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Thomas Cook (India) — A Contrarian Signal Worth Tracking

Thomas Cook (India): Promoter Turns Buyer After Years of Selling — A Contrarian Signal Worth Tracking By Mitesh Parekh SEBI Registered Research Analyst Registration No.: INH000026840 --- Thomas Cook (India): Has Fairfax Started Seeing Value Again? Markets often pay close attention not merely to what promoters say, but to what they do with their own capital. In that context, a noteworthy development emerged in June 2026. Fairbridge Capital (Mauritius) Limited, the Fairfax-backed promoter of Thomas Cook (India) Limited, reversed a multi-year trend of stake dilution and returned to the market as a buyer. After monetising part of its holding through a large Offer for Sale in 2023, the promoter has now deployed fresh capital at substantially lower prices. While a single transaction does not guarantee future returns, such a change in behaviour deserves closer examination. --- A Shift In Promoter Behaviour Fairbridge Capital, part of the Fairfax Financial group led by renowned investor Prem W...
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HDB Financial : Investment Opportunity

HDB Financial Services: From HDFC Bank's Hidden Franchise to India's Most Watched NBFC HDB Financial Services: From HDFC Bank's Hidden Franchise to India's Most Watched NBFC Institutional Research Note Executive Summary For nearly two decades, HDB Financial Services (HDBFS) remained one of India's least discussed yet most important retail lending franchises. Backed by HDFC Bank, the company quietly built a nationwide lending platform focused on small business owners, self-employed professionals, commercial vehicle operators, tractor owners, first-time borrowers and underserved customers across semi-urban and rural India. Today HDB serves approximately 22.9 million customers through 1,730 branches spread across 1,161 cities and towns . Its loan book exceeds ₹1.18 lakh crore and it maintains one of the most diversified retail lending franchises in the country. Despite reporting record disbursements, rising profitability, improving asset quality and strong ca...
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The Great Shift in Wealth Creation

The Great Shift in Wealth Creation: Have IPOs Stopped Leaving Money on the Table? For decades, equity investing followed a relatively simple pattern. Entrepreneurs built businesses, listed them on stock exchanges, and public market investors participated in the next phase of growth. Some of the greatest wealth creation stories in India emerged from this model. Investors who bought into quality companies after listing often enjoyed extraordinary returns over the following decade or two. Today, however, the investing landscape appears fundamentally different. From Face Value to Premiums to Sky-High Valuations There was a time when shares were issued close to their face value. As capital markets matured, companies began issuing shares at premiums to reflect their business potential and earnings power. This was a natural progression. The latest phase, however, is characterized by IPOs being priced at valuations that often assume years of future growth in advance. Companies now reach the pu...
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Strong Q2 Results : 2025-2026

Q2 FY26 Corporate Results – Key Highlights & Insights Here’s a summary of key Q2 FY26 results from leading Indian companies across manufacturing, automotive, and banking sectors, with updates on management commentary, triggers, and analyst outlook. Ador Welding Revenue: ₹281 crore (+4% YoY) Net Profit: ₹25 crore (+257% YoY) ROCE: 20%; highest operating margin in three years Key Factors/Updates: Margin improvement driven by cost control; strong infra/manufacturing order funnel; near debt-free balance sheet. Key Triggers Ahead: Infra and manufacturing capex uptick, automation orders, and global supply chain reforms. Management Commentary: “Growth to be supported by new project wins in core sectors; further automation investment and cost optimization on cards.” Focus on margin resilience and product diversification. Analyst View: Bullish – Broking reports highlight improving margin trajectory and stable balance sheet. Rerating possible if growth sustain...
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Market Update : Week 1 November 2025

WELCOME TO THE WEEKLY BLOG ON INDIAN EQUITIES MARKETS  IMPORTANT CLOSE FOR THE WEEK GONE BY (Domestic Markets) Index Close Weekly Change Nifty50 25,492.30 -0.89% Sensex 83,216.28 -0.86% Nifty Bank 57,876.80 +0.17% Nifty Realty 450.90 -1.25% Nifty Pharma 15,485.20 +0.10% Nifty Finance 9,220.50 -0.50% India VIX 12.56 +3.37% USD INR 88.67 +0.02% Crude Oil ₹5,302/bbl -2.12% Gold ₹1,21,038/10g -0.20% Silver ₹1,47,728/kg -0.41% IMPORTANT CLOSE FOR THE WEEK GONE BY (International Markets) Index Close Weekly Change Dow Jones 47,156.00 -1.20% Nasdaq 25,226.75 -2.91% FTSE UK 9,678.50 -0.53% Nikkei 225 50,410 +0.20% FII/DII DATA FOR THE WEEK (Rs. Crores) Foreign Institutional Investors (FII): Net sellers of ₹3,263 crore Domestic Institutional ...
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India at crossroads with the US : drawing parallels from JAPAN

The Japan Story — From Boom to Bubble to Lost Decades From Postwar Ruins to an Economic Miracle In the aftermath of World War II, Japan was devastated—its industrial base shattered, cities destroyed, and economy in ruins. The United States, driven by a strategic imperative to contain communism during the Cold War, stepped in not only with financial aid but also with institutional and policy guidance. This included: Breaking up powerful monopolies (zaibatsu) into smaller, competitive firms. Introducing Western management practices and corporate governance structures. Integrating Japanese industries into U.S.-led global supply chains. Japan's population, united by the pressing need to rebuild, embraced discipline and innovation. The result was extraordinary: by the 1970s and 1980s, Japan had become an industrial and export powerhouse — especially in cars, electronics, and precision machinery. An often-cited example of its economic moment: Tokyo land values were estimated to exceed th...
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