Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.</li>
<li>This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.</li>
<li>Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.</li>
</ul>


After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.
This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.
Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.


Religare's New Dawn: The Burman Family Takes Control

Forensic Accounting

Religare Enterprises / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a>’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.</li>
<li>The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.</li>
<li>Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.</li>
</ul>



Religare Enterprises (RELG IN)’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.
The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.
Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.


The Religare Controversy: A Corporate Battle

Event-Driven

<ul>
<li>The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. </li>
<li>However, amid this volatility, one signal stood out: insider trading activity.</li>
<li>In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets</li>
</ul>


The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. 
However, amid this volatility, one signal stood out: insider trading activity.
In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets


Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.</li>
<li>Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.</li>
<li>The Burman family takes control of <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> , plans Rs. 2,000 crore capital infusion, rebranding, and new management team</li>
</ul>


Adani Group shifts to cash flow-backed, high-capex growth phase aiming for leadership in renewable energy, ports, and infrastructure.
Hiranandani Group enters Pune with a Rs 7,000 crore JV project, developing a 105-acre integrated township in Hinjewadi.
The Burman family takes control of Religare Enterprises (RELG IN) , plans Rs. 2,000 crore capital infusion, rebranding, and new management team


#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> faces a major setback as Delhi High Court rules in favour of GOI in a gas dispute, accusing RIL of fraud and unjust enrichment worth $1.7 billion. </li>
<li>SEBI rejects Danny Gaekwad's bid for a competing offer in <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> , citing lack of financial proof and inadequate due diligence.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> launches its 10-minute delivery service, Amazon Now, in Bengaluru, focusing on groceries and essentials. </li>
</ul>



Reliance Industries (RIL IN) faces a major setback as Delhi High Court rules in favour of GOI in a gas dispute, accusing RIL of fraud and unjust enrichment worth $1.7 billion. 
SEBI rejects Danny Gaekwad's bid for a competing offer in Religare Enterprises (RELG IN) , citing lack of financial proof and inadequate due diligence.

Amazon.com Inc (AMZN US) launches its 10-minute delivery service, Amazon Now, in Bengaluru, focusing on groceries and essentials. 


#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

India

Religare Enterprises Limited is a holding company for one of India's diversified financial services groups. The Company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, capital markets, wealth management, life and health insurance, and asset management.

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Religare Enterprises (RELG IN)

Religare's New Dawn: The Burman Family Takes Control

The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.

Nimish Maheshwari

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Religare's New Dawn: The Burman Family Takes Control

​The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.

Nimish Maheshwari

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

​Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

#108 India Insight: Adani Shifts to Cash Flow Growth, Hiranandani Pune JV, Burman Controls Religare

​Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Sudarshan Bhandari

#104 India Insight: RIL Faces Setback, SEBI Rejects Gaekwad's Bid, Amazon Launches

​Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...

Sudarshan Bhandari

The Burman family takes control of REL, injecting capital for transformation into a competitive NBFC, promising sustainable growth.

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Adani Group focuses on cash flow-backed growth, Hiranandani Group ventures into Pune with Rs 7,000 crore project, Burman family takes control of...

Delhi High Court rules against Reliance Industries in $1.7 billion gas dispute; SEBI rejects competing bid for Religare Enterprises; Amazon...