ISSUE - 115 22nd APRIL [FRIDAY]

EDITOR’S DESK - TANIYA BANERJEE

A series of events are going to bring about a shift in the dynamics of the world economies. With

several nations including India taking up the reins for the next round of economic development,

their meet in Sanya this time around surely garnered a lot of eyeballs. Get the complete story in

our Cover Story section.

For ages women have been subject to various forms of crime including rape and time and again

they and alone they have been blamed for it all. The recent uproar in Toronto in the form of „slut

walk‟ has made people take a note that no longer will women be the subject of these atrocities!

Get the complete story and our writers opinion on the matter this week in our Opinion Forum.

This time around in Brand Track we are tracking our favorite brand Dominos. The struggles, the

growth and the evolving of this brand has been tracked in detail. Moreover its famed home de-

livery strategy has also been covered here.

As a continuation of our discussion on the introduction of IFRS, this week we are analyzing the

pros and cons of the Indian GAAP and the IFRS. Do catch up on this week‟s write up to know

more about this phenomenon.

Moreover we have our regulars Fast-Track, Quick Bites and Market Watch yet again. We hope

all of you have as much fun as we had putting it together.

Cheers,

Taniya Banerjee

Editor.

EDITOR 1 OPINION 5 FOCUS 8

COVER 2 BRAND 6 MARKET 9

FAST-TRACK 3 QUICK BITES 7

COVER STORY– BRICKS: THE BRICKS OF NEW GLOBAL ECONOMY - RAJAT MONGA The tropical city of Sanya, on the island of Hinan, aspires to be the Hawaii of East. But the last week saw

this aspiring Hawaii being in news for a completely different reason. The city welcomed leaders from the

top emerging economies for BRICS summit hosted by the Chinese premier Hu Jintao. Summits always

get coverage and so did this one which saw leaders of world‟s fastest growing economies converge.

The entry of South Africa

The term has finally been expanded. Ten years after Goldman Sachs coined the term BRIC, this club of

world fastest growing economies welcomed South Africa to its elite fold. Though a lot of countries in-

cluding South Korea have been keen on being part of this informal club, South Africa was chosen over

them. While inviting South Africa is obviously about having Africa at the table, do not get too hung up

about the population size or economic growth. These criteria applied, Ethiopia or Nigeria would have

been equally eligible – not to mention other non-African economies like Indonesia. Yet, South Africa is

the key African economy, with about a fifth of the overall African economic output produced in Gauteng

province alone. South Africa might not be able to run the show in Africa by itself, but little can be

achieved against South Africa. It is just symbolic in nature and it does complicate a few things. South

Africa seems to be following contradictory foreign policy. At one moment, Mr. Zuma is upholding the

principles of national sovereignty and non-interference dear to

despots around the world. At the next, he insists that his „primary

objective‟ is to contribute to the ideals of democracy, human

rights and justice. These flip flops would make it difficult for this

already heterogeneous group to agree on controversial issues like

the Libyan airstrikes. Oh! Just a matter of fact, South Africa did

vote in favour of those airstrikes unlike the other BRICS nation.

International Financial system and the BRICS

The joint statement at the end of the summit called for the re-

vamping of the global monetary system as its flaws have been witnessed in the past. The five countries

also decided to push for reforms at IMF and World Bank to increase the voice and representation of

emerging/developing economies and perhaps rightly so. These 5 countries have world‟s 40% population

and the western world can only dream about the kind of growth these countries have seen in the last cou-

ple of years. The BRICS countries also decided to provide credit to each other in local currencies and col-

laborate in capital markets and other financial services. The aim is to reduce the dependence on dollar and

provide an alternative currency to it. But again it is just a very small step in the direction. It is far too

early, however, to crow about the demise of the dollar as the currency the world does business in, or of

the pretender euro. The dollar is the world's favorite currency simply because it is the most traded, circu-

lated and accepted currency in the world. BRICS or others hoping to supplant the dollar will have to de-

velop large and deep markets, first within their own national economies and then across the world for

bonds in those currencies.

So should US and the western countries start worrying about this new bloc which can challenge their au-

thority and take on G-8 or NATO. Not really. The political and economic communalities between these

countries are very small with India and Russia have a rather uneasy relation with China along their com-

mon borders and central Asia. They also diverge on key policies. For example, Brazil is in favor of liber-

alization of agricultural trade, while India does not warm up to the idea. Consequently, the joint declara-

tion was nothing more than commonplace than world needing to adjust to new policies. The biggest

shareholder in success of BRICS is perhaps China which would like to use it as a medium to spread its

influence.

Though it was just the 3rd summit of the BRIC countries and even though it was more of a chat than for-

mal summit, it is a good start and can be a medium of power shift from the western world.

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The city welcomed leaders

from the top emerging

economies for BRICS

summit hosted by the

Chinese premier Hu Jin-

tao.

The political and economic

communalities between

these countries are very

small with India and

Russia have a rather

uneasy relation with

China along their common

borders and central Asia.

FAST-TRACK NEWS - SHILPA MALHOTRA BRICS to trade in local currencies India agreed to an arrangement to facilitate and expand the system of settling in local currencies all trade transactions

among BRICS group of countries. The agreement followed consultation among development banks representing Brazil,

Russia, India, China and South Africa, held with a view to strengthening the BRICS inter-bank cooperation. The BRICS

nations will use their own currencies instead of the U.S. dollar in issuing credit or grants among each other. At $4.6 tril-

lion, the five BRICS countries account for almost 15 per cent of global trade volume. The expanded system of settling

trade in local currencies would boost intra-BRICS trade.

Infosys Director Mohandas Pai resigns from board Infosys' director in charge, Human Resource and Administration, Mohandas Pai resigned from the board of the company

with effect from June 11, 2011. Pai had been in a finance role as CFO of Infosys since 1994, and later took the responsibil-

ity for the critical functions of human resources and education. More recently, Pai was criticized for iRace, a human re-

sources initiative, which resulted in around 4,500 employee demotions. It de-moralized employees and the move backfired

on Infosys when demand for IT services returned in October 2010.

Sharad Pawar may be controlling DB Realty, might have lobbied with Raja, says Niira Radia Corporate lobbyist Niira Radia has told the CBI that Union agriculture minister Sharad Pawar may be controlling the con-

troversial DB Realty and may have pursued the issue of spectrum and license for Swan Telecom with former telecom min-

ister A Raja. She also said that “as per the general perception in Mumbai as well as outside, DB Realties directly or indi-

rectly is controlled by Sharad Pawar and his family members." Radia added that she had no documentary proof or some

other evidence to back up her allegation.

SC grants bail to Binayak Sen The Supreme Court has granted bail to civil rights activist Binayak Sen, who has been sentenced to life imprisonment on

charges of sedition and for having links with Naxalites. The apex court said that the evidence on record proves no sedition

case against Sen. At the worst he could be termed active sympathizer of Naxals. The court also observed that mere posses-

sion of Naxal literature does not make a person a Naxalite, guilty of sedition.

BJP blames Mamata, Mayawati for Arunima being thrown off train The Bharatiya Janata Party expressed shock over the incident and held Railway Minister Mamata Banerjee and Uttar

Pradesh Chief Minister Mayawati responsible for it. BJP spokesperson Nirmala Sitharaman said the incident showed how

unsafe women passengers were on trains. What is more shocking is that she lay unattended for over six hours on the tracks,

she added. “This is an utter failure of Mamata Banerjee's Railways.”She said that it showed the inefficiency of the Rail-

ways and demanded that Ms. Banerjee accept responsibility and fix accountability for the sloppy handling of the case by

the railway officials.

Navy all set for takeover of Vikramaditya The Navy has started preparations to take charge of aircraft carrier INS Vikramaditya from Russia, with the first batch of

officers and sailors having stated training ahead of its induction next year. The Navy has sent a 152-member crew for train-

ing on the 45,000-tonne aircraft carrier in Russia. The warship is to be delivered by next December. The INS Vikramaditya

project, sanctioned in January 2004 envisaged delivery of the warship in August 2008 but it got delayed over price with

Russia demanding $2.9 billion to carry out repair and re-equipping for converting the cruiser into an aircraft carrier.

BlackBerry chief ends BBC interview after India query over the security issue Research In Motion founder Mike Lazaridis ordered a BBC reporter to end an interview after he was asked about his prob-

lems with India and Middle Eastern countries over security issues. “The interview is over. It‟s just not fair. This is a na-

tional security issue. Turn that off,” the BlackBerry boss told the reporter. Although after many deadlines, RIM has given

India access to its BlackBerry Messenger (BBM), it has remained noncommittal on allowing access to its encrypted corpo-

rate service.

SPARQS– A callable note that pays interest to the holder, and upon maturity is exchanged for shares in the under-

lying company. These investment products are issued and underwritten by Morgan Stanley and provide investors with

both interest payments and exposure to the stock market.

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Hazare's revised draft to be taken on board At their first meeting, the government nominees on the joint drafting committee of the Lokpal Bill agreed to take on board the latest version of the draft Jan Lokpal Bill tabled by Anna Hazare. At the same time, it was decided that wider consultations with people, political parties and leaders would be held. Various drafts of the Bill, including the one with the Parliamentary Standing Committee, would also be discussed. The meeting was described as a “historic step'' by Union Human Resource Development and IT Minister, Kapil Sibal.

Narendra Modi slams Prime Minister for not voting in Assam polls Gujarat chief minister Narendra Modi took a swipe at PM Manmohan Singh for not voting in the recently con-cluded Assam assembly elections. “I am pained to learn that the Prime Minister Manmohan Singh did not vote in the assembly elections in Assam," Modi said. Prime Minister Manmohan Singh gave a miss to his right to vote in the Assam Assembly election. Singh and his wife Gursharan Kaur are registered voters in Assam's Dis-pur Assembly constituency. The Prime Minister is a Rajya Sabha member from Assam for the last two decades and a voter of the state since then.

Quick start to RIL-BP giant venture Three months after Reliance Industries Ltd. (RIL) and BP announced their "transformational" deal, the two have begun operationalising the joint venture. The deal is the biggest foreign direct investment (FDI) into India till date. Though all the regulatory and ministerial approvals are yet to come in, two working groups with spe-cific mandates have been set up. The first is a Joint Implementation Centre (JIC), with three representatives each from RIL and BP. It will eventually become a High Level Overseeing Committee, with a critical role to manage the 23 exploration and production blocks to ensure smooth functioning of the venture.

New Telecom Policy to reduce license period to 10 yrs The government plans to renew telecom licenses every 10 years instead of the 20 years at present. It is also con-sidering easier merger and acquisition rules for telecom companies. Kapil Sibal, announcing the contours of the New Telecom Policy-2011 (NTP-2011) which will be finalised this year said, “NTP-2011 would also delink spectrum from licenses”. This may make spectrum expensive, say experts. The liberalization of M&A rules is expected to drive consolidation in the industry, which is facing intense pressure on margins due to tough com-petition and low tariffs.

Noel among possible contenders for top job, confirms Tata Ratan Tata, the 73-year-old chairman of Tata Group, said his successor would be in place by the middle of the year and his half-brother was one of the contenders. The business mogul, who heads a conglomerate comprising nearly 100 companies, is scheduled to retire in December 2012, when he turns 75. A search panel was formed last August to find his successor. Noel is chairman of the group's retail arm Trent and also the managing direc-tor of Tata International, a trading company.

Spain's Nadal and Ferrer reach Monte Carlo final Spaniards Rafael Nadal and David Ferrer will lock horns again in the Monte Carlo Masters final after the clay court conquistadors sealed contrasting victories in their semi-finals on Saturday. World number one Nadal, who lost to Ferrer at the Australian Open quarter-finals, was pushed hard by injury-hit third seed Andy Murray but won 6-4, 2-6, 6-1 in a less than vintage display. "It was a very physically demanding match," Nadal said court-side as he gears up for next month's French Open.

Premier League: Chelsea close in on Arsenal Didier Drogba was on target again as Chelsea, the only top-six team in Premier League action on Saturday, chalked up their 11th successive league win over West Bromwich Albion with a 3-1 triumph at the Hawthorns. Peter Odemwingie had West Brom ahead after 17 minutes but Drogba, Salomon Kalou and Frank Lampard turned it round by halftime as Chelsea bounced back well from their midweek Champions League exit at the hands of Manchester United.

Up and Out Option - A type of option that ceases to exist when the price of its underlying asset has reached a

pre-specified price level.

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OPINION FORUM– PRECAUTION IS BETTER THAN CURE - ADHIRAJ SOOD

A few days back, I was going through „The Times of India‟ and in that I came across a picture in which a

woman was holding a poster saying, “DON‟T TELL US HOW TO DRESS. TELL MEN NOT TO

RAPE”. As there was not much information provided on the topic, I thought why not go ahead and do a

research over this picture. I as it is have been having these sorts of discussions with a lot of my male as

well as female friends in the recent past.

On January 24, 2011 a campus safety information session was held at Osgoode Hall. Members from

York security and two male officers from Toronto police 31 Division handed out safety tips to commu-

nity members. One of the officers, Const. Michael Sanguinetti during the session handed out a tip saying,

“women should avoid dressing like sluts in order not to be victimized”, which shocked and appalled the

community members sitting there.

In response to this statement „SlutWalk‟ was born. Approximately 1500 people gathered for this event

and went on to march from Queen‟s Park to Toronto police headquarters

on College St., the afternoon of April 3, 2011 for a formal apology from

their protectors.

But the question that arose from this is whether the policeman was right

in making such a comment or it‟s the men who need to be reminded of

the basic ethics of life? Let me first give you few examples of eve teasing

that I have witnessed in my life, a few learnings that I have learnt from

those ever lasting debates with my friends before giving my final opin-

ion. DHAULA KUAN RAPE CASE: I must be 18 years old when I

heard of this case, I was staying in the same colony as of the victim. The story goes like this, two north-

eastern girls in night suits were walking down to close by dhaba (which is famous eating joint of truck

drivers) at 2:30 a.m. in the night to have food and one of girl was picked up by a passing by car and was

raped. The hot topic of discussion next day was if it sensible enough for the women to leave so late at

night in a city like New Delhi, alone, to such a place so late at night?

In another incident, my sister, her (female) friend and I were in a long discussion of what to wear and

what not to, to the nightclub we were visiting that night. Being women that they are they kept supporting

the fact that they should either be wearing a dress, tube top or a skirt. And I being a big brother kept tell-

ing them not to wear these clothes since a nightclub is not the most appropriate place to wear such

clothes, because such places are always filled with drunk and leachy men waiting to grab any woman.

Going back to my question, who is right? the policeman or the victim? For me both are right as well as

wrong. Why would I call the policeman right? Because it is his moral duty to make people aware of the

danger surrounding them. It was his duty to tell the community members not to dress to skimpy because

it would single them out in the crowd thus, coming in the eyes of the offender. It was incorrect of him to

tell the victims to stop dressing like sluts. But, I think we are missing the important point here, it is not

what to wear; it is when and where to wear that.

For me the victim is absolutely right in saying, “don‟t tell us how to dress. Tell men not to rape”. It is her

fundamental right to wear whatever she wants to, to live her life the way she wants to and men have no

right to touch or even comment on them. But, where I find her wrong in this case is, when you know the

city is not safe and this world is surrounded by all kinds of monsters, why would you want to risk your

life for clothes. I am not saying that she is only targeted because of her clothes but in some cases they are

and I believe your life is of worth lot more than few pieces of clothes.

Wear what you want to; but in accordance with place you are up to and that also for your own safety be-

cause we cannot teach basic ethics of life to every individual on the road but at least we can protect you.

Six Force model –A design used to show how companies or industries are affected by external factors. The six-

force model expands on Harvard Business School professor Michael Porter's five-force model with the addition of

"complementors," or companies that produce closely related products or services, as a sixth factor.

THE IBS TIMES

Going back to my ques-

tion, who is right? the

policeman or the victim?

For me both are right as

well as wrong.

In response to this state-

ment ‘SlutWalk’ was

born. Approximately 1500

people gathered for this

event and went on to

march from Queen’s Park

to Toronto police head-

quarters on College St.,

the afternoon of April 3,

2011 for a formal apology

from their protectors.

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BRAND TRACK– HUNGRY KYA? -SANDEEP ASRANI

“30 minutes nahi toh free, tada ta ta ta” something that I am sure we all are familiar with, and

the minute we say, read or hear this somewhere we immediately get a picture of Paresh Rawal

dancing to this tune and expecting a Free pizza. This is the kind of impact that Dominos has

made in the minds of Indians. Tough there are plenty of other Pizza makers in the market pro-

viding us with the service of Home Delivery, the first thing that comes in most of our minds

when ordering a pizza is Dominos.

Well, this time in our column we are tracking this concept of Home Delivery that has emerged

to be such a vital business strategy of most players in the market. Especially for those customers

who do not want to move from their homes. The luxury of sitting where you are and getting

what you want is something so simple but this strategy has changed the way people have been

delivering their services. At the time, Dominos was revolu-

tionizing the pizza industry with a very distinct distribution

strategy which was rapid and reliable home delivery which

for a while they guaranteed delivery within 30 minutes was a

strong strategic commitment.

Hence for most of us, who assumes that „marketing‟ was

synonymous with „advertising,‟ this provides a good exam-

ple of how a company could build its marketing strategy

around doing distribution better than anyone else. It was in-

deed a bold step to go out and tell the people that it would be

delivered in 30 minutes if not it would be free. This excited

most of its clients in the initial stage and the orders made initially were to check this commit-

ment of theirs. There is no other player in the market who has dared to go out and make such

statements. This is a commendable distribution strategy of Dominos.

Dominos pizzas are OK and its prices are about the same as the other pizza chains. Dominos

probably spent no more than the other chains on advertising either and kept their costs down by

not maintaining sit-down restaurants. This worked for years until gradually the other chains

adapted and started adding delivery services. So now things have changed a little. A rival chain

that promotes “better ingredients, better pizza” is forcing everyone else to adapt the same. My

experience with Dominos‟ improved pizza is one indication that they are shifting to a heavy

Product strategy. From pizzas to wraps to pastas, they are expanding their menu and soon with-

out a surprise they would probably have it all.

But at the same time you see other food chains actually going back to the model of sit-down

stores. This is because of the customized attention they offer to their walk in clients. Does that

mean that pizza tycoons have given up on distribution strategies? Not at all. In fact, another big

trend in the industry is on-line ordering. Their websites nowadays have a very user friendly

menu that allows you to not only to order, but also custom make your toppings of the pizza. Is-

n‟t that amazing? I leave the readers with one question, from home delivery to online ordering

we have seen the trends change, any guesses as to what‟s next?

THE IBS TIMES

But at the same time you

see other food chains ac-

tually going back to the

model of sit-down stores.

This is because of the

customized attention they

offer to their walk in cli-

ents.

Well, this time in our

column we are tracking

this concept of Home De-

livery that has emerged to

be such a vital business

strategy of most players

in the market.

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QUICK BITES- NEWS THAT CAN’T BE MISSED ! - SUPRIYA MAMGAIN

Big Shots…

Pranabh Mukherjee said that India would endorse the UN convention on graft which India signed in

2005.

Rakesh Kapoor, first Indian to b appointed as the CEO of Reckitt Benckiser.

Goldman Sachs gets RBI nod to act as a primary dealer in Government debt market.

Company Talks… Blackstone is in talks with APS group, a security services provider, to acquire Securitrans India Pvt.

Ltd.

United Spirits Limited, the spirit arm of UB group declared that its McDowell‟s No. 1 Platinum has sold

over 30 million bottles in its first year.

Pepsi Co. and HUL are planning to re launch their iced tea; Lipton to bring down Nestea which is a

brand pushed by Nestle and Coca Cola.

IPL merchandise will now be available on eBay as the e-retailer joined hands with Adidas, Reebok and

other apparel brands.

Nokia prepares to enter into a partnership with Microsoft, the employees fear job cuts with as many as

6000 workers under threat.

HSBC India comes under US scrutiny over Indian accounts.

IRB infrastructure wins INR 3600 crore ultra mega road project from NHAI.

Economy Speaks… IOCL, HPCL, MRPL, Essar and BPCL are preparing to sign term contracts to import oil in the fear of

oil crises.

Government is examining a proposal to cut down the sugar import duties from 60% to 15%.

According to Commerzbank, Gold may rise to $1560 an ounce which indicates a 7% gain.

Commission for Agriculture Costs and Prices (CACP) has suggested PPP model for foodgrain procure-

ment.

In their next round of talks, India and the European Union hope to sort out the remaining issues to a free

trade agreement.

According to the RBI survey, high inflation will persist and is expected to be 13.1% up from the per-

ceived 11.8%.

The Captains of the Ships… Senior Vice President sales & marketing of GTL Ltd– Mr. Deven Buch

Head of Ericsson India Pvt. Ltd. – Mr. Fredrik Jejdling

Senior Editor ET Now – Ms. Damini Kumari

Founder & Editor Network 18- Raghav Bahl

CEO & MD of TCS – N.Chandrasekaran

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FOCUS OF THE WEEK– DOES IFRS HAVE AN EDGE OVER INDIAN GAAP? - SAINYAM KUMAR

Shadow-A small line found on a candle in a candlestick chart that is used to indicate where the price of a stock

has fluctuated relative to the opening and closing prices. Essentially, these shadows illustrate the highest and lowest

prices at which a security has traded over a specific time period.

THE IBS TIMES

This portion, in the last week‟s newsletter talked about an overview of IFRS, Indian Inc. deciding to

converge with these new guidelines and the benefits that our economy and the companies are going to

get out of it. This week I will talk about Indian GAAP v/s IFRS and look at some specific changes that

are to be applied post-IFRS.

As I had mentioned „fair value‟ in the last article, it is to be valued at the following three levels. The

fair value = market value (Level 1) in the cases where the active market for the identical assets (or li-

abilities) is available. Fair Value = Quoted prices of similar assets adjusted for differences in the asset

(Level 2) in case observable market for the particular asset is not available. In case the market inputs

are unobservable but critical to the valuation of the asset (Level 3), the entity must reconcile the open-

ing and the closing balances and adjust them for the transactions done on the particular asset (the com-

pany uses certain assumptions that are to be disclosed).

Indian GAAP differs from IFRS on the lines of profit/loss on the derivative contracts entered by the

company. IFRS covers all the derivative contracts and makes it imperative for the organization to show

both the profits and the losses in the profit and loss a/c. Indian GAAP, on the other hand, does not

cover all the contracts and those that are covered, only the loss incurred on

these is shown in the financials (profit is not to be included).

Another topic of discussion is the way the SPEs would be treated. Special

Purpose Entities are separate legal entities that are formed for specific and

narrowly defined purposes. These ensure that the risk is concentrated to the

SPE and not passed on to the organization. Under Indian GAAP, there are no

guidelines for reporting of SPEs in the financial statements but IFRS has

made it compulsory for the reporting entities to include SPEs in the financial

statements. This means that banks and real estate companies (major users of

SPEs) will have more risk in their financials.

Moreover, Indian GAAP has always been criticized for its vagueness in rela-

tion to the group companies. It states that dual control is possible as one company can have the control

because it holds majority shares in the company while the other company can have the control over the

board of directors. In such a case, both the entities have to show the subsidiary in the consolidated fi-

nancial statements. But under IFRS, dual control is not possible. In case there is a situation similar to

the one mentioned above, certain factors need to be assessed and only one company can have the con-

trol in the end.

These are just a few transactions where there is a conflict between IFRS and Indian GAAP, overall

there are a lot of differences that will be brought in once IFRS comes totally into the picture. The major

challenge facing the Indian companies is that the workforce has been specialized in the present system

of accounting for 3 decades and a radical shift like IFRS is bound to be opposed. Even the IT account-

ing softwares and consultancies have been working on the same lines and will require a lot of invest-

ments for training the personnel.

After seeing both the sides i.e. almost doing the Cost Benefit Analysis of this new accounting frame-

work, I would suggest that Indian companies would benefit from the conversion in the long term. With

the global markets playing a major role already and their quantity only seems to increase in the corpo-

rate platter, the move to have a standardized system of accounting gets thumbs up from my side.

Indian GAAP differs

from IFRS on the lines

of profit/loss on the de-

rivative contracts entered

by the company.

Moreover, Indian

GAAP has always been

criticized for its vagueness

in relation to the group

companies.

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MARKET WATCH - VASUNDHARA ARORA

Proving the age old adage of “Nothing is permanent, but the change” yet again, the world

markets ceased the three-week long rally of gains by the stocks during this week. A

plunge was witnessed in the markets worldwide breaking the continuous profit registering

since .

Food inflation continued its two-week easing trend this week also and touched the two

year lowest mark of 8.28% for the week ended April 2nd which was standing at 9.18% the

preceding week. Also, the release of IIP figures during the week gave a subliminal out-

look to the market stating a slowdown in the Indian industrial growth to the tune of 3.6%

majorly backed by dismal manufacturing and mining sector performance.

The Indian cement sector being the driver of all the infrastructural improvements being witnessed in the country is reportedly to

see a double-digit growth from the next fiscal which is magnanimous.

The show stealer of the week was IT giant, Infosys which came up with its Q4 results. Investors were not really happy with the

reported numbers and the stock price corrected by 10% during the week. The two prime reasons that could be spotted for such a

response can be the attrition rate and the increase in other income propelling a 2% QoQ growth in net margins.

This week, we had government instructed RIL to supply fuel to the priority sectors first to ensure adequate availability to them at

the right cost and then go on with the distribution to other sectors on a pro-rata basis.

We also had Hindustan Unilever striving really hard to retain its position of market leader in the shampoo segment as its close ri-

vals P&G and Dabur slice up their volumes and share.

The Movers & Shakers of the Week

Global Cues: It was a breakthrough week for the global markets to see all major indices making the week close in the red; apart from China. Bra-

zil was the front runner in the list of biggest losers of the week and lost almost 3% followed by France and Japan. India and U.S.

exhibited a way better-off performance than the rest with a modest fall of around 0.3%

SURGES %Change DOWNFALLS %Change

BHUSAN STEEL 11.8 INDIA INFOLINE 9.8

HERO HONDA 8.6 DLF LTD 9.4

CONTAINER CORP OF

INDIA

7.7 INFOSYS 7.9

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MARKET WATCH

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Disclaimer- This newsletter is just a compilation of news from various sources. Thus, readers are expected to cross-check the facts before

relying upon them. Though much care has been taken to present the facts without error, still if errors creep in, necessary feed

back will be always welcomed. Editors will not be responsible for any undertakings. The newsletter is not meant for sale and

hence, no part of the newsletter should be used without the prior permission of the editorial team.

Sources- The Economics Times, The Hindu Business Line, Times of India, Business Standard, Financial Ex-press, Financial Times,

Business Week, Business World, The Economist, Wall Street Journal, Bloomberg, Reuters, Moneycontrol.com, Vccircle.com,

yahoofinance.com, Business Today, India Today, Investopedia.com, Wikipedia.com, DNA, The Deccan Chronicle, The Hindu,

The Tele-graph.

EDITORIAL TEAM-

ADHIRAJ SOOD, NITIN ARORA, RAJAT MONGA, SAINYAM KUMAR, SANDEEP ASRANI, SANYA DHAWAN, SHILPA MALHOTRA, SUPRIYA MAMGAIN, TANIYA BANERJEE, VASUNDHARA ARORA.

BUSINESS JARGONS BY– NITIN ARORA

11 April 2011

12 April 2011

13 April 2011

14 April 2011

15 April 2011

Sensex 19,262.54 * 19,696.86 ** 19,386.82

Nifty 5,785.70 5,911.50 5,824.55

DJIA 12,381.11 12,263.58 12,270.99 12,285.15 12,341.83

HangSeng 24,303.07 23,976.37 24,135.03 24,014.00 24,008.07

FTSE100 6,053.44 5,964.47 6,010.44 5,963.80 5,996.01

Gold ($/oz.) 1463.20 1453.70 1457.40 1457.80 1486.40

Crude($/bl) 120.30 117.55 116.70 117.90 -

INR v/s USD 44.01 44.5633 44.8677 44.8548 44.8395

INR v/s EURO 63.6495 64.3989 64.8122 64.9391 64.8182

Wolfe Wave- In technical analysis, it is a naturally occurring trading pattern present in all financial markets. The

pattern is composed of five waves showing supply and demand and a fight towards an equilibrium price. These patterns

can develop over short- and long-term time frames such as minutes or weeks and are used to predict where a price is

heading and when it will get there.

THE IBS TIMES

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* Indian markets closed on account of Ram Navmi ** Indian markets closed on account of Ambedkar Jayanti