Xed CA Newsletter Week July 12- July18

7/28/2019 Xed CA Newsletter Week July 12- July18

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NEWSLETTER

2 Pages 12th July 2012 18th July 2012 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

CORPORATE INTELLIGENCE 5 NEWS ANALYSIS 6 JOB PROFILE 11

NEWS DIGEST

IN BRIEF

PERSONALITIES OF

THE WEEK

CORPORATE INTELLIGE

Rupee: 55.49/$Gold:29191/10

(as on 18th July)

ECONOMICINDICATOR

Infosys fails on Q1 results.Rival TCS grows stronger

in April-June

COVER STORY

Obama says it is still hard

to invest in India

GLOBAL NEWS

US Senate: HSBC alloweddrug & terror money topass through its banks

DuvvuriSubbarao

STATE BANK OF IND

a weekly news bulleti

IINNDDIIAA:: IISS TTHHEE GGRROOWWTTHH SSTTOORRYY CCUUTT SSHHOORRTT??

MISCELLANEOUS NEWS

Join us on Facebook

PART TWO

RakJhunjhunw
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2/14

1. Infosys fails on Q1 results. Rival TCS grows stronger in April-June quarter2. New microfinance companies provide cheaper loans3. Pre-owned car market to see more than two-fold rise this year4. US Senate: HSBC allowed drug & terror money to pass through its banks5. Obama says it is still hard to invest in India

Rupee closed at 55.49/$ (as on 18 July) Source: ReutersThe rupee weakened to its lowest level and closed at 55.49 on Wednesday. It tracked losses in the euro after theGerman Chancellor Angela Merkel expressed her doubts on the success of the European project (Euro crisis solution)and eventually resulting in the euro fall. Dollar demand from oil firms and defence companies also impacted rupee asFederal Reserve Chairman Ben Bernanke didn't hint at any clear stimulus or easing. On the contrary, he offered agloomy view of the US economy's prospects. Traders are now focusing on the presidential polls on Thursday, followingwhich the government is expected to revive stalled reforms like foreign direct investment in retail and aviation as weas an increase in diesel prices, among other things.

Gold closes at Rs. 29191/10 gm (as on 18 July) Source: ReutersGold fell for a second session on Wednesday on renewed fears over Europe's debt crisis and as speculations recededthat more stimulus to boost a slowing U.S. economy were imminent. The metal was under pressure after commentsfrom German Chancellor Angela Merkel, cited in a media report, raised concerns about the future of the euro zone.Bullion, a traditional inflation hedge, has also been more sensitive than equities and other commodities to

expectations of U.S. monetary easing. Traders expect more near-term weakness in gold against a disappointingeconomic scenario.

he electronics industry accounts for two-fifths of manufacturing output in Asia, according to calculations byHSBC. So when electronics grows quickly, Asia's GDP tends to speed up too, to the tune of almost 0.2percentage points for each full-point increase in the electronics sector. Unfortunately this correlation also applie

when things slow down. And recent signs are that Asias electronics industry is doing just that: HSBCs lead indicatorwhich gives a rough two-month preview of future production, has slowed sharply in recent months, in contrast to thelatest available output figures. One bright side, given the economic woes of Europe and America, is that Asianmanufacturing is no longer as closely tied to Western markets as it was. Three of the five components that compriseHSBC's lead indicator measure conditions within Asia. So when the next rebound occurs, it is likely to be home-grown

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CCCHHHIIIPPPSSS AAARRREEE DDDOOOWWWNNN Graphic Detail: The Economist


3/14

Ok, it seems US is taking a dig at India. First it was the esteemed TIMEmagazine which called our PM an Underachiever and now it is US PresidentObama who thinks that the Indian economy needs to open up more. Theserecent developments bring into mind at least three perplexing questions ifnot more.

One, why a sudden halt in the otherwise fabulous India growthstory? Two, how other countries are fairing in the slowdown?

Three, why India is being looked upon to act as some sort of saviorwhen her own economic numbers are less than satisfactory?

Not long ago, there was big chatter about India overtaking China as aneconomic superpower. The whole world was enchanted with her impressivegrowth rate. India was the market. Period. Investors lined up thick wh ilecompanies queued to get into the Indian market. All of a sudden, all such talk has vanished into thin air. Why?Though India did pull out some scary surprises for Investors with her retrospective taxation, GAAR guidelines, FDIreluctance and massive corruption, but the actual reason of the slowdown appears global. Lets mull over theprobable reasons accounted for the slowdown.

Answer One: Sharp deceleration in investment: Gross fixed capital formation (GFCF), the productive part oaggregate investment, grew by 5.4 % in 2011-12 resulting in a growth rate of 6.9 %. In the worst crisis hit yea2008-09 however, GFCG grew by a mere 3.4 %, and in that year GDP grew by 6.8 %. So, the steep decline in growth

this year cannot be ascribed entirely to the investment slowdown.High fiscal deficit: Analysts believe India has scored poorly on fiscal deficit. Its unchecked subsidies and sociasector spending has crowded out private investment through a rise in interest rates. But fiscal deficit in 2011-12 iestimated at 5.9%. In 2009-10, it was even higher, 6.5%.

The above analysis substantiates that there is much more to Indias underperformance than simply India herself,though her policy logjam didnt either help matters much.

Answer Two: US GDP growth rates have been continuously falling from 4% in2010 to 2% in 2012. US fiscal deficit, is $ 5 trillion. Its deficit-to-GDP ratio is 30 %which makes the eurozone deficit of 7 % appear like a joke. Moreover the Bush eratax cuts will expire by the end of this year and automatic budget cuts could starkicking in from January 2013. Analyst believe US could fall off a fiscal cliff if thesethings are not avoided. The only way US can get out of this mess and get money to

pay its huge bills is by yet another round of printing of dollars.

Europe too is following US footsteps. The ECBs (European Central Bank) coreinterest rate is 0.75% and will probably be pulled down to 0.5% by the end of thisyear. It is likely that EU will also have to print more Euros. It is prescribed that i

Euro is to survive as a single currency state, it should not remain as just a monetary union but become a fiscal uniondissolving sovereignty of individual countries & create a single authority to govern Europes finances.

In Japan, deflation has been continuing for last 20 years. So it doesnt inspire hope. China is also witnessingslowdown. It cannot keep exporting to the rest of the world when they have no money to buy. China is now trying toboost domestic consumption as exports take a hit. Its second cut in interest rates in less than a month is indicative oher desperation to get things going on the domestic front.

Answer Three: Brent Crude Oil has fallen below $100 per barrel from its peak value of

$126 per barrel in March 2012. As per the analysts, every $10 decline in oil prices resultsin 0.3% decline in Indias fiscal deficit. It means the fiscal deficit can finally see someshrinkage in the foreseeable future boosting Investor confidence. Also, RBI repo rate is 8%while interest rates are near zero in US, Europe and Japan making rupee a likelyinvestment bet. It also means that India has a greater leeway in terms of cutting rates toarrest the domestic GDP slide than probably any other country. India can also benefit if theworld further slides down into recession, similar to what happened in 2008-10 when the oilprice crash brought down our inflation rates to zero from 12.5 %.

Final word: There are ups and down but India has its basics in place. And hence the growth story is not yet over. IfIndia puts up a brave front and implements some of the pending reforms, it can catch up fast. The slowdown is acombined effect of global forces and Indias own indecisiveness in carrying out economic reforms. But trying to telexactly what is responsible for that and quantify it, is like chasing the elusive. After all, its economics not physics.

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Duvvuri Subbarao Governor, Reserve Bank of IndiaRBI governor Duvvuri Subbarao is juggling between two major responsibilities - controllinginflation and inducing growth in the nation where dark clouds have recently shadowed theindustrial output and policy flip flops have led to gloomy economic outlook. He is under constanpressure from the government & industry leaders to reduce interest rates, which is believed topush economic growth. But he is firm in his stand to not mellow down the rates, as the move isagainst anti-inflation measures.

Academician Par Excellence: Subbarao was born in Andhra Pradesh in 1949. He completedhis bachelors degree in Physics from IIT-Kharagpur and pursued his masters degree from IITKanpur. Unlike normal IIT graduates who generally preferred making their career in corporatesSubbarao had different dreams. He always wanted to work for the civil services and soon after hismasters he appeared for the tough All India Civil Service (IAS) examination. He ranked first in theexam and was one of the first IIT grads who entered administrative services. Subbarao also holds amasters degree in economics from Ohio State University; has studied Quantitative EconomicModelling as a Humphrey Fellow from MIT and later acquired a PhD in Economics from AndhraUniversity for his thesis named "Fiscal reforms at the sub-national level".

Governments White Knight: The chief economist has held various key positions with thegovernment in the past. He served as the joint secretary in major departments like economicaffairs, finance ministry and the Government of India. He was a Finance secretary in AP

government, lead economist in World Bank, member of the Prime Ministers Economic AdvisoryCouncil and Finance secretary before his elevation to the post of RBI governor in 2008. As thefinance secretary of Andhra Pradesh, he chalked out a turnaround plan that brought the state outof a major crisis.

Subbarao took over RBI when inflation was running high at 12.5% and he had to design monetarypolicy that would curtail price rise. He was elected to hold the office for three years endingSeptember 2011 but his services were extended for another two years owing to his goodperformance in bringing down the inflation under 8%. He is known for implementing a strictmonetary policy and increasing the number of policy reviews from every four months to eight timesin a year to avoid off-cycle rate fluctuations.

Rakesh Jhunjhunwala Premiere Indian Investor and TraderKnown as Indias Warren Buffet, Rakesh Jhunjhunwala is the man who has earned huge sums ofmoney from the stock market. He is a poster boy for the Bull Run in markets and has joined Indiasbillionaire club with Forbes ranking him under Indias Top 50 billionaires list with net worth oaround $1.1 billion in 2010. He is supposed to have a Midas Touch as the shares he invests inrise to their highest within months. His investments are religiously followed by small traders andinvestors blindly invest in the companies that make it into his stock portfolio.

Jhunjhunwala got fascinated with the stock market when he was 15. His father was an Income taxcommissioner and his guide, who in the initial days helped him make sense of the fluctuations inshare prices and its relation to news reports. He soon found out about the effect of companysannual reports on stock prices and thus started following them. It was a habit that started off as acuriosity for more knowledge but ended up helping him make billions. He completed his graduationfrom Sydenham College, Mumbai and acquired a degree in Chartered Accountancy.

Breakthrough: His first major break in the market was in 1986 with the stock of Tata Tea. Heinvested in those shares as he believed that the company was undervalued and shall yield benefitsin the future. His predictions were right and within months the price of shares that he had boughtfor Rs.43 rose to Rs.143, thus making a profit of Rs 5 Lakh at one go. The second major successcame with Sesa Goa. He acquired shares at Rs. 60 and sold it at a price of Rs.2, 200. He givesSENSEX the credit for his success over the years. As the SENSEX rose, his wealth increased.

A self made man: He is a self made man who has seen all ups and downs in life as well as inthe stock market. The now touted Indias most successful investor says he has seen his share offailures and has no plans to quit the investing business to start a financial corporation like UdayKotak who also started as an investor and ended up building the Kotak Mahindra Bank. He ownsan asset management company Rare enterprises and is on the board of several companies like BNPParibas, Bilcare and Provogue India.

I must hasten

to add that

sacrificing

growth is only

in the short-

term. In the

medium-term,

there is no

trade-off

between

growth and

inflation

You have to

wait for right

moment before

investing in

stocks. Never

invest in any

stock without

proper idea on

its business

and

fundamentals.

PPPEEERRRSSSOOONNNAAALLLIIITTTIIIEEESSS OOOFFF TTTHHHEEE WWWEEEEEEKKK


5/14

Founded:1st July 1955Head quarters: Mumbai, Maharashtra, IndiaRevenues: $37 billion (as on Mar 2012)Employees: 2.92 lakhsProducts: Credit cards, Consumer banking, corporate banking, finance & insurance,investment banking, mortgage loans, private banking & wealth management.

Banking all the way: The State Bank of India is the countrys oldest bank and a premier in terms of balancesheet size, number of branches, market capitalization and profits. Earlierknown as the Imperial Bank of India, it got its current name in 1955after its nationalization by the government of India. The public sectoState Bank Group, with over 19,000 branches and more than 45,000 ATMs, hasthe largest banking branch network in India. SBI has 14 Local Head Offices and57 Zonal Offices that are located at important cities throughout the country. Ialso has around 170 branches in over 35 countries.

It has a market share among Indian commercial banks of about 20 percent in deposits and loans. It has been rated as the 29 th most reputedcompany by Forbes. State bank is one of the Big four banks of India withICICI, PNB and HDFC. Even though the group has the Governments backingwhich gives it enviable security, the bank was behind private sector banks in

certain key areas like technology and branding. This however changed with OP Bhatt taking over.

Elephant Danced: When OP Bhatt took over the reins of SBI in 2006,ICICI with the market cap of $508 bn and a growth rate of 40-50 per cent asagainst that of 13-15 per cent of SBI was looking to become the largest bank inIndia. Mr. Bhatt made regaining market share his first priority. Mr. Bhattprojected an aggressive image of SBI in peoples mind by focusing on marketingand pricing. The banker for every Indian ad campaign comes to mind.Consequently, total assets of SBI more than doubled in the past five years,while that of ICICI only increased by 76 per cent. SBIs shares rose by 250 percent since 2006 & its market share touched Rs 167554 cr in 2010.

The market capitalization of SBI rose Rs 70,000 cr in one year whichis the highest among all listed companies.

Loans and deposits grew more than five-fold during his tenure when he spreadthe blue & green branding of SBI ATM to remote locations of the nation & increased the number of branches all oveIndia. In order to attract more customers, SBI offered home loan at 8 per cent initially and then increasing it lateraccording to the market price (also called as Teaser loan). This step irked RBI and eventually had to withdraw thisproduct. Before retiring, OP Bhatt announced the merger of all five associate banks with the parent bank SBI by theend of 2013 as part of its consolidation efforts. Today SBI is the largest player in the Indian banking industry and hascome way ahead of its competitors, something which other Public sector players would do well to emulate.

Current Scenario: SBIs Nonperforming assets increased because of the grounding of Kingfisher airlinesand itsmerger with its associate bank (State Bank of Indore) and at present it has the largest NPAs followed by ICICI bankSBIs profit plunged in Q4, FY11 by 99 per cent to Rs. 21 cr from Rs. 1,870 cr in the past year, as a resultof higher provisioning for sticky assets, retirement benefits and operating profit. This provisioning wasreferred to as a one time clean up by the new Chairman of SBI, Mr. Prateep Choudhari.

SBIs Capital Adequacy Ratio (which is used to protect depositors) decreased by 141 basis points to 11.98per cent and consequently its credit ratings were also downgraded by Moodys. Eventually, the governmendecided to infuse Rs. 7900 cr in SBI. The government had budgeted Rs 6,000 crore for bank capitalization in thecurrent year. It has also got approval for another Rs 14,000 cr from the Planning Commission. The government wilinfuse capital through preferential allotment. The infusion will also increase governments holding in SBI to 66 per cenfrom the current 59.6 per cent and increase Tier 1 capital to 9 percent.

Intelligence Bytes:1) SBI gave a loan of Rs. 100 bn to NTPC, making it the largest loan SBI had ever given to any single customer in itsentire history.2) SBI denied Kingfisher airlines further loans as it already has a debt of $1.4 bn which was restructured by SBI andother lenders.

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6/14

1) Infosys fails on Q1 results. Rival TCS grows stronger in April-June quarter BS/ Moneycontrol/ TOIIMPACT: Indias second largest IT Company, Infosys, fell on investor expectations when it posted its April-Juneresults. The company announced that it will not be able to meet previously announced growth target of 8%-10% andcut the revenue growth target to half at 5%. It is much lower than growth estimated by Nasscom of about 11%-14%in the IT sector for FY13. Infosys results showed lower than expected 32.9% rise in net profit at Rs 2,289 crore andthe sequential (compared to previous quarter) net profit fell by 1.2%. The revenue figure went up by 28.5% at Rs9,616 crore compared to last year quarters results, showcasing a tepid performance.

However, Indias top software exporter, Tata Consultancy Services (TCS), reported a net

quarter profit of 38% year on year to Rs 3,280.5 crore and the sequential net profitincreased by 14.6%. The revenues also grew by 38% at Rs 14,869 crore.

KEY PLAYERS: Infosys, TCS

WHY IT IS IMPORTANT? Infosys said the dismal performance was due to marketvolatility, loss of an important contract which dented the companys revenues by $15million, high attrition rate, rising billing rates and shooting visa costs. Barclays Capital downgraded Infosys shares t

equal-weight after the quarter results were out and replaced them with Hindalco on the top ten stock picks list inIndia. The chief executive of Infosys, S. D. Shibulal, has also said that as part of the Infosys 3.0 strategy, thecompany is looking for acquisitions to expand its presence in consulting & product platforms.

2) New microfinance companies provide cheaper loans BS/TOI/ETIMPACT: The microfinance industry has in the past months seen the fall of SKS Microfinance Indias larges

microfinance institution (MFI) and other such firms owing to high interest rates. But new players entering the sceneare reviving the industry with a funding model that is completely new to the Indian market. Start-ups like MicroGraam& Rang De have used the internet based funding model wherein sourcing is done by peer-to-peer approach. Investorsare attracted by the internet & the capital raised is disbursed to rural entrepreneurs at cheaper interest rates.

Typically industry rates are between 24%-36%, but these firms are operating with interest rates of 10% to 15% &still making profits; and also giving returns to investors. MicroGraam which has been started by an ex-Infosysemployee has managed to acquire funds worth Rs 2 crores till date and has distributed the amount across four Indianstates. Traditional microfinance companies take funds from banks and lend it to entrepreneurs. Since banks increasedtheir rates from 9%-12% to 15%-18%, these firms had to push the burden on end consumers, leading to their failure

KEY PLAYERS: Microfinance sector, MicroGraam, Rang De, SKS Microfinance

WHY IT IS IMPORTANT? MFIs have been going through a tough time as RBI norms

regarding their capital adequacy, provisioning needs and their net worth barred them fromreleasing fresh loans. RBI had earlier introduced qualifying asset criterions for registering aNon-Banking Financial Corporations MFIs. Many small MFIs bore the brunt of the policybottleneck and they could not lend money as it did not come under priority sector lendingSKS Microfinance which had started its operations from Andhra Pradesh had to shut down itsoperations in the state owing to unsustainable conditions.

3) Pre-owned car market to see more than two-fold rise this year Hindustan Times/TOI/BSIMPACT: According to industry experts, used car market will grow up to 11 percent this year whereas new car marketwill see a slow growth at 3% to 4%. In developed countries per single car sale, three used cars are sold. But in Indiathe size of used cars & new cars market is the same. The organized sector, which accounts for only 11% of the usedcar market, is supposed to grow by around 15%-17% this year. Besides, the larger chunk of the organised sector isruled by OEMs or vehicle manufacturers like Maruti, M&M and so on.

Over two million pre-owned cars are sold per year in India. The major challenge for theused car market is financing. The interest rates for loans on used cars are very highcompared to loans for new cars.

KEY PLAYERS: Used car market, Mahindra First Choice, Carnation, Maruti True Value

WHY IT IS IMPORTANT? With the growing demand for used cars, industry biggies aredoing their best to push up sales. Mahindra First choice, which deals with buying andresale of used cars aims at acquiring over 34% growth in this year and has increased itsdistribution network across Indian states. Maruti True Value the used car business ofMaruti group has also geared up for a 20% growth in FY13. Similarly Carnations aventure started by an ex-Maruti executive, which also deals in sale of pre-owned cars is now making an onlineplatform for the used car market. Customers can buy and sell pre-owned cars on this web portal.

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7/14

4) Gujarat State Petroleum Corp (GSPC) to buy BGs stake in Gujarat Gas Co Ltd (GGCL) DNA/TOIIMPACT: Britain based BG group is planning to exit Gujarat and is in talks with GSPC for selling off its 65.12% stakein the Gujarat Gas Co. The GSPC consortium has offered a price of Rs 3,000 crore for the stake that BG had valued forRs. 4,500 crores when it announced its plan to sell the stake in November last year. But share prices have come downsince then. Though the current market price of the GGCL stock is Rs. 313, GSPL offered only Rs.300 per share, whichis lower than expected by BG and it is in talks over the bid amount. Adani Group & Torrent Group that operate inGujarat were eager to buy the stake but it is speculated that Gujarat government asked leaders of the two companiesnot to bid for the stake & thus GSPC became the sole bidder. It is also believed that GSPCs partners in the

consortium ONGC & BPCL find that the price offered by GSPC to be very highGSPC has 50% stake in the consortium and ONGC & BPCL own 25% stake

each.

KEY PLAYERS: GGCL, GSPC

WHY IT IS IMPORTANT? Incidentally, last year GSPC had filed a complainagainst GGCL in Competition Commission of India (CCI) for overpricing gas inSurat. BG group had entered Gujarat in 1997 when it acquired a majority stakein GGCL. If the deal goes through, GSPC will have monopoly in major parts o

Gujarat. Though the two companies have been in the same business for yearsbut have never competed against each other. State owned GSPC is the largest distribution company in Surat & GGCLthe largest private player in the sector.

5) Reebok India operations in troubled waters TOI/BS/Livemint/ETIMPACT: Latest advancements in the Reebok India case suggests that it is not about corporate fraud as it was

earlier touted to be, but a case of tax evasion. Adidas had earlier terminated the CEO and COO of Reebok India andfiled a case against them for an alleged scam of Rs.870 crores. I-T department has found that there is no moneylaundering but have sensed wrong doings in the book of accounts. It has found misrepresentations in the dealediscounts and discrepancies in financial accounts. This has ultimately led to evasion of taxes worth Rs.140 crores. Thedepartment has also filed a case against two auditing companies handling accounts of Reebok India.

Another revelation by Enforcement Directorate states that Reebok has violated Foreign Exchange Management Ac(FEMA) & has been operating un-authorized retail outlets in India. Reebok was allowed to enter India on twoconditions first to export goods worth Rs.8000 crores within 10 years of startingoperations and second to manufacture goods locally. However, it has come tolight that neither has exported goods to other countries and has imported most ofthe goods.

KEY PLAYERS: Reebok, Adidas, Indian government

WHY IT IS IMPORTANT? Reebok is the leading international sports brand in Indiaahead of Puma, Nike & Adidas its parent company. Adidas had in 2005 acquiredReebok, but the two companies have been operating as separate entities. NowReebok India wants to get out of the financial fraud (and associate complications) and has hired managementconsulting firm Ernst and Young for a major restructuring drive.

6) Finance Ministry asks public sector companies to invest surplus cash in expansion BS/ETIMPACT:The Indian government has asked PSUs to invest excess capital for their overseas expansion &growthEarlier in January, the Prime Ministers Office (PMO) has asked the public companies to invest in infrastructure sectowhich needs huge investments. The PSUs have surplus capital of Rs. 1 lakh crore which should be invested in thegrowth of the economy. Generally these PSUs including Coal India, NTPC, ONGC & others just deposit surplus cash inthe banks and gain interest. The government has given the go ahead for PSUs to invest in mutual funds & otherinvestment instruments. However, the Odisha Mining Corporation (OMC), which is sitting on a Rs.4,500 crore surplu

held in banks, has recently announced that it does not have any plans to invest in the market.

The Department of Public Enterprises and the Department of Economic AffairsAdditional Secretary are in the process of reviewing the guidelines for PSUs surplucash investments. They have also approached SEBI for consultation on the matter.

KEY PLAYERS: The Finance Ministry, PSUs

WHY IT IS IMPORTANT? The infrastructure sector requires a huge investment oover one trillion dollars in the next five years. The government is not in favor omaking such a big investment and is hence promoting public private partnershipsin this sector. By this move the government wants to reduce the fiscal deficit

which had earlier risen to 5.9% of GDP in FY12.


8/14

7) Flipkart likely to run out of money in next nine months- TOI/ForbesIMPACT: By latest estimates Flipkart will need investments worth $150 million to continueoperations beyond nine months. The news comes amidst investors growing concern aboutthe companys plan to launch an IPO in the US. Its long time partners Tiger Global & AccelPartners have already invested $100 million this year and are unlikely to invest more. Thismeans the company will be looking out for new investors now. The company might expectsome funding from PE giants like Kohlberg Kravis Roberts and Bain Capital, but they toowant better perspective on Flipkarts financials & management processes before it floats itsshares in the US market.

This is the very same concern which was raised last year when the companys foundersvisited New York for funds. Analysts say that Flipkart has been looking for IPO openingsoutside India since 2010. It is because SEBI norms make it mandatory for companies toshow profits before they register in local bourses. The company with a 5000 strongworkforce has relied on schemes like Cash on Delivery, Money back and free delivery to become popular in a shortspan of time. However sustaining these processes has become a huge headache for Flipkart.

KEY PLAYERS: Flipkart, Indian e-commerce industry, Tiger Global, Accel Partners

WHY IT IS IMPORTANT? To maintain investors confidence, Flipkart hopes to show Rs 2,500 crore revenues in thisfiscal year. This translates to 400 percent growth over last years numbers. The company which sells more than 17thousand items on daily basis is facing huge competition from companies like Homeshop18.com, myntra &Snapdeal.com. It has invested heavily in logistics and delivery infrastructure. However, investors of late have becomeapprehensive about the companys operations. One can keep track of related stories to stay abreast of Indias e

commerce Industry.

8) RBI asks Finance Ministry to stop micro-management of banks- BS/ETIMPACT: Governor Duvvuri Subbarao has raised his voice against governments constant interference withfunctioning of public sector banks (PSBs). He pointed that there is already a board mechanism via which governmenshould exercise control. PSBs have many government appointed officials in their boards while their top management isalso selected by the government. Still its RBI which has to play the role of regulator when it comes to financiainstitutions, and not government. However, Finance Ministry seems to have overlooked this fact quite frequently in

recent days, issuing not less than 40 directives to PSBs. The Governor had earlier challengedthe ministry for its efforts to form an independent debt management office, a role which RBused to handle so far. In recent days he has also complained about misuse of government-subsidised agricultural credit.

KEY PLAYERS: RBI, PSBs Duvvuri Subbarao, Finance Ministry

WHY IT IS IMPORTANT? The recent comments by RBI Governor have come off as a resulof government directive asking PSBs to cap the share of bulk deposits in total deposits at10%. Such diktats possibly undermine the role of RBI. It is important for India to have a

capable and independent regulator for financial institutions as governments have more than often engagedthemselves in populist measures like offering loan waivers, beyond reason.

9) US Senate: HSBC allowed drug & terror money to pass through its banks - BBC/TOI/ETIMPACT: A US Senate report has found that HSBC bank has failed to check suspicious funds like drug money fromMexico and possible terror funds from Saudi Arabia, Syria & Iran to pass through its banks. The money launderingallegations have been accepted by the bank. The banks compliance executive has also resigned after the revelationsThese findings have come after a year-long investigation by the senate committee. Now the bank has to appeabefore the Senate and has said that it will submit a formal apology at the hearing. It is not the first instance when major financial institution has been found engaged in such activities. In 2010, a financial services company Wachovia

(now a part of Wells Fargo) was held accountable for handling Mexican drug money, for which Justice Departmenimposed a penalty of $150 million. In June 2012, ING was made to pay around $600 million for violation of certain USsanctions against Cuba and Iran. In fact UK based HSBC has been facingmoney-laundering allegations for nearly a decade now.

KEY PLAYERS: HSBC, US Justice Department

WHY IT IS IMPORTANT? According to the senate report HSBC was doingbusiness with Saudi Arabia's Al Rajhi Bank. It is widely known that one of themain founders of Al Rajhi bank funded terror group Al-Qaida in the initial years.The report also links HSBC with certain terror funds from Bangladesh. Thesefindings clearly indicate that the bank has not only violated financial norms but exposed many countries, includingIndia, to probable terror activities.

Sachin Bansal(left) and Binny


9/14

10) FIIs pouring tonnes of cash in India, SEBI in alert mode- BS/TOIIMPACT: A glance at major business news headlines in India gives a fair bit of an idea about slow growth, downgradeand ridicule by global rating agencies, weak monsoon, policy paralysis and so on. Foreign Institutional Investors (FIIsprobably arent reading any of those. They have invested more than Rs 8000 Crore in first 17 days of July. In thesame period DIIs (Domestic Institutional Investors) have pulled out more than Rs 3600 Crore from the market. Itsworth noting that the same FIIs were selling heavily for three consecutive months prior to beginning of July.

The sudden reversal in trading trend, analysts say, is caused by developments like monetary easing by global centrabanks along with rise in apprehensions about Chinese markets. This has made emerging markets more lucrative thanthe developed ones. The FIIs have also shown interest in Indian government bonds as they offer higher interest rates

than any other country. Indian government has also increased the limit for foreign investment in its bonds. Markeregulator SEBI on the other hand has sent letters to FIIs seeking details about thei

end-beneficiaries along with original sources of capital investments in Indiancompanies. Its concerned that 10 per cent foreign individual investment cap inIndian companies could be violated by many, in case of lax in vigil.

KEY PLAYERS: FIIs, SEBI, Indian Government

WHY IT IS IMPORTANT? Analysts say that a weak Rupee has made investment inIndia cheaper for FIIs which might benefit them in the long term. Bankex,Healthcare, realty & consumer durables have remained the centre of attraction fo

FIIs. Stock markets are vital for growth of industry and commerce and eventuallyaffect the economy of countries to a great extent. The news is important from macroeconomic perspective.

11) WPI Inflation comes down marginally to 7.25%- TOI/BSIMPACT: Inflation eased marginally in June to 7.25% against 7.55% in May. A year ago in June 2011 it was at9.51%. Higher vegetable and pulses prices have however restricted Food Inflation from coming down to single digifigure. The Food inflation has remained in double digits for the fourth consecutive month. At the same time therewas some relief for the common man as prices of milk, egg, meat, fish and fruits have come down. Commenting onthe figures, C Rangarajan, who heads Prime Minister's Economic Advisory Council, said that inflation might rise agaiif the monsoon is not up to expectations. This is going to be a crucial factor in shaping the policies of RBI, which igoing to have a policy review on July 31.

KEY PLAYERS: Indian Government, RBI

WHY IT IS IMPORTANT? Inflation data corresponds torise in prices with standard level of purchasing power asone of the constraints. Indian government has been

using WPI (Wholesale Price Index) data for working itspolicies. However, it is not an accurate method ofmonitoring the real trend. Voices for adoption ofConsumer Price Index have been raised many times in the recent past. It is because an increased divergence betweenWPI & CPI figures (WPI graph coming down & CPI graph going up) makes it difficult to gauge real Inflation trendPointing at the same issue, RBI Governor D Subbarao said recently that India should use PPI (Producer Price Index).

12) Corporate Affairs Ministry seeks CCI probe on possible cartel linked to airfare rise- ET/DNAIMPACT: Corporate Affairs Ministry has noted that in the last two months there has been a considerable rise observedin the pricing of Air Tickets on domestic routes. It has notified the observation to the Competition Commission of India(CCI), which recently imposed a penalty of more than Rs 6000 crore on 11 cement manufacturers for forming a cartel.Corporate affairs minister Veerappa Moilys observations are however not new. Last month Directorate General of CiviAviation (DGCA) had instructed the domestic-carriers to be careful about increasing route-wise fares. However, DGCAreacted to the reports and said that the situation is not alarming. It says that the airfares, though high are within

prescribed price bands. It further clarified that price hikes on certain routes is probably justified. It may be recalledthat Delhi has increased the UDF (User Development Fee) by 345%, while there has been a consistent pressure onother airlines due to Kingfisher-crisis.

KEY PLAYERS: DGCA, CCI, Corporate Affairs Ministry, Domestic Air Carriers

WHY IT IS IMPORTANT? The competition watchdog had started a similar probe onairlines (suo moto investigation) in 2010 during festival season but later closed iciting lack of evidence. Voices are often raised about the cartelization practice amongthe telecom operators in India. Moreover, Telecom department even sought UnionCabinet approval on setting the communications sector free from CCIs jurisdiction inMarch 2012. Its important that the CCI hold enough powers to ensure interests oconsumers are not hit by maintaining competition in the markets.


10/14

13) Obama says it is still hard to invest in India- TOI/Forbes/Indian Express/The HinduIMPACT: Obama was cautious when he used American business community to mask his comments criticizing theinvestment environment in India. However, it still attracted a lot of backlash from almost every corner of Indianbusiness community, government and even opposition. The US President has gone on record urging India to go for a

wave of reforms as it is still too hard to invest in India. Obama also pointed that India has restricted foreiginvestment in too many sectors. Reacting to this Anand Sharma, who handles Commerce & Industries Ministry, saidthat Obamas perception and doubts are misplaced. India Inc reciprocatedsimilar sentiments, while BJP simply found US heads remarks laughable.Among the only few who supported Obamas view was CII President Adi

Godrej. He said India needs to relax its multi-brand FDI norms andannounce other Confidence Building Measures (CBRs).

KEY PLAYERS: Barack Obama, Indian Government

WHY IT IS IMPORTANT?Obamas comments, for a while have givenIndian media yet more masala to experiment with. However, it seemsthat it has not affected the business or markets to any extent. At best itreflects the general perception of Americans about Indian economy. Itremains to be seen if government is serious about changing that.

14) Indonesia becomes most bullish consumer, India loses top position: Nielsen - Reuters/DNAIMPACT: A Nielsen report on Consumer confidence, which measures the degree of general optimism about overalstate of the economy along with individuals personal financial situation, has found Indonesia as the most bullish

consumer. It replaces India where Consumer confidence has come down for the first time in nine quarters. One of theofficials present at the release of report said that optimism in Indonesia is further fuelled by investment-upgradefrom global rating agencies like Moody's & Fitch. India on the other hand has suffered a hit due to falling employmentsentiment & reduced spending. Analysts say that rising fuel prices and inflation are also responsible for this fall. Th

report also indicates that consumer confidence has risen sharply in Egyptwhich selected a new president just last month. It is now among the top10 most confident nations in Nielsens list. On the other hand Italianswho are not so happy with new austerity measures, have brought thecountry to third-lowest rank in the Nielsans list.

KEY PLAYERS: Nielsen, India, Indonesia

WHY IT IS IMPORTANT? Consumer Confidence is an economic indicatowhich is readily used by companies policy makers, investors, banks and

various other government agencies. For manufacturers it even helps indeciding on production volumes. The news is important from macroeconomic perspective.

15) Americas double standards for Healthcare Policies Livemint/Firstpost/The Hindu Business LineIMPACT: The US has upped its ante against the Indian government for allowing NatcoPharma to make cheaper generic version of Nexavar Bayer AGs product used to treatcancer. The deputy director of US Patent & Trademark Office, Teresa Rea, recently saidduring a meeting that by allowing Compulsory Licensing, India was violating rules ofWorld Trade Organization (WTO) & that it shall take this issue to WTO. Compulsorylicensing allows other pharmaceutical firms to make patented drugs without takingpatent holders permission.

In February, Indian Patents Office allowed Hyderabad based Natco Pharma to make

generic copy of Nexavar which costs about Rs. 8,800 compared to the original drug worthRs. 2.8 lakhs. Natco also pays six percent royalty to Bayer. India has retaliated saying that it is not violating any rulesof WTO. As a matter of fact, The Trade-Related Aspects of Intellectual Property Rights (TRIPs) of WTO allowsmembers to grant compulsory licences on drugs in case of emergencies. The government had allowed compulsorylicence on Nexavar as the drug was too expensive and did not benefit the general public.

KEY PLAYERS: The US Government, Indian Government, Bayer, Natco Pharma

WHY IT IS IMPORTANT? On one side, the Obama administration is trying to win the election for the second time bypushing the Obama Healthcare Initiative, which would allow medical facilities to non-insured or under-insureAmericans. On the other hand it is opposing the governments of developing & under developed nations who are tryingto bring down cost of drugs in their own countries. The US is thus allowing pharmaceutical giants to mint money frompoor countries and safeguarding its own healthcare system.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS


11/14

Continued from last week

Question: Thats impressive alright! And by internal channels you mean?

Answer: We had prospect details coming from multiple channels in Citi, like from prospect inquiries, corporate

deployments, mall events,etc. It is how most banking organizations operate though the exact details are classified

information.

Question: Was this, I mean prospect conversion, the most difficult part of your job? If not then what was?

Answer: I think the most difficult part was the start of every

month, knowing that all you got for the bank last month is

redundant now and you need to start fresh. One thing about

banking is that you have certain time gap required between two

financial products. Its a norm, so the client whom I brought in Jan

2012, will be pretty useless for the next few months. Except fo

liability products, most other products do have such a clause

which is very valid but just affects you on the sales side. Also, the

customer who signs up with you for a product, no matter whethe

he stays loyal for two months or ten years, you dont get benefited

by it. I would say that these are the general issues faced by a

front-end executive. Also the fact is that banking is a pushproduct, and it deals with mostly "need based products" which people take when there is a need and thats why I fee

a person who can sell a financial product can sell anything.

Question: Now keeping this in mind, what would you say are the most important skill sets required for the

job?

Answer:To get ahead in this job, you need to have the passion for all the products, you cant just stick to one and be

happy because its not doing justice to what you are enrolled for. You need to be very open; a customer who might

have just asked you about a Personal loan might actually have been misdirected by someone and might actually need

a home loan. You need to be alert, because a prospect for an "x" product can become a customer for "y" product. You

also need to have your strategies because this is a market based on numbers and rates. If you plan smartly, you wil

never lose a customer just because of 1% higher rate. Just a small instance, a 1 Lakh loan running for 1 year for 15%

and 16% has a difference of Rs.30 per EMI. I dont know how many people actually check this difference. Yes 16% is

high, but we need to be ready and be tactical to make them feel its worth that price. Much like Apple does.

Question: That does make sense, pity not many people

know this. Now can you tell us, what is the one thing about

your job that you loved the most?

Answer: The work culture, transparency and the freedom to

approach even the country head. Its your choice, if you want you

can sit in your cabin and be content, otherwise its an open field to

explore, learn and enjoy. Citi has been a very special place and to

be part of Citi has helped me grow as a better professional and

human.

Question: Thats nice to hear. Did this extend to your relationship with your immediate reporting seniors?

How were they? Was there any mentoring?

Answer: Yes, it has a lot to do with the mentoring and guidance I received from my boss, who was the Sales

Manager. He put in me, the right thoughts in the right manner. People talk about bad bosses, arrogant bosses. I had

been blessed with a boss who advised me like a brother and who interacted with me like a friend. I think who you ar

has a lot to do with the people around you. I dont think we can build a great monument without pillars, my

foundation was God and I got some strong pillars in my manager and a few other colleagues.

JJJOOOBBB PPPRRROOOFFFIIILLLEEE::: IIINNNTTTEEERRRVVVIIIEEEWWW WWWIIITTTHHH MMMRRR... PPPHHHIIILLLIIIPPP GGGEEEOOORRRGGGEEE PART TWO


12/14

Question: Thats inspiring, now coming to something that a lot of people want to know. What kind of

stress levels did you experience in your job? Were you able to maintain a work life balance? What kind of

targets did you have to deal with?

Answer: As I said, industry wise the stress level is pretty high. In Cit

also we had pressure of targets. But it was too hard only when you fel

very short of your set numbers. Personally I never went through too

much of stress. Nevertheless, I didnt feel we had the best work life

balance. It was fine, but there were weekend deployments which were

stressful especially after five days of continuous sales. Targets wererevenue based, and it was for every product. Well devised but very

challenging. I think thats where your passion matters, its impossible to

do 5 different products in a month unless you really want to. The

revenue target can be achieved by doing a huge number for one product

but the model requires equal participation across products. In fact, lots

of people have personally told me about the difficulty of handling all the

products. So stress and work-life balance depends a lot on the person.

Question: Thats enlightening. Now coming to what everybody works towards. What was your appraisa

structure? Was there any kind of rewards and recognition system in place? Also was the job financially

rewarding, in terms of incentives etc?

Answer: In my opinion, there was something lacking in the appraisal structure and the system that rewarded its

people. Incentives were pretty tough to earn as the revenue targets set were pretty high, you had to put it in for

every 30 days to get to your target. After which whatever you do, you get half of that as a payout. The recognition

system again was a generic one which makes everyone compete, but where its impossible to judge two executives o

two departments. I think there was failure in sending in Awards in time. Some initiatives didnt even go on to

announce the results. I think it is something Citi can always work on and get in a better system that gives an

employee the recognition he or she deserves.

Question: Looks like there is room for improvement. What motivates you to achieve excellence?

Answer: I think the model just didnt do justice to a lot of people who

excelled, so many people are still unsure about where and when after this

role. This is a state that Citi needs to move out from. Here excellence nowis again an individual goal, what motivated me was the thought that, I am

going to learn and its too early to think way ahead. I am not saying we

shouldnt dream big, I walked into Citi without too many dreams but the

more I performed the more I dreamt. I think the recipe for excellence is

not something or someone who needs to motivate you, its about what you

want to be today when you are a sales guy. I wanted to be the best here

and to an extent I did do well.

Question: So the final question. Where do you see yourself in the near future?

Answer: I chose to move out of India due to family commitments and I have chosen a very challenging industry.

am now going to join a general insurance company in Qatar, Libano Suisse Insurance Company. I am joining as an

"Account Executive" basically to handle company accounts, to cover & insure their premises, exports, cargo, assets &

workmen. Its a growing market and I am looking ahead to doing my best. 3-5 years from now, I cannot be sure, but

I am planning on becoming a Chartered Insurer and manage a unit in this company.


13/14

SOURCES

SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHShttp://in.reuters.com/article/2012/07/18/markets-india-rupee-dollar-idINDEE86H07T20120718http://af.reuters.com/article/metalsNews/idAFL4E8II29020120718

http://www.economist.com/blogs/graphicdetail/2012/07/focus-2

SOURCES FOR COVER STORYhttp://indiatoday.intoday.in/story/pm-manmohan-singh-finance-ministry-economy-revival/1/204089.html-

http://www.business-standard.com/india/news/rules-for-reform/480689/http://economictimes.indiatimes.com/opinion/editorial/why-blame-telcos-for-the-huge-debt-imposed-on-them-by-bad-

policy/articleshow/15024836.cmshttp://economictimes.indiatimes.com/opinion/editorial/let-us-focus-on-our-own-problems-as-we-identify-them-here-in-

india/articleshow/15012864.cmshttp://economictimes.indiatimes.com/news/economy/indicators/india-must-carry-out-difficult-economic-reforms-barack-

obama/articleshow/14948648.cmshttp://economictimes.indiatimes.com/opinion/editorial/governor-where-we-stand-depends-on-where-we-sit-in-the-world-of-banking-

as-well/articleshow/14978276.cmshttp://www.firstpost.com/economy/3-reasons-why-india-and-the-sensex-still-have-hope-374147.html

http://www.firstpost.com/economy/revisiting-sensex-60000-why-india-is-back-in-the-game-370852.htmlhttp://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/indians-getting-outraged-at-criticism-abroad-

shows-immaturity-inferiority-complex/articleshow/15023646.cms?curpg=2http://economictimes.indiatimes.com/opinion/editorial/interest-rate-tweaks-wont-boost-growth-but-determined-policy-action-

will/articleshow/14815250.cmshttp://economictimes.indiatimes.com/opinion/columnists/t-t-ram-mohan/economic-slowdown-do-we-know-

why/articleshow/13877688.cms?curpg=3

SOURCES FOR PERSONALITIES OF THE WEEK:http://www.rbi.org.in/scripts/governors.aspx/#dsrao

http://en.wikipedia.org/wiki/Duvvuri_Subbaraohttp://in.reuters.com/article/2011/04/08/idINIndia-56211120110408

http://www.firstpost.com/economy/subbarao-opens-two-more-fronts-in-battle-with-finmin-377000.htmlhttp://www.business-standard.com/india/storypage.php?autono=333254

http://timesofindia.indiatimes.com/business/india-business/All-eyes-on-RBI-Governor-Duvvuri-Subbarao-as-rate-cut-expectations-rise/articleshow/14204723.cms

http://en.wikipedia.org/wiki/Rakesh_Jhunjhunwalahttp://ibnlive.in.com/news/i-am-not-warren-buffett-rakesh-jhunjhunwala/266124-7.html

http://www.indiansharemarket.org/rakesh-jhunjhunwala-holdings-portfolio-equity-investment-track/http://www.myjourneytobillionaireclub.com/2010/08/rakesh-jhunjhunwala.html

http://www.investorzclub.com/2011/05/rakesh-jhunjhunwala-quotes.html

CORPORATE INTELLIGENCEhttp://en.wikipedia.org/wiki/State_Bank_of_India

http://www.investopedia.com/terms/c/capitaladequacyratio.asphttp://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI

http://www.moneycontrol.com/news/business/how-is-op-bhatt-steering-sbi-through-troubled-times_409323.html

http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatthttp://www.livemint.com/2011/05/17134120/SBI8217s-profit-plunges-99.html

http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2http://www.thehindu.com/opinion/columns/C_R_L__Narasimhan/article2543209.ece

http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan

http://www.thehindubusinessline.com/industry-and-economy/banking/article1685093.ece?homepage=truehttp://articles.economictimes.indiatimes.com/2012-05-19/news/31778104_1_retail-loans-bad-loans-retail-lending

SOURCES FOR NEWS ANALYSIS (1-15)

1) Infosys fails on Q1 results. Rival TCS grows stronger in April-June quarter BS/ Moneycontrol/ TOIhttp://business-standard.com/india/news/infosys-results-disappoint-market-again/480297/

http://www.moneycontrol.com/news/results/tcs-rubs-saltinfosys-woundsstrong-q1-earnings_729530.htmlhttp://in.reuters.com/article/2012/07/16/idINL4E8IG1JP20120716

http://timesofindia.indiatimes.com/tech/news/software-services/TCS-gains-from-fall-Infy-feels-the-pinch-of-client-exits/articleshow/14862084.cms

http://articles.timesofindia.indiatimes.com/2012-07-12/software-services/32649722_1_infosys-bpo-d-swaminathan-challenges-of-slow-demand

2) New microfinance companies provide cheaper loans BS/TOI/EThttp://timesofindia.indiatimes.com/business/india-business/Microfinance-companies-take-over-industry-with-low-cost-

loans/articleshow/14837493.cmshttp://business-standard.com/india/news/rbi-may-relax-norms-to-revive-microfinance-industry/177442/on

http://articles.economictimes.indiatimes.com/2012-07-13/news/32663789_1_sks-microfinance-lower-outstanding-portfolio-operational-income

3) Pre-owned car market to see more than two-fold rise this year Hindustan Times/TOI/BShttp://timesofindia.indiatimes.com/business/india-business/Used-car-market-growth-to-more-than-double-this-

year/articleshow/14879410.cms
http://in.reuters.com/article/2012/07/18/markets-india-rupee-dollar-idINDEE86H07T20120718http://af.reuters.com/article/metalsNews/idAFL4E8II29020120718http://www.economist.com/blogs/graphicdetail/2012/07/focus-2http://indiatoday.intoday.in/story/pm-manmohan-singh-finance-ministry-economy-revival/1/204089.html-http://www.business-standard.com/india/news/rules-for-reform/480689/http://economictimes.indiatimes.com/opinion/editorial/why-blame-telcos-for-the-huge-debt-imposed-on-them-by-bad-policy/articleshow/15024836.cmshttp://economictimes.indiatimes.com/opinion/editorial/why-blame-telcos-for-the-huge-debt-imposed-on-them-by-bad-policy/articleshow/15024836.cmshttp://economictimes.indiatimes.com/opinion/editorial/let-us-focus-on-our-own-problems-as-we-identify-them-here-in-india/articleshow/15012864.cmshttp://economictimes.indiatimes.com/opinion/editorial/let-us-focus-on-our-own-problems-as-we-identify-them-here-in-india/articleshow/15012864.cmshttp://economictimes.indiatimes.com/news/economy/indicators/india-must-carry-out-difficult-economic-reforms-barack-obama/articleshow/14948648.cmshttp://economictimes.indiatimes.com/news/economy/indicators/india-must-carry-out-difficult-economic-reforms-barack-obama/articleshow/14948648.cmshttp://economictimes.indiatimes.com/opinion/editorial/governor-where-we-stand-depends-on-where-we-sit-in-the-world-of-banking-as-well/articleshow/14978276.cmshttp://economictimes.indiatimes.com/opinion/editorial/governor-where-we-stand-depends-on-where-we-sit-in-the-world-of-banking-as-well/articleshow/14978276.cmshttp://www.firstpost.com/economy/3-reasons-why-india-and-the-sensex-still-have-hope-374147.htmlhttp://www.firstpost.com/economy/revisiting-sensex-60000-why-india-is-back-in-the-game-370852.htmlhttp://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/indians-getting-outraged-at-criticism-abroad-shows-immaturity-inferiority-complex/articleshow/15023646.cms?curpg=2http://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/indians-getting-outraged-at-criticism-abroad-shows-immaturity-inferiority-complex/articleshow/15023646.cms?curpg=2http://economictimes.indiatimes.com/opinion/editorial/interest-rate-tweaks-wont-boost-growth-but-determined-policy-action-will/articleshow/14815250.cmshttp://economictimes.indiatimes.com/opinion/editorial/interest-rate-tweaks-wont-boost-growth-but-determined-policy-action-will/articleshow/14815250.cmshttp://economictimes.indiatimes.com/opinion/columnists/t-t-ram-mohan/economic-slowdown-do-we-know-why/articleshow/13877688.cms?curpg=3http://economictimes.indiatimes.com/opinion/columnists/t-t-ram-mohan/economic-slowdown-do-we-know-why/articleshow/13877688.cms?curpg=3http://www.rbi.org.in/scripts/governors.aspx/#dsraohttp://en.wikipedia.org/wiki/Duvvuri_Subbaraohttp://in.reuters.com/article/2011/04/08/idINIndia-56211120110408http://www.firstpost.com/economy/subbarao-opens-two-more-fronts-in-battle-with-finmin-377000.htmlhttp://www.business-standard.com/india/storypage.php?autono=333254http://en.wikipedia.org/wiki/Rakesh_Jhunjhunwalahttp://ibnlive.in.com/news/i-am-not-warren-buffett-rakesh-jhunjhunwala/266124-7.htmlhttp://www.indiansharemarket.org/rakesh-jhunjhunwala-holdings-portfolio-equity-investment-track/http://www.myjourneytobillionaireclub.com/2010/08/rakesh-jhunjhunwala.htmlhttp://www.investorzclub.com/2011/05/rakesh-jhunjhunwala-quotes.htmlhttp://en.wikipedia.org/wiki/State_Bank_of_India%3cbr/http://en.wikipedia.org/wiki/State_Bank_of_India%3cbr/http://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI%3cbr/http://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI%3cbr/http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatt%3cbr/http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatt%3cbr/http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2%3cbr/http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-05-19/news/31778104_1_retail-loans-bad-loans-retail-lendinghttp://business-standard.com/india/news/infosys-results-disappoint-market-again/480297/http://www.moneycontrol.com/news/results/tcs-rubs-saltinfosys-woundsstrong-q1-earnings_729530.htmlhttp://in.reuters.com/article/2012/07/16/idINL4E8IG1JP20120716http://timesofindia.indiatimes.com/tech/news/software-services/TCS-gains-from-fall-Infy-feels-the-pinch-of-client-exits/articleshow/14862084.cmshttp://timesofindia.indiatimes.com/tech/news/software-services/TCS-gains-from-fall-Infy-feels-the-pinch-of-client-exits/articleshow/14862084.cmshttp://articles.timesofindia.indiatimes.com/2012-07-12/software-services/32649722_1_infosys-bpo-d-swaminathan-challenges-of-slow-demandhttp://articles.timesofindia.indiatimes.com/2012-07-12/software-services/32649722_1_infosys-bpo-d-swaminathan-challenges-of-slow-demandhttp://timesofindia.indiatimes.com/business/india-business/Microfinance-companies-take-over-industry-with-low-cost-loans/articleshow/14837493.cmshttp://timesofindia.indiatimes.com/business/india-business/Microfinance-companies-take-over-industry-with-low-cost-loans/articleshow/14837493.cmshttp://business-standard.com/india/news/rbi-may-relax-norms-to-revive-microfinance-industry/177442/onhttp://articles.economictimes.indiatimes.com/2012-07-13/news/32663789_1_sks-microfinance-lower-outstanding-portfolio-operational-incomehttp://articles.economictimes.indiatimes.com/2012-07-13/news/32663789_1_sks-microfinance-lower-outstanding-portfolio-operational-incomehttp://timesofindia.indiatimes.com/business/india-business/Used-car-market-growth-to-more-than-double-this-year/articleshow/14879410.cmshttp://timesofindia.indiatimes.com/business/india-business/Used-car-market-growth-to-more-than-double-this-year/articleshow/14879410.cmshttp://timesofindia.indiatimes.com/business/india-business/Used-car-market-growth-to-more-than-double-this-year/articleshow/14879410.cmshttp://timesofindia.indiatimes.com/business/india-business/Used-car-market-growth-to-more-than-double-this-year/articleshow/14879410.cmshttp://articles.economictimes.indiatimes.com/2012-07-13/news/32663789_1_sks-microfinance-lower-outstanding-portfolio-operational-incomehttp://articles.economictimes.indiatimes.com/2012-07-13/news/32663789_1_sks-microfinance-lower-outstanding-portfolio-operational-incomehttp://business-standard.com/india/news/rbi-may-relax-norms-to-revive-microfinance-industry/177442/onhttp://timesofindia.indiatimes.com/business/india-business/Microfinance-companies-take-over-industry-with-low-cost-loans/articleshow/14837493.cmshttp://timesofindia.indiatimes.com/business/india-business/Microfinance-companies-take-over-industry-with-low-cost-loans/articleshow/14837493.cmshttp://articles.timesofindia.indiatimes.com/2012-07-12/software-services/32649722_1_infosys-bpo-d-swaminathan-challenges-of-slow-demandhttp://articles.timesofindia.indiatimes.com/2012-07-12/software-services/32649722_1_infosys-bpo-d-swaminathan-challenges-of-slow-demandhttp://timesofindia.indiatimes.com/tech/news/software-services/TCS-gains-from-fall-Infy-feels-the-pinch-of-client-exits/articleshow/14862084.cmshttp://timesofindia.indiatimes.com/tech/news/software-services/TCS-gains-from-fall-Infy-feels-the-pinch-of-client-exits/articleshow/14862084.cmshttp://in.reuters.com/article/2012/07/16/idINL4E8IG1JP20120716http://www.moneycontrol.com/news/results/tcs-rubs-saltinfosys-woundsstrong-q1-earnings_729530.htmlhttp://business-standard.com/india/news/infosys-results-disappoint-market-again/480297/http://articles.economictimes.indiatimes.com/2012-05-19/news/31778104_1_retail-loans-bad-loans-retail-lendinghttp://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://articles.economictimes.indiatimes.com/2012-02-07/news/31033905_1_sbi-chairman-pratip-chaudhuri-priority-sector-advances-loan%3cbr/http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2%3cbr/http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2%3cbr/http://www.livemint.com/2011/05/17222749/SBI-the-elephant-takes-a-nast.html?h=A2%3cbr/http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatt%3cbr/http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatt%3cbr/http://articles.economictimes.indiatimes.com/2011-03-30/news/29361951_1_op-bhatt-state-bank-om-prakash-bhatt%3cbr/http://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI%3cbr/http://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI%3cbr/http://www.moneycontrol.com/financials/sbi/consolidated-balance-sheet/SBI%3cbr/http://en.wikipedia.org/wiki/State_Bank_of_India%3cbr/http://en.wikipedia.org/wiki/State_Bank_of_India%3cbr/http://en.wikipedia.org/wiki/State_Bank_of_India%3cbr/http://www.investorzclub.com/2011/05/rakesh-jhunjhunwala-quotes.htmlhttp://www.myjourneytobillionaireclub.com/2010/08/rakesh-jhunjhunwala.htmlhttp://www.indiansharemarket.org/rakesh-jhunjhunwala-holdings-portfolio-equity-investment-track/http://ibnlive.in.com/news/i-am-not-warren-buffett-rakesh-jhunjhunwala/266124-7.htmlhttp://en.wikipedia.org/wiki/Rakesh_Jhunjhunwalahttp://www.business-standard.com/india/storypage.php?autono=333254http://www.firstpost.com/economy/subbarao-opens-two-more-fronts-in-battle-with-finmin-377000.htmlhttp://in.reuters.com/article/2011/04/08/idINIndia-56211120110408http://en.wikipedia.org/wiki/Duvvuri_Subbaraohttp://www.rbi.org.in/scripts/governors.aspx/#dsraohttp://economictimes.indiatimes.com/opinion/columnists/t-t-ram-mohan/economic-slowdown-do-we-know-why/articleshow/13877688.cms?curpg=3http://economictimes.indiatimes.com/opinion/columnists/t-t-ram-mohan/economic-slowdown-do-we-know-why/articleshow/13877688.cms?curpg=3http://economictimes.indiatimes.com/opinion/editorial/interest-rate-tweaks-wont-boost-growth-but-determined-policy-action-will/articleshow/14815250.cmshttp://economictimes.indiatimes.com/opinion/editorial/interest-rate-tweaks-wont-boost-growth-but-determined-policy-action-will/articleshow/14815250.cmshttp://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/indians-getting-outraged-at-criticism-abroad-shows-immaturity-inferiority-complex/articleshow/15023646.cms?curpg=2http://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/indians-getting-outraged-at-criticism-abroad-shows-immaturity-inferiority-complex/articleshow/15023646.cms?curpg=2http://www.firstpost.com/economy/revisiting-sensex-60000-why-india-is-back-in-the-game-370852.htmlhttp://www.firstpost.com/economy/3-reasons-why-india-and-the-sensex-still-have-hope-374147.htmlhttp://economictimes.indiatimes.com/opinion/editorial/governor-where-we-stand-depends-on-where-we-sit-in-the-world-of-banking-as-well/articleshow/14978276.cmshttp://economictimes.indiatimes.com/opinion/editorial/governor-where-we-stand-depends-on-where-we-sit-in-the-world-of-banking-as-well/articleshow/14978276.cmshttp://economictimes.indiatimes.com/news/economy/indicators/india-must-carry-out-difficult-economic-reforms-barack-obama/articleshow/14948648.cmshttp://economictimes.indiatimes.com/news/economy/indicators/india-must-carry-out-difficult-economic-reforms-barack-obama/articleshow/14948648.cmshttp://economictimes.indiatimes.com/opinion/editorial/let-us-focus-on-our-own-problems-as-we-identify-them-here-in-india/articleshow/15012864.cmshttp://economictimes.indiatimes.com/opinion/editorial/let-us-focus-on-our-own-problems-as-we-identify-them-here-in-india/articleshow/15012864.cmshttp://economictimes.indiatimes.com/opinion/editorial/why-blame-telcos-for-the-huge-debt-imposed-on-them-by-bad-policy/articleshow/15024836.cmshttp://economictimes.indiatimes.com/opinion/editorial/why-blame-telcos-for-the-huge-debt-imposed-on-them-by-bad-policy/articleshow/15024836.cmshttp://www.business-standard.com/india/news/rules-for-reform/480689/http://indiatoday.intoday.in/story/pm-manmohan-singh-finance-ministry-economy-revival/1/204089.html-http://www.economist.com/blogs/graphicdetail/2012/07/focus-2http://af.reuters.com/article/metalsNews/idAFL4E8II29020120718http://in.reuters.com/article/2012/07/18/markets-india-rupee-dollar-idINDEE86H07T20120718


14/14

http://timesofindia.indiatimes.com/business/india-business/Mahindra-First-Choice-to-ramp-up-used-car-

business/articleshow/14861179.cmshttp://www.hindustantimes.com/News-Feed/Auto/Second-hand-car-sales-zoom-as-slowdown-bites/Article1-881785.aspx

http://www.business-standard.com/india/news/carnation-says-faster-bloom-needs-branch-regraft/480535/

4) Gujarat State Petroleum Corp (GSPC) to buy BGs stake in Gujarat Gas Co Ltd (GGCL) DNA/TOIhttp://www.dnaindia.com/india/report_gujarat-gas-is-a-good-buy-for-gujarat-state-petroleum-corporation_1714552http://timesofindia.indiatimes.com/business/india-business/Adani-and-Torrent-stopped-from-bidding-for-BG-stake-in-Gujarat-

Gas/articleshow/14857686.cmshttp://www.dnaindia.com/money/report_bg-group-wants-gujarat-gas-deal-sealed_1716138

http://timesofindia.indiatimes.com/business/india-business/Can-BG-spoil-Modis-BIG-picture/articleshow/14879586.cms

5) Reebok India operations in troubled waters TOI/BS/Livemint/EThttp://timesofindia.indiatimes.com/business/india-business/Tax-evasion-not-corporate-fraud-at-Reebok-India/articleshow/14966932.cms

http://www.business-standard.com/generalnews/news/i-t-summons-reebok-auditors-for-recording-statement/33276/http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/enforcement-directorate-books-reebok-for-retail-

sale-in-india/articleshow/15027043.cmshttp://videos.livemint.com/2012/07/16215714/Reebok-India-said-to-hire-Eam.html?atype=tp

http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/sfio-finds-dubious-deals-between-reebok-india-parent-adidas-ag/articleshow/15024690.cms

6) Finance Ministry asks public sector companies to invest surplus cash in expansion BS/EThttp://economictimes.indiatimes.com/news/economy/infrastructure/government-asks-cash-rich-psus-including-coal-india-bhel-and-

ongc-to-invest-funds-in-expansion/articleshow/15030160.cmshttp://www.business-standard.com/india/news/invest-surplus-funds-in-expansion-govt-to-cash-rich-psus/179183/on

http://www.business-standard.com/india/news/omc-sittingrs-4500-cr-cash-surplus/480789/http://www.thehindubusinessline.com/markets/article3565670.ece

7) Flipkart likely to run out of money in next nine months- TOI/Forbeshttp://forbesindia.com/article/boardroom/can-flipkart-deliver/33240/0

http://timesofindia.indiatimes.com/business/india-business/Flipkart-needs-big-money-to-keep-delivering/articleshow/14966970.cms8) RBI asks Finance Ministry to stop micro-management of banks- BS/EThttp://articles.economictimes.indiatimes.com/2012-07-16/news/32698503_1_psbs-base-rate-central-bankshttp://www.business-standard.com/india/news/rbi-asks-ministry-not-to-micromanage-banks/480279/

9) US Senate: HSBC allowed drug & terror money to pass through its banks- BBC/TOI/EThttp://www.bbc.co.uk/news/business-18866018

http://timesofindia.indiatimes.com/world/us/HSBC-exposed-US-India-to-terror-funding-risk/articleshow/15025418.cmshttp://economictimes.indiatimes.com/news/international-business/hsbc-allowed-drug-money-laundering-apologizes-

senate/articleshow/15021701.cms

10) FIIs pouring cash in hoards in India, SEBI in alert mode- BS/TOIhttp://www.business-standard.com/india/news/fiisstock-picking-spree/480703/http://articles.economictimes.indiatimes.com/2012-07-17/news/32714307_1_bond-funds-india-exposure-benchmark-bond

http://business-standard.com/india/news/sebi-asks-fiis-for-detailsend-beneficiaries/480752/11) WPI Inflation comes down marginally to 7.25%- TOI/BShttp://timesofindia.indiatimes.com/business/india-business/Inflation-eases-to-7-25-in-June/articleshow/15012670.cmshttp://www.business-standard.com/india/news/rbi-wantsproducer-price-index-for-inflation/480721/

http://www.tradingeconomics.com/india/inflation-cpi12) Corporate Affairs Ministry seeks CCI probe on possible cartel linked to airfare rise- ET/DNAhttp://www.dnaindia.com/india/report_airfares-up-due-to-kingfisher-crisis-dgca-sees-no-alarming-trend_1715840

http://articles.economictimes.indiatimes.com/2012-07-18/news/32730646_1_air-fares-route-wise-fares-suo-motohttp://articles.economictimes.indiatimes.com/2012-03-19/news/31210591_1_trai-competition-act-telecom-regulatory-authority

13) Obama says it is still hard to invest in India- TOI/Forbes/Indian Express/The Hinduhttp://www.thehindu.com/news/international/article3642607.ece?homepage=true

http://timesofindia.indiatimes.com/business/india-business/Barack-Obama-cant-dictate-what-to-do-India-Inc/articleshow/14966878.cms

http://www.indianexpress.com/news/follow-obama-order-on-fdi-reforms-cii/975697/http://www.forbes.com/sites/kenrapoza/2012/07/16/india-official-criticizes-obamas-comment-on-countrys-investment-climate/

http://articles.economictimes.indiatimes.com/2012-07-17/news/32699649_1_fdi-policy-policy-regime-india-s-fdi

14) Indonesia becomes most bullish consumer, India loses top position: Nielsen- Reuters/DNA

http://in.reuters.com/article/2012/07/16/india-indonesia-global-confidence-nielse-idINDEE86F0B920120716http://www.dnaindia.com/india/report_consumer-confidence-falls-first-time-in-9-quarters-nielsen_1716088

15) Americas double standards for Healthcare Policies Livemint/Firstpost/The Hindu Business Linehttp://www.firstpost.com/economy/us-may-take-india-to-wto-over-cheap-cancer-drug-licence-368043.html

http://videos.livemint.com/2012/07/16194244/US-steps-up-lobbying-efforts-a.html?atype=tphttp://www.thehindubusinessline.com/companies/article3613741.ece?homepage=true&ref=wl_home

http://www.firstpost.com/india/how-obamas-double-standards-could-make-your-healthcare-costlier-376854.html
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Xed CA Newsletter Week July 12- July18

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