The Journal
All analyses, diaries, and rundowns.
ANALYSIS
BACK TO THE BASICS
The rupee hits 90 against the dollar; why should it matter to you and me?
December 3, 2025: The Indian Rupee reached its lowest price against the US Dollar in history, falling to ₹90, indicating a rapid shift in the attitudes of both global and domestic economies. To put this into perspective,…
The Strange World of Negative Interest Rates
A negative interest rate occurs when the central bank sets the benchmark rate below 0. In simpler terms, instead of collecting interest on deposits, commercial banks will actually pay for the privilege of storing reserve…
Understanding Derivatives: Forwards, Futures, Swaps and Options
A practical guide to the four major derivative instruments — swaps, forwards, futures, and options — with worked examples on how each is priced and settled.
Hedging
Risk is often viewed as a simple dilemma – win or lose. However, professional managers know risk as a complex structure. Suppose you buy car insurance. You don’t want your car to crash, and if it crashes, the insurance w…
STOCK ANALYSIS
The Tier-2 Titan- How Meesho Conquered the Market Others Couldn’t Reach
In the expanding competitive landscape of Indian e-commerce, where industry giants such as Amazon and Flipkart have dominated due to their convenience and reach, Meesho emerged as a new alternative in 2015. Founded by Vi…
From Chalkboard to Capital Markets: The PhysicsWallah IPO Story
PhysicsWallah was founded by Alakh Pandey as a YouTube channel teaching physics to students who couldn't afford premium coaching. Today it is a ₹14,000 crore unicorn preparing to list on the public markets.
Groww’s ₹6,600 Crore IPO- Can India’s Digital Investing Giant Justify Its Premium?
Billionbrains Garage Ventures Ltd, the parent company of investment platform Groww, has set the stage for one of the year's most anticipated listings, raising approximately ₹6,632.30 crore through a fresh issue and an of…
ICICI Prudential AMC IPO- Evaluating a Market Leader in India’s Mutual Fund Boom
A joint venture between one of India's largest banks and a British multinational insurance and asset management company. Founded in 1993, ICICI Prudential is an India-focused financial services group, with ICICI Bank hol…
PhonePe IPO- India’s Digital Artery Hits Wall Street
While the name may still seem outlandish to global investors, even whimsical to Indians, it has almost become synonymous with money movements. There are approximately 600 million registered users and a robust network tha…
Wakefit Innovations: From Mattress Startup to Market-Shaping IPO
Imagine starting a venture in the small corner of Bengaluru, selling just one thing: mattresses. A few years later, the same company is launching an IPO (Initial Public Offering) to become a prominent player in the home…
Infosys's $2 Billion Buyback: What It Reveals About India's Tech Giant and the Industry
Bengaluru – Infosys Ltd., India's second-largest software exporter, is leaning heavily into one of corporate finance's bluntest instruments: the share buyback. The company last week approved a ₹18,000 crore ($2.04 billio…
UPCOMING IPO ANALYSIS – Crizac
Headquartered in Kolkata, Crizac is an education technology platform that connects global education agents with institutions of higher learning. The company offers international student recruitment services to universiti…
From Mandate to Momentum - Tata Capital’s IPO reflects NBFC reset
Tata Capital Ltd., the financial services unit of India’s Tata Group, is planning for one of the most significant initial public offerings (IPOs) of India in 2025, raising approximately ₹17,000–18,000 crore in primary an…
Lenskart IPO: A Growth Experiment or a Risky Gamble?
The eyewear company is pursuing a multi-billion-dollar valuation, while thin margins, slower revenue growth, and rapid expansion are all warning signs for investors.
INDUSTRIAL RUNDOWN
Renewable Energy Diaries
With a market valued at 23.9 billion USD, India’s renewable energy market is set to double in the next 8 years, making it one of the fastest-growing sectors in the country.
From Compliance to Competitiveness: The Green Economy’s Effect on Corporate India and ESG Reporting
Green Economy and ESG Accounting: Growing Sustainability. A green economy, or sustainable economy, is a model that fosters growth while protecting natural resources and ecosystems for future generations. ESG (Environment…
CASE STUDIES
Banking on Speed- The Money Machine Powering the World’s Most Expensive Sport
When we think of Formula One, we usually think of the intense rivalries, the fast cars, the celebrity-studded paddocks. Something much bigger is happening in the shadows. While Lando is fighting Verstappen, turning F1 fr…
Why Is Bitcoin So Expensive? : An Economic Perspective on Scarcity And Valuation Formation
Bitcoin’s high price often causes confusion and scepticism, especially when compared to traditional assets like gold or fiat money (government-issued money). To understand why Bitcoin has such high value, one must examin…
How IndiGo Survived in the Graveyard of Indian Civil Aviation
Between 1991 and 2006, nearly 14 airlines shut down in India. IndiGo not only survived but became the dominant carrier. This is the story of how relentless cost discipline and visionary leadership defied the odds.
M&A DIARIES
Vijay Mallya: The Personality That Built and Broke Kingfisher Airlines
Vijay Mallya’s public image is that of a symbol of corporate fraud and a man who can’t take
The KingfisherAir Deccan Merger- Why a Perfect Deal Failed Final
“In August 2003, Captain G. R. Gopinath launched Air Deccan with a promise that sounded almost absurd at the time - Now every Indian can fly. This was not a slogan designed by an advertising agency. It was a business phi...”