Gaurav Dhingra

@thebigbulldeals Wondering why market ia not responding to news. May be because deal has overvalued both EPL and Indovida. Indovida growth is lower so deserves lower valuation. Look at swap ratio independent of Rs. 339 per share for EPL and market reaction will look fine.

EPL Ltd. : Special Situation Stock and Game Changer Blackstone-backed #EPL Approves Merger With Indovida India, Promoter Stake To Jump To 68% From 25.97%. EPL to merge with Indovida, creating $2 billion packaging platform EPL-Indovida merger creates $2B packaging platform. Blackstone-backed EPL merges with Indorama-backed rigid PET leader. - Strategic consolidation to strengthen market positioning - EPL + Indovida merger to create a consumer packaging leader - Focused expansion across high-growth emerging markets - Scale + Synergy play could significantly enhance growth and margins.

@deepakshenoy Also, the portfolios have been in red for more than a year. People have been patiently waiting for recovery and then, war arrives..why won't it look worse than last time

@deepakshenoy Last time people were sitting on huge profits...this time they have been expecting recovery to play out...just as FII selling abated, the war started so frustration & exhaustion has crept in.

Why does it look so bad right now when the market had dropped much more - 18% - last year around the same time? I think the answer is: this time the world is doing better than us. Gold is, Silver is, and therefore it feels lousy.

@SproutResearch1 Thank you. I guess some currency adjustment analysis will make it more usable for Indian investors. Else nothing much here for INR investors.

@CAGauravD USD. Yes, about 30% odd depreciation

A global asset manager tracking ~10–12 EMs and 4–5 DMs often relies on a simple screen: 10-yr rolling returns, standard deviation (risk), and relative valuations. By that lens: • India: 10-yr avg return ~11.3%, Forward P/E ~21.3x, Std dev 18.6% • EMs: ~11.1% return, Forward P/E ~13.4x, Std dev 16.6% • US: ~15.5% return, Forward P/E ~21.7x, Std dev 15.2% So India delivers EM-like returns, US-like valuations, but higher volatility. # Capital preservation and stable currency. That’s the brutal reality from a global asset-allocation screen. (data source- msci factsheet)

@aseemdhru Thank you for writing this Sir. Any clues in how this is likely to reverse? We have a race on who offers more, so is there any global precedent (except crisis situations) where countries have been able to reverse this trend?

An Unconditional Bad Ifea Weekends I think about economic matters. Usually I keep these notes to myself sometimes I let you the readers suffer. Unconditional cash transfers aka freebies aka revdis are now taking serious proportions. The economic survey 2026 puts them at Rs. 1.7 trillion in FY26. In some states they are now approaching 10% or their budgetary expenses. When 62% is already on salaries pension and interest payments these are coming at the cost of developmental spends. It is estimated to account for 40-50% of monthly consumption expenditure of half of rural population! The Supreme Court has also raised objections to these eve of the election announcements. Free cycle, electricity, ration, TV, bus transport, money in a woman’s account. States failed to deliver quality education, healthcare, infrastructure and corruption free ease of doing business and are now across party lines simply buying votes from tax payers money. I have two quarrels with this. One is the way in which it is funded. The politician isn’t paying this out of their money, effectively a certain segment of population will be taxed or monies will be borrowed and then future generation will bear the cost. The second is it destructs the moral fibre, dignity and incentive to work. China a supposed communist country gave no freebies. A generation bore hardships to lift the nation. The American Dream wasn’t delivered by the government but people who worked hard to lift their lot. Ludwig Mises an Austrian economist said, “Where there is no free market, there is no pricing mechanism; without a pricing mechanism, there is no economic calculation." Who do you think pays for free or subsidised electricity? Industry does and that makes manufacturing uncompetitive. Politicians across the world are promising to “fix” healthcare, interest rates, energy prices, universal basic income, housing. The Soviets, Chinese, Venezuelan, Yugoslavians have tried to address these issues with central planning and spectacularly failed now under the old wine has arrived in a shiny new bottle of democratic socialism. Politicians have to win elections but the laws of economics don’t care about their compulsions. We are hurtling down a path that been tested repeatedly but with the same end. There is no such thing as a free anything. There is always a price and if it’s not direct it’s always worse. Price in kind is always worse than cash. These unconditional cash transfers are an unconditional bad idea. Unfortunately it’s a bad idea, whose time has come.

I was born in a general category family. Not rich. Not influential. Just a simple middle class home where every decision is about managing expenses and surviving another month. From childhood we were told one thing. Study hard. That’s your only way up. So we did. Late nights. Extra classes. Parents cutting down their own needs to pay coaching fees. Education loans before we even earn our first salary. And every year, reservation keeps increasing. New proposals. New bills. More seats divided. More relaxations added. For us, it feels like the space keeps shrinking. The cut offs rise. The competition gets tighter. The pressure becomes suffocating. One mistake and you are out. People assume general category means privilege. But many of us come from families with no land, no business, no backup. Just salaried parents or daily struggles. Still, we are expected to compete at the highest bar with zero support. When reservation keeps expanding year after year, it does not just change numbers on paper. It changes the psychology of an entire generation. It creates fear. Fear that merit alone may not be enough. Fear that opportunities are narrowing. Fear that no one is listening. This is not about taking anything away from anyone. It is about asking a simple question. Should opportunity be decided only by category forever? If help is needed, give it based on real economic hardship. Support those who genuinely struggle. But do not ignore thousands who are also fighting silently just because of a label. We are not asking for sympathy. We are not asking for special treatment. We are asking for balance. We are asking for fairness. We are asking to be seen.

@CNBCTV18Live Is it about Sanofi India or Sanofi consumer (these r 2 seperate listed companies)? Pls read the article and see if it needs to be changed.

Sanofi India Q4: Declares final dividend of ₹48; PAT surges 50%, revenue up 47% cnbctv18.com/market/stocks/…

A new ad that managed to make me teary-eyed! Watch it first before reading any further, to avoid spoilers. 1/2

असित गिरि समं स्यात् कज्जलम् सिन्धु पात्रे  सुरतरुवर शाखा लेखनी पत्रम् उर्वी । लिखति यदि गृहित्वा शारदा सर्वकालं तदपि तव गुणानां ईश पारं न याति ॥ One could use ink as black as a mountain, in quantities as much as the water in oceans, with a pen and leaves from the Kalpataru tree. Even is Saraswati herself writes till eternity, one cannot capture the essence of your qualities, O Lord. Happy Mahashivratri Everyone :) Om Namaha Shivaya!

Sometimes, the game is rigged in your favour. But it needs loads of patience, which is why the best investor is usually a dead investor or someone that's forgotten they ever invested, @CapitalmindMF looks at the past on the odds of losing money (or not beating govt bonds):

@CNBCTV18Live Pls exclude one time Labour code expense of 35 Crs while reporting margins of this quarter

#3QWithCNBCTV18 | #AbbottIndia announces its Q3 results 👉Net Profit Up 4.2% At ₹376 Cr Vs ₹361 Cr (YoY) 👉Revenue Up 6.8% At ₹1,724 Cr Vs ₹1,614 Cr (YoY) 👉EBITDA Up 6.4% At ₹463.8 Cr Vs ₹436 Cr (YoY) 👉Margin At 26.9% Vs 27% (YoY)

@CNBCTV18Live @sheersh0510 Margins have expanded as the numbers include Rs. 35 Crs as Labour code impact.

#Abbott India Q3 Results: Revenue rises 7% YoY, margin steady at 27% @sheersh0510 cnbctv18.com/market/earning…

Opposite views on #silver prices by 2 market veterans. Sridhar Sivaram of Enam - It should do well in future and he is not selling any of it. Naren (ICICI Pru) - Wherever there is euphoria, it's better to step aside. Wonder how retailers have such strong views on either side.

@CNBCTV18News @_prashantnair @_prashantnair If there were 90%+ odds or any significant odds of Kevin Warsh being appointed as Fed chair, this was known yesterday also. Surprising that markets completely ignored this yesterday and r reacting to it today. Something else also seems to be at play.

Kevin Warsh as Trump's Fed choice rattles markets! Gold/Silver down. SPX Futures lower. Why? Warsh believes Fed should not interfere in the markets! @_prashantnair explains. #Nifty #BankNifty #Trump #India #Budget2026

WOW!!! Never thought we would hear this level of honesty from a Western leader, and certainly not Canada, given the direction of Canada in the past 25 years. Canada's shift towards multialignment is quite clear - and this level of honesty from Carney on Western "fiction" about the old order will be warmly welcomed in much of the Global South: "We knew that the story about the rules-based order was partially false... We knew that international law applied with varying rigour depending on the identity of the accused and the victim. This fiction was useful [because of the goods provided by American hegemony]... So we placed the sign in the window. We participated in the rituals. And we largely avoided calling out the gaps between rhetoric and reality. This bargain no longer works. Let me be direct. We are in the midst of a rupture, not a transition... You cannot live within the lie of mutual benefit through integration when integration becomes the source of your subordination."

As mothers, we are deeply troubled that clean air and the ability to breathe safely are becoming matters of privilege. Chemists told us every third customer is a parent buying respiratory medicines or aids for a child, while many families cannot afford them. @babubasu @RichaChadha @DilliDurAst This is a crisis of equity and justice😢 @PMOIndia @gupta_rekha @mssirsa @CAQM_Official

This is Gurgaon, South City 1, outside Mayom Hospital. Has been like this for almost 5 yrs or more. Local administration is blind, deaf and dumb on this. Entire stretch of 500 mtrs is dug up only waiting for disaster. This is a SOS call. @PMOIndia @cmohry @csharyana @DC_Gurugram

@MunCorpGurugram @AjayKumarIAS13 @RaoNarbir @cmohry @NayabSainiBJP @OfficialGMDA @narharibanger @PradeepIAS_HR @soniayadavbjp @narendramodi @caqm_Official @byadavbjp Pls Pls help clear this mess from South City 1 Sector 41 main road entrance towards C block!