Got milk? You probably don’t. Or you do, and it’s just a splash in your coffee. Or you do, but it’s not from a cow. advertisement And so Dean Foods, the largest U.S. milk producer, announced this morning that it has filed for chapter 11 bankruptcy protection. The Dallas-based company’s brands include DairyPure, TruMoo, Land O Lakes, Country Fresh, Dean’s, Garelick Farms, and Friendly’s. Dean Foods also said that it’s in “advanced discussions” with Dairy Farmers of America, a Kansas-based national cooperative owned by family farmers, about selling substantially all its assets. “Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption,” Eric Beringause, who became president and CEO three months ago, said in a statement. The decline can be blamed on everything from … [Read more...] about Here’s why milk giant Dean Foods just went bankrupt (blame millennials and Walmart)
Recent retail bankruptcies
ICICI Direct's research report on Bank of BarodaBank of Baroda (BoB) reported a mixed set of numbers. Credit growth continued to remain subdued at 3% YoY to | 637340 crore due to ongoing merger integration process. Corporate & MSME book witnessed de-growth of 1% & 6% YoY, respectively, while retail growth came in healthy at 16.2% YoY. Within retail, home & auto loan continue to grow at a healthy pace of 13% & 33% YoY, respectively. Further, deposit growth also slowed in accordance with slothful credit growth to 2% YoY to | 8.94 lakh crore. The bank has shed high cost bulk deposit, which resulted in CASA (domestic) growth of 133 bps QoQ to 37.88% & margin improvement.OutlookGiven the recent capital infusion at lower valuation, we lower our ABV estimates valuing the stock at 1.1x FY21E ABV. We maintain our BUY rating on the stock.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking … [Read more...] about Buy Bank of Baroda; target of Rs 130: ICICI Direct
Many investors would be surprised to see the erosion in their portfolios despite the Sensex and Nifty not being too far from their lifetime highs. The big indices have retreated just 5-6 percent from their peaks, but the price damage in mid and small cap shares has been severe.Here are some data points that describe the carnage in the market on Tuesday, June 6th. During the day, trading in 381 stocks on the BSE was frozen after there were only sellers in those stocks. Nearly 700 stocks, or one in every four stocks are trading within 5 percent of their 52-week lows. Sector indices that are close to their lows are power, telecom, infrastructure, utilities, healthcare and public sector undertaking.There are various reasons why many these stocks are being hammered. In many cases, weak fundamentals are to blame. But market players say the recent policies and regulations by the government and market regulator SEBI are aggravating the situation.Close The introduction of long-term capital … [Read more...] about Market is haemorrhaging, but Sensex & Nifty seem to suggest rude health
Moneycontrol News Fortis Healthcare's decision to buy the entire India portfolio of assets held by Singapore listed Religare Health Trust (RHT) aimed at simplifying the current structure hints at speeding up of possible stake sale.As per the definitive agreement – Fortis has agreed to buy the Indian portfolio of assets at an enterprise value of Rs 4,650 crore. A debt to the tune of Rs 1,152 crore of RHT will be transferred to Fortis balance sheet, as part of the deal.Fortis said the proposed acquisition is aimed at consolidating the entire Indian portfolio.Close “With the unwinding of the current structure, it would also make it easier for investors and other stakeholders to better understand the Company's business and financial performance,” Fortis said in a statement. related news Aditya Birla Fashion and Retail Q2 net loss at Rs 2.35 crore Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction VA Tech WABAG posts consolidated … [Read more...] about Does Fortis Healthcare restructuring hint at possible sale?