nishka - christ university oct.pdf · 2016-08-23 · siemens, adani ports and crompton greaves. all...

Economic rollers

Market updates

October 6, 2012

Issue 30

Volume III

Nishka A FINANCIAL NEWS LETTER FROM CUIM KENGERI

RBI column

Engineering and Capital Goods

Finance buzz

Finance quiz

Lorem Ipsum Dolor Issue #, Date

RBI COLUMN 01

ECONOMIC ROLLERS 03

Capital Goods Sector: The Scenario 04

Capital Goods Sector in India: Present and

Future

06

The plight of indian capital good industry

TUFS – A boon to the textile parks in the capital goods sector

08

10

FINANCE BUZZ 11

STOCK ANALYSIS-I

MARKET ROUND UP

12

13

CAMPUS POLL 14

PHOTO FIND 15

CROSSWORD 16

FINANCE QUIZ

ANSWERS

17

18

Ritesh

Kejriw

al, 2

MBA

F1

1

Engineering and Capita l Goods Industry forms the backbone of any economy as it is intensely linked with many other core sectors .Capital Goods refer to products that are used in the production of other products but are not incorporated into the new product. These include machine tools, industrial machinery, process plant equipment, construction & mining equipment, electrical equipment.

Engineering goods account for 30.5 per cent of the share in index of industrial production (IIP), 29.9 per cent of share in total investment and 62.8 per cent of share in foreign collaborations. The sector is also the largest foreign exchange earner for the country.

2

New markets that are s t i l l untapped:

EEPC expects India's engineering exports to touch US$ 85 billion in 2013-14, an increase of about 27 per cent year-on-year. The massive growth is anticipated owing to strong demands from new markets like Latin America. Indian exporters are getting experimental and are searching for new markets that are still untapped.

The Market capitalization of capital goods sector on NSE is 350100 crores. The Major companies includes in contributing to the sector are Larsen and Tubro (L&T), BHEL, Punj Lloyd, ABB, Siemens, Adani Ports and Crompton Greaves. All These companies have very strong balance sheets and good order

3

books especially L&T and PunjLlyod.

L& T is the largest company in this sector having a market value of $17.5 billion. The current quarterly earnings of the company is not very good as they posted a net profit of 863.65 Crores which is 55% less than last quarter and sales also dip by 35% because thy lost some major projects in Delhi and NCR region. But however the stock price of the company gave a return of more than 40% in last 9 months which shows the company is fundamentally very strong and doing well under the management of A.M Naik .

ENGINEERING AND CAPITAL GOODS

SECTOR REVIEW


(Continued)

1

What affects the industry:

Demand: This is a highly interest rate and domestic capex sensitive sector. Demand corresponds to robust economic growth of the nation.

Supply: Supply or delivery period varies as gestation period varies from project to project and depends on technological advancement of manufacturing facility.

Expenses: Raw material costs, employee costs and interest costs form the major chunk of the expenditure for this sector

Entry Barriers: Requires huge investment to enter in the industry and

2

especially for big infrastructure projects.

Competition: Price of most of the project is fixed by tender so companies are compelled to quote lowest prices.

Policy action:

Government of India is very supportive for capital goods sector because it directly relates to the growth of economy. The engineering industry has been de-licensed; 100 per cent FDI is allowed in the sector. Foreign technology agreements are also permitted under the automatic route for this sector. Government has removed tariff protection on capital goods. It has reduced custom duties on a range of engineering and granted significant

3

number of SEZs for the engineering sector across the country. Delhi Mumbai Industrial Corridor (DMIC) being developed across seven states could boost engineering sector. Indian Govt. is trying to make partnership with other foreign counties like Australia, China, HongKong so that they can get best technology to boost the infrastructure

Recently the sector is showing slowdown as the IIP data is declining and Indian GDP is also being lowering. Hence govt. wants more and more infrastructure projects like Metro, Road, Power generation etc to boost economy so will help in increase the earnings companies.

1

Reserve Bank of India’s monthly bulletin of September includes five special articles:

India’s foreign trade: 2012-13(Apri l -June)

Highl ights :

• During Q1 of 2012-13, exports stood at US$ 75.2 Billion and showed a net decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. The significant deceleration of export performance observed in the second half of 2011-12 continued during Q1 of 2012-13, as global economic and trade environment remained unsupportive.

• During Q1 of 2012-13, imports declined by 6.1 per cent over the

2

corresponding quarter of 2011-12 and stood at US$ 115.3 billion. Lower imports mainly reflected the contraction in imports of gold and silver and a moderate growth in imports of Petroleum, Oil and Lubricants (POL).

• Trade Deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion as compared with US$ 46.2 billion during Q2 of 2011-12.

Monthly Seasonal Factors of selected Economic Time series

This article broadly covers 5 major sectors, namely, Monetary and Banking Indicators (20 series), Prices (WPI/CPI) (32 series), Industrial Production (37 series), External Trade (2 series) and Services Sectors Indicator (8 series).

3

Main Findings:

• Among the price related series, seasonal variation for WPI-AII commodities remained low and exhibited steady decline in recent years. The variation in seasonality for WPI-Primary articles was much higher than that of WPI-Manufactured products.

• With respect to Production data, seasonal variation of IIP-General Index was seen to increase steadily over the time period. Among the use-based classification, “Capital goods” and “intermediate goods” showed the highest and lowest seasonal variations, respectively.

Nidhi Ja

iswal, 2

MBA

F1

RBI COLUMN

1


(Continued)

1

Internat ional Banking Stat is t ics of India: December 2011 and March 2012

Main Findings:

Locational Banking Statistics – International Liabilities

• The international liabilities (in ` terms) of banks in India, at end-March 2012 grew by 8.6 per cent over the position a year ago and by 8.2 per cent over the previous quarter.

• Foreign currency borrowings, NRO and NRE deposits contributed to the high growth in the international liabilities.

• At end-March 2012, the annual increase in the international liabilities emanated from the increase in exposure towards various countries, primarily, USA, UK, HongKong and Singapore.

• The share of the international liabilities towards the non-bank sector was marginally lower at 73.3 per cent as compared with 74.0 per cent a year ago.

2

Corporate Investment: Growth in 2012-13 and Prospects for 2012-13

This article captures capital investment intentions of companies in private and joint business sector in order to broadly assess the likely short term changes in business sentiment. The estimation of capital investment during the year is based on phasing details of investment intentions indicated by companies while raising funds through sanctioned assistance by banks/financial institutions, ECB/FCCBs and domestic equity.

Main Findings:

• New investment intentions in 2011-12 aggregating `2,509 billion were lower by 41.0 per cent as compared to `4,623 billion in the previous year.

• Industries, such as, power, metal & metal products, telecom, cement and hotel & restaurants witnessed decrease in total project cost; whereas, textile, chemical & pesticides and transport services observed an increase in total project cost in 2011-12 as against in 2010-11.

• The Capital Expenditure already planned to be spent in 2012-13 aggregated `2,073 billion. Even if companies adhere to their investment plans, the envisaged investment by the private corporate sector in 2012-13 is expected to be significantly lower than that in the previous sector.

3

Performance of Private Corporate Business Sector during 2011-12

Main Findings:

• The sales growth of the private (non-financial) corporate business sector moderated during 2011-12. The deceleration in sales growth was sharper in the fourth quarter of 2011-12. Growth in profits declined sharply on account of continued pressure from rising raw material costs and relatively higher growth in power & fuel and interest cost.

• In terms of the sectoral breakdown, sales growth was higher for companies in the manufacturing sector as compared to those in the services sector. However, IT sector with significant support from other income witnessed substantial growth in net profits during 2011-12 unlike the manufacturing and services other than IT, where the net profits declined.

• The performance of bigger companies was relatively better. However, profit margins contracted for all size classes.

2

Source: www.rbi.org.in

ECONOMIC ROLLERS

-‐ Dhawal Parmar, 2 MBA F1

• Repo Rate: 8.00%

• Reverse Repo Rate: 7.00%

• CRR: 4.50%

• SLR: 23.0%

• CBLO: 7.74% (as on October 4th 2012)

• MIBOR (1 month as of October 4th 2012): 8.58%

• Inflation (Based on All India Consumer Price Index as On September 18th 2012): 10.03%

• Forex Reserves (as of September 28th 2012): $ 294.81 billion

• IIP (Released On September 12th 2012, for July): 0.1%

• 91 Days T bills (As on October 4th 2012): 8.06%

• 10 year G-‐ Sec Yield (As on October 4th 2012): 8.14%

• Exports during August 2012: $ 22.3 billion

• Imports during August 2012: $ 37.95 billion

Source: Reserve Bank Of India, Ministry Of Finance, Office of Economic Advisory, Ministry of Commerce, Central

statistics Office, The Clearing Corporation Of India Ltd., FIMMDA.

3


1

Capital Goods refer to products, which are used in the production of other products but are not incorporated into the new product. Examples for capital goods can be machine tools, plant equipment, electrical equipment, etc. It is also referred as the ‘Mother’ of all manufacturing industry since it is of strategic importance for national security and economic independence.

Thus, the capital goods sector contains companies that manufacture machinery used to create capital goods, aerospace and defense, etc. Capital goods sector is also referred as “Industrials sector”. Performance of capital goods industry since it relies heavily on manufacturing is sensitive to fluctuations in the business cycle. In other words, sector does well in in boom period and vice versa.

2

The fortunes of the sector:

The Capital goods sector’s fortune depends on Capital expenditure. The Indian capital goods sector turned in one of its worst performing 'first' quarters in the past five years, due to: -

• Policy inertia,

• Tight liquidity,

• Stubbornly high inflation and

• Equally high interest rates.

This industry has recorded the lowest operating profit of 7.57% and net profit Margin of 2.3%. The main reason for this is high input cost, especially raw materials, have severely hit the profitability of the sector. Apart from high operational costs, high cost of raising funds has also contributed to squeezing out the net profitability of the companies in the sector.

3

Value addition in the capital goods sector is significantly lower than the average for the manufacturing sector.

The last quarter of 2011-12 recorded the lowest project loan sanctions since 2005-06 at Rs 25,500 crore. The projects added for a year since June stood at a total project cost value of Rs 8,900 crore, which is down by 55 per cent. This reduction is not at all good for the industry as it implies less projects which in turn leads to less order, this affects the revenues of companies especially in industrial product business making it a worse hit ever. The projects under construction phase are under scrutiny, thus, increasing uncertainty further leading to fewer orders to capital goods companies.

Anu

shree, 1 M

BA D

CAPITAL GOODS SECTOR:

THE SCENARIO

4

(Continued)

1

A business model that fosters growth:

18 prominent companies of the sector (excluding L&T) reveal the second lowest year-on-year revenue growth of about 8.6% since 2007-08 for second quarter of FY13. L&T Enjoys the benefit of being exception to this downfall of industry because it has a more diversified

2

business model and has a greater thrust on infrastructure and engineering projects than on core manufacturing of capital goods equipment. L&T’s business diversification has actually helped the company register growth of 26% in revenue for June '12 quarter. However, if we included L&T it wouldn't have changed the findings that the revenue growth for the June '12 quarter continued to be the second lowest for any June

3

quarter in the past five years after June '10. The chief contributors which have pulled down the sector revenues this quarter include companies like BHEL, Bharat Electronics, Thermax, and BGR Energy Systems that recorded a double-digit negative growth in revenues year-on-year while those like Siemens India and Jyoti Structures registered revenue growth of less than 3%.

5

The major players of this industry with their market capitalization are mentioned below: -

Name Industry %capita l izat ion

Larsen Engineering-heavy 38.31

BHEL Engineering-heavy 21.01

Siemens Electric equipment 9.32

ABB Electric equipment 6.55

Bharat electrical Electricals 3.86


1

The Indian capital goods sector is the most powerful industrial sector in India contributing to about 12% of the total manufacturing activity. Manufacturing sector on a whole has a contribution of 15% to the country’s GDP. Hence capital goods sector in India holds utmost importance & has a greater role to play in the growth of country’s economy.

Why is capita l goods sector important?

Capital goods sector becomes important for two reasons namely,

1. It enhances the domestic capabilities of the nation and promises self-reliance and security.

2. It has impact on the growth of other manufacturing firms for which it

2

provides input in the form of machinery and equipments.

Hence considering the above two factors it is of paramount importance to focus on the growth and sustainability of capital goods sector for any nation.

Present s tatus of the sector in India:

According to a report of heavy industry ministry, the sector growth for the year 2010-11 stood at 14%, with an annual turnover of Rs.2,67,944cr & employing around 1.4million people. Though the numbers seem to be promising, the current dwindling in growth of the sector due to various reasons has proved the volatility of the industry. The sector has seen a massive decline in its growth in the first quarter of FY-13 recording about 8.6% which is worse in the past five years. This slump in growth could be attributed to various reasons like high inflation, RBI monetary policy, tight liquidity & so on. All the major players in the industry have shown a decline in growth except L&T, which has registered 26% growth in the June-12 quarter. Players like BEML, Bharat electronics have shown steep negative growth year on year thereby pulling down the sector’s stability. The investing environment has completely dampened with no future commitments done or encouraged. The inflated costs of raw materials have caused serious burns to the industry. Considering all the above facts the present state of the sector stands worrisome.

Amog

hava

rsha

P, 1 M

BA C

CAPITAL GOODS SECTOR IN INDIA:

PRESENT AND FUTURE

6

(Continued)

1

Government’s v is ion for the industry:

The department of Heavy Industry has envisioned greater growth of the industry with certain policy measures that minimizes imports and enhances domestic production. The measures in brief are as follows,

• No industrial license required for the sector.

• Imports and exports are allowed freely.

• FDI up to 100% is permitted through RBI.

The department has well identified that for a growth of 9% in GDP in the

2

12th Five year plan, the capital goods sector needs to grow at a rate of 17%-19%. It has also estimated an increase in the employment number to around 2.8million by the end of 2016-17 and it may well go up to 100million by 2025. Hence in order to achieve such high levels of growth and employment, the above policy measures may come very well in handy.

With all the measures falling in place, the turnover of the sector would go up to 6, 81,000cr in the 12th Five year plan by the end of 2016-17 at a CAGR of 16.8%.

Though the present scenario of the Indian capital goods industry is not desirable, various policy measures from

3

the government’s side would definitely help in boosting the sector’s growth. With the government taking up a slew of reforms by inviting FDI in retail and aviation, capital goods sector can also expect certain reforms to replenish the whole system and strengthen the manufacturing sector, which happens to be the backbone of the nation’s economy.

7


1

Capital goods are those goods which are produced not for immediate consumption rather are used in the production of other products. A study undertaken by government of India has defined capital goods as plant and machineries for agriculture, industrial and commercial segment of economic activity that has economic asset life of three years and above. These include machine tools, industrial machinery, process plant equipment, construction & mining equipment, electrical equipment, textile machinery, printing & packaging machinery etc.

Capital goods industry is the backbone of all manufacturing industry and is of strategic importance for the economic independence and national security of the country. It is vital for propelling the growth of manufacturing activity in

2

any country.

The sector on an upswing:

The capital goods sector was on an upswing since March 2002 due to investments that had taken place in various sectors such as oil & gas sector, power sector, steel plants, automobile industries etc. However the current scenario is no longer the same the industrial houses are not ready to invest in capital goods sector. According to CRISIL the working capital needs of the capital goods company has surged to five year high.

In the midst of problems:

The growth of the capital goods sector is linked to power sector which presently is facing a lot of trouble.Structural issues such as uncertainity in coal supply and

3

losses of state electricity board are few of the major reasons as to why the banks are not keen to lend to the capital goods sectors.

Nagarajan Narasimhan Senior Director Crisil Ratings said, “Project deferment by customers resulted in a 15-per cent decline in order inflow for capital goods entities in 2011-12 over the previous year.” Capital goods production declined over 27 per cent in June and more than 19 per cent in the first quarter of this fiscal, according to official data. The sectors expecting low or growth outlook include earth moving & construction equipment, electric motors, transmission line towers, multi-purpose vehicles (Vans), transformers, textile machinery,

Farhee

n Im

am, 1 M

BA B

THE PLIGHT OF THE INDIAN CAPITAL GOOD INDUSTRY

8

(Continued)

1

distribution transformers, hydro electricity, and tractors, which will have a great effect on the growth of related sectors, ranging from agriculture, real estate to electricity, the survey said.

It is assumed that revenue growth and profitability of capital goods will further slacken during the year which indicates increased pressure on the whole economy. Though the

2

Investment in the industrial production growth in july is better than the 1.8% contraction in june the growth is insignificant as both the capital and intermediate goods category are in negative territory.

The chal lenge ahead:

The slow growth in capital sector is one of the major reasons for the poor industrial growth of India. Thus the government has to take bold steps to

3

boost the investment. RBI has already announced a cut in the CRR (credit reserve ratio) by 0.25 percent infusing Rs 17000 crore in the economy.

Capital goods sector is going through one of it’s rough faces and it is a challenge for the government to revive the spirit of the sector. How the government will face the challenge and overcome it is what we have to wait and see.

9


1

Technology Upgradation Fund Scheme (TUFS) was made available to the textile industries w.e.f. 1st of April 1999 to help the sections under Jute, Textile, and Cotton ginning and pressing industries take a step ahead of their present technological level, after they are accordingly benchmarked for every sector with respect to specific machinery standards.

The 12 th year plan:

TUFS is often revised, restructured and reemployed every 5 years from the time it was first implemented in 1999. It came as a relief to the ailing textile industry, when Commerce and Textile Minister, Anand Sharma, confirmed that TUFS would be

2

continued for this sector in the XII Plan (2012 – 2017) as well.

According to Mr. Sharma, the Government is focusing on the powerloom and silk sectors and has been paying special attention to financial packages estimated to be up to Rs. 15,886 crores, compared to Rs. 12,000 crores in XI Plan.

TUFS provides benefits like credit linked capital subsidiary for SSI and powerloom, upto 5% of interest reimbursement on the normal interest charged on loans with an add-on of 10% capital subsidiary for specified processing machinery.

Aims to touch the skies:

Gujarat, Punjab and Madhya Pradesh

3

top the list of the State wise Restructured TUFS subsidy approval.

The exporters in the industry are encouraged to explore the markets of Latin America and Africa to make up for the poor performance in the first quarter. Government is even inclined towards providing adequate quantities of raw materials to the industrial sectors to increase the production.

With adequate support from Government and an advantage of TUFS, the textile sector aims to touch the skies and to soar to great heights.

Bristi Ch

oudh

ury, 1 M

BA D

TUFS – A BOON TO THE TEXTILE PARKS IN THE CAPITAL GOODS

SECTOR

10

Man

isha

B, 2

MBA

F1

FINANCE BUZZ

INDEX OF INDUSTRIAL PRODUCTION

IIP or the index of industrial production is the number denoting the condition of industrial production during a certain period, figures that existed in the past. The optimism amongst the stock markets and investors translates into the markets going up.

COST, INSURANCE AND FREIGHT-CIF

A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.

CAPITALIZATION-WEIGHTED INDEX

A type of market index whose individual components are weighted according to their market capitalization, so that larger components carry a larger percentage weights.

ZERO DUTY EPCG SCHEME

ZERO DUTY EPCG (Export promotion capital good) SCHEME allows import of capital goods for preproduction, production and post production at zero customs duty, subject to an export obligation equivalent to 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from authorization issue-date.

THE TECHNOLOGY UPGRADATION FUND SCHEME

The Indian textile industry occupies a unique position in the Indian economy in terms of its contribution to industrial production, employment and exports.

11


STOCK ANALYSIS

This is a dream run for Indian stock market. Nifty is inching toward 6000 and may see all time high next year. Government brought too many reforms, supportive global markets, policy action and favourable currency movement pushed FII to pump money in Indian Equities.

Nifty likely to face resistance around 6000 level and can retrace from that level, and it can come down to 48% retrace level of 5600 and if global market start correcting then Indian market will correct more and markets like Japan, China, South Korea, Hang sang had still not participated in the rally. Hence it is very uncertain that market may either crash or they can rally further if Asian market rallies.

Investors are advised to remain cautious and avoid buying the stock at current price they can wait for 5-7% correction because most of the blue chips are trading at their highs.

Short term trader can look for Nifty Put option of 5500, 5700, 5600 which is available at very low premium and if market correct they will give good returns

Source: Sharekhan Pattern Finder, Moneycontrol 12

MARKET UPDATES

-‐ Dhawal Parmar (2 MBA F1)

v IFCI board approves conversion of Rs923cr bonds into equity.

v NBFCs with foreign holding of more than 75 percent and up to 100 percent, with the minimum paid-up capital of USD 50 million, are now allowed to open any number of subsidiaries.

v Government allows banks to act as insurance brokers, Banks can now sell products of more than one insurance

company.

v India needs net capital inflows of up to USD 70 billion annually for the next five years to bring Current Account Deficit (CAD) down to 2.3 percent of GDP: Prime Minister's Economic Advisor C Rangarajan.

v Oil India, IOC buy stake in US shale assets for $82.5m.

v Banks will lend to students under management quota.

v No 80C tax break on principal repayment to parents, Deduction on interest on home loan can be availed from

parents provided the payment is bona fide.

v ECB kept its main interest rate on hold at 0.75%

v Services sector grows at fastest pace in 7 months. The HSBC purchasing manager’s index for the services sector rose to 55.8 in September from August’s 55.0

v Dhanlaxmi plans to raise Rs200 crore by December

v Google overtakes Microsoft’s market value. Becomes world’s Second largest technology company.

v GSPC set to buy 65% stake in Gujarat Gas forRs.2,464 crore

13


Best comment

1. With bells for elections Opposition party's cynicism towards FDI is fusing investors & GOI sourcing norm of 100 mn is shattering their confidence. With Myopic approach yes it has created confidence among investors but to sustain growth momentum is questionable.

- ShreyanshTated(1120112)

CAMPUS POLL

- Abhisek Roy, 2 MBA F1

- Arun P, 2 MBA F2

QThe Indian government announced various reforms including:

A revision of fuel prices, Allowing 51 per cent FDI in multi-brand retailing, Allowing international airlines to invest in domestic airlines, Disinvestment of four public sector undertakings.

Do you think the government wil l be successful in bringing back investors ’ confidence and growth momentum?

Total – 84

Yes – 66

No – 14

Cant Say – 4

2. Though the government has taken few steps for the stabilizing the falling sectors in the country. Aviation has shown good sign but it is likely that the foreign investors in retail will perceive the political atmosphere unstable. FDI's are still pooling in and investors will find India as a lucrative destination. Domestic investors they may take a bullish way but it will still take a pretty good time for growth momentum as the government elections are in near future. The reforms definitely will bring in a positive attitude at least for the short term as the investors will see that government is trying to bring in money in the market. Hence it will kick start the growth momentum.

- Lavani Marwah(1121554)

14

78%

17%

5%

CAMPUS POLL

YES

NO

CANT SAY

PHOTO FIND

-‐ Jagadish Kumar, 2 MBA F1

15

1 2

3 4 5

6


CROSSWORD

-‐ Nagarajan, 2 MBA F1

Across

4. This company has recently bought Nokia Siemens IPTV assets. (9) 6. GAIL signs gas purchase pact with this firm from Russia. (7) 8. This led by Kishore Biyani is the largest listed retailer in India (10) 9. The prepayment of financial obligations, usually through a third party. (10) Down

1. This brand has planned to open its retail outlet by the end of this month owing to the Central Govt's decision

on 51% FDI in multi-brand Retail. (9) 2. A provision where one party to a contract compensates the other for loss resulting from certain occurrences,

eg., the non-achievement of the desired tax treatment of a transaction. (9) 3. HDFC Bank has joined hands with this firm to facilitate payment to its commission agents spread over 350

mandis in Punjab. (8) 5. This has tied-up with Jones Lang LaSalle India for providing retail property management services to

shopping malls. (9) 7. In general, the difference between two interest rates or yields. (6)

16

FINANCE QUIZ

-‐ Kumaran, 2 MBA F1

1) What is the Highest Denominated Value in US?

2) Upto what percentage of FDI’s are allowed in aviation sector ?

3) What is PIP?

4) Expand REIT?

5) How much is the growth of Indian capital goods sector in June quarter?

6) What is the name of online portal launched recently for MSME?

7) What is the IIP as on July 2012?

8) Who are the major players in capital goods sector ?

9) Who is the CFO of L&T?

10) What is the net profit margin of Indian capital goods sector for the June quarter?

17


ANSWERS

Photo Find:

1. ED Rapp-CFO of Caterpillar Inc

2. R Shankar Raman- CFO of Larsen and Tourbo

3. PK Bajpai- CFO of BHEL

4. M Acharya -CFO Crompton Greaves

5. Gopal Mahadevan ,-CFO of Thermax Ltd

6. Kriti Vagadia , Suzlon Energy Ltd

Finance Quiz:

1. $100

2. 49%

3. Smallest currency Change.

4. REAL Estate Investment Trust.

5. 8.6 per cent year on year

6. smallB.in launched by SIDBI

7. 0.1%

8. L&T, BEML, Bharat Electonics,

Thermax

9. R Shankar Raman

10. 2.3%

18

19

Crossword Across

4. ACCENTURE—This company has recently bought Nokia Siemens IPTV assets. 6. GAZPROM—GAIL signs gas purchase pact with this firm from Russia. 8. PANTALOONS—This led by Kishore Biyani is the largest listed retailer in India 9. DEFEASANCE—The prepayment of financial obligations, usually through a third party. Down

1. STARBUCKS—This brand has planned to open its retail outlet by the end of this month owing to the Central

Govt's decision on 51% FDI in multi-brand Retail. 2 . INDEMNITY—A provision where one party to a contract compensates the other for loss resulting from certain

occurrences, eg., the non-achievement of the desired tax treatment of a transaction. 3. PUNGRAIN—HDFC Bank has joined hands with this firm to facilitate payment to its commission agents spread

over 350 mandis in Punjab. 5. EVERSTONE—This has tied-up with Jones Lang LaSalle India for providing retail property management services

to shopping malls. 7 . SPREAD—In general, the difference between two interest rates or yields.


Faculty Coordinator

Co-‐ordinators:

Niveda S (MBA F1)

Dr. Anirban Ghatak

Abby Jacob

(MBA F2)

Editors: Creative and Designing:

Sheena Renu

(MBA F1)

Bala Surya Kiran R (MBA F2)

Karthik R (MBA F2)

Stock Analysis:

Articles:

Abhishek Jain

(MBA F1)

Akhilesh C (MBA F1)

Ritesh (MBA F1)

Marina Kurian (MBA F1)

Sivakumar (MBA F2)

RBI column:

Crossword:

Nidhi Jaiswal (MBA F1)

Nagarajan (MBA F1)

Finance Buzz:

Photo Find

Manisha B (MBA F1)

Jagadish Kumar

(MBA F2)

Economic Rollers:

Campus Poll:

Dhawal Parmar (MBA F1)

Abhisek Roy

(MBA F1)

Arun P

(MBA F2)

Finance Quiz:

Kumaran (MBA F1)

Dolor sit amet.

NISHKA is a monthly finance magazine brought by the students of the

finance club of CHRIST UNIVERSITY Institute of Management

Kengeri Campus. The Idea behind coining the issue of this magazine is

to establish a learning among the students, which helps them to gain an

insight about the world of finance.

- TEAM NISHKA

ABOUT NISHKA

Institute of Management

Kengeri, Bangalore

Please mail your valuable feedbacks, reviews at [email protected]

(For Private Circulation Only)

nishka - christ university oct.pdf · 2016-08-23 · siemens, adani ports and crompton greaves. all...

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