Sanderson Farms Q2 Profit Soars, Results Top Estimates – Quick Facts
Poultry producer Sanderson Farms Inc. (SAFM) on Thursday reported net income for the second quarter of $96.91 million or $4.34 per share, sharply higher than $6.12 million or $0.28 per share in the year-ago quarter.
Net sales for the quarter rose to $1.13 billion from $844.71 million for the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.17 per share on revenues of $1.04 billion for the quarter. Analysts’ estimates typically exclude special items.
Watch live: The nation's top bank CEOs testify before Congress
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The chief executives of the nation's biggest banks kick off two days of congressional testimony on Wednesday before the Senate Banking Committee.
Lawmakers will hear from JPMorgan Chase's Jamie Dimon, Wells Fargo's Charles Scharf, Citi's Jane Fraser and Goldman Sachs' David Solomon, Morgan Stanley's James Gorman and Bank of America's Brian Moynihan.
The bank executives are likely to face complaints from both political parties, with Democrats hoping to address racial differences in lending and Republicans eager to quell corporations from taking stands on political issues.
Sen. Pat Toomey of Pennsylvania, the committee's ranking Republican, told CNBC before the Senate hearing that he's hoping the bankers will "defend capitalism" and tout the benefits of stock buybacks.
Sen. Sherrod Brown, D-Ohio, who chairs the committee, will likely ask the executives about reducing race-based disparities in lending, as well as banks' efforts to support local businesses during the Covid-19 pandemic.
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NCLAT stays NCLT diktat to banks to mull Wadhawan offer
Direction not to impair approval of plan selected by CoC
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the direction of NCLT Mumbai telling DHFL’s lenders to consider the offer by the debt-ridden mortgage firm’s erstwhile promoter Kapil Wadhawan.
A vacation bench of NCLAT comprising Acting Chairman Justice A.I.S. Cheema and Member-Technical V.P. Singh stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT).
On May 19, NCLT had directed the settlement plan offered by Mr. Wadhawan to be considered by the lenders of DHFL, one of the lawyers engaged in the matter said.
Meanwhile, the appellate tribunal also clarified that its order should not come in the way of the NCLT to decide on the approval of the plan selected by the Committee of Creditors (CoC), the lawyer added.
In January, the CoC voted in favour of selling DHFL to the Piramal Group under the bankruptcy process.
NCLAT’s direction came on an urgent petition moved by the Union Bank of India on behalf of the CoC of Dewan Housing Finance Corporation Ltd.(DHFL).
DHFL had gone bankrupt with more than ₹90,000 crore in debt owed to various lenders, including banks, mutual funds and individual investors who had invested in fixed deposits.
Former Republican Senator John Warner Dies At 94
American war veteran and former Republican Senator John Warner died from heart failure at his home in Alexandria, Virginia, at the age of 94.
Having enlisted in the Navy at the age of 17, Warner was a veteran of the Second World War and the Korean War.
He became the Secretary of the U.S. Navy in 1972. The five-time Senator represented Virginia from 1979 to 2009.
Warner served as Chairman of the Senate Armed Services Committee from 1999 to 2001 and again from 2003 to 2007. He also served as the Chair of the Senate Rules Committee from 1995 to 1999.
Warner was the last surviving of actress Elizabeth Taylor’s seven husbands.
He had three children in his marriage to Catherine Conover Mellon.
In his condolence message, President Joe Biden said Warner lived an extraordinary life of service and accomplishment.
While serving in the Senate for three decades, Warner was guided by his conscience and the U.S. Constitution, he noted.
Biden recalled that Warner crossed party lines to support him in the 2020 presidential election.
Airtel expands spectrum for Karnataka to bolster data experience
`Villages, highways, rail routes to get better coverage’
Bharti Airtel on Tuesday said it has upgraded its mobile network in Karnataka to enhance network access and bolster high speed data experience for its 3.03 crore customers in the state.
To this end, the telco deployed an additional 11.2 Mhz spectrum in the 1800 Mhz band along with advanced network software tools across its network in the state. The deployment would enable improved network availability and data speeds along with better coverage inside homes and buildings in cities and urban areas, said the company.
The recent spectrum addition would also allow Airtel to offer better coverage along highways and rail routes in addition to offering increased footprint across villages in Karnataka.
Sharan Shetty, CEO – Karnataka, Bharti Airtel said, “Airtel now has the largest spectrum bank in Karnataka and our future ready network is well positioned to meet the surging demand for high speed data.”
Following the pandemic, the adoption of work from home, online classes, video streaming had witnessed a massive surge, reported the company.
Airtel also deployed advanced network technologies and tools including pre-5G Massive MIMO, 4G Advanced and Carrier Aggregation to step up high speed network capacity and coverage.
Airtel had acquired the 11.2 Mhz spectrum for Karnataka during the recent auctions conducted by DoT. With this, the company now has the largest spectrum bank of 68.8 Mhz in the state, the carrier claimed.