Mumbai-based Pratibha Industries Ltd said its joint venture with Lucknow-based Abhyudaya Housing and Construction Pvt Ltd, has won an annuity project from National Highways Authority of India (NHAI). The total revenues receivable from NHAI is Rs336.70 crore, the company said in a regulatory filing.
The project involves two laning of Bhopal-Sanchi section of NH 86. The project is to be executed on built, operate and transfer (BOT) basis on design, build, finance and operate (DBFO) pattern under National Highways Development Project (NHDP) phase III. The construction period is two years and payments would be done through semi-annual annuities of Rs12.95 crore for 13 years totalling to Rs336.70 crore.
On Friday, Pratibha Industries shares closed 0.1% down at Rs409 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,833 points.
Sharon Bio-Medicine Ltd said its formulation plant at Dehradun has been approved by UK-based Medicines and Health Care Product Regulatory Agency (MHRA).
The company, located in Raigad, Maharashtra, expect the sales to start in near future to the UK and Europe, Sharon Bio-Medicine said in a regulatory filing.
On Friday, Sharon Bio-Medicine shares closed 3.2% higher at Rs135 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,833 points.
Media agencies need to come together and form a union, and arrive at an understanding that they will not pitch for clients below a certain rate structure, and they will not enter into bloodletting deals with them
Every time I meet ad agency and media-buying agency heads, sooner or later the topic veers towards diminishing revenue returns. Clients are increasingly squeezing margins, and agencies have become increasingly worried over their own survival. The chairman of one of India's largest agencies recently said to me that this hit on his bottom-lines has directly resulted in his agency not being able to attract good talent into the company. This then directly affects the quality of the output.
In fact recently, Raj Nayak, who runs his own media company called AIDEM Ventures Pvt Ltd, posted this comment on his Facebook page: "FMCG client asking Media agencies pay & pitch guarantee CPRP's or pay fine & seeking a commission for giving their business. Is this a Joke?" (CPRP: Cost per rating point.) What this essentially means is that the said client is demanding that the media agencies commit to delivering certain rating points, and if they under-deliver, then there needs to be a penalty imposed! I did try to speak to Nayak to learn more on this scandalous issue, but he evaded making a comment. However, this example, if accurate, points to the increasing, unfair pressure on the agencies.
So then what's gone wrong? Well, the answer is pretty simple, and it lies within, not without. Ad and media agencies operate like sex workers, in fact, they can be worse. They under-cut each other viciously, and the agency suits are always willing to drop their pants for that extra rupee. Naturally then, the advertisers would make full use of this situation, to beef up their own bottom-lines. This is simple dhandha, so why blame them?
Clearly, the only solution is for media agencies to come together and form a union, and arrive at an understanding that while they will compete with each other aggressively in the marketplace, they will not pitch for clients below a certain rate structure, and they will not enter into bloodletting deals with them. Until and unless there is unity within the agencies, they will keep getting blown out of the food chain.
I entered the ad world many years ago, and this issue was being debated even then. And yet no understanding has been reached so far. There is always the talk, but no walk. This dysfunctionality within the frat is costing the industry big-time. And some serious action, and not pissed-off Facebook updates, is the answer.