Seven of top-10 firms lose over Rs 38K cr in market capitalisation last week


MUMBAI: The combined market capitalisation of seven of the country's top 10 companies declined by Rs 38,767.51 crore last week, with banking giant State Bank of India emerging as the biggest loser. 

SBI shed Rs 10,883.72 crore from its market valuation, which stood at Rs 1,64,075.07 crore as on Friday last week. During the week, shares of SBI on the Bombay Stock Exchange fell by 6.22 per cent to Rs 2,583.90 on Friday. 

Two state-run firms mining entity Coal India (CIL) and power producer NTPC together lost Rs 12,764.46 crore from their combined valuations. The m-cap of CIL stood at Rs 1,84,374.55 crore while that of NTPC was at Rs 1,40,543.87 crore on Friday last week. 

Oil & gas explorer ONCG too witnessed an erosion of Rs 4,534.4 crore from its m-cap which stood at Rs 2,24,966.35 crore. IT bellwether Infosys Technologies' market worth also declined by Rs 5,060.87 crore to Rs 1,72,709.65 crore. 

The m-cap of telecom giant Bharti Airtel fell by Rs 1,120.27 crore to Rs 1,25,014.36 crore. 

ICICI Bank's m-cap diminished by Rs 4,403.79 crore to Rs 1,13,425.96 crore. 

However, country's most valued firm Reliance Industries (RIL) along with IT major TCS and FMCG honcho ITC were on the gainers side. 

RIL added Rs 9,360.92 crore to its market valuation which stood at Rs 3,16,160.26 crore on Friday last week. 

The market cap of TCS swelled by Rs 4,070.97 crore to Rs 2,17,484.06 crore, while ITC saw an addition of Rs 506.86 crore to its m-cap which stood at Rs 1,20,574.35 crore. 

The stock markets declined nearly 3 per cent during the week under review, following concerns over the rising global crude oil prices due to political tensions in the Middle East that might stoke up domestic inflation.

Vivek Kumar 
PGDM 2nd Sem

Direct-taxes-have-grown-by-20-this-year-Mukherjee


NEW DELHI: Direct Taxes have registered a growth of 20% during the current year so far with the collections reaching nearly Rs 3,35,000 crores (till mid-February).

Giving this information, finance minister Pranab Mukhrjee said on Saturday that this sustained growth has been possible due to rationalisation of tax structure and improvement in tax administration.

Mukherjee was speaking at a function at which he released released a commemorative coin in the denomination of Rs 150 to mark the completion of 150 years of Income Tax collections.

The Rs 150 coin is 44 millimetres in dimension and is made of 50% silver. The reverse face of the coin bears the portrait of Chanakya and a lotus with honeybee. The concept has been taken from the FM's past speeches where he had quoted Chanakya saying: "Governments should collect taxes like a honeybee, which sucks just the right amount of honey from the flower so that both can survive." 

Vivek Kumar 
PGDM 2nd Sem

Releasing the coin, the FM said Income Tax was introduced for the first time in 1860 imposing duties on profits arising from property, professions, trades and offices. It was passed by the Legislative Council of India and received the assent of the governor-general on July 24, 1860. This Act was the precursor to the modern income tax law in the country.

Direct taxes are now the major resource provider to the Centre for developmental work. The FM said that direct taxes collections have grown at an average annual rate of 24% in the last five years and have nearly trebled from Rs 1,32,771 crore in 2004-05 to about Rs 3,78,000 crore in 2009-10. He said that direct taxes share in GDP has also increased from 4.1% to 6.1%.


Infrastructure bond tax gains next year too

NEW DELHI: The Union budget for 2011-12 could extend the tax benefit on investments made in infrastructure bonds by a year while giving banks access to this special window in an effort to raise debt funds for building physical assets of the country. The last budget had allowed a deduction of an additional Rs 20,000 for investment in longterm infrastructure bonds, over and above the Rs 1 lakh limit prescribed for investments in tax saving schemes. Only dedicated infrastructure companies or lenders were allowed to raise funds through these tax savings bonds.

"Various options for infrastructure financing are being examined," said a government official, adding “extending this window is one of them” . The budget for 2009-10 had limited the tax benefit on infrastructure bonds for one year. This was because the government was hoping to roll out of the Direct Taxes Code from April this year. But now that the new code is unlikely to be implemented before April 2012, the government could extend the tax relief on these bonds.

“Keeping in view the infrastructure fund requirements of the country and also to make the to make the tax deduction more meaningful, the government should enhance the investment limit to . 50,000,” said Vikas Vasal, executive director, KPMG.
Infrastructure Development Finance Company (IDFC), IFCI and L&T Infrastructure Finance have already raised about Rs 5000 crore so far in the fiscal through these bonds. IDFC has already raised over . 1,200 crore in two tranches of its infrastructure bond issue in the current financial year. The rate of interest offered on these bonds has been

                                                 NIRAJ KUMAR
                                      PGDM  2 SEM
    

NEW DELHI: The Union budget for 2011-12 could extend the tax benefit on investments made in infrastructure bonds by a year while giving banks access to this special window in an effort to raise debt funds for building physical assets of the country. The last budget had allowed a deduction of an additional Rs 20,000 for investment in longterm infrastructure bonds, over and above the Rs 1 lakh limit prescribed for investments in tax saving schemes. Only dedicated infrastructure companies or lenders were allowed to raise funds through these tax savings bonds.

"Various options for infrastructure financing are being examined," said a government official, adding “extending this window is one of them” . The budget for 2009-10 had limited the tax benefit on infrastructure bonds for one year. This was because the government was hoping to roll out of the Direct Taxes Code from April this year. But now that the new code is unlikely to be implemented before April 2012, the government could extend the tax relief on these bonds.

“Keeping in view the infrastructure fund requirements of the country and also to make the to make the tax deduction more meaningful, the government should enhance the investment limit to . 50,000,” said Vikas Vasal, executive director, KPMG. Infrastructure Development Finance Company (IDFC), IFCI and L&T Infrastructure Finance have already raised about Rs 5000 crore so far in the fiscal through these bonds. IDFC has already raised over . 1,200 crore in two tranches of its infrastructure bond issue in the current financial year. The rate of interest offered on these bonds has been in the range of 8% simple interest per annum.

Vikash Singh
PGDM 2nd Sem

Infrastructure bond tax gains next year too

NEW DELHI: The Union budget for 2011-12 could extend the tax benefit on investments made in infrastructure bonds by a year while giving banks access to this special window in an effort to raise debt funds for building physical assets of the country. The last budget had allowed a deduction of an additional Rs 20,000 for investment in longterm infrastructure bonds, over and above the Rs 1 lakh limit prescribed for investments in tax saving schemes. Only dedicated infrastructure companies or lenders were allowed to raise funds through these tax savings bonds.

"Various options for infrastructure financing are being examined," said a government official, adding “extending this window is one of them” . The budget for 2009-10 had limited the tax benefit on infrastructure bonds for one year. This was because the government was hoping to roll out of the Direct Taxes Code from April this year. But now that the new code is unlikely to be implemented before April 2012, the government could extend the tax relief on these bonds.

“Keeping in view the infrastructure fund requirements of the country and also to make the to make the tax deduction more meaningful, the government should enhance the investment limit to . 50,000,” said Vikas Vasal, executive director, KPMG.
Infrastructure Development Finance Company (IDFC), IFCI and L&T Infrastructure Finance have already raised about Rs 5000 crore so far in the fiscal through these bonds. IDFC has already raised over . 1,200 crore in two tranches of its infrastructure bond issue in the current financial year. The rate of interest offered on these bonds has been in the range of 8% simple interest per annum.
                       
                                           PUSHPAM CHAURASIA
                                             PGDM  2 SEM

 

Infrastructure bond tax gains next year too

NEW DELHI: The Union budget for 2011-12 could extend the tax benefit on investments made in infrastructure bonds by a year while giving banks access to this special window in an effort to raise debt funds for building physical assets of the country. The last budget had allowed a deduction of an additional Rs 20,000 for investment in longterm infrastructure bonds, over and above the Rs 1 lakh limit prescribed for investments in tax saving schemes. Only dedicated infrastructure companies or lenders were allowed to raise funds through these tax savings bonds.

"Various options for infrastructure financing are being examined," said a government official, adding “extending this window is one of them” . The budget for 2009-10 had limited the tax benefit on infrastructure bonds for one year. This was because the government was hoping to roll out of the Direct Taxes Code from April this year. But now that the new code is unlikely to be implemented before April 2012, the government could extend the tax relief on these bonds.

“Keeping in view the infrastructure fund requirements of the country and also to make the to make the tax deduction more meaningful, the government should enhance the investment limit to . 50,000,” said Vikas Vasal, executive director, KPMG. Infrastructure Development Finance Company (IDFC), IFCI and L&T Infrastructure Finance have already raised about Rs 5000 crore so far in the fiscal through these bonds. IDFC has already raised over . 1,200 crore in two tranches of its infrastructure bond issue in the current financial year. The rate of interest offered on these bonds has been in the range of 8% simple interest per annum.
Vivek Kumar

PGDM 2nd Sem

Reliance Cap shares jump as brokers find them oversold

MUMBAI: Shares of Anil Ambani group firm Reliance Capital today rose by over 6 per cent after at least four brokerage firms termed the stock as undervalued following the recent plunge.

The shares were 6.1 per cent up at Rs 468.3 in early afternoon trade at the National Stock Exchange. At Bombay Stock Exchange also, the stock was trading 6.6 per cent higher at Rs 470.25.

Today's rally followed a positive stance taken by a number of brokerage firms on the stock after the company announced its quarterly results over the weekend.

In a report published today, Kotak Institutional Equities said that Reliance Capital continued to build its core businesses during the third quarter, with cost controls and fee income adding to its earnings.

"The stock has corrected significantly, likely due challenges in the operating environment across its businesses and general concerns in ADA Group," the brokerage firm said, while finding the stock attractively valued at current level.

It, however, said that investor's confidence on the ADA Group would be crucial in driving stock performance.

Reliance Capital's net profit rose by 68 per cent to Rs 106 crore in the quarter ended December 31, 2010.

In a separate report, Edelweiss said that earnings growth were robust for the companies' core businesses such as asset management and consumer financing.

Edelweiss further said that the stock has under-performed the sector considerably over the past one year due to regulatory concerns in life insurance and mutual fund businesses and business restructuring.

"However, we believe the concerns are largely priced in the current valuations and at this stage, the risk-reward ratio seems to be more favourable," it added.

Morgan Stanley also said that the company has seen improving profit trend in its core businesses as it recorded robust growth in asset management, consumer financing and broking and distribution businesses.

The shares today marked its third consecutive day of rise after falling sharply over most of the recent weeks. Prior, to the current three-day rally, the stock had plummeted by close to 40 per cent so far this year.
 
                            NIRAJ KUMAR
                              PGDM 2 SEM

Going to see an extended rally now: Andrew Holland, Ambit Capital

When we got down to lower levels last week, the Indian market was really oversold. Then we felt that it was a good time to be cherry-picking. It was not just that the market was down 15%, but there were many-many stocks which were down a lot more than that and what we have been seeing now is a relief rally. There are a lot of bargains out there, particularly in the infrastructure sector, and that is what we are starting to see.

So may be there was a pretty short covering, but the markets have been affected by only two factors. Inflation — everything else was known like 25 bps which the RBI did - has really been the problem. The inaction of the government on many different fronts - be it scams or inflation or anything — has just really not been good for the markets. Markets do not like uncertainty and that is what they have been trying to deal with. Hopefully, we can now get back and up.

There has been a long talk about money going away from emerging markets which we have seen and going back to developed markets. I am not convinced on that story. There are still problems with the US and Europe is still to come through. Also, high food inflation, high food prices and oil prices do have a demand destruction in these economies as well. So I expect to tick down that in the global economy over the next quarter which very nicely leads to the fact that commodity prices are going to come down too. So fast forward to the end of March and you could really see inflation in India starting to come down quite sharply and that is why I think we are going to see an extended rally now.

With the kind of correction that we have seen in some of the stocks and sectors, are valuations now looking attractive at this point in time? Where you would want to buy more in sectors that you always wanted to chip in?

Yes, premised on the view that if I am correct on the law of commodity prices and oil prices going forward, then obviously with through the end of the interest rate hike cycle in India. So obviously you could look at the interest rate sensitive sectors. But infrastructure has been beaten down too much. Once the government gets onto front foot, there will be large scale orders coming through in infrastructure across the board. The likes of say L&T and BHEL have been severely hit but - apart from the markets falling – they would lead the recovery along with interest rate sensitives.

What is your current tactical trade?

Current tactical trade is to buy the banks and infrastructure. There is capital goods sector which is not going to be leading the market in the short term. Keep any shorts in some of the sectors which have got a bit of overhang - telecom would be one and obviously real estate would be the other. So those would be the tactical positioning of portfolios at the moment.


Vivek Kumar
PGDM 2nd Sem

SBI to offer 15-year retail bonds at 9.95%

MUMBAI: State Bank of India will sell bonds to retail investors offering returns of 9.75% and 9.95% on 10- and 15-year bonds, respectively.

In a letter to the Bombay Stock Exchange, the bank said its central board has approved raising funds through the issue of subordinated debt (lower tier II bonds). It has approved selling bonds worth Rs 1,000 crore, with an option to retain oversubscription of up to Rs 1,000 crore. In case of retail demand, SBI can retain the oversubscription beyond Rs 2,000 crore up to Rs 10,000 crore.

This time around the bank is offering different rates for retail and non-retail investors. Non-retail investors, who include institutions and high net-worth individuals who invest in bulk, will receive 9.3% for 10 years and 9.45% for 15-year investments. The bank also has an option to pre-pay investors in the 10-year bonds after 5 years and after 10 years for 15-year bondholders.

Senior officials of the bank said that details regarding the opening of the issue would be announced on Tuesday. Although these investments are long-term in nature, investors are assured liquidity through the listing of these bonds.

Investment bankers who are distributing the issue say earlier experience suggests that SBI is bound to receive a huge oversubscription on the first day itself. "There are many banks that are offering 9.5% and above on fixed deposits. But these investments typically are for one-two years and interest rates are widely expected to come down in the long-term," said an investment banker.

SBI`s earlier retail bond issue, which offered a much lower return, was a huge success with the bonds being sold out on the first day. Successful investors got an opportunity to make equity-like gains as the bonds were listed at a 5% premium on listing. While the returns on the bonds are even better, the listing position would depend on the extent of unsatisfied demand in the public issue. Prices of SBI`s earlier bonds fell marginally on Monday, but the securities continue to trade at a significant premium over the issue price.

Although the size of the issue is minuscule compared to the bank`s balance sheet, the issue is part of an ongoing programme to develop a market for long-term resources. The bank presently funds all its long-term loans, which include home loans and loans to the infrastructure sector, through core savings deposits and medium-term deposits. The long-term bonds will enable the bank to match some of its long-term fixed liabilities
NAME DEEPAK KUMAR JHA
PGDM(2010-12)
PG/10/06

IG Petrochemicals Q3 net profit at Rs15mn

finance news


APP THAT’S A BACK-UP PLAN

Don’t worry about date risk, cellphone offers extra cover 

New York: Whether it was a match made online or a love that developed over the telephone, a new iPhone application is designed to make that first date or meeting safer.
    An estimated 20 million people visit online dating sites each month in the US, with activity usually spiking in the build-up to Valentine’s Day. “People are Internet dating now and you don’t know the character of these people,” said Linda Smith, of Chicago-based Date Tracker Alert LLC, which developed the app.
    Although love may be in the air, the dating safety app, myDate-TrackerAlert, aims to remove some of the risk of that first face-to-face encounter. “The person with the app can maintain their dating privacy,” Smith explained in an interview. “But when you need help, when you don’t check in, they (your emergency contact) have the information that will help them find you.”
    The app sends out an email or text to up to four chosen emergency contacts with the name, time and loca
tion of the date if the app owner does not check in by a predetermined time by clicking an ‘I’m OK’ button on the app. The date’s email and cellphone number can also be included in the app and up to four people can be listed as emergency contacts.
    “Four alerts can go out,” Smith explained. “You actually are better off that way because you have more of a chance that someone will try to find you in a timely manner.”




 Omshankar Tiwari

PGDM 2nd SEM


Mahindra to relaunch two Logan variants without Renault brand

NEW DELHI: It's going to be curtains down for French carmaker Renault at Mahindra dealerships as the two companies chart out independent plans after their divorce last year. As Renault prepares for its solo run in the Indian market, Mahindra also gears up to sell the Logan with a new name, sans the Renault tag and its diamond-shaped logo.

Mahindra and Renault had last year dissolved their JV - Mahindra Renault Pvt Ltd (MRPL) - after poor response to the no-frills Logan that had failed to enthuse the market and saw the two partners blame each other for the dismal performance. Mahindra bought out Renault's 49% equity in MRPL, gaining full control over the company.

"The transition will happen very soon," Mahindra's automotive sector president Pawan Goenka told TOI here. He said the Renault tag will be removed from Mahindra dealerships that were selling the Logan and had 'Renault' brand name inscribed on the outside. "There were around 150 dealerships that were having this joint branding (Mahindra and Renault). The Renault brand will now come down."

Importantly, the company is now working out an all-new effort for the Logan, the first and only product born out of the failed JV. "We are not entitled to continue with the Logan brand, as well as the name and diamond brand sign of Renault. Thus, we will be having a new branding for the car, and this will also happen very soon," Goenka said. Mahindra had been in-charge of the sales and distribution of the car from the beginning while the product know-how came from Renault's side.

Logan will now be Mahindra's first and solo product in the passenger car segment. The company has a two-pronged strategy for the car - developing a new re-styled version on the one hand, while also developing a new lower-price version of the model. Mahindra will reduce the length and other specifications of the car for the cheaper variant to fit it into the small car definition and to attract lower excise duty. Renault is also padding up for its new run. The company has decided to set up its own independent sales and distribution network. It plans to have 70 outlets.
NAME- DEEPAK KUMAR JHA
PGDM(2010-12)
PG/10/06

Reliance Cap shares jump as brokers find them oversold

MUMBAI: Shares of Anil Ambani group firm Reliance Capital today rose by over 6 per cent after at least four brokerage firms termed the stock as undervalued following the recent plunge.

The shares were 6.1 per cent up at Rs 468.3 in early afternoon trade at the National Stock Exchange. At Bombay Stock Exchange also, the stock was trading 6.6 per cent higher at Rs 470.25.

Today's rally followed a positive stance taken by a number of brokerage firms on the stock after the company announced its quarterly results over the weekend.

In a report published today, Kotak Institutional Equities said that Reliance Capital continued to build its core businesses during the third quarter, with cost controls and fee income adding to its earnings.

"The stock has corrected significantly, likely due challenges in the operating environment across its businesses and general concerns in ADA Group," the brokerage firm said, while finding the stock attractively valued at current level.

It, however, said that investor's confidence on the ADA Group would be crucial in driving stock performance.

Reliance Capital's net profit rose by 68 per cent to Rs 106 crore in the quarter ended December 31, 2010.

In a separate report, Edelweiss said that earnings growth were robust for the companies' core businesses such as asset management and consumer financing.

Edelweiss further said that the stock has under-performed the sector considerably over the past one year due to regulatory concerns in life insurance and mutual fund businesses and business restructuring.

"However, we believe the concerns are largely priced in the current valuations and at this stage, the risk-reward ratio seems to be more favourable," it added.

Morgan Stanley also said that the company has seen improving profit trend in its core businesses as it recorded robust growth in asset management, consumer financing and broking and distribution businesses.

The shares today marked its third consecutive day of rise after falling sharply over most of the recent weeks. Prior, to the current three-day rally, the stock had plummeted by close to 40 per cent so far this year.
JITENDRA KUMAR SINGH
PGDM SEM-2

Equity Investing: Weapons of mass inclusion

It’s human nature to demonise things, which one can’t understand. There are examples galore of ideas that were scorned at first, but embraced later. Equities suffer from the same malaise. Those who have not understood equities and investing in equities condemn them as gambling and write-off any contribution that they could play in the country’s development. 

Financial inclusion is a much-talked about concept these days, but I think people have not understood it well. First, we should understand financial inclusion in the right perspective. There are many people who say that half of India is unbanked and they don’t have a bank account. Will it be financial inclusion if we are to open a bank account and put some small deposit in it? Most likely, the account will be defunct soon, and this helps no one. 

I believe that meaningful financial inclusion can be done by participating in equities. Let’s understand how and why it is important. The Indian economy, as most of us agree, is likely to grow by 8.5-9% in real terms, which is 13-14% in nominal terms. 

As has been the pattern over the past three decades, agriculture will grow at a slower pace of 2.5-3% p.a. (as land is the limiting factor) and the industrial and services sectors grow at a faster pace of 10-11% p.a. in real terms of over 15% in nominal terms. This reflects in the corporate earnings that have average growth of 18% per annum. At that rate, equity investments double in about four years time, whereas bank deposits earnings at around 6-7% per annum will take almost 12 years to double. In these 12 years, investments in equities would have grown 8-fold. 

Also, returns on equities by way of dividend and capital gains are either tax-free or attract lower tax rate compared with interest income. Sadly, a dominant part of this prosperity and wealth creation, fuelled by a booming Indian economy, is being enjoyed only by large foreign investors or a handful of high net worth individuals (HNIs). 

If a small saver can multiply thousand rupees eight times vis-a-vis two times, we can imagine the kind of difference it can make to his post-retirement life, standard of living and also to that of his future generations. It is a pity that today, only 4% of the savings of Indian households get invested in equities. 

No doubt, there exists the risk of reckless investments. But this is where a professional investment manager would help. He is someone who understands that it’s incorrect to paint ‘equities’ in general as ‘very risky’. There are different grades of risk within equities. 

While investments in small- and mid-cap companies have a higher risk-return payoff, investments in blue-chips and large-cap liquid scrips are considerably ‘safe’ while providing decent returns. A professional investment manager can understand people’s risk appetite and help channel investments to the right kind of companies for an acceptable rate of returns. 
PGDM SEM-2


JITENDRA KUMAR SINGH

ICRA assigns IPO Grade 3 to proposed IPO offering of AGS Transact

Finance news


AUSTERITY DRIVE

Obama’s budget aims to reduce deficit by $1.1 trillion 

  President Barack Obama’s multitrillion-dollar budget, to be sent to Congress on Tuesday, will project deficit reductions of $1.1 trillion over a decade, an official said.
    Two-thirds of the reductions in the budget for the year beginning October 1 would be achieved through cuts in domestic programmes, including airport, water and sewer grants, and publichealth and forestry programmes, the official said, confirming a story in Monday’s New York Times.
    The official spoke on condition of anonymity because the
budget details haven’t been released. He said that by 2015, the budget deficit would decline to about 3% of the US economy, from an estimate of about 9.8% this year, according to the Congressional Budget Office. Trimming the budget deficit to 3% of the nation’s GDP is a level most economists deem sustainable.
    The $1.1 trillion reduction over a decade is measured against spending levels in fiscal 2010, the official said. Budget director Jacob Lew said that measure is being used because it’s the last year of full funding of government
programmes. Congress hasn’t approved a budget for fiscal 2011, which is almost half over.
    Much of the plan for savings comes from plans for a five-year freeze in non-security domestic

spending that the Obama administration says would save about $400 billion during the next 10 years. Such spending accounted for about 14% of the budget in Obama’s last budget. Republi
cans, who control the House, spelt out plans on February 11 to cut about $100 billion in programmes from the current year’s budget.
    Over the past few weeks, the administration has announced or leaked plans for the fiscal 2012 budget that would: Impose a fiveyear freeze on domestic spending outside security for a projected savings of about $400 billion over a decade, increase spending on education and infrastructure by unspecified amounts, add $15.7 billion to build a nationwide wireless network for emergency workers and widen access to high
speed internet, seek cuts of $2.6 billion, or about 50%, in the Low-Income Home Energy Assistance Programme, grant relief to heavily indebted states by temporarily suspending interest payments they owe the federal government for borrowing money to cover the soaring cost of unemployment benefits. This would be accompanied by a moratorium of state tax increases paid by employers to help fund benefits. Adding to the above, there will also be a demand for $8 billion in fiscal 2012, and $53 billion over six years, for construction of high-speed rail. BLOOMBERG


Barack Obama 
 
 
Nitesh Ranjan
PGDM 2nd Sem 

Finance news


Mahindra Aero eyes strategic investor 

Chennai: The Mahindra group is looking to scale up its aerospace business to capture a slice of the $12-billion offset business in the Indian defence market. Group company Mahindra Aerospace Private (MAPL) is looking to rope in a strategic investor (it already has Kotak PE) and is pumping in Rs 284 crore in a new facility in Karnataka for components, assemblies and aerostructures both for its own and other large aircraft. The idea, said a top company official, is to create competence for components on one hand and build compact, rugged, affordable aircraft—‘Scorpio of the aero industry’—on the other.
    “We are talking to potential strategic investors including OEMs and tier I suppliers. We are looking at a relationship that will help us access both customers and technology—not just for the offsets business but for aerospace competency beyond that too ...,” Hemant Luthra, president, Systech,
M&M, told TOI. A tie-up is a “distinct possibility” in the quarter. The top tier 1 suppliers globally are players like Alenia, part of the Italian group Finmeccanica, Premium Aerotec, Aernnova Spain, Aerolia, and Spirit Aerosystems but Luthra refused to speculate on the name of the potential strategic partner. The $7.1 billion Mahindra group is building a 20-acre component plant at Narsapura in Karnataka.
    The company has acquired equipment from the Boeing Aerostructures plant in Melbourne Australia for the Narsapura plant. “We bought the assets of Boeing's metallic aero struc
ture plant and it is being shipped as we speak. Acquisition of assets of Boeing Aerostructures Australia further enhanced by additional capabilities being built will ensure that the India plant has both sheet metal cutting and several distinct unique capabilities in terms of stretch forming and post machining processing capabilities matched by few others and should give us a distinct advantage to meet tier I plus OEM needs, including our own as we build out our own NM5 and GA aircraft,” Luthra said.
    Kotak Mahindra owns one-third stake in MAPL which has two arms —components, assemblies and aircraft. The former is built around the acquisition of Aerostaff and the latter around Gippsland—both Australian companies that MAPL acquired last year. The new strategic investor is rumoured to be looking at an equity stake in the components and assemblies arm. There are also plans to list the aerospace business but not in the near future.




 Aleem Ahmad

PGDM 2nd Sem


Religare ent Q3 net loss at rs 98.45 cr

Financial services firm Religare Enterprises Ltd (REL) reported a net loss of Rs 98.45 crore for the third quarter ended December 31, 2010.
The company had posted a net profit of Rs 21.66 crore in the October-December quarter last fiscal, REL said in a filing to the Bombay Stock Exchange.
The total income of the company, however, registered a growth of 73.56 per cent at Rs 716.78 crore in the December quarter against Rs 412.98 crore in the year-ago period, the filing added.
"While in the quarter gone by we saw some softness in the India business owing to pressure points in the financial markets, the structural story remains intact," REL Group CEO Shachindra Nath said.
In a separate filing to the BSE, REL said the company's board has approved fund raising of upto Rs 2,500 crore through issue of capital.
Rakesh prasad
pgdm 2nd

Tata Motors Group global sales grow 16% in January

Cumulative sales for the fiscal (April 2010 – January 2011) are 868,583 higher by 27% compared to the corresponding period in 2009-10.
Tata Motors Group global wholesales, including Jaguar Land Rover, were 98,998 nos. in January 2011, a growth of 16% over January 2010. Cumulative sales for the fiscal (April 2010 – January 2011) are 868,583 higher by 27% compared to the corresponding period in 2009-10.

Global sales of all commercial vehicles – Tata, Tata Daewoo and the Tata Hispano Carrocera range -- were 45,815 nos. in January 2011, a growth of 14%. Cumulative sales for the fiscal are 408,761 nos., a growth of 27%.

Global sales of all passenger vehicles were 53,183 nos. in January 2011, higher by 17%. Cumulative sales for the fiscal are 459,822 nos., a growth of 28%.

Global sales of Jaguar Land Rover in January 2011 were 20,377 vehicles, higher by 25%. Jaguar sales for the month were 3,056 nos., higher by 3%, while Land Rover sales were 17,321 nos., higher by 30%. Cumulative sales of Jaguar Land Rover for the fiscal are 195,819 nos., higher by 28%. Cumulative sales of Jaguar are 46,008 nos., higher by 17%, while cumulative sales of Land Rover are 149,811 nos., higher by 32%.

Global sales of Tata passenger vehicles and the distribution offtake in India of Fiat cars were 32,806 nos. for the month, higher by 13%. Cumulative sales for the fiscal are 264,003 nos., a growth of 28%.
JITENDRA KUMAR SINGH
PGDM SEM-2

Tata Motors said on Tuesday its global vehicle sales rose 16 per cent in January to 98,998 units. Jaguar and Land Rover sales rose 25 per cent to 20,377 units, driven by a 30-per cent rise in Land Rover sales. Tata bought the British luxury brand unit JLR from Ford Motor Co for $2.3 billion in 2008.
Tata Motors, part of India's salt-to-software conglomerate Tata group, on Friday said surging sales at its luxury Jaguar and Land Rover unit helped quadruple third-quarter profit.
Tata, whose range includes utility vehicles, cars and the Nano, touted as the world's cheapest car,pledged to lift prices aggressively to offset rising raw material costs.

Rakesh prasad
pgdm 2nd








Banking on the Future with Stem Cells

How do you improve your childs life quality when she turns 70 by investing Rs 1 lakh now We are not talking insurance,but about creation of a stem cell bank when the child was young and accessed when she grows old.Deepak Ghaisas -- former chief executive and finance head of iflex -- is doing just that with his biotechnology firm Stemade.Stemade banks stem cells from your childs teeth when she is eight or from the wisdom tooth when she is a little older and allow it to be used even 50 years later.A bean counter at heart,becoming a biotech entrepreneur is Ghaisas third avatar,after starting off as a chartered accountant in a food firm and then moving to a very successful stint in technology services.His holding company is called Gencoval (generating companion value,in short) Strategic Services,which runs three subsidiaries: Stemade,Healthbridge,a business process re-engineering programme for hospitals and GCVLife,that is working on a technology that addresses diseases resulting from sleep apnoea.He explains the stem cell foray in pure accounting terms: This is the best kind of derivate product,where the downside is capped at Rs 1 lakh,while the upside is huge, Ghaisas said adding we are addressing health and disease management using solutions based on stem cells and delivered through hospitals. Ghaisas logic for a biotech foray is that India is the market for such therapeutic products,unlike information technology.The market for IT remains the US,the Indian IT market is much smaller.However,when it comes to biotech and healthcare,the market is here,in India.The delivery is expensive now but that it should come down,"he says.Stemades products will eventually be delivered through hospitals while Healthbridge is working on improving process efficiencies.Ghaisas,however,is not focusing on India alone: he plans to offer storage services for stem cells in India for customers in Singapore shortly and later for customers in Middle East too.India can become the worlds stem cell storage centre, he says.The initial Rs 10-crore investment has been made by Ghaisas himself.And he might need venture capital or private equity of around Rs 40-45 crore when he sets up a research centre for which he is scouting for land in the Pune region.In the four cities that Stemade has been launched,they have 300 registrations and 100 teeth banked.Ghaisas now plans to take the company to another six cities.We charge Rs 10,000 at the time of registration and 50% of the total amount,Rs 45,000 at the time of the actual deposition of the teeth.The balance,which is another Rs 45,000,is paid a month after the extraction,when the certification process is completed.We tell parents that if the child is 10-year-old,it would amount to paying Rs 1,000 a month till the child turns 21,although we take the money upfront.After 21,they pay Rs 6,000 annually Ghaisas said.There is another,bigger market that opens up with this,that of genomics.Around 10% stem cells have been found to match parents while the success rate in matching siblings is 30-40 % but there is also an opportunity to generate matches for people around the world.A database is being created under the genetic registry and while there are six types of genes,a match of even four of the six is alright with doctors.Ghaisas said he was looking at office space without divulging more.For Stemade,the focus is on the autologous stem cell market,where a patient is treated using his/her own stem cells.This strategy is much in sync with the global focus on personalised medicine.There has been no blockbuster drug which is worth $1 billion,after Viagra.And there is a drying up of the pipeline for new molecule development in the pharma industry.Pharma companies are now eyeing biotechnology,just look at the acquisitions they are making, Ghaisas says explaining his new bet.These autologous cells are multipotential stem cells which means that they can create tissue,unlike umbilical cord stem cells which are used to treat blood cell- related diseases.For storage purposes,the teeth are broken under a proprietary technology of French firm,Institute Clinident Biopharma,and stored at LifeCells lab in Chennai for the next 40-50 years.
PRABHAKAR MANI
PGDM 2 SEM

Tata motors global sales up 16 pct in jan.

Tata Motors, part of India's salt-to-software conglomerate Tata group,
said surging sales at its luxury Jaguar and Land Rover unit helped
quadruplethird-quarter profit.
Tata, whose range includes utility vehicles, cars and the
Nano, touted as the world's cheapest car,pledged to lift prices
aggressively to offset rising raw material costs.
Rakeshj prasad







  Pgdm 2nd

SEBI implements new tool for violation tracking

Mumbai: Market regulator SEBI on said it has implemented a new tool for speedy analysis of data and identification of possible violations, like insider trading. The new tool, named Data Ware Housing and Business Intelligence System (DWBIS), will significantly enhance SEBI's investigation and surveillance functions, the regulator said in a statement.
The Data Warehousing tool will allow SEBI to exploit the power of modern technology in terms of computation and speed of data analysis," it added.

DWBIS will also allow SEBI, along with the similar tools available with the exchanges and depositories, to expedite the investigation and completion of its quasi judicial orders arising from cases of violations pertaining to the securities market.

SEBI said in the next one year, the new tool will host "pattern recognition algorithms" to monitor trade and order data received by SEBI in order to identify networked clients who possibly, collectively, indulge in violations of securities laws.

The tool has software functions aimed at, "addressing crimes like insider trading, front running, etc," SEBI said.

The existing databases across departments of SEBI will get linked with this new tool in a way to enable efficient utilisation of stored data for SEBI's investor protection and regulatory roles, the regulator said.

SEBI has signed a contract for this project, designed and to be delivered by TCS, as the system integrator. The rollout of the project took place on Monday with Chairman C B Bhave receiving the first set of reports from the system.

The new tool is expected to be used extensively by SEBI in its various investigations into possible irregularities in market dealings
JITENDRA KUMAR SINGH
PGDM SEM-2

Aircel Owner-Sun Deal Under Lens


Months after Aircel got licences in 2006,a Maxis group co invested 830 cr in Sun Direct TV

ROHINI SINGH NEW DELHI

Investigating agencies probing the allotment of telecom licences since 2001 are scrutinising a transaction between Sun Direct TV Pvt Limited,an operator of direct-tohome television services,and Malaysian firm Astro All Asia Networks.Sun Direct is part of the Sun Group,a media group owned by Kalanithi Maran,the brother of DMK leader and Textile Minister Dayanidhi Maran.Astro is controlled by Malaysian billionaire T Ananda Krishnan,who also owns Maxis Communications,a telecom firm which has majority stake in Aircel,an Indian cellular phone company.In December 2006,the Aircel Group which included Aircel Ltd and Dishnet Wireless was granted 14 new telecom licences by the department of telecommunications headed by Dayanidhi,who was the telecom minister at the time.Four months later,in April 2007,Astro,through its Mauritius-based subsidiary South Asia Entertainment Holding Limited (SAEHL),announced that it intended to invest approximately $166 million,or 830 crore,in subscribing to 20% of the enlarged capital of Sun Direct.At the time when Aircel received the licences,applications of Idea and Spice Communications,two other cellular companies,were still pending.Investigators are examining the transaction because SAEHL paid a premium of almost 70 per share at a time Sun Direct had not commenced operations.Documents filed by the company with the registrar of companies (RoC) reveal that the firm had only two shareholders,Kalanithi Maran and Kavery Kalanithi.The two were also directors of the company at that point.SAEHL subsequently invested $166 million,starting December 10,2007,in buying 6.9 crore new equity shares with a face value of 10 per share representing 20% of the enlarged capital of Sun Direct TV.The total share capital after the money came in stood at approximately 19.8 crore equity shares.
PRABHAKAR MANI
PGDM 11 SEM

SEBI all set to penalize RIL over insider trading

Mumbai: The alleged involvement of India's largest corporate house Reliance Industries in a case of insider trading has resulted in SEBI getting geared up to penalize them. A hearing would be held very soon by SEBI before the penalty amount if finalized or quantified.

The evidences and proofs available with SEBI are totally against RIL and clearly show that RIL has violated the rules. The case relates to 2007, when RIL sold 4.1 percent equity in its Reliance Petroleum Ltd in an open market transaction, earning huge profits. This has caused a lot of flur about it constituting as an act of insider trading since RIL would have insider knowledge of their own company, Reliance Petroleum Limited (RPL).Ever since this incident took place, Reliance Petroleum has been merged with its parent Reliance Industries since September 2009 and also got delisted from the stock market.

On its part, Reliance Industries in the past has made several unsuccessful attempts to settle this case with SEBI. RIL had filed consent petition in November 2009 offering to pay 2 crore and again in August 2010, to pay close to 10 crore, both of which have been rejected by SEBI.

This situation has come into picture because after assessing the illegal gains from the alleged insider trading, the market regulator has sensed the amount to be around 500 crore which when compared to the offered consent fee is a meager amount in comparison.

A personnel hearing is being granted to the officials of RIL by SEBI before passing its final order. The penalty amount has not yet been stated but is expected to be extremely and as per the norms, it could be 25 crore or three times the gain from the illegal transaction - whichever is higher.

Now with the final order from SEBI likely to be passed soon, the markets will closely watch the reaction from India's largest corporate.
JITENDRA KUMAR SINGH
PGDM-SEM2

Executives Rank Marketing Most Critical Area for Next Generation of Business Leaders

According to a survey of U.S. senior executives, marketing will be the most important area of expertise for the next-generation of leaders.
The study, commissioned by the Institute of International Research, sought to identify key areas for leaders. Marketing was the clear choice, with 31 percent of votes, followed by 20 percent for operations and 16 percent for financial expertise. Sales and engineering were deemed least critical to leadership with 11 and six percent respectively.
While marketing departments are often struggling to effectively measure effectiveness and the related battle for internal credibility, studies such as this provide evidence that marketing is making significant headway in proving its value within organizations.
Marketer Seth Godin attributes the rising recognition of marketing to fierce marketplace competition. “Being good enough is no longer good enough,” said Godin. “This is the most cluttered marketplace in history--just about everything is available everywhere, all the time. Leaders understand that spreading the word about their offerings is the only path to success. This survey hammers home that point--the success of an organization is driven by one thing: whether or not people choose to buy what you've got to sell.”
Piyush Joshi
PGDM-2nd sem

Executives Rank Marketing Most Critical Area for Next Generation of Business Leaders

According to a survey of U.S. senior executives, marketing will be the most important area of expertise for the next-generation of leaders.
The study, commissioned by the Institute of International Research, sought to identify key areas for leaders. Marketing was the clear choice, with 31 percent of votes, followed by 20 percent for operations and 16 percent for financial expertise. Sales and engineering were deemed least critical to leadership with 11 and six percent respectively.
While marketing departments are often struggling to effectively measure effectiveness and the related battle for internal credibility, studies such as this provide evidence that marketing is making significant headway in proving its value within organizations.
Marketer Seth Godin attributes the rising recognition of marketing to fierce marketplace competition. “Being good enough is no longer good enough,” said Godin. “This is the most cluttered marketplace in history--just about everything is available everywhere, all the time. Leaders understand that spreading the word about their offerings is the only path to success. This survey hammers home that point--the success of an organization is driven by one thing: whether or not people choose to buy what you've got to sell.”
Varun Kumar Tiwari
PGDM-2nd sem

The Marketing Relevance Imperative

Unprecedented access to information and new technologies have empowered consumers and business buyers with the ability to tune out marketing messages with ease. In most cases, when given the choice, they choose to skip these messages. Whether it's using Tivo to zap television commercials or software to block online ads and email marketing, they're sending a message to all marketers: get relevant or we'll ignore you. While the noise level of marketing messages reaches an all time high and audiences become more and more fragmented, some marketers have reacted by turning up the volume and, at times, engaging in practices with questionable ethics, while others have chosen to become more relevant.
Piyush Joshi
PGDM-2nd sem

Understanding the Mind to get to the Heart of Buying Decisions

Malcolm Gladwell enlightens our thinking with his book Blink, a fascinating exploration of how decisions are made in the blink of an eye, before consumers even realize they’re making a decision. He suggests “we think without thinking.” Gladwell’s effort to share emerging insights into how our brains work is timely. In this decade, we are learning more about how humans think and feel and what drives our behavior than the whole of our discoveries in the time since Sigmund Freud dreamt up the idea of psychoanalysis. This has profound implications for marketing and brand professionals.

Varun Kumar Tiwari

PGDM-2nd sem

Banks request Govt to reduce tax-saving deposit term

Mumbai: The government has once again been requested by the banks so as to cut down on the duration of the tax-saving term-deposit scheme to three years from the ongoing five years.

They have justified about this step saying that the resources so raised not only support infrastructure lending that has gained traction over the last one year or so, but also suitably address the duration mismatch between assets and liabilities.
Banks have not been able to have more development in mobilizing funds under the tax-saving term-deposit scheme. Given that they could miss out on higher returns should interest rates head north, savers perceive the five years lock-in as too long a duration to commit funds.

“The tax savings term-deposit scheme in the current form is not favoured by savers as funds get locked in for five years. As premature withdrawal of the deposit is not allowed, the saver will have to forego an opportunity to earn better returns in case interest rates go up. Further, loan/overdraft against these deposits is not available,” said Mr K. Unnikrishnan, Deputy Chief Executive, Indian Banks' Association.

If the duration is reduced to three years, it would also result in the savers to willingly deposit their money in the tax-saving term-deposit scheme. A similar representation had been made by banks to the Finance Ministry last year also.

Around 8.5 percent interest is paid by all the banks on tax-saving term deposits.

According to the Bank Term Deposit Scheme, 2006, deduction is available on investments under Section 80C of the Income-Tax Act, 1961, on investments (minimum of 100 and up to a maximum of 1 lakh a year) in term deposits of five years' maturity in a scheduled bank.

Under Section 80C, premium towards life insurance and unit-linked insurance plans, subscription to public-provident fund, employee's contribution to provident fund, investment in National Savings Certificate and equity-linked savings scheme, and repayment of principal amount in a home loan qualify for deduction (up to a maximum of 1 lakh a year) from a taxpayer's gross total income.
JITENDRA KUMAR SINGH
PGDM SEM-2

practice pre-poning trade on listing day in IPO stocks

Mumbai: The Bombay Stock Exchange (BSE) plans to introduce pre-opening trade in IPO stocks on the day of listing, a practice that is currently only permitted for Sensex stocks and 20 other large cap counters.

"We are keen on allowing the IPO stocks to have a pre-open session on their debut day. We are talking to the market watchdog Sebi on this," BSE Deputy Chief Executive Ashishkumar Chauhan said.
As to how this would assist the debutante company, Chauhan said it will help avoid wild price fluctuations on the listing day, as it does with other stocks.

Explaining the mechanism, he said, "Instead of the 50 stocks that are allowed to have pre-open now, when there is a listing, the debutante scrip will also be part of the pre-open trade on that day."

On October 18 last year, both the BSE and National Stock Exchange (NSE) had started a 15-minute special pre-opening session to help reduce the extreme price volatility typically visible in the first few minutes of trade, as well as ensure better integration of domestic markets with international markets.

Normally, the market sees wild price fluctuation whenever there is any major event or announcement by a company like an M&A, open offer, delisting, debt-restructuring, credit-rating downgrade or upgrade and rumours regarding any such event.

Market watchdog Securities and Exchange Board had allowed the introduction of a pre-open session call auction on the bourses between 9 and 9.15 am last July.

In a call auction, participants indicate their willingness to buy or sell stocks by placing an order for a number of units at the prevailing price before the trading begins. This mechanism is known as the pre-open session call auction and is prevalent in all the leading global bourses.

According to market experts, pre-opening trade will help both retail as well as institutional investors by reducing price volatility due to multiple matching of orders at a single price, better price discovery and also dilute the impact of any major swings on the market.

Another advantage is a fairer market, especially for small and non-professional investors, because all trades get executed at the same price.

According to BSE officials, a uniform price band of 20 percent will be applicable to all eligible securities during the pre-open session.

In the first 15 minutes, investors can place orders for eight minutes, on the basis of which the exchanges will determine the rates at which trading will happen.

Till now, the pre-opening trade facility was only available to Sensex and Nifty stocks, besides another 20 large cap stocks in the case of the BSE to enable better alignment with the NSE
JITENDRA KUMAR SINGH
SEM-2

Mahindra Satyam Q3 net jumps by to 58.9 Crore

Mumbai: Mahindra Satyam, formerly known as Satyam Computer Services, reported an over two-fold sequential jump in consolidated net profit for the quarter ended December 31, 2010, to 58.9 Crore.

The company had reported a consolidated net profit of Rs 23.3 crore for the July-September quarter of 2010.

Revenue for the third quarter grew marginally to Rs 1,279.3 crore from Rs 1,242 crore in Q2, FY2010-11, Mahindra Satyam said in a filing to the Bombay Stock Exchange
Mahindra Satyam had reported a net loss of Rs 1,250 crore for the year ended March, 2010, giving a first view of its financials almost two years after founder B Ramalinga Raju admitted to cooking the company's account books for years.

"Our efforts of investing in core competencies have begun to show encouraging results.
JJITENDRA KUMAR SINGH
SEM-2

Banks scramble to save costs as interest rates soar

Indian banks are turning to low-cost deposits, refinancing debt and raising cheap foreign capital to protect margins squeezed by higher interest rates at home, bank officials and analysts said.
* IOB, REC, IDBI Bank to raise cheaper funds overseas
* Mid-cap banks shifting focus to CASA growth to ease margins
* Refinance, services to the fore as loan growth tapers off
India's central bank last month raised interest rates for the seventh time in less than a year and more rate hikes are on the card to curb stubbornly high inflation.
State-run lenders Indian Overseas Bank, IDBI Bank and Rural Electrification Corp (REC) are raising cheaper funds abroad, but most are turning to the low-cost current account savings account (CASA) deposits.
Foreign rates are at historical low levels, while domestic rates are high, HD Khunteta, director of finance at REC, s
March, leading to higher proportion of wholesale funding, partly from refinancing institutions.
Rather than focusing on balance sheet growth, we focus on churn and fee income, said Jaideep Iyer, president, financial management at Yes Bank says: We focus on non-interest income such as trade, forex, advisory services with the same clients. We are chasing more customers so that gives more granularity to our balance sheet.
Others like IDBI Bank are exploring options to refinance loans and deposits, shed high-cost bulk deposits and look to overseas borrowing.
IDBI plans to raise $1 billion by September as also Indian Overseas Bank, which plans to raise a similar amount, half before end-March.
If refinancing gives us a lower cost, or foreign currency borrowing gives us a lower cost, we will access those sources rather than deposit sources, said Melwyn Rego, executive director, IDBI Bank.
LOW-COST DEPOSITS
The focus on low-cost current account savings account (CASA) deposits has also...
aid, explaining the rationale.
Loan growth for most banks have been strong so far in FY11 ending...
been rewarding for lenders.
Cost of deposits is going up but we have been able to bring that down... we have been able to substitute high cost deposits with lower costs CASA and with refinancing, said S. Shridhar, chairman and managing director, Central Bank of India: CASA share of its deposits increased to 34.9 percent in Oct-Dec from 29.9 percent a year-ago, while its cost of deposits dropped to 5.7 percent from 6.1 percent.
Most mid-sized banks are targeting CASA of 34-35 percent over the next two years, in line with industry average.
Margins will be under pressure for mid-cap banks but what we have to look for is how much will margins come down, specially for those which have lower CASA ratios, said Vaibhav Agarwal, sector analyst at Angel Broking.
Agarwal recommends United Bank of India, J&K Bank, Dena Bank and Indian Overseas Bank amongst the mid-cap banks because of their dirt cheap...
JITENDRA KUMAR SINGH
PGDM SEM- 2

Sensex up 450 points; capital goods, auto, metals gain

MUMBAI: Indian markets continued to gain momentum as investors bought stocks across the board taking cues from positive global peers. The rally was led by stocks from capital goods, auto and metals space. Marginal dip in inflation to 8.23 per cent in January from 8.43 per cent a month ago also boosted sentiments.

At 3 pm; Bombay Stock Exchange’s Sensex was at 18185.21, up 456.60 points or 2.58 per cent. The broader index touched a low of 17857.12 and high of 18189.02 in trade so far.

National Stock Exchange’s Nifty was at 5453.45, up 143.45 points or 2.70 per cent. The broader index touched a high of 5453.75 and low of 5340.25 in trade so far.

BSE Midcap Index was up 3.36 per cent and BSE Smal-lcap Index moved 3.74 per cent higher.

Amongst sectoral indices, BSE Capital Goods Index rallied 4.51 per cent, BSE Auto Index gained 3.83 per cent and BSE Metal Index moved 3.49 per cent higher. BSE Oil&gas Index was up 0.83 per cent.

Tata Motors (6.07%), L&T (5.93%), Jaiprakash Associates (5.81%), BHEL (4.51%) and Jindal Steel (4.06%) were amongst the major Nifty gainers.

Reliance Communications (-0.72%) was the only index loser.

Market breadth was positive on the BSE with 2430 gainers against 467 declines.

Meanwhile, the European markets were in the positive terrain. FTSE 100 was up 0.13 per cent, DAX moved 0.45 per cent higher and CAC 40 moved 0.23 per cent up.
JITENDRA KUMAR SINGH
PGDM SEM-2