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DMart reported revenue growth of 46%YoY supported by recovery in footfalls. Additionally, DMart had added 22 new stores in FY21 which also supported the growth. Covid 2nd wave had slowed the strong recovery momentum witnessed in Q4FY21. However, ease in restrictions and lockdowns in the quarter supported for more footfalls and improvement in sales. The company continued new store additions despite challenging conditions and added 8 stores Vs 6 stores YoY (4 QoQ). The recent QIP of Rs.4,098cr is supporting acceleration in store additions. DMart, improved its focus on E-Com business and continued its expansion by soft launching DMart Ready'...
We revise our estimates leading to an upward revision in our target price to Rs 3,600/share (prev Rs 3,110) valuing at 45x FY24E EV/EBITDA. We downgrade the stock to SELL from HOLD earlier.
PNB Housing Finance’s (PNBHF) Board has decided not to proceed with the proposed preferential issue of Rs40bn @Rs390 per share to Carlyle group, General Atlantic, SSG Group and other investors. Preferential issue has been held up for more than 4 months (after already taking over 2 years), due to the pending legal proceeding before SAT. Also, in an exchange filing, the company highlighted that there is lack of visibility or certainty as to the timeline for judicial determination of the legal issues and regulatory approvals were not expected to be forthcoming amidst litigation. With proposed deal being off the table, the overhang resurfaces.
Background: Mindtree is a global technology consulting and services company, helping enterprises marry scale with agility to achieve competitive advantage. Born digital, in 1999 and now a Larsen & Toubro Group Company, Mindtree applies its deep domain knowledge to 290+ enterprise client engagements to break down silos, make sense of digital complexity and bring new initiatives to market faster. We enable IT to move at the speed of business, leveraging emerging technologies and the efficiencies of Continuous Delivery to spur business innovation. Operating in more than 15 countries across the world, we're consistently regarded as one of...
Draft Bill aimed at lowering pollution via other generation sources: In light of rising pollution levels, particularly in metros and large cities, the Draft Bill states that the electricity distributor shall ensure uninterrupted (24*7) power supply to all consumers so there is no requirement of running dieselgenerating (DG) sets. The State Commission may consider a separate reliability charge for the distribution company, if it requires funds for investment in infrastructure, to ensure the reliability of electricity supply to consumers. Urges consumer to shift to cleaner energy sources: The Draft Bill further states consumers using DG sets as essential backup power shall endeavor to shift to...
Aided by the specialty chemicals business - whose revenues surged by an eye-popping 56.6% in Q1 and EBIT by gravity-defying 84.2% - Aarti Industries posted 40.5% growth in overall sales and 98.4% rise in post tax earnings on yoy basis. Despite sharp increase in raw material prices, freight and fuel prices, operating profit advanced by 72.4% to Rs 313.81 crs, thus pulling up OPMs to 23.8% from 19.4% (21.5% in Q4); finance costs though rose sharply not least due to M2M impact on unhedged ECBs. Much of the business growth last quarter was aided...
UBL and the beer industry in general, has been facing unfavourable macro-climate since 3 years (Q1 disruption). With still stressed beer sales, UBL would have to shore up further debt (|115 cr LTD in FY21) to deposit the penalty. The scenario if undertaken, is expected to create near and medium term challenges for the company. UBL can however, appeal to the Supreme Court of India within 60 days...
The penalty comes on the back of a detailed probe ordered four years ago with regard to alleged cartelization and price fixing by all the three major Beer players that came to light when AB InBev (after its global acquisition of SABMiller) came to acquire the business of SABMiller India. The period of cartelization is considered to be from CY07 to at least 10th Oct'18, with CIPL joining in from CY12, and the All India Brewers Association (AIBA) serving as a platform facilitating such cartelization since CY13. The companies were found to have exchanged commercially sensitive...
Earnings visibility declined due to slow pace in awarding of order backlogs and poor execution due to shortage of workforces. Besides execution delays, the major challenge NBCC currently...
