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COVER PAGE
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Pg No Topics (Click to Navigate)
From the Directors Desk
Editorial Note
6 Being Best I Can
8 ET Wealth Finance Gyaan !!!!
9 The Shinning Silver
10 The Great Indian Management
12 When you should expect the
unimaginable !
14 Can RBI & the Indian Government think
Innovative ?
16 Growing in the shades of a mentor
17 Change is Constant
18 Cairn India & Vedanta
20 Patterned nature of freely traded Markets
makes them Predictable!22 A Luminance Of Knowledge
24 Change
25 Life @ Dalmia
26 Games
8
18
16
22
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TeamDELTDirector: Prof. P L Arya.Faculty-in-Charge: Prof. Anil Gor.
Faculty Advisor: Prof. Vinayak S Date.
Head of Finance Department: Prof. Naveen Bhatia.
Chief Student Editor: Pranav N. Jain.
Editorial Team: Hetvi Dholakia, Meghna Dubey, Roshni Khanna.
Creative Team: Gaurav Salian, Jigna Purohit.
*Disclaimer: All Opinions expressed in this magazine are the personal opinion of authors and in no way reflect the views of the
Editorial Team or of the Institute. This magazine is only for internal circulation with no commercial/profit purpose. Information
collected in the magazine may be from public domain.
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From:
The Directors Desk
The vision of N. L. Dalmia Institute of Management Studies and Research (NLDIMSR) is to provide the highest quality man-
agement knowledge and develop leaders of integrity.
Established in 1995, NLDIMSR has proved its mettle as a B-school by being ranked amongst India's TOP 25 B-School Brands
consistently over the last five years..
We are known for our Academic Rigor, Top Quality Faculty, Top Notch Placements, Dynamic Curriculum and State-of-the-
Art infrastructure.
Our college is gaining momentum with every passing year with our students making an indelible mark in the corporate
world. We are motivated to incessantly give our best in academic sphere and in the holistic growth of our student commu-
nity. Our students are groomed to become corporate leaders of tomorrow with incisive skills, deep - rooted fundamentalsand high ethical standards. I see my students not just as responsible managers but also as value based captains of the in-
dustry with global outlook and a sense of Indian culture and values.
NLDIMSR provides an academic environment where outstanding students from around the country are continually chal-
lenged and inspired to do their best.
With the wide spectrum of committees in our college like Finance Forum, Ace Club (Marketing club),HR Club, E-Cell
(Leadership Club),
Alumni Club etc. we strive to provide a platform to nurture the innate skills latent within the budding managers. From de-
bates, skits and seminars, management games, they provide an extensive breadth of opportunities for our students to out-
shine.
With this new endeavour of publishing our college magazine "DELT" we give an expression to the knowledge in the
minds and creative arc of our students, a chance to widen our horizons, valuable inputs from the faculty members and pre-
cious articles by the corporate world.
As we embark on a new journey, together we shall sail in the Ship of knowledge and anchor the harbor of success!
Prof. P L Arya,
B.E., PGDM (IIM-A)-
Director-NLDIMSR
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From:
The Editors Desk
Welcoming you all to yet another edition of our magazine DELT. We have received
overwhelming response by our readers and this time we also invited articles from our
alumni batch.
Since our previous issue, world has seen a spur of major events ranging from Tsunami
in Japan, unrest in Arab countries, killing of OBL, 2G scam verdicts and so many up-
turning events. Hence the theme for this edition comes out as CHANGE- Natures
Way for a Better Tomorrow.When you should expect the unimaginable! the cover
story, brings reality to clarity.
The Cairn-Vedanta deal was again a major happening that ruled the news headlines
and still the final verdict is yet to come. Get to know about the deal in gist in our arti-
cle Cairn Vedanta Deal. Amidst all this there was a silver lining in the form of sky-
rocketing Silver which rocked the commodity market big time. Get a glimpse in The
Shining Silver. Can RBI and Indian Government think innovative?! poses the ques-
tion which is very apt in todays scenario. Read through to know more about the
need of the hour.
Second semester at DIMSR was really eventful. At the Institute level we saw a good
sprint of events which included the most cherished PD-Camp at Khandala and various
other Seminars, Guest lecturers as well as National level paper presentation Competi-
tions.
Get a slice of the visit by MIT Sloan candidates to our institute as a part of their re-
search project in our An event to cherish! The great Indian Management and
Being the best I can are the special contributions from our alumni, Mr. Piyush
Deora and Mr. Sagar Pandya, respectively. As always ET Wealth will keep you up-
dated with wealth tips and Life @ Dalmia will give a glimpse of the events in out
Institute.
Once again I would like to thank all our readers for their keen interest in DELT and a
special thanks to our alumni for their contributions. A copy of DELT is being circu-
lated to all our alumni batches, corporate contacts and the present batches of our
Institute. So contribute and let a share of your fame spread across!!
Big thanks to all our Professors and Magazine Team to take keen interest in releasing
this issue. With everyone caught up in their summer internship, efforts of the entire
TeamDELTfor coordinating the DELT #3 release are commendable.
Wish you all a Happy Reading!!
Pranav Jain,
BMS, LL.B.
PGDBM 2009-11,
NLDIMSR.
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bear the cracking quality o
video in silence. I was bor
and grew up on the ou
skirts of Liverpool. Oh m
God the problem was no
with video quality but wit
David, he could not spea
properly I realized. The
was a man sitting on wheelchair in front of cam
era struggling to speak. Sud
denly my frustration wa
converted to guilt of no
having understood this
first instance itself. Bu
again, I never expected
medically challenged perso
on the screen. I also fe
inquisitive to know mor
about David. I learned th
David was youngest of fou
children. At the age of 1
he and his sister were dia
nosed with rare genetic co
dition which causes th
gradual degradation of ce
As I had nothing much to do
I thought of completing the
pending Online Training
sessions. As part of on-
boarding program I had to
complete certain online
training module, most of
which were videos by higher
management on topics likeDiversity, Motivation, Focus,
Passion etc. trying hard to
convince the employees
that there can be actually
some other things which
can motivate people, more
than just money. At the
point, I was of quite the
contrary view. Nonetheless I
started scrolling through the
list of videos to be com-
pleted. Next in line wasBeing the best I can. I
clicked on the link & official
media player popped up. It
would be just another video
documenting experience of
some people who managed
to reach the top at a young
age (which at times makes
me feel a Loser with a capi-
tal L), preaching the impor-
tance of being best you can,
I thought as the media
player was buffering the
video.
The video started with ti-
tles. David Owen it read.
Hi, I am David Owen, I am
an Application developer.
Shriks! I exclaimed. I just
hated it when the videoscracked like the voice of the
person on other side of the
phone, in a low coverage
area. Here I assumed the
internet connection was
slow. I allowed it to buffer it
for a while and played the
thing again. Hi, I am David
Owen, I am an Application
developer. I got a bit irri-
tated and repeated the en-
tire process of buffering and
playing the video all over
again. Hi, I am David Owen,
I am an Application devel-
oper again the same
thing. I was super irritated
but had no option but to
complete this module and
Being Best I Can!
WHAT ISI T T H A T
M O T I -
V A T E S
Y O U T O
WORK?
M O N E Y ,
M O N E Y O R
M O R E
M O N E Y ? ?
THINK
AGAIN! !
S A G A R P A N D Y A
Sagar Pandya
MBA 2007-09
Risk Analysts
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I-can-and-gives-me-the-
determination-to-stay-at-
the-Bank-for-as-long-as-
possible. It-also-gives-me-
confidence-that-in-the-
future, as-my-condition-
progresses, Ill-find-a-way-
t o - w o r k - w i t h - s o m e -
support, so-I-have-no-
excuses-not-to-try.
By the end, I had to
change my opinion that
THERE INDEED ARE OTHERTHINGS THAT MOTIVATE
PEOPLE APART FROM
MONEY!!
tral nervous system. In the
video he slowly went on
with his story and by now I
was patient enough to listenhis cracking voice without
any hurry. He explained that
he did not initially under-
stand his condition so he
tried to live his life as nor-
mally as possible. through-
out-my-life-I-have-been-
very-sporty, possibly-for-the
-competitive-element-as-
well-as-being-part-of-a-
team. he said. I-used-to-
play-foot-ball-and-cricket-and-was-a-keen-swimmer.
Following success in his A-
Levels, David won a place at
Warwick University. It-
meant-I -would-have-to-
leave-home-and-fend-for-
myself. During the first
week of university I decided
that I had to use a wheel-
chair full time. This-wasnt-a
-diff icult-decis ion-as- it-
al lowed-me-to-become-
more-independent-and-
enjoy-university-life-to-the-
full-extent. Using the
wheelchair fulltime devel-
oped his upper body
strength and also allowed
him to learn to live life
around the wheelchair,
which had become vital. Dur-
ing his second year at univer-
sity he participated in the
summer internship at the
Bank for nine weeks and he
was offered a place on the
graduate scheme the follow-
ing year. That gave him achance of working and living
on his own. The-past-three-
and-a-half-years-have-been-
challenging-for-me-from-the
-pressure-of-work-as-well-as
-my-condition-worsening. I-
found-with-experience-I-
have-had-in-life,-that-with-
my-determination,-including
-the-support-of-family,-
friends-and-colleagues-I-
have-been-able-to-keep-
going. I-try-to-keep-in-mind-
that-everyone-has-problems
-and-if-they-get-through-
them-so-can-I. My eyes
went wet at these words, I
felt I have no right what so
ever to crib about my prob-
lems they are nothing com-
pared to Davids. If David can
so can I. I-have-lived-my-life
-giving-all-my-effort. What-I-
dont-want-to-be-able-to-say
-when-Im-older-is,-if-only-I-
had-worked-harder. This-
desire-drives-me-to-be-best-
T H E R E A R E
A F E W
T H I N G S
T H A T W E
A L L
S H O U L D
K E E P I N
M I N D
M O T I V A T I O N
I S R I G H T
I N S I D E Y O U
I F A N Y O N E
T H I N K S
M O N E Y C A NK E E P H I M
H A P P Y .
T H I N K
A G A I N . H E
S A Y S T H A T
C O Z H E
D O E S N ' T
H A V E I T
SOMETIMES YOU
HAVE TO STOP
THINKING SO
MUCH AND GOWHERE YOUR
HEART TAKES
YOU !!
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pany. After meeting its opera
ing expenses, such as salary
taxes, a firm uses the remai
ing cash to make short ter
investments in inventory
receivables & long term inves
ments in plant, machinery
equipment. The amount th
remains is referred to as frecash flow for the firm, as it ca
be distributed among all th
firm investors, including equi
& bond holders.
6. Sweep in sweep out
It is deposit option that com
bines convenience of a savin
account with the high intere
rates of fixed deposit. If yo
opt for sweep facility, you havto determine a threshold f
the balance to be maintaine
in your saving account at a
times. Any amount exceedin
this limit gets automatica
swept out to the fixed depos
If you need to withdraw a su
that is more than the thresho
limit the required amount ge
swept into your saving a
count. This arrangement elimnates the need to break th
fixed deposit & you lose inte
est only on the amount that
actually used. It also does aw
the need to stash a large su
in saving account for liquidity.
1. Insure your Big day
If you are spending lakhs of
rupees on a wedding, it would
be prudent to protect yourself
against vulnerabilities such as
cancellation or damage during
ceremony. Wherever there
are financial risks involved,
insurance is a good way to
cover it. The insurance covers
personal accident, postpone-
ment/cancellation, burglary/
theft of jewellery & food poi-
soning. It does not cover dis-
pute between the parties, wil-
ful negligence, last minute jit-
ters. The premium is usually
0.75% to 1.5% of the cover.
2. Four steps to gain completefinancial control
You need to correctly esti-
mate your ability to meet
the mandatory expenses
for the present & the fu-
ture.
The expenses that are
discretionary should not
creep their way into the
mandatory category.
When it comes to allocat-
ing money between the
present & the future, plan-
ning is essential.
Unexpected expenses can
be managed efficiently
with insurance.
3. Fund of Fund( FoF)
Fund of fund is a mutual fund
scheme that invests its corpus
in the units of other mutual
fund plans. By investing in mul-
tiple schemes a FoF protects
the investors from the poor
performance of one mutualfund or the fund manager.
4. Application supported by
blocked amount (ASBA) ac-
count
While applying for initial public
offer investor can avail facility
of ASBA account. According to
this, the blocked amount for
which the application is being
made is debited from the in-
vestors account only when the
shares or units are allotted. Till
such time it continues to earninterest in the investors bank
account.
5. Free cash flow to firm
Free cash flow measures the
money that is left to pay to the
investors after meeting the
expansion needs of the com-
ET Wealth
Finance Gyaan!A M I T C H U R I W A L A
Amit Churiwala
B.E. Mechanical
MMS 2010-12
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projected to rise 3.4% in 201
to 689.5 million ounces. Th
world supply of silver ha
gone up from 877 millio
ounces in 2001 to 1056 m
lion ounces in 2010.
As the dollar rebounded an
fundamentals came back in
focus, silver prices began t
take a hit at the beginning
May. The selling gained m
mentum when the CM
group raised margin requir
ments squeezing out sho
term investors.
The industrial demand side
silver is a key reason wh
silver is not a true sa
heaven play like gold. Silv
has dual personality of bein
a precious metal and indu
trial metal!
The massive sell off that has
wiped about one third of sil-
vers value was triggered by a
combination of factors and
concludes the point that ultra
volatile silver is not safe
heaven gold. The combina-
tion of factors that has putsilver on track for its worst hit
since its historic fall in 1980
is:
- Mass exit from red hot com-
modities.
- Fear about US central bank
taking away the easy money
bowl.
- Supply and demand metrics
Investors fearful about the
previously tumbling dollar
switched to silver surging the
metal to 165% gains between
August and April. The fantas-
tic returns widely outpaced
stocks, bonds and even gold,
which gained about 26% over
that span.
Under QE2 (Quantitative Eas-ing), black boxes were given
which allowed more money
to trade in the market. Retail
investors also got lured by
silvers relatively cheap price
tag compared to gold.
Sentiment began to shift in
the commodity world late last
month as the Federal Reserve
cemented its plans to end its
$600 billion bond buying pro-
gram. There were concerns
about the end of QE2 and
dollar was helped by the con-
tinuing debt mess in Europe.It appreciated 1.38% against
Euro, leaving the currency at
its best level since the end of
March. The high dollar would
bring sellers in silver that no
longer require hedge.
Meanwhile, silver can be
moved by supply and de-
mand which had been largely
ignored. Supplies of silverappear to be healthy and on
the rise. According, to the
2011 CPM Silver Yearbook,
mine production increased by
2.2% in 2010 to 667 million
ounces. Mine output was also
The Shinning Silver
WILLS I L V E R
E V E R R E -
P L A C E
G O L D A S
T H E S A F E
H E A V E N ?
A K S H A Y J A I N
Akshay Jain
B.Com
ICFAI
PGDBM 2010-12
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pany which would prov
more economical.
There is a scam like Adars
where the babu's are bu
building luxury homes f
themselves, then there a
officials who have include
mockery as a national gam
by making the world laugh o
the way CommonwealGames were organized, th
2G scam has shown that th
erstwhile rulers of ancie
India would be put to sham
in terms of hold and pow
etc etc etc. The list goes o
Till the time this article come
up there would be anoth
list of scams being publishe
in the national dailies.
India is a huge country, pro
lems are a many, solution
are few and the people wh
are ready to pull the plug a
minuscule. Its time that th
powerhouse stop jugglin
between the problems, sol
Lakshmi Mittal tops the rich-
est persons list in UK for the
seventh year in a row. Vikram
Pandit bags the top post in a
foreign bank. An Indian is
appointed on a coveted posi-
tion in the Obama admini-
stration. All these news evokestrong sentiments in our
hearts. There's also a flip side
which goes as follows.
Air India is up and running.
Reinstated pilots, the recog-
nized unions and the centre
are happy.
This happiness has culmi-nated from a 10 day agitation
which translated into an addi-
tion of a loss of 200 crores to
the mammoth Rs. 13300
crore losses AI's incurred
since 2007. AI faces a daily
deficit of Rs. 57.5 crores. Yet
the issue of AI's privatization
has been skirted. A money
draining public sector defies
logic in post-reforms India.
Only that it serves a social
purpose doesn't put the mat-
ter under the mat. Opening
up of telecom sector showshow crucial private enterprise
is. The great reform phase
since 1991 quells any other
fear of the virtues of privati-
zation.
The war against terrorism has
taken a new turn with the
killing of the poster boy
Osama Bin Laden. USA does it
and Indian politicians propa-gate it. Its better to keep the
lid closed on contentious
boxes as has happened after
the Pakistani foreign secre-
tary Salman Bashir warned of
catastrophic consequences if
any country (read India) were
to try to carry out a US-style
operation. Nationalistic chest
-thumping in certain quarters
in India hasn't helped mat-
ters.
Corruption in India can alto-
gether be a new ministry in
the cabinet. The spokesper-
son of such ministry might as
well open a newspaper com-
The Great Indian
Management
T HE
GOOD AND BAD
O F I N D I A
- L A X M I
M I T T A L
T O P S U K
R I C H L I S T
- V I K R A M
P A N D I T
B A G S T O P
P O S T
- A N I N D I A N A P P O I N T E D
I N O B A M A
A D M I N -
I S T A R I O N
- A I R I N D I A
P I L O T S O N
S T R I K E
W I T H
L O S S E S
M O U N T I N G
U P
P I Y U S H D E O R A
Piyush Deora
B.E.Comp.
MMS 2009-11
Asst. Manager
ICICI Bank
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Its not of a point to think
where to start from. Wher-
ever you stand there's an
opportunity to start. Its not
only the ones in power who
can make the change but
every common man needs to
stand and own it up. What's
the use of postgraduate de-
grees if the basic rules of life
are not adhered to. Its a mat-
ter of grave concern which is
needed to be dwelt upon
seriously and on a minute
level. I dream to see a day
without beggars,overloaded
public transport and smiling
faces everywhere. All I can
say is "Together we can make
a difference".
tions and their image make
overs.
The stability of governmentwas a ray of light but the sec-
ond term is now staring into
realms of darkness. The
growth story continues and is
being sung by every quarter.
India is poised to be the 5th
largest market in the world.
But are we really growing?
We are also poised to have
the largest population below
the poverty line. Still about
2/3rd of India's population
earns about 2$ a day.
Government's initiative of
bringing the fiscal deficit de-
pends on divestment
schemes which themselves
are a factor of Capital Mar-
kets. Are we so self insuffi-
cient? A railway minister uses
the national railways to capi-
talize on state elections and
the entire army of close to
600 democratic leaders re-
main mute spectators. A cabi-
net minister rolls out a na-
tional policy on telecom sin-
gle-handedly and causes
lakhs of crores of losses
equivalent to the fiscal deficit
itself. It is commendable how
a BCCI (national sports body)
official swindles crores and
blatantly denies any wrong-
doing from a safe haven
abroad.
We have lots of information
but very little of action. Eve-
ryone knows about the cash
stashed away abroad. But
there are only a few who do
not have been a part of the
trail. Everyone would have
been awestruck to know that
a money launderer without
any known source of income
is worth 60000 crores.
Credibility in today's world is
a matter of fiction wherein
even prestigious telcos are
involved in mudslinging. Na-
tional treasure is an illusion
when 2 brothers owning pri-
vate companies fight for gasin the highest court of law
and it requires the court to
make the government a party
to it. Common man yearns for
safety but a humongous ter-
rorist enjoys safety available
to only creme-de-la of the
political arena.
C O R R U P -
T I O N T H E
N E W M I N -
I S T R Y I N
T H E I N -D I A N
C A B I N E T
2 G S C A M
C W G
A D A R S H
H O U S I N G
S O C I E T Y
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were all destroyed or swept
away. The quake struck about
250 miles north of Tokyo, but
initial estimates of the poten-
tial economic consequences
have been large, with one
analyst talking about 1% be-
ing knocked off GDP in the
short term. Japan will proba-bly have to empty its pockets
to repair the vast damage
caused. Ever since the Leh-
man Brothers collapsed in
2008, Japan has either been
in recession, or on the brink
of it. This earthquake adds to
the already existing problems
of a stagnant Japanese econ-
omy.
Towns vanished. Simply
gone! Thousands feared deadand thousands missing! And
if that was not enough, Japan
is also getting a firsthand ex-
perience of the vulnerability
of the nuclear energy. Japan
used nuclear technology to
become an industrial power-
house and now the same
technology is haunting its
very existence. Only a few
days ago, it was unimaginable
that an earthquake and a
tsunami would lead to abreakdown of multilayered
backup emergency systems in
the Fukushima Daiichi nuclear
complex. Then explosions
blew the tops off exterior
buildings covering the reac-
tors. When spent fuel rods in
storage ponds overheated as
their coolant evaporated, the
Every generation thinks it
has its answers and then
every Generation is humbled
by nature.
Who would have thought a
decade ago that a Tsunami in
the Indian Ocean would claim
230,000 lives across South
Asia? In the year 2008, therewere 8 hurricanes in the At-
lantic Basin, 5 of which be-
came very destructive, killing
over thousands of people.
The past year alone has
brought more earthquake
devastations to Haiti, Chile
and New Zealand, and a man-
made disaster sent millions of
gallons of crude oil into the
Gulf of Mexico.
How many times have youasked yourself in the midst of
these events: Can it possibly
get worse than this?
In spite of the mass destruc-
tions caused in the past, we
humans have repeatedly in-
vite the wrath of nature. The
recent crisis in Japan has
proved that we need to re-
work all the assumptions we
have about The Nature and
widen our horizons to think
beyond the unimaginable.
A death wave had struck Ja-
pan in the form of a Tsunami.
Tsunami is a Japanese word,meaning "harbour wave". The
earthquake in northern Japan
was remarkable in scale and
the devastation caused but
it struck a country that ex-
periences an earthquake in or
around its vicinity every five
minutes, and which is home
to world-beating expertise on
how to minimize the destruc-
tion triggered by the earth-
quakes. To be clear, the dam-age caused by one of Japan's
biggest quakes in over a cen-
tury is already huge. Japanese
media estimated a death toll
of 1,000, between 200 and
300 of them in the northern
port of Sendai alone. Cars,
ships, homes and offices
When you should expect
the unimaginable!
Every genera-
tion thinks it
has its answers
and then every
Generation is
humbled by
nature.
An earthquake of
9.0 magnitude hit
Japan on March,
2010 taking the
death toll to
more than 1000.
The Fukushima
Daiichi Nuclear
complex was built
in the Tsunami
corridors.
This massive
earthquake has
e c o n o m i c a l l ycosted Japan
almost 1% of its
GDP.
S H A R V A R I K H A N D E P A R K A R
Sharvari
Khandeparkar
B.Com,
PGDBM 2010-12
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Every generation thinks ithas its answers and then
every Generationishumbledby nature.
ment to be overconfident
that such a tragedy can never
happen in India. In fact the
government should see that
all the procedures to handlesuch nuclear emergencies are
in place and the companies
responsible for safety do not
cut corners.
We can also take lessons of
human spirit from Japan
With radiation at life-
threatening levels, 50 to 100
Japanese nuclear workers
stayed on the job, round the
clock, on what seemed like a
suicide mission to keep theDaiichi reactors from melting
down. They could have gone
home and catered to their
families post-earthquake
needs. But they stayed to
save more lives. HUMAN
SPIRIT! Unimaginable, isnt
it?
situation only got worse. The
partial exposure of reactor
cores raised the real threat of
a meltdown. In spite the last-
ditch efforts of the Japaneseto regain control, radioactiv-
ity levels remained high.
Its not that, Japan was un-
aware of how dangerous
earthquakes can be - and
how they can cause nuclear
crises. Cables released by
Wikileaks show that in late
2008 the International
Atomic Energy Agency
warned the Japanese govern-
ment about the threat that amajor earthquake could pose
to its nuclear plants. In re-
sponse, the Japanese built an
emergency response center
at the Fukushima Daiichi
plant, but the center was only
prepared to withstand a 7.0
magnitude quake. The recent
earthquake has been up-
graded to a magnitude of 9.0.
Considering the history of
major earthquakes suffered
by Japan, this was not
enough. Was it foolhardy on
the part of Japanese Govern-
ment to build nuclear reac-
tors so close to fault lines and
in a Tsunami corridor?
Japans nuclear crisis is a les-
son for all the countries to
stop and take a stock of its
nuclear plans, particularly
India who is looking to solve
its energy scarcity problems
through nuclear energy. Anew breed of small, modular
reactors promised cheaper
and safer nuclear energy, but
the Japans crisis show how
monumental the problems
can be if things go wrong.
India has about 20 reactors
including both civilian and
military. The Atomic Energy
Regulatory Board (AERB)s
disaster preparedness over-
sight is mostly on paper. TheJapanese crisis has forced
India to review Indias plans
of what would be one of the
worlds largest nuclear plants
at Jaitapur in a seismically
sensitive region of Maharash-
tra state which has experi-
enced 92 earthquakes since
1985 including one of magni-
tude 6.2. If a catastrophe like
Japan happens in India, how
organized or prepared are we
to handle a crisis like this
kind?
We must take a cue from this
tragedy in our pursuit of re-
ducing dependence on fossil
fuels through nuclear energy.
However, this disaster should
neither become a fodder for
the nuclear energy oppo-
nents to shut down nuclear
plants nor for the govern-
A few questions
we should ask:
Can it possibly get
any worse?
Have we invited
the wrath of Na-
ture on ourselves?
How many more
lives of our loved
ones are we loose
before we learn
our lessons?
Are these really
natural calamities
and not man
made?
Could we have
avoided this catas-
trophe?
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to 2,000 crores in IDBI bank;
Bank of India received INR
1,111 crores and Indian Over-
seas Bank yet to take a call on
the amount to be raised from
government.
Instead if the government of
India and RBI would decide to
issue licenses only to those
entities that are willing to
take over these weak PSU
banks, then government can
raise approximately the fol-lowing amount to bridge the
fiscal deficit gap of India.
Deciding to issue new license
is a very bold move and a
step in right direction. But it
remains to be seen if govern-
ment is ready to take this
opportunity and make the
best use of it.
Lets look at the banking sec-
tor in detail.
We divide the banking sector
in two parts, the private sec-
tor and the PSUs. It is an un-
derlying fact that the Private
sector banks are performing
way better than the PSUs.
Lets compare a few statistics
here. The Net Interest mar-
gins (NIMs) for the private
sector banks in 2010 was
2.86% where as for the PSU
banks was 2.3%. The private
sector enjoy higher NIMs be-
cause they are cost effective
(their operational efficiency is
higher than PSUs) and they
do not lower the interest
rates as PSU charge a higher
interest rate and with compe-
tition being low in the Indian
banking sector, these banks
are making super normal
profits at the cost of eco-nomic growth; adding to in-
flation. This can also be vali-
dated by the fact that the
profits generated by Indian
banks are far above the
global standards especially
some of the developed
economies where NIMs are
around 1.5%. Other factors
such as the CASA deposit mix
and ROA also conclude thatthe performance of the PSU
banks haven't been at par
with the private sector banks.
The CASA deposit mix of a
private sector is around 43%
and for the PSU banks it is as
low as 37%, a wide gap.
The above table gives a fair
idea of how poor the per-
formance of some of the PSUbanks compared to the pri-
vate sector banks there is
wide gap in Net Interest Mar-
gins, Return on Assets and
Return on Equity. Private
sector banks like HDFC enjoy
NIMs almost double then
that earned by a PSU. They
would keep on enjoying these
super normal profits until
PSUs start performing and
improve their efficiency. But
till then, Indian Industrial
growth and inflation will play
havoc in the life of a common
man.
Also what government keeps
doing is infusion of capital in
these banks. Recently govern-
ment has infused capital to
the tune of INR 1,250 crores
Bank
No. Of Shares
Government Holds
Market Prices of Share
as on 11/05/2011
Total Amount C
Raised by gover
IDBI bank 641,287,110 136.80 87,728,0
Bank Of India 338,580,000 399.70 135,330,4
Indian Overseas Bank 333,600,000 155.00 51,708,00
Amount that can be used to bridge fiscal deficit gap. 274,766,50
Bank Sector NIM ROA ROE
HDFC Private 4.3% 1.5% 16.5%
Axis Bank Private 3.8% 1.5% 18.9%
Yes Bank Private 3.1% 1.6% 20.3%
Indian Overseas
Bank
PSU 2.7% 0.6% 9.6%
Bank Of India PSU 2.5% 0.7% 12.5%
IDBI Bank PSU 1.06% 0.5% 10.3%
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P R I T E S H S O L A N K I & S O N A B A J A J
Growing in the shades
of a Mentor
ual level at the campus followed
by a 3 days camp at Khandala
where the students undergo
various kind of activities and
tasks which is again followed by
mentoring sessions so that the
mentors can observe and ana
lyze the changes in their men
tees and help them in a much
better way and also the mentee
get a chance to introspect and
take correct steps for improve
ment under the guidance of thei
mentors.
3 days of camp do teach them
some parts of management like
team work, crisis management
utilizing resources to the fulles
and right person for the righ
job. But mentoring as a pa
brings out the real progress in
students. A mentor understand
the student and brings out the
real self in front of that studentThe mentor helps the studen
with his career choices as wel
He helps to draw the right caree
path for his mentee and give
him constant support at ever
stage. Thus a never ending rela
tion is created between the men
tor and his mentee.
A good mentor-mentee relation
ship requires commitment, per
sistence and a resolute belief o
making a significant and positive
impact on the life of the otherand that is what is seen in each
and every mentor at our insti
tute. For some the mentors have
become a trusted friend, fo
some a confidante and for some
an advisor in many aspects of the
life and hence this whole ever
lasting process turns out to be
very effective and impactful.
A new employee always requires
help of the experienced in new
projects or assignments. How-
ever, even though we want guid-
ance, we do not want them to
decide how we do it. Freedom
coupled with guidance is the
perfect blend.
This guide can be a mentor An
evolved leader. Leader com-mands, while a mentor directs.
Leader is a part of the process
whereas a mentor is a catalyst,
who guides without being part of
the action.
Each employee has to be nur-
tured with the help of a senior
who is experienced in the skill.
This system of mentoring has
taken strong roots in todays
corporate training structure. For
instance, Narayan Murthy is
officially designated as the ChiefMentor of the Infosys Group.
We may have a good mentor
around us. But we should also
know how to benefit from their
experience. We need to pull the
training.
Training and discipline areacquired by accepting theauthoritativeness of the teach-ers in the respective fields- ArthashastraThe junior needs to have an atti-
tude of submission to his men-
tor, his Guru. Initially it may
seem difficult for a beginner who
has his own perceptions and
ideas. However, accepting the
mentors authority helps build
discipline. The person should
accept that the mentor under-
stands the subject better than he
does. At times it might be diffi-
cult to accept his decisions, but
he still needs to follow them as
he may not be able to see the
bigger picture as yet. Trying to
associate with the mentors
thoughts, ideas and way of think-
ing is very essential which helps
develop the required mindset.
Being in the company of the
mentor gives practical insightinto the theories one has learnt.
The basic objective of any train-
ing is to improve oneself, so is
mentorship.
Finally, one has to keep applying
in ones own self efforts what he
has learnt from the mentor. Con-
tinuous study helps one to de-
velop the intellect. Then he has
to test his intellectual under-
standing by applying it in practi-
cal situations. Change requires
time but it is essential to practice
it even it sounds difficult or dif-
ferent to ones behavior.
Once he sees the results, he gets
convinced about his knowledge.
Now he has mastered the field.
In fact with the help of his men-
tor, the theory and practice have
become one.
Realizing the importance of this
mentoring system it has been
adopted as a process in our Insti-
tute. Our institute knows the
need for a mentor for each stu-dent and therefore has a pro-
gramme for development of the
personality wherein mentoring
plays the pivotal role.
It is a wholesome process of
developing the personality of
each and every student which
starts with the mentoring ses-
sions both at group and individ-
Pritesh Solanki
BMS
PGDBM 2009-11
Sona Bajaj
B.Com
MMS 2010-12
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17/28
leave in this part of the world
Anti Corruption Drive in
India
After 50 years of Indepen
ence the citizens of Ind
have raised their voic
against corruption under th
leadership of social work
Anna Hazare & yog gur
Baba Ramdev. Will the
bring about a revolution,
uprising? Will these cause
big change in India? On
time will tell.
In the last few months some
events have occurred which
have the potential to change
the way people live in this
world. The events that will
bring about significant change
in this world are: -
Osama Bin Laden shot dead
Osama Bin Laden, head of the
militant group al-Qaeda, was
killed in Pakistan on May 2,
2011. He was the mastermind
behind many terrorist activi-
ties like the September 11
attack in US, thus was placedon the FBI's Most Wanted
list. His death has given a
message to all the terrorist
organization that one day
every evil has to end. We
hope that after his death this
world will become a peaceful
place to live.
Earthquake in Japan
Earthquake having a magni-
tude of 9.0 on Richter scale
had struck Japan on11 march
2011, this was one of the five
most powerful earthquakes in
the world overall since mod-
ern record-keeping began in
1900. This was also coupled
with a tsunami. The earth-
quake & tsunami not only
caused the damage to prop-
erty & lives in Japan but also
to resulted into complete fail-
ure of theFukushima nuclear
plant. This will result into a
change in the way world will
deal with nuclear plants, the
safety standards have to be
more stringent.
Unrest in Middle East
There is a social unrest going
on in many Middle East coun-
tries like Egypt, Libya, and
Bahrain etc. The revolution
was inflamed by decades
worth of smoldering griev-
ances by the autocratic rule.
This forced Mr. Hosni Muba-
rak the President of Egypt to
resign from his post thus end-
ing his 30 years of rule over
Egypt. This will bring about a
change in the way people
Change Is Constant!!
A M I T C H U R I W A L A
Amit Churiwala
B.E. Mechanical
MMS 2010-12
Top World
News
- Most wanted
terrorist,
Osama Bin
Laden shot
dead
- Massive
Earthquake in
Japan
- Unrest in
Middle East
- Anti Corrup-
tion Drive in
India
Back to Index
http://en.wikipedia.org/wiki/Osama_bin_Ladenhttp://en.wikipedia.org/wiki/Al-Qaedahttp://en.wikipedia.org/wiki/Largest_earthquakes_by_magnitudehttp://en.wikipedia.org/wiki/Largest_earthquakes_by_magnitudehttp://en.wikipedia.org/wiki/Largest_earthquakes_by_magnitudehttp://en.wikipedia.org/wiki/Largest_earthquakes_by_magnitudehttp://en.wikipedia.org/wiki/Al-Qaedahttp://en.wikipedia.org/wiki/Osama_bin_Laden8/6/2019 Delta - Volume 3 - June 2011 - NL Dalmia Institute of Management Studies and Research
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R O S H N I K H A N N A
participating interest in th
oil field but pays royalty @
20% for all the oil extracted
Reason for this Simple: Gov
ernment compelled ONGC t
pay entire royalty as license
in 2005 when Productio
Sharing Contract (PSC) waentered into with Cairn India
the reason being dire need o
FDI & exploration technolog
in the sector at that point o
time.
Currently the operating an
capital expenditure is allowe
to be deducted from the sale
proceeds of oil and profits o
all stakeholders are calculated thereafter.
If it is allowed to recover roy
alty paid on behalf of Cair
India then, the governmen
share would comedown by $
billion. If it is added to th
cost of production then Cair
(Vedanta after takeove
would earn less in that case.
THE ISSUE IS CURRENTLY UNDER ARBITRATION
Total expected Royalties o
Government during the life o
the block (20 year life)
$14.6 billion.
A NEVER ENDING GOVERN
AT STAKE
25% of Indias Onshore
crude Reserves, $ 9.6
billion
And the fate of Indias
image as favourable FDI
destination at a crucial
time.
THE PLAN
The Indian subsidiary of
Vedanta, Sesa Goa would
be buying out 20% stake
in Cairn India Ltd. And
the remaining 40% would
be bought by Vedanta
Plc. The acquisition wasto be made via open of-
fer (as per SEBI takeover
code) to shareholders of
Cairn India. Vedanta of-
fers to pay Rs. 405 per
share which includes non
compete fees of Rs.50
per share, thus making a
grand entry into the Oil
and Gas sector by the
mining and metals major.
THE DEAL ARITHMATIC
Consider the Stats: (the deal
looks very attractive from
following)
- Cost of lifting crude lowest
in the world for Barmer field
@ $7-8 per barrel given
Cairns technology as against
$ 10-11 average.
- The BOE (a measure equal
to burning 1 barrel of crude
oil) is at $11 as against aver-
age of $13 for global players.
Thus, at constant price of $75
and output of 2,40,000 bar-
rels per day, the PAT turns
out to be $37 per barrel
which is 3 times global aver-
age of $ 12-13.
Block has earned $2 billion in
FY11 and expected to earn$12 billion in FY12.
THE BONE OF CONTENTION
The royalty issue has been
the main bone of contention
for the deal.
Currently ONGC owns 30%
Cairn India & Vedanta
- Sesa Goa to
buy 20% stake
in Cairn India
- Vedanta offersRs.405 per
share to share-
holders of Cairn
India through
open offer
- Vedanta to pay
non-compete
fees to Cairn
India thus mak-
ing a huge entry
in the Oil andGas sector
J I G A R J A T A N I A
Jigar Jatania
BMS
PGDBM 2010-12
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Impermanence
R O S H N I K H A N N A
MENT ENGAGEMENT:
On March 14th SEBI gives the
nod for the Cairn Vedantadeal after removal of pre-
emption rights exercisable by
Vedanta Call option of Cairn
and Vedanta for buying the
remaining 20% in Cairn by
Vedanta.
But with Mr. Jaipal Reddy
taking charge, the deal took a
turn and he referred the deal
to the CCEA (Cabinet Com-
mittee on Economic Affairs)
and also to the Law ministry
citing legal issues. The deal
got a blow in final phase
when CCEA passed the ball
to a group of minister (GOM)
headed by Mr. Pranab Muk-
herjee to take a final call re-
sulting in extension of dead-
line to May 20 from April 15.
But given elections round thecorner and passing of NOC
from ONGC board (which
may take a week), even this
deadline seems to be not
enough.
THE EFFECT OF DEAL ON FDI
The Effect of the Delayed
Cairn Vedanta Deal waswitnessed directly in the
NELP IX round of the auction
of Oil and Gas fields in the
country. Out of 34 blocks on
offer majority (at least 23con-
fimred) have been awarded
to Indian firms.
THE PETRONAS STAKE SALE
AND TEPID RESPONSE FROM
OPEN OFFER
On April 19th 2011, Sesa Goa
acquired 10.4% of Petronas
stake in Cairn India in an
open offer for Rs. 331 per
share. Transaction was made
through a block deal on BSE
to save tax on Long Term
Capital Gains (@20%) and pay
only Securities Transaction
Tax.
Also the response from the
Open offer was tepid from
Cairn shareholders and Sesa
Goa could raise its stake by
only another 8.1%. This
would probably result in the
combined share or Vedanta
in Cairn at around 58.5%
{40% cairn (sub to govern-
ment approval) + (10.4%
+8.1%) of Sesa Goa}.
The shareholding of Cairn
India after Petronas stake
sale
THE ROYALTY
ISSUE HAS
BEEN THE
MAIN BONE
OF CONTEN-
TION FOR
THE DEAL
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Every generation thinks ithas its answers and then
every Generationishumbledby nature.
Waves Capital is
one of the elite
market forecasting
and research house
in India providing in depth
analysis and forecasting of
global markets across variedasset classes including Equi-
ties, Commodities, Currencies,
Bond Yields. Analysts at
Waves Capital are qualified
Chartered Market Technicians
(CMT) & Chartered Financia
Analysts (CFA) who employ
unique techniques of Eco-
nomic, Cycle and Intermarket
analysis along with Elliott
waves to derive at market
forecasting. Waves Capit
also educates and trains in-vestors and public at large
about scientific and system-
atic mode of investing and
trading.
Contact information:
www.wavescapital.com,
Email: help-
Follow us on Linkedin / Face-
book: WavesCapital
Elliott wave provides us the
tool to identify these re-
peating Patterns & Fractal
nature of markets and helps
us exploit them to our ad-
vantage.
As per Robert Prechter, the
above chart shows Elliott's
idea of how the stock mar-
ket is patterned. If youstudy this depiction, you will
see that each component,
or "wave," within the over-
all structure subdivides in a
specific way by one simple
rule: If the wave is heading
in the same direction as the
wave of one larger degree,
then it subdivides into five
waves. If the wave is head-
ing in the opposite direction
as the wave of one largerdegree, then it subdivides
into three waves (or a varia-
tion).
This Elliott wave pattern is
seen across the world major
stock indices.
Everything in this world is
symmetrical & patterned
and there is no place for
randomness to exist for ex-
tended period of time. We
are against the theory of
Efficient Market Hypothesis
that claims humans are ra-
tional animals. This is
against the law of nature
and humans do deviateaway from rationality and
choose the path of herding
thereby exhibiting trends &
patterns of repeatable
forms / structures, making it
plausible to predict the mar-
kets.
There is no chaos in this
perfectly rhythmic world
which is driven by the lawsof nature and freely traded
markets like stock markets
are no exception!
Back to Index
http://www.wavescapital.com/http://www.wavescapital.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.wavescapital.com/8/6/2019 Delta - Volume 3 - June 2011 - NL Dalmia Institute of Management Studies and Research
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8/6/2019 Delta - Volume 3 - June 2011 - NL Dalmia Institute of Management Studies and Research
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Lord Krishna to help him in meeting his vow/pledge/
goal and the deadline.
Battle began next morning. Kauravas had known Ar-
juna's intentions to kill Jayadratha before sunset. They
surrounded Jayadratha from all sides so that Arjuna
could not even see him. They wanted that at the end of
the day, Arjuna should commit self immolation.
Arjuna made all attempts throughout the day to locate
Jayadratha but did not succeed. He was constantly
watching the movement of sun in the sky. As the day
drew to an end, Arjuna looked at Lord Krishna for help.
In a few momemts, sun appeared to have set in the ho-
rizon. Conch shells were blown to declare closure of the
battle of that day. All the Kauravas rejoiced and Jayad-
ratha came out of his hiding. He went close to Arjuna
and said sarcastically, "Buddy, I am here. What about
you and your vow? Getting ready for self immolation ? "
Just at that time, sun appeared again in the sky. Lord
Krshna told Arjuna, "Dear Parth, see there. The sun has
not set as yet. Take your bow and arrow and kill your
enemy." Arjuna shot an arrow and killed Jayadratha
instantly.
Once this was over, Lord Krishna addressed Arjuna ,
"Dear Parth, I knew that you would not be able to kill
Jayadratha till sunset because he was being protected
with a ring of warriors around him. I felt it necessary tohelp you out , hence, I enveloped the sun inside the
clouds for a while. I knew it was a little unfair, but every-
thing is fair in love and war"
"But", Lord Krishna continued "I must tell you Arjuna,
thet all of you Pandavas have a peculiar habit of taking
vows and pledges unnecessarily. Even if you do that,
why you guys irrelevantly connect one thing with an-
other. For example, your wife Draupadi has taken a vow
that she will not tie her hair till she rinses her hair with
the blood of Dushaasan. Bheema is moving around with
a pledge that he will never relax till he breaks the thighs
of Duryodhana. You took a pledge to kill Jayadratha be-
fore sunset. Whatever you have to do, do it, but plan
your strategies properly. Never be in a hurry".
Learning from the story :-
War should be fought with peace in mind.
Analyse your resources
Targets/deadlines should not be set when emotions
are running high.
If we mix up two or more issues in our targets, we
may not be able to focus on any one of them. Ar-
juna mixed up his target of killing Jayadratha with
sunset. He had to continuosly look at sun while
looking for Jayadratha.
Idea and Concept by: LivLyf
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Life @ DalmiaHere we welcome you once again to the happening life at Dalmia!!
The three day PD Camp at Khandala rocked us once again with the thrilling and fun filled activities along with our senior
buddies, professors and an enthusiastic and helpful external training team which made us learn a lot the fun way. All the
activities and events made us return with valuable learnings. Working in teams, flexibility, strategizing and control were
the key learnings. The cherry on cake was added by the physical activities of trekking, rope walking and rope climbing
which made us aware of the stamina and physical fitness which will be demanded by the competitive world outside. An
article covering this Camp event was also published in Free Press Journal.
PD Camp was followed by a spur of events in our Institute premises. Utkarsh, a national level paper presentation compe-tition, an HR club initiative, saw an overwhelming participation by various reputed B-Schools. Next in line was the E-cells
event Ideas for India which witnessed enthralling participation by our students, with each eager to present a vision for a
progressive India. This event also saw tie up with some NGOs like Muskaan as a part of CSR activity by E-Cell. Queued
up next was Vishleshan an intra collegiate event ofFinance Forum which was held in stages and was concluded with
Case Study presentation. Various seminars were also organised during the semester which included Seminar on Career
Paths Options where senior alumni from different batches of our Institute were invited to guide students on career op-
tions ahead in finance. A guest lecture on Corporate Governance was conducted by the Managing Director of Tata Ser-
vices, Mr. TR Doongaji, who enlightened students on importance of ethics in Bussiness. This was followed by a seminar
on Leadership by Senior Police Commissioner Mr.Shivanandan to guide students on ABC of leadership. All these events
were followed by Madhayam, yet another mega national level marketing paper presentation competition which was
based on the topic Celebrity Endorsement: Sparking Cognitive Dissonance among Consumers?? Madhayam received a
whopping response from B-schools across India. Beyond seminars and paper presentations, the fun quotient was in-
creased with screening of the Cricket World Cup Match in Institutes auditorium which got enhanced with thrilling win of
the Indian team.
With seniors graduating and stepping into the corporate world, we bid a farewell to all of them wishing them All the
Best and taking a step ahead in our careers by officially becoming the seniors!
Now its some learning time again. Our students have taken up two months summer internships at various reputed or-
ganisations to get some hands-on corporate experience, a precursor to the life after Dalmia.
The next session will be followed by the introduction of new batch of students.
Till then keep your eyes glued to this space for more updates in our next issue.
Meghna Dubey
B.E. Extc
MMS 2010-12
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Solution: Rotate the PDF 180 to view the Answers
Play SuDoKu
SuDoKu Solution
Jumbled Tumbled
LOL
ROFLBULLS EYE
5 Average I 7Good I 8Outstanding
How many words of four or more letters can
you make from the letters shown?
1. Every word must contain the central
letter
2. There should be one seven letter word
3. British English Dictionary is used as refer-
ence.
JumbledTumbled:DECK,PADDLE,PORT,WATER,CABIN,RIVER,ENGINE,STEAM,WHEEL,BOAT,FLAG.
GoFigure:EASY7+8+1-8=8,Medium9+4-9-2=2,Hard7+2x1x3=27
BullsEye:Delve,Dove,Love,Loved,Vole,DEVELOP
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Soliciting Readers Feedback
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and current scenario based e-magazine. To further align our content with your expectations and needs, we request
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Inviting Articles
We thank our contributors for sending in some really thought provoking, comprehensive, and well written articles. Also we
would request them to keep sharing their knowledge and thoughts with us.
We would like to invite all our readers to share with us their knowledge on issue of current importance and their experience
which can act as an inspirational note for our readers.
Guidelines for articles:
Informative articles should be well-researched and supported by data and examples.
Articles relying on surveys and statistical research are expected to be on recent data.
Pure theoretical articles on general topics (human resource, leadership, etc.) must demonstrate value-addition
by the author aggregation, simplification, exposition, or applicability to real life situations.
Length of article should do justice to the topic. It could vary between 750 1000 words.
Article should be concise and in simple language. The use of jargon should be avoided unless required.
If you are quoting from an already published source, please give credit to the author and the publication.
You can either e-mail us your articles at [email protected] or
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