NEWSLETTER

12 Pages 05th July 2012 – 11th July 2012 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

CORPORATE INTELLIGENCE 5 NEWS ANALYSIS 6 JOB PROFILE 11

NEWS DIGEST…

IN BRIEF

PERSONALITIES OF

THE WEEK

INDUSTRY ANALYSIS

BSE: 17,489.14 pts NSE: 5,306.30 pts

BRENT CRUDE $100.23

(as on 11th July)

ECONOMIC

INDICATORS

RBI holds still amidst rate cuts from ECB, BoE & Bank

of China

COVER STORY

UN report: India 3rd most

favoured nation of global firms

GLOBAL NEWS

Spain gets one year

extension to meet budget deficit cutting target

Chanda Kochhar

Nitish Kumar

INDIAN BANKING INDUSTRY

… a weekly news bulletin

TTIIMMEE RRUULLIINNGG:: PPMM IISS UUNNDDEERRAACCHHIIEEVVEERR

MISCELLANEOUS NEWS

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PART ONE

1. RBI holds still amidst rate cuts from ECB, BoE & Bank of China 2. Lavazza looking for strategic partners to expand Barista 3. Renault disrupts Indian SUV market with the launch of “Duster” 4. Spain gets one year extension to meet budget deficit cutting target 5. United Nation report states India is 3rd most favoured nation of global firms

BSE closed at 17,489.14 pts & NSE ended at 5,306.30 pts (as on 11th July) Source: Reuters The 30-share BSE fell 0.73 percent to 17,489.14 points, after closing on Tuesday at their highest in nearly four months. The 50-share Nifty lost 0.73 percent to end at 5,306.30 points. Shares saw some profit-booking ahead of the earnings season as analysts expect muted earnings growth in the April-June quarter. Recent outperformers fell. The drop in the indices was due to the lackluster performance of the indices‘ top companies.ITC fell 2 percent to 253.30 rupees, after hitting a record high of 260.40 rupees on July 2 as investors have bet on its growth potential given it dependence on sturdier domestic consumer demand. Reliance Industry fell 1.9 percent, after gaining 1.1 percent on Tuesday, hit as well by continued worries over natural gas output from its domestic KG-D6 blocks. Among companies reporting earnings, Housing Development Finance Corporation fell 0.3 percent, outperforming the broader index. The mortgage lender said net profit grew 18.6 percent to 10 billion rupees in the fiscal first quarter, in-line with consensus estimates. India's largest software services exporter TCS fell 0.3 percent ahead of its earnings on Thursday, while Infosys shares rose 0.5 percent. Brent crude at $100.23 (as on 11th July) Source: Reuters Crude oil futures surged on Wednesday, ending more than 2 percent higher after a volatile session despite a mixed message from the US Federal Reserve that it may opt for more easing policies, but only if the economy weakens further. According to the traders, Brent crude paced the market, supported by news that the combined daily loading volume of the four benchmark North Sea crude oil streams was expected to fall to a record low in August. US government data showed crude inventories fell 4.7 million barrels last week. Analysts said the news had a limited impact on oil prices. In London, Brent crude for August delivery settled at $100.23 a barrel, up $2.26, after hitting an intraday high of $100.50. On Tuesday, oil fell more than 2 percent after a strike by Norway's offshore oil workers ended when the government ordered compulsory arbitration. This eased fears that North Sea supplies would tighten. Data also showed that China's oil imports fell in June, reinforcing fears of a global economic slowdown hurting fuel demand.

he giant American conglomerate General Electric (GE) holds more assets abroad than any other non-financial

firm in the world—over $500 billion worth. Its foreign assets make up over 70% of its total. Of the 100 companies with the most foreign assets, 17 hold over 90% of their assets abroad, including ArcelorMittal, Nestlé, Anheuser-Busch InBev and Vodafone. Their share of foreign sales is also substantially larger than GE's. More than half of GE‘s 300,000-strong workforce is based outside America; Toyota, which has slightly more employees, only has 38% of its 326,000 workers abroad. The Japanese carmaker is one of only two Asian firms to make it into the top 20 transnational companies by assets; Honda, another carmaker, ranks 19th. Three of the top five firms are oil companies. Exxon Mobil had the largest foreign sales last year at $317 billion, 73% of its total. Transnational firms benefited from the more favourable economic climates in emerging markets, and some developed markets, like America.

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Being termed a loser in public is far greater a humiliation than being ridiculed behind closed doors. Who knows this better than our very own Manmohan Singh? Coming close on the heels of India‘s deteriorating economic condition, the ruling hits him right on the face. Though, by and large it states the obvious but TIME Magazine appears to have missed a trick or two in its assessment. May be it is too blunt to say such things. May be Time doesn‘t know much of India still.

What exactly Time says? The title of the cover page reads 'The

Underachiever - India needs a reboot'. The report also mentions that Manmohan seems ‗unwilling to stick his neck out‘ on reforms that could steer India back to the growth path, that he lacks courage and the ability to communicate with friends and foes within the government. The article also states that he fast seems to be losing the once held savior image that he had acquired on account of his liberalizing reforms. In effect he is an underachiever. And yes, he

works remarkably well into the hands of Sonia Gandhi, the ultimate power wielder in India. Even a cursory reading of the above passage shouldn‘t surprise anyone who follows contemporary Indian politics and makes wisecracks among peers about it. Indian political parlance is inundated with such jokes to the delight of common masses. So what Time tells us now, has been there with us for long, albeit in a funny way. However this time, the matter appears serious, because it is Time and not a kid. BJP latches on to Time’s remark: It is not something that political parties in India let go without making the most of it. BJP has been most vocal about the remark, saying that Time has only stated the obvious. It is harping that the same magazine was all praise for Narendra Modi some time back for his role in infrastructure development and the progress of Gujarat. On the contrary, the prime minister gives a message of despair, disillusionment and corruption. Congress fought back with great agility and responded that the country under the leadership of Manmohan Singh has achieved “political stability, social harmony, internal cohesion, economic growth and a greater role in global affairs”.

Why all of a sudden all this? This was not out of the blue. India has had

problems it needs to set straight for quite some time. Fiscal and Current Account Deficit is high, Foreign reserves have dried up, rupee is in a downward spiral, growth has come to a standstill and inflation has risen. Aviation sector is in red. Insurance sector, multi-brand retail is crying for FDI. Most of the reform measures are getting lost in the bickering and cacophony of the parliament. RBI is not cutting lending rates, fearful of the fact that it might fuel inflation. The Government says without rate cuts, growth cannot happen. Some economists even argue that India appears to be entering into a period of stagflation where low growth is coupled with high inflation. To sum up, India needs Manmohan to be a superhuman to get India out of this morass. And maybe it is his mortality that is coming in the way of his becoming an Achiever. Should we read too much into Time? Let‘s know more about our Prime Minister. By some notch he is the most

educated of his counterparts the world over. He might not be as flamboyant and outspoken as them but certainly knows a thing or two about economics. Though he is always disproportionately credited for being the architect of the economic reforms, which actually were envisaged even before he took office, he nonetheless was instrumental in implementing them. He was destined to be a bureaucrat who does a magnificent job, but not cut out for politics. Had he retired as a Babu, people would have gone gaga for what he had done. By some quirk of fate however, he became PM in 2004. He always looked like a person who was happy being a Babu than a prime minister. Ruling a country like India requires a different skill-set altogether, not necessarily a

desired one by all. Manmohan couldn‘t assert himself and watched corrupt ministers hijack policies for personal profit. He couldn‘t stop congress from indulging in rampant welfare spending binge which would fetch more votes. He also couldn‘t force out of congress, growth oriented reforms that might do short term harm to its pro-poor image, but are essential for improving the business sentiment in India. Simply, Manmohan couldn‘t change the way Indian politics works. Is the prime minister up to the job? Time has asked this question. And now it is for Manmohan Singh to respond. Yes India is in tatters, but if there is ever a person it can rely on to change the course of things, it is our very own prime minister. He has recently taken the charge of finance ministry and asked his officials to “revive the animal spirits in the country’s economy”. The usually withdrawn and reticent ―Man‖ has worked well as a Bureaucrat and now the time appears ripe to set records straight as a prime minister. May be Time also needs to be answered once in a while.

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Chanda Kochhar – MD & CEO, ICICI Bank The board members of ICICI knew exactly the kind of leader they were looking for, to succeed Indian banking veteran, KV Kamath. With over 25 years of experience in successfully managing various banking functions, Chanda Kochar defeated the highest contender Shikha Sharma – head of ICICI Prudential Life Insurance, for the job and became the managing director & chief executive of India‘s second largest bank. She took the corner office that once belonged to her mentor – KV Kamath in May 2009, when the bank was going through a difficult phase with the meltdown of the US economy, collapse of banking giant Lehman Brothers & sluggish national growth. ICICI was seeing rising number of bad or unsecured loans and witnessed its key people joining rival banks. Amidst all these uncertainties, she did not lose her focus and continued driving the bank towards rapid growth with the sole aim to make ICICI India‘s leading bank. Her efforts are now showing results with ICICI now significantly reducing its bad loans from 11% to less than 3%, acquiring Bank of Rajasthan and thus increasing ICICIs network in India & posting a net profit increase of 31% in the final quarter of FY12. The Humble Beginning: Kocchar had always been the bright one in her school & college. She pursued her Bachelors of Arts degree from Jai Hind College, Mumbai and completed her MBA degree from Jamnalal Bajaj Institute of Management Studies. She started her career as a management trainee in ICICI in 1984 and rose through the ranks through sheer hard work. She headed the corporate business which accounted for around 50 per cent of the balance sheet, before shifting to the retail business – which was less than one per cent of the business. Kocchar completely transformed the retail business in a span of six years and increased its contribution to 67 per cent in the balance sheet. She was lauded for her initiative in improving the business operations as the head of Western region, which resulted in better operational efficiency. She has headed almost all the important functions from corporate business to retail to insurance in ICICI. She was elevated to the position of Joint MD & CFO in October 2007 and also as an official spokesperson for the bank. Rewarding Talent... These are few of the awards bagged by Chanda Kocchar:

Received the honourable ―Padma Bhushan Award‖ in 2011. Ranked 5th in the ―50 Most Powerful Women In Business‖ list by Fortune magazine in 2011. Was named ―Retail banker of the Year‖ (Asia Pacific region) by The Asian Banker in 2004. Received ―Banker of the Year‖ award by Financial Express in 2011.

Nitish Kumar – Chief Minister of Bihar

Bihar is on the growth path, thanks to the current chief minister Nitish Kumar – a member of Janata Dal Party, who has brought development and constructive change in the region which was earlier considered as one of the most economically backward states in India. With a growth rate of 13.1 per cent in FY12, Bihar is the fastest growing state followed by Delhi. Unlike his predecessor, Laloo Prasad Yadav, Kumar is known for having a clean image and has managed to acquire the incredible status of ―least corrupt state‖ for Bihar. Kumar‘s plan to invest about Rs. 2.96 lakh crore in next five years, a figure that Gujarat spent in 50 years for its development, in the state has also got an approval from the Planning commission. Thus in coming years Bihar is going to see rapid upwards growth. Born to Lead!!! Kumar was born in Bihar. His father was a freedom fighter. He completed his electronics engineering degree from NIT Patna and then started working in the state electricity board. But he was always inclined towards politics and entered the field in 1974. He became the Railway Minister in 2001 as part of the NDA coalition. During his tenure he introduced the internet ticket booking facility and the revolutionary ―tatkal‖ ticket booking scheme. He became the Chief Minister of Bihar in 2005 and got re-elected in the 2010 elections. His government has brought about major infrastructure development, appointed several school teachers and doctors and launched major employment programs. He has dealt with the most serious challenge of the state, crime. Under his governance, Bihar has seen the highest number of prosecutions that has led to significant decline in criminal activities. He initiated the bicycle & meals program in schools which has resulted in increase in enrolment of girls in schools and a fall in dropout rate. He introduced medical schemes, loan schemes and generated employment in police services and teaching. Bihar saw a steep rise in GSDP growth, during his reign and is also the highest state paying tax in eastern India. For his contribution to the development of Bihar he has received many awards. He was selected as Forbes ―India‘s Person of the Year‖ & NDTVs Indian of the Year in 2010.

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“When we

leave school,

we tend to

believe we

know it all.

But when we

start to work,

that's really

the beginning

of school all

over again. ”

“When I took

over in 2005,

the only

'modern'

equipment in

the CM's

office was a

Remington

typewriter.

This state has

now won an

e-governance

award”

Overview: The banking sector is one of the important pillars of Indian

economy. Indian banks adhere to international standards and are charaterized by high prudential and regulatory norms. Due to their strong fundamentals, Indian banks managed to weather the ill effects of the global economic crisis.

Evolution of Indian Banking Industry: By the 1960s,

the Indian banking industry had become an important tool to facilitate the development of the Indian economy. With the intention to give the Government more control of credit delivery, 20 banks were nationalized. 14 banks were nationalized in 1969 and the rest were nationalized in 1980. In 1990s, as liberalization took off, a small number of private banks got licenses from the government. These banks came to be known as New Generation tech-savvy banks, and included Axis Bank (earlier known as UTI Bank), ICICI Bank and HDFC Bank.

Government Initiatives: In its Budget for 2012-13, the Government earmarked a capital of Rs 16,000 crore (US$ 3.11 billion) to be infused in public sector banks, regional rural banks and other financial institutions, including NABARD (National Bank for Agriculture and Rural Development). This step will help banks improve their Capital Adequacy Ratio. Apart from this, the Government is also planning to set up a financial holding company that will raise funds for public sector banks. The RBI has allowed banks to facilitate cross-border remittance between bank accounts through mobiles. The GoI formed a committee on financial inclusion under the leadership of Usha Thorat which suggested that PSBs and Private banks should open branches and provide no-frills accounts in rural areas, besides providing the services of bank correspondents.

Current Scenario:

The Indian banking sector demonstrated continued revival from the peripheral spillover effects of the recent global financial turmoil. However, persistent high interest rate slowed down the credit demand and deteriorated the asset quality of the banks, especially in the public sector. Banks‘ net margin profit has also gone down. The banking sector—public and private—showed impressive increase in priority sector lending during 2010-11. The FDI limit in banking sector is 74percent through automatic route. The Government recently deregulated saving accounts rates. The RBI has introduced tax incentive for foreign banks to establish themselves in India via wholly owned subsidiaries (WOS), as WOS model will protect banks from external economic shocks.

The ratio of non-performing assets has gone up to 2.9 percent by the end of year, sharply rising from 2.3percent in the previous year.

During Financial Year 2011-12 growth in bank credit extended by Scheduled Commercial Banks (SCBs) stood at 8.2 per cent as on 16 December 2011, with year-on-year growth at 17.1 per cent.

The outstanding priority sector advances of PSBs rose by 19 per cent in the FY11-12 and Private Sector Banks showed a growth of 15.9 per cent during the same period.

Recently, the government announced that any company having a capital of Rs 500 crore is eligible to form a bank

Future Outlook: Global banking is shifting from Basel II to Basel III (The Basel III implementation will start from April, 2013). Indian banks will need to raise capital to meet the requirements. Financial inclusion and achieving enhanced reach will be one of the important agendas for banks in the coming years. During FY11, the number of branches added in the rural and semi-urban region constituted almost 64percent of the total branches added during the year. According to a report by Boston Consulting Group, Indian banking industry would be the world's third largest in asset size by 2025 and mobile banking would become the second largest banking mode after ATMs. Furthermore, owing to the positive eco-system of the industry as well as regulatory and Government initiatives, mobile banking is anticipated to increase from 0.1 per cent of transactions in a 45 per cent financial inclusion base in 2010 to 34 per cent of the transactions with 80 per cent rural inclusion base by 2020.

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1) RBI holds still amidst rate cuts from ECB, BoE & Bank of China – Firstpost/Reuters IMPACT:The world economy is in bad shape, but how bad was not in the open until on Thursday when Britain, China & Europe loosened their monetary policies. The European Central Bank (ECB) cut its rate to the lowest of 0.75% but it did not promise any drastic measures like buying bonds & providing banks with more long term liquidity. The Chinese government also sprung into action to revive its falling economy by cutting the lending rate by 31 basis points to 6%. It was a surprise since China had in last month cut interest rates. The Bank of England (BoE) which doesn‘t have any scope of cutting the current interest rate of 0.5 per cent adopted a different way to help its economy. The bank ordered the printing of more money, worth 50 billion euro. This means that BoE will buy outstanding bank loans by paying them in cash. KEY PLAYERS: Bank of China, Bank of England, European Central Bank, RBI WHY IT IS IMPORTANT? The US also, last month announced the expansion of Operation Twist by $267 billion. This means that the US government will sell short term bonds & shall buy long term bonds which will in return help them in reducing long term interest. With the global central banks pumping money in the economy, India stands still with its highest repo rate in the world at 8%. The RBI has also squashed any hopes of cutting the interest rates. Will India‘s strategy of holding on to its funds work in long run or not; this question will be answered only in coming days. 2) Lavazza looking for strategic partners to expand Barista – ET/The Hindu Business Line IMPACT: Lavazza, the Italian manufacturer of coffee products, has scrapped its plans to expand the Barista brand on its own in India. It is now looking for franchisees to increase the presence of Barista across the country. Lavazza had earlier adopted the strategy to set up outlets in various cities without any partners, but it did not work out and the company had to shut down around 15 of its loss making coffee outlets in recent months. It had revived the growth

plan and refuted any rumours about the company‘s exit from India. Barista does not have variety of food offering and focuses on the coffee business. It specializes in Italian coffee and other premium products which are for the discerning consumers. Hence it does not have mass appeal like Cafe Coffee Day (CCD), which has products that specifically cater to Indian taste buds, and comes under premium brand. KEY PLAYERS: Barista Lavazza, Cafe Coffee Day, WHY IT IS IMPORTANT? CCD is credited for extending the cafe culture across India. It is the largest cafe chain in India with about 1300 outlets followed by Barista which has

only 160 outlets. For Lavazza, India is the single-largest market for its coffee products and still contributes just below four percent of the company‘s overall revenues. The cafe market which is around Rs 1000 crores is growing rapidly at a rate of 22% annually. Many international cafe brands want to exploit the rising cafe culture & acquire a larger share of the pie in this market. America‘s leading coffee house Starbucks has earlier th is year formed a JV with Tata Global beverages and shall hit the Indian market in September 2012. 3) Renault disrupts Indian SUV market with the launch of “Duster” – Livemint/TOI/ET IMPACT: Renualt has entered the SUV market in India that has long been ruled by local giants like Tata Motors and Mahindra & Mahindra. The French automobile manufacturer Renault has used an aggressive pricing strategy and took the market by surprise when it launched its SUV Duster – which starts from Rs. 7.19 lakh. The five seater Duster has been priced in the range of small sedans & premium hatchbacks. The consumers are thus lured to upgrade from small cars to big SUVs. Duster, with eight variants, may lose its edge on the price front as Mahindra is planning to introduce mini-Xylo which is supposedly priced in the same range. With this price, Renualt competes head on with Tata Safari, Mahindra Scorpio; and premium hatchbacks by Hyundai & Maruti Suzuki. With Duster, Renault wants to focus on utility vehicles in India and plans to make it one of the top markets for the carmaker. The company is also looking forward to export the Indian manufactured Duster, initially to Britain and later on to other countries. KEY PLAYERS: Renault, M&M, Ford WHY IT IS IMPORTANT? Although the utility vehicle market is very small in India and comprises 14% of the overall passenger vehicles market; yet Indian consumers keep on surprising the auto manufacturers with increasing demand for new SUV & MUV models. Earlier this year, Audi‘s Q3 compact sedan was outsold within days of its launch & Mahindra cannot cope up with the huge demand for its XUV 500. Other international car makers like Ford, Volkswagen & GM are also planning to launch their SUVs in the next two years in the country. Ford will make its debut in the cheaper SUV range in India with EcoSport, Maruti Suzuki has its XV Alpha and Hyundai shall bring the HND 7.

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4) Kingfisher asked to come up with a “Revival Plan” within a fortnight by banks –HBL/Moneycontrol/BS IMPACT: Debt ridden Kingfisher Airlines has been asked by banks to come up with a detailed revival plan in the next two weeks. The consortium of seventeen banks to whom KFA owes a debt of Rs. 7500 crores, have asked the carrier to do a valuation of its non-core assets and asked the promoters to infuse equity in the beleaguered airlines. KFA has since the past year reduced the number of operational flights from 64 to only 13. Lessors have also recently taken

away 34 aircrafts mounting to the debts of over one thousand crores. But the airlines has been maintaining a firm stand that the cancelled flights are due to maintenance and operations restructuring, and the airline would soon be working after it gets working capital funding. There were speculations that promoter Vijay Mallya was selling off Kingfisher House & Kingfisher Villa, but he has recently denied any such sale. KEY PLAYERS: Kingfisher Airlines, Banks

WHY IT IS IMPORTANT? After the bank‘s announcement, KFA promoter holding has tanked to a lowest of 35.86% - least since its IPO. The macro economic factors have also worked against the airlines. Fuel prices might shoot up after the oil embargo; rupee has depreciated by 20% since last year, airport charges (Delhi & Mumbai) have increased by over 300% & increase in service tax to 12% has led to a fall in airline travellers. 5) The effect of GAAR on Mauritius Treaty – Wall Street Journal/ TOI/ Livemint/ET IMPACT:The proposed guidelines for general anti-avoidance rules (GAAR) have created ripples in the foreign investment industry. The government has included a clause that will allow Indian tax authorities to scrutinize any deal routed via tax havens like Mauritius, with the sole purpose of avoiding tax. The rules would also over-ride any treaty India has with other nations – which includes double-tax avoidance treaty signed in 1980s between India & Mauritius. According to government figures, 38% of the total FDI in 2000-2002 was routed through Mauritius. India finds that they are losing on major revenues by not taxing the investments and has been asking Mauritius since long to make amendments in the Indo-Mauritius treaty. India has also pointed out that many companies are taking undue advantage of the treaty and abusing it by doing round-tripping – moving funds from one country to another, and then getting them back as foreign capital. KEY PLAYERS: India, Mauritius, GAAR, Indo-Mauritius bilateral treaty WHY IT IS IMPORTANT? Mauritius in past three decades has built its financial sector which contributes to 5% of GDP, on the base of this treaty. Hence, the country is reluctant to make any changes in the agreement as it would ultimately impact the country‘s business. The Mauritius government is doing its best to convince officials in New Delhi to change the GAAR rules and has also offered two of its Islands (North & South Agalega) to India for trade & tourism which would increase India‘s strategic presence in the Indian Ocean. The government of both the nations will meet in August 2012 in order to re-negotiate the treaty. India, till date is firm on its stand & has made it clear that it shall not exempt any companies - that channel their investments from Mauritius -, from GAAR. 6) Indian government to evaluate IKEA’s demands – BS/ET IMPACT:IKEA, Sweden based furniture maker which plans to invest over Rs. 10,500 crores in India, has put forth certain demands to the Department of Industrial Policy & Promotion (DIPP) regarding changes in FDI policy. IKEA‘s demands are: a. The 30 per cent compulsory sourcing should be implemented for a period of 10 years. b. Redefine the small scale sector & allow sourcing from vendors who cross $1 mn investments in plant & machinery. c. Allow the applicant company to be different from the company who owns the brand. d. The sourcing value must be based on retailer‘s sale price of products rather than wholesaler‘s sale price. e. Taxes & duties must be exempted while calculating the purchase value. DIPP frames the FDI policy and is currently discussing IKEAs demands with the Foreign Investment Promotion Board (FIPB).

KEY PLAYERS: IKEA, DIPP, FIBP, MSME WHY IT IS IMPORTANT? The Indian government in January allowed 100 per cent FDI in single brand retail, but had made it compulsory for global firms to source 30 per cent of their raw materials from domestic SMEs. The MSME is against DIPPs proposition to change the norms for small scale sector companies, for IKEAs benefit. If the Indian government bows down to the furniture maker‘s demands there will be a major change in the FDI policy, which would attract more investments in future, but it will cost the domestic companies adversely.

7) Tata to manufacture cars with Chinese Auto parts- ET/The Hindu Business Line IMPACT: Tata Motors is going to introduce automatic transmission variants of its vehicles soon. Some of the components which are not available in India will be sourced from China. The basic idea is to reduce costs as auto components and sub-assemblies are available at dirt cheap prices in China. Indian manufacturers don‘t find designing and producing automatic transmission assemblies attractive as profits are not that good till numbers are big. Presently, Tata is facing huge competition from domestic companies like Mahindra as well as international players like Toyota & Ford. Its profits have sunk to three year low at the end of FY 2011-12. However, showing confidence in the company‘s cash flow stability, S&P upgraded Tata Motors long-term corporate credit rating. KEY PLAYERS: Tata Motors, Indian auto component manufacturers WHY IT IS IMPORTANT? Automobile production in India has become a profitable business in the last few years. Less wages and low material costs provide cost advantages of between 25 and 30 per cent to manufacturers. More than two thirds of auto components produced in India are for passenger vehicles. However, where the world is moving away from larger transmissions to more efficient electric transmissions, Indian component producers haven‘t yet started producing automatic transmission drives. The field is yet to be explored by Indian players. 8) Utility-Vehicle Segment: New battlefield for car-makers in India- ET/BS Motoring/Hindu Business Line IMPACT: Utility Vehicle (UV) segment (also called MPV or multipurpose vehicle segment) has emerged as the fastest growing car segment in India. One of the signals for this shift in market trend became visible in May when Maruti Suzuki Ertiga became top selling UV. It defeated Toyota Innova in the race, which was market leader since last seven years. Another vehicle which has come out as a silver lining in the struggling car-market in India is M&M‘s XUV 500.

M&M‘s other car models Scorpio, & Xylo have also been more than decent performers on the sales charts. It has surprised car makers in India, which are otherwise busy in making strategies & predicting the government‘s next move on fuel policy change. According to SIAM (Society of Indian Automobile Manufacturers) figures, there was a 51 per cent rise in the sale of UVs in first quarter of FY 2012-13. The corresponding figure for other cars (hatchbacks and sedans) was a mere five per cent. KEY PLAYERS: Indian Automotive Industry

WHY IT IS IMPORTANT? The fast growing Indian utility vehicles segment has forced existing carmakers to rethink their investment strategies. At the same time it has opened avenues for new car models. One such example is of Fiat, which has announced the launch of the iconic Jeep and 500X models in India. One can keep track of highly competitive Indian auto market to stay abreast of latest marketing practices. 9) Airlines to fight legal battle against GMR’s threefold tariff hike- ET/Moneycontrol IMPACT: Federation of Indian Airlines (FIA), a body of air-carriers operating in India, has now reached the High Court opposing the 345% hike in aeronautical tariff‘s by GMR infrastructure, which runs the Delhi Airport. FIA finds that AREA‘s (Airport Regulatory Authority of India) decision allowing GMR to increase tariffs violates certain norms and will put a lot of carriers in serious financial losses. It may be recalled that the GMR led consortium DIAL (Delhi International Airport Pvt Ltd) has been running in huge losses for a while. In FY2011-12, it lost Rs 825 crore due to the pending tariff revision, which was awaiting approval from AREA for over a year. FRAPORT which holds 10 per cent stake in this consortium has decided to leave the country citing difficulties in this sector. All this forced AREA to take a decision on April 24, allowing GMR to increase charges for landing, housing and ground handling among others. It remains to be seen, if the aviation sector which is accumulating billion dollar losses since the last five years will find a way to by pass this new concern. KEY PLAYERS: FIA, AREA, High Court WHY IT IS IMPORTANT? The tariffs if continued, would make the Indira Gandhi International Airport the world‘s most expensive Airport. Seats on Foreign carriers would be costlier by Rs 2500-5000. The Airport was already charging Airport Development Fee (ADF), while the new User Development Fee (UDF) with 345 per cent hike was introduced on May 15. The news is important from macro-economic perspective.

10) Lowe Lintas to handle marketing communications for Daimler India- The Hindu Business Line/ET IMPACT: Daimler India which is soon to launch Bharat Benz trucks in India has appointed Lowe Lintas and Partners as its marketing communications partner for commercial vehicles. DICV (Daimler India Commercial vehicles) short listed Lowe Lintas after a selection procedure with two presentations involving five top agencies in the field. The creative agency manages five out of the 10 ―Most Trusted Brands of India‖. One of its latest ads with a tag line: ―Wanna Move On? Blame Fastrack.‖ is making heads turn. Earlier in May2012, the agency surprised many when it came up with Havells India's 'Fans are forever' campaign with bollywood superstar Rajesh Khanna. A month prior to that, it was also selected to handle summer ad campaigns for Coke in India. However, it will be a tough task for Lowe

Lintas to create a strong brand image from scratch for Bharat Benz in commercial vehicle market, where Tata & Ashok Leyland have duopoly. KEY PLAYERS: DICV, Lowe Lintas and Partners WHY IT IS IMPORTANT? The latest project of Lowe Lintas is probably the most challenging of the projects it has taken till date. Brand Building and marketing exercises for high capacity commercial vehicles is quite different from what it has done so far. For

instance, it requires a lot of ground level activities such as Bharat Benz‘s 8000 km long drive, connecting with 15,000 prospective clients in the process. The company had to reach out to Dhaba owners, which is quite unlike the TV ads it produced in the past. Besides, another challenge from marketing perspective could be the pricing factor. DICV has placed the trucks in a 10 per cent higher price bracket than existing contenders. 11) Spain gets one year extension to meet budget deficit cutting target- HT/The Washington Post IMPACT: Finance ministers of 17 nation single currency Euro block have come to a common understanding on stabilizing Spain‘s finances. The country reeling due to troubles of its Banking sector will get 100 billion Euros in next 18 months, with 30 billion Euros available at the end of this month. This arrangement comes with a condition that all banks receiving funds will conform to the specific conditions laid by the European Union for strict supervision of financial sector. Further, it has been agreed that Spain would be given an extra year (till 2014) to cut its public deficit to the EU‘s three per cent of GDP - limit. However, this year Spain‘s public deficit is expected to touch 6.3 per cent of GDP. The Finance Ministers will meet on 20th of July to discuss technicalities of fund transfers after getting approvals from their respective parliaments. KEY PLAYERS: EuroZone Ministers, ECB (European Central Bank), Spanish banks, Spanish Government WHY IT IS IMPORTANT? Spain with an estimated GDP of $1.5 trillion in 2011 is the fourth-largest economy in the eurozone. Its banking sector has gone bust with bad loans & collapsed property market. Though the Finance ministers have agreed to provide a massive bailout, the strategy to carry out financial sector reforms by Spain is not yet clear. Amidst all this, consensus for a banking union (with ECB at the centre) is rapidly building up. The supporters of this scheme argue that it would provide better supervision of funds. Additionally, the banking union can independently handle capital instead of lending money to Governments, which raises the country‘s debt. 12) RIM CEO confident of turnaround- BS/Reuters IMPACT: Thorsten Heins, who became CEO of Rim in Jan 2012, finally got a chance to address his first ever annual meet, explaining the company‘s plans to withstand the current crisis. At the same time, the Company‘s strategic review which is currently underway, points that sale of the company is the most viable option. RIM has lost nearly 80 per cent of its value in past one year. Google‘s Android & Apple‘s iPhone have suddenly depleted BlackBerry‘s market share. For more than a decade BlackBerry devices ruled the business mobile communication space. The company was the first to introduce encrypted mobile email service.After posting its first ever operating loss in the last eight years, the company plans to launch BlackBerry 10, next year. Heins, told investors about the company‘s expectations from the phone and that it is way better than all other technologies in the market. The company is also open to the greater use of touch-screens in future models, discarding its famed QWERTY physical keypads. RIM‘s Chief marketing Officer Frank Boulben has said that the company would rely on social networking channels for displaying the capabilities of their much awaited phones. He also expressed that the ‗game is not up‘ yet and that the delayed launch of the new phone would in fact go in favour of RIM.

KEY PLAYERS: RIM CEO Thorsten Heins, RIM CMO Frank Boulben WHY IT IS IMPORTANT? BlackBerry‘s case again underlines the hard fact that how a company can be wiped out of the technology market if it is not able to come up with better solutions, over the years. RIM‘s CEO has tried to explain that with BlackBerry 10, RIM has found this solution. However, a lot of its investors disagree going as far as calling the new phone a dud. As a result, Heins‘ reassuring speech brought company‘s stocks down by another 5 per cent.

13) United Nation report states India is 3rd most favoured nation of global firms – Reuters/Moneycontrol IMPACT: The UNCTAD‘s World Investment report 2012 has revealed that global firms view India as their most preferred destination for investments after China and US. Investments in China were $124 billion; Brazil got $67 billion and Russia drew $53 billion last year. India saw 30% increase in investments in 2011 with FDIs up to $32 billion; and the report suggests this figure will go up by 25% in 2012. Companies from services & manufacturing sectors are more inclined to investments in Asia‘s third largest economy as it is growing at a faster pace compared to other countries. However, the policy flip flops and regulatory uncertainties in India are a matter of concern for several corporations. But looking at the long term benefits India has to offer, the companies are not going to shy away from investing in the country even though the government is still looking at implementing the proposed GAAR rules & retrospective tax amendments. KEY PLAYERS: United Nations, Indian Government WHY IT IS IMPORTANT? The news comes as a surprise as India saw lowest economic growth in last nine years at 6.5% in FY12 and the growth in manufacturing also dropped by 5.3% in last quarter of FY12. Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia has assured that the government is taking corrective steps and that the country will be back on the growth track by October 2012. India, in January this year, allowed 100% FDI in single brand retail that led to Swedish furniture company IKEA & Coca Cola‘s announcement of investing around $5 billion combined in the country. 14) Indian economy gloomy, business confidence dipped – ET/The Hindu IMPACT:Two separate reports, one by Standard Chartered & other by Dun and Bradstreet indicate that investor confidence in the Indian economy has taken a hit. According to Standard Chartered survey, over 72 per cent companies think that the economic growth for FY13 will be less than 6 per cent, rest believe that growth will be below 5%. Majority agreed that the country should work on arresting rupee‘s downfall, encourage overseas investments and

reduce the repo rate. The D&B Optimism Index fell to the lowest in past three years as the economic slowdown took its toll on Indian industries. The rising uncertainty in the world economy coupled with various negative domestic factors like – high input cost, inflation, regulatory uncertainty & high interest rate, has hit local businesses big time. The manufacturing activity also slowed down in the final quarter of FY12. KEY PLAYERS: India, Standard Chartered, Dun and Bradstreet WHY IT IS IMPORTANT? Both Standard & Poor and Fitch have in past few

months downgraded India‘s ratings from ―stable‖ to ―negative‖ stating that there was no growth on fiscal consolidation and economic reforms. But Moody‘s did not lower India‘s ratings as it stated that stalled growth & high inflation were not permanent and that India would see positive trends in future. Investors are also optimistic about the long term outlook of the economy. Above 85 per cent clients said in the Standard Chartered survey, that India will get back to its pre-recession form in four years (by 2016). 15) Government to curb Chinese Steel imports- BS/ET IMPACT: Finance Ministry is expected to take steps to reduce imports of certain of intermediate products for steel making from China. It has initiated a probe into the matter after Jindal Stainless lodged a complaint that heavy imports of certain steel related raw material from China are causing market disruption. Figures show that China's share in India's import market has increased to 50 per cent. It was 10 per cent just three years ago. The industry has requested the government to impose safeguard duty. According to WTO rules, a country can raise import tariffs on certain products/commodities if it can prove that such imports are endangering the local industry. Further, a country has to inform WTO about initiating probes or introducing safeguard measures. Although these measures are not permanent, they can last for a period as long as four years. KEY PLAYERS: Finance Ministry, Indian Government, Chinese Government, WTO WHY IT IS IMPORTANT? The remarkable increase in Steel related imports from China cannot be overlooked, considering that there hasn‘t been a corresponding increase in the manufacturing activities to support the data. Indian imports were at around 5000 MT in FY 2009-10, which have gone beyond 36,000 MT in FY 2011-12. It would be a first, if India poses safeguards against China, something it could challenge at WTO. This would also be the first time when the two countries could get into a debate at WTO as China joined WTO only in 2001. Incidentally, China has a better experience with such arguments as it has come across similar issues with the US in past few years.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS

It is an uncertain world of business that future managers much like yourself are going to face.

Wouldn’t it be great if you had some inkling of what you faced out “there”? To prepare you for the arduous journey ahead, Xed brings to you first-hand accounts of young veterans who are in the early days of their careers and who share their experiences as fledgling executives and managers facing the real world. We call this section “Job Profile”. Our first interview is with an enterprising young individual, Philip George, who is an Account Executive with Libano Suisse Insurance Company, Qatar. He shares with us in this interview his experiences as a Banking Executive with Citi Group (where he worked prior to joining Libano Suisse) where he was promoted to Sr. Banking Executive in less than a year’s time thanks to his outstanding performance.

Question: Were there any lessons that helped you later in Citi Group? Answer: Being with an organization like P&G always helps, may not be directly, but certainly in terms or work ethic, culture and a feeling of how market leaders work. Since both the companies are into different industries it wont be comparable on other aspects.

Question: Interesting........coming to your most recent job with Citi as a Banking Executive. What were your primary responsibilities and KRAs? Answer: I was basically part of the Sales & Distribution channel team for financial products like Personal loans, Credit cards, Home loans & Banking accounts (consumer banking) all of which had been newly launched under the "Universal Banker" concept, wherein we were executives catering all kinds of financial solutions to the retail market. To be precise, we had to be informative on the product side, process and competition. Other responsibilities were to handle certain internal channels, deployments at corporate locations & malls.

Question: So basically you were marketing Citi's retail banking solutions. Now in the initial days were you provided with any kind of training for your role? Answer: We had product training for all the products which we had to directly sell, and a brief on products we had to refer like insurance. This was also followed by training on developing our selling skills. We were asked to do mock sales pitch, and this really helped, especially for us rookies. Question: So it helped when you actually hit the field? Answer: Yes it did, but the initial few days were bad. Question: Can you elaborate? Answer: The first day I really met a customer, it didn‘t go great. I wouldn‘t say he didn‘t apply for the product but personally I felt there was no involvement of the customer. I think the more I sold I understood the importance of

JJJOOOBBB PPPRRROOOFFFIIILLLEEE::: IIINNNTTTEEERRRVVVIIIEEEWWW WWWIIITTTHHH MMMRRR... PPPHHHIIILLLIIIPPP GGGEEEOOORRRGGGEEE

Part 2

Question: Philip, Can you give us a brief overview of your qualifications

and prior work experience?

Answer: I did my bachelors in Commerce from Mahatma Gandhi University, Kerala and did my PDGM in marketing from ITM, Bangalore. I joined as a fresher with Citibank. Question: Can you talk about your summer internship? How did it help? Where did you do it? Answer: I did my summer internship with Procter & Gamble in Qatar. It was a detailed study of the sales & distribution model, thereby to improve the efficiency of the existing model.

being a friend to the buyer and thereby build relationships that last rather than give features and benefits which are never forever. Question: Right, it’s an important learning for anyone going into BFSI sales. On that note can you list down some of the real world challenges that you had to face? In terms of Travelling? Food? Awkward timings? Answer: Sales has its limitations and rightly it involves traveling even when the weather is unpredictable. It might rain, it might be extremely hot. So traveling on a two wheeler can be tiring and disturbing. On the other hand, the traffic in metros makes it impossible to improve your daily numbers on a 4 wheeler. Food again is a problem, as the time given by one client and the other on two different sides of the city can make you miss your lunch, and early meetings might leave you without breakfast. Overall it‘s tough to be at ease in Sales; to be healthy even tougher.

Question: So was this what an average day was like? Can you take me through an average day as a “banking executive”? Answer: You have to report to office at 9:30am. Then you check your mails and send across updates to your manager and process some approvals. By 10:30am we would try to leave office for meeting clients. On an average, we would have three to four appointments a day. Some days you can get up to ten meetings in a day! The best thing about sales is to enjoy it, or you might lose it. The day I used to get 10 appointments I used to go home all excited. Yes, it is tiring but you can do this only when you are 23! After the sales calls you generally don‘t have to return to office so one usually gets home by 7:30 or 8 in the night

Question: That sounds tiring, I must say. Now talking about appointments and meetings, how many clients did you have to approach on a bare minimum? What was the prospect conversion ratio like? Answer: We had to meet at least three prospects and were also expected to get 3 applications back to office. The conversion ratio, for me personally, was close to 100% because I usually filter all my prospects before meeting them face to face. It helps and so my leads conversion ratio would be 80-85%. Leads were usually internal channels that used to forward prospects. To be continued next week…

SOURCES

SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHS

http://in.reuters.com/article/2012/07/11/sensex-itc-reliance-industries-idINDEE86A06M20120711 http://www.reuters.com/article/2012/07/11/markets-oil-idUSL3E8IB14P20120711 http://www.economist.com/blogs/graphicdetail/2012/07/focus-1

SOURCES FOR COVER STORY http://www.firstpost.com/india/is-marketing-driving-times-manmohan-singh-cover-371930.html

http://www.deccanherald.com/content/262985/cong-hits-back-bjp-over.html http://www.dailypioneer.com/home/online-channel/360-todays-newspaper/79170-underachiever-tag-will-sting-manmohan.html

http://www.firstpost.com/politics/underachiever-in-fact-manmohan-has-excelled-himself-371641.html http://zeenews.india.com/news/nation/time-dubs-pm-manmohan-singh-as-underachiever_786197.html

http://www.thehindu.com/news/article3616149.ece?homepage=true http://www.deccanherald.com/content/262680/time-dubs-manmohan-underachiever.html

http://blogs.independent.co.uk/2012/07/09/manmohan-singh-the-wrong-target-for-%E2%80%9Cunder-achiever%E2%80%9D-tag/ http://indiatoday.intoday.in/story/pm-manmohan-singh-finance-ministry-economy-revival/1/204089.html

http://www.ndtv.com/video/player/news/time-dubs-prime-minister-manmohan-singh-as-underachiever/238627

SOURCES FOR PERSONALITIES OF THE WEEK:

http://www.icicibank.com/aboutus/board-of-directors-chanda-kochhar.html http://en.wikipedia.org/wiki/Chanda_Kochhar

http://www.business-standard.com/india/news/lunchbs-chanda-kochhar/448875/ http://www.hindustantimes.com/business-news/WorldEconomy/Chanda-Kochhar-KV-Kamath-defend-India-story/Article1-

872991.aspx

http://www.livemint.com/2012/04/28123639/ICICI-Bank-exceeds-estimates.html

http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4257 http://en.wikipedia.org/wiki/Nitish_Kumar

http://cm.bih.nic.in/knowthecm.htm http://realityviews.blogspot.in/2010/06/short-autobiography-of-nitish-kumar.html

http://articles.timesofindia.indiatimes.com/2012-07-09/india/32603755_1_plan-expenditure-total-plan-12th-five-year-plan

INDUSTRY ANALYSIS http://www.moneycontrol.com/news_html_files/broker_report/2011/Dec%20-2611-55261211.pdf

http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13939

http://www.iba.org.in/events/FICCI-Sep10.pdf

http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13936

http://www.zenithresearch.org.in/images/stories/pdf/2012/Jan/EIJMMS/10_EIJMMS_VOL2_ISSUE1.pdf

http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13940

http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13935

http://www.rbi.org.in/scripts/PublicationsView.aspx?id=13937

http://www.rbi.org.in/scripts/AnnualPublications.aspx?head=Trend%20and%20Progress%20of%20Banking%20in%20India

http://www.google.co.in/search?sourceid=chrome&ie=UTF-8&q=rbi+to+incentivise+foreign+banks

http://www.livemint.com/2011/01/21201606/RBI-favours-subsidiary-route-f.html

http://www.livemint.com/2011/01/21201606/RBI-favours-subsidiary-route-f.html

http://business.mapsofindia.com/india-industry/banking.html

http://bx.businessweek.com/indian-banking/

SOURCES FOR NEWS ANALYSIS (1-15)

1) RBI holds still amidst rate cuts from ECB, BoE & Bank of China – Firstpost/Reuters http://www.firstpost.com/economy/revisiting-sensex-60000-why-india-is-back-in-the-game-370852.html

http://www.firstpost.com/world/is-rbi-the-one-eyed-hawk-in-a-world-of-blind-bankers-369358.html http://in.reuters.com/article/2012/07/05/centralbanks-action-idINDEE8640AE20120705

2) Lavazza looking for strategic partners to expand Barista – ET/The Hindu Business Line http://articles.economictimes.indiatimes.com/2012-07-05/news/32551794_1_coffee-vending-business-barista-lavazza-group

http://articles.economictimes.indiatimes.com/2012-06-26/news/32424796_1_starbucks-flag-festive-season http://week.manoramaonline.com/cgi-

bin/MMOnline.dll/portal/ep/theWeekContent.do?programId=1073754899&contentId=11932735 http://www.thehindubusinessline.com/industry-and-economy/marketing/article3520280.ece?ref=wl_industry-and-economy

3) Renault disrupts Indian SUV market with the launch of “Duster” – Livemint/TOI/ET http://articles.economictimes.indiatimes.com/2012-07-05/news/32551829_1_duster-m-m-chief-executive-grand-vitara

http://videos.livemint.com/2012/07/03235714/Auto-firms-line-up-compact-SUV.html?h=B http://articles.economictimes.indiatimes.com/2012-07-06/news/32566357_1_suv-koleos-verito-hatchback

http://timesofindia.indiatimes.com/business/india-business/Renaults-Duster-SUV-to-be-exported-to-right-hand-markets/articleshow/14676401.cms

4) Kingfisher asked to come up with a “Revival Plan” within a fortnight by banks – The Hindu Business Line/ Moneycontrol/

BS

http://www.thehindubusinessline.com/companies/article3605975.ece?homepage=true http://www.business-standard.com/india/news/kingfisher-strives-to-fly-outturbulence/479564/

http://www.moneycontrol.com/news/business/kfa-promoter-holding-dips-to-record-low3586_725333.html

http://www.moneycontrol.com/news/business/kfa-owners-asked-to-infuse-equity-sell-non-core-assetssbi_727570.html

5) The effect of GAAR on Mauritius Treaty – Wall Street Journal/ TOI/ Livemint/ET http://timesofindia.indiatimes.com/business/india-business/Mauritius-offers-India-2-islands-in-effort-to-preserve-tax-

treaty/articleshow/14697220.cms http://www.livemint.com/2012/07/05231345/India-Mauritius-to-resume-tal.html

http://online.wsj.com/article/SB10001424052702304141204577512261726564468.html?mod=googlenews_wsj http://articles.economictimes.indiatimes.com/2012-07-09/news/32604914_1_arvin-boolell-gaar-tax-residency-certificate

6) Indian government to evaluate IKEA’s demands – BS/ET http://www.business-standard.com/india/news/ikeaindias-doorstep-as-govt-accepts-key-demands/479682/

http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/fdi-in-single-brand-retail-no-policy-change-dipp-to-put-ikeas-concerns-in-fipb-court/articleshow/14789771.cms

7) Tata to manufacture cars with Chinese Auto parts- ET/The Hindu Business Line http://economictimes.indiatimes.com/news/news-by-industry/auto/auto-components/tata-motors-to-purchase-auto-parts-from-

china/articleshow/14791725.cms http://www.thehindubusinessline.com/companies/article3620713.ece

http://eng.getriebe-symposium.de/pdf/presse/CTI_PB_Getriebe_16_12_2011_EN.pdf 8) Utility-Vehicle Segment: New battlefield for car-makers in India- ET/BS Motoring/Hindu Business Line

http://www.bsmotoring.com/news/three-auto-models-defy-gravity-buckslowdown-trend/5450/1 http://www.bsmotoring.com/storypage.php?autono=5448

http://www.thehindubusinessline.com/companies/article3623415.ece http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/fiat-eyes-uv-segment-jeep-500x-models-on-radar-

for-india/articleshow/14808633.cms 9) Airlines to fight legal battle against GMR’s threefold tariff hike- ET/Moneycontrol

http://www.moneycontrol.com/news/business/fraport-wants-to-exit-delhi-airport-project-say-sources_715347.html http://www.moneycontrol.com/news/business/gmr-seeks-nod-to-hike-airport-charges-second-timea-row_722164.html

http://articles.economictimes.indiatimes.com/2012-07-09/news/32589240_1_airport-charges-aeronautical-tariff-three-fold-hike

http://www.livemint.com/2012/04/25225124/Delhi-airport-to-charge-fliers.html

10) Lowe Lintas to handle marketing communications for Daimler India- The Hindu Business Line/ET http://www.thehindubusinessline.com/industry-and-economy/marketing/article3624135.ece?ref=wl_industry-and-economy#

http://www.lowelintas.in/who-we-are/about-lowe-lintas/ http://articles.economictimes.indiatimes.com/2012-05-02/news/31538464_1_havells-india-havells-fans-ad

http://articles.economictimes.indiatimes.com/2012-04-06/news/31300294_1_coca-cola-india-brand-coca-cola-taproot http://www.livemint.com/2012/05/25220117/Spot-Light--Slight-disconnect.html

11) Spain gets one year extension to meet budget deficit cutting target- HT/The Washington Post http://www.washingtonpost.com/business/markets/euro-finance-ministers-agree-on-bailout-for-spain-30-billion-euros-ready-by-

end-of-month/2012/07/09/gJQAFPiLZW_story.html http://www.hindustantimes.com/business-news/WorldEconomy/EU-extends-Spain-30-bn-euro-lifeline/Article1-886553.aspx

12) RIM CEO confident of turnaround- BS/Reuters http://in.reuters.com/article/2012/07/10/rim-ceo-meeting-idINDEE8690EK20120710

http://www.business-standard.com/india/news/rim-marketing-boss-sees-silver-lining-in-blackberry-delay/178037/on 13) United Nation report states India is 3rd most favoured nation of global firms – Reuters/Moneycontrol

http://in.reuters.com/article/2012/07/05/india-investment-fdi-un-idINDEE86407C20120705 http://www.moneycontrol.com/news/economy/india39s-growth-story-to-be-backtrack-by-october_728510.html

14) Indian economy gloomy, business confidence dipped – ET/The Hindu http://articles.economictimes.indiatimes.com/2012-07-10/news/32618686_1_indian-economy-kaushal-sampat-business-confidence

http://articles.economictimes.indiatimes.com/2012-06-25/news/32408980_1_rating-outlook-short-term-foreign-currency-local-

currency-ratings http://www.thehindu.com/business/Economy/article3568413.ece

15) Government to curb Chinese Steel imports- BS/ET http://business-standard.com/india/news/govt-probing-rising-steel-importschina/177795/on

http://articles.economictimes.indiatimes.com/2012-07-09/news/32604746_1_hot-rolled-flat-products-indian-steel-global-trade-body