Kraft Heinz Affirms 2021 Adjusted EBITDA Outlook – Quick Facts
The Kraft Heinz Company (KHC) said, based on performance to date, it continues to expect to deliver 2021 adjusted EBITDA ahead of $6.1 billion. For 2022, the company expects to sustain stronger consumption versus pre-pandemic levels and maintain industry-leading margins.
Also, the company has increased price in approximately two thirds of its U.S. portfolio, and is prepared to take additional actions if input costs continue to rise.
CEO Miguel Patricio, said: “We are implementing necessary pricing actions to manage the
cost inflation we are currently seeing, including impacts likely to carry into
DIPAM picks 10 merchant bankers for LIC IPO
Goldman, Citigroup, Nomura in list
The government has appointed 10 merchant bankers, including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India, to manage the mega initial public offering of the country’s largest insurer LIC.
Other bankers selected are SBI Capital Markets, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities and Kotak Mahindra Capital Co Ltd, the disinvestment department said in a circular on its website. “Government has finalised the book running lead managers and some other advisors for the IPO of LIC,” the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.
DIPAM had invited applications from merchant bankers on July 15. Following this, 16 applicants made presentations for managing the listing and partial disinvestment of Life Insurance Corporation (LIC). The department is also in the process of appointing a legal adviser for the stake sale.
Alset EHome Gains 6% Following Deal With DSS
Alset EHome International Inc. (AEI) shares are rising more than6 percent on Wednesday morning trade after the company announced a $15 million share subscription agreement with Document Security Systems Inc. (DSS).
As per the subscription agreement, DSS will issue 12,155,591 shares of its common stock at a price of $1.234 per share.
Currently, shares of Alset EHome are at $2.56, up 6.67 percent from the previous close of $2.4 on a volume of 20,547,016. For the 52-week period, the shares have traded in a range of $1.65-$29.49 on average volume of 5,401,243.
DSS is trading up 3.13 percent at $1.32 on a volume of 2,367,860.
U.S. Construction Spending Rises Slightly More Than Expected In July
Construction spending in the U.S. increased by slightly more than expected in the month of July, according to a report released by the Commerce Department on Wednesday.
The report said construction spending rose by 0.3 percent to an annual rate of $1.569 trillion in July after edging down by less than a tenth of a percent to revised rate of $1.563 trillion in June.
Economists had expected construction spending to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
The modest increase in construction spending came as spending on private construction climbed by 0.3 percent to an annual rate of $1.231 trillion.
Spending on residential construction increased by 0.5 percent to a rate of $773.0 billion, more than offsetting a 0.2 percent dip in spending on non-residential construction to a rate of $458.0 billion.
The report also showed spending on public construction advanced by 0.7 percent to an annual rate of $337.8 billion, reflecting a 1.9 percent jump in spending on highway construction to a rate of $94.5 billion.
Compared to the same month a year ago, total construction in July was up 9.0 percent, the Commerce Department said.
Ashok Leyland ‘looking at all options’ to make EV batteries
‘Outlook for FY22 positive, capacity utilisation improving’
Hinduja group flagship Ashok Leyland Ltd. (ALL) is ‘looking at all options’ for the manufacture of batteries for electric vehicles, according to chairman Dheeraj G. Hinduja.
Addressing the 72nd Annual General Meeting on Wednesday, Mr. Hinduja said, “This is an area which goes hand in hand with our EV ambitions. I don’t want to disclose any plans at this moment except to say that .. very much looking at all options,” he said
Asked by shareholders whether the company would go in for production of electric cars on the lines of Tesla, he said ALL’s core competence lay in making intermediate commercial vehicles, light commercial vehicles and medium & heavy commercial vehicles (M&HCV) and that the company did not want to (make cars and) compete with Tesla directly.
He said that the outlook for FY22 was positive, even while pointing out that the performance of the company was affected in FY21 due to volatility in the automotive sector, coupled with the global shortage of semiconductor chips.
He said there were reports about a potential third wave and that ALL was monitoring the situation closely. Referring to the improved scenario, he said capacity utilisation in the M&HCV segment was in the range of 52% to 70% at various plants, while for LCVs it was closer to 100%. “Demand is strong and we are doing de-bottlenecking wherever required.”
Vipin Sondhi, MD and CEO, informed shareholders that the performance of the company in the coming quarters would be better quarter-on-quarter.
Whether Dancing or Still, the Body in ‘Ema’ Tells the Story
In Pablo Larraín’s unsettling film, Mariana Di Girolamo stars as a dancer who finds freedom through reggaeton dance.
By Gia Kourlas
Mondelez India forays into snack bar segment
Dairy Milk maker unveils Fuse Fit
Mondelez India, the makers of Cadbury Dairy Milk, Bournvita, and Oreo, on Wednesday announced its entry into the snack bar category with the unveiling of ‘Cadbury Fuse Fit’.
“After a lot of focus on our core [products] for the last 18 months, we are again starting our journey of innovation again,” said Anil Viswanathan, senior director – Marketing, Mondelez India.
“We have now thought about categories beyond our core where we see growth. Snack bar is one such category,” Mr. Viswanathan added.
The ‘snack bar’ segment in India is pegged at about ₹150-200 crore.
The Cadbury Fuse Fit, priced at ₹50 for 40 grams, will be available in two variants — Almonds and Peanuts and Cranberry and Nuts — and is targeted largely at ‘young adults’ looking for ‘good for you’ alternatives in daily snacking.
“Consumers are now increasingly looking for on-the-go snacks that could be for mid-morning hunger, mental stimulation or even to break fatigue, as they spend most time at home,” Mr. Viswanathan said.