25 years ago, Citibank refused to give me a credit card because I was a "flight risk". (Software engineer etc)
Today, Citibank shuts down India ops. They are the flight risk now.
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Deepak Shenoy
@deepakshenoy
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Deepak Shenoy’s posts
Chauhan sells Bisleri to Tata for 7000 cr. It's an iconic brand indeed. He first sold Thums up to Coke in the early 90s, and even after 30 years, Thums up is still the leader even beating cokes own cola in India. What an iconic guy.
Mukesh Ambani is a legend. He's managed to raise 92,000 cr. in the lockdown, for Jio.
It is just awesome to read that British newspapers are screaming furious about an Indian woman being richer than the queen.
And that she's been richer for a long time now.
MasterCard and Visa stop operating in Russia. India did well to create rupay and UPI and to stop foreign banks from being a major part of our economy.
UPI should remain free as an online service, forever. This concept of oh PhonePe or GPay is not earning money is their problem; they chose to get in knowing there was no money in it. If they walk away, someone else will come and take their space. Banks get paid.
Dear bankers who are selling a pension ulip to a 75 year old lying to them about returns and omitting fact that money is locked for life. How do you sleep at night?
There is an insane amount of effort to push propaganda against the Vande Bharat India made trains. I wonder why. It's quite easily visible that the anti is being pushed and pumped but it has to be industrial? Small events in a new train with this much coverage is strange.
Hero motocorp sells 8 lakh vehicles in Oct. Just when Bajaj was saying demand isn't that much.
The NDTV takeover was not today. It was in 2009.
No one made money here. Not the acquirer. Not NDTV shareholders, and not even the ex-promoters of NDTV.
The public offer is some 30% below the current market price. There's no money to be made here. (more details follow)
Biden, Sunak and Macron congratulate India for buying from the private companies Boeing and Airbus.
Why is that fine but when Indian politicians say good things about private companies it's sacrilege, i wonder.
This is a terrible decision. Taxpayers will be paying HUGE pensions going forward if this becomes the norm. Very retrograde.
This is just another insane freebie that we will pay but these politicians will go out of power by then.
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Wow! A great decision. All govt employees across India want Old pension scheme to be restored. twitter.com/BhagwantMann/s…
India is a land where bullies win.
One of these days we're going to change that.
This is incredible news. UPI will link with PayNow of Singapore to do instant, low cost fund transfers between countries! So Indians can pay (and receive from) people in Singapore just by their mobile numbers. From July 2022. rbi.org.in/Scripts/BS_Pre
Remember a ridiculously stupid decision by the government to demonetize 500/1000 rupee notes 6 years ago. Even I thought it might be useful, at first. But it was stupid, not thought through and completely pointless.
I hope we never do such a thing again.
California will give $1050 per family to fight inflation? Don't they see how stupid it is? If you give people free money it creates inflation
This is HUGE! RBI says banks and NBFCs have to release documents of properties and collateral mandatorily within 30 days!
* Have to remove encumberance within 30 days, and return docs
* Docs can be returned from any branch, not just home branch of customer
* Loan docs must… Show more
If I have this right - 72,000 rupees a year for 5 cr. households? This is Rs. 350,000 cr. - a little more than half our personal income taxes. Imagine half your taxes, given to someone for free, no work required.
Let's go local: The RBI owns 35 lakh crore worth of US govt bonds. They own just 10 lakh cr. of Indian govt bonds. Our own central bank won't go local?
One of my friends, now settled in the US, told me: Indians don't really leave because of the government (or lack of it). They leave because of the huge family and society expectations India seems to have.
Explains why so many people do better outside their "native place".
Demonetization was a terrible, terrible idea. It did nothing to reach those loftybgoals of eradicating black money, and as a side effect sowed seeds of upi and stock market investing. But to the economy at large, it was a lousy thing to do.
Sadly, this is correct. The government has spent more on MSP based purchases this year than any other, by a large factor. Which benefits largely Punjab and Haryana. The issue is simple: the middlemen are the people in power.
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To sum up:
Punjab farmers are protesting a law which is not applicable to their state, on matters which are not covered by the act and demanding MSP which has not been cancelled at all & after selling millions of tons of grains to the central govt last month.
Maan Gaye guru
How much crap we are giving for a train that was built in India and has had one glitch after an animal hit it. Such acerbity for a product that has much to be proud of! They'll fix it, let's give them some room.
Urban ladder sold to Reliance for 182 cr after having raised 700cr.
This is actually better than having to shut it down. But distress sale indeed.
Why do some High Networth Investors get those incredibly high funding for IPOs? A thread:🧵
When stocks fall, the institutions get the regulators to ban short selling. When stocks go up when they are short, they get the brokers to ban buying.
Capitalism is sometimes what socialism aspires to be :)
Why is the Supreme Court meddling into SEBI territory? Appointing a committee to oversee short selling is massive judicial overreach.
Even if so, needs very least someone SENIOR (the Chairman, preferably) from SEBI, and/or someone senior from RBI as chairpersons.
It's 2023 and we're still giving credit for people in power carrying a tiny little bag :)
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Travelling like a commoner, carrying his own bag- At Delhi Airport- Chief Justice Of India- DY Chandrachud
Photo Ctsy- unknown
RIP Rakesh Jhunjhunwala. A trader, investor and legend that inspired many. He played the short and long side, and made his peace with the market. He will be remembered fondly. Condolences to his family.
Sometimes you just have to admire the chutzpah. To almost miss a flight because he went to the wrong terminal, and then blame the airport for being named "international" in a video that will forever certify this ignorance.
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Rumours about a Market Stabilization fund that will buy stocks. The Government SHOULD NOT do this. Spend on medical facilities, on emergency supply chains, on direct transfers to the poor. Leave the market alone, it is not a priority.
IDFC first bank is amazing. Only bank that tels me exactly where my incoming money has come from. Finally!!!!
Personally went through this...Mom went to the court house for two years once every two months to evict a tenant who refused to pay rent after the first month. He also filed a case saying henchmen used just like that. Had done this with other people too.
It took two years to get… Show more
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Domestic buying is so strong. I have hardly seen a market like this.
Keep the malls and everything else open but shut the schools. What a stupid government .
I don't understand how airports are as busy as fishmarkets and yet, Indigo manages to lose money
Since everyone's making a thread about SVB, here's my contribution. Silicon Valley Bank is an old boring conservative bank. It is in trouble not because of bad lending practices, but because of a combination of
- strange way to invest short term money
- announcing a capital raise…
Why is Jio financial services, JIOFIN at lower circuit every day? It's one of the pitfalls of having so much money in index funds - forced selling.
The largest Indian mutual fund scheme is the SBI Nifty 50 ETF. It has 160,000 cr. in assets. It tracks the NIFTY 50 Index. Also,… Show more
Many thanks for this, Deepinder.
If there is a way for us to support Kamaraj and his family during this time, please let us know.
Working on #BharatBandh. Didn't even know until someone tweeted it - gonna work a little bit harder just because some jokers think they can decide for me what I should do.
Zomato wants to buy blinkit for 4500 cr. Mostly Zomato stock locked in for 12m. Some cash. Blinkit loses 66cr a month at contrib level to generate 54 cr revenue.
Zomato shareholders are ok with this? I'm super surprised. Massive 8% dilution to buy insane cash burning biz.
Replying to
A story i heard was when a rival wanted to launch a cola, Chauhan bought all the glass bottled drinks of the competitor that he could.(this is when plastic wasn't prevalent)
Economics of glass bottles requires recycling to be profitable. Capex exhausted, competition dies.
At what point do we realize we have given too much power to some people? Not just the politicians. The cops, the IAS officers, even RWAs. This is not equality, or fraternity or liberty.
One day we'll just be able to travel with an Indian passport without having to ask do i need to give my full plan travel detail and book hotels etc before applying for visa.
That line outside the American embassy and the silly one week visas of europe...needs to go.
Replying to
Bisleri is an awesome brand. Chauhan is 82. Sells this too now. Incredible entrepreneur. Is there a book on this guy?
Excellent - RBI puts up scheme of reconstruction for Yes bank. I will give you a detailed explanation in this thread.
rbidocs.rbi.org.in/rdocs/PressRel
If you own SINTEX, kindly note: Share is likely to go to zero.
Both resolution plans say they will write down equity to zero. Be warned.
I have passed the second semester of my MBA course. Thank you for all your support, folks.
This is FANTASTIC!!!!! International trade can be settled in INR: Thank you RBI. Finally.
More details in a bit. I'm elated. It may be premature. But what the hell, at least one step forward. rbi.org.in/Scripts/Notifi
Now you won't even need a card at an ATM. RBI says you can do a UPI request and get cash instantly on ATMs.
Folks, my book "Money Wise" is out! From the basics of saving and investing, to more complex aspects of building your wealth, I take you through a journey that I hope is entertaining and educative. Available now at amzn.to/3CgkGea
RBI changes rules for loans. Now
- No increasing the interest rate if you default, or delay, or such. Loans can ONLY have a penalty charge.
- Such penalties will not be added to loan amount. Penalty does not "compound".
- Sadly, rule doesn't apply to credit cards.
Don't buy the motilal Nasdaq 100 etf right now. It has an 8-10% premium to the underlying nav. The Kotak n100 fund is better as an idea.
Oh this Swift system access cut off is going to result in a new financial order involving Russia, China and I hope, India. It's very easy to switch and to creat a combination base of the three currencies to enable trade, and other countries could also join later.
Check out this. Send an email to Rinku Anand (don't just call, ensure there is an email sent) and then register a complaint at the RBI ombudsman site too:
It's not been removed, it's been moved to a different grade. Evolution is a chapter in class 12, periodic table in class 11. It's not a religious thing.
(You may be right in that it deserves to be taught earlier, but it's not like they don't believe it should be taught at all)
I think we should now totally stop expecting a stimulus. This government isn't going to do anything, it appears. It's like a deer in the headlights - stunned and just unable to act.
What they really want to say: The covid is going to cost you . More taxes. Go away.
Good to hear that Shaktikanta Das gets a 3 year extension. People hated him for his degree in history, but he's done well in keeping the house in order, and making things better.
Palki is spot on. Plus America itself continues to buy loads of uranium from Russia.
This whole sanctions thing is a joke.
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Europe continues to buy 45% of its gas from Russia, even after the invasion.
Germany: 55% of the natural gas, 52% of the coal & 34% of mineral oil used comes from Russia.
But India must think about its place in history books if it buys Russian oil?
The West’s hypocrisy stinks. twitter.com/CurtisHouck/st…
Cobrapost is hilarious. Says how can a 8500 cr. company get loans of 98000 cr. Hello? It's a Housing Finance Company. All of them operate like this only - leveraged upto 15:1. If the rest of it is like this I'm ignoring it.
We should immediately consider any person from the UK to be unvaccinated unless they have taken Indian vaccines inside India.
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UK government confirm tonight that if a person has been vaccinated in Africa, or South America, or countries including UAE, India, Turkey, Jordan, Thailand, Russia…
…you are considered “unvaccinated” and must follow “unvaccinated” rules 
= 10 day home quarantine & tests
= 10 day home quarantine & testsIf you had a loan of 1 crore for 20 years at 6.5% (a couple years back)
Now rates rise to 9.5%
The bank does not want to raise the EMI but increase tenure of loan
What is your effective new tenure of loan? (Assume you paid back only 5% of loan principal so far)
10 year at 6.95%!
The government is paying more for a 10 year loan than you pay for a home loan.
I have passed the third sem of my MBA course. Phew. Now for the final semester!
This is more than the reported subsidy cost for Karnataka freebies!
Why is the govt doing such a subsidy? Dump it and sell it. 84000 cr is ludicrous.
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BSNL has 2.2 cr subscribers.
Govt spending 84,000 cr to revive BSNL. That's 40,000 rupees per subscriber!
Six months ago: Good result, stock goes up. Bad result, stock goes up.
Today: Good results, stock tanks. Bad result, stock tanks. Any mention of IL&FS within 5km of company office: stock tanks.
SEBI proposes that brokers will no longer actually keep client money with them: money will directly flow from customer bank accounts to the clearing corporation and back, for each trade. Very interesting, and has major ramifications for all brokers.
sebi.gov.in/reports-and-st
I would choose to not buy 4x the required amount of food from farmers, and to not spend Rs 422,000 cr. on that instead of the budgeted Rs. 115,000 cr. as they did last year.
That could vaccinate us many times over
While it seems a little crazy, this is how resolutions work. Ruchi soya, a massive loss making co, has been turned around and made 880 cr. net profit in the last 12 months.
Lemme thread my thoughts here.
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Thread: Crony Capitalism and Baba Ramdev
Ruchi Soya, a listed company goes into insolvency. They owed Rs. 12146 crores to PSU banks. SBI writes off 933 crores and settles its dues of Rs. 1,816 crore to 883 crores. Other banks - PNB, CBI etc write off more than half their loans
I get the "boycott Chinese products" argument. But how many of you manufacture, say, toys in India?
If you're getting very excited about Yes Bank and all the stuff that's happening, remember that the 3 year lock-in for 75% of the pre-drama shares expires in March 2023,3 months from now. Lots of liquidity coming, and the news will be all over the place roughly end-Feb.
FINALLY, the government says it has no business to be in business.
Hope the government will now finally sell those 97 crores of ITC shares that they shouldn't have owned anyhow. And generate 20,000 cr. of revenue.
RBI did a "switch" today, converting nearly Rs. 120,000 cr. of government securities from short term to long. What does this mean?
Buying something worth 12,672 on Amazon. Tells me "no cost EMI" is 2112 per month for 6 months. But 199+GST "processing charge".
I just added the processing charge in the first month into excel and voila. Interest rate of 6.4%. More than my savings bank, so no point.
Don't buy Videocon. The resolution plan is out. You will get ZERO rupees.
Reliance Jio is NOT profitable. The accounting is like this. Reliance INDUSTRIES takes a loan. Buys shares of Jio. Jio doesn't have to pay interest since hey, equity. Jio shows profit because it has to pay no interest. But Reliance Industries pays the interest.
Suzlon's founder, Tulsi Tanti passed away last night. Condolences to his family and may he find peace. Suzlon was what brought wind/solar to the fore, and was even a Nifty company in the past, but debt took it under. Incredible entrepreneur, RIP, OS.
Budget 2022: The Big Thread on all things that will be super important today! #Budget2022
Note: no investment advice. Large attempts at humour, not always successful. You've been warned.
cc
Wtf. Don't they have a database they can lookup? Poor chap has to go to Mumbai from hyd just to show an exit stamp. We should probably boycott European travel only.
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Just got the Schengen visa!
However, there's a message stamped on it and I'm unable to understand why.
Has anyone seen this before?
Be careful if you hear tips asking you to buy DHFL. The nclt has approved the resolution plan, where I believe the plan is for the shares to be written off to zero. Piramal will then get new shares. Today's shares will have zero value, beware.
Reliance is down 6% after the government introduces 6/L tax on petrol exports, 13/L on diesel exports. This will dent Reliance profits, of which the Oil refining business was roughly 40% in Q4. Disclosure: Interested in the stock.
Sebi makes it mandatory (exact date soon) for companies to release audio recording of ALL analyst meetings in 24 hours. This is an excellent move:
Looks like the people are upset about free women tickets on buses are people who probably don't travel in a bus only :)
Given the cost estimates, it doesn't even look like a big deal financially. Our women labour participation rate sucks - this might help improve it.
Retail individual investors are the biggest player in our markets. Not FIIs, and not mutual funds. Look at the equity market (non derivative). (Thread)
Ordering offline gives you amazon price minus Rs. 500 discount, apparently :) Bangalore has figured this out.
I'd be happier for military operations to be conducted in secret. Write a book 10 years later. But I guess politics.
A big thank you to whoever in the RBI is responsible for changing all the numbers from Rs. billion to Rs. crore.
Intuitively, India understands crores more.
I have an LIC insurance plan invested 20 years ago. Premium was Rs. 2216 per year. This was a money back policy.
It matures this month. I have to go PERSONALLY visit the LIC office and give documents. Nothing online works.
I will get back Rs. 97,000. That's 6.3% post tax.
What's the P/E ratio of the Nifty now? 23. That's actually not expensive, all things considered.
The swiggy/blinkit worker strike is a very interesting thing. They converted what was supposedly a "gig", a part-time job, to a full time occupation. They were complicit in that - ask anyone what it cost to get a "delivery person" before and after these portals came about.
Economists with money stored abroad say they want the government to take away all private citizens money *in India* to pay for a grandiose rescue plan. So lucky to have social distancing.
As expected, the silly rating agencies, wait let's name Moodys, rate India baa3 while having much higher ratings for countries with far worse country economics.
We have to force them to be irrelevant esp in India. Even now RBI gives capital requirements based on rating. Sebi… Show more
How is HDFC allowed to ask for a 6 month bank statement for prepayment at all? This is utterly silly. Have heard this from three people now.
RBI has banned charging any penalty on pre-closure or prepayments, even if the customer has taken a loan from someone!
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How large orgs like @HomeLoansByHDFC make life difficulr for customers when it comes to prepayment....one wonders why
We spend 400,000 cr.last year buying food from farmers, most of which will rot. This was 300,000 cr more than budgeted
And we couldn't spend 10% of that on building oxygen supplies and beds.
Just saw a young man stop at a hand pushed cart, buy something and quickly flash his phone (saying he's paid by QR code) and leave. All in less than a minute.
The scale and efficiency of UPI just amazes me.
Reliance buys Netmeds (60%) for 620 cr. This is interesting - remember, Reliance is Indian and can have inventory. I really like this - the game is really one of scale. Disclosure: Invested in Reliance