{"id":12875,"date":"2022-07-01T19:56:59","date_gmt":"2022-07-01T14:26:59","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=12875"},"modified":"2022-07-01T21:08:46","modified_gmt":"2022-07-01T15:38:46","slug":"the-weekly-wrap-the-importance-of-a-succession-plan","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/","title":{"rendered":"The Weekly Wrap | Importance of a succession plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d3e135145f9\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d3e135145f9\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/#So_long_Mistry_and_Leonardo\" title=\"So long, Mistry and Leonardo\">So long, Mistry and Leonardo<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/#What_really_is_Adanis_game_plan\" title=\"What really is Adani\u2019s game plan?\">What really is Adani\u2019s game plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/#Banking_on_a_bright_future\" title=\"Banking on a bright future\">Banking on a bright future<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/#Market_Wrap\" title=\"Market Wrap\">Market Wrap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/#Other_headlines\" title=\"Other headlines\">Other headlines<\/a><\/li><\/ul><\/nav><\/div>\n<p>In this edition, we talk about Mukesh Ambani making way for his son Akash and daughter Isha to head two Reliance group verticals as he sets the first phase of his succession plan in motion. We also talk about the Adani group\u2019s foray into the copper business and the reclusive billionaire Pallonji Mistry, who bid adieu to the world.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Welcome to Kuvera\u2019s weekly digest on the most critical developments related to business, finance and markets.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>tl;dr<\/strong>\u00a0Hear the article in brief instead?<\/p>\r\n<!--[if lt IE 9]><script>document.createElement('audio');<\/script><![endif]-->\n<audio class=\"wp-audio-shortcode\" id=\"audio-12875-1\" preload=\"none\" style=\"width: 100%;\" controls=\"controls\"><source type=\"audio\/mpeg\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-NL-audio-July-1.mp3?_=1\" \/><a href=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-NL-audio-July-1.mp3\">https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/Kuvera-NL-audio-July-1.mp3<\/a><\/audio>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-12884\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/crown-crowning.gif\" alt=\"market wrap kuvera\" width=\"400\" height=\"400\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Bal Thackeray and Dhirubhai Ambani were both shrewd men. But they both made one cardinal mistake. Neither put in place a robust succession plan, before they died.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Thackeray promised to never impose his son Uddhav or grandson Aditya on the Shiv Sena, and Ambani never left a will to divide up his business empire.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>These proved to be costly mistakes or errors of judgement. Uddhav and Aditya Thackeray both lost their jobs last week thanks to a successful coup d&#8217;etat by the upstart Eknath Shinde, aided by the Bharatiya Janata Party. While Maharashtra has a new chief minister, the Shiv Sena sees a bleak future ahead.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>And the bitter feud between Ambani\u2019s sons, Mukesh and Anil, in the wake of his demise is too well known. Mukesh clearly does not want history to repeat itself, and has put in motion the first phase of what could become a multi-phased succession plan at conglomerate Reliance Industries Ltd.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>This week, he appointed son Akash to head the board of the telecom arm Reliance Jio. He is also likely to name Akash\u2019s twin, Isha, as the chairperson of the fashion and retail arm Reliance Retail.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The move is significant not only because it signals that Mukesh Ambani, India\u2019s richest man, is ready to pass on the mantle of his multi-billion-dollar business empire to his children, but also because it could pave the way for the separate listing of three group verticals\u2014telecom, retail, and energy, which has been discussed for a while now.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>To be sure, the elevation of the Brown University graduate Akash or the Yale and Stanford alumna Isha were not totally out of the blue. The move has been speculated for some time as both have been intimately associated with the two businesses they are now heading for a few years now.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Will Ambani\u2019s succession plan work without a hitch? We don\u2019t know that yet, but we will surely tell you when we do.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"So_long_Mistry_and_Leonardo\"><\/span>So long, Mistry and Leonardo<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p>While we wish Ambani the best of health and many golden years ahead, two billionaires\u2014Pallonji Shapoorji Mistry and Leonardo Del Vecchio\u2014bid the world adieu in the week gone by.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Mistry, the India-born Irish businessman of Parsi descent, was 93. The reclusive billionaire died in his sleep at his residence in Mumbai, the city his construction behemoth, the Shapoorji Pallonji Group, has been instrumental in building over the last 150 years.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Apart from being a construction magnet, Mistry was also the single-biggest shareholder (18.3%) in Tata Sons, the main holding company of the $103-billion diversified Tata Group. Mistry was known as the \u2018phantom of Bombay House\u2019 for his inconspicuous but very powerful presence at the Tata Group headquarters.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>While Mistry inherited his father\u2019s fortune, which he managed to multiply over the decades, 87-year-old Italian billionaire Del Vecchio was born to an impoverished family from Barletta, and had to spend his early years in an orphanage as his widowed mother could not afford to feed him.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>In just one generation, the founder and chairman of EssilorLuxottica, which owns marquee brands such as Ray-Ban and Oakley, managed to build a fortune in excess of $24 billion, employing nearly 78,000 people and owning more than 8,000 stores across the world.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Mistry and Vecchio may have had very different beginnings, but they both had one admirable trait in common\u2014a steely resolve to succeed, against all odds, for that is what it took to succeed back in the day. <br \/><br \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"What_really_is_Adanis_game_plan\"><\/span>What really is Adani\u2019s game plan?<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-12906\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/looking-smile.gif\" alt=\"weekly wrap\" width=\"400\" height=\"298\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Talking of a steely resolve, Gautam Adani does not seem to be short of it himself. After entering the cement business by acquiring Swiss giant Holcim\u2019s India business, the Adani Group is now setting up a greenfield copper refinery for the production of 1 million tonnes per annum of refined copper in two phases.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Kutch Copper Ltd, a subsidiary of Adani Enterprises, has already raised debt of Rs 6,071 crore from a consortium led by State Bank of India (SBI), for the first phase of the project, which will be located in Mundra in Gujarat. Along with SBI, the consortium comprises Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank and Bank of Maharashtra.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>While Adani is taking a bet on the copper sector, the Vedanta Group led by Anil Agarwal has put its Tamil Nadu-based Sterlite Copper plant on sale. The unit has been entangled in various legal and environmental issues in the southern state, which has led to protests with several people losing their lives.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>In its sale pitch, Vedanta said that the beleaguered unit contributed to 40% of the country\u2019s demand of copper, making it a \u201cnational asset\u201d. That is indeed a strong pitch. But given its chequered history, the plant is unlikely to see any serious investor interest.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Banking_on_a_bright_future\"><\/span>Banking on a bright future<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p><img loading=\"lazy\" class=\"alignnone wp-image-12888\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/aplauso-aprobacion.gif\" alt=\"weekly wrap kuvera\" width=\"400\" height=\"400\" \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">India\u2019s banks may have put the worst of the bad loan crisis behind them. At least that is what the financial stability report of the Reserve Bank of India (RBI) has said.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">The banking regulator said that India\u2019s lenders were helped by policy support, including regulatory dispensations, which helped them navigate the ravages of the COVID-19 pandemic and helped improve their asset quality. The RBI said that the gross non-performing assets (GNPA) ratio of banks declined to a six-year low of 5.9% in March 2022 from 7.4% in the previous year.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><span style=\"font-weight: 400;\">While this may be good news, banks may again see their GNPA ratio rise to 6.2% if the economic environment worsens to a medium or a severe stress scenario, the central bank said. It also warned that the figure could go as high as 10.5% by March 2023 in the worst-case scenario. <\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Market_Wrap\"><\/span>Market Wrap<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<p>India\u2019s<a href=\"https:\/\/kuvera.in\/explore\/stocks\/c\/all\"> stock markets<\/a> took a breather this week and closed almost flat. But it was of little comfort as the April-June period has been the worst quarter for the Indian markets since the Covid-19 pandemic began in early 2020, as investors fretted over central bank action on interest rates to tame inflation.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The April-June quarter saw the benchmark indices Sensex and Nifty fall more than 9.5% each, clocking their worst performance since the March 2020 quarter, when the market had tanked owing to the sudden national lockdown. Foreign institutional investors sold Indian equities worth $13.81 billion in the quarter till June 29, the biggest outflow since at least 2008. The Nifty Smallcap 100 and the Nifty Midcap 100 lost 19.1% and 10.9%, respectively, in the quarter.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The week gone by was particularly bad for food delivery company Zomato, which saw its counter slide by more than 15.3% following the announcement of the all-stock deal to acquire quick delivery service Blinkit for Rs 4,447 crore. Analysts say the deal could add to Zomato\u2019s woes of high operating losses, as it struggles to figure out its unit economics and turn profitable.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>The top Nifty stocks that were in the green this week included ITC, L&amp;T, Hindalco, Ultratech Cement and NTPC. The top Nifty stocks that were in the red this week included Indian Oil Corp, Titan, Indiabulls Housing, Bajaj Auto and Vedanta. <br \/><br \/><\/p>\r\n<p>&nbsp;<\/p>\r\n<h4><span class=\"ez-toc-section\" id=\"Other_headlines\"><\/span>Other headlines<span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n<p>&nbsp;<\/p>\r\n<ul>\r\n<li>US economy contracts in Q1, sparks recession fears<\/li>\r\n<li>India&#8217;s gross GST collections for June rise 56% year on year to Rs 1.45 trillion<\/li>\r\n<li>Govt increases import duty on gold to 15% from 10.75%<\/li>\r\n<li>Govt imposes export tax on petrol, diesel; windfall tax on local crude oil<\/li>\r\n<li>India&#8217;s PMI manufacturing index at nine-month low as factory growth slows<\/li>\r\n<li>Govt keeps interest rates on small savings schemes, PPF unchanged for the quarter ending September 30.<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Until next week, happy investing!<\/p>\r\n<p>&#8212;&#8212;&#8212;&#8211;<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\r\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Check out our &#8220;Investor Education Originals&#8221; on Youtube and get smart about investing.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p><iframe loading=\"lazy\" title=\"Analyzing Expense Ratio | While choosing a MF Scheme\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/y3pRNN_SZy8?list=PLDSzQdT9nLmBFD2p94O5p2pZ4vEUR-Thz\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\r\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit kuvera.in to discover Direct Plans and Fixed Deposits and start investing today.<\/p>\r\n<p>#MutualFundSahiHai #KuveraSabseSahiHai!<\/p>\r\n<p><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>In this edition, we talk about Mukesh Ambani making way for his son Akash and daughter Isha to head two Reliance group verticals as he sets the first phase of his succession plan in motion. We also talk about the Adani group\u2019s foray into the copper business and the reclusive billionaire Pallonji Mistry, who bid [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-the-importance-of-a-succession-plan\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":12756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[801,802,264,1061,1063,248,1064,386,300,701,1060,1058,1059,1062],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The importance of a succession plan | Weekly Business updates | Kuvera<\/title>\n<meta name=\"description\" content=\"Business and finance updates in a nutshell. 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