BANGALORE

A FINANCIAL NEWS LETTER FROM CUIM KENGERI

where knowledge relates money

nishka
date- DECEMBER 5, 2011 ISSUE-20

INDEX
ECONOMIC ROLLERS 3 RBI COLUMN................. 4 RUPEE DEVALUATION . 5 CONTEMPLATORS. 6 THE RUPEE STORY.. 8 THE GREAT DEPRESSION 9 KINGFISHER MISHAP. 10 PHOTO FIND .. 1 1 FINANCE QUIZ.. 12 STOCK ANALYSIS 13 FINANCE BUZZ 15 CROSS WORD. 16 CAMPUS POLL 18 ANSWERS 20 TEAM NISHKA. 22

ECONOMIC ROLLERS
Repo Rate: 8.50% Reverse Repo Rate: 7.50% CRR: 6.0% SLR: 24.0% CBLO :8.41%(as on 18th November 2011) Inflation as on October 2011: WPI: 9.73 % Food inflation(as on 17th November, 2011): 10.63% Forex Reserve(as on 11th November, 2011): $ 314.339 billion IIP (for November 2011): 1.9% 91 Days T bills(for November 2011): 8.9454% 10 year G- Sec Yield (as on 15th October 2011): 8.82% Exports during October 2011: $ 19.9 billion Imports during October 2011: $ 39.5 billion

Source: Finance Ministry, Office of Economic Advisory, HDFC Securities Reports, Ministry of Commerce
BY MANOGYA RAO MBA I- C

RBI COLUMN
Intro d uc tio n of N ew C atego r y of N B F C s - N on B an kin g Fin an cial C o m pa ny-M icr o F in anc e Ins titu ti on s (N B FC -M F Is) In the Sec ond Q uart er R ev iew o f M onetary Policy in N ovem ber 2010, a S ub-Co m m it tee of the C e ntral Boa rd of the R BI (C hairm an: Shri Y. H . M alegam ) w as cons titu ted to s tudy is su es an d conc erns in the M F I s ect or. T he Com m itte e had s ubm itt ed its report in J anuary 2011. In the M on etary Po lic y S tatem e nt 2011-12, it w as a nnounc ed that the bro ad fram ew ork of reg ulations rec om m e nded by the C om m ittee ha s bee n acc epted b y the B ank . C reatio n of a S ep arate C ateg or y of N B F C -M FI R BI d ecided to c reate a s eparate c ategory of NB F Cs v iz; N on Bank ing F inanc ial C om pany M icro F inanc e Ins tit ution (N BF C -M FI). Co nsequ ently there w ould be follow ing c ategories of N BF C s: i. ii. iii. iv . v. vi. vii. As set Financ e C om pan y (AF C ) Inv estm ent C om pan y (IC ) Loan C om pany (LC) Infras truc ture F inan ce C om pa ny (IF C ) C ore Inv estm ent C om pany (C IC ) Infras truc ture D ebt F und- N on- Bank ing F inanc ial C om pan y (ID F-N BF C ) N on-Bank ing Financ ial C om pany - M ic ro Financ e Ins titution (N BF C -M F I).

N B F C-M F I as defin ed by RB I An NB F C-M F I is def ined as a no n-de posit tak ing N BF C (other than a com p any lic ense d under S ection 25 of the Indian C om pan ies Act , 1956) that fu lfils th e follow ing cond itio ns: i. M inim um N et O w ned F unds of R s .5 c rore. (F or N B FC -M F Is registe red in the N o rth Eas tern R egion of the country , the m inim um N OF requirem e nt sha ll stand a t R s. 2 c rore ). ii. N ot less than 8 5% of its net as sets are in the nature of qualify ing ass ets. F or the purpos e of ii. abov e, N et as sets are d efined as tot al as sets other than cas h and ba nk balanc es and m oney m ark et ins trum ents . Qua lif yin g ass et shall m ean a loan w hich s atis fies the f ollo w ing c riteria: lo an dis burse d by a n N BF C -M F I to a borrow er w ith a rural hou sehold annual in com e not e xc eedin g R s. 60, 000 or urban and s em i-urban h ouseh old inco m e not ex ce eding R s. 1,20,000; lo an am ou nt does not ex ceed R s. 35, 000 in t he first cy cle and R s . 50,000 in s ubseq uent c yc les ; total in debtednes s of the borrow er does n ot ex ceed R s . 50,00 0; tenure of the loa n not to be les s tha n 24 m ont hs for loan am ou nt in e xce ss of R s. 15,00 0 w ith p rep aym ent w ithout penalt y; lo an to be extend ed w ithou t collateral; aggregat e am ount of loans , given f or incom e generation, is not les s than 75 per ce nt of the total loans giv en by the M F Is ; lo an is repay able o n w eekly, fo rtnightly or m ont hly ins talm e nts at t he cho ice of the borrow er iii. F urther the inc om e an N BF C -M F I deriv es from t he rem ain ing 15 perc ent of a ss ets s hall be in ac cordanc e w ith the regula tions spe cif ied in that b ehalf.

iv . An N BF C wh ich does not qua lify as an N BF C -M FI s hall not exten d loans to m icro financ e s ector, w hich in aggregate exc eed 10% of its t otal as s ets.

RUPEE DEV ALUA TION

RUPEE DEVALUATION Rupee, the worst performing currency of Asia in the year 2011, which has declined about 14.6% in the year 2011 and has reached to 52.3225 per dollar very close to its low at the time of 2008 economic slowdown. The downward pressure on rupee has been very severe from the month of September, as the euro zone debt crisis emerged. Now the most important thing to think is that, if all the problems are in America and Europe then why our equity markets are falling more than them? Why our currency is getting devalued against their currency? If we look at the statistics, a few days back the current year change in American stock exchange was around +2% for the year, but at the same time Indian equity markets were down about 20% this year to date. Its not that only global markets have impacted on us, but also our domestic indicators are not stable. Effects of this rupee devaluation Increase in exports that result in benefit to export units specially the IT companies who have most of the business outside India It will lead to hike in the cost of imported goods and some of the capital intensive industries may face losses Increases the cost of dollar loans taken by the companies Increase in foreign debt Reduces the overall economic growth rate Higher inflation rate Increase in current account deficits Conclusion: These are some of the reasons that are responsible for the bloodshed in the currency market. RBI being the central bank of India tried to stop this rupee devaluation and did interfere in the process by selling some dollars in the open market. Analysts believe that rupee will soon break its lows and will reach to 55 per dollar very soon . ~ABHISHEK JAIN (I MBA B)

CONTEMPLA TORS
Q 2 E arnings: W ill it bring cheer to FII, M arke ts and Corporates: T he Q2 Ea rnings (July to Septem ber) is alm ost com pleted on 15 Novem ber an d this se ason is n ot so good for ea rnings. Corporate earnings ha d bee n we ak. The com bined botto m line of a total of 3,560 com panie s d eclined 35.8% to R s. 67543 crore and 20.7% growth in sales to Rs. 1133616 crore in Q2 Septem ber 2011 over Q 2 Septem ber 2010 . T he only good news is the top line rem ained unchanged and other incom e rose by 2.44% QoQ. If we look sector or compa ny wise pe rforma nce IT , Oil & Gas and Ba nking sector w ere perform ed well b ut Te lecom , Ce men t, M etal, R eal E state and Auto were the worst perform ers. In IT se ctor Infosys top line in cre ase by 16.58% and top line inc re ase d by 9.72% despite of econo mic uncertainty a round the w orld, off course rupee deprecia tion has helped the IT com pany in their growth. R elia nce Industries ne t profit raised 15.8 YOY a nd turnover raise d by 35 %, ONGC ne t profit rose b y 60% m ainly because o f the higher price realization and lowe r fue l subsidy payout. L ook a t the ba nks like ICICIs ba nk profit rose by 18.9% YOY a nd HDFC profit ju mpe d by 31 .49% yea r-on-year. But w hen we look othe r way round some worst earnings like B harti Airte l net profit de clined by 15.5% du e to forex losses and telec om se ctor have posted negative earnings consecutive from last five quarter, Unitech reported flat net sales but the ir profit dec lin e by m ore than 40% and EB IT DA decline by 30% , TAT A Stee l net down by 89% biggest shoc k of the quarter the stee p fall in net profit is due to lower realization, lower inc ome and a sharp rise in ra w m aterial and fuel costs.Indias biggest ca rm aker reported a de cline in profit by 59.8 per c ent at Rs. 240 .44 crore, due to Ma nesa r labor strike and adve rse foreign e xchange mov em ent. M ost of the com pany a ble to me et the revenue growth but the ir PAT is declining because the y nee d to sell their p roduct in lower ma rgin. T he m ain reason of lowe r earnings is rise in input cost, c urrency flu ctuation eco nomic slow do wn, high depreciation and inte rest cost As m acro headwinds gain m om entum m any com pany will sta rt looking to protect cash bec ause of rising interest ra te, deteriorating global m acroec onom ic scenario a nd continued policy and re gulatio n unce rtainty. FII outflow witnessed 13 79 core in the October m onth and last outflow is higher than Lehm an collapse outflow tha t is also a ma in reason of R upee depreciation.

Citi and CLSA have said that Indian companies are the worst performing in comparison of other Asian companies. The domestic and retail investors are the biggest losers in this kind of market because they cannot invest in other market were as FII and HNI are able to recover their losses by investing in other capital markets.. With sluggish earnings many brokerage firm are advising investor to invest in asset class like Gold, forex bonds etc and they are targeting FY13 will be better and Sensex will able to meet the EPS and growth target of 1300 and 11-13% respectively. Companies need to adopt different cost cutting measure and try to increase their operating efficiency and margin in order to achieve high Net profit and to sustain in global markets The street is expecting Q3 earnings also down because most of the data like IIP, PMI, Inflation and Export , GDP were not encouraging and normally FII take out their money in the month of the December during Christmas and New Year which is negative sign for Indian Stock Markets

THE RUPEE STORY

TH E RUPE E ST O RY.. T he rupee touching the 52/$ mark from 44/$ during August. A jum p of R s 8/$.T he question arises whethe r any m ea sures have been taken to curb this effect by the RBI. The im pact
M any car man ufacturers are plann in g to in crease th e car p ri ce b y also k eep in g their profit margi n min im um wit h com pan ies like M aru tiSuzuki, India's la rgest c ar

m anufacturer im ported parts worth Rs 8,000 c rores eve ry year, the prices are on the rise. With cotton for exam ple costing m ore brands like C alvin Klein, T om m y Hilfige r, B enetton and B la ckberry could also fac e rough tim es a head with their m argins on a reducing no te . AnOutsiderw ill get good bargain for their hom e country currencies he re. At the sam e tim e people will think twice before purchase of impo rt goods from their favourite destin atio ns like Singapore and T hailand. A sharp fall of about 1 7% in the value of rupe e -- has m ade the cost of repaying th ese fo reign loans costlier Steelm akers who depend on coking coal for their p roce ss aim s at looking at their im port bill for their rescue . E ven the petrol prices touched Rs.76 and the central govern men t forc ing the states to re duce the ir taxes.

Analysis: The reasons for this to happe n Infla tion around the 10% m ark Interest Rate re po rate at 8.50 pe r cent and the reverse re po rate move d to 7.50 per c ent. Deficit ba lance of paym ent of 9200 crores T he scena rio with respec t to the E uropesovereign de bt problem , US econ omy problem. T he va rious scam s like the 2g scam , Co mm on wealth gam es etc. Conclusion: T he R BI has sold the dollar currency in the m arket to increase the value of rupees. There has been a signific ant policy increase with rega rd to the ceiling of the exchange for FII inve stm ent in corpora te and governm ent bonds.Will it sa ve the current sce nario?
-Ka rthik.R{

I M BA D}

THE GREA DEPRESSION T

It origin ated in the U nited S tates, s tarting w ith the stock m a rke t crash of O ctobe r 29, 1929 (know n as Black T uesday), but quic kly sp rea d to almos t e very country in the w o rld. It w as the tim e w he n G old w as us ed to determine the value of pound s te rling. W ith the fall of the F irs t W orld W ar the pound va lue deprecia te d. T he de cline in the U S econom y w a s the factor tha t pulled do w n m ost other c ou ntries at first, a nd then inte rna l w ea kn ess es or strengths in e ach country m ade conditions w orse or better. S tock market pric es re ached their highes t levels to date. Th e continua l increas e o f stocks s eem ed inevitable. But the reality w as fa r from w hat it s eem ed A group of banke rs pooled their m oney a nd inves ted a large sum ba ck into the stoc k m arket trying to convince others from s elling. By late in 1930, a stead y decline se t in w hic h reache d bottom by M a rch 1933. W h at cau se d this s evere ec onom ic failu re, T he W a ll S tre et C ras h o f O ctober, 1929 B ank fa ilures P rosp erity D ecade of the 1920s . U neven income dis tribution C redit-buy now , pay later S m oot-H aw ley Tariff A ct

D id I n dia get affected b y th is? H igh price s along w ith the s tringent taxes prevalent in British India had a dreadful im pact on the com m on m an. W ith various m ovem en ts like the Sw a deshi and boyc ott of fore ig n goods by Indian nationalists , Inte rnational tra de dec re ased a grea t deal T here w a s a s hift from m anufacturing o f food crops to cas h c rops due to the in cre ase d dem and in the m ills a t U nited K ingdom D ue to a decline in e xports and im ports , and the reby, in the transp ortation of goods , the railw ay re venues dec rea sed exponentially T he C entral bank cam e into being on A pril 1, 1935. C on clu sion : In the 2 0s the b anks w ere lending h ug e am ount of mone y for people to buy risky s tocks .T he s tocks did fall and the banks cras hed as the end res ult. B ut today the banks hes itate to provide loans e ve n a fter suffic ient c olla tera l s ecuritie s being ple dge d. Is it to avoid a noth er great depress ion, Its a thought to ponder a bout.

P avitra N a raya na { I M ba -D }

KINGFISHER MISHAP
Introduction Kingfisher Airlines was established in 2003. It is owned by the Bengaluru based United Breweries Group.. In April, some members of a consortium, which included 13 banks led by SBI, converted around Rs. 1400 crore of short-term loans into equity at a price of Rs. 64.48 a share-a nearly 41% premium over the then market price. The company share price then was Rs. 47.60. It is Rs. 19.65 now. After the conversion, promoter shareholding including Vijay Mallyas and various UB Group companies, fell to 58 percent. Problems: The debt pegged at Rs.7500 crores Fuel cost being 50% of operating cost Taxes on jet fuel at 24% and rising Increasedinterest rates on money borrowed Bail out strategy plan Kingfisher red, the low cost airline,running into loss

Solution: Debt can be converted into foreign currency loans that attract lower rates. Around 700-800 crore working capital loan and term loan from HNI.
Exit from all the loss making rout es

Both aircraft and crew utilization can be maximized to the optimum level Reduction on in flight entertainment for domestic flight Cutting down business class seats by 50% to accommodate economy class. A talk with the government to reduce customs duty by5 percent% and excise duty 10 % on jet fuel Raising the FDI investment in aviation sector Kingfisher Airlines is a member-elect of the airline alliance, 'OneWorld A tie up with go air whose revenue grew by 61% this financial year ~KanikaBansal{I MBA C}

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PHOTO FIND

1 3

5 11

FINANCE QUIZ
1. What is the stock ticker symbol for ICICI Bank on NYSE? 2. What is the total amount upto which Foreign Institutional Investors (FIIs) can invest in Government securities in India? 3. There has been news that government-run oil marketing companies suffered a loss of Rs 64,900 crore as under-recoveries due to selling diesel, kerosene and domestic LPG on subsidised rates. What is under-recovery? 4. Which global private equity firm has recently picked up a stake in ethnic wear retail chain Fabindia? 5. What is the term used to describe 6.5% in the nomenclature 6.5% GS 2019? 6. These are fixed-income securities denominated in the Chinese currency and issued in Hong Kong. Name them. 7. It is a strategy where investments are made in companies that are providers of necessary equipment for an industry, rather than in the industrys product. What is this strategy called? 8. The International Monetary Fund (IMF) maintains 2 multilateral borrowing arrangements- NAB and GAB. What is its borrowing capacity under NAB? 9. What principle of stock speculation was first propounded by Thomas F. Woodlock? 10. This is a typical underwriting agreement that allows the underwriters to buy upto an additional 15% of shares at the offering price. How is it better known as?

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STOCK ANAL YSIS

Yes Bank Analysis (Buy Recommendation 6-9 months horizon) Technical Analysis: Yes Bank delivered a strong set of numbers in Q2FY2012 driven by a strong operating performance and healthy asset quality. The increase in NIM was a positive surprise, though it could decline slightly in the coming quarters due to a low CASA base and high interest rates. The bank would continue to grow significantly ahead of the industry and is likely to retain its asset quality. The banks earnings to grow at a CAGR of 27% over FY2011-13. Niksha Equity Research maintain Buy recommendation with a price target of Rs360 (2x FY2013E BV) for the stock. The stock has touch a high of Rs 375 in November last year , after that it is facing a resistance around 330-335 level and getting support around 250-260 that is near 100 Day SMA average . The ADX stochastic also show that the stock is currently in the oversold zone and positive breakout can be seen the stock.

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CMP Price target Stop loss

Market cap 52 week high/low Rs388/236 Free float( No of Share) 25.9 crore

265 350 234 Rs9,997 crore

BUY

By - R itesh Kejriwal {I MBA B} {Source s: Moneycontrol, Sharekhan , Ye s Bank Annual Report, Sha re Khan Pattern Finder} STO CK ADVICE - BUY BAJA J EL ECT RICAL S

TH E TR IG G ERS BE L intends to bring do wn the numbe r of projects from 82 to ~ 50 projects in the E& P division. This will aid in b ringing do wn the cost, che ck inventory m ana gem ent, im prove working ca pita l position and its balanc e sheet, going forward. The m anage me nt expe cts th e E BIT m argin to improve in the E& P d ivision from negative 6.7% in Q1FY12 to 10% + by Q 4FY 12, ind icating a fu ll-year ma rgin at 8 % to 9% approxim ately . B EL e xpects to cloc k a grow th of 22-24% in the consume r durable b usiness in FY12E and also expects to main ta in the ma rgin of FY11. T he steps taken by the m anagem ent to reduce fixed ove rhea ds will help BE L to post be tte r m argins by end FY12 E .Th e con sum er durables segm ent is also expe cted to post 24% gro wth and ma intain its EB IT m argin in FY12 E.

TH E CAL L T he stock is av ailable at an attra ctiv e value at current levels and offers a potential upside from these levels. Buy Price -155-160rs. , T arget price-185-19 0rs. , CMP-175.20rs.

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FINANCE BUZZ
Air Pocket Stock A stock that experiences a sudden drop, similar to a plane hitting an air pocket. Air pocket stocks are usually the result of investors reacting to negative news Baby Bells A common nickname given to the U.S. regional telephone companies that were formed from the breakup of AT&T in 1984. Baby Bells were created in accordance with antitrust legislation, which is designed to create more competition within the industry. Bag Holder An informal investment term used to describe an investor who holds a position in a stock which decreases in value until it is worthless. Typically, the bag holder will hold the position for an extended period of time in which most of the investment is lost. Bagel Land A slang term that represents a stock or other security that is approaching $0 in price. Arriving in bagel land is usually the result of one or more major business problems that may not be resolvable. Bear Tack A fall in the price of a stock, sector, or market, or investor sentiment that assumes a fall will happen soon. A bear tack is usually used to describe bearish movement in the short to medium term. Bull Market A financial market of a group of securities in which prices are rising or are expected to rise. The term "bull market" is most often used to refer to the stock market, but can be applied to anything that is traded, such as bonds, currencies and commodities. Circuit Breaker Any measures used by stock exchanges during large sell-offs to avert panic selling. Sometimes called a "collar."

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CROSS-WORD

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Across 1. A large extra payment that may be charged at the end of a loan or lease (7) 3. A colloquial word meaning an English Pound (4) 5. A loan structure in which the entire principal is repaid at maturity (6) 7. The progressive reduction of debt through repayments or installments (12) 11. A short-term lease for seasonal needs, including the aircraft, crew, insurance and maintenance (ACIM) during the period of the lease. (8) 12. Part of the capital of a company (5) Down 2. The relative amount of fixed costs in a company's cost structure. (The term derived from the physics notion of doing more work with less effort) (8) 4. A type of borrowing by corporations. They are bonds not backed or secured by any collateral. (10) 6. The portion of a company's profit allocated to each outstanding share of common stock. Also an indicator of a company's profitability. (Abbreviated) (3) 8. Money paid to owner of copyright or patent (7) 9. Individuals who invest their own funds, unlike venture capitalists (6) 10. Amalgamation of two companies (6)

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CAMPUS POLL
Do you think considering advices from social networking sites while investing funds is bad for you wallet?
YES NO CANT SAY

RESPONSES YES NO CANT SAY TOTAL

NO. OF RESPONSES 38 34 28 100

As per the survey conducted, Out of 100 respondents, 38 (38%) have an opinion that ,Investing funds considering advices from social networking sites is bad for our wallet , whereas 34 (34%) say that, it is not bad but we should think about it before investing, whereas 28(28%) people are not sure about it .

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CAMPUS POLL
Do you think T.V programs like Bigboss should be censored for its vulgarity (Since it comes in a family Entertainment channel)?

YES NO CANT SAY

YES NO CANT SAY TOTAL

50 40 10 100

As per the survey conducted, Out of 100 respondents, 50 (50%) have an opinion that ,programs like Bigboss should be censored , But 40 (40%) say that it need not be censored but the timings has to be set accordingly. whereas 10 (10%) people are not sure about it . Akhilesha K 1120336 1st MBA D

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ANSWERS
VERIFY YOURSELF
P H O TO F IN D 1. 2. 3. 4. 5. D O NA L D T R U M P G U RB A K S H C H A H A L ED W AR D J OH N SO N P R A FU L P A T E L E D U A R D O S A V E R IN A N S W E R S F O R FIN A N C E Q U IZ 1. 2. 3. IB N U S $ 1 5 b i lli o n It i s th e g a p b e tw e e n th e lo ca l p r ice o f fu e l a n d w h a t w o u l d h a v e b e e n th e p r ic e if th e fu e l w e r e im p o rte d 4 . C a r ly le 5 . C o u p o n R a te 6 . D im su m b o n d s 7 . P i ck - a n d - S h o v e l P la y 8 . U S $ 5 9 0 b i lli o n 9 . H e g a ve th e co n c e p t th a t o d d - lo tte r s a re a lw a ys w r o n g . 1 0 . G ree n sh o e O p ti o n

C R OS SW OR D A c ro s s 1. 3. 5. 7. B AL L O O N A l a r g e e x tra p a ym e n t th a t m a y b e c h a r g e d a t th e e n d o f a lo a n o r l e a se Q U ID A co l lo q u i a l wo r d m e a n in g a n E n g lis h P o u n d BU L L E T A l o a n s tr u ctu r e i n w h ic h th e e n tir e p r in c ip a l is r e p a id a t m a tu r ity AM O R T IS A T IO N t h e p r o g r e s si ve re d u cti o n o f d e b t th r o u g h r e p a ym e n ts o r in s ta ll m e n ts 1 1 . W E T L E A S E A sh o rt- te r m le a se fo r se a s o n a l n e e d s, i n cl u d i n g th e a ir cr a ft, c r e w, in s u ra n ce a n d m a i n te n a n c e ( A C IM ) d u r in g t h e p e r io d o f th e le a se . 1 2 . S H A R E P a r t o f th e c a p ita l o f a c o m p a n y D o wn 2. L E V E R AG E T h e rel a tiv e a m o u n t o f fi xe d c o s ts i n a c o m p a n y 's c o st s tr u ctu r e .( T h e te r m d e r iv e d fr o m th e p h ys ic s n o tio n o f d o in g m o r e w ork with l e s s e f fo rt ) 4. D E B E N T U R E S A typ e o f b o r r o w in g b y c o rp o rat io n s . T h e y a r e b o n d s n o t b a ck e d o r s e cu r e d b y a n y co l la te ral . 6. E P S E a r n i n g s p e r S h a r e . T h e p o r tio n o f a c o m p a n y 's p rof it a l lo c a te d to e a c h o u ts ta n d i n g s h a re o f co m m o n s to ck . It is a n i n d ic a to r o f a c o m p a n y's p r o fita b i li ty. 8. R O Y A L TY m o n e y p a id to o w n e r o f c o p yr ig h t o r p a te n t 9. A N G E LS In d i vid u a ls w h o i n ve s t th e i r o wn fu n d s , u n l ike ve n tu re c a p i ta li sts 10. M E RG E R A m a lg a m a tio n o f tw o c o m p a n i e s

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TEAM NISHKA
F ACULTY C O- ORD INATO RS Pro f . An irba n Gha tak D r. J eeva nan da Co -o rdinato rs: Abh ish ek Ja in (sec B) Sa thy a (Sec A ) Edito rs: Ka rth ik.R (Sec D ) Sa nju (Sec A) Crea tiv e an d Design ing: SID D HA RTHA (Sec c) M eenam bika (sec c) RBI co l umn : Ragh av (Sec A ) M an asa (Sec C) Articles: Akh ilesh (Sec A ) An iket (sec D ) V arsh a (Sec D ) Sto ck A nal ysis: Ritesh (sec B ) Arp it (Sec A) Cro ssw ord: Na garaja n.T (Sec B) F in ance Buz z: Kum aran (Sec B ) Ph o to F ind M UTEEB (Sec C) ECO NO M IC RO LLERS: M an ogy a (sec c) Ca mp us P o ll : Akh il esh a.K (Sec D ) P ruth v i(Sec A) F inan ce Quiz: Gaura b Sen (Sec C)

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