"They gave us a warning one week ago and we explained that we have been asked to do this. Then today they first removed it around 3 pm IST and then we pursued their team and resubmitted the app after removing the link to Aarogya Setu and now they made it live,” Singh told Gadgets360. … [Read more...] about Aarogya Setu link | Google Play removes MobiKwik for violating ads policy
Covid’19-related shutdowns hurt an otherwise healthy year for ABFRL. It reported 7.7% revenue growth and a 16% EBITDA drop in FY20. The `10bn rights issue as a risk-mitigation strategy would strengthen the balance sheet. The inherently strong brands and otherwise healthy working-capital cycle are its key strengths. The stock price has fallen ~36% since the lockdown with concerns about demand revival uncertainty and mounting debt. On the extended lockdown and higher fixed costs than previously expected, we cut our FY21e/FY22e revenue 6.3%/8.3%, EBITDA 44.5%/25.0%. We maintain our Buy rating with a lower TP of `137 based on 18x FY22e EV/EBITDA. We believe the ability to control fixed costs and demand revival are key monitorables. … [Read more...] about Buy Aditya Birla Fashion and Retail target of Rs 137: Anand Rathi
In keeping with the industry, Orient Cement’s Q4 revenue/EBITDA/ PAT dipped 13%/18.5%/29%, following the 10-day lockdown in Mar. To safeguard liquidity in the now uncertain demand circumstance, it postponed expansions and shifted focus to de-levering. The migrant labour impact and supply-chain unavailability are key monitorables. We retain our Buy rating, with a higher target of `65 (earlier `53). … [Read more...] about Buy Orient Cement target of Rs 65: Anand Rathi
Higher treasury income (stake sale of Yes bank) and NIM expansion led to strong 29% sequential growth in Federal Bank’s Q4 operating profits. Higher provisions (incl. `930m Covid-related) led to a ~32% q/q decline in earnings. Asset quality and PCR improved. Ahead, higher build-up of stress would keep credit cost high and profitability subdued in the medium term. … [Read more...] about Buy Federal Bank target of Rs 55: Anand Rathi
"According to executives, Sikka's product mindset did not work for the company and eventually led to his departure. Then came Parekh’s appointment at a time the company was looking for an executive who would bring in stability," said Pareekh Jain, founder, Pareekh Consulting. … [Read more...] about Wipro’s new CEO: Can foreign executives succeed in Indian IT firms?