Hemindra Hazari
The media has gone overboard on the government of India’s decision not to give Raghuram Rajan, the Reserve Bank of India (RBI) governor, a second term, and focused on how the government is unable to retain an internationally acclaimed economist. However, now that Rajan is going, we need...
Debate with CRISIL on providing the highest rating of P1+ to Hindustan Lever
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Hemindra Hazari
In the run-up to the upcoming Budget, shares on the stock market have rallied, raising hopes of the long delayed revival in private sector capital expenditure and corporate earnings. But against the backdrop of an already slowing economy followed by the ill-conceived, disastrously executed demonetisation, might this be...
EXECUTIVE SUMMARY. No doubt the stock market has de-rated banking behemoth, State Bank of India (SBI), since its 4QFY19 results, on account of its corporate stressed exposures. Yet we should not overlook a positive feature: the bank’s concerted effort to reduce its net deferred tax assets (DTA) from FY2019,...
Academic studies have proved the commercial viability of research by taking it from the lofty towers of academia to the lowlands of the trading floor.
Hemindra Hazari
The Economic Survey is the flagship document of the Ministry of Finance, presented by the finance minister to parliament on a day prior to the release of the Union Budget. This prestigious economic document is the responsibility of the chief economic adviser to the Indian government and is widely...
Compliance with the formal corporate governance code will be incorporated in FY2001 annual reports. investors should not be dismayed by the lack of a corporate governance structure or conversely, lower their guard at elaborate corporate governance norms. Our report reveals that substance (eg, the importance of truly independent directors)...
Few people are looking at the connection between two developments.
-- First, India’s Finance Minister has been steadily bringing down the Central government’s fiscal deficit as a share of GDP. In fact, she has been so firm in this effort that total Central government spending/GDP has been falling in the...
EXECUTIVE SUMMARY
Indusind Bank’s reckless decision to provide a Rs 20 bn (8% of the bank’s capital) unsecured bridge loan to IL&FS, an insolvent infrastructure company has led to a significant de-rating of its valuation multiple. In the 3QFY2019 results call, Ramesh Sobti, the bank’s CEO believes that the bank...
