Jio’s IPO Is Priced for a Future Reliance Hasn’t Built Yet
A 2.5% Jio stake offering sits on the table, and nobody knows what to do with it — not because the opportunity lacks clarity, but because the price ta…
Emerging Markets
Why the Market Is Mispricing Coal India’s Next Act
That’s the question the Indian equity market thinks it has answered. It may have the answer wrong. Coal India is, by almost any measure, a remarkable enterprise. It produces roughly 80 percent of India’s domestic coal. It employs over 230,000 people directly. It pays dividends that pension funds and retail investors alike have come to treat as something close to a fixed-income instrument with an equity wrapper. As of early 2025, it was still generating operating cash flows that most private sector companies would find embarrassing to compare against. The stock has had its fans, and for good reason. But the market’s obsession with one question — the terminal value … Read more
The Chairman Story Is a Distraction. HDFC Bank’s Real Problem Is ₹93.
Everyone is talking about the chairman. That’s exactly the problem. The dominant narrative around HDFC Bank’s current distress — the one driving headlines, structuring analyst calls, filling out the bearish short interest that has climbed to record levels — centers on the unexpected resignation of the bank’s chairman and what it means for leadership continuity during a still-incomplete merger integration. It’s a real concern. It is not the real concern. The Rupee just crossed ₹93 per US dollar as of March 20, 2026, a level that would have looked like a tail-risk fever dream eighteen months ago. That number is the story. The chairman is the cover. Start with the … Read more