DANISH BREWER
Ahead of Market: 10 things that will decide stock action on Monday
Indian benchmark equity indices ended lower on Friday, once again succumbing to profit booking after hitting all-time highs, although they locked in a third straight week of gains powered by a rally in financials and the return of foreign investors.
Europe's STOXX 600 falls as tech, banks drag
European shares fell on Friday, with Carlsberg Group dropping 8% after Britvic rejected its $3.9 billion takeover bid, causing a 0.3% decline in the STOXX 600.
Russia's Baltika sues Carlsberg arms for over $900 million in damages
Moscow took control of Carlsberg's stake in Baltika in July 2023 and placed it under "temporary management", prompting Carlsberg Group CEO Jacob Aarup-Andersen to say its business had been stolen. According to filings with a court in St Petersburg, Carlsberg Sverige, Carlsberg Deutschland, Carlsberg Breweries and Carlsberg's Russian subsidiary Hoppy Union were all named as defendants.
Carlsberg India appoints Vandana Kapur as vice president-HR
Carlsberg India has appointed Vandana Kapur as vice president-human resources, focusing on organisation effectiveness, talent management, and diversity, equity, and inclusion initiatives. With over 22 years of experience in corporate, consulting, and entrepreneurial roles, Kapur is committed to becoming an employer of choice and creating inclusive opportunities.
After months of negotiation, a rare Russian compromise as Yandex changes hands
Six months earlier, the purchase of Yandex's Russia-based businesses, which generate more than 95% of revenue, by Russian investors looked in peril when the company's co-founder Arkady Volozh called the invasion of Ukraine "barbaric". With the Kremlin highly sensitive to criticism of what it calls a "special military operation", some on the Russian side of talks wanted to leave Volozh and Yandex NV with nothing, according to four sources familiar with the matter.
Russia seizes shares of Danone and Carlsberg subsidiaries in the country
The decree signed by President Vladimir Putin says the Russian state would "temporarily" manage shares belonging to Danone Russia and to Baltika, which is owned by Carlsberg.
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Companies find it's not so simple to leave Russia; some quietly stay put
Companies that expressed intentions to leave Russia after it invaded Ukraine are finding the process far more difficult than they had initially anticipated. Many must navigate an obstacle course between Russian efforts to discourage and penalise their departure on one side, and western sanctions and outraged public opinion on the other. Some brands, including Coke and Apple, have trickled back in informally through third countries, while others have stayed put; defending the move as necessary for the interests of employees and shareholders or stressing legal responsibilities to partners or franchisees.
Carlsberg objects to valuation of Khetan's 33% in India-Nepal business
"The Carlsberg Group has disputed the put option valuation and the two parties have agreed to refer the issue to arbitration. We cannot comment any further on the timing of the outcome," Ulrica Fearn, chief financial officer at Carlsberg, told investors during its earnings call.
Companies sell their businesses in Russia
Below are some of the companies by sector that have secured deals to sell their businesses in Russia:
Carlsberg CEO announces surprise retirement
The 65-year-old Dutchman, who has led the Danish beermaker for the last eight years, "has decided to retire" the company said in a statement adding that he had informed the company's board his intention to leave by the end of the third quarter of 2023 at the latest.
Carlsberg's India and Nepal JV partner to sell its entire 33.3% stake for $744 million
Carlsberg said for several years, it has had serious disagreements pertaining to the Shareholders’ Agreement between Carlsberg and its partner CSAPL Holdings Pte Ltd (CSAPLH) in relation to Carlsberg South Asia Pte Ltd (CSAPL), the holding company for the businesses in India (100%) and Nepal (90%).Carlsberg owns two thirds and CSAPLH the remaining one third in the holding firm.
Carlsberg awarded liability against Indian partner CSAPLH by Singapore tribunal
CSAPLH is Carlsberg's partner for operations in India and Nepal - which is controlled by Singapore resident C P Khetan - and has a 33.3% stake in Carlsberg South Asia Pte Ltd (CSAPL) - the holding company for Carlsberg's business in India. The rest is controlled by the Dutch brewer.
Nirma makes ₹1,650-crore offer for Hindusthan National Glass
Africa-based bottle maker Madhvani Group and AGI Greenpac, known as makers of Hindware products, also submitted separate resolution plans for the Kolkata-based bottle maker undergoing insolvency proceedings.
Companies sell their businesses in Russia
The moves, part of a broader corporate exodus from the country, are likely to stir concerns that Russian firms and institutions are snapping up prized assets for a bargain.
India is shining now for global consumer firms
American appliance maker Whirlpool Corp in its earning presentation said the company's focus is on the Americas and India. Chairman Marc Bitzer said it will drive high growth and profitable business in India as penetration rates accelerate the expansion.
Carlsberg to leave Russia, one of its main markets
As a result of the decision, revenues from the Russian operations would not be included in the company's earnings going forward, and the company said it would "later provide further details on the accounting impact of the planned disposal." Shares in Carlsberg were up over seven percent on the Copenhagen stock exchange following the announcement.
European shares slip ahead of Russia-Ukraine talks, ECB meet
Automakers fell the most, while defensive sectors such as real estate and healthcare posted small losses. Oil stocks also edged up.
Heineken, Carlsberg and Universal Music join Russia exodus
Danish brewer Carlsberg, the world's fourth biggest beer producer, said it too was halting production and sales in Russia. It said Baltika Breweries, which it majority owns, would continue to operate as a separate business to sustain its 8,400 employees in Russia "who are not responsible for the actions of the government". The Danish group said that during the humanitarian crisis in Ukraine, any profits generated by its business in Russia would be donated to relief organisations.
Beer, spirit companies break out the bubbly as sales hit 10-year high
The pandemic hit beer and spirit makers as bars, restaurants and pubs across the country operated with low footfalls and restricted travel over the past two years.
One thing Covid and its variants failed to stop in India: Alcohol sales
Industry executives attributed the revival to strong at-home consumption, people opting for higher-priced brands, and increasing footfalls in bars and restaurants amid easing of restrictions.
Luxury, mining stocks weigh on Europe ahead of US inflation data
The region-wide STOXX 600 index was down 0.1% undoing some of Monday's gains and cementing its losses for September, known to be a volatile month for equities.
Carlsberg’s India volumes rise 40% in June quarter, says CEO Cees’t Hart
Beer sales in India grew in double digits in the quarter to June compared to the year-ago figure but were still nearly half the sales in the pre-Covid corresponding period of 2019, as most bars and restaurants across the country still operate with restricted timings and at lower capacity.
Travel, defensive stocks keep European shares steady
Sectors considered more stable during times of economic uncertainty, such as healthcare and real estate rose, while travel and leisure stocks clawed back some losses from earlier this week.
India is a difficult market to be in at this moment of time, says Carlsberg Global CEO
The world's third biggest brewer said its Indian business declined 75% in the quarter ended June after beer manufacturing, distribution and retailing came to a complete standstill during the nationwide lockdown for nearly 40 days. Dining at restaurants, bars and pubs that accounts for nearly a third of beer sales, still remains restricted.
Carlsberg's India business grows 19% by volume
Carlsberg said profitability improved considerably due to the volume growth, positive price mix and supply chain efficiencies.
Carlsberg declined 2% in India in 2017
"2017 was a very volatile year for our Indian business due to the highway ban and the introduction of GST. Consequently, our volumes declined by 2%," Carlsberg said in a statement adding that the decline was still less than the overall market.
Carlsberg turns profitable in India, now the country's second largest beer company
In less than a decade of its entry, Danish brewer Carlsberg has turned profitable in the Indian beer market during October-December quarter.
India's second-largest brewer SABMiller to roll out iconic American beer Miller High Life & Foster's Strong
While Miller High Life was launched in Mumbai and Pune this month, Foster’s Strong has been rolled out in Punjab, Haryana and Chandigarh.
UB betting big on beer brand Heineken to take on Danish brewer Carlsberg
The country's largest brewer has brought down the prices of Heineken by 40% and plans to roll it out in Kolkata, Goa and Uttar Pradesh next month.
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