Yogesh Pilgunde

[Nithin Kamath @Nithin0dha]

NSE is a cash generation and distribution machine. In FY26 alone, NSE earned a profit of over ₹10,300 crore and paid out roughly ₹8,660 crore in dividends— a payout ratio of 84%. This will likely continue even after listing because NSE can't do much with the excess profits. SEBI doesn't allow exchanges to invest in other businesses, listed or private.

So why aren't there more businesses like this?

It comes down to a tax arbitrage. Assume a business earns ₹100. It pays ~25% corporate tax, leaving ₹75. If that ₹75 is distributed as dividends, the shareholder pays tax again at their marginal rate. Can be another ~36% for someone in the highest bracket. The investor ends up with ₹48 out of the original ₹100.

Now contrast that with a company that reinvests the entire ₹100 into growth. If that growth reflects in the stock price, the investor pays capital gains tax only when they sell and at a much lower rate of 14.5% (the highest rate). Adding to this, there is no tax on this ₹100 because nothing is booked as profit.

A differential of 14.5 % vs 51% creates a strong incentive for profitable companies to reinvest aggressively rather than distribute. Which is why you don't see many new-age businesses choosing to be profitable in the first place.

I hope something changes here. Reinvestment is good for the economy in the short run, but businesses that aren't profitable are also far more vulnerable. One bad cycle can kneecap them severely. In the long run, that isn't smart.

This is part of a much larger global debate: the double taxation of corporate profits. Many countries have tried to address it. The US taxes dividends from most listed companies at lower rates than regular income through "qualified dividends." Australia gives investors credit for tax already paid by the company on its profits.

I have a conflict of interest on this topic. At Zerodha, almost all the cash we generate is retained and reinvested in startups through @Rainmatterin, the social sector through our @RainmatterOrg, or listed companies/Gold/Bonds. Even otherwise, it doesn't make sense to pay another tax and take out dividends, one of the few negatives of not being listed.

I think there should not be such a big differential in taxes, on dividend income as compared to capital gain. 😀

[Yogesh Pilgunde @ypilgunde]

@SushrutRandive @cbdhage Road widening can just handle current level traffic. Just imagine the amount of vehicle going to be entered and exit once Magarpatta and Trump world project complete

[Amit Paranjape @aparanjape]

A question for PMC Pune, and @navalMH - 1000s of such examples (see below) can be seen across Pune city... Broken footpaths, encroached footpaths.

Why do we need to raise complaints for such basic issues? Most of these were damaged when some digging work was done by the PMC team and/or contractor, and they did a shabby job of patching up.

Also - what would it take for Ward Officers, other PMC Sr Leaders to do regular walk throughs across their areas to spot (and fix) such obvious issues - footpaths, garbage, lighting, etc?

There is an expression in Marathi 'दिव्या खालचा अंधार'. This is very relevant, especially near ward offices and PMC main building. One can spot so many footpath, street lighting, garbage issues - RIGHT OUTSIDE PMC main building! Why are these not fixed? No one sees them?

Can we at least make some zones in a ward, near PMC building as ideal zones - led them lead...let the other areas follow.

cc @MDNagpure @SidShirole

[Shefali Vaidya. 🇮🇳 @ShefVaidya]

I watched @narendramodi ji’s Hyderabad speech very carefully. His appeal for economic self-reliance, sustainable living, and reduced import dependency was much needed, and people listen to him. But his govt and the @BJP4India state govts should lead by example. Here are a few of my asks from the govts.

1) Shift to online inaugurations of ALL projects. No city needs a massive VIP entourage and 30 police cars blocking traffic every 15 days because a minister has to come to inaugurate a bridge/road/tunnel/hospital. This is also non-essential travel. VIP entourages are going out of hand and that’s a waste of public money.

2) Most politicians, from all parties, spend huge amounts of money on lavish weddings. There should be a ceiling on that first. At least here @BJP4India can take the lead.

3) Prioritising Made-in-India and locally manufactured products is a very necessary ask, but again, should be started from the top. What stops @BJP4India politicians from wearing a made-in-India watch, carrying a made-in-India phone, wearing made-in-India textiles?

People listen to you @narendramodi because you usually practise what you preach, but what about the rest of your govt and the state BJP govts? When will they walk the talk?

[Aakanksha @aakancvedi]

Yesterday, Adani bought Jaypee Group for Rs 14,535 Cr

But Vedanta had bid around Rs 17,000Cr, over Rs 2,000 Cr MORE than Adani

Yet their higher bid lost and Adani won the bid despite a lower bid!

So how did the lowest bid win one of India's largest bankruptcy deals?

1/16

[Shruti Codes @Shruti_0810]

CLAUDE + STOCKS = CHEAT CODE

Use these 7 prompts to research, track, and plan trades like a pro

[Tips Excel @gudanglifehack]

DON’T TELL CLAUDE “MAKE A PRESENTATION FOR ME.”

Bad prompt = bad slides.

Copy these 7 prompts to build decks that actually land:

[Mohini Shewale @s_mohinii]

Instead of watching 2 hours Netflix, learn claude in 1 hours for Free (Build & Automate Anything)

[Yogesh Pilgunde @ypilgunde]

@volklub Thank you so much pajiii !!

[Yogesh Pilgunde @ypilgunde]

@volklub Paji confuse between Virtus & Taigun 1.5AT sport. Looks and feel wise I like Virtus but my daily city travel is around 60km in Pune city and getting almost 2 lakh disc on Taigun 2025 model. What to do? This will be my first car. Pls help!! Gone through your video/tweets

[Bhakt Prahlad🚩 @RakeshKishore_l]

Padmaja Joshi Destroyed Arfa Khanum Sherwani left & right for calling #Dhurandhar movie a Propaganda 👏🔥

Arfa Khanum just confirmed that Hindustan ko sabse bada Khatra Bharat mein Reh rhe Inn jaise logon se kyun hai❗️

[Sagorika @sagorika_s]

Exactly. How do you compensate for weddings not attended and not being able to conduct final rites? The reason that people are furious is because this was a planned disaster, intended to use paying passengers as hostage to arm-twist the government.

People have paid 8-10x to attend what they couldn’t and many were not privileged enough to do so.

[Naveen Jindal @MPNaveenJindal]

Pune never fails to impress: beautiful city, great enterprising people and inspiring energy!
The Defence Committee meeting was productive, but traffic discipline needs urgent attention.

It took 1.3 hours to cover just 20 km to the airport — what a waste of time for every Punekar on the road each day.

Rash driving, no helmets, rule violations and excessive honking are serious concerns that can be fixed. The @PuneCityTraffic must act with passion and purpose, and citizens must cooperate.

With better enforcement, use of smart cameras and civic discipline, Pune can truly become a model city for road safety.

#PuneTraffic

[The Exploited TaxPayer @IndiaNewGen]

Cost of 1GB data is less than a cup of tea. Cost of 2 bhk is 75 times of Per capita, cost of junior kg in school is more than per capita of an India.

Sirf data se kaam nahi chalta.

[Sridhar Vembu @svembu]

There are questions about where Zoho is developed and where the data is hosted and who hosts it. There is a lot of false information we want to correct.

1. All the products are developed in India. Our global headquarters is in Chennai and we pay taxes in India on our global income. As a global corporation headquartered in India, we have offices in over 80 countries and have a strong presence in the US which is a big market for us.

2. Indian customer data is hosted in India (Mumbai, Delhi and Chennai, soon Odissa). We have over 18 data centers globally and they host the respective country or regional data. We are committed to hosting each country data in their own jurisdiction.

3. All our services run on hardware we own and software frameworks we developed, on top of open source like Linux OS and Postgres database.

4. We do not host our products on AWS or Azure. Arattai, specifically, is not hosted on AWS or Azure or GCloud. We use some of those services for regional switching nodes to speed up traffic but data is not stored in them. We are adding many such "points of presence" (POPs) as we speak.

5. Our Zoho Developer account in the App Store and Play Store lists our US office address because the account was registered in the very early days of those stores by one of our employees in the US just to test them out. We never changed that.

We are proudly "Made in India, Made for the World" and we mean it🙏

[Fundamental Investor ™ 🇮🇳 @FI_InvestIndia]

Meet Nirmal ji from India who has come up with a revolutionary solution to provide safe, affordable, clean drinking water 🔥🔥🔥

Its heartwarming to see such innovations coming from Bharat 🇮🇳

These initiatives need to become Viral & Reach Everyone. Thanks to Srishti & Gen-E for this video ❤️😀

Can Government support such entrepreneurs who are making a difference in society? @narendramodi 🙏

#FI

[Chandrashekhar Dhage @cbdhage]

One thing for Sure, this repairs come under defects liability period and not to borne by taxpayers.
But in such short period how this road turn into such maintainance The contractor and respectable department should be answerable to this. This can't be defended apart from first line I wrote. #AtalSetu

[Yogesh Pilgunde @ypilgunde]

@narendramodi @AskPerplexity @gork can you please collect all the wishes PM Modi received from different world leaders and make it point wise, do not miss even single word leader wishes.

[Computer @AskPerplexity]

🎉 Indian PM Narendra Modi turns 75 today

Here’s a breakdown of his biggest 2024–25 accomplishments:

Leadership & mandate
• Third consecutive term as Prime Minister of India

Global honours
• Dominica Award of Honour
• Guyana’s Order of Excellence
• Namibia’s Order of the Most Ancient Welwitschia Mirabilis

Cultural milestone
• Ram Mandir consecration at Ayodhya

Education footprint
• IITs: 23
• IIMs: 21
• IIITs: 26 (5 INIs + 21 PPP)

Health infrastructure
• AIIMS expanded from 7 → 23

Social delivery
• Sanitation (SBM): 120+ million household toilets built
• Tap water (JJM): 156.9 million rural homes with tap connections (~81% coverage)
• Health cover (Ayushman Bharat): ~550 million eligible; 410+ million Ayushman Cards created
• Housing (PMAY): ~37 million homes completed (28.3M rural + ~9.4M urban)

Connectivity & infrastructure
• PMGSY rural roads: 783,727 km completed
• National Highways: ~146,204 km by Mar 2025 (vs ~91k km in 2014); access-controlled expressways 6,000+ km
• Airports: network expanded 74 (2014) → 159 (2024)
• UDAN operationalized 90 airports + 15 heliports + 2 water aerodromes

Economy & finance
• UPI: 20B+ transactions in a single month with ~$283B in value
• MUDRA: 520+ million loans sanctioned totaling ~$364–$376B
• Farm sector: National Makhana Board rolling out in 2025; push for natural/organic farming

Science & technology
• India ranked #49 on the Network Readiness Index 2024
• ANRF EV Mission launched to accelerate EV R&D and adoption
• BharatGen unveiled under NM-ICPS (multimodal, multilingual LLM initiative)
• Funding announced for 8 quantum-tech startups
• INSPIRE-MANAK: program giving Japanese students a window into India’s advances

Security & defence
• Managed the 2025 India–Pakistan conflict after a terror attack in J&K, culminating in a ceasefire
• Announced a border infiltration mission to protect border-area demography

Happy Birthday to Prime Minister Narendra Modi ji 🇮🇳🫡