MFM ( MASTERS OF FINANCIAL MANAGEMENT )
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1 JAN-2010 ISSUE VOLUME-1 FINOMETRICS Measuring Finance Presented 1 by MFM ( MASTERS OF FINANCIAL MANAGEMENT )
2 CONTENTS NATIONAL & INTERNATIONAL NEWS HIGHLIGHTS 3 BSE/ NSE CHANGING TRADING TIME 5 TELECOM SECTOR - REVIEW 7 COOKING CHICKEN CURRY FROM NOTHING! FLASHBACK 12 MARKET WATCH! 16 THE BIZ QUIZ 21 ECONOMIC INDICATORS as on January 3, 2010 GOLD Rs /10 gram SILVER Rs /kg Oil $77.93 Dollar Rs Euro Rs Repo rate 4.75% (Nov 2009) Interest rate 3.25% WPI 4.78% Growth rate 7.9% CRR 5% SLR 25% 2
3 NATIONAL NEWS- DEC 2009 Sensex ends year on a high, best performance in 18 years Mumbai: Indian equities markets closed the year in style, with a benchmark index adding over 120 points Thursday in what has been its best performance in 18 years JP Morgan declares dividend under JP Morgan Alpha Fund JP Morgan has planned to declare dividend under dividend option of JPMorgan India Alpha Fund on January 4, The quantum of dividend decided for distribution under the scheme is one percent that is Rs. 0.1 per unit and the face value per unit is Rs.10. Godrej Properties to be listed on Jan 5 Mumbai: Equity shares of Godrej properties will be listed on Bombay Stock Exchange on January 5, The company had fixed the issue price for its initial public offering (IPO) at Rs.490 a share, at lower end of price band of Rs per share. Most IPOs in 2009 trading below issue price Though, 2009 can be regarded as a year of major initial public offerings (IPOs), most of the companies that have gone public this year are seeing their shares trade lower than their issue price. According to research firm Prime Database, in 2009, there were 21 IPOs that raised Rs. 19,535 crore. In 2008, 36 IPOs raised Rs. 16,927 crore. In 2007, 105 IPOs mobilized Rs. 34,179 crore. Honda Siel, Axis Bank sign deal for vehicle finance New Delhi: In an attempt to offer competitive interest rates for its customers, car maker Honda Siel Cars India (HSCI) has signed an agreement with private lender Axis Bank for providing vehicle finance. According to HSCI, following the deal Axis Bank has become one of the preferred channel financiers for the car maker. Focus On Managing Inflation, Growth: RBI The focus of India's monetary policy is shifting to managing recovery and containing inflation from one concentrated on fostering growth after the global downturn, a deputy governor at the Reserve Bank of India said. 3
4 INTERNATIONAL NEWS DEC 2009 Russia-Ukraine dispute 'could lead to EU oil cuts' Russia has warned a price dispute with Ukraine could cause it to cut oil deliveries to three EU countries, Slovakia says. Unemployment 'will peak at 2.8m' Unemployment will reach 2.8 million in 2010, according to the Chartered Institute of Personnel and Development. Oil price rise nears $80 a barrel The price of oil nears $80 a barrel in post-christmas trading, reaching the highest levels for more than a month. House price increase 'slows down' Growth in house prices in England and Wales slowed in December to just 0.1% as demand from new buyers fell, a survey suggests Dubai $10bn help from Abu Dhabi 'was loan, not handout' Abu Dhabi's last-minute $10bn ( 6.13bn) bail-out to United Arab Emirates neighbour Dubai was a loan, not a handout, it has emerged. Which way for commodities in 2010? After a year of soaring commodity prices, next year is expected to see further increases, financial firms are predicting. But the price rises will not be universal and the gains made by investors will probably be lower than they have been in recent months. 4
5 BSE/ NSE CHANGING TRADING TIME The Dalal Street will have to wake up to a new dawn from 4th January, 2010 owing to the changes in trading timings. NSE & BSE the two leading stock exchanges in India decided to adjourn the change in market timings due to pressure from SEBI to January 4 from 18th December, 2009, a day that these bourses had decided on earlier. BSE in a statement said, "Based on the market feedback, it has been jointly decided by BSE and NSE that the revision of market open timing to 9 am shall be effective from January 4, In the interim, the current market open timing of 9:55 am shall continue." The market closing time would continue to remain unchanged at 3:30 pm. SEBI, which primarily initiated the move, said it will soon come out with a white paper on the issue, explaining the need for fine-tuning the trading and how the investing community will benefit from the same. In October, market regulator SEBI allowed stock exchanges to fix trading timings between 9 am and 5 pm. Are we geared up for this change? According to experts, the adjournment of the change in timings by no means prepares them to deal with the technicalities involved in longer trading hours. THE REPERCUSSIONS The banks real-time gross settlement (RTGS) system, a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis is not in place yet it starts only at 9.45 am. This will cause disruption in the functioning of the exchanges. Traders, who, want to make margin payment at 9 am through their banks may face a hitch. However, bankers say this isn t a major glitch, since brokers can always make the payments via the internet. However, in all probability, enterprising banks may think of booting their systems earlier. Brokers offices may also not be able to handle the extension of trading hours as of now. Brokers alleged that the decision to extend trading hours will surely increase their cost of running their offices, but there was no guarantee that their income from broking will go up to at least match the rise in expenses. 5
6 Some brokers even alleged that the decision by the two bourses, in which several private equity funds and foreign bourses have stakes, were prompted by higher returns for these shareholders. THE RATIONALE BEHIND THESE CHANGES? Competition! The recent tussle between stock exchanges on trading hours make this amply evident, with the markets regulator having to step in to make sure the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) don t go ahead with their plan to alter trading timings at short notice. But competition also leads to many desirable outcomes and increased competitive pressure from BSE is beginning to make a difference in the stock exchange industry. Both BSE and NSE have lowered fees for members, with the former even introducing the concept of maker-taker pricing, something that has facilitated growth of electronic trading in developed markets. Other reason: The move is seen as a strategy to increase business volume as the stock exchange, as well as create more trading opportunities to the investors. The BSE is confident that it will benefit both the exchange and the investor community. It will have a minimum impact on the mechanisms and BSE is fully prepared to meet any technical glitches that may arise CORPORATE VIEWS Change in stock timing is totally absurd. People say there is a need so as to match Singapore Stock Exchange, but then its timing starts from 7.30 am. Even if we start at 9.00 am( which was effective from 4th jan,2010), we still lag behind by one and half hour to match them. The other view is that investor, broker would avoid their pre-assessment before market starts leaving more space for speculators VISHNU VARDAN, Territory Manager, India Infoline, Bangalore 6
7 TELECOM SECTOR - REVIEW Introduction It started off as an elitist service offered by a few firms and with call charges that only the rich could afford. Then, after the license-fee structure moved from upfront fees to a revenue sharing arrangement, many businessmen jumped into the fray. There were controversies galore with each change in policy but each year, mobile phones and services became cheaper. In the past few years, the cell phone has become ubiquitous. Drivers carry them and so do maids, plumbers, electricians and sundry tradesmen. It has improved business prospects for them. All this has happened because of competition. The telecom revolution in India has followed a tortuous path Over the years, dozens of players have entered the field. Their entry has ensured a healthy growth in the overall market, and also a network that now covers most of India. Periodically, the industry has gone through waves of consolidation with bigger players buying out smaller operators. A couple of years ago, the number of major players in the sector stood at seven, which is a large number even for a fast-growing market. Last year, the government handed out a number of licenses to new players, ostensibly to improve rural coverage. At one stroke, the number of national players almost doubled from seven to about 13, and the new players started attacking both the urban as well as rural markets. At one level, price wars have broken out, reducing the calling cost dramatically for consumers. At another level, there is a bitter battle taking place for allocation of additional spectrum at low or no cost. It is in fact a prelude to another battle that will start once the spectrum policy on 3G is finalized. Flash Points -causes The government gives fresh licenses in 2008 Outsourcing lowers cost Spectrum policy divides players into haves and have not Result New brands & players The market gets crowded though incumbents still hold larger market shares. Tata Docomo, Unitech Wireless, Datacom, Aircel, Etisalat DB, Loop Mobile.
8 TELECOM WAR - The Battlefield There are two fronts of the war: lower tariff and more spectrum PRICE WAR: A new front was introduced when Docomo introduced per second billing instead of the earlier per minute billing. Almost all operators followed with lower and lower tariffs. Company Launch Tata Docomo 29th September Sistema Airtel Vodafone Aircel Idea Reliance Communications 8th October 30th October 30th October 31st October 31st October 3rd November Own Network 1p/sec on local and STD,ISD.5p/sec on local, STD 1p/sec on local and STD 1p/sec on local and STD 1p/sec on local and STD 1p/sec on local and STD 1p/sec on local and STD Other Networks 1p/sec 0.5p/sec 1.20p/sec 1.20p/sec 1p/sec 1p/sec 1p/sec Backs to the wall With the stronger incumbents entering the tariff game and bringing their per second cost to one paisa, the new operators will have their backs to the wall. There is very little room to move once you come down to half a paisa a minute, considering the minimum cost for an off-net call is 20 paisa per minute. They will bleed for a while, but will be able to sustain for a couple of years. With operators such as Aircel and Tata Teleservices in expansion mode and at least three new operators getting ready to launch, including Etisalat and Unitech Ltd-Telenor SA joint venture Uninor, the incumbent operators seem to have nothing left to do but match the lowest common denominator in the market. The trailing P/Es of many of these companies have come down sharply. It is not often that you get such good companies at such fair valuations. Given the current valuations, some fund houses have marginally increased their stakes in the sector in November with an eye on long-term investments. The prospects for the near term, however, look grim as the sector is expected to remain in a state of lower revenue and profitability for at least the next two quarters. The remaining two quarters are likely to see a greater decline in the revenues and profits since these companies will fully reflect the fallout of the rapidly shrinking mobile tariffs. However, companies such as Bharti Airtel, which has diversified into related businesses such as DTH, IP TV services, and enterprise data connectivity services, are expected to weather the low profitability of the segment. Taking a Toll India s top Fund houses offloaded a substantial chunk of telecom stocks from their portfolio over a month ago, as the bruising tariff war threatens to further lower the profits of these firms. The launch of Tata Docomo s per second billing offer, followed by Reliance Communications,Aircel Ltd, MTS, Vodafone Essar Ltd and also the state-owned Bharat Sanchar Nigam Ltd. lucrative 50-paise per minute tariff from October 2009 may have been welcomed by customers. But investors, including mutual funds, have been increasingly wary about the profitability of the sector in the near term. The tariff war in the telecom sector has intensified, leading to pressure on margins that has seen share prices of most telecom companies plummet by an average of about 30% in October alone. Telecom stocks are currently trading at their lowest valuations. The stocks of Bharti Airtel, Reliance Communications and Idea Cellular are available at an enterprise value, which is 6-seven times their EBITDA. 8
9 STATISTICS Falling Revenues Stock Decline 9 Total telecom subscribers million (March 2009) Wireless subscribers million Wire line subscribers million Tele density million India service providers revenue in Q1 09 $8.2 billion India s Rural Mobile Phone users 100 million Company Name Market Cap in Cr. Bharti Airtel Reliance Comm. Idea Cellular Tata Comm. Tata Teleservices Spice Comm. MTNL Tulip OnMobile Global HFCL Infotel
10 COOKING CHICKEN CURRY FROM NOTHING! - A Report on how companies manipulate profits A few days ago, there was an advertisement for a reality show on TV, where the classic fable of hare and tortoise was being retold. The hare as usual runs fast and then decides to takes a quick nap while tortoise crawls consistently towards the finish line. The twist here is that just before the finish line tortoise meets with an accident only to get killed, eventually making the lazy hare winner of the race. The advertisement rightly mentions about reality where things do not happen the way they are expected. This is quite relevant to the financial reporting done by companies where financial statements are not presented in the expected manner and a twist always exists. Quite smartly the accounts are manipulated to show profits which were actually never made. It s exactly like cooking chicken curry out of nothing. Let s look at some of the ways by which profits are manipulated by companies. STASHING DEBTS INTO THE SUBSIDIARIES: This is one of the most prevailing tactics used by the companies. The liabilities and expenses of a company are transferred to the subsidiaries financial statement. Since the subsidiaries are separate legal entities, hence the debts of the parent company which are transferred to its subsidiaries get hidden for the investors. The best example for this is the famous Enron scam where the CFO Andy Fastow created a number of subsidiaries (SPEs) to hide Enron s debts and losses. THE EARLY RECOGNITION OF REVENUES: This tactic is very commonly used in services industries like the IT, ITES, Software Services etc. The company books lump-sum payments as current sales when services are to be provided over a number of years. Let s take the example of a software service provider which receives a 5 years contract from its client which makes an upfront payment for 5 years services. Ideally the revenue should be amortized over the life of the service contract ie 5 years, however the company records the full payment as sales of only the period in which the payment is received. MAKING PREPAID EXPENSES PRECEDING AN ACQUISITION: It might sound a bit confusing, but is a quite effective tactic. Preceding an acquisition, the target company pays rather prepays, for as many expenses possible. Thus technically after the acquisition the combined entity s expenses will be much lesser. It also boosts up the EPS growth rate of the combined entity compared to the previous quarters. The tactic gives a false impression to the investors by making them believe that the acquisition has been very much successful. CREATING OTHER SOURCES OF INCOME: It is one of the most legally accepted tactics to manipulate the profits. Here a loss making company sells some of its assets (could be equipments, land anything). What it does is that some part of the loss gets mitigated by the income generated from selling of asset. 10
11 STATING REVENUE EXPENDITURE AS CAPITAL EXPENDITURE: Before explaining this tactic let me elaborate the difference between revenue expenditure and capital expenditure. A capital expenditure involves funds spent for the acquisition of a long-term asset. From the accounting point of view the company requires to spread such cost of the expenditure over the useful life of the asset. On the other hand revenue expenditure is the one which a company makes for its due course of business like purchase of raw material, paying wages etc. Unlike capital expenditure, revenue expenditure could not be spread over a period of time and has to be stated fully in the current income statement. Companies wherever possible try their level best to state their revenue expenditure as capital expenditure in order to inflate the profits. In the early 1990s AOL very smartly declared the cost of making and distributing its CDs as its marketing campaign and a long-term investment. Hence the cost was stated as capital expenditure. This transferred the costs from the income statement to the balance sheet where it was going to be expensed over a period of years. CHANNEL STUFFING: In this tactic the company makes a large shipment to its distributor at the end of a quarter and records the shipment as sales; even when the distributor has the right to return any unsold merchandise. Ideally the company should have kept the products as a type of inventory because the goods can be returned and are not guaranteed as sales. CREATION OF FICTITIOUS REVENUE: To make you understand this tactic let me give an illustration. XYZ ltd enters into transactions with ABC ltd (which is a company in the same industry) selling rights to use each other excess capacity. Each party sells its rights to its excess capacity and buys rights to the other party's excess capacity. The two payments are offset, so no money changed hands. The transaction is for Rs 5 crore and the rights lasted for 10 years. They booked the Rs 5 crores revenue in the current year even though the rights were for 10 years, and capitalize the payment of Rs 50, 00,000 for the purchase, expensing it over the 10 year life of the rights at Rs 50, 00,000 each year. They created a Rs 4.5 crore profit in the current year. DIGESTING THE CURRY! The implications drawn till now lead to one conclusion an investor must not get carried away by the extraordinary profits shown by companies. While many of the aspects are not easily noticeable for the investor however the following should be a caution signals. 1. Company is showing extraordinary profits while the sector it belongs to is booking losses 2. Company is unexpectedly increasing the number of its subsidiaries. 3. Subsidiary of the company is showing unexpected drop in profits compared to previous quarter, while the company s profits are rising. 4. Huge rise in EPS immediately after an acquisition. Everyday companies discover a number of ways to bypass the accounting and reporting standards. It s an uphill task for an investor to make out such manipulations. The only advice for an investor is that in the real world profits made by a company need not necessarily indicate a sound health of the company, so always be watchful about your investments. 11
12 2009- FLASHBACK HIGHLIGHT 1:- NEW ERA The sordid Satyam saga ended when Tech Mahindra bought the scandalscarred Satyam in April Earlier, Satyam founder and Chairman Ramalinga Raju (R) had resigned after admitting to the country's biggest corporate fraud HIGHLIGHT 2:- NEWEST FRIENDS US President Barack Obama and the Prime Minister Manmohan Singh pledge to fully implement the nuclear accord signed by the two countries in 2008 When George Bush Jr was President HIGHLIGHT 3:- FAITH RESORTED The return of the UPA government for the second term was welcomed by the stock market. Liberalization steps initiated in the first term were expected to gather momentum as Congress managed to shed Left shackles HIGHLIGHT 4:- TAXING TIME Finance Minister Pranab Mukherjee unveiled the draft Direct Tax Code. The plan is to do away with the many tax exemptions and deductions, which have made existing tax laws bulky and complicated Sharma) 12
13 HIGHLIGHT 5:- FOUL WEATHER 2009 was a bad year for airlines the world over and India was no exception. Public and private sector airlines saw unprecedented crisis followed by strikes by first Jet Airways and then Air India pilots HIGHLIGHT 6:- TROUBLED TIMES The birth of a new state seemed almost imminent as the central government gave in to emotional blackmail by KCR. It was Chief Minister YSR's (R) death in a helicopter accident that changed the equation in AP HIGHLIGHT 7:- TILL BIZ DOES US APART The wrangle over an energy deal between the billionaire Ambani brothers has highlighted the risks inherent in an economy dominated by big family businesses and spurred calls for the government to intervene HIGHLIGHT 8:- THAWED TIES Prime Minister Manmohan Singh and Russian President Dmitry Medvedev reenergized their ties after sealing six significant accords, including a nostrings-attached civil nuclear deal 13
14 HIGHLIGHT 9:- THE INDIAN IDENTITY Nandan Nilekani assumed charge as chairman of the Unique Identification Database Authority of India, The aim: To provide Indians with fake-proof, easily verified IDs. HIGHLIGHT 10:- SELFISH AIMS The environment summit at Copenhagen, which was supposed to forge the terms to save the world, turned out to be a damp squib. India s Jairam Ramesh said he did not go to save the world but to save India. HIGHLIGHT 11:- GOLDEN BOY Bollywood's A.R. Rahman won two Oscars for his score in Danny Boyle's "Slumdog Millionaire", becoming the first Indian composer to strike gold at the annual Hollywood awards (Bloomberg) HIGHLIGHT 12:- INDIAN ECONOMIC SUMMIT If discussions at the World Economic Forum are anything to go by, Asia's third-largest economy may have turned a corner with its political will to help it reach 9-10% growth rates 14
15 HIGHLIGHT 13:-DEAD-RUN ENDS Dubai's crisis exploded on Nov 25 when the emirate said it would delay payment on debt issued by one of its flagship firms. Since then, the situation has improved but it has left a lot of countries shaken in its wake MEGA DEALS Company Sector Deal Type American Depository Shares (ADS) 17/07/2009 Deal Size Sterlite Industries India Ltd.,Tuticorin (Copper Producer) Metal JV of DreamWorks and Reliance Big Entertainment (U.S.) Media and Joint Venture Entertainment 16/07/2009 $825 million Reliance Big Rs crore Entertainment Adani Power Ltd, Ahmedabad Power IPO 28/07/2009 $ millionrs cr Public offering Shantha Biotechnics Ltd., Hyderabad Biotech M&A 28/07/2009 $785 million Rs.3740 crore Sanofi-Aventis S Tel Ltd. New Delhi Telecom M&A 20/06/2009 $ million Rs.1150 crore SterlingInfotech Group (SIG) Tata Steel Ltd. Mumbai Metal GDR Issue 21/07/2009 $500 million Rs.2408 crore Institutional investors Tata Power Company Ltd, Mumbai Power GDR Issue 22/07/2009 $335 million Rs.1619 crore Institutional investors 15 $1500 million Rs.7305 crore Second Party Rs.7305 crore
16 MARKET WATCH! EQUITY MARKET UPDATES DOMESTIC INDICIES 16
17 MONTHLY GAINERS BSE as on Wednesday, December 30, 2009 security name current close (Rs.) last close(rs.) gain% Sterlite Project AmritBnspati Amrit Banas TimesGuarnty Manaksia MONTHLY LOSERS BSE security name as on Wednesday, December 30, 2009 current close (Rs.) last close(rs.) loss% Channel Guid Arvind Chem Infomedia 18 ZanduPhrmWrk , , Seax Leather MONTHLY GAINERS NSE as on Wednesday, December 30, 2009 Company Name Week4 Week3 Week2 Week1 Change Change % Ranbaxy Laboratories Ltd Suzlon Energy Ltd Tata Motors Ltd Hindalco Industries Ltd Bharat Petroleum
18 MONTHLY GAINERS NSE Company Name Reliance Industries Ltd. as on Wednesday, December 30, 2009 Week Week Week Week Change Change % Housing Development Finance State Bank of India GlaxoSmithkline Consumer Satyam Computer Services Ltd. GLOBAL MARKETS Country indices Dow jones Nasdaq composite S&p 500 Mexico bolsa Brazil bovespa Dax Ftse 100 Cac 40 Nikkei 225 Hang seng Shanghai composite 1 mth Return (%) 3 mth 6th mth Sensex Straits times st rd FOREX MARKET : Currency US Dollar Australian Dollar British Pound Canadian Dollar Euro Japanese Yen Danish Krone Hong Kong Dollar Singapore Dollar 18 ytd PE Ratio Year ago current INR Rupees
19 FII IN HIGH SPIRITS:Foreign institutional investors (FIIs) pumped $7.1 billion into equities during the quarter ended September May 2009 showed an enormous infusion of $4.14 billion in just one month. Banking and Financial Services, Metals and Realty have been the most attractive sectors. (NET INVESTMENT IN MILLION) TOP 10 SECTORS - (these sectors account for 87% of the portfolio) COMPANIES FII FAVOURITES HOUSING DEV. & INFRA. SOBHA DEV. HINDUSTAN CONST. INDIABULLS FIN. SERVICES ORBIT CORPORATION UNITECH GVK POWER & INFRA. OPTO CIRCUIT (INDIA) VOLTAMP TRANSFORMER 3i INFOTECH 19 FII HOLDING (%) NET FII INV. ($MN) JUN 09 SEP
20 DERIVATIVES- ( FUTURE & OPTION) SEGMENT OVERVIEW GROWTH IN NO OF CONTRACTS MADE IN F & O SEGMENT OVER YEARS TURNOVER IN F & O SEGMENT OVER YEARS AVERAGE DAILY TURNOVER (Rs. Cr) IN F&O SEGMENT OVER YEARS ANALYSIS OF YEARLY SETTLEMENT CYCLE OF F&O SEGMENT 20
21 .Challenge your BIQ WALK IN THE PARK: 1) 2) 3) 4) Who is the current finance minister of India? What does Industrial development bank of India popularly known as? Which financial services giant is referred as the "Thundering Herd"? Which successful investor is popularly known as "The Oracle of Omaha"? And his famous quote is "Rule No.1: Never loses money, Rule No.2: Never forget the Rule No.1" 5) Who is known as the Father of modern Economics? SHERLOCK HOLMES FAVORITE: (.a diamond in the rough!) 1. The Founder of (Charles ) played semi-pro baseball prior to coming to Wall Street. The in the name is from Edward who was a soda fountain salesman. 2. In which country's coins you can found the following lines imprinted, 'this is the root of all evils? 3. If Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government then what is Nakheel? 4. What is an elevator pitch? HARD NUTS TO CRACK: Expand ABN AMRO. What is a 'Credit Crunch'? If you file the 'Chapter number 11' in USA in the name of your company what would you do? What does Single window lending refer to? PEHCHAN KAUN? *ANS IN BLOG & FEB ISSUE 21
22 TEAM IBTE If you are an academician, a researcher, corporate personnel or a Finance enthusiast then, we welcome you to send in your inputs by way of your opinion, information, suggestions and share your experiences in the field of finance. For a snapshot on febuary issue of the newsletter please log on to the blog mentioned below. You can mail us on finometric@gmail.com or can leave your comment on We treasure your views and comments. CHIEF EDITORS SOMYA, SWETHA,KIRAN & CHAMPAK ASSISTANT COORDINATORS SWATHI.V, SWATHI.D, ANKITA CONTRIBUTIONS NATIONAL & INTERNATIONAL NEWS SOUMYA SURAJAN CHANGE IN TRADING TIMING SWETHA & AMAN TELECOM SECTOR ARTICLE MANUPULATING PROFIT ABHAY, UDAY & SWATI VENKETASH CHAMPAK 2009 FLASH BACK EQUITY MARKET UPDATE SOMYA, ANKITA ABHAY, UDAY & SWETHA QUIZ BLOG & DESIGN POOJA CHAMPAK & SOMYA Department of Management Studies Hosur Road, Bangalore , Karnataka, India Tel: /51/55 Fax:
23 - finometric.gmail.com Website- 23
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