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Tracking the economy….
April 16, 2013
Vol. 6
Issue 21
A Wealth Incorporation Publication
Chaanakya
Christ University
Institute of Management
2
News
National ………………………………………….3
International …………………………………….5
7…..……………………………………… Rates and Graphs
Contemporary Articles
Consensus of monetary and Fiscal Policy………...9
Introduction to inflation indexed bomds……...…10
Debate
11….…………………………………….Quanitative easing
Stock Watch……………………………………………...12
Investor Check…………………………………………...15
16……………………………………………..Alumni Speak
Commodity Market (Turmeric)………………………...18
Scam……………………………………………………….19
20…..……….………………………………..Did You Know
21……...……...……Financial Services Industrial Analysis
Buzzword…………………………………………………25
Crossword………………………………………………...26
Quiz………………………………………………………..27
3
Srivishnu Garbham
I IMBA I
Finance ministry officials to bat for India story with credit matters
The government faces a crucial month ahead with finance ministry officials preparing
to make a strong pitch about India's robust macroeconomic fundamentals in
consultations with US-credit rating agencies, ahead of possible sovereign ratings
review by credit-raters. Last year, the three agencies were unsparing in their criticism
of India's macro-economic fundamentals and precarious public finances. India's
economic growth is set to slump to a 10-year low of 5per cent in 2012-13 proving
fears of a widespread slowdown as factories produce less, exports shrink, companies
offer fewer jobs and prices continue to remain high. India's CAD - the gap between
inflows of foreign currency and outflows - soared to a record 6.7per cent of gross
domestic product (GDP) during October-December, hit by high oil and gold imports
and subdued exports.
RBI likely to leave lending rate unchanged, say non-banking finance companies
Non-banking finance companies said that the Reserve Bank of India is likely to keep
its key lending rate intact in the forthcoming monetary policy review, but expect a
0.25per cent reduction in the cash reserve ratio. The apex bank will unveil its annual
monetary policy on May 3. Currently, the repo rate is 7.5per cent, while the CRR is
4per cent. The demands by the FIDC, which is the apex body of NBFCs, is in tandem
with the views of bankers, who also asked for a cut in the CRR for effective monetary
transmission. According to bankers, a CRR cut will help reduce their cost of funds,
which is essential for cutting lending rates, rather than a repo rate cut.
Drop plan on new banks, Finance panel tells RBI chief
The Parliamentary Standing Committee on Finance almost in one voice wants the
Reserve Bank of India to drop the move to issue new banking licences. Questioning
what they called the subjective nature of the RBI‘s final guidelines, many members
reportedly told the RBI Governor that the guidelines could open an avenue for
corruption. On conditions of anonymity, that the members feared the guidelines would
result in corruption and urged the RBI to drop the move.RBI Governor D. Subbarao
briefed the panel on the final guidelines to allow corporate houses and public sector
entities with ―sound credentials and a minimum track record of 10 years‖ to start
banks
Finance ministry orders probe against Mallya, others for 'tax evasion
Rajya Sabha member and chief of ailing Kingfisher airline Vijay Mallya, top
industrialists and Lok Sabha member Vivekananda Kadam and those who figure in the
list of names exposed by a global media investigative operation are being probed for
alleged tax evasion. Finance minister P Chidambaram confirmed on Saturday that a
probe has been ordered based on the names unveiled by the investigation by the
International Consortium of Investigative Journalists (ICIJ) and its partner media
houses.
State Finance Ministers committee to meet next month on GST design
The Empowered Committee (EC) of State Finance Ministers will meet next month to
decide on the reports for a model legislation and design of the proposed Goods
and Services Tax (GST)."The Empowered Committee will meet in Mussoorie,
Uttarkhand on May 10-11 to ponder over the progress made by two committees
constituted during the Bhubaneswar meet in January. The Committee would also try to
get a clarity from the Centre on when would the dues of states be cleared to make up
NATIONAL NEWS
4
for the losses on account of reduction in Central Sales Tax rate so as to clear the way for the implementation of the
new indirect taxes regime .
Finance Ministry mulls new Intel wing to check service tax evasion
Concerned over mounting cases of tax evasion, the Government is mulling to create a separate intelligence unit to
check the menace and stop leakage of revenue. The proposed Directorate of Anti Evasion to check service tax
evasion is likely to be set up by the Finance Ministry close on the lines of two other intelligence agencies under
it--Directorate General of Revenue Intelligence (DRI) and Directorate General of Central Excise Intelligence
(DGCEI), The Central Board of Excise and Customs ( CBEC) has detected service tax evasion of `9,800 crore
during April-December period of the last fiscal (2012-13) against `5,000-6,000 crore in the same period of 2011-12.
Finance Minister to meet select bankers in Mumbai
Finance Minister P Chidambaram is scheduled to meet select bankers in Mumbai on
Monday to impress upon them the need to increase lending to productive sectors
including infrastructure projects so as to boost economic growth. He is expected to
meet officials from select banks including SBI and Bank of Baroda, among others.
Deteriorating asset quality of banks is expected to come up for discussions at the
meeting. India's GDP growth hit a decade low of 4.5per cent in the third quarter of
fiscal year 2012-13.
Hope to get Insurance Bill passed soon: Finance Minister
Finance Minister P Chidambaram expressed hope that Insurance Amendment Bill,
which seeks to raise FDI cap in the sector to 49per cent, will be passed soon. He said
the optimism stems from the fact that there is difference of opinion only with regard
to one clause in the long-pending Bill, for which he is in touch with the main
opposition party BJP to sort that out. Insurance Bill seeks to raise foreign investment
cap in the sector from 26per cent to 49per cent. The pension bill too aims to increase
it to same level among other things.
Glaxo Finance sells 13.59 lakh shares of Bhansali Engg
Glaxo Finance Private Limited sold 1,359,498 shares of Bhansali Engineering
Polymers at `15 on the NSE.However, Twentyfirst Century Securities Ltd. bought
1,347,934 shares at `15.In the previous trading session, the share closed at `15.94, up
`0.94, or 6.27 per cent. It has touched an intraday high of `16.80 and an intraday low
of `14.50.
I-T Act to be amended once Vodafone tax dispute gets resolved: Finance
Minister
Finance Minister P Chidambaram said that the government will amend the income tax
act once the over `11,200 tax dispute with Vodafone is resolved. Although the British
telecom giant had won a tax case in the Supreme Court, the government had amended
the Income-tax Act with retrospective effect to undo the ruling. The Income Tax
Department issued a letter in January to Vodafone International Holdings BV stating
that the company is required to pay tax demand of about `11,217 crore along with in-
terest. However, Vodafone replied back saying that they do not owe anything to the
Indian government. Vodafone earlier wanted to take India to international arbitration
but later offered conciliation on the issue. The Union Cabinet will take a view on the
offer of conciliation.
5
Sailabala Nayak
I MBA I
Michael Dell to 'consider' Blackstone LBO only with CEO guarantee
Dell Inc founder Michael Dell will only consider backing a buyout by Blackstone Group LP if
the private-equity firm guarantees he can remain as CEO, according to a person familiar with
the discussions. In several recent meetings in Austin, Texas, with Chinh Chu and David
Johnson - the Blackstone executives overseeing the firm's bid - Michael Dell said he would be
more likely to support their proposal if he retained an influential role, a second person familiar
with the talks said.
Michael Dell said on February 5 that he agreed to take his company private in a $24.4-billion
transaction with Silver Lake Management LLC. He's now using his 15.6per cent stake as
leverage to preserve his leadership position as the company weighs competing offers from
Blackstone and billionaire investor Carl Icahn, said one of the people.
Panasonic unit in U.S. bribery investigation: WSJ
A unit of Japan's Panasonic Corp is under investigation by U.S. authorities looking at whether
the company paid bribes overseas to airline employees or government officials to help land
business, the Wall Street Journal reported. Citing company documents, the Journal said
Panasonic Avionics had received a subpoena looking for communications between Panasonic
Avionics, consultants and others. The subpoena also asked for documents related to payments
to the airline employees and government officials, the newspaper said.
China March PMI rebounds, domestic demand shines
China's factory production ran at its fastest in 11 months in March, according to the official
manufacturing purchasing managers index published on 1st April‘13, though the rise to 50.9
missed market expectations of a bigger headline jump.
The PMI missed market expectations, based on a Reuters poll of analysts, for a solid uptick to
52.0 from February's five-month low of 50.1, confounding the view of some analysts that the
world's second-biggest economy might be recovering faster than expected from a slowdown in
2012 that dragged growth to a 13-year low of 7.8per cent.But a rise in the output index to a
10-month high of 52.7, an 11-month high of 52.3 for overall new orders and new export orders
also at an 11-month peak 50.9, offered signs that China's economic recovery is gaining
traction.
Russia won't help out Cyprus depositors, says minister
The Russian government will not aid businesses that have lost money in Cyprus, First Deputy
Prime Minister Igor Shuvalov said on 1st April‘13, underscoring Moscow's resolve to clamp
down on the flight of capital to offshore financial centers.Major account holders, many of them
Russian, will lose up to 60 percent of their deposits over 100,000 euros ($128,400) at Cyprus's
largest bank under a European Union bailout to save the Mediterranean island from
bankruptcy.
Swiss offer to mediate in North Korea crisis
Switzerland has offered to mediate with North Korea as tension rises on the Korean peninsula
following U.N. sanctions imposed in response to a North Korean nuclear weapon test in
February. The Swiss foreign ministry recently made contact with the North Korean authorities
but there are no current plans for any talks, a spokeswoman said.
INTERNATIONAL NEWS
6
"Switzerland is willing to contribute to a de-escalation on the Korean peninsula and is always willing to help find a solution, if
this is the wish of the parties, such as hosting meetings between them," she said in an emailed statement.North Korea has
issued increasingly strident warnings of imminent war with South Korea and the United States, urging diplomats on 5th
April‘13 to consider leaving Pyongyang.
ECB's Weidmann: Lesson from Cyprus is banks can be wound down
The Cyprus bailout shows banks can be wound down despite difficulties, European Central Bank (ECB) policymaker Jens
Weidmann said in an interview broadcast on 7th April‘13, adding the situation on the island had stabilized. Weidmann, chief of
Germany's Bundesbank, told Deutschlandfunk radio he wouldn't rule out that Cyprus might need yet more liquidity, but
stressed it was longer term structural reforms that would solve Nicosia's problems and not more cash.
To secure a 10 billion euro EU/IMF bailout last month, Cyprus forced heavy losses on wealthier depositors. Initially it had also
pledged to introduce a levy on deposits of less than 100,000 euros before reneging in the face of protests.The agreement also
includes the winding down of the island's second-largest bank Cyprus Popular Bank.
JPMorgan Leads Job Cuts as Banks Seek to Bolster Profit
Rising stock prices, rebounding profits, restored dividends and a growing economy are
signaling to U.S. banks it‘s time for more job cuts.
Even after the industry posted its best results since 2006, the six largest U.S. banks announced
plans in the first three months of this year to eliminate about 21,000 positions, or 1.8per cent
of their combined workforce, according to data compiled by Bloomberg. That‘s the most since
2011‘s third quarter. JPMorgan Chase & Co. (JPM), whose 259,000 people produced three
straight years of record profit, topped the list with 17,000 reductions scheduled by the end of
2014.
Banks are under pressure to keep profit climbing amid weak revenue growth, and employees
are among the biggest expenses after interest costs. The most vulnerable people work in units
where demand is waning such as mortgage foreclosures. Their departures would come on top
of 320,000 jobs culled from U.S. financial companies in the past five years, the data show.
GM Korea's contingency plan provokes union ahead of talks
General Motors Co has warned it could shift operations from South Korea in the longer term
due to rising tension with the North, angering its Korean union which accuses the firm of
using the instability as leverage ahead of tough annual labour talks.
The rhetoric prompted GM Chief Executive Dan Akerson to say late last week (1st-7th
April‘13) that the company, which has four car manufacturing plants and one transmission
factory in South Korea, was making contingency plans for employee safety there. Akerson
said it would be difficult to shift production from South Korea, but that the continued
escalation of tensions on the Korean peninsula would cause the No.1 U.S. automaker to look
at moving production long-term.
Easing food prices, mild recovery cool China inflation
China's annual consumer inflation cooled in March as food prices eased from nine-month
highs and producer price deflation deepened, data showed on 9th April‘13, leaving
policymakers room to keep monetary conditions easy and nurture a nascent recovery.
The consumer price index showed an annual rise of 2.1 per cent, well below the 2.4per cent
market consensus from a Reuters poll of economists. Producer prices dropped 1.9per cent
y-o-y, broadly in line with the consensus forecast for a 1.8 per cent fall, and a steeper fall than
February's 1.6 per cent.
7
Rate Repo 7.50per cent
Reverse Repo 6.50per cent
Call Rate 6.10 per cent –7.65per cent
Inflation +6.82 per cent for February 2013
Forex Reserve $292.646 Billion as on 29th March 2013
91day T-Bill 7.8519per cent
IIP 2.4per cent (increase) for February 2013
690 GS 2019 8.0907per cent
Graph
Gaurav Agarwal I MBA M
RATES AND GRAPH
53
53.5
54
54.5
55
55.5
56
Rs/$
Rs/$
29000
29300
29600
2990030200
30500
3080031100
31400
Gold(per 10 gram) Rs.
Gold(per 10 gram)
8
GRAPH
103
105
107
109
111
113
Oil(per bbl) $Oil(per bbl) $
5400
5600
5800
6000
6200
17,600.00
18,000.00
18,400.00
18,800.00
19,200.00
19,600.00
20,000.00sensex
nifty
1500000
3500000
5500000
7500000
9500000
11500000
13500000
15500000
17500000
19500000
5000
5200
5400
5600
5800
6000
6200
future ratesopen interest
9
Eldho Poulose
I MBA K
CARDINAL TO STRIKE THE RIGHT CHORD
Growth and stability are the two magic words which every economy wishes to sustain.
Stability here implies of price stability. These two terms seems to be the major macroeconomic
objectives of developing countries. How to strike balance between growth and stability through
the policies? This is an important thought process, which should be evoked essentially to have
good idea about our economic situation. Growth is the core objective of finance ministry
through the Fiscal Policy while RBI - the apex bank of our country, concentrates on Stability
through its monetary policies. But how to have proper alignment between these two is a
question to be answered, since we can identify lots of differences in the opinion of Finance
ministry and RBI regarding growth and stability these days.
Many times the objectives of both the policies may not be in harmony. This is mainly because
of the difference in the concerned issues each policy has to take care. The difference in the
time horizon or the economic situation prevailing in the country is also a reason for mismatch.
But still it requires a good balance between these to have a firm grip on our economy,
especially when we are heading towards another slowdown. Price stability is the essential thing
which should be there to form the basis for growth. Investors will be encouraged only if there
is price stability. Inflation which is currently at 6.82per cent (for Feb 2013) along with the
laming growth rate and its future implications can be managed only with a prudent
combination of Fiscal and Monetary Policy. Identifying the limitations of both policies is also
crucial to have a feasible solution.
This is why RBI Governor advocating for the need of other policies along with monetary
policies to solve the issues of balance between growth and stability. Expecting the monetary
policy to do wonders in terms of stimulating growth, controlling inflation, reducing
unemployment and ensuring financial stability is asking for too much. It should be
accompanied with exchange rate policy, external sector policy and fiscal policy to ensure
effectiveness. On the other hand monetary policy has got better degree of flexibility against
fiscal policy to accommodate changes. Monetary policy can be altered within short span of
time while fiscal policy has to wait till next annual budget.
Fiscal dominance over monetary policy is another matter of concern for the officials. It is the
scenario where monetary policy has to adjust with fiscal policy which is set independently.
Here they are asking the importance of setting monetary policy independently by the apex bank
considering the macro-economic situation and through coordination. It should be like both the
policies have to accommodate and tighten things to control inflation and to ensure stability.
Also external sector policies have to be appropriate to control exchange rate in order to control
inflation through imports. Also there should be fiscal consolidation to control fiscal deficit.
Without fiscal consolidation monetary policies will not be efficient to control inflation.
Even though we can see many overlaps between fiscal and monetary policy, successful
implementation of policies require independency, but coordination between two. There should
be grounds for mutual respect so that both will be able to function for the achievement of long
term objectives of the economy.
Reference:
http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/GIWM040413F.pdf
CONSENSUS OF MONETARY AND FISCAL POLICY: :
10
Annapoornaa G
I MBA K
To provide an alternate option to hedge against inflation other than gold, the Reserve
Bank is planning to allow launch of Inflation Indexed Bonds (IIBs).IIBs provide
insurance to investors from inflation and cost savings for the government on account
of reduction in coupon payments with lowering inflation rate, elimination of
uncertainty risk premium, and containing inflationary expectations, according to a
technical paper floated by RBI on these bonds.
The Budget has taken some important steps for boosting domestic savings and
reversing the declining savings-to-GDP (gross domestic product) ratio. One of the
innovative schemes in the Budget is the proposed introduction of inflation-indexed
bonds. These bonds will be linked to the inflation index of the country (Wholesale
Price Index or WPI) and serve as a better investment option as compared to physical
assets like real estate and gold. Higher the inflation, higher your returns.The WPI has
largely been in the range of about 6-8 per cent so far this fiscal. However, inflation is
expected to ease further. While investors may not be happy about it, this would be the
apt timing for the government to issue IIBs.
The RBI pointed out that the government‘s intent to launch IIBs signals a credible
commitment toloweringinflation.In the wake of rising inflation last year, there was
substantial flow of investments from financial savings to safe-haven assets like gold
that resulted into higher imports of the yellow metal. This led to current account
deficit or CAD widening to 4.9 per cent of GDP at the end of September 2012. The
RBI said that IIBs would help address the CAD risks in the economy. The central
bank said that IIBs are good hedging instruments against inflation. They should
encourage household savings to shift away from gold that is largely unproductive for
the economy, said the RBI.
It is expected that institutional investors, such as, pension funds and insurance
companies would exhibit interest in investing in the IIBs.The expectation, is based on
the fact that the IIBs give investors long-term assets with a fixed long-term real yield,
insulating them against inflation as their real yields are indexed to actual
inflation.Further, it is also being contemplated to increase the non-competitive portion
for IIBs to have significant participation of retail investors in these instruments.
As inflation remained high during the past two years, gold had emerged a favorite
investment avenue as it provided insurance to investors against inflation. India's gold
and silver imports during first 11 months of the current fiscal stood at $54.5 billion. It
had imported gold worth $40.5 billion in the last fiscal. In the budget, to discourage
imports of the yellow metal, the government doubled the customs duty on gold to 4
per cent.
IIBs, which were issued in United Kingdom during 1981, became popular over the last
two decades with an increasing number of countries issuing these bonds. In India also,
one variant of indexed bonds, capital index bond (CIB), 2002 was issued on December
29, 1997 wherein only principal repayments at the time of redemption were indexed to
inflation.Thus IIBs would provide a viable option to hedge against inflation other than
gold and will help government to reduce the import of gold.
Reference:
www.economictimes.com
INTRODUCTION TO INFLATION INDEXED BONDS
11
Sabahat Bashir I MBA I
Akanksha Bansal
I MBA L
With a lot being said about reducing the burden on government for alleviating
the economy, Quantitative Easing (QE) plays an important role. Quantitative
Easing is an alternate way of introducing money for use in the economy. When
the nominal interest rates approach to zero (i.e. the ordinary monetary policy
becomes non-functional), the government decides to buy its own securities and
assets from the market thus creating abundance of money supply. Lack of
aggregate demand in the economy is a major stimulant of Quantitative Easing.
QE has been practised in UK as well as Japan to overcome the financial crisis
prevailing in the countries.
As is observed, every reform comes with its own retractions. Introduction of
Quantitative Easing makes the markets happy by stimulating the demand (even
if it is for a small period of time). It increases the amount of bank lending thus
reducing the interest rates and budget deficit. QE enhances consumer spending
and stabilize the employment rate to a favourable extent. It helps the economy
achieve its inflation target and most importantly gives the government extra
time to decide strategies to ease out the financial crisis.
George Osborne, a British politician has famously quoted QE as ―The last
resort of desperate government‖. The policy of Quantitative Easing doesn‘t
solve problems, instead postpones them for later period. It eventually leads to
devaluation of the currency thus resulting in inflation and sometimes hyper
inflation. If that happens, QE can further increase interest rates thus bringing
the economy back to the same levels from where the reform started. QE is
definitely not a guarantee of improving the economic conditions.
However determining the amount of Quantitative Easing that is sufficient to
assist the economy is another big decision. There is no said quantity of QE
which can help boost an economy. Further, the exit policy related to QE also
determines its impact on the economy. So whether QE will help the economy
or not, and to what extent will it be beneficial is a question of thought and time.
With evidences of both its success and failure in different economies, the
outcome of QE largely depends on the method of execution, economic stabil-
ity, demand-supply interaction as well as consumer behavior.
References:
www.thetelegraph.co.uk retrieved on 7th April, 2013
Financial times lexicon.ft.com retrieved on 6th April, 2013
QUANTITATIVE EASING
12
Ankit Dewani I MBA K
SriKrishna I MBA M
About the company
Tata Consultancy Services Limited (TCS) is engaged in providing information
technology (IT) services, business solutions and outsourcing. The Company‘s
services portfolio consists of application development and maintenance,
business intelligence, enterprise solutions, assurance, engineering and
industrial services, IT infrastructure services, business process outsourcing,
consulting and asset leveraged solutions. TCS also services several other
industries, such as life sciences and healthcare, hi-tech, energy, resources and
utilities, media and entertainment and travel, transportation and hospitality. On
August 31, 2010, Diligenta Limited acquired Unisys Insurance Services
Limited (UISL).
Latest news:
TCS has acquired French IT services firm ‗ALTI‘ for €75m (`530 crores)
in an all-cash transaction (0.59x CY2011 revenue, 8.2x EV/EBITDA).
Acquisition is expected to be completed by June 2013 and ALTI will
start contributing to sales from July 2013 (subject to regulatory
approvals). ALTI, established in 1995, has 1,200 employees based in
France, Belgium and Switzerland providing business consulting &
engineering services.
The acquisition will help TCS to get access to several blue-chip clients
across Europe
Has now become the world‘s second biggest IT services employer, with
nearly 264,000 people on its payroll, only behind IBM.
Key customers:
STOCK WATCH -TCS
13
Performance in last 6 months
The share has seen at positive uptrend movement, specially during the time
when the markets were being hammered due to international news or national
political turmoils. A consistent growth has been derived by a relative
movement of 16per cent.
Financials :
It has been procured as the blue chip of the market and the price earnings for
the share has been a strong indicator with the sector earnings as a whole. TCS
continues to enjoy high volume market caplitization and should entail to more
volume, considering the disappointed Infosys Q4 Results on 12th April,2013.
Source : Reuters
14
Valuation (as in April,2013)
Income Statement
Recommendations
Fundamentally strong company.
Expectation of increase in clients, specially from USA.
Acquistion of ATLI, a big boost specially due to a discounted purchase,
considering the economic turmoil in Europe.
A recent $43 Mln. Contract from Norway Post is another big boost.
CMP : Rs. 1512.00
Target : 1575
Duration : 3 months
15
Abhishek Aggarwal
I MBA I
The previous edition of Investor Check focused upon Repco Home Finance
Limited (RHFL), the issue listed on NSE & BSE at Rs. 172 per share.
Currently as of 12 April 2013 closing it is being traded at Rs. 170.55. It also
achieved a high of Rs. 179 which signified a lot of investors existing at this
price through short gains. Now, that RHFL has taken its stance in the market
the analysts are recommending for holding RHFL for long periods of more
than one year indicating strong fundamentals.
The above table shows the IPO‘s of March 2013 which are now listed and
being traded in the markets. Seeing the latter part of the table one can easily
devise that investment in IPO is paying through high profits and that too in a
very short period. Now, with such a high growth an investor is bound to have
some weightage of IPO in his portfolio. Imagine all of the investors fund being
invested in the IPO market, Can any other instrument match this sought of
return!!! This is where the concept of dedicated mutual funds focusing on IPO
comes in. Nowadays investors carried by the high end growth of IPO market,
invest in IPO ETF which is an exchange-traded fund that tracks initial public
stock offerings of various recently listed companies. The underlying indexes
tracked by IPO ETFs vary from one fund manager to another, but IPO ETFs
index are usually passively managed meaning that there is very little portfolio
turmoil.
IPOs to look out for in the coming month:
References:
Rego, A. (2013, 09). Moneycontrol.com. All you want to know about investing
in IPO ETFs . Retrieved April 13, 2013, from http://www.moneycontrol.com/
news/investing/all-you-want-to-know-about-investingipo-etfs_849455.html
(2013, 12). Moneycontrol.com. Repco Home Finance Stock Price, Share Price.
Retrieved April 13, 2013, from http://www.moneycontrol.com/india/
stockpricequote/financehousing/repcohomefinance/RHF
INVESTOR CHECK: : IPOS TO & FRO
S.No Companies
1. Advanced Enzyme Technologies
2. NCML Industries
3. Aastha Minmet India
4. Jyoti CNC Automation
5. BSCPL Infrastructure
16
Mihil K.Bothra I MBA L Name: Siddhartha Krishnan
Company name, Designation held:
Scope International Pvt Ltd ,Team Lead-Information Analytics
Put some light on your Company, the job profile and the role you play in your
organization?
I work for Scope International Pvt Ltd which is the operations wing of Stan-
dard Chartered Bank and a wholly owned subsidiary of the bank. Its head-
quarters is in Chennai and all the banking operations of the bank is exe-
cuted through this organization. I am working as team lead-information ana-
lytics. My job is to lead a team which specializes in data analytics using tools
like visual basic, microsoft access, advanced excel formulas and macros. We
provide business intelligence to a telecalling team of 350 odd people who gen-
erate about 30-35 million dollars of revenue to the Standard Chartered Bank,
UAE. Intelligence is in the form of data and analysis related to costs, budgets,
productivity, work force management, revenue generation and adherence
to service level agreements.
What encouraged you to choose this industry and join the particular company?
I had joined this company through placement from Christ College after my
MBA. The KPO/BPO/ITES industry is a very dynamic industry which
provides challenging job roles at the same time giving an opportunity for
learning and growth. In this industry change is the only constant.
How is your experience in the company as well as industry so far?
My work experience has been good so far. I have had immense opportunity to
learn and contribute to the success of the organization. I have worked under
some good leaders who have encouraged me to think out of the box. The
industry is highly competitive and technology dependent in terms of
automation. It forces you to do things differently every single day.
How is professional world different from the life in MBA?
MBA teaches you to multi task. This is one learning that you will definitely
carry to your work space. The difference is in the pressure! You are expected
to deliver at both places but the cost of errors is a little more taxing at your
work space. Also, you may not find mentors here like you find in B schools.
Many a times you are your own mentor. It could a get a little lonely here
xsometimes. But it is all part of the game.
Are there any additional courses / certifications that you recommend in this
field?
In the field of information analytics and project management apart from
brushing your excel skills and knowledge of statistics you could look at
certifications like—SAS business analytics, PMP and six sigma certification for green or black belts.
ALUMNI SPEAK -Siddhartha Krishnan
17
Who is your role model and how he/ she inspires you?
My role model is my ex manager in Standard Chartered-Mr Rajneesh Kumar Singh. Apart from all the
excel magic that he showed me, one learning that I got from him---―there is no problem in this world that
cannot be solved, you just have to dig deep and get your hands dirty. The idea is to be hands on with
everything!‖
What are you doing to ensure that you continue to grow and develop in industry?
I am continuously trying to acquire new skills. Skills like technology have to be updated every given day.
I am looking at pursuing SAS business analytics course which will hold me in good stead in future since
it will give a better understanding of statistical models.
What are the characteristics you believe one should possess to join this
company?
I guess live the company values of being courageous, trustworthy, creative,
responsive and international. Be service oriented and always be willing to
learn.
What are the opportunities for us (juniors) in your company?
For B school graduates the opportunities are there if you are interested in
working Banking operations. That means an aptitude to read data and an
ability to work within teams. I am not sure if the company goes in for bulk
placements through B schools but there are openings both in wholesale
banking and consumer banking operations.
Will you be willing to come and share more about the industry and the
company and your experience with us in an alumni interface?
Yes I will be glad to. Just that you need to keep me informed in advance.
Christ is my Alma Mater and it has given me a lot. I will be privileged to give
back a little, whatever is within my capacity.
What are your short-term, mid-term and long-term plans, respectively, for
future?
Short term goals---to update my current skills and be prepared for the future.
Mid term goals—to become a better leader of people and have a bigger stake
in the decision making of an organization.
Long term goals- to have enough expertise in the field of project management
and business re-engineering so that I can look at being a consultant to the
BPO/KPO and ITES industry.
A message for Christites?
Always be open to change and update your knowledge every day. Take every
assignment as an opportunity to learn and always give it your best.
18
Vattam Bhargav
I MBA V
Turmeric considered, as the Golden spice of life in India is this month‘s pick of
the commodities that is expected to grow in near future. India is the biggest
producer and consumer of Turmeric in the world. India produces nearly 80per
cent to 90per cent of the world‘s annual turmeric production. Major states
where turmeric is cultivated in India are, Andhra Pradesh (47per cent), Tamil
Nadu (21per cent) and Karataka (11per cent).
Major uses of Turmeric are:
Turmeric is mainly used as a spice for culinary purposes and as an herb for
medicinal (ayurveda) purposes.
India is the biggest producer and exporter of Turmeric in the World. Other
exporters of Turmeric following India are all Asian, Pacific or Latin American
countries and the major Importers being Western, Middle East and African
countries. Major trade areas for Turmeric in India are Nizamabad in Andhra
Pradesh and Erode in Tamil Nadu.
In NCDEX (National Commodity and Derivative Exchange) Turmeric is
measured in units of Kilograms and traded in lots of 100 Kilograms or 1
Quintal.
Positive news on Turmeric:
Reduction in the acreage of turmeric cultivation in major states like Andhra
Pradesh and Maharashtra is expected to give a lower output for turmeric this
year when compared to the record high output of 90 lakh bags of 70Kg each
last year. South India has seen heavy rains during February that lies in the
harvest season, which is December to March. This may lead to crop damage
and lower output this year. The output is estimated to fall by 40per cent to
50per cent when compared to last year. Turmeric peaked to `17,000/ Quintal in
November 2012 and dropped down to a low of `4,600 in September 2011. This
shows the potential and range associated with this commodity. The commodity
has seen its price going high from the past two weeks. Turmeric has seen
increase in demand from Northern and Eastern parts of India from the past two
weeks.
Current performance of Turmeric in the Commodity Market:
Turmeric is presently being traded with a spot price of `6,900/Quintal.
The current Spot prices in NCDEX for Turmeric futures are (12th April, 2013):
`6,900 / Quintal for 19th April, 2013.
`7,030 / Quintal for 20th May 2013.
`7,124/ Quintal for 20th June 2013.
Turmeric has a potential to touch `8000 levels in the coming two months,
which will also be accompanied with the risk associated with this commodity
seen in the past couple of years.
References:
http://www.moneycontrol.com/news/across-the-web/Turmeric-1.html
http://www.ucxindia.com/Turmeric/M__35
COMMODITY :: TURMERIC
19
Akanksha Jha I MBA J
City Bank Swindle came into light in the December 2010. Shivraj Puri who is
the main accused of this `300 crore fraud was the relationship manager of the
City Bank Gurgaon based branch. He was managing the account of 51 high net
worth individuals, excluding his family linked accounts.
Shivraj offered fabricated investment schemes to theses account holders. By
guaranteeing them high returns he received signatures on blank fund transfer
forms. Shivraj used these forms to make demand drafts favouring stockbrokers
to invest these money in the stock market. He also transferred money to his
family linked bank accounts. He used to send inflated bank statement to
investors, to keep them in dark. This misconduct started in February 2009. Till
December 2010 he had collected about `150 crore from these accounts. He
traded in the futures and options segment of the NSE, mainly in Nifty Index
options.
In the names of his relatives Shivraj had opened three bank accounts in the
Gurgaon branch of the city Bank. These account were used to transfer money
from the investors account under a scheme which promised to double the
investment. But once the money was deposited, he transferred it into his own
account.
Chief Finance Officer of the Hero Group and associates, Sanjay Gupta was
also involved in the misconduct. He reportedly initiated the employees of the
Hero Group to invest money in his two firms - BG Finance and G2S
Management Consultants. By this way he collected `200 crores. These money
were transferred into Puri‘s bank account, from where they were invested in
the securities market. Sanjay Gupta made a profit of `20 crore in the process.
The probe went into the involvement of the Shivraj‘s parents and grandparents,
who gave him the power of attorney. However the senior citizen were given the
benefit of the doubt of not knowing the act.
SCAM : City Bank Swindle
20
Tina Patricia D‘Souza
I MBA N
In finance, the Beta (β) of a stock or portfolio is a number describing
the correlated volatility of an asset in relation to the volatility of the benchmark
that said asset is being compared to. This benchmark is generally the overall
financial market and is often estimated via the use of representative indices,
such as the S&P 500. Some interpretations of beta are explained in the
following table:
Beta can be estimated for individual companies using regression
analysis against a stock market index.
The formula for the beta of an asset within a portfolio is
DID YOU KNOW ?
The concept of BETA
Value of Beta Interpretation Example
β < 0
Asset generally moves in the
opposite direction as compared
to the index
Gold, which often moves
opposite to the movements of the
stock market
β = 0
Movement of the asset is
uncorrelated with the movement
of the benchmark
Fixed-yield asset, whose growth
is unrelated to the movement of
the stock market
0 < β < 1
Movement of the asset is gener-
ally in the same direction as, but
less than the movement of the
benchmark
Stable, "staple" stock such as a
company that makes soap.
Moves in the same direction as
the market at large, but less
susceptible to day-to-day
fluctuation.
β = 1
Movement of the asset is
generally in the same direction
as, and about the same amount as
the movement of the benchmark
A representative stock, or a stock
that is a strong contributor to the
index itself.
β > 1
Movement of the asset is
generally in the same direction
as, but more than the movement
of the benchmark
Volatile stock, such as a tech
stock, or stocks which are very
strongly influenced by day-to-
day market news.
21
where ra measures the rate of return of the asset, rb measures the rate of return of the portfolio
benchmark, and cov(ra,rb) is the covariance between the rates of return. The portfolio of interest in the
CAPM formulation is the market portfolio that contains all risky assets, and so the rb terms in the
formula are replaced by rm, the rate of return of the market.
Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to as a
measure of the sensitivity of the asset's returns to market returns, its non-diversifiable risk,
its systematic risk, or market risk. On an individual asset level, measuring beta can give clues
to volatility and liquidity in the marketplace. In fund management, measuring beta is thought to
separate a manager's skill from his or her willingness to take risk.
The market itself has a beta of 1.0, and individual stocks are ranked according to how much they
deviate from the macro market. S&P 500 is often used as a proxy for the market as a whole. A stock
whose returns vary more than the market's returns over time can have a beta
whose value is greater than 1.0. A stock whose returns vary less than the
market's returns has a beta with an absolute value less than 1.0.
SOME INTERESTING CASES
Beta has no upper or lower bound, and betas as large as 3 or 4 will occur
with highly volatile stocks
Beta can be zero. Some zero-beta assets are risk-free, such as treasury
bonds and cash. However, simply because a beta is zero does not mean that it
is risk-free. A beta can be zero simply because the correlation between that
item's returns and the market's returns is zero.
A negative beta simply means that the stock is inversely correlated with
the market.
CONCLUSION
Knowledge of beta value is essential from a trader‘s perspective as many
experts believe that about 70 percent of stock price movements are with
respect to market changes. In general it is believed that investing in
instruments with high beta is good in rising markets and investing in low beta
instruments is good in falling markets. Beta value helps in pin pointing
Instruments that are the right choice for trading from the Investors point of
view as it is easy to calculate and apply and it is a more realistic measure ,
since links risk with returns.
References
Wikipedia, the free encyclopedia. Beta (finance) - Wikipedia, the free encyclo-
pedia. Retrieved April 6, 2013 from http://en.wikipedia.org/wiki/Beta_
(finance)
Importance of Stock Beta Value. Retrieved April 7, 2013, from http://
www.articlesbase.com/investing-articles/importance-of-stock-beta-value-
664305.html
22
Sabahat Bashir
Ankit Dewani
Gaurav Agarwal
Sailabala Nayak
Introduction :
Investment Banking is a financial intermediary that performs a variety of services which
includes
Underwriting
Acting as an intermediary between an issuer of securities and the investing public,
Facilitating mergers and other corporate reorganizations, and also
Acting as a broker for institutional clients.
It also provides some ancillary services such as market making, trading
of derivatives and equity securities, and FICC services (fixed income instruments, currencies,
and commodities).
There are two main lines of business in investment banking. Trading securities for cash or for
other securities (i.e. facilitating transactions, market-making), or the promotion of securities
(i.e. underwriting, research, etc.) is the "sell side", while advising or managing assets
(through mutual funds or hedge funds) on behalf of pension funds or the investing public (who
consume the products and services of the sell-side in order to maximize their return on invest-
ment) constitutes the "buy side". Many firms have buy and sell side components.
An investment bank can also be split into private and public functions. The private areas of the
bank deal with private insider information that may not be publicly disclosed, while the public
areas such as stock analysis deal with public information.
Regulatory Environment :
The regulation defines an adviser as one who offers advice on buying, selling and dealing with
securities and investment products for a consideration.
Creating a cadre of registered advisers will address this basic trust issue directly. However, in a
market with an existing army of distribution force of mixed quality, such stipulation would
have been disruptive. It makes sense to set a high standard of differentiation and ask the
existing players to make a choice.
Those who want to build an investor-centric business will make the tough choice of becoming
registered investment advisers.
Key Success Factors :
Industry Experience : The value of two similarly sized businesses in different industries may
vary dramatically. One business might be in a ―hot‖ industry, while the other might be in a less
exciting market. Additionally, more industry experience means more industry contacts, and
more industry contacts means access to a greater pool of qualified investors and buyers. The
practice of mass mailing briefing books to a bunch of uninterested investors isn‘t the proper
way to run a sale process. Buyers will be more interested in your deal if they know that it isn‘t
being shopped around the planet. If your investment banker has good industry contacts, the
banker will know who will be interested in your company, and this will ultimately increase
your chances of getting a deal done at a higher value.
Size of Transaction : If the deal is large enough, you will likely need the reach and power a
―bulge bracket‖, or mega investment banking firm, offers. If your deal is not big enough to
warrant sufficient attention from senior talent at a large investment banking firm, you may be
better served by a smaller national or regional investment banking firm or a boutique
investment banking firm with special expertise in your industry.
If you are uncertain about the size of the investment banking firm you should engage, then talk
to a bulge bracket firm, a smaller national or regional firm and a boutique firm. Those
discussions should give you a good feel for the direction to take.
Team : Because the sale transaction is likely the most important event in your company‘s
history, you will need to choose an investment banking firm that has the best team for your
deal. You want to know which bankers will be working on your deal, and you want a commit-
ment that the senior banker who sold you on the engagement won‘t disappear after the
engagement letter is signed.working on your deal, and you want a commitment that the senior
banker who sold you on the engagement won‘t disappear after the engagement letter is
signed.The more time it takes to close your deal, the more time there is for bad things to
happen to your business or the credit markets.
IVESTMENT BANKING:: INDUSTRIAL ANALYSIS
23
Fee Structure : The typical components of an investment banker‘s fee are an upfront retainer and a closing success fee. Some
engagements, such as those involving troubled companies, may involve a monthly retainer payment that is credited against the
closing success fee.
Major Players :
The ten largest investment banks are as follows
Global Trends In Investment Banking :Investment banks have been experiencing a roller
coaster ride in the past years and the problem of structural overcapacity still exists in the
industry. Overall revenues declined by approximately 11% in the year 2012 compared to
previous fiscal year with a better growth noticed in the first quarter than Q2.The productivity
of top line investment banks also declined in 2012 as compared to year 2011.
A study conducted by the Coalition Analytics and Business Providers for global investment
banks shows that fixed income accounted for the largest share of revenues with its increased
contributions to the top line.
However the strong performance projected by the revenues was set off by the weaker ones
from credit and commodities.
Performance of equities which includes cash equities, derivatives and Futures and Options etc.
was challenged by increased electronic trading and weaker revenues from cash and
derivatives.
Origination and advisory which includes M&A, Equity Capital Markets and Debt Capital
Markets has shown the weakest growth at a global level.
Investment Bank Revenue (in $B) Net Earnings (in $B) AUM (in $B)
Goldman Sachs 45.2 13.4 871
JP Morgan Chase 100.4 11.8 1219
Morgan Stanley 24.74 1.7 779
Citigroup 80.3 -1.6 556
Bank of America 121 6.3 523
Barclays 31.8 10.3 1379
Lazard 1.53 -0.18 98
Credit Suisse 31.05 7.9 384
Deutsche Bank 25.3 4.96 181
UBS 24 -1.9 159
24
The table below shows the percentage change to the contribution of revenues through fixed income, equities and advisory:
Scope Of MBA Finance In Investment Banking :
The typical areas in which MBA students can work under investment banking are:
Corporate Finance
Sales
Trading
Research
The most important thing that can help an MBA get into this industry is solid
PREPARATION. A survey of the recruitment processes of few leading investments banks
like Merrill Lynch, JP Morgan Chase, CSFB, Goldman Sachs, Morgan Stanley etc. has
yielded comparatively similar results. The companies typically look out for candidates who
are:
Able and ready to sell themselves even with their biggest weaknesses as their
strengths.
Aware of what they want to do in their work and why they want to do it.
Who put professional success and advancement in their career as the topmost priority.
Investment banks hire candidates for the post of Analysts and Associates (mostly Associates
for MBAs).
Under Corporate Finance the work performed is related to Capital Raising, Underwriting,
Financial Advisory, M&As etc. The Research part of the industry particularly interests those
who like a lot of reading, writing and number crunching, whereas in the field of Sales and
Trading, only the strong, negotiating individuals survive well.
Key Skills Required :
Some of the skills required for investment banking are :
In depth financial knowledge
Financial modeling skill and advanced excel skills
Number crunching
People skills
Communication skills
Analytical skills
Ability to synthesize
Creative ability
Initiative
Working hours
Resilience
Global outlook
Sales skills
Networking skills
Courses and Certificates Avail-
able :
25
Courses and Certificates Available :
So if you are thinking of a career in this industry, the time to get started is NOW because it
takes a lot of potential and knowledge of the candidate to get into the kind of work whish he/
she actually wants to do by being a part of investment banking.
Good Luck!! References :
http://www.oecd.org/investment/investmentfordevelopment/34783838.pdf
http://www-management.wharton.upenn.edu/henisz/msbe/2011/4_2_fabrizio.pdf
http://www.mondaq.com/india/x/223906/Securities/
Investment+Advisers+Regulations+Notified+Do+You+Need+To+Register
Ankit Dewani IMBA K
Coppockcurve
A long-term price momentum indicator used primarily to recognize major bottoms in the
stock market. It is calculated as a 10-month weighted moving average of the sum of the
14-month rate of change and the 11-month rate of change for the index.
Also known as the "Coppock Guide". 'Coppock Curve' The Coppock formula was intro-
duced in Barron's in 1962 by Edwin Sedgwick Coppock.
A buy signal is formed when there is an upturn in the curve after an extreme low in the
curve. A sell signal is formed when there is a higher peak in stock prices but a lower
peak in the Coppock curve. These are the basic signals. More signals and interpretations
are seen at more advanced levels.
BUZZWORD
NAME OF THE CERTIFICATE DESCRIPTION FEES LINK /WEBSITE
1. Diploma examination in com-
modity Derivatives for bankers( Indian
institute of banking & finance)
This diploma course
will give necessary knowledge in
commodity derivatives.
For members: INR
4494
For non members:
INR 7303
http://www.iibf.org.in/scripts/
archives_exam_schedule.asp
2.Charted financial analyst
(CFA INSTITUTE of USA)
Worldwide recognized program
by which , individuals can en-
hance their investment analysis
skills and provide practical
knowledge about investment in-
dustry
USD 1080-1545 (for
level 1) https://www.cfainstitute.org
3.Advanced company research –
Discounted cash flow module by
school of investment banking
It will provide knowledge about
the concept of time value of
money.
Mastering DCF analysis is essen-
tial to working in investment
banking.
INR 5000 http://www.schoolofib.com/
online-course.jsp
4. FLIP Investment banking
certification
It covers private equity, mergers
and acquisition , structured fi-
nance and issue management re-
lated to investment banking
INR 2500 +Tax http://www.learnwithflip.com/
buy-now/307-investment-
banking-certification.html?
page=shop.product_area_dtls
&sef=c
5. CERTIFIED FINANCIAL
PLANNERCM(Financial planning
standards board India
Helpful in providing employment
opportunities in financial ser-
vices, banks , distribution houses
etc.
INR 14606.8 http://www.fpsbindia.org/
26
Ganesh Prabhu I MBA K
CROSSWORD
ACROSS
1.The movement of cash in and out of a
business from day-to-day direct trading and
other non-trading or indirect effects, such as
capital expenditure, tax and dividend
payments.
3.It is concerned with such equity shares
whose purchase is extremely safe. It is a safe
investment. It does not involve any risk.
5.State of falling prices which occurs at that
time when the output of goods and services
increases more rapidly than the volume of
money in the economy
6.The risk that bonds will be redeemed (or
"called") before maturity
7.That part of government economic policy
which deals with taxation, expenditure,
borrowing, and the management of public
debt in the economy
9.The processes of making illegally acquired
money appear to have been legally acquired.
Money thus transformed can withstand
scrutiny of its origins and be freely used
without fear of sanction.
10.The combination of two or more
companies, usually through the acquisition by
one of the assets and liabilities of the other
11.The value printed on the face of a stock,
bond or other financial instrument or
document.
13.A period of time during which securities
prices are falling in the stock market.
14.Type of speculator who gains with the rise
in prices of shares and stocks. He buys share
or commodities in anticipation of rising prices
and sells them later at a profit.
DOWN
2. Allows an investor to periodically invest in
units by issuing post-dated cheques. It allows
the investor to benefit from rupee cost
averaging.
4. Interest earned not only on the initially
invested principal but also on accumulated
interest during the period.
8. The loss of value of currency of a country
relative to other foreign currency
12. A pool of individual investments owned
by an investor or mutual fund. Includes a
combination of stocks, bonds, and money
market instruments.
1.Cashflow 2. Systematic investment
plan 3.Bluechip 4.Compounding
5.Deflation 8.Devaluation 6.Callrisk
12.Portfolio 7.Fiscalpolicy
9.Moneylaundering 10.Merger
11.Facevalue 13.Bearmarket 14.Bull
27
Vattam Bhargav I MBAV
SriKrishna I MBA M
1)FTSE is an index listed on ________________________________ having
___________ companies in its index and is commonly known as
____________________.
2) The oldest stock exchange of the world is _______________ and was
started in the year _______________.
3) World‘s largest futures exchange company is _____________________.
4) First stock exchange established in Asia was ___________________ in the
year ________________.
5) Second largest stock exchange in terms of Market Cap in Asia is
_______________ with an m-cap of __________________.
6) Company with the largest market cap in India is ___________________
with a market cap of _________________ crore rupees.
7) Securities Transaction Tax in India revised in the Union Budget of 2013 is
currently ________% on cash delivery transactions.
8) Union budget of India 2013 allows FII‘s to participate in
________________ derivatives.
9) Net FII inflows into India from April 2012 to March 2013 including both
equity and debt is ________________ crore rupees.
10) Expand the following:
NYMEX
RICI
NCDEX
NASDAQ
11) Europe‘s largest bank is _____________.
12) The percentage of CAD (current account deficit) to GDP is
_____________.
13) Opening a position in order to reduce Risk is called _____________.
14) US GDP accounts for _____________ percentage of world GDP.
15) Inflation rate for Feb. 2013 is ___________ .
Note :- We would love to receive your answers to these quizzes and the names
of the first three correct respondents will be published in the next issue.
QUIZ
28
Editor Sailabala Nayak
Eldho Poulose
NEWS
Sri Vishnu Garbham &
Sailabal nayak
Graph & Rates
Investors check
Gaurav Aggarwal
Abhishek Agarwal
Debate
Did You Know
Alumni Speak
Contemporary Articles
Scams
Commodity Market
Review Committee
Creative Head &
Design
Stock Watch
Buzz Words
Financial Services
Industrial analysis
Quiz
Sabahat Bashir& Akansha Bansal
Tina Patricia D’souza
Mithil Kumar
Eldho Poulose
Akansha Jha
Vattam Bhargav
Ankit Dewani
Sabahat Bashir,Ankit Dewani,GauravAgarwal,Sailabala
SriKrishna Sajja, Vattam Bharghav
Paridhi Goyal
Arpita Samanta
29
chaanakya `
About Us
Chaanakya is the official Finance Magazine of
Wealth Incorporation, the Finance Club. It is released monthly.
Its objective is to keep each & everyone abreast with the activities and events of the world of
finance.
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