www.kotak.com april-june 09 issue 1
A Magazine from Special: Ideas for this summer Holidays, Wellness, Dining, Gizmos, Gaming, Films SELECT EDITORIAL
Dear friends, Privy League, our premium banking programme that 2008 was the most turbulent year the global financial will cater to the banking, financial planning and sector has experienced in recent times. The burst of investment needs of clients like you. With this launch the real-estate bubble in the United States triggered a we aim to offer financial solutions that will deliver rapid decline in asset prices. As a result, financial safety, growth and luxury under one umbrella. institutions had to sell assets to support their liquidity Looking at the future of the financial sector positions. The result was a vicious circle of de- worldwide, I expect we will see greater levels of leveraging, which created a strong, further downward supervision and regulation, more modesty in scope and pressure on equities, real estate and private equity. risk profile, as well as higher capital requirements. This culminated in a global wave of bank failures, Thanks to our high capital adequacy levels solvency problems, and partial nationalisation of a (among the highest in the banking industry), number of financial institutions, with implications for the strength of our long term relationships and our everyone, including fundamentally healthy companies. diversified service offerings, the firm is well positioned These extraordinary conditions severely impacted the to deliver stable, steady growth. Indian economy, resulting in the current near We will concentrate on the basics, reducing deflationary situation, falling exports and complexity and will strive to maximise value. We are a reduced GDP growth rate. convinced that the strength of our platform, combined But good things can also come from challenging with the right business model, enables Kotak to face situations. As we navigate through these interesting the future with confidence. Thank you for your times, my faith in the India story, as well as in the continued support, and we look forward to a long and power of our unique, integrated business model at fruitful relationship with you. Kotak Mahindra has been reaffirmed. While on one hand we are growing well, on the other we are — Uday Kotak consolidating with care as well. Executive Vice Chairman This month, at the bank we are introducing & Managing Director
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APRIL-JUNE 2009 CONTENTS
4 TRAVEL 20 EQUITY FUND MONTHLY 27 LIVING South African sojourn ANALYTICS Feng-shui those blues away The Indian Premier League debuts in a foreign Tracking funds Some energy tips that will help you keep the location this year.We check it out recession at bay 22 WELLNESS 7 ADVISORY Spa getaways 29 HOBBIES Managing global risks It’s a great idea to move out of the city for a Wide screen wonders Alroy Lobo, chief strategist and global head, Kotak vacation that combines luxury treatments Some energy tips that will help you keep the Mahindra, on what the fiscal holds for you recession at bay 25 PARTYING 10 DINING Be the hostess with 30 WINES More than Indian-Chinese the mostest Of port smells and India’s favourite foreign cuisine now has more Run through these simple steps for that ship tastes avatars — and some of them are even original perfect party Portugal sent colonists to India centuries ago, but is only now sending us its wine 12 PEOPLE Healing touch 32 CAREERS Doctor and writer Abraham Verghese Money from a click brings the sweeping narrative back It makes more than just the ability to frame pictures to become a photographer 14 GAMING Play with me, baby 34 DEBT OPPORTUNITIES The gaming industry is growing… PORTFOLIO because it is entertainment at Demystifying the your fingertips debt markets
16 TOYS Buy a boat, maybe? The boat show in Mumbai points to luxury boats becoming (relatively) cheaper
18 VIEWING A summer of surprises The line-up of films this summer vacation is both original and masala- packed 27
Editor: Kishore Singh 22 16 Email: [email protected]
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APRIL-JUNE 2009 TRAVEL
TRAVEL
AABHAS SHARMA
ndian cricket fans were a disappointed lot when cheetahs, 500 rhinos, over 10,000 elephants and a host of news of the Indian Premier League hits the head- other species of wildlife. Basically, in one place it’s possible lines. The entire series has been shifted to South to spot wildlife in every nook and corner of this national Africa and a majority of fans will now have to be con- park. Located in the provinces of Limpopo and tent with watching cricket, with quick-fix meals for Mpumalanga, and well connected with most of the cities Icompany, within the confines of their living rooms. in the country, Kruger National Park attracts thousands of However, for those ardent fans who can afford it, it’s tourists every year from all over the world and is one of the SOUTHSOUTH a wonderful opportunity to visit South Africa and catch all most popular destinations in the country. the live action while also soaking in the pleasures of all that Cape of Good Hope is another scenic wonder which at- the place offers. Yes, in the midst of all the cricket frenzy, tracts a lot of tourists and is located extremely close it’s a unique opportunity to see some of the most beautiful (50 km) to the city of Cape Town. For centuries, it was a places on the planet. South Africa offers some amazing landmark indicating to navigators that they were at the wildlife watching spots, cosmopolitan cities, hiking trails, meeting of the Atlantic and the Indian Oceans. Today, the AFRICAN breathtaking hill resorts, and lots more. In short, it has place is a haven for outdoor enthusiasts and offers hiking, AFRICAN something for everyone. surfing, beach activities and cycling opportunities against A must on your list, if you do manage to land in South the spectacular backdrop of the mountains and coastline Africa, has to be the Kruger National Park. One of the of South Africa. largest national parks in the world with an area covering When in Cape Town, one can also go to Robben over 360 kilometres, it has several rivers running through Island, the place where Nelson Mandela spent 18 years in the park and offers some of the most beautiful wilderness prison. The area has now been declared a museum and SOJOURNSOJOURN trails on the continent. As a continent Africa offers abun- The Indian Premier League debuts in a foreign location dant wildlife, but nothing comes close to the Kruger National Park. There are over 1,500 lions, 3,000 hippos, 200 this year. We check it out
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APRIL-JUNE 2009 APRIL-JUNE 2009 ADVISORY MANAGING GLOBAL RISKS Alroy Lobo is chief strategist and global head, equities asset management, Kotak Mahindra. A mechanical engineer with a masters degree in management studies from Sydenham Institute of Management, Mumbai University, he has 13 years of experience in institutional equities — as equity research analyst (pharmaceuticals, technology), head of research and equity strategist. His earlier assignments were with HMG Financial Services in equity research and with Godrej & Boyce in evaluating companies as vendors. Lobo’s last assignment was as head of institutional equities at Kotak Securities
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APRIL-JUNE 2009 ADVISORY ADVISORY
We had a pullback (around 2009 quarter results, both first half. FY09 earnings growth is risk, the ability to manage in a rupee creates new challenges for from June ’09. What do you 20 per cent) from our recent globally and locally, we expect expected to be flat tough environment, is difficult for India, and would lead to the RBI feel will be the impact of this lows. Do you expect any the market to consolidate within to 4-5 per cent at best, midcap companies. having the difficult task of change on sectors and key further significant up move a 1000 point Sensex band. ex-commodities. managing both currency as well companies. between now and the Are you sensing interest as liquidity. Adoption of free float elections? What is your overall sense Kotak30, Kotak coming back to the midcap methodology for NIFTY will have FII mark-to-market for Indian on the earnings season Opportunities and Kotak space? What are the sectors for local rather than global effect equities had declined significantly that’s concluded and the one Midcap had a cash position Midcaps usually derive demand which you are positive/ portfolio realignment in large cap to $57bn in March ’09 from that’s coming up? Should we of about 20 per cent as of based on large cap companies. negative? funds companies benchmarked to $265bn from the peak of brace ourselves for more February 2009 end. Is this Once the intrinsic valuation gap is We believe in intra-sectoral plays. the NIFTY. Weight on the banking December ’08; hence probability pain on this front or do you reflective of a cautious view fulfilled by large cap companies, There are stock biases within a sector, for example, will likely of further sell-off was limited and see stabilisation in earnings, on markets? When are these markets will broad-base into particular sector. The rationale for increase, which will be positive for a bounce-back was expected. On and what are your EPS cash levels likely to be midcap companies which are giving higher weightage to a this sector. Most global investors the global front, the Geithner projections for FY09 and reduced? attractively valued. package on public-private FY10? We have progressively been investment funds, if successful, is Q4 results could see a decline in reducing from the earlier levels of What is the investment likely to address the liquidity issue stand-alone earnings by around 8- October ’08; a more aggressive strategy being followed in in US banks. Recognition of 9.5 per cent, while on a view will be taken with more the current range bound Any massive solvency issues of global banks consolidated basis, the results certainty on the global front and markets? depreciation in the and the G-20 support to the IMF could be better. The market post the general elections. Range bound markets are played “ are positives. Markets have taken seems to have discounted the with an investment bias on large rupee creates new a positive view on these same; any impact is likely to be Market experts suggest that caps and opportunistically through challenges and would initiatives, resulting in liquidity felt on a stock-level rather than market turnarounds index options. There is normally lead to the RBI having and risk appetite flowing back to on a sector-level. The re-alignment normally begin with large greater concentration in high equities globally. Domestic of NIFTY index constituents as per cap names. Do you subscribe conviction stocks of particular the difficult task of market valuations are still at the free-float market capitalisation is to this view? sectors in range bound markets. managing both currency lower end of the historical band, likely to have an impact on some This is true that market Broad-basing will likely take place as well as liquidity indicating that Indian markets are large cap companies. H2 FY09 is turnaround normally begins with when the market runs out of large still attractive; however, it would likely to be much better than the large cap names as the liquidity cap ideas. Cash positions are being need greater catalysts to reduced and portfolios are being significantly move up hereon. re-aligned accordingly. Given uncertainty on the outcome of the upcoming Any triggers or a positive particular stock would depend on are benchmarked to the free-float elections and likely weak March event for the next 3-6 the following factors: cheap MSCI India index and” will not likely months? valuations, strong managements see major realignment in portfolio The general elections and and balance sheets, strong allocations. expectations of economic corporate governance, ability to recovery towards end CY09. comfortably fund growth, and Any views on the consistent growth in earnings and commodities sector? What are the key risks and cash-flows. Companies exposed to Commodities is a high beta sector. concerns you foresee in the high leverage, weak sector Stocks in this sector are normally near future? fundamentals and potential for the first to move up when the A negative outcome on the negative surprises would not be market revives. Also, the sector general elections or a new global part of the portfolio unless these tends to gather interest whenever shock not earlier envisaged. I stocks price in these negatives and the USD weakens. Currently, prices would, however, say that global are available at distressed of various metals have fallen below risks, if not managed well, can far valuations. marginal cost for producers. outweigh local risks. Strength of NSE has decided to adopt free However, a sustained recovery in the INR is also a key parameter. float methodology to this sector will have to be led by 8 Any massive depreciation in the compute benchmark indices demand factors. 9
APRIL-JUNE 2009 APRIL-JUNE 2009 DINING
DINING Localised Schezwan, brought in by restaurateurs in the 1970-80s, was adapted for an Indian audience
land China for the kind of authentic Cantonese preparations that I got to sample. The restaurant was hosting two visiting chefs from Guangdong, the southern province in China, one of its most prosperous and populous, and this is the fare that they’d dished out — Cantonese food, as it should be, pretty much. What was remarkable was the fact that the chefs dared pre- rateur in Mumbai, Nelson Wang) prawns, as also chicken salt and pep- sent their native cuisine as it is — alongside deep-fried prawn pakoras. per that is popular in India — but ac- rather than as they thought it should The resultant cuisine had no resem- quired its repertoire of steamed and be for Indian diners. blance to “authentic” Chinese, what- lightly seasoned dishes as more and But first, Gringko nuts: A local spe- ever that may be. more Western influence permeated ciality in China, the fruit, plum-like, But the most popular form of into preferences and practices. With with a flavour that has sometimes Chinese cuisine in India has been bas- the Indian palate averse to such sub- been described as “rancid butter”, is tardised Schezwan, brought in by tleties, it hasn’t been till now that it Indian diners are enjoying used to flavour soups, meats and the restaurateurs in the 1970s-80s and seems to be catching up, at least in the flavours of authentic Chinese food. No like. It is hardly available in even the smarter restaurants. CHOPSTICKS TRIVIA smattering of soy, please Western supermarts or Chinese stores And there are other kinds of What is “authentic” Chinese? outside China and serving this to an The chefs dared Chinese cuisines that you can Eugene Anderson, a professor of anthropology at Indian audience can only be called a present their native sample in the country without the University of California, Riverside, and author bold decision. necessarily venturing into the of The Food of China, says, “Chinese food is Stir-fried noodles with a seasoning cuisine as it is — Indian-Chinese territory. Many defined by a flavour principle of soy sauce, ginger, of mustard seeds and curry leaves, or rather than as they restaurants boldly state their garlic and green onions” and methods including MORE THAN Gobhi Manchurian in a tangy sauce thought it should be genres, so look out for stir-frying and steaming. “Once you get too far that some food historians, in fact, Singapore-Chinese (if you are away from those rules, it is no longer Chinese.” credit as being the precursor to looking for noodles, be prepared “ketchup” (see box) — these have al- then adapted for an Indian audience. for the thin vermicelli style rice ones), The link between Manchurian sauce ways defined the cliché that Indian- So, you have a Tarla Dalal book giving “modern” Chinese restaurants — and ketchup INDIAN- Chinese sometimes is. The rise of the you a vegetarian recipe for paneer in Western-style presentation and in- Manchurian refers to a sauce made by simmering cuisine has been credited to two di- Schezwan sauce, and companies such gredients with Chinese accents a la My garlic, ginger, sugar, soy and red chilli paste. It is a spicy cousin of the sticky sweet and sour sauces verse influences. The first was the as Knorr’s and Ching’s bringing Humble House at ITC Maurya in New that used to coat a lot of Chinese-American food. CHINESE large-scale migration from south-east- Schezwan sauces. Delhi, as well as Beijing or Peking cui- It also resembles ketchup, which many culinary ern China after Mao’s Cultural On the other hand, the world sine that has royal influences. The historians believe is descended from the intense India’s favourite foreign cuisine now has more avatars Revolution, primarily of the Hakka over it is Cantonese food (and the most spectacular restaurants, for in- Chinese sauce ke-tsiap. — and some of them are even original community, to parts of India — such many forms it has taken including stance, to have come up recently have as Calcutta. As perennial wanderers, Cuban-Chinese, Peruvian-Chinese, been The China Kitchen at the Hyatt The first Chinese in Calcutta the Hakka have maintained strict cul- American-Chinese and the American in New Delhi and its sister The China The first modern Chinese settler in India is tural (and culinary) identities and it Chopsuey) that is predominantly the House at the Grand Hyatt, Mumbai. believed to be a man named Atchew who arrived ANOOTHI VISHAL was thus natural that they brought favourite, thanks largely due to the Both have a smattering of northern in Calcutta around the year 1780. He tried to set their own cuisine to their new land. fact that men from Canton were sent recipes and very authentic Peking up a sugar mill but lost the business because of autéed scallops, sautéed lily (it resembles bits of Once here, it mingled with local in- off as indentured labourers in the Duck. Meanwhile, it has now become inadequate funds and unskilled labour. Following onion but is much sweeter), sliced chicken with fluences to give us a strain of 19th century to many of these coun- commonplace to enjoy a high-level his death, his associates and workmen remained and their numbers were augmented when sailors gringko nuts… On the night that I sample all “Calcutta Chinese” and the tries. The cuisine had its share of of skill at dim sum making even from from Chinese ships abandoned their vessel and these, dining at RED, a Chinese restaurant at the Manchurians (claimed to have been deep fried goodies according to the Indian chefs. Who wants “cornflour S 10 opted to stay in the city. MBD Radisson in Noida, I could have been dining in main- invented by a Chinese-origin restau- two chefs I met — deep fried pork or gravies” in the face of all this? 11
APRIL-JUNE 2009 APRIL-JUNE 2009 PEOPLE
PEOPLE and Ghosh, to enter into an annual It's no wonder critics like minimalist contract of matrimony, and sets off stories because they don’t take as a series of events that hurtles Missing long to read! The success of the away from the fringes of Addis Bollywood, and for that matter the Ababa’s unfolding narrative to, seem- Hong Kong film industry, has to do, ingly, its centre-stage. I think, with the fact that they tell A student at Madras Christian old-fashioned stories that move peo- College and later Madras Medical ple. If that is what ‘Bollywoodian’ College, Verghese was born and means, I'm delighted to be in that brought up in Ethiopia, and in set- camp. (Slumdog Millionaire is ting the broadest sweep of his nov- Bollywoodian, I would presume, HEALING el in Addis Ababa, Verghese says he and it kicked ass in Hollywood this is also paying tribute to that country. year — people are hungry “The few images one sees of for stories!)” Ethiopia are uniformly negative, “I think critics are shy He adds, “That's the ul- TOUCH about war and poverty,” he says. about admitting to timate goal of a writer I “I wanted to depict my love for that would say: a good story Doctor and writer Abraham Verghese land and its people, for their in- liking stories that move well told. I love the kind of credible beauty and grace and their them emotionally” story where you feel you brings the sweeping narrative back wonderful character.” enter a world, live through Verghese’s practice of medicine many years and many KISHORE SINGH took him to eastern Tennessee, USA, Tom Clancy on submarines. I think events, and when you are done and in the eighties where, for the first the reader wants just enough to come back it's still Tuesday but you time, he came in contact with HIV-in- imagine it, to feel steeped in the re- have learned the lessons of a life- he vast epic, stories within stories, maudlin fected persons. “It was an intense, al thing. So I hoped the medical de- time. In that sense, I think a good tales and tales of heroism and valour, these sad, heartbreaking period because tails would work that way for the novel has the possibility to bring out are all encoded into the subcontinental DNA, we had no real therapy and lots of reader; I think we all have this unholy the truth more powerfully than non- and Abraham Verghese, physician and writer, prejudice and hatred,” which led interest in matters of the body, so de- fiction. (Uncle Tom’s Cabin started an Ethiopian-American of Malayali origin, him to write My Own Country, a spite ourselves, the details draw us the Civil War in America, after all).” couldn'tT have escaped it no matter how hard he tried. So gripping, non-fiction account that in,” says Verghese But is it overarchingly sentimen- he does one better: he traps readers into his world of tugged at the heart’s strings and Cutting for Stone is an old-fash- tal? “I'd say life has many wet han- words and operating theatres, of curing and healing, established Verghese as a writer. A ioned book, drawing on pathos and kies, and life is ultimately full of sur- of belief and make-believe, of an impossible/possible second book, The Tennis Partner, tragedy and humour to keep the prises and life is relentlessly ironic story that spans America and Africa and Asia, so lucidly of coming to terms with friendship pace from flagging, and the end is as — I’d argue that there is nothing told it ought to have happened, so ludicrous in its concept and loss, followed. heart-wrenching as it is moral. The clichéd about the kind of ending there was no way it could have happened… Though he writes about medical twins, once inseparable, have fallen that affirms those truths about life,” Cutting for Stone is all of this, a sublimely sentimental procedures in his books as “having out, but fate will not just bring them he says. “‘Soap-operaic’ is an adjec- story, masterful in its telling, and yet oddly manipulative. emerged out of my love for medi- together, it will also offer them as- tive that I associate with stories that Sister Mary Joseph Praise, off a ship from India, lands up cine”, his compassion for people, for tonishing retribution. It is this that lack meaning, where inelegant and in Africa, then follows Dr Thomas Stone to Operating patients is best understood in the makes Abraham Verghese old-fash- deux ex machine coincidences and Theater 3 in Missing (as the Mission hospital was pho- Dr Stone homily that the treatment ioned and an oddity in America, and fireworks try to stand in for a mov- netically typed up by the license clerk, and was forever to administered in an emergency is Cutting for Stone a book about val- ing narrative. I'd like to think what I be known). It would be impossible to reduce the sum of “words of comfort”, for the distinc- ues and goodness and morality. It is spun out was imaginative, but no what follows to a few sentences, since action and reaction tion between healing and curing is an American book with an Ethiopian less impossible or far-fetched than a and Verghese’s characters assume a life that is so com- what obsesses Verghese. “I think sweep and an Indian heart. boy with a Kenyan father and a pelling, you cannot but surrender to the narrative. readers enjoy authentic detail, what- When I say that the book is al- white mother who grows up partly Drawn against the theatre of Ethiopia, Operating ever it is. I am not a golfer, but I most Bollywoodian in scope, in Indonesia, who has a Moslem Theater 3 sees the miraculous births of Marion and Shiva love to read [John] Updike on golf, Verghese counters, “I think critics name, rising in the post 9/11 Stone, a “miracle” so cataclysmic, it causes their “father” or C S Forester on sea battles in the are shy about admitting to liking America to be President of the 12 to disappear, their foster parents, the doctors Hema Napoleonic wars, or for that matter stories that move them emotionally. United States.” Touche. 13
APRIL-JUNE 2009 APRIL-JUNE 2009 GAMING
GAMING
Nokia, at the 2009 Mobile World Congress in Barcelona, announced that Ovi, its online mobile solutions portal, would be accessible to about 50 million people immediately upon its launch in May this year. This, according to two top-selling console games in Vineet Taneja, country manager November last year were for the billon mark this year. According (GTM), Nokia, means that users will be PLAY WITH ME, Xbox’s Gears of War 2, with 1.56 mil- to Vishal Gondal, CEO of ៉ able to download new lion units sold, and Call of Duty: Indiagames, numbers are games and multimedia NOKIA N73, World at War, where 1.41 million very promising for play- N6210 applications directly on units moved globally. By comparison, ers. He says, “As the tele- NAVIGATOR their handsets via the Ovi BABY the Play Station 3 version of Call of com subscriber base Select models from portal. Nokia is hoping The gaming industry is growing…because it is entertainment at your fingertips Duty sold just 5,97,000 copies across grows from 347 million Nokia, like the ones that being able to offer all markets. subscribers in 2008 to 815 listed above, boast of an entertaining game, million subscribers in 2013, Prison Free, a game priced at less than Rs 100, PRIYANKA JOSHI ME, GAMES & MOBILE the playground will only that has millions of for one’s mobile phone There are more casual gamers than get more competitive.” fans all over the world can become a major rev- orget that these are supposed to be tough times, Microsoft Xbox, on the other hand, has an installed hard-core gamers and there’s no Better technology and enue opportunity for for there’s at least one industry in the enter- base of around 1,00,000 XBox 360s but thinks that in 2009 doubting the potential of the Rs 1.4 large consumer bases caused devel- many game developers, both small tainment sector which is not only cruising along they can take the number to beat Sony’s dominance. billion strong mobile gaming market. opers to develop games for them. and large. According to Salil Bhargava, F but is making more money than ever before. Yes, “We are adding more distributors and ramping up our dis- Dominated by players like Indiagames, Nokia’s earlier NGage platform was a CEO, JumpGames, a focus on data that’s right. The Rs 6.5 billion Indian gaming industry, tribution to 65 cities in the country. We have already Games2Win, Nazara, Hungama taste of what could be possible but services by telecom operators will dri- while not recession-proof, is ready to grow four-fold to tripled our sales team to help in the expansion,” explains Mobile and Jump games, mobile gam- hardware deficiencies made Nokia ve the growth of mobile games. reach Rs 27.4 billion by 2013, estimates a KPMG report. Jaspreet Bindra, regional director (entertainment and ing is estimated to breach the Rs 3.2 abandon the project. With the in- “Network-based gaming and features Jehil Thakkar, executive director, KMPG, agrees that the devices), Microsoft India, adding that console players creasing adoption of the Apple iPhone like Instant Messaging in games are al- industry seems to be bucking the recession trend. He may respond to tough economic conditions by dropping and other smartphones, it so likely to drive the market signifi- says, “We are seeing double-digit economic growth and it’s prices, but Microsoft will bank on sequels and remakes has become another av- cantly,” he feels. remarkable.” Driven primarily by a combination of inno- rather than original IPs this year. enue for software devel- Players believe that content needs vative new titles, long-awaited franchise follow-ups and a “Exclusive games being released for consoles will be few. opers to create and sell to be simpler and more casual games desire for escapism, 2009 is believed to spawn off a gam- Publishers too are striving to push their products to as games without huge in- in the one-button genre could be ing renaissance of sorts. many eyeballs as possible to recoup their investment,” says vestments of capital. strong contenders for emerging mo- KPMG’s Thakkar. It’s one thing to sell well before the hol- bile content. As brands warm IT’S PLAYTIME idays, which is where Sony made a killing when it slashed up to gaming, revenue While mobile and PC games dictate the domestic market, its prices to Rs 7,500 for the older console hardware. Games India plays streams like “advergaming” ៉ The Rs 1.4 billion mobile gaming KPMG analysts feel that it will be console gaming that will However, Microsoft can smile about the fact that the should be an interesting market is dominated by players like gain prominence in 2009. “In times of trouble, people do trend to watch out for, pre- Indiagames, Games2Win, Nazara, like to ‘nest’ and spend more of their entertainment Hungama Mobile and Jump games dicts KPMG’s Thakkar. time at home,” says Atindriya Bose, country manager, Sony Top 3 video games for XBox 360, PC and PS3 The growing numbers in Computer Entertainment. He points out, “Console games * KILLZONE 2: Shooter action game with online multiplayer the gaming industry present fit into the present circumstances well, especially as the re- modes, explosive weaponry and cinematic gameplay on PS3 opportunities for brands and devel- turn on investment is very high for consoles. You buy * CALL OF DUTY: After its stupendous success its sequel, Call opers to create bespoke communi- one game for Rs 1,500 and the whole family can play it at of Duty: Modern Warfare 2, has been announced on Xbox 360. cations for consumers. Yes, all this leisure.” Sony Playstation (PS) has an installed base of * LORD OF THE RINGS: Breaking the myth that movie-based development despite the ongoing around 4,20,000 PS2 consoles, 1,25,000 Playstation porta- games are sub-standard, this debuts as an online multiplayer credit crunch. 14 bles and an estimated 35,000 PS3 devices in India. gameplay in 2009 on all consoles Ready to play a match now? 15
APRIL-JUNE 2009 APRIL-JUNE 2009 TOYS
TOYS BUY A BOAT, MAYBE? The boat show in Mumbai points to luxury boats becoming (relatively) cheaper The meltdown may have affected the luxury yacht market but experts suggest it’s only very temporary PRIYANKA JOSHI
hose in the know say 2006-07 was a good year to reportedly evaluating dealers to expand its network to Marine Solutions, which sold around trade up.” Meanwhile, sales of heat- see luxury motor boats and high- be in the $5 billion marine industry in India, but places like Mumbai, Chennai and Kochi. There are even 60 boats (all sizes) last year, expects ing, advanced onboard GPS systems, end jet skis being the bestsellers this already the global financial crisis has put a hole in plans to provide financing help to potential buyers. “We a flat growth in 2009. Dutta, how- refrigeration, cooking and sanitary fa- year.” Agreeing that buyers were Tits sails. No wonder, exhibitors at the 2009 Samira are working out easy financing options for buyers,” in- ever, admitted that as the deal clos- cilities and multimedia systems was bargain hunting at the SMIBS 2009, Mumbai International Boat Show (SMIBS) are claiming formed Bhiwandiwala. ing for larger yachts, priced at Rs 6 seen gaining importance at SMIBS as he added that bargains can help that there has been a steep increase in the time As the recreational boating industry suffers na- crore and onwards, has gone up to boat owners mulled over invest- the dealers to clear their invento- it takes to close a deal, and that the av- tionally, both from a contracting economy 12 months and, in some instances, ments in their current vessels rather ries. “Being tough times, dealers are erage deal size has fallen to around Rs and changing recreational diversions, people have even put off purchases than buying new boats. Dutta high- offering discounts of up to 10 per 1-2 crore, as against Rs 3-5 crore in players believe that the wealthy for next year, it could mean tough 2006-07. A few boat manufac- buyers of high-end crafts such as times for the fledgling marine in- turers were also seen wooing mega-yachts, sport yachts and dustry in India. Dressing up designer boats is big, a fact only buyers with discounts, up to super ski boats would keep the Another factor that is feeding in- too evident at the boat show in Mumbai 10 per cent in some cases. industry afloat. That explained to the luxury watercraft market is To counter the unreason- the presence of 100 yacht ex- the “upsale factor”. Rajiv Bhatia, able prices of luxury boats, hibitors from all over founder, New Wave Distributors, ex- lighted, “Those customers who al- cent to clear their inventories and get Mahindra & Mahindra the globe who were seen plained, “Most yachts and designer ready have bigger boats and yachts some liquidity,” Shroff said. Still, the (M&M) unveiled 22x33 ft fi- wooing and attending the boats come with a bathroom. The have asked us to help in upgrading recession-spawned crunch on the breglass power boats starting 5,000-odd elite visitors from new luxury yachts like Ferretti, Sun their existing vessels by adding vari- low end is bound to leave the recre- at just Rs 9.9 lakh. A confident Mumbai and approximately Ray or Azimut can be designed with ous fancy on-board equipments in- ational boating industry changed. Zhooben Bhiwandiwala, director, 1,000 high net worth individuals theatre-level entertainment systems, stead of buying newer boats.” Meanwhile, the good news for Mahindra Odyssea, is all set to sell from across the country at restaurant-quality galleys and wet The marine industry players boat buyers is that the 150-footer power boats to wealthy Indians. “We SMIBS 2009. bars too.” Exhibiting Larson’s new agreed that sales of mid-class ves- yacht of your dreams may come are looking to grow our presence in the Anju Dutta, director, Marine Solutions, range of sport cruisers, sport boats sels, in the range of Rs 40-80 lakh, down to a more reasonable range of high-potential fibreglass power-boat and catamaran a yachting company, sported a brave face when and Italian luxury yachts like Azimut, have been the worst hit. Malav Rs 25-45 crore, all thanks to recession. manufacturing industry,” he said. For starters, M&M she hoped, “Boating and marine markets will not go Bhatia added, “As features for yachts Shroff, co-founder and organiser of Now imagine yourself on that boat, 16 will sell power boats directly to its customers, but is also away; they will just change in terms of sales and share.” get flashier, buyers will obviously SMIBS, held forth his reason, “We sailing the Caribbean… 17
APRIL-JUNE 2009 APRIL-JUNE 2009 VIEWING
VIEWING
Deepika Padukone starrer Chandni Chowk to China. A mega-budget re- lease, the film flopped even as the A SUMMER OF industry watched the debacle unfold on the big screen. So, keeping his fin- gers crossed this time will be Kumar whose next release in the year is SURPRISES Kambakht Ishq. Directed by Saajid Nadiadwala, it’s a complete masala The line-up of films this summer vacation is both original and masala-packed flick that has the likes of Sylvester Stallone adding to the glam quotient. The biggie bracket of films will also see ABHILASHA OJHA London Dreams, a film by Vipul Shah, starring Salman Khan, Ajay Devgan and Asin. The film has been in trouble, with the meltdown almost forcing its producers to cut down on its bud- get. In addition, there’s a lot of ex- pectation from Vipul Shah, whose previous film Singh is Kinng was a runaway success. Younger, newer actors hen Honey Trehan, casting director cession clamping down heavily on production houses, for Kaminey, a Vishal Bharadwaj film, experts say that the time couldn’t have been better for un- are not shying away selected Amol Gupte (creative director, usual scripts to unfold on the big screen. “I’m happy that from picking up Taare Zameen Par) as the main villain there’ll be a thorough check into projects before pro- unconventional scripts for the film, Bharadwaj remained un- ducers give the go-ahead,” says Raj K Gupta, director of convinced.W “I was very sure that he’ll do well and simply Aamir, who is now busy with pre-production work for his insisted that he do it,” says Trehan. “Wait and watch, Amol second film that will release later this year. Then there’s 3 Idiots, a film based will do wonders in the film.” Audiences will know But what are some of the immediate releases of 2009 on Chetan Bhagat’s Five Point on June 5, when Kaminey finally releases with Shahid from the Hindi film industry? There’s New York, a Yash Raj Someone. The film starring Aamir Kapoor (in a double role), Vidya Balan and Gupte, to film starring John Abraham, Kartina Kaif and Neil Nitin Khan, Kareena Kapoor and decide whether Gupte will prove to be the best bad guy Mukesh, which will release in May. The film explores the R Madhavan is already being touted on screen. lives of three youngsters who find themselves shaken by Imran Khan from a still as one of the hits of 2009. Joining Nandini Shrikent, another casting director who has cast the 9/11 incident. Incidentally, Neil will have two more re- of his forthcoming film the list is Ravana, a film starring roles for different characters in Karan Johar’s Wake Up Sid leases besides New York this year; Tera Kya Hoga Johny, Delhi Belly, an adult Abhishek Bachchan and Aishwarya is also keeping her fingers crossed. That’s releasing in mid- a film directed by Sriram Raghavan, that also stars Soha Ali comedy which will have Rai. Directed by Mani Ratnam, the 2009 too and is a breezy, romantic story of two people Khan, and Aa Dekhen Zara, a thriller with Bipasha Basu bold language film re-looks at the story of Ramayana (Konkona Sen Sharma and Ranbir Kapoor) who are that released to packed houses recently. Releasing this year (particularly exploring the complex poles apart in their outlook, have few interests in com- is also Delhi Belly, an Aamir Khan-production that’s being feelings of Ravana for Sita) but is set mon, but still end up being a couple. tossed around as an adult comedy with “strong language Mukesh and Imran Khan are already now be doing their first feature film as in contemporary times. For a majority of casting directors like Shrikent and and sexual innuendos”. If Delhi Belly will explore adult com- working on rather unconventional adult stars in Piyush Jha’s Sikander. Like previous years, 2009 will offer Trehan, 2009, say experts, is going to be one of the best edy, Rang Rasiya, a film based on the life and times of Raja scripts, joining them is Prateik Babbar, Film trade analysts are hoping that a myriad choices in films. But which of years for the industry. “People don’t want just pretty Ravi Varma, will look at exploring the artist’s relationship who will be seen in Kiran Rao’s Dhobi the year will be a better one than them will succeed, which star will faces, they want actors who can do justice to characters with his muse Sugandha. Directed by Ketan Mehta, this Ghat, also releasing this year. 2008, a year when films, despite hav- stand out and how unconventional with interesting scripts and storylines,” insists Shrikent. film — which has been in the making for over two years — Additionally, Ayesha Kapoor (re- ing huge budgets, flopped insanely. storylines will succeed remains to be This year definitely might be an interesting one for the will be ready for a release in April 2009. member Black?) and Parzaan Dastur However, 2009 also had a miserable seen. Hand us the popcorn, dim the 18 industry. It’ll be the year when small will get big. With re- While younger actors like Ranbir Kapoor, Neil Nitin (Kuch Kuch Hota Hai, Parzania) will start. A case in point is Akshay Kumar- lights and let the action unfold. 19
APRIL-JUNE 2009 APRIL-JUNE 2009 EFMA
EQUITY FUND MONTHLY ANALYTICS the reduction in banking across the Reliance Growth Fund with a return February, with some improvement in board. Apart from this there has been of -1.93 per cent for the month versus auto sales upping the interest for some sector churn in different funds a return of -0.78 per cent for the these stocks. TRACKING FUNDS with an increase in IT, oil and gas and CNX 500. b) Cash marginal fall in pharmaceuticals. The average cash holding for the b) Cash OPPORTUNISTIC FUNDS opportunistic funds was at 25 per n order to help the investor and auto sales. the last month. The top holdings in Cash across funds has gone up this a) Sector bias cent for the month versus 16.5 per choose from the innumerable The next big event continues to most portfolios continue to be RIL month. The average cash has gone The sector bias for opportunistic cent for the last two months. options in the equity mutual be the elections and the formation of and Bharti Airtel and defensives like up to 23 per cent from 18 per cent funds continues to be for oil and gas, The highest non-equity holding was Ifund space, we publish a list of the new government, the outlook NTPC, ITC and HUL, which are less last month. The highest cash was banks, pharmaceuticals and IT. The in UTI opportunities fund and the select equity funds across different of which becomes more uncertain prone to big movements in these with Reliance Growth Fund, as has top holdings remain defensives like lowest was in DSP BlackRock Equity categories of funds. We also track every day. volatile times. been the case for the last few HUL, ITC and Bharti Airtel. There also fund at 14 per cent. the performance of these funds reg- We are also keeping an eye out for In the last month the exposure to months. Sundaram BNP Paribas remains high exposure to Infosys and ularly and interact with the fund Q4 FY09 results in April. banking across our recommended SMILE Fund has increased the cash SBI selectively. c) Performance managers every month to under- funds has reduced, both due to price holding from being almost fully in- Over the last month exposure to The best performing fund was UTI stand from them their views on the Risks movements and portfolio churn. The vested last month to 15 per cent in banking (as has been the case across Opportunities Fund with a return of - markets and the activities in these Political stability continues to be exposure to capital goods has also non-equity this month. the board), IT and defensives like FM- 0.9 per cent for the month versus select funds. We have presented be- an overhang on the markets. fallen in the last month. On the oth- c)Performance CG has gone up for most funds. The the blended benchmark return of -1.1 low the views of the fund managers, Continued rupee depreciation is a er hand holdings in IT and telecom The best performing fund was exposure to auto has also increased in per cent. the risks they foresee and the market big risk, it could have a significant have increased in February for large triggers for the next 3-6 months impact on flows into the country. cap funds. PERFORMANCE REVIEW Any further global bad news could b) Cash Returns for periods less than 1 year are absolute and for periods greater than 1 year are compounded annualised returns Outlook affect markets significantly. The average cash holding across LARGE CAP FUNDS The outlook remains cautious, the The risk from Europe remains; de- large cap funds was at 23 per cent ver- Scheme NAV 1 Month 2 Months 3 Months 6 Months 1 Year 2 Years 3 Years markets are likely to remain under flation and dollar appreciation are sus 18 per cent last month as most Name (31-Mar-09) pressure. It may retest October lows. the prime concerns funds have chosen to increase cash to The next 3-4 months will continue play out the volatility in the last few Birla Sun Life Frontline Equity Fund - Growth 41.4 6.7561 1.4457 -1.1697 -19.9226 -32.814 -8.4509 0.7098 to be challenging due to the macro Sector outlook months. Sundaram BNP Paribas Select Focus - Growth 47.8286 3.5056 -2.5034 -7.5238 -26.792 -36.9532 -8.6479 -2.5365 economic situation and corporate Positive on auto and cement The highest non equity holding is in Kotak 30 - Growth 55.411 5.1302 1.597 -1.9708 -23.7719 -35.2123 -7.6481 -2.3219 earnings outlook. Negative on banking over the Sundaram BNP Paribas Select focus DSP BlackRock Top 100 Equity Fund - Growth 52.121 5.6878 2.164 1.314 -17.4569 -26.4088 -2.8301 2.7454 A lot of negative news continues to longer term funds as has been the case recently. Indices S&P Nifty 3020.95 9.3102 5.0838 2.0884 -22.9585 -36.1928 -11.0612 -3.8841 flow out of the economy including The lowest is in DSP BlackRock Top BSE Sensex 9708.5 9.1872 3.0163 0.6343 -24.5087 -37.9428 -13.7856 -4.8735 the current account deficit, curren- Our interaction with the fund man- 100 at 15 per cent, which they have cy depreciation, a worsening fiscal agers have revealed the kind of ac- increased in the last one month from *Source: MFI MIDCAP FUNDS situation. tions they have undertaken across 11 per cent in January 2009. Scheme NAV 1 Month 2 Months 3 Months 6 Months 1 Year 2 Years 3 Years Earnings for Sensex have been fur- stocks, sectors, et cetera. We present c) Performance Name (31-Mar-09) ther downgraded to 650-750 for a synopsis of the same to you. The best performing fund for the IDFC Premier Equity Fund - Plan A - Growth 12.8776 8.6616 4.2847 -1.2037 -23.0145 -35.7261 -0.6032 0.1234 FY10. month was Kotak 30 with a return of Sundaram BNP Paribas SMILE Fund - Growth 13.3421 7.3077 -0.1258 -7.6051 -30.2593 -41.8936 -11.5568 -8.229 Incremental buying is very low; risk LARGE CAP FUNDS 0.62 per cent versus the Nifty which Reliance Growth - Growth 207.1142 6.684 2.1395 -4.3314 -26.3089 -37.9415 -10.6413 -3.3966 perception continues to remain high. a) Sector bias was down 0.28 per cent. Indices Insurance companies have been Most funds have banking and oil CNX500 2294.85 8.614 3.884 -0.0392 -24.9706 -40.0173 -14.5465 -7.608 lending support to the market, that and gas as the largest sectors in their MIDCAP FUNDS *Source: MFI OPPORTUNISTIC FUNDS may slow down post April. portfolio, as has been the case for a a) Sector bias Scheme NAV while, mainly due to the high index ex- The highest holdings in the midcap 1 Month 2 Months 3 Months 6 Months 1 Year 2 Years 3 Years Name (31-Mar-09) Triggers for next 3-6 months posure to these sectors. Two other funds have been in banking, FMCG Kotak Opportunities Fund - Growth 22.38 5.4119 1.2578 -4.4447 -24.9321 -40.6602 -10.4805 -4.736 We do not see any positive triggers sectors funds that have high expo- and oil and gas. The top holdings for HDFC Growth Fund - Growth 38.73 6.3164 0.7466 -7.0153 -28.984 -37.683 -7.6792 -2.0664 for the markets in the next month sure are FMCG and capital goods. these funds continue to be defensive UTI Opportunities Fund - Growth 12.79 8.9438 5.1809 5.0082 -12.5171 -27.6174 -1.5982 -5.1907 We are keeping an eye out for Within these sectors, the exposure stocks like Lupin, Divis Laboratories, DSP BlackRock Equity Fund - Dividend 29.306 5.0394 1.5912 -0.4213 -20.5735 -30.9081 -5.3316 0.2676 any sustained recovery in domestic de- to stocks like BHEL and Larsen & RIL, and Shree Renuka Sugars. Indices 20 mand indicators like cement sales Toubro has selectively increased in The big change this month has been Blend of Sensex and CNX in a 50:50 Ratio 8.9006 3.45015 0.29755 -24.73965 -38.9801 -14.1661 -6.2408 21 *Source: MFI APRIL-JUNE 2009 APRIL-JUNE 2009 WELLNESS
WELLNESS Luxury can be experienced at ITC Agra’s Kaya Kalp, a spa that offers a range of wonderful therapies
35 acres and boasts of a soothing Goa, which boasts of awards such mix of contemporary and Mughal as “World’s Number One Spa” and designs. At Kaya Kalp — The Royal “Best Spa in the Asian and Indian Spa, you are treated to a Mughal Subcontinent” that could be a good Hamam (Rs 4,400 for a 100-minute choice, especially for those who have routine), a deep cleansing Persian-in- a beach holiday in mind. At its Sereno spired body scrub using traditional, Spa, our pick would be the “Vata natural ingredients that promises Abhyanga” treatment, which, super soft and clean skin. This therapy through firm rhythmic strokes nour- works around the ambience — out- ishes and soothes the mind. Dosha- door rain showers in enclosed specific, aroma-infused herbal oil bal- gardens, a regal beauty salon and a ances body and mind. This tradition- water therapy room with steam, al massage helps to induce sleep and whirlpool and sauna. You could also nourishes the cells, and comes rec- try a Mughal “Kese” body scrub. ommended as an anti-ageing remedy The surroundings at the Royal Spa promoting growth and stability. are its greatest USP — a 25-metre lap The spa features treatment suites, pool, yoga gardens, relaxation spaces, outdoor therapy pavilions, separate orchard walkways, bird trails, a male and female sauna and steam butterfly park and a conservatory. room, beauty salon, a fitness cen- Also on offer is an exotic pome- tre including an aerobic and yoga granate journey, pegged on Mughal studio. An intricate range of thera- Emperor Babar, believed to have pies can be enjoyed here, from eye been responsible for bringing in a care to neck and shoulder rejuve- wide variety of fruit, including the nation. The Sereno Spa also offers pomegranate, to India from his what it calls the pure Ayurveda homeland, Ferghana. Adapted as the Therapy packages ranging between leit motif of this very regal spa, a 14 and 21 days. The rates are on two-hour session of a “pomegran- an hourly basis and an hour’s treat- ate ritual scrub,” another “bath infu- ment can cost Rs 3,500. sion” from the same fruit as well as While two hours can cost Rs 6,000, SPA GETAWAYS “aroma soul ritual massage” will cost three hours for a spa treatment It’s a great idea to move out of the city for a vacation that combines luxury treatments Rs 6,000. The pomegranate fruit costs Rs 7500. What’s While therapies are based on tra- essence is believed to revitalise and your pick? ditional Indian practices of Ayurveda, leave you refreshed. NEHA BHATT yoga and meditation, the latest At Oberoi Udaivilas, Udaipur, the European and Thai treatments are luxurious spa Banyan Tree resembles also on offer, if you prefer. The tariff a miniature-domed palace over- hat comes to mind when one mulls over matherapy, this facility built around a Maharaja’s palace here starts at Rs 49,300 for a three- looking the Pichola lake. With luxury spa destinations in India? Spas have estate falls 260 kilometres north of the capital city. A re- night stay which includes a host of its own swimming pool, this literally mushroomed across the country, stored Viceroy’s Palace, world-class spa, 75 deluxe rooms treatments. A personalised therapy spa has trained therapists to Wand it is getting increasingly harder to tell and suites and three villas offer views of the Ganga and the and activity programme designed to pamper you with rejuve- one from the other. But here, we have picked out a mountains beyond. meet your needs touches upon as- nating treatments. It also handful of the best that will ensure that you step out on- Getting to the spa space at Ananda-in, we’re talking pects of nutrition, exercise, stress has private therapy suites ly after an experience you are unlikely to forget. about a 24,000 sq foot spa, with a wide selection of ther- management, detoxification, deep offering a selection of Up in the Himalayas, nine-year-old Ananda in the apies, from luxurious hydrotherapy facilities, a beauty in- relaxation and anti-ageing. treatments. Himalayas is one of the few luxury destination spa resorts stitute, outdoor temperature-controlled swimming pool, On royal terrain you have ITC There’s also Park 22 in the world. With a special focus on Ayurveda and aro- sauna and steam rooms to a fully-equipped gymnasium. Mughal at Agra which is spread over Hotel Resort and Spa, 23
APRIL-JUNE 2009 APRIL-JUNE 2009 PARTYING
PARTYING BE THE HOSTESS WITH THE MOSTEST Run through these simple steps for that perfect party
ARCHANA JAHAGIRDAR
ndia’s urban rich are known to work hard and par- hosts. Mohan cautions that it’s not just the food but Parties are ty harder. And though recession may have taken how it is served that makes all the difference at a classy do. the bite out of partying, there is no harm in bon- She says, “Like the party itself, the food counters have to getting snazzier ing up on tips on how to plan a perfect party. The look seamless.” Mohan also suggests that the food service with exotic food, first step, says party and wedding planner Vandana area should be uncluttered and given a closer look. “Even expensive spirits, IMohan, is to figure out the venue for the party. She if the caterer puts up buffet style service, always insist that interesting says, “Most people, if they have a party at home, like to he should provide the second service at the table,” she says. outsource the food.” For a top class party, most hosts, says As far as possible, party planners suggest, hosts should invitations and Photos: Priyanka Parashar Mohan, like to serve speciality food. “Unless you want live use their own crockery and cutlery. Even snacks should ide- classy gifts counters, most Indian homes like to do Indian food from ally be served in the host’s own platters and not the “These days, at a classy do, people cial for hosts to keep a close watch their own kitchen,” she adds. caterers. Mohan’s tip: “Put wine decanters on the tables have started serving the best of wines on florists as they arrange the decor Speciality cuisine, in recent times, has come even when there may be a functional bar.” One can also and spirits,” she says. While coffee, for parties. simple tent; Rs 15 lakh for a water- to mean scouring different parts of the world have dry nuts placed around the venue. The snacks ser- light teas (jasmine, for example) and If parties are getting snazzier, proof, air-conditioned tent). Live for the best of that region. Italian, Thai and vice shouldn’t be intrusive and if the party is at home, liqueurs should be served inside the party invitations are also getting entertainment — flamenco dancers, Lebanese is served commonly enough but there shouldn’t be more than two or three hot snacks.” house, Mohan suggests that hosts better. “People these days want to jazz quartets and what have you — the growing popularity of Japanese cuisine According to party planner Shonali Mathur, most should organise hot and cold tow- make an impression not just with come with a sticker price of Rs 3 lakh ensures that it’s considered by demanding people like to organise drinks for parties themselves. els instead of hand bowls after din- the food and the decor but also that could exclude the artistes’ board- ner. The food bill usually varies, says through invitation cards,” says ing and lodging fee. Says Mathur, Mathur, and can be in the range of Mohan. Some cards, says Mathur, “Many artistes want the very best Rs 1,200 to Rs 2,000 per head. depending on what accompanies when they are travelling and if hosts Besides food and drinks, Mathur them (chocolates and wines, for ex- are keen to book them, they are will- says that hosts are also willing to pay ample) can cost Rs 500 per card. ing to pay too.” a substantial amount for flowers and Then there are gifts too that hosts But when should you pull out all candles. She says, “The cost of acces- like giving their guests. Sarongs, if it’s stops for such fancy parties? sories alone at parties can cost around a pool party (depending on what Mathur has the answer. She says, Rs 1.5 lakh.” However, many hosts you’re opting for, gifts can cost “Everyone believes in one big are happy to organise floral decor around a lakh too). yearly bash. It could be a milestone from their neighbourhood florist too. Other costs and things to take birthday or an anniversary gathering But setting flowers for parties can into account, says Mathur, are dri- or a very special occasion. That’s be tricky. Says Mohan, “Be careful vers for valet parking (hiring them when people want to have a really not to do an over-the-top table set- shouldn’t cost more than Rs 5,000); cool do.” ting. It might look like you’re hosting music (Rs 50,000 plus), lighting and With this kind of sticker price, your 24 a wedding, not a classy party.” It’s cru- setting tents (around Rs 5 lakh for a next bash could be one cool party. 25
APRIL-JUNE 2009 APRIL-JUNE 2009 LIVING
LIVING
FENG-SHUI
Facing page: A rotund monk signifies fortune; above: an amethyst tree, monkey Photos: Priyanka Parashar THOSE BLUES on a horse, gold coin dragon and a globe signify prosperity at work range of products that have been that can be placed on your In other words, you’ll survive the re- “personally energised” by him. His desk or in different parts cession without losing your job. store is bustling with people who ei- of the cabin. “Monkey on But first, let’s get back to work. AWAY ther want to wear special “career a horse,” says Goyal, “is enhancing bracelets”, or buy feng- extremely effective to shui products that can help them se- keep in the office.” The Some energy tips that will help you cure their jobs in their offices. horse, he explains, signifies keep the recession at bay The philosophy behind feng-shui, speed and perseverance say experts, is to positively energise while the monkey that any place. “The flow of that energy rides the horse controls it. has to be constant and that’s why “It implies winning a even simple measures can help,” ex- good position but with- ABHILASHA OJHA plains Goyal, adding that placing green plants where walls jut out is a In times of good measure to keep negative en- slowdown, ho would have thought it, but feng-shui ergy at bay. Green colour enhances seems to be acing the economic slowdown creativity and helps positive “Chi” to people are the only way it knows, telling you how to flow in corners too. In fact, a good turning Wget your fix of positive energy. Or so it ap- idea is to have a soft-board in red, desperately pears at Kriti, arguably one of the most popular feng-shui green, yellow, blue and purple stores in the country, located in New Delhi’s Khan Market colours. This will ensure the flow of to feng-shui but visited by people from around the country seeking wealth in your workspace. their Chis. Promoter Sharad Goyal is happy to share Experts add that the simplest of out losing control,” explains what he knows, and he’s been seeing it all from up measures at your office desk or cab- Goyal. Keeping an amethyst close, he says. “The recession, the pink-slip game, in can help you achieve professional tree with coins in the south is scaring corporates and bringing them to our success with utmost ease. “Removing west sector can help achieve boutique,” he smiles as he helps a young, soft- clutter, clearing extraneous material success and ensure a constant ware professional who wants to turn to from the desk, will make you feel flow of money too. Then feng-shui to safeguard his career. light, cheerful and optimistic in your there’s the crystal lotus, a Is the world really turning to feng- work environment,” says Goyal. In more potent enhancer of shui as a solution against the melt- addition, the desks should have good fortune which, when down? “Yes, it is,” says Goyal rounded — and not sharp — curves. activated properly, will ensure 26 simply, proceeding to show us a There are also feng shui products stability and harmony at work. 27
APRIL-JUNE 2009 APRIL-JUNE 2009 HOBBIES
HOBBIES
Akin’s best films — definitely worth your attention — are out on NDTV Lumiere’s home video segment: you should pick Head On, In July, The Edge of Heaven and Short Sharp Shock for Rs 500 each. 2007’s popular animation Persepolis, the film ver- sion of Iranian Marjane Satrapi’s au- tobiographical graphic novel, is also available for the same price. Other recommendations from the Lumiere collection are films like the very light-hearted Lebanese movie Caramel, the hard-hitting Goodbye Bafana and the taut French thriller Crossed Tracks. If you prefer darker, more layered WIDE cinema, Cannes award win- ning Three Monkeys from Turkish director Nuri Bilge Ceylan and Christopher Zalla’s SCREEN Spanish language film Padre Nuestro are what you should be watching. Now, all you need is to find the The new trend in DVDs is to showcase time to watch them. a “collectors’ pack”. These are a must WONDERS for any film aficionado Building your own DVD library was Picking DVDs isn’t never more fun bland business. That’s why you should stock up on some
NEHA BHATT interesting world cinema titles
through some fabulous world ore interesting than the film itself these cinema titles. Wai collectors’ box sets of five DVDs days are the bonus features that most If you want to first stock up with a few es- each could be yours for Rs 2,000 home videos come with. Once you actually sentials, go for Akira Kurosawa’s masterpieces Seven each. You should also check out the M get to the movie, after sifting through Samurai and Yojimbo, Infernal Affairs (which inspired “collectors world cinema box set” (10 additional information, you also realise there isn’t a more Martin Scorsese’s Academy Award winner Departed), DVDs at Rs 4,000) and the Francois intimate way of watching films than on your home theatre out on Palador home videos. For a classic Saturday night Truffaut box set that includes five system. Now this is — quite frankly — the best season to be watch, Wong-Kar Wai’s Cannes award winner In The DVDs for Rs 2,000. These are available picking out DVDs because there is such a wide variety and Mood for Love will work fabulously, and for a more clas- at Landmark, Music World and a great selection on the shelves: classics, comedies, ro- sic pick Ingmar Bergman’s masterpiece Wild Strawberries Crossword stores across cities in India. mances, thrillers, musicals and what have you. But we sug- is also easily available. If you are looking for contempo- gest you give your regular Bollywood a miss this time The special collectors’ box sets come at a reasonable rary cinema, that’s on offer too. Some 28 and add a little colour to your DVD library by sifting price. For instance, the Kurosawa as well as the Wong Kar of German-Turkish director Fatih 29
APRIL-JUNE 2009 APRIL-JUNE 2009 WINES
¤27 a bottle. At first whiff I thought: unfussy Moinhos do Céu (Windmills I wasn’t in Delhi WINES Some wine “It smells like a port!” Shorthand, I of the Sky) from 2007. “Our philos- any more. It was af- suppose, for a rich, shifting aroma ophy is to make the difference with ternoon on a cool, tasting and a hint of depth, like the murky the grapes,” said Rodrigo Pinheiro de sunny hillside with transported waters of a harbour. I just had to get Lacerda. This one is made using on- rocks, grass and me from to the bottom of that glass. ly the Syrah grape, from 35-year-old Portugal all around. Delhi on a “I don’t have any port, but I have vines. I feel smug that it bolsters my Fabulous. better than that,” said Filipe Pereira pet theory: that the big, blended Many of these sunny of Favaios, a cooperative from the wines make less interesting company wines offer a good hillside with Douro valley in northern Portugal. than the small, local ones. This was experience at a piti- rocks, grass OF PORT SMELLS To my astonishment, he poured ton- so good I wanted to sit down with it. ful price: from less ic water into a sweet muscatel. There were other moments of than ¤1 to about in Portugal “Why? You explain me,” he said, transport, like the Pegões 2005 red ¤5 (Rs 65-325), bar handing it over. Well, it was light, from south-central Portugal, one sip the aged ports. With imports the AND SHIP TASTES slightly sweet and fizzy, but with the of which and I thought: “It tastes like price may triple, but they should still cool, dry tang of white wine. A very a ship!” That is, woody and tarry. It be affordable — that is, if importers Portugal sent colonists to India centuries ago, but is only now sending us its wine sociable sort of drink. “After a meal, won an award as the best Bordeaux look beyond the standard hotel and or with a cigarette,” is how Pereira red in Portugal. restaurant market. However, if your takes it, mixed with “a little beer, or And one wine gave me a vision only choice is an absurdly marked-up RRISHI RAOTE soda, 7-Up, ginger ale...” I reeled, (not coincidentally, perhaps, it was and ill-stored bottle in a hotel restau- thrilled at this sacrilege. They even sell the last I tried): a white vinho verde rant: forget it. Go to Portugal in- it in tiny bottles, calling them Favaítos, Via Latina 2007 by Vercoope from stead, and take your time about it. etween the dry weight of Spain and the salty Dão in north-central Portugal, the amusingly named for the after-work bar crowd. north-western Portugal. The verde depths of the Atlantic is a country which thirsti- Irreverente 2005 red was tasty — “cherry, cacao, straw- The Valdarante 2008 white from makes it green in age, not colour, so ly drinks up most of its own wine. It’s very un- berries” — while the 2004 reserve, Adro da Sé, was a soft northern Portugal’s Caves Santa it is crisp and young. A sip, slight Bfair of the Portuguese to be doing that, because red, nice but not quite mouthpuckering enough. Marta had a faint aroma and taste. I bubbles breaking on the tongue, a they make some fantastic, and fantastically cheap, wines Nuno Santos of the Soadegas cooperative of central found it delicious. tingle at the back of the throat, and which — by logic of civilisation and globalisation — they Portugal (just north of Lisbon) was happy to pick a At the Arruda dos Vinhos (Road should be generously sharing with the rest of the world. favourite: Fes Festivo, a 2007 red, “because it’s a very to the Wines, a place name) table, I After all, they’ve been sending it abroad for millennia. good wine on many occasions”, whether it’s just friends found my favourite red, an earthy, The ancient Greeks drank wine from Portugal. The dropping in or something special. His top-of-the-line Romans really ramped up the industry so that they wine was a 2005 Torres Vedras, sold for all of ¤4 could supply themselves: Lusitania, the name of the (Rs 260) in the home market. That one is aged 10 Roman province of Portugal, comes from Luso, a com- months in a barrel and then three years in a bottle — in- panion of Bacchus, the Greek god of wine. And later up- side a cave, to keep temperature and humidity steady. per-class Britons sipped port after dinner. Now, Caves Vale do Rodo had a small portfolio of port, the Portuguese wine exports (the little they don’t drink sweet and strong wines that travel well and were thus themselves) go to the USA, other parts of Europe, Brazil, taken around the world in the age of sail. The 10-year-old China — not India. Porto Reccua was the most expensive wine on show, at Portuguese wine hasn’t washed up on Indian shores, not even during the ongoing surge in wine consumption. That’s why a handful of Portuguese wine cooperatives were in Goa and Delhi recently: to offer us a taste of what they had been holding back. A taste is all it was, because hardly any- body sells Portuguese wines in India — yet. There were dozens of wines to try but it was- n’t difficult to keep a clear head. Any lighthead- Woody, citrus, tarry, light, edness came from pleasure, not from the scant faint but always, always effective on the senses. alcohol in the two sips it took to introduce oneself. That’s Portugal wine for you 30 At the table of UDACA, a cooperative from 31
APRIL-JUNE 2009 APRIL-JUNE 2009 CAREERS
CAREERS
magazine or a news photo agency. However, experts will tell you it’s There are websites that even offer a pool of even possible to succeed in photo- photographers to clients all over the world journalism — and other avenues re- lated to photography — without for- critical that photography — if you’re picture banks that can be accessed by mal training. looking at it only professionally — customers and a percentage of the generates income for you. While the picture purchase price is yours. This GLAMOUR, ADVERTISING AND joy is in working independently, earn- negates the hassle of marketing pic- INDUSTRIAL PHOTOGRAPHY ing money by getting attached to tures. A few websites also go fur- This is roughly the second major publications is a good idea too. ther by having a pool of photogra- branch of photography and — per- phers available for clients, based on haps — the biggest arena for aspiring PHOTOGRAPHY AS A BUSINESS the geographical location of the ex- professionals to find work, especially Most photography courses will put pected assignment. The website de- as new ideas in shooting are con- you through a module on how to cides on the price and takes a share stantly in demand by organisations market your work. The first model is of the payment. But there’s a draw- and advertisers alike. Again, several in- getting a commission to do work. back: It’s possible to get lost in a sea stitutions offer tailor-made courses One can solicit for work by having a of choices. A good tactic then is to
MONEY FROM and since this area requires a high-de- website of your own or networking Photography is evolving as an art and the number gree of technical skill, it is very hard among potential clients. Work can of avenues where one can showcase pictures and work. Also, it is fiercely competitive, be in the form of individual short as- photographs is endless A CLICK with so many individuals vying for signments or a long term grant. recognition in the field. Usually, photographers are expect- It makes more than just the ability to frame pictures to become a photographer ed to execute the brief given by have a presence in as many picture FINE ART PHOTOGRAPHY clients or, better still, a brief that has banks as possible. ANAND SANKAR This can easily be called the pinnacle been personally pitched to clients. Finally,the holy grail is to sell pho- of the profession because it requires Both require a degree of skill as ne- tographs as individual signed prints. a degree of creativity that sets one gotiations can be hard. You need to This usually is the case for fine art t might well be among the most romantic professions sound of a camera shutter, after which there are multiple apart from the crowd. It is the ulti- be astute to be aware of your costs photography. The estimate for such that people dream about. A random poll on ca- paths to follow. mate expression of an idea and indi- and what you expect as an operating work is evaluated by an art evaluator reers would probably place photography right near vidualism by a photographer. Though profit while making sure that the after which you can hawk your work Ithe top of the list — not if the choice of career is sole- PHOTOJOURNALISM it is debatable whether any course will client agrees to it. through a gallery or an agency. ly on the basis of money. It is a profession that is mired in The path to being a photojournalist begins — usually — prepare you for fine art photogra- A model that has become popular Though such pictures fetch a fantastic mystique and often one doesn’t know where step one be- from institutions that offer full-time degrees or diploma phy, a number of art schools have due to the Internet is the concept price, you can only sell a handful of gins in becoming a full-time photographer. The process, courses in photojournalism. At the end of these courses, started offering courses. of “stock photographs and photog- prints as it’s exclusivity that fetches 32 though, starts with the first irrecoverable addiction to the it’s vital to gain experience with either a newspaper, Since we live in the real world, it’s raphers.” A number of websites host the price. 33
APRIL-JUNE 2009 APRIL-JUNE 2009 DEBT OPPORTUNITIES PORTFOLIO
DEBT OPPORTUNITIES PORTFOLIO TIME WINDOW PERFORMANCE Schemes Simple Annualised Gilt 1 Week 2 Weeks 1 Month 2 Months 3 Months Since 18/11/2008 DEMYSTIFYING Birla Sun Life GPRP - Growth -5.21 37.47 -1.03 -20.71 -20.85 18.89 ICICI Prudential GFIP - Growth 51.55 29.34 -6.51 -35.00 -29.26 19.58 IDFC G Sec Fund - Investment - Plan A - Growth 31.61 51.23 -1.54 -36.04 -35.00 11.02 Kotak Gilt - Investment Regular Plan - Growth 13.55 40.75 -6.68 -31.96 -30.12 18.93 THE DEBT MARKETS Templeton India GSF - LTP - Growth 2.16 6.08 22.19 2.49 7.37 38.54 Income Birla Sun Life Income Fund - Growth -1.91 18.06 -7.41 -27.86 -25.74 19.62 ICICI Prudential Income Fund - Growth 25.89 16.94 0.47 -20.01 -16.44 28.25 IDFC SSIF - Invt. Plan - Plan A - Growth 3.31 33.22 -5.00 -28.10 -23.68 19.46 Kotak Bond Regular Plan - Growth 4.24 20.55 -2.23 -16.78 -13.80 31.98 Reliance Income Fund - Retail - G P - Growth 20.03 17.84 0.81 -17.40 -14.91 27.29
Dynamic Bond Fund IDFC D B F- Plan A - Growth 18.58 47.12 0.51 -25.64 -20.55 23.69
DOP Model 14.91 7.37 2.61 -14.45 -8.82 30.82 Indices Crisil Composite Bond Fund Index 7.93 3.43 2.22 -1.00 2.17 18.38 Performance as on March 24, 2009 DOP model returns ranks second against all other schemes in 1 month, 2 months, 3 months and since inception category
DOP ALLOCATION place in the near future and its prob- Underlying DOP Allocation 18-Nov-08 15-Dec-08 18-Dec-08 5-Jan-09 5-Mar-09 able impact on the debt market. Gilt Funds We provide the debt market out- Birla Sun Life GPRP 24.93% 24.87% 16.55% — — look for the next 15 days in detail Templeton India GSF - LTP 24.44% 24.50% 15.97% — — along with the key risk factors. We al- ICICI Prudential GFIP 25.43% 25.35% 17.08% — — so give the snapshot of macro eco- Income Funds nomic data wherein all the impor- Birla Sun Life Income Fund 6.30% 6.29% 6.31% 25% — tant parameters like inflation, IIP, ICICI Prudential Income Fund 6.33% 6.35% 6.32% 25% — credit growth, money supply and IDFC SSIF - Invt. Plan - Plan A 6.27% 6.27% 6.23% 25% — GDP data is highlighted. Kotak Bond Regular Plan 6.30% 6.37% 6.36% 25% — The funds in the model portfolio Short Term - Income Funds are selected based on the two tier rat- HDFC HIF - S T P — — 12.52% — 50% ing methodology in which three ICICI Prudential STP — — 12.67% — 50% months data is considered for liquid, Total 100.00% 100.00% 100.00% 100% 100% liquid plus and FRF; six months data is considered in case of STPs; and two Rationale behind model portfolio the portfolio would have exposure to years data for income funds and gilt Our outlook on the market income funds. funds. These debt schemes are mea- Different asset classes be- has been built based on the internal have 0-100 per cent allocation to any Underlying debt schemes fund Important information about the sured on performance, consistency have differently at dif- views on the debt market. This mod- of the given category. The objective managers view along with portfolio underlying funds, like the average ma- and risk parameters using various ferent times. We en- el debt portfolio would comprise of of the portfolio is to optimise debt strategy turity, modified duration and statistical tools. D deavour to identify the debt mutual funds where the uni- portfolio return from debt or debt-like Debt Opportunities (Fund of yield to maturity (YTM) is given along In tier II on a qualitative basis asset classes which provide opportu- verse of investment will be liquid instruments by taking tactical calls Funds) Portfolio is structured based with a graphical analysis of the port- due diligence on AMC and fund nities and advise clients to go fund, liquid plus, short term income on duration and credit. on our views on the interest rates. In folio composition into government managers is conducted and risk map- overweight or underweight in that as- funds, medium term funds, income The report comprises of the fol- a scenario when interest rates are securities, corporate bonds, et cetera. ping is done in terms of concentra- set class. funds, gilt funds, arbitrage funds, di- lowing section: expected to ease, the portfolio could The report highlights the model port- tion risk, interest rate risk and cred- Debt Opportunities (Fund of rect debt investments and any other Model portfolio be fully invested in gilt funds, or if the folio strategy used along with the rea- it risk to capture the fund key risk. Funds) Portfolio is a step in that di- debt category fund except Monthly Performance of model portfolio spreads of the corporate bonds are soning after taking into account any Finally, on this basis, underlying 34 rection. It is a model portfolio which Income Plans. A model portfolio can Performance of underlying schemes expected to narrow over gilts then other key event which is likely to ake schemes for DOP in each category 35
APRIL-JUNE 2009 APRIL-JUNE 2009 DEBT OPPORTUNITIES PORTFOLIO
are selected. Apart from doing the On December 18 we took a tac- best asset allocation, all efforts are tical call wherein we had recom- taken to choose the best scheme in mended booking profit on G-sec por- each category. tion of the portfolio and allocating it For all the underlying funds, a fact to short term income funds. The sheet is included which gives com- fund was allocated to gilt, income plete information on that particular and STP in proportion to 50:25:25 re- fund along with the fund manager’s spectively on account of a sharp ral- commentary, which includes his views ly in G-sec on the back of Federal and outlook for the market. We get Reserve of USA cutting rate and in- an opportunity to understand what flation falling to 6.84 per cent.Ten the fund managers are doing, the year G-sec yield has fallen to 5.49 risk and opportunities they are fore- per cent (eased by 37 bps on seeing, and the changes they are December 18) and was trading at making to the portfolio and its impact 49 bps over reverse repo rate. on returns. Debt Opportunities Portfolio The performances of these (DOP) was switched out of gilt funds schemes are compared with Crisil and short term plan into income Composite Bond Index. Depending funds as of January 6, 2008. The ra- on the market movement, a tactical tionale behind the switch was that call are taken and DOP allocation is the gilt rally could be slowing down changed accordingly. as the possibility of further rate cut An account of how we have taken this fiscal was low. Also, the fresh tactical calls in DOP based on market issuance of G-sec due to higher than movements is given below: budgeted fiscal deficit in February- On November 18, 2008 the strate- March was expected to keep the G- gic model portfolio allocation was sec yield range bound and accrual on 75 per cent in gilt and 25 per cent in income funds looked attractive com- income fund. pared to gilt funds. The 10-year benchmark yields On March 4 we reduced the ma- came down on the back of a signifi- On December 15 we were fully turity in the DOP post 50 bps rate cut cant comfort on headline WPI infla- invested at the longer end of the by Reserve Bank of India. We moved tion. Some policies to tackle the liq- curve as we thought yields would 100 per cent of income funds into uidity scenario, such as repo rate cuts continue to ease from the current short term income funds on March 5, and CRR cuts, are likely to be positive levels. The model portfolio allocation 2009 as we believe that short term for the shorter end of the curve. One was 75 per cent in gilt and 25 per rates will continue to remain well more dose of 50 bps reduction in cent in income fund. Close to 87 supported due to liquidity and pos- the CRR took effect on November 8 per cent of our model portfolio com- sibility of further rate cut by RBI. that released Rs 20,000 crore of pri- prises of gilts as for the next couple of Accrual on short term income funds mary liquidity into the system. The months gilts could outperform cor- is still attractive compared to income government bought back MSS dated porate debt due to the duration play. funds due to high allocation to cor- papers worth Rs 10,000 crore and Further risk aversion would mostly porate debt. also the market bid for G-sec auc- lead spread compression between Short term interest rates are ex- tions. Headline WPI inflation for the PSU and government security at a pected to remain supported as RBI week ended November 1, 2008 faster pace compared to other seg- would ensure easy liquidity and we crashed to 8.98 per cent compared to ment of corporate debt. Income could see further rate cut by RBI. a market consensus estimate of funds having high allocation to long In the second half or March liq- around 10.23 per cent. Inflation was dated gilts could continue to out- uidity could tighten marginally due to expected to ease further and the perform its peer group. Any sharp advance tax outflows possibility of further rate cut by RBI fall in yields would be used to re- Fresh allocation should be consid- 36 could lead to yields easing further align the portfolio. ered in short term income funds.
APRIL-JUNE 2009