Friday, 8 May 2020

“Mattress brands have been booking record orders due to mushrooming Covid- 19 facilities!”

The Corona virus pandemic has badly hit the world and India in all respect i.e economically, socially, monetarily etc.

India has reported till date 56, 342 cases and worldwide there are 3.85 million cases reported.
There are 19,810 government hospitals in rural areas with 279,588 beds and 3,772 government hospitals in urban areas with 431,173 beds. More than 70% of India’s population lives in rural areas, where there are 25,650 primary health centres, 156,231 sub-centres and 5,624 community health centres.

According to the National Health Profile 2018 report, there are 23,582 government hospitals with 710,761 beds in India, while the private sector accounts for 72% hospitals and 60% of hospital beds.

At the onset of the pandemic, India had readied 124,294 isolation beds and 29,810 ICU beds. This has gone up with states building facilities to house migrants and creating infrastructure.

Demand for mattress is rising due to following:

  1. Rise in cases day by day in the country.
  2. For providing immediate housing for migrants who are to be tested for corona in the most affected states such as Maharashtra, TN, UP and Delhi are demanding more mattress for hospital and isolation beds in government and private hospitals.
  3. Special buses and trains has started for migrant workers, pilgrims, tourists and students. All of them shall be tested for Covid-19 and needs to be quarantine, thereby surging the demand for mattress.
  4. India is currently facing acute shortage of beds to treat Covid–19 patients.

Due to above factors the leading brand mattress Sleepwell and Kurlon are have been booking record orders for mattress. In order to support the nation against pandemic these mattress brands are taking all possible measures in supplying hygienic mattress to the states that are in the most need of quarantine beds. Materials were sent to Uttar Pradesh, Tamil Nadu, Odisha, Bihar, Delhi, including the quarantine center at AIIMS.

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Friday, 20 March 2020


As per the court’s order TMB Bank Ltd is set to hold its 2nd sequel meeting on 9th April, 2020 (including 94th to 97th AGMs).

Tamilnad Mercantile Bank Ltd (currently known as “TMB”) is a South based Nadar community bank having its existence since past 90 years.

TMB has till date 20,600 shareholders, majorly from Nadar Community. The bank was set up for Nadars and so shareholders believes it should be owned by them only. Thus they rejected the IPO proposal of the management in last AGM held in 2016.

TMB management is going to make a second appeal / proposal seeking shareholders’ approval to give a go ahead for IPO in its AGM to be held on 9th April, 2020. The management is taking all possible measures to educate the shareholders the benefits they and the company shall fetch after going public.

IPO shall benefit TMB by raising additional funds needed for faster growth of the bank and shall help to raise the value of shares thereby giving shareholders an easy exit route which is currently not available.

Financial Highlight: (Fig. in Crs.)
FY 2019
FY 2018
Total Business
Face Value
Book Value
GNPA (%)
NPA (%)
CAR (%)
NIM (%)
ROE (%)

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Wednesday, 18 March 2020


- The Transport Commissioner of Maharashtra in a letter dated March 5, 2020, addressed to the Society of Indian Automobile Manufacturers (SIAM) that the issue of providing helmets to riders must be complied with. It has also now proposed a blanket ban on two-wheeler registrations in the State unless manufacturers ensure the provision of two BIS quality helmets to customers at the time of vehicle sales.

- As per the Rule 138(4)(f) of the Central Motor Vehicles Rules, 1989, which states that at the time of purchase of a two-wheeler, the manufacturer shall supply a protective headgear conforming to specifications prescribed by the Bureau of Indian Standards under the Bureau of Indian Standards Act, 1986. A proof to this effect is also to be included in the documents being submitted for registration in the RTO offices.

- More than 3,500 riders and over 1,700 pillion riders without helmets died last year in Maharashtra, based on the transport commission data. In Mumbai alone, riding without a helmet was a cause of concern in 2016, with 4.24 lakh challans being issued. Similarly, in 2017, 1.45 lakh challans were issued and 1.14 lakh in 2018.

- The Managing Director, of Studds Accessories Ltd, Sidhartha Bhushan Khurana, a leading manufacturer of helmets, in his interview with Business Line on 13th March 2020, said, “We welcome the move by the transport ministry of Maharashtra. The death rate among the pillion riders is as high as the death rate among the riders and by enforcing such law, Maharashtra transport ministry has showcased their proactiveness towards arresting deaths due to road accidents...We believe the steps like this would help in the economic and social well-being of citizens and we appreciate such measures taken by the government.”

- STUUDS is a well- known brand in helmet manufacturing and other accessories.

- Studds is one of the few companies in international market whose facilities have been granted major safety certifications such as BIS certifications IS: 4151 (for motorcycle helmets) and IS: 2925 (for industrial helmets), ECE 22.05 and SLSI certifications, required for exporting its products to international markets.

- Studds is increasing ISI certified bike and bicycle helmet manufacturing capacity in its units, aiming to double its capacity to 136 lacs helmets and motorcycle accessories in coming years.

- Thus government initiatives such as - “compulsory helmet supply along with 2 wheelers by manufactures” and “mandatory for the use of helmet by the driver and pillion rider of a two-wheeler or fine of Rs. 1000 for not wearing the same” turns positive for helmet manufacturing companies such as Studds, Vega, Steelbird, etc.

Thus we recommend “BUY- Studds Accessories Ltd” with a long run perspective.

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Tuesday, 3 December 2019

Fraud committed against minority shareholders in scheme of amalgamation by Dalmia Group of companies.

Scheme of amalgamation between Ankita Pratishan Ltd, Mayuka Investment Ltd, Puneet Trading and Investment Company Pvt Ltd, Pvt Ltd, Mahanadi Tarding Pvt Ltd, Shreevallah Textile Private Ltd proposed to be amalgamated with Rama Investment company Pvt Ltd and Identified Undertaking1 in Keshav Power Limited and Undertaking2 in Shree Nirman Limited are proposed to be stand transferred to Rama Investment.

This scheme was approved by NCLT in 2017.

This scheme was opposed and objected to be examined in detail by minority shareholders as there were many loopholes affecting the minority interest. The Scheme was impermissibly promoter oriented and anti minority/public shareholders and was illegal, unlawful, unjust and against the public policy in India.

On 29th Nov, 2019 NCLAT New Delhi, passed a final judgement favouring minority shareholders by "Rejecting" the scheme thereby dismissing the petition.

Final Order:

“We find that the valuer made a valuation disregarding the methodology, methods or share entitlement ratio even as stated by him in his valuation report. No valuation of each share of every company has been done to arrive at the exchange ratio and we are convinced that only the guess work has been done to arrive at share exchange ratio. We are unable to convince ourselves
that on the basis of this valuation report and for other reasons recorded above the amalgamation can be termed as fair to all stakeholders. Such Scheme could not have been approved.”

In view of the above the following order is passed.
-The appeal filed by the appellant is allowed.
-Impugned order dated 12th April, 2018 is quashed and set aside.
-The Scheme of Amalgamation (accepted by Impugned Order) is
rejected. The Company Petitions are dismissed.
-A sum of Rs.10,00,000/- costs is imposed on 9th Respondent to
be deposited with National Defence Fund within 15 days from the
date of this order. Proof of depositing the same will be submitted
to the Registrar of this Appellate Tribunal within a week


Monday, 21 October 2019


HDB FINANCIAL SERVICES LTD (i.e HDBFS), was incorporated in Year 2008 at Ahmedabad. HDB Financial Services Ltd is the subsidiary company of HDFC Bank Ltd, holding around 95.5% stake in the company.  HDB Financial Services is a non-deposit taking Non-Banking Financial Company (“NBFC”) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises.

HDB Financial Services Ltd owns 1436 branches across 1043 towns/ cities as on 30th Sept, 2019.

  • Net Interest Income (NII) grew by 23% to Rs. 1911.2 Crs in H1 FY2020 (Rs. 1560.2 Crs in H1 FY2019.)
  • Total Income stood at Rs. 5205 Crs in H1 FY2020 (Rs. 4078 Crs in H1 FY2019)
  • PAT stood at Rs.478.5 Crs in H1 FY2020 (Rs. 505.3 Crs in H1 FY2019).
  • Equity Paid up of the company is Rs. 785.9 Crs as on 30th Sept, 2019.
  • Net- worth of the company stood at Rs. 71307 Crs as on 30th Sept, 2019.
  • Total Loan Book grew by 16% to Rs. 55759 Crs as on Sept, 2019 v/s 48014 Crs as on Sept, 2018.
  • Gross non-performing loans were at 3.4% of gross loans and Net non-performing loans were at 2.5% of net loans as on September 30, 2019.
  • Total CAR was at 18.2% with Tier-I CAR at 13.3%.

IPO NEWS : Shares of HDB Financial, are being valued at over Rs 80,000-90,000 crore in the grey market, making it the country’s fourth most valuable non-bank lender at the existing prices. HDFC Bank Ltd the promoter of HDB Financial Services Ltd plans to list the company by the end of this financial year.

Read More: Half Yearly Result|

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Tuesday, 17 September 2019


Studds Accessories Ltd is a leading manufacturer of Helmets & 2 Wheeler accessories in India.

Studds Accessories owns two helmet plants with a capacity of 6.1 million helmets and 4.9 lakh units of two-wheeler luggage a year. It is looking to future expand the capacity to meet future demand.

Studds has opened a new Exclusive Brand Outlet (EBOs) during the year at Dehradun and is in process of opening 5 more EBOs at Rohtak, Cochin, Mumbai, Bangalore and Vijaywada. The company also plans to open 10 more such outlets across India by next year.

FY 2019
FY 2018
*On 8th June 2018 face value got split from Rs.10 to Rs.5 per share. And further company issued 8 equity shares for every 1 share held.
* Dividend Recommended for FY 2019 – 60% i.e Rs. 3 per share.

-Studds Accessories Ltd has filled IPO draft with SEBI to raise Rs. 600 Crs via offer for sale of 3,939,000 shares and fresh issue of shares worth Rs. 98 Crs. Shares are to be listed on BSE & NSE. The funds are to be utilized for capacity expansion.

-Studds Accessories Ltd plans to add 2 more manufacturing units to meet future demands. It plans to open 10 more EBOs across India by next year.                                                          

-The Faridabad Unit IV with production capacity of 1.5 Mn. Bicycle helmets p.a. became operational in 1st Quarter of FY 2020.

-The Motor Vehicle Bill (The Motor Vehical (Amendment) Bill 2019) proposes stringent changes in laws and fines for road and vehicular safety. This shall boost the demand for helmets.

-As per a Frost & Sullivan 2018 report, the helmet market in India is estimated at Rs 1,395 crore. The domestic demand for two-wheeler helmets stood at nearly 20 million units in FY18. In terms of volumes, Studds has the largest share (25.66%), followed by Vega (11.05%) and Steelbird (10.87%).

-The unorganised segment accounted for 30% two-wheeler helmets sold in 2017-18. This is likely to fall as manufacturing, sale and use of non-ISI helmets will become a criminal offence from October. Studds holds a 27.79% market share in the premium segment, followed by global players such as LS2 (20.16%), MT (15.41%) and THH (11.26%).

Thus based on all the above pointers and a great future for the company, we strongly recommend – ‘Buy Studds Accessories Ltd”

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Thursday, 9 May 2019


As per the latest news, the committee headed by former RBI deputy governor HR Khan, is expected to recommend and include the suggestion of allowing foreign portfolio investors (FPIs) to invest in unlisted companies.

The benefits of FPI investment in unlisted companies:
  • It shall be a boost for startups and other unlisted entities as they shall get an access to wider pool of capital.
  • It shall ease the complexity faced by FPI earlier to invest in unlisted entities via FDI route.
  • It shall eliminate the “Grey Market” area in the regulation and will also reduce costs for FPIs.
  • FPI already have access to unlisted debts and local municipal bonds investment since last year. With this move they shall get access to equity investment in unlisted entities.

As per current regulations FPI are permitted to invest in “to be listed” entities but there was no clarity in regards to time-line by which these unlisted share should get listed for it fall within the permissible category.  

With this move SEBI aim to allow greater participation of FPIs in the Indian capital market and improve the ease of investing for foreign funds. With permission to FPI to invest in diverse assets under single FPI license will give a boost to this mode of funding.

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Monday, 25 February 2019

PAYTM (One97 Communications Ltd) Losses surging in 2019-2020!

Recommend - “Book Profit”
One97 Communication Ltd the parent company of “Paytm” sees its losses to double in the year starting 1st April, 2019. This rise in losses in Paytm are attributed to the aggressive expansion push by parent company to take on bigger rivals in the e-commerce space such as Amazon, Walmart-flipkart, etc.
One97 Communications Ltd had reported losses of Rs. 1490 Crs (Standalone) & Rs.1604 Crs (Consolidated) in FY2018 which was almost double compared to losses reported in FY2017 of Rs. 880 Crs (Standalone) & Rs.900 Crs (Consolidated). The reasons attributed to this losses were huge capital expenditures in creating brand and establishing its business activities.
Due to aggressive expansion and market capturing strategies Paytm expects its losses to surge to around Rs. 2100 Crs and a negative net free cash flow of Rs.1400 Crs in FY2020.
One97 has launched 25 subsidiaries and 5 associate companies in less than a decade. Out of these 8 of them had reported huge and significant losses, which has made the company to plan scaling down its cash – burning online businesses or selling stake in them and augment its offline business venture.
Paytm group is losing more money in its online retail business than its digital payments services. The online retail business Paytm Mall” reported a loss of Rs. 1787.55 Crs on total revenue of Rs. 774 Crs in FY 2018.
So in order to reduce the losses and negative cash flow trend since years One97 increased its working capital limit from currently Rs.400 crs from bank to Rs. 1400 Crs from ICICI Bank in Feb, 2019 by hypothecation of all its current assets worth Rs.7085Crs as on 31stMarch 2018 and mutual fund investments.

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