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ISSUE - 125


EDITOR’S DESK The sports community of our country has always been mired in controversies. Corruption, doping, lack of transparency are some of the few points that have always kept the media abuzz. Now when a bill was recommended to bring about some level of transparency in the system that too fell kaput! Get the complete story this week on our Cover Story on the Sports Development Bill. The ever growing concerns over the euro zone drowning further into debt. Now Italy seems to be the one which might pull in the final straw. With Italy‘s national debt is 1.9 trillion euros, or 120 percent of gross domestic product the highest rate of debt in the 17member euro zone, after Greece the stakes are indeed very high. Catch up upon our writer‘s opinion here this week on this ongoing crisis. With us turning 125 this week we are covering a brand that itself is turning 125, yes you guessed it right! Its Coca Cola! Get to know about many an unknown facts about this giant here this week For all you sports buffs out there, this week we are covering your favourite sports star Lionel Andrés "Leo" Messi. Touted as the successor of Diego Maradona. Get to know more about this ‗wonder boy‘ this week. Moreover we bring to you again our regular sections of Fast Track, Quick Bites, News @ IBS and Market watch to enrich your knowledge further. Cheers, Supriya Mamgain




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NOBODY GAME FOR IT No, this week‘s cover story is not Anna Hazare or corruption. I think our overzealous media has already given an overdose of that phenomenon. This week‘s cover story is about an event which didn‘t even make it to front page of many newspapers but has the potential of having far reaching consequences.

I am talking about the radical National Sports Development Bill which was rejected by the Cabinet in the meeting held last Tuesday.

I am talking about the radical National Sports Development Bill which was rejected by the Cabinet in the meeting held last Tuesday. The draft bill which is aimed to bring transparency, accountability and efficiency the way sports federations are run in India was killed before it could even take birth. But about this a little later. First lets just look at the way sport administration works in India. Each game in India has a federation headed by a chairman who is not a sportsperson as a matter of fact he is not even closely related to that sports, yes I am talking about our politicians. For how long are their tenure would be your next question. Well the answer is perpetually. Lets take few examples The entry of the Chautala brothers — Abhay Singh and Ajay Singh — heralded an era of total politicization of the sports federations. Between them, the two brothers control the Indian Amateur Boxing Federation and the Table Tennis Federation of India. Sharad Pawar manages ICC, Vilasrao Deshmukh, is the chief of Mumbai Cricket Association, Farooq Abdullah, heads Jammu & Kashmir Cricket Association, and Praful Patel, All-India Football Federation president are few manes in this huge list. Who can forget our own Suresh Kalmadi the former IOA chief? No prizes for guessing who were against this bill when it was presented to the cabinet meeting.

So what is about this bill that has ruffled so many?

So what is about this bill that has ruffled so many? The bill sought to bring in revolutionary changes in the functioning of sports bodies in the country, which included putting an age limit of 70 years and tenure restrictions besides bringing these bodies under RTI. It also ensures 50% of the elected members of the federation are ex-sportspersons. This will ensure end of reigns of politicians who been running their federations for decades with no accountability. It wasn‘t only the cabinet members who are against this landmark bill. The Indian Olympic Association (IOA) and several other National Sports Federations had vehemently opposed the bill since the drafting stage, saying it was an attempt to interfere in the functioning of the bodies. Cricket administrators had also reacted sharply to the proposed bill which sought to put it under the purview of the RTI. The cash-rich BCCI which would have come under RTI maintained that it would not be binding on the Board which does not take any grant from the government. Though all hope is not lost. The good intended sports minister has found support from the sports fraternity which has for so many faced the apathy and indifference of these sports federations and he intends to fight on. No matter what happens to this bill in the future, the Indian politicians have once again shown why they can‘t be trusted for doing the right things.

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Assocham seeks review of Land Acquisition Bill Industry body Assocham has sought the review of the Land Acquisition Bill, as it is heavily loaded in favour of land owners and may not create conducive environment for economic growth. Assocham secretary general DS Rawat said in a statement that the Land Acquisition bill cleared by the cabinet needs to be debated before it comes into force as it may not create conducive environment for economic growth. Global cybercrimes cost $114 bn annually: Symantec A study by Symantec Corp, the maker of Norton computer security software, estimates the cost of global cybercrimes at $114 billion annually. The Norton Cybercrime Report 2011 said 431 million adults were victims globally in the past year, with costs of cybercrime surpassing the combined global black market in marijuana, cocaine and heroin. India Inc reluctant to invest locally doubles overseas investment The reluctance of Indian companies to invest locally stands in sharp contrast to the millions they are sending overseas to build factories, buy resources, build infrastructure and start financial services ventures. Corporate investments overseas into joint ventures and wholly-owned subsidiaries almost doubled to $5.5 billion in the April-June quarter this fiscal from $2.96 billion in the corresponding quarter a year ago. India's GDP to grow 8.1% in 2011, second only to China: UNCTAD The Indian economy is likely to expand by 8.1 per cent in 2011, the fastest growth rate in the world after China as stated by the UN agency. In its global release of Trade and Development Report 2011, the United Nations Conference on Trade and Development (UNCTAD) said the India economy will grow by 8.1 per cent in 2011, against to 8.6 per cent in 2010, despite slowdown in developed nations and many other countries. Solve Long Pending Border Issues The growing importance of Bangladesh to India, the Prime Minister Manmohan Singh will visit Dhaka next week along with 5 CMs for one of the biggest foreign policy moves in the region. The Chief Minister of West Bengal, Assam, Tripura, Meghalaya and Mizoram will accompany Singh, an event that is rare in the Indian Politics. It is a signal to the Bangladesh that India is ready to press the reset button on the ties with the two nations. BJP Questions the Congress: Lokayukta With Modi and Gujarat at the centre of the controversy, Congress and BJP spared no efforts to argue their view points regarding the law for appointing the Lokayukta. BJP MPs lead by Advani headed in the parliament premises after the Lok Sabha was adjourned, criticizing Beniwal for bypassing the Chief Minister. The Upper house also witnessed an argument between Chairman Hamid Ansari and Jaitley on the same. Aircraft Skids off the Kochi Runway It was a miracle that what may have ended in a Manglore type of crash that killed 158 people. An Airbus A-320 carring 137 passengers and 6 crew members skidded of the runway and finally stopped nose down. All aboard are safe, however the aircraft suffered serious damages. Rain, crosswind and low visibility are likely the reason for this mishap.

Jean-Baptiste Say–French classical, liberal economist and scholar. Jean-Baptiste Say is known for his contribution to Say's Law of Markets and for his work on "A Treatise On Political Economy". Say was born in 1767, taught political economy in France at Conservatoire National des Arts et Metiers, and later at the College de France.

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THE IBS TIMES Bail Rejected to BSY Former Chief Minister of Karnataka B S Yeddyurappa got himself admitted into a hospital two days before the High Court denied him bail in connection with alleged irregularities in denotification of land and pecuniary benefits from the actions. Hours after the high court rejected the bail Yeddyurappa applied bail in the special Lokayukta court, which adjourned the hearing until September 7.

Heads of paramilitary organizations decided The appointments committee of the Cabinet has cleared the names of three senior Indian Police Service (IPS) officers as the head of three paramilitary organisations -- Indo-Tibetan Border Police (ITBP), Border Security Force (BSF) and Sashastra Seema Bal (SSB). Ranjit Sinha, U.K.Bansal and Pranay Sahay will take the three posts respectively.

Indian Business confidence dips to 12-month low A latest survey by the Federation of Indian Chambers of Commerce and Industry has revealed that business confidence in India has come down to 51.6 in the quarter ended June 2011 from 63.7 in the precious quarter. Aggressive tightening by RBI, falling domestic demand and weak global cues are said to be the reason behind the fall. The worse is that numbers are expected to fall further during the next six months.

35 Indian companies in Forbes Asia’s ‘Best under a Billion’ List 35 Indian companies are ranked among the top 200 Asia-Pacific corporations in Forbes Asia's 'Best under a Billion' list for this year. The number of Indian companies was second only to the 65 firms from both China and Hong Kong that found a place in the list. India's largest storage-battery producer, Exide Industries - which was present in the list last year- breached the $1 billion mark in the last 12 months and was not included this year.

WikiLeaks Crashed The WikiLeaks website crashed in an apparent cyber attack after the accelerated publication of tens of thousands of once-secret State Department cables by the anti-secrecy organisation raised new concerns about the exposure of confidential U.S.embassy sources. " is presently under attack," the group said on Twitter late on Tuesday. One hour later, the site and the cables posted there were inaccessible.

Red devils shot the Gunners Manchester United humiliated the north London rivals Arsenal 8-2 in a Premier League outing. A hat-trick by Wayne Rooney, a double by Ashley Young and goals by Nani, Park and Welbeck made the 2011-12 season worse for Arsenal after they had earned only 1 point from the previous two games. The loss means that Arsenal manager Arsene Wenger becomes the centre of the controversy as his management style of not spending on new players is being questioned for a long time now.

Rain ended India’s hopes in the first ODI With 274 on the board and England down to 27-2, Indians were facing their chances of starting the ODI series on a winning note after a abysmal performance in the test series. But the heavy rains forced the covers on and the match could not be restarted. A brilliant start of 95 runs by the openers Parthiv Patel and Rahane laid a perfect launch pad for Indians to ease pass 300 but the failure of lower middle order meant that only a competitive score could be put on the board.

Definitive Securities-Securities that are issued in the form of a paper certificate as opposed to book-entry securities which are electronic entries into a computer. Examples of definitive securities include bearer and registered bonds.

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There is immense uncertainty over whether several euro zone nations will be able to weather the regional sovereign debt crisis and gloomy economic sentiments. The Euro region is under risk of breaking up. Several euro zone countries have high levels of public debt as compared to total economic output (for Italy 120% of their GDP), prompting concerns over how they will be able to pay back their debt. The global economic situation is weak. After Greece and Spain, Italy is in crisis. It is feared that Italy could sink the Euro.

It is feared that Italy could sink the Euro. Italy’s national debt is 1.9 trillion euros, or 120 percent of gross domestic product the highest rate of debt in the 17-member euro zone, after Greece.

Italy‘s national debt is 1.9 trillion euros, or 120 percent of gross domestic product the highest rate of debt in the 17-member euro zone, after Greece. If the country‘s borrowing costs rise further, it would face a solvency crisis that could upend the single currency. Borrowing costs have risen sharply in Italy for domestic banks during the past couple of months due to worries that Italy may fall victim to the euro zone debt crisis. Italian banks are exposed to sovereign risk because they own large holdings of the country's 1.9 trillion euro public debt and they pay a premium over government bond yields to sell their debt. And it is feared that Italy is too big for the Euro Bloc to save. Italy has been hit both by domestic political instability and speculative trades on the possible breakup of the euro, the Credit Suisse economists said. In the past two weeks negative sentiments have prevailed among the investors and a lot of selling activity is taking place. The Euro Central Bank (ECB) is faced with the task to buy Italian Government Bonds to speed up cuts in the Euro zone Debt. It has bought back some 30 billion Euros since mid august. In return for the help, the ECB has asked for a 45.5 billion euro deficit reduction plan. The number has now risen to 54 billion euros as compared to the proposed bill. And the support from the ECB and the central bank is the only thing that is saving Italy from a major debt crisis. Some new amendments were made by the parliament. Surtax on top incomes in the private sector was introduced. It seems that the rich people of Italy are willing to pay more as they feel the only way out of the crisis is to ask help from the people who have excess cash at the moment. This is called solidarity tax which will be charged 3% charged to Italians earning more than five million euros (vis a vie three million) The government is also taking various austerity measures like saving money by abolishing the provincial administrations and halving the number of national lawmakers. But it is a matter of time to see how efficiently these laws are passed.

The government is also taking various austerity measures like saving money by abolishing the provincial administrations and halving the number of national lawmakers.

Direct savings come in the form of immediate savings would come from postponing the retirement of many Italians by excluding from their pension calculations time spent at university or doing military service. Other measures by the government include- bill cuts spending to regional governments, cracks down on tax evasion, increases the retirement age for women in the private sector to 65 from 60 in 2014 and raises the VAT, or value-added tax, to 21 percent from 20 percent. Italian labour laws are making it easier to hire and fire people and this remains highly debated. Some economists warn that that tax hike would further stifle Italy‘s economy, which is expected to grow only 1 percent this year. Will Italy sink the Euro? Is it dipping or drowning? Only time will tell.

Pay Czar Clause- A buzz word describing a clause found in financial institutions' employment contracts that would subject compensation terms to the U.S. government's approval. These clauses would allow the financial institution to offer attractive bonus plans to employees, but also provide recourse in the event that the government prevents the payout from happening, either through regulations or direct intervention.

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Atlanta, Georgia - On May 8, 125 years ago, when John Pemberton poured the first cup of Coca Cola in Jacob's Pharmacy, probably never imagined it would become a beverage shared by people from over 200 countries today. Coca Cola‘s journey as a brand has evolved ever since, from a pain relief syrup to becoming a ubiquitous brand being available everywhere, to its authentic face of competition, to its current face of ―happiness‖. Coca Cola has moved beyond time and location to become a brand of the world today.

This could not have been more apt a brand to track for this 125th issue of The IBS Times, Brand Track Column. In this column of the Brand Track I would try to do justice to the historic 125 years of this brand that is responsible to change the dress colour of Santa Claus. Yes it is true. Santa Claus‘s original colour as most us don‘t know was green. It was in the winters of 1950‘s when Coca Cola ran an ad campaign with Santa Claus in red and white, to promote its drink in the winters as well, as coke was a drink predominantly consumed in the summers only. Coca Cola has moved beyond time and location to become a brand of the world today. It always believed in going global by being local. It adopted the lifestyles of the countries it was introduced in and accordingly customized its position in that country. There are a couple of great lessons to be gleaned Coca Cola‘s archive that all brands should heed. One of them being adopting ―Coke,‖ a nickname invented by consumers but resisted by Coca-Cola initially. The brand chose to embrace consumers‘ shortened name, and the positive impact on the brand should be a lesson to those marketers today that are overly resistant to consumer brand input.

As marketers we have learned that the brand should go where the customers go and Coke is the best example of this strategy.

Another lesson to take home is how Coke created experiences in its consumer‘s life. Early Coke ―ads‖ were trays, calendars, posters, pocket mirrors, things that were relevant and welcome as part of consumers‘ daily lives. Today‘s brand apps that make life easier or richer, that delight consumers just for the sake of it, play a similar role. Even the advertisements which are made to tap on the local sentiments of each country reflect Coke‘s way of creating an experience. As marketers we have learned that the brand should go where the customers go and Coke is the best example of this strategy. It has not only changed with times in terms of shape of bottles but also has changed its marketing campaigns from sponsorships to online fan pages to happiness machines. The script, red colour, the wave logo, and even the ribs on the bottle have all been with the brand for the past 125 years. And yet, Coke manages to constantly reinvent and evolve to relish the minds of the current generations and will do for the generations to come. This is no easy feat and it is something that all brands aspire too. I salute this brand and wish Coke a Happy 125th and many more to come.

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Big Shots… Navin Wadhwani to head RIL's M&A unit WTO director general Pascal Lamy in India on 5th September 2011 for the DOHA trade Talk. Indira Nooyi, Sonia Gandhi, Merkel among top 10 most powerful women in the world: Forbes

Company Talks… Growing Economic uncertainty causes IT majors to shift their cash to bank FDs from Mutual funds. Companies under the brand name of KK Birla to shed their legendary tag. Ind Swift laboratories to raise funds up to 500 crore through issues of securities from domestic and international market. State bank of India plans to open new branches and offices in 10 countries. N C Jha gets 3 - month extension as acting CMD of Coal India Ltd.

Economy Speaks… Zero Job growth is the latest Bleak sign for the US Economy. PM clears Anil Ambani‘s name to lead India - China CEOs Forum – focus on the boosting the economic and commercial ties between the two nations. India and China to hold its first Strategic Economic Dialogue. Planning commission to pare down 12th five year plan growth target to 9% from 9.2% Inflation a serious problem, but likely to fall says plan panel. Double Digit food Inflation is worrisome Union Finance Minister Pranab Mukerjee said monetary policies of RBI will take some time to have an impact. The Argentina – Venezuela FIFA friendly has grossed seven crore from corporate sponsors. On the 10th anniversary of the 9/11 terrorist attack, US warns of a small plane attack. .

The Captains of the Ships.. Director (Refineries) Indian Oil- Rajkumar Ghosh CMD Power Grid Corporation of India- RN Nayak GMR Infra MD- B V Nageswara Rao Director (Finance) SAIL- A K Chaudhary

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It‘s been long since I wrote for The IBS Times. I have tried to bring something new and something unique every time I write FOCUS. In FOCUS we have covered various CEOs, CFOs and new financial instruments, but this time I am covering a man who is not related to any of the above mentioned three fields but defines class in its true sense. He was covered by every Indian newspaper on the front page last week. This has been a difficult article for me to write because I am a diehard Real Madrid FC loyalist and he plays for our biggest rivals. But in the end I thought let ‗FOOTBALL: the beautiful game‘ win. By this time I think most of you would have guessed whom I am talking about, every mentioned CEO and CFO in our IBS times wants to meet him and see him play and perform. This man proves ‘class is class’.

You know greatness is not defined by calling yourself great (this one goes for me), greatness is defined by the height you reach, at what age and how you reach it.

Born in Rosario, Argentina; captains the Argentina‘s football team, plays for FC Barcelona, I am covering this time the man who is called The Wonder Boy and whom Diego Maradona declared as his successor- Lionel Andrés "Leo" Messi. At a young age of 24, Messi has already won Ballon d‘Or and FIFA World Player of the Year twice. With Barcelona, Messi has already won 5 La Liga titles and 3 Champions League titles (with scoring in two of those finals). At age of 5 Messi was already playing for a football club called Grandoli, by the age of 8 he was playing for Newell‘s Old Boys. River Plate was keen on signing Messi but could not afford his medical bills which were minimum $900 a month (he was suffering from growth hormone deficiency). So his father arranged a trial with Carles Rexach, the sporting director of FC Barcelona and this is how the great Messi landed in Barcelona‘s youth academy. From there his fame grew leaps and bounds; he became the youngest player for Barcelona to score a La Liga goal. He also proved that the ―New Maradona‖ tag was not at all hyped up by emulating Maradona‘s most famous goals in a space of single season. Messi scored a goal against Getafe FC which was a replica of Maradona‘s famous goal against England at the 1986 World Cup in Mexico, known as the ‗Goal of the Century‘. He also scored a remarkably similar goal to Maradona's 'Hand of God' goal (against England) against RCD Espanyol. When Messi won 2009 Ballon D‘Or by beating Cristiano Ronaldo; the margin of 473 to 233 was the largest ever. A year before he also won his first international honour, an Olympic gold medal, with the Argentina Olympic football team in Beijing.

He also scored a remarkably similar goal to Maradona's 'Hand of

You know greatness is not defined by calling yourself great (this one goes for me), greatness is defined by the height you reach, at what age and how you reach it. People like Messi are followed and prayed in a country like India (where cricket is the only sport followed) because they come from small families with loads of problems but they reach the sky and nothing can come in their way of GREATNESS. Only god knows where this BOY (or should I refer to him as MAN) would reach in times ahead as he is just 24.

God' goal (against England) against RCD Es-

Deep Assortment- A retail merchandising strategy in which the retailer stocks a number of varieties of a particular product line. Carrying a deep assortment of a particular product can lead a company to becoming a "super specialist". It also limits the space for other products that would allow it to reduce its risk exposure. Some types of businesses are able to offer a deep assortment of a product while at the same time offering a wide variety of products.

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After a mid week break of two days, the whole IBS was geared up again on Friday with CP‘s, vivas, project submissions and classes. Apart from the academic activities, club events made the Friday evening in IBS entertaining and enriching. STOCKYARD – ANTI CORRUPTION MOVEMENT IN INDIA StockYard organized a freewheeling discussion on Anti – Corruption movement in India. The event was honored by the National coordinator of Lead India Foundation, Mr. Sudharshan Archarya. He shared his views on anti corruption movement in India and the LokPal Bill. The event was graced by faculty Prof. G.K Srikanth who addressed the audience and enlightened the students on the current scenario of corruption. The event was an interactive discussion where the students shared their views and concerns regarding the situation. The masters of the ceremony Suhani and Rajat took the audience through the history of Lokpal and corruption. In a nutshell the discussion was a huge success and an educative session. DOT CLUB – TECH Q Develop on Technology Club conducted its first event TECH – Q a technological quiz. The event had a plethora of questions on Softwares, operating systems, mobile phones, famous personalities, major players and almost everything under the technological umbrella. This quiz was not only for the geeks and nerds but also for laymen and game freaks, who have a keen interest in and are up to date regarding the latest gizmos and gadgets in the market. The first round was conducted so that the teams would get some time to charge up their grey cells, this was the elimination round and out of a total of twelve teams, eight teams were selected for the next mumbo jumbo. Next was the crossword round, wherein the participants had to rack their brains really hard to find the solutions. The final round was match the following, the questions were a concoction of tough and easy statements and the participants were suppose to match the right answers with their statements or questions. The winners of the event were- Manikandan A and Subhankar Gon (2012) and second - Sunil Reddy and Prateek Watwale (2012) ECOBIZZ – CRESCENZO EcoBizz came up with a mind boggling game which tested the participants on their knowledge in economics and finance. A total 40 teams enrolled for the event with 2 members per team. The game had three rounds. While the first round tested the participants on lateral thinking which required the participants to think and understand the word from the pictures and hints shown, the second round was an audio visual round which tested finance, business and general knowledge of the players. It was also the objective to improve multitasking skills, which is a prerequisite for managers. The third round was to strategize and think how to spend the money given to each players. The winners of the event were

Bharti Chaudhary & Trishendu Deb and runners up were Phani Bhushan and Abhishek Singh.

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The triple-edged sword of interest rate hikes, soaring inflation and weakening global conditions have made India‘s GDP numbers slide for the first quarter of FY‘12 to 7.7% which is lower than the last five quarters. Series of rate hikes by RBI to deal with inflation ate into consumption levels which fell from 8% to 6.3% from the last quarter. A sigh of relief in this gloomy picture was a robust climb in investments from 0.4% to 7.9%. With many global and local events lined up in September, it always is an action-packed month. RBI‘s monetary policy to be released on the 16th is something to watch out for as analysts expect another 25 bps in interest rates to combat inflation which might act as a deterrant to the weakening growth of the country. The Movers & Shakers of the Week

















To maintain its competitiveness in the fierce industry, Maruti Suzuki has got 15-20 new vehicles lined up for launch over the next five years with a majority being low-cost small car offerings including facelifts and variants. With the new environment minister at the centre, Coal India‘s project stuck under environmental norms start getting approvals seeking an investment INR 420 billion over the next few years to set up washeries and foreign acquisitions. SAIL is planning to start its production from one of the largest iron ore mines in Asia, Chiria by 2014. With an investment nearing INR 35 billion, the mine will become operational in another three years thereby facilitating SAIL to quadruple its annual steel production capacity of 800 MT in medium term. Global Cues: After a prolonged phase we witnessed Indian boarses running ahead of all the markets in the world rising at whopping 6.1% during the week followed by Brazil (6%) and Singapore (3.5%). Analysts expect the outperformance of Indian markets to continue on the grounds of falling correlation between Indian markets and those of developed west which stands at 0.3 in 2011. Coming as no surprise, U.S. and Chinese markets were the only ones to end in red recording 0.4% and 2.3% losses respectively. U.S markets were on a bleak trading trend owing to dismal employment numbers and Indian markets were very quick to respond to the delay in QE3 by Fed on the grounds to curb soaring commodity prices in emerging markets. .

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29 AUGUST 2011

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Nifty 30 Aug’11

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Gold ($/oz.)

























*Markets closed on account of Id-ul-Fitr and Ganesh Chaturthi ** Data not available David Dreman-A prominent private investor who founded the investment company Dreman Value Management. David Dreman has also published three books and is on the board of directors for the Institute of Behavioral Finance. He is also the co-editor of the Journal of Psychology and Financial Markets. BUSINESS JARGONS BY–TANIYA BANERJEE

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DisclaimerThis newsletter is just a compilation of news from various sources. Thus, readers are expected to cross-check the facts before relying upon them. Though much care has been taken to present the facts without error, still if errors creep in, necessary feed back will be always welcomed. Editors will not be responsible for any undertakings. The newsletter is not meant for sale and hence, no part of the newsletter should be used without the prior permission of the editorial team.

SourcesThe Economics Times, The Hindu Business Line, Times of India, Business Standard, Financial Ex-press, Financial Times, Business Week, Business World, The Economist, Wall Street Journal, Bloomberg, Reuters,,,, Business Today, India Today,,, DNA, The Deccan Chronicle, The Hindu, The Tele-graph.


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The IBS Times_125th issue  

FAST-TRACK EDITOR’S DESK Cheers, Supriya Mamgain EDITOR With us turning 125 this week we are covering a brand that itself is turning 125, ye...

The IBS Times_125th issue  

FAST-TRACK EDITOR’S DESK Cheers, Supriya Mamgain EDITOR With us turning 125 this week we are covering a brand that itself is turning 125, ye...