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Research reports published by Hemindra Hazari.

EXECUTIVE SUMMARY. In a shocking development at HDFC Bank reported by Reuters, the bank selected Egon Zehnder, the global executive search firm, to shortlist external candidates to succeed Aditya Puri. The six-member internal search committee set up in November has been unable to reach a consensus to...
EXECUTIVE SUMMARY. April 1, 2020, All Fools Day, the first day of FY2021, was an eventful day for Kotak Mahindra Bank (KMB) shareholders, as the share price fell an alarming 9% as compared with a NIFTY-50 decline of 4% and the NIFTY Bank fall of 5%. What...
EXECUTIVE SUMMARY. In a surprise capitulation, the Reserve Bank of India (RBI) has relaxed  its rules regarding the ceiling on the percentage of shares held by founders of a private bank. But it has carved out this exception for just one bank, Kotak Mahindra Bank (KMB), which...
EXECUTIVE SUMMARY. HDFC Asset Management Co. (HDFC AMC), promoted by HDFC is in the news for all the wrong reasons, a rare situation for a blue-blooded group which is the darling of institutional investors. The only saving grace is that it is not the only AMC...
EXECUTIVE SUMMARY. In a stunning non-disclosure, Indusind Bank conveniently neglected to reveal, in its 3QFY2020 results, that it had reduced shareholder funds by around Rs 6.7 bn as a charge for frauds without charging it to profits. The bank reported a consolidated net profit of Rs...
Leadership is unravelling at Yes Bank and the stock is tanking. In the dark hours of November 14, the bank announced the immediate resignations of Ashok Chawla, its non-executive, independent chairman, and Vasant Gujarathi, an independent director and head of its important audit committee.  The directors of Yes Bank appear to...
EXECUTIVE SUMMARY. In the SBI-led bail-out of Yes Bank assisted by private sector entities, HDFC Bank, the largest private sector bank, is notably absent, as is Indusind Bank. Stranger still, much smaller banks like Bandhan Bank, Federal Bank and IDFC First have decided to come to the...
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 savage mauling of Indusind Bank’s share price in the last year, and especially in the last month, is a reflection of the unravelling of the bank’s high-risk asset and fee growth strategy.  A bank which use to trade at 5x P/BV is currently reduced...
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...