Domination Dec 2010

8/7/2019 Domination Dec 2010

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CHLOROPHYLLWhen going gets

tough

lume - 1 Issue

11 December 2010

Basel II - Is itreally what IndianBanks needed??Credit- Deposit

RatioAirtelRebranding

Change is about to COME !11!


2/16

From Editors Desk

Dear Readers,

A Warm regards to you all at the advent of this winter season from team

Domination. As we are approaching the year end it just seems like yesterday

when we connected with you as a team Domination for the first time. It is a

pleasure to come out with the December edition with yet more intriguing

questions which together we could analyze and try to reason with them.

In search of standards to select relevant projects for financing, "Basel-II"

comes to serve the purpose to parameterize Risk of a project, but is it really

what Indian Banks need? Find out answers in our article on Basel-II.

Going further, we have "Credit Deposit Ratio Analysis; a comparative

study of various Indian states to help give a better understanding of the potential

of the financial demographics of these states.

A yet another re-branding strategy this time of "Airtel" has been scrutinized

in this edition. So was it really required? And what rationale does it hold?

Watch out for "Airtel Rebranding: Was it needed?

The creative section "Chlorophyll" gives you food for thought and adds a

fresh perspective with the write-up "When Going Gets Tough! which reflectsthe deep insight of the writer.

Put your knowledge to test with our ever interesting quiz section "Qutopia"

where we coax your brains to keep thinking and keep learning. Also, do look out

for the winners of the last edition.

So, as it is Christmas season, it is the time to enjoy, and make merry but do

not forget to do your bit of charity. Till the time we meet again the next year

"Merry Christmas" Every one!

With luck and regards on behalf of team "DOM-i-Nat10n.

Department of Management Studies, IIT Roorkee

Animesh AgrawalEditor DoMination

(Department of Management Studies, IIT-Roorkee.)


3/16

Table of Contents

7

Airtel Rebranding

Rishi Arora

DoMS, IIT-Roorkee

9

Creative SectionIts wise to learn, Its GOD like to create

Chlorophyll-Fresh Green Creativity, right fromthe roots of DOMS through the

leaves of this newsletter

11

Qutopia - 11


When going gets tough..Harsh Singh

Credit Deposit Ratio

4

DoMS, IIT-Roorkee

Divye Garg & Charu Singla

1

DoMS, IIT-Roorkee

Basel II- Is it really what IndianBanks needed??

Deep Pathak & Mayank Jain


4/16

Deep & Mayank -

DoMS, IIT-Roorkee

Basel IIIs it really what Indian banks

needed????Prior to 1992, Indian banks were subject to aregime of strict control enforced by the RBI. A

process of financial liberalization was initiated

in1992 to make the banking system profitable,

efficient, and resilient the year 1998 saw a

second phase of reforms in the banking

industry marked by the introduction of several

prudential measures and the first set o

comprehensive guidelines for risk

management. When the whole world was

suffering from economic crisis the Indian

banking system was not affected much by the

recession due to number of measures taken by

RBI which contributed to strengthening the

resilience in the Indian banking system, These

included prudential regulations for limiting the

exposure of the banking system to sensitive

sectors and appropriately rebalancing the risk

weights of different assets. Latest development

in the Indian Banking industry includes theimplementation of Basel II norms, and

preparation of draft of Basel III which

includes a move towards better risk

management practices. Basel II framework

rests on the following three mutually-

reinforcing pillars:-

Pillar 1: Minimum Capital Requirements

It involves calculation of the total minimum

capital requirements for credit, market andoperational risk.

After calculating Tier 1, Tier 2 and Tier 3

capital and various risks, capital adequacy

ratio is calculated as-

Pillar 2: Supervisory Review Process (SRP):-

It envisages the establishment of suitable risk

management systems in banks and their

review by the supervisory authority.

Pillar 3: Market Discipline: - It seeks to

achieve increased transparency through

expanded disclosure requirements for banks.

Methods Adopted by Indian Banks:

For calculation ofcredit risk in Indian banks

is using Standardized approach. While Banks

use both standardized model and the internal

risk management framework based model for

calculation ofmarket risk capital charge. And

as per the standardized approach for the

operational risk management, RBI has

divided banks by its business lines to

determine the amount of cash it must have to

protect itself against operational risk.

Historically Basel brought a lot of changes in

the Risk management policies of RBI. The

Scheduled Commercial Banks (SCBs) in the

country even experienced a noticeable drop in

their non-performing assets (NPAs) from 8.2

% to 2.9% of net bank credits (NBCs).But

there are a lot of things that put a Question

mark on the RBIs decision to implement

Basel II. Some the major criticisms of RBI are:

1. Implementation of Basel 2- The major

concern with process adopted by RBI for

implementation of Basel II in India is its over-

emphasis on financial stability as a goal in

itself. This goal goes contrary to credit

distributional norms and growth potentials of

the Indian economy. The Capital requirements

as per Basel II are too high for Indian banks as

Indian banks unlike their foreign counterpartsare not much involved in speculative activities.

Tier 1 + Tier 2

+ Tier 3 Capital

(Capital Funds)

Capital Adequacy Ratio = RWA for Credit

Risk +

(12.5 X capital chargefor Market & Operational risk)


1


5/16

This increased capital requirement will make

bank more risk averse to credit dispension

2. Credit Crunch for SME- Banking sector is

undergoing restructuring with the Basel norms

and its implications will not limited to the

reduced Nonperforming Assets. It will have

strong bearing on the distribution of bank

credit. With priority sector mandate and focus

of the bank on risk weighted assets the loans

to small sector Industry will suffer .This would

be indeed a concern because employment

generated by the organized sector of the

manufacturing industry is only 14 per cent

compared with 86 per cent by the unorganized

sector of which small and medium enterprises

remain the major component.

3. Timeline for Basel 2 -Another concern is

the short time frame with in which Basel 2was implemented. Much of this so- called risk-

aversion with regards to credit dispensation

can also be attributed to quick adoption of

Basel - approved credit risk adjusted ratios for

capital.

4. Poor Infrastructure- Though the Basel II

norms are implemented, India adopted the

standardized Approach for credit risk, basic

indicator approach for operational risk basedon the degree of sophistication, cost o

implementation and compliance in Indian

banking system. Adoption of the advance

approaches like, internal rating based approach

for credit risk and Advanced Measurement

Approach for operational risk would have

helped bank to maintain low capital. But there

are constraints faced by domestic banks in

terms of availability of historical data, required

skill-sets and technological adoption so theydo not meet the minimum requirement

specified in the Basel framework to migrate to

advance approach. Thus Basel 2 was

implemented in India before the banks were

ready for it and as a result they have to keep

extra capital charge.

5. Possibility of consolidation in the banking

industry- Third concern is Basel norms might

lead to systemic risk and subsequent

consolidation in the banking industry. Since

Capital requirement in advance approaches of

risk measurement is lower, many large banks

are keen to implement advance approaches.

Cost of implementation of advance approaches

in large banks would be compensated by

resulting reduction in capital but for smaller

banks this cost would not be compensated. As

a result larger banks would be able to pass

benefits of reduction in regulatory capital.

Thus due to arbitrage opportunity the low riskassets would be attracted towards larger banks

and smaller banks would be left with high risk

assets. This adverse selection presents intrinsic

systemic risk in times of economic downturn.

6. Negative impact in growth of PSB- To

meet the capital adequacy norms of Basel II

the public sector banks needed avenues to

raise capital. RBI facilitated capital raising

options by enabling the issuance of severalinstruments by banks viz. perpetual debt

instruments, Perpetual non-cumulative

preference, redeemable cumulative preference

share and hybrid debt instrument . Now with

the changes in the norms way tier 1 capital is

calculated PSB would require directing a lot of

capital for adequacy which implies less credit

dispension. Also Basel norms impacts the

growth of the banks thus to the goal of

financial inclusion.

Contd..


2Basel IIIs it really what Indian banks

needed????


6/16

7. Credit Risk Measurement The

Standardized Approach for credit risk

measurement depends upon on the external

credit rating agencies but, the rating

infrastructure in India is poor. Also credit

rating agencies in India rates the instruments

and not the issuing entities. The risk weighting

scheme under Standardized Approach also

creates some incentive for some of the bank

clients to remain unrated since such entities

receive a lower risk weight of 100 per cent

vis--vis 150 per cent risk weight for a lowest

rated client. This might specially be the case if

the unrated client expects a poor rating.

Contd..


3Basel IIIs it really what Indian banks

needed????


7/16


-Divye & Charu

DoMS, IIT-Roorke

Comparative analysis of four States of India Bihar, Punjab, Maharashtraand Tamil Nadu

Banks are important financial institutions of a

nation. A bank acts as a financial intermediary

that accepts deposits and channels those

deposits into lending activities, either directly

or through capital markets. A bank connects

customers with capital deficits to customers

with capital surpluses.

Deposits are of three types namely (i) Saving

(ii) Current and (iii) Term deposits. Savings

deposit is the money saved and deposited by

individuals or businessmen. On the other hand,

current deposits are primarily made by people

for business purposes. A term deposit is a

deposit for a fixed term with maturity ranging

anywhere from a month to few years.

Loans given by banks are of two types

namely: - (i) Long Term and (ii) Short Term.

Long term loans are generally given toindustries at high interest rates for a long

duration whereas short term loans are

normally given to farmers, traders, individuals

at low interest rates for a shorter duration.

What is CDR?

The Credit Deposit (CD) ratio is the

proportion of loan-assets created by banks

from the deposits received. Mathematically,

Credit Deposit Ratio can be written as:-

Implications

Higher the ratio, higher the loan-assets created

from deposits i.e. higher CD ratio which

reveals the efficiency with which the

commercial and financial intermediaries are

tapping savings from the available sources and

channelizing these to various productive

activities of the economy. Corollary, low

credit deposit ratio indicates the low

productive activities of the economy. Credit

Deposit ratio is also a strong indicator of

source of investment and pattern of financing

in a given state. For example, higher saving

deposits in comparison to current deposit

would indicate that the area under discussion

has few business organizations. Likewise,

higher institutional current deposit vs. lower

firm current deposit would indicate that there

is big industry in that state. A sector-wise

break-up of credit deposit ratio can help a

person, sitting remotely, to make his decision

for desired investment and a proper balance in

CD ratio is essential to regulate the finance in

that State.

A high credit-deposit ratio could also imply a

rise in interest rates. Example: Consider Bank

Y which has deposits worth Rs. 100 crores and

a credit-deposit ratio of 70 per cent. Thatmeans Bank Y has used deposits worth Rs. 70

crores to create loan-assets. Only Rs. 30 crores

is available for other investments.

Now, the Indian government is the largest

borrower in the domestic credit market. The

government borrows by issuing securities (G-

secs) through auctions held by the RBI. Banks,

thus, lend to the government by investing in

these G-secs. And Bank Y has only Rs. 30crores to invest in G-secs.

If more banks like Y have lesser money to

invest in G-secs, the government then has two

options to meet its expenditure. Either, it can

raise yields to make investment by banks in G-

secs attractive. Otherwise, force the RBI to

take the securities into its books. But both the

options have a tendency to push up interest

rates in the economy.


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8/16

Credit Deposit RatioComparative analysis of four States of India Bihar, Punjab, Maharashtra

and Tamil Nadu

Yields on G-secs serve as a benchmark for

interest rates on other debt instruments. A rise

in the former, thus, pushes up interest rates on

the latter

Moreover, if RBI takes G-secs into its books,

it releases fresh money into the system and i

the money so released is large, then too much

money will chase too few goods in the

economy resulting in higher inflation levels.This would prompt investors to demand higher

returns on debt instruments. Hence, higher

interest rates result.

Comparative Analysis

A comparison of the four states reveals that

the Tamil Nadu has the maximum credit

Deposit ratio while Bihar has minimum credit

deposit ratio. Punjab is very close to national

average while Maharashtra being the financialhub of the nation is performing well in terms

of credit deposit ratio. Bihars credit deposit

ratio is way below the regulatory requirement

given by RBI policy under which the

commercial banks must maintain a 60% credit

deposit ratio in the rural and semi urban region

of the state.

Bihar is one of the states in India having very

low credit deposit ratio. The reasons for lowcredit deposit ratio in Bihar are very low

number of bank branches in the state, the

credit disbursement in Bihar is mainly to

agriculture sector and Individuals, The

deposits which are made in banks are savings

deposits rather than term deposits. On the

positive side, both credit and deposit amount

has increased over the last 10 years which can

lead to improvement of credit deposit ratio in

the future years to come.

In Punjab, major credit disbursement is to

industries and agriculture which improves the

credit amount for the state. The major deposits

in the banks are term deposits through which

banks can give out long term credit. The

number of bank branches per lakh population

in the state is also very high. The reason for

low credit deposit ratio in Punjab as compared

to states like Maharashtra and Tamil Nadu is

due to low CD ratio in rural (51%) and semiurban (48%). The CD ratios in both the

regions are well below the statutory

requirement of 60%. Industrial credit must

pick up in these regions to improve the overall

CD ratio.

Maharashtra is the financial backbone of the

country. The amount of credit and deposits

which is done in the state is highest out of all

the other three states i.e. Bihar, Punjab andTamil Nadu. The reason for slightly low CD

ratio as compared to Tamil Nadu is due to the

sanctioned credit for the state being utilised in

other states. Banks must utilise the credit

within the states to improve CD ratio as per

utilisation which is very low at about 79%.

Tamil Nadu is the state having highest CD

ratio (more than 100%) among all the states in

India which shows that Tamil Nadu has morecredit amount than deposit. Both deposit and

credit amount have increased over the last 10

years in the state with credit amount increasing

at much faster rate as compared to deposit

amount. The reason for such high credit

deposit ratio is due to major credit being

disbursed to industrial sector in all the regions

i.e. rural, semi-urban, urban and metropolitan

which leads to high credit amount in the state.

Also, credit sanctioned in other states is being

utilised in Tamil Nadu.

Contd..


5


9/16


The deposits are also term deposits which help

banks to give out long term credit for

industrial projects and thereby earning high

interest rates on the loans.

Rapid industrialization, modernization o

agriculture and improvement of social,

physical and financial infrastructure are keys

to ensure faster growth which can lead toimprovement of credit deposit ratio in states

like Bihar and Punjab. Improvement in credit

ratio cannot be done in a short period of time

but it will require a long term effort to

improve. CD ratio is dependent upon

infrastructural development and linkages and

both of them will require a long term effort.

Credit can be easily dispensed in agriculture

sector as compared to industry since

agriculture sector has the potential to absorbmore credit and is more developed than

industry. But without the development o

credit system in industrial sector, credit

deposit ratio cannot improve in states having

low CD ratio.

There is a need to divert from agricultural

activities to investments & tertiary sectors. It is

important that all efforts are made by the bank

for creating an appropriate recovery and

lending climate. The bank has not only to fill

the credit gaps but also to provide after-service

complementary to credit availability that

would encourage entrepreneurial initiatives.

Banks should start specialized branches to

increase credit disbursement to existing

industrial outlets. These branches should also

promote establishment of new industries in the

region by identifying viable units of capable

entrepreneurs in the states. While heavy

industries can absorb a substantial amount ocredit, there is sufficient scope for the

development of tiny as well as indigenous

industries in Bihar and Punjab, which have a

large employment potential. It is possible to

accelerate the development of tiny, village and

cottage and such of the small scale industries

which do not require a substantial quantity of

investment or money, although the absorptive

capacity of such industries in term of per unit

credit requirement may not be large, yetaggregate of their credit requirements would

be substantial in view of the large number of

such industries. Apart from their employment

potential, such industries also help increase

production for domestic markets and create

market linkages in Bihar and Punjab.

Alternative Implications

In the end, credit deposit ratio can sometimesbe a misleading parameter to measure the

growth of the country. Sometimes, a region

having low CD ratio can have very high

growth level e.g. Kerala, where the state has

prospered in spite of low CD ratio (due to

large deposit amount from NRIs). Also, the

credit deposit ratio does not give information

about the credit risk i.e. the information about

the non performing assets of the bank. In some

regions, banks have poor credit history where

people do not pay back their loans and

regularly default, so, in these cases banks are

reluctant to give out credit to people and that is

not shown by CD ratio. Credit deposit ratio

does not give information about the usage of

credit, whether, it is being used for productive

purpose or not. Shortage of labour, political

disturbances are other factors that CD Ratio is

not able to depict. Higher CDR may always be

not a good indicator since it carries certain

risks - for recovery, inflationary pressures, etc.

Contd..


6

Comparative analysis of four States of India Bihar, Punjab, Maharashtraand Tamil Nadu


10/16

Re-branding

"The brand needs to speak to different

countries... think internationally. The brand has

to connect with the youth in the geographies that

we are in." - Sunil Mittal

Airtel has rebranded its logo to a white

coloured curvy model along with a reddish

background. On top of it, the brand is using

its media strength to advertise the change it

has brought especially with the introduction

of 3G. Recently we have seen Videocon

being rebranded to a greener model.

However, the question is did Airtel really

need the change?

There are two different views on it. One set

of people welcome the move as a switch

towards its increasing global presence while

the other set dislike this act and see it asunnecessary. Amazingly, the latter set

includes general public, students and

budding marketers as well.

Think tanks who liked and welcomed this

rebranding exercise also give solid reasons

for its potential success. They are of the

view that the move by the

telecom giant is not a single logo chang

or jingle change, rather it is a change i

the whole positioning of the company

the minds of its consumers and othe

stakeholders and thats what rebrandin

stands for. Airtel is going global. It ha

presence in 19 countries in both Asia an

Africa. It acquired Warid in Bangladesand Zain Telecom in Africa in past past

months. So, there is a need for a single

powerful and unified face of the compan

to stand to its customers.

As explained by the company, the ne

logo is modern, vibrant and friendly an

signals their resolution to be accessible t

the customers while maintaining their cor

brand elements (e.g. red colour). Thchange from uppercase A to lowercas

a signals humility. Also, the famous Airt

jingle created by A. R. Rehman has bee

changed as well. It has become a techn

mix kind of sound with the old core tune a

the background. This would help th

company to connect with the youth whic

is the biggest customer group in th

countries in which Airtel operates. Th

tagline has shifted from Express Yourse

to Dil Jo Chahe Pass Laye which aga

shows an attempt to increase accessibilit

of the brand. The new advertiseme

shows setup in some European count

again hinting on the fact that Airtel is

global brand.

Airtel Rebranding: Was it needed?-Rishi Arora

DoMS, IIT-Roorkee


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11/16

The opinions standing against this wholeexercise have their logic too. Firstly, therebranding is done whenever a brand is notperforming according to the expectationsand is too old to connect to the people. Thiswas the need of Videocon which rebrandeditself few months ago but this was not in thecase of Airtel. It is a leading brand which is

very popular among its customer base.

So why rebrand? Secondly, the cost of thisexercise is estimated to be around Rs. 300crores. This is a hell of a lot of money if yousee it as a marketing expenditure andcompare it to that of the other companies.Thirdly, the new Airtel logo is seen as a copyof the new Videocon logo and the font isseen as copied from Vodafone logo by thegeneral public. True or not, it still creates a

negative image in the minds of consumers.

There are some other counter points on thiscampaign as well. The company has madethe a lowercase and gives humility as areason for it. Now if majority of thepopulation in Africa and Asia dont knowEnglish, then how can they comprehendhumility? Do you really think there wouldsomeone in interior Karnataka in India or onthe outskirts of Chittagong or in some small

village in Africa who would go for a mobilephone connection, look at the Airtel symboland think Hmm!! Now theres a brand withhumility if there was ever one!! I think Ishould buy it!! Are you kidding me??

says the marketing blog of IIM CalcuttAlso, Airtels new positioning again focuson making consumers to connect to eaother.

Now every other telecom company dothe act of connecting. How is Airdifferentiating itself from others? If we kecriticism apart and look to the execution the rebranding campaign, it was superb. one or two days of announcing the nelogo on TV and in print, the compachanged all its old logos from streets ashops. Whole trains (Delhi-BangaloRajdhani) were painted red in Airtecolors. For two days, homepages of Timof India and Yahoo were overtaken fadvertising. Every effort was made so ththere is no contradiction between the o

logo and the new logo among tcustomers.

In this early situation, one cannot commeon the necessity of this rebrandibecause it has not started reaping its fruiThe campaign will end sometime January. Also, the annual fiscresults/quarter results would comsomewhere in April or May when the effeof this rebranding will be somewhat visib

on Airtels international markets.

This rebranding campaign can creawonders and can write its own history bat the same time, it can crash like a planbeing flown without any directions by CaLaunch Pad. What happens to it is whremains to be seen.


8Re-brandingAirtel Rebranding: Was it needed?

Contd..


12/16


-Fresh Green Creativity, right from the roots of DOMS

through the leaves of this newsletter

When Going Gets ToughFailiure stares me like a hawk,

Difficulty stands like a rock,

I am in shock,

So much that I just cant talk,

Try, but fail to reach the dock,

Life is not a cakewalk

Seems that my future is locked,

To avoid failiure, new plans I chalk,

But fail

And wait for misfortune to knock,9


13/16


But then.Echoes my heart with firm conviction,Your fear of failiure is just an illusion,Even mountains are moved with true determination,Love can be won by intense passion,

Only if you move in your soul s directionUnfallible commitment can win over nations,Impossible can be achieved by imagination,So shed all your deviations,And dont be swayed by temporary emotions,

So when strikes crisis, keep your feet moving,Coz when going gets tough, TOUGH gets going.

- Harsh Singh

10


14/16

1) In 1948, this head of India's largest business conglomerate launched

Air India International as India's first international airline. Name this

Bharat Ratna Awardee who also has the distinction of being India's

first pilot.

2) A recent Hollywood movie by the name 'The Social Network' is based

on the life of the founder of a social networking site which has

revenue of over US $800 million. Name this Harvard dropoutAmerican entrepreneur.

3) In economics, an oligopolistic market structure (dominated by a small

number of sellers), the market players use this theory to model their

behavior in taking strategic decisions. Which theory is this, which also

has wide-ranging application in other fields as well such as biology,political science, computer science and philosophy?

4) As Pioneer of the co-operative movement in India, this diary co-

operative organization has revenue of over Rs 67.11 Billion and was

founded in 1946. Name this largest exporter of dairy products in the

country.

5) This Theory was developed by Nassim Nicholas Taleb and captured inhis book by the same name published in 2007 which explains the

disproportionate role of high-impact, hard to predict, and rare events

that are beyond the realm of normal expectations in history, science,

finance and technology. Examples of such events are Internet, the

personal computer, the September 11 attack etc. Name this theory.

6) What connects the following terms?

Dogs: Cash Cows: Stars: Question Mark

-Rajneesh and Anirudh

DoMS, IIT-Roorkee

Its Exquizite, Kills your Quriosity and adds to your Quizdom. Need we say more?

Qutopia A Utopia of the best Biz Quiz Tidbits to wreck your brains! Mail in youranswers to [email protected]. The winner will have their names published inthe next issue. Answers in the next issue ofDoMination.

1


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15/16

1. In the field of mergers and acquisitions, this is devised as a kind of defensive tactic used by

corporations board of directors against a takeover and it typically involves a scheme

whereby shareholders will have the right to buy more shares at a discount, if one

shareholder buys a certain percentage of the company's shares. What is this tactic against

hostile takeover better known as?

2. This is the practice of purchasing enough shares in a firm to threaten a hostile takeover and

thereby forcing the target firm to buy those shares back at a premium in order to suspend

the takeover. What is the name given to this practice?

3. In 2006, a leading technology company acquired this San Bruno, California based company

specializing in a video sharing website on which users could upload, share and view videos.

The deal was worth $1.65 billion. Name both the companies involved?

4. In the largest takeover deal by an Indian company, Tata Steel acquired the Corus Group in

an all cash deal totaling to $12.04 Billion in early 2007. The Tata Steel bid was challenged bythe Brazilian steel maker CSN (Companhia Siderrgica Nacional) with a counter bid. In the

auction process that followed taking nine rounds to find the winner, what was the final

offer in pence per share that Tata Steel offered to clinch the deal?

5. As Lehman Brother filed for the largest bankruptcy in the history of United States in

September 2008, this Japanese based major industrial and financial conglomerate agreed to

buy the Lehman Brothers Holdings's investment banking and equities unit in Asia-pacific

and Europe. What is the name of this financial holding company?

6. Wells Fargo acquired this bank turned financial-service Company in an all stock deal of$15.1 billion in 2008. This company was also ranked among the top 50 in the Fortune

Global 500 list before going defunct in the financial crisis of 2008. Name the Company?

The Answers of Qutopia-10 were:

1) A shareholder rights plan popularly known as a poison pill

2) Greenmail or greenmailing. The term is a neologism derived from "blackmail" and

"greenback".

3) The leading technology company is Google which in October 2006 acquired YouTube.

4) The final offer by Tata Steel to acquire Corus Group was 608 pence per share which was 5

pence more than CSN which offered 603 pence per share.

5) Nomura Holdings, the financial holding company which is a part of the Nomura Group.

6) Wachovia which has now merged with Wells Fargo.

Winners are:

Anuj Gandhi (Executive, Transportation Systems Group, BHEL)

Arnab Basu (DOMSIITR 2007-09)

Harish Nagwani (AMA, Ahmedabad)

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16/16

Comments / Feedback Mail to: [email protected]

Tel: 01332-285014, 285617, Fax: 01332-285565

Do Visit: http://www.iitr.ac.in/departments/DM/pages/Index.html

Department of Management Studies,

Indian Institute of Technology Roorkee,

Roorkee Uttarakhand-247667

The TeamEditor

Animesh Agrawal

Sub-Editors:

Akanksha TikkuRama Pruthi

Siddharth Srivastava

Rohini Sharma

Deep Pathak

Sudeep Dakua

Pallavi Arora

Udit GuptaMukesh Rathi

Design Team:Animesh Agrawal

Shruti Goel

Anuj Mody

Contributors:

Charu SinglaDivye Garg

Deep Pathak

Mayank Jain

Rishi Arora

Harsh Singh

Rajneesh & Anirudh

nimesh Agrawal:

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