Tale of the Tape 

Howdy folks!

$NIFTY50.NSE ( ▼ 0.68% ) and Sensex cooled off from the highs to end flat as investors booked profits. On the other hand, Midcaps (-1.1%) and Smallcaps (-1.6%) saw much deeper cuts. 388 stocks in the NSE 500 ended in the red.

Except IT (+1.3%), all other sectors ended lower or flat. PSU Banks (-1.7%) were the top loser, followed by Real Estate (-1.5%) and Metal (-1.4%)

Gensol Engineering woes are never-ending. Read our top story for questions being raised over its links with BluSmart.

Motilal Oswal sees a +21% upside in this wind energy stock. More details below.

Cement stocks saw a bump today. Check out their charts below to find out why.

IndusInd Bank (-5%) was the top Nifty loser. Reports say PwC’s report on the accounting loss will be submitted later this week.

HEG (+12%) and Graphite India (+7%) gained after Japan imposed anti-dumping duties on graphite electrode imports from China.

Smallcap stock SG Finserve soared +14% after ace investor Madhusuan Kela acquired a 1.7% stake in the firm.

Jhunjhunwala-backed Star Health cracked -3.5% the IRDAI found lapses in its claims settlement practices.

Colgate slipped -3% intraday after the company said that demand slowdown may hurt its Q4 business.

Here are the closing prints:

Stock
This Is MESSED Up

$GENSOL.NSE ( ▼ 2.0% ) was locked in a -5% lower circuit again today, the latest drop in its never-ending fall!  FYI - the stock is down a whopping -62% over the last month, with the most recent trigger being its opaque links to promoter-owned BluSmart. 

Multiple media reports say Gensol’s liquidity issues are being looked at more closely now due to how it helped BluSmart, an associate EV ride-sharing company. Here’s the lowdown:

• Gensol spent over Rs 500 crore in 2024 to prop up BluSmart. It does this by buying cars and leasing them to BluSmart as part of its own EV leasing business. It also straight up gave loans (Rs 148 cr) to the company. Why couldn’t BluSmart just raise money on its own and acquire cars by itself? Mostly because it wanted to remain asset-light. 

• This arrangement may have worked for sometime, but is now being questioned because BluSmart remains loss-making and Gensol is struggling for cash. Consider the weird deal that happened in January: Gensol sold nearly 3k EVs to Refex in exchange for Refex taking over Gensol’s Rs 315 cr loan. Refex in turn would lease these cars out to BluSmart. As analyst Nitin Mangal noted: “Gensol could have sold these cars to Blu-Smart. But we don’t know the financial position of Blu-Smart, and for this reason, Refex steps in”.

• The Morning Context says BluSmart’s CEO and four other top execs are either looking to resign or have already put in their papers. PS - reports last week said Uber was looking to buy BluSmart, but this was quickly denied by the latter.

Big Picture: Restructuring BluSmart, selling some assets and streamlining its business is a good move that could help Gensol! But should it have ever gotten to this place? Cross-linked promoter holdings between public & private firms are scrutinized sharply for a reason. Looks like this may have been missed in the case of Gensol.

Stocktwits Specials
Top 5 Blue Chips To Buy NOW!!!

Markets are back with a bang! The Nifty just had its best week in over 4 years and is on track to erase all of 2025’s losses. Here are 5 high quality blue chips to play this recovery, according to SEBI registered advisors. Miss it at your own cost!