SBI Said to Plan $2.9 Billion Share Sale as Early as Next Week
If the qualified institutional placement is fully subscribed, it would mark the biggest QIP ever in India, surpassing Coal India Ltd. 's 225.6 billion rupee sale in 2015, according to data compiled by Bloomberg. The bank's board approved the sale in May.
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Yahoo
19 minutes ago
- Yahoo
Chipotle stock sinks after company reports second straight sales decline, cuts guidance
Chipotle Mexican Grill (CMG) reported another quarter of negative sales growth, sending shares sharply lower in premarket trading on Thursday. The fast-casual restaurant chain posted results on Wednesday as it navigates an uncertain consumer environment and as its new leadership deals with the most challenging backdrop in years. Chipotle reported same-store sales fell 4% in the second quarter, more than the 2.9% decline Wall Street expected, according to Bloomberg data. Shares of Chipotle were down more than 10% before the bell. Traffic also fell more than expected, falling 4.9% against the 4.4% drop that had been forecast by the Street. That's an acceleration from the 2.3% drop seen in the first quarter, which marked Chipotle's first quarterly foot traffic decline since 2022. Chipotle also cut its guidance again, saying it now expects flat full-year same-store sales growth, compared to an increase in the low-single-digit range. Ahead of Wednesday's report, analysts expected same-store sales to grow 0.8% for the fiscal year. CEO Scott Boatwright told investors that "ongoing volatility in our trends in the consumer environment" prompted the company to cut its full-year same-store sales forecast. Earnings were in line with forecasts, tallying $0.33 per share on an adjusted basis. Revenue missed forecasts, coming in at $3.06 billion, below the $3.11 billion analysts had expected. "We did see some share loss in the April-May time frame as the low-income consumer pulled back, but we're back to share gains yet again in June-July," Boatwright told investors on the company's earnings call. Boatwright added the company is "trending along with the macro and consumer sentiment at this point, and so I don't have overarching fears." Still, the exec admitted he believes its perceived value proposition isn't translating to consumers in the same way it did this time last year. "We've got to figure out a way we can communicate value for the consumer and showcase the value we are to QSR and fast casual," he said. "There's more work to do there, and that's what we'll lean into in the back half of the year." Boatwright told investors the company expects to return to positive transaction growth in the second half of the year. Chipotle expects tariffs to raise its cost of sales by 0.5% on an ongoing basis, with the company forecasting an additional 0.4% impact in the third quarter. In mid-June, the company launched Adobo Ranch, its first new dip since Queso Blanco. William Blair analyst Sharon Zackfia wrote in a note to clients prior to the report this new item "seemed to yield both improved traffic and ticket given the associated upcharge." CFO Adam Rymer said the company saw "strength" with sides, including the Adobo Ranch, which came "late in the quarter," but "other items like guac, queso chips, even drinks" held up "really nicely." An increased cadence of limited-time offerings, more sides and dips, leaning into its reward members, and its catering business will help it return to positive growth, Boatwright said. "I'm confident ... that we have a path to get back to mid-single-digit growth and return us back to where we need to be in the coming months." — Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@
Yahoo
19 minutes ago
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Starmer hails ‘historic day' as Modi visits for signing of UK-India trade deal
Sir Keir Starmer told Indian counterpart Narendra Modi the signing of a trade deal was a 'historic day' for the two countries. At the Prime Minister's country residence Chequers, Sir Keir said the deal marked a 'step change' in relations. Mr Modi said they were 'writing a new chapter' in the UK and India's shared history. The deal is set to be worth £6 billion in investment for the British economy and the two leaders have also agreed to increase efforts to tackle illegal migration and organised crime. Sir Keir said: 'I'm really pleased and privileged to welcome you here today on what I consider to be a historic day for both of our countries, and the delivery of the commitment that we made to each other.' Mr Modi, speaking via a translator, described the UK and India as 'natural partners'. Business Secretary Jonathan Reynolds and his Indian counterpart Piyush Goyal then formally signed the trade agreement in the great hall of Chequers.
Bloomberg
19 minutes ago
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India Moves to Shield Power Grids From Solar Equipment Malware
India issued guidelines to protect solar power equipment from potential cyberattacks, responding to industry concerns that imported China-made parts may be putting the grid at risk. Suppliers of inverters — devices that turn direct current into electricity for homes and the grid — will need to connect the machines to a national software platform, hosted on servers in India and managed by a government agency, according to the renewable energy ministry. All communication devices connected to the inverters must use special SIM cards that let machines securely share data without human input, it said in a note on its website.
