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Financial management, corporate finance, strategic management, managerial accounting and project management.

The case is suitable for courses such as MBA, Bachelor level business courses (in finance, business strategy) and training programs for working executives.

The case study deals with financial and strategic appraisal of a unique coal-to-liquid project. India imported about two thirds of its crude oil requirements resulting in huge outflow of precious foreign exchange. As a result, it became necessary for the country to look for alternative sources of energy. The coal-to-liquid (CTL) technology of coal gasification offers a credible alternative source of fuels as proved by Sasol of South Africa. The Government of India short-listed Global Synfuels Company (name changed) as one of the selected few companies to build a CTL project. While the project is strategically important to the company and highly desirable for the country, there are serious doubts about the commercial viability of the project because of which the company is in dilemma whether to go ahead with the project. The case study presents this decision dilemma in a very interesting way and will be useful for teaching courses in corporate finance and strategic management.

The case can be used to engage participants to make a SWOT analysis for a new business opportunity, discuss environmental and financial issues facing a company, use DCF techniques to evaluate the project viability, carry out scenario analysis of the project to the changes in variables as well as challenge the participants to generate strategies for the success of a new project. Participants would also develop a better understanding of: environmental issues involved in CTL projects and new technologies to deal with such issues; and the employment impact of large projects such as the CTL.

Teaching notes are available; please consult your librarian for access.

The case was devised using secondary sources of data collection from annual reports, sustainability reports and the Hindustan Petroleum Corporation Limited (HPCL) website. These documents provided insights into the HPCL’s sustainability initiatives, financial performance and disclosure practices. Other data were obtained through the websites of the relevant businesses/sectors.

In March 2022, Pushp Kumar Joshi, chairman and managing director of HPCL, contemplates the oil giant’s sustainability strategy amid challenges. Despite a 38% revenue increase in financial year 2021–2022, profits dropped because of reduced refinery capacity. HPCL, a major player in India’s oil and gas industry, recognized the need to align with climate goals and changing consumer expectations. Joshi emphasized stakeholder engagement, carbon mitigation, technology adoption and transparent environmental, social and governance (ESG) reporting. A materiality assessment highlighted key issues like gender diversity, air quality and the low-carbon transition. Joshi grapples with balancing profitability and sustainability amid stakeholder pressure and market fluctuations, seeking advice from the sustainability team for the future.

This can potentially be a case study for a business management course, particularly focusing on sustainability, corporate social responsibility and strategic decision-making. It could be used at both the undergraduate and graduate levels in courses related to business administration, sustainability management, corporate strategy, environmental management or stakeholder engagement. The case could be analyzed to discuss the challenges and opportunities faced by a company like HPCL in balancing profitability and sustainability, developing effective sustainability strategies, integrating ESG considerations and managing stakeholder expectations.

Teaching notes are available for educators only.

This case helps students to analyze non-financial and financial aspects of a company and observe quantitative and qualitative aspects of decisions and decide whether to invest or not and give suggestions to sell, buy or hold stocks. The case is expected to help the students understand and analyze the following points: the overall performance of the company and industry, how fundamental and technical analysis is applied to reach investment decisions, the areas where Jet Airways occupies the top position compared to peer group (competitor analysis), the company’s financial position and valuation with the help of tools and techniques and suggestions and observations to shareholders whether to buy/sell or hold shares.

This case can be used for MBA (Finance) students on equity research and valuation. Students are introduced to the fundamental procedures of equity research and analysis – evaluating sector desirability, financial modeling, equity valuation methods. To enhance research skills, students are required to acquire basic knowledge on macro and micro economic indicators. This case helps students to analyze non financial and financial aspects of a company and observe quantitative and qualitative aspects of decisions and decide whether to invest or not and give suggestions to sell, buy or hold stocks.

Mr Rahul, a consultant in Karvey brokerage house was about to leave the office on the evening of March 24, 2015 when the phone rang. It was Mr Srirag, one of his clients and close friends who was passionate about investing in shares. Mr Rahul with his two decades of experience in monitoring and advising various investment plans has been continuously advising Srirag on different investments in shares. Srirag said “Rahul! You know that I bought many shares in Jet Airways. While studying the annual reports of Jet Airways 2014-2015 about its business profits and losses, I came across a January to March, 2013 business quarter analysis report that wrote about Jet Airways facing a net loss of 4.95 billion rupees due to over debt burden and interest costs. It also stated that the company sold a 24 per cent stake in 2013 to Etihad for 332$ million which is an Abu Dhabi based airline. The news said that the deal would help the company overcome financial challenges, raise cash, cut costs and gain access to the global flight network. I am worried about whether this deal would allow the company to continue its operations from India or not. I am also concerned about the downfall of Kingfisher, a major setback in the aviation industry in India that owes 8,000 crores to its employees, banks, airports, oil companies. I am worried that either my investment in Jet Airways might bring huge losses or the partnership with Etihad airways would result in the reduction of costs and due to joint sales efforts, sharing resources and network integration thereby leading to a valuable share price. Since your guidance has helped in many issues, I would like to know the present condition and future prospectus prevailing in Jet Airways”. With a lot of ambiguity in his mind, he asked Rahul to recommend if he should hold or sell the shares in Jet Airways.

The case is expected to help the students understand and analyze the following points: the overall performance of the company and industry, how fundamental and technical analysis is applied to reach investment decisions, the areas where Jet Airways occupies the top position compared to peer group (Competitor analysis), the company’s financial position and valuation with the help of tools and techniques and suggestions and observations to shareholders on whether to buy/sell or hold shares.

The link to the following videos to be sent to participants in advance to help them prepare for the class. www.youtube.com/watch?v=_3XJXTmILyk, Equity Research Presentation: Coca-Cola, www.youtube.com/watch?v=n5pEK_2uItg Write Equity Research Report, format, process, www.youtube.com/watch?v=mMLJccgiSTk Equity Valuation and Analysis-Part I.

CSS 1: Accounting and Finance.

This case illustrates the differences between customers and the occasions when conditions change and buyer-seller relationships fail. The key issue is to find ways to anticipate this problem with other clients.

It may be used in second-year courses of MBA marketing programs as well as in specific executive education programs dealing with key account management (KAM) systems, business strategy, industrial marketing and/or sales management courses. This case can also be used at undergraduate programs and courses dealing with sales, sales management, international business, and organizational behavior.

In 2003, after Carlos Etcheverry joined San Antonio (SA) as Latin American Region Vice President, the company implanted a KAM System. SA's relationships with its two key clients, Vintage and Chevron, seemed to progress nicely until mid 2004, when Chevron's newly hired Purchasing Manager decided to change the company's commercial structure, rendering its purchasing process more bureaucratic and extremely competitive. In March 2005, Etcheverry was to meet Chevron's purchasing manager, since Chevron had decided to reassign a service contract through a new invitation to bid, leaving San Antonio out. The case puts forth the questions faced by Etcheverry at the time of the meeting: How had San Antonio come to jeopardize a key account? Would SA's organization need a change? Was this the only solution available? What other factors should be considered?

This case may help students to: understand the complexity of key account management (KAM) system implementation, sales force concepts and business-to-business relationships; and analyze the difficulties faced by companies upon implementing a change in their sales strategies and the effects of this change on the sales force, corporate culture and the organization as a whole management system.

Teaching notes and a Technical note are available; also access to audio visual support with an interview to Carlos Etcheverry.

The case study highlights two strategic angles – that of the business unit (business strategy, profitability, market leadership. organizational culture, operational turnaround, industry structure and competitive dynamics) and the owner (returns, repositioning strategy and funding plan). By the end of this case study, students would be able to understand the changing competitive forces of a dynamic industry; analyse the circumstances leading to a change in the control of a firm from the state to the private sector; understand the logic of acquiring a perennially loss-making firm operating in a volatile environment without a unique strategy; identify a firm’s strategic and operational choices for financial turnaround, return to profitability and regaining market leadership; and learn about the actual strategic realities and choices confronting a troubled business organization in a difficult industry.

When the Tata Group took over Air India on 27 January 2022 from the state that had ownership for 68 years, Air India was under a long spell of poor performance, bleeding losses and unmanageable levels of debt. Unsatisfactory customer service, management issues and competition were the key reasons. Therefore, a crucial question facing the group’s Chairman N. Chandrasekaran was what workable strategy he could use to reposition Air India and make it profitable again so as to recover the $7.5bn of estimated investment involved in the acquisition and turnaround.

This case study is intended for undergraduate and graduate executive education levels in business administration and management and allied subjects, particularly for courses in strategic management, marketing, financial management, turnaround and transformation, mergers and acquisitions and organizational change.

Teaching notes are available for educators only.

CSS 11: Strategy.

Doing business in Africa, strategy, leadership.

The case is intended for use in MBA and Executive Education courses in Strategy, Business in Africa and Leadership.

This case study examines the growth of the Dangote Group in Nigeria and its ambitious expansion across Africa. Driven by the visionary leadership and energy of founder, President and CEO Aliko Dangote himself, the rise of the Dangote Group also represents the changing geopolitics of the African region. A true conglomerate, the company dominates every niche in which it operates. Best known for its cement, Dangote is also active in sectors as diverse as pasta, real estate and steel. It has expanded into the oil industry and is building a refinery in Nigeria, an oil-producing state that imports most of its fuel requirements because of inadequate refining capacity. The Dangote Group serves as an example of true African capitalism, representing the new and somewhat nuanced style of doing business in Africa, which involves undertaking capital intensive projects; using unique methods, management approaches, technologies and innovations; leveraging state connections for business advantage; and understanding the growing need for local partners or local content in new markets across the continent.

Students should gain insights into various business strategies in Africa, contextual leadership intelligence and the role of institutions when doing business in Africa.

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

CSS 11: Strategy.

The case aims to understand and analyse the capital structure decisions made by a profit-making, growing organisation which aimed to be India’s premier airline and the market leader. The company that had pursued a high debt policy, to take advantage of the financial leverage that it would get, was now facing problems in an operating environment that proved to be challenging. A decline in operating profit, coupled with high-interest costs and an uncertain environment with cutthroat competition, had caused the company to plunge into losses. Attempts to deleverage by equity infusion were proving to be difficult. The case can be used in MBA, Executive Education and doctoral programmes. The learning objectives of this case are: to analyse the capital structure of the company, to interpret the relationship between financial leverage and risk, to assess the pecking order theory, to analyse the nuances of the aviation sector and the factors influencing the profitability of the companies in the aviation industry, to estimate the risks and the rewards associated with foreign currency loans, to evaluate the magnifying impact of the financial leverage and to propose deleveraging methods like sale and leaseback, debt conversion to equity and devise a revival strategy for the company.

The case discusses the dilemma faced by Naresh Goyal, promoter and chairman of Jet Airways (India) Limited. At the initial stage, Jet Airways, like many other companies in its growth phase, relied on borrowed funds to meet its investment needs. However, over-reliance on borrowed funds with just one equity infusion resulted in a high leverage ratio and an aggressive capital structure. Moreover, the company operated in a sector that was highly regulated, with competition that was cutthroat and a cost structure that was volatile. A high operating risk, coupled with high financial leverage, pushed the company into incurring losses. Having run out of cash, Jet Airways eventually defaulted on loan repayments to its lenders. Facing the eventuality of losing control of the company to lenders or to a strategic investor, Goyal was trying to figure out a way to save the company from insolvency and liquidation. It was becoming increasingly difficult for Goyal to keep Jet Airways, the company he had nurtured like a baby, airborne.

The case can be taught in both online and offline modes of delivery in a 90-minute session. Post-covid, the delivery mode of classes has changed. In online sessions, it may be a challenging task to ensure student participation.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

The case learning objectives and discussion questions relate very closely to several theories related to branding, including brand positioning, brand growth, brand management, customer value proposition, brand matrix and brand identity.

The information provided in this case was gathered by the author through personal interviews and email exchanges with Jordan Boyes, managing broker and owner of Boyes Group Realty Inc. Secondary research was also conducted to gather relevant academic materials, as well as industry and competitor information.

Jordan Boyes opened Boyes Group Realty Inc. in 2015 after working as a Realtor® at another private realty firm in Saskatoon, Saskatchewan for several years. They offered buying and selling services in the areas of commercial, residential and farm real estate. Over the past five years, they had experienced strong sales numbers and growth in the number of new agents joining the company. However, Boyes saw untapped potential in the marketplace and wanted to develop a brand strategy that took the best advantage of brand extension opportunities to drive the continued growth of his company.

This case is suitable at the undergraduate level for a branding course, marketing strategy course or services marketing course. The case is best used to apply the concept of developing brand identity and making strategic decisions in a service-based organization.

To analyze and personally relate to an individual having faced a quarter-life crisis; to define how environmental factors influence the person’s career priorities; to analyze the causes of career-family conflicts; to comprehend another gender’s position and concerns; and to originate ideas for prospective career development.

The case study presents a career management dilemma of a PhD candidate, senior lecturer at the Almaty Management University, Kazakhstan and a married mother of two small children. Having faced a kind of quarter-life crisis and the pressures of a traditional society with gendered career trajectories, the protagonist (33) is challenging her initial plan of an academic career that sees gradual promotion and progress and has to make a difficult decision about her professional and personal identity amidst the realities of a newly emerging and transitional economy.

Master’s level

Teaching notes, company’s organizational charts, protagonist’s curriculum vitae, PowerPoint slides with the protagonist and her classmates’ pictures.

CSS 6: Human Resource Management.

Yo Bike is selling scooters to commuters, housewives and students at a price (including battery) that is the same as that of petrol scooters. The key question faced by the manage is how to formulate and communicate the price to target customers to enhance probability of purchase.