Induced by the low valuations (specifically low price to book), I had at one point dug into promoter integrity and shareholder orientation and so many red flags popped out that I decided to strike JINDALPOLY off my watchlist completely. Others have already pointed out some red flags in this thread but here are a couple of my notes.
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The company seems to have effectively cheated minority shareholders by making a (effectively preferential) rights issue in a valuable subsidiary at a very discounted price. See this ET report for example and other follow up reports on ET.
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In Oct22, the CFO and whole-time director resigned suddenly citing personal reasons… a bit fishy perhaps?
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The company has had a paltry dividend payout ratio of 1%-2% over FYe20 to FYe22 despite having bumper earnings and relatively low debt.
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