...ICICI Securities Limited Industry Report December 14, 2010 Price movement 14000 11000 8000 5000 Aug-10 Oct-10 Dec-09 Mar-10 May-10 Dec-10 Feb-10 Jul-10 8000 6000 4000 2000 Banking Industry Update Dec ‘10 Taking a breather, negatives surround… Banking stocks corrected across the board on the PSU banks ‘bribery for loans’ scam, 2G and MFI loans, liquidity concerns and rising G-Sec yields. However, one has to take a call on whether the sector will keep correcting further. We believe the sector will continue to remain under pressure in the near term where stocks may not give a sharp bounce-back but shall remain around these levels until we are able to see a sharp uptick in credit and deposits growth alongside pressure on yields easing off. Exhibit 1: Tight liquidity, short term rates up – longer term still better off 10 9 8 (%) 7 6 5 4 3 30-Nov-09 31-May-10 31-Aug-10 31-Mar-10 30-Nov-10 30-Sep-10 31-Oct-09 31-Jan-10 31-Dec-09 30-Jun-10 28-Feb-10 30-Apr-10 31-Oct-10 31-Jul-10 Bank Nifty Nifty (RHS) Repo Source: Bloomberg, ICICIdirect.com Research 1 Yr Gsec 3M CD 10 Yr Gsec The recent bribery for loans scam concern, mounting pension liabilities remain an overhang on the sector. We expect a reduction in valuation multiples of PSU banks, particularly midcap PSU banks. Their range of 1.5x-2x may shift to 1.4-1.8x. We recommend investors buy large cap stocks like HDFC Bank (higher CASA and corrected), Bank of Baroda (strong asset book) and among other midcaps...
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...International Conference On Applied Economics – ICOAE 2010 299 DOES STOCK MARKET DEVELOPMENT CAUSE ECONOMIC GROWTH? A TIME SERIES ANALYSIS FOR BANGLADESH ECONOMY MD. SHARIF HOSSAIN (PH. D.)1 - KHND. MD. MOSTAFA KAMAL2 Abstract In this paper the principal purpose has been made to investigate the causal relationship between stock market development and economic growth in Bangladesh. To investigate long-run causal linkages between stock market development and economic growth the Engle-Granger causality and ML tests are applied. In this paper another attempt has been made to investigate the non-stationarity in the series of stock market development and economic growth by using modern econometric techniques. The co-integrated tests are applied to know whether this pair of variables shares the same stochastic trend or not. From our analysis it has been found that the stock market development strongly influences the economic growth in Bangladesh economy, but there is no causation from economic growth to stock market development. Thus unidirectional causality has prevailed between stock market development and economic growth in the Bangladesh economy. Also it has been found that all the variables are integrated of order 1, and both the variables stock market development and economic growth share the same stochastic trend in Bangladesh economy. JEL Code: C010 Key Words: Stock Market Development, Causal Relationship, Non-stationarity, Unit Root Test, Co-integrated Tests 1 ...
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...firm / book value of firm): Positive market-to-book-equity ratio implies that companies are expected to generate “high future earnings” (present value of future earnings outstrips the current book value of the assets used to generate them) it indicates that the market believes that the firm is able to create value from its assets and operations. 3. Book Debt ratio: (debt (D)/total assets (TA)) use book values as market values are usually higher than book values, the book debt ratio provides you with upward biased measures of leverage; because you divide by book value (which is a smaller number compared to market value). 4. Leverage based on market values: TAmkt (book values of liabilities + preferred stock + market value of equity (MCAP)) D/TAmkt the difference between D/TA and D/TAmkt depends on the market-to-book-equity ratio and on the capital structure (how high is the proportion of equity?) 5. Financial distress (Not): companies that face sustained (anhaltend) losses; equity base is eroded and there is no cash to balance (begleichen) debt incurred in the past 6. Ownership structure: distribution of a firm’s shares among classes of investors insiders (managers and board members); outsiders (institutional investors e.g. mutual funds (Anlagefonds), individual investors) closely...
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...532540 | TATA CONSULTANCY SERVICES LTD. | 2476.20 | 485020.22 | 500325 | RELIANCE INDUSTRIES LTD. | 926.85 | 299924.43 | 500312 | OIL AND NATURAL GAS CORPORATION LTD. | 329.90 | 282245.62 | 500875 | ITC LTD. | 351.75 | 281945.90 | 500180 | HDFC BANK LTD. | 1018.90 | 255386.81 | 500209 | INFOSYS LTD. | 2181.95 | 250590.92 | 524715 | SUN PHARMACEUTICAL INDUSTRIES LTD. | 1037.30 | 249580.69 | 533278 | COAL INDIA LTD. | 381.10 | 240716.65 | 500112 | STATE BANK OF INDIA | 291.05 | 220214.48 | 500010 | HOUSING DEVELOPMENT FINANCE CORP.LTD. | 1302.50 | 205103.56 | 500696 | HINDUSTAN UNILEVER LTD. | 936.50 | 202608.48 | 532174 | ICICI BANK LTD. | 310.10 | 179783.31 | 532454 | BHARTI AIRTEL LTD. | 406.05 | 162314.43 | 500510 | LARSEN & TOUBRO LTD. | 1742.25 | 161952.95 | 500570 | TATA MOTORS LTD. | 535.20 | 145791.31 | 507685 | WIPRO LTD. | 586.55 | 144822.68 | 532281 | HCL TECHNOLOGIES LTD. | 939.00 | 131994.85 | 532555 | NTPC LTD. | 158.00 | 130278.34 | 532215 | AXIS BANK LTD. | 534.15 | 126636.79 | 532500 | MARUTI SUZUKI INDIA LTD. | 3642.40 | 110029.64 | 500247 | KOTAK MAHINDRA BANK LTD. | 1384.75 | 106951.54 | 530965 | INDIAN OIL CORPORATION LTD. | 359.80 | 87357.73 | 500530 | BOSCH LTD. | 25577.00 | 80308.97 | 500257 | LUPIN LTD. | 1768.65 | 79498.75 | 532898 | POWER GRID CORPORATION OF INDIA LTD. | 150.20 | 78578.48 | 500820 | ASIAN PAINTS LTD. | 819...
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...Case Study K-5 Math Endorsement ME: Course 1-2013-Bibb Denna R. Bradford 2305 Kingsley Drive Macon, Georgia, 31204 478-719-2943 dbradford.williams@bibb.k12.ga.us Instructor: Mrs. Karen Crider Table of Contents I. Background Information Table on Student 1 and Student 2 ……………... II. Student 1 – IM …………………………………………………………… A. Student Interview. III. Student 2 – AM …………………………………………………………… A. Student Interview IV. Assessment, Discussion, and Presentation of Tasks ……………………… A. Number Sense V. Analysis and Interpretation of Data ……………………………………… A. Analysis B. Interpretation of Data VI. Misconceptions ……………………………………………………………... A. Student 1 – IM B. Student 2 – AM VII. Intervention Plan …………………………………………………………... A. Student 1 – IM B. Student 2 – AM C. Anchoring Instruction Activities………………………………………. VIII. References …………………………………………………………………... 2 3 4 5 6 7 9 10 11 I. Background Information Table on Student 1 and Student 2 |Background Information ...
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...It is rightly said that ' To Grab an Emerging Opportunity in its Bud, One Needs to Keep His Ears close to Ground '. Investment is also based on this methodology and to extract maximum returns out of an Investment, one needs to keep eyes and ears wide open to sense early any opportunity coming in the way. In the last report titled ' Comprehensive Analysis of Indian Starch & Starch Derivatives Sector ' a deep tabular and a brief theoretical analysis was presented of last 10 Years' Data to understand the scope and potential of Indian Starch & Starch Derivatives Sector. Now, in this report, we will present a deep theoretical argument based on the study of Chinese Starch & Starch Derivatives Sector over last two decades to understand the tremendous growth opportunity Indian Starch & Starch Derivatives Sector provides in the coming decade. It is worthwhile to note here that Indian Sector is almost a replica of Chinese Sector and Indian Sector, as at 2010, is at a stage where Chinese Sector was there in 1992. Over the time period between 1992-2009, Chinese Starch & Starch Derivatives Sector has grown more than 10 times and Indian Starch & Starch Derivatives Sector is bound to replicate such growth in the span of coming 10 years. We will also include in our analysis the consumption-trend of Sugar vis-a-vis Starch in China as well as India as Starch-based sweetners form 50 % of the marketsize of Chinese Starch & Starch Derivatives Sector whereas use of Starch-based sweetners as a substitute...
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...Result Update November 14, 2011 Rating matrix Rating Target Target Period Potential Upside : : : : Buy | 32 24 months 29% GMR Infrastructure (GMRINF) | 25 WHAT’S CHANGED… PRICE TARGET........................................................................... Changed from | 35 to | 32 FY12E 7652.8 1820.4 -178.9 FY13E 9689.6 2807.6 168.5 Key Financials (| Crore) Net Sales EBITDA Adj Net Profit FY10 4566.5 1364.3 158.4 FY11 5773.8 1555.5 -131.0 EPS (FY12E).............................................................................. Changed from |0.1 to |-0.5 EPS (FY13E)........................................................................................................Unchanged RATING...............................................................................................................Unchanged Net losses lower than expected… GMR Infrastructure’s (GMR) Q2FY12 net losses were lower than expected largely on account of better-than-expected revenues and margin in the other segment (investment income, project management fees & charter rental income). During the quarter, GMR agreed to sell a 30% stake in GMR Energy (Singapore) implying deal value of ~S$50 million and contributing |1.7/share in our SOTP valuation. We maintain BUY. Q2FY12 losses lower than expected… GMR’s net sales grew 48.3% in Q2FY12 mainly on account of consolidation of the Male Airport (| 225 crore). The net losses came lower at | 62.5 crore vs. our expectation of | 91.1 crore largely...
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...Walmart Marketing History and Marketing Case Study Uploaded by yming on Aug 4, 2005 ________________________________________ Walmart Marketing Case Study Question # 1 In Customer Intimacy and Other Value Disciplines, Treacy and Wiersema highlight three distinct "paths" or strategies to market leadership. They include operational excellence, customer intimacy, and product leadership. This paper will highlight how Wal-Mart has successfully implemented the operational excellence strategy, as well as consider future initiatives within this strategy that Wal-Mart can still incorporate. The discussion will than focus on the customer intimacy strategy and explain how Wal-mart has also incorporated this strategy in a variety of its operations. The product leadership strategy will also be briefly discussed, however, due to its limited scope in this particular environment, it will not be emphasized. Wal-Mart has effectively implemented an operational excellence strategy in its quest to continually lower costs and deliver products and services with minimal difficulty or inconvenience. Whether it be through reducing costs, through its various relationships and practices with suppliers or controlling energy consumption by monitoring and controlling lights, heat, A/C, etc from their head office or even managing inventory efficiently, Wal-Mart has effectively minimized both variable and fixed costs while also ensuring stock outs are minimized. Wal-Mart has also effectively eliminated...
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...Péter HARBULA CORPORATE GOVERNANCE, SHAREHOLDER STRUCTURES AND VALUE CREATION Summary : This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows analyzing the performance of French firms and to measure an underperformance of “hard core” and diffuse ownership firms. This paper, updating results from Harbula (2004), also investigates the relationship between performance and shareholder stakes. Keywords: Corporate governance, value creation (EVA, CFROI), enterprise performance, shareholder structures. Classification JEL: G32, G34 Electronic copy available at: http://ssrn.com/abstract=1925045 Péter HARBULA: Corporate governance, shareholder structures and value creation 1. INTRODUCTION The objective of this working paper is to determine whether “hard core” governed firms truly underperform their peers. The main cornerstone of the analysis will be again to introduce the concept of shareholder structures. During the analysis, the common tools developed by corporate finance practitioners were used including, among others, value creation and return to shareholders. By performing this analysis, even if it is not the central point, the underlying question of ownership structure and efficiency will also be considered. I will also include in the analysis, beside the performance measurement tools, an analysis if the evolution...
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...Organization and Technology of Information Management (MCAP-303) Explore the Web site of online employee monitoring software such as SpectorSoft or SpyTech NetVizor and answer the following questions. What employee activities does this software track? What can an employer learn about an employee by using this software? NetVizor is network employee computer monitoring software that invisibly monitors your entire network from one central location! NetVizor employee computer monitoring software can be remotely deployed across your network from a central location, allowing you to see and record everything that users do, perform remote administration tasks, view what users are doing in real-time, and generate comprehensive network activity reports. NetVizor can protect your network assets by alerting you in real-time when users modify files, move computers, transmit data to other locations, or even when they use a portable drive. From SpectorSoft Web site: The Spector Pro keylogger will instantly inform you whenever they type, or even simply view, any “alert words” or phrases that you specify. Spector Pro continuously looks for alert words in everything they type, every web site they visit, all chats/Instant Messages and in each email sent or received. Every time a keyword is detected, Spector Pro will immediately email you a detailed report of when, where and how the keyword was used. That really depends on what computer tracker you decide to use. For example, Spector Pro...
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...only 40 years, has become the premier shop in its industry. Initially, Wal-Mart focused extensively on reducing costs, keeping wages and operating expenses down to bare minimums. Knowing these cost cutting efforts would follow Schumpeterian ideals and that competitors would eventually catch on, Wal-Mart strove for long-lived competitive advantages (Ricardian profits) and began to invest heavily in technology to help keep its costs below the industry average. To enhance operations, Wal-Mart developed “Retail Link” to provide its suppliers real-time computer access to point-of-sale data, helping to manage and coordinate the quantity and assortment of inventory. Combining Retail Link with its “Modular Category Assortment Planning System (MCAPS)” enabled Wal-Mart to improve its efficiency by setting up store specific modules and customized merchandise at the individual store level, regionally and seasonally. Wal-Mart assisted suppliers in developing their own IT systems which were compatible with Retail Link, which is largely incompatible...
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...Federal, State, and District Legal Framework Tim McCartin Grand Canyon University: UNV 555 October 8, 2014 The Legal Framework and Its Impact on Schools As schools continue to exist in an ever-increasing litigious society, the framework as to how issues are handled, and to what extent the laws reach, must be understood today’s educational administrators. It is not enough to know that Brown v. Board of Education (1954) requires the integration of schools, or that Lee v. Weisman (1992) upheld previous Supreme Court decisions against government establishments requiring recitations of prayer during ceremonies. School administrators must be keenly aware of the constantly changing landscape which is educational law. The handling of many different scenarios is changing on, what seems like, a daily basis. What is legal to search? When is it appropriate to defer to local and state law? Any school administrator should be able to answer these questions, as well as understand the structure and hierarchy of educational law and its impact if they plan to run an efficient school in today’s society. The United States District Court has two offices in the state of Nevada; one in Las Vegas and one in downtown Reno. There are currently fourteen judges working in the Las Vegas office and seven working in the Reno office, (http://www.nvd.uscourts.gov, 2014). With Washoe County School District encompassing the entire Reno-Sparks area, it is evident that the school district would fall under...
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...DOLAT CAPITAL Indian IT Sector India Research Billion Dollar Dream...!!! Sr. Analyst: Rahul Jain Tel : +9122 4096 9754 E-mail: rahul@dolatcapital.com December 21, 2012 DOLAT CAPITAL December 21, 2012 Int en tio na lly Le ft B lan k 2 DOLAT CAPITAL ”A journey of a thousand miles starts with a single step” - Lao-tzu, the ancient Chinese philosopher Billion Dollar Dream The Indian IT Services sector, estimated at USD 90bn, has predominantly focused on the global markets which generate more than 75% of revenues. The industry has spread far and wide with over four thousand players comprising of global MNCs, Indian players, Captives and small scale set ups. As is natural for any sector, the top five have consolidated to garner a significant share of the revenues ( 37%) while the top ten have taken 41% share of the total revenues. This has primarily been driven by the ability to scale and offer multiple service capability. The smaller players have been either de rated by circumstances, and hence gone down the margin curve or ended up taking bets that have gone the wrong direction. This trend over the last few years has led to a significant divergence in the size and structure of the Indian IT services sector – there are players with size of USD 2-10 bn range competing with the global players, and then we have a set of relatively smaller service providers in the revenue size of sub USD 500 mn still around. And some of these now are emerging into credible...
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...Castrol India Castrol India (BSE: 500870NSE: CASTROL) is an automotive and industrial lubricant manufacturing company. Castrol India is the 2nd largest manufacturer of automotive and industrial lubricants in the Indian lubricant market and owns around 22% market share in the overall Indian lubricant market.[3] Its part of Castrol Limited UK (part of BP Group). It has 5 manufacturing plants that are networked with 270 distributors, serving over 70,000 retail outlets.[4] ------------------------------------------------- History In 1910, Castrol India started importing certain automotive lubricants from C C Wakefield & Company made an entry in the Indian market. In 1979, CIL was incorporated under the name of Indrol Lubricants and Specialities Pvt Ltd.[5] In was listed on BSE in 1982 and CIL was converted into a public limited company. CIL had formed a subsidiary Company in the year 1987 under the name of Indtech Speciality Chemicals, Ltd. On 1 November 1990, The name of the company was changed from Indrol Lubricants & Specialities Ltd. to Castrol India Ltd. It helped to manufacture of Telephone cable jellies, pharmaceuticals jellies and industrial waxes in technical collaboration with Dussek Campbell, U.K. ------------------------------------------------- Products * Industrial - Castrol metalworking fluids, cleaners, corrosion preventives and lubricants. * Oils - Cylinder oils-crosshead, crancase oils-crosshead, truck piston engine oils, hydraulic oils,gear...
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...Assignment 3 (MCAP-303) Perform an Internet search on the phrase “green computing” and then answer the following questions. How would you define green computing? Green computing or green IT, refers to environmentally sustainable computing or IT. It is also defined as "the study and practice of designing, manufacturing, using, and disposing of computers, servers, and associated subsystems—such as monitors, printers, storage devices, and networking and communications systems—efficiently and effectively with minimal or no impact on the environment.” Green computing is the environmentally responsible use of computers and related resources. Such practices include the implementation of energy-efficient central processing units (CPUs), servers and peripherals as well as reduced resource consumption and proper disposal of electronic waste (e-waste). GREEN computing is the environmentally responsible use of computers and related resources. Such included the implementation of energy-efficient central processing units as well as reduced resource consumption and proper disposal of electronic waste. Modern IT systems rely upon a complicated mix of people, networks and hardware; therefore GREEN computing initiative must be systemic in nature. GREEN computing may comprise items such as management restructuring, energy use, virtualization of server resources, and return on investment. The term “GREEN computing” was coined shortly after the Energy Star program. The Energy...
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