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By:

Shoma A. Chatterji

21 August 2024 at 10:49:40 am

The Pallbearer’s Tragedy

Three decades after its premiere, Rangakarmee’s Mayyat remains a searing theatrical indictment of caste. Rangakarmee is perhaps the only theatre group that has been producing and performing plays in Hindi in Kolkata for 50 years this year. Founded and headed by the late Usha Ganguly, it is still as active and dynamic in presenting Hindi plays mainly new and sometimes recreating for the new audience, old plays that are timeless in their content and their appeal. The amazing feature of Mayyat...

The Pallbearer’s Tragedy

Three decades after its premiere, Rangakarmee’s Mayyat remains a searing theatrical indictment of caste. Rangakarmee is perhaps the only theatre group that has been producing and performing plays in Hindi in Kolkata for 50 years this year. Founded and headed by the late Usha Ganguly, it is still as active and dynamic in presenting Hindi plays mainly new and sometimes recreating for the new audience, old plays that are timeless in their content and their appeal. The amazing feature of Mayyat is that it was first performed by Usha Ganguly and her troupe way back in 1997 and has already performed around 500 shows spanning 30 years and signifies the cross-generational reach and popularity of the play. We saw a group of absolutely new actors dedicated to Rangakarmee. Their performance defined the strict discipline, the constant workouts and rehearsals to keep mobile and flexible because the very big cast needed to be perfect in body, mind and spirit during each 45-minute performance. What does the word Maiyyat mean? It is said to have its roots in Arabic and literally, it translates as ‘dead body’ or ‘corpse.’ The play is rooted in the deep internalization among the low castes of their exploitation and torture by the Brahmins of their village. The Brahmins are proud in their gait, their body language and even in their pure form of dress with the holy thread of Brahminism proudly on display. The custom of the proud, arrogant and rude Brahmins is to choose at least one among the four untouchables to become the pall-bearer when someone of the upper-caste dies. Instead of feeling sad or insulted, the chosen untouchable feels blessed and proud for being allowed by this strange custom of becoming a fake “Brahmin” if even for one day. Lakku is one such untouchable who lives somewhere near Aurangabad and leads a miserable life of poverty with the burden of a mentally deranged, motherless son he takes care of. The pall is decorated heavily with flowers and instead of looking like a bourse, it is decorated with lots of flowers like a palanquin. Someone obviously among the Brahmins is dead and the other Brahmins draw lots to find out which untouchable will be chosen to offer his shoulder to the bourse. `When Lakku’s name comes up in the shuffling of the paper chips, he is thrilled that at least for one day, he will enjoy the ‘blessing’ of becoming a “Brahmin.” But forced to run through the village on an empty stomach and with a weak body, Lakku collapses and dies before the bourse can reach the crematorium. Now, the question is – who will carry his body and carry it to the cremation ground? The entire performance, with 23 theatre actors, originally scripted, designed and directed by Usha Ganguly, is now performed by a new young cast under the guidance, training and supervision of Amal Saha, Deepesh Rajak, and Anirudh Sarkar. It has been conceived and designed like a musical opera with every Brahmin member of the cast, including the young women, dressed traditionally in pristine white with lots of marigold garlands and a sandalwood tikka adorning their foreheads. Though there are dialogues in the performance, these are either among the leading and decisive members among the Brahmins or scoldings and threats from the Brahmins to the four members from the untouchable tribe, each one representing a different low caste. These four men, alongwith Lakku and his mentally retarded son, keep waiting eagerly in one corner of the proscenium for the results of the lots to be drawn. They hug each other for joy when their names are announced and Lakku specially is thrilled with the responsibility of being pallbearer and becoming a Brahmin for just one night. Whose corpse is being carried in the bourse is not important. What is important is who are the pall bearers? At least, the Brahmins are not. What one carries home after watching a performance-play like Mayyat is the marvellous synchronization of the entire female cast wandering right around the proscenium space singing songs in complete harmony with not a note of error and the Brahmin men discussing, arguing and quarrelling over not how the corpse will be cremated but which low-caste man will become the pallbearer for one night. The bottom-line is caste is a continuous, historical evil. But should it remain so? (The writer is a noted film scholar. Views personal.)

IPO Investment Strategy

Updated: Nov 12, 2024

IPO Investment Strategy

Investors have amassed significant wealth through investing in Initial Public Offerings (IPOs) in India. In 2024, 70 IPOs were launched, with 56 of them delivering positive gains on their initial listing. Among these, Vibhor Steel Tubes, which began accepting subscriptions in February 2024, achieved the highest listing gain at 195 per cent. BLS E-services and Bajaj Housing Finance were the next two IPOs to see substantial gains, with returns of 171 per cent and 135 per cent, respectively. Investors can approach IPOs from two angles: focusing on listing gains or on long-term investment. Let's explore the key factors that contribute to a successful IPO investment strategy.


For Listing Gains

1. Consider the size of the issue. Small IPOs with issues below 2000 crores tend to offer better listing gains.


2. Monitor the Grey Market Premium (GMP). GMP should consistently exceed 30% before the IPO.


3. GMP should either remain stable or increase, and it should not decrease leading up to the IPO's closing date.


4. Even if the goal is to focus on listing gains, it's important to review the company's financials. Financial indicators such as profit growth, Return on Equity, and Price to Earnings ratio are crucial to avoid investing in low-quality IPOs.


5. If the company shows long-term growth potential, it's advisable to hold off on selling shares.


For Long-Term Investment

1. Established companies like LIC, Zomato, Ola Electric, and Hyundai Motors have not met market expectations, often due to the size of their initial offerings. If the issue size exceeds $20 million, it's advisable to consider investing for long-term gains rather than just listing gains.


2. The valuation of the company is critical for long-term wealth creation through IPOs. The company should be profitable, and its price to earnings ratio should be below 25.


3. Occasionally, companies like Zomato, Swiggy, and Ola, which are currently unprofitable, but they have a potential for significant future growth. In such cases, it's important to be mentally prepared for a multi-year period of time correction. It's possible that returns may not be realized until the company becomes profitable.


4. Shares in this category are susceptible to significant price drops, potentially by 50 per cent to 70 per cent from their initial offering price. However, it's beneficial to buy these shares during these price drops. For instance, Zomato, listed at 116 rupees in July 2021, fell to 41 rupees by July 2022. Following this decline, the stock began to rise, currently trading at 248 rupees.


5. If a company is fundamentally strong but its valuation is high, it may consolidate over several years, requiring patience. An example is CDSL, which was listed in 2017, didn't deliver any returns for the next three years. However, from 2020 to 2024, the stock appreciated by over 10 times.


(The author has spoken to experts in the field for writing this piece.)

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