Discover and read the best of Twitter Threads about #ilfs

Most recents (11)

1/n Trying a thread on where I will be looking for the next #corporategovernance lapse in India after #ILFS #yesbank #NSE . What exactly to look for is as important as what not to look for
2/n Do not differentiate between promoter driven or professionally run organisation. Remember while #Ranbaxy was promoter driven #ILFS was professionally run
3/n do not get over cautious on real estate , infra - remember India’s major corporate governance lapses happened in ‘clean’ sectors such as IT, Financial services, pharma - the fallen angels came from holier than though segments
Read 10 tweets
PPFAS AGM 2021 #PPFAS

8th edition.
@PPFAS

1/n
2/n

Soulful music by none other than @VijayKedia1 before the AGM kicks off

check this one: @vijaykedia1 at his best
When will PPFAS will launch a new scheme?

Only if, PPFAS is excited about putting their own money & can add value to investors

Right now, there is no plan to cut any more expense ratio.

#PPFAS
#NewFundoffer? nops
Read 63 tweets
Lets look how #FASTag is well coordinated for a single agenda - sale of public funded highways to global finance and select interests (who may/may not fund electoral bonds).

Also, a side look on how Federalism is being eaten for breakfast by @CMOTamilNadu #Loot #Alert #Thread
If you own a car / transport business, #FASTag would have been the new #Aadhaar for you with incessant messages / deadlines for mandatory #FASTag et al.

There is lot more to #FASTag than just convinience - Read thewire.in/political-econ…

Infrastructure financing, Surveillance etc
The 25 odd years of highway development in India, has seen many different models.

The age old one being - state (Central / State govt) building (and maintaining) highways with its own money from its budget. This is called 'Publicly Funded Highways'
Read 17 tweets
The Karnataka High Court will shortly resume the hearing on plea challenging the validity of #SEBI (Mutual Funds) Regulation, 1996 pertaining to winding up of MF schemes Regulation 39 to 41.

@sradvravindra @sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton
Yesterday, Sr. Adv. @sradvravindra appearing on behalf of the Petitioner pointed out that in a press release #SEBI condemning the actions of some MF schemes.

@sh_abhinav @LiveLawIndia @barandbench #gslupdates #franklintempleton #franklinupdates #mutualfundsahihai
He cited the #SEBI press release which said that some MF houses have chosen to high concentration of high risk, unlisted debt securities with low credit ratings and did not rebalance their portfolios even during 12 months available to them.

#gslupdates #franklintempleton
Read 65 tweets
#Moodys has pulled down its growth forecast for FY19 to 5.8%. Only surprise is why it’s not even lower. In the past year growth has collapsed from 8% to 5%. /1
@threadreaderapp

#India #CPI #GDP #RBI #bonds #inflation #ratecut #NBFC #jobs #credit #NPA #NCLT #growth
On the other hand #CPI is now at 4.6%. The laxmanrekha of 4% has been breached. A mix of drought, floods and unseasonal rain is driving food prices up. Core #inflation continues to fall to 3.7% reflecting the slowdown. /2
#India #GDP #RBI #bonds #ratecut #NBFC #jobs #credit #NPA
The wisemen and women of the economy have only one mantra - Cut, Pray, Hope. When in doubt cut rates.135 bps done but transmission is limited. We are told don’t look at nominal, real rates are still high. A single large cut is required. /3
#India #CPI #GDP #RBI #bonds #inflation
Read 16 tweets
I am revisiting the topic of Public Issue of Non-Convertible Debentures (NCDs) covered a couple of days back. Only this time, I am focusing on Subordinated (Tier II) NCDs that are slipped in (sometimes slyly) along with senior secured NCDs of NBFCs. Thread (1/9)
Refer to the picture, below (the pic is representative only). A subordinated NCD (circled in red) appears as one of the many maturity options. A naive investor may think that it is similar to other NCDs on offer, just that it has a longer maturity. (2/9)
What many investors are unaware of is the fact that subordinated NCDs are paid after senior NCD holders in-case the company goes into liquidation i.e. subscribers to option I to VIII NCDs, in the pic above, would be paid before payments are made to option IX to XI NCDs. (3/9)
Read 13 tweets
Here is a list of lemons (troubled assets) held by debt schemes of various Mutual Funds -

Qualification - at least 3 lemons post Aug 2018

1. BoI AXA - 6
a) Sintex
b) DHFL
c) Kwality
d) ILFS
e) Coffee Day
f) Avantha Holdings

Thread (1/10)
2. Reliance Nippon - 6
a) ZEE LAS
b) DHFL
c) Morgan Credit (Yes Bank promoter)
d) Reliance Commercial Finance (ADAG)
e) Reliance Home Finance (ADAG)
f) Avantha Realty

(2/10)
3. Birla Sunlife - 5
a) ZEE LAS
b) Wadhawan Global (DHFL Promoter)
c) ILFS Tamil Nadu Power
d) Jharkhand Road Project (ILFS)
e) ILFS Education

(3/10)
Read 14 tweets
Day 2 on Twitter. Coming to the next set of awards - The "Foot in Mouth" Awards. A clear winner in this category is DSP Mutual Fund. I have shortlisted them for their sheer cockiness. Thread. (1/10)
In September, 2018, the Fund House triggered a panic by selling DHFL bonds at distressed levels. It was a business call; and hence a benefit of doubt could be given. (2/10)
What cannot be forgiven though, is the brazenness with which the Fund house eulogised their portfolio selection capabilities. 3/10
Read 17 tweets
Alright! Here I am, making my debut on Twitter. To mark the occasion, I am handing out the "Lemon of the Year" Award to one of the worst performing Debt Mutual Funds.

A clear winner in this category, by a mile, is BoI AXA Credit Risk Fund. Thread (1/9)
The fund has achieved a rare feat of burning almost 90% of its AUM within a span of last 11 months i.e. the AUM contracted from ~1700 Cr in Aug 2018 to ~200 Cr in Jul 2019.

The one year return is a whopping minus 48%. 2/9
The Fund Managers successfully caught all the lemons that fate threw at them viz DHFL, IL&FS, Kwality, Sintex, Cox & Kings, Coffee Day etc. 3/9
Read 15 tweets
As credit rating agencies have had a terrible track record of detecting defaults or near-defaults. As per @the_hindu dated 12-6-19, credit rating agencies have downgraded 163 credit facilities in 2019. That's a 51% increase in the total tally for the last 4 years. @fifaindiaorg
@SEBI_India has taken the #ILFS fiasco seriously & immediately swung into action. Directive on credit rating agencies to start disclosing the probability of default for the issuers they rate, as well as to modernise their corporate structure & improve governance practices.
These recent attempts by @SEBI_India to tighten up screws around credit rating agencies may bring in more discipline & transparency in the credit rating processes. And yes, the ultimate thing lies how soon this all is done! @amfiindia @cafemutual @networkfp @fifaindiaorg @RBI
Read 3 tweets
The ghosts of 2008 are back. We had #Lehman. Today we have #ILFS and #RupeeAt75. The bulls have given up. #Sensex is down 4500 points in 25 sessions. As shared by @Prashanth_Krish over 50% of stocks traded on NSE are down 50% or more. Friday’s fall would have made it more brute.
Most of serious investors are fully invested. With the kind of sell-off witnessed in #Bajaj twins, #HDFC twins, #Reliance, #Kotak, quality midcaps/largecaps, no one is spared. Even Portfolios of respected investors like Rakesh J, @porinju, @VijayKedia1, SP Tulsian are down!!
In 2017 everyone made easy money. 2018 made you realise how difficult it is for traders and investors to make money in #stocks. I wish @adhia03 realises the gravity of his mistake by imposing #LTCG by referring stock markets as easy money making medium. #Nifty #Sensex
Read 27 tweets

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