Gadfly

[Keval Gala @kevalgala_]

Shankar Sharma’s hilarious take on PE 😂

You may never look at PE the same way again.👇

[Antifragile Thinking @unseenvalue]

The Mother Who Wanted to Be Overtaken 🙏

There is something fitting about writing this while reading Dr Anji Reddy’s words. A man who built an institution of enormous scale still called his life’s work unfinished. Perhaps that is the real legacy.

Every balance sheet is a photograph. It tells you what a company looks like at a point in time, but not everything that is moving beneath it. The visible company is only the surface. The deeper asset is the ecosystem it helps create.

Divis overtook Dr Reddy’s in market cap some time ago. Laurus has now moved ahead of Dr Reddy’s as well. But I look at Dr Reddy's differently.

To me, Dr Reddy’s is like that mother who always wanted her children to shine and grow, even if one day they became bigger than her.

That is why it would be too naive to judge Dr Reddy’s, or the erstwhile Ranbaxy, purely by sales, margins and cash flows. Their contribution goes far beyond what appears in an annual report. They created scientists, entrepreneurs, manufacturing capabilities, regulatory knowledge, supplier networks, customer relationships and, perhaps most importantly, confidence.

They proved something that was once far from obvious. Indian science did not have to remain a technology beseecher. India could become a technology provider to the world.

Once that belief was proven, it became transferable. Scientists moved. People left and built new companies. Suppliers became stronger. Customers developed trust in Indian capabilities. Knowledge spread from one organisation to another. One company's achievement became another company's starting point.

That is how ecosystems compound.

A forest is not measured only by its tallest tree. The real strength lies in the soil beneath it.

Look at Indian pharma today. The number of companies building complex capabilities, developing new technologies and serving global customers is extraordinary. Many of them could not have existed in their current form without the pioneers who came before them.

This is what I think of when I read Dr Anji Reddy calling his life's work an unfinished agenda.

An unfinished agenda is not a failure to complete something. It is a refusal to believe that the work is ever complete.

Affordable medicine for the world was never a destination. Every disease that remains unsolved creates another frontier. Every new technology creates another possibility. Every generation has another boundary to push.

So let Dr Reddy’s be overtaken. Let Zydus be challenged. Let Divis grow. Let Laurus grow. Let the next generation build companies that make today's giants look small.

That would not diminish the legacy. It would prove that the legacy is alive.

The true measure of Dr Anji Reddy’s contribution is not whether the company he built remains number one forever. It is whether the ecosystem he helped create continues to produce people and companies capable of becoming number one.

That is the beautiful thing about an unfinished agenda.

The agenda must never finish. The end must never come.

Perhaps the greatest contribution of one generation is not reaching the destination. It is leaving behind enough capability, confidence and curiosity for the next generation to start from a much higher point.

We enjoy the journey more than the destination. And perhaps that is exactly how a great ecosystem keeps compounding.

[Vishal Bhargava @VishalBhargava5]

Former PM Dr Manmohan Singh had predicted that "History will be kinder to me than the contemporary media." His prediction is coming true.
But its absolutely shameful that 12 years in government - we have seen scarce results on 2G, Coalgate, Robert Vadra land deal etc.

[Roshan Kishore @Roshanjnu]

1. India’s rich, incl corporates, are increasingly becoming rentiers than entrepreneurs
2. Both tax & corporate earnings data show the rise of rentier incomes rel to profits
3. Its perfectly legal but diverts “animal spirits” towards speculation from growth driving investment

[Bhau. @Bhau_Baliwapis]

🤣🤣Nadda jumps out of the same car from the other side to greet Maha manav with a rose..

[Subramoney.com @pvsubramanyam]

The older I get the more I realize, doing nothing to earn money is the real flex. Listening to good quality music keeps my Heart Rate during the day in the 50s and goes to 44 while I sleep. Keep calm, don't login into the market except for say 10 minutes. Not answerable to almost anyone. Doing nothing is good fun.
A quiet day, gym, swimming, coffee, music, books, and stillness.

[Priya Purohit @Priyaa_Purohit]

27 news channels owned by AMBANI and 16 by ADANI —

and you still think you're watching news ? 🤣

[Antifragile Thinking @unseenvalue]

For every Laurus Labs, there is a Syngene reminding the Street that execution neither begins with a brokerage Buy rating nor ends with a Sell rating.

Laurus was a consensus Sell. Syngene was a consensus Buy.

Ten years ago, during Syngene's IPO, management drew parallels with WuXi and spoke about building a strong manufacturing engine.

A decade is long enough to walk the talk!

One question on governance.

The @SyngeneIntl IR team has never allowed me, or any independent analyst I know, to ask a question on the earnings call since 2022.

Is this the company's policy? If so, how does management reconcile that with fair and equitable access for all shareholders, @kiranshaw?

https://t.co/PNhiCozVfq

[Kush Katakia @kushkatakia]

How's this for a wild stat?

IGI Ltd (International Gemmological Institute) is worth Rs.15000 crs. The co. that certifies diamonds is valued more than the company (De Beers) that built the modern diamond industry.

@DamaniAshok 's Thursday thoughts has more on the De Beers sale

[Uday Kotak @udaykotak]

Achilles heel for global finance is US bond yield. 10 year crossed 4.70% and 30 year 5.20%, despite Fed rates being on hold. The new Chair Kevin Warsh believes in smaller Fed balance sheet. That shrinks liquidity. Players may take note of the new conductor of markets symphony.

[Prashant Bhushan @pbhushan1]

A large part of the success of this youth movement which has shaken the ruling establishment, helped shed fear of the government and police, and raised the issue of education reforms in this country, is due to the founder of the Cockroach Janta Party @abhijeet Dipke, its two extraordinary spokesmen @sauravdas and @ashutoshranka, and some of the other extraordinary students like @nehabora who also sat on fast. Of course, the role of Sonam Wangchuk who fasted 26 days and mentored this youth movement has been exemplary. It is due to these extraordinary youth leaders who have a great future in the youth movement of this country, that we have been able to achieve this day. Hats off to all of them. They have led with courage, commitment, fearlessness & above all, great humility. I also salute the lakhs of young people who gathered in Delhi and across the country with patience& non violence, braved enormous hardship, and set a wonderful example of what it is to be a citizen in a diverse multi religious country, our India.

[BBC News (World) @BBCWorld]

India's education minister resigns after weeks of 'cockroach' protests https://t.co/zy50GAu45m

[Press Trust of India @PTI_News]

I thank CJI Kant for calling us cockroaches. Had you not called us cockroaches, Pradhan would not have resigned: Dipke

[Cockroach Janta Party - Bihar @CJP_4_Bihar]

Now everyone understands why Manmohan Singh said that.
#JantarMantarUpdates

[Congress @INCIndia]

We hold Amit Shah directly responsible for the violence inflicted on our students. He authorised the firing on our students, authorised the use of lethal weapons, and authorised the use of pellet guns against them.

That's a fundamental issue. We do not accept our security forces shooting at the future of India. This is going to be a major issue in Parliament.

One of the students' demands: an apology from the Prime Minister.

: LoP Shri @RahulGandhi

[Kenneth Roth @KenRoth]

For 12 years of Modi's rule, "you criticized the government at your peril. Dissent was swiftly, routinely & expertly crushed...Until the cockroaches came along..., instigated by a young generation who are fed up & startlingly unafraid of their government." https://t.co/Ek7c4I40oh

[Pop Base @PopBase]

A satirical Gen Z-led movement called the Cockroach Janta Party has gained momentum across India as citizens demand educational reforms and government accountability from Prime Minister Narendra Modi’s administration.

While the protests were sparked by repeated exam paper leaks like the NEET medical entrance exam, the movement stems from a history of unemployment and limited economic opportunities for India’s youth.

[Preeti @MadridPreeti]

🚨MESSI PUTS HIS ARMS AROUND RODRI TO STOP HIM FROM GETTING TO THE BALL BUT RODRI STILL MANAGES TO GET IT

MESSI THEN JUST STOPS RUNNING AND LOOKS AT THE REF WHO THEN GIVES ARGENTINA A FOUL FOR THAT

THIS IS NOT FOOTBALL 😤

[fan @NoodleHairCR7]

Elbow to Rodri and a hard push to Olmo straight in front of the ref and still no RED 😂 https://t.co/EhNf07iBEP

[AB⚕ @AbsoluteBruno]

He literally pushed olmo right in front of the ref and he still didn’t give him a red
https://t.co/LlefRgMNTs