British Land H1 Loss Widens, Declares Dividend; Sells Clarges, Mayfair To Deka For £177 Mln

Morgan Stanley forecasts Sensex at 50,000 pts in 2021

Morgan Stanley expects the benchmark Sensex top the 50,000 milestone by the end of next year.

The brokerage believes the economic growth cycle is not fully priced in. It has revised upwards the earnings per share (EPS) estimate for Sensex.

Earlier, the brokerage had a target of 37,300 for June 2021.

At 50,000, the Sensex would trade at 16 times its estimated FY21 earnings — which the brokerage projects will be 15 per cent higher than FY20.

“We remain in a bull market that started in March, and even though one should expect corrections along the way, the equity market may have more legs before it tops out. We raise EPS estimates and index target,” said Morgan Stanley equity strategist Ridham Desai and Sheela Rathi in a note.

The brokerage believes a ‘bottom-up’ approach will be more rewarding for investors.

GoAir plane makes emergency landing at Karachi; passenger dies due to cardiac arrest

There were 179 passengers in the plane.

A Delhi-bound GoAir plane made an emergency landing at Karachi on Tuesday after a passenger onboard suffered cardiac arrest and later died, according to an airline official.

The flight — G8-6658 — from Riyadh later landed at Delhi airport early morning on Wednesday.

The male passenger, who was administered all possible medical help onboard, was declared dead after landing at Karachi, in Pakistan, the official said

There were 179 passengers in the plane.

A statement from the airline is awaited.

Croda To Acquire Iberchem – Quick Facts

Croda International Plc (CRDA.L) has agreed to acquire the entire issued share capital of Fragrance Spanish Topco, S.L., trading as Iberchem, a global fragrances and flavours company, for a total consideration of 820 million euros on a debt-free, cash-free basis. The acquisition is expected to close by the end of 2020. Croda anticipates the acquisition to be earnings accretive in the first full fiscal year following completion and strongly accretive thereafter.

Iberchem is headquartered in Murcia, Spain. As at August 2020, the company had 14 manufacturing facilities, 10 R&D centres and a commercial presence in 120 countries. Iberchem has been majority owned by Eurazeo since 2017.

Croda said the consideration will be funded via a combination of the Group’s existing debt facilities and the proceeds of an equity placing, representing approximately 8% of the Group’s issued share capital. The placing of new ordinary shares in the capital of the company to institutional investors is anticipated to raise net proceeds of approximately 600 million pounds. Also, Croda announced a retail offer via PrimaryBid of new ordinary shares of 0.10609756 pounds each in the capital of the company. The retail offer will be open to retail investors in the United Kingdom.

Croda International reported that its trading in the second half of 2020 to the end of October was in line with expectations and the overall trading outlook for the full year remains unchanged.

British Land H1 Loss Widens, Declares Dividend; Sells Clarges, Mayfair To Deka For £177 Mln

British Land Co. plc (BRLAF.PK,BTLCY.PK,BLND.L) reported Wednesday that its IFRS loss after tax was 730 million pounds, wider than last year’s loss of 404 million pounds.

IFRS basic loss per share widened to 78.7 pence from prior year’s loss of 42.9 pence.

Underlying earnings per share were 10.5 pence, compared to 16.1 pence last year, primarily reflecting an increase in provisions for rent receivables.

Underlying profit fell 29.6 percent to 107 million pounds from 152 million pounds last year.

Gross rental income declined to 268 million pounds from 275 million pounds last year. Net rental income fell to 191 million pounds from 243 million pounds a year ago.

Further, the company announced interim dividend of 8.4 pence per share, representing 80% of underlying earnings per share.

Going forward, dividends will be paid semi-annually as opposed to quarterly, to be announced at the interim and full year results based on the most recently completed six-month period.

Separately, British Land announced it has completed on the sale of Clarges Mayfair to Deka for 177 million pounds, 7.6% above the September 2020 valuation.

Clarges was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft of office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail.

The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.

SSE Plc H1 Adj. Pretax Profit From Cont. Ops. Declines – Quick Facts

SSE plc (SSE.L) reported profit before tax of 829.5 million pounds for the six months ended 30 September 2020 compared to 128.9 million pounds, prior year. Earnings per share from continuing operations was 67.6 pence compared to 6.2 pence. The Group recognised a net exceptional gain of 327.0 million pounds before tax, for the quarter. Adjusted profit before tax of continuing operations was 193.9 million pounds compared to 263.4 million pounds. Adjusted earnings per share of continuing operations was 11.9 pence compared to 18.0 pence.

First half revenue declined to 2.82 billion pounds from 3.05 billion pounds, previous year.

SSE has announced an interim dividend of 24.4 pence per share with an intention to recommend a full-year dividend of 80 pence per share plus RPI inflation. The Group is confident in its ability to deliver all of its existing five-year 2019-23 dividend plan.

British Land H1 Loss Widens, Declares Dividend; Sells Clarges, Mayfair To Deka For £177 Mln

British Land Co. plc (BRLAF.PK,BTLCY.PK,BLND.L) reported Wednesday that its IFRS loss after tax was 730 million pounds, wider than last year’s loss of 404 million pounds.

IFRS basic loss per share widened to 78.7 pence from prior year’s loss of 42.9 pence.

Underlying earnings per share were 10.5 pence, compared to 16.1 pence last year, primarily reflecting an increase in provisions for rent receivables.

Underlying profit fell 29.6 percent to 107 million pounds from 152 million pounds last year.

Gross rental income declined to 268 million pounds from 275 million pounds last year. Net rental income fell to 191 million pounds from 243 million pounds a year ago.

Further, the company announced interim dividend of 8.4 pence per share, representing 80% of underlying earnings per share.

Going forward, dividends will be paid semi-annually as opposed to quarterly, to be announced at the interim and full year results based on the most recently completed six-month period.

Separately, British Land announced it has completed on the sale of Clarges Mayfair to Deka for 177 million pounds, 7.6% above the September 2020 valuation.

Clarges was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft of office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail.

The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.