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Research reports published by Hemindra Hazari.

The appalling record of incompetence, and likely worse, by India’s credit rating agencies (CRAs) continues to lengthen. The latest instance is the double default of commercial debt obligations (on June 27 and July 1, 2019) by Cox and Kings, a tour and travels services company. In this...
EXECUTIVE SUMMARY: The default by the unlisted Altico Capital India (erstwhile Clearwater Capital Partners India Private Limited), a “Systemically Important Non-Bank Finance Company” owned by marquee foreign shareholders, is a resoundingly loud and clear warning to the capital market on the precarious state of NBFCs and the...
EXECUTIVE SUMMARY. The prestigious Institutional Investor 2019 All-Asia ex-Japan Executive Team Awards have been announced. Remarkably, sell-side analysts selected Jairam Sridharan (Axis Bank) as the ‘Best CFO ’ in the banking category. This should be deeply troubling to the capital market. In effect, these highly experienced analysts...
EXECUTIVE SUMMARY. Axis Bank recently diminished the authority of its Chief Risk Officer (CRO) by taking corporate credit risk assessment away from him and giving it to the Chief Credit Officer. Cyril Anand, President and Chief Risk Officer (CRO), Axis Bank, has been ‘retired’ early, and the...
EXECUTIVE SUMMARY. Under the threat of being pulled up for contempt of court by the Supreme Court of India, the Reserve Bank of India (RBI) finally disclosed the confidential inspection reports, called Risk Assessment Reports, of some banks requested under the Right to Information Act (RTI), 2005....
EXECUTIVE SUMMARY. On June 14, 2019, Tech Mahindra joined the ranks of Tata Global Beverages, Ambuja Cement and Dr Reddy’s in appointing Shikha Sharma as an independent director. Private equity firm KKR had also appointed Sharma as an adviser for their alternative investments. The irony of publicly-owned...
EXECUTIVE SUMMARY. Post the announcement of HDFC Bank’s results, the sell-side rejoiced and the overwhelming majority reaffirmed their bullish stance on the stock, which has handsomely rewarded shareholders in its quarter century of existence. The perennially bullish sell-side has been disregarding the cautions of Daniel Tabbush,...
EXECUTIVE SUMMARY. Problem: You are a leading sell-side analyst. What do you do when confronted with valuable, authoritative, and hitherto confidential information about India’s leading banks? A. Highlight it. B. Analyse it and publish a research report...
EXECUTIVE SUMMARY. Romesh Sobti, the CEO of Indusind Bank, was recently crowned ‘banker of the year’ by a fawning business media, despite reporting two consecutive years of fudged accounts (FY2016 and FY2017) and putting nearly 8% of the bank’s capital at risk in an ill-advised, unsecured...
EXECUTIVE SUMMARY. R.C. Bhargava is the long-serving current chairman of Maruti Suzuki India, India’s largest automobile company. He was also an independent director of IL&FS, the failed infrastructure developer and non-bank finance company, from 1990 till 2018. At that point, the Indian government finally removed all the...