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Cover story | June 19, 2016

These big borrowers shed debt better than others

These big borrowers shed debt better than others

The RBI and the government are forcing big borrowers to reduce leverage. Some companies are managing it better than others.

Editor's Note

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Rationalising Debt

In 2003, the global economy started growing rapidly, after two years of lacklustre growth following the great tech crash of 1999/2000. The growth peaked in 2006, and the year 2007 continued to be nearly as good. In the western countries, the growth was largely fuelled by a housing bubble and a boom in the financial markets that were creating and trading in all sorts of exotic instruments.

People

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People Business

People who made news

Features

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The Report Card

The Modi government's first two years will be remembered for several landmark steps such as Jan Dhan Yojana and Make In India, an initiative to encourage local manufacturing for job creation.

Upfront

After scripting one of the most remarkable turnaround stories of recent times, Ajay Singh, Chairman and Managing Director of SpiceJet, may finally start taking a salary - for the first time since he took charge of the ailing budget carrier in January 2015.

On Fresh Turf

The Chennai-headquartered Freshdesk may become India's first software-as-a-service product Unicorn.

Tweak the Make in India Recipe

Tax waivers, subsidies, reimbursement of duties or monetary grants alone can't kick-start manufacturing in India

Commercially Sustainable Bankruptcy

The law must provide a framework in which entrepreneurs can either revive their failing businesses or seamlessly exit them and take another shot at commercial success

India is now power surplus, says Piyush Goyal

Two years ago, the prime minister had entrusted Piyush Goyal the task of reviving the country's comatose power sector. In an interview with BT's  Anilesh S. Mahajan, Goyal assured that he is well on his way towards delivering on the promise by tapping the synergies between the ministries under him.

Wristful Thinking

A bevy of smartwatches in the market promises to make your life easier - whether at your desk or on the treadmill. Read on to know if you should buy one.

Store More

The SanDisk iXpand flash drive is a convenient way to increase storage on your iPhone and iPad.

PE investors are unable to exit their investments

On May 16, India's premier bourse, the National Stock Exchange (NSE), declared a hefty dividend of Rs 73 per share for its shareholders. The total payout aggregated to almost Rs 330 crore - close to 75 per cent of the exchange's total profit of Rs 439.33 crore for FY2016.

Letters to the Editor

Business Today readers share their feedback on the magazine's coverage.

'Speed of technology is reshaping the industry'

Technology has changed our clients businesses and our business. It requires us to create ideas in different modes, in different channels and quicker than we had to before, says Chuck Brymer, President and CEO, DDB Worldwide Communications Group.

After four yrs, Jet Airways finally turns around

Between 2011/12 and 2014/15, Jet struggled due to poor network planning, operational inefficiencies, directionless management and insufficient brand focus. Things started changing after the stake buy by the UAE's national carrier, Etihad Airways, in November 2013.

Future Imperfect

The book warns that our callous attitude towards the environment is leading to a bleak future.

The Big Fight

The book chronicles the tribulations faced by the author's family and the resurrection of Malayala Manorama amid grim times.

Event

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Calendar

International Forum on Urban Policy for Sustainable Development Goals to be held in Seoul from June 8.

Corporate

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How firms are cashing in on drip irrigation

Drip irrigation not only saves water, but is also proving a bonanza for companies that manufacture the irrigation systems. The pioneer among them is Jain Irrigation Systems.

Companies offering water solutions are thriving

Opportunities are multiplying because both the Centre and state governments have realised the urgency and magnitude of the water problem. A big driving force is the millennium development goal of sanitation and water access for all.

The Rs 88,000-crore Opportunity

India is going dry, literally so. The per capita availability of water has dropped from 5,177 cubic metres in 1951 to 1,545 cu m in 2011, which is below the 'stress level' of 1,700 cu m. Solutions to India's acute water crisis are a booming market.

Water theft from surface, ground rampant in India

In a drought situation, as currently prevailing in Maharashtra's Marathwada region, the temptation - and indeed in many cases, the compulsion - to procure water by means fair or foul, increases manifold.

Packaged water, purifiers gain popularity

Alongside bottled drinking water, water purifiers for home use are also spreading rapidly. ValueNotes estimated this segment at Rs 3,400 crore in 2014, having grown at a CAGR of 20 per cent in the three previous years.

Will the huge purchases burden JSW Group?

While buyouts by large corporate houses during an economic downturn at cheap valuations are not uncommon, Jindal's JSW Group already has accumulated total debt of around Rs 56,000 crore. Also, its major businesses have an exposure to sectors facing challenging times.

Focus

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For Fiscal Discipline

The challenge for the five-member review committee is to chart out a more effective FRBM road map.

Here's why exports may soon stop falling

In April this year, India exported goods worth $20.57 billion, almost 24 per cent less than the $25.63 billion in April 2014. In 2015/16, the figure was $261 billion, 18 per cent less than the $314 billion in 2013/14.

FMs Propose, Markets Dispose

Successive finance ministers have announced new institutions for the financial marketplace, but not many have survived or achieved their stated goals.

RBI's Exposure Issues

Obliging the government has come before controlling overexposure to borrowers

Good Luck Only Comes With Good Policies

For continuous growth, India needs to focus on raising more taxes and enhancing spending efficiency along with more economic reforms

It Is Not About the Dragon Alone

The commodity rebound is being driven more by the weakness in dollar and supply side issues than Chinese demand growth

Experiment With Truth

Even before payments banks could get off the blocks, a few aspirants decided to call it quits. What next?

Consumers are making a shift to petrol variants

The narrowing price gap between petrol and diesel, the Supreme Court ban on registration of diesel vehicles with engine capacities of 2,000 cc or more in Delhi-NCR, and the embargo on 10-year-old diesel vehicles in the capital, and now in Kerala, could very well lead to the death of diesel cars in India.

BT More

Summer Loving

The Fio Cookhouse at Epicuria, Nehru Place has a way of cutting the rest of crowded house. Its interiors and elegant bar make you forget about the world for a while.

Perfect Set

Chi Ni has the distinction of being ensconced in one of the prettiest properties in the city. You can't go wrong if you opt for the set lunch menu at Chi Ni.

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