Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

Greaves Cotton: Buyback Giving a False Alarm

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

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<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  </li>
<li>
<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN)</a> its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.</li>
<li>Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.</li>
</ul>



Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  

Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.


Greaves Electric Mobility Ltd (GEML) (1295040D IN)

Greaves Cotton

Greaves Cotton Limited- Revving Up