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An effort by Stockyard in association with Mantra Consultancy Group

10th April 2008 Issue 2

ww.stockyard.infinites.net

t o w a r d s

… . I

i

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A Business Magazine by Business Managers



Towards….Incredible India This is an attempt to seek a path….Path for a

nation which is at the cross roads….Millions of

years old culture, 10,000 years old history,thousands of years of legacy, 50 years of

Independence ….and we are still young…Millions

of inventions, epics, myths, discoveries, saga,

explorations, adventures and frontiers of

knowledge…and we are still Confused…..

One of the oldest social institutions, political

system, saga of patriotic epics and probably the

most ancient national identities…one that used to

say, I quote “uttarasya yat Himalayat,dakshinechav samudraye, varsham tad naam

bharat, bharati yasya santati” The great

Himalayas stand whose north, and the

ocean touches whose feet, the land is called

Bharat and its children are Indians, bharati”still we have not emerged as nations….We st

a loose tie-up of 30 odd states that are diei

show-off their regional identities surpassing

as a nation. We are still first Kannadiga, T

Malayali, Maharashtrian, Bihari, Punjabi,

Bangali…..and finally when time permits...W

will never ever happen, we are a secon

citizen of a loose federal system called Indi

we are the most confused nation, race

society ever existed on this planet and promost confused compared to any

contemporary nation or society.

So…..towards-----is a quest to find the path…..

And this issue of towards…? Has been dedicated to one road….or one dream…..An incredible India….

It is for you to weave this dream deep inside

you…Let’s dream together, let’s breathe

together...For One India…There is a famous sukta

in Rgveda, I quote :sangadwachham,

samvadatwam, samani mansa jaantaam, yatha

bhawe deva purve, yagyahotre samdwitham”

which means “We walk together, we speak alike,

our minds be emphatic to each other…we explore

together…like the GODS who take our offerings in

Yagna and strengthen us”.

This is the same belief that binds us together and

would make one nation India...Which is still

somewhere lost in so many hullabaloo...And

sloganeering of petty political parties and stupid,

ugly leader with their head less followers..Vedas

are calling you…not for religion …but for people

who are so apart to each other…they all almost

look different nations in themselves. Call for one

nation...One India……Our India…with no

compulsions of caste, creed, language or

region…Lets forget we belong to our state

languages or races or religions...Let’s ca

Oneness…Amen.

So...What is this incredible India..?Go to

streets, go to remote frontiers…villages…sub

gulli-muhallas….go to Nagaland, A

Mizorem..Laddakh…a village in Bihar, Benga

Orissa…..Tanjaur, Mannaar, Rameswaram…

places where, perhaps we have forgot

Indianness..And somewhere left behind our

identity…..

Lets create Incredible India…India of One bil

people…..that talks different languages butheme…that eats different cushions but

flavor..That has different habits...but

feeling…that knows only one place India..

Kashmir to Kanyakumari..From Kutchh to Na

Barua….that is one..Rock solid one na

t o w a r d s

… . ?

From Editor’s Des



towards….? …with an answer “ Incredible India” is in your hands.With the first issue,we have re

many responses ,most of them encouraging and with genuine suggestions…and finally we are her

this second issue…

This issue starts with social re-engineering...Our readers might think that we are probably over-

emphasizing one this one topic...But we believe we need a social reawakening and we give this utm

importance.

World economy this fortnight continued to be in tail-spin although the pace seems to be slowed no

new wave of confidence building seems to be spreading in world economy and Financial

Markets…though this phase of stagnant downturn is slow enough and can not be termed as revers

global weakness in economy ..at least at this point of crisis..we believe NO BAD NEWS IS THE GOOD

NEWS. With this spirit ,we have covered the latest IMF report on World economy.We have tried to

up some of the key inputs from the report with our bit of analysis.Thiss report has scrutinized vario

factors of global economy.

In our section of Indian Economy,we have analysed credit and monetary scenarios with the inputs

monetary conditions from HSBC report.Our coverage on External sector and Inflation try to presenreal-time economic environment in the country. In the wake of global financial crisis, our team has

to find out the implications of this turmoil on Indian economy. We have also reported on banking s

as banks are the guardian of economic growth as well as symbolize the health of monetary and fisc

environment.

In the same spirit of focusing on economy, we have presented a whole report on Indian economy i

futuristic perspective. This report tries to sketch a projected picture of the economy in coming day

inputs and logical evidences from concurrent variables.

With this feeling…the issue is in your hands…..

Something that I have just learned from…some one….With his blessings…I am just putting

things….Mahabharat…..the name given by Maharshi Vedvyas was actually not intended to name

war…but it meant something else…

Actually the war was for unification...Rather creating a united India…Krishna..The great visionary

times…wanted a united India..which would entail a greater synergy of vivid potentials hidden in v

sects, cultures and cults..It was meant not just for political but also a demographic unificatio

purposefully eliminated all strong warlords…Be it Jarasandh,,Sishupal,Kansh…Drupad..S

Kandhahar..now Afganistan)….He united all Zanapadas and brought everything in just one fold….&

is what Vedvyas called MahaBharata..The Great India……

And perhaps this was the first reference of India….

With Love & Affection…



towards….. Social re-engineering

Are you concerned?

What you look for when you scroll through news

channel? What news attracts you or better to ask

what news you seek to know? News about how

your country performed in recent cricket match?

How your Dhoni, Sahwag or may be Pathan scored?

Or do you seek to know more what is happening in

the lives of Rakhi Sawants, Sahrukhs, Aish-Amitabh,

Saif-Kareena or you seek to know what is the latest

gossip buzz in Bollywood? Or

may be Formula one race,

Farrari, or latest in fashion

world? And if I may add, things

which are so-called trendy,

frenzy, stylish or fad? Or is

there something in between

these so-called important news clips that moves

you? Is there something in between, that concerns

you, bother you?

I believe if your answer is that YES….there is

something that bother you…something that takes

away the sleepiness of your nights…if something

that stirs you from deep within to revolt…to stand

up and change…to take the responsibility and

then…finally you realize.oofs you are so weak…You

know there is something seriously

wrong…something that should not have been

done..Something so-called civil society should have

stood against…but it didn’t dare to……and finally

this wave of thoughts dies down….

Has it ever happened with you?

With me…YES…Many times…When I heard Gujarat

Riots…When I saw….poorest of poors, weakest of

weaker being beaten up on the streets of Mum

and nasik, helpless….When I saw Tibetan pe

weeping and screaming for their long standing r

and against atrocities done against them…..Wh

see some politicians going their long way to pu

their malicious way overcrossing national inter

And many more times….i can’t just num

them….and at all such times I felt so helpless….

But are we helpless…I thing we are NOT…

And I also believe..there are m

who share this anxiety

me….There are millions…who upset of not being able to stand

against these acts to d

humanity…barbarism…acts

dividing the nation on any A,B,C lines.

And here starts a revolution….I believe…Ja

Watt, the one who invented the steam Engine…

steam pressure is just being built up…

here,,,right now….The only necessity is to sti

more minds….to bring more people in this zon

DISCOMFORT….more people dissatisfied with th

present state of affairs……

Hope I could convey..What I wanted to…

With Love and Affection….

A Small piece of news which has just flashed on TV this very moment……

Telgi (Fake stamp case fame) with 3 others were acquitted due to lack of sufficient evidence.

I know..it sounds ….stupid…..BUT ARE Y

READY TO REMAIN STUPID FOR A WHILE ?



World Econo

IMF forecast of Global Economy:

The IMF cut its forecast for global growth this

year and has estimated a 25% chance of a world

recession. The world economy will expand 3.7% in

2008, the slowest

pace since 2002.In

January, the fund

projected growth of

4.1%. The reduction

is the 3rd from IMF

since last July whenit had projected the

growth to be 5.2%

claiming that the

world economy

would cope with the

US credit squeeze.

The IMF urged Central banks to conduct policy as

flexibly as the circumstances warrant adding that

European Central Bank has room to lower

borrowing costs.

The financial crisis that originated in the US sub

prime mortgage market in August 2007 has

spread quickly, and in unanticipated ways, to

inflict extensive damage on markets and

institutions at the core of the financial system.

The global expansion is losing momentum.

The world’s biggest financial companies have

reported about $ 232 billion in credit losses andwrite downs since the start of 2007.This is

prompting banks to stop lending to all but safest

borrower, undermining consumer spending and

business investment. The IMF forecast is below

the world economy’s longer-term trends and the

economy is slowing down quite considerab

gave a 25% chance that global growth will dro

3% or less in 2008 and 2009, a pace the f

described as equivalent to a world recession.

last time it happened wa

2001.Fund has lowered

forecast for US econo

growth to 0.5% below a 1

projection made in January.

The Euro Zone will expand 1

in 2008 down from 1.6%,

earlier projection in Janu

The ECB has left its benchm

rate at a six-year high of 4%

inflation runs at 3.5%, abov

goal of 2% and almost

fastest pace in 16 years.

The greatest risk comes from the still-unfol

events in financial markets; particularly

potential that deep losses on structured cre

related to the US sub prime mortgage market

other sectors would seriously impair fina

system capital and initiate a global de-levera

that would turn the current credit squeeze in

full-blown credit crunch.

Japan’s economy, the world’s 2nd largest,

grow 1.4% in 2008, less than 1.5% the

predicted in January. China will grow 9.3%

year, slower than the 10% projection madJanuary.



Volunteerism at CRY stems from our approach to child rights. We believe that no child exists

isolation and that child rights (CR) are linked to human rights (HR). Thus to address issues of conce

wrt. children and their rights we need to take on a holistic approach. Volunteer Action division at C

aims to build public action for child rights and build a voice that reachs policy makers for pro CR an

HR action. For this purpose we enable volunteers to initiate issue based campaigns. We also mobili

the public to build geographical public action groups towards demanding accountability from t

local administrations.

Volunteers in Mumbai are campaigning on the issue of child labour and education. If you'd like

advocate for a holistic approach to address the issue of child labour, demand that every should

in school and to receive quality education, join the campaign and help build a voice loud enough

reach policy makers.

Volunteers in H west ward in Mumbai covering Bandra (w) Khar (w) and Santacruz (w), have initait

a network of citizen's namely Mumbaites for Child Righgts (M4CR), to demand accountability fro

the local administration on child rights and human rights issues. If you'd like to collectively act w

underprivileged people and mobilise the urban priviledged public to together fight for what is rig

join M4CR!And if you'd like to be part of the volunteer theatre group working towards build

the theatre collective and using theatre as a medium to grow M4CR and initiating public action f

child rights, join us.

We'll require you to attend a volunteer orientation meeting on the 2nd of May 2008 at 7p

Friday at CRY office [189/A Anand Estate, Sane Guruji Marg, Mahalakshmi e, Mumbai - 11, ne

arthor road jail and behind punjab national bank.]. My colleague Ms. Havovi shall be orienting you o

CRY's child rights approach.



Industry Wa

Entertainment & Media Industry in India

Out-performing the economy

The Indian entertainment and media industry is

witnessing a phenomenal growth and is slated to

grow at 19 percent to US$ 18 billion by 2010 from

its current size of US$ 7.9 billion. The Indian

Entertainment and Media (E&M) Industry has out-

performed the Indian economy and is one of the

fastest growing sectors in India………An Study by

FICCI and PricewaterhouseCoopers (PWC).

The phenomenal growth in the E&M sector can be

attributed to economic growth, rising income levels;

consumerism combined with technolo

advancements and policy initiatives undertake

the Indian government. An added boost to

industry is reduction of personal income tax

the last decade. Two factors that will contribut

the growth of the industry are low m

penetration in lower socio-economic classes

low ad spends..... But efforts to increase it e

slightly are likely to deliver much higher results

a perfect blend of creativity and commerce

provides vast investment opportunities.

Cinema

India has the world's largest movie (film) industry,

which churns out around 1,000 movies a year. It

stands at an estimated $1.5 billion and is expected

to grow around 20 per cent annually. It is projected

to reach $3.4 billion by 2010. 1 The Indian film

industry has more than 3.1 billion admissions. With

a strong appetite for movies and an upward

migration of household incomes in India, thissegment brings out several business opportunities

in this segment. The industry realizes about 85 % of

its revenues from box office collections as

compared with the US film industry where the box

office sales account for only 27 % of the revenues.

Though the number of admissions is the highest in

the world, when one compares the number of

screens available for India's population, the average

is relatively low as compared with other countries.

With around 12,000 theatres in the country that aremostly single-screen, the average screen density

works out to be only 12 screens per a million

populations. Hindi language films command a 40

per cent share of the Indian film market today since

a large portion of the films made in India are

produced in the south and east regions of India in

regional languages. Ancillary revenues - earned by

1 Source: (FICCI-PWC)

film producers by selling their digital right

mobile companies, satellite rights to

broadcasters and distributors (cable companies

DTH players) - are estimated to increase by 20

year. The home video households, which curre

stand at three million, are projected to increas

about 13 million by 2010 - primarily because

and DVD prices are falling. Multiplexes - thoonly 250 compared with the estimated 12

single-screen theatres in the country - are he

the domestic box office revenues. In India,

share of foreign films as compared with the g

box office collections of all films is relatively sma

around 5-10 percent. Hollywood films are

being dubbed in local Indian languages

screened in cinema theatres. The dubbing indu

has grown at 25-30 per cent over the last

years. In fact, almost 75 percent of the tinternational industry revenues are contribute

international content released in local language



Radio

Indian radio reaches out to 99 percent of the

population and is currently the most cost-effective

mass communication medium in the country. The

segment is estimated to be a $67 million industry. It

is estimated to garner a share of about two per cent

of the total ad spending in India. As many as 338 FM

Radio licenses are now available for bidding for theprivate players. These cover about 91 cities, most of

which till now were being serviced only by the State

Broadcaster. There will be a boom in the radio

industry with 22 per cent growth

rationalizations of the license framework will tr

its size to about US$ 145.9 million by 2009. In

private FM radio sector is expected to get for

investments of US$ 111 million in the next 12 t

months. Worldspace, the only player in the sate

radio sector, has about 47,000 subscribers in I(globally, it has around 115,000 subscribers

India, its target was 100,000 by March 2006.

Print Media

The market highly fragmented with approximately

1900 news publications for a circulation figure of

just 200 million. As per the latest readership survey

NRS 2005, the reach of the print media (dailies and

magazines combined), as a proportion of thereading population (i.e. 15 years and above) is only

27 per cent. The global average readership is

estimated to be over 50 per cent. This highlights the

significant potential of the print media marke

India. The print media with current size of

billion is gradually opening up to foreign investm

due to a booming Indian economy, growing n

for content and government initiatives. The sewith a CAGR of 12 per cent is estimated to gro

$4.3 billion by 2010.

Animation

National Association of Software and Services

Companies (NASSCOM)'s Study on Animation and

Gaming Industry in India, released in December

2005, estimates the global opportunity in this sector

at $55 billion today, with the Indian market taking

$285 million in 2005. It sees the opportunity ris

$950 million by 2009. The total cost for maki

full-length animated film in America is estimate

be $100 million to $175 million. In India, it ca

made for $15 million to $25 million.

Advertising

Indian Advertising spending, as a percentage of GDP

is only 0.34 percent, which is way below the

percentages for both developed and developing

countries. This provides an immense potential for

growth since advertising revenues are key to every

segment in the Indian entertainment and media

industry. The television advertising market in India

today is estimated at about US$ 1,067 million.

Advertising revenue for cable television was $1.02

billion in 2005, and is forecasted to grow to $1.8

billion by 2010. The size of the radio market in I

is currently estimated at US$ 53 million an

expected to have the highest growth at a CAG

22 per cent in the coming years. With an estim

28 million Indians already hooked on to

internet, internet advertising in India is prese

worth $22 million. With the broadband slo

becoming popular, the segment would sho

compound annual growth rate (CAGR) of 50

cent.

Animation Sector

Animation industry is nascent at $285 millions. The animation industry, along with gaming

VFX, is projected to grow at the CAGR of 25%,second only to online advertising in

entertainment and media industry, for the next 5 years, according to FI

PriceWaterHouseCoopers report. The animation industry was pegged at Rs 1,300 crore in 2007

24% from the previous year’s Rs 1,050 crore.



FM Radio Business

The radio business is poised to grow much

ahead of the 24% growth rate that has been

estimated by PWC. According to Mr Prashant

Pandey………………..CEO, Radio Mirchi, If the

TRAI recommendations to allow broadcasting

on radio and to allow broadcasters to operate

multiple channels in a city are implemented,there could be at least one year of 100%

growth for the radio industry in Fiscal 2009-10.

More niche channels would be introduced

operating multiple channels within a city. The

Indian media and entertainment industry is one

of the fastest growing sectors of the Indian

economy. It has benefited from the economic

growth and rising income levels in the country,

and is in a crucial phase of transformation. The

year 2006 was a good year for the industry and

it was characterized by consolidation,

realignment and growth in most segments of

the industry. Further, the industry is expected

to grow faster than India's GDP growth and

consequently more expenditure is expected in

media and entertainment. The whole industry

is expected to grow at the rate of 18% each

year through 2011. The Indian entertainment

and media industry will touch $27 billion by

2011.

Despite the impressive growth rate, the size of the

Indian entertainment and media industry will be the

smallest among BRIC countries at $27.09 billion

within the next three years. The advertising-

supported sector of entertainment in India

recorded the fastest growth of 22 percent in 2007

was would experience a major shift, as digitally

interactive mediums gain popularity. The report

estimated that Internet advertising would hit $104

million in 2008 to touch $272 million in 2012, while

the film industry will top $4.35 billion from $2.37

billion during the period as players discover new

revenue streams. The television industry, that

attracts the most foreign investment, is forecast to

grow from $5.59 billion to $14.8 billion in the

period as it undergoes major transformation with

digital distribution networks.

How is future? With over 700

million people below the age

of 30 and a middle-class of

over 300 million, huge

potential audience has

brought all major M&E

companies to India. SONY,

Paramount, Disney, Fox and

Time-Warner all establishing

their operations here. With

high ROI, 100 percent FDI on

automatic basis, co-production

treaties, vast opportunities for

investing in theatre/ multiplex

infrastructure, increasing

number of cable & satellite

homes and opening up of

foreign investments even in

the print media, this segment

is all set to script its own

blockbuster in the days ahead.

These are being driven by the

spectacular growth of the

television industry, the new

formats for film production

and distribution, the

privatization and growth of

radio in the country, the

gradually liberalizing attitude

of government towards the

sector, easier access to and for

international companies. With

a host of factors contributing

to the double-digit growth of the industry and an added

easing of the foreign

investment norms, the E&M

Industry in India thus is a

sunrise opportunity that

presents significant avenues

for investment.



Script to Watch: M

Sanra Soft: Animation and Gaming Company

Firm is planning acquisition of studios in India andAbroad. Received a SEBI approval for a GDR issue of upto

$27.5 million. Plan to set aside $10-15 million for

investments to make one or two strategic acquisitions in

gaming and animation space. Company is looking at

expanding its services business with participation in

international trade conferences and forging marketing

tie-ups with overseas companies. Company has received

orders worth $ 3 million recently and would expand its

business to around $ 6 million next year. Two full length

animation movies are expected to be completed by 2009,

one in 3D and another in 2D format. It earned Rs2.8 crore

in 2006-07, and expects to finish FY08 with revenues of Rs

15 crore. The company currently has 150 persons on the

rolls at its Chennai and Bangalore centers, and plans to

ramp up the headcount to 500 in the coming financial

year. It expects a CAGR of around 40% and is looking at

achieving a turnover of around Rs 100 crore in the next 4-

5 years. Company, has signed a memorandum of

understanding (MoU) with the University of Portsmouth

in the United Kingdom to deliver two new media courses

starting October this year in Creative and Cultural

Leadership (M.A. degree) and Creative and Cultural

Entrepreneurship (B.A. degree), according to a pressrelease

.

Raj TVPlanning to launch 3 overseas channels (Malaysis,

US, UK), three 24 hr news channel in different

languages and 1 music channel soon. Company is

also planning to enter into film making by

producing a Tamil movie. The company is

planning to invest around Rs 300 crore onexpansion and movie production. The company

has tied up with Nokia, BSNL and BigFlicks. a part

of ADAG, for its content – sharing requirements.

RAJ TV is also setting up a studio at a cost of Rs

20 crore on 26,000 sq ft close to its corporate

office in Chennai.

ENILTotal Income: Rs 237.6 crore against R

138.9 crore last year. A growth of 71%.EBITDA: Rs 45.3 crore against Rs 40.8

crore.

EBITDAM= 19 %.

PAT Rs 25.1 crore against Rs 21.2

crore.PATM= 105%

MCap on 30th March 07 Rs 1577 crore.

Financials

Equity 47.6 crore

Reserves 243.9 crore

Net worth 291.5 crore

Loan 113.8 croreIncome 170 crore (OI 33 crore).

EPS Rs 6.11

The company has 50 to 60 % marke

share in all the cities, it operates. I

currently operates in around 32 Cities

The industry (E & M) is expected to grow

at a CAGR of over 18% for next 5 years

Currently the industry is of Rs437 billion

($10.92 billion). The low advertising to

GDP ratio, currently at just 0.4%(compared to other developing countrie

like China at 0.6% and Malaysia a

0.9%) indicates that the advertising

industry is likely to outgrow the GDP

for several years to come. Radio wa

the fastest growing segment within the

advertising industry. The radio industry

recorded a growth of nearly 58% i

2006. This took the share of radio up

from 2.4% to 3.1% of the tota

advertising industry. This is furthe

expected to increase to 5.5% by 2011

The radio industry, as per

PriceWaterhouseCoopers report is likel

to grow by more than 3 times from it

current size of Rs. 5 billion to nearly Rs

17 billion in 2011.



Goldstone Technologies:

IT services company Goldstone Technologies has

tied up with BSNL, television channels and

production houses to launch Internet protocolTelevision (IPTV) services to all BSNL customers in

India. A similar tie up is on the cards with MTNL.

The Hyderabad based company has invested about

$8 million in India and abroad on IPTV business.

Over half of the projected revenues of Rs 500 crore

for the current fiscal will be from IPTV services, a

key driver for growth. The company has launched

IPTV services in Thailand and is now looking at tie-

ups with telecom companies in 11 European and

South East Asian countries. The company is

confident of marketing the services as its IP

technology can stream videos at a low internet

band-width of 600 kilobits per second

(kbps).Company believes that their’s is the best

technology available in the world compared to that

of the Microsoft ,which can stream the videos only

at 1.2 megabits per second internet bandwidth.

Goldstone’s streaming is more suitable to the

bandwidth available in India. Goldstone plans to

offer the services through subscription model

wherein about 50 TV channels will be transmitted

through a set top box. The customer will be charged

a monthly rental of Rs 50.The charges for vide

demand will be Rs 39 per movie. The company

conducted a pilot project in 7 locationsHyderabad. The services will be offered in o

cities in the state within four months. Anothe

TV channels will be added by the year end

channels and movie content production houses

have tied up with Goldstone will be paid per acc

The company also plans to include advertisem

within the movies to generate revenue. Golds

currently has about 2,000 Indian movie titles, 3

Hollywood titles. Another 5,000 Indian titles wi

added this year. Company is also set to invest a

$20 million on its media division that converts b

and white movies into color in India and abr

The company has 275 people working with

division and another 200 with Media divisio

plans to raise the headcount to over 750 in the

few months. The company’s revenue stood a

100 crore in 2007-08 and expects revenues to c

Rs 500 crore this fiscal. Income through the

services will contribute to 50% of the reven

About 20% will come from Biometric services

the rest will be from Media serv

Full Year (200703) TTM (200712) NP - Latest 4 Qtrs

FV BV Div(%) MCap NP EPS P/E NP EPS P/E LQ LQ-1 LQ-2

LQ-

3

10 24.4 0 380.3 7.8 4.2 48.2 8.98 4.78 40.23 2.5 2.14 2.33 2.01



Company on Radar Scre

Nagarjuna Construction

A robust order, consistent operating margins

and diversification in new verticals along with

the growth in the infrastructure sector seem tobe working in the favour of the company. The

company currently has an order book of Rs

10,000 crore. Total inflows during the year so

far have been at Rs 6000 crore. 46.4% revenues

of the company find its source in the new o

book. The company is venturing into new a

of business to safeguard against any sisector exposure and downturn. Compan

currently into new verticals like irrigation (

order book), roads (24%), power (T & D,

buildings (22%), oil and gas, and plant.

P E Player in Company: Blackstone

On account of the high estimated order intake

during FY08, the construction company’s OPM

would remain under pressure as initial costs on

new projects would be high and over a period

of time would cause the company’s margins to

remain subdued during that period. Higher

depreciation costs and interest charges would

impact the company’s operati

performance. Company is planning to put

capital for its core construction business as

as BOT ventures and real estate. This wo

bring about a necessary cushion to the inte

costs, considering the fact that the compan

planning to put up capital and not d

OPM as on December07 was 11% and NPM is

5%, Sales Rs 779 crore, PAT Rs 39 crore.

KS OILS

KS Oils has acquired 20,000 hectares (50,000

acres) of palm plantation in Indonesia, where it

will invest Rs 230 crore over a period of three

years. The plantation will yield 80,000 tonne of

palm oil annually. The acquisition will help it

secure raw material supplies and avoid global

price volatility. KS Oils imports palm oil torefine and sell in north and east India along

with mustard oil, its main product. The move

will substantially bring down the raw material

costs for the company. The investment in the

plantation has been routed through the

company’s wholly owned subsidiary in

Singapore. The plantation yield of 80,000 tonne

represents 2.5% of India’s palm oil imports that

stands at 3.6 million tonne annually.

Indonesian palm plantations are among

most efficient and productive plantat

across the world. Keeping the spira

commodity and raw material prices it seem

be a prudent strategy to de-risk in the

term. KS Oils, is among the top 5 edible

companies and the largest processor mustard seeds in India, is headquartered

Morena in Madhya Pradesh. Company

backed by private equity firms CitiGr

Venture Capital that own 10.38% and Ba

Private Asia 6.81% equity stake.The comp

reported net sales of Rs 1,373 crore and

profit of Rs 82 crore for the 9 months end

December.



BEML

BEML pegged its growth on the

booming business of mining and

construction. Expects its contract

mining foray to fructify during thecurrent fiscal with 2-3 blocks

coming to its joint venture.

Company’s M & C business, its

traditional focus, has grown 10 %

over the last year to nearly Rs

1,800 crore and is poised to grow

further with contract mining. A

2007 McKinsey report on The

Indian Earth moving industry has

forecast a six-fold growth in the

equipment business from $2.3

billion to swell to $15 billion by

2015. The company has signed a

MoU with SAIL to supply mining

equipment worth Rs 400 crore for

3 years, including a maintenance

and repair contract (MARC)

The same MARC model would be

replicated for coal and other contracts. Its strategy of having 21 mining equipment dealers ac

the country had paid off with sales of Rs 275 crore for 717 equipment, almost doubling sales y

Company is planning to tap the huge market of mine blocks allocated to some 80-100 PSUs anin the process of JV with some of them. It hopes to have 2-3 blocks to coming to its JV w

Midwest by 2009.

Growth Area:

The rail and metro business, its second growth area, grew 159 % to Rs 272 crore and has an o

books at Rs 1700 crore. The Delhi Metro Rail Corporation has placed an Rs 1366 crore for

coaches.BEML has forayed into railway spares with orders worth Rs 102 crore. They expect to

supplying for the Bangalore, Mumbai, Kochi and Hyderabad projects. We are very bullish on

metro rail sector and expect to touch Rs 500 crore this year, quote Mr. V.R.S.Natarajan, CMD.

Beml, makes the Tatra trucks for the armed forces and has taken over the tipper business f

Tatra Vectra, Hosur, and will make and sell the Hemang brand of tippers and engines from

Mysore facility-which contributes 25% of the turnover.

Sales (provisional) for fiscal 2007-08, 15.5% higher

sales of Rs 3,005 crore

PBT Rs 350 crore up 11% YOY.Announced 55% interim dividend.

Order book Rs 3,795 crore

Expects 18-20 % growth during the current year

With sustainable potential for business growth in al

business segments, in particular mining –

construction and rail and metro,BEML Ltd is poised

to achieve 18 to 20 % growth on yoy basis

It has a 50th

year target of reaching a turnover of

Rs5, 000 crore by 2013.

The company is expected to sustain a net profit

growth similar to the 9.6% growth it saw in the

previous year ended March 31, 2007.

Planned Capital Expenditure Rs 450 crore for 3

years

It has invested Rs 250 crore and the remaining is in

the pipeline for machinery upgradation and others.

Ex orts rew 132% to Rs 257.72 crore.



The News Sect

India's manufacturing grew at

the slowest pace in eightmonths in March as demand for

goods eased because of high

costs, a key gauge showed. ABN

Amro Bank NV's Purchasing

Managers' Index fell to 57.5 last

month from 59.5 in February,

according to a report released. A

reading above 50 indicates

factory output gained.

ECB cap to be relaxed: The

government and RBI are

expected to raise the ECB ceiling

for the current fiscal year from

$22 billion to $ 28 to $30 billion.

Rs may reach a decade high of 38.61 a dollar by June 30 as th

nation's interest-rate advantage over the U.S. attracts investor

according to Morgan Stanley. The currency has rebounde

almost 1.5 percent from a six-month low touched on March 1

as the Federal Reserve cut its benchmark rate further, widenin

the differential to 5.5 percentage points, from 2.5 percentag

points in early September. The central bank is likely to allo

gains in the rupee to rein in inflation that reached a 10-mon

high. The local currency may advance almost 4 percent by th

end next quarter, Morgan Stanley forecasts. In carry trade

investors get funds in a country with low borrowing costs an

invest in one that offers higher returns, earning the sprea

between the two. The risk is that currency fluctuations can era

the profit. Japan's benchmark rate is 0.5 percent and the Fed

2.25 percent, compared with India's 7.75 percent. A 12.3 perce

rally in the rupee last year, the most since at least 1974, helpe

cool inflation to a five-year low of 3.07 percent in October.

surge in commodity prices, including crude oil, has prevented th

Indian Railways raised the

freight rate for iron ore by

as much as 4 percent

starting today, the Financial

Express reported, citing

officials it didn't identify.

The railway ministry also

imposed a congestion

surcharge of 100 percent on

iron ore to be transported to

the ports, it said. The levy is

much higher than the 60

percent congestion tax so

far charged on such traffic.

Freight costs for iron ore will

increase by 15 rupees a ton

to about 185 rupees a

metric ton.

Inflation Break-up for Week ended March 22, 2008

WPI 22-Mar 15-Mar % change

Primary articles 234.6 230.5 1.8

Fuel,power 341.4 341 0.1

Manufactured proucts 195.4 195 0.2

Food products 201.4 200.2 0.6

Edible oils 197.6 194.5 1.6

Cement 221.2 221.2 unchanged

Pulses 245.7 242.2 1.4Vegetables 200.2 190.8 4.9

Minerals 594.8 430.5 38.2

Total 224.8 223.6 0.5



Automobile Industry: Rising input cost

Since December, the input

costs such as steel, alloys,

crude oil, copper,

aluminium among have

sharply increased. Rise is

most likely to dent the

operating margin of

automakers in the current

quarter.Prices of alloy

steel has gone up by 8-12

% (nearly Rs 7,000 per

tonne) Aluminium by 18%

to $2,842 per

tonne(Rs113,680),Copper

up to record high of $

8,890 per tonne(Rs 355,600) up by

31%. A 10% rise in steel price may

result in around 2% rise in overall

cost of small car.To make matters

worse,metal players expect a surge

of around 15-65% in prices of

steel,iron,coking coal,copper.

Two Wheeler:

Hero Honda registered a growth of

15% in sales in March at 3, 20,594units. Its total sales in FY 07-08

ENDED FLAT AT 33, 37,142

UNITS.TVS Motors, posted 16.83%

dip in sales in March at 60,908

units. Sales of Honda Motorcycle

and Scooter India Ltd. Grew by 5%

to 79,944 units in March.

Auto Sales in March 08

2006-07 2007-08 Growth %

Maruti Suzuki India 6,35,629 7,11,818 12

TATA Motor 2,26,893 2,14,758 -5

General Motor India 66,543 38,857 71

HONDA Siel Car India 62,802 61,325 2.4

March07 March 08 Growth %Maruti Suzuki India 64,556 64,421 -0.2

TATA Motor 25,760 24,737 -4

General Motor India 4,542 6,836 51

HONDA Siel Car India 8,487 8,895 4.8

Crude oil rose for a third day in New York as U.S. gasoline supplies fell more than forecast an

refiners cut production on lower processing profits. New York gasoline futures rose to a recor

yesterday after the U.S. Energy Department said inventories fell 3.29 million barrels to 229.2 millio

barrels last week. A 2 percent cut in refinery runs potentially means a 10 percent gain in prices

Imports dropped 6 percent to 8.9 million barrels a day, the lowest since March 2007. Crude oil wi

average $92.30 a barrel this year, according to Sanford C. Bernstein & Co., as declining reserve

increase extraction costs.

Iraqi Prime Minister Nuri al-Maliki gave militants loyal to Shiite Muslim cleric Moqtada al-Sadr 7

hours to surrender as fighting in the southern oil city of Basra and Baghdad left more than 60 dead.

Impact of 6th Pay Commission on PSU’s profit margin

Employee cost as %

of EBITDA

Employee cost as

% of PBT

MTNL 169.6 478.3

BEML 106.7 114.2

Engineers India 102.8 107.6

BHEL 59.3 65.2

SAIL 47.4 55.3

There are many PSUs where employee cost accounts for

a small proportion of their operating profits. GAIL,

NALCO, PFC, IDBI and CONCOR are a few companies in

this category.



Indian Econo

Credit Growth:

With the RBI indicating that

steps would be taken to curb

inflation, banks are expected

to witness a sharp slowdown

in credit growth. Credit grew

at about 21% in 2007-08 and

may witness a deceleration

in the current financial year

as interest rates are set to

rise. Credit growth in 2006-

07 was at 31%. Growth in

credit could drop to a level

of 15-16%, if RBI decides totake stringent monetary

steps to rein in inflation.

Infrastructure and exports

are likely to drive credit in

2008-09.The demand for

real estates and consumer

durables will decline.

Export

India’s export grew 35.25% in dollar terms to $14.23billion and 21.7% in rupee term to Rs 56,569 crore,

the fastest in 4 months. This was partly due to

depreciation in Rupee from 39.4 to 39.9 at February

end. Various sops dolled out by the Government

have also aided fast pace recovery. In January,

exports grew 20.5 % gain. Exports accounts for

about 15% of Indian economy. For April 07-Feb 08

was at $ 138.43 billion as against $ 112.63 billion, a

growth of 22.9% in dollar terms and 8.94% in rupee

terms over the same period last year. However,

export will fall short of $160 billion target as is

expected to stand a $ 155 billion. While the 24.6%

growth of merchandise trade in the April-Decemperiod of 2007-08 was marginally higher than

in the corresponding period last year, service se

exports decelerated by nearly a third to 17.1%.

overall export shortfall was less neutralized

42.5 % increase in remittances. The current acc

deficit rose by 14.5% in dollar terms. Net in

went upto $81.9 billion in April – December pe

far overshooting $ 30.1 billion same period

year. Foreign Exchange reserve increased by $

billion in 9 months. Outward FDI from Indian f

stand at $ 10 billion range.

External Sector Net foreign exchange earnings from software

and other services rose by nearly 50 % in the

quarter ended December 07 compared to the

same period last year (from $6.167 billion to

$9.270 billion).

Net software export contributes $ 2.4 bil

Private transfers from individuals and corpo

entities showed a similar near 50%

Portfolio investment $14.56 billion ($ 3,

billion last year same quarter)

HSBC Report: Rs to touch 36 against US$ by 200

HSBC Global research projects the Indian rupee to touch Rs 36 agathe US$ during CY 2009. During the period Oct -8 to Dec 08, rupe

expected to slip to 39.5 though is likely to remain at the level of 40.5

period April-Sep 08.According to JP Morgan, US$/Rs will stay un

pressure owing to likely weakness in the capital inflows. It expects $

to remain at a level of 40-41 range in the very near term wit

possibility of breaking above 41 if foreign equity outflows pers

Partly based on expectations of improvement in the US in the seco

half, it maintains that Rs will strengthen thereon.The report notes t

the peak of the investment/capital goods cycle is behind and theref

one could see a gradual softening through 2008 even as the expdownturn and lagged effect of the higher interest rates begin to t

their toll.The report also notes that, small caps and mid cap firms

expected to see their net incomes clock a growth rate of 34.8% a

32.5% respectively. The 12 month forward P/E is pegged at 8 and 1

for the small and mid-caps respectively while for large caps it is 14.2 a

the BSE-500 as a whole it is kept at 13.4 times with a net earni

growth rate of 25.9%.



FDI Investment in India

FDI inflow in February 08 was $ 5.67 billion (up

by 712%). FDI in April- February 2007-08 were $

20.13 billion (up 70% from $ 11.88 billion in the

same period a year ago). The $ 20.13 billion is

the highest FDI in the country during any year.

From August 1991 to December 2007, the totalFDI received by the country was worth $ 67.32

billion. Mauritius has been the top source of

FDI with it accounting for around 45% of the

total FDI inflows and $20.1 billion worth FDI

coming into India from that country from April

2000-December 2007 period. USA is the next

with $4 billion (9.12%) during the same period

and UK $3.4 billion (7.8%). The service se

(both Financial and Non-Financial) received

maximum FDI worth $8.9 billion (19.8

during April 00-Dec 07), followed by comp

software and hardware sector with $7 bi

(15.65%) during the same period. In Febr2008, China received $ 6.928 billion worth

an increase of 38.31% over the same mo

last year. In January and February 2008,

flowing China was $ 18.12 billion. The ac

FDI inflows into China on a YOY in January

$112 billion, an increase of 109.78%.In 20

07,China got $ 63 billion worth FDI.

Inflation in India

If one dissects the inflation numbers, the rally is

lead by basic metals, alloy and metal products

group, which rose by 6.7%,due to higher prices

of blooms and billets and slabs(30% each),wire

(all kinds 25%), skelps (23%), oromild steel and

tensile plates(20%),crude oil(19%),etc. In

contrast, the price index of food articles

gone up only by 0.3%. Government has lowe

the import duty on edible oils from 75% to

on most of the refined oils, and to 20%

crude oils.

Global financial turmoil and impact on Indian Growth

The effect of tighter domestic monetary policy and

rupee’s outsized and sudden appreciation againstthe UD$ and an already mature stage of economic

cycle were poised to set the stage for a mild

slowdown in economic activity. The recent

intensification of the global economic and credit

woes has further increased the downside risk to

India’s growth outlook. Full year GDP growth in

2008-09 is poised to moderate to be in the 7-8%

range, after averaging slightly less than 9% annually

in last 4 years. India is likely to be least affected

Asian economy owing to lesser integration

exposure to variations in global growth dynamWe have a far lesser Export/GDP ratio compare

other Asian economies. However local eq

markets are heavily influenced by changes in gl

risk appetite and FII inflows. Some Indian b

have reported losses on credit derivative expos

necessitating more capital provisioning. He

credit flow to non-blue chip borrowers like S

will be hit. Credit growth is already slowing dow

Possible RBI defense:

Options to RBI against this credit crunch are unwinding the MSS bonds

Keeping dollar inflow unsterilized

Reducing CRR

Relaxation of curb on External Commercial borrowings.

Infrastructure investment and large corporate capex being largely unrelated to interest rates sh

continue. However all EMI related consumer demand like housing, automobile, housing materials, w

goods and construction and other services are would slowdown.

The unfolding global economic woes will probably fail to derail the Indian growth momentum. At wIndia will experience a brief slowdown in the upcoming fiscal year, and recover in the subsequent year.



…& when storm settles down…would Indian elephant still be dancing..?

Macro Economic Environment in India:

India is growing with a rate of 8.5 % for past 4

years, second only to China.1 billion + country has

an economy of the size $913 billion. India needs

around $500 billion in 11th plan and further $350

billion in 12th plan in order to support its economy

keep growing at a rate of 8%+ in next 10 years. This

amount has to be spent only on infrastructure

expansion and capacity up gradation for sustaining

growth. It leads to huge growth in sectors like road

transport, freight transport, Electricity,

communication and other basic amenities. India has

huge demand –supply gap of electricity. An addition

of 87GW capacity is needed in next 5 years

terms of steel consumption, India stands among

last in world, a mere 37 kg steel per ca

compared to 247kg in China and 400kg

developed nations. Country is expanding very fa

terms of capacity expansion, employm

generation, inclusive growth, infrastruc

development and industrial production. T

initiatives, on the line of PPP model are suppose

yield results resulting in very high growth

standard of living.

India is currently facing problem of high inflation and infrastructural bottleneck:

Reasons for high inflation are:

A very slow Agriculture sector contributing 18% of

GDP and growing by mere 2.7%.We believe, one

more green revolution is needed in the sector.

Eventually, consequent to high food inflation and

higher value realization per unit of food in India and

also globally, farm sector would start attracting

bigger players, corporate and farmers back to thefarm sector expansion. Farm sector in India holds

immense potential in it and is about to show

dramatic changes. We believe, more and more

investment is about to follow farm sector and in

medium term, within 2-3 years, the face of Indian

agriculture is about to change. We are expected to

see more productivity and investment in farm

sector which would not only cater to domestic

demand, but also likely to earn export profits in

terms to farm goods. One more lucrative sector

would be food –processing and cold-storage.

Another reason of higher inflation is the hi

mineral prices which challenge productivity

growth in infrastructure, capital goods

manufacturing sector very heavily by ma

several sectors and industries unattractive.

Indian corporate is hunting globally, this could

raw material prices. China, which is often attribto high mineral consumption, thus driving t

prices in world market, has already started show

signs of a slowdown. Chinese steel industr

already producing more than domestic demand

country is cooling down from nearly 11 % gro

rate to 9.5% in last year.

Hence a reduced demand for industrial inputs f

China will ease off price pressure of minerals

metals in world market, making them cheapenext growth driver, i.e.India.

Monetary Outlook of India:

Benchmark Interest rates in India are at all time

high at 7.5%.All the rates, like REPOs, Mibor, CRR,

SLR and other are at their peak. This show, RBI and

the Government has kept monitory discipline very

tight. This is very significant in a way that,

consequent to various fiscal and monitory policy

initiatives, Inflation, the prime concern is likely to

cool off in about 2 quarters. Global easemen

prices of core commodities, both farm

industrial, as predicted by IMF, in 2-3 quar

slower demand from China and USA, supporte

a better farm production in India will automati

ease down inflation in I



.

Two tricky steps taken by Government here are very crucial.

They are Fiscal expansion and monetary contraction.

Policy makers in India are aware that growth as well

as Inflation control is two equally important factors

for India’s economic health and sustainability. By

fiscal expansion, Government tries to increase

public and private expenditure, more investment,

capacity and infrastructure expansion and easy

borrowings. As a monetary contraction, RBI is trying

to regulate money flow in the system, managing the

foreign inflows to optimum level and also handling

Rs against US$ to a level which eases domestic

inflation with farm import in short term …and also

making key export unit competitive by providing

subsidies and incentives. RBI is well placed in the

monitory scenario to handle any downside risk in

the country in the wake of global slowdown. Now,

while the inflation control measure mostly related

to fiscal steps, it gives a greater head-room to

keeping its monitory tools in tact for a later pa

economic expansion. A virtual scenario is expe

wherein; inflation could be cooled off without m

tinkering with interest rate.i.e keeping rates hig

the economy sustains a growth rate of

percentage point in a scenario of world slowdo

and higher inflation with a nominal interest

14.75%+…it is in deed a very promising scenario

We believe, after taming inflation to a comfort z

of 5% around, RBI will cut rates to boost econo

growth to higher level. This is expected to be d

in the 3rd

quarter of current fiscal where glcommodity prices will show a downw

movement.

Reasons to believe that global commodity prices will cool down by year end:

Global economic slowdown will start showing its

anti-inflationary effect by the end of year. Crude oil

rates, one of the most important factors for Indian

economy will settle to 85-90 US $ per barrel.US, EU

and Chinese slowdown will ease demand pressure

on crude. Better refining capacities and new

installations will add to supply boost. Already above

average prices, fueled by speculations will come to

equilibrium levels. Higher usage of alternative and

renewable energy along with better prudence on

energy savings will also add to lower fuel prices.

Newer capacities in Brazil, Canada, Venejuela,

Australia and Russia will substantially increase the

supply. Global food prices, however pose a great

risk and challenge. However, provided proper

policy initiatives taken in India, there is a good

chance that, in India, farm output can substantially

be increased. This is because our per acre

output in India is much below the world ave

and developed countries. Consequent to f

shortage, country is supposed to take initiativ

increase its productivity per acreage. The s

phenomenon is to be observed in all develo

countries where a poor per acreage yield indic

that farm output can be substantially incre

without increasing agricultural land. There is

important observation to be made in world, in

last part of CY08.US dollar will substantially dev

compared to major currencies of the world

Indian scenario, it means a lower cost of imp

especially crude oil import. This has already hed

to an extent the rising crude prices in In

Scenario.



The FII’s – today’s market makers and

breaker’s. We should certainly watch out for

what their international monetary pressure

they are facing. The monetary policy of our

central banks, the demand supply scenario,

the levy’s and duty cut changes an industry

faces..... all this and much more.....

But what I would suggest is that if you have

done your due diligence and find your

diamond in the dust..... Buy it and ape

Van Winkle’ (who went off to sleep

twenty years!!!).well may be if twenty sou

a bit too long wait for a year at lest by t

the dust would have settled and y

diamonds shall certainly be shining. An

you are still not convinced about anyt

and stand confused depending on your

appetite go for an apt debt equity mix

simply wait till the dust settles!!!



towards….. Political awaren

India, China and Left

A difference between US and THEY…is not just what

WORLD is observing now. This is also not what we

as mute captives of farcical democracy, are being

witness to….But rather this is the difference…ourfuture generations…our fore-children will pay

for…and will definitely ask us the answers…Answ

to questions which neither I and you have nor

people ,at the helm of affairs,have.Pe

like,Prakash Karat,Pranab Mukharjee or NatiSecurity Advisor Mr. M.K.Narayan has…..

What is the difference….?

The difference between two countries…India and

China…..I am not talking about the differences on

development or economic grounds. Though they

are also part and parcel of it…This difference is what

made a Chinese to call our ambassador at 2.30

A.M.in the night, summoned and being harshly

scolded about the lame position, this country of

billion has.It also gets reflected when

government takes all the pain and brutally

suppress the rightful demand and peaceful pro

of Tibetan just to appease the Chinese God Fath

And what in turn New Delhi gets in return…

Arunachal Pradesh in the official map of

China….C.M.of Sikkim and Arunachal Pradesh not

being allowed in China. A large 32,000 square

Kilometers of Indian Territory. All this just because

we are weak..Much much weak country than

anybody on the planet. Let me put few facts here.

China has for years armed, trained, supplied and

supported logistics to armed militants in Assam,

Nagaland, Manipur and Mizoram. According to areport from our own internal affairs ministry

documents. There are strong evidences that China

supports, arms and trains all the Nexal groups in

India. They are funded and trained to run naxalite

movements in the country to de-stabilize Indian

homeland. This is the report of Internal Affairs

Ministry based on RAW and IB documents. China

has long given political asylum to many militant

leaders in North-East. China has never accepted

Jammu and Kashmir, an Indian territory. In factPakistan has given thousand of kilometers of Indian

land, that too very sensitive, strategically

Siyachin to China. China is the one country, w

has opposed, vociferously, India’s entry to Sec

Council.

One more crucial input….Chinese Congress

Communist Pary of China,the apex body has pa

a resolution that talks about the word….”Ak

Chin”..The meaning of this word is Gre

China,that typically includes entire no

East,Bhutal,Nepal,Mongolia in Northern front,

of Myanmar and far –eastern islands.And this is

just a theoretical concept…China is m

strategically and tactically to the Aksaa

ambition.To know the ground realities you can

to people in the border areas, how each day C

is moving ahead into Indian Territory and is ea

up our crucial lands and posts without

Government in the Air-conditioned Parliament

power corridors to even take a pinch of.

Now the bigger question….Is Tibet a Chinese territory?

No… if you go by the Historical evidences….Tibet

has never been a Chinese part…It is as an

independent nation as Nepal or Bhutan would

be…..It was not even a Chinese territory in the

British colonial rule. It has always maintaine

independence and exclusivity in the world poli

map..



Now, is Tibetan independence important for India?

Yes…Strategically an independent Tibet is very

crucial and important for India. It would act as a

natural cushion to India diplomatically. It is also

important for India from ecological point of view as

well. Our important river glaciers, Gangotri,

Yamunotri and other, are in Tibetan region. As

statistics says…China can any day create ecologicaldisturbances in the region whose repercussions

would be felt on India. I and you can not even

imagine the scale of damages to entire Northern

Indian gangatic plane where any ecological

disturbances in Glaciers region can collapse our

agriculture and bring in huge flood and damages to

entire north India. Do not take these things as day

dream as already China has shown ,few indications

of these sort by building a road to Mount

Averaest,through ecologically, extremely sensitive

Himalayan region.Bottom line is to unders

that Chinese ambitions and intentions are

lethal and dangerous for the sovereignity

existence of India.We need

strategically,economicall and even milit

prepare ourselves against Chinese might.Chin

the most important danger India ftoday…..And China is never your friend…it

never be….It has always seen India as a compe

,through skeptical eyes.It has already ta

strategic and military advances in the nea

regions covering whole of Indian territory.It

tie-ups with Myanman,Nepal,Pakistan and e

Bangladesh…and these are diplomatic as we

military.It has its huge fleet in Bay

Bengal..covering India through sea as well.

So what our Government is doing..literally nothing as usual… Now comes our Glor

LEFT..CPM..Communist Party of China…opps ,sorry Communist Party of India, Marxist. On not a s

occasion they have shown their solidarity for India nation. You know..why there are two parties..CPI

CPM..Actually there was only one party CPI, before Chinese invasion in 1962...After invasion, one side…

the bigger side..Has supported China..Literally against India…Now that is CPM

They are the one, who were the only creed to oppose Pokharan bomb blast in 1974 and in 1998.Now

are the same, who are championing the cause of national sovereignty against nuclear deal with USA

NSG. The underline..China, their Godfather, which not only ideologically feeds them but also funds th

does not want India at nuclear map of the world. T

are the people who always

been against Israel in Pales

USA in Afghanistan

Iraq and on number

occasions have vociferously c

against USA, West or any other nation, for that matter. And what is their response, when it come

atrocities against Tibetans by China..We can understand where their human rights and equity goes, wh

comes to their Ideological homeland-China. And to make the History, little brushed up in your minds…In

Communists were the only creed in the world that supported China against massive killing of more t10,000 students in Thiamine square.

This article is personal opinion of Mr Akshar Prem and he is sole responsible opinions/views stated he

Magazine may, or may not vouch his ideas and views.

I quote Mr Prakash Karat and Sita Ram Yechuri… “Happenings in Tibets are an internal affair of China. I

Indians must not meddle with the issue against China” Mr Prakash Karat

“ Dalai Lama must not speak against China from Indian Soil. He should learn to behave himself” Mr S

Yechuri..

We are a country…which used to give our

land,,jewels,,daughters,,and money to appease the intruders

through ages..Tamoor, Zanjess, Gazanies, and most recently

britishers….And we are probably repeating the same..trying to

appease china



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Group and Stockyard by Mr.Akshar Prem and Mr Chandra Prakash .All the liabilities and issues





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