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Beat The Street Profile picture
@BeatTheStreet10
Jun 21, 2023 • 7 tweets • 3 min read • Read on X
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⚠️SEBI has imposed a penalty of INR 20L 💰 on Sangam India for delayed ⏰disclosures with respect to Promoter Share Transactions ⛳️❌

A Thread 🧵

#SangamIndia #SEBI #redflag #corporategovernance
1. Promoter bought 4.55% stake but disclosed it after delay of 1926 days Image
2. The inter-se promoter transaction of more than 5% in FY17 was also disclosed with delay of 1200 days Image
3. In July 19, Promoter acquired another 4.82% stake but disclosed with delay of 406 days Image
4. The promoters did another inter-se transaction of 12.17% in Aug-19 but this was also disclosed with delay of 400+ days Image
Finally considering the above instances SEBI has imposed a penalty of INR 20 L Image
Link to SEBI order
sebi.gov.in/enforcement/or…

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More from @BeatTheStreet10

Beat The Street Profile picture
May 29
Indo Borax - Leader in Boric Acid

An import substitution play on new and emerging chemical products - Expanding Products and Integration

Going through a strategic transformation Image
New Promoters ~ Professional CEO with new owners having PE background

They bought shares at around INR 250 per share on April-26 Image
The most interesting part of this transition is ESOPs

New management's performance bonus is linked to achievement of EBITDA targets (obviously upside potential is their considering business) Image
Image
Read 6 tweets
Beat The Street Profile picture
May 29
Shri Ahimsa is going for a massive 3x Capacity Expansion to become a fully integrated player with operational excellence in Natural Caffeine.

Asia’s largest Manufacturer of Natural Caffeine

"We provide The Essential Ingredient that provides “ENERGY” to Energy Drinks and Nutraceutical products"

#ShriAhimsaImage
Natural caffeine = small cost, big advantage. 🌿

At <1% of selling price, it gives energy drinks a clean-label edge, better consumer perception, premium positioning, and stronger brand trust.

Price inelastic product

A few paisa more today can create long-term brand value through natural and clean labelled products

Natural Caffeine has 10% market share in overall caffeine (Limited to availability of natural sources)Image
Image
What Shri Ahimsa 1.0 do today?

Uses crude caffeine to manufacture natural caffeine GCE, eventually being used in FMCG, Nutraceuticals and Cosmetics Image
Read 8 tweets
Beat The Street Profile picture
May 20
OSEL Device[900Cr Marketcap] - A Trader ( Sorry Manufacturer) of hearing aids and LED Display System.

A Thread on

How OSEL Turned Negative Ops Cash into Positive?
And Many More things... Image
If you see Sep-25 Cashflow,

If reported correctly, Operating Cash Flow would likely be negative -₹40 Cr (vs. reported positive ~₹10 Cr).
How?

By classifying increase in short-term borrowings (e.g., Cash Credit) under Operating Activities instead of Financing.
Standard Accounting: Short-term borrowings belong in Financing Activities. Operations should reflect core business cash generation from customers, inventory, etc. This adjustment artificially inflates CFO, masking underlying working Capital Stress.
Read 12 tweets
Beat The Street Profile picture
May 3
Ever wondered what lines the walls of an induction furnace and quietly powers India's steel boom?
It's not flashy.
It's not expensive.
But it's insanely sticky.

Welcome to the world of Ramming Mass: the unsung hero of steelmaking.

A thread on this niche industry and the available 2 Listed Companies in this space.

Raghav Productivity
Monolithisch IndiaImage
Ramming mass is like a thick protective coating inside furnace walls.

It withstands extreme heat, reduces downtime, and improves steel quality.

Steel makers use just 3-4 kg of RM per ton of steel.
Price: Only ₹5-6 per kg.
Sounds like a rounding error in Steelmakers costs, right?

But if it fails… the entire furnace is at risk.

Production halts.
Losses Increases.
That's the stickiness.
Customers don't switch easily.
Quality = trust.Image
India's steel industry is on fire. Current capacity: ~220 MT

Target: 300 MT by 2030

They're planning to add in the next 5 years what took the last 10 years.

Massive capex incoming in secondary steel (induction furnaces).

Who supplies the critical lining for these new furnaces?
Only two listed players.Image
Read 8 tweets
Beat The Street Profile picture
Apr 2
This is the office of a company whose market cap used to be around 70,000-80,000 Cr

Stock corrected 90% - Classic Case of Pump and Dump by Promoters Image
The Pump and Dump Chart Image
Jack up share price to the moon, thanks to low liquidity of 1% Image
Read 19 tweets
Beat The Street Profile picture
Jul 9, 2025
How Vedanta is running a Ponzi scheme?

- parasite holding company?
- on the brink of insolvency?
- financial zombie?

After going through the 87-page report, here is the 🧵thread on what @viceroyresearch found.

#Vedanta #redflag #corporategovernance #SEBI #HindustanZinc #VEDL #ViceroyResearchImage
Fundamental Problem - Why it's a Ponzi Scheme for VEDL Shareholders

To service its own debt burden, VRL is systematically draining VEDL, forcing the operating company to take on ever-increasing leverage and deplete its cash reserves. This looting erodes the fundamental value of VEDL, which constitutes the primary collateral for VRL's own creditors.

VRL forces VEDL to declare disproportionately large dividends, which are funded not by free cash flow but by taking on more debt and draining its balance sheet

VEDL has incurred a $5.6b free cash flow shortfall against dividends paid in the last 3 years..Image
Image
This arrangement has pushed the entire group to the brink of insolvency, propped up only by a continuous cycle of new debt, accounting tricks, and the deferral of massive, undisclosed liabilities.

Major allegations/red flags:

Bait and Switch Funding Model - Raise fresh capital to service debt in the name of new projects like Semiconductor

Irreconcilable Interest Expenses

Inflated asset values of non-operating subsidiaries exceed the value of debt

CAPEX Fraud - Expenses across operating subsidiaries are systematically capitalized, artificially inflating profits and asset values. This is a material misrepresentation.

Off-Balance Sheet Items – Billions of dollars of disputed expenses are kept off-balance sheet and undisclosed in financial reports.

Governance failures across management and auditors, including inappropriate auditor choicesImage
Read 25 tweets

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