Nitin Mangal @nrmangal Twitter profile

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Nitin Mangal

6 months

After many requests over the year to share my research with larger audiences and not just the institutions, I am happy to announce that we are starting "Ridge Research" focussing on Small and MidCap Companies

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Nitin Mangal

@nrmangal

1 year

People are saying entry of Jio will disrupt MF industry, I think it will disrupt SEBI.

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Nitin Mangal

@nrmangal

3 years

Zomato …used to give update to private equity investors on monthly basis… After listing …we will hold concall on annual basis. Secondary Mkt investors Tumhara khoon, khoon Hamara Khoon. Pani 🧐

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Nitin Mangal

@nrmangal

2 years

How companies fudge operating cash flow a small thread... @abhymurarka @PuneetK009 @ashwinidamani

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Nitin Mangal

@nrmangal

11 months

Soon be writing a thread or giving free research reports which I wrote before their downfall, so investor can learn how to stay away from false narratives. Few names I wrote are: Shankara Jain Irrigation Prataap Advanced Enzymes Parag Milk Varroc Engineering Shakti Pumps

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Nitin Mangal

@nrmangal

2 years

Over last one month spoke to 3-4 global funds, as on date they don’t have any investments in India, but started exploring opportunities now. They have realised that they can’t ignore India. Massive FII flow is waiting to enter into Indian market.

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Nitin Mangal

@nrmangal

4 months

Everyone is talking and bullish on India Manufacturing story…was talking to a Fund Manager he explained me how it is working in defence… There is a loophole in law …where by if a vendor is buying certain goods from Indian company than it will be classified as indigenous goods

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Nitin Mangal

@nrmangal

1 year

A short thread : How companies artificially boost ROE and ROCE Recently, few companies claimed that they have superior return ratios (ROCE and ROE) compared to peers...which catches attention of most of the investors/analyst. 1/5

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Nitin Mangal

@nrmangal

6 months

RBI is making space for Mota bhai

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #6 - DIXON IN, Hidden perks of having Independent Director #ReadBetweentheLines

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Nitin Mangal

@nrmangal

4 years

Almost half of the India Start-up dream gone in the pocket of Reliance

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Nitin Mangal

@nrmangal

9 months

A Thread on Shakti Pumps analysis done in 2019: Vintex Tools Private Limited (VTPL) a promoter owned company seems to be funded by Shakti Pumps Ltd.

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Nitin Mangal

@nrmangal

4 years

I wonder why Government was charging education and health cess of 4%?

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #9 - EASEMYTR IN, Where are the tech related cost? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

Wow…such things also happens?😂😂🤣🤣

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Nitin Mangal

@nrmangal

1 month

Why mkt is so curious about who is next target of Hindenburg? If your not investment hypothesis is correct and have taken care of CG issues than no need to worry. If you are investing in badly governed company than be it Hindenburg or not, you will regret in long run.

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Nitin Mangal

@nrmangal

6 months

Last bull market me do Sardar apni company Japanese ko chipka diye, iss bar ek Sardar apna maal retailers ko chipka raha he. And ab Matrix bhi bana liye he jo na pahle samjh ayi thi na ab.

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Nitin Mangal

@nrmangal

2 years

Under penetration and low per person spend compared to western world is biggest fraud narrative ever sold.

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #3 - CAMPUS IN, What was hidden? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

8 months

It’s high time to have a master class on “what can’t be caught by forensics”.

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Nitin Mangal

@nrmangal

6 months

Our old notes

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Nitin Mangal

@nrmangal

4 years

We are entering into the era which will be known as gold mine of financial/ accounting shenanigans

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Nitin Mangal

@nrmangal

5 months

With all your support and good wishes, we are pleased to inform you that we have transitioned from Individual Research Analyst Registration to a Corporate Research Analyst Registration under the name “Trudence Capital Advisors Private Limited” SEBI Research Analyst

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Nitin Mangal

@nrmangal

6 months

Aerospace is going to be next theme like defence.

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Nitin Mangal

@nrmangal

3 months

Recently have to gone through medical emergency at home, hospitalisation for a family member after a long period… few learnings and observations from last 15 days: 1. Fin influencers who are against medical insurance are making you fool… this is not a planned expenditure and

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Nitin Mangal

@nrmangal

7 months

Shocked to see few flourishing NBFCs lending at 48% IRR…Gov. is happy collecting taxes. Though I am economist but Govt is gradually killing household savings which saved us from global shocks like GFC, Tech bubble, COVID. Shift from saving based economy to debt ridden one.🧐

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Nitin Mangal

@nrmangal

1 year

Why people say that there is froth in the market right now…insider selling is highest in last few years … mid cap indices trading at above +1 SD… market should see a correction from here… I don’t have any view as I am not market expert but wanted to highlight few points 1/

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Nitin Mangal

@nrmangal

1 year

It was pleasure and amazing experience to conduct a session with @Kuntalhshah and @NeerajMarathe at Flame Investment Lab @FLAMEUniversity . Thanks Kuntal bhai and Neeraj for having me as a part of your course.🙏

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Nitin Mangal

@nrmangal

2 years

Q3F23 results...is it indication that domestic consumption play is over for next few quarters..

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #5 - MOL IN, A case of consistent high inventory in transit #ReadBetweentheLines

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Nitin Mangal

@nrmangal

8 months

One cable and wire company under report revenues…another one overstates its capex …hope IT department will find out soon.

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #8 - INDA IN, Company is aware of bad debts before raising invoice? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

5 months

Electrification and gasification (CNG) of motor cycle will be the next theme to play on.

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Nitin Mangal

@nrmangal

3 years

Motherson F21 PAT includes recognition of earlier un-recognised deferred tax assets..the tactic used to be followed by few western world companies like EBIX to bit the street expectations.

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Nitin Mangal

@nrmangal

5 months

Supriya life science Again in limelight post IPO the company has done bad on the exchanges…reasons Some questionable related party transactions Very high inventory levels Classification of Operating cash flow etc…

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #2 - Tanla Platform, Whether change in depreciation policy affect ROCE? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

11 months

So new stock is getting pushed after few big investors entered Shankara Building This was one of my best research in 2018 when I wrote report at stock price of 1600 and came down to 250 within a span of 2 years. Improved governance, business or just story like before?🤔

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Nitin Mangal

@nrmangal

1 year

Indian equity market: The frog in the well Our interaction with 30+ global fund managers and analysts. It’s a free read at👇

Postcard from HK <> SG | "The Frog in the Well" - Pranav Bhavsar

Engaged in valuable interactions with analysts and portfolio managers with an objective to understand views on India & grasp regional markets.

www.smartkarma.com

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Nitin Mangal

@nrmangal

4 months

Fine of Rs. 68 lacs for thousands of crore losses to the minority shareholders …..waaah

NDTV Profit

@NDTVProfitIndia

4 months

#SEBI fines #ManpasandBeverages Rs 68 lakh; Bans three top officials from the securities markets for three years. Read more ⬇️

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Nitin Mangal

@nrmangal

1 year

#InBetweenZ #24 - RR Kabel Ltd: Who are these public shareholders? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

10 months

2024-25 will be known as years of de-rating

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Nitin Mangal

@nrmangal

1 year

Mankind may be market leader, but balance sheet showcases several loopholes that warrant attention. These include questionable acquisitions, asset quality, artificial return ratios, etc.

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Nitin Mangal

@nrmangal

8 months

Our latest research Zaggle Prepaid Ocean Services Ltd: Grow(ing) Delusion

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Nitin Mangal

@nrmangal

2 years

Discouragement of saving habits of youth may have long term negative effect on the sustainability of Indian economy. Remember, we also sails through major economic shocks because of "Saving led society"

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Nitin Mangal

@nrmangal

2 years

Company reported more than 500 bps decline in Gross Margin, however, 200 bps increase in EBIDTA…how it is possible without misstatement of numbers?

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #16 - EASEMYTR IN: Interesting acquisition #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

Judging by the DMs and tweets and messages, #InBetweenz has been partially able to meet its main objective of educating the investors. We are looking to take the learning one step further. Sounds good ? Fill the form if interested to hear more on this.

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Nitin Mangal

@nrmangal

10 months

Thread on work done on Shankara in F19: The auditor gave a clean report on verification of FA, The question comes in our mind that if a company does not have FA register with quantitative and location details, how come the management was able to verify them? 1/n

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Nitin Mangal

@nrmangal

4 years

Our latest report under India Independent Insights: Motherson Sumi Systems Limited : Falling Out Of Sync

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Nitin Mangal

@nrmangal

4 months

@amitmantri Kudos to you Amit for being first to highlight this scam. Huge respect for you🙏

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Nitin Mangal

@nrmangal

2 years

A company backed by PE/VC has more incentive to fudge the numbers compared to any promoter driven company.

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Nitin Mangal

@nrmangal

11 months

Looking for interns and if works out well , potential team mates. If rigorous research , working with data and annual reports excites you, do apply. Info @nmadvisors .com

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Nitin Mangal

@nrmangal

4 years

Met one of the legend of stock market (1985 till 1997). Me: Why you stop investing in market? Legend: In our time promoter used to be busy in running and expanding businesses. Now promoters are busy in managing share price. 🥴🥴🥴

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Nitin Mangal

@nrmangal

7 months

Heights of bull market: Today saw a Gym trainer giving option trading gyan to a teenager while work-out session. So now you get free Option trading tips with body building tips.🤦‍♂️

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Nitin Mangal

@nrmangal

5 years

Radico Khaitan Limited: On the Path of Getting Debt Free

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Nitin Mangal

@nrmangal

2 years

Our Iii report on CMS Info Systems Ltd : Missing Cassettes

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #14 - BLS International Ltd, Can investment in term deposits be classified under operating cash flows? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #7 - MM IN, Bookings narrative vs production data #ReadBetweentheLines

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Nitin Mangal

@nrmangal

1 year

Thrilling experience when I presented our latest report at “Global Equities Shorting Conference” tonight with @pranav_b

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Nitin Mangal

@nrmangal

2 years

Several setbacks and warning bells include related party transactions to questionable setting off of liabilities, heavy off-balance sheet liabilities, cash allocation woes, etc.

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Nitin Mangal

@nrmangal

11 months

Today’s channel check key input in affordable Housing finance segment “CIBIL score has become irrelevant for HFCs and NBFCs”

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Nitin Mangal

@nrmangal

10 months

When management doesn’t know the market size and players they are dependent on sell side research. How to rate these management?

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Nitin Mangal

@nrmangal

2 years

Best move in the budget.. inclusion of MSME payment under section 43B...the deduction of expenses will be allowed only on payment basis not accrual basis.... big boost to MSME industry.

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Nitin Mangal

@nrmangal

7 months

4500 Cr Mcap - First Impressions Tried to locate a store / warehouse to do some calling for B2B business. The following are key observations 1. The Image used to show outlets on About Us Page is FAKE. It is a stock image of a hotel () 1/2

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Nitin Mangal

@nrmangal

2 years

Typical Indian corporate style…all critical reports have malicious intent

Amit Mantri

@amitmantri

2 years

How to respond to an activist short-seller report? When you have facts on your side, you provide a point-by-point rebuttal. When you don't, you question the motivations and threaten legal action.

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Nitin Mangal

@nrmangal

4 years

Our latest research: Ever Wondered How To Sell Something Which Nobody Knows You Make or Market? Welcome To Indiamart!

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Nitin Mangal

@nrmangal

2 years

“A capitalist can only be killed by the other capitalist.”

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Nitin Mangal

@nrmangal

2 years

Global IT spending cut will lead to massive firing in IT, start ups and export oriented manufacturing companies… real estate, consumption story may go for a toss…

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #1 - Amber Enterprises What do you think is unique or stands out in the Image below (Hint given)? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #18 - ARBP IN: Who is this mystry man? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #10 - SPANDANA IN, What do lease terms indicate? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

9 months

If you have so much confidence on the business than why looking to sell? Last few months stock has been pumped with the entry of murky investors alongwith tweeter thread by influencers.

Exclusive | Prataap snacks promoters in talks with potential buyers for sale of controlling stake

The negotiations are being led by Sequoia capital, which owns close to 47 percent of the Indore-based company. The company's founders, the Mehta and Kumat families, which control a 22 percent stake,...

www.moneycontrol.com

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Nitin Mangal

@nrmangal

19 days

@ashwinidamani Sir in today’s bull market if one Tukka gone right than you can take money out with so many fancy things and investors will appreciate you for the same till the time they realised that value created was not being shared with you.

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Nitin Mangal

@nrmangal

17 days

De-formalisation is the theme which is playing out in our economy….if taxes will remain high it will be matter of years will go back to Pre-COVID era.

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Nitin Mangal

@nrmangal

1 year

One of the so called fund manager says “The large money can only be made in fraudulent companies”. He is not betting on change in genetic of the company but surely on so many idiot investors.

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Nitin Mangal

@nrmangal

4 years

India Independent Insights: Havells India Limited: House of Errors

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Nitin Mangal

@nrmangal

9 months

#InBetweenZ #27 - CREDO IN: Receivables or Unsold Inventory? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

3 years

Classic case of a listed company run by PE - 1. Discloses related party dealings in more detailed manner - analysts 👍 2. Promoter owned company doesn’t make any superficial gains from RPT. - Analyst call it professional and clean management

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Nitin Mangal

@nrmangal

7 years

I know few in India who are reading 👍👍 @amitmantri @deepakshenoy @safalniveshak @sundarbandar @b50

It’s Time for Investors to Re-Learn the Lost Art of Reading

A young investment manager is on a quest to read the annual letters of 3,000 companies. Warren Buffett approves.

jasonzweig.com

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Nitin Mangal

@nrmangal

9 months

Shared few of my knowledge on forensics. Thanks @vivbajaj for hosting me.

Learner Vivek Bajaj

@vivbajaj

9 months

#Face2Face Release If you are serious about equity investing and don't want to get fooled by corrupt promoters, you should see this insightful F2F with the amazing @nrmangal Note : Content Not for casual investors. Only serious ones please

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Nitin Mangal

@nrmangal

10 months

#InBetweenZ #25 - Flair Writing Industries Ltd: What is there in employee cost? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

5 years

Today we launched our subscription based research product under Iii India independent insight Mind the Mirage: IndiaMart InterMESH LTD.

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Nitin Mangal

@nrmangal

2 years

The wait is going to be over in couple of days… let’s learn how to check basic forensic checks to stay away from possible blow-ups.

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Nitin Mangal

@nrmangal

2 years

On our Independence day, India Independent Insight's (Iii) team is thrilled to launch knowledge-sharing snippets named ' #InBetweenZ ' for the entire investment community.

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Nitin Mangal

@nrmangal

1 year

Today, I have been denied boarding flight from Goa to Mumbai, because I had Eye flue (not a life threatening disease). No prior instructions/ advisory were written on ticket like we have for COVID, how careless/ harassing behaviour of @AkasaAir @JM_Scindia

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Nitin Mangal

@nrmangal

2 years

#InBetweenZ #12 - CMSINFO IN, Is there a correlation between the key audit matter and provisioning? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

2 years

Concept of Adjusted EBIDTA in global context and India context - As per USGAAP depreciation on fixed assets used for operating activities are treated as operating expenses. - ESOP cost which is non-cash in nature is part of operating expenses 1/2

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Nitin Mangal

@nrmangal

2 years

@abhymurarka @PuneetK009 @ashwinidamani 1.Classification of Acceptances under operating activities. Acceptances are kind of short term working capital loan which should classified under financing activities. (this is most commonly used)

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Nitin Mangal

@nrmangal

2 years

@safiranand I always seen people loosing money because there bet is on someone else conviction rather than their own.

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Nitin Mangal

@nrmangal

1 month

This budget and downfall of Bangladesh will benefit textile sector… This one of the most job creator sector if Govt continue to have beneficial policies than will immensely benefit our economy… so consumption will be another theme to play for.

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Nitin Mangal

@nrmangal

1 year

PMs and analysts who are supper bullish on India infra and good governance story should travel by road from Mumbai to Nashik. High time corruption led to such pathetic road infra which can’t bear one rain season.

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Nitin Mangal

@nrmangal

8 months

What to say now?

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Nitin Mangal

@nrmangal

1 year

@BaluGorade CFO/EBIDTA is incorrect ratio to calculate As CFO is derived after deducting income tax paid However in EBIDTA income tax is not factored in So better ratio is Add back income tax paid in CFO than calculate Pre-tax CFO/ EBIDTA It will give you more accurate picture.

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Nitin Mangal

@nrmangal

3 months

Today’s verdict is lesson to the people “should not make any bold political statement unless you are into politics”.

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Nitin Mangal

@nrmangal

2 years

“Investors expect to transact in a fair and informed market. When activist short sellers provide accurate and meaningful new information, they can have a positive impact on price formation and market integrity as they may counterbalance excessive market optimism.” ASIC

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Nitin Mangal

@nrmangal

16 days

On of the finest brain who works on Sunday in Goa @PuneetK009 Can you imagine 🤦‍♂️

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Nitin Mangal

@nrmangal

7 months

#InbetweenZ 28: Zaggle IN : Is it selective picking of accounting policy? #ReadBetweentheLines

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Nitin Mangal

@nrmangal

19 days

@amitmantri Why this is different from 2008 Earlier there were 4-5 or max 10 operators gang who used to make fancy narrative and pump the prices Now every Tom Dick and Harry is operator, keep pushing fancy narratives with the help of few fin influencers, media people, research analyst,

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Nitin Mangal

@nrmangal

4 months

Now most of the sales managers in banking space have their own DSA code or tie up with DSAs (they earn extra commission which is over and above salary)…should it be seen as red flag because personal interest of getting loans disbursed is much higher and may result in some wrong

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Nitin Mangal

@nrmangal

11 months

Few inputs from a road trip to Gujarat, MP and Rajasthan: Mumbai- Delhi Expressway wow- 4 lane highway with official speed of 120 kph . Completed 200 km stretch of MP, more than 100 km in Rajasthan MP, Rajasthan looks like Congress is winning High Discriminatory spending

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