KFC India operator Devyani reports lower quarterly profit as costs rise
The Yum Brands (YUM.N), opens new tab franchisee posted a net profit of 36.9 million Indian rupees ($420,920.55) for the quarter ended June 30, compared with a profit of 301.06 million rupees a year earlier.
($1 = 87.6650 Indian rupees)
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Reuters
15 minutes ago
- Reuters
India's JSW Cement gains 4% in debut with a $2.38 billion valuation
Aug 14 (Reuters) - Shares of JSW Cement ( opens new tab debuted 4% higher on Thursday valuing the firm at $2.38 billion as investors looked past broader market jitters to back the company's capacity expansion plans and push into new regional markets. The stock listed at 153.50 rupees on the National Stock Exchange, above its 147 rupees issue price and just above its targeted $2.3 billion. It was last up 2.7% at 151.06 rupees as of 10:21 a.m. IST. India, the world's second-largest cement producer, is riding a robust sector outlook, with the government's infrastructure and housing push expected to power demand growth through the decade, while prices rebound from multi-year lows hit last fiscal year. JSW Cement, with its seven plants in southern, eastern and western India, is a relatively smaller player in an industry dominated by companies such as Aditya Birla-owned UltraTech Cement ( opens new tab and Gautam Adani-backed Ambuja Cement ( opens new tab. The company will use proceeds from the IPO for setting up a factory in the limestone-rich state of Rajasthan, it said in its prospectus. Ventura Securities said JSW Cement's capacity ramp-up will expand its reach and boost profits, while its ties to the JSW Group offer brand strength and easy access to raw materials like slag and power via group companies in steel ( opens new tab, energy ( opens new tab and marine infrastructure ( opens new tab. JSW Group holds a nearly 70% stake in the cement maker. The $413 million initial public offering was oversubscribed nearly eight times earlier this week, driven by institutional investors whose bids were nearly 16 times their allotted quota. ($1 = 87.4320 Indian rupees)
The Independent
17 minutes ago
- The Independent
Asian shares are mixed after days of gains driven by hopes for US rate cuts
Asian shares were mixed on Thursday after days of gains driven by hopes for lower U.S. interest rates, while U.S. futures slipped. In Tokyo, the Nikkei 225 fell 1.4% to 42,657.94 as investors sold to lock in recent gains that have taken the benchmark to all-time records. The Japanese yen rose against the dollar after U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was 'behind the curve' in monetary tightening. He was referring to the slow pace if increases in Japan's near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales. The dollar fell to 146.55 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong's Hang Seng index shed less than 0.1% to 25,597.85, while the Shanghai composite index gained 0.2% to 3,690.88. South Korea's Kospi slid 0.3% to 3,215.61, while Australia's S&P ASX 200 index added 0.5% to 8,871.80. Taiwan's TAIEX fell 0.4%, while India's Sensex edged 0.1% higher. 'Asian markets opened today like a party that ran out of champagne before midnight — the music still playing, but the dance floor thinning out,' Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, U.S. stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut U.S. interest rates. The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, though they risk worsening inflation. Stocks of companies on Wall Street that could benefit most from lower interest rates helped lead the way. PulteGroup climbed 5.4%, and Lennar rose 5.2% as part of a broad rally for homebuilders and others in the housing industry. Lower rates could make mortgages cheaper to get, which could spur more buying. The cryptocurrency exchange company Bullish ended its debut day of trading after an initial public offering of more than $10 billion with a gain of nearly 84% to $68 a share. The hopes for lower interest rates are helping to drown out criticism that the U.S. stock market has broadly grown too expensive after its big leap since hitting a low in April. President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed Chair Jerome Powell while doing so. But the Fed has hesitated of the possibility that Trump's sweeping higher tariffs could make inflation much worse. Fed officials have said they want to see more fresh data about inflation before moving. On Thursday, a report will show how bad inflation was at the wholesale level across the United States. Economists expect it to show inflation accelerated a touch to 2.4% in July from 2.3% in June. In other dealings early Thursday, U.S. benchmark crude rose 24 cents to $62.89 per barrel. Brent crude, the international standard, added 27 cents to $65.90 per barrel. ___ AP Business Writer Stan Choe contributed.
Reuters
17 minutes ago
- Reuters
Vietnam makes first US oil purchase in 2025, sources say
SINGAPORE, Aug 14 (Reuters) - Vietnam has bought one million barrels of U.S. West Texas Intermediate crude for November delivery, its first U.S. oil purchase in 2025, sources said on Thursday. The country's refinery Binh Son Refining and Petrochemical ( opens new tab (BSR) bought the light sweet crude from Mercuria, the sources said.
