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History was rough on it. And present?!?
Remember ‘Peerless’? Sure, you might have heard its name only too rarely, but then again, our previous generation would testify that this residuary non-banking company (RNBC) during the early 1980s made its way up fortune’s ladder, and then vanished... even faster, phew!
However, what’s heartening is that it’s still there, continuously eyeing many battlefields since it almost lost the great survival war – from hotels to securities – in search of a viable alternative to regain some lost glory. However, it’s far from doing so at the present. But then, in the horizon appears a beacon – it’s asset management business, which aims to bring about a major change in its business as Dipankar Basu, Chairman, Peerless confidently asserts, “This will add ‘scale and depth’ to the company’s operations.” No doubt, it’s a sector which holds a lot of promises, but let’s also not forget that there is a cut-throat competition out there as according to AMFI, there were 32 players managing about Rs.46 trillion as on August 31, 2007. This coupled with a highly volatile stock market only makes the situtation riskier for Peerless. But then, does it have any an alterntive? Not really...
True it is, for despite having a wide range of products, Peerless’ RNBC business alone would not be enough to sustain its growth, courtesy government regulations. It definitely needs to build strong its asset-management business, instead of diversifying blindly. Moreover, unlike new entrants, it can of course take advantage of its existent brand equity.
4Ps edit bureau: Manish Pandey
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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