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I SIDE THIS ISSUE: Company Scandal Interview Investors Check Investors Continued Commodities market Debate Debate Continued Quiz & Crosswords Alumni Column 2 3 4 5 6 7 8 9 10

Chaanakya
..TRACKING THE ECONOMY
V O L U M E 2 I S S U E 2 2

International Headlines

House and Senate agree on $789.5 bn package Russia, India sign $700 mln in nuclear fuel deals Citigroups CEO to take USD1 salary Nike likely to cut marketing budget PC Firm Lenovo group ltd. Suffers loss in Q3 GM to slash jobs due to plunging sales Ford committed to expansion plans in India Worlds top 500 banks witness a 32% decline in brand value Senate retains Buy American clause despite criticisms Glaxo to axe around 6000 jobs

Repo Rate RRR CRR Inflation IIP Forex Reserve

5.5% 4.0% 5.0% 4.39% 3.2% $251.53

Sensex
9,800.00 9,600.00 9,400.00 9,200.00 9,000.00 8,800.00 8,600.00

Sensex 2-Feb 3-Feb 4-Feb 9-Feb 10- 11- 12Feb Feb Feb

National Headlines

SEBI amendment to help sale of Satyam Ashok Leyland floats finance arm to provide cost effective financing solutions RIL gas supply to ramp up power generation in country IOC sees $12 bn revenue loss this fiscal Biyani's home solutions raises Rs 150-cr through rights issue Inflation reaches an all time 12 month low of 4.39%. RIL gas supply to ramp up power generation in country Premji extends Rs 40-cr lifeline to Subhiksha Govt secures interest-free $518 million loan from World Bank

Company Scandal

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The scandal came to light when Satyam Computers Ltd tried to acquire Maytas Properties(100%) and Maytas Infrastructure firm(50%) owned by the promoter Ramalingam Rajus son Teja Raju. The evaluation of the 2 firms to be $1.6b was done by a subsidiary of PWC. When there was a protest against the acquisition by the investors, it was found that the actual worth of the acquisition was not more than 3500 crores. But nobody knew that this was just the tip of the iceberg and there was much more to it!!! Within a few days of the Maytas acquisition deal was called off, the promoter of Satyam, Ramalingam Raju confessed to having falsified Satyams accounts. Raju confessed that:"What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualized revenue run rate of Rs 11,276 crore in the September quarter of 2008 and official reserves of Rs 8,392 crore). As the promoters held a small percentage of equity, the concern was that poor performance would result in a takeover, thereby exposing the gap position of Rs 490 crore (as against Rs 2,651 crore in the books). Satyam's balance sheet as of the September 30, 2008, carried inflated figures forcash and bank balances of Rs5,040 crore (as against Rs 5,361 crore reflected in the books). It carried an accrued interest of Rs 376 crore which was non-existent. An understated liability of Rs 1230 crore on account of funds was arranged by himself. An overstated debtors' position of Rs 490 crore (as against Rs 2,651 crore in the books). An overstated no of employees of 53000 as against an actual no of 40000 employees For 5 years, every month, Raju used to transfer Rs20 crores from the company as salary accounts for its fictitious 13000 employeesThe aborted Maytas acquisition was a last resort to filling the fictitious assets with real ones. As investors reacted sharply, Satyam shares fell by 78 per cent to Rs 39.95 at BSE. After the scandal ,most of the directors of satyam board resigned. Raju was arrested along with his brother B Rama Raju and MrVadlamani Srinivas, CFO, Satyam Computer Services Ltd. A no of firms have been showing interest in the company lately. Some of them are L&T, Tech Mahindra, Hewlett Packard etc.

SATYAM Indias Enron, A 7000 CRORE SCANDAL

STEPS TAKEN BY THE GOVT : The government has formed a new board of directors for Satyam consisting of Deepak Parekh (HDFC Chairman), former NASSCOM president Kiran Karnik, former SEBI member Achuthan and a few more to restore investor confidence in the company A new CEO, A.S Murthy has also been appointed to run the company recently The govt refused to give bailout to Satyam as it said that it would not use taxpayers money to save a company practicing malpractices. EFFECT ON THE INDIAN IT INDUSTRY: The reputation of the Indian IT industry is definitely affected post Satyam in terms of investor confidence and they will be very cautious while dealing with India TO AVOID SUCH SCAMS IN THE FUTURE: Auditor rotation at regular periods of time to ensure no relationship of blind trust develops between the firm and the auditor as in case of Satyam and Pwc Complete transparency in case of any decisions made by the promoter and the board of directors and should be informed to the shareholders Transparency in the company accounts and checks on insider trading. In short, corporate governance laws to be made more stringent

Buy when everyone else is selling and hold until everyone else is buying. Thats not just a catchy slogan. Its the very essence of successful investing. -Jean Paul Getty

Interview
Q Please tell us something about your work.

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I handle the Premier position in HSBC Bangalore Main. Premier is the HNI category of clients where it is a one stop shop for them for all transactions of the bank. I am supported by a Service Manager who takes care of the day to day operations of banking transactions of Premier clients. I mainly look into the wealth management of our Premier clients. We do a thorough analysis of a clients' personal financial review and then advice him on solutions for the same through different third party products available from the bank. We also regularly monitor the performance of the same and keep the client abreast of market information through regular meetings. Our objective is to increase share of his wallet with the bank through all possible products which the bank offers and which meets his needs at the same time. Q How is HSBC India's business affected by the economic meltdown? As the economic meltdown is a global phenomenon and HSBC being a bank listed in London the business impact has happened. However being a conservative bank and being able to judiciously take decisions at the right time the amount of loss is far less compared to its competitors. The two source of revenue for the bank in India is Net Interest Income and Commission income by sale of third party products. Auromita Guha As the financial turmoil is continued the fee based income has drastically reduced due to investors being away from financial market products at these times compared to earlier years. However the net interest income has increased as customers now tend to leave floats in current or savings account more rather than invest. Also due to risk aversion from customers funds are siphoned towards deposits, this has helped the bank to have one steady source of revenue. The lending business of the bank has become conservative and the amount of loans disbursed has also reduced. The bank has closed its Consumer Finance business which was lending to SME's without any collaterals as it is a risky proposition in this Market. Q What measures is HSBC adopting to fight the slowdown? To fight the slowdown the focus of the bank is to acquire fresh clients aggressively thereby increasing its net interest income and liability balance and also at a later stage when the financial meltdown is over the base becomes larger to start generating third party commission income on a large scale. HSBC is also adopting a lot of cost cutting measures by video conferencing rather than travelling. IT related changes which saves energy and hence cost. Our Bank has also ventured into Insurance business which is a huge market for India and hence expects to generate revenue from the same. Q Any messages for our students of MBA finance. Be focussed in what you want to do. Market has still huge opportunity for analysts, bankers with new licences being approved by RBI for host of new entrants in Indian market. The Indian insurance industry is just opening up so actuary, statistics and marketing are big opportunities. Try to update yourself with all certifications that can be done through AMFI, NDP certifications, derivatives as products, as it will be a value add to your career from the start.

Associate Vice President, Premier Banking, HSBC Bangalore

Economics is extremely useful as a form of employment for economists

John Kenneth Galbraith 1908-, American Economist

Investors Check

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There are a number of attractive mutual funds and fund managers that have performed very well over both long-term and short-term horizons. Sometimes, performance can be attributed to a mutual fund manager's superior stock-picking abilities and/or asset allocation decisions. In this article, we'll summarize how to analyze a mutual fund's portfolio and determine whether there are specific performance drivers or not. Portfolio Analysis 1.Sector Weights: Sometimes fund managers will gravitate towards certain sectors either because they have deeper experience within those sectors, or the characteristics they look for in companies force them into certain industries. A reliance on a particular sector may leave a manager with limited possibilities if they have not broadened their investment net.

2. Attribution Analysis: There are fund managers who claim to have a top-down approach and others that claim to have a bottom-up approach to stock-picking. Top-down indicates that a fund manager evaluates the economic environment to identify global trends and then determines which regions or sectors will benefit from these trends. The fund manager will then look for specific companies within those regions or sectors that are attractive. A bottom-up approach, on the other hand, ignores, for the most part, macroeconomic factors when searching for companies to invest in. A manager that employs a bottom-up methodology will filter the entire universe of companies based on certain criteria, such as valuation, earnings, size, growth, or a variety of combinations of these types of factors. They then perform rigorous due diligence on the companies that pass through each phase of the filtering process. Let's look at a five-sector portfolio as an example: In the tables below, we compare a mutual fund portfolio with its relevant benchmark and identify how much of the portfolio's performance was attributable to asset allocation (sector weights) versus how much was attributable to superior stock picking.

In the first chart, we see the sector weights for the fund's portfolio for each of five sectors. The second column in that chart shows the return of each sector within that portfolio, and the third column calculates the contribution of each sector to the fund's total return (weight x return).

Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed

Mahatma Gandhi

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Step 1: Determine the sector weights for both the fund and the index. Step 2: Calculate the contribution of each sector for the fund by multiplying the sector weight by the
sector return. Repeat for the index. Step 3: Calculate the rate of return for the fund by adding the contribution of each sector together. Repeat for the index. In this case, the fund had a return for the period of 4.38%. The second chart shows the same calculations for the relevant benchmark. We could see that the total return for the benchmark was 3.55% and that the fund outperformed the benchmark by 0.83%. Step 4: Calculate the overweight amount by subtracting the index weight for each sector from the fund weight for each sector. Step 5: Calculate performance by subtracting the index return for each sector from the fund return for each sector. Notice that the fund had a 30% weight to Sector 1 while the benchmark only had a 20% weight. As such, the fund manager over allocated to this sector assuming it would outperform. We can see from the return of 4.2% for Sector 1 within the fund was 2% less than the return for the same sector within the benchmark. Now this might get a bit tricky: The fund manager made the correct choice of allocating to Sector 1 as the sector for the benchmark had a return of 6.2%, the highest of all five sectors; however, the security selection within the sector was not very good and therefore the fund only had a 4.2% return. Step 6: Calculate the selection attribution by multiplying the benchmark weight with the difference in performance. Step 7: Calculate the allocation attribution by multiplying the index return for each sector by the overweight amount. Step 8: Calculate the interaction by multiplying the overweight column by the performance column. The third chart shows the calculation of both allocation and security selection contribution. In this example, the manager contribution to performance for overweighting Sector 1 was 0.62% but the manager did a poor job of security selection, which resulted in a contribution of -0.4%. The last chart shows the active management effect of positive 0.88% minus the unexplained portion of 0.055, resulting in active management contribution of 0.825%. This information is very useful to determine whether a manager is driving performance through asset allocation (top-down) or security selection (bottom-up) analysis. The results of this analysis should be compared to the fund's stated mandate and the fund manager's process. Conclusion There are many other factors to consider when analyzing a mutual fund's portfolio. By analyzing the sector weights of a fund and the fund manager's attributions to performance, an investor can better understand the historical performance of the fund and how it should be used within a diversified portfolio of other funds. An investor can also break down the portfolio into market cap groupings and determine whether the fund manager is particularly skilled at picking companies with certain size characteristics.

Buzz Words
Predatory Dumping: A type of anti-competitive event in which foreign companies or governments price their products below market values in an attempt to drive out domestic competition. Black Knight: A company that makes a hostile takeover offer on a target company. Leveraged Recapitalization: A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company. This is often used in risk arbitrage. Stub: Stock in a company that is over-leveraged as a result of recapitalization. Stub stock is very speculative and risky.

Commodities Market

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GOLD SPOT PRICE: (Rs. Per 10 Gms) 14644.00 FUTURE PRICE: (Contract expiring on 04/Apr/2009) 14385.00 Gold is one of the most highly-sought after precious metals in the world. It is used in jewellery, electronics, and coinage. Gold is widely considered to be an effective hedge against inflation, which means that when the dollar depreciates, demand for gold increases.In recent times India has remained faithful to gold while demand has increased substantially since the early 1980s due to general economic growth. Factors currently driving the price of gold The US dollar Interest rate fluctuations Scarcity Falling gold supply Outlook: It is believed that gold prices will see further increases due to short supply and high demand. Gold output is limited, while the volume of gold sold by central banks is not as big as anticipated, due to the market fluctuations. The demand for gold is increasing, especially from the central banks of Russia, China, and the Republic of Korea as the banks are planning to change their reserve structure. Gold price fluctuations have been disrupting transactions in the real estate market. The gold price increase has been freezing all transactions in the market. OIL SPOT PRICE: (Rs per BBL) 1656.00 FUTURE PRICE: (Contract expiring on 13/Mar/2009) 2085.00 Few inputs impact the world economy like the price of oil. Oil powers cars, trucks, boats, airplanes, and even power plants that make up the backbone of the global economy. As oil prices rise, costs go up for transportation companies, squeezing their profit margins and forcing them to raise prices, similarly affecting all the other companies that rely on them to transport products and people. By contrast, most energy companies benefit from higher oil prices, either from higher revenues for oil, or because of increased demand for substitute energy sources such as ethanol and natural gas. 2007 and the first half of 2008 were good times for many energy companies; futures prices rose tremendously, peaking on July 3rd, 2008, at a record high of $145.85. Since then, however, futures prices have plummeted (dropping below $50 per barrel by early December), mostly in response to the recession caused by the 2007 Credit Crunch and 2008 Financial Crisis. The extreme volatility of this important economic input has piqued interest in issues like peak oil, speculation, and the world's rising energy appetite, and is leading to greater investment in renewable energy. FACTORS AFFECTING THE PRICE OF OIL 1. Demand Growth Forces Prices Up Demand for oil, as well as demand for energy in general, is closely tied to the global economic cycle. In periods of economic growth, new factories consume energy, shipping companies transport more goods and consumers take more trips. This demand for energyor even news suggesting the economy is heating up pushes up energy prices. Conversely, during periods of economic contraction such as recessions, demand for oil and other types of energy tends to fall, leading to reductions in price. 2. Production Cuts The Financial Crisis of 2008 has laid waste to oil prices, by causing a recession so deep even expectations of large supply cuts can't force prices up. In December 2008, OPEC announced a production cut of 2.2 million barrels - its largest ever - and oil futures actually fell, as traders ignored decreasing supply and focused on decreasing demand. 3.U.S. Dollar Value Fluctuations Cause Positive Feedback on the Price of Oil The United States imports much of its oil, and that oil is purchased abroad in U.S. dollars. The price of oil, in fact, is pegged to the dollar. The changing value of the dollar in comparison to other currencies impacts the price paid by end users. A strong dollar means a lower price, in dollars, for oil, and a weak dollar means more dollars must be spent to purchase the same amount of oil.

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IS I DIA READY FOR CAPITAL ACCOU T CO VERTIBILITY ?

JAYA is against( sec b) Capital Account Convertibility (CAC) is the freedom to convert local financial assets into foreign financial assets at market determined exchange rates. Referred to as Capital Asset Liberation in foreign countries, it implies free exchangeability of currency at lower rates and an unrestricted mobility of capital. This means that capital account convertibility allows anyone to freely move from local currency into foreign currency and back. Conversion of Indian rupees into foreign currency even for the purposes of trading on capital assets as opposed to conversion only for payment of trading debts is known to be Capital Account Convertibility (CAC). The primary objective behind the adoption of CAC in India was to make the movement of capital and the capital market independent and open. This would exert less pressure on the Indian financial market. The proposal for the introduction of CAC was present in the recommendations suggested by the Tarapore Committee headed by Shri. S.S. Tarapore appointed by the Reserve Bank of India governor Dr. C Rangarajan. The Committees survey of the international experience with CAC revealed that countries with weak initial conditions were constrained to adopt drastic macroeconomic policies to facilitate the move to CAC. East Asian Financial Crises being the best example. Two often quoted straightforward reasons for the success of such massive devastation were firstly, the independence allowed to FIIs in these countries to withdraw their money; secondly, and more importantly, the extent of dependence of these economies on FII short term capital, rather than on long term FDI investments. Taking into account the lessons from the international experiences outlined above and the specifics of the Indian situation the committee set out the preconditions/signposts that were necessary concomitant in the process of CAC in India. They were: ANURAG is for the motion (sec a ) The forces of Globalization and Liberalization are cutting across borders, re-integrating the world towards a common goal of development. The liberalization reforms which swept across the country in 1991 changed the face of the Indian economy, the results are paying off and India has witnessed exceptional growth rates of 9.6% and 9.4% in 2006 and 2007, respectively. hus, in the current stream of events, where globalization has become the hot word and financial liberalization is synonymous with developed economies, the key issue that is to be considered, is whether India is ready to take the plunge towards Full Capital Account Convertibility (FCAC). Capital Account Convertibility (CAC) is the freedom to convert local financial assets into foreign financial assets at market determined exchange rates. Referred to as Capital Asset Liberation in foreign countries, it implies free exchangeability of currency at lower rates and an unrestricted mobility of capital. India presently has current account convertibility, which means that foreign exchange is easily available for import and export for goods and services. India also has partial capital account convertibility; such that an Indian individual or an institution can invest in foreign assets up to $25000. Foreigners can also invest along the same lines. At present, there are limits on investment by foreign financial investors and also caps on FDI ceiling in most sectors, for example, 74% in banking and communication, 49% in insurance, 0% in retail, etc. The logic for the introduction of complete capital account convertibility in India, according to the recommendations of the Tara pore Committee, is to ensure total financial mobility in the country. It also helps in the efficient appropriation or distribution of international capital in India. Such allocation of foreign funds in the country helps in equalizing the capital return rates not only across different borders, but also escalates the production levels. Moreover, it brings about a fair allocation of the income level in India as well. CAC can be beneficial for a country as the inflow of foreign investment increases and the transactions are much easier and occur at a faster pace. CAC also initiates risk spreading through diversification of portfolios. Moreover, countries gain access to newer technologies which translate into further development and higher growth rates To sum up, CAC is concerned about the ownership changes in domestic or foreign financial assets and liabilities. It also represents the formation and liquidation of financial claims on or by the remaining world. It enables relaxation of the Capital Account, which is under tremendous pressure from the commercial sectors of India. Along with the financial capitalists, the reputed commercial firms in India jointly derive and enjoy the benefits of the CAC policy, which speculate the stock markets through investments. But with the markets opening up further with the advent of capital account convertibility, one would be able to look forward to more and better goods and services. Capital account convertibility may NRIs as it will help remove all shackles on movement of their funds, Currently, NRIs have to produce a whole lot of documents and certificates if they want to buy a house in India (for which the lock-in period is 10 years, meaning they can't take their money back overseas if they sell the house after having owned it for less than 10 years), or send money to India from their overseas accounts.

1. 2.

Fiscal Consolidation A mandated inflation target

Strengthening of the financial system In addition, a few important macro economic indicators were also assessed on an on-going basis. These are:

1. 2.

The conduct of exchange rate policy The balance of payments and

The adequacy of foreign exchange reserves. Fiscal Consolidation The most important precondition for CAC is a stable macro economy including a sustainable fiscal deficit. In the Indian context, the Centres gross fiscal deficit (GFD) could be used as a summary measure for assessing fiscal performance. The Committee recommended a reduction in the GFD/GDP ration from a budgeted 4.5% in 19971998 to 3.5% in 1999-2000. But importantly, the Centre's gross fiscal deficit (GFD) highlights the problem of the growing burden of internal debt. At the end of March 1997, total liabilities of the Centre accounted for about 54 per cent of GDP with over one half of the stock consisting of internal marketable debt. Large borrowings of the Centre preempt resources for the rest of the economy with crowding out effects. Looking at the present scenario we find that due to the significant efforts made at fiscal consolidation and greater fiscal transparency introduced as required under the Fiscal Responsibility and Budget Management Act (FRBM), 2003 and FRBM 2004, it is clear that the fiscal consolidation has fallen short of the expectations of the 1997 Committee in terms of the Centres gross fiscal deficit as percentage of GDP.

Debate Continued
Mandated Inflation Rate In an increasingly integrated and inter-dependent world economy and in the context of a progressive liberalization of capital flows it will be necessary to break inflationary expectations in India and to put in place a mechanism for attaining an inflation rate not too far out of alignment with inflation rates in the industrial countries. When there occurs a difference between the interest rates prevailing in India and the rest of the world there occurs capital inflow/ outflow i.e. if interest rates are kept artificially low, there would be an exodus of capital out of the country and vice-versa. In the context of the move towards CAC, the committee said that it is necessary to take early and effective measures to evolve a more specific commitment on the inflation rate. Consolidation of Financial System In any economy, financial institutions as well as markets play a very important role with regard to mobilization of funds efficiently and effectively. These organizations with the existing markets and financial products mobilize funds in the economy. Over 3/4th of the business of the financial sector comes from the banks therefore the committee recognized that the strengthening of the financial system is one of the most important precondition to the move to CAC. The Committee recommended that the interest rates should be fully deregulated in 1997-98 and there should be total transparency to ensure that there are no formal or informal interest rates controls. The Committee has also emphasized that attainment of the signposts of reducing NPA (Non-Performing Assets) to 5% and CRR to 3% and complete deregulation of the interest rates is an ineluctable necessity if there is to be a meaningful move towards. Almost all banks in India have achieved the 9% capital adequacy ratio in accordance with Basel II norms and risk management systems have been put in place to monitor risk involved in the various transactions of the banks. Here we find that in terms of the CRR, this number has remained more or less the same at 5% and off late it went up to 8% last year in 2008. NPAs has reduced from 5% in 2000 to approximately 2% in 2007-2008. Any hurried steps towards CAC, without correcting economic fundamentals will open India to the clear and present dangers of what happened in East Asia. Short-term capital inflows like FIIs are relatively more volatile than long-term inflows.. We can conclude India is still dependent on the performance of the world economy especially the U.S and hence this is not the right time to introduce full capital account convertibility. Only if the fiscal deficits and the inflation (both of which are correlated) decrease and the financial markets are strengthened to meet any major capital outflow can the economy be said to have strong fundamentals and hence have full capital convertibility.

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An interesting scenario in which banks can accept deposits in India in any currency from anywhere in the world is possible under a full convertibility regime. The crucial determinant will be the usual "swap cost'' that is the cost of converting a currency into another currency depending on the current exchange rate at the material time. The other important thing would be the comparative interest rates in India as well in other deposit exporting countries. Banks should realise that the years of insulated economy are a thing of the past. The Reserve Bank of India will not protect exchange risks. It is obvious that exchange risks on any transactions will solely be on the bank concerned. In a bid to move towards full float of rupee, Reserve Bank on Tuesday,11 Feb 2009, announced a slew of measures such as doubling of resident individual remittances to 50,000 dollars per year. Announcing the half-yearly review of monetary policy, RBI said resident individuals are free to remit up to 50,000 dollars per year for any current or capital account transaction or a combination of both, as against the earlier limit of USD 25,000. Similarly, foreign exchange earner may retain up to 100 per cent of their earning in their Exchange Earners' Foreign Currency accounts.

Besides, companies eligible of accessing External Commercial Borrowings (ECBs) can avail of an additional amount of 250 million dollars over and above the existing limit of 500 million dollars per year.

No bank with the business approach can shy away from this risk but highly profitable business. On the positive side it does give Indian banks an opportunity to move up towards international standards in managing risks.

Commodities Continued
3. U.S. Dollar Value Fluctuations Cause Positive Feedback on the Price of Oil The United States imports much of its oil, and that oil is purchased abroad in U.S. dollars. The price of oil, in fact, is pegged to the dollar. The changing value of the dollar in comparison to other currencies impacts the price paid by end users. A strong dollar means a lower price, in dollars, for oil, and a weak dollar means more dollars must be spent to purchase the same amount of oil.

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Marx was right when he said capitalism would destroy itself as capitalist would eat capitalist until they became so big they could not compete. Dick Smith

Quiz
1. Which microfinance institution is going to extend micro housing product-Gruha Samruddhi-to provide affordable housing to the poor? 2. Which bank has launched special loan schemes for micro, small and medium enterprises (MSMEs) sector at a concessional interest rate of eight per cent? 3. An illegal trading practice used by floor brokers. It is considered to be noncompetitive as it involves the execution of large trades at different prices. 4. A situation where inflation pushes income into higher tax brackets. The result is an increase in income taxes but no increase in real purchasing power. 5. A term used to describe fixed-income securities that trade frequently on the floor of the NYSE. 6. A mutual fund that invests in several different types of medium and long-term government securities in addition to top quality corporate debt.

Accountants are the witchdoctors of the modern world and willing to turn their hands to any kind of magic

Crosswords
Across 1. 4. 6. 8. Which type of risk is not applicable to a U.S equity mutual fund? What is another term for a high yield bond? Name the brand of pocket watch used by Mahata Gandhi Aditya Birla collaborated with which foreign company to roll out an insuraqnce scheme?

Charles Eustace Harman 1894-1970, British judge

Down
1 2

2.

Money is usually attracted, not pursued. -Jim Rohn

3. 5. 7.

What is the Name of virtual credit card provided by HDFC Bank? what type of bond is typically free of federal, stat and local taxes? What is the best long term investment? We Know ICICI in NYSE with the Name of?

3 4

5 6

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Money is plentiful for those who understand the simple laws which govern its acquisition. -George Clason

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ALUMNI COLUMN
NAME: Dinesh A Ahuja CURRENT ORGANIZATION: AMBA Research I feel Chaanakya is an PREVIOUS ORGANIZATION: Kotak Securities excellent initiative by all the WORK PROFILE: Equity Research Analyst students who are putting in PERSONAL MAIL_ID: dinesh.a.ahuja@gmail.com their best efforts to make it a CONTACT NUMBER: 9886557802 perfect financial magazine. BATCH: 2005-07 Keep it up. CURRENT LOCATION: Bangalore EXPERIENCE IN THE ORGANIZATION: I am currently working as an equity analyst in AMBA Research. Been here for about a year and has truly been a great learning experience. My work is into financial modelling so all the financial concepts (DCF, FCFF, Cost of Capital, etc) that we learnt during our MBA days, really proved very helpful for me at work. I honestly feel AMBA research has provided me an excellent base for me to build a career in equity research. MESSAGE FOR THE STUDENTS: My message to students is that be very clear about the specialization and field of job u want to get into, if u are confused then speak to mentors and try finding out in which field our interest lies in. Dont worry about the current situation and just put in your best efforts and success will surely come to u. ALL THE BEST!

Crosswords Answers
1

TEAM
Senior Coordinators Sebin Sasmit

N E T

3 4

M U N C
5

K S T O C K
8

S A F

I P A L

A
7

G I B N

E
Juniors Abhinav & Nitin Arkapratim Maria Investors check Debate/Interview Quotes/ National news Megha Paloma Quiz,Did U Know Graph & Buzz Words Rates Financial Scandals Int. news Coordination & Commdoties Mkt Compiling & Editing Crosswords, Compiling & Editing

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Quiz Answers 1. Basix 2. State Bank of Travancore 3. Ginzy Trading 4. Bracket Creep 5. Active bond 6. Gilt fund 7. Pledge Fund

Palomi Meryn Noopur Archana Gyanesh Hitesh

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