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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city...

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city will get a ‘Hindu Marathi’ person to head India’s richest civic body, while the Opposition Shiv Sena (UBT)-Maharashtra Navnirman Sena also harbour fond hopes of a miracle that could ensure their own person for the post. The Maharashtra Vikas Aghadi (MVA) optimism stems from expectations of possible political permutations-combinations that could develop with a realignment of forces as the Supreme Court is hearing the cases involving the Shiv Sena-Nationalist Congress Party this week. Catapulted as the largest single party, the BJP hopes to install a first ever party-man as Mayor, but that may not create history. Way back in 1982-1983, a BJP leader Dr. Prabhakar Pai had served in the top post in Mumbai (then Bombay). Incidentally, Dr. Pai hailed from Udupi district of Karnataka, and his appointment came barely a couple of years after the BJP was formed (1980), capping a distinguished career as a city father, said experts. Originally a Congressman, Dr. Pai later shifted to the Bharatiya Janata Party, then back to Congress briefly, founded the Janata Seva Sangh before immersing himself in social activities. Second Administrator The 2026 Mayoral elections have evoked huge interest not only among Mumbaikars but across the country as it comes after nearly four years since the BMC was governed by an Administrator. This was only the second time in the BMC history that an Administrator was named after April 1984-May 1985. On both occasions, there were election-related issues, the first time the elections got delayed for certain reasons and the second time the polling was put off owing to Ward delimitations and OBC quotas as the matter was pending in the courts. From 1931 till 2022, Mumbai has been lorded over by 76 Mayors, men and women, hailing from various regions, backgrounds, castes and communities. They included Hindus, Muslims, Christians, Parsis, Sikhs, even a Jew, etc., truly reflecting the cosmopolitan personality of the coastal city and India’s financial powerhouse. In 1931-1932, the Mayor was a Parsi, J. B. Boman Behram, and others from his community followed like Khurshed Framji Nariman (after whom Nariman Point is named), E. A. Bandukwala, Minoo Masani, B. N. Karanjia and other bigwigs. There were Muslims like Hoosenally Rahimtoola, Sultan M. Chinoy, the legendary Yusuf Meherally, Dr. A. U. Memon and others. The Christian community got a fair share of Mayors with Joseph A. D’Souza – who was Member of Constituent Assembly representing Bombay Province for writing-approving the Constitution of India, M. U. Mascarenhas, P. A. Dias, Simon C. Fernandes, J. Leon D’Souza, et al. A Jew Elijah Moses (1937-1938) and a Sikh M. H. Bedi (1983-1984), served as Mayors, but post-1985, for the past 40 years, nobody from any minority community occupied the august post. During the silver jubilee year of the post, Sulochana M. Modi became the first woman Mayor of Mumbai (1956), and later with tweaks in the rules, many women ruled in this post – Nirmala Samant-Prabhavalkar (1994-1995), Vishakha Raut (997-1998), Dr. Shubha Raul (March 2007-Nov. 2009), Shraddha Jadhav (Dec. 2009-March 2012), Snehal Ambedkar (Sep. 2014-March 2017). The last incumbent (before the Administrator) was a government nurse, Kishori Pednekar (Nov. 2019-March 2022) - who earned the sobriquet of ‘Florence Nightingale’ of Mumbai - as she flitted around in her full white uniform at the height of the Covid-19 Pandemic, earning the admiration of the citizens. Mumbai Mayor – high-profile post The Mumbai Mayor’s post is considered a crucial step in the political ladder and many went on to become MLAs, MPs, state-central ministers, a Lok Sabha Speaker, Chief Ministers and union ministers. The formidable S. K. Patil was Mayor (1949-1952) and later served in the union cabinets of PMs Jawaharlal Nehru, Lah Bahadur Shastri and Indira Gandhi; Dahyabhai V. Patel (1954-1955) was the son of India’s first Home Minister Sardar Vallabhbhai Patel; Manohar Joshi (1976-1977) became the CM of Maharashtra, later union minister and Speaker of Lok Sabha; Chhagan Bhujbal (1985-1986 – 1990-1991) became a Deputy CM.

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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