...HCL Technologies Ltd. HCL Technologies Ltd. (HCLT) is a leading global IT services company offering various services in Application Development & Maintenance (ADM), Engineering and R&D Services, Enterprise Application Services (EAS), Enterprise Transformation Services, Infrastructure Management Services (IMS)and BPO. HCLT delivers solutions across banking, insurance, retail and consumer, aerospace, automotive, semiconductors, telecom and life sciences sectors. Its well-established infrastructure management practice, combined with recent acquisition of Axon, provides significant cross-selling opportunity, which could help HCLT win some of the large size deals. At CMP, the stock is trading at 15.5x FY12E and 12.3x FY13E earnings. We recommend a buy with a price target of `587 i.e (15x FY13e Adj. EPS of `36.62 + value of investments per share of ` 37.5). KEY HIGHLIGHTS ■ HCLT grew faster than Industry: Indian IT exports grew at a 5-year CAGR of 23% from $18bn in FY2005 to $50bn in FY2010. HCLT revenues grew at a 5-year CAGR of 29% from $764mn in FY2005 to $2705mn in FY2010. ■ Axon acquisition adds value: Prior to the acquisition of Axon in 2008, about 11% of HCLT’s revenue came from EAS. With the acquisition of Axon, HCLT’s revenues from enterprise solutions increased to more than 20%. ■ Gaining market share in ADM & IMS space: HCLT’s performance has been particularly strong in deals with bundled ADM and IMS. With the rising traction in restructure/renewal of global...
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...The Automotive Industry Recovery Prepared for: Transmittal Letter TO: FROM: DATE: SUBJECT: Report Overview The following report discusses the automotive industry recover from the “Great Recession” that occurred in 2008/2009. Information presented will be the state of the automotive industry before the recession, after the recession, how the industry is doing now and how the future looks for automakers. Contents The Automotive Industry Recovery 1 Transmittal Letter ii Contents iii Figures iii Executive Summary iv Introduction 1 Finding 1 Pre-Recession 1 Post Recession 2 How is it now? 3 The Future Outlook 3 Analysis 3 Summary 3 Conclusions 4 Reference 5 Figures Figure 1, Annual Auto Sales in the U.S. 2 Executive Summary The Automotive Industry was hit hard by the “Great Recession”. Jobs and sales declined rapidly as the economy and Americans were coming up short financially. After a couple years and some restructuring the automotive industry started making a comeback. Increasing sales by focusing on consumer needs helped bring workers back to work. Now the industry is booming again with continued growth in the future. The Automotive Industry Recovery INTRODUCTION PURPOSE The nationwide effect from the Great Recession on the auto industry was apparent everywhere. With the bail-outs of some of the big auto makers and loss of jobs, the economy really went into a slump...
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...(MAS), the countries’ national carrier was incorporated on 12th October 1937. First known as Malayan Airways Limited (MAL), it was a joint initiative of Ocean Steamship Company of Liverpool, the Straits Steamship of Singapore and Imperial Airways which proposed to Colonial Straits Settlement government to run an air service between Singapore and Penang. MAL’s first commercial flight was on 2nd April 1947. By the time of Malaysia formation in 1963, Malayan Airways Limited (MAL) changed its name to Malaysia Airlines Limited. Borneo Airways was incorporated soon after. Singapore’s separation from Malaysia saw the company renamed to Malaysia-Singapore Airlines (MSA) in 1965. In 1972, MSA went separate ways to become Singapore Airlines (SIA) and Malaysia Airline Limited (subsequently renamed to Malaysia Airline System (MAS)) independently. As of 31st December 2013, MAS operates a fleet of total 147 aircrafts (108 MAS + 39 Subsidiary). Other MAS subsidiary providing air services included MASkargo, Firefly and MASwings. MAS has been suffering from losses continuously since year 2011 even though revenue and passenger increased in the year 2013. Coupled with the MH370 and MH17 tragic incidents in year 2014, Malaysia government called for a recovery plan to be executed to turn MAS back to profitability. The recovery plan was put together by Khazanah Nasional (Federal government Investment Arm, which happens to be majority stakeholder of MAS) and to be carried out by MAS. An estimated...
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...she made an error. So much so that analysts were astonished Anne when conceded that Xerox had ''an unsustainable business model.'' However, Mulcahy later backed away from this statement, saying that she meant only that the company needed to cut operating costs and redirect investment from money-losing to high-margin businesses. Bloomberg magazine report on June 14 2001, Anne M. Mulcahy announced that the company was killing its entire line of desktop inkjet printers--a one-year-old business that employed 1,500 people worldwide and had been championed by Mulcahy herself. Mulcahy said that effective communication was perhaps the single most important component of the company's successful turnaround strategy. she emphasized the importance of listening to customers and employees. As CEO, Mulcahy spent the first 90 days on planes traveling to various offices and listening to anyone who had a perspective on what was wrong with the company. I think if you spend as much time listening as talking, that's time well spent. "When your organization is struggling, you have to give people the sense that you know what's happening and that you have a strategy to fix it. Beyond that, you have to tell people what they can do to help." In return, Mulcahy accepted nothing less than total support from her executive team — or from any other Xerox employee. "I gave people a choice to make: Either roll up your sleeves and go to work or leave Xerox." Her no-nonsense, no-holds-barred approach left...
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... |Anatomy of Britain's Most Efficiently Managed | | |Company. Nowadays, any book on the 115-year-old food | | |and clothing chain would need a new title. Comedy of | | |Errors is more like it. | | |Businessweek – 18.10.99 | Introduction Marks & Spencer Plc (from now on M&S) is an international retailer with 718 locations across 34 countries. The group sells clothing, footwear, gifts, home furnishings and foods under the St. Michael trademark in its chain of 294 stores in the United Kingdom. Approximately half of the group's overseas stores are franchised to local partners. The group also owns the clothing retailer Brooks Brothers and the Kings Super Markets chain in the United States of America. Direct mail helps M&S meet the core objective of providing customers with wider, easier access to their products such as home furnishings, flowers, hampers and wine. The financial services comprise of operations of the groups financial services companies providing account cards, personal loans, unit trust management, life assurance and pensions. Retailing...
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...[pic] http://mbanetbook.blogspot.com/ Project on Non Performing Assets in Banks CONTENTS |Chapter no. | Title |Page no. | | |Executive Summary |2 | |1 |General Introduction | | | |Introduction to the Topic |4 | | |Company Profile |6 | | |Non performing assets |10 | |2 | Research Methodology |32 | |3 | Data Analysis & Interpretation |38 | |4 | Findings, Suggestions & Conclusions |64 | |5 | Annexure: | | | |a) Bibliography ...
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...Thought INDIA BUSINESS NEWS Indian Stocks Advance, Driving Sensex Higher for a Second Week India’s stocks rose, driving the benchmark index higher for a second week, led by Larsen & Toubro Ltd. (L&T), after the government pledged investment in the nation’s railways and left freight and passenger fares unchanged. L&T, the largest engineering company, added 2.6%. Tata Steel Ltd., the biggest producer of the metal, increased 4.2% on speculation it will avoid higher costs to transport raw materials after the government announced the railway budget. on June 15, the Bombay High Court had ordered RIL to sell the gas for 44% less than the government-set price. Indian business in declined 20%: FICCI Gulf has ABG Plans to Raise $150 Million to Fund Expansion ABG Shipyard Ltd., bidding for control of Great Offshore Ltd., plans to raise $150 million to fund expansion, reviving a proposal from April last year. ABG, which originally sought to raise $200 million, will seek shareholder approval for the new plan on July 7, Chief Financial Officer Dhananjay Datar said in an interview in Mumbai, where the company is based. Indian companies with interest in the Gulf have witnessed their business in the region decline by 20%. According to Federation of Indian Chambers of Commerce and Industry (FICCI), strict visa rules in many countries in the Middle East are obstructing easy flow of manpower for project execution....
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... Table of Contents Abstract 3 Background 4 Competitors Financial Comparison 6 Financial Challenges 7 Financial Opportunities 9 Financial Ratios 14 Summary 16 Financial Statements 17 Works Cited 22 Abstract Six Flags headquarters in New York, owned and operates a chain of amusement and theme parks throughout the US. Since 2001, the company had posted annual losses in the billions. It was cited that heavy expansion and improper marketing insight were the causes for the losses. So in order to revive back its position, the new management took several initiatives to turnaround Six Flags. There was a mixed reaction in the industry and analysts that restructuring would be a costly affair. This research focuses on the turnaround at Six Flags. Pedagogical Objectives: * To discuss about how theme parks were performing in the US. * To understand the background of Six Flags and its turnaround plan. Background Six Flags was founded by Angus Wynne in 1961. The first Six Flags was located in Texas; it now has 19 parks across the United States, Mexico and Canada. The name Six Flags was taken from its first property where six countries flags flew over Texas during the state’s history. The first Six Flags was called Six Flags Over Texas. Six Flags has become the world’s largest amusement park, based on the quantity of properties. Six Flags offers its guest an affordable, thriving experience to enjoy with their friends and families. “The inventive theming...
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...forecasts of annual economic growth swung from +7 percent to -7 percent, and the country elected Kim Dae-jung, former dissident, future Nobel Peace Prize winner (and University of Cambridge honoree), and avowed economic reformer, president. However President Kim's weak electoral position—he was with only a plurality of support and forced to form a governing coalition with an ideologically dissimilar conservative party—and the continuing regional nature of South Korean politics have impeded the formation of a stable political coalition in favor of reform. Today, despite the enormous political power granted to the executive under the South Korea constitution, Kim is effectively a lame duck. Constitutionally limited to a single term, he confronts a hostile national assembly controlled by the political opposition, his personal popularity has fallen below 30 percent, and his party is trailing in public opinion polls in the run-up to December's presidential elections. Yet in spite of these challenges, a hundred other countries would envy the forecast of 5 percent growth and five percent unemployment in 2002. In the six months between mid-September 2001 and mid-March 2002, the stock market has risen by nearly 90 percent, and the only thing hotter on Wall Street than South Korea funds are…Russia funds (which may say something about Wall Street). Property prices are up in Seoul, credit card lending more than doubled last year, and household debt has risen from 18 percent of GDP to 62...
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...department stores in the United States and Puerto Rico. It sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings. The Plano, TX-based company also provides various services, such as styling salons, optical, portrait photography, and custom decorating. The company offers various products and services online via its website, a platform that has been the nursery for industry giants like Amazon (AMZN) and eBay (EBAY). Its direct rivals include Kohl's (KSS) and Macy's (M), among others. J.C Penney's most recent quarter results least impressive among peers The company announced December quarter results on Wednesday, February 27, an event that sent the company's shares down the charts at Wall Street. The company's sales and revenues declined shamefully by huge margins. Revenues were down 25 percent for the quarter while Internet sales dipped 34 percent. On the other hand, Macy's online business soared 48 percent and looks set to take over what J.C Penney leaves behind. Last year, J.C Penney sent home 19,000 staff, and recently trimmed its workforce by 2,200 employees as it sought to cut fixed costs following a tough campaign. Customers are losing trust in the Texas-based company despite the massive experience garnered over the years. The company did not impress in terms of market share, with fewer than 17 percent approaching the retailer's stores. Contrary to J.C Penney, Macy's Q4 results tramped analyst expectations with sales...
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...General Motors General Motors History General Motors (also known as GM), is the world’s second largest car manufacturer based on annual sales. GM was founded on September 16, 1908, in Flint, Michigan, as a holding company for Buick, operated by William C. Durant. Later during that year, they established Oldsmobile. The following year, Durant brought Cadillac, Elmore, Oakland and several others. In 1910, William Durant lost control of GM to a bankers’ trust, because of the large amount of debt taken in the previous year. Years later, Durant started Chevrolet Motor Car Company and through this he secretly purchased a controlling interest in GM. Once ownership was reclaimed by Durant, he then reorganized General Motors Company into General Motors Corporation. Shortly after, Durant again lost control after the collapsed of the new of vehicle. In 1916, Alfred P. Sloan was chosen to take charge of the corporation and led it to its post global dominance. GM growth lasted to the early 1980s. In the 1980s, GM employed 349,000 workers and operated 150 assembly plants. They led in global sales for 77 consecutive years from 1931 to 2007, longer than any other automaker. Now in 2009, General Motors employs approximately 244,500 people around the world. GMs’ global headquarters is the Renaissance Center located in Detroit, Michigan. Last year, GM sold 8.35 million cars and trucks globally. GM is the majority shareholders in GM Daewoo Auto & Technology Co. of South Korea and had collaborations...
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...FINANCIAL MARKETS Overview of Banking and Financial Institutions The Banking Sector The banking system in India is significantly different from that of other Asian nations because of the country’s unique geographic, social, and economic characteristics. India has a large population and land size, a diverse culture, and extreme disparities in income, which are marked among its regions. There are high levels of illiteracy among a large percentage of its population but, at the same time, the country has a large reservoir of managerial and technologically advanced talents. Between about 30 and 35 percent of the population resides in metro and urban cities and the rest is spread in several semi-urban and rural centers. The country’s economic policy framework combines socialistic and capitalistic features with a heavy bias towards public sector investment. India has followed the path of growth-led exports rather than the “exportled growth” of other Asian economies, with emphasis on self-reliance through import substitution. These features are reflected in the structure, size, and diversity of the country’s banking and financial sector. The banking system has had to serve the goals of economic policies enunciated in successive fiveyear development plans, particularly concerning equitable income distribution, balanced regional economic growth, and the reduction and elimination of private sector monopolies in trade and industry. In order for the banking industry to serve as an instrument...
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...Introduction Marks & Spencer Plc (from now on M&S) is an international retailer with 718 locations across 34 countries. The group sells clothing, footwear, gifts, home furnishings and foods under the St. Michael trademark in its chain of 294 stores in the United Kingdom. Approximately half of the group's overseas stores are franchised to local partners. The group also owns the clothing retailer Brooks Brothers and the Kings Super Markets chain in the United States of America. Direct mail helps M&S meet the core objective of providing customers with wider, easier access to their products such as home furnishings, flowers, hampers and wine. The financial services comprise of operations of the groups financial services companies providing account cards, personal loans, unit trust management, life assurance and pensions. Retailing accounted for 96% of fiscal 2000 revenues and financial services, 4%. The company was always considered to have a great management support that helped in its growth. But the last years, M&S’s managers seem to fail on their strategic decisions, leading the group to lower and lower sales and profits. The share price is also dropping and shareholders feel insecure for the future (figure 2). Group structure and financial performance The group’s performance measures for the year ended at 31 March were disappointing (figure-5). The return on equity ratio and the earnings per share were zero as the company had only £1.3m profit this year. For the...
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...park that Walt Disney Company (Disney) had built to date—Bigger than Disneyland in Anaheim, California; Disneyworld in Orlando, Florida; and Tokyo Disneyland in Japan. In 1989, EuroDisney was expected to be a surefire moneymaker for its parent, Disney, led by Chairman Michael Eisner and President Frank Wells. Since then, sadly, Wells was killed in an air accident in spring of 1994, and EuroDisney lost nearly $1 billion during the 1992-1993 fiscal year. Much to Disney management’s surprise, Europeans failed to “go goofy” over Mickey, unlike their Japanese counterparts. Between 1990 and early 1992, some 14 million people had visited Tokyo Disneyland, with three-quarters being repeat visitors. A family of four staying overnight at a nearby hotel would easily spend $600 on a visit to the park. In contrast, at Euro Disney, families were reluctant to spend the $280 a day needed to enjoy the attractions of the park, including les hamburgers and les milkshakes. Staying overnight was out of the question for many because hotel rooms were so high priced. For example, prices ranged from $110 to $380 a night at the Newport Bay Club, the largest of EuroDisney’s six new hotels and one of the biggest in Europe. In comparison, a room in a top hotel in Paris cost between $340 and $380 a night. In 1994, financial losses were becoming so massive at EuroDisney that Michael Eisner had to step in personally in order to structure a rescue package. EuroDisney was put back on firm ground. A...
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...Bundy India Ltd. is a fully owned subsidiary of TI Automotive. Earlier known as Bundy Tubing of India the company in India is popularly known as Bundy. It is well known for its precision tube manufacturing and was the market leader for Fluid Carrying Systems for Automotive and Refrigerator / Air Conditioner. Bundy India Ltd produces high pressure double wall tubes for brake application in automotive industry as well as it produces low pressure single wall tube for fuel application in automotive and gas flow application in refrigeration and air-conditioning. The company set up its first plant at Baroda in collaboration with Murgapa Group of companies in the year 1972. Initially, Bundy started the production of double wall tube for all application and had monopoly in the market. It enjoyed this for many years till 1992. With the industrial market getting more & more competitive, the OEMs (Refrigeration/ Air conditioner) started buying single wall tube from other vendors at lower rates. The company soon started losing money year on year and went into red. Bundy’s dark days had started. Employees however weren't too concerned and they would often misuse the resources. Every level of worker used to travel by air irrespective of the need to travel at all. Loyalty towards the company was touching a bottom. Product lines weren't competitive enough and quality was taking a back seat. Delegation of authority was missing. Market analysis and research...
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