Latest news with #Damani
Time of India
28-05-2025
- Sport
- Time of India
Inspired by Ricky Ponting, MSD-like farewell: India's 'almost there' player Priyank Panchal
New Delhi: Gujarat batter 's decision to retire at 35 caught the cricket fraternity by surprise, including the state team's captain Chintan Gaja and other teammates. "I got to know about Panchal's retirement after he revealed it on Instagram," said Gaja. Tired of too many ads? go ad free now Gujarat opener Aarya Desai similarly learnt about the decision on Instagram, admitting that the call left him surprised. "Nobody knew. We had no indication before he sent an email to the Gujarat Cricket Association (GCA) on the previous day in the evening. There was a sense of expectation that Panchal would play his 100th Ranji Trophy match in the upcoming season," said Gujarat Selection Committee chairman Kirat Damani during an exclusive interaction with Panchal took a leaf out of MS Dhoni's playbook, keeping his decision under wraps till the end with a quiet and unexpected announcement. The Gujarat batter bows out of the game with an impressive tally of 6,992 runs in 99 Ranji Trophy matches. Panchal finishes as the state's second-highest run-getter, scoring just 19 runs less than Parthiv Patel's tally of 7,011 runs. The 35-year-old accumulated 8,856 runs in 127 first-class matches, slamming 29 hundreds and 34 fifties, with an unbeaten 314 marking his highest score. However, even this mammoth tally of runs failed to earn Panchal a Team India debut, with the cricketer ending his career as an 'almost there' player. The batter smashed 1,310 runs during the 2016/17 Ranji Trophy season, helping Gujarat win the tournament. Panchal's performances resulted in his selection for India-A squads on multiple occasions, emerging as an impressive captain. The 35-year-old first got an opportunity with the Indian team after being picked for an away Test series against South Africa in 2021-22. Tired of too many ads? go ad free now Panchal was also selected for a Test series against Sri Lanka in February 2022. However, the batter didn't get a chance to feature in the lineup. It was in such tough situations that Panchal, who idolises Rahul Dravid and draws inspiration from Ricky Ponting, showcased his character. Shubman Gill story: From a remote village near the border to India's Test captain "An anecdote I recall showcasing his mentality was when Panchal missed out on a chance to replace Cheteshwar Pujara in an away series against England, due to an injury. I thought he'd be extremely gutted. Panchal said, ''I've worked very hard. If I was destined to get that chance, I would've got it'. His maturity and grit astonished me," said Damani. "The one thing that stood out very early was his ability to learn from seniors and eagerness to improve. Panchal would show up season after season with thorough professionalism without letting the disappointment of non-selection for the Indian team affect his mentality," added Damani. Poll Should Priyank Panchal have been given a chance to represent Team India? Absolutely Maybe, but he had his chances No, he wasn't consistent enough Panchal faced questions regarding his capabilities during the 2024/25 edition of the Ranji Trophy, which marked his last tournament. The cricketer was under pressure before the team's semi-final against Kerala, considering his lack of big runs. "He was unable to convert starts. However, we were confident of his capabilities," said Gaja. Kerala scored 457 in their first innings, tiring out the Gujarat fielders by making them field for over two and a half days. Gujarat needed to cross Kerala's run tally in a game set to be decided based on the first-innings lead. Desai and Panchal stitched a 131-run partnership, putting the opposition under pressure. "We were very tired after fielding for two and a half days. Priyank told me to keep attacking. He even cautioned me when he felt I was being too casual, urging me to not lose focus," said Desai. Panchal maintained the intensity following his fellow opener's dismissal, scoring with intent. The batter let out a roar after scoring a century, leaving teammates and friends stunned, considering his quiet nature. The Gujarat cricketer continued to fight despite an injury on his left index finger. "The top hand plays a dominant role. Fingers on the left-hand are always vital for a right-handed batter," said Panchal. Ex-Gujarat cricketer Dhruv Raval said he's never seen his former teammate celebrate in such an aggressive manner. "It was very unexpected. It is extremely unfortunate that one of India's best domestic players failed to represent the nation," he added. "Priyank was very determined to help Gujarat reach the final. His celebration showed that there was a lot going on inside," stated Gaja. Panchal was eventually dismissed for 148, bowing out of the game on an astounding note. While the cricketer emerged as a solid run-scorer, he was also the ultimate teamman. "Panchal guided me a lot with technical issues, motivating me during my initial matches. His discipline is top-notch. I will certainly remember him for that," said Gujarat all-rounder Jaymeet Patel.
Time of India
28-05-2025
- Business
- Time of India
Ultra rich betting on trophy properties to preserve wealth
The country's leading industrialists, promoters, and family offices are increasingly turning to trophy properties for wealth preservation and legacy building, betting on luxury real estate as a resilient asset class that offers a combination of capital appreciation, privacy, and intergenerational value. From Worli's skyline-defining towers and the tree-lined avenues of Carmichael Road in Mumbai to sprawling colonial-era homes in New Delhi's Lutyens' Bungalow Zone , the real estate market in prime areas of major Indian cities has seen the ultra-wealthy close deals exceeding Rs 25,000 crore over the last three years. This is up around 90% over the previous three years, according to data compiled by realty data analytics firm Zapkey(dot)com. This surge in high-value purchases by promoters and family trusts in cities like Mumbai, New Delhi, and Bengaluru reflects a broader shift in capital management strategies, family office experts said. These families see them as strategic, long-term investments designed to safeguard wealth across generations. 'The trend is in line with how global markets have historically evolved in large cities,' said Vivek Gupta, partner at Deloitte India . 'India is seeing this trend now—large business groups want to lock in assets that are priced and scarce and can, therefore, become a legacy to be passed across generations.' Vedanta Group, Bajaj Group, Godrej, Infosys , Radhakishan Damani, Uday Kotak, GVK, Welspun , Polycab, Parle Products, and Divis Laboratories are among the large business group and families that have purchased bungalows, luxury apartments, and land parcels in major cities. More than Prestige For ultra-wealthy families, highend properties are not mere lifestyle statements. They are strategic, long-term investments designed to safeguard wealth across generations. 'Our family council has always held this belief that real estate offers a better width of investment avenues,' a leading industrialist said on condition of anonymity. 'Prime real estate is better than gold is what we believe, and we expect this recent trend to keep getting stronger.' The scion of a leading Mumbaibased industrialist said the evolution of real estate investment trusts (REITs) and land banks as a trend signals a long-term belief in rising property values. 'The growth in the value of properties, especially in key cities have been phenomenal,' he said, seeking anonymity. 'A number of key financial advisors suggested that we park funds in such assets where the surge in value will be significant down generations. Also, blocking key properties always makes good financial sense.' Be it billionaire investor and DMart founder Damani's Rs 1,001-crore purchase of a bungalow in South Mumbai's elite Malabar Hill in April 2021, or banker Uday Kotak's acquisition of an entire sea-facing Worli building for over Rs 400 crore in 2025—these deals are not outliers, but part of a clear and defining trend. They signal a deeper shift in how family offices are managing their capital, family office experts said. 'HNI families view real estate as a strategic asset for capital preservation and appreciation, which also helps in diversifying their wealth effectively,' said Sandeep Reddy, cofounder of 'It's also crucial for family wealth division, simplifying intergenerational transfers. While our analysis includes only marquee transactions, there are several transactions of this nature that are relatively smaller and not considered here,' he said. According to Reddy, beyond investment, there is a clear preference for premium, landmark addresses for end use, reflecting both prestige and a pursuit of long-term value.
Time of India
28-05-2025
- Business
- Time of India
Ultra rich betting on unreal estate to preserve wealth
Live Events More than Prestige (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The country's leading industrialists, promoters, and family offices are increasingly turning to trophy properties for wealth preservation and legacy building, betting on luxury real estate as a resilient asset class that offers a combination of capital appreciation, privacy, and intergenerational Worli's skyline-defining towers and the tree-lined avenues of Carmichael Road in Mumbai to sprawling colonial-era homes in New Delhi's Lutyens' Bungalow Zone, the real estate market in prime areas of major Indian cities has seen the ultra-wealthy close deals exceeding Rs 25,000 crore over the last three years. This is up around 90% over the previous three years, according to data compiled by realty data analytics firm surge in high-value purchases by promoters and family trusts in cities like Mumbai, New Delhi, and Bengaluru reflects a broader shift in capital management strategies, family office experts said. These families see them as strategic, long-term investments designed to safeguard wealth across generations. 'The trend is in line with how global markets have historically evolved in large cities,' said Vivek Gupta, partner at Deloitte India. 'India is seeing this trend now—large business groups want to lock in assets that are priced and scarce and can, therefore, become a legacy to be passed across generations.'Vedanta Group, Bajaj Group, Godrej, Infosys , Radhakishan Damani, Uday Kotak, GVK, Welspun , Polycab, Parle Products, and Divis Laboratories are among the large business group and families that have purchased bungalows, luxury apartments, and land parcels in major ultra-wealthy families, highend properties are not mere lifestyle statements. They are strategic, long-term investments designed to safeguard wealth across generations.'Our family council has always held this belief that real estate offers a better width of investment avenues,' a leading industrialist said on condition of anonymity. 'Prime real estate is better than gold is what we believe, and we expect this recent trend to keep getting stronger.'The scion of a leading Mumbaibased industrialist said the evolution of real estate investment trusts (REITs) and land banks as a trend signals a long-term belief in rising property values.'The growth in the value of properties, especially in key cities have been phenomenal,' he said, seeking anonymity. 'A number of key financial advisors suggested that we park funds in such assets where the surge in value will be significant down generations. Also, blocking key properties always makes good financial sense.'Be it billionaire investor and DMart founder Damani's Rs 1,001-crore purchase of a bungalow in South Mumbai's elite Malabar Hill in April 2021, or banker Uday Kotak's acquisition of an entire sea-facing Worli building for over Rs 400 crore in 2025—these deals are not outliers, but part of a clear and defining trend. They signal a deeper shift in how family offices are managing their capital, family office experts said.'HNI families view real estate as a strategic asset for capital preservation and appreciation, which also helps in diversifying their wealth effectively,' said Sandeep Reddy, cofounder of 'It's also crucial for family wealth division, simplifying intergenerational transfers. While our analysis includes only marquee transactions, there are several transactions of this nature that are relatively smaller and not considered here,' he to Reddy, beyond investment, there is a clear preference for premium, landmark addresses for end use, reflecting both prestige and a pursuit of long-term value.
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Business Standard
26-05-2025
- Business
- Business Standard
StayVista forays into branded residences, targets Rs 250 crore in FY26
The villa rental platform, with a leisure-city portfolio target of 80:20, enters metro markets and aims to expand in Delhi-NCR, Pune, Mumbai and Bengaluru Luxury villa rental firm StayVista forayed into the branded residences market earlier this month as domestic travel continues to see increased activity. The company currently has a negligible city-location portfolio but aims to increase the leisure-city mix to 80:20 in the next two–three years. "While the market is still nascent, demand is definitely growing. We wanted to offer people a home-like experience in metro cities for people who are away from homes for a longer duration," Amit Damani, co-founder, StayVista, told Business Standard. Starting in Delhi–NCR, where it currently has three residence properties, it plans to expand the offering to new geographies like Pune, Mumbai and Bengaluru. With this new foray, the company is eyeing an additional revenue of Rs 25 crore. "In residences, we are seeing a bigger demand for shorter stays — typically for two nights, but almost 20 per cent of the demand is for longer stays spanning a fortnight," Damani said. "The offering is visibly different from our leisure offerings and as many as 30 per cent of our bookings are for entire apartments, while a majority are for separate individual bedrooms within a larger apartment," he added. With an aim of launching an initial public offering in 2028, the company plans to cross Rs 250 crore in revenue in financial year 2025–26 (FY26). In FY25, the company has grown to a portfolio size of 1,000 villas and recorded revenue of Rs 120 crore, with a net profit of over Rs 2 crore.
Indian Express
03-05-2025
- Business
- Indian Express
The Damani playbook: How a reclusive investor built a Rs 2 lakh crore empire
While most investors chase trends, Radhakishan Damani chases value and lets the world catch up later. In an era of algorithmic trading, social media hype, and startup billionaires, Damani has quietly built a Rs 2 lakh crore fortune rooted in an old-school philosophy: buy great businesses at fair prices, stay patient, and never compromise on quality. He began as a stock trader in the 1980s, made significant profits by short-selling during the Harshad Mehta bubble, and then transitioned into a long-term value investor who spotted enduring winners in companies like VST Industries, Gillette, and CRISIL. But his most iconic move came when he stepped beyond investing to build DMart, a no-frills, cash-generating retail chain that now defines how middle-class India shops. We look at the Damani blueprint: What allowed him to see value in cigarettes and cement while others looked away? How did his investment philosophy shape how DMart was built, run, and scaled up? And what does his track record teach retail investors about conviction, concentration, and compounding? The first bets: What Damani saw that others missed To understand how Damani began buying stocks and why those stocks became multibaggers, you have to first understand what the Indian stock market looked like in the mid-1990s. The aftershocks of the 1992 Harshad Mehta scam had shaken investor confidence. IPO booms had soured into penny stock busts. Foreign institutional investors were just beginning to test Indian waters, and retail investors were swinging between thrill and trauma. Momentum stocks, steel, cement, infra, and PSUs were the flavour of the season. The market loved stories, not numbers. Stock prices moved on rumour, not results. In the middle of this chaos, Damani made a counterintuitive choice: he started buying FMCG stocks. Gillette. Colgate. HUL. Nestlé In a noisy market obsessed with 'fast money,' Damani was already thinking in terms of steady compounding. He wasn't looking for stocks that could double in 6 months, but he was looking for businesses that wouldn't lose money in 10 years. At the time, large consumer companies were viewed as boring. Safe, yes. But slow. Their earnings were predictable, margins stable, but growth wasn't exciting. They rarely made headlines — and rarely attracted traders. But to Damani, that was the whole point. These were high-quality franchises with: Brand monopolies (Gillette had over 70% of the shaving market) High gross margins and low capital intensity Cash flows that exceeded capex every single year And most importantly, pricing power — the ability to pass on inflation without losing customers They also had deep distribution systems, owned by multinationals, and led by professionally run, non-promoter management. In a market full of promoter-led companies with opaque accounting and debt-fuelled growth, Damani found comfort in governance and stability. And he understood something that few retail investors did then: India's middle class was expanding. Slowly, yes, but structurally. Urbanisation, consumer credit, and lifestyle upgrades were beginning to shape demand in categories like toothpaste, shampoo, razors, and packaged food. So while the market obsessed over cyclical sugar stocks or speculative infra plays, Damani quietly bought consumer staples at sensible valuations, content with 12-15% earnings growth, knowing that over time, compounding would do the heavy lifting. He wasn't chasing alpha. He was underwriting durability. CRISIL and 3M India: The outsiders Around the early 2000s, he began adding companies like CRISIL and 3M India. Again, not the kind of names retail investors or even brokerages covered heavily. CRISIL, at the time, was primarily a credit rating agency, a niche business. But Damani understood that as India's banking and NBFC sector scaled up, so would credit. And wherever credit expanded, rating would become mandatory. This meant CRISIL's revenue was both growing and recurring like a subscription. The costs were low, the moat was regulatory, and the competition was minimal. 3M India, meanwhile, looked like a conglomerate no one could explain. Adhesives, medical devices, car care, Post-it notes, all under one roof. But Damani looked past the complexity and saw the pattern: a premium-pricing business, backed by global IP, in categories where quality mattered more than price. 3M wasn't a volume play, it was a margin play. Again, it ticked the box of low capex, low receivables, and strong brand recall. HDFC Bank: The 'Pedder Road' of Indian banking Among Damani's early investments, few were as prescient or as simply explained as HDFC Bank. At the time he began buying, the bank's market cap was barely Rs 400 crore. It was a fledgling private sector institution in a market dominated by lumbering public sector banks like SBI, which commanded scale, visibility, and retail trust. Most investors saw HDFC Bank as too small, too new, and too conservative to matter. But Damani saw something else: clean books, a conservative culture, and the DNA of compounding. When asked why he preferred HDFC Bank over the bigger PSU banks, Damani reportedly gave an answer that became legendary among market insiders: ' Dharavi, Dharavi hota hai… aur Pedder Road, Pedder Road. Aage jaake HDFC Bank ka bhaav dekh lena.' (Dharavi is Dharavi and Pedder Road is Pedder Road… just wait and watch where HDFC Bank ends up.) He wasn't picking based on size. He was picking based on location and long-term livability, such as quality of assets, not quantity. In his view, PSU banks might have more branches and legacy muscle, but they were weighed down by inefficiencies, political lending, and bad governance. HDFC Bank, by contrast, was small but pristine. He held the stock for years. And true to form, the market eventually caught up to the value. What started at a Rs 400 crore valuation is now a multi-lakh crore giant, widely regarded as one of the finest private banks in Asia. DMart: The investor who built the perfect stock By the early 2000s, Damani had done what most public market investors dream of: He had made his money. But more importantly, he had built his worldview. He now knew what made a business great: predictable cash flows, pricing power, clean execution, capital efficiency, and most critically, trust. So when he began thinking about his next move, he didn't look at hedge funds or flashy tech bets. He looked at something far more basic: groceries. And just like that, the investor who had quietly accumulated shares in HDFC Bank and Gillette, who had held on to tobacco and toothpaste, now began setting up his retail chain. But this wasn't a pivot. It was a natural progression — Damani wasn't abandoning investing. He was now applying it. He launched DMart in 2002 with two small stores and a decade of research. He had spent the late '90s running Apna Bazaar franchise outlets not for profit, but to learn. He understood inventory turns, vendor margins, and customer psychology. What he saw in those years informed what would become the core of the DMart model. And, like all his investments, he built it to last. The investment thesis behind a retail business If you strip down DMart to its core, you'll find that it runs on the same logic as a value stock Damani would buy: Don't overpay for assets: DMart owns 90% of its stores. It buys land and avoids leases, knowing that rental inflation can destroy long-term margins. Don't chase growth for optics: It expands slowly, only when unit economics make sense. Keep capital allocation clean: It has virtually no debt. Cash flows are reinvested, not squandered. Prioritise efficiency over aesthetics: No glossy showrooms. Just low costs, faster stock turns, and minimal inventory waste. Create a moat through trust, not tech: Suppliers trust DMart to pay on time. Customers trust it to offer the lowest prices. That flywheel beats any fancy app. In short, he built DMart like he would invest in it. And the results speak for themselves. In a sector where everyone else burned cash, DMart made money. When Avenue Supermarts listed in 2017, it wasn't just the biggest retail IPO in Indian history. It was the ultimate validation of his approach: the investor had built a business that even he would struggle to buy at a fair price today. VST and India Cements: Two sides of the same Damani coin Not every Damani investment is a household name like DMart. Some of his most powerful lessons lie hidden in two unassuming, old-economy businesses: VST Industries and India Cements. Both were out of favour when he bought them. But to Damani, they offered what he values most: asymmetry – limited downside, and the possibility of outsized long-term returns. VST Industries: The dividend machine that everyone ignored In 2000, cigarette stocks were unloved. The industry faced regulatory overhangs, social backlash, and rising taxes. Institutional investors avoided it. The media ignored it. And retail had no interest in a company that didn't 'grow.' But Damani didn't buy VST for growth. He bought it for cash flow. VST, a Hyderabad -based maker of regional cigarette brands, had three things going for it: Steady volume sales in its core market High margins, thanks to pricing power and low competition And most importantly, an 8-10% dividend yield at the time It had zero debt, limited capex needs, and a parent in British American Tobacco (BAT). Most saw stagnation. Damani saw predictability. And when a takeover battle broke out between Damani and ITC (reportedly with tacit support from BAT), the stock briefly became front-page news. Damani tried acquiring a controlling stake through an open offer. He didn't succeed. But he walked away with a 20%+ stake in the company. Then he did what very few investors do after a failed control play: he held on. For over two decades. The result: VST's dividend income alone more than paid for the stake. The stock went from under Rs 100 to over Rs 3,000. Damani's stake compounded quietly to over Rs 1,000 crore — all without him ever running the business. VST was classic Damani: no hype, no rush — just quality, mispriced. India Cements: When he played the cycle, then walked away Fast forward to 2019. The cement sector was in trouble. Demand was sluggish, capacity was underutilised, and India Cements, a once-formidable South India player, was struggling under debt and falling margins. Most investors were staying away. Damani, however, started buying. Quietly, and then aggressively. By mid-2020, as Covid crashed markets, he owned over 20% of India Cements. Why? Because even in its worst years, India Cements had real assets — functioning plants, limestone reserves, and physical infrastructure that would cost multiples to rebuild. More importantly, Damani knew that cement is a cycle. And when capacity tightens, prices jump. Operating leverage kicks in. Margins swell. He wasn't betting on a turnaround led by management brilliance. He was betting on mean reversion, asset value, and the chance that someone bigger might want in. And that's exactly what happened. In mid-2024, after holding the stock for just over four years, Damani sold his entire 23% stake, not to retail, not on the open market, but in a strategic block deal to UltraTech Cement, India's largest player. Estimated exit value: Rs 1,900 crore+ Damani had turned a deep-value, low-visibility asset into a blockbuster special situation – timed entry, quiet accumulation, and a clean, premium exit to a strategic buyer. India Cements showed another side of Damani — the opportunist who doesn't need permanence, just clarity. What retail investors can learn from Damani Look closely at the way Damani's built wealth across public markets, real estate, and consumer retail, and you'll find a surprisingly replicable blueprint. Not in scale. But in principle. Whether it was buying Gillette in the '90s, HDFC Bank in its infancy, holding VST Industries for over two decades, spotting the asset value in India Cements, or building DMart from the ground up. His decisions followed the same compass: clarity over complexity, patience over panic, and quality over narrative. Here's what stands out: 1. Buy simplicity, not sophistication Damani didn't bet on moonshots. He bet on toothpaste, cement, savings accounts, and groceries — categories with deep demand and shallow hype. He understood that businesses serving basic human needs tend to endure, and that endurance matters more than excitement when it comes to compounding. 2. Invest like an owner — even if you're not one He studied businesses like an insider. He held them like a promoter. In VST, he collected dividends like he ran the treasury. In India Cements, he read the cycle like an industry veteran. Even before launching DMart, he ran Apna Bazaar franchises, just to learn. That owner mindset is what gave him the conviction to hold when markets moved on. 3. Size up when the odds are tilted Damani doesn't take 0.3% positions in his high-conviction bets. He owns 67% of DMart. He owned over 20% in VST and India Cements. But these bets came after years of thought, research, and price discipline. He reminds us that concentration without preparation is gambling but with preparation, it becomes focus. 4. Let compounding work — Don't interrupt it The real secret in Damani's style isn't stock picking. It's holding. He sat on the winners long past the first 2x. He gave businesses the time to prove his thesis right — and to let time multiply the returns. 5. Exit without emotion When the thesis broke, he walked. Quietly. No averaging down, no press conferences. That was true with some of his PSU bets, and it was true when he sold India Cements to UltraTech. For him, an exit isn't a mistake, it's just a completed bet. The clarity to leave is as important as the conviction to enter. He didn't just buy stocks. He understood businesses. And then perhaps more importantly, he waited. Because the secret to getting rich in markets isn't just knowing what to buy. It's knowing what to hold, what to avoid, and how long you're willing to sit with clarity while the rest of the world panics. That's the Damani blueprint. And for investors willing to learn, it's quietly revolutionary. Note: This article relies on data from the annual report and industry reports. We have used our assumptions for forecasting. Parth Parikh has over a decade of experience in finance and research and currently heads the growth and content vertical at Finsire. He holds an FRM Charter along with an MBA in Finance from Narsee Monjee Institute of Management Studies. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
