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

JSPL- Shareholder Activism Gains Credence

Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?

Vedanta (VEDL IN): A Failed Delisting Will Now Pressure The Stock

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

<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>'s current journey to diverge from its power arm JPL is everything but a smooth ride. In <a href="https://www.smartkarma.com/insights/jspl-shareholder-activism-gains-credence" target="_blank" data-smartkarma-citation="insights:51954" rel="noopener">JSPL- Shareholder Activism Gains Credence</a> , we had highlighted the nitty gritty of the deal, and how it was a value-erosion for the minorities.
After the shareholder activism gained credence and forced the management to go back and consider the deal, JSPL this month filed a revised BoD approved agreement with the same promoter entity i.e. Worldone. However, it has come to known that the new revised deal structure is nothing but just like an old wine in a new bottle. The core portion of the deal remains the same, and with rather superficial nature of modifications, the deal is an eyewash to the investors.
Our stance thereby remains bearish, like that of our previous insight.

Jindal Steel &amp; Power (JSP IN)'s current journey to diverge from its power arm JPL is everything but a smooth ride. In JSPL- Shareholder Activism Gains Credence , we had highlighted the nitty gritty of the deal, and how it was a value-erosion for the minorities.
After the shareholder activism gained credence and forced the management to go back and consider the deal, JSPL this month filed a revised BoD approved agreement with the same promoter entity i.e. Worldone. However, it has come to known that the new revised deal structure is nothing but just like an old wine in a new bottle. The core portion of the deal remains the same, and with rather superficial nature of modifications, the deal is an eyewash to the investors.
Our stance thereby remains bearish, like that of our previous insight. 

Jindal Steel

JSPL Divestment: A Two-Time Failure?