July 16, 2011

VOLUME ISSUE

5.08 94

Rates Graphs News National & International events in the world of finance Contemporary Articles India Inc. likely to invest $ 50 billion abroad Complex oil industry regulations scare foreign investors Scam Union Minister Maran Dayanidhi submitted his resignation after corruption allegation Stock watch IFCI limited Investor Focus Titan Industries Students speak

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A peek into the corporate world through our students SIP experience
Alumni speak 13

A peek into the corporate world through our alumnis experience

Buzz Words Fin-o-humour Check your financial quotient 14 15

Rates
By- Sumit Kumar Gupta II MBA G

Repo Reverse Repo Call rate Inflation(as on July 2011.) Forex Reserve (as on 1st July 2011) 91 day T-Bill IIP (for May 2011) 6.90 GS 2019

7.50% 6.50 % 5.50%-7.65% +9.44% $ 315.715 billion 8.1439% +5.6% 8.0907-8.0907%

students CaRtoon
By- Zafar Iqbal II MBA M

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GRaPHs
Rs/$
45 44.5 44 43.5 43 1-Jul 4-Jul 7-Jul 10-Jul 13-Jul

22900 22600 22300 22000 21700 21400 1-Jul 4-Jul

Gold(per 10 gram)

7-Jul

10-Jul

13-Jul

Oil(per bbl)
127 122 117 112 107 1-Jul 4-Jul 7-Jul 10-Jul 13-Jul

future rates

open interest

6000 27000000 5800 25000000 5600 23000000 21000000 19000000 1-Jul 4-Jul 7-Jul 10-Jul 13-Jul

5400

5200

sensex 19,200.00

nifty 6000

18,900.00

5800

18,600.00

5600

18,300.00

5400

18,000.00 01-Jul 04-Jul 07-Jul 10-Jul 13-Jul

5200

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inteRnational news
By- Gurjit Singh II MBA J

China said on Wednesday its economy grew at a slower pace in the second quarter, Gross domestic product in the worlds second largest economy grew 9.5% year-on-year in the second quarter.

Wall Street fell more than 1% on Monday as fears over the US budget and European debt crises sent a shudder through markets and overshadowed the start of corporate earnings reports. The Dubai property market is showing good signs of a recovery, with many neighbourhoods reporting the first increases in value since 2008, a new industry report has revealed. According to data released by global property consultant Jones Lang LaSalle, prices for luxury villas rose 3 per cent in the second quarter.

India and China are now the top choice of Canadian investors, according to a survey by Franklin Templeton Investments Corp. According to the survey, 38 percent respondents think India and China represent the greatest investment opportunity over the next decade.

national news
India has overtaken Spain to become the 11th largest insurance market in the World. But while the Indian market has jumped up 10 places in the last decade. Banks with investments in excess of 10 per cent of their net worth in liquid and short-term debt schemes will get six months to bring exposure in line with the ceiling. The Reserve Bank of India (RBI) has capped exposure to these schemes at 10 per cent of net worth. HDFC Bank, the second-largest private sector bank in the country, on Tuesday launched Infinia cards for the uber-rich, high net worth community in India. Vedanta buys 10% stake in Cairn India for $1,362 mn. Mining conglomerate Vedanta Resources has completed the purchase of a 10 per cent stake in Cairn India from Cairn Energy, taking its total stake in the company to 28.5 per cent. The countrys second largest IT company Infosys Technologies opened the first quarter earnings season with a decline in its sequential net profit, primarily because of a rise in wages that was not sufficiently offset by the rise in revenues. Infosys Q1 net dips 5.3% to 1,722 crore.

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india inC. likely to invest $ 50 Billion aBRoad

By- Pavan S Rao II MBA L

Indian businesses are expected to invest between USD 40-50 billion overseas this year as global economy improves, after having committed USD 30-35 billion of such investments last year, this was the remark made by Executive Director of Lanco Infratech Ltd Mr. Ajay Kumar Dhir. He gave the rough estimations at the inaugural Future Global 100 Initiative (FG100), a corporate worlds gathering in Singapore to address the global economy, markets and business direction, pointing out that Indian corporations were now very bullish on investing globally. Citing Lancos USD 1 Billion investment in an Australian coal mine, Mr. Ajay Kumar Dhir said that last year, between USD 30-35 billion was committed as big ticket investments overseas by Indian businesses despite the traces of the 20082009, global economic recessionary trend. The proportionate increase of Indian Investments to between USD 40-50 billion with the global economy recovering and the recessionary trend little left far behind us. The economy is still not completely out of the slump but is stable enough to make such an investment which would help in the long run. Such an investment is not a far reach because 15% of Indian businesses have already ventured out into the international markets, and 30% more would be doing so over the next 5-6 years. This is attributed by the growing business trends in the country. Another 30% of the companies, who were aspirants earlier, are now stretching their wings, and a lot of them would be Small and Medium-size Enterprises (SMEs). This is also well supported by the banking system as they are willing to lend more to these enterprises as there is a lot of potential seen in this sector. The Indian businesses have lined up funding for acquisitions with a lot of them aggressively eyeing potential business acquisitions overseas. Valuation is the key factor which for now is high. The moment the pricing is within reach, the Indian businesses would seal the deals. One more note of caution should be that the Indian investors should shed India management mentality and blend with global business operating cultures. It is better for the companies if they are able to cope up with this as soon as possible. The FG100 initiative is to be held in seven cities starting with Singapore. The next FG100 roundtable would be held in Mumbai on August 4, followed by Shanghai, Kuala Lumpur, Hong Kong, Jakarta and Sydney.

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ComPlex oil industRy ReGulations sCaRe FoReiGn investoRs

By- Pavan S Rao II MBA L

No where the regulatory agencies in the crucial oil and natural gas industry have been faced with teething troubles as in India, particularly when its energy security is brittle and dependence on import substantial. The Mines (Amendment) Bill 2011, which though primarily meant to keep pace with changes at work places in the mining sector so as to effectively manage safety and health risks to workers, expands mining to incorporate any excavation including borings, oil wells and accessory crudeconditioning plants, including pipes conveying mineral oil within oilfields. There is also a legislation predating the Mines Act 1952, called Oilfields (Regulation & Development) Act 1948, which was over the years revised with rules, the latest in June 2008. Mines under this Act meant any excavation for the purpose of searching for or obtaining mineral oils and includes oil wells. This Act, too, defines relevant waters to include territorial waters, contiguous zones, the continental shelf and the economic zone of India. It also encompasses Petroleum & Natural Gas (Safety in Offshore Operations) Rules 2008. Between these two Acts, there is another one, namely, the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act 1976, which lays claims to all operations in these areas. To compound the confusion further, the proposed amendments to the Indian Mines Act 1952 would be over and above the rules already notified by the Petroleum and Natural Gas Ministry and would be consistent with them. Any investor would get torn among these disparate laws when it comes to the brass-tacks, only to be running from pillar to post in complying with the diverse set of an enlarging legislative maze. Even as there is a set of legislations overlapping in a high-risk area like oil exploration, the rules governing blow-out preventers in oil wells remain a disturbingly grey area. While the Oil Industry Safety Directorate has a superior set of standards which remains a draft and has not yet been notified, albeit being in line with the latest technological challenges, there is also the Directorate General of Mines Safety which had its own design requirements, a couple of decades older, for blow-outs. This raises a valid query about which safety standards would come into play in the event of a blow-out like the one that occurred in July 2005 in Bombay High, endangering safety aspects, experts warn.

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sCam aRtiCle
Union Minister Dayanidhi Maran submitted his resignation after corruption allegation
By- Chinmay Jethwa II MBA L

The future of United Progressive Alliance looked in grey shades when Union Minister Dayanidhi Maran submitted his resignation to Prime Minister Manmohan Singh. The case is being handled by CBI which had filed report in Supreme Court about how he influenced telecom promoter to sell his stakes. Another allegation was that Maran had denied telecom license of Aircel for 2 years and approval was only made when Maxis Group came into the picture. During the tenure when Dayanidhi Maran was the IT and Communication Department, he forced telecom promoter C. Sivasankaran to sell his stake in Aircel to T Ananda Krishnan ,who owns Malaysia-based Maxis Group. CBI is also keen in quizzing Maran on allegation leveled by C. Sivasankaran and the spectrum policy changes made during the tenure of UPA -1. Currently CBI is working on the examining financial transaction between SunTV, owned by Maran family and Maxis Group. The charges is that Maran cleared approval of license of Aircel when Maxis Groups subsidiary invested `675 crore in the Marans brother Kalanidhi-owned SunTV which is considered to be conflict of interest. The CBI also confirmed that the Standard Chartered officials in Malaysia who have been part of Maxis takeover Aircel will be questioned later in August. Sources in the CBI say that Mr Sivasankaran has shared critical details of a meeting that help boost their case against Mr Maran. The former Aircel owner has said that at a meeting in November 2005, he met Kalanidhi Maran at the Sun TV office in Chennai and was threatened to sell my Aircel stake to Maxis. The entrepreneur claims that after the meeting, the Telecom Minister called him to reinforce the need to sell Aircel. If the CBI can verify this meeting and the phone call that followed, Mr Marans defence will be significantly weakened. For one, his attempts to promote Sun TVs interests will be exposed. He will have to explain why his brother made it his business to meet with the owner of a telecom at his office. Read more at: http://www.ndtv.com/article/india/the-meeting-call-that-could-help-cbi-nailmaran-117826?slider&cp

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iFCi limited
By- Gaurav Jain II MBA M

Industrial Finance Corporation of India (IFCI) Limited was established in 1948 by the Government of India. It was the first development finance institution in the country, providing medium and long term financial assistance to the industrial sector. In 1993, the company was incorporated as a limited company and renamed as IFCI Ltd. Key Highlights Integrated player IFCI operates in the financial market through a number of its subsidiaries. These include IFCI Infrastructure Development Ltd (IIDL), promoted to leverage its operations in the Infrastructure sector. IFCI Venture Capital Funds Ltd provides institutional support to entrepreneurs through private equity/ venture capital funds. IFCI Financial Services Ltd is engaged in stock broking, investment banking, mutual fund distribution and advisory services, depository participant services and insurance products. Weak but improving quality of debt Gross non-performing assets (NPAs) of IFCI are very high at `38 billion, while net NPAs stood at `555 million as on March 31, 2010. However, the figures are down from March 31, 2009, when they stood at `51.5 billion and `4.6 billion, respectively. During FY10, the company entered into one time settlements in 30 cases, yielding recovery of `1.79 billion. These NPAs belong to the lending done prior to FY03, when the government restructured IFCI debt. Capitalization above RBI norms IFCI has been maintaining capital adequacy ratio (CAR) above the minimum required level prescribed by the RBI. The company had a CAR of 17.9% as on March 31, 2010, compared with the RBI-prescribed rate of 12%. CAR, however, has declined from 19.7% as on March 31, 2009. Key Risks: High level of gross NPA Stiff competition from banks and other financial institutions Economic slowdown could affect credit off-take Nonpayment of borrowing by the customers Increase of Interest rates by RBI Financial Profile: IFCI has diversified sources of revenue like lending operations, investment operations, business services fee and commission and other income. Income from lending operations grew by 24% in FY10, improving interest income by 30% over the earlier year. Also, an NPA recovery measure taken by the company yielded `1.79 billion during the year. As a result, NII increased by 84.7% during the year. Income from investment operations grew by 182% year-on-year. However, administrative expenses increased 28%, which restricted growth in pre-provisioning profit to 22% over the earlier year. IFCI has a very high level of gross NPA, which resulted in higher provisions for bad debts. NPA provisions increased by 39% during the year, and tempered growth in profit. PAT grew to `6.9 billion in FY10 from `6.6 billion in FY09. The higher provisions slashed net NPAs to `555 million in FY10 from ` 4.6 billion in FY09.

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Industry Profile: NBFC Apart from commercial banks and co-operative credit institutions (urban and rural), the financial system in India consists of a wide variety of non-bank financial institutions, such as non-bank financial companies (NBFCs), financial institutions and primary dealers. NBFCs, the largest component of such institutions, can be distinguished from banks with respect to the degree and nature of regulatory and supervisory controls. There are two broad categories of NBFCs based on whether they accept public deposits, namely, NBFC-Deposit taking (NBFC-D) and NBFCs-Non Deposit taking (NBFC-ND).The total assets of NBFCs registered a significant growth during 2010-11, mainly on account of increase in the business of asset finance companies.

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Shareholding Pattern: Jun-10 15.7 31.4 52.9 Sep-10 20.1 30.0 49.8 Dec-10 23.3 30.0 46.6 Mar-11 21.0 29.4 49.7

Promoter DII FII Others

About the stock: The stock has been moving in a downward trend and has formed a base at around 42. The stock plummeted from the levels of 59 made in May. The reason for the decline was the continuous increase in interest rates by the RBI. Now the interest rates nearly peaking it is a good opportunity to invest in banking and NBFC stocks with IFCI being the better of the pack. The stock is available at a relatively low valuation and is a good buy from these levels. The stock has stiff resistance level at 52 and 57, 57 being the 200 day SMA. The stock has broken over its 50 day SMA which is a good sign.

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investoR FoCus
By- Madhukar Das II MBA G

Titan Industries
Benchmark indices showed opening hour intense activity on the last trading day of the week. Although all the gains were erased through the day there is signs of further optimism which may take Sensex through 18850-18900 level. Fundamentally Speaking Titan Industries is a company under the Tata group umbrella. It is Indias leading watch brand and has a significant presence in jewellery and youth accessories segments. Titan Industries expects FY11 sales to grow about 25% on year, helped by new store launches as told by company MD, Bhaskar Bhat. The company is adding 80 stores to its 600 strong chain. The company has seen improved margins and expects the bottom line to improve further. Titan retails watches under brands such as Titan and Sonata, youth accessories under brand name Fastrack and jewellery under Tanishq and Goldplus brands. The company has segments such as eyewear brand Titan Eye and is also into the precision engineering business. Titan's international watch sales currently contributes 8% to its total watch sales. It is considering foraying into Indonesia which will increase the export revenues. Titan accounts for about 25% of the volume and 40% of the value of the 45-millionunit watch market. The jewellery brands are gaining market share helped by the Tata trust backing them. Steady sales growth helped by 16% growth in jewellery and 21% growth in watch segment. The Fastrack brand though contributing a smaller proportion to sales grew by about 81%. Titan eyeplus stores are also capturing market share and 11th store in Bangalore was recently opened. It is a relatively debt free company. RoCE of 44.2% against industry average of 9.4%. P/E lower than industry median. We can expect a declaration of dividend and thus the stock price may appreciate in anticipation. The stock underwent a stock split in end-April which has added further liquidity to the stock. The perceived value is higher than the market price which is supported by the increased volume of trades.

Other Picks
BUY : Exide Industries CMP`165 Target`172 Stop Loss`161.5 Subex CMP`56.3 Target`58.6 Stop Loss`55.2 Sell : Unitech CMP`35 Target`33.5 Stop Loss`35.8

Technically Speaking

Price moved above 21 day moving average & tested 4 bar support before bouncing back.

Stochastics indicate the bulls have set in before historical oversold region indicating eagerness of bull operators.

Commodity Channel & Williams %R suggests reversal of prior downtrend.

Recommendation : BUY CMP : `226.80 Target Price : `236

Momentum turned positive after an intermediate sell of indicating the bulls have set in.

Stop loss : `223

MACD crosses signal line.

Special points of interest: Since we are looking at a trading horizon of 15-30 days, we shall give more weightage to technical analysis and price trend of the stock. We shall also study the fundamental aspects of a company to avoid getting into loss making trade positions in case of movement of market in direction opposite to that of my prediction.

students sPeak
By- Apoorv Jhudeley II MBA L T.B. Dekshit Ravichandra II MBA L

In this issue, we have with us Mr. Badal Jha of senior MBA Section L, who completed his internship at Sumitomo Mitsui Banking Corporation India, New Delhi. Below are the excerpts of the interview with Mr. Jha. Chaanakya: Tell us a little about your organization? Mr. Jha: Sumitomo Mitsui Banking Corporation Capital India is an overseas subsidiary of SMBC Japan. SMBC capital India basically acts as advisory to the SMBC, Japan. Sumitomo Mitsui Banking Corporation (SMBC) was established in April 2001 through the merger of two leading banks: The Sakura Bank Limited and The Sumitomo Bank, Limited. Sumitomo Mitsui Financial Group, Inc. was established in December 2002 through a stock transfer as a bank holding company, and SMBC became a wholly-owned subsidiary of SMFG. Some of the areas where SMBC is active are Trade finance, structured finance, syndicated loan and project finance. Chaanakya: How did you get selected for your Internship? Mr. Jha: I came to know about this organization through a relative in Delhi and I instantly applied for the intern post. I had a telephonic interview with Assistant Vice President and then I was informed about my selection as an intern. Chaanakya: What was the basis for your selection as an intern? Mr. Jha: The major focus during my interview, by interviewees was not just limited to finance but more towards my commitment to learn and work culture. Organizational culture and cross cultural understanding on my part was, their basic agenda as its a Japanese Organization and people from both Japan and India work in the organization. In my opinion, I had pitched their requirement quite satisfactorily. Chaanakya: What was your topic and role as an intern within the organization? Mr. Jha: I was asked to prepare A Detailed Research report on Solar Power in India, with financial analysis and valuation. I had to do an analysis on power generation needs of India along with the role of solar power industry, in fulfilling the needs of the country. SMBC bank required me to do this project as they were approached by one of their clients for fulfilling debt requirements in setting up a solar power plant in West Bengal. I had carried out the required research and came up with a valuation of the project, as per the organizations requirement with the support of my mentor in the organization. Chaanakya: What was your approach towards your assigned goals? Mr. Jha: My approach was to follow my organisation mentors guidelines and to ask questions whenever I had difficulty relating to any problem. My mentor and fellow interns helped me to reach my objective. Chaanakya: How was your experience in the organization? Mr. Jha: I am out of words! In short, I would say it was an awesome and true learning period of my lifetime. I got to learn a lot about organisations working in the field of Project Finance, how businesses are interconnected globally, how good team work can lead to good performance. Punctuality, positive behaviour and attitude at right place and the right time are necessary while working in an organization.
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how businesses are interconnected globally, how good team work can lead to good performance. Punctuality, positive behaviour and attitude at right place and the right time are necessary while working in an organization. In this issue, we have with us Ms. Aditi Nag of senior MBA Section K, who completed her internship at Reserve Bank of India, Bangalore. Below are the excerpts of the interview with Ms. Aditi Nag. Chaanakya: What is the organization all about? Ms. Nag: RBIs the central bank of our country. It is mostly concerned with policy making, general supervision and regulation of the financial and economic sector of India. Chaanakya: How did you get selected for your Internship? Ms. Nag: We were short-listed based on our application forms that elaborated on our academic history, areas of interest and other co-curricular activities. The college notified us at the time RBI was taking in interns. So, thats how we got in. Chaanakya: What was the basis for your selection as an intern? Ms. Nag: After we were short-listed, each of us had a round of personal interviews at RBI. A panel of 4, that included the then RBI Regional Head, Mr Vijay Bhaskar interviewed us on our areas of interest in finance and any other issue they thought relevant. Chaanakya: What was your topic and role as an intern within the organization? Ms. Nag: My topic was Preparedness of banks to implement Advanced Approaches of Credit Risk under Basel II.Its a relatively new topic in Indian banking. While banks are struggling to cope with implementation of Basel II, RBI wanted to get a rough idea on whether banks were anywhere close to implementing advanced approaches. Thus, my role was to ascertain banks preparedness in this regard and to analyse the stage of implementation they had reached. Chaanakya: What was your approach towards your assigned goals? Ms. Nag: The project needed a lot of study regarding Basel norms. So, my approach was to get facts right first and then visit various banks to understand how they were coping with changes in the regulatory structure. I had a lot of help and guidance from my company mentor as well. So, there was a well planned approach although data was not easily available. Chaanakya: How do you think your internship would be an add-on to your profile at the time of placements? Ms. Nag: RBI is a prestigious institution. Learning here has been different because the exposure is different from that of a regular banking company or a corporate firm. My study is not restricted to a single institution. It covers major public sector banks with regard to an issue that is gaining a lot of relevance and importance. This, I think will help me at the time of placements. Chaanakya: What would you like to suggest to candidates seeking an internship in the same organization? Ms. Nag: I personally think it is not essential to know everything in finance to be able to work as an intern at RBI. But, there should be an interest and willingness to learn. The experience at RBI may be very different from what you expect.
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CHAANAKYA VOL

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15 11

alumni sPeak
By- Geetika Gupta II MBA N

In this edition we have Ms. Usha who give us insight about the importance of job and the carrer oppurtuinities for MBA-Finance. Name: Ms. Usha Batch: 2006 08 Organisation: Thomson Reuters Educational Qualifications: B.Sc, MBA (Finance) Chaanakya: What does your job at Thomson Reuters involve? Ms. Usha: My work at Thomson Reuters involves being Responsible for database administration and sourcing of exchange and contributed data. Working with other staff and to own the contributor relationship between Thomson Reuters and the local exchange, contributor or data supplier for day to day operations. Ensuring that relevant information is maintained and delivered in an accurate and timely manner to our clients (Pre-dominantly consists of Major Banks across the world) who use our financial information (products) for their trading purposes. The position is within Data Operations which supports data across Thomson Reuters products and services. It also involves holding regular client calls to know if there are any issues and if any enhancements need to be made. Accuracy and timeliness is extremely important because any delay or error in the financial data sent to the Clients can lead to huge losses to them. Chaanakya: What other job profiles are available for MBA graduates in Thomson Reuters? Ms. Usha: Other Job profiles For a fresher, the role is of an analyst. It can be in different departments like the Content, Global Accounts, Procurement, billing, Fundamentals, Pricing etc. The analyst maybe required to work on real-time data (real-time information coming from the stock exchanges globally) or reference data. One starts as an Analyst and can move up as Senior Analyst, Team Leader, Specialist, Data Account Manager, Assistant manager etc. Chaanakya: Tools we use Oracle discoverer Plus, SAP (general ledger, receivables, payables etc), SIEBEL (CRM tool), MS Excel, SQL. Ms. Usha It helps if an MBA graduate has good Excel knowledge and also VBA. SAP will help if one gets to work on couple of end-end projects till they go live. The rest of the tools can be company specific. Chaanakya: Placement Season is back again and going live in a few months from now, your suggestion to them. Ms. Usha Find out very clearly what the company does and what kind of a job they are offering to you. Discuss with lecturers to know better and also if there are any seniors in that particular organisation. There are possibilities that, the role that youve been told about maybe different from what you end up doing. Find out the future scope (basically your career path) for the role being offered. Chaanakya: Lastly any suggestion to budding managers. Ms. Usha Budding managers Be proactive, volunteer to take up different tasks and finish it on time. Keep in constant touch with the people concerned and report your progress. In turn youll
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learn and benefit in the process. In a corporate environment, networking helps, be approachable, build a good rapport with juniors and seniors, and dont restrict your knowledge only to the job your team/dept is doing. It is important to know the larger picture and know how the work you are doing is actually contributing to the company. This helps you in taking informed decisions and also identify where you are good at and what you like to do so that you can chalk out a career in that area.

Buzz woRds
Backwardation In the futures market the price of a contract for future delivery of a commodity usually trades above the spot price because the owner of the contract is deemed to have the advantage of holding cash until the time of delivery and is assumed to be able to earn interest on that cash. Occasionally, however, the spot price actually exceeds the futures price. This is known as backwardation, or an inverted market. Face-Amount Certificate It is a debt security issued by face amount. The holder makes payments periodically to the issues, and the issuer promises to pay the purchaser the face value at maturity or the surrendered value if the security is presented by the maturity specified in the certificate. Hard Call Protection Hard call protection usually refers to callable bonds. It is the period of time when a bond cannot be called, no matter what the interest rate is. That is, if the interest rate falls sharply, most callable bonds will be called (so the bond issuer can reissue at a lower interest rate). Hard call protection ensures that the holder of the bond can benefit when rates fall. Garbatrage It refers to a phenomenon of rising stock prices and increased market activity in an entire sector caused by a psychology change stemming from a major takeover involving two companies in the sector. In this stage speculators feel other takeovers are likely in the sector. Jonestown Defence It refers to an extreme defensive tactic employed by the management of a target corporation to prevent a hostile takeover. The defensive tactics are so extreme that they typically lead to the destruction of the target corporation. It is an extreme versions of existing tactics; share buybacks (which increase stock prices and decrease public equity at the cost of cash or debt financing), Crown Jewel manoeuvres (selling off attractive assets at a discount to anyone except the acquirer) M0 M0 is a measure of the money supply which combines any liquid or cash assets held within a central bank and the amount of physical currency circulating in the economy. In the United Kingdom, the M0 supply is also referred to as narrow money. It only includes cash or assets that could quickly be converted into currency.

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CRosswoRds
By- Naveen Kulkarni II MBA N

Across 3. Ashok Soota, the former Chairman of Mindtree has sold his half of the stake which is bought by which famous person 4. Which PSU companys is coming with FPO this month as part of divestment by government 5. Delhi High Court stops tansfer of six Spice Licenses to which company Down 1. Which famous investor has bought 12 lakh shares in DCB bank which helped the bank to be stable 2. Which bellwether companys quarter results showed negative 3. The former DGH Chairman who was booked for favouring a private firm to carry out seismic survey in his tenure by CBI

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answeRs to PRevious issue

Quiz 1. a 10% 2. c Myspace 3. b $5.4 billion 4. d $6.65 bn 5. a $3.7 billion 6. c 51%

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team
Apoorv Jhudeley & Rajat Sikri Editor-in-chief Zafar Iqbal Cartoon Vaibhav Nagar News Naveen Kulkarni Crosswords & Quotes Sumit Kumar Gupta Graph & Rates Amit Prakash Book and Magazine Review T. Deekshith Ravi Chandra & Rao Pavan Sridhar Student Article Rohit Dhannawat & Saurabh Khator Investors check Amit Prakash & Chinmay Uchhrang Jethwa Scam Mandeep Kaur Commodities Market Richa Jain & Ritu Jadwani Debate Akshat Malik, Geetika Gupta & Manan Datt Alumni Speak Abhijeet Singh & Anubhav Jain Quiz & Did You Know Gaurav Jain Stock Watch Madhukar Das Investor Focus Apurva Gupta & Pragathi P. Buzz Words Kumar Gaurav & Meenakshi Ramnath Review Committee Apoorv Jhudeley & T. Deekshith Ravi Chandra Creative Head & Design

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