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).

For More IIPM Info, Visit below mentioned IIPM articles.
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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).

For More IIPM Info, Visit below mentioned IIPM articles.
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