- Phase 1 (1999 to 2005) – Successful domestic M&A: After having spent five decades in establishing a monopoly in white glue (Fevicol), Pidilite started acquiring and building other adhesive and sealant brands to expand its product portfolio and to extend the firm’s channel presence and intermediary influence. The acquisitions included: a) Ranipal in 1999 for Rs 4 crores; b) M-Seal and Dr. Fixit in 2000 for Rs 32 crores; c) Steelgrip in 2002 for Rs 10 crores; and d) Roff in 2005 for an undisclosed amount. Capital deployed towards acquiring these firms was approx. 11% of the total operating cash flows generated by Pidilite over this period. Most of these acquisitions have become monopolies in their respective categories by now and have delivered RoOCEs substantially higher than the cost of capital for Pidilite. Thanks to this phase of expansion, Pidilite has one of the most diversified distribution networks, with its products … [Read more...] about Saurabh Mukherjea’s investment mantra to navigate through a crisis: Part-2
Central provident fund investment scheme
This is a passive scheme based on certain rules. The strategy does not take into account the valuations of the stocks, which are high currently. The product is launched in the ETF format. Most smart beta ETFs in India suffer from low liquidity on the stock exchanges. Also, smart-beta funds are yet to develop a long track record. Therefore, it may be hard to assess how such schemes would perform across market cycles. … [Read more...] about ICICI Pru Alpha Low Vol 30 ETF NFO: Should you invest?
Acceleration of growth of high-quality lenders due to market share gains post the crisis (as the weaker lenders fade away); normalisation of NPAs and system-level credit growth once the crisis ends; and normalisation of P/E multiples as economic growth, credit growth, and NPAs normalise. … [Read more...] about D-Street Talk: Saurabh Mukherjea gives a low-down on how he picks winners for Kings of Capital portfolio
At Maximum Effort, that work is happening through diverse hiring, as well as by providing staff with equity in the company. “Representation and diversity need to be completely immersive,” Reynolds says. “Like, it needs to be embedded at the root of storytelling, and that’s in both marketing and Hollywood. When you add perspective and insight that isn’t your own, you grow. And you grow your company, too.” Recently, the company ramped up several large-scale pro bono campaigns, including a “prepare to vote” effort with the NAACP Legal Defense Fund. After that, focus will return to the rollout of Reynolds’s next movie, the sci-fi comedy Free Guy. In the movie, which 20th Century hopes to release in December, Reynolds stars as a minor video-game character who starts to think for himself. “It’s wish-fulfillment personified, and you don’t see a lot of that these days,” he says. “You see heroes clenching their … [Read more...] about Ryan Reynolds on ‘Deadpool,’ diversity, and the secrets of successful marketing