Dhruv Shah

Content.

[ET NOW @ETNOWlive]

Meet Vijay, ‘Tamil Nadu Chief Minister’: Jana Nayagan new title card featuring C Joseph Vijay sends fans into meltdown after TVK win

Read more: https://t.co/3FJ1cXyd7l

[ET NOW @ETNOWlive]

#StockInNews | Eli Lilly says counterfeit products seized by Indian authorities were not manufactured by the company (Agencies)

#LLY #StockMarket

[ET NOW @ETNOWlive]

#WATCH | Donald Trump says US has “won” against Iran, calls them “militarily dead” while expressing cautious hope on ongoing peace talks

#Trump #Iran #Geopolitics #GlobalTensions #MiddleEast #WorldNews

[ET NOW @ETNOWlive]

#WATCH | Days after Iranian naval vessel IRIS Dena was targeted by the US off Sri Lanka’s coast, injured crew members are being treated at Galle National Hospital

Times Network's Imran Khan brings the latest ground report

#Iran #US #SriLanka #Geopolitics @TimesNetwork

[Nigel D'Souza @Nigel__DSouza]

History scripted in whites.

Jammu and Kashmir lift their maiden Ranji Trophy, a moment of pride, perseverance and pure belief. From the valleys to the victory lap, this is more than a win. It is a statement.

[Investing.com @Investingcom]

*TRUMP: MY PREFERENCE IS TO SOLVE THIS PROBLEM THROUGH DIPLOMACY, BUT I WON'T EVER LET IRAN HAVE A NUCLEAR WEAPON

[Dhruv Shah @92dhruv]

@LuckyInvest_ARK @AppleSupport Sir, I’m also facing the same issue in my iPhone14 pro.

But I’m facing the issue only with WhatsApp. All other apps are working fine.

[Dhruv Shah @92dhruv]

@VishalBhargava5

[Dhruv Shah @92dhruv]

Why have we not brought down #jinnahhouse at one of the most prominent area in Mumbai?

We can definitely use that place for something noble!

#IndiaPakistanWar

@ARanganathan72 @sahil_vi

[ET NOW @ETNOWlive]

JEE Main Result 2025 Date: JEE Main result likely this week at https://t.co/shmJuPaFxh
https://t.co/WAb578UfTJ

[Investing.com @Investingcom]

*U.S. STOCK FUTURES FALL, VIX JUMPS AS TRADERS AWAIT TRUMP TARIFFS

$SPY $QQQ $VIX 🇺🇸

[Vishal Bhargava @VishalBhargava5]

This one is a giant shocker.
Maharashtra Ports Minister Nitesh Rane writes letter to BMC Chief seeking transfer of reclaimed land from the Coastal Road project - to his Ministry. Wants to use land for development.
Land is currently earmarked for open spaces for public.

[Nigel D'Souza @Nigel__DSouza]

Pain point has been continuous FII selling since Oct’24 (~USD28b) 😢
👉 Selling is ~85% of the highest streak of FII outflows (of USD32.5b) seen between Oct’21 and Jun’22

Graphs attached of FII behaviour
👎 FIIs sold cumulatively USD91b (net) over the drawdown phase (peak-to-trough)
👍 FIIs bought cumulatively USD131b (net) over the recovery phase (trough-to-new all-time high)

@MotilalOswalLtd @DuggadGautam @CNBCTV18News

[RedboxGlobal India @REDBOXINDIA]

PITTI ENGINEERING: Q3 CONS NET PROFIT 288M RUPEES VS 157M (YOY)

Q3 REVENUE 4.15B RUPEES VS 3B (YOY)

Q3 EBITDA 669M RUPEES VS 515M (YOY)

Q3 EBITDA MARGIN 16.13% VS 17.05% (YOY)

[ET NOW @ETNOWlive]

#NewsAlert | Global News: Global markets closed in the green ahead of Christmas (Agencies)

[Dhruv Shah @92dhruv]

@coldplay why choose @bookmyshow over @zomato?!

Zomato was so smooth when booking tickets for @diljitdosanjh!

[Dhruv Shah @92dhruv]

#agrotech foods gets sold for a price which is below their 52wk low.

48% lower to their CMP
30% below their 52wk low
And a price last scene in June 2020.

Great deal for the new investors.

Worst possible deal for minority shareholders.

@MrRChaudhary @kforkashish

[Deepak Shenoy @deepakshenoy]

RBI has a new rule: NBFCs cannot use AIFs to evergreen loans. Let me explain. This is going to take some time.

NBFCs have seen increased regulation over time, mostly because they tried silly stunts. So RBI forces them to recognize bad loans after 90 days of non payment etc. NBFCs don't like this because it looks bad and needs higher provisioning etc. For the uninitiated, NBFCs are Non-Banking Financial Companies which can lend you money, but don't have the word "Bank" in their name. AIFs are Alternative Investment Funds, which is a SEBI regulated investment vehicle that takes a minimum of Rs. 1 cr. per investor and then can buy just about anything.

Let's say there's this builder who is about to default. No matter how much houses are selling for, brokers are queuing up, and all the drama, there will always be builders nearing default, after taking loans from an NBFC. The NBFC knows. NBFC is like hello uncle, wait, I have an idea.

So, enter the AIF. The NBFC usually has some group link with a Cat 2 or 3 AIF, which can invest in debt. NBFC makes the nearly defaulted builder issue bonds. These bonds are bought by the AIF. Where does the AIF get money? From investors. Who is the stupid investor that wants to buy nearly defaulted debt? Uhem.

The NBFC itself subscribes to units of the AIF. Here, take my money, it says and buys between 25% and 40% of the AIF corpus. That money goes to buy the bonds of the near-defaulter, which takes the money and gives it back to the NBFC. So, magically, no default.

But, you say, won't the builder default to the AIF? Well, sure, but the AIF can hold defaulted debt, and wait long times for recovery, because hey, rich people's money etc. This doesn't even translate to a much lower NAV for the AIF, mostly. Round trip the money, the NBFC has no NPA, the AIF gets time to keep this opaque, the NBFC's exposure to the AIF doesn't even show the default!

Also, as it turns out, the AIF needs other investors. Not just an NBFC. Now people who have minimum 1 cr. to give, are usually not stupid. So the NBFC says, don't worry boss, if there is a default, my units, which are "subordinate" units, will take all the blame and the financial hit if indeed they default. That way the first 25% or 40% of any default gets absorbed by an NBFC, and only beyond that is where an external investors is hit. In reality, of course, another AIF can be used similarly to further evergreen this default, and in any case, an AIF gets like 7-10 years before they have to call it a completely unrecoverable thing. Meanwhile the NBFC owns the AIF units and can keep them as "investments" without needing to recognize impairment until the eventual default, many years away. Evergreening.

This is a problem because the risk is hidden.

Oh, wait. I should put this in a more readable long form format, so the rest of it is here:
https://t.co/0GyhLbHM6n

[Dhruv Shah @92dhruv]

@amitgupta0310 @cakanwaljit That wasn’t qip but that was ncd issue.

And the lower acceptance was because of lower coupon.

[Dhruv Shah @92dhruv]

This picture says a lot.

@kforkashish