Life

Coal at power units rises to 10-days cover: Minister

United Natural Foods Affirms FY22 Outlook – Quick Facts

While reporting financial results for the first quarter on Wednesday, United Natural Foods, Inc. (UNFI) affirmed its earnings, adjusted earnings and sales guidance for the full-year 2021.

For fiscal 2022, the company continues to project earnings in the range of $3.60 to $3.90 per share and adjusted earnings in the range of $3.90 to $4.20 per share on net sales between $27.8 billion and $28.3 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.09 per share on net sales of $28.02 billion for the year. Analysts’ estimates typically exclude special items.

Lee Enterprises Board Rejects Proposal From Alden; Q4 Profit Rises

Lee Enterprises, Incorporated (LEE) said its Board has unanimously rejected the unsolicited, nonbinding proposal from Alden Global Capital, LLC to purchase the company for $24.00 per share in cash. Lee’s Board determined that Alden’s proposal grossly undervalues the company and is not in the best interests of the company and its shareholders.

Lee also announced that it has recorded continued operating revenue and adjusted EBITDA growth in its fourth quarter driven by 37% growth in digital revenue, 65% growth in digital-only subscriptions and 71% growth in revenues from Amplified, the company’s full-service digital marketing agency.

Fourth-quarter net profit was $4.79 million compared to a loss of $1.78 million, prior year. Profit per share was $0.75 compared to profit of $0.10. Adjusted EBITDA increased to $25.77 million from $25.37 million.

Revenue increased to $193.91 million from $191.77 million, a year ago. Subscription revenue was $87.8 million, a 1.6% decrease from last year.

Shares of Lee Enterprises were up 8% in pre-market trade on Thursday.

Japan's Orix to sell software business to KKR for over $2 billion – Nikkei

FILE PHOTO: The logo of Orix Corp is pictured in Tokyo, Japan April 7, 2015. REUTERS/Toru Hanai

TOKYO (Reuters) – Japanese financial services group Orix Corp has decided to sell software business Yayoi Co to U.S. private equity firm KKR & Co Inc for about 240 billion yen ($2.12 billion), the Nikkei business daily reported on Saturday.

Orix bought Yayoi for over 80 billion yen in 2014.

($1 = 113.3800 yen)

Gold rises ₹ 58; silver gains ₹ 175

Gold prices rose by ₹ 58 to ₹ 47,039 per 10 grams in the national capital on Tuesday in line with gains in the precious metal in global markets, according to HDFC Securities.

In the previous trade, the precious metal settled at ₹ 46,981 per 10 gram.

Silver also jumped ₹ 175 to ₹ 60,362 per kg from ₹ 60,187 per kg in the previous trade.

In the international market, gold was trading with gains at $ 1,781 per ounce and silver was flat at $ 22.42 per ounce.

"Gold prices traded firm with spot gold prices at COMEX trading up at $ 1,781 per ounce on Tuesday," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

European Economics Preview: Eurozone Retail, Final Composite PMI Data Due

Retail sales and final composite Purchasing Managers’ survey results from euro area are due on Friday, headlining a busy day for the European economic news.

At 2.45 am ET, France’s statistical office Insee releases industrial production data for October. Economists forecast output to grow 0.5 percent on month, reversing a 1.3 percent fall in September.

At 3.00 am ET, retail sales from Hungary and GDP from Slovakia are due.

At 3.15 am ET, IHS Markit releases Spain’s services PMI data. The index is expected to rise to 58.8 in November from 56.6 in October.

At 3.45 am ET, Italy’s services PMI survey results are due. Economists forecast the services index to advance to 54.8 in November from 52.4 in the previous month.

Thereafter, final PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final composite survey results are due. According to flash estimate, the composite output index rose to 55.8 in November from 54.2 in October.

At 4.30 am ET, UK Markit/CIPS final composite Purchasing Managers’ survey data is due. The composite reading is seen at 57.7 in November, unchanged from the flash estimate.

Half an hour later, Eurostat is set to publish euro area retail sales for October. Economists expect sales to advance 0.2 percent on month, reversing a 0.3 percent fall in September.

Electra To Acquire Elon Group AB; Elon Group Holding To Be Largest Shareholder In Combined Group

Electra Gruppen AB and Elon Group Holding AB have reached an agreement under which Electra and Elon Group AB merge. Following the deal, Elon Group Holding will be the largest shareholder in the combined group and own 65 percent of the shares and votes.

Electra will be acquiring all shares in Elon Group AB in exchange for 9,659,223 newly issued Electra shares through an issue in kind. The value of the Electra shares issued amounts to approximately 628 million Swedish kronor.

In order to adjust the capital structure prior to the completion, Electra’s board will propose that a general meeting in Electra resolves on an extra dividend of 15.6 million Swedish kronor to Electra’s shareholders.

Coal at power units rises to 10-days cover: Minister

Stocks at thermal plants rise to 21 MT

Coal stock at thermal power plants improved to 20.98 million tonnes (MT) on December 5, which is sufficient to run the plants for an average of 10 days, Power Minister R.K. Singh said in a written reply to the Lok Sabha. on Thursday.

The Central Electricity Authority (CEA) monitors fuel stocks of 136 coal-based thermal power plants with total generation capacity of more than 166 GW.

Coal stock available with power plants monitored by the CEA was 41.6 MT as on November 30, 2020, which declined to 31.9 MT on March 31, he wrote. Also, with increased power generation and some interruption in supply of coal by companies mainly due to heavy rains and increase in prices of imported coal, stock at the plants slumped to about 11.4 MT as on September 30, 2021, he said.

Subsequently, with the efforts of the Ministry of Power, Ministry of Coal, CEA, Coal India Ltd. and the Railways, coal stock had started improving, he added.