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Deepak Shenoy Profile picture
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4 Aug, 4 tweets, 1 min read
Do you want to know about e-RUPI?
The biggest thing about e-RUPI that's not been talked about is: you can give welfare money to someone who has a loan and the bank can't appropriate it.
Also now the government can restrict a time (expires in 6months) or use case (only for hospitals) for a welfare scheme. Yes abuse will be there but can easily be found.
I need to write a post :)

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More from @deepakshenoy

Deepak Shenoy Profile picture
9 Jul
Five perils of momentum investing you cannot ignore ift.tt/2T1QzFW
To provide my addition to this. This is the actual performance of this in the @CapMindWealth PMS which @calminvestor runs at @capitalmind_in
@CapMindWealth @CalmInvestor @capitalmind_in This is post fees and charges and STT and all. But income taxes are separate. The point is this:

Read the article first. Too many people show you the returns first.
Read 8 tweets
Deepak Shenoy Profile picture
30 Jun
Even if the system is gamed in a few cases (Videcon, Siva etc), I think the IBC process is a very good thing for India to develop. Quoting low "recovery" rates is not the correct way to look at it, IMHO. (Thread)
Often quoted are recovery rates like 20%, 10% or even 3%. We must note that banks often pile up penal charges, interest after the account was NPA, and other fees as part of their "ask" - and this can be more than 50% or 60% of the amount they want!
The banks are also gaming this by demanding as high as they can. Penal interest and interest after account turns NPA are not to be accounted, but banks can demand them in a resolution process. This inflates the amount demanded, but banks don't expect this to be paid.
Read 14 tweets
Deepak Shenoy Profile picture
28 Jun
New projects: guarantee cover for loans for new projects, interest rate capped at 7.95% for health sector and 8.25% for other sectors.
This is good because it is not cash outflow from govt. You put a project, you have to default first only then will govt pay. But at 7.5% you should find it easy to not default.
MFI based new lending to be supported. This can be complicated. All defaulters with less than 90 days can apply => no NPA people will be covered.
Read 12 tweets
Deepak Shenoy Profile picture
25 Jun
I feel like the song "Cats in the cradle" again. The layman investor in 2000. The guy who knew (in 2007) that things would hit the fan, but not exactly how.

And the guy who's worried about the market now in 2021 - and the only lesson he's learnt is "Participate."
In 2007, October 29, I was like - what are these people afraid of? Make merry while the sun shines. Too focussed on "value" I said: capitalmind.in/2007/10/so-its…
And then, in just a few days more, I'd decided it was going to be over. November 10, 2007, wishing everyone Happy Diwali: capitalmind.in/2007/page/3/
Read 6 tweets
Deepak Shenoy Profile picture
15 Jun
Understanding India's bankruptcy laws needs more nuance. A company like Patanjali that takes loans on its own balance sheet to buy a Ruchi Soya, doesn't mean the banks are lending to Ruchi Soya.
Patanjali also has to pledge the Ruchi Soya shares it purchases, as part of that deal. Apart from those shares, there are corporate guarantees. If it doesn't service the loan, banks can sell the shares, if that's not enough, they should invoke the guarantee.
In general, any bankruptcy purchaser will want to fund the purchase partly by equity, partly by debt, and it's quite likely the same banks provide the debt; to them, it's actually a different borrower.
Read 4 tweets
Deepak Shenoy Profile picture
15 Jun
Don't buy Videocon. The resolution plan is out. You will get ZERO rupees.
The NCLT order, now public, says this: First step, delist. Some mergers etc. later, fifth step: WRITE OFF ALL CAPITAL TO ZERO. NIL. (Images attached)

Again: YOU WILL LOSE ALL YOUR MONEY IN VIDEOCON SHARES.
Yesterday people were complaining how a rumour brought down Adani group shares.

Today when you have real news from a court that Videocon shares are going to zero, it's on Upper Circuit.

You gotta love markets.
Read 5 tweets

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