IVRCL Infrastructures & Projects Ltd.

Entry Price: Rs.308
Target Price: Rs.408
EPS: 24 (FY10E)
P/E: 13 on FY10E EPS
Time Duration: At least one year
Rationale: IVRCL has one of the best prequalifications in the water and irrigation segment, which is evident from the fact that it bagged projects worth Rs.16 billion out of projects worth Rs.40 billion awarded by Narmada Valley Development Department. Moreover, the company has a healthy book to bill ratio of 3x FY09E. Even its current order book stands at Rs.149 billion implying a book to bill ratio of 2.7 times of FY 2010 revenues.

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Is it the time to nurture IPOs?

There couldn’t have been a better timing than this! While the initial public offering (IPO) of the Ahmedabad-based Adani Power was being applauded by the investors (the IPO was oversubscribed 3.8 times within the first few minutes of its opening), Adfactors PR, one of the leading corporate and financial PR consultancies of India was busy launching its unique programme – IPO Nurture™ – for companies planning to tap stock market in the near to mid-term future. “The IPO is a transformational journey for a company. It is a rigorous process and requires careful planning and execution at all stages. We’re confident that IPO Nurture will deliver immense value to companies in successfully managing this transformational journey,” avers Arun Ohri, Director of the IPO Nurture programme at Adfactors PR. No doubt, the launch of the product seems to be perfect as a fresh wave of IPOs (thanks to government’s disinvestment agenda) is about to hit the market. But, is there really a need for such offering, is the question that’s doing rounds in many minds. “Companies often dilute value by approaching the market under-prepared (or late at the time of DRHP filing) in terms of the desired public profile and the ability of the management to face public scrutiny. The programme will save them from losing at that front,” reasons Madan Bahal, MD, Adfactors PR. Moreover, the offering is also designed to support a firm’s various strategic initiatives enroute to the IPO like private equity, mergers and acquisitions, restructuring and attracting competent partners and consultants on board. So, Mr. CEO what’s up in your mind?

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Revelling in FMCG dreams

Management guru Arindam Chaudhuri’s latest blockbuster book, Discover The Diamond In You

What started as an effort to promote private labels in Reliance Retail, Mukesh Ambani has now a full-fledged business idea of venturing into the FMCG space up his sleeves. Ambani has bid to acquire two soap brands of Henkel India – Aramusk (male deodorant soap) and Moloy (sandalwood soap), the combined value of which is estimated to be Rs.10 crore. Apart from acquiring brands, Ambani also plans to set up FMCG subsidiaries and rope in third party logisitics services to handle marketing and distribution. But is acquiring brands the right strategy to venture into a new domain? “Yes,” answers a retail analyst, “as these brands are doing well in regional markets. And being a price discounter, it’s expected that Reliance will sell these soaps at lesser prices.” Moreover, acquiring brands will help Reliance save in R&D investments and increase focus on strengthening the distribution network.

Savreen Gadhoke

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Source : IIPM Editorial, 2010

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Brand wars may be very common in the corporate sector where marketing and advertising whiz kids pit their brains and guile against each other.

But it is also a reality now in the political arena. The 124-year-old Congress Party has just recently given a demonstration of how to ‘revamp’ a brand and make it connect with old consumers who had lost faith and new consumers who ride on hope. Priyanka Rai, Surbhi Chawla & Neha Saraiya report

Such brainstorming sessions are fairly common in the corporate world where managers get together and pick each other’s brains to evolve a strategy for the future. And when it comes to brand managers, the sessions become even more intense as the war for consumer preference and market share intensifies. Meenakshi Natarajan, Jitendra Singh, Jairam Ramesh, Ashok Tanwar and Salmaan Khursheed cannot be called brand managers by any stretch of imagination. Nor can Pankaj Shankar be called a corporate communications manager. For that matter, you will not know Vishwajeet Prithvi Singh as the Chief Technology Officer.

Most management students and managers will probably not even be familiar with most of these names. And yet, these are the largely unknown names and faces that have scripted one of the most famous brand revamps in contemporary history. The first lot did the brainstorming and fashioned the current brand strategy for the Congress Party in the run up to the Lok Sabha elections. Pankaj Shankar, quietly and unobtrusively, communicated this strategy to media persons willing to listen. And Vishwajeet Singh is the geek, who used computers, spread sheets and data mining to round off the new brand strategy.

This band of men and women met numerous times in 2008 and 2009 to plan a brand strategy for the Lok Sabha elections. The challenge was formidable. The Congress was a really old brand that had seen hitherto loyal customers deserting it in droves during the 1990s. The challenge was to revamp the brand and lure back the old faithful. An even bigger challenge was to connect the more than 100-year-old party with the youth. Now, every Tom, Dick and Pundit knows the team has clicked. For people in the world of advertising, it was a marketing masterstroke. Says Josy Paul, National Creative Director and Chairman of BBDO, “ The Congress ad campaign was more about how it can be relevant to different audiences. The key to their campaign was relevance. It was more about young audiences and telling them the Congress is still relevant.” Even as late as December 2008, no one could have been certain about unknown youth ‘leaders’ like Minakshi Natarajan and Ashok Tanwar winning Lok Sabha elections. But win they did, propelling Congress towards its highest market share in the electoral marketplace in almost two decades!

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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SPIRITUALITY AS FMCG!

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Monojit Lahiri investigates this new phenomenon that is gaining frightening and hysterical dimensions in the ritzy, glitzy and glamorous metros of a nation that continues to look west for self esteem!

It is an astonishing paradox of human life that, with progress, sophistication, modernity and success comes depression, loneliness, alienation and insecurity! Today in year 2009, as we scan the lifescape inhabiting planet earth – with special reference to the so- called advanced and developed western countries – we find startling horror stories of dysfunctional life amidst plenty. Why? Because nothing in this world comes for free and the first world joys offered by the enticing packages called Consumerism and Globalisation come with a sinister price-tag! Family life, social life, cultural life, intellectual life … everything is sold at the altar of moving up in life. So, what’s next? What is the solution? Where is the salvation? Enter the marketers of Spiritualism…!

Declares today’s hot young, controversial film- maker (Dev D, Gulal) Anurag Kashyup, “If you have a Sapnon Ka Saudagar, why can’t you have a guy hawking spirituality?! The con-game is the same, boss!” On a more serious note, Kashyup believes that in today’s troubled and recession-hit times where tension and pressures rule the roost, spirituality is in high demand and low supply. “Hence, the smart, shrewd marketer who has his ear to the ground and is able to think on his feet, can do wonders – for his desperate clients and laughing wallet.” He cites the example of Astha and a host of similar TV channels which enjoy a wide viewership cutting across all stratas of society. He also points to the success of Rhonda Byrne’s The Secret, Robin Sharma’s The Monk who sold his Ferrari and most of Deepak Chopra’s best sellers. Sister Yogini of the Brahmakumaris (a spiritual movement like The Art of Living, The oneness university, Isha Yoga) looks at it differently. She admits that a lot of seekers come to them because they are freaked out by life’s pressures and desperately desire peace and happiness. “Our movement is not necessarily about renouncing the world but offering peace and progress within the confines of daily life.” Adds Avanti Birla, high profile businesswoman, “Spirituality for me is as much about fulfilling my responsibilities at a personal level as it is about connecting with it in a societal way.” To Parmeshwar Godrej, Mumbai society’s celebrated diva and social activist, “The real path is about self-discovery.” While she agrees that there is a trendy, hybrid spirituality being marketed, she believes that people are evolving all the time and their personal sense of spirituality doesn’t necessarily depend on what’s written in the instruction manual.

The irrepressible Prahalad Kakkar in typical forthright fashion, provides a cool conclusion. “It’s like selling coals to Newcastle! C’mon guys, we are, historically and traditionally, a spiritual nation with rituals and beliefs embedded in our psyche. Whether it’s the sandhya-deep accompanied by conch-shells at dusk or the vision of what life is about – Karma, Maya – spirituality remains an intrinsic part of our being. Unfortunately, pathetic West-apers that we have become, we seem to be enthusiastically buying - into their hard-selling spirituality to us in the form of a fashion thing; a with-it and uber-cool solution to all worldly problems that blitzes our sense of peace and contentment. Its sold – and bought – (like in the West) as a quick-fix, a fevicol for the battered soul, imagine! But then, at the end of the day I guess it makes sense to remember that we live in an age of Vigyapan not Vigyan, brother… So just about anything goes!”

Monojit Lahiri

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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