Tale of the Tape 

Hola amigos. Markets FINALLY ended in the green!!

Nifty (+1.2%) and Sensex (+1%) snapped their historic 10-day losing streak on strong global cues. Midcaps (+2.4%) and Smallcaps (+3%) also closed higher. 451 stocks in the NSE 500 ended in the green. Check out the Stocktwits Sentiment Meter:

Not a single sector ended in the red. Metals (+4%) was the top gainer, followed by PSU Banks (+3%) and Energy (+2.8%).

Gensol Engineering has been rocked by allegations of fraud. Read our top story on WTF went wrong.

Hero MotoCorp is down -22% over the last year. Is the two-wheeler maker driving into a rut? More details below.

Coforge jumped on multiple positive triggers. Meanwhile, BSE fell after NSE undercut its expiry day. More details below.

Mahindra & Mahindra gained +4% after UBS upgraded the stock; the brokerage said Tesla’s entry was a non-factor.

Adani Wilmar (+7%) was up after saying it would acquire ‘Tops’ maker GD Foods. Jindal Drilling (+10%) jumped after buying jackup rig Jindal Pioneer for $75 million.

Avanti Foods soared +7% after foraying into the pet foods segment.

Angel One (+5%) appointed Ambarish Kengh as new Group CEO.

JSPL gained +3% after promoters bought ~1 cr worth Rs 802 cr from open market.

Here are the closing prints:

Stock
WTF! Gensol Engineering

The higher they rise, the bigger the fall! Smallcap star Gensol Engineering has been hit by allegations of fraud. The stock was locked in a -10% lower circuit and is down -28% over the last two days. 

The trouble started yesterday when CARE Ratings downgraded Gensol’s credit rating to default. FYI - this happening overnight is super sus. After all, a company can’t suddenly not be able to repay its debt. Liquidity issues start slowly and are carefully documented. Well it turns out, there may have been a reason for this. 

Ratings agency ICRA now claims Gensol provided it with fake documents regarding its liquidity position. WTF? We don’t know exactly what documents were “apparently falsified”, but ICRA draws attention to a Feb 2025 call transcript where Gensol’s management claimed they had cash on book of Rs 250 cr. Whew.

It gets worse though. ICRA also points to equally alarming signs:

• Promoter share pledge saw a concerning uptick to 85.5% of holdings in Feb 2025 vs 79.8% in Sept 2024 even as the share price fell. This could “constrain” its ability to raise future capital.

• A promoter entity called Blusmart Mobility recently delayed its NCD payments, which could also hurt Gensol’s credit profile.

• Gensol has failed to infuse the equity it said it would by FY25. Out of the Rs 244 cr planned, only Rs 140 cr has been put in, with the rest delayed to December 2025. Not a great sign.

Overall, a pretty wild 24 hours. The craziest bit is that it's been over 24 hours since liquidity concerts have been raised and the company still hasn’t responded to the accusations through an exchange filing or bothered to reassure investors. RIP corporate governance.

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