael O'Leary warned on Monday that the prolonged grounding of the Boeing 737 Max could lead to job cuts and slash the low-cost airline's growth prospects next year. Boeing halted deliveries of the jets in March after two deadly 737 Max crashes within five months of one another. That has meant airlines like European budget carrier Ryanair, cannot grow their operations as planned. Regulators have not said when they will allow the planes to fly again. Ryanair executives expected 58 of the planes for the summer of 2020, O'Leary said on an earnings call. "It may well move to 20, it could move to 10, and it could well move to zero if Boeing don't get their s--- together pretty quickly with the regulator," O'Leary said. Regulators ordered airlines to stop flying the planes, Boeing's bestseller, following an Ethiopian Airlines Max crash on March 10, less ..

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