HDFC Securities has downgraded Aditya Birla Fashion & Retail to add from buy with a target price of Rs 120, based on 23 times FY22 EV/EBITDA. According to the brokerage, the company delivered a reasonable FY20 (pre-Covid) normalized revenue/EBITDA growth of 12/15 per cent to Rs 90.8/7.1 billion respectively as both Madura and Pantaloons performed well. Rep. Revenue/Adjusted EBITDA, however grew 7.7 per cent/declined 16 per cent year on year to Rs 87.4/4.7 billion respectively. as the lockdown disrupted demand in March 2020. For the fourth quarter, revenue declined 5 per cent to Rs 18.2 billion against the brokerage estimate of Rs 17.63 billion). However, margins disappointed at -3.1 per cent vs the brokerage estimate of -1 per cent). In the earnings call, the management said that the first 11 months of FY20 were going in line with the company’s plans leading to an almost perfect year. It was only with the advent of Covid-19 that led to an economic standstill negatively … [Read more...] about Add Aditya Birla Fashion & Retail, target price Rs 120: HDFC Securities
Target store closures
11:27 a.m. El Dorado County drops travel ban, tells visitors to stay away: The county’s ban on visitors was issued in early April due to concerns over a surge of coronavirus cases and insufficient critical health care infrastructure and resources, according to health officials. Fines of $1,000 were being issued to those who violated the order. But the county’s current capacity to test and contact trace, as well as the ability to monitor COVID-19 indicators, led officials to rescind the order Wednesday. Read the full story by Alejandro Serrano. … [Read more...] about Coronavirus live updates: Apple’s Genius help, store pickups return in Bay Area
"The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," the company said in a statement, noting that "uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action." … [Read more...] about 6 companies that filed for bankruptcy in May
She’s managed to retain her staff of five at the store, which sells one of the largest assortments of woks and other Chinese cookware. She has a basement that functions as her warehouse, where she and her staff do most of the packaging. Before the pandemic, online sales made up half of her business, but now it’s closer to 70%, she said. She averages 50 shipments a day, an increase of roughly 20% from mid-March, though revenue is down about 20%. It used to average about $40,000 per month, she said. … [Read more...] about Will e-commerce help small business survive coronavirus fallout?
On Wednesday night, protests outside of Minneapolis Police’s 3rd Precinct building turned into a fiery, deadly riot, with dozens of businesses along East Lake Street looted. At least 15 fires were intentionally set in the area, including at an AutoZone store, a Wendy’s restaurant and an affordable housing complex that was under construction. All three completely burned down. … [Read more...] about Unrest After George Floyd’s Death: Violence Spans Twin Cities, 3rd Precinct Overtaken & Burned, CNN Reporter Arrested