In today’s briefing:
- Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report
- Crizac (CRIZ:NS). Sell into the Aftermarket.
- SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
- Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus
- India Insider Buying – June ’25: Strong Activity in Small Caps, Limited Participation in Large Caps.
- Adani Power Adds 600 MW—One Step Closer to 30 GW
- Tenneco Clean Air India Ltd Pre-IPO Tearsheet
- Tata Motors – JLR Q1FY26 Weakness
Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report
- A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme.
- The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial & operational strength of Vedanta
- Dividend & delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.
Crizac (CRIZ:NS). Sell into the Aftermarket.
- Crizac has had a successful IPO, pricing at 28x PE.
- Before any aftermarket premium, the company is already at a significant valuation premium to other global education stocks.
- CRIZ has too many risks to justify a high rating. 95% of revenues come from India-UK student placement, aggregating applications for 10,362 agents.
SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
- As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
- SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
- In this note, we will talk about the possible fund raising and other deal dynamics.
Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus
- Rubber Board undertakes nationwide EUDR sensitization drives
- Geo-mapping and traceability systems scaled up across states
- Low-risk status to come under EU review in 2026
India Insider Buying – June ’25: Strong Activity in Small Caps, Limited Participation in Large Caps.
- Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
- While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
- Companies which have zoomed after the insider purchases include – LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names – Man Industries (India) (MAN IN) (+88%)
Adani Power Adds 600 MW—One Step Closer to 30 GW
- Adds 600 MW operational capacity in Maharashtra, acquired via CIRP at ₹6.67 crore/MW.
- Supports Adani’s goal to reach 30,670 MW by FY2030 through scale-driven, base-load expansion.
- Stock trades at ~12x forward P/E—undervalued given 70% capacity growth and strong operating leverage.
Tenneco Clean Air India Ltd Pre-IPO Tearsheet
- Tenneco Clean Air India Ltd (1880671D IN) (TCAIL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
- TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
- According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.
Tata Motors – JLR Q1FY26 Weakness
- Q1FY26 Decline: JLR’s Q1FY26 wholesale volumes dropped 10.7% YoY and 21.7% QoQ, signaling a tougher-than-expected environment amid planned model transitions and tariff shocks.
- US Tariffs & Jaguar Phase-Out Drag Down Sales:Pause in US shipments post-April’25 and wind-down of legacy Jaguar models led to sharp volume contraction in key markets, particularly UK and North-America.
- Luxury Mix Strong, but Growth Uncertain:While 77.2% of Q1FY26 volumes came from high-margin models (Range Rover/Defender),growing reliance on a few nameplates adds concentration risk in a sluggish global macro environment
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