Wow RBI is really in a mood. This is huge, considering Gold loans short term nature and 1/3rd of its book, this is going to really hurt IIFL.

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=57444

Certain material supervisory concerns were observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in Loan-to-Value ratio; significant disbursal and collection of loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts, etc.

Literally they pointing out concerns in every step of gold loan lifecycle followed by IIFL. This gonna take a while to recover.

For those curious to understand the potential implication of the alleged “Letter” sent by the Government to SECI, NHPC, SJVN etc, check out the article above. It’s a very simple breakdown of the situation (I hope). No Mental Gymnastics involved.

I’ve also written to the Writer of the article requesting for more information on the “letter” sent by the government since I have not read the letter myself nor is it available to the public at this point.

Bear in mind, all other articles are based on this one article and this article’s sources is what I’m hoping to learn more about/verify.

Also, Shoutout to @manhar for the above post.

IRCTC ties up with Swiggy & Zomato to deliver your order meals in train at specified stations

I bought back the sold quantity today at 179. Since CAQM ruling, FOMO is created in me for this stock, though I know it will take 3-4quarters for improved results as told in conference call.

Hi Sir , what are your views on promoter selling situation now ?
( As selling was not strategic )
and
when do you think situation will normalise in Indonesia ( due to Israel – Palestine war )
& breakeven of indonesia business ??