Bengaluru: United Spirits on Thursday reported a 143% increase in net profit at Rs 197.4 crore for the quarter ended June, mainly due to improved operating performance and lower interest costs.
India’s largest liquor firm, which is now controlled by Diageo Plc, reported 10% year on year increase in its total sales for the quarter at Rs 7087.9 crore. Excluding one-time sale of bulk scotch, net sales grew 6%, it said.
"During the quarter, our core business was affected by general elections in line with our earlier guidance," said Anand Kripalu, CEO at USL. "We trimmed down the reinvestment rate for the quarter in light of the ongoing general elections; however, it should normalize over the course of the year as investing behind our brands continues to be an area of strategic priority for us."
EBIDTA margins rose 772 basis points due to savings in operating costs and phasing effect of marketing investment.
The prestige and above segment accounted for 67% of net sales, up 200 bps compa..
Two Wall Street analysts are betting big on Amazon's quarterly report later this week by hiking their price targets on the e-commerce giant.
Deutsche Bank analyst Lloyd Walmsley raised his 12-month price target on Amazon to $2,515 per share from $2,315. Walmsley's new price target implies a 28% upside for Amazon and is one of the five highest among analysts, according to FactSet. KeyBanc Capital Markets analyst Edward Yruma also raised his price target to $2,200 per share from $2,100, implying an upside of nearly 7% from Friday's close.
Shares of Amazon, which reports after the bell on Thursday, closed at $1,964.52 per share on Friday. The stock rose 0.5% in the premarket Monday.
Walmsley and Yruma think Amazon's results will be so good that they don't want to wait until the official report Thursday before setting more bullish targets.
"We see Amazon in a sweet spot of slightly accelerating revenue and KPIs (key performance indicators) with continued (albeit m..
VIDEO3:1403:14European stocks open lower amid earnings and political tensionsSquawk Box EuropeEuropean stocks traded cautiously higher Monday afternoon, amid waning expectations of an aggressive interest rate cut by the Federal Reserve.
The pan-European Stoxx 600 was trading 0.1% higher, basic resources stocks leading gains with a 0.9% rise while utilities, insurance, telecoms and media stocks slipped 0.4%.
European Markets: FTSE, GDAXI, FCHI, IBEXEurope's oil and gas stocks were among the best performers, amid heightened tensions in the Middle East following Iran's seizure of a British tanker in the Strait of Hormuz. Subsea 7, Lundin Petroleum and Tullow Oil were all trading more than 1.5% higher Monday afternoon.
Looking at individual stocks, Dutch health technology company Philips surged toward the top of the index after a stronger-than-anticipated 6% rise in comparable sales for the second quarter. The company cited robust demand for its hospital equipment in China and th..
Oil supertanker Grace 1 on suspicion of being carrying Iranian crude oil to Syria is seen near Gibraltar, Spain July 4, 2019.REUTERS | StringerMorgan Stanley does not expect rising tensions in the world's most important oil chokepoint to lead to a sustained jump in oil prices.
Instead, the investment bank expects non-OPEC supply growth to keep crude futures relatively subdued over the coming months.
Oil prices rose more than 2% Monday morning, amid concerns that Iran's seizure of a British tanker last week could lead to disruptions in the energy-rich Gulf.
When asked whether he was concerned about possible supply disruptions in the wake of intensifying geopolitical tensions in the Middle East, Morgan Stanley's global oil strategist Martijn Rats, told CNBC: "Actually, on the whole, not that much."
"The history of fear around the Strait of Hormuz suggests that from time to time, this concern can flare up and we can have some disruptions but they rarely last for very long...
22 July 2019 Irish Deputy PM: We want to avoid No Deal but it will be a British choice Appearing on the BBC’s Andrew Marr Show yesterday, the Irish Deputy Prime Minister, Simon Coveney, said that Ireland and the EU “want to avoid a No Deal Brexit,” but added, “this will be a British choice. Not an Irish choice, not an EU choice.” Commenting on a No Deal scenario, Coveney said, “We cannot allow an open backdoor into the single market through Northern Ireland,” adding, “there will need to be checks somewhere.” He indicated that these checks would not take place on the border itself, but said that they “have to be in Ireland” rather than in mainland Europe. Asked about the possibility of a time-limited backstop, he said, “We’ve always said no to that because you have to be able to answer the question, what happens at the end of that time limit, and if you can’t answer that question, then it’s not a backstop at all.” He also said that “The backstop can be replaced [in the future] by al..
By Lu Wang
It’s an old saw of professional money management that nobody gets fired for buying IBM. But in 2019, the perils of groupthink may be creating their own kind of career risk for stock investors.
So says Bank of America, highlighting dangers created when droves of funds flock to the same stocks regardless of cost. In one extreme example tied to the vogue for momentum trading, shares with the fastest price appreciation over the past 12 months are trading at valuations that are almost 25 per cent higher than normal, the bank’s data showed.
While risk aversion and herding are nothing new, the extent to which active funds are willing to pay up for popular stocks is at extreme levels. Three mantras seem to dominate their thinking, say BofA strategists led by Savita Subramanian. “Buy what’s working,” “don’t be different,” and “valuation doesn’t matter.”
Normally, you want to buy low and sell high. Lately investors seem to have it backwards. Cheap stocks are being almost totally ..
NEW DELHI: In a disappointing session, the domestic stock market took a deeper hit on Friday as it slipped below crucial support levels and ended the day in the red.
The market saw a positive opening for the day, but the index failed to maintain its opening gains.
After trading positive for a very brief period, Nifty pared all the gains, slipped into the negative zone and continued to see sustained weakness all through the day. The headline index finally ended the day, losing 177.65 points (-1.53%).
Nifty closed well below its 100-DMA level of 11,567 on Friday. This was crucial support that the index breached on the downside.
In the event of any pullback, the 100-DMA is expected to provide a very stiff resistance. The upper band for the index has shifted lower to the 11,560-11,600 zone, and this zone will halt all the upsides that the market may see going ahead.
There are chances that Nifty will see a tepid start to the week on Monday. There are possibilities of a soft opening, b..
NEW DELHI: Dalal Street showed clear signs of being in the beat grip all through this past week. The state of the broader market continued to be fragile and there has been growing acceptance of the poor state of the Indian market. Decisions regarding higher surcharge on the super-rich and lack of any economic stimulus in the Budget resulted in the bear hammering of domestic stocks.
Top Street investor Shankar Sharma says the market has been in its worst state in last 18 months and only a handful of Nifty stocks have been able to mask the true condition. Sharma said the current scenario is worse than the one witnessed during the 2008 financial crisis.
The handful of Nifty stocks is masking the ugly truth that the Indian market, now and over the last 18 months, has… https://t.co/wBKbF0QWoJ
— Shankar Sharma (@1shankarsharma) 1563520712000
Sharma also said anybody with the option of investing globally has no case for investing in India, given the ancient companies, economic slowdo..