Home Articles Research

Research

Research reports published by Hemindra Hazari.

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. 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. 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....
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...
On May 12, 2017, Yes Bank, released its annual report for the year ended March 31, 2017 where the Reserve Bank of India’s (RBI) mandatory disclosure showed that for the year ended March 31, 2016, the bank’s gross non-performing assets (NPAs) was higher by 5.6x to Rs49.3bn...
On January 11, 2019, the Reserve Bank of India (RBI)  issued a press release informing the public that “by an order dated January 4, 2019 imposed a monetary penalty of Rs 30 million on Citibank NA India (the bank) for deficiencies in compliance with the RBI instructions on ‘Fit and Proper’ criteria...
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...