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4 minutes before the end of extra-time, Andrés Iniesta takes a shot and scores! And with that,

Spain defeats Netherlands to win FIFA World Cup 2010!

The World Cup, however, wasn’t the only victory for the Spaniards. Over the next one

month, the Spanish equity market posted returns of the magnitude of 5.7%, rejuvenating the

investors of Spain.

At first, this might seem to be a coincidence. Why on earth would stock markets be affected

by the world cup? Rubbish!

Perhaps not.

A study by Goldman Sachs, tabulated in Exhibit 1, reveals the following observations:

On an average, the winning country’s stock market outperforms the global markets by

3.5% in the month following the final

Over the next three months, the gains begin to narrow down

In the period of one year from the finals, the winner country’s stock market

underperforms global markets by an average of 4%

Exhibit 1: Average stock market returns of FIFA World Cup Winners (Source: Goldman

Sachs Report)


In fact, with the exception of Brazil (2002), domestic markets of every world cup winner

have followed this trend.

Is this observation only relevant to FIFA world cups? Let’s explore.

With a huge sixer by MS Dhoni, India liftscricket world cup 2011 in its hometown. The crowd

erupts with joy!

Let’s analyse whether this joy was equally cherished by Indian investors.

The closing value of Sensex on 18 February 2011, the last trading day before the world cup,

was 18,211. By the end of the first trading day post the world cup, 4 April 2011, the Sensex

had risen to 19,702: a return of a whopping 8.18% in one and half months (Exhibit 2). The

month following the final, however, gave negative returns. Thus, while it does not perfectly

correspond to the earlier observations, it does indeed show positive market correlation with

good performance during the world cup.

Exhibit 2: BSE Sensex: 19 Feb 2011- 4 April 2011 (Data: www.moneycontrol.com)

Three months after the world cup, on 5 July 2011, the value of Sensex was 18,745 points, a

drop of 4.8% (Exhibit 3). This is consistent with the observations noted earlier.


Exhibit 3: BSE Sensex: 4 April 2011- 5 July 2011 (Data: www.moneycontrol.com)

Finally, at the end of one year from the world cup final, on 4 April 2012, Sensex had fallen to

17,486 points: an annual fall of 11.24% (Exhibit 4). This observation, too, corresponds to

earlier observations.

Exhibit 4: BSE Sensex: 4 April 2011- 4 April 2012 (Data: www.moneycontrol.com)

What led to this phenomenon?

For now, the best explanation given by behavioural finance expertslies with market

sentiment. Positive emotions from world cup victory correspond with greater buying activity.

However, with due course of time, rationality prevails and the markets return to normal.


There might be several reasons for market activity. This article doesn’t seek to conclude that

markets will always rise with positive sentiment. It merely states that it might, judging from

past observations.

So, if you’re a trader, watch-out for future sporting events – you might just end up making

some money out of them!

PankajThukral

Indian Institute of Management, Ahmedabad

PGP 2016-18


BLOCKCHAIN TECHNOLOGY

DECENTRALIZING FINANCIAL POWER

According to a study conducted by World Bank, banks across the globe on an average charge

12% for low value remittances. The time required for transfer of payments as well as the

transaction costs play a major role in financial decision making. Shipments are cumbersome

with an error rate upward of 12.7% and average funds settlement period of 4 days. The story

in India is the same if not worse. Transaction costs are high at the very basic levels of

payments like NEFT and RTGS (Exhibit 1). This is mainly due to the structure in which

these payments are processed. You may find numerous articles describing blockchain, but it’s

hard to visualize their real life implementation. This article aims to create a scenario which

can mimic the actual implementation of block chain technology.

Simplified fundamentals on how the

current NEFT system works is as

follows:

Step1: A user initiates a transfer and

the remitting branch prepares a

Structured Financial Messaging

Solution (SFMS) message and sends it

over to its central service location for

NEFT. The user is charged a

transaction cost.

Step2: The service center forwards

this to the local RBI (National

Clearing Cell, Mumbai) for clearance.

Step3: Clearing center sorts the

transactions bank-wise and formulates

accounting entries of debit or credit for passing on to the banks. After this is completed,

bank-wise remittance messages are transmitted to banks.

Exhibit 1: Reserve bank of India (www.rbi.org.in)

Step 4: The banks process the remittance messages and reflect the transaction to the

beneficiaries' account.

Now, let us implement the same using the blockchain technology. The steps mentioned below

are elaborated to give a comprehensive view on the technology and its implications.

Step 1: N banks can form a web to facilitate the blockchain. For simplicity, let us keep the

number of banks as 4.We keep the numbers small for simplicity. There are parallel

transactions (exhibit 2) occurring among banks and all this data is encrypted and stored on a

NEFT CHARGES

AMOUNT CHARGES

Upto 10000 ₹ 2.50

Above 10000-1 lacs ₹ 5

Above 1 lacs,upto 2

lacs ₹ 15

Above 2 lacs ₹ 25

RTGS CHARGES

TIMINGS AMOUNT CHARGES

9am - 12 noon 2 - 5 lacs ₹ 25

Above

5lacs ₹ 50

After 12 noon - 3.30

pm

2 - 5 lacs ₹ 26

Above

5lacs ₹ 51

After 3:30 pm

2 - 5 lacs ₹ 30

Above

5lacs ₹ 55


Z

W X

Y

W Z

common register for everyone to see and verify. This registry stores information in blocks

and every block is linked in the form of a chain to maintain financial balance.

TRANSACTIONS

BANK

Initial

amount Amount transferred(Debited)

Credited to

bank

W ₹ 10 ₹ 4 X

X ₹ 10 ₹ 3 Z

Y ₹ 10 ₹ 2 Z

Z ₹ 10 ₹ 1 X

Exhibit 2

All the transactions above are transparent for everyone to see and also verifiable by all. As

shown above, if Bank W tries to send ₹9 to Bank Y, it will be termed ‘illicit’ as everyone in

the chain knows that Bank W does not have that much amount to lend to Bank Y. Now the

question arises, does the blockchain have a centralized database? Who will verify all

transactions? We will answer this in step2.

Step 2: To answer the questionsabove, every bank is treated as a node and every node has its

own copy of the same register. Then, how are these copies made similar? To answer this, let

us continue with the above transaction.

₹4

₹2

₹3 ₹1 ₹9

W = ₹10

W->X= ₹ 4

X->Z= ₹3

Y->Z = ₹ 2

Z->X= ₹ 1

W = ₹10 W = ₹10

W = ₹10

W = ₹10

W = ₹10

Zxczcsadas

W = ₹10

W = ₹10

W = ₹10


With every transaction entering the web of banks, all the nodes compete to verify the

transaction. The reasons are:

a.) The bank which validates the transaction first, gets its copy of the registry updated

with the latest financial balance in the web.

b.) The bank may also be compensated with a financial reward and will be a fore runner

in the preceding transactions.

Once the transaction is validated, the bank adds it to the register with the help of a ‘key’.

Step 3: The other banks/nodes must now update their respective registers in order to win the

bid to validate the next transactions. The updated registers are now available to all banks for

verification and transparency is maintained in the system. The example above shows how

eliminating a centralized third party leads to fast-paced transactions at a lower cost. The

system was not dependent on a third party to clear its transactions as we saw in the

earliercase. With the help of blockchain technology and peer to peer validation, the system

was transformed into a simplified and integrated financial ecosystem.Now the question

arises: How can blockchain considerably reduce the time of any transaction? Let us continue

with our example. Now assume that some documents (shipment etc.) need to be validated

along with the transaction. A study by FIEO (Federation of Indian Exports

Organization)highlighted that major exporters face an average delay of 4 days on customs

duty compliance and trade document verifications. Now assume that in the same example,

one also needs to validate financial documents along with their transactions.

Step 4: Each document is available online with a unique ID. Since these documents are linked

to monetary transactions, they will be linked to the respective blocks in the blockchain as

shown below.

If the same would be handled by our current system which is controlled by central RBI

clearance center, then the RBI would have to forward this to another dedicated team. This

team would verify the documents and this process would be time consuming and

cumbersome. The blockchain instead leverages peer to peer information sharing. A node in

the web which specializes in document verification could quickly verify them and broadcast

to the central server. All transactions are transparent for everyone to validate. Incase of any

W = ₹10

W->X= ₹ 4

X->Z= ₹3

Y->Z = ₹ 2

Z->X= ₹ 1


validation error, the problem can be easily flagged and rectified.Using the example above, we

saw how radically blockchain technology could transform our lives and simplify

majormonetary processes. A new report from Goldman Sachs Investment Research projects

annual saving of about $2bn in the US and $6bn globally in the capital markets using

blockchain technology. This technology which is in its nascent stage faces challenges such as

integration and regulation compliance, but with innovation and standardization, this could

revolutionize the financial world.

References:

Deloitte (2016) Blockchain technology: 9 benefits & 7 challenges. Available at:

https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-

and-7-challenges.html.

zlotolow (2016) YouTube. Available at:

https://www.youtube.com/watch?v=93E_GzvpMA0&t=715s

PwC (2016) Available at: https://www.pwc.com/us/en/financial-

services/publications/viewpoints/assets/pwc-qa-whats-next-for-blockchain.pdf

World Economic Forum (2016) Blockchain will become ‘beating heart’ of the global

financial system. Available at: https://www.weforum.org/press/2016/08/blockchain-will-

become-beating-heart-of-the-global-financial-system/

Author:

Ashish Gupta

International Management Institute, New Delhi

https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html

https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html

https://www.youtube.com/watch?v=93E_GzvpMA0&t=715s

https://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/pwc-qa-whats-next-for-blockchain.pdf

https://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/pwc-qa-whats-next-for-blockchain.pdf

https://www.weforum.org/press/2016/08/blockchain-will-become-beating-heart-of-the-global-financial-system/

https://www.weforum.org/press/2016/08/blockchain-will-become-beating-heart-of-the-global-financial-system/


It was in the 8th century AD during 695 to 732 AD, when King Lalitaditya of Kashmir

subjugated almost the whole of India under his domain. The 4th Taranga Of Rajtarangini

describes the adventures of Lalitaditya of Kashmir. He was the 5th King of Karkota (Naga)

dynasty (695-857 AD) and Lalitaditya ruled for almost 37 years from 695 to 732 AD. It is

this king who is mentioned in the legend of Kerala as ‘ Parsurama’, which word might be

shortened form of ‘Parihaspura’ or ‘Parihasakeshwa’.Lalitaditya spent the later part of his

reigning period trying to bring India under his control and the triumphant marched through

India with all the fighting gears. He first brought the states neighboring to Kashmir under his

control. He captured whole of Punjab within a few days and entered Delhi. From there he

invaded Kanauj but unexpectedly Raja Bashodam, the king of Kanauj resisted the attack and

there ensued a bloody battle. Raja Bashodam surrendered and appealed for truce, which was

agreed to and after fixing a small tribute his kingdom was restored to him. Next he invaded

Godres and trampling the whole area under his feet reached Kalka and captured the city of

Kalank. From here he turned to Bihar. The king of Bihar laid down his arms and came

forward for peace. Staying there for a few days next he turned his attention towards Bengal.

Many bloody battles were fought and Lalitaditya always won. The king of Bengal also

prayed for peace which was granted to him as a good strategy. He went to the pilgrimage to

Jagannathji temple and distributed much wealth among the priests there. He prayed for the

forgiveness of the past atrocities and plunders and began to think of further strategies. Now

he turned towards Deccan. He conquered Nanak Des and some other areas and befriended the

kings and restored their countries to them. Those days Queen Ratta was ruling over some

areas of Deccan. When Lalitaditya reached near her territory; he, as usual began to interfere

with her territories. The brave queen was enraged and at once organized her army, donned

men’s wear and repulsed the invasion. She gave such a fight that the king was put to a great

trouble. He forgot all his earlier conquests. The war continued for a long time. But the stars of

Lalita Dut were in his favor and in spite of great struggle she could not win and in the end she

too had to bow before him. Lalita Dut praised the valor of Queen Ratta and restored her, her

country, made a truce and went ahead. After this confrontation no Deccan king dared the

King of Kashmir, who trampled all areas on his way and reached the Kaveri. At this place

Raja Lalit Dut sipped coconut water and also distributed among his soldiers. This relieved

them of their fatigue. They regained strength and after taking rest for a few days invaded

Karnata (Karnatka), Konkan territories, comprising of the seven tracts including Kerala

(Malabar), Goa, Konkan proper etc and also conquered Lanka. The history of Cheranad

(Malabar) gets somewhat known only from the 8th century, when Lalita Dut of Kashmir

staged the procession on elephants back from Gokana to Kanyakumari. The king is featured

as the ‘Parasurama’ in ‘Keralapathi’ written in 18th or 19th century The account of Parsurama

in the Kerala history is stated as under: Parsurama threw his axe over the sea from Gokana

(Goa). It reached upto the Cape and the water receded from the region exposing the land.

This reclaimed land is still called Parsurama-Kshetra. Then Parsurama brought out 64 priestly

Brahmin (Nambudiri) families from the North along the shores of Tulunad, settled them in


Kerala and founded his own religious sect. According to the Keralopathi, Adiraja Perumal,

Pandi Perumal and Cheruman Perumal had ruled Kerala (Cheranad). The Perumals were

succeeded by the Kulasekhara Varma dynasty. Both the Perumals and Kulasekhara varmas

ruled Kerala with the capital at Mahodayapuram from the last years of the 8thcentury to early

11th century AD. The extracts from the history of Kerala compared with the history of

Kashmir from 8th century to 11th century AD lead us to the inference that the rulers in both

these dynasties were deputed from Kashmir to govern Kerala. Rajtarangini states that Lalita

Dut the ‘king of Kashmir and monarch of India’ had returned after his triumphant march

through the 7 tracts of Konkan and sent gate-keepers (dwarapalakars) to put up a temple at

Mahodayapura, in the same architectural beauty as that of the Martanda temple in Kashmir

built by him. The chief of the dwrapalakars installed Lord Mahodaya (Subhramani) there.

This is clear from the history of Avantivarman of Kashmir as given in Rajtarangini (5th

Taranga verses 28-29, that Avantivarman had sent Ramata as a preacher to Mahodaya

(locally known as Mahodyapuram) because the capital of Chera (Sura) Nad in the days of

Cheruman Perumals, elected by the 64 royal gate keepers (dwarapalakas) sent from Kashmir

and continued to be the capital of Cheranad after the formation of the 2nd Chera empire by

Kulasekhara varmans in the 9th century till it was destroyed by the Chola invasion in the

11th century.The no. 64 has great significance in the history of Kerala. They- the royal gate

keepers represented the 64 temples that existed in Kashmir (confirmed in verse 169 of the 5th

Taranga). Lalita Dut would have sent 64 royal gate-keepers, representing the 64 temples in

Kashmir, to Mahodaya in Cheranad. The statues of the 64 dwarakapalakas can still be seen

arranged in the Subramani Swami temple at Trichendur, in Trinnelveli district of Tamil

Nadu. Formerly this place was a part of Cheranad (Kerala). The place name was changed

from Mahadayapuram to Tiruchendur by the Cholas after destroying the Cheranad capital in

the 11th century. (The author has been to the historic site in 1963 while on a survey camp

during his study of degree in engineering in Annamalai University South India)The chief of

these dwarapalakas was elected as the first Perumal who ruled Cheranad for 12 years. He too

was the head of the dwarapalakas, who installed the Mahodaya Swamin in Mahodaya temple.

The successor either appointed or elected was Pandi Perumal. He must have been the chief

royal guard of Martand temple in Kashmir too. Because Kashmiris call the Martanda temple

‘Pandavlari’ (temple built by Pandavas). There is a tribe in Kashmir known as ‘Kishtwaris’

predominantly agriculturists. They were considered as Dravidians migrated from South India/

Kathiaward. Were they the people deported from Pandiyanad by Lalita Dut for the

construction of Martand temple in Kashmir? A statue of ‘Kannaki’ in a remote village in

Jammu was venerated by the Dravidians as the symbol of charity in Chera, Chola and

Pandiya Nada of South India. The chief priest of the remote temple was Nambudiri from

Kerala, a descendant of the gate-keepers sent from Kashmir by Lalita Dut the king of

Kashmir and the Nambudiris from Kerala were generally appointed as head priests in the

majority of the temples in Jammu region by the Dogra dynasty. After the rule of Pandi

Perumal and other Perumals the famous CHERUMAN PERUMAL ruled Cheranad for 36

years.Afterwards he divided the Cheranad into 63 smaller units, entrusted them to the

remaining royal gate-keepers and himself went to Mecca, Where he along with his

companions embraced Islam on the august hands of the Prophet Muhammad (PBH).( It is

said that he had been witness to the miracle of the prophet seeing moon

getting cut in to two parts and then rejoining) ,On his return journey to Cheranad he died at

Zaffala ( on the shore of Oman Gulf) in 832 AD. This shows that a little more than 100 years,


the Perumals ruled the Cheranad with their pagoda in the city of Mahadayapuram, the capital.

After the Cheruman Perumal’s rule, the Kulasekhara Varmas succeeded them. At this period

Avantivarman of Utpala dynasty was the king of Kashmir, who ruled from 867 to 884 AD.

Dinnaras currency prevalent in Kashmir then was used in Kerala (Cheranad) also at that time.

The old coins of Kerala known as Parasurama Rassi is the Kashmir Dinnaras. It is seen

recorded in the earliest discovered copper edict, the Vazhapally Chart granted by the first

king Rajasekhara varma of Kulasekhara dynasty.

The Kashmir Scenario:

Al-Beruni writes that Hinduism was not strong in Kashmir in the 11th century. But the

existence of ‘Shardapeth’ confirms the existence of Saivites there before that. Also because

Rajtarangni of Kalhana opens with the praise: ‘Aum-Hail to Sri Ganesa’ (salutation to the

Guru of Manichaens) and then praises Siva, it has to be inferred that the people of Kashmir

had recognized Saivism also.Manichaeism became powerful in Kashmir during the reign of

Durlabhavardhana (632-682). It was Lalita Dut who with conditions favorable for the growth

of Saivism in Kashmir, raised a temple for the Sun god- the famous Martanda temple in

Kashmir. The custodians of the temple were the white Huns (Naphalites-one of the lost tribes

of Israel) who migrated to Kerala as Nambudiris.Just as Manichaeism and Saivismprevailed

separated into two distinct religions in Kashmir, there were divisions in Kerala among the

dwarapalakas. Before the last Cheruman Perumal went to Mecca, he subdivides the Cherand

into 63 villages or units and gave them out to the other dwarapalakas or his subordinates. Of

those units , 32 settled to the north of Alwaye river (in Ernakulam district of Kerala state)

where the Nabudiris followed Saivism (generally called as belonging to ‘Surya Vansa’ or

worshippers of the Sun god). They elected the ruler of Kolathiri (Kavilathikari) as their chief.

Ibni-Batuta mentions in the travelogue about Kilatniri as ‘Kawlan’ (as shortened form of

‘Kavalgam’ (Pagoda) of the ruling king), with the capital city of Manjuran (Manjeswaram).

He says: ‘The king in this place is the greatest of the kings in Malabar, and in it are about

4000 Muslim merchants from Persia,Yemen,Arabia etc.The 31 units of dwarapalakas who

settled to the south of the river Alwaye, retained Manichaean belief and they belong to the

group of ‘Soma vamsa’ or worshippers of the Moon god. They maintained their headquarters

at Mahodayapura till the 100 years Chera-Chola war of the 20th century. With the Chola

invasion in 1012 AD, their dispensation in Cheranad floundered. In this set up Hiduism came

to prominence in Kerala. Cheranad got broken up in to bits controlled by local chieftains.

Shree Sankara of Shardapeeth:

It is believed that Sree Sankara the profound preacher of Monism (Saivism) belonged to

Kashmir. He was the person who expounded the simple monistic theory to counter the

dualistic theory of Manichaetsm. His proficiency in Sanskrit supports the theory of his

training in Kashmir at ‘Shardapeeth’ in his younger days. There is no reason to believe that

such a versatile Sanskrit scholar of the 9th century was brought up in Kerala. May be Sree

Sankara was the father of Malayalam language- its creator. The folk language of Kashmir

‘Sharda’ would have travelled down to Kerala with Sree Sankara. Kashmiri and later

combining with Tamil might have produced Malayalam Language.All the higher castes in

Kerala, we see now are the progeny of settlers from different parts of Asia, especially from

Kashmir and West Asia. Nambudris and Nairs from Kashmir, St. Thomas Christians from

Persia and Arabian gulf shores, so also Jews, merchants from Armenia (originally of

Manichaean community) and Wzhavas from Sri Lanka (Lavanganad), all migrated in the

9th century AD and after Islam came to prominence in Malabar only after the invasion by

Hyder Ali and his reputed son Tipu Sultan of Mysore at the end of 18th century. Before the

Gogra dynasty came to power in Kashmir, there were numerous independent villages in

Kashmir valley. One very curious feature of these tiny villages was that the form of

government was republican and that the principle of ‘Home- Rule’ has been carried to the


extreme limit in these villages. A village parliament managed all the internal affairs of the

village. But questions of general policy were settled by the State parliament to which each

village sent its representative.The same form of ‘Home-Rule’ was prevalent on Cheranad

(Kerala) during the reign of Perumals and Varmas- sent from Kashmir. These village

parliaments were known as ‘Sangams’ (Nattukoottams) on the basis of Charts given to these

West Asian emigrants, such as ‘Anjuvannam’ of the jews; ‘Manigramam’ of the Armenian

merchants and ‘Taripalli’ of the St. Thomas Christians. These three important Sangams were

formed on the basis of Charts issued and privileges granted by the kings of Kalasekhara

Varma dynasty of 9th century AD. It is quite likely that Lalita Dut would have sent some

Nayanars (Nairs) along with the 64 Nambudiri families. The artisans of the Nair group were

experts in carpentry, rock-cutting and metal smelting. It is they Who constructed the

Tiruchendur Mahodayapura swamin temple in Cheranad. The temples at Martanda and

Mahadayapura could have been built only by expert artisans with the help of cheap Dravidian

laborers. This might have led the interchange of settling Kashmir Nairs in Kerala and

Dravidians from South India in Kashmir.The Nairs in Kerala are ‘Naga’ worshippers. The

worship of ‘Nagas’ (serpents) is a festival still observed in some parts of Kashmir Valley,

especially in Bhadarwah and Kishtwar regions in the month of Chaitra. Sankrant of the

beginning of a month (in Bikrami era) is regarded sacred day of Kashmiri Hindus. In Kerala

too the above two festivals are observed with enthusiasm by the Nair community. The springs

in Kashmir are called ‘Nags’ like Anant Nag, Veri Nag,Shesh Nag, Nara Nag, Neel Nag etc.

and temples were erected near many springs, believing that Nag Devtas were custodians of

these springs. Many stories are weaved around these Nag Devtas living underground beneath

the beds of these springs.The matriarchal lineage and polyandry systems adopted by Nairs in

Kerala had its origin from Kashmir. Devdasi systems prevalent in the Kashmir temples from

Asoka’s time was practiced in the temples of Kerala, till it was abolished during the British

period (1785-1947 AD)A more important finding of these studies is that the cultural bond and

affinity of Kerala with Kashmir are very much more than with the adjoining Tamilnadu and

Karnatka State in South India.Drawing up a skeleton of the cultural bond and affinity

between Kashmir and Kerala attempted here, it is possible that a close study of the ancient

contact and relations between the two states will bring to light much additional material of

great historic value. With the advent of Islam, its introduction to both these states has been

very much during the time of the Prophet Mohammad (PBH). Two emissaries (Sahaba-

companions of the Prohet PBH) are reported to have come to Kashmir and the Raja Vana

Dutta was deeply moved,whereupon he lead a very simple life and even distributed one tenth

of his agricultural produce amongst the poor and needy as ‘ushur’- (Islam in Kashmir by prof.

Mohi-ud-din; Murasala Kashmir Panidtan Lucknow, 1872 AD). The same emissaries

proceded to China along the Silk Route and on their return they got stranded in the valley for

four months due to severe winter. They were looked after well and on their return to Arabia

they were all praise before the Prophet Muhammad (SAW) for the hospitality shown by

Kashmiris. -(Fida Hasnain-historian) It is during the Prophet’s time that Cheruman Perumal

while observing sky saw the miracle of moon splitting and rejoining. On which he came to

know through Arab traders that their Prophet (PBH) in Mecca had performed this miracle. As

recorded in the history, the king Cheruman Perumal met the Prophet (PBH) on 27th Shawal

at 9 AM. The king fell at the feet of the Holy Prophet (PBH). The Prophet (PBH) lifted him

up, the king embraced Islam, was taken by Prophet (PBH) to his home and entertained him

well. The Holy Prophet himself converted the king and his companions to Islam. Hazrat Abu

Bakr Siddiq (RA) who was present on the occasion, enquired about the guest. The Holy

Prophet (PBH) said that he is the king of the place from where ginger ang pepper came.

‘Firdaysal Hikmat’ by Thabur mentions that Cheruman Perumal lived with the Prophet

(PBH) for 17 days. Hakim in Mustadriq (4:30) states that an Indian king presented a jar of

ginger (Morabba) to the Holy Prophet (PBH) who distributed it among his disciples. A rare

manuscript from the Arrakal Palace in Kerala states: ‘ I will keep the word (of kingship) till

my uncle, who has gone to Mecca, returns’In the Hindu religious festival (Theyyam) also this


story is narrated, ‘Cheruman Perumal sailed from Kodangallur secretly and on reaching

Dharampatanam, the next day he entrusted the Kavilakam

(Royal Palace) to Zamurin. His followers also sailed from Kodangallur. The Prophet

Mohammad (PBH) was staying in Jadda. He went there and converted to Islam, took the new

name as ‘Tajuddin’ with the seal of Perumal eleven Thangals (Sayids) came to Kadangullar

and with the permission of the king, Medal Mosque, Abduk-Rahman Mosque, Muttath

Mosque, Panthalamani Mosque, Shahab-ud-din m-Mosque- in all eleven Mosques were

constructed.In his book ‘Karthikodayam’, C.V. Kunjiraman writes: He (Cheruman Perumal)

accepted Islam and went to Mecca. Before going to Mecca on Karakadskan (June-July)

23rd at Kodiyathur Inuvanchikulam Siva temple, he divided Keralam into different parts

which hedistributed to his nephews and dependents. This happened 1400 years ago. It is after

this Panthalam, Kotharakara, Quilon, Cochin royalties came into existence. Cheruman

Perumal became sick just before he was about to return to India. So he requested ‘Malik Bin

Dinar’ to come to Kerala and spread Islam. He wrote letters to different kings of Kerala and

entrusted them to Malik bin Dinar and his group. According to C.N.Ahmed Moulavi,

Perumal died in Shehr Mukhalla and was buried there. Malik bi dinar, Sharaf bin Malik,

Malik bin Habib bin Malik, wife Kumeria, and others – a total of 44 persons reached Kerala,

20 of them knew Holy quran by heart. Malik bin Dinar was allowed to construct mosque at

Kodangullar. This was the first mosque constructed anywhere in India. They gave the letters

to different kings in Kerala and constructed mosques at Quilon, Kazargode, Mangalore and

Pakkanore. The name of the first Qazi of the 18 mosques in India is mentioned in ‘Rahatul

Maluk’ by Suhrawardi.Islam grew peacefully and steadily. The first eight centuries of

Mupilla growth following the establishment of Islam in Kerala were marked by a calm

forward movement. The peaceful contact and development stands in shear contrast to the

progress of Islam in North India (with Kashmir being an exception)Mutual economic interest

and religious tolerance contributed to the growth. The increase in the population was due to

immigration, inter-marriages and direct conversion. This process continued till the

Portuguese arrived in the Malabar Coast and European

interference started in India in the 12th century AD., with the

suppression of Muslims till 18th century AD.Turning back to the conquests of Lalita Dut in

the South India and after conquering Sangaldweep (Sarandeep) islands (Sri Lanka), Lalita

Dut turned towards the west. He plundered Bombay and collected huge wealth and conquered

Kangan Des. From there he subjugated Malwa. God’s grace was with him and wherever he

went success greeted him. He trampled the whole country and yet he escaped unhurt. When

God graces someone, He creates qualities in him which become reasons for his success. He

respected learned men, statesmen, and artists and would keep their company.Where ever he

went he searched for statesmen and learned people and appointed them on responsible posts.

In his previous conquest he had gathered many artisans and statesmen all of whom were

unique in their respective fields. He found a man Jankan by name, who was proficient in

Arabic and Persian and was considered the crown of them all. He was originally from

Bukhara and had mastery over alchemy. When Lalita Dut saw his unique qualities he

appointed him minister and included him among his special advisors. Next he captured Ujjain

and Dwarika. From there he invaded Gujrat and subjugated the king and went to Bhakar. But

here he met a tough resistance. The cool atmosphere of Kabul after crossing Attak attracted

him and since the conquests of Lalita Dut had been known all over the world, the king of

Afghanistan submitted as soon as the former entered his country. Thereafter he turned his

attention to Bukhara, where Momin the ruler put a tough resistance but had to surrender in

the long run. The unique swordsmanship of Lalita Dut became talk of the town in Central

Asia also. All the kings and rulers were terrorized. The brave king conquered Samarqand,

Tashkand, Khokand, Kashghar, Khatan, Khata and Khurasan in battles and by strategy and

brought innumerable wealth and returned to Kashmir via Tibet in 729 AD after 12 years. On

reaching Kashmir he offered eleven crore dinars to Mahadev Swami Temple. In this

expedition he had restored all the countries to their respective rulers but retained Lahore and


Jalandhar. He sent officers from this place to administer these places. After a few days he

held a public function and rewarded his companions and ministers who had stood by him

throughout the conquests. He gave them estates and gifts in compensation of their services.

Al-Beruni says that the victory of Lalita Dut was celebrated in Kashmir every year as an

annual festival. Next he turned towards the welfare of the public. He founded many villages,

temples, Hospitals, inns, for his people. He did best for the welfare of the cultivators and

devised ways and means for their benefit, which hold good to this day. He founded Lalitapur

now known as Letapura after his name. There he built a novel Sun temple and earmarked the

whole revenue from Kanauj for its maintenance. In the same manner he built Parihas Keshaw

temple at Parihaspur. He set up a pillar of stone fifty yards long in its courtyard. He also built

a unique temple of Mukta Keshaw at village Divar. The temple surpasses allthe temples built

by Lalita Dut. Eighty four thousand tolas of gold were used on its dome. Eighty four

thousand tolas of gold and silver of the Buddha were placed in these twin temples for

worship. In addition to these Raja Lalita Dut spent much money on the repairs of old temples

also. He built the temple of Zishtishwar situated at Shankaracharya Hill (Sulaiman). He

repaired the Martandishwar Temple at Mattan. A strong fore wall was constructed around it

for its safety. During his reign a temple was found from under the earth at village Sher Daron.

The inscription on its door said that it was built by Sri Ram Chander and Lachman Ji. Raja

Lalita Dut spent much money on the restoration of this ancient monument also. During his

conquests he had built a grand temple of Narsing Avtar at Turkistan also. Rani Chakravarti,

the queen of Lalita Dut also found a village Chakrapora after herself.. The village is now

called Chakar Baster Pora. From constructions he turned his attention to irrigation. He

restored old canals and affected a code of distribution of water and made the country fertile.

He had made a free kitchen for the people, where a cauldron was so big that food for one

thousand people could be cooked in it. One lakh people ate food from the kitchen every day.

In short whatever money he gathered from places, he spent all on such charitable work.

Maharaja Lalita Dut was a just courageous, brave, caring for his subjects, sincere and a first

rate person. But as is said, that man is a combination of faults and forget-fulness. He too had

two failings that brought bad name to him. He suffered for these as well. First he issued silly

orders in intoxication and he would not keep his word. He had brought Guru the king of

Bengal with him to Kashmir with great promises. Here he recalled the bloody battles and got

him murdered for these. He did the same with Raja of Gord Des. Their well-wishers always

sought opportunities to avenge them. Finding an opportunity they came to Kashmir and

murdered many a dignitary here. They plundered the temples at Parihaspur and malta Keshaw

and set Rammchandr’s old temple on fire. They had escaped after great plunder and loot,

when the king came to know of it. After setting the administration right Raja Lalita Dut

raised an army and marched towards India once again. He promulgated new settlement rules

in this country also and then set out for Turkestan. He had removed all impediments earlier

and this time he trampled the whole of Central Asia (Istri Raj) and reached Siberia (Russia).

He liked the climate of this place so much that he forgot to return. After waiting for a long

time the dignitaries of the country sent a petition to the king saying that he had spent much

time in conquests and that it would be befitting his royal dignity to grace them with his

presence once again. In response Lalita Dut wrote back that the northern countries were very

attractive and alluring. Whatever he had conquered so far, he had not satisfied his inner urge,

he wrote. He said that he did not want to waste time in Kashmir. He further said that he had

two sons, Kolia Pid, Wazra Dut, whichever they thought fit should be made king in his place.

He further enjoined upon them to tell his grand-son Jia Pid to try to match him. For his

successors he gave some suggestions and asked them to understand these very keenly. After

this nothing is recorded in the history of Kashmir about this king because he spent rest of his

life in the North. After some time the king returned through Tibet but at Arbamuck

Mountains, called Deva Sui now, he got buried under snow along with his army and men and

thus was he obliterated from this world.NIETHER DARA NOR JAM NOR THE LIKE


ALEXANDER REMAINED HUNDREDS CAME TO THE THRONE OF EARTH AND

WENT

Ashraf Fazili

Consultant Chartered Engineer

Former CE, SE, Xen, AE at J&K Govt. PWD

https://www.facebook.com/pages/Consultant-Chartered-Engineer/634072456690420?ref=br_rs

https://www.facebook.com/pages/JK-Govt-PWD/326232070879250?ref=br_rs


Business Description- Travelogue company is an app based company which provides electric

rickshaw services to intra-city people to reach their destinations with minimal cost. It helps

people to connect with these rickshaw drivers using this app and hence can avoid the

problems of manually searching for auto rickshaw which most of the times is unavailable. It

is economically better than auto rickshaw since it is battery powered hence zero emission,

and are pollution free.

Industry Analysis

OPPORTUNITIES AND PROBLEMS

There is no app based e-rickshaw available for the people to commute in Kharghar so at times

it becomesvery difficult to manually search for the auto. Auto- rickshaws are congested and

cause pollution. People usually prefer app based cabs for longer distance travel, there is no

such service available for short distances.

How E-rickshaw addresses the Opportunities and problems.

Every aspect of E-rickshaw is engineered, designed and manufactured with quality improves

the battery life, vehicle life and contributes to the higher profits overtime. E-rickshaw will

make intra-city travel cheaper, smoother and faster.

Competitive Analysis

Current and potential competitors

Auto rickshaw.

Company’s competitive advantage

As it is renewable source of energy hence pollution free and less on operating cost and it also

comes under “Make in India” campaign started by existing government.

Driving licence is not required. Union government is providing aid under “Deen Dayal E

Riskshaw Scheme”.

Customer Analysis

Target market in terms of demographic attributes (eg. Gender, income level, age etc.)

Travelogue mostly targets:

• Passengers during peak & non-peak hours.


• Income level – people of middle and lower income age group, as Travelogue provides

service which is mostly affordable.

• Age – Anyone using smart phones. Management Team Marketing Strategy

• Create a teaser campaign on Social media.

• Promotions at various colleges and education institute.

• E-rickshaw is an eco-friendly source of transport, so, we can promote our E-rickshaw at

various government campaigns.

• promotional Offers/ Free Rides

• Printed promotional material can range from simple flyers to more elaborate pamphlets that

detail product specifications.

• Collect testimonials from customers who have used and enjoyed the product. Testimonials

can be a powerful tool for convincing potential customers to take the plunge, because they

create the link between customers who trust the opinions of others like themselves.

Operations

• Employ Rickshaw Pullers • Complete App Based Operations

• Tie Ups with current E Rickshaw owners

• Duly charged batteries & Spare batteries for emergency purpose Organizational Structure •

Entrepreneurial Structure Financial Feasibility

• Cost of E Rickshaw – Rs.1.1 Lakh

• Initially Employing 20 Rickshaw

• For 20 autos, Capital = 20 * 110000 = Rs.22 Lakh

• App Development = Rs.5 Lakh

• Distance Travelled with single fully charged battery – 90km

• Price Tariff – Rs.20 for 1st km, Rs.10/km afterwards

• Per Driver’s Wage = Rs.7000 • 20 Drivers Wage = Rs.1.4 Lakh

• Designed Capital Income – Rs.20 * 90 km = Rs.1800 per day per E Rickshaw

• Maintenance = Rs.4500 per vehicle So for 20 Maintenance = Rs.90,000

RAHUL PILLAI (ITM Navi Mumbai)

ABHIJEET RATH (ITM Navi Mumbai)

BISWARANJAN SAMAL (ITM Navi Mumbai)


In light of today’s economic landscape, it’s more important than ever for companies to have happy and productive employees. When employees are loyal and engaged in the company, profits are higher. Conversely, when people feel unmotivated or undervalued, the company suffers. In order to make your workplace one where happiness and productivity thrive, consider the following guidelines.

1. Be a “good” employer. A “good” employer is one who sets clear expectations to employees, including what is to be done, when it is to be done by, and where it goes after they complete their responsibilities. Within these expectations, you need to set clear boundaries, demonstrate healthy leadership and provide sound direction. This means spelling out rules, regulations, policies and procedures. While you can usually accomplish this by creating a comprehensive employee manual, a good employer or manager will also use the “personal touch” by talking with employees in group and one-on-one settings. Whatever expectations you set, make sure they are consistent with all employees. Include such things as clocking in early, break times, lunch hours, etc. For example, is it acceptable to clock in early and leave work early? Are breaks mandatory? Will an employee be “docked” if they consistently take too long for lunch? The more issues and expectations you outline, the fewer problems arise, which leads to productive workers.

2. Help employees to feel valued. Be encouraging to your employees and offer praise when appropriate. Thank employees for doing a good job and let them know that you value them. Should something go wrong or someone makes a mistake, don’t “punish” the person. Rather, talk to the person, teach the correct procedures, and offer encouragement and further teaching when needed. Remember that punishing people only makes things worse in that the employee may become angry and bitter and may want to sabotage their work to get back at the company. If errors continue after correction, then you may need to evaluate that person to make sure he or she is a good fit for the job.As an employer, you have an excellent opportunity to make a difference in your employees’ lives. This may mean a smile, asking how their family is, or asking about their interests or problems. If you sense that someone is depressed, help that person get the necessary resources, as employees with depression have higher absenteeism, increased health problems, and decreased performance. Remember that we are all humans working together to get through life. We need to care about each other to get the best results.

3. Create a productive atmosphere. The physical layout of the office is important to maximizing productivity. People need enough room to work, the correct supplies/materials, and a comfortable and pleasant environment. Make sure all equipment is designed ergonomically so that it positively motivates workers by helpyou can do immediately to change the happiness level in your employees and improve your bottom line.

1. Build Trust


Bridging the gap between these levels is the key to happy and high performing

employees. When employees feel they are trusted to perform their job functions they

have the freedom and confidence to engage creatively and participate in solving

problems, which in turn creates a feeling of value, maximising their contribution.

And make sure keep any promises you make to them – broken promises will remove

any feelings of trust they may have!

2. Provide Consistent Feedback

Most people want to know that they are “getting it right”, or at the very least, know

how they can improve to be the best they can be. Providing consistent feedback

opens up communication between employees and managers and the benefits flow

both ways – employees gain a better understanding of where they’re succeeding and

what requires more attention; managers glean insight into office dynamics and daily

work flow. But feedback is effective only when it is delivered objectively and fairly

and should be treated as a tool of instruction, not chastisement or punishment.

3. Give Employees Respect

New research suggests that overall happiness in life is more related to how much you

are respected and admired by those around you, not to the status that comes from

how much money you have stashed in your bank accountRespect also goes beyond

the projects and tasks assigned at work. Understanding and supporting an

employee’s commitments outside of work, such as caring responsibilities or

community service activities increases loyalty and job commitment, both of which

translate into profit for you!

4. Provide Career Growth Opportunities

Employees who are fully engaged and demonstrate the ‘nirvana’ that is job

satisfaction and initiative won’t want to be put in a corner to beaver away on the

same tasks day after day. If you really want someone to be a productive, contributing

member of your team next year and the year after that, then offering career growth

opportunities is a sure-fire way of making that happen. A few ideas are compensating

advanced education, funding attendance at conferences and participation in internal

mentorship programs. Career development enhances employees’ skill sets, which will

further enrich your business and it also communicates to employees that they are

important members of the team who are expected to learn new and better ways to

meet goals and objections.

5. Set Clear Goals

Psychologists agree that people work their best and hardest when endeavouring to

meet a specific, challenging goal. Even if someone’s job entails punching out widgets

on an assembly line, he or she should know how many widgets to make in a day and

the measure of quality the company expects.

Sydney,proprietor

Paradise infocreativeproject developing center


Sydney

Sahaya Justus,Suji,Preethy,Senthil vel,Arthi,Anu

Amsa sangara Naygi

Suchila Vadivel


Paradise infocreative project developing center

24.cave street

Near Home church

Nagercoil-1

Kanyakumari district

Tamilnadu

[email protected]

www.paradise755.wordpress.com

www.paradiseinfocreative.blogspot.com

9443282105

9677606378(whats app)

mailto:[email protected]

http://www.paradise755.wordpress.com/

http://www.paradiseinfocreative.blogspot.com/

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