Women leaders in India: self made, or heading family businesses? In an open letter to her daughter, Chanda Kochhar, the CEO of ICICI Bank wrote about her mother, who became a working single mom after Chanda's father’s death. Chanda writes that her mother was an inspiration to her, ‘full of self-assurance and belief.’ Such inspiring examples however are few in India, despite liberalization and increased efforts to educate women. Family and attitude constraints remain in the way. One of the easiest ways for women to become entrepreneurs in India is still by heading the family business. This is the case for 11 of India's 25 most prominent women business leaders. This includes the Reddy daughters – Suneeta and Preetha – of Apollo Hospitals, Vinita Gupta, the CEO of Lupin, and Kavery Kalanithi, the MD of Sun TV (see table below) Nine of India’s top women business leaders are highly educated professionals who gradually rose through the ranks, like Capgemini’s Aruna Jayanthi and HSBC’s Naina Lal Kidwai. Self-made entrepreneurs among top business leaders are the least in number – Kiran Mazumdar Shaw is a prominent example from the biotech industry, as is Zia Mody, the co-founder of AZB, and Vandana Luthra, founder of VLCC. Some women are also gaining prominence now as founders of startups, including Richa Kar, the founder of Zivame, and we can hope that these new entrepreneurs show staying power. click to expand India is ranked in the bottom three of 32 countries surveyed for the Women Entrepreneur Leaders Scorecard. We ranked especially low in ‘gendered access’ to resources, and in creating a pipeline for entrepreneurship. A country loses out economically if it doesn’t focus on opportunities for women – they should be after all, 50% of the workforce. McKinsey estimated that India’s GDP would grow by an additional 16% in the next ten years if the country emphasized gender equality. Nasscom observed that the Indian IT sector for instance, has a large % of women in the overall workforce, but at the middle and senior management levels the share of women drops dramatically to 5%. The Nasscom panel pointed out that family pressure to quit work after having children, and stereotypes about women in the workplace have made it hard for professional women to progress beyond a point. The solutions go beyond flex timings and maternity leave: without increased efforts to change mindsets and incentives for women to prioritize their careers, the numbers will be hard to budge. Name Designation Description 1 Nita Ambani Director at Reliance Industries, founder, Reliance Foundation Family business 2 Arundhati Bhattacharya Chairman & Managing Director at the State Bank of India Professional 3 Ambiga Dhiraj CEO at Mu Sigma Family business 4 Dipali Goenka CEO at Welspun India Family business 5 Vinita Gupta CEO at Lupin Family business 6 Chanda Kochhar CEO at ICICI Bank Professional 7 Vandana Luthra Founder & Vice Chairman at VLCC Health Care Self-made entrepreneur 8 Kiran Mazumdar-Shaw Managing Director at Biocon Self-made entrepreneur 9 Shobhana Bhartia HT Media Chairperson Family business 10 Aruna Jayanthi Capgemini India Professional 11 Preetha Reddy Executive VP, Apollo Hospitals Family business 12 Suneeta Reddy Joint MD, Apollo Hospitals Family business 13 Zia Mody Co-founder, AZB Partners Self-made entrepreneur 14 Harshbeena Sahney Zaveri MD and President, NRB Bearings Family business 15 Kalpana Morparia CEO, J.P. Morgan India Professional 16 Renuka Ramnath Founder, MD and CEO at Multiples Alternate Asset Management Self-made entrepreneur 17 Naina Lal Kidwai Group General Manager and Country Head of HSBC India Professional 18 Swati Piramal Vice Chairperson, Piramal Enterprises Limited Family business 19 Mira Kulkarni MD, Mountain Valley Springs India Self-made entrepreneur 20 Amrita Patel Chairman, National Dairy Development Board Professional 21 Chitra Ramakrishna Joint Managing Director, National Stock Exchange Professional 22 Kavery Kalanithi MD, Sun TV Family business 23 Vinita Singhania MD, JK Lakshmi Cement Family business 24 Vinita Bali Former CEO, Britannia Professional 25 Renu Sud Karnad MD, HDFC Professional
Sensex touches a new high, Vijay Mallya sulks about revoked passport, India Inc receives credit downgrades, Air India matching Rajdhani AC II fares The Sensex touched a new high this year on good US job market data - the US added 287,000 jobs last month, beating forecasts. This is also good news for the party incumbent in the White House - a good economy favors Democrats, giving Republicans less ammo to defeat Democratic Presidential nominee Hilary Clinton. NDTV Mallya is 'bored' and upset about his revoked passport. He is missing Formula One events as well as his usual trips to Goa for his famous parties. as well as travelling to California, where he has housed his 260 cars and bikes. He is instead spending his time at his London estate 'working out.' BS Metals, power, infra and construction firms have been the primary recepients of credit downgrades from rating agencies, and since April Indian companies have received over 665 downgrades, a record high. FE Air India, in a bid to make last-minute airfares affordable, plans to match these ticket prices to Rajdhani AC II tier seats. These fares will be available within four hours of departure of flights. ET Photo of the Day: Young drivers aged 6-10 wait to start the race at the Little Big Mans car racing event in Western France. Telegraph
United Spirits holds Mallya liable for cash diversions, ThyssenKrupp-Tata merger talks 'necessary for Europe market', global growth at lowest since 2012, talks on GST focus on cap for rate United Spirits says that Vijay Mallya had diverted over Rs. 1,200 crore in funds from the company to KingFisher Airlines and his Formula One team. The company says that the Rs 500 crore settlement it had reached with Vijay Mallya would no longer hold water. NDTV Tata has been considering bids for its steel assets in UK, and Thyssen Krupp, one of the companies courting Tata and in merger talks, said that 'consolidation' is looking increasingly necessary to survive in the Europe market. ET Growth is weak all around, according to the JPMorgan Manufacturing Index. The data was collected pre-Brexit, which suggests outlook will worsen as political uncertainty rises in UK and Europe. LiveMint Senior ministers in the BJP government say that the opposition's demand to 'ring fence' the GST rates and ensure successive governments cannot increase rate caps is a sensible suggestion. The Congress party hopes to come to a final stand on the law next week. BS Photo of the Day: Children in Syria play underground, in a playground built to protect them from shelling and missile fire. Guardian
Stocks that out-performed post-Brexit, first "less than $4" phones out for delivery after hype, Kerala imposes a 14.5% "fat tax" on junk food, Ola's burn rate goes up in its quest for market share 49 stocks that ouperformed the market post Brexit ET Noida based Ringing Bells said that the first 2,000 odd Freedom251 phones are now out for delivery. The company claims over 7.5 crore registrations for the phone, and the first set of deliveries were decided through lots. IE The newly elected Kerala government has introduced a 14.5% 'fat tax' on restaurants selling burgers, pizzas and tacos. Kerala, where KFC, McDonald's and local 'crispy fried chicken' chains have made inroads, is also the state with the highest percentage of heart disease in its population. BS Ola introduced the Micro this year at Rs. 6/km in a quest to restore market share it had lost against Uber. However the lower cost has had Ola running through its cash at a much higher rate, and the company is hoping to raise another $400 million to combat Uber, which has raised $5.5 billion so far in recent months with an eye on the Indian market. LiveMint Photo of the Day: People march across US cities to protest police violence and the recent killings of black men. Reuters
Acquisitions this June - 2016 The media was abuzz with the Rs 16,189 crore UltraTech Jaypee deal that was signed this June, where UltraTech had to raise the final price at the last minute to get Jaypee to sign on the dotted line. Two Indian companies - Centum and Tech Mahindra - acquired international firms. Centum, which is in defence and aerospace electronics, acquired France's Adetel group, giving Centel access to Adetel's international client list and European market. Tech Mahindra acquired the UK based BIO agency, with the hope of building better integrated customer service. Microsoft acquired Wand Labs Inc. Wand Labs is a startup founded by IIT alumnus Vishal Sharma, that has been working on developing more intelligent chat messaging tools. AI in chat is becoming a big goal for companies like Microsoft, Google and Facebook, and Microsoft hopes that the acquisition will help it improve its Bing chat bot. Another interesting acquisition was Tata Power's purchase of Welspun's green energy portfolio, which marks the biggest solar acquisition so far in India. This expands Tata Power's renewable energy portfolio. Welspun had been struggling to raise funds for its green energy business before resorting to this sale. Tata Power agreed to buy Welspun's solar and wind farms that were in operation, as well as those in the pipeline. This is a significant acquisition for Tata at a time the Indian government is encouraging renewable energy solutions to meet the commitments of the Paris climate change agreements. And Eros Entertainment acquired Pooja Films, giving it access to content Pooja owned, such as the movies Bade Miyan Chote Miyan, and Coolie No. 1. Acquiring company Acquired company Date Acquisition goal Dr. Lal PathLabs Ltd Delta RIA and Pathology Lab Private Limited Jun 1 2016 Better health diagnostics HDFC Ergo L&T General Insurance Jun 6 2016 Insurance acquisition - L&T exits insurance Prism Cement Limited 15.23 percent stake in BLA Power Pvt Ltd Jun 8 2016 Reduce cement production costs Tata Power Welspun Energy Pvt Ltd Jun 14 2016 Largest solar power acquisition in India Gaia Smart Cities Solutions Pvt Ltd IoT business of Netcore Jun 14 2016 Brings IoT capabilities into Gaia Microsoft Corporation Pvt. Ltd. Wand Labs Inc Jun 18 2016 More intelligent messaging apps Centum Electronics 51% stake of France's Adetel Group Jun 18 2016 International presence in defence, aerospace Eros International Media Ltd 50 per stake in Puja Entertainment and Films Ltd Jun 21 2016 Access for Eros to better quality content Tech Mahindra UK-based The BIO Agency Limited Jun 21 2016 Access to customer service tools TPG Capital ICICI Home Finance Co Ltd Jun 23 2016 Access to India's home lending market
EPFO to put more money in equity, plagiarism in Environment Ministry rules, Q1 corporate revenues to hit a two year high, telcos underreported income, CAG says Nearly 3,000 words of the 3,900 word Environment Ministry draft for rules on pollutants is a direct lift from a US Supplementary Environment Project Policy document. The new environment minister is yet to respond. IE Changes in the Employee Provident Fund: The EPFO is now looking to invest beyond 5% in equities, after investments last year yielded good returns. The investment might increase to around 10% of its total fund, translating into Rs. 10,000 crore annually. ET Ratings agency CRISIL says that corporate India's growth in Q1 is likely to hit a two year high - driven by exports from IT and overall could hit 8% in revenue. BS CAG says that telcos have under-reported revenues of upto Rs 46,000 crore between 2006-10. The agency will issue a Rs. 12,500 crore demand notice to these companies. LiveMint Picture of the Day: China's constructions in the South China sea - new islands and military bases. NYT
Flipkart blacklists sellers, government steps up efforts to identify black money, and what exactly is the size of India's e-commerce market? In its efforts to improve customer experience, Flipkart is blacklisting sellers it says do not meet quality norms and customer satisfaction requirements. Sellers are charging that the company is targeting merchants that protested lower commissions, and who are part of lobby groups. BS A comparison of Flipkart and other online seller payments is here The government has stepped up its efforts to identify black money and tax dodgers, turning to recent international agreements signed to get the information. The disclosure scheme that ends on September 30, the government says, is a window to disclose without penalty, after which evaders will have to face the music. ET The bulls and bears of India's e-commerce market: LiveMint looked at various estimates of India's e-commerce market and found wide variation in expectations - there is a gap of $70 billion between the most optimistic and most conservative numbers. Morgan Stanley is the most gung-ho, and expects the market to grow to $120 billion in the next four years, while the UBS AG predicts a $48-60 billion industry. The Cabinet reshuffle is politically savvy, IE writes, showing a Prime Minister and government conscious of public dissatisfactions, and making an effort to include Dalit leaders as well as prominent communities who've been demanding greater inclusion and caste quotas. Photo of the Day: Oscar Pistorious, the famous double amputee sprinter who had entered the Olympics in 2012 as a celebrated athlete, receives a six year prison sentence for killing his girlfriend Reeva Steenkamp. NYT
Wednesday Morning Brief: Mood downbeat in global markets as oil falls 5%, Moody says risk for 7.5% India GDP target, 4G expansion slow US markets are downbeat as oil falls 5% on sentiment towards global growth. US today has more untapped oil than Saudi Arabia, a significant shift in global oil supply CNN Money The ratings agency Moody points out global slowdown and weak credit as downsides for India's 7.5% GDP growth target. Lending capacity of India's public banks will be impaired due to asset issues, it pointed out. ET Adoption of 4G services in India is much lower than expected. One year after the launch of 4G by Bharti Airtel, there are just 6.5 million users across the country. BS Smriti Irani is no longer HRD minister post Cabinet rejig - she's moved from 'textbooks to textiles', as UP Minister Javedkar gets her portfolio. IE Photo of the Day: A ice crystal cave near Lake Baikal in Siberia. The lake is covered in ice from May to November. NatGeo
Stock Market Roundup and Stock Pick of the Week: June 24 - July 5 2016 Research reports roundup this week! Seventeen company stocks saw BUY reports from analysts One company stock saw a SELL report from analysts One stock came in as NEUTRAL. Pick of the week: ITC Limited - ITC, which has received seven price upgrades over the last six months from Phillip Capital, ICICI Securities Limited, Angel Broking, Motilal Oswal, ICICI Securities Limited, HDFC Securities and Prabhudas Lilladhar. However, a cautionary note - proxy advisory SES has asked ITC shareholders to vote against the re-appointment of ITC auditors Deloitte, noting that the auditor re-appointment by the company violates SEC norms. Date Stock Target Upside Type Report Date Price CMP Upgrades/downgrades - last 6 months 2016-06-24 Manpasand Beverages Limited - MANPASAND 750 26.84 BUY 520 591.3 2016-06-25 ITC Limited - ITC 375 Pre-Bonus/ Split BUY 353.4 244.85 7 upgrades till date, 2 downgrades 2016-06-27 Ujjivan Financial Services L.. - UJJIVAN 510 22.21 BUY 378.75 417.3 1 upgrade till date 2016-06-27 Vinati Organics Limited - VINATIORGA 656 20.81 BUY 540.05 543 5 upgrades,1 downgrade till date 2016-06-27 Good Luck Steel Tubes Limited - GOODLUCK 154 41.09 BUY 102.8 109.15 1 upgrade till date 2016-06-27 Navkar Corporation Limited - NAVKARCORP 261 21.68 BUY 205.2 214.5 5 upgrades till date 2016-06-29 Larsen & Toubro Limited - LT 1420 -9.28 NEUTRAL 1481.8 1565.2 6 upgrades,2 downgrades till date 2016-06-29 KEC International Limited - KEC 170 17.61 BUY 143.85 144.55 2 upgrades, 2 downgrades till date 2016-06-29 Tata Communications Limited - TATACOMM 543 11.27 BUY 472 488 2 upgrades, 2 downgrades till date 2016-06-30 POLARIS CONSULTING & SERVICE.. - POLARIS 280 44.18 BUY 194.95 194.2 1 upgrade till date 2016-06-30 Astra Microwave Products Lim.. - ASTRAMICRO 154 20.08 BUY 123.15 128.25 1 upgrade till date 2016-06-30 DLF Limited - DLF 181 14.12 BUY 150 158.6 1 upgrade,1 downgrade till date 2016-07-01 Minda Industries Limited - MINDAIND 1355 16.31 BUY 1152.8 1165 6 upgrades, 1 downgrade till date 2016-07-01 Finolex Cables Limited - FINCABLES 412 11.53 BUY 360 369.4 5 upgrades, 1 downgrade till date 2016-07-01 Prestige Estates Projects Li.. - PRESTIGE 264 41.1 BUY 182.6 187.1 2 upgrades till date 2016-07-01 Steel Strips Wheels Limited - SSWL 578 18.93 BUY 471.95 486 1 upgrade till date 2016-07-01 Aarti Industries Limited - AARTIIND 620 15.46 BUY 525 537 5 upgrades till date 2016-07-01 Godrej Properties Limited - GODREJPROP 415 12.76 BUY 361.5 368.05 2 upgrades till date 2016-07-01 KPIT Technologies Limited - KPIT 125 19.15 SELL 157.5 154.6 5 upgrades, 4 downgrades till date
Ultratech seals Jaypee Group deal with last minute price increase, Narendra Modi interview, markets await announcement of Cabinet expansion, Swiggy working to cut costs through partnerships UltraTech withdrew its legal notice it served Jaypee last week and signed a revised deal with the company, increasing its acquisition price by Rs 289 crore. The deal had grown tenuous in the last minutes as UltraTech had written letters to the lenders Jaypee, saying talks with rival buyers was illegal. ET In an interview with IE, Narendra Modi said that his biggest challenge has been in winning over sceptics, and says that under the BJP government the economy has seen a turnaround from high inflation and market turmoil to higher growth. After gains over the last few days Indian markets have opened low, with investors cautious and awaiting news of the Cabinet expansion. Investors are hoping for appointments that signal an aggressive reform agenda. BS Swiggy has been shifting away from its own delivery fleet and instead partnering with logistics companies in an effort to cut costs and reduce its burn rate. LiveMint Photo of the Day: NASA's spacecraft Juno nears Jupiter, prepares for orbit insertion. NASA
