DHFL’s Imminent Default – II: How It Was All ‘Hidden in Plain Sight’
The questions to ask are: What went wrong with DHFL so dramatically? Are our regulators really up to the task of appreciating and managing the risks posed by players like DHFL and a few others? We will address the first question in this piece and the second question in the next article. 
 
To understand the issue at heart and why DHFL has landed where it has, let’s look at a very...
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  • Nifty, Sensex May Rally – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex were under pressure again. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 841 advances, 898 declines and 357 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    A last hour surge help the benchmark indices to close near day's high level with Nifty finishing above 11,250 level. At close, the Sensex was 278.60 points up at 37,393.48, while Nifty was up 100.10 points at 11,257.10.
     
    About 1,155 shares advanced, 1296 shares declined, and 149 shares were unchanged.  Zee Entertainment, BPCL, UltraTech Cement, IOC and Bajaj Finance were among major gainers on the Nifty, while losers were Yes Bank, Bharti Airtel, IndusInd Bank, Coal India and Cipla. Except pharma, all other sectoral indices ended higher led by IT, metal, energy, bank, auto, FMCG (fast moving consumer goods) and infra.
     
    The Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.57%. Hang Seng was up by 0.20%. South Korea's Kospi was also quoting in red, down by 0.62%. China's Shanghai Composite was trading in green, up by 0.24%. Overnight, Nasdaq closed in green, up by 1.13%, while FTSE was also up by 0.76% at the closing on Wednesday.
     
    JSW Energy Q4 results have been reported. Consolidated net profit was at Rs3.9 crore versus loss of Rs483.1 crore, revenue up 8.4% at Rs1,924 crore versus Rs1,775 crore, year-on-year. JSW Energy shares closed at Rs67.55, up 0.97% on the BSE.
     
    Minda Industries Q4 results show net profit was down 45.8% at Rs73.5 crore, revenue up 8.4% at Rs1,486.5 crore, year-on-year. Minda Industries shares closed at Rs312.05, down 7.03% on the BSE.
     
    Shilpa Medicare received US Food and Drug Administration final approval for its ANDA, Zoledronic Acid Injection, 4 mg/5 mL on 15 May 2019. Shilpa Medicare shares closed at Rs373.20, down 0.49% on the BSE.
     
    Ingersoll Rand’s net profit was down 36.4% at Rs16.8 crore against Rs26.5 crore, revenue up 40.4% at Rs191.3 crore from Rs136.3 crore, year-on-year. Ingersoll Rand India shares closed at Rs582.00, up 1.06% on the BSE.
     
    Hindalco reported a 17.9% year-on-year decline in net profit at Rs506 crore, against Rs616 crore in Q4FY18. The revenue of the Aditya Birla Group company is up 6.6% at Rs12,455 crore, compared to Rs11,687 crore in the year-ago period. The reported numbers include Q4 results of Utkal Alumina, a fully-owned subsidiary of Hindalco. Hindalco Industries shares closed at Rs194.65, up 1.99% on the BSE.
     
    The Indian rupee is trading at day's high at 70.03 per dollar on Thursday. It gained 31 paise versus previous close 70.34 per dollar.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
  • User

    Grauer & Weil: Growth Triggers Missing
    Grauer & Weil (G&W) has interests in businesses that cater primarily to surface treatment and surface finishing requirements. The company also operates a shopping centre in the suburbs of Mumbai. The company is listed on the Bombay Stock Exchange (BSE) and commands a market-capitalisation of around Rs1,100 crore.
     
    G&W was setup in 1940 by two British nationals after which it went...
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