2 Cover Article – EVOLUTION OF STOCK MARKETS IN INDIA

8 News and Events 8 Commerce Quiz 9 Alumni Corner 10 TIT BITS – TOP TEN HR TECHNOLOGY TREND FOR 2014 10 Facts and Figures

Dear Members, Welcome to the Second Issue of our fortnightly, “MACAURO Newsletter”. Main purpose of this newsletter is to create awareness about current issues and create interest and curiosity in our students by ensuring their full participation. We hope you will find this a useful update on our activities and would like to thank everyone who has supported this edition by providing useful information. We have included concise information Evolution of Stock market in India and Top 10 Hr Technology trends for 2014 in TITBITS column, hoping that this information will help the students to understand emerging trends in HR We have included quotes from Subhashitani (ancient quotes for day to day life). We have simple questions in the Quiz column for testing student’s knowledge on commerce related subjects. Kindly participate in answering the same and send answers by due date. Lucky students who give maximum correct answer will win gift vouchers. Co-ordinators of all the teams have been extremely proactive in bringing this second newsletter. We are looking forward to continuing this productive channel of information interchange throughout the MACAURO community. The future success of the Newsletter depends on your comments, contributions and ideas! We do encourage all of you to try your utmost best to enrich the forthcoming MACAURO Newsletters!. We hope you enjoy this Second Issue for 2013 of the MACAURO Newsletter, Regards, Smitha.S (Member of MACAURO community) Macauro13@gmail.com

September,2013

NEWSLETTER TO EDUCATE AND EMPOWER

MACAURO

15th TO 31th March 2014 Volume VI

“sometimes people are beautiful not in looks, not they say but just in what they are”- Markus Zusak

VISION “MACAURO would be guiding force for nurturing and developing tomorrow’s Management Specialists who in turn become role models to others by adopting and exhibiting true knowledge and ethical values.” MISSION “MACAURO will drive the stakeholders through 5 I Techniques -imbibe, invoke, improve, inculcate and involve and through need based initiatives to overcome the challenges and to boost up their morale and confidence to face the competitive world.”

EDITORIAL

CONTENTS

Introduction

Indian Stock Market is one of the oldest Stock Market in Asia, her stock market business being one of the best examples. At the time, East India Company used to transact Loan Securities by the end of 18th Century. In the 1830s, trading on corporate stocks and shares in Bank and Cotton presses took place in Bombay. In 1983,the Calcutta news paper Englishman quoted the share prices of the Bank of Bengal, The Chartered Mercantile bank and the Commercial Bank. Similarly stocks like The Chartered Mercantile bank, The Chartered bank, the Commercial Bank, the Agra Bank and Oriental Bank were traded in Bombay.

Stock market is a term used to describe the physical location where the buying and selling of stocks take place as well as the overall activity of the market within a particular country. The correct term to be used in pertaining to the physical location for trading stocks is “stock exchange.” Every country may have a couple of different stock exchanges that are usually traded on only one exchange although a lot of large corporations may be listed in several different locations.

The ubiquity of stock exchanges makes it possible to buy or sell stocks throughout the world. The only restriction to stock exchanges is time. Different exchanges may have differing opening hours based on their local times.

Role of Stock Exchanges are varied and highly important in the development of economy of a country. They measure and control the growth of a country. They have very important role to play in the economy of the country. Some of them are listed below.

Raising capital for businesses

Exchanges help companies to capitalize by selling shares to the investing public.

Mobilizing savings for investment

Facilitating company growth

They help companies to expand and grow by acquisition or fusion.

Profit sharing

They help both casual and professional stock investors, to get their share in the wealth of profitable businesses.

Corporate governance

Stock exchanges impose stringent rules to get listed in them. So listed public companies have better management records than privately held companies.

Creating investment opportunities for small investors

Small investors can also participate in the growth of large companies, by buying a small number of shares.

Government capital raising for development projects

They help government to rise fund for developmental activities through the issue of bonds. An investor who buys them will be lending money to the government, which is more secure, and sometimes enjoys tax benefits also.

Barometer of the economy

They maintain the stock indexes which are the indicators of

the general trend in the economy. They also regulate the

stock price fluctuations.

The major stock exchanges in the world are

Tokyo Stock Exchange of Japan Bombay Stock Exchange of India London Stock Exchange of United Kingdom Frankfurt Stock Exchange of Germany SWX Swiss Exchange of Switzerland Shanghai Stock Exchange of China New York Stock Exchange NASDAQ AMEX of United States.

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“EVOLUTION OF STOCK MARKET IN INDIA”

By Smt. Savitha S M.Com

COVER ARTICLE

“Life is like riding bicycle, to keep your balance you must keep moving”-Albert Einstein

To further the advancement and propagation of education and learning;

To promote investor education, awareness and research.

In 1989 BSE Training Institute (BTI) inaugurated has a state-of-the-art training facility in the BSE building which includes 3 classrooms with various seating capacities, a Computer Lab, a Certification Centre, a Conference Hall and a Dining hall providing the best of the amenities to its participants.

1992 SEBI Act was established to protect, develop and regulate the securities market.

The Bombay Stock Exchange switched to an electronic trading system in 14 March 1995. It took the exchange only fifty days to make this transition. This automated, screen-based trading platform called BSE On-line trading (BOLT) had a capacity of 8 million orders per day. The BSE has also introduced the world's first centralized exchange-based internet trading system, BSEWEBx.co.in to enable investors anywhere in the world to trade on the BSE platform.

In 1996 First major SENSEX revamp In 1997

o Trade Guarantee Fund (TGF) introduced To guarantee settlement of bonafide transactions of BSE Members inter-se which form part of the Stock Exchange settlement system, so as to ensure timely completion of settlements of contracts and thereby protect the interest of investors and Members

o Brokers Contingency Fund (BCF) introduced to ensure that the settlement cycles at the Exchange are not affected due to the temporary financial problems faced by the members.

o BSE On-Line Trading (BOLT) system expanded nation-wide

In 1999

INDIA’S major stock exchanges are:

Bombay Stock Exchange National Stock Exchange

Establishment of BSE (Bombay Stock Exchange)

The Bombay Stock Exchange is the oldest exchange in India. It traces its history to 1855, when four Gujarati and one Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874

In 1875 became an official organization known as 'The Native Share & Stock Brokers Association'.

On 31 August 1957, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act.

In 1980 the exchange moved to the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area.

In 1986 it developed the BSE SENSEX index,( launched with Base Year: 1978-79 =100)was calculated on a "Market Capitalization-Weighted" methodology of 30 component stocks representing large, well-established and financially sound companies across key sectors. BSE SENSEX today is widely reported in both domestic and international markets through print as well as electronic media

In 1987 Investor's Protection Fund (IPF) was introduced in

accordance with the guidelines issued by the Ministry of Finance,

Government of India, on July 10, 1986. IPF is a charitable Trust,

managed by the Trustees appointed by the Bombay Stock Exchange

Ltd. The objects of the IPF are as under

To compensate clients of ‘defaulter’ trading members; To aid, assist, subsidise, support, promote and foster

Research activities, preparation and publication of statistical and other information;

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“It is better to get hurt by the truth than comforted with a lie”-Khalad Hosseini

In 2009

o The SENSEX raised 2110.70 points (17.34%) and Index-wide upper circuit breaker applied

o BSE - USE Form Alliance to Develop Currency & Interest Rate

o BSE IPO Index launched o Bombay Stock Exchange introduces trade details

facility for the Investors o BSE Introduces New Transaction Fee Structure for

Cash Equity Segment o BSE launches FASTRADE™ - a new market access

platform o BSE Launches BSE StAR MF – Mutual Fund trading

platform o Launch of clearing and settlement of Corporate

Bonds through Indian Clearing Corporation Ltd. o Marathi website launched o BSE's new derivatives rates to lower transaction costs

for all

In 2010

o Market time changed to 9.0 a.m. - 3.30 p.m. o BSE PSU website launched o New DBM framework @ Rs.10 lakhs - 90%

reduction in Membership Deposit o Dissemination of Corporate Action information via

SWIFT platform o Options on BOLT o First to introduce Mobile-based Trading o Introduction of Smart Order Routing (SOR) o EUREX - SENSEX Futures launch o Launch of Fastrade on Web (FoW) - Exchange

hosted platform o SENSEX closes above 21,000 for the first time o Commencement of Volatility Index o Launch of SLB (Securities' Lending and

Borrowing) o Launch of SIP (systematic investment plans) to

attract retail investors o Commencement of Shariah Index

In 2011

o Maharashtra and United Kingdom Environment Ministers launched Concept Note for BSE Carbon Index

o BSE picks up a stake in the proxy advisory firm, Institutional Investor Advisory Services India Limited (IiAS)

o BSE Training Institute Ltd. with IGNOU launched India's first 2 year full-time MBA programme

In 1999

o Central Depository Services Limited (CDSL) set up with other financial institutions to hold the securities either in certificated or uncertificated (dematerialized) form, to enable book entry transfer of securities.

o Interest rate swaps (IRS) / Forward Rate Agreements(FRA) were allowed

In 2000 Equity Derivatives introduced In 2001 :

o Corporatisation of Exchanges was proposed by the Union Govt. o BSE WebEx,Index Option & BSE PSU index were Launched o WDM operations commenced o VaR model was introduced for margin requirement calculation o Stock options were launched o BSE Teck launched, India’s First free float index o Dollex 30 was launched o Stock futures were launched o 100% book building allowed o All securities clearing move to T+5 (trade date + 5 days

In 2002

o Two way fungibility for ADR/GDR o Negotiated Dealing System (NDS) established o T+3 settlement Introduced

In 2003

o India’s first ETF on SENSEX - ‘SPICE' introduced o Retail trading in G Sec o T+2 settlement Introduced o Bankex launched o SENSEX shifted to free-float methodology o T group launched

2004 ,Second biggest fall of all time, Circuit filters used twice in a day (the Scheme) announced by SEBI

o SENSEX All-time high 21206.77 o Currency Derivatives Introduced

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“Things change, friends change, life does not stop for anybody”- Stephen Chbhosky

o Co-location facility at BSE - tie up with Netmagic.com o Launch of BSE-GREENEX to promote investments in

Green India

In2012

o Launch of BSE - SME Exchange Platform o BSE launched trading in BRICSMART indices derivatives

In 2013

o SENSEX becomes S&P SENSEX as BSE ties up with Standard and Poor's to use the S&P brand for Sensex and other indices

Establishment of NSE (National Stock Exchange)

Mr Mehta, nicknamed Big Bull, was a flamboyant stock broker of Mumbai who rose to instant fame in 1991 due to his aggressive strategies of stock market. Mehta was born on 29 July 1954,[5] at Paneli Moti, Rajkot district, in a Gujarati Jain family. His early childhood was spent in Kandivali, Mumbai, where his father was a small-time businessman. Later, the family moved to Raipur, Chhattisgarh, where Mehta studied in Kalibadi Higher Secondary School.

By profession Mehta was a Chartered accountant. Over a period of ten years, beginning 1980, he served in positions of increasing responsibility at a series of brokerage firms. By 1990, he had risen to a position of prominence in the Indian securities industry. He exploited every possible loophole in banking systems to make quick money illegally. Two such loopholes were Ready Forward (RF) and Bank Receipts (BR). He made sure he always had crores of rupees as liquid cash and aggressively invested them in stock market, creating an artificial boom and continued making more money. When the scam was exposed in a newspaper, the banks realized they were taken for a ride and started demanding the cash immediately. But there was no money. It was all a fraud. The stock market collapsed. Millions of innocent stock traders went bankrupt. Bank Chairmen started quitting their jobs taking responsibility.

Due to the crash of Bombay Stock Exchange by the above scam Finance Minister Mr. Manmohan Singh urged the need of other Stock Exchange in competition to BSE. He tapped the Industrial Development Bank (IDB) to take the lead of the project of creating competition for BSE. The domestic investors includes LIC, GIC, State Bank of India and IDFC Ltd, while the foreign investors include MS Strategic (Mauritius) Limited, Citigroup Strategic Holdings Mauritius Limited, Tiger Global Five Holdings and Norwest Venture Partners X FII-Mauritius. The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts (Regulation) Act, 1956, when Mr. P.V. Narasimha Rao was the Prime Minister of India and Dr. Manmohan Singh was the Finance Minister.

In November 1992, NSE (National Stock Exchange) was established as the first electronically traded Stock Exchange in India. After a few years of operations, the NSE has become the largest stock exchange in India.

In 1993, NSE is recognized as a stock exchange & Formulation of business plan

Three segments of the NSE trading platform were established one after another.

1. The Wholesale Debt Market (WDM) commenced operations in June 1994 and

2. The Capital Market (CM) segment was opened at the end of 1994.

3. The Futures and Options segment began operating in 2000. Today the NSE takes the 14th position in the top 40 futures exchanges in the world.

In 1995

o It Established Investor Grievance Cell, o It established NSCCL the first Clearing Corporation, o It established Investor Protection Fund ,Introduction of

centralized insurance cover for all trading members &became largest stock exchange in the country

In 1996, the National Stock Exchange of India launched S&P CNX Nifty. CNX Nifty (Nifty = National Fifty) is a diversified index of 50 stocks from 25 different economy sectors, Commencement of trading/settlement in dematerialized securities by Setting up of National Securities Depository Limited, first depository in India, co-promoted by NSE In 1997 & Regional clearing facility goes live

“ Life is not a problem to be solved but a reality to be experienced”

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In 1996, the National Stock Exchange of India launched S&P CNX Nifty. CNX Nifty (Nifty = National Fifty) is a diversified index of 50 stocks from 25 different economy sectors, Commencement of trading/settlement in dematerialized securities by Setting up of National Securities Depository Limited, first depository in India, co-promoted by NSE In 1997 & Regional clearing facility goes live

In 1998, the National Stock Exchange of India launched its web-site and was the first exchange in India that started trading stock on the Internet in 2000. Today, NSE has roughly 66% of equity spot turnover and roughly 100% of equity derivatives turnover and Launch of NSE's Certification Programme in Financial Market

1999, NSE Launched Automated Lending and Borrowing Mechanism and Set up NSE.IT

In 2000,

o Launched NSE Research Initiative, o Commencement of Internet Trading & Derivatives

Trading (Index Futures), o Launched 'Zero Coupon Yield Curve', o Launched Broker Plaza by Dotex International, a joint

venture between NSE.IT Ltd. and i-flex Solutions Ltd., o Commencement of WAP trading

In 2001,

o Commencement of trading in Index Options, o Options on Individual Securities, o Futures on Individual Securities & Launch of VaR for

Government Securities

In 2002, Launch of Exchange Traded Funds (ETFs) & Launch of NSE Government Securities Index

In 2003, Commencement of trading in Retail Debt Market, Launch of Interest Rate Futures & Launchof Futures & options in CNXIT Index

In 2004, Launch of STP Interoperability & Launch of NSE's electronic interface for listed companies.

In 2005, Launch of Futures & options in BANK Nifty Index

In 2007

o Launch of NSE – CNBC TV 18 media centre, o NSE & CRISIL announced launch of

IndiaBondWatch.com, o launched derivatives on Nifty Junior & CNX 100 o launched derivatives on Nifty Midcap 50

In 2008

o Introduction of Mini Nifty derivative contracts & long term option contracts on CNX Nifty Index

o Launch of Securities Lending & Borrowing Scheme o Currency Derivatives

In 2009

o Launch of Interest Rate Futures & Mutual Fund Service System

o Commencement of settlement of corporate bonds

In 2010

o Launch of Currency Futures on additional currency pairs

o NSE- CME Group & NSE - SGX product cross listing agreement

o Introduction of Call auction in Pre-open session o Introduction of European Style Stock Options o Introduction of Currency Options on USD INR o Launch of mobile trading for all investors

In 2011,

o Commencement of trading in 91 Day GOI Treasury Bill – Futures

o Launch of derivatives on Global Indices o Launch of derivatives on CNX PSE and CNX

Infrastructure Indices

In 2012, NSE launches “EMERGE” - SME Platform, NSE and India Post start Unique Financial Inclusion Initiative "Jagruti", Futures and Options contracts on FTSE 100

In December 2013, NSE celebrated its 20th anniversary in a glittering ceremony attended by the Chairman of the market regulator SEBI Mr. U.K. Sinha, Finance Minister Mr. P. Chidambaram and a host of dignitaries from other regulatory organizations, the market and the corporate world. Agreement on Launch of S&P CNX Nifty Futures in Japan NSE launches the first dedicated Debt Platform on the Exchange

“The greatest glory in living lies not in never failing but raising everytime we fall”

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Conclusion Stock Markets are something which you cannot predict what is going to happen in the market tomorrow without proper analyzes of market. So, it is always preferable to go for some professional help if you wish to invest in the Indian stock market. Both BSE and NSE are working as a 2 major stock exchanges in India. Nearly 5,163 companies are listed in BSE Top 30 companies form together the premier index called SENSEX. In SENSEX different weights are allocated to each company. These companies represent all the major sectors of Indian economy.

BSE making it world's No. 1 exchange in terms of listed members. The companies listed on BSE Ltd command a total market capitalization of USD 1.32 Trillion as of January 2013. It is also one of the world’s leading exchanges (3rd largest in December 2012) for Index options trading.

BSE On-line Trading (BOLT) facilitates on-line screen based trading in securities. BOLT is currently operating in 25,000 Trader Workstations located across over 359 cities in India. It has a nation-wide reach with presence in more than 359 cities and towns of India, and has always been at par with international standards. The systems and processes are designed to safeguard market integrity and enhance transparency in operations. BOLT is the trading platform used by all the dealers / terminal operators to punch the buy/sell orders. The systems are linked by satellite / broadband communication links to the Computer in BSE. The orders are updated on this computer and broadcast to all the terminals instantly. The trades and orders information is updated continuously.

BSE is the first exchange in India and second in the world to obtain an ISO 9001:2000 certifications. It is also the first Exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its On-Line trading System (BOLT). It operates one of the most respected capital market educational institutes in the country (the BSE Institute Ltd.). BSE also provides depository services through its Central Depository Services Ltd. (CDSL) arm.

BSE has won several awards and recognitions that acknowledge the work done and progress made like The Golden Peacock Global CSR Award for its initiatives in Corporate Social Responsibility, NASSCOM - CNBC-TV18’s IT User Awards, 2010 in Financial Services category, Skoch Virtual Corporation 2010 Award in the BSE StAR MF category and Responsibility Award (CSR) by the World Council of Corporate Governance

The NSE has more than 1,635 stocks listed with it. It is fully automated electronic order processing exchange. Average daily trading volumes have jumped from Rs. 17 crore in 1994-95 when NSE started its Cash Market segment to Rs.11, 325 crore in 2008-09. Similarly, market capitalization of listed Indian firms went up from Rs.363, 350 crore at the end of March 1995 to Rs.2, 896,194 crore at end March 2009. NSE is the largest stock exchange of the country. It has a market share of nearly 70% in equity trading and 98% in futures and options trading in India. Globally, NSE ranks among the top three stock exchanges in terms of number of contracts traded in single stock futures, index futures and stock options. Another important innovation that has occurred on the NSE is that they were the first stock exchange in the world to use satellite communication for trading. This has not only greatly increased the speed of communication but it also ensures that everybody is playing on a level field since it takes the same length of time for communication from anywhere. This used to be a problem since there were huge differences in how long it took for communication to go through putting some traders at a serious disadvantage. Removing this was important for the development of the market.

NSE has played a catalytic role in reforming the Indian securities market in terms of microstructure, market practices and trading volumes. The market today uses state-of-art information technology to provide an efficient and transparent trading, clearing and settlement mechanism, and has witnessed several innovations in products & services viz. demutualisation of stock exchange governance, screen based trading, compression of settlement cycles, dematerialization and electronic transfer of securities, securities lending and borrowing, professionalization of trading members, fine-tuned risk management systems, emergence of clearing corporations to assume counterparty risks, market of debt and derivative instruments and intensive use of information technology.

“ Life is a tragedy when seen in close up but comedy in a long shot”

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NEWS AND EVENTS

Date: 20th March 2014 (Thursday)

Event: Seminar by Kum. Harshitha

Organized by: Smt. Namrata, HOD of Commerce & Management Dept.

Date: 29th March 2014( Saturday) Event: Presentation by Kum. Divya Organized by: Smt. Namrata, HOD of Commerce &

Management Dept.

COMMERCE QUIZ 1. The progress in increase of fish production was called a)Yellow revolution c) Brown revolution b) White revolution d) Blue revolution 2. Which state is the biggest tea producer in the country?

a) Andhra Pradesh c) Assam b) Sikkim d) West Bengal

3. National Agriculture Insurance Scheme was implemented on

a) Oct. 1997 c) Oct. 1999 b) Oct. 1998 d) Oct. 2000

4. What is NASO ?

a) National Agriculture Science Organization c) National Auto Science Organization b) National Agriculture Study Organization d) National Sample Survey Organization

5. India holds the third position in production of Sugar cane. a) True b) False

Kindly, send in your answers by 21st April 2014 to Commerce and Management department or sent it via email to macauro13@gmail.com (Mention your Name, Class and Section)

“Life becomes harder when we live for others but also becomes richer and happier”

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ALUMINI CORNER Put the Glass down

Professor began his class by holding up a glass with some water in it. He held it up for all to see & asked the students "How much do you think this glass weighs?" '50gms!'..... '100gms!' .....'125gms' ...the students answered. "I really don't know unless I weigh it," said the professor, "but, my question is: What would happen if I held it up like this for a few minutes?" ‘Nothing’.....The students said. 'Ok what would happen if I held it up like this for an hour?' the professor asked. 'Your arm would begin to ache' said one of the student "You're right, now what would happen if I held it for a day?" "Your arm could go numb; you might have severe muscle stress & paralysis & have to go to hospital for sure!” ..... Ventured another student & all the students laughed "Very good. But during all this, did the weight of the glass change?" Asked the professor. 'No'.... Was the answer. "Then what caused the arm ache & the muscle stress?" The students were puzzled. "What should I do now to come out of pain?" asked professor again. "Put the glass down!" said one of the students "Exactly!" said the professor. Life's problems are something like this. Hold it for a few minutes in your head & they seem OK. Think of them for a long time & they begin to ache.

Hold it even longer & they begin to paralyze you. You will not be able to do anything

It's important to think of the challenges or problems in your life, But EVEN MORE IMPORTANT is to 'PUT THEM DOWN' at the end of every day before you go to sleep... That way, you are not stressed, you wake up every day fresh &strong & can handle any issue, any challenge that comes your way! So, when you leave office /college today, Remember friend to 'PUT THE GLASS DOWN TODAY! '

“ The good life is one which is inspired by love and guided by knowledge”

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FACTS AND FIGURES

“During travel (journey), knowledge takes care like mother. Thus knowledge is considered as a hidden wealth”. - Subashita

TIT BITS

TOP TEN HR TECHNOLOGY TREND FOR 2014

1. HR data is secure in the cloud. When it’s done right,

cloud is just as secure as onsite on premise software

solutions.

2. Gamification is best way for employees to

communicate, engage, attract and retain the top talent.

3. Integrated social media will result in better

communication and collaboration

4. Virtualization and globalization are transforming the

work place.

5. Cross functional innovation teams will become the norm

to improve creativity, productivity and quality.

6. Cloud and business process outsourcing support

business goals by reducing infrastructure costs while

freeing up HR resources for strategic innovation.

7. Mobile tools become even more prevalent from senior

management through hourly workers

8. HR needs to harness and analyze big data for business

performance results.

FACTS AND FIGURES

42%of the world’s internet users live in Asia

36.2% of the world wide web B2C e-commerce sales came from Asia in 2014, which is estimated to reach 39.7% by 2016.

Estimated B2C e-commerce sales in India will be $30.31 by 2016.

62% of te population in India use smart phones for comparison or to search product reviews.

Newsletter will be uploaded on to the web every fortnight. We invite reader’s contribution in the form of articles or short essay on topics relating to commerce and management. E-mail the soft copy of the same to macauro13@gmail.com by 5th and 20th of every month. Feel free to give suggestions, opinions and reactions to any of the article published. Contact Media Team for any further information. www.macauro.blogspot.in www.facebook/macauro.macauro

10. Integration, consolidation and “suite” solutions will

increase the inter operability of systems, databases

and tools.

11. Global standardized definitions for HR technology,

metrics, data models and systems will emerge as

technology unites HR professionals worldwide.

“If you do what you need, you’re surviving. If you do what you want, you’re living.”

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