c

c
CORPORATE
FINANCE c
c c

MAJOR ASSIGNMENT
± STOCK MARKET
ANALYSIS

BATCH ± MBA 14 A

SUBMITTED TO ±

’c Ms. Rupa

SUBMITTED BY ±

’c Nibin Varghese Charley

BLR0907033040
c
 CORPORATE FINANCE c Panuary 24, 2010c
c
c

¯
 


INTRODUCTION ................................ ................................ ................................ ............................. 3

DLF LIMITED ................................ ................................ ................................ ................................ .. 4
OVERVIEW ................................ ................................ ................................ ................................ .. 4
FINANCIAL BACKGROUND ................................ ................................ ................................ ..... 4
MPHASIS LIMITED ................................ ................................ ................................ ......................... 5
OVERVIEW ................................ ................................ ................................ ................................ .. 5
FINANCIAL BACKGROUND ................................ ................................ ................................ ..... 5
ANALYSIS ................................ ................................ ................................ ................................ ....... 6
DLF LIMITED ................................ ................................ ................................ .............................. 7
MPHASIS LIMITED ................................ ................................ ................................ ................... 12
CONCLUSION ................................ ................................ ................................ ............................... 17
REFERENCES ................................ ................................ ................................ ................................ 19

c c

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc
c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
ô ¯ ¯ô 
c

Companies over the years had been offering a small part of the company¶s share to
the public. This process of congregating large sum of money by companies is called as share
issuing. The people who own this share are termed as share holders and they also posses
some amount of right within the company. Apart from enjoying the rights of the company
they also receive dividends on their investments. Some of the important terms relating to
market share are -

’c Ý
  ± Face value is the initial price at which the company share is sold to the
investor.
’c 9    ± Market value is the current price of the share available for sale. 
’c d 


± Dividend is the percentage of profit gained by the company paid to the
share holders.

Markets are classified into three types primary, secondary and tertiary.

Primary market is the place where shares are first issued. This is termed as Initial
Public Offering (IPO) which means that the shares and debentures are transferred from the
sellers to the investors. The 3 concepts which are related to primary market are Rights Issue,
Placements and Tender. Right issues are giving shares to the existing customers on the basis
of pro rata, Placement is the method of issuing shares to certain selected institutions and
Tender is related to issuing shares to government agencies.

Secondary market, also known as the aftermarket, is the financial market where
previously issued securities, stock, bonds, options, and futures are bought and sold. The
concept of ³secondary market´ is also used to refer to the market for the purchase or selling
of any used goods or assets. Another way of referring secondary market is to loans which are
sold by a mortgage bank to investors. Secondary market is primarily known as ³Stock
Market´ or ³Stock Exchange´ in most of the countries. A stock exchange is the mutual
organization providing trading facilities for stock brokers, traders and other securities. For a
shared to be sold in a secondary market it has to be listed under the market and based on
various demand and other factors such as recession, market growth, inflation and so on, the
shares are bought and sold by the investors

Submitted By ± Nibin Varghese Charley (BLR0907033040)c c c

c
c
 CORPORATE FINANCE c Panuary 24, 2010c
c
Tertiary markets involve the provision of services to businesses as well as final
consumers. Services may involve the transport, distribution business and sale of goods from
producer to a consumer.

ô
ô¯ 

ô

DLF Limited is the country¶s largest company in real estate in terms of revenues,
earnings, market share and the area developed. A company with a constant growth of 62
years has approximately 238 completed projects and 423 planned projects which are spread
across 30 different cities. The primary business of the company is enlargement of suburban,
industrial and vendor properties. The company¶s earnings is based from construction and
rentals of buildings. DLF has also marked its presence in construction of government
infrastructure, Special Economic Zone and also into hotel businesses. DLF has become a
preferred name with many IT & ITES majors and leading Indian and International corporate
giants, including GE, IBM, Microsoft, Canon, Citibank, Vertex, Hewitt, Fidelity Investments,
WNS, Bank of America, Cognizant, Infosys, CSC, Symantec and Sapient, among others.
DLF has a strong management team running independent businesses, though complementing
each other in cases of opportunities of mixed land use. DLF's mission is to build a world-
class real estate development company with the highest standards of professionalism, ethics
and customer service and to thereby contribute to and benefit from the growth of the Indian
economy.

ô  ô 
c

c The company has a total 5,877,850 equity shares which is been sold for Rs. 2 each
and 1,338,603,595 equity shares of Rs. 2 each fully paid issued as bonus shares by the way of
capitalisation of free reserves and share premium account. During the year, there was a
decrease in the arrears by Rs. 94.55 lacs, which comprised of 0.26 lacs share capital and
94.29 lacs of share premium. During this year the company also decided to buy back some of
its shares from the open market. Under this process the company bought back 7,623,567
equity shares till March 31, 2009. On this buy back procedure the company accounted for an
increase in the reserves to Rs. 152.47 lacs. The profit of the company during the year 2008-09
is 4,468.19 crores when compared to 7,813.27 crores during the year 2007-08.
Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c c
c
 CORPORATE FINANCE c Panuary 24, 2010c
c

ôô
ô¯ 

ô
c

Mphasis Limited was formed in the year 2000 when the US-based IT consulting
company Mphasis Corporation, founded in 1998 merged with Indian IT services company
BFL Software Limited which was founded in 1993. Mphasis supports G1000 companies
around the world in the improvement of their business processes. Our unique strength lies in
our ability to provide integrated solutions involving Infrastructure Technology, Application
& Business Process Outsourcing capabilities. The convergence of technologies such as web
services, workflow software and business performance monitoring along with business
intelligence and customer focus drive all our services delivery offerings. Our emphasis is on
developing flexible platforms that allow our clients to rapidly implement business processes
with minimal capital outlays. The company is also certified with ISO 9001:2008, ISO/IEC
27001:2005. They are also into SEI CMMI, ISO and Six Sigma related services support. The
company¶s strong point lies in the Banking, Financial Services, and Insurance and
Technology industries. The company¶s vast experience in various projects has permitted them
to expand their focus to the Healthcare and Telecom industries as well.

ô  ô 

The revenues raised from different services grew by 26.5% during the year 2009
when compared to the previous year. A major growth was experienced in ITO, followed by
Application Services and BPO. During the same year there was an increase in the cost
revenue of 21.5% compared to the previous year. The growth of cost revenue saw a decrease
due to discretionary expenses and reduced facilities cost. The company also saw a significant
increase of gross profit which climbed to 38.7% when compared with the previous year.

Submitted By ± Nibin Varghese Charley (BLR0907033040)c c c c c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
 ô
c

The main motto of this report is to study the stock market and analyse the various
trends and changes happening in the market. Analysing a particular company helps the
investor to decide whether or not to purchase the share of that particular firm. The analysis
part can be basically done through two method-Observational and the technical method.

The Observational method is based on the variations and changes happening in the
market. In this method the investor is vigil about the variations in the market and the current
trend of the market. By understanding the up and down of the market the investor gets a clear
cut idea of what is happening in the market and where to invest. One of the major
disadvantage of this method is that there is no scientific or calculation data to back the
analysis, it completely depends on the current trend of the market.

Another method for analysis is the technical method and one of the frequent and
favoured methods used is the moving average method. In this method the average of the
previous stock value is taken to predict the future values. The major disadvantage of this type
is that it does not consider the current happenings around the market.

This report is predicted based on the observational method. For complementing the
analysis the report has been backed by the news and current events on the company as well as
the industry or the sector.


c

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c


ô
ô¯ 

rEEK 1 (23.11.2009 ± 27.11.2009)

DLF LTD DLF LTD

Day's Day¶s Day¶s Previous Previous Day's Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
23-11-2009 372.15 380.70 371.00 375.00 374.75 -2.60
24-11-2009 373.00 380.00 369.10 372.75 372.15 0.85 -0.70 -1.90 -2.25 -2.60
25-11-2009 362.15 375.50 360.60 373.00 373.50 -10.85 -4.50 -8.50 0.25 1.35
26-11-2009 354.25 366.00 352.05 360.00 362.15 -7.90 -9.50 -8.55 -13.00 -11.35
27-11-2009 350.60 355.70 326.00 350.00 354.25 -3.65 -10.30 -26.05 -10.00 -7.90
Predicted 350.10 - - - - - - - - -
Value

 

     
^

^

^

^

^

^ 

^

^

^^


This week so a major turnaround when the government increased the rates of the
property in major cities. DLF announced a marginal hike in prices of its property in
Bangalore. This actually brought a decrease in the stock values as there was decrease in the
trend of the real estate business. Investors during this week were sceptical whether or not to
invest during this week. On 25th November 2009 DLF dipped drastically although the
company saw some positive signs during the beginning of the day.


 Considering all the current events and the trend I would predict the
following for the start of the next week. Day¶s Index- 350.10
Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c
c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 2 (30.11.2009 ± 04.12.2009)
   
Day's Day¶s Day¶s Previous Previous Day's Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
30-11-2009 351.60 362.00 349.25 358.00 350.60 1.00 6.30 23.25 8.00 -3.65
01-12-2009 370.80 372.20 353.60 358.00 351.60 19.20 10.20 4.35 0.00 1.00
02-12-2009 384.50 387.00 374.50 379.00 370.80 13.70 14.80 20.90 21.00 19.20
03-12-2009 383.90 391.50 382.00 384.50 384.50 -0.60 4.50 7.50 5.50 13.70
04-12-2009 380.50 387.50 375.70 380.00 383.90 -3.40 -4.00 -6.30 -4.50 -0.60
Predicted 372.10 - - - - - - - - -
Value

 
^

^

^


^

^ 

^ 

^^


The week showed a high in DLF¶s stock as it advances by 4.2%. On December 2nd
DLF moved ahead when it reintroduced its IPO plan which was abandoned in the year 2008.
This week also showed a major transformation when DLF invested a massive US $1.2 billion
in the real estate in Singapore. This in turn helped the company to gain its market value from
the previous week. Later half of the week saw a weakening stock in the real estate business
and analysts stated that this condition would remain for few days.


 After analysing the week it was possible to predict that the market
value would still weaken and decrease. Thus with the following assumption the following
prediction was made.

Day¶s Index - 372.10

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 3 (07.12.2009 ± 11.12.2009)

   
Day's Day¶s Day¶s Previous Previous Day's Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
07-12-2009 369.55 384.10 366.85 380.85 380.50 -10.95 -3.40 -8.85 0.85 -3.40
08-12-2009 382.60 384.45 362.20 369.00 369.55 13.05 0.35 -4.65 -11.85 -10.95
09-12-2009 382.65 388.80 370.00 374.40 382.60 0.05 4.35 7.80 5.40 13.05
10-12-2009 386.15 389.85 379.50 381.10 382.65 3.50 1.05 9.50 6.70 0.05
11-12-2009 382.60 394.40 377.10 392.00 386.15 -3.55 4.55 -2.40 10.90 3.50
Predicted 380.50 - - - - - - - - -
Value

 

   ^  
^


^

^


^

^


^

^


The weakened stock market of the previous week resulted into a major disaster when
a major partner DE Shaw exited DLF assets with US $450-470 million. Reports also state
that Rajiv Singh, the vice chairman of DLF had to sell 9.9% of his stake to raise funds for the
exit. This had a negative impression on the investors and the company¶s graph took a major
dip.

PREDICTION: After understanding the company¶s disaster this week would

definitely reflect a dip in the next week. After analysing the events I predict the following for
this week.

Day¶s Index ± 380.50

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 4 (14.12.2009 ± 18.12.2009)

   
Day's Day¶s Day¶s Previous Previous Day's Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
14-12-2009 382.65 386.05 378.25 384.00 382.60 0.05 -8.35 1.15 -8.00 -3.55
15-12-2009 381.00 388.00 377.65 385.00 382.65 -1.65 1.95 -0.60 1.00 0.05
16-12-2009 379.40 383.90 375.25 379.00 381.00 -1.60 -4.10 -2.40 -6.00 -1.65
17-12-2009 365.00 379.00 360.10 376.95 379.40 -14.40 -4.90 -15.15 -2.05 -1.60
18-12-2009 358.15 371.90 356.10 360.00 365.35 -6.85 -7.10 -4.00 -16.95 -14.05
Predicted 351.40 - - - - - - - - -
Value

 

     
^

^

^

^

^

^ 

^

^ 

^


DLF limited is all set to acquire a property owned by one of its founder. This
transaction is mainly done through one of its entities DLF cyber city to repay the debts of
DLF limited. This was a push factor for the investors as the company regained its market
value to some extent. This week also a restructuring of the firm before they integrated with
DLF assets and the structuring was based on 4 verticals - annuity (comprising leased assets
like IT parks, offices and malls), Gurgaon, Super Metros and Rest of India. On 17th of
December the company¶s market value dipped by 3.6% and many analysts reported not buy
DLF.

PREDICTION: As it was seen that there was major dip in the market value of DLF
and my predictions are as follows ± Day¶s Index ± 351.40

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 5 (21.12.2009 ± 24.12.2009)

   
Day's Day¶s Day¶s Previous Previous Day's Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
21-12-2009 350.45 360.80 348.70 360.00 358.15 -7.70 -11.10 -7.40 0.00 -7.20
22-12-2009 355.60 358.45 352.05 355.00 350.45 5.15 -2.35 3.35 -5.00 -7.70
23-12-2009 365.90 367.35 357.00 359.00 355.60 10.30 8.90 4.95 4.00 5.15
24-12-2009 370.30 375.65 366.00 368.00 365.90 4.40 8.30 9.00 9.00 10.30
Predicted 367.25 - - - - - - - - -
Value

 

     

^

^


^

^


^


^ 


^

^









^






Although the company was rated as the top loser the previous week, the company
turned the tide and showed a endeavour to pull back the market share. This week saw the
company¶s positive stand on merging with DAL which was supported by many analysts to
buy the share. This merger was supportive for the shareholders and most of the brokers felt
the ratio between the two entities was a fair deal for both parties.

PREDICTION: After understanding the advantages and benefits of merging the

company saw a stable week as compared to the previous week. The prediction for this week
would be as follows ± Day¶s Index ± 367.25

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c

ôô
ô¯ 

rEEK 1 (23.11.2009 ± 27.11.2009)


  
 
Days Days Day¶s Previous Previous Day¶s Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
23-11-2009 691.75 721.90 687.00 717.70 714.65 -22.90
24-11-2009 697.40 717.00 685.00 700.00 691.75 5.65 -4.90 -2.00 -17.70 -22.90
25-11-2009 669.50 719.90 666.00 705.00 697.40 -27.90 2.90 -19.00 5.00 5.65
26-11-2009 672.70 682.00 657.10 674.00 669.50 3.20 -37.90 -8.90 -31.00 -27.90
27-11-2009 676.90 680.00 644.15 661.00 672.70 4.20 -2.00 -12.95 -13.00 3.20
Predicted 675.35 - - - - - - - - -
Value

MPHASIS LIMITED - rEEK 1

700.00
695.00
690.00
685.00
680.00
675.00
670.00
665.00
660.00
655.00
23/11/2009 24/11/2009 25/11/2009 26/11/2009 27/11/2009
c

c On 24th December 2009, the company¶s quarterly statement showed a net profit up by
33.9% which resulted in the market value from 691.75 to 697.40. The company had shown a
tremendous growth over the past two years. The revival of its competitor caused the
company¶s dip over the week. Many advisors still believed that the company is worth buying
at a market value of 725. This had a major inspiration on the investors to invest more onto the
company which drastically helped in the inclination of the company.

PREDICTION: After analysing this week trends, the coming week would see the
following index.

Day¶s Index ± 675.35

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc 
c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 2 (30.11.2009 ± 04.12.2009)

  
 
Days Days Day¶s Previous Previous Day¶s Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
30-11-2009 676.85 694.00 672.10 685.00 676.90 -0.05 14.00 27.95 24.00 4.20
01-12-2009 680.75 694.00 675.00 694.00 676.85 3.90 0.00 2.90 9.00 -0.05
02-12-2009 664.40 689.00 662.05 688.00 680.75 -16.35 -5.00 -12.95 -6.00 3.90
03-12-2009 700.45 706.50 665.10 665.10 664.40 36.05 17.50 3.05 -22.90 -16.35
04-12-2009 699.25 718.90 695.00 699.50 700.45 -1.20 12.40 29.90 34.40 36.05
Predicted 700- - - - - - - - - -
Value 702

MPHASIS LIMITED - rEEK 2

710.00

700.00

690.00

680.00

670.00

660.00

650.00

640.00
30/11/2009 01/12/2009 02/12/2009 03/12/2009 04/12/2009

This week showed a huge turnaround in the Indian markets as Sensex fell flat and
there was nothing to look upon for the IT companies as most of their market values came
down considerably. As the entire country was looking forward for the national budget, many
company¶s including Mphasis were preparing for a crucial move. The company also
predicted that it would attain its target between 830-840 which inspired the shareholders to
invest and bring back the company in the right direction.

PREDICTION: Following the fall of the Sensex the company made a drastic move to
come back in the right direction and hence the prediction for this week would be that it would
lie between 700 and 702.

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc 

c
c
 CORPORATE FINANCE c Panuary 24, 2010c
c

rEEK 3 (07.12.2009 ± 11.12.2009)


  
 
Days Days Day¶s Previous Previous Day¶s Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
07-12-2009 702.25 712.10 696.00 705.70 699.25 3.00 -6.80 1.00 6.20 -1.20
08-12-2009 699.70 707.35 688.00 707.35 702.25 -2.55 -4.75 -8.00 1.65 3.00
09-12-2009 706.10 718.00 690.00 696.00 699.70 6.40 10.65 2.00 -11.35 -2.55
10-12-2009 703.75 717.00 700.25 717.00 706.10 -2.35 -1.00 10.25 21.00 6.40
11-12-2009 697.50 716.00 690.10 716.00 703.75 -6.25 -1.00 -10.15 -1.00 -2.35
Predicted 695.35 - - - - - - - - -
Value
c

MPHASIS LIMITED - rEEK 3

708.00
706.00
704.00
702.00
700.00
698.00
696.00
694.00
692.00
07/12/2009 08/12/2009 09/12/2009 10/12/2009 11/12/2009
c
c

Mphasis started its new facility in Sri Lanka on 8th December 2009. Although this
move was a part of the development programme of the company, it could not regain back the
growth of the company which it saw in the initial years. This was mainly because of the dip
which was visible in NIFTY. This was also because of the gain of many existing powers in
the market.

PREDICTION: After considering the downfall of the NIFTY it was hard for the firm
to recover really fast hence the company¶s market value would further decrease and it would
reach below 700. The predicted value for this week is Day¶s Index: 695.35

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 4 (14.12.2009 ± 18.12.2009)


  
 
Days Days Day¶s Previous Previous Day¶s Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
14-12-2009 696.05 705.80 694.00 702.00 697.50 -1.45 -10.20 3.90 -14.00 -6.25
15-12-2009 696.30 714.00 693.10 710.00 696.05 0.25 8.20 -0.90 8.00 -1.45
16-12-2009 697.90 704.00 688.30 703.30 696.30 1.60 -10.00 -4.80 -6.70 0.25
17-12-2009 709.00 713.25 697.00 702.85 697.90 11.10 9.25 8.70 -0.45 1.60
18-12-2009 726.15 734.00 706.90 706.90 709.00 17.15 20.75 9.90 4.05 11.10
Predicted 718.35 - - - - - - - - -
Value

MPAHSIS LIMITED - rEEK 4

730.00
725.00
720.00
715.00
710.00
705.00
700.00
695.00
690.00
685.00
680.00
14/12/2009 15/12/2009 16/12/2009 17/12/2009 18/12/2009
c
c

c The start of the market looking tired which made many experts and analysts suggested
disinvesting from the shares. With the ongoing progress it was predicted that the first few
months of 2010 would be negative which the condition was in 2008. Ambareesh Baliga of
Karvy Stock Broking stated that the Mphasis would reach the target of 840 and it has a long
term target of 1030-1040. This really helped in the inclination of the market value over the
days.

PREDICTION: Looking at the trend of the company it would be predicted that there
is an upward trend in the market and the company the market value would still gain some
amount of value. Day¶s Index - 718.35

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
rEEK 5 (21.12.2009 ± 24.12.2009)


  
 
Days Days Day¶s Previous Previous Day¶s Day¶s Day¶s Previous Previous
DATE Index High Low Open Close Index High Low Open Close
CHANGE IN VALUES (%)
21-12-2009 720.05 741.80 717.10 735.00 726.15 -6.10 7.80 10.20 28.10 17.15
22-12-2009 725.85 734.45 718.35 725.00 720.05 5.80 -7.35 1.25 -10.00 -6.10
23-12-2009 733.50 735.00 723.00 729.80 725.85 7.65 0.55 4.65 4.80 5.80
24-12-2009 731.45 741.75 728.10 739.80 733.50 -2.05 6.75 5.10 10.00 7.65
Predicted 727.15 - - - - - - - - -
Value
c

MPHASIS LIMITED - rEEK 5

735.00

730.00

725.00

720.00

715.00

710.00
21/12/2009 22/12/2009 23/12/2009 24/12/2009
c

The start of the week saw a drastic dip in the NIFTY which put many top companies
of the country fall marginally. But Mphasis had a growth of 5-6% from its previous market
value. The trend of the previous week showed an increase in the market value. On 23rd
December 2010 other competitive software companies gained market value which indicated a
small dip in the graph. One of the major competitive companies which gained this week was
3-infotech limited.

PREDICTION: Assuming from the trend of the market it could be stated that there
would be decrease in the market value. The predicted value for the next week is

Day¶s Index ± 727.15

Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
 ô 
c

Thus a proper study on the stock market was done and a proper analysis was done
using the observational method. The report also helped to understand the market trend and
the various factors which results in the change of the market value.

Submitted By ± Nibin Varghese Charley (BLR0907033040)c c  c c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c


Submitted By ± Nibin Varghese Charley (BLR0907033040)c cc c

c
 CORPORATE FINANCE c Panuary 24, 2010c
c
 


   . (2008). Retrieved Panuary 24, 2010, from Overview:
http://www.dlf.in/dlf/wcm/connect/dlf_common/DLF_SITE/HOME/TOP+LINK/About+US/
Overview


   . (2008). Retrieved Panuary 24, 2010, from Financial Results:
http://www.dlf.in/dlf/wcm/connect/dlf_common/DLF_SITE/HOME/TOP+LINK/Investors/Fi
nancial+Results/

. (2010). Retrieved Panuary 24, 2010, from News on Dlf:

http://www.moneycontrol.com/company-article/dlf/news/D04

. (2010). Retrieved Panuary 24, 2010, from News on Mphasis:

http://www.moneycontrol.com/company-article/mphasis/news/MB02

 ! " . (2006). Retrieved Panuary 24, 2010, from About Us:
http://www.mphasis.com/aboutUs/aboutUs.asp

 ! " . (2006). Retrieved Panuary 24, 2010, from Financial Results:
http://www.mphasis.com/investorRelations/investor_financials.asp

#  !$  #. (2010). Retrieved Panuary 24, 2010, from Strong Study:
http://www.ultratechcement.com/about_us/index.htm

Submitted By ± Nibin Varghese Charley (BLR0907033040)c c c c

c