NEWSLETTER

12 Pages 04th Oct 2012 – 10th Oct 2012 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

CORPORATE INTELLIGENCE 5 NEWS ANALYSIS 6 NEO CORNER 11

NEWS DIGEST…

IN BRIEF

PERSONALITIES OF

THE WEEK

CORPORATE INTELLIGENCE

BSE

18,793 pts

Brent Crude

$ 112.56 per barrel

(as on Oct 09)

ECONOMIC

INDICATORS

Reforms: FDI in Insurance and Pension sectors

COVER STORY

Kejriwal exposes DLF-

Vadra-Haryana Govt nexus

GLOBAL NEWS

The EADS-BAE Systems

Merger Collapses

George Soros

… a weekly news bulletin

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MISCELLANEOUS NEWS

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Kaushik Basu

BIG FOUR AUDIT FIRMS

PART TWO

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Below the line (BTL) marketing is an advertising technique that companies use to sell their products. BTL communications use media that are more niche focused and can be used to either build brand awareness or drive sales through specific offers (promotions). BTL communications give the marketer the ability to tailor their messaging in a more personal manner to the audience. Highly measurable, BTL marketing gives marketers‟ valuable insights into their return-on-investment. These insights can then be used to inform the next BTL communication to the audience and tailor the messaging based on the feedback received. This type of marketing is used not only for FMCG products but also for industrial goods. Some methods for BTL promotion include price discounting, money refunds, loyalty incentives, gift certificates, etc. BSE – 18,793 (gain of 84 points over previous close) as on 9th Oct Source: ET

The sensex which has been doing rather well ever since the government came out with its set of reforms showed some

correction on Tuesday as a lot of traders booked profits on shares that had gone up in the recent past. European

markets were also subdued thanks to rising concern over the euro zone crisis, this also had a role to play in the

correction seen in Indian indices. Auto, power, oil & gas were the only sectoral indices which closed in the negative.

Brent Crude - $ 112.56 per barrel (up by 76 cents) as on 9th Oct Source: ET

Oil prices rose after three days of lows. The primary reasons for the rise in crude prices were the low production figures

from the North Sea fields and heightened tensions in the middle-east due to fears of escalation of the conflict in Syria

into a major regional war.

The highest gross Government debt as a percentage of GDP among countries tracked by Trading Economics was recorded in Japan (220% of GDP), Greece (143%) and Italy (119%). Debt to GDP ratio was also high in Singapore, Belgium, Ireland, United States and Portugal - above 90%. In Iceland, Euro Area, Sri Lanka, Canada, Germany, France, Hungary, United Kingdom, Israel, Egypt, Austria and Brazil, public debt was recorded between 70% and 80% of GDP. Government debt as a percent of GDP, also known as debt-to-GDP ratio, is the amount of national debt a country has in percentage of its Gross Domestic Product. Basically, Government debt is the money owed by the central government to its creditors. There are two types of government debt: net and gross. Gross debt is the accumulation of outstanding government debt which may be in the form of government bonds, credit default swaps, currency swaps, special drawing rights, loans, insurance and pensions. Net debt is the difference between gross debt and the financial assets that government holds. The higher the debt-to-GDP ratio, the less likely the country will pay its debt back, and more likely the country is to default on its debt obligations.

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After substantial amount of politicking, the government recently allowed the opening up of FDI (foreign direct investment) in multi-brand retailing in India. It increased FDI in retail to 51 per cent from 49 per cent. Corporate India is happy, the sensex has gone up & intelligentsia is talking about it. Some say that it will work & some are skeptical. There has been a lot of discussion & debate going around about its benefits & disadvantages (more advantages than disadvantages). The opposition parties & some of the UPA‟s allies want the government to take back its decision of opening FDI in retail as they fear that global retailers will wipe out the local kirana stores, also known as, mom & pop shop. Well, it‟s a custom in India that whenever any so called reform is implemented, lots of meaningless

discussion takes place before it. But the main problem is that neither the government nor the opposition parties ever make any effort to give a clear picture of the consequences of reforms. Let‟s have a look at the FDI in multi-brand & its impact on the Indian economy.

FDI in multi-brand: In 1991, when the liberalisation process first started,

there were substantial doubts as to what it would do to the country. While it is arguable whether the process has paid rich dividends to the masses that make India, but there is little doubt that today, the country looks at the world with far greater power and confidence than it did in the 1990s. The consequences of the opening of FDI in multi-brand retail may be a matter of political debate, but it seems clear that the retail scenario may be due for a facelift soon. The FDI policy does not define single-brand retailing and multi-brand retailing. Single-brand retailing means the sale of products of single brands to retail customers for personal consumption, example, Zara, Mark & Spencer, Espirit, Nokia, etc. whereas multi-brand retailing means sale of products of multiple brands to retail customers for personal consumption, for example, Wal-Mart, IKEA, Carrefour, etc. The government has imposed certain conditions on the global retailers. Those conditions are as follow: 1) Minimum investment by foreign investors has been limited to $100 million, half of which will be invested in back-end infrastructure (processing, manufacturing, distribution) within three years of first installment of FDI. 2) At least 30 per cent of the procurement of products will be sourced from small industries/village and cottage industries & artisans. 3) Retail outlets are allowed in cities which have a population of more than one million

Why political parties want rollback of FDI in multi-brand? The political parties fear that global

retailers will gobble the local retail stores & create a monopoly. There are a multitude of reasons being floated around to prevent the liberalisation of the FDI norms for Indian retail. Primary among these is the concern regarding the kirana stores as well as other locally operated Mom and Pop stores being adversely affected by the entry of global retail giants such as Walmart, Carrefour and Tesco. As these brands would come with advanced capabilities of scale and infrastructure in addition to having deep pockets, it is argued that this would result in the loss of jobs in the unorganised sector. Second, what kind of employment will it generate? Majority of Indian population fall in the category of semi-skilled labour, they will not be absorbed in the system.

Advantages of FDI in multi-brand: Industry experts feel that the reservations against the introduction of Multi-Brand retail are mostly misplaced. It is expected to transform the retail landscape of India in a significant way. Firstly, investments will spur the growth of the sector, which is important for domestic retailers such as Vishal Subhiksha and Koutons, which couldn‟t arrange for funds to sustain their growth during economic downturn. Technology know-how, competitiveness will be brought forth through FDI. India has also been crippled by rising inflation rates that have refused to come within accepted levels. A key reason for this has been attributed to the vastly avoidable supply chain costs in the Indian food and grocery sales which has been estimated to be a whopping US$ 24 bn (₨ 1272 bn).

The infrastructure support extended to improve the backend processes of the supply chain would enable the elimination of such wastages and enhance operational efficiency. The middlemen would be restricted and therefore, the farmers would get to enjoy a bigger share of the pie.

Conclusion: Well, the debate on FDI in multi-brand is endless. If we need to see its advantage we will have to wait

& watch. We have the case of China, which allowed FDI in multi brand, 20 years ago. By partially allowing FDI, it was able to track its impact on the local market. Today, China‟s retail sector is the second largest in the world. Indian manufacturing sector is not in a commanding position today to produce & fulfill the requirements of the global retailers. Therefore, it is imperative for the government to work towards the improvement of the manufacturing sector. The step at the moment looks good; to make sure that it delivers is entirely dependent on the government.

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George Soros- Investor, Philosopher & Philanthropist

Bringing deeply rooted and age-old institutions down to their knees is no mean task. But Hungarian-American business magnate and philanthropist, George Soros has done just that. Soros became infamous in September 1992 when he risked $10 billion on single currency speculation and shorted the British Pound; earning a net profit of $2 billion on the transaction. As a result, he became known as “the man who broke the Bank of England”. Citied by some as the “trigger” behind the Asian Crisis of 1997, Soros has given away approximately $8.5 billion to human rights, education and public health groups since 1979. As Chairman of the Open Society Institute, he was instrumental in spearheading Hungary‟s transition from communism to capitalism in the 1980‟s and giving Europe‟s largest higher education endowment to Central European University in Budapest.

Soros was born in 1930 in Hungary to Jewish parents. He lived through the Nazi occupation of his country as well as Soviet-imposed communism. An exposure to these ideologies and the intolerance that they bought in their wake along with a personal fascination for philosophy shaped his thinking in later years and influenced his strategies. In 1947, Soros went to England to study at the London School of Economics, graduating in 1952. As an immigrant, money was hard to come by and he worked as a waiter, porter and travelling salesman to fund his education. He credits this phase as having taught him the value of money. After working for a few years at an entry-level position with an investment bank in London, Soros migrated to USA in 1956 and held analyst and investment management positions at prominent New York firms.

Realizing that he was cut out for bigger things, Soros started his own hedge fund company-Soros Fund Management-which later evolved into the well-known and respected Quantum Fund-clocking average profits of more than 30% per year thus turning him and other major investors into billionaires. As a short-term speculator, Soros made huge bets on the directions of financial markets (which he described as chaotic & subject to individuals‟ emotions) and was known for his killer plays in bonds and currencies. Soros fully retired in 2000 and since then began focusing on political activism and philanthropy, writing and lecturing extensively on the role of US in world affairs and issues dealing with human rights and political freedom. A self-made and self-less man, Soros was an early supporter of President Barack Obama, who he believed, could provide the transformational leadership US needed. His Open Society Institute is active in more than 60 countries and is instrumental in bettering countless lives.

Kaushik Basu-Senior Vice-president & Chief Economist, World Bank Only a highly distinguished and learned man can list a number of Ivy-league institutes as part of his CV. Kaushik Basu is such a man. The former Chief Economic Advisor of India serves as the Senior Vice-president of Development Economics and Chief Economist at the World Bank. Currently on leave from Cornell University (where he is the Professor of Economics & C. Marks Professor of International Studies), Basu has been instrumental in furthering Economics as a subject. He is a founding member of the Madras School of Economics and the Centre for Development Economics in Delhi. In 2008, he was awarded the Padma Bhushan in recognition of his contributions.

Basu was born in 1952 in Kolkata. Agreeing to study Economics as part of a compromise with his father, he moved to Delhi in 1969 and graduated with Honours from St.Stephen‟s College in 1972. In 1974, he completed his M.S in Economics from the London School of Economics and stayed on to do his PhD on choice theory under the guidance of Nobel laureate Amartya Sen. On his return to India in 1977, he joined the Delhi School of Economics as a Reader. Over the years he held visiting positions at Harvard University, Princeton University, MIT and LSE among others. Self-described as left-leaning, his work in areas such as development economics, game theory, industrial organization, etc has been widely accepted and lauded. As a subject-matter expert, Basu held a number of advisory posts at ILO, World Bank, EXIM Bank and with the Swedish Government.

Answering to rising calls from emerging market economies for more clout at the poverty fighting institute of World Bank, Basu was appointed as the Chief Economist-becoming only the second person from a developing economy to hold this post. His view- that in the case of certain bribes, only the act of bribe taking should be illegal-has been the topic of a heated debate. Basu owes his intellectual awakening to Bertrand Russell. As a person who is all for promoting quality thinking in debates on government functioning, he is the motivation behind „Arthapedia‟-an online portal for the masses that provides explanations of concepts used in Indian Public Policy. A big fan of Sudoku, he is credited with creating „Dui-doku‟-a two-player version of his favourite game.

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"It's not whether

you're right or

wrong that's

important, but

how much money

you make when

you're right and

how much you

lose when you're

wrong."

"As the Chief

Economic Advisor

“I have often

expressed

opinions which

are not

necessarily that of

the Ministry of

Finance or of the

Government of

India. This is one

of the strengths of

India that it

allows us to

generate and

discuss new ideas

without the

Government

having to first

endorse them.”

Deloitte Touche Tohmatsu Limited The world‟s second largest financial auditing services firm, Deloitte, caters to a large number of FTSE 250 companies with its workforce of over 1,93,000 employees spread across geographies. After a series of mergers, Deloitte was renamed Deloitte Touche Tohmatsu in the 90‟s. With an experience of over a century, Deloitte helps companies with services like tax, advisory, auditing and consulting. Deloitte has a network of member companies (a separate subsidiary for a particular regional location) operating under the group company, providing various financial services to clients. Deloitte provides Enterprise Risk Management services and Consulting services encompassing various functionalities of a business like Strategy & Operations, Human Capital, Technology; along with few other specialized consulting services like enterprise sustainability, infrastructure transformation etc. Deloitte Growth Enterprise Services also include growth strategies, risk intelligence and organizational performance. The company has consistently ranked in Fortune magazine‟s “100 Best Companies To Work For” list as it gives individuals (candidates) an option to choose from various career models that are based on geographic location & business needs. It provides various opportunities like Analyst, Principal Analyst, Associates, Partners, Specialists & Specialist Leaders. The company is currently under a probe for allegedly helping Standard Chartered Bank cover up suspected money laundering operations.

Ernst & Young Ernst & Young is one of the better managed companies amongst the Big 4. Unlike others it does not follow the centrally managed professional services network and has divided its business according to four major geographical regions. It has a structure that is formed specifically to cater to diverse needs of various multinationals. In 2000, E&Y sold off its Consultancy business to CapGemini. E&Y provides services to leading companies in major industries including consumer products, financial services, technology, real estate and public sector enterprises. E&Y‟s services focus on financial transformation, customer, supply chain, anti-money laundering,

enterprise risk, IT risk & assurance and actuarial services. In 2012, E&Y was named the Best Accounting Firm To Work for by Fortune magazine and due to the company‟s employee friendly policies, its combined workforce in China & Hong Kong has quadrupled in past ten years. Many notable personalities in business and politics have worked for E&Y namely the co-CEO of Research In Motion, CEO of Lockheed Martin, former Prime Minister of the Netherlands, Mayor of Edison - New Jersey amongst others.

KPMG (Klynveld Peat Marwick Goerdeler)

Netherlands based, KPMG is the smallest firm among the Big Four in terms of revenues and was named after the initials of the four partners of the accounting firms that merged together to form the single company. Like others, KPMG is also a network of accounting firms & it employs over 1,40,000 people – consultants, analysts, specialists, partners etc. It provides services like audit, tax – related to transfer pricing, natural resources, mergers & acquisitions, dispute resolution, controversy and advisory services. It consults auto, life sciences, infrastructure, and media companies on business effectiveness, people & organizational change, forensic, company restructuring and financial transactions. KPMG is also considered as one of the best companies to work for and is known for its “Best Training Programmes” for employees. For the $22.7 billion company, Asia-Pacific is the strongest performing region with huge opportunities from developing markets.

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1) Ready To Eat Food maker MTR expands its business in Southern India – The Hindu Business Line/BS IMPACT: Norway based Orkla Group owned company MTR is on a fast track to achieve its ambitious plans of increasing its revenues from current ₨ 350 crores to ₨ 1000 crores by 2015. The company which acquired Pune based Rasoi Magic few months ago to enter into meal-mixes market, plans to launch various additions in its three product categories – ready to eat mixes, masalas and snacks. These categories currently contribute to 70% of MTR‟s revenues and the company wants to further increase this share to 85% in next three years. The ready to eat food maker has announced investments up to ₨ 350 crores for its expansion plans – which include setting up new manufacturing units, acquiring

new markets, increasing imports, increasing product range and marketing & advertising initiatives. It recently launched three new products in Tamil Nadu from where it gets about 11% of its revenues. KEY PLAYERS: MTR, Ready to eat food market WHY IT IS IMPORTANT? The ready to eat food segment in India is growing at a faster pace according to industry experts. The increase in disposable income, rise of organized retail (shopping malls), paucity of time due to hectic schedules, changing lifestyle and eating habits have contributed to the rising demand of the ready to eat products. The targeted segment for this market is the youth which accounts for about 55% of the Indian population. 2) Reforms: FDI in Insurance and Pension sectors – Moneylife.in/HT/TOI IMPACT: After approving 51% FDI in multi-brand retail, the UPA government has struck again with reforms in insurance and pensions sector. It has announced the increase in FDI cap from 26% to 49% in the $41 billion insurance sector and up to 26% in pension sector. However, the reforms need to be passed by the parliament and the opposition party is not so keen on supporting the government. FDI in the insurance sector will bring back life into the foreign companies who are accumulating losses due to policy hurdles.

The Indian insurance sector was liberalized in 2000, and many foreign companies jumped into the market hoping for better returns. However, a series of events like regulatory changes, uncertainty and slow economic growth led to these companies bleeding money. The industry has lost around ₨ 4 billion in last few

years and has seen a steep decline in the demand for various equity-linked policies. Pumping foreign money into the stalled insurance sector is one possible solution to the problems. KEY PLAYERS: FDI in Insurance & Pension sector, insurance companies WHY IT IS IMPORTANT? The Indian insurance industry, which is dominated by

state run entities, was at one point a lucrative deal for foreign companies. Over a period of time, many companies have posted huge losses and some companies like ING and Axa have never made money since they started operations in the country. LIC acquires around 70% of the market share of the life-insurance sector. The rate at which other players like HSBC, Italy‟s Generali & Dutch life insurer Aegon are making losses, it will not come as a surprise if these companies exit their business in India if the parliament further delays the FDI decision. 3) Emkay Global’s ₨ 650 crores blunder – Moneycontrol.com/Reuters/ET

IMPACT: Traders are amazed whether the freak accident involving Nifty was a technical or human error wherein a series of faulty trades by a dealer of Emkay Global Financial Services resulted in the fall of NIFTY by 15% and the company suffered losses of around ₨ 51 crores on 5th October. The error occurred when a trader punched sell order several more times than actually required which led to the sale of ₨ 650 crore of Nifty shares. After the flash crash, the

company had to buy back the Nifty shares at much higher prices which resulted in the loss. The company started trading again on Wednesday following the pay-off of funds. It has also come to light that the method followed by the traders to cancel the wrong trades was also not in-line with the SEBI regulations. This crash is an eye opener as to how vulnerable the trading systems are to such errors. It also raises a question as to why didn‟t Nifty shut down till it tumbled by 15% when the system is designed to shut down after it falls by 10%. The Indian stock exchange is habituated to such blunders. Last year on Diwali, there was a rush in Sensex futures volumes owing to a faulty algorithm. KEY PLAYERS: Emkay Global, Nifty WHY IT IS IMPORTANT? The NYSE also went through a similar “flash crash” in 2010 when Dow Jones Index tanked by around 1000 points. After a formal enquiry, it was found that the fragmented market was fragile and the crash was triggered by a large mutual fund company who sold huge number of E-Mini S&P 500 contracts in a single day thus exhausting the number of buyers in the market.

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4) Hon Hai Precision Co comes to help Sharp Corp in its revival plan – TOI/Reuters IMPACT: Taiwanese company, Hon Hai – traded as Foxconn, the maker of Apple Inc‟s products like iPod, iPad, iPhone etc. has offered a deal to the failing Japanese company Sharp Corporation which will help the electronic goods manufacturer revive their business. The iPad manufacturer is eager to start a joint venture in the LCD business of Sharp and has asked the latter to sell off a part of its business to form a JV. LCD manufacturing is the core business for Sharp, and it will play an important role in the revival of the company‟s business in future. Sharp wants to bank on the LCD business (technology) to stop further losses and increase its revenues, so it is reluctant to go ahead with the deal. Sharp is also in talks with the microchip maker, Intel Corp, to raise funds by issuing convertible bonds. The company

also recently shut down its LCD panel production for television as it wants to focus on manufacturing LCDs for smartphones. It wants to optimize the utilization of the plant for the production of LCD panels for iPhone 5. KEY PLAYERS: Sharp Corporation, Hon Hai Precision Industry Co. WHY IT IS IMPORTANT? Sharp was in troubled waters with plunging profits and rising debt until Mizuho Financial Group and Bank of Tokyo-Mitsubishi UFJ agreed to release funds for the LCD panel maker‟s survival.

The banks shall give a bailout package of $2.7 billion to Sharp only on one condition which is to sell off its loss making overseas units which include television assembly plants and solar making panel business. 5) SEBI allows follow on share offerings for loss-making firms – Firstpost.com/Reuters IMPACT: According to Reuters, the Securities Exchange Board of India (SEBI) has announced that it will now allow follow-on share offerings for the companies that are making losses. This new move is likely to provide a relief to the debt-ridden companies which face issues while raising funds for their capital needs. This measure will come to effect from FY-14. SEBI also announced the following reforms:

a. Foreign Institutional Investors (FIIs) can re-invest up to 50% of their last year‟s debt holding b. Foreign investors must use their debt auction limit up to 30 days for government bonds and 60 days for

corporate bonds c. Debt oriented mutual funds can invest up to 10% of their net assets in housing finance companies

KEY PLAYERS: SEBI WHY IT IS IMPORTANT? A follow-on offering is the issuance of stocks after the initial public offering. Generally it is wrongly perceived as secondary offering which is an offering of securities by a shareholder who has acquired them during the company‟s IPO. Until now, the government had allowed only profit making companies to use follow-on offerings. However, due to the weak economic conditions, the number of loss-making companies is outrunning the number of profitable giants. The government is trying its best to bring in reforms and attract foreign inward investments. The measures taken by SEBI would also free up debt auction limits earlier so that they can be utilized by other investors and will help the government regulate their (foreign investors‟) investments better. 6) The EADS-BAE Systems Merger Collapses – Guardian UK/Reuters IMPACT: The super-merger between The European Aeronautic Defence and Space Company N.V. and BAE Systems plc has finally hit a roadblock which cannot be lifted. The German Chancellor is supposedly blamed for the collapse of the merger between the two largest defence corporations in the world despite various efforts from the officials of the two companies. The merger, if it had been successful - would have created one of the largest defence conglomerates in the world. It would have a workforce of over two lakh employees manufacturing products like aircrafts, fighter planes and

nuclear submarines. EADS is the pan-European defence and military contractor which also manufactures the commercial aircraft – Airbus. Since the beginning, Merkel was repulsive to the idea of the merger between a defence and an aerospace company and pointed that there would be conflict of interest (due to the diverse nature of merged companies) in the future which will lead to a bigger problem. KEY PLAYERS: EADS, BAE, German Chancellor WHY IT IS IMPORTANT? Along with Merkel‟s staunch opposition, the officials of the two companies also ran into disagreements over other issues like the potential amount of French and German shareholdings in the

combined firm and the location of headquarters which ultimately resulted in the officials not using their veto power to come to a positive conclusion and instead scrapped the deal altogether. According to sources, France – which has 15% shareholding in EADS was unhappy with Germany‟s demands to set up the HQ in Munich and Germany was not so keen on letting France hold over 9% stake in the combined entity.

7) Reliance gets ₨ 1588 crore fund for its 100 MW solar power project in Rajasthan - The Hindu/BS

IMPACT: Reliance Power, which plans to invest more than ₨ 6,000 crore for solar power generation in Rajasthan in next two years, has been able to raise ₨ 1588 crore for its 100 MW solar power project in Dhursar via ECB (external

commercial borrowings) route. A wholly owned Reliance Power subsidiary, Rajasthan Sun Technique will now carry out the installation of ₨ 2,250 crore concentrated solar power (CSP)

project in Jaisalmer district just next to India‟s largest thin film PV (photovoltaic) Project, which has capacity of 40 MW. The Asian Development Bank is financing the CSP project, along with Dutch development bank FMO, US-EXIM and Axis Bank. In another related event, First Solar Inc, Mahindra Solar One Pvt. Ltd., and Kiran Energy Solar Power Pvt. Ltd., have signed an agreement for the supply of advanced, thin-film solar modules for two solar photovoltaic (PV) power plants of 50 MW to be set up in Rajasthan.

KEY PLAYERS: Reliance Power, Jawahar Lal Nehru National Solar Mission

WHY IT IS IMPORTANT? The CSP plants generate electricity by converting the sun‟s energy into heat using various mirror configurations. For this Reliance Power has selected Areva Solar Inc as its solar technology partner. Dhursar has been selected for the two major projects as it receives highest solar radiation in the country. It may be noted that India plans to raise its solar capacity to 20 GW by 2022 under the Jawahar Lal Nehru National Solar Mission. For some perspective, Germany already has an installed solar capacity of 28 GW and plans to generate 50 percent of its electricity via renewable sources by 2050. 8) IMF cuts India and China’s growth forecasts- BS/TOI IMPACT: IMF recently revised its forecasts saying India is expected to grow at 4.9 percent this year. This is down from its July predictions which were at 6.1 percent. Further, it has cautioned the RBI from getting involved in any monetary control till inflation comes down, which it feels will continue to rise for a while, unlike other regions in Asia. IMF accounted the usual factors like CAD (current account deficit), gloomy business sentiment, red tape and falling Rupee for the growth cut. At the same time IMF has also cut the growth forecast for China to 7.8 percent (down from 8 percent growth predicted in July). IMF said that the economic crisis in Asia could worsen as US economy is getting close to a recession. This, it explains, could be avoided to an extent if countries in Asia loosen their fiscal control to fuel investments in the domestic market. China for instance has released more than $150 billion worth of state funds for infrastructure development since May. These investments now account for half of China's economic growth in the first-

half of this year. However analysts say that such policies cannot be seen as a permanent solution and China has to come out with new ideas to increase domestic consumption.

KEY PLAYERS: IMF, Indian Government

WHY IT IS IMPORTANT? IMF‟s new forecasts have come at a time when the Indian government might have been expecting some positive commentary from the global institutions after its recent economic decisions. This was indeed reciprocated by the US Treasury Secretary Timothy Geithner, who feels that there is a “renewed sense of initiative”. He & Federal Reserve Chairman Ben Bernanke will meet the industry honchos in an event arranged by the CII on Wednesday. While talking to reporters on Tuesday, Geithner said that the IMF

is doing its job but he is “very encouraged” by Indian government‟s new initiatives. 9) Walmart to source locally in India to keep retail prices low- ET/IBN/Firstpost IMPACT: Walmart is planning to adopt its global policy of manufacturing and sourcing locally to control costs in India. It will be forming partnerships with small and mid-level suppliers in India across product categories to create several private label brands with products priced substantially lower - as much as 10-15% - than established products and brands. The private label brands are already being sold in the cash-and-carry outlets 'Best Price Modern Wholesale Store' and also at Bharti's independently-owned front-end retail stores 'Easyday'. The model will also be very suitable for a country like India with diverse tastes and needs. It will be beneficial for the company to source products locally within a 100-km radius of a store. This in turn reduces expenditure on transportation and plastic costs. The company is hopeful that its first multi-brand consumer retail store will come up in 16-18 months. However, some controversies are now erupting over Walmart‟s India venture. People are questioning the nature and manner of Walmart‟s investment in Bharti retail. It has come to light that, Walmart may have funded the retail business in India even before government made it legal by allowing the FDI in multi-brand retail.

KEY PLAYERS: Walmart, Bharti Retail

WHY IT IS IMPORTANT? It has been alleged that in March 2010 Walmart Holdings made an investment worth ₨ 456 crore in Cedar Support Services

Ltd, (originally known as Bharti Retail Holdings), which was illegal, as it was eventually aimed at surpassing the restrictions on foreign investment in the Indian multi-brand retail sector. Though, the government‟s response has so far been diversionary putting blame on RBI, it remains to be seen if such tactics could avoid the probe for long.

10) South Korea & Japan to downsize their currency swap arrangement – AFP/FT IMPACT: Japan and South Korea have declared that they will not renew the $57-billion currency swap further. Last year in October, they had expanded their swap contracts to a total of $70bn from $13bn for a period of one year. The decision at that time was taken to protect themselves from the turmoil in financial markets caused by Eurozone. South Korea‟s currency Won came down 14 per cent against the dollar between August and October in 2011. Hence, currency swap, which is considered as one of the strongest psychological weapons for cooling fears about banks‟ short-term foreign debt obligations, was adopted. South Korea also had a $26bn swap with China. For Japan, such a deal made

sense as South Korea is its second-biggest trading partner. The commerce between the two was up by 16.8 percent to $108 billion in 2011. However, in recent times fears of Greek exit and other disasters have subsided and the Korean economy is in much better shape than it was a year ago. The top three credit rating agencies have recently upgraded South Korea. Hence, continuing the swap arrangement does not make a sound economic proposition anymore, a sentiment Japan‟s finance minister Koriki Jojima reciprocated while informing about the decision. KEY PLAYERS: Japan, South Korea

WHY IT IS IMPORTANT? Questions are being raised about the timing of this decision as the tensions between the two countries have increased after South Korean President Lee Myung-bak‟s recent visit to islands that both countries claim sovereignty over. Japan is also engaged in a territorial dispute with China over a different group of islands. Both rows are testing the limits of Japan‟s economic cooperation with its neighbours. 11) Slump abroad forces Tata Steel to shift focus to India – Live Mint IMPACT: India‟s largest private sector steel maker Tata Steel Ltd is strengthening domestic operations to beat the slowdown in Europe (which contributes nearly 66% of Tata Steel‟s total production capacity) and other developed markets. The slump has become more severe due to the slowdown in Chinese demand. A slew of steps like doubling the production capacity at Jamshedpur plant to 10 million tonnes, setting-up a 12 million tonnes per annum (mtpa) project in Seraikela, Jharkhand and expansion of operations in Europe and Thailand have been taken in this effect. The company also wants to fast track the development of the six mtpa capacity greenfield steel plant at Kalinganagar in Orissa. It may be noted that Tata Steel‟s net debt at the end of June has increased to ₨ 54,020 crore, up from ₨ 47,657 crore at the end

of March. At the same time, turnover at Tata Steel India in Q1 of FY 2012-13 came down 6 percent from Q4 of FY 2011-12. Tata Steel Europe (earlier Tata Corus) has shown similar downwards trend in the revenues. In August 2012, Moody‟s had cut the rating for Tata Steel‟s European operations to junk. Standard and Poor‟s also lowered the company‟s outlook to negative on a BB- rating, which is also below investment grade. KEY PLAYERS: Tata Steel WHY IT IS IMPORTANT? Tata Steels recent decision to focus more on Indian operations is based on the fact that while steel demand has slowed considerably in Europe, India‟s overall steel imports have risen 33.7% between April and September. However, it will take some time before corrections are seen; analysts predict that Tata Steel Europe will continue to make losses at least for the next two years. 12) Sony spends $1.8 bn in three months acquiring unrelated businesses and worrying investors-Reuters/BS IMPACT: In the recent past, Sony Corp has diversified its portfolio-acquiring medical equipment and cloud gaming companies-inspite of having a weak cash position. The company is reorganizing its business holdings as it desperately wants to recover from four straight annual losses-losses which came its way because of slumping demand for TV‟s, a stronger Yen, uncertain economic environment and tough competition from Samsung Electronics and LG Electronics. To revive its sales and earnings, Sony is also launching new releases targeted at year-end shopping demand. However, critics say that the company may be compromising on quality in its haste to stay in the race. Last week, it suspended sales of a tablet computer (Xperia Tablet S) citing a water-proofing defect. Japan‟s economic contraction and a downgrade of the company‟s ratings to „BBB‟ by S & P is also not helping matters.

KEY PLAYERS: Sony Corp WHY IS IT IMPORTANT? Sony Corp was immensely profitable throughout the early 1990‟s and early 2000‟s (partly because of the immense success of its PlayStation line). However, the company acquired financial problems in the mid-to-late 2000‟s due to a number of factors such as the global financial crisis, reduction in demand from Europe and China and the Japanese earthquake. S & P believes that the prospects of Sony restoring profitability in its mainstay consumer electronics business will remain low in FY12. Industry watchers too have criticized the company

for its “lack of resilience” and its “inability to gauge the economy” given a lack of tangible results.

13) Swiss govt shutdown’s Mumbai man's bank account – Financial Express IMPACT: For the very first time an Indian agency has got access to Swiss bank accounts in its black money probe. Swiss government has frozen the bank account of Mumbai based Sayed Mohammed Masood. The Enforcement Directorate has frozen about ₨ 6 crore of stashed funds of the Mumbai-based businessman, who is allegedly involved in

a money laundering case. The directorate, which approached Swiss authorities some time ago, received a shot in the arm when the banking and enforcement authorities there agreed that the money stashed in the accounts was prima facie "proceeds of crime" and it was important for India to get access and control of these accounts. The case pertains to an alleged contravention of money laundering laws. It is alleged that Sayed Mohammed Masood ran illegal ponzi schemes by promising extraordinary returns which were not honoured. KEY PLAYERS: Enforcement Directorate, Swiss Government WHY IT IS IMPORTANT? Apart from the Swiss account, Enforcement Directorate has also issued 14 orders for attaching movable and immovable properties of Masood in India with a market value of over ₨ 130 crore. Several of these assets are registered in the name of his wife, daughter, son and other directors. India has been undertaking various measures to get banking and other investments details of those individuals who have illegally stashed funds abroad. 14) Angela Merkel’s visit to Greece met by anti-austerity protests – Bloomberg Businessweek IMPACT: Since 2010, Greece has relied on bailouts from international creditors in return for imposing harsh austerity measures including repeatedly slashing incomes, rising taxes and increasing retirement ages. Fed up by a declining ratio of state employees to total population and rising prices of essential commodities(due to less supply), angry Greeks

are protesting against Merkel‟s visit as they consider her to be the „architect of austerity‟. The Greek Government cannot afford to lose face in this situation as its current resources are expected to run out by November-end if it does not receive the third instalment of its bailout package. The „troika‟ (European Commission, IMF and European Central Bank) wants Greece to make more efforts in balancing its budget-hoping to achieve a primary surplus in 2013. Squeezing out more austerity from an already harassed and angry population is going to a tough job and thus finding a middle path is looking to be next to impossible. KEY PLAYERS: Greek Government, Troika, Greek public WHY IS IT IMPORTANT? Greece has already got two bailout packages from

the European Union and IMF worth €240 billion in addition to the biggest debt write-down in the history of world finance. However, things look far from getting better. Greece‟s social meltdown and huge uncertainty in its political arena (with radical and right-leaning parties gaining popularity) is not helping matters. Economists believe that the draconian spending cuts worth €13.5 billion, which is the price of further aid, could push Greece further to the edge. 15) Kejriwal exposes DLF-Robert Vadra-Haryana Government nexus – ET IMPACT: DLF has more than 70% of its assets concentrated in the state of Haryana. DLF giving a ₨ 65 crore loan to

Robert Vadra defies all business logic as the company is itself struggling with its finances. What makes this nexus and the dealings arising from it shady is that the Congress Party is fiercely defending its‟ President Sonia Gandhi‟s son-in-law by ruling out the conduction of any kind of probe. In this connection, new documents have come to light which show that Vadra bought acres of land at Mewat, Haryana well below the circle rate in 2008 and 2009. Vadra has also been accused of dressing up his companies‟ balance sheets after the expose and taking a dig at political activists and the general public by calling them “mango people in a banana republic”. KEY PLAYERS: DLF, Robert Vadra, Congress Party, Arvind Kejriwal WHY IS IT IMPORTANT? Robert Vadra is hardly new to controversies. As a director of five companies and MD of six entities, his methods, speed and scale of amassing wealth have long been questioned. Due to his association with the Gandhi family, he has been bestowed with many privileges, some which act as irritants in the public eye. For instance, he has been exempted from pre-embarkation security checks at all airports in India-enjoying a privilege which traditionally had been enjoyed only by current and former Presidents and Prime Ministers and SPG protectees. Of late, he has openly proclaimed his political ambitions (much to the embarrassment of the Congress as he stole limelight from heir-apparent Rahul). The deaths of his father, brother and sister have also been the topics of conspiracy theories.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS

50K and a handful of dreams

continued from last week…

How they hired After the earlier failure with Askme, Just Dial hired fresh graduates and aligned goals with their needs. Providing incentives based on productivity made it even more attractive and encouraged a lot of early employees to get their friends and contacts on board. A motivated sales force was also integral to Just Dial getting a foothold in the market. The fact that their services were low cost as well as low risk didn‟t hurt Just Dial‟s chances at all. Of the 20-25 people who joined Mani at the start, nearly 70 per cent are still with him.

Going to the Web In 2007 Just Dial launched its web presence. There were some fears that the web site would cannibalize the voice based operations. The fears proved unfounded as the web-site grew phenomenally without hampering the growth of the voice based services. Just Dial has launched android and iPhone apps as well.

A good review Interestingly, Just Dial has the largest collection of online reviews in the world, more than 2.5 million of them. A lot of web-sites tend to have paid reviews which are naturally rather unreliable. Just Dial actually calls up users to take their feedback thus enhancing its ability to provide reliable information to users.

Just Dial’s Fund Raising Efforts Just Dial‟s first major investor was the BITs alumnus Raj Kumar Koneru, who is said to have invested about ₨ 6.5 Crores for a 40 per cent stake in the company. Incidentally, he is said to have sold his stake to SAIF partners and Tiger Global in 2007 to rake in a nifty 25 times profit.

SAIF Partners reportedly invested about $ 12 Million in Just Dial in its Series A funding in 2006. Series B funding of about $15 million came from Tiger Global in 2007. Series C which amounted to $ 8 million was led by Sequoia Capital. Joining up with SAP Ventures, Just Dial raised about $ 10 million in Series D. In June of 2012, Sequoia and SAP Ventures together pitched in about $ 57 Million

As can be seen from the chart, the cost of acquiring a stake in Just Dial has steadily gone up with investors getting a smaller share for a higher investment. This is normally the case when a company is doing very well and has a future. Also each time a stakeholder changed or was added, it wasn‟t necessarily the company that benefitted exactly, but the exiting stake holder who sold his stake for a profit. Welcome to the world of Venture Capitalists!! Interestingly, in case of an IPO most investors are set to make at least 10 times their investment if they decide to exit. This is significant in a market where investors rarely make more than 5 times their investment.

IPO plans Just Dial intends to go for an IPO in the first half of 2013. The issue size is expected to be about ₨ 700 Cr. However, based on the most recent round of funding there are talks that the IPO might be delayed.

NNNEEEOOO CCCOOORRRNNNEEERRR PART TWO

Part 2

New Initiatives It has started offering targeted marketing campaigns based on consumer preferences, for its advertisers Events Listing Database mining to come up with data analytics for different business categories Real time updates on offers and price quote updates from local businesses available through e-mail and sms

Future Initiatives Just Dial intends to focus more on smaller cities in India which are yet to have access to such services and offers a near virgin territory for Just Dial to take over. Just Dial entered the US in 2010 and is growing steadily there as well. In fact, Just Dial intends to create almost a 1000 call centre jobs in mainland US apart from running a lot of the operations from India. The US market is obviously far more challenging to penetrate as such a service is not exactly new there. With the hyper wired state in which an average American lives, it will be interesting to see just how Just Dial creates a space for itself in the consumer‟s mind. It‟s investors, at least, believe that Just Dial‟s success in India can be replicated in the US. For most future managers, the simple fact that a first generation Indian entrepreneur has managed to get a foothold in the US is enough to be proud and get wholeheartedly behind their own ideas.

SOURCES

Charts & Graphs: http://www.economist.com/node/21563412

SOURCES FOR COVER STORY

http://www.teriin.org/events/INDIA_CITIZEN_GUIDE.pdf

http://www.gfmag.com/tools/global-database/economic-data/10395-public-deficit-by-country.html#axzz28EAFEYkG

http://www.c3advisors.net/download/BudgetCommunique11-12.pdf

http://www.business-standard.com/india/news/economy-teeters-at-fiscal-precipice-kelkar-panel/189025/on

http://timesofindia.indiatimes.com/business/india-business/Government-must-tackle-subsidy-issue-RBI/articleshow/16652832.cms

http://timesofindia.indiatimes.com/business/india-business/Government-cant-wish-away-subsidies-we-can-only-improve-their-

delivery-P-Chidambaram/articleshow/16621684.cms

http://ibnlive.in.com/news/epayment-of-subsidies-from-this-year/296499-60-114.html

http://www.dnaindia.com/india/report_the-kelkar-panacea-is-nil-subsidies_1746644

SOURCES FOR PERSONALITIES OF THE WEEK:

http://en.wikipedia.org/wiki/George_Soros

http://www.georgesoros.com/faqs/entry/georgesorosofficialbiography/

http://www.investopedia.com/university/greatest/georgesoros.asp#axzz28gUC2Lah

http://www.forbes.com/profile/george-soros/

http://www.kaushikbasu.org/bio.php

http://en.wikipedia.org/wiki/Kaushik_Basu

http://www.worldbank.org/en/news/2012/09/05/world-bank-appoints-kaushik-basu-chief-economist

http://in.reuters.com/article/2012/09/05/worldbank-economist-idINDEE8840E020120905

http://www.ipc-undp.org/md-poverty/bios/Bio%20-%20Kaushik%20Basu.pdf

http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/0,,contentMDK:20273940~menuPK:477175~pagePK:64165401~piPK:641650

26~theSitePK:469372,00.html

CORPORATE INTELLIGENCE: http://www.big4.com/pdf/2011-Big-Four-Performance-Analysis.pdf

http://en.wikipedia.org/wiki/Big_Four_(audit_firms) http://en.wikipedia.org/wiki/Deloitte_Touche_Tohmatsu

https://www.deloitte.com/view/en_US/us/About/index.htm https://www.deloitte.com/view/en_US/us/Services/index.htm

https://www.deloitte.com/view/en_US/us/Industries/index.htm http://en.wikipedia.org/wiki/Ernst_%26_Young

http://www.ey.com/IN/EN/About-us http://www.ey.com/IN/en/Services

http://www.ey.com/IN/en/Industries http://en.wikipedia.org/wiki/KPMG

http://www.kpmg.com/global/en/whoweare/Pages/default.aspx http://www.kpmg.com/global/en/whatwedo/Pages/default.aspx

SOURCES FOR NEWS ANALYSIS (1-15) 1) Ready To Eat Food maker MTR expands its business in Southern India – The Hindu Business Line/BS

http://www.thehindubusinessline.com/industry-and-economy/marketing/article3965332.ece?ref=wl_industry-and-economy http://www.thehindu.com/business/companies/mtr-foods-to-upgrade-facility/article3965470.ece

http://www.business-standard.com/india/news/mtr-foods-to-invest-rs-150-cr-in-2-yrs/488562/ http://www.thehindubusinessline.com/industry-and-economy/marketing/article3935468.ece?ref=wl_industry-and-economy

2) Reforms: FDI in Insurance and Pension sectors – Moneylife.in/HT/TOI http://www.hindustantimes.com/India-news/NewDelhi/Government-s-plan-to-get-BJP-support-on-FDI-stuck/Article1-942281.aspx

http://moneylife.in/article/fdi-hike-in-insurance---i-who-benefits/28965.html http://in.reuters.com/article/2012/10/10/india-insurance-fdi-reforms-max-ing-axa-idINDEE89901P20121010

http://timesofindia.indiatimes.com/business/india-business/Big-bang-reforms-Cabinet-approves-49-FDI-in-insurance-26-in-pension-sector/articleshow/16670215.cms

3) Emkay Global’s ₨ 650 crores blunder – Moneycontrol.com/Reuters/ET http://www.moneycontrol.com/news/market-edge/freak-trade-to-cost-emkay-rs-51-crtalksbrokers_765857.html

http://in.reuters.com/article/2012/10/05/nse-says-emkay-global-behind-bad-trades-idINDEE89403220121005 http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/emkay-global-pays-for-punching-error-resumes-

trading/articleshow/16745679.cms 4) Hon Hai Precision Co comes to help Sharp Corp in its revival plan – TOI/Reuters

http://www.reuters.com/article/2012/10/06/us-sharp-hon-hai-idUSBRE89502220121006 http://articles.timesofindia.indiatimes.com/2012-09-27/hardware/34126548_1_troubled-tv-maker-hon-hai-precision-industry-sharp

http://articles.timesofindia.indiatimes.com/2012-10-05/hardware/34278334_1_lcd-panels-crystal-display-panels-kameyama-plant 5) SEBI allows follow on share offerings for loss-making firms – Firstpost.com/Reuters

http://www.reuters.com/article/2012/10/06/us-india-sebi-idUSBRE89509U20121006

http://www.firstpost.com/investing/sebi-allows-loss-making-cos-to-raise-capital-through-follow-on-offerings-482068.html

6) The EADS-BAE Systems Merger Collapses – Guardian UK/Reuters http://www.reuters.com/article/2012/10/06/us-eads-bae-talks-idUSBRE89509K20121006

http://www.reuters.com/article/2012/10/06/us-eads-bae-france-source-idUSBRE89509Y20121006 http://www.guardian.co.uk/business/2012/oct/10/angela-merkel-bae-eads-merger

7) Reliance gets ₨ 1588 crore fund for its 100 MW solar power project in Rajasthan - The Hindu/BS

http://www.thehindu.com/business/companies/three-solar-firms-sign-pact-for-50-mw-project-in-rajasthan/article3978451.ece

http://www.thehindubusinessline.com/companies/article3981788.ece http://business-standard.com/india/news/r-power-plans-over-rs-6000-cr-investment-in-rajasthan/162023/on

8) IMF cuts India and China’s growth forecasts- BS/TOI http://www.business-standard.com/india/news/geithner-calls-reforms-/very-promising/-downplays-imf-forecast/190530/on

http://timesofindia.indiatimes.com/business/india-business/IMF-cuts-India-growth-forecast-to-4-9/articleshow/16734520.cms 9) Walmart to source locally in India to keep retail prices low- ET/IBN/Firstpost

http://www.firstpost.com/business/watch-out-wal-mart-wolf-is-sharpening-its-claws-485389.html http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/walmart-to-source-locally-in-india-to-keep-front-end-

retail-prices-low-by-10-15/articleshow/16746590.cms http://ibnlive.in.com/news/did-walmart-flout-fdi-norms-to-invest-in-bharti-retail-in-india/299688-7.html

10) South Korea & Japan to downsize their currency swap arrangement – AFP/FT http://www.ft.com/intl/cms/s/0/1c87b6a4-11d4-11e2-bbfd-00144feabdc0.html#axzz28y2b5E2q

http://www.google.com/hostednews/afp/article/ALeqM5hX2M7QpSK8Bjg_Gw02tuW_5SeXwA?docId=CNG.7e188ed1d407eafe552a7b62a9d94713.4e1

11) Slump abroad forces Tata Steel to shift focus to India – Live Mint http://www.livemint.com/Companies/tFISe0zcRsBKFw8NBCTfLL/Tata-Steel-shifts-focus-to-India.html

12) Sony spends $1.8 billion in three months acquiring unrelated businesses and worrying investors-Reuters/BS http://www.business-standard.com/india/news/is-sony-buying-time-or-problems/189597/on

http://en.wikipedia.org/wiki/Sony http://www.bloomberg.com/news/2012-10-05/sony-suspends-sales-of-tablet-computer-on-water-proofing-defect.html

http://www.reuters.com/article/2012/09/25/markets-ratings-sony-idUSWNA607420120925 http://www.bloomberg.com/news/2012-10-03/sony-ceo-says-plan-to-revive-tv-unit-ahead-of-schedule-video-.html

http://www.bloomberg.com/news/2012-10-02/sony-ceo-hirai-says-it-s-moving-in-right-direction-on-earnings.html 13) Swiss govt shutdown’s Mumbai man's bank account – Financial Express

http://www.financialexpress.com/news/swiss-shutdown-mumbai-mans-bank-acct/1014303/0

14) Angela Merkel’s visit to Greece met by anti-austerity protests – Bloomberg Businessweek

http://www.businessweek.com/news/2012-10-07/merkel-arrival-in-athens-to-be-met-by-anti-austerity-protesters#p2 http://articles.economictimes.indiatimes.com/2012-10-05/news/34279835_1_debt-inspectors-prime-minister-antonis-samaras-greece

http://www.businessinsider.com/greek-crisis-systemic-can-kicking-2012-10 http://www.telegraph.co.uk/finance/debt-crisis-live/9595329/Debt-crisis-as-it-happened-October-9-2012.html

http://en.wikipedia.org/wiki/Greek_government-debt_crisis http://www.guardian.co.uk/world/2012/oct/09/angela-merkel-unshakeable-athens-resounds

15) Kejriwal exposes DLF-Robert Vadra-Haryana Government nexus – ET http://articles.economictimes.indiatimes.com/2012-10-09/news/34343332_1_robert-vadra-arvind-kejriwal-today-dlf

http://en.wikipedia.org/wiki/Robert_Vadra http://ibnlive.in.com/news/robert-vadra-congress-remains-adamant-says-wont-probe-land-deals/299825-37-64.html

http://www.dnaindia.com/india/report_all-you-wanted-to-know-about-the-dlf-vadra-deal-part-2_1751281 http://indiatoday.intoday.in/story/robert-vadra-dlf-complex-maze-of-transactions/1/223956.html

http://indiatoday.intoday.in/story/kejriwal-threatens-further-disclosures-against-vadra/1/223923.html http://indiatoday.intoday.in/story/up-polls-2012-robert-vadra-congress-priyanka-gandhi-family/1/173042.html

Neo Corner Sources – Just dial http://www.roundone.in

http://economictimes.indiatimes.com/tech/internet/social-media-startups-like-round-one-antezen-and-others-beats-portals-in-connecting-jobs-people/articleshow/15797435.cms

http://www.telegraphindia.com/external/display.jsp?mode=details&id=29686 http://www.roundone.in/FT_Round_One.gif

http://www.sify.com/finance/round-one-launches-first-of-its-kind-recruitment-service-offering-interviews-at-over-120-major-companies-news-press-releases-mbknkcaejhb.html?scategory=press%20releases

http://yourstory.in/2011/07/round-one-guaranteeing-you-an-interview-for-your-dream-job/

http://articles.economictimes.indiatimes.com/2012-07-01/news/32484871_1_mobile-subscribers-vss-mani-dial

http://techcircle.vccircle.com/500/excl-pe-backed-just-dial-set-to-launch-india%E2%80%99s-largest-internet-biz-ipo/

http://www.business-standard.com/india/news/justdial-bigrock-to-empower-indian-businessesweb-solutions/445437/ http://www.indianexpress.com/news/sequoia-capital-invests-rs-305-cr-in-just-dial/967957/

http://www.quora.com/Startups-in-India/How-does-JustDial-make-money http://www.cio.in/ceo-interviews/it-has-helped-just-dial-turnaround-dynamic-business-needs-considerably-short-spans-ti

http://yourstory.in/2011/06/justdial-story-in-founder-manis-words/ http://yourstory.in/2012/08/justdial-files-for-ipo-the-saga-continues/

http://sanki.in/2012/08/24/why-cant-india-invent-the-next-gen-toilet-instead-of-living-in-it/ http://makeventure.com/success-stories/justdial-the-story-behind-a-venture-ahead-of-its-time.html

http://dare.co.in/people/featured-entrepreneur/vss-mani-just-dial/Page-2.htm http://startupcentral.in/2012/08/just-dial-renews-ipo-bid-saif-partners-sequoia-line-up-for-exits/