MoneyGram Q3 Loss Narrows

MoneyGram International Inc. (MGI) reported that its net loss for its third quarter ending September 30, 2019 narrowed to $7.7 million or $0.10 per share from $20.9 million or $0.32 per share last year.

Adjusted loss per common share was $0.03 compared to net income of $0.24 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenue for the quarter declined to $324.6 million from $347.2 million last year. Analysts expected revenue of $334.45 million for the quarter.

For the fourth quarter of 2019, the company anticipates total revenue of about $330 million, and adjusted EBITDA of about $50 million.

Bajaj Auto sales down 9% at 4,63,208 units in October

Bajaj Auto Ltd on Friday reported 9 per cent decline in total sales at 4,63,208 units in October.

The company had sold a total of 5,06,699 units in the same month last year, Bajaj Auto said in a regulatory filing.

Domestic sales stood at 2,78,776 units last month as against 3,19,942 units in October last year, a decline of 13 per cent, it added.

Motorcycle sales in the domestic market were down 14 per cent at 2,42,516 units compared to 2,81,582 units in the year-ago month.

Commercial vehicle sales stood at 36,260 units as against 38,360 in the corresponding month last year, a decline of 5 per cent, the company said.

Total vehicle exports in October were at 1,84,432 units as compared to 1,86,757 units in the same month a year ago, down 1 per cent, Bajaj Auto said.

Rentokil Initial To Buy US-based Florida Pest Control – Quick Facts

Pest control firm Rentokil Initial Plc. (RTOKY.PK,RTO.L) announced Friday the acquisition of Florida Pest Control.

The deal is expected to complete later today or shortly thereafter.

Gainesville-based Florida Pest Control is a service provider for commercial and residential customers with 2018 revenues of $66 million. It employs 600 people in 20 branches throughout central and northern Florida.

Andy Ransom, CEO of Rentokil Initial plc, said, “This acquisition is very much in line with our strategy to acquire pest control businesses that build customer density and add to our scale in key local markets, and will make a strong contribution towards our North American revenue and margin targets.”

Rentokil already acquired pest control companies Oliver Exterminating, Allgood, Active, Heron, Johnson and Russell Pest Control in the South East region of the United States.

Pembina Pipeline Q3 Profit Rises, Beats View; Revises FY19 Earnings View

Pembina Pipeline Corp. (PPL.TO,PBA) reported Friday that its third-quarter earnings grew to C$370 million from last year’s C$334 million.

Earnings per share were C$0.66, compared to C$0.60 a year ago.

On average, six analysts polled by Thomson Reuters expect earnings of C$0.60 per share. Analysts’ estimates typically exclude special items.

Adjusted EBITDA for the quarter increased to C$736 million from C$732 million a year earlier.

Revenue was C$1.70 billion, down from prior year’s C$2.05 billion. Net revenue grew to C$751 million from last year’s C$742 million.

Total volume declined to 3,436 mboe/d from last year’s 3,465 mboe/d.

Looking ahead for fiscal 2019, Pembina has revised its adjusted EBITDA guidance range to C$2.95 – C$3.05 billion.

Upon closing of the Kinder Acquisition, Pembina intends to increase its monthly dividend by C$0.01 per common share.

Vodafone-Idea stock surges 23% as company clears the air on exiting Indian market

The stock rose to ₹4.80 on the NSE.

Shares of Vodafone Idea on Friday zoomed over 23% in early trade after the company clarified that it is not going to exit the Indian market.

Shares of the telecom operator jumped 22.87% to ₹4.78 apiece on the BSE.

Similarly, the stock rose 23.07% to ₹4.80 on the NSE.

The stock exchange had sought clarification from the company over the rumours of the telecom operator exiting the Indian market because of mounting losses and debt recast issue.

British telecom giant Vodafone on Thursday said it will continue to stay invested in the Indian market and is seeking the government’s support to tide over the current challenging times.

“Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious,” Vodafone group said in a statement on Thursday.

Manufacturing activity at 2-year low in October, says survey

Manufacturing activity in the country continued to weaken in October, with factory orders and production rising at the weakest rates in two years, a monthly survey said on Friday. 

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell to a two-year low of 50.6 in October from 51.4 in September.

This indicates only a marginal improvement in the health of the manufacturing industry, the survey said. 

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. 

As per the IHS Markit survey, the cooling of manufacturing sector conditions in India continued in October, with both factory orders and production rising at the weakest rates for two years. 

“Subsequently, job creation softened to a six-month low, while companies were reluctant to hold excess stock and lowered input buying in response,” it noted. 

The PMI data for October showed a continuation of manufacturing sector weakness in India, “with sales growth softening to the slowest in two years”, said Pollyanna De Lima, principal economist at IHS Markit. 

“Weakening demand had a domino effect in the manufacturing industry, knocking down rates of increase in production, employment and business sentiment,” Lima said. 

With quantities of purchases contracting for the third month in a row, Lima pointed out that input costs fell for the first time in over four years during October.