September 1, 2013 Volume 6
FinXpress Volume 6 Sep 1, 2013
From The Editorial Summers Fever
From The Editorial
With seniors engrossed in their preparation for upcoming end term exams, juniors after having a happy vacation at home enthusiastically entered into
Deloitte Ernst & Young
term 2. Now it’s time for them to make it more enjoyable by cracking the summer destination where they love to work at.
Texas Instruments Inc
In view of upcoming summers, FinXpress is now coming up with content Deutsche Bank Term of The Week Market This Week
which is more informative, engaging and helpful for juniors. So, slight changes have been made to the regular pattern. For the time being, sections which regularly engage readers, “In Focus” and “Opinion” are being removed and information of various companies are provided. Further, “Fun
Corner” section has been replaced to incorporate an interesting section of
Tips & Experiences
tips/experience to familiarize juniors with senior’s experiences of their selection process. Economic situation of our country continues to worsen with global factors such as tensions over Syria and the prospect of U.S. Federal Reserve having an effect on the depreciation of rupee to an ever time low of 68.80 which has now recovered to 65.7. And do read “Term of the Week” ETF (Exchange Traded Fund) and gain insights into these 4 companies Deloitte, Texas instruments, Deutsche Bank, Ernst & Young. Make the most out these editions for the coming 3 weeks. Happy Reading!!!
Regards, The Editorial Team FinNiche Club Disclaimer: FinXpress takes no responsibility for the opinions expressed in the magazine. September 2013
Deloitte â€”- By Mukul Gupta
Deloitte Consulting is a part of Deloitte Touche Tohmatsu Limited (DTTL), a limited liability private company in UK. Under Deloitte, there are many independent member firms in different geographical areas. Deloitte DTTL is considered as a Professional Services Network which is a network of independent firms who come together to cost-effectively provide services to clients through an organized framework. DTTL is considered one of the Big Four Professional Services firms along with PricewaterhouseCoopers (PwC), Ernst & Young, and KPMG.
New York in 1896 by Charles Waldo Haskins and Elijah Watt Sells. In 1952, the US firm of Deloitte merged with Haskins and Sells.
DTTL provides services in audit, tax, consulting, enterprise risk and financial advisory services. It by itself does not provide services to its clients. DTTL is the second largest professional services network in the world by revenue and has 200,000 employees in more than 150 countries. In FY2012, Deloitte earned a record USD 31.3 billion in revenues. Its global headquarters are located in New York City, United States.
1. Audit & Enterprise Risk: where it provides the organization auditing and advisory services, as well as offerings in enterprise risk management, information security and privacy, data quality and integrity, project risk, business continuity management, internal auditing and IT control assurance.
In 1989, Deloitte Haskins & Sells in the USA merged with Touche Ross in the USA to form Deloitte & Touche. In 1995, the partners of Deloitte & Touche decided to create Deloitte & Touche Consulting Group, now known as Deloitte Consulting. Services provided The services Deloitte provides in India are:
2. Tax: where it helps clients increase their net asset value, undertakes the transfer pricing and international tax activities of multinational companies, minimizes their tax liabilities, implements tax computer systems, and provides advisory of tax implications of various business decisions.
In India, the consulting services are provided by Deloitte Consulting India Private Limited which provides consulting services to financial services, leisure, tourism and hospitality, manufacturing, 3. Consulting: where it provides services in technology and media and transport and the areas of enterprise applications, infrastructure industries. technology integration, strategy & operations, human capital and business History of Deloitte process solutions. Deloitte was founded in 1845 by William Welch Deloitte who had opened an office 4. Financial Advisory Services: where they in Basinghall Street in London. He was the provide advisory services in corporate first person to be appointed as an finance, transactions, valuations, forensic independent auditor of a public company. & dispute resolution and reorganization Deloitte is considered one of the fathers of with a focus on helping the clients increase the accountancy profession. Haskins & value. Sells was an accounting firm established in September 2013
Ernst & Young â€”- By Bhanu Chokhani
Ernst & Young is one of the largest professional service firms in the world and one of the "Big Four" accounting firms. It is a global organization of member firms in more than 140 countries, headquartered in London, England. The current Global Chairman and CEO of the company is Mark Weinberger. The company was ranked by Forbes magazine as the eighthlargest private company in the United States in November 2012. The company earned global revenue of $24.4 billion in FYâ€™12 ending June 2012. The share of revenue as per client sectors was:
Ernst & Whinney, creating the fourth largest accountancy firm in the world. Also in 1979, the European offices of Arthur Young merged with several large local European firms, which became member firms of Arthur Young International. In 1989, the number four firm Ernst & Whinney merged with the then number five, Arthur Young, on a global basis to create Ernst & Young.
- Financial Services: 41%s - Service and Trade: 31% - Industry: 20% - Chemicals and Pharmaceuticals: 8% History
In October 1997, EY announced plans to merge its global practices with KPMG to create the largest professional services organization in the world, coming on the heels of another merger plan announced in September 1997 by Price Waterhouse and Coopers & Lybrand. The merger plans were abandoned in February 1998 due to client opposition, antitrust issues, cost problems and difficulty of merging the two diverse companies and cultures.
Ernst & Young is the result of a series of mergers of ancestor organizations. The oldest originating partnership was founded in 1849 in England as Harding & Pullein. In that year the firm was joined by Frederick Whinney. He was made a partner in 1859 and with his sons in the business it was renamed Whinney Smith & Whinney in EY had built up its consultancy arm heavily 1894. during the 1980s and 1990s. The U.S. Securities and Exchange Commission and In 1903, the firm of Ernst & Ernst was members of the investment community established in Cleveland by Alwin C. Ernst began to raise concerns about potential and his brother Theodore and in 1906 conflicts of interest between the consulting Arthur Young & Co. was set up by the and auditing work amongst the Big Five Scotsman Arthur Young in Chicago As and in May 2000, EY was the first of the early as 1924 these American firms allied firms to formally and fully separate its with prominent British firms, Young with consulting practices via a sale to the Broads Paterson & Co. and Ernst with French IT services company Cap Gemini Whinney Smith & Whinney. In 1979 this for $11 billion, largely in stock, creating the led to the formation of Anglo-American
new company of Cap Gemini Ernst & - EMEIA: Europe, Middle East, India and Young, which was later renamed Africa Capgemini. - Americas Services
EY has four main service lines (share of - Japan revenues in 2011): Each area has an identical business - Assurance Services (51%): comprises structure and one management team that Financial Audit (core assurance), is led by an Area Managing Partner is part Financial Accounting Advisory Services, of the Global Executive board. The aim of Fraud Investigation & Dispute Services, this structure is to effectively cater for an and Climate Change & Sustainability increasingly global clientele, who have multinational interests. Services. - Tax Services (29%): includes Business Recent Developments Tax Compliance, Human Capital, - In 2002, EY took over many of the exCustoms, Indirect Tax, International Tax Arthur Andersen practices around the Services, Tax Accounting & Risk world, although not those in the UK, Advisory Services, Transaction Tax. China or the Netherlands. - Advisory Services (12%): consisting of - In 2006, EY became the only big four to four subservice lines: Actuarial, IT Risk have two member firms in the United and Assurance, Risk, and Performance States with the inclusion of Mitchell & Improvement. Titus, LLP, the largest minority-owned - Transaction Advisory Services (TAS) accounting firm in the United States. (8%): deals with companies' capital - In 2010, EY acquired Terco, the Brazilian agenda â€“ preserving, optimizing, member firm of Grant Thornton. investing and raising capital. - In 2013, EY agreed to pay federal Global Structure prosecutors $123 million to settle criminal EY is the most globally managed of the Big tax avoidance charges stemming from $2 Four firms. EY Global sets global billion in unpaid taxes from about 200 standards and oversees global policy and wealthy individuals advised by four Ernst consistency of service, with client work & Young senior partners between 1999 and 2004. being performed by its member firms. Each EY member country is organised as - In 2013, EY changed its brand name part of one of four areas. This is different from Ernst & Young and tagline to from other professional services networks "Building a better working world". which are more centrally managed. The four areas are:
Texas Instruments Inc. —- By Mukul Gupta
Texas Instruments Inc. (TI) is an American company that designs and makes semiconductors, which it sells to electronics designers and manufacturers globally. Headquartered at Dallas, Texas, United States, TI is the third largest manufacturer of semiconductors worldwide after Intel and Samsung. It is also the second largest supplier of chips for cellular handsets after Qualcomm, and the largest producer of digital signal processors (DSPs) and analog semiconductors. With FY2012 revenues of USD 12.8 billion and nearly 45,000 analog products and customer design tools, it is among the top 20 semiconductor producing companies in the world. Texas Instruments produces a range of calculators, with the TI-30 being one of the most popular early calculators.
TI India is deeply involved in developing state-of-the-art solutions for applications like wireless handsets, wireless infrastructure (base stations), video (security and surveillance, IP phones, settop boxes), High Performance Analog, etc. In August 1985, TI set up a R&D facility in Bangalore and became the first global technology company to establish its presence in India. In 1995, TI developed the first processor designed in India for control applications. The TI India R&D Center was extensively involved in developing “LoCosto”, the industry’s first single chip solution for wireless handsets.
Digital Light Processing is a trademark under which Texas Instruments sells technology regarding TVs, video projectors and digital cinema. Another business unit of the Semiconductor division called Application Specific Products (ASP) develops specific products that cater to a broad range of DSP applications, such as digital still cameras, cable modems, Voice over IP (VOIP), streaming media, speech compression and recognition, wireless LAN and gateway products (residential and central office), and RFID.
Semiconductor products account for approximately 96 percent of TI's revenues. TI's semiconductor-related product areas include digital signal processors in the TMS320 series, high speed digital-toanalog and analog-to-digital converters, power management solutions, and high performance analog circuits. TI’s Wireless Business Unit (WBU) produces wireless solutions for products such as smartphones and eBooks, tablets, consumer electronics and other portable devices. Wireless communications has been a primary focus for TI, with around 50 percent of all cellular phones sold worldwide containing TI chips. - Signal processing
- Microcontrollers and Processors
Texas Instruments maintains several lines of processors, including the Sitara ARM Today, TI is made up of three divisions: processor family featuring ARM Cortex-A8 Semiconductors (SC), Educational and ARM9 to serve a broad base of Technology (ET), and Digital Light applications. Texas Instruments also offers Processing (DLP). a portfolio of microcontrollers.
Deutsche Bank —- By Bhanu Chokhani
The term Deutsche Bank literally means “German Bank”. Deutsche Bank AG is a German global banking and financial services company with its headquarters in the Frankfurt, Germany. It employs more than 78,000 people in over 70 countries, has a large presence in Europe and is growing in North America, Asia and key emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. In India, Deutsche Bank offers services of on-shore investment banking, institutional equities broking, asset and private wealth management, retail banking and business processes outsourcing. Deutsche Bank is listed on both the Frankfurt (FWB) and New York stock exchanges (NYSE). Over the last decade, Deutsche Bank has been transformed, mov ing fro m a German -centr ic organisation that was renowned for its retail and commercial presence to a global investment bank that is less reliant on its traditional markets for its profitability. In 2012, it earned revenue of €33.7 billion and a net income of €0.7 billion. Some of the key highlights of the company in year 2012 were:
Deutsche Bank’s first loss-making year since five decades, though a lot of their losses were covered due to their insurance arrangements with AIG. Deutsche Bank has a negligible exposure to Greece however Spain and Italy account for a tenth of its European private and corporate banking business.
History of Deutsche Bank
Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign trade. It was founded by G. Siemens, whose father’s cousin had founded Siemens and Halske (the company which is Siemens AG now), and L. Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon English and French banking institutions in the world markets—a serious - Ranked No.5 globally with record market handicap in that German bills were almost unknown in international commerce, share generally disliked and subject to a higher - Ranked No.1 in EMEA rate of discount than English or French bills. - Awarded ‘Equity House of the Year’ and ‘Bond House of the Year’ by IFR The bank’s first overseas branches were Shanghai (1872), London (1873) and Deutsche Bank was one of the major South America (1874-1886). Deutsche drivers of the collateralized debt obligation Bank was instrumental in introducing the (CDO) market during the housing credit chemical company Bayer to the Berlin bubble from 2004–2008, creating stock market and played a significant role approximately $32 billion worth. 2008 was in the merger of Daimler and Benz.
Structure of Deutsche Bank Deutsche Bank consists of these business divisions: - Private & Business Clients
equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market in s tr u m e n ts , s e c u r i tiz e d instruments and commodities. Coverage of institutional clients is provided by the Institutional Client Group, while Research provides analysis of markets, products and trading strategies.
The Private & Business Clients division provides branch banking and financial services to private customers, selfemployed clients as well as small and - Corporate Finance medium-sized businesses. In Personal Banking, they provide services of Fixed Deposits, Savings Account, Payroll Account, Online Banking, Loans, Mutual Funds, Portfolio Management Services, Bonds, Online Trading, Insurance (both life and non-life) and Debit and Travel Cards. They have a service called as Advantage Banking which provides an easier balance requirement, family banking facilities and group accounts, financial planning services and exclusive offers. In Business Banking, Deutsche Bank provides Current Account, Current Account Trade, Magnus (a Working Capital lending product), Trade Services and Forex, Cash Management Services, Fixed Deposits and Online Banking for Corporates and Firms. In Private Banking, they provide their customers advice through a dedicated relationship manager. Services provided in Private Banking are Financial Planning, Investment Research, Estate and Succession Planning and other premium products and privileges.
Basically, it is the investment banking division of Deutsche Bank. It provides services like mergers and acquisitions (M&A), advisory, debt and equity issuance and capital markets coverage of large and medium-sized corporations. - Global Transaction Banking The Global Transaction Banking Corporate Division provides commercial banking products and services for both corporates and financial institutions worldwide, including domestic and cross-border payments, risk mitigation and international trade finance as well as trust, agency, depositary, custody and related services. Business units include Cash Management, Trade Finance and Trust & Securities Services. - Asset & Wealth Management
The Asset and Wealth Management Corporate Division is made up of two Business Divisions: Asset Management and Private Wealth Management. While Private Wealth Management serves the - Markets banking needs of wealthy individuals and families across the globe, Asset The Markets Business Division combines Management prov ides investment the sales, trading and structuring of solutions to individual and institutional financial market products like bonds, investors worldwide.
Exchange Traded Fund â€”- By Anirban Dutta
Exchange Traded Fund can be defined as a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold.
Currently there are 3 types of ETFs which can be traded in BSE. These are as follows : - Equity ETF:A basket of stocks that represent the composition of an index, like S&P , CNX Nifty or S&P BSE SENSEX. Its trading value is based on net asset of underlying stocks that it represents. Currently there are 11 equity ETFs which can be traded In BSE.
deposited towards collateral requirements but these are considered as non-cash equivalents. ETFs provide an exposure to the same underlying index like a future, but ETFs trade in much smaller investment sizes than a futures contract thus making it possible for retail investors to participate in index investing. Investors can use ETFs for strategic asset allocation (core holdings) and tactical asset allocation to reflect their short term investment insights. Index exposure can be shorted or hedged by selling ETFs against long stock holdings thereby reducing broad market risk exposure or beta of port-folio. An investor in an open-ended mutual fund can only purchase or sell at the end of the day at the mutual funds closing price. This makes stop-loss orders much less useful for mutual funds, and not all brokers even allow them. An ETF is continually priced throughout the day and therefore is not subject to this disadvantage, allowing user to react to adverse or beneficial market conditions on an intraday basis.
ETFs have made possible the trading of index - Gold ETF: It is a s special type of ETF which funds like stocks. This was not possible until tracks the price of Gold. the development of ETFs. They have opened - Liquid ETF: It is the money market ETF, the a whole new panorama of investment investment objective of which is to provide opportunities to retail as well as institutional money market returns. Liquid BeES money managers. They enable money launched by Benchmark Mutual Fund is the managers to gain broad exposure to entire first market ETF in the world. Liquid BeES stock markets and specific sectors with will invest in a basket of call money, short relative ease, on a real time basis and at a term government securities and money lower cost than many other forms of investing. market instruments of short and medium By owning an ETF, one can get the diversification of an index fund as well as maturities. ability to sell short, buy on margin and Liquid BeES ETS units can be deposited by purchase as little as one share. One of the members with exchange towards collateral most widely known ETFs is called the Spider requirements (Liquid assets) for margin (SPDR), which tracks the S&P 500 index and purposes. These units will be considered cash trades under the symbol SPY. equivalents. Other ETF units can also be September 2013
Market This Week In the week of August 26-30, the SENSEX rose marginally from 18602.56 to 18619.72. The Nifty on the other hand fell 0.5% from 5499.4 to 5471.8. It is clearly visible on the charts that bulls are getting exhausted and losing momentum. With the Indian rupee hitting a recent low of 68.80 and the government expected to get more ambushed by increasing diesel prices, the markets are expected to go down further. Oil prices have shot up recently after the US indicated a possible military action on Syria for its alleged use of chemical weapons against Syrian population. The fall was however cushioned on Friday as the Sensex rose by 100 points on Prime Minister's assurance on currency and growth of the economy and short-coverings ahead of the expiry of derivative contracts on 29 Aug. BSE SENSEX
SENSEX Simple Moving Averages Thirty Days Fifty Days Hundred Days Two Hundred Days
18458.10 18480.82 18465.69 18282.84
FINANCIAL KNOWLEDGE Nifty Simple Moving Averages Thirty Days
Hundred Days Two Hundred Days
Commodities Commodity Gold
Unit 10 grams
Rs / Unit 32982
% Change 3.48
Lending / Deposit Rates Base Rate
Savings Deposit Rate
Term Deposit Rate
Key Policy Rates and Reserve Ratios Bank Rate Repo Rate
Reverse Repo Rate
Cash Reserve Ratio
Statutory Liquidity Ratio
Exchange Rates INR / 1 USD
INR / 1 Euro
INR / 100 Jap. YEN
INR / 1 Pound Sterling
NEWS Infosys displaces CIL to become 5th largest co, TCS still tops list Infosys has regained its position among the top-five companies in terms of market capitalisation (m-cap) in August. The IT bellwether snatched the fifth spot from Coal India as its market value rose 4% to Rs 1.78 lakh crore in August, while the miner saw its value dip 11% to Rs 1.58 lakh crore. Infosys, however, is still a mile away its rival, TCS, which boasts of m-cap of Rs 3.81 lakh crore and is the country's largest listed entity. Apart from TCS, Reliance Industries, ITC and ONGC are placed above In f o s y s with higher market capitalisation.
Ashok Vemuri likely to be next iGate CEO Ashok Vemuri, who quit as the Operations Head of America at Infosys on Wednesday, is likely to be chosen as the next chief executive officer (CEO) of iGate. The executive council, appointed to identify iGate's next CEO has prepared a shortlist where Vemuri has emerged as the frontrunner. Vemuri has an edge over other contenders as he is based out of US.
Fiscal Deficit at 63% of Budget estimates in July-end The fiscal deficit, which is the difference between government receipts and spending, touched Rs 3.4 lakh crore in April-July, or 62.8 per cent of the budget estimate. The fiscal deficit had reached 51.51 per cent of the budget estimate in the April-July period of 2012-13. The
deficit so far is without accounting for a substantial portion of food and oil subsidies, which are likely to exceed budget estimates following the enactment of the Food Security Law and an oil import bill that's shooting up because of an over 20 per cent rupee depreciation. The fiscal deficit during 2012-13 came down to 4.9 per cent of GDP from 5.8 per cent a year earlier. In the current financial year, the government plans to lower the deficit to 4.8 per cent of GDP. The revenue deficit during April-July went up to Rs 2.77 lakh crore, or 73 per cent of the budget estimate, compared with 61.3 per cent last year. Revenue collection slowed down to 16.7 per cent of the budget estimate (Rs 1.76 lakh crore) as against 18 per cent in the previous fiscal.
Q1 GDP at 4.4% vs 4.8%(QoQ); consumption demand down Gross Domestic Product or GDP for the first quarter of this fiscal year came in at a four-year low of 4.4 percent versus 5.4 percent (YoY), below street expectation of 4.7 percent. In the previous quarter, the GDP witnessed a 4.8 percent growth.
Lok Sabha Passes Acquistion Bill, 2011
The Lok Sabha approved land reforms on Thursday that boost farmers' rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy. The government says the bill, which will replace a muddled law dating back to the 19th century, will help speed up
NEWS industrial investment by making the rules clearer. The Bill's pricing rules would oblige developers to pay up to four times the market rate for land in rural areas and twice the rate in urban areas. Displaced people must also be given homes and jobs.
Indian Gold Expensive
Gold imports to India will become slightly more expensive, as the government announced over the weekend that it has increased the base rate for calculating import taxes on the precious metal. India sets a base rate benchmarked to international gold rates, usually every two weeks, for calculating a 6% import tax on the precious metal. The government has raised the base rate to $472 per 10 grams from $449 per 10 grams, according to a finance ministry statement issued over the weekend. The rise in the base rate comes in the wake of a massive gold buying spree in the past two weeks, ever since international gold prices fell 4% on April 12.
RBI opens special window for Forex purchase by Oil Companies Reserve Bank of India (RBI) opened a special window to help the three stateowned oil marketing companies needing about USD 8.5 billion every month to meet their daily foreign exchange requirement in a bid to check the rupee's free fall. The PSU oil companies are the biggest buyers of dollars, requiring USD 8-8.5 billion every month for the import of an
average 7.5 million tonnes of crude oil. The RBI decision is aimed at curbing volatility in the forex market. India's oil imports during July were valued at USD 12.7 billion, which was 8% lower than USD 13.8 billion of oil imports in the corresponding period, a year earlier. During April-July, oil imports were valued at about USD 54.6 billion, which was 2.65 percent higher than USD 53.2 billion in the corresponding period last year.
Lok Sabha passes Food Security Bill India's lower house of parliament approved a plan worth nearly $20 billion on Monday to provide cheap grain to the poor. Under the plan, the government will sell subsidised wheat and rice to 67 percent of its population of 1.2 billion. India is home to a quarter of the world's hungry poor, according to United Nations data, despite being one of the biggest food producers and experiencing years of rapid economic growth.
ONGC to buy stake in Andarko gas block for $2.64 bn Anadarko Petroleum Corp said it has agreed to sell a 10 percent stake in a gas field offshore Mozambique to a unit of Oil & Natural Gas Corp for USD 2.64 billion in cash, as the US oil company looks to focus more on its domestic assets. ONGC faces diminishing supplies from its aging oil and gas fields in India and has been buying interests in overseas assets.
TIPS & EXPERIENCE
Tips to prepare for Summer Placement Get a grip on the FRA concepts and ratio analysis. This is perhaps the only academic subject one needs to study for the summer placements. Comparative industry analysis was one of the selection criteria for a company during the summer placements.
Read newspaper daily. Keep yourself updated on the latest happenings in the industry as most of the GD topics are based on them. For example, rupee depreciation is one of the hot topic that is most likely to be heard during the GD rounds.
JPMorgan Chase Selection Process: As per the last yearsâ€™ data JPMC had offered two profiles: IB and banking operations. The first round of selection was an online aptitude test. The second round was a case study. A hard copy of the case was distributed to the students and they were asked to write points that they wish to store. The case study material was then taken back. Distinguished additional information was provided to everyone and a GD was conducted; so everybody had some common understanding of the case plus the extra piece of data individually. Instructions to note down the points that were being discussed in the GD were also made. The third round was the interview which had the routine questions regarding oneâ€™s short-term and long-term goals, know about of the company, etc. Internship Experience: The interns were given the exposure to the various processes of the company. They had the opportunity to interact with the overseas teams and work with them. A fair amount of assistance was always provided, when needed. Floor-walks helped the interns to know the assignments of different teams and their interactions with each other. Overall it provided a good learning of the work and about the company.
FOUR-S SERVICES Selection Process: The profile offered was of IBR (Investor Relations). A 1-hr test was conducted in which the data of another company was given and the students were asked to determine whether the company is fit for investment or not. Basically it was the comparative analysis of the company with the industry which had to be done to draw a conclusion. After short listing the candidates the interview round was held in which questions about the conclusion drawn in the first round and few general questions were asked. Internship Experience: A broad spectrum of knowledge was given to the interns through projects that developed a deep understanding of the subject. Interns used to make presentations to the clients and also contribute to the reports of the company. Few interns also got a chance to travel to different (domestic) locations for project work. Volume 6 Publisher : Rajat Kochar
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