Why businessmen around the world are so superstitious

After teaching finance at the Indian Institute of Management in Ahmedabad for 20 years, V Raghunathan made the jump and became the President of ING Vysya Bank . Currently he is the CEO of GMR Varalakshmi Foundation . In the past he has been published as a cartoonist and even played chess at the national level. If all this wasn't enough he has been the author of bestselling books like Corruption Conundrum, Games Indians Play, and most recently, Ganesha on the Dashboard (co-authored with the late MA Eswaran). In an interview with CD, Raghunathan talks about fatalism, vastu and magical thinking.

How do you define superstition?

The general definition of superstition is 'belief without any rational causality in the physical world'. In other words, superstition is a belief that is not based on any verifiable facts. For example, the belief that a cat crossing one's path bodes ill for one is a superstition, since there can be no conceivable connection (or even observed correlation) between the cat crossing one's path and how one's affairs may or may not turn out subsequent to the event. That gifting an empty wallet brings ill luck to the receiver; or that a task initiated task during Rahu Kalam is bound for disaster; are all examples of superstitious beliefs.

Nobody is born superstitious. How do they become so?

One of the fundamental reasons is the innate insecurities of humans. People suffer from many insecurities, and are forever looking for ways to address them. Life is full of non-controllables and humans are forever trying to control the non-controllables. This is where superstition thrives. What is magical thinking? Superstition is clearly a learnt attribute. The learning is transmitted to human beings through the process of what the psychologists call magical thinking. For example, an infant laughs, and at the same moment sees a toy dangling above its head move - maybe on account of a gust of air - it then laughs again and again, while staring at the toy, in the apparent belief that its laughing will produce more movement. Psychologists call this magical thinking, because this behaviour of the child does not arise from any comprehension of or concern about the link between the cause and the sought-after effect. Even though a child learns more about the world by experience, investigation and direct learning, and gradually acquires more accurate understanding of causal relationships in the physical world, its brain remains vulnerable to magical thinking.

How superstitious are businessmen?

They have reasons to be more superstitious than the average. This is because given the very high stakes and the tremendous amount of uncertainties in the market, superstitions offer an illusion of gaining control over these uncertainties and give them an impression as if they have done all that is possible to ensure the best possible outcome. Businessmen in India are frequently given to such superstitions as numerology, visits to temples before big business deals, avoiding any important initiatives around eclipses, designing offices according to Vaastu, and so forth. Worldwide, the number 13 is considered spooky, but GD Birla was said to be uncomfortable with the number 12 because it reminded him of baarvi, or the 12th day of mourning, considered inauspicious by the Hindus. Post-independence, when GD Birla built the group's global headquarters in Kolkata, he chose not to have a 12th floor.

What about businessmen outside India?

Superstition is a worldwide phenomenon. Some 80% of the buildings worldwide are known to skip floor 13. Larry Ellison is said to have tweeted that there may not be an Oracle version 13. Superstition is known to impact businesses. It is said that marriage insurance in India is doomed to failure, because people don't want to think about marriages failing, because thinking it could make it happen. In Taiwan, consumers are willing to pay more for a package of three tennis balls than four, because in Mandarin, number four is considered ill-fated, as it has the same sound as 'dead'. Even in the US, 'paraskevidekatriaphobia' - the fear of Friday the 13th - is known to pull down revenues.


Is vastu just mumbo jumbo?

It may have had some rational underpinnings at one time, but now it's mumbo jumbo. For example, no one may argue that any architectural principle can be independent of wind direction, orientation of the sun, sea, rivers and weather conditions. But today, in a corporate building or a hotel which is 100% air-conditioned and no window is ever open, how relevant can the wind direction be? And to say that a fundamentally flawed architecture (according to vaastu) can be corrected by implanting a crystal on the floor here or a piece of copper on the wall there can only be ridiculous. To date, I have come across no serious scientific paper supporting vaastu.

What explains the lack of scientific temper in us?

It is to answer this question that we wrote the book. To answer very briefly, it is our fatalism and the complete lack of dialogue between Hinduism and Science. It may have been because the industrial revolution passed us by; alternatively, may be industrial revolution passed us by as much on account of Colonialism as on account of our fatalism; maybe our equilateral climate made our living so easy over the centuries that we never had to resort to science, scientific methods and scientific temper to make our lives any easier - it could be a combination of these reasons and many more.

http://economictimes.indiatimes.com/features/corporate-dossier/why-businessmen-around-the-world-are-so-superstitious/articleshow/12459454.cms?curpg=1

 

Ten thoughts for the budding entrepreneur

By: Arun Pereira Head, Centre for Teaching, Learning and Case Development, ISB

Ten thoughts for the budding entrepreneur: some obvious, few provocative, and a couple that are controversial. But whether you agree or disagree with them, they are all worth mulling over.

Note: the word 'product' is used in a generic manner to include any market offering, including services.

If you live by the sword, get ready to die by bullets.

Focus on addressing unmet customer needs, not simply providing "improved" versions of existing products.

The latter approach will likely kill your venture, because products die, but customer needs persist. The point is not to make a better mousetrap, but to find the best way to get rid of the mouse.

Example: What's better, making an improved laptop, or ensuring better portable computing?

There are no traffic jams in the extra mile you go for the customer.

Don't simply address one customer need. Embrace the customer more comprehensively, ensuring multiple "benefit touch points". This is the entrepreneur's best bet to entry barriers, and the gateway to pricing power.

Example: Offering corporate training programmes? Offer clients added benefits before and after the programme: Enable candidate selection for the programme, measure post-programme impact for the client.

Don't underestimate customer resistance to behaviour change.

If your market offering requires behaviour change on the part of the customer, beware! The more radical the behaviour change expected, the less likely it will gain market acceptance, regardless of the benefit offered.

Example: So you have a cure for weight loss, but you want customers to do WHAT?

N segments of 1 customer each are better than 1 segment of N Customers.

Segmentation that is not customer need-based is a waste of time. But needs vary across customers, and vary over time, for the same customer. To be a successful entrepreneur, get as close as practically possible to "segments of one"; that is, focus on one-to-one customer relationships.

Example: Selling books online? Why not provide each customer a bundled solution for her specific reading needs, including personalised recommendations, and information about local book clubs?

Price the customer, not the product.

Price based on the value you provide the customer, not on the cost of making the product. If the value varies across customers, price discriminate between customers, for the same product.

Example: Two customers go to the same online retailer, look at the identical product, at exactly the same time. Should they see the same price? May be, may be not.

Your customer's perception is your reality.

Throw out any objective comparisons of your product with competition. They are irrelevant; what matters is your customer's perception of competing alternatives. And what are the set of competing alternatives? Again, they depend on your customer's perception.

Example: If you don't proactively manage your marketing communications, customers will decide the positioning for your product - which is likely to be different from your s, and very difficult to change.

If you torture data enough, it will confess.

If you don't do regular, systematic customer research, your venture will ultimately falter. However, it is impossible to keep your finger on the pulse of the customer, if you do not have a conduit for continuous data collection and an ability to cull information on emerging needs. What's important is that you let the data speak, rather than listening what you want to hear.

Example: Planning to throw out that outlier in your data ? Stop! It may be an early indicator of an emerging trend.

Customer loyalty can be bought; brand loyalty must be built.

If customers flock to you when you discount, don't fool yourself into believing that you have loyal customers. They are loyal to price, not to your product. The only loyalty that matters is one that is based NOT on price, but rather, inspite of price. Begin building your brand from day one.

Example: Need to move inventory? Offer 2 products for the price of 1, rather than a 50% discount. The former preserves the value of your brand, the latter slashes the value of your brand-permanently.

Price pressure is an effect, not a cause.

Don't blame pricing pressure for your problems. Pressure on prices is the consequence of your inability to create unique value to your customer. As such, don't think of the marketing mix as 4Ps, rather think of it as 3Ps that will determine the 4th, which is price.

Example: The entrepreneur who says that he wants just a sliver of the $X billion market, because there is room for many who offer the same benefits, will run into this wall very quickly.

Profits vs. Growth: Where do angels fear to tread?

The more unique your offering is, choose angel investors who focus on profits, not simply growth. In other words, the uniqueness of the product should require the higher test of profits as early as possible. However, if your product is only a little more than a parity product, then growth priorities can be allowed to trump profit priorities.

Example: Remember the dot.com bust of the early 2000s? Hundreds of now-defunct firms focused on revenue and eyeballs, expecting profits to arrive magically. Enough said. Yes, there are exceptions; but make sure you understand what made them exceptions.

 

 

http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/ten-thoughts-for-the-budding-entrepreneur/articleshow/12463043.cms

What to Eat for a Healthy Kidney

Kidneys function to process and filter waste from the body through urine excretion. A poor diet may affect the ability of kidneys to do their jobs, which results in loss of efficiency and function in other body systems. So here are some tips for healthy eating:

Eating protein is good for kidney, make sure that you eat right amount of & good quality Protein is found mostly in meats and dairy products. Stick to lean protein sources such as white meats and fish and two to three servings of dairy products a day. Calories eat plenty of vegetables and fruits, and stay away from high carbohydrate diets that create fat deposits in the liver.

Watch the Salt stick to foods low in sodium such as natural fruits and dark green leafy vegetables. Avoid salting your food prior to serving and avoid canned soups that are often high in sodium, or salt. Excess salt in the system overworks the kidneys and leads to fluid retention.

Drink Lot of Water : Make sure that you drink lot of water. Our body depletes itself of water through urine,
sweat, and normal cellular activity. Lack of adequate water slows down our metabolism and interferes with healing, toxin removal, removal of old cells and replacement with new tissue. Therefore, drinking plenty of water is an important part of both daily life and toxic cleansing.



Validated by Dr. Sanjeev Gulati, Fortis Vasant Kunj
http://www.fortishealthcare.com/

Nifty may slip to 5000, warn experts

The Indian market has been on a weak wicket over the last few days. Yesterday, the Nifty lost 48 points and closed at 5,194, while the Sensex slipped 135 points and ended at 17,121.62.
Today is the last day of the long drawn out March series. Futures and options contracts will expire today. It hasn't been a good series for the market. It appears the series is not ending well. The Nifty, till date, has lost 5% in the March series.
CNBC-TV18's managing editor Udayan Mukherjee says, the environment has worsened since the start of this March series. "The 5% drop in the series is due to a lot of macro cues as well as fundamental newsflow," he explains.
The Nifty broke its 200-day moving average (DMA), 5,151, in the early trade. Experts were keenly watching this level. They believe that the market might now even slip to 5,000.
Ambareesh Baliga, COO of Way2Wealth says, breaking of the 200-DMA will lead to short selling and will take the Nifty to the levels of about 5,000-5,050. He says, one should start buying at these levels. "One should think of buying because most of the negatives like GAAR, political issues are already priced in. The April results expectations are not too high. On the positive side, for the first time, we are seeing some pressure on oil," he elaborates.

According to Udayan, traders will be watching the 200-DMA level. "All attempts will be made by the index to see it stay and close above 5,200. If the F&O expiry is weak then the index could break below this mark," he warns.
Meanwhile, Sudarshan Sukhani, s2analytics.com suggests investors to avoid trading today. "There is a lot of volatility and it's almost completely unpredictable. Sometimes volatility is predictable. But on F&O expiry a lot of the stuff is unpredictable. So, those who have short positions should keep them, but beyond that today is a no trading day," he asserts.
Generally, the last day of any F&O expiry is characterised with volatility. Also, the global cues are quite weak today. So, investors are advised to exercise some caution. 

http://www.moneycontrol.com/sensex/bse/sensex-live

Getting emotional about a bad appraisal is a natural reaction

"Getting emotional about a bad appraisal is a natural reaction from employees, but it does not help in any way," says Saumen Chakraborty, president & global head of quality, HR & IT, Dr. Reddy's Laboratories.

"Emotional outburst mostly happens due to the surprise element in the feedback. If you prepare people beforehand, it could be avoided," adds Chakraborty. What can you do about a bad appraisal?

"Firstly, ask for anecdotal evidence. That will provide an employee data to reflect and improve upon. It will also help the employee chart out an improvement plan for herself/himself," says Aquil Busrai, chief executive officer, Aquil Busrai Consulting.

R R Nair, former HR director, Unilever subsidiary Companies adds, "Ask for specific episodes. While the boss explains, listen with interest and do not interrupt; note down the gist of the feedback and ask for help and support from the boss, so that the employee can improve the performance.

When the conversation is over, convey a confident assurance that the improvement areas will be addressed." These factors could give you a better understanding of your appraisal. Experts suggest that having a regular feedback mechanism within an organisation is an effective way to improve performance of employees and deal with sudden surprises and emotional outbursts when the appraisal letter arrives.

"A bad appraisal can be actually converted into a meaningful discussion if the appraiser focuses on issues. This coupled with anecdotal evidence increases the credibility and fairness of the feedback and makes an employee absorb the feedback," says Busrai.

Nair suggests a few tips that could help you prepare yourself for the next year's performance review: Maintain a performance improvement diary; Perform self-reviews ; learn to set achievable targets, seek support from trusting colleagues who are more skillful in certain areas; Remember to focus on one's personal strengths and how they positively impact work and contribution; Take the initiative to seek both, formal periodic review and informal feedback from the reporting boss on how well you are progressing.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/getting-emotional-about-a-bad-appraisal-is-a-natural-reaction/articleshow/12438965.cms

Good Quote!

If you're not using your smile, you're like a man with a million dollars in the bank and no checkbook.
~ Les Giblin

Ways to fit the role of people manager

Managing people for the first time, post-appraisals, ties most people in knots. Mahima Puri suggests how you can pass the test.

Learn to Delegate

Most first-time managers make a few fundamental mistakes, such as of not being able to delegate the work effectively. "Being successful as a leader does not mean doing everything yourself, but how effectively you get the work done from others," says Mohinish Sinha, leadership and talent head, Hay Group.

Set Clear Roles

Each member of the team should be clear about his or her role and responsibility in the team. "A first time manager could make sure the he meets the team regularly. This will help clear the confusion," says Gagan Adlakha, partner at HR consulting firm Vyaktitva.

Know your Team

A good manager should always get to know his team members better. "Each team member would have different aspirations. A good people manager should work towards creating opportunities for his team, in sync with their desires," says Sinha.

Listen Well

Receiving and giving feedback are both important. "Instead of showing off his knowledge and preaching, a good manager tries to blend in well with the team," says A Sudhakar, ED -HR, Dabur India.

Work on Yourself

Afirst-time manager needs to work on his or her weaknesses, to begin with. "One has to consciously adapt to being a manager and develop their own leadership style," says Sudhakar. "They need to address issues over a period of time," adds Sinha. http://economictimes.indiatimes.com/news/news-by-industry/jobs/five-ways-to-fit-the-role-of-people-manager/articleshow/12421761.cms

Market Watch: Cues that will affect market momentum today

 

 

Moneycontrol Bureau
Global equity markets paused and took a breather yesterday after Monday's stellar rally. Major US markets dipped into negative territory in the final hour after trading flat for most of the day. Key indices, however, are still on track for their best quarter since 1998.
European markets too closed lower by 0.5-1% after weak US data raised concerns about the economic recovery. Derailed investors are awaiting UK and French GDP today.
Back home, recovery in the second half of trade pushed Nifty up 59 points to end at 5,243. The Sensex gained over 200 points to close at 17, 257.
Asian markets started off on a weak note this morning, selling off after the big rally yesterday and weighed by late session losses seen in US markets overnight. The Nikkei opened down 1.1%, and other key indices were down 0.3-0.7%. However, the indices are still sitting on multi-month highs.
For more morning cues, listen to the accompanying audio..
Currency Corner
The euro marginally fell against the dollar, snapping a 2-day gain, but is still firmly above 1.33. The dollar index climbed above the 79 mark.
The rupee ended at 50.68 to the dollar as against 51.26 on Monday.
Commodities
Crude prices came off slightly as news of release of a potential oil reserve weighed on sentiment. Brent prices are however stable in Asia trade, holding to the key USD 125 per barrel mark.
Among precious metals, gold prices eased off two-week highs and slipped to USD 1680 per ounce levels.
Global Cues
Single-family home prices in the US were unchanged in January, according to the Case-Shiller home price index. Meanwhile, consumer confidence declined in March to 70.2 from an upwardly revised 71.6 in the previous month. Keep an eye out for the durable goods orders, which are expected to rise by 2.9% for the month of February. Also watch out for data from weekly mortgage applications, and for the French and UK GDP numbers.
Fed chairman Ben Bernanke spoke again last night, saying that "all options were on the table" when it came to QE3.
Domestic cues
Looking to frontload its borrowing program, the government yesterday announced that it will borrow Rs 3.70 lakh crores on a gross basis in the first half of FY13. This is nearly 65% of the total borrowing for 2012-2013.
Finance ministry sources outlined the tests that foreign investors need to pass to avoid coming under GAAR regulations. But sources indicate that P-notes may face taxing times in the future. According to them, the GAAR invocation rules will be applicable only in case the source of funds is unknown, as per chapter II of the Finance Bill.
Also, in a CNBC-TV18 exclusive, sources indicate that Finance Ministry officials along with the SEBI chief will speak to foreign investors today to clarify GAAR apprehensions.
Stocks in News
The Coal India board will meet today to discuss the decision to get to hike long-term fuel supply pacts to as high as 80% with the power sector.
Also watch out for Patni in trade today as its reverse book building process for its delisting opens today with the floor price at Rs 356.
L&T Finance acquired Fidelity's Indian mutual fund business, saying that this buy is a strategic transaction for them and that with this it has become the tenth biggest equity fund house in the country. Shares of L&T Finance were up 4.5% yesterday.
Essel group acquires 10.19% stake in IVRCL. The group said that they see opportunities to expand the infrastructure portfolio via IVRCL.
State Bank of India joins the bandwagon and hikes some deposit rates by 25-100 basis points. This hike takes effective from today.
TVS Group acquires Universal Components UK. This is the second acquisition by TVS Group in UK, with which their business in the region is set to cross over Rs 1,000 crores.
Dhanalaxmi bank's board is set to meet today to discuss a revival plan for the bank which could includes business growth and cost reduction plans.
Tata Global Beverages to buy 14.18 lakh equity shares (4.17%) of Mount Everest Mineral Water for Rs 198 per share before 31 March.
Bank of Maharashtra to issue 15.33 crore shares to the government and 2.4 crore shares to LIC at Rs 56.09 per share to GOI.
Fortis Healthcare promoters pledge 2.7 crore shares (6.6%) with IDBI Trusteeship Services.
IFGL Refractories to purchase 5.81 lakh shares of IFGL Exports from promoters to make it a 51% subsidiary.
The Mint reports that LIC has been allowed to buy over 10% in listed firms.

http://www.moneycontrol.com/news/market-edge/market-watch-cues-that-will-affect-market-momentum-today_686050.html

Health Tip of the day - Old Age

"To resist the frigidity of old age, one must combine the body, the mind, and the heart. And to keep these in parallel vigor one must exercise, study, and love." Alan Bleasdale

 

 

http://www.google.com/ig/directory?type=gadgets&url=www.healthandgoodness.com/gadget/health_tips.xml

Five ways to stand out during probation

The first few months in a new job - the probation period - are the most critical. One needs to make an impression on the boss as well as on teammates and colleagues. ET shows you how you can pull it off.

1- Honour Deadlines

Deliver projects and assignments on time, even if you have to work extra. Also, try not to take leave, unless it's a necessity. Try to maintain your enthusiasm throughout.

2- Create an Impression

Strictly follow the office dress code. "Also, choose your words carefully since it will, along with your attire, say a lot about you and your background," says image consultant Reshmi Jain.

3- Avoid Politics

Be cordial with everyone, and avoid going out with colleagues who are into office politics. Keep an ear on the grapevine, but as a rule, do not contribute to it.

4- Understand the Culture

"Continue in-depth research on the company after you join. Also, do not pick out shortcomings or make recommendations. Instead, talk to the boss on areas of engagement," says GlobalHunt director Sunil Goel.

5- Learn to Listen

Make a conscious effort to listen, more than to talk. "One can address the new associate by name once or twice to establish a more personal and positive professional relationship," adds Ma Foi Randstad MD & CEO, E Balaji.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/five-ways-to-stand-out-during-probation/articleshow/12334493.cms

Ease That Stress

Meditation, yoga, flower remedies, prayer and complementary therapies have all been found to help people feel less stressed and wound up. Find what works for you.

Water Works for Weight Loss

Nothing quells the appetite like water, lots and lots of water. Start out with two quart bottles in the morning and carry one with you to work or wherever you go. If you like, divvy up the 64 ounces of water into eight (8-ounce) bottles or four pint (16-ounce) bottles to carry around with you all day. Freeze half of them the night before and they will last all day, even in a hot car. Keep some unfrozen so they will be ready to drink immediately. Yes. You will have to make more frequent bathroom trips, but it is worth it. Drink your 64 ounces of water before dinner, if possible, so you're not up half the night going to the bathroom. Water not only fills you up and lessens your appetite, it prevents those "hungry horrors" we all encounter when our blood sugar drops and we reach for cookies, candy, ice cream, fries or other high-calorie treats. Water also flushes out the system, rids the body of bloat and toxins and rosies up the complexion. Now, start splashing. http://www.google.com/ig/directory?type=gadgets&url=www.zytu.com/gadget/health-tips.xml

Relocation > A change in a location

Professional openings come with various clauses: ‘Open to Relocation’ is one of the most important that you are likely to meet up with. Of all the clauses, this is the one most likely to invite a tough SWOT analysis.

You’ve come across a promising position, but that relocation clause stops you from clicking on the Apply button for the job! Delve a little deeper to understand what’s stopping you and why you are apprehensive about relocating. Whether it is moving to an industrial city, a backwater, metro-to- metro or even a developing market, this complex decision could be the one that will help you evolve in the professional space.
It’s time to decide
Aspiration, advancement and achievement need to be the key decision-drivers, so when a promising opening comes by, the most appropriate thing to do is to enter into a self-study session. Find answers to a few broad questions and evaluate your personal and professional priorities before you decide to let the opportunity pass.
Where do you want to see yourself, some years from now? Are family reasons or emotional constraints or health considerations really strong enough to stop you from relocating or is it just a reluctance to leave your comfort zone? An astute young banker spent years in hardship postings, building up his bank balance and adding the stamp of international exposure to his profile. It meant challenges for his family but the returns included a fast-tracked career and immense growth.
Evaluate industry considerations
Does the industry that you are currently in offer scope for professional growth in your base city? Professional openings in the heavy metal industry, due to geological factors, are located in remote areas, whilst the KPO, IT and ITeS industry have found themselves blooming in SEZ havens. While some industries might seem to be omnipresent like FMCG or Real Estate, many industries are in fact city-centric. Mumbai for instance has long been associated with the BFSI and media verticals and a position at a senior level might require you to shift base. Ankur Seth*, who works in the IT sector in Gurgaon, often comes across many promising openings, which require him to relocate to Bangalore. While openings are available in Gurgaon, he is equally clear that re-location cannot be ruled out.
Go beyond the obvious
The decision to relocate should not come in haste. Look beyond the obvious upside of job profile and company’s credentials, or the downsides of family, cultural and lifestyle considerations. Rahul Singh* recalls a brief stint in an industrial town where he repented a hurried decision to relocate. On joining, he found himself lost as his peers did not pose a challenge to his intellectual appetite. Equally, a move to an organisation that does provide a stimulating environment and an opportunity to work with the best in the business should be crucial in the decision to relocate.
Reach out to a support system
Relocation is usually about ‘relocating with family’! Finding schools (and friends) for the kids or a new job for your spouse can end up being a stressful exercise. But there could be a support system that you have not factored in. If relocation is on the cards, check what assistance you can get from the organisation or colleagues with settling into the new city. This might ease the task of finding a place to stay, the pangs of giving up your club membership, and help you getting acquainted with the city. Relocation expenses can also usually be negotiated with the prospective employer.
Adapt to the environment
Opportunity is defined by the environment, not the location. In the backdrop of economic turmoil in the West and uncertainty about the job market in the US and Europe, professionals are heading for Asia and the NRI fraternity is returning home. Factor in that the Indian market and businesses have evolved and are enticing professionals from the world over. We are seeing ‘reverse brain drain’ that is evidence that a changing environment can make it necessary to review a location decision.
Have an open mind
Mukesh P.*, born and brought up in Delhi, found an impressive job which required him to relocate to a small town. He was particularly excited about the brand name, job profile, the salary bracket, scope of growth and the organisation’s culture. At the back of his mind, however, the ‘small town factor’ was bothering him. It took him to the smaller city for a week-long stay, seeking details about sports centres, recreational and other facilities that metro living had accustomed him to. As it happened, he was in for a pleasant surprise. The city had plenty of recreational facilities and also housed a national park in its vicinity, allowed him follow his passion of wildlife photography.
What matters at the last is that one should be happy with the decision! You’ll know best – but take a few moments before you reject a job on account of its location. You may find that the city you were not sure you wanted to move to will become the one you now don’t want to leave!
*Name changed on request

http://www.headhonchos.com/blog/2012/01/20/relocation-a-change-in-a-location/

The Great Hiring Debate

Strong business results against a backdrop of recessionary trends, rising CTCs in contrast to news of down-sizing, an uncertain industrial outlook but also buoyant demand that shows no signs of a slowdown… Looking at recent headlines, you’d be justified in wondering which way careers and your job search are headed. How much weightage should you give news reports when it comes to finding your new job – especially when they can seem confusing and even downright conflicting? And how does one reconcile stories about folk waiting it out for months to get the right job, while a friend is sitting on 3 lucrative offers?
There is more to the world of hiring than macro-economic trends or the fluctuating fortunes of countries, industries & business corporations.  In fact, at an individual level, the interplay of many factors determines the success of a candidate. Here’s why there’s more to hiring and placement than the economic scenario.
One job is enough: Statistics and economic aggregates that make business headlines are not always good indicators of individual success. Your job search is not about the millions of jobs in India, but about that one job that enables you to move ahead in your chosen direction. Ultimately, you need a single career breakthrough and, on the other side of the table, there is a real talent crunch. There will always be more than enough jobs for high quality talent. The key is your employability: track record, credentials, domain knowledge and specialist skills.
Hiring never stops: At any point in time, professionals are switching jobs and moving to new roles for a variety of personal & professional reasons: bigger challenges, family reasons, entrepreneurial aspirations, or just an offer that one can’t refuse. Attrition at mid-management & senior levels varies from 5-10 percent and it drives a natural cycle of replacement hiring. Typically, ‘new job creation’, linked to expansion plans and large green-field projects, comes under the scanner in tough times, but routine hiring continues.
Micro-trends are here to stay: A single trend – up, down, or even – no longer holds true for the entire market or even a sector. As the market becomes more developed & sophisticated, broad trends become less meaningful. It’s important to question not just whether a sector is hiring, but to study its outlook a few years down the line and to adapt to specific industry requirements. Skill sets that are in demand define their own market.
Account for the long tail of opportunity: The employment market in India is a fragmented one, driven by 1000s of recruitment consultants, working on client mandates across the country and it’s tough to assess the size of the job market. A large number of MSMEs also account for significant hiring activity, but do not find their way into official estimates on employment. The corporatisation of sectors such as education or welfare, or employment in sunrise sectors are also leading to new opportunities and rewarding careers. All these are not fully reflected in the official numbers, so factor in the long tail of opportunity.
Finally, it’s a good time to hire: Whether a HR team is building a talent base as a source of competitive advantage or going for tactical project-led hiring, a slow market is the best time to hire exceptional talent. Some organisations look at hiring talent at highly negotiated CTCs, others use growth prospects & higher remuneration to tempt exceptional managers to faster-growing businesses.
Growth & slowdown cycles are inevitable and each one of us can expect to see some during a career lifecycle. But the hiring scenario and the economic outlook are not synonymous. At the end of the day, personal employability is the key trend that drives your career, determines the offers you get and the compensation you can command. It’s your personal ROI that drives your market!
http://www.headhonchos.com/blog/2012/03/13/the-great-hiring-debate/

Ram Chandra Agarwal on what he learnt from Vishal Retail’s 10 big mistakes

A dusty street separates the head offices of Vishal and V2 Retail in the suburbs of Delhi en route to Gurgaon. And Ram Chandra Agarwal, erstwhile promoter of Vishal Retail who sold it off post-liquidation last year for Rs 70 crore, is in no mood to wait for the dust to settle. The proof lies in the cartons piled up at V2 Retail's office reception area.

Executives work the phones to jot down orders. Amid a warren of posters lining the front-desk, there's one outlining 'Obstacles to Success' - ego, fear of failure, life changes, no plan, doing too much alone, lack of focus, lack of formalised goals, lack of priorities and lack of commitment - in that order. The conversation with Agarwal revolved around the mistakes he committed at Vishal and what he learnt from them. Excerpts:

Mistake1:

A company is still known by the people it keeps.

Ram Chandra Agarwal faltered while recruiting for Vishal Retail. "Too many bad people came into the organisation. I believed in people and employed too many of them without any background check. They did some wrong things in the organisation," he says.

He gives the example of an executive he entrusted with evaluating locations - "He was a big thief as he took money from landlords and finalised wrong locations, making a lot of money on the side."

Remedy: Agarwal has now instituted thorough background checks and pre-recruitment screening . His inner circle consists of loyalists from Vishal.

Meanwhile, he's entrusted a part of the finances to his wife and is awaiting son Akash's entry into the business after the latter finishes his MBA from Lancaster this year.

Mistake2:

You need management bandwidth

Vishal recruited en masse from secondrung B-Schools, but did not have the right leadership within the organisation to guide the 300-400 odd MBAs it hired. "There was no strong leadership in senior and middle management," says Agarwal, adding that even the business schools need to firm up their act with more practical exposure.

"They (B-Schools) rely on theory and their students don't know basic things like planning or making entries in software." The lack of management bandwidth affected quality, a critical parameter to ensure retail success, as well.

For Jagdeep Kapoor, CMD of Samsika Marketing Consultant and a close Vishal watcher, "not having a stake, was a mistake." In other words, he felt leadership was largely on autopilot with the cult of personality overpowering the rule of many.

Remedy: Agarwal says he has a senior management team in place at V2.

Mistake 3: Lack of planning

"We didn't plan in time," rues Agarwal, "And this led to certain wrong choices, like in-store ambience. From lighting and fixtures to flooring, nothing was right earlier."

Remedy: In his second innings, Agarwal seems to have his plan in place with an overall five-year horizon that can be brought down to a monthly level. "For me, the first thing is that my seven shops should make Rs 1,500 per sqft per month of sale.

It sits at Rs 600 per sq.ft. per month today." He is stocking up on a slew of "competitive products", though his role model for surging ahead remains foreign retailers whose average monthly sales per sq.ft. are in the Rs 2,000 region. Mistake 4:

Overconfidence.

It's hard to let go of success when it gets into the head. "I used to inaugurate four stores a week and such growth is impossible without management bandwidth. I opened four big garment factories and was confident about manufacturing too. In the end, I couldn't control all of that," says Agarwal.

Remedy: V2's philosophy is 'one step at a time'. The 7-store chain now sells only apparel. General merchandising and other articles at the SKU level are being worked out, but there's no hurry.

Mistake 5:

Learning to manage scale

Vishal floundered beyond the Rs 500-crore mark. "Once you go beyond that, you need a professional hierarchy to share the load. You need corporate structuring and processes, which were simply missing. Ater a point, it cannot be a one-man-show." Agarwal had zero corporate training and his humble beginnings in Kolkata's Lal Bazar ingrained in him the desire to do everything on his own.

"I started the store myself, I sold from the counter, I bought everything myself, I did the accounts. I believed that I could do everything efficiently but what I learnt was that even if your second in command does the same job half-efficiently, you should pass on the load."

Amit Gupta, director at retail advisory firm Coralbay says leadership issues stem from the promoter in Indian retailers unlike in the West where a Wal-Mart has a standard operating procedure manual. "It tells you what is to be done in a store of 'x' sq.ft, it gives specifications to the ultimate level," says Gupta.

Remedy : Agarwal has learnt the art of delegation and is following it to the hilt at V2. "Either Mansukh Tandon or JP Shukla will take over the reins of the CEO and will run the company on a day-top-day basis while I'll be the chairman...ultimately, you must empower people. You cannot do everything efficiently yourself," says Agarwal.

Mistake 6: Downmarket image

While there was connect with low-income consumers, changing aspirations were not factored in entirely. "Instead of downgrading the customer, he should have upgraded his brand," feels Jagdeep Kapoor of Samsika.

Remedy: Today, Agarwal claims his V2 stores are "a fresh change" from the old Vishal concept. He admits that variety is the flavour of the season with rising incomes and burgeoning demand, even at the low-tomiddle-income bracket he so fervently targets.

Mistake 7: Unprofitable growth

Vishal's growh was unprofitable. "Earlier, credit was cheap and I was expanding recklessly," says Agarwal, adding that in 2008, he set a ballpark target of Rs 5,000 crore to his employees within 1-2 years. Kapoor, too, vouches for profitable and sustainable growth as the way forward. He quips that it is akin to family planning -"You can't go on producing children, you must nurture them too."

Remedy: Agarwal is now going slow. "Once my model gives me Rs 1,000-1,500 per sq.ft per month of sales, I can easily expand 10,00,000-20,00,000 sq.ft. in two years."

Mistake 8: Reliance on cash

Vishal's transactions were all cash deals, be it sourcing from vendors or operational expenditure. Cash was king. But that's certainly not the way to manage scale. Large operations require multiple currency layouts, not just heavy reliance on cash.

Remedy: Today, Agarwal says that if the business model is good, money will follow. "There's a lot of money chasing a good business model," he says, pointing out that his reliance on cash now stands slashed by up to 50%.
Mistake 9: Lack of management skills

Agarwal lacked the academic discipline to run a venture as large as Vishal.

Remedy: While he admits to having learnt quite a bit from management tomes, Agarwal talks about strengthening the back-end in V2, with a firm grip on processes. "The most important thing ion retail is fill rate, which is having the right goods at the right time at the right place, and a good fill rate is only possible through a strong back-end. Now I understand fill rate, product, choice of customer, pricing, marketing strategy much better," observes Agarwal.

Mistake 10: Inadequate technology backup

Vishal suffered partly due to an SAP issue, resulting in data loss. Besides, the critical standard operating procedure in retail was not followed at all. "In Vishal, the server was very small and there were issues with implementation of SAP, thereby creating problem in data extraction," says Agarwal.

Remedy: Agarwal has now hired TCS as IT consultant. Though he doesn't have such high-end vendors servicing V2's IT needs as yet, he is clear that once he reaches the Rs 1,500 per sq.ft. per month of sale milestone, he would require an outsourced IT vendor to run his retail 2.0

 http://economictimes.indiatimes.com/features/corporate-dossier/ram-chandra-agarwal-on-what-he-learnt-from-vishal-retails-10-big-mistakes/articleshow/12186463.cms?curpg=3

Management Mythos: Nahusha's lesson on elusive perk

Nahusha was a great king - so great that one day, the Devas came to him and asked him to be the temporary king of their city, Amravati, while their king Indra was away on a pilgrimage. Nahusha was honoured by the privilege bestowed upon him. In Amravati, he was allowed to ride on Indra's elephant, the white-skinned Airavata who has seven pairs of tusks and seven trunks. He was allowed to watch the dance of the Apsaras. Gandharavas followed him everywhere, making music for his pleasure. He sat under the Kalpavriksha, the tree that satisfies every wish and was given the jewel Chintamani that makes all dreams come true.

"What about Sachi, the wife of Indra? Surely I have access to her too," he asked. When the Devas said no, he was furious. The Devas explained that Indra goes to Sachi only on invitation. If Sachi feels Nahusha is as good as Indra, he will be invited. But Nahusha demanded Sachi make herself available to him. Sachi sent a message that she would accept him only if he came to her chambers on a palanquin carried by Rishis. Nahusha, drunk on power, ordered the Rishis to carry his palanquin. The Rishis, wise old men who were highly respected by the Devas, had no choice but to obey.

One of the Rishis was Agastya, a rather short man. Since he was short, he could not walk as fast as the other Rishis. As a result, the palanquin could not move as fast as Nahusha wished it to. Impatient to see Sachi, Nahusha kicked Agastya on his head and shouted, 'Sarpa, sarpa', which in Sanskrit means 'faster, faster'. Sarpa also means serpent. So Agastya cursed Nahusha to descend on earth as a serpent. Thus the king, who was chosen to rule over the gods because of his great achievements, ended up becoming a serpent.

Mr. Doshi was appointed the Chief Operating Officer of the company. His predecessor had a done a great job, but had met with an accident and would not be able to return to work for at least a year. A replacement had to be found. Mr. Doshi fit the criteria. He was hired and taken on board. He was a good replacement and soon took charge of his role.

But Mr. Doshi was upset when he learned that his predecessor had been given a bungalow as part of his package, while he had been given just an apartment. This bothered him no end. Was he not equal in stature, doing the same job with the same responsibilities? The management explained that his predecessor had served the company for over 25 years and the bungalow was part of this compensation, keeping many other emotional factors in mind. But Mr. Doshi would have none of it. He argued that he deserved a bungalow too.

When this was not coming, it started affecting his work and output. A point came when the internal audit team feared that he was taking decisions that would benefit him personally at the cost of the company. All this because he felt he was being denied what he felt he was being entitled to.

The headhunters are out there, looking for a replacement for Mr. Doshi. He does not know that like Nahusha who became obsessed with the one perk he was denied, he too will soon be kicked out of the heavenly seat he currently occupied.

http://economictimes.indiatimes.com/features/corporate-dossier/management-mythos-nahushas-lesson-on-elusive-perk/articleshow/12096531.cms?curpg=2

Employee verification firms rake it in as India Inc tightens vigil on hiring

Corporate India now has its own Private Eye. Faced with increasing instances of fudged data from job applicants, companies are hiring professional background verifiers who, in turn, are profiting at a rapid rate.

"The awareness regarding the seriousness of verification has increased among organisations," says Preeta Pradhan, vice president - compliance & marketing of employee background verification provider Authbridge.

The screening industry has grown by 30% to 40% year on year since 2007, she adds. As more Fortune 500 businesses enter the country or outsource work, they expect their Indiabased entities or partners to follow integral processes. There is no credible industry data available on size of the background screening industry, says Tollemache.

However, colonel Vijay Reddy, founder and director, Footprints Collateral Services, believes the size of the screening industry, including big and small service providers, could be in the Rs 600 crore to Rs 750 crore-per-year range. The Bangalore-based company has 149 clients and verifies close to 6,000 profiles in a month.

Even so, it is a thriving industry, with newer entrants putting their individual growth numbers way above the industry average. "We have already seen 100% to 200% growth and there are miles to go," said Hemender Kumar Verma, general manager - EBS, Pro Interactive Services India, a Noida-based firm.

The company entered into employee background verification services in 2010. Fake documents, degrees from fake universities or unrecognised colleges are the major educational discrepancies, says Verma.

"Background screening has become part of the standard outsourcing contract and therefore, Indian companies continue to proactively adopt it as part of their business process," says Wayne Tollemache, executive managing director - international at talent acquisition solutions provider First Advantage

The background screening process involves carrying out checks at different levels, from education, employment, address check and criminal record to reference checks, checks against global regulatory and compliance databases, identity checks, drug testing, and resume validation.

But unlike detective agencies, processes are open. "We get the candidate's authorisation to get his or her background screened," says Verma. Data-based industries make doubly sure they hire trustworthy employees.

"Employee verification has become extremely important, especially in a data-based industry like ours where clients have entrusted us with their data," says Ashu Malhotra, vice president, Tulip Telecom, a network integrator and data connectivity service provider, which has clients like IBM and HP.

Background screening is not just confined to job applicants. There are cases where companies ask service providers to run checks on their employees. "Most organisations have started conducting comprehensive background checks on all levels of candidates," says Tollemache.

Vendors and contract staff are also subjected to screening. Players price their services depending on the depth of verification requested. It could be as low as Rs 300 per candidate to Rs 15,000. The prices even differ within an organisation.

For example, at entrylevel, candidates may only have their last/highest educational qualification, current address, drug and criminal checks conducted; while for candidates at relatively senior levels, checks such as more than one educational qualification, addresses for five to seven years, drug tests, criminal checks, regulatory and compliance database checks and employment checks are conducted, says Tollemache.

Digging out information is no cakewalk, though. Unlike in the West, where the government mandates employee verification before recruitment, no such requirement exists in India. "We have a very difficult job in getting educational institutions to verify credentials expeditiously," says Reddy.

Fake institutions make the maze that much more difficult to navigate. "There are close to 25,000 bogus companies in the business of providing fake employment experience letters," says Footprint's Reddy. "We also have an alarming number of fake institutes providing education certificates. Their processes are getting more sophisticated by the day," he adds.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/employee-verification-firms-rake-it-in-as-india-inc-tightens-vigil-on-hiring/articleshow/12103562.cms?curpg=1

HCL Infosystems wins Aadhaar contract of Rs 2,200 crore from UIDAI

The Aadhaar number repository and its IT infrastructure will be run by HCL Infosystems, which has beaten TCS to win a 2,200-crore contract from the Unique ID Authority of India.

According to government sources, TCS bid about 6,500 crore for the contract while Mahindra Satyam backed out from bidding in the final round. The bids were opened late afternoon on Thursday, at just an hour's notice to vendors.

UIDAI's biometrics service provider Accenture, which handles the current Aadhaar de-duplication mandate, was technically disqualified along with Wipro.

The contract is most crucial for the project as the winner is expected to handle IT and private data of about 60 crore Indian residents, by June 2013.

HCL Infosystems is now expected to develop an IT backbone for the Aadhaar project, and ultimately handle the data of all 120 crore Indian residents. A UIDAI spokesperson declined to comment on the award, but confirmed the bids were opened on Thursday. An HCL Infosystems spokesperson declined to furnish details on the contract awarded.

Five IT companies - Accenture, TCS, Wipro, Mahindra Satyam and HCL Infosystems - were shortlisted by UIDAI for its MSP contract for the final round. Tech Mahindra, IBM, HCL Technologies and HP had backed out from bidding which took place in May, last year.

HCL Group's bigger tech company HCL Technologies, even took UIDAI to court as its bank deposit of 2.5 crore was forfeited due to non bidding. It cited change of scope of tender, but lost the legal battle.

IT vendors had been complaining, as almost eight months had passed since bids in May 2011. The delay, according to UIDAI, was due to the non approval of required funds by the finance ministry.

Some IT vendors were asking UIDAI to scrap the tender as imports had gone up 15% due to fall in rupee against the dollar and there was newer cheaper inventory available in the market.

E-governance head of an IT firm, which had backed out from the bids, said the award of the contract, can be questioned. "The terms and conditions were changed as the Union home minister P Chidambaram and UIDAI chairman Nandan Nilekani agreed to split the biometric collection exercise after the bids were in place. It changed the scope of the contract. It now will need integration with National Population Register," the IT official added.

The winner, HCL Infosystems, currently handles the UIDAI portal, the purchase of biometric Authentication devices and disk drives for the project.

 

http://economictimes.indiatimes.com/tech/ites/hcl-infosystems-wins-aadhaar-contract-of-rs-2200-crore-from-uidai/articleshow/12104983.cms

Mentoring Relationship

Maintain Your Mentoring Relationship

Securing the right mentor is a major hurdle, but maintaining the relationship can be just as challenging. To keep the mentoring relationship going, try these three things:

• Provide structure. Set up regular meetings with agendas so your conversations don’t degenerate into aimless chitchat. Make sure each meeting moves you toward your goals.
• Expect rigor. If your mentor doesn’t provide regular assignments, ask for them, and work them into your agendas.
• Know when to move on. Once you’ve achieved your goals, move on before the law of diminishing returns kicks in. But stay in touch. Your mentor may become a sponsor who advocates for you even once your formal relationship ends.

http://hbr.org/tip/2012/03/01/maintain-your-mentoring-relationship

Heart Function May Improve With Mitral Valve Repair During Bypass Surgery

Patients who had leaky mitral heart valves repaired along with bypass surgery had healthier hearts than those who had bypass only, according to new research presented in the American Heart Association's Emerging Science Series webinar.

The mitral valve separates the heart's left atrium (upper chamber) from the left ventricle (lower chamber). It has two flaps, or cusps, and if the flaps don't close properly, the valve will leak.

"Many patients who need bypass surgery have mild to moderately leaky mitral valves because coronary artery disease causes the heart to enlarge and, in the process, pulls the mitral valve apart," said K. M. John Chan, B.M.B.S., F.R.C.S., C.Th., the study's lead author and a senior clinical research fellow at Imperial College in London, U.K. The patients in this study had a specific type of mitral valve leak called functional ischemic mitral regurgitation.

The dual procedures of valve repair and coronary artery bypass graft surgery (CABG) are typically reserved for patients with severely leaking valves. However, patients with moderately leaking valves who had both procedures had more improved exercise capacity and heart functioning, and their hearts were more likely to return to a more normal size than those with CABG-surgery alone.

Blood markers associated with heart failure also improved for patients who had the dual surgeries versus CABG-only patients.

Even though surgeons don't typically repair valves with moderate leaks during bypass, CABG patients with leaky mitral valves fare more poorly after surgery than patients whose valves don't leak, Chan said.

Researchers randomized 60 patients to receive CABG only or CABG and mitral valve repair. All patients had moderate mitral valve leaks caused by ischemic heart disease. They tested patients' exercise capacity, heart function and heart size before and one year after surgery.

In the year after surgery:

• Patients who had mitral valve repair and CABG improved 3 ml/kg/min in exercise capacity compared to 1 ml/kg/min in patients who only had CABG.
• The heart size was reduced towards a more normal size by 24 percent in the dual-procedure patients versus 10 percent in the CABG-only group.
• Blood levels of plasma-BNP, which is increased when the heart muscle is over-stretched or in heart failure, was lower in those who had the dual procedure (54.8 pmol/l) compared to those with CABG only (108.9 pmol/l).

http://www.medicalnewstoday.com/releases/242336.php

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'Leadership on the Edge': Coca-Cola, Ashok Piramal Group executives scale new peaks of sustainable leadership

These days, Coca-Cola India executives Ashish Banga (29) and Sameer Pathak (35) are shopping with a purpose. Their lists include waterproof jackets, hiking boots, ski masks, thermal underwear, ski goggles, sun block and zip-lock bags. But they are not taking a holiday in the Alps.

Instead, they are preparing to take lessons on leadership and sustainability in Antarctica. Banga and Pathak will travel in a group of 70 from the world over for a two-week trip from Argentina to Antarctica. The team, which left on Sunday night, will have environmentalists, students and teachers, besides corporate executives, and comprise another Indian, besides the Coca-Cola duo.

Hasita Bhammar, who works with the Ashok Piramal Group as a project coordinator (CSR and sustainability), will also be on the trip. During the expedition, the group will board a cruise, climb mountains, face harsh weather and observe penguins.

In the process, they will learn about renewable energy, water conservation and climate change, besides taking leadership and motivational coaching from explorer, Sir Robert Swan. Coca-Cola has been nominating two people from its global workforce every year for the 'Leadership on the Edge' programme, for the past few years.

The initiative is aligned with the company's 2020 Vision, under which, it is creating sustainable leaders for the future. The other objective of allowing employees to go through this unique experience is to share the lessons learnt with a larger group of stakeholders back home.

"The only way we will meet the goals and growth targets outlined in our 2020 Vision is by creating and maintaining a sustainable business," says Sameer Wadhawan, VP (HR), Coca-Cola India and South West Asia. Banga and Pathak were not randomly selected for the expedition; they had to compete with their colleagues.
The 11 shortlisted candidates at the final selection stage gave presentations to the senior management, describing how they will share their learnings. Banga, for instance, who is a manager in Coca-Cola's capability development for franchise operations unit (India and South West Asia), is also engaged with the company's 'Parivartan' initiative.

Under this rural programme, the company provides training to small retailers and helps them run successful businesses. Banga plans to spread the message of sustainability through Parivartan. "We are often asked by small retailers across villages to suggest and teach them ways on how to preserve the environment better and use sources of energy more efficiently," he says.

 

Similarly, Pathak, who is a senior manager - public affairs and communication, handles sustainability communication for the company. He plans to impart his learnings to students across the 100 schools that Coca Cola provides support to, through its Support My School programme.

"The company provides various amenities to these schools. We could apply some tips around using renewable sources of energy at these schools." They will also share the learnings with other Coke employees and bottling partners across the country.

"Ashish and I may have different stakeholders. The end purpose is to share learnings with our respective shareholders," adds Pathak. Sir Robert Swan, a polar explorer (the first person ever to have walked to the North and South poles) and an environmentalist, is also described as one of the world's top motivational speakers. He has spent several years on missions to inspire the youth to become sustainable leaders and promote the use of renewable energy for a sustainable future.

"The overall mission is to inspire the preservation of Antarctica through creating Sustainability Champions. In a cynical world, Antarctica is still a place, whose story and the journey of visiting it can engage and inspire any audience and that helps spread the message of sustainability far and wide," he told ET.

The Ashok Piramal Group, which is sending Bhammar on the expedition, has set up an e-base at the Pench Tiger Reserve (Madhya Pradesh) as one of its philanthropic initiatives.

The base is used to educate school children and the community living around the reserve about conservation and sustainability. Bhammar plans to use this platform to spread more awareness among school kids, tourists and inhabitants.

"Individuals who participate in the expedition will see the first hand effects of climate change, which will inspire and engage them to be future leaders and promoters of a world that focuses on clean energy, recycling and conservation of our natural environment," says Reshma Piramal, who handles the group's philanthropic initiatives.

 

The expedition costs about $20,000 per individual. Nina Chatrath, managing principal - leadership and talent consulting at Korn/Ferry International says expeditions like these could help create good leaders.

"Although the concept is yet to capture the imagination of many organisations, experiences like these compel one to test one's resilience. When you stretch your physical boundaries, your mind is forced to broaden its horizons as well. You come back and start looking at things differently. Many people realise they were not taking enough risks, or not pushing themselves towards excellence. Once they realise this, they transform themselves to become better in every aspect of their lives."

http://economictimes.indiatimes.com/news/news-by-industry/jobs/leadership-on-the-edge-coca-cola-ashok-piramal-group-executives-scale-new-peaks-of-sustainable-leadership/articleshow/12063841.cms?curpg=3

PSU shares gain as as government approves buyback

Shares of various public sector companies today gained ground after the government approved buyback of shares by certain PSUs as part of the divestment programme.

The Cabinet today approved the buyback of shares in PSU companies, but further details would be finalised by the boards of individual public sector entities.

While the names of potential buyback candidates could not be immediately ascertained, shares of companies like MMTC, Coal India, NMDC, Shipping Corporation surged higher.

MTNL, HMT, STC, Hindustan Copper, Engineers India Ltd, MOIL, Power Finance, Oil India and NHPC were also trading higher.

While MTNL was the biggest gainer in the PSU pack with a gain of over 6 per cent at the BSE, HMT gained 5.9 per cent, STC by about 5 per cent and National Fertilizers by over 4 per cent.

Hindustan Copper, NMDC, EIL and Shipping Corporation were up more thant 3 per cent, while MMTC and Neyvelli Lignite were up about 2.9 per cent each.

Nalco, Bank of Baroda, PFC, Chennai Petro, NHPC, Oil India, BEML, Coal India and Syndicate Bank were trading with gains of over one per cent at 1150 hours in a weak market.
http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/psu-shares-gain-as-as-government-approves-buyback/articleshow/12094966.cms

Market expected to be choppy, don't see upside currently

In an interview with ET Now, Andrew Holland, CEO-Investment Advisory, Ambit Capital Ltd, gives his views on the market. Excerpts:


ET Now: We have seen a lot of back and forth action this week -- a bad Monday, a good Tuesday and a choppy Wednesday. Do you think this is a sign and signal of a market which is looking toppy or is this a sign and a signal of a market which is consolidating, resting and is preparing for the next leg up?

Andrew Holland: It is similar to all markets actually. You have not really seen a lot of volatility in the Indian markets, but we are starting to see that now. The news obviously yesterday with ECB is now baked into all the markets. There are no real big events which we can pin our hopes on in terms of liquidity coming into the markets. So, for India the focus is on domestic issues and obviously we have got the election results next week.

Also, I am not overly convinced for markets going higher from here. If they consolidate, that's great, but all global markets are looking overbought to my mind and we could see markets come down. So if they can consolidate, great, but that's not my scenario. We will probably go down from here now.

ET Now: What do you think is going to be a bigger trigger for the market -- the UP election results next week, the credit policy or is it going to be the outcome of the budget this time?

Andrew Holland: Keeping in view the people I speak to and the kind of feeling which is in the market, all these three seem to be triggers for the market. There has been a positive spin there partly because markets have risen. So expectations have run ahead of themselves.

ET Now: Do you track MTNL? Do you think it makes sense for the overnment of India to divest their stake in MTNL?

Andrew Holland: I have no idea. Maybe they are improving their services, but yeah, I do not know who would want to buy it as a company. That's for sure.

ET Now: What are you telling your clients to buy after the recent price appreciation, so after a 20% price appreciation, where do you see value in this market?

Andrew Holland: I am really not seeing the value. It has been a great liquidity rush and whilst I list into very carefully what was being said yesterday following the ECB and 800 banks applying in the window. On the basis of that, this is good news that they would now be able to, this money would be used to help lend and help the economy, but most of the countries are in austerity programmes. So it kind of flies in the face of what's being said.

Some of the yields that the banks are taking from say an Italy or a Portugal are really because they are getting cheap loans and it is helping for them to fund those lower yields, but that's working on the basis that nothing else goes wrong. So I am a bit worried about that, but liquidity always has a way of just keeping the markets higher for longer, but it does not take much for that to change.

ET Now: Does it seem like the disinvestment target could be met even though with a delay and it does not seem like a Herculean task anymore or do you think we are going to still run into that gap?

Andrew Holland: Obviously good companies will always find buyers. Obviously LIC is a main contributor to the government coffers at the moment in terms of being a backstop for all of these issues. So does it make me feel as though the government has got the fiscal discipline it should have? No, not really.

We will have to wait for the budget. So yeah, they are just trying to mop up in a better market and trying to get as much money as they can before the end of the year, but it does not change anything to my mind in terms of the problems that the government is facing. It is great news in terms of fiscal deficit, but I do not think it has really taken away the problem of the fiscal deficit.

ET Now: Do you think this rate sensitive trade, especially in some of the financials, now is getting slightly crowded?

Andrew Holland: We have been talking about this since December that come March-April, the RBI would be looking to reduce rates. They actually indicated then that it would not be increasing rates. So it is not surprising, but yes, it is a very crowded trade.

When everyone is saying exactly the same thing, you can be absolutely sure it is not going to work out to be exactly what you are thinking. The interest rate play is something we have been talking about and advising, but it has run up very quickly. Again we are just walking away from some of the problems that the banking sector has in terms of nonperforming loans.

ET Now: A word on gold? Do you think the dip that gold actually gave last night should be considered as a buying opportunity and that should be the case for the next 2-3 months?

Andrew Holland: Anytime the price of gold dips, my wife tells me I should buy more and she is the expert, not me.

ET Now: If you have to invest for your wife for the next three years, would you invest in equities or would you invest in gold?

Andrew Holland: Actually she has invested in some of these bonds which guarantee quite a bit of money. So that's where we are.
http://economictimes.indiatimes.com/opinion/interviews/market-expected-to-be-choppy-dont-see-upside-currently-andrew-holland-ambit-capital/articleshow/12095069.cms?curpg=2