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IBM Q2 Results, EU Imposes Provisional Safeguard Tariffs et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jul 19, 2018 1:39 PM 2 min read
Editorial

End of Day Wrap-up (Thursday / July 19, 2018) #blackmoney #demonetisation #UltraTechCement #IBM #revenue #profit #EU #tariff #tax #Transfin

Editor's Comment: Special Investigation Team (SIT) on black money recommends Govt to increase cash holding limit to INR1cr from INR20lakhs. SIT has also recommended that amount found in seizures crossing the limit should go to the government treasury.

 

Ultratech Cement profits fall 30% YoY to INR631cr, but revenue increases 30% YoY to INR8,476cr. Higher prices of petroleum coke and a weakening rupee, led to increase in logistic costs by 9% which has led to a fall in profits.

 

Government tables ‘The Banning of Unregulated Deposits Schemes Bill’ to take down ponzi schemes. The bill is aimed to safeguard citizens against any fraudulent deposit schemes. It also calls for setting up a competent authority by state governments to ensure repayment in the event of a default, and attach assets in such an establishment. Proprietors may face up to 10 years in jail.

 

EU imposes provisional safeguard tariffs on import of steel products. After concerns being raised by EU steel makers that steel exports from China, India, Turkey, Russia and South Korea may be diverted to EU after the imposition of tariffs by US. Tariffs of 25% will only be imposed once imports exceed the average of imports over the last three years.

 

IBM Q2 results beat estimates as revenue increases 4% to $20bn and net income increases 3% YoY to $2.8bn. IBM has shown positive growth for past three quarters, following 5 years of YoY revenue declines. 

 

Jeff Bezos-owned Aerospace manufacturing co Blue Origin successfully completes crew capsule test; to test human crew by the end of the year. This was Blue Origin’s 9th test, as a test mannequin was used as crew. After the completion of this critical test, the company looks to go operational by the end of this year.