P&G is the latest entrant in the Rs300-crore men's fairness products market that has recorded faster growth than that for women
Procter & Gamble's "Olay" is the latest brand to venture into the curious men's fairness cream arena. While the company is doing its best to make its mark, some market observers believe that the small market has already seen too many brands.
"Men's fairness creams constitute just a tenth of the segment. While it is an area which has potential, there are already a lot of options. The launch of another brand may not create any breakthroughs," commented an analyst. He compared the men's fairness segment with the deodorant market, which has seen many launches after the success of Axe, but have fragmented the sector, eating into each other's revenues.
P&G's product has found its way to India after China. The company also owns Gillette, which is a men's only brand, and it plans to add more products to its portfolio. Olay Men's Solutions will see high-end marketing, as the products are in the premium category.
Emami was the first to target the metrosexual with "Fair and Handsome" five years ago. As the brand took off, there were back-to-back launches. Hindustan Unilever (HUL) went to the market with "Fair and Lovely Menz Active", then there was "Nivea for Men", "Garnier Powerlight for Men" and "Vaseline Men". All of them have had significant sales, but Emami has stayed the leader.
Emami reported sales of Rs125 crore till December 2010, proof of its pioneering position and strength as an exclusively men's brand, unlike the others who derive their strength from their fairness products for women. "The brand is looking for a significant value growth on its present base (26%- MAT on December 2010)," says an Emami spokesperson.
The men's fairness cream market is estimated to be valued at Rs300 crore, but has seen a robust growth for most brands at 25%-30%. By contrast, the huge Rs3,000 crore women's fairness cream market is growing at 10%-15% annually.
The men's fairness sector is yet to realise its full potential, as many men still use women's fairness creams. Emami says that there is a huge demographic to be tapped, with an estimated six to seven times more males using women's fairness cream than males using men's only fairness creams.
"This is a lucrative area, but it really depends on the brand placement," said an advertising company spokesperson. "Each brand is appealing to a section of men and a new brand has to create its own niche to succeed. Pricing, too, becomes important because a majority of the customers go for products which offer value for money."
SEBI said he was appointed as a non-executive independent director on the board of PSTL on 30 June 2008, and resigned from the directorship on 24 February 2009 while investigation observed that the accounts were allegedly manipulated for the financial year 2007-08
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) today exonerated N Venkataraman, former director of Pyramid Saimira Theatre (PSTL), saying that he was not a board member when financial irregularities took place at the firm, reports PTI.
It said investigations into the company's affairs have revealed that accounts were manipulated during 2007-08, before MR Venkataraman was appointed as a director in PSTL.
An order of the Securities and Exchange Board of India (SEBI) said, "...the noticee (Mr Venkataraman) was not a director of the company during the relevant year, i.e., 2007-08... The noticee was not a member of the audit committee of PSTL at any time during his tenure.
"After taking into consideration all the facts and circumstances of the case and material available on record...
The case is accordingly disposed of."
In April 2010, SEBI issued a show-cause notice to Mr Venkataraman, who made a submission before it last December.
SEBI said he was appointed as a non-executive independent director on the board of PSTL on 30 June 2008, and resigned from the directorship on 24 February 2009.
"Investigation observed that the accounts were allegedly manipulated for the financial year 2007-08, i.e., before the noticee was appointed director of the company," SEBI said.
Last year, SEBI alleged that PSTL inflated its revenues and profits by fictitious entries in its accounts. It barred PSTL MD PS Saminathan from trading in the stock markets for 10 years.
In April this year, SEBI barred PSTL chairman and whole-time director V Natarajan and whole-time director N Narayanan from trading in securities or from holding similar positions in any listed company for up to three years for their role in the irregularities.
Earlier, it had barred three independent directors and members of the audit committee-KS Kasiraman, K Natarahjan and G Ramakrishnan-from holding a similar position in any listed company for two years for giving false and misleading statements.
Nifty’s rise has to go beyond 5,355 for the bounce to be meaningful
The market showed strong resilience today, shrugging off weak global cues, high food inflation data and poor US and Asian market trends, to end with decent gains. Buying in heavyweights also supported the upmove.
Weak global cues saw the domestic market opening lower today. The Nifty was down nine points at 5,269 and the Sensex started the day at 17,527, lower by 24 points. Banking, realty, auto and metal stocks were on the sellers' radar in early trade, pushing the indices to their intra-day lows in the first 15 minutes. At the day's low, the Nifty slipped to 5,252 and the Sensex to 17,482.
Select buying in stocks like Reliance Industries, ITC and Infosys helped the market overcome initial hiccups and trade in the green. The gains improved as the session progressed and investors shrugged off the spike in food inflation data. The market touched its intra-day high in noon trade, with the Nifty at 5,331, up 53 points and the Sensex surging 204 points to 17,755. Then a weak opening in the European markets dampened sentiments a little and the indices pared some gains. The market traded sideways thereafter, closing slightly below the highs of the day. The Nifty closed at 5,320, a gain of 41 points, and the Sensex advanced finished at 17,727, a good 177 points up.
After six trading sessions, the Nifty today managed a higher high and a higher close. The high of the day was 5,331. The intra-day high was the first resistance we had mentioned in Wednesday's closing report. The next resistance is at 5,355.
The advance-decline ratio on the National Stock Exchange was a poor 584:808.
While the key indices had a good session, the broader indices settled lower. The BSE Mid-cap index shed 0.06% and the BSE Small-cap index fell by 0.33%.
BSE Consumer Durables index (up 4.01%) was the top sectoral gainer. It was followed by BSE Fast Moving Consumer Goods (up 2.18%), Oil & Gas (up 1.95%), BSE IT (up 0.98%) and BSE TECk (up 0.79%). BSE Healthcare (down 0.53%), BSE Realty (down 0.36%) and BSE Metal (down 0.14%) were the losers.
ITC (up 3.37%), Reliance Communications (up 3.36%), Reliance Industries (up 2.90%), Hindustan Unilever (up 1.83%) and ONGC (up 1.36%) were the top stocks on the Sensex. Cipla (down 1.97%), Maruti Suzuki (down 1.72%), BHEL (down 0.78%), HDFC (down 0.78%) and Hindalco Industries (down 0.54%) were the losers on the index.
Among the Nifty stocks, ITC (up 3.46%), RCom (up 3.36%), RIL (up 2.95%), Reliance Capital (up 2.64%) and HUL (up 2.33%) were the gainers, whereas Maruti Suzuki (down 2.50%), Cipla (down 1.92%), IDFC (down 1.56%), Grasim (down 1.52%) and Sun Pharma (down 1.39%) were the losers.
Food inflation touched a two-and-half month high of 9.13% in the week ended 11th June from 8.96% in the previous week and 23% in the second week of June 2010. The latest food inflation numbers are the highest since the week ended 26 March 2011, when the rate of price rise of food items touched 9.18%.
Commenting on the development, finance minister Pranab Mukherjee said the high inflationary regime was not acceptable and efforts would be made to bring it down.
Concerns about the slowdown in the pace of the global economy resulted in the markets in Asia closing mixed. Lower GDP forecast by Federal Reserve chairman Ben Bernanke, at the end of the two-day central bank meeting yesterday, hurt investor sentiments.
Meanwhile, China's manufacturing may expand at the slowest pace in 11 months in June, a preliminary purchasing managers' index showed. The 50.1 level reported by HSBC Holdings Plc and Markit Economics compares with the final reading of 51.6 in May. Despite this, the Shanghai Composite settled higher.
The Hang Seng fell 0.46%, the KLSE Composite declined 0.27%, the Nikkei 225 was down 0.34%, the Seoul Composite slipped 0.39% and the Taiwan Weighted tanked 0.62%. On the other hand, the Shanghai Composite surged 1.44%, the Jakarta Composite added 0.05% and the Straits Times gained 0.06%.
Back home, foreign institutional investors were net sellers of stocks worth Rs287.40 crore on Wednesday. On the other hand, domestic institutional investors were net buyers of shares worth Rs157.37 crore.
RIL has made a natural gas discovery in the very first well drilled on its D9 block in the Krishna Godavari basin off the east coast of India, its junior partner Hardy Oil and Gas Plc said today. However, Hardy did not give the reserves that the discovery may hold, saying the potential commerciality of this discovery is being ascertained through more data gathering and analysis.