Stock Alert: TriNet Rises On Better-than-expected Quarterly Earnings
Shares of human resources solutions provider for small to midsize businesses, TriNet Group, Inc. (TNET) are rising more than 13.75% Tuesday morning at $71.48. It has traded in the range of $27.79- $76.92 in the last 52 weeks.
Monday the company announced second quarter adjusted income of $136 million, or $2.03 per share, compared with $50 million, or $0.70 per share, in the same period last year. On average, analysts polled by Thomson Reuters expected earnings of $1.08.
Revenue increased 1% year-over-year to $0.9 billion.
The company also said that it has acquired Little Bird HR, a privately held PEO specializing in benefits and human resource solutions for the educational institution industry.
UltraTech Q1 net falls 38% as topline dips on lockdown woes
Cement major lowers net debt, fixed costs decline 21%
UltraTech Cement reported a 38% decline in first quarter consolidated net profit to ₹797 crore from a year earlier. Consolidated net sales also fell 33% to ₹7,563 crore, the company said in a filing with stock exchanges.
The company said it had emerged ‘stronger and well prepared’ in the wake of the ongoing COVID19 pandemic.
“UltraTech has managed the crisis with a sharp focus on operational efficiencies. In the available 68 operating days during this quarter, the company kept a tight control on costs and cash flow, and achieved an effective capacity utilisation of 60% across its network of 54 plants around the country,” it said.
It said that a general disruption due to the lockdown did impact business performance, but that ‘some encouraging trends’ were seen during the latter part of May, 2020, driven largely by better than expected pick-up in cement consumption in the rural markets.
The company said the ‘overheads control programme’ initiated by the management cut fixed costs by 21% year-on-year.
“Prudent working capital management and control on cash flows are reflected in a reduction of net debt by ₹2,209 crore during Q1 of FY21.”
The company said its capital and financial resources remained ‘entirely protected and its liquidity position was adequately covered’.
Govt. notifies 100% FDI in Air India for NRIs
Move may aid sale of national carrier
In a move that is likely to have an impact on the sale of the national carrier, the government has notified amendments to Foreign Exchange Management rules and allowed NRIs 100% foreign direct investment (FDI) in Air India.
The gazette notification follows a Cabinet nod for the same in March this year.
The amendment removes the exception which permitted Overseas Citizens of India 100% FDI in air transport, but not Air India. This category of citizens has been replaced with NRIs, now allowed to commit 100% FDI in air transport, including Air India, through automatic route.
“Foreign investments in m/s Air India Limited, including that of foreign airlines shall not exceed 49% either directly or indirectly except in case of those NRIs, who are Indian nationals, where foreign investments is permitted up to 100% under automatic route,” according to the notification on the third amendment to FEMA (non-debt instruments) Rules, 2020.
Answering your vehicle-related queries
More for less
Varsha S: I have been using a Maruti Suzuki Wagon R automatic and I’m now looking to upgrade to a newer model. I like the seat height in my car as I’m 5 feet tall and I’m able to avoid the glare of oncoming headlights. With a budget of ₹4-6 lakh, please recommend which car I should go for. I want a car that is low on maintenance, spacious and comfortable enough for four occupants. I drive less than 10km a day and only within the city.
The new Maruti Suzuki Wagon R AMT is the one for you. It carries over all the strengths of your existing car, and is better in every single way — space, engine, comfort, interiors and a nice high seating position, which is useful for drivers who are not tall. You can get the VXi AGS variant in your budget.
Head over wheels
Mahasweta Das: My boyfriend and I bought our first car, a Mercedes-Benz E 220d, back in 2018. However, it is barely being used now and it is becoming difficult to keep the car in running order. Should we sell it or keep it as a remembrance?
Whether keeping the car as a remembrance or not is a personal decision that only you can make. Do keep in mind that premium cars such as yours depreciate in value really fast, so you will be lucky to get decent resale value. But if it is merely gathering dust and you don’t see it being used in the future, you’d do well to sell it off, rather than dealing with potential issues that may arise due to non-usage of the vehicle.
Seven-Year Note Auction Attracts Modestly Below Average Demand
With the Federal Reserve’s monetary policy decision looming, the Treasury Department announce the results of its auction of $44 billion worth of seven-year notes on Tuesday, revealing the sale attracted slightly below average demand.
The seven-year note auction drew a high yield of 0.446 percent and a bid-to-cover ratio of 2.45.
The Treasury sold $41 billion worth of seven-year notes last month, drawing a high yield of 0.511 percent and a bid-to-cover ratio of 2.49.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.51.
On Monday, the Treasury revealed its auctions of $48 billion worth of two-year notes and $49 billion worth of five-year notes both attracted below average demand.