Any update on the industrial Sodium metal production and the water-treatment specialty chemicals project the company was looking to enter into?
Is the EC received?
And if anyone can share the capacity details, will be very helpful.

Hope you permit me to disagree. After the merger was announced, Capital First continued to post stunning results till the last day. I.e. q4 18, q1 19, and q2 19, exactly in line with trends of five years of Capital First ( always stunning results after first 4 years of capital first 2010 to 2014 when they used to post bad results (loss after loss after loss)

Meanwhile idfcb posted horror results in each of these 3 quarters, in fact in sep 30 2018 results they sold a lot of bad loans to ARC.

So it is clear to me IDFCB dragged the stock down.

Those days Dewan went down ( sep 18) and isfc collapsed with it (simultaneously).

I was invested those days and he got many brickbats from all exactly the way he is getting now. I was a junior kid those days even i ranted. After 2015 suddenly he became God when results were good, you shouldnhave seen seasoned investors just adoring him.

Imho he truly inherited the bank at that price of 37.6, good results of capf could not lift a idfcfb stock, because idfc was the acquiring entity and was the larger entity with some 3x market cap of cfl

Btw their infra exposure alone was morenthan the networth! Wonder what all idfcb shareholders were smoking holding the stock, with 10 pc retail deposits 23% corporate deposits 33% certificate of deposits and ~ 34% odd in bonds.

I was an investor in capf so i have the full history studied them went to their branches etc.

Overall i believe (because i am supporting his positon when the popular mood is against him dont beat me up pls). I have been enuf against him in 2019 2020 2021 22 etc. See old posts…

Now after seeing the extent of his work am atleast an admirer of his work. I went to the cynergy branch and friended the staff and the admiration of the staff about his motivation, direction, systems focus, etc was something i was impressed with. (Apparently he cones there v often)

Am a user of their products and happy customer and also biased in that sense.

Have never seen anyone bashed up so much after fixing the bank. I am only hoping he can stand and fight his way out and not chicken. And repeat capf get bashed first and then deliver and be respected.

Btw i think he made a mistake marrying this bank. He could have gone and got a license and make cap first bank. Lige would have been better rsther than solving MEP and cox and kings and dewan and r capital and vodafone and 100 such names.

Thx for the excellent analysis @bm and didn’t felt it as long as you have beautifully focused it on management, and quality of their reporting. While reading through the report and AR one thing i thought of is ‘Do they have any IP rights or not? Or do they have any collaborations with others to use any IP rights/license? Couldn’t trace any from last 2 AR’s, except for some Device trademark, and Word Trademark, both issued in 2021 and 2022. I do not have much clue about the industry they operate, and given the size of the co., not sure they must be working towards those and filing for it??

Adding few other bit of findings that could be worth highlighting. The tax case mostly a negligible item, but keeping it only for reference.

1. The company had a property tax case against Kalamassery Municipality. It was initially quashed by the high court, however the municipality went ahead and filed an appeal against the judgement. The case is still pending as per AR (May, 2024). Not sure, how much of a financial impact it may have (if goes against the co.) though its most likely not a possibility.

Incerpts from the indiakannon site.

The case involves a dispute over the levying of property tax on Holmarc Opto Mechatronics by the Kalamassery Municipality. The company contested the property tax assessment order and demand notice issued by the municipality. The dispute centers on whether Holmarc’s industrial unit within an industrial estate is exempt from property tax.

2. While going through directors list and associated companies, I noticed few relations with “Greentreat Machines Private Limited” and Holmarc Opto-Mechatronics Limited. Not sure, if the company is still active, and having any business. The following is what i could trace from the Annual report.

Past Associate Company: Holmarc’s annual report for FY2023-24 mentions that Greentreat Machines Private Limited was an associate company of Holmarc until March 15, 20211. An associate company is typically an entity in which another company has a significant influence but not control, often through a minority ownership stake.

50% Shareholding: Holmarc held a 50% shareholding in Greentreat Machines Private Limited until that date.

Promoter Disassociation: Jolly Cyriac, Holmarc’s promoter, resigned from Greentreat Machines Private Limited on March 16, 2023. Likely the formal disassociation between Holmarc and Greentreat Machines Private Limited.

Based on the above, Greentreat Machines Private Limited was previously closely related to Holmarc through a significant ownership stake and likely operational influence. However, this association ended in 2021 and was further solidified by Jolly Cyriac’s resignation from Greentreat Machines Private Limited in 2023.

While digging further some websites showed current MD of Greentreat Machines is one Mr.Joy George Menachery, and Additional director Eby Manakkatu cherian and i couldnt trace them back to Holmarc’s KMP’s.

Edit: Greentreat mach., Co., status is active as per MCA site.

Disclosure: Not invested. Post purely for study purposes. thanks.