Research

Research reports published by Hemindra Hazari.

EXECUTIVE SUMMARY The ‘Interim Report of IL&FS and Its Subsidiaries’ dated November 30, 2018  by the Serious Fraud Investigation Office (SFIO), which was submitted by the Ministry of Corporate Affairs (MCA) to the National Company Law Tribunal (NCLT), not only reveals the shenanigans of IL&FS’s...
EXECUTIVE SUMMARY The press statement issued by ICICI Bank based on the enquiry report headed by Justice (Retd.) Srikrishna to investigate the allegations against Chanda Kochhar appears deliberately confusing and convoluted. While it states that Chanda Kochhar was in violation of the bank’s Code of...
EXECUTIVE SUMMARY Yes Bank has appointed Ravneet Gill as the bank’s CEO, effective latest from March 1, 2019, for a 3-year term. The announcement led to a spurt in the bank’s share price, as the leadership issue was finally resolved.  While investors rejoiced,...
EXECUTIVE SUMMARY The Central Bureau of Investigation (CBI), India’s premier federal police investigation agency, finally filed a First Information Report (FIR) and charged Chanda Kochhar, former CEO, ICICI Bank, her husband, Deepak Kochhar and V. N. Dhoot, managing director, Videocon Group, with cheating ICICI Bank...
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,...
EXECUTIVE SUMMARY The deadline (December 31, 2018) for Uday Kotak, the founder-CEO of Kotak Mahindra Bank (KMB), to dilute his stake to 20% has come and gone, and shareholders await the wrath of the banking regulator. The regulator had already given an...
For the last 5 years, the profitability of HDFC Bank, India’s largest bank by market capitalisation, has declined even though its critical net interest margin (NIM) has remained constant. Interestingly, to maintain its pristine margin, the bank has focused on taking on more risk in the form of unsecured retail loans....
The unseemly public jostling between India’s central bank and the government of India casts a poor light on both institutions.  Adhering to unrealistic fiscal deficit constraints has compelled the government to plunder public institutions such as the Life Insurance Corporation of India, ONGC and now the Reserve...
Romesh Sobti, CEO, Indusind Bank, is a veteran banker with 43 years’ experience. He recently went on record to defend the bank’s substantial bridge loan to the fast-collapsing IL&FS, a systemically important non-deposit-taking core investment company. Sadly, he found this writer’s earlier insight on Indusind to be...
Indusind Bank, one of the stock market darlings and foreign investor favourites, startled the capital market with a mere 5% rise in net earnings. Earnings rose to Rs 9.2 bn for the quarter ended September 30, 2018 (2QFY2019), as compared with the consensus estimate of Rs 11 bn. This was...