IT Sector Equity Research Report January 14‚ 2011 IT-Tier 1 IT Services THEMATIC Humpty Dumpty sat on a wall… Analyst contact Ankur Rudra‚ CFA Tel: +91 22 3043 3211 ankurrudra@ambitcapital.com Tier 1 Indian IT firms have outperformed the Sensex by 14% over the last twelve months and are trading at ~20x FY12 P/E. Such share prices imply long term revenue growth rates >20% over FY11-16 and sustained margin performance. Our reverse DCF analysis indicates that this will be tough to
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of bank management in recent decades? Has the overall outcome of the changes been greater stability in the banking sector? Discuss the respective roles of asset and liability management in modern banking. Deregulation‚ innovation and globalisation has changed the way banks run from asset management to liability management‚ as well as the change from ‘mono’ to ‘multi-tasking’ and the increased competition in the sector as well as risk. The banking system has evolved drastically from the traditional
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BRIEF INTRODUCTION OF INDIA AND OVERVIEW OF INDIA’S ENERGY SECTOR Background of India: India is located in south Asia with the population of 1.24 billion people. It has huge amount of population that is why it is known as 2nd largest country in the world and due to vast population large number of people are living in severe poverty. India is having democratic setup and because of enormous population they are not able to provide basic necessities of life to their citizens although India is considered
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ANALYIS OF FMCG SECTOR IN INDIA (MOHD FARHAN KHAN) Fast Moving Consumer Goods (FMCG) goods are popularly named as consumer packaged goods. Items in this category include all consumables (other than groceries/pulses) people buy at regular intervals. The most common in the list are toilet soaps‚ detergents‚ shampoos‚ toothpaste‚ shaving products‚ shoe polish‚ packaged foodstuff‚ and household accessories and extends to certain electronic goods. These items are meant for daily of frequent consumption
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of ct e t i no dy t a itac c oI s d s b i s ant oa u n v n i a e nem w h h t ne s r m s i e t e e a x mot . c e t ce am rhp e a n w ps s r os t n d e a he y t a e my e l f a l liTsu s len tno c a da sen a a tu n li f h n my ps i o ha l a i c un a n tn as r td . et msf n y da s e as Bd cnn hpo m a f 27 S F oe i ial i f cn p o6 E Ma I a s ss poi r 0 le G i i d a zi oe e m i s C t m p s w e xar r n t m e if s o 0 d ? 0 t 1Te o u t nu n liole G o 1 o ee
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about some moments that exemplify the Vodafone way of doing things‚ moments of magic that delight their customers. The programme is run on "My world"‚ their employee portal‚ where employees can write a tale about their colleagues’ experience which has delighted a customer. The employees whose stories are rated as the three best of the month get recognised as ‘Service Champions of the Month’. The Service Champions are featured in their quarterly internal video magazine titled ‘Vodafone Tube’‚ besides
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Incrementalism or incremental budgeting is the budget system that uses the previous year’s budget to set the next year’s budget with incremental changes instead of large financial changes. Many businesses currently use incremental budget systems. When the incremental budge system is used businesses have to have a spend it or lose it mentality to make it work. The system is created from the previous resources allowing only for minor changes as allowed by the budget. Many sites such as Tutor2u suggest
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Companies in sector support the sectorial expansion with their expansion strategies‚ negative business administration fund and powerful cash creating capabilities. The defensive structure of sector and low penetration strengthen this situation. With the increase in consumer demand‚ rapid urbanization‚ increase in large scale retail investments the number of shopping malls in Turkey increased by more than 20% in the last two years. In the same period‚ the total surface rent area in Turkey increased by more
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EXECUTIVE SUMMARY A retrospect of the events clearly indicates that the Indian banking sector has come far away from the days of nationalization. The Narasimham Committee laid the foundation for the reformation of the Indian banking sector. Constituted in 1991‚ the Committee submitted two reports‚ in 1992 and 1998‚ which laid significant thrust on enhancing the efficiency and viability of the banking sector. As the international standards became prevalent‚ banks had to unlearn their traditional
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Security sector reform is a comprehensive whole government approach and set of various activities designated to provide an effective and legitimate public service‚ the rule of law‚ security‚ civil authority and overall security condition to the public. It may include reforms and reestablishments (not limited) in areas such as military‚ justice‚ Police as well as other essential areas of the state. Security sector reform promotes stability and should result in the effective and legitimate rule of
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