Joined April 2026
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Jun 11
Exactly 60 days before Zepto filed for its IPO on 9th June, ED summoned both its founders, Aadit Palicha and Kaivalya Vohra. They had to show up in person.
Kaivalya showed up twice, on 17th and 22nd April. Aadit went on 20th April and 15th May. But why?
ED wanted to question them about the "Scheme". The Scheme is the reverse flip Zepto did before the IPO. Zepto used to sit under a parent company in Singapore called Kiranakart. They moved the holding company back to India right before listing. The updated DRHP admits that Zepto is a foreign-owned and controlled company even today.
ED asked for foreign investments, how the reverse flip happened, old balance sheets, property they own, bank accounts, tax returns, basically everything. But they seemed especially interested in the holding structure and the reverse flip.
If this turns into an investigation, it can lead to massive penalties for Zepto. And it is not me saying this. Zepto itself has admitted it in the DRHP.
Source: Page 59 and 587 of the U-DRHP
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Imagine you run a small business in India and deal with international clients who pay you in USD. You are expected to receive $1 in payment after a month. Due to currency fluctuations, you decide to lock in the exchange rate at ₹95 per $1 to avoid uncertainty. This means that no matter whether INR appreciates or depreciates against USD, you'll receive ₹95 for $1. Let's assume you pay ₹2 to set up this hedge.
After a month, assume INR appreciates against USD and is now trading at ₹90 per $1. This puts you at an advantage because you had already locked in ₹95. Instead of receiving ₹90, your net receivable is ₹95 - ₹2 (hedging cost) = ₹93. But, here comes the catch! You realize that your hedging cost calculation was incorrect and it was actually ₹6 instead of ₹2. Effectively, you are at a net loss because your net receivable becomes ₹95 - ₹6 = ₹89 instead of ₹90.
Irony is that a bank in India miscalculated this hedging cost across multiple transactions worth billions. This resulted in an error worth ₹1,600 crores by that bank, a bank that has now given negative returns over the last 10 years. Worst of all, it is a part of the Nifty 50.
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It's funny how Trump bootlickers will start calling him a peace president now totally ignoring the fact that he literally started this nonsense useless war.
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Jun 14
Three Indian sailors died because of US attacks on commercial ships in Hormuz. US did not issue even an apology. Forget an apology, they did not offer even condolences. They basically said, “f*ck off.”
We summoned US embassy twice. Jaishankar even raised the issue with Marco Rubio, but Rubio said that US won’t tolerate the Hormuz blockade being violated by India or anyone else.
Chinese vessels pass through Hormuz day in and day out. Can US dare even touch one of those ships?
But here we are. US is trying to showcase its strength by bullying a country that is one-eighth of its economic might.
As an Indian, you could be angry, you could be sad. But can we do anything?
If it were just the power asymmetry between India and US, we might still have thought of doing something. Maybe we would have sent a strong message.
But India is way too dependent on US. Militarily, we need jets, engines, spare parts, and what not from US to tackle China and Pakistan.
We are a helpless country. Our civilians are getting killed, Marco Rubio showed us the middle finger and here we are, paying the cost for being a mediocre nation.
Trump calls India a hellhole country. He calls our economy dead. He imposes highest tariffs on us in the entire world. He will not let us buy Russian oil, and now he is also killing our civilians.
But please don’t worry. BECA, LEMOA, and COMCASA will go on. We will keep trying for good relations. We will keep giving them bear hugs.
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Jun 13
Investors are worried about 17th June? Because lock-in on shares of many recently IPO companies is going to end on or after this date.
68% shares of Meesho already became tradable last week.
71% of Vishal Mega Mart, 91% of MobiKwik, and 70% of ICICI Prudential AMC shares will be relieved of lock-in next week. There are 50 other companies. If you combine the value of all these shares, it is worth more than $30 billions.
Most of these companies are held by foreign funds. What to expect then? More dumping by PE and VC funds. They will convert their rupee back to dollars. More pressure on our currency. Expecting rupee to touch 100 soon.
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Jun 13
Bangalore has almost no petrol pumps. You need to ride at least 4-5km to find a petrol pump. Know why?
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Jun 12
Don't know why everyone is obsessed. Unrealised wealth means nothing. The moment he goes to sell even 5% of it, shares will tank and he won't be left with even $100 billions.
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Jun 12
I used Claude Fable Whoop to build my own portfolio stress indicator. It tells which company in my portfolio gives me maximum stress.
Studied each portfolio company for about 6 minutes while strapping my whoop. Looked into its price chart, concalls, and financial statements.
Then reverse engineered Whoop using Fable to get heart beats per minute during that time. Higher bpm means more stress. Also plotted it with one year stock returns.
Hindalco has been such a mood uplifter. TCS still gives me nightmares. Blood boils seeing any IT company. Hidden other companies for obvious reasons.
@the2ndfloorguy thanks for inspiration.
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Jun 9
Another day, another bloodbath in the US markets. What is causing this?
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Jun 8
Twitter is where billionaires behave like normal people. LinkedIn is where normal people behave like billionaires.
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Jun 7
Nasdaq was down 4.77% on Friday for a very strange reason. US added 172,000 jobs in May, which is double what the market was expecting. You would think this is positive news, right?
But bond yields jumped to over 4.5%. Market 101 tells you that stocks will crash if bond yield rockets. But why did yields jump?
Because now people are expecting that US Fed will not have a reason to cut rates due to job growth and inflation fears. They might even do rate hikes. Higher rates make borrowing expensive, slow down spending, and pull money out of risky assets.
That’s why AI stocks were hit hardest. Nvidia was down 6%. Micron was down 13%.
Over a trillion dollars in wealth was wiped off from US markets in a single session. Expect a bloodbath in Asia this week. But please don’t take decisions in panic mode, stay strong.
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Jun 7
When overpriced ₹3 crore 3BHK flats in Bangalore are available to buy for ₹1 crore then only I will call it a crash.
🚨 WARNING: India is heading toward the BIGGEST Real Estate Crash in its history.
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Jun 6
Meet Aniket. Aniket believes Indian real estate is about to collapse. Meanwhile:
> real estate keeps running on black money
> NRIs keep buying expensive flats
> builders prefer not selling over selling at discounts
> middle class keep on buying on EMIs
> govt has no accountability
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Jun 6
Grown men in their 30s are commenting “difficult to be a man" on reels as if they have discovered a new truth about life.
The world is producing a breed of incompetent and weak men who cry at the slightest inconvenience.
Your parents, wives, kids draw strength from you. You can't be soft. Don't let the ruthless mental health industry PR fool you into believing you are weak.
We are men. We are like rocks. Emotions have little to no place in our lives.
Stop scrolling. Get up, hit the gym, go for a run, work hard, be strong, achieve great things, and for god's sake stop crying.
Until death, every defeat is psychological.
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Jun 5
The number of times #cockroachjantaparty has used the word "non-violent protest" in the last 24 hours, I'm pretty sure there will be blood on 6th.
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Jun 5
Opus 4.8 has been dead underwhelming. I'm switching back to 4.7.
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Jun 5
Annamalai won’t have left BJP if he got a solid backing from the party. What Vijay is today is what Annamalai could have been.
Vijay won 108 out of 234 seats. BJP contested 27, won just 1. Obliterated from Tamil Nadu.
Two years ago, Annamalai was the story in Tamil Nadu. Young, ex-IPS from Karur. After Jayalalithaa and Karunanidhi died, the state was waiting for someone. People were tired of corrupt Dravidian politicians.
Annamalai walked into that vacuum. Tamilians rallied behind him. BJP got double digit vote share in 2024 Loksabha. Then BJP made a choice.
ADMK told BJP high command that alliance for state assembly elections will happen only if you remove Annamalai. BJP high command said yes.
Vijay watched all of this. Built TVK from scratch. He won 108 out of 234 seats within two years.
BJP could have given Annamalai the keys of TN State BJP. They could have made it youth versus youth. They could have made it TVK versus BJP, Annamalai versus Vijay. But they did not.
Now, BJP should forget Tamil Nadu for another decade.
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Jun 5
20,000 retail investors were invested in REL during Covid then multiple finfluencers promoted that stock. Retail investors went up by 10x in 5 years. Wealth of 2 lakh people has been wiped off.
That's not the end. LIC has a 10% stake in Rajesh Exports.
Jun 4
What exactly happened at Rajesh Exports (REL)? They have faked business worth 4% of India's GDP.
SEBI has banned the Chairman of Rajesh Exports, Rajesh Mehta. The company is a gold refiner that owns the Shubh Jewellers chain. At its peak in Feb 2023, REL was traded at ₹1,028. Today it is trading at ₹108. SEBI in its 109-page report said that the company was faking 99.8% of its business. Here is how the trick worked.
Investors look at how much revenue a company makes. Higher revenue usually means higher stock price. The real business at REL was small. So, Rajesh Mehta created revenue out of thin air.
1. From FY22 to FY24, Rajesh Exports wrote in its books that it sold goods worth ₹11,487 crore to a company called Affluence Shares and Stocks. And that it bought back goods worth ₹11,488 crore from the same Affluence. Look at the numbers. They are almost identical.
2. SEBI got suspicious. They checked GSTR-2A and bank statements, but no records were found of any Affluence purchase. SEBI then asked Affluence directly. Affluence said that Rajesh Exports has never been their client.
3. So what was actually happening? Rajesh Mehta was personally trading gold derivatives through Affluence (a SEBI-registered broker) in his own name. He took ₹7.45 crore from REL's bank account, gambled it in the market and lost ₹3.5 crore. To cover this up, REL masked it as ₹11,487 crore of fake sales financial engineering.
This is nothing. REL had shown ₹1,035 crore on the balance sheet as Investment in Gold Mines in Africa. When SEBI asked for proof, the company could not produce a single document.
When SEBI added everything up, ₹15,15,385 crore of business was made up across five years. That is 4% of India's GDP.
If investigated well, SEBI will find 100 such Rajesh Exports and Gensol in the stock market.
#RajeshExports
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Jun 4
Shreyas Iyer was not even the part of our world cup winning squad. He will be the captain now. Surya Kumar Yadav was the captain of the world cup winning team. He is being dropped.
Life changes pretty quick.
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