This is about 14 years ago. I was working in the office. I work very late, and we were in the middle of the Quaker Oats acquisition. And I got a call about 9:30 in the night from the existing chairman and CEO at that time. He said, Indra, we’re going to announce you as president and put you on the board of directors … I was overwhelmed, because look at my background and where I came from — to be president of an iconic American company and to be on the board of directors, I thought something special had happened to me.
So rather than stay and work until midnight which I normally would’ve done because I had so much work to do, I decided to go home and share the good news with my family. I got home about 10, got into the garage, and my mother was waiting at the top of the stairs. And I said, “Mom, I’ve got great news for you.” She said, “let the news wait. Can you go out and get some milk?”
I looked in the garage and it looked like my husband was home. I said, “what time did he get home?” She said “8 o’clock.” I said, “Why didn’t you ask him to buy the milk?” “He’s tired.” Okay. We have a couple of help at home, “why didn’t you ask them to get the milk?” She said, “I forgot.” She said just get the milk. We need it for the morning. So like a dutiful daughter, I went out and got the milk and came back.
I banged it on the counter and I said, “I had great news for you. I’ve just been told that I’m going to be president on the Board of Directors. And all that you want me to do is go out and get the milk, what kind of a mom are you?”
And she said to me, “let me explain something to you. You might be president of PepsiCo. You might be on the board of directors. But when you enter this house, you’re the wife, you’re the daughter, you’re the daughter-in-law, you’re the mother. You’re all of that. Nobody else can take that place. So leave that damned crown in the garage. And don’t bring it into the house. You know I’ve never seen that crown.”-said Indira Nooyi,Pepsico CEO
Author: Raoji
Why the ADA Group Sucks
Linkfest:July 03,2014
Some stuff that I am reading today morning:
Markets scale new highs on budget hopes (BS)
Survey shows investors prefer property over equities (FE)
Birlas may be having the last laugh in telecom (FirstBiz)
Investment Bankers vying for IndiGo IPO (Mint)
15 key changes in this year’s Income Tax returns (ET)
How to win in investing by doing less (Fool)
Woman doesn’t make bed for 16 years.Calls it Art.Auctions for 2.2Million £(BBC)
7 Motivational US Navy Seal Sayings (INC)
How to bet on the price of water (Fortune)
Everything wrong with investor behavior in one article (TRB)
(Disclosure:I am market making in Ratnakar Bank)
Analysts expect the RBL Bank IPO—the first primary market offering by a bank since Punjab and Sind Bank raised Rs.480 crore in 2010—to draw a strong response.
“We expect the Ratnakar Bank IPO to be subscribed by 20-30 times. Also, given the bank’s potential to capture a large market share, the investors are likely to get an annual market return of 20-25%,” said Vikas Khemani, chief executive for wholesale capital markets at Edelweiss Financial Services Ltd.
He added that RBL Bank can gain immensely at a time when public sector banks have been losing market share to private banks—a trend that is expected to accelerate with state-owned banks starved of adequate capital for growth. “This will be a litmus test for the bank because an IPO is always the lead indicator of things to come. How the IPO goes will be critical to subsequent issues and also what perception the bank develops in the minds of both retail and institutional investors,” said Robin Roy, associate director at audit and consultancy firm PricewaterhouseCoopers.
Apart from raising fresh funds, the issue will also help some of its existing investors exit. Over the last three years, global and local private equity and development funds have invested over Rs.1,400 crore in the bank in three tranches.
As recently as 10 April, RBL raised Rs.328 crore by selling fresh shares to UK government-owned development institution CDC Group Plc and Asia Capital and Advisors Pte Ltd along with existing shareholders World Bank-backed International Finance Corp. and Gaja Capital. Housing Development Finance Corp. Ltd, Norwest Venture Partners, Samara Capital, Beacon Capital, Faering Capital, TVS Shriram, Cartica Capital, Ascent Capital, Aditya Birla Private Equity, IDFC’s Spice Fund and ICICI’s Emerging India Fund are also shareholders in the bank.-from Mint
(Disclosure:I am market making in the shares of BSE)
The government should allow leading global bourses to hold up to 49% stake in Indian stock exchanges to enhance the competitiveness of domestic capital markets, BSE has said.
The current policy permits foreign bourses to own a maximum of 5% stake in Indian exchanges. “The current policy on ownership of stock exchanges may be amended to allow for an investment stake of at least 15% (or preferably even 26-49%) for foreign exchanges of international repute, in line with the regulations for Indian exchanges,” BSE said.
The recommendation has been made by BSE in a document to the ministry of finance ahead of the budget in July. According to the leading stock exchange, while the current policy does not “preclude a strategic partnership between an Indian and a foreign exchange, the 5% cap does make such a partnership difficult”.
It added: “Without the potential for a meaningful investment stake of at least 15% (or preferably even 26-49%) potential foreign partners are reluctant to engage fully because there is inadequate ‘skin in the game.’” BSE has said the move will allow domestic stock exchanges the flexibility to form deeper partnerships with global bourses, enhance global competitiveness, help attract more foreign funds, facilitate and accelerate adoption of best-in- class technology. “The foreign exchanges can only afford to invest their time and resources if their contribution is rewarded commensurately,” BSE said, adding that a larger ownership stake is one way to ensure their engagement.-from Mint
Currently, both Deutsche Bourse AG and Singapore Exchange Ltd. own around 4.92% each in BSE