Understanding NBFCs (Non Banking Finance Companies) – I

The default by IL&FS and its group companies has brought NBFCs (Non Banking Finance Companies) into focus again. These companies do not deal with public money (probably the reason why they did not receive much attention so far) but play an important role in financial intermediation, both in terms of fund sourcing and deployment. NBFCs … Continue reading Understanding NBFCs (Non Banking Finance Companies) – I
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IL&FS Default – Analysing the Crisis

The default by IL&FS and group companies in their debt obligation signals the spread of NPA mess beyond the banking space to aggregate financial services sector. Even though the default is a result of continued stress in the infrastructure sector, a highly leveraged balance sheet with consolidated liabilities of over Rs 1 lakh crore (FY18) … Continue reading IL&FS Default – Analysing the Crisis
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Corporate Analysis – Reliance Industries

Reliance Industries Ltd (RIL), the largest private sector company in the country recorded revenue of over Rs 4.3 lakh crore and net profit of Rs 36,000 crore in FY18 (consolidated). The company provides an interesting case study for management discussion and analysis. While it has done extremely well in its core business, it still has … Continue reading Corporate Analysis – Reliance Industries
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Subprime Crisis – Ten Years On.. Part I

The subprime crisis has caught the global attention again, today marking the collapse of Lehman Brothers, ten years ago. The crisis remains a classic case study for the enormity and swiftness with which it unfolded. A brief attempt to revisit and simplify the complex issues involved.. The genesis of the issue, paradoxically, lies in another … Continue reading Subprime Crisis – Ten Years On.. Part I
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Analyzing Amalgamation of BoB, Vijaya Bank & Dena Bank

The amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank announced yesterday comes more than a year after the last successful merger in the PSB space. The amalgamation involves merger of two PSBs having less than 2% market share with another mid-sized bank to create the country’s second largest public sector bank. However, there … Continue reading Analyzing Amalgamation of BoB, Vijaya Bank & Dena Bank
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The Curious Case of Essar Steel Insolvency..!

The decision of National Company Law Appellate Tribunal (NCLAT) earlier this month to accept the bid of Numetal and conditional acceptance of bid by ArcelorMittal for sale of Essar Steel is one of many and not yet the last of interesting twists & turns to the saga. The insolvency process, which began in June last … Continue reading The Curious Case of Essar Steel Insolvency..!
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US China Trade War – Understanding the Dynamics

The tariff hike on some of the Chinese goods by US government has shown that Mr Donald Trump is serious about what he talked about during his election campaign. Even though he has been facing severe criticism for his protectionist trade policies, his point of view with regard to China needs to be understood properly. A brief … Continue reading US China Trade War – Understanding the Dynamics
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