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NEWSLETTER

5 Pages 02nd Aug 2012 08th August 2012 www.xedintellect.c

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

INDUSTRY ANALYSIS 5 NEWS ANALYSIS 6 JOB PROFILE 11 FINANCE NEWS 13

NEWS DIGEST

IN BRIEF

PERSONALITIES OF

THE WEEK

INDUSTRY ANALYSIS

MCX GOLD

(8th Aug)BSE SENSEX

(8th A

ECONOMICINDICATOR

Worst may be over forIndias best airlines

COVER STORY

Banks to accept spectrum

as collateral

GLOBAL & MISC. NEWS

Corporate debt ratio hasreached dangerous

levels in China

PChidambaram

GGAAAARR((GGEENNEERRAALL AANNTTII AAVVOOIIDDAANNCCEE

RRUULLEESS)) EEXXPPLLAAIINNEEDD

FINANCE NEWS

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PART ONE

Dr. VMa

INDIANTELECOM INDUSTR
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MCX Gold 29,983 per 10 grams (8th August) Source: Moneycontrol, ReutersAs a precious metal gold plays an important role in most economies. It is often used as an investment and a way tohedge risks by some. India is the largest retail buyer of Gold and as such its prices are influenced by indicators like

rupee value and general business sentiment. Gold prices tend to go up as India approaches the festival season.

With the dollar becoming stronger and uncertainty looming large in the Euro zone, Golds price increase has sloweddown a bit. This has reflected in India as well where a relatively weak monsoon has also played a part in the drop indemand. The rupees situation has also become better after the veritable crash it saw which in turn has slowed Goldsrising price. It has been trading in the range of 29,851-30,025 in August so far.

BSE 30 17,601 pts (1.1% higher) (8th August) Source: Reuters, FirstpostThe stock market takes its cues from a lot of different factors. Global market performance, financial results of bigcompanies, government policy announcements and even natural or man-made disasters impact the stock exchange.

On 7th August, the markets rallied to a four month high as the newly appointed finance minister P Chidambaramreaffirmed his position on tackling the high fiscal deficit and hinted that he might pressure RBI into easing lendingrates. As such stocks of banks like SBI saw an upsurge. Declaration of strong financial forecasts by IT majo

Cognizant revived sentiment in other IT stocks such as Infosys. How long the upsurge lasts remains to be seen as theoverall scenario is still uncertain in EU.

he balance of trade is thedifference between themonetary value of exports

and imports in an economy over acertain period of time. A positivebalance of trade is known as atrade surplus and consists ofexporting more than is imported;

a negative balance of trade isknown as a trade deficit or,informally, a trade gap. Indiareported a trade deficit equivalentto 10303 Million USD in June of2012. Historically, from 1994 until2012, India Balance of Tradeaveraged -3739.1 Million USD reaching an all time high of 491.3 Million USD in November of 2001 and a record low of-19644.0 Million USD in October of 2011. India is a leading exporter of gems and jewelry, textiles, engineering goodschemicals, leather manufactures and services. India is poor in oil resources and is currently heavily dependent on coaand foreign oil imports for its energy needs. Other imported products are: machinery, gems, fertilizers and chemicalsMain trading partners are European Union, The United States, China and UAE.

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What is GAAR? It is a set of rules proposed to reign in tax avoidance. The governmentseems to have set its eyes firmly on the additional money that it can make via taxing theinvestments, which according to it, happen with the sole intention of tax avoidance. Theproposed guidelines however have created a commotion due to their susceptibility tosubjective interpretations, leaving thus, the investors at the mercy of tax authorities.

What it contains?GAAR can be applied to any business arrangement if:

it creates rights and obligations that are not normally created between partiesdealing at arms length.

it results in misuse/abuse of tax law. it lacks commercial substance. it is not employed for a authentic purpose.

Such an arrangement or even if a part of the arrangement is found to obtain tax benefit, the entire arrangement istermed impermissible. The vagueness of the GAAR can be best understood with an example. Consider for instance,that a person makes capital gains and invests money in bonds that qualify for a tax break. Tax authorities mightargue that the whole purpose of the transaction was to avail the tax benefit which is why the person chose bonds anddidnt invest in other equally lucrative securities. Consequently, he falls under the purview of GAAR. Equ ipped withGAAR, tax authorities can:

disregard/combine/re-characterize whole/part of the agreement. disregard corporate structure. deny treaty benefit. re-assign place of residence/ status of assets or transaction. re-allocate income, expenses, relief etc. re-characterize Equity-debt, Income, Expenses, relief etc.

FIIs seek exemption:The subjectivity of the GAAR rules have left FIIs with much to ponder about. PE funds thathave routed their investments through tax havens like Mauritius toavail tax benefits under DTAA (Double taxation avoidance treatyare particularly stumped. GAAR outlines that, while interpretingtax legislation, substance is more critical than legality. If it occursthat the sole purpose of routing investments through such taxhavens is to avail tax exemptions and there is no other rationalthen GAAR provisions would not allow it. Initial draft of GAAR ruleswent a bit far and presumed that tax avoidance is the sole purposeof an arrangement unless proved otherwise by the taxpayer

Technically it means, tax authorities on reasonable ground obelief, can accuse you of eating into taxes and then the onus lieson you to prove yourself innocent, rather than them proving youguilty. However amid loud ruckus, this provision has beenremoved and the onus of proof is shifted back to the taxauthorities.

Representatives of the Indian Private Equity and Venture Capital Association (IVCA) have put forward a three prongedtest- expenditure test, employees test, and residency test- to establish this commercial substance. Under theexpenditure test, the average of previous two years expenses onoperations should be more than $50,000. The employees teststates that the overseas entity must have a full time employeewho has stayed in the treaty country for at least six months,pays taxes there and is actively involved in the investment and

operating activities of the fund. Residency test mandates that atleast two directors should be from the treaty country, and theauditing is done by their statutory auditor. A tax residencycertificate issued by the local tax authorities would also benecessary. FIIs seek exemption from GAAR if any one of thesethree conditions is fulfilled.

Conclusion: Parliamentary standing committee hasrecognized the gravity of GAAR and asked for an independentbody for approval of invocation of GAAR by the taxCommissioner. The bottom line is that it should not affect bona-fide transactions under the guise of fair taxation.

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P Chidambaram Current Union Minister of FinanceP Chidambaram took office on August 01, after Pranab Mukherjee was appointed as the Presidenton India. A week after his appointment, the Finance minister has assured that India will be back onits path of recovery soon. Chidambaram has the onerous task of inducing growth in an economymarred by high inflation & interest rates, low inflow of foreign investments and policy flip flops. Hhas come up with a mid-year plan, which includes taking corrective actions to revamp fiscal policy& rebuild investor confidence by reducing interest rates & incorporating a stable tax regime. He isworking on fine tuning tax policies that would increase capital inflow in the country and ha

reassured that India will see investments go up to 38% and savings up to 36% of the GDP, atarget that was achieved before the 2008 economic crisis.

Chidambaram was born in the royal family of Chettinad, Tamil Nadu. He is a lawyer by profession& acquired his MBA from Harvard Business School. After completing his education, Chidambaram

joined the High court in 1968 as an advocate. By 1984, he had practiced in High Court as well as inthe Supreme Court as a senior advocate. His career in politics started in 1985, when he waselected for the first time as a member of Lok Sabha. Since then he has worked his way up in theIndian National Congress. He served as the Deputy Minister in the Ministry of Commerce duringRajiv Gandhis reign. He was also appointed as the Minister of Personnel, Public Grievances andPensions.

Indias Economic Reformist!!! He is one of the most respected & senior member of theCongress Party. Whenever, Congress has been in power, Chidambaram has held an importan

ministerial position. This is his third tenure as the Finance Minister of India. He replaced ShivraPatil as the Minister of Home Affairs after the Mumbai terrorist attacks in 2008. Chidambaram haa proven track record of successfully implementing economic reforms in the country. He has beenlauded for revamping the EXIM policy. In his first budget in 1997, he brought reforms thacontrolled government spending & also rolled out tax reforms that reduced the fiscal deficisubstantially. He is credited for steering the economy away from the global crisis of 2008, byimplementing robust reforms in the 2008 budget which also focussed on waiving off farmers debt a move that insulated the Indian economy from the global meltdown.

Dr. Vijay Mallya Chairman of UB Group & Kingfisher AirlinesFamously known as the King of Good Times is certainly having a hard time saving his beleagueredKingfisher Airlines. With mounting pressures from investors to repay a debt of over Rs.7,500crores, he is chalking out a turnaround plan for the airlines that has never made any profits since it

commenced operations in 2005. Lessors are taking away aircrafts, lenders are seekingrepayments, banks have asked him to come up with a detailed turnaround plan & infuse equityand the government is refusing to help. Until recently, he was lobbying with the Indiangovernment for foreign investments in the aviation industry. However, there seems to be no recendevelopments in FDI in the aviation sector and he has finally stated that he shall recapitalize theairlines and is focussing on sustainable profitability of Kingfisher Airlines.

In Good Times!!! Vijay Mallya is the son of Industrialist - late Vitthal Mallya. He has a bachelorsof commerce degree from St. Xaviers College, Kolkata. He worked as an intern to gain experiencein the UK based Jenson & Nicholson and the US based chemical company Hoechst Corporation which is now known as Sanofi-Aventis. Mallya assisted his father in revamping the Kingfisher beebrand; which spruced up the beer sales of UB Group to 2.85 million within a year. At the age of 28,he had to take over as the Chairman of the United Breweries Group after the untimely demise ohis father in 1983. Soon after his appointment, he streamlined various businesses of the

conglomerate group by dividing them into individually operating units and defined the corporatestructure. UB group initially was into pharma, paints, food products, plastics, batteries, beverageand some other small scale industrial units. Mallya designed & implemented the strategy thafocused on the core business and the company moved away from several segments it previouslycatered to. Currently UB group is one of the top players in the key sectors it serves. Mallya iscredited for transforming the Indian conglomerate company UB Group into a Multinational giantUB group holds more than 40 per cent market share in the Indian brewing industry.

Pursuit of Hobbies!!!Mallya is also the owner of Indias first Formula One racing team SaharaForce India Formula One & IPL team Royal Challengers Bangalore. He is an avid fan of sports andpromotes various sporting events across countries. He has a larger than life persona and is one othe most flamboyant Indian billionaires. He is known for his lavish product launches and has acollection of about 250 vintage cars, owns several yachts and is an excellent aviator.

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Government

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which

resulted inmoderation

of inflation to

around 7%-

7.5% in

recent

months.

I have been

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people &

many are

interested in

investing in

KFA but it all

depends on

government

policies. We

are waiting &

watching.


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Overview:In 1880, two telephone companies namely Oriental Telephone Ltd. &Anglo Indian Telephone were not allowed to start telephone services on thegrounds that the establishment of telephones was a Government monopoly. Whowould have thought then that Indian telecom industry would become one of themost competitive telecom industries in the world? Today, Indian telecom industry isthe second largest in the world on the basis of its customer base & one with someof the lowest tariffs in the world enabled by huge competition in its market.

Reforms & Budget Telecom Network Model

As a part of its policies of Liberalization-Privatization-Globalization in 1990s, government of India opened cellulasector for private companies, established the Telecom Regulatory Authority of India (TRAI) & the Department oTelecom (DOT) to oversee telecom companies & brought changes in the ownership, service and regulation otelecommunications infrastructure. In the late 90s, Government pushed FDI limit from 49% to 74% & introduced NewTelecom Policy with the vision of providing telecom services to rural areas. Mobile tariffs in India are the secondlowest after Bangladesh; low tariff is due to budget telecom network modelthat companies follow. This modecaters to customers who only use a few calling minutes per month. This innovation rests on the reduction oftransaction costs of generating and transmitting a monthly bill for prepaid customers. Low-value recharge cardsespecially electronic reload; give the greatest payment flexibility making this model work.

Indian Telecom Industry:According to a TRAI report, titled Telecom Sector in India: A Decadal Profile, thesubscriber base in India, stood at 943.49 million in February 2012 as against 28.53 million in April 2000. From 2001

to 2011, the total number of telephone subscribers has grown at a compound annual growth rate (CAGR) of 35 percent. India is divided into multiple zones also called as circles. There are 22circles allotted to telecom companies through auction, dominant players areAirtel, Reliance Infocomm, Vodafone, Idea cellular & BSNL. Indian Telecomindustry can be classified into 3 categories namely Mobile, Fixed line &Internet. India is the second largest country on the basis of the number of itsmobile subscribers. In the wire line market, BSNL has the largest market shareof 70% followed by MTNL & BHARTI. India ranks third in the number of interneusers, BSNL & MTNL dominates the market with a share of 64.8 and 7.6 percentrespectively while from the private sector Bharti leads with a share of 10 percent. Recently, Mobile number Portability was introduced & now the governmentis planning to remove roaming charges.

2G, 3G & now 4G:TheGovernment raised more than $12 billion from a 3G

auction in 2010. Bharti paid $2.2 billion for 3G bandwidth in 13 service areas, while Vodafone India spent $2.1 billiofor permits in nine and Idea gained access to 11 areas for about $1 billion. However, 3G growth was disappointingdue to high prices; only 15 mn out of 900 mn subscribed 3G services. Recently, 4G was launched by Bharti Airtel iKolkata, the network for rolling out Airtel's 4G LTE (Long term evolution) services in the city had been built by Chinesetelecom equipment maker ZTE. Analysts believe that young population & increasing income will fuel the growth of 3G& 4G services. In Aug 2012, 2G spectrum will be auctioned again. Earlier this year the Supreme Court cancelled 122telecom licenses issued in 2008 by then Telecom Minister A Raja for showing undue favours to companies.

Emerging trends in Indian Telecom Industry

Focus on Rural Market:Indian rural market offers huge investment opportunities for mobile companies & serviceproviders; teledensity in rural India is around 40% as compared to the overall 86%. According to New Telecom Policy2012, the Government expects rural teledensity to increase to 70% from the current 40%.

Green Telecom:The green telecom concept aims at reducing the carbon footprint of the telecom industry throughreduced energy consumption. TRAI initiated a consultation process in May 2010, requesting inputs from firms acrossthe telecom value chain to provide recommendations on green telecoms framework and implementation .

Outsourcing noncore activities:As part of the recent outsourcing trend, operators outsource functions like networkmaintenance, IT operations and customer service. In 2010, Bharti established a major outsourcing relationship withIBM, which gave IBM full control and ownership of Bhartis IT infrastructure and associated processes

Conclusion:The telecom sector is one of the highest FDI-attracting sectors in India, and has recorded FDI inflowworth more than US$ 9 billion between 2000 and 2010. Moreover, the rural markets are expected to be the next keygrowth drivers for the Indian telecom sector, given rural Indias growing population and disposable income. Indiangovernment should also make sure that a repeat of the Vodafone tax case doesnt happen again & its image remainsas a competent telecom industry.

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1) Videocon hires LGs executives & adopts its strategy to regain its market share - ETIMPACT:One of Indias largest electronics conglomerate, Videocon hired about36 senior executives of South Korean conglomerate LG in the last four years tohelp the company increase its market share. Ex-MD of LG KR Kim, the manbehind the success of LG in India joined Videocon in 2008. Kim brought his LGteam in next few years to Videocon and applied the same strategy for Videoconthat worked for LG. Videocon focussed on launching mass market products andincreased its presence across the country. The strategy works on the basicprinciple of selling: products available in stores are sold.

South Korean players LG & Samsung had stormed into the Indian market in the early 2000s by bringing out massproducts with improved technology, competitive prices, good service & availability in all cities of India and acquirethe majority of the market share which once belonged to Videocon & Sony.

KEY PLAYERS:Videocon, LG

WHY IT IS IMPORTANT?LGs strategy has indeed worked for Videocon whose market share has increased by up to5%. Videocon, which owns brands like Kenstar, Sansui, and Kelvinator; currently has 26 per cent market share intelevision and 27 per cent in refrigerators & washing machines. The company got an advantage over LG as the lattesaw a failure in its shift from the mass product market to premium segment. LG has also recently lost its top positionin air conditioners to domestic company Voltas.

2) Reuters finds American premium brands being illegally sold in India Reuters/ IBN Live

IMPACT: An investigation by Reuters has found that international brands are sold in the Indian market illegally & acheaper rates by e-commerce websites. Indian online retailers like Snapdeal, Fashion&You, Myntra & Yebhi are sellingbrands like American Eagle Outfitters, Abercrombie & Fitch (A&F) and Aeropostale. The spokesperson for A&F has saidthat Indian online retailers do not have any licence to sell A&F products.

Where do these products come from? These clothes are not counterfeit but original branded apparels. Companies seltheir excess inventory to distributors in Asia, Middle East, etc. These distributors sell branded apparel in countrie

where the demand is high. According to two Indian lawyers, the distributors are notsupposed to sell the apparel with their branded labels. Some of these goods are alsopicked up by the online retailers from Dubai & Bangkoks grey markets.

KEY PLAYERS:Online Retailers

WHY IT IS IMPORTANT? With FDI in multi brand retail policy still unde

consideration, foreign brands are waiting to enter India. However, with the illegaentry of global brands into the Indian markets, it is an opportunity for the companiesto create brand awareness amongst the masses and test market the product beforeits entry into India legally. Indian consumers are also benefitting as they are getting

global brands at discounted rates. However, after these global companies enter India through FDI in multi retaipolicy, they shall blacklist these sites for selling their products without a license.

3) Govt relaxes its norm on land transfers which would boost infrastructure projects HT/ MoneycontrolIMPACT: The Indian government has managed to reduce red tape by revoking its ban on the transfer of land in orderto remove procedural delays in infrastructure projects. This move will, thus, enhance the public-private partnerships(PPP) in infrastructure projects. The government, last year had imposed the ban stating that there were irregularitiesin PPP projects. Although, the government has revived the stalled infrastructure projects, the rule is only applicablefor leasing or renting of the land & not for its sale. The relaxed norm would also cover land allocation for railwaysEarlier, if a power plant had received an official sanction to set up another facility on land owned by the centra

government; the private player had to apply to the cabinet for land clearance & after that he could start the project.This process halted many projects but now a special committee with comprehensive land transfer policy in place wouldspeed up this process as the private player does not have to go to the cabinet ministry forland clearance.

KEY PLAYERS: Government, Infrastructure Projects

WHY IT IS IMPORTANT? About 70 per cent of infrastructure projects require governmentland. Railways & Power sector urgently require PPP for their development. The 2012 Railwaybudget included the modernization of the Indian Railways whereas the power sector is facingshortages in the generation of power. The relaxation of the land acquisition norm & the fuelsupply agreement (FSA) which mandates Coal India to supply a minimum of 80% of the fuelcontracted to the power producing company has come as a relief to the power industry.

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4) Maruti in loss with non-operating Manesar plant. Mamta & Modi in a race to woo Maruti ET/BSIMPACT:More than two weeks after the July 18 Manesar plants labour unrest & violence that left several managersinjured, one senior manager dead & over hundreds of workers either in prison or missing (they have left the industriatown in order to avoid arrest), the non-operating plant stands still with policemen guarding the compound. The ChiefMinisters of West Bengal & Gujarat Narendra Modi & Mamta Banerjee are currently in a race; each persuading

Marutis management to shift the companys operations to their respective state. Theshifting of the entire plant will require time & resources.

However, in the current situation, Manesar plant stands in a decimated condition, senioofficials are not at ease to return to work & it is a big challenge to find new skilled

workforce. The company is now evaluating possible solutions to the problem in hand.

KEY PLAYERS:Maruti Suzuki, Narendra Modi, Mamta Banerjee

WHY IT IS IMPORTANT? Maruti is facing losses as the non-operating Manesar planhas a capacity to produce up to 2,000 units a day & manufactures Swift, Dzire & SX4

models. The company has anticipated a loss of2,700 crore for a months closure of the plant. The passenger ca

sales are on the path of recovery from the last years slump of 4.5 per cent growth to current 9.7 per cent growth inQ1 FY13. Also with petrol prices on rise, the demand for diesel models is high. However Maruti cannot take advantageof the situation. Moreover if the plant remains non-operational for long, the waiting period of Marutis cars wouldincrease and the customers might switch to its rivals thus affecting its revenues as well as its market share.

5) Social Media on the rise. Firms now tap consumers online ET/TOIIMPACT: Trends in US: With huge number of Facebook & Tweeter users, companies are using social media websites

for their consumer research. The traditional methods for consumer research like focus groups & trend analysis arenow being replaced by simple apps on the social media sites. Companies like Frito-Lay, Samuel Adams & Wal-Marhave started using the social media space as their market research department. Frito-Lay & Samuel Adams is usingthis platform for the product development, wherein they have asked consumers which new product (flavour) theywould prefer. In case of Wal-Mart, it used an online poll to gauge whether the consumers liked lolly-pop cakes. After ireceived a positive response, Wal-Mart installed the lolly-pop cakes making machine in itsstores.

Trends in India: A survey by the Internet & Mobile Association has found that India hasthird largest online population after the US & China, at 150 million internet users. Withthis huge population, companies are now moving towards something called Social -Commerce, a slight deviation from e-commerce wherein users can buy gifts from socialmedia websites & do not have to go to the e-commerce websites for shopping.

KEY PLAYERS:Facebook, Twitter, Frito-Lay, Wal-Mart

WHY IT IS IMPORTANT? Currently, companies are in the process of creating their presence or expanding it on thesocial media platform amongst Indian internet users. Many companies have grabbed the attention of consumers onFacebook & Tweeter by organizing online quizzes & distributing coupons online. A recent study by Nielsen andMcKinsey has also reported that Maruti Suzuki, Samsung, Nokia, IPL & CCD are the top Indian brands in the sociamedia space. It will not be long wherein Indian Facebook users would select the new flavour of Frito-Lay to belaunched in India.

6) Woodland becomes Indias first carbon-neutral store FE/ Guardian UKIMPACT: Two months after the leaders of the world met at the Earth Summit 2012 for discussing sustainableeconomic development of the nations & protecting the environment; Woodland Shoes has proved its loyalty towardsthe cause and announced the conversion of its 80 retail outlets across Delhi & Bangalore into carbon neutral stores.The concept of carbon neutral stores is based on the companys ability to reduce emissions of carbon dioxide & other

harmful chemicals that lead to the greenhouse effect.Woodland plans to become a carbon neutral retail chain by 2015. They have alsodesignated about three per cent of the companys profits for environmental initiativeslike planting saplings across the country. Woodland will also give its customers carboncredits for shopping in its stores. These credits are similar to Sodexho coupons, and canbe redeemed for discounts on Woodland products. Global supermarket group, Tesco hadlaunched its first carbon neutral store in 2010.

KEY PLAYERS:Woodland, IBM, Tesco

WHY IT IS IMPORTANT? Global warming is a concern for the world and variousnations like Denmark, Norway amongst others have taken initiatives to become carbon neutral nations. Eveninternational giants like IBM, HSBC, Microsoft and many more have pledged to become carbon neutral in near future.


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7) Wadia Group charges Royalty to group companies BS/Livemint/The Hindu Business LineIMPACT: Wadia Group Chairman, Nusli Neville Wadia, has announced that all the listed & non-listed group companiehave to pay royalty up to 0.25 per cent of their yearly net sales to the parent group for using the Wadia brand name &for sharing common services. Britannia, Bombay Dyeing & Go Airlines will have to pay a minimum 0.1 per cent otheir revenues from FY-13 to the parent company and this amount will go up to 0.25 per cent depending upon theusage of the groups brand equity & shared services. The Wadia group provides shared services like finance, IT, legal,and treasury & risk management to its group companies.

MD of Britannia Industries, Vinita Bali has said that shared serviceshave significantly reduced the companys cost and the amount charged

as royalty is lesser than what the company would have to pay to buildan in-house team for these operations/services. She has also put forththat although the brand equity of Wadia group is high in the market, itdoes not have any substantial effect on the consumers or their buyingbehaviour.

KEY PLAYERS:Wadia Group, Britannia, Bombay Dyeing, Go Airlines

WHY IT IS IMPORTANT?On the basis of the previous years revenues of the companies, the royalty amount of 0.25per cent stands out to be 6.7 per cent of Britannias profit in FY-12. Similarly, in case of Bombay Dyeing, it acquiresup to 9.4 per cent of the companys last years profit. The major concern is that, if any company makes losses,shareholders will not get their dividends but promoters will definitely get their royalties. Tata Group also charges aroyalty of 0.25 per cent of revenues, but only from its blue chip companies.

8) Worst may be over for Indias best airlines- ET/Reuters/FirstpostIMPACT: Jet Airways & SpiceJets recent revenue figures indicate that the carriers might have overcome the worstcrisis ever. The unexpected profits reported first by Jet Airways and then by SpiceJet have created enough positivevibes for the aviation industry which lost $2 billion last year. Though SpiceJets 56 crore net profit in June quarter ispartially dependent on KFAs failure & Air Indias pilot strike, the companys strategy of focussing only on profitableroutes has also paid-off. The air carrier has been able to raise ticket prices in last three months without losing on LoaFactor (percentage of seat occupancy).

It is interesting that SpiceJet, which now operates from 34 air terminal(compared to 22 earlier) with 300 flights has only six daily flights onDelhi-Mumbai route the busiest in India. This is because average yieldper passenger on this route is lower than others. On the other handIndias second largest carrier by market share - Jet Airways - has alsoreported a net profit of 24.7 crore in June quarter, against a net loss o

123.2 crore in year ago period.

KEY PLAYERS:Jet Airways, SpiceJet

WHY IT IS IMPORTANT?Observing the signs of recovery, On MondayBank of America-Merrill Lynch upgraded Jet Airways and SpiceJet stocks

to "buy" from "underperform". This took shares of SpiceJet 12.7% higher in intraday trading on Tuesday to reach anew 52-week high of 36.30. The bank also projected that the carriers will lower losses in FY 2012-2013 and wileventually return to profits a year later.

9) CIBILs plan to rate MFIs gets delayed by Adhaar implementation- DNA/BSIMPACT: The country's first credit information bureau, CIBIL (Credit Information Bureau India Ltd), seems to bestruggling with delay in implementation of Adhaar countrys unique user identification programme. The bureau saidthat it requires unique IDs of Microfinance customers, which at the moment is not there. For instance, ration cards

that are said to be unique are good as long as they are used within state. CIBIL alternatively uses PAN number toidentify and rate borrowers. Banks and institutions are expected to provide data of their customers to the bureauwhich is utilized in assigning credit score to the customers, which eventually helps other institutions in assessing thecreditworthiness of the individuals. This doesnt work in case of Microfinance as the customers often have no ID at allIt has resulted in microfinance institutions (Banks & NBFCs) incurring heavylosses as currently 9.3 million or a third of MFI borrowers in India are defaulters.Somehow, CIBIL has managed to create a database with 45 million records ofMFI customers. Meanwhile, CIBIL has also announced its plans to launch an indexfor corporate & business houses. The risk index will rate corporates on a scale of5, with lower numbers meaning better creditworthiness.

KEY PLAYERS: CIBIL (Credit Information Bureau India Ltd)


9/17

WHY IT IS IMPORTANT? The CibilTransUnion Score is used widely by banks and financial institutions in India focredit decisions. The score assigned to a borrower ranges from 300 to 900. A low score or being blacklisted makes iimpossible for anyone to get loans from banks or other institutions in future.

10) Corporate debt ratio has reached dangerous levels in China- The Hindu Business Line/Telegraph UKIMPACT: Experts have warned that Chinas corporate debt ratio has reached dangerous levels and any governmenstimulus to fuel domestic demand for reimbursing falling exports, would put heavy strain on companies. In 2011Chinas corporate debt-to-GDP ratio was a staggering 107 per cent which is the highest in the world. The data wasprovided by a top government committee, Chinese Academy of Social Sciences. The ratio is calculated by dividingtotal debt of Chinese banks from loans (or other methods such as corporate bonds) by nations GDP. Data shows tha

by the end of 2011, Chinese banking sector owed $8.63 trillion against total GDP

of $7.37 trillion the same year.

KEY PLAYERS: Chinese banks, Government of China

WHY IT IS IMPORTANT? It is evident that world leaders have shown greateconcern for problems in the Eurozone and elsewhere, while allowing China to takecare of itself. It remains to be seen if this behaviour continues for long. ThoughChina is a superpower with a giant economic engine, it has showed worrying signof a slow-down lately. The country has suffered huge damages due to the crisis inEurope, which is its biggest trading partner. Hence the recent economic data aboucorporate debt ratio would attract attention of business community world over.

11) Cognizant topples Infosys to become No.2 IT co. in India- The Hindu Business Line/TOIIMPACT: What has been on the cards for a while has finally happened - Cognizant topples Infosys to gain numbe

two spot in the Indian IT industry. Its a remarkable journey for a company, which was just third the size of Infosys adecade ago. Meanwhile TCS dominates the market with its number one position intact. In recent months, the $100-billion Indian IT sector has faced challenges like increased pricing pressures due to competition, wage hikes & a steedecline in project volumes. Still, Cognizant has been able to meet its guidance of 20%, set a quarter ago. In theprocess it has taken a lead of $43 million over Infosys by posting revenues of $1.795 billion in the June quarter. In ainterview, Malcolm Frank, who is executive VP (strategy) in Cognizant, said that the global slowdown has forcedcompanies to reduce spending, though demand for innovation has not gone down. This is where, he adds, thecompany has taken a lead by providing solutions in new technologies like social media, mobile, analytics and cloud.

KEY PLAYERS: Cognizant, Infosys

WHY IT IS IMPORTANT? Analysts say thatCognizants success is largely dependent onits transformational engagements with

significant players like Philips & ING (US).Transformational deals are those in whichthe vendor gets incentives for completingprojects with clients business processes inmind. More such deals are expected to besigned by the company in near future.

12) After HSBC, now its StanCs turn to undergo US scanner- BS/ETIMPACT: It seems USA has turned up the heat on all major banks who outsourced key jobs to India, which it claimshas exposed their financial system to terror funding and money laundering risks. This time UK-based StandardChartereds (SCB) outsourcing to Indian shores has come under US scanner. New York State Department of FinanciaServices has claimed that the bank has secretly engaged in several transactions worth $ 250 billion with thegovernment of Iran, violating US sanctions. Over a decade, this has generated millions of dollars for StandardChartered in terms of fees. The bank has however denied all allegations. Moreover, it has come out with numbers

saying that the total value of transactions not conforming to norms is under $ 14 million, which is just 0.1 per cent ototal transactions done with Iran.

KEY PLAYERS: Standard Chartered, New York State Department of Financial Services

WHY IT IS IMPORTANT? Standard Chartered has been outsourcing jobs to Indiasince 2001 as the bank has to provide services in 75 nations across the globe. Ihas been specifically claimed that back office units in Chennai were not able tofilter trades relating to institutions in Iran, which in other words mean that 8500people working there were not properly trained or informed about the processAnalysts say such process failures have happened even at their own centresFurther, they add that the concerns about violations of US sanctions due tooutsourcing are misplaced.


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13) CBI in alert mode as banking frauds took quantum jump in FY2010-11 - The Pioneer/The Indian ExpressIMPACT: Losses suffered by PSBs (Public Sector Banks) in frauds have gone up remarkably in last few years. In2009-10 such losses amounted to 2,017 crore. The amount increased to 3,799 crore in 2010-11. This year in jusseven months such frauds have amassed 2,500 crore. CBI says that now its developing a mechanism called BankCase Information System (BCIS) to gauge such cases. Its a database containing names ofborrowers, accused, andother public servants on CBI records. Bank Securities & Fraud Cell has been assigned to probe such cases. MeanwhileCBI has also redefined what it considers as frauds, which broadly means that the cases should be above 3 crore

Cases below that would be handled by state police. Interestingly, CBI Directoralso said that some banks register wrong reports just to pressurize theirborrowers, which unnecessarily burdens the CBI office.

KEY PLAYERS: CBI, PSBs

WHY IT IS IMPORTANT? The losses incurred by PSBs & other financialinstitutions points to an urgent need to form a better system to prevent suchfrauds. CBI Director AP Singh also raised concerns about the procedural delaysin probes for such cheating cases.

14) Its Quality Walls Frozen Desserts now TOI/ ETIMPACT: The Advertising Standard Council of India (ASCI) has asked Hindustan Unilever (HUL) to stop advertisingKwality Walls products as ice-creams. Kwality Walls products are made of vegetable fat and thus fall into the categoryof frozen desserts; on the other hand ice-creams are made of milk fat. The Gujarat Cooperative Milk MarketingFederation which owns the Amul brand had earlier filed a complaint against Kwality Walls for making misleadingadvertisements & selling frozen desserts as ice-creams. HUL has accepted ASCIs orders and has announced that itwill replace the words ice-cream with frozen desserts in the advertisements.

The print advertisement in concern is the advertorial featuring celebrities which promotethe Strawberry Cheesecake as an ice-cream instead of frozen dessert. The market forice-creams & frozen desserts is estimated at 1,700 crores. The major players in thismarket besides Amul & Kwality Walls are Cream Bell, Vadilal & Mothers Dairy.

KEY PLAYERS:Kwality Walls, Amul

WHY IT IS IMPORTANT? Last month, the Indian monitory body for advertising NAMShad found 55 print & TV advertisements misleading. Globally, many countries are takingstrict action on companies making false claims through advertisements. The Indiangovernment is also in the process of banning advertisements that make unsubstantiatedclaims. Recently, an advertisement featuring Justin Bieber & Katy Perry was banned afteit was found that it was misleading.

15) RBI Governor Subbarao meets P Chidambaram to discuss economy- TOI/ET/NDTV ProfitIMPACT: Reserve Bank Governor D Subbarao recently had a meeting with Finance Minister P Chidambaram to discusmacro-economic situation in the country. The meeting holds importance as the country faces multiple challengeswhich can only be resolved if the two important institutions work in tandem. However, inrecent days there have been many instances on which it has appeared that the RBI chief isnot exactly supportive of government policies or Finance Ministrys actions. Subbarao hastime and again emphasized the need to cut widening deficits. He has supported the idea ofcutting subsidies, even at the cost of hike in inflation, which he predicts would betemporary. Further, government policy paralysis has also attracted his attention, which hesays has slowed down the foreign investment to a great deal.

Additionally, RBI in its recent policy review has cut the growth forecast for FY 2012-13 to6.5 per cent from 7.2 per cent earlier. It has often been expected from RBI to cut interestrates to stimulate growth. However, this is not a remedy anymore as high inflation restrictsany such measure.

KEY PLAYERS: D Subbarao, P Chidambaram

WHY IT IS IMPORTANT? The meeting with new Finance Minister will probably open newavenues for some policy changes that Subbarao has been endorsing for long. P Chidamramon the other hand has acknowledged some of these concerns and ordered a review of retrospective tax amendments& GAAR (General Anti Avoidance Rules) within a week of joining office.

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Question 1: Can you give us a brief backgrounder on your qualifications and workexperienceprior to your current role?

Answer: I pursued my BBM from Bangalore University viacorrespondence. In the meanwhile I worked with Citi Groups retail

banking unit in sales for about a year. Following this I joined HSBC BPO inthe Fraud Prevention Unit. I worked at HSBC for about a year and a half

before moving on to Dell where I worked for another two years. I had goodcommunications skills and advertising beckoned. I started my advertising

journey in client servicing with a small agency called the Other Side where Iworked for a year. I then switched to Meridian, Ogilvy and Mathers sisteragency, where I handled retail and FMCG clients for about 2 years before

joining McCann Erickson.

Question 2: Can you give us a brief idea about your primary job responsibilitiesand KRAsas a Senior Project Manager with McCann Erickson?

Answer: I have two Project Managers reporting to me whom I must guide and mymain job is to ensure that daily operations go smoothly. A major part of my job isdoing market/product research for the brand I handle. Considering its an FMCG

brand there is quite a bit of research involved which involves consumer research andalso working with the marketing team client side. I must answer questions like, Is theproduct right? Can we move the product in the market?

So I can safely say that research and competitor analysis is a major part of my job as Ineed to be aware of what other competitors and agencies are doing and be prepared toreact to them. The rest of my responsibilities are more of an operational nature whereI must write creative briefs and follow up with creatives, vendors and third partiesFinances, making sure they are in order and finding ways to generate more revenuethrough existing clients is also a major part of my job.

Question 3: Can you briefly take us through an average day at work?

Answer: My day starts at around 10 AM, where my first priority is to find thestatus of daily operations. The first half of the day goes in allocating tasks to my

juniors and taking care of operations. My lunch hour is spent writing briefsfollowing which I must brief the creative team on new or existing projects. Thisis followed by a lot of follow ups, client calls explaining creatives sent to themand the reasoning behind them and addressing concerns.

The latter part of the day is spent in research and competitor analysis. I mustalso analyze the current portfolio of brands I handle to see what requires work.In the meanwhile I must also be on the lookout for new business opportunities

which can be addressed by our business development team. Finally at the endof day I make sure that the finances are in order as that is a very critical part of my job. By the time I can call ita day it is usually 9 PM.

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Question 4: What are the primary challenges you face and which is the most difficult partof your job?

Answer: Perhaps the most basic challenge that I face is making sure that everybody and by that I mean, thecreatives, client servicing and any third party stakeholders, work towards the same goal. Unfortunatelysometimes there is a lot of micromanagement involved where every stakeholder needs to be managed as thereare different perceptions and ways of working. Making sure we meet deadlines is another challenge. As youknow, advertising is all about deadlines, a submission no matter how brilliant is useless if not on time. Theunderlying feeling is that everything is the responsibility of the client servicing person which makes it difficultto communicate urgency to other parties. Also making clients understand that things take time, that no good

work gets done in a jiffy is a tough task. Clients also have this habit of moving things along internal hierarchieswhich makes decision making ambiguous and ineffective. To a certain extent it is a trust issue. As you can seethe biggest challenge is people management.

Question 5: What are the most important skill-sets &attributes, according to you, that are required to succeed in your roleand in client servicing in general?

Answer: First of all, you need to be street smart and a really fast thinker. You needto think fast on your feet and get things done fast. The truth is that slow thinkers

would find client servicing very tough. Of course, people management skills are agiven without which one cant do this job. You cant treat client servicing inadvertising as just another job. It requires passion and you have to understand that

your work doesnt end in 8-10 hours. Your initial years will involve a lot ofoperational level work which takes time. Advertising needs to be your life.

Question 6: What are the inherent peculiarities that are involved in your role that are seen onlyin client servicing in an ad agency?

Answer: Attention to detail is probably one thing that comes to mind. Every full stop and space in ad copymatters. One peculiarity, rather benefit, of client servicing which I personally love is that it teaches you somuch about industries across the whole spectrum. It provides you with a knowledge base on different

industries which I doubt any other job provides. Post advertising this enables you to move into any industryyou would like to if you have worked on it. Also, this job equips you with a lot of organizing skills as you have tomanage a lot within tight parameters.


13/17

1)ATMs may come loaded with more features BL Aug 3Third party service providers are now seeking to incorporate special features in ATMs to meet thetransaction needs of specific regions. This comes in the wake of nine service providers winningauction bids to set up a pan-India network of about 62,000 Automated Teller Machines (ATMs) onbehalf of public sector banks. Tata Communications Banking InfraSolutions (TCBIL), US-basedNCR Corporation and Mphasis are some of the service providers which have won contracts to setup ATMs across States and Union Territories. TCBIL is looking at introducing dynamic currencyconverters in these areas. This facility will allow customers to transact in multiple currencies. In power-deficit rurageographies, NCR will install solar-powered ATMs. Nearly 15-20 per cent of the total deployment will be in thi

category. NCR also plans to provide additional services such as utility bill and income-tax payments in multipleregional languages.

2) RBI relaxes provisioning norms for micro lenders BS Aug 4

The RBI offered relief to stressed microfinance companies, especially those in Andhra Pradeshby relaxing provisioning norms and removing the 26 per cent cap on their lending rates. Thiwould ensure despite provisioning for Andhra Pradesh loan portfolios, which are non-performingfor nearly two years now, microfinance companies would be able to maintain healthy capitaadequacy, as their net worth would not be eroded. Microfinance companies would have tomaintain a capital adequacy ratio of 15 per cent. In a surprising move, RBI also removed thecap on micro lenders lending rates. To allow for operational flexibility, non -banking financia

company- MFIs would ensure the average interest rate on loans during a financial year does not exceed the averageborrowing cost during that financial year plus the margin, within the prescribed cap. The average interest paid onborrowings and charged by microfinance institutions has to be calculated on average monthly balances of outstanding

borrowings and loan portfolios, respectively, instead of average fortnightly balances mentioned earlier. The margincap, which was earlier fixed at 12 per cent, has now been fixed at 10 per cent for large micro-lenders and retained a12 per cent for other microfinance companies. Among other relaxations provided by RBI, the norms pertaining to

qualifying asset criteria would be applicable on assets that have been originated from January 1. The central bankhas also modified its norms on minimum net worth and said microfinance companies need to have net owned funds ofRs 3 crore by March 2013, instead of Rs 5 crore.

3)MCX exchange gets nod to launch currency options BL Aug 6The MCX Stock Exchange (MCX-SX) has been granted permission to launch currency options onits platform by SEBI and the RBI. This approval will allow MCX-SX to expand its offerings in thecurrency derivatives segment by introducing currency options in the dollar-rupee currency pair,said a release from the exchange on Sunday. The exchange held a mock-trading session onSaturday. It is yet to announce when it will rollout live trading of currency options.Options havethe comparative advantage of maintaining a certain degree of flexibility in hedging. Introduction

of this product completes the spectrum of hedging instruments available on the MCX-SX currencysegment and adds further efficiency to risk mitigation mechanism in USD-INR. This makes MCX-SX, the thirdexchange to offer trading in this segment after the NSE and the USE (2010).

4)Top three private banks will need Rs 70k cr: Fitch BS Aug 4Indias top three private banks Axis Bank, HDFC Bank and ICICI Bank would need about Rs70,000 crore ($12.5 billion) in capital by 2018 to meet the Basel-III norms, according to ratingagency Fitch. Axis Bank, which manages capital tightly compared with the other two (HDFC Bankand ICICI Bank), may need to start at the earliest to tap the market for capital. Its capitaadequacy ratio (CAR) was 13.03 per cent at the end of June 2012. ICICI Bank had a CAR of 18.54per cent while HDFC Banks capital adequacy was 15.51 per cent at end of June 2012. Fitch saidin a statement the implementation of Basel-III is likely to mean that these banks would, at some

point before 2019, need to access the markets for capital. It expects the Indian market to be particularly activebetween FY16 and FY18 as banks look to meet the minimum requirements. The banks capitalization is an important

supporting factor for the current variable ratings. Fitch notes quantity and quality of capital across the banks underpinabsorption capacity when asset portfolios are stressed under adverse scenarios. The stress test shows that capitaimpairment for all the three banks is zero to negligible under stress conditions.

5) Standard Chartered may lose NY license over Iran ties ET Aug 7New York's top bank regulator threatened to strip the state banking license of StandardChartered Plc, saying it was a "rogue institution" that hid $250 billion in transactions tied to Iran,in violation of US law. The New York State Department of Financial Services on Monday said thebank "schemed" with the Iranian government and hid from law-enforcement officials 60,000secret transactions in order to generate hundreds of millions of dollars in fees. StandardChartered is the third British bank to be ensnared in US law-enforcement probes this summer.Barclays Plc agreed to pay $453 million to settle US and UK probes that it rigged a global benchmark in June.

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6) Pvt. Banks reject Fin Min's joint lending proposal BS Aug 7Private sector lenders have turned down the finance ministrys proposal that banks form a groupand enter into a joint lending agreement for corporate loans of more than Rs 150 croreAccording to the proposal, in case a loan becomes non-performing for one bank, all the membebanks of the consortium would classify the loan as a non-performing asset (NPA). Bankers saidthe uniform asset classification proposal would lead to legal complications. Also, Reserve Bank oIndia (RBI) norms had to be changed to implement the proposal, they added. If the loan hasnot become an NPA for a bank, the SARFAESI Act (the Securitization and Reconstruction o

Financial Assets and Enforcement of Security Interest Act, 2002) cannot be invoked, said a senior executive from apublic sector bank. The Act enables lenders to recover dues without court intervention. Banks and financial institutions

can take possession of securities in case of a default and sell these to recover the loan. According to the policy onjoint lending agreement prepared by the finance ministry, the proposal was floated in the light of recent high-valufrauds that resulted from the lack of an information-sharing mechanism among banks.

7)RBI allows banks to accept spectrum as collateralBS Aug 7The finance ministry has endorsed the RBI stance and has asked the telecom department to

expedite policy changes to allow spectrum to be used as collateral by lenders of telecom

companies, saying this will 'boost the confidence' of banks and allow mobile phone companies to

raise loans. The RBI nod is significant, as the Supreme Court has set an August 31 deadline to

complete the spectrum auction. Telcos had warned that they would be unable to pay the minimum

price prescribed by sector regulator Trai as banks had stopped lending to telecom companies after the 2G spectrum

scam that resulted in the Supreme Court quashing 122 mobile permits issues by former telecoms minister A Raja. Tra

had recommended that the reserve price for each unit of airwaves in the 1800 MHz band be set at 3,622 crore in the

upcoming sale. The total debt of the telecom industry is estimated at 2,75,000 crore.

8)Top PSBs keen on opening branches in Pakistan BS Aug 8A clutch of top public sector banks are looking to open branches in Pakistan. These include PunjabNational Bank (PNB), Bank of India (BoI) and State Bank of India. For banks such as PNB and BoIit would be a sort of homecoming as their roots were in Pakistan, prior to partition. Leading in therace to once again establish presence in Pakistan is PNB, which started its journey in Lahore in1894. PNB has volunteered to open a branch in Pakistan and submitted its application to theIndian banking regulator Reserve Bank of India, official sources told Business Line. Authorities inPakistan have in-principle agreed to such a move. Talks are on between the Indian and Pakistanbanking regulators to permit more banks from either side to open branches in each others

territory, they said. The bank is looking to get back some of its earlier assets now held in Pakistan. These assets werefrozen at the time of partition. The permission to open bank branches is granted by the two countries on a reciprocabasis.

9) SME loans: SBI to close one-time settlement scheme ET, Smart Investor Aug 8State Bank of India is closing its one-time settlement (OTS) scheme for bad loans of small, microand medium enterprises due to disappointing response. A senior official of the countrys largestlender said the response to OTS has been less than desired. The repayment capacity is undersevere strain, making it tough to close chronic accounts. Under the scheme, the personsconcerned would have to pay upfront five per cent of the loan taken for settlement of the dueswithin a year. It was part of the effort to recover and settle loan accounts. The scheme provideddiscounts of 15 per cent to borrowers who make full payment within a month and 10 per cent to those paying back inthree months from the date of approval of the OTS.

10) Public Banks frauds nearly double to 3799 cr in FY11: CBI FE Aug 8

Losses suffered by public sector banks in frauds nearly doubled to Rs 3,780 crore in 2010-11 ovethe previous year, CBI Chief A P Singh said, prompting the probe agency to work on a database obank fraudsters. Singh said today the increasing amount of frauds in the banking sector is a"disturbing factor". "Banks lost Rs 2,017 crore due to frauds in 2009-10. This has seen a quantum

jump (88 per cent) in 2010-11, with the loss amount rising to Rs 3,799 crore," he told the annuaconference of Chief Vigilance Officers of public sector banks and financial institutions. CBI will nowonly register bank fraud cases involving loss of over Rs three crore. Frauds involving loss of belowRs three crore shall be reported to state police," he said.


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Finance Feature:Dont blame futures for inflation

http://www.financialexpress.com/news/column-dont-blame-futures-for-inflation/985240/0

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http://www.financialexpress.com/news/column-dont-blame-futures-for-inflation/985240/0http://www.financialexpress.com/news/column-dont-blame-futures-for-inflation/985240/0http://www.financialexpress.com/news/column-dont-blame-futures-for-inflation/985240/0


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Charts & Graphs: : http://www.tradingeconomics.com/india/balance-of-trade

SOURCES FOR COVER STORY

http://www.indian-share-tips.com/2012/03/general-anti-avoidance-rules-gaar.html#ixzz22lWJDugShttp://www.indian-share-tips.com/2012/03/general-anti-avoidance-rules-gaar.html

http://www.firstpost.com/business/gaar-proposals-too-vague-international-business-council-395372.htmlhttp://www.thinkplaninvest.com/2012/05/what-is-gaar/

http://articles.economictimes.indiatimes.com/2012-03-30/news/31261273_1_gaar-commercial-substance-capital-gains-taxhttp://www.thehindubusinessline.com/industry-and-economy/taxation-and-accounts/article2230641.ece

http://business-standard.com/india/news/general-anti-avoidance-rulethe-burdenproof/473569/http://www.business-standard.com/india/news/rules-for-reform/480689/

http://www.business-standard.com/india/news/foreign-investors-body-against-example-based-gaar-draft/480261/http://www.business-standard.com/india/news/fiis-seek-full-exemptiongaar-provisions/479932/

SOURCES FOR PERSONALITIES OF THE WEEK:

http://profit.ndtv.com/News/Article/why-p-chidambaram-rbi-governor-d-subbarao-meeting-matters-308868http://www.hindustantimes.com/News-Feed/Editorials/He-s-got-off-on-the-right-foot/Article1-909909.aspx

http://en.wikipedia.org/wiki/P._Chidambaramhttp://www.indianexpress.com/news/p-chidambaram-signals-major-course-correction/984646/0

http://timesofindia.indiatimes.com/business/india-business/P-Chidambaram-may-have-to-mend-fences-with-RBI/articleshow/15398224.cms

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/fdi-or-not-will-recapitalize-kingfisher-airlines-vijay-mallya/articleshow/15398676.cms

http://www.moneycontrol.com/news/business/many-interestedinvestingkingfisher-mallya_733317.htmlhttp://en.wikipedia.org/wiki/Vijay_Mallya

http://www.theubgroup.com/group_information.aspx

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

INDUSTRY ANALYSIShttp://en.wikipedia.org/wiki/Communications_in_India

http://www.ibef.org/artdispview.aspx?in=72&art_id=31901&cat_id=470&page=2http://www.ibef.org/artdisplay.aspx?cat_id=468&art_id=27956

http://www.ibef.org/download/Telecommunication50112.pdfhttp://profit.ndtv.com/News/Article/the-indian-telecom-saga-dream-turned-sour-308142

http://articles.timesofindia.indiatimes.com/2011-03-08/services-apps/28667958_1_telecom-sector-energy-cost-rural-areashttp://telecomlead.com/inner-page-details.php?id=10700&block=News

http://www.mymobile.co.in/news/indian-telecom-industry-to-follow-the-green-suit/http://www.trai.gov.in/WriteReadData/UserFiles/Documents/AnuualReports/ar_10_11.pdf

http://en.wikipedia.org/wiki/File:Wireless_telephone_market_in_India.pnghttp://news.biharprabha.com/2012/05/now-enjoy-no-roaming-charges-across-whole-india/

SOURCES FOR NEWS ANALYSIS (1-15)

1) Videocon hires LGs executives & adopts its strategy to regain its market share - ET

http://articles.economictimes.indiatimes.com/2012-08-03/news/33020190_1_anil-arora-lg-india-indian-durables2) Reuters finds American premium brands being illegally sold in India Reuters/ IBN Livehttp://in.reuters.com/article/2012/08/02/abercrombie-fashionandyou-myntra-snapdea-idINDEE87106820120802

http://ibnlive.in.com/generalnewsfeed/news/a-shopper-walks-down-fifth-avenue-with-an-abercrombie--fitch-bag-in-new-york/1035574.html

3) Govt relaxes its norm on land transfers which would boost infrastructure projects HT/ Moneycontrolhttp://www.hindustantimes.com/India-news/NewDelhi/PM-relaxes-ban-on-land-transfer-for-infra-plans/Article1-907258.aspx

http://www.moneycontrol.com/news/business/pmo-land-transfer-move-to-aid-ppp-projects-feedback-infra_739718.html4) Maruti in loss with non-operating Manesar plant. Mamta & Modi in a race to woo Maruti ET/BS

http://articles.economictimes.indiatimes.com/2012-08-02/news/33001410_1_manesar-plant-maruti-brass-rc-bhargavahttp://www.business-standard.com/generalnews/news/maruti-to-resume-production-soon-at-manesar-hooda/40928/

http://www.thehindubusinessline.com/companies/article3731428.ece?ref=wl_opinion5) Social Media on the rise. Firms now tap consumers online ET/TOI

http://articles.economictimes.indiatimes.com/2012-07-31/news/32961496_1_walmartlabs-kosmix-social-mediahttp://economictimes.indiatimes.com/tech/internet/after-e-commerce-now-is-the-turn-of-social-

commerce/articleshow/15361483.cmshttp://economictimes.indiatimes.com/tech/internet/maruti-suzuki-and-samsung-lead-social-media-space-nielsen-mckinsey-

report/articleshow/15372054.cms6) Woodland becomes Indias first carbon-neutral store FE/ Guardian UK

http://www.financialexpress.com/news/slash-carbon-footprint-get-discounts/982423/0http://www.guardian.co.uk/business/2010/feb/02/tesco-carbon-neutral-green-building

7) Wadia Group charges Royalty to group companies BS/Livemint/The Hindu Business Linehttp://business-standard.com/india/news/feature-royalty-at-nusli-wadia-cos-to-hurt-shareholders/181979/on

http://www.livemint.com/2012/08/06224944/Wadia-group-companies-to-pay-u.html?h=Bhttp://www.thehindubusinessline.com/companies/article3734983.ece

8) Worst may be over Indias best airlines - ET/Reuters/Firstposthttp://in.reuters.com/article/2012/08/06/india-airlines-spicejet-kingfisher-idINDEE87506M20120806

http://www.firstpost.com/business/jet-spicejet-profit-doesnt-mean-aviation-is-in-better-shape-406407.html

http://articles.economictimes.indiatimes.com/2012-08-06/news/33065374_1_spicejet-jet-airways-profithttp://www.moneycontrol.com/news/buzzing-stocks/spicejet-hits-52-week-highvalue-buying-rises-13_741408.html
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17/17

http://articles.economictimes.indiatimes.com/2012-08-05/news/33036340_1_neil-mills-kalanithi-maran-spicejet

9) CIBILs plan to rate MFIs gets delayed by Adhaar implementation - DNA/BShttp://business-standard.com/india/news/cibil-mulls-risk-index-for-corporates/181894/on

http://www.dnaindia.com/money/report_cibil-waits-for-aadhar-to-rate-microfinance-customers_1725222http://business-standard.com/india/news/at-93-mnthirdmfi-borrowersdefaulters/468617/

10) Corporate debt ratio has reached dangerous levels in China- The Hindu Business Line/Telegraph UKhttp://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9459263/Forex-focus-China-needs-West-more-than-the-other-

way-round.htmlhttp://www.thehindubusinessline.com/news/international/article3737831.ece

11) Cognizant topples Infosys to become No.2 IT co. in India- The Hindu Business Line/TOIhttp://timesofindia.indiatimes.com/business/india-business/Cognizant-topples-Infy-as-No-2-IT-company/articleshow/15382942.cms?

http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3738785.ecehttp://articles.timesofindia.indiatimes.com/2012-08-07/strategy/33082607_1_malcolm-frank-client-relationships-environment

12) After HSBC, now its StanCs turn to undergo US scanner - BS/EThttp://economictimes.indiatimes.com/news/international-business/standard-chartered-lapse-not-an-outsourcing-issue-say-

experts/articleshow/15407468.cmshttp://www.business-standard.com/india/news/after-hsbc-stancs-india-outsourcing-under-us-scanner/482657/

13) CBI in alert mode as banking frauds took quantum jump in FY2010-11 - The Pioneer/The Indian Expresshttp://www.dailypioneer.com/nation/86003-cbi-system-to-check-spurt-in-banking-frauds-on-cards.html

http://www.indianexpress.com/news/psu-banks-frauds-nearly-doubles-to-rs-3-799-cr-in-201011-cbi/985088/0 14) Its Quality Walls Frozen Desserts now TOI/ ET

http://articles.economictimes.indiatimes.com/2012-08-02/news/33001289_1_ice-cream-ice-cream-kwality-wallshttp://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIPU/201

2/08/07&PageLabel=19&EntityId=Ar01900&ViewMode=HTMLhttp://articles.economictimes.indiatimes.com/2012-06-07/news/32101344_1_advertising-standard-council-asci-code-misleading-

advertisements

15) RBI Governor Subbarao meets P Chidambaram to discuss economy- TOI/ET/NDTV Profit

http://timesofindia.indiatimes.com/business/india-business/Now-RBI-blames-govt-of-policy-stasis/articleshow/15383079.cmshttp://articles.economictimes.indiatimes.com/2012-08-06/news/33065673_1_macro-economic-situation-retail-inflation-rbi-

governor-d-subbaraohttp://profit.ndtv.com/News/Article/why-p-chidambaram-rbi-governor-d-subbarao-meeting-matters-308868

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http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article3731862.ecehttp://www.business-standard.com/india/news/top-three-private-banks-will-need-rs-70k-cr-fitch/482318/

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http://smartinvestor.business-standard.com/market/Compnews-128218-Compnewsdet-SME_loans_SBI_to_close_one_time_settlement_scheme.htm

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