Europe Earnings: Debenhams, Informa, Tesco, Vodafone, Vedanta

Nigel Thomas
31 Dec, 2013
New York City

Debenhams lowered profit-before-tax estimate on weak holiday season sales. Tesco received Indian regulatory approval for its

[R]3:40 PM Frankfurt – Debenhams lowered profit-before-tax estimate on weak holiday season sales. Tesco received Indian regulatory approval for its £67 million investment plan. Vodafone, FIPB of India approved proposal to take full-ownership of its Indian business in $1.6 billion.[/R]

In London trading, FTSE 100 index rose 0.3% or 17.82 to 6,749 and in Frankfurt the DAX index slid 0.4% or 37.23 to 9,552.

In Paris, CAC 40 index increased 0.5% or 19.80 to 4,296.

Debenhams Plc plunged 11.9% to 73.29 pence after the U.K.-based department stores operator forecasted profit-before-tax for the first-half to be in the region of £85 million.

The retailer said demand was poor during the Christmas trading period despite the increase of holiday season discounts.

Informa Plc gained 1.6% to 573.50 pence after the U.K.-based publishing company said Stephen Carter will take up the role of Group Chief Executive from tomorrow replacing Peter Rigby, the retiring chief executive.

Tesco Plc slid 0.6% to 334.35 pence after India''s foreign investment regulator approved £67 million or $110 million investment plan of the food retailer.

Vodafone Group Plc rose 0.1% to 237 pence after the Foreign Investment Promotion Board of India approved a proposal to take full ownership of its Indian business for $1.6 billion.

Vodafone holds 64.38% stake in the Indian unit that will buy remaining outstanding shares from minority shareholders including Ajay Piramal with 10.97% stake for Rs 8,900 crore and Analjit Singh’s stake for Rs 1,241 crore.

Vedanta Resources plc fell 0.4% to 933.50 pence after the U.K.-based metal and mining company said that Mahendra Singh Mehta chief executive officer agreed to stay till March 2014 while the company looks for his successor.