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Topics (Click to Navigate) From the Directors Desk Editorial Note

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Being Best I Can ET Wealth Finance Gyaan !!!! The Shinning Silver The Great Indian Management When you should expect the unimaginable ! Can RBI & the Indian Government think Innovative ? Growing in the shades of a mentor Change is Constant Cairn India & Vedanta Patterned nature of freely traded Markets makes them Predictable! A Luminance Of Knowledge Change Life @ Dalmia Games
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Team DELT
Director: Prof. P L Arya. Faculty-in-Charge: Prof. Anil Gor. Faculty Advisor: Prof. Vinayak S Date. Head of Finance Department: Prof. Naveen Bhatia. Chief Student Editor: Pranav N. Jain. Editorial Team: Hetvi Dholakia, Meghna Dubey, Roshni Khanna. Creative Team: Gaurav Salian, Jigna Purohit.

*Disclaimer: All Opinions expressed in this magazine are the personal opinion of authors and in no way reflect the views of the Editorial Team or of the Institute. This magazine is only for internal circulation with no commercial/profit purpose. Information collected in the magazine may be from public domain.

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From: The Directors Desk

Prof. P L Arya, B.E., PGDM (IIM-A)Director-NLDIMSR

The vision of N. L. Dalmia Institute of Management Studies and Research (NLDIMSR) is to provide the highest quality management knowledge and develop leaders of integrity. Established in 1995, NLDIMSR has proved its mettle as a B-school by being ranked amongst India's TOP 25 B-School Brands consistently over the last five years.. We are known for our Academic Rigor, Top Quality Faculty, Top Notch Placements, Dynamic Curriculum and State-of-theArt infrastructure. Our college is gaining momentum with every passing year with our students making an indelible mark in the corporate world. We are motivated to incessantly give our best in academic sphere and in the holistic growth of our student community. Our students are groomed to become corporate leaders of tomorrow with incisive skills, deep - rooted fundamentals and high ethical standards. I see my students not just as responsible managers but also as value based captains of the industry with global outlook and a sense of Indian culture and values. NLDIMSR provides an academic environment where outstanding students from around the country are continually challenged and inspired to do their best. With the wide spectrum of committees in our college like Finance Forum, Ace Club (Marketing club),HR Club, E-Cell (Leadership Club), Alumni Club etc. we strive to provide a platform to nurture the innate skills latent within the budding managers. From debates, skits and seminars, management games, they provide an extensive breadth of opportunities for our students to outshine. With this new endeavour of publishing our college magazine "DELT" we give an expression to the knowledge in the minds and creative arc of our students, a chance to widen our horizons, valuable inputs from the faculty members and precious articles by the corporate world. As we embark on a new journey, together we shall sail in the Ship of knowledge and anchor the harbor of success!

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From: The Editors Desk

Welcoming you all to yet another edition of our magazine DELT. We have received overwhelming response by our readers and this time we also invited articles from our alumni batch. Pranav Jain,
BMS, LL.B. PGDBM 2009-11, NLDIMSR.

Since our previous issue, world has seen a spur of major events ranging from Tsunami in Japan, unrest in Arab countries, killing of OBL, 2G scam verdicts and so many upturning events. Hence the theme for this edition comes out as CHANGE- Natures Way for a Better Tomorrow. When you should expect the unimaginable! the cover story, brings reality to clarity. The Cairn-Vedanta deal was again a major happening that ruled the news headlines and still the final verdict is yet to come. Get to know about the deal in gist in our article Cairn Vedanta Deal. Amidst all this there was a silver lining in the form of skyrocketing Silver which rocked the commodity market big time. Get a glimpse in The Shining Silver. Can RBI and Indian Government think innovative?! poses the question which is very apt in todays scenario. Read through to know more about the need of the hour. Second semester at DIMSR was really eventful. At the Institute level we saw a good sprint of events which included the most cherished PD-Camp at Khandala and various other Seminars, Guest lecturers as well as National level paper presentation Competitions. Get a slice of the visit by MIT Sloan candidates to our institute as a part of their research project in our An event to cherish! The great Indian Management and Being the best I can are the special contributions from our alumni, Mr. Piyush Deora and Mr. Sagar Pandya, respectively. As always ET Wealth will keep you updated with wealth tips and Life @ Dalmia will give a glimpse of the events in out Institute. Once again I would like to thank all our readers for their keen interest in DELT and a special thanks to our alumni for their contributions. A copy of DELT is being circulated to all our alumni batches, corporate contacts and the present batches of our Institute. So contribute and let a share of your fame spread across!! Big thanks to all our Professors and Magazine Team to take keen interest in releasing this issue. With everyone caught up in their summer internship, efforts of the entire TeamDELT for coordinating the DELT #3 release are commendable.

Wish you all a Happy Reading!!

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Being Best I Can!

SA GA R PANDYA

Sagar Pandya MBA 2007-09 Risk Analysts

WHAT IS IT THAT MOTIVATES YOU TO WORK? MONEY , MONEY OR MORE MONEY??

THINK AGAIN!!

As I had nothing much to do I thought of completing the pending Online Training sessions. As part of onboarding program I had to complete certain online training module, most of which were videos by higher management on topics like Diversity, Motivation, Focus, Passion etc. trying hard to convince the employees that there can be actually some other things which can motivate people, more than just money. At the point, I was of quite the contrary view. Nonetheless I started scrolling through the list of videos to be completed. Next in line was Being the best I can. I clicked on the link & official media player popped up. It would be just another video documenting experience of some people who managed to reach the top at a young age (which at times makes me feel a Loser with a capital L), preaching the importance of being best you can, I thought as the media

player was buffering the video. The video started with titles. David Owen it read. Hi, I am David Owen, I am an Application developer. Shriks! I exclaimed. I just hated it when the videos cracked like the voice of the person on other side of the phone, in a low coverage area. Here I assumed the internet connection was slow. I allowed it to buffer it for a while and played the thing again. Hi, I am David Owen, I am an Application developer. I got a bit irritated and repeated the entire process of buffering and playing the video all over again. Hi, I am David Owen, I am an Application developer again the same thing. I was super irritated but had no option but to complete this module and

bear the cracking quality of video in silence. I was born and grew up on the out skirts of Liverpool. Oh my God the problem was not with video quality but with David, he could not speak properly I realized. There was a man sitting on a wheelchair in front of camera struggling to speak. Suddenly my frustration was converted to guilt of not having understood this in first instance itself. But again, I never expected a medically challenged person on the screen. I also felt

inquisitive to know more about David. I learned that David was youngest of four children. At the age of 11, he and his sister were diagnosed with rare genetic condition which causes the gradual degradation of cen-

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THERE ARE A FEW THINGS THAT WE ALL SHOULD KEEP IN MIND

MOT I VAT ION IS RIGHT INSIDE YOU IF AN YON E THINKS MO NEY C AN KEEP HIM H APPY. THINK AG AI N. H E SAY S T H AT COZ HE DOE SN 'T HAVE IT

tral nervous system. In the video he slowly went on with his story and by now I was patient enough to listen his cracking voice without any hurry. He explained that he did not initially understand his condition so he tried to live his life as normally as possible. throughout-my-life-I-have-beenvery-sporty, possibly-for-the -competitive-element-aswell-as-being -part-of-ateam. he said. I-used-toplay-foot-ball-and-cricketand-was-a-keen-swimmer. Following success in his ALevels, David won a place at

SOMETIMES YOU HAVE TO STOP THINKING SO MUCH AND GO WHERE YOUR HEART TAKES YOU !!

Warwick University. Itmeant -I-would-have-toleave-home-and-fend-formyself. During the first week of university I decided that I had to use a wheelchair full time. This-wasnt-a -difficult -decision-as-itallowed-me-to-becomemore-independent -andenjoy-university-life-to-the-

full-extent. Using the wheelchair fulltime developed his upper body strength and also allowed him to learn to live life around the wheelchair, which had become vital. During his second year at university he participated in the summer internship at the Bank for nine weeks and he was offered a place on the graduate scheme the following year. That gave him a chance of working and living on his own. The-past-threeand-a-half-years-have-beenchallenging-for-me-from-the -pressure-of-work-as-well-as -my-condition-worsening. Ifound-with-experience -Ihave-had-in-life,-that-withmy-determination,-including -the -su ppo rt - of - fami ly, friends-and-colleagues-Ihave-been-able-to-keepgoing. I-try-to-keep-in-mindthat-everyone-has-problems -and-if-they-get-throughthem-so-can-I. My eyes went wet at these words, I felt I have no right what so ever to crib about my problems they are nothing compared to Davids. If David can so can I. I-have-lived-my-life -giving-all-my-effort. What-Idont-want-to-be-able-to-say -when-Im-older-is,-if-only-Ihad-worked-harder. Thisdesire-drives-me-to-be-best-

I-can-and-gives-me-thedetermination-to-stay-atthe-Bank-for-as-long-aspossible. It-also-gives-meconfidence-that-in-thefuture, as-my-conditionprogresses, Ill-find-a-wayto-work-with-somesupport, so-I-have-noexcuses-not-to-try.

By the end, I had to change my opinion that THERE INDEED ARE OTHER THINGS THAT MOTIVATE PEOPLE APART FROM MONEY!!

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ET Wealth Finance Gyaan!

A MI T CHU RIW ALA

Amit Churiwala B.E. Mechanical MMS 2010-12

1. Insure your Big day If you are spending lakhs of rupees on a wedding, it would be prudent to protect yourself against vulnerabilities such as cancellation or damage during ceremony. Wherever there are financial risks involved, insurance is a good way to cover it. The insurance covers personal accident, postponement/cancellation, burglary/ theft of jewellery & food poisoning. It does not cover dispute between the parties, wilful negligence, last minute jitters. The premium is usually 0.75% to 1.5% of the cover. 2. Four steps to gain complete financial control You need to correctly estimate your ability to meet the mandatory expenses for the present & the future. The expenses that are discretionary should not creep their way into the mandatory category. When it comes to allocating money between the present & the future, planning is essential. Unexpected expenses can be managed efficiently with insurance.

3. Fund of Fund( FoF) Fund of fund is a mutual fund scheme that invests its corpus in the units of other mutual fund plans. By investing in multiple schemes a FoF protects the investors from the poor performance of one mutual fund or the fund manager.

pany. After meeting its operating expenses, such as salary & taxes, a firm uses the remaining cash to make short term investments in inventory & receivables & long term investments in plant, machinery & equipment. The amount that remains is referred to as free cash flow for the firm, as it can be distributed among all the firm investors, including equity & bond holders. 6. Sweep in sweep out It is deposit option that combines convenience of a saving account with the high interest rates of fixed deposit. If you opt for sweep facility, you have to determine a threshold for the balance to be maintained in your saving account at all times. Any amount exceeding this limit gets automatically swept out to the fixed deposit. If you need to withdraw a sum that is more than the threshold limit the required amount gets swept into your saving account. This arrangement eliminates the need to break the fixed deposit & you lose interest only on the amount that is actually used. It also does away the need to stash a large sum in saving account for liquidity.

4. Application supported by blocked amount (ASBA) account While applying for initial public offer investor can avail facility of ASBA account. According to this, the blocked amount for which the application is being made is debited from the investors account only when the shares or units are allotted. Till such time it continues to earn interest in the investors bank account. 5. Free cash flow to firm Free cash flow measures the money that is left to pay to the investors after meeting the expansion needs of the com-

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The Shinning Silver

AK SH AY JAI N

Akshay Jain B.Com ICFAI PGDBM 2010-12

WILL SILVER EVER REPLACE GOLD AS THE SAFE HEAVEN?

The massive sell off that has wiped about one third of silvers value was triggered by a combination of factors and concludes the point that ultra volatile silver is not safe heaven gold. The combination of factors that has put silver on track for its worst hit since its historic fall in 1980 is: - Mass exit from red hot commodities. - Fear about US central bank taking away the easy money bowl. - Supply and demand metrics Investors fearful about the previously tumbling dollar switched to silver surging the metal to 165% gains between August and April. The fantastic returns widely outpaced stocks, bonds and even gold, which gained about 26% over that span. Under QE2 (Quantitative Easing), black boxes were given which allowed more money to trade in the market. Retail investors also got lured by silvers relatively cheap price tag compared to gold. Sentiment began to shift in

the commodity world late last month as the Federal Reserve cemented its plans to end its $600 billion bond buying program. There were concerns about the end of QE2 and dollar was helped by the continuing debt mess in Europe. It appreciated 1.38% against Euro, leaving the currency at its best level since the end of March. The high dollar would bring sellers in silver that no longer require hedge. Meanwhile, silver can be moved by supply and demand which had been largely ignored. Supplies of silver appear to be healthy and on the rise. According, to the 2011 CPM Silver Yearbook, mine production increased by 2.2% in 2010 to 667 million ounces. Mine output was also

projected to rise 3.4% in 2011 to 689.5 million ounces. The world supply of silver has gone up from 877 million ounces in 2001 to 1056 million ounces in 2010. As the dollar rebounded and fundamentals came back into focus, silver prices began to take a hit at the beginning of May. The selling gained momentum when the CME group raised margin requirements squeezing out short term investors. The industrial demand side of silver is a key reason why silver is not a true safe heaven play like gold. Silver has dual personality of being a precious metal and industrial metal!

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The Great Indian Management

PI YU SH DEO RA

Piyush Deora B.E.Comp. MMS 2009-11 Asst. Manager ICICI Bank

THE GOOD AND BAD OF INDIA

- LAXM I MITTAL TOPS UK RICH LIST - VIKRAM PANDIT BAGS TOP POST - AN INDIAN APPOINTED IN OBAMA ADMINISTARION - AIR INDIA PILOTS ON STRIKE WITH LOSSES MOUNTING UP

Lakshmi Mittal tops the richest persons list in UK for the seventh year in a row. Vikram Pandit bags the top post in a foreign bank. An Indian is appointed on a coveted position in the Obama administration. All these news evoke strong sentiments in our hearts. There's also a flip side which goes as follows. Air India is up and running. Reinstated pilots, the recognized unions and the centre are happy.

the issue of AI's privatization has been skirted. A money draining public sector defies logic in post-reforms India. Only that it serves a social purpose doesn't put the matter under the mat. Opening up of telecom sector shows how crucial private enterprise is. The great reform phase since 1991 quells any other fear of the virtues of privatization. The war against terrorism has taken a new turn with the killing of the poster boy Osama Bin Laden. USA does it and Indian politicians propagate it. Its better to keep the lid closed on contentious boxes as has happened after the Pakistani foreign secretary Salman Bashir warned of catastrophic consequences if any country (read India) were to try to carry out a US-style operation. Nationalistic chest -thumping in certain quarters in India hasn't helped matters. Corruption in India can altogether be a new ministry in the cabinet. The spokesperson of such ministry might as well open a newspaper com-

pany which would prove more economical. There is a scam like Adarsh where the babu's are busy building luxury homes for themselves, then there are officials who have included mockery as a national game

by making the world laugh on the way Commonwealth Games were organized, the 2G scam has shown that the erstwhile rulers of ancient India would be put to shame in terms of hold and power etc etc etc. The list goes on. Till the time this article comes up there would be another list of scams being published in the national dailies. India is a huge country, problems are a many, solutions are few and the people who are ready to pull the plug are minuscule. Its time that the powerhouse stop juggling between the problems, solu-

This happiness has culminated from a 10 day agitation which translated into an addition of a loss of 200 crores to the mammoth Rs. 13300 crore losses AI's incurred since 2007. AI faces a daily deficit of Rs. 57.5 crores. Yet

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CORRUPTION THE NEW MINISTRY IN THE INDIAN CABINET

2G SCAM CWG ADARSH HO USING SOCIETY

tions and their image make overs. The stability of government was a ray of light but the second term is now staring into realms of darkness. The growth story continues and is being sung by every quarter. India is poised to be the 5th largest market in the world. But are we really growing? We are also poised to have the largest population below the poverty line. Still about 2/3rd of India's population earns about 2$ a day. Government's initiative of bringing the fiscal deficit depends on divestment schemes which themselves are a factor of Capital Markets. Are we so self insufficient? A railway minister uses the national railways to capitalize on state elections and the entire army of close to 600 democratic leaders remain mute spectators. A cabinet minister rolls out a national policy on telecom single-handedly and causes lakhs of crores of losses equivalent to the fiscal deficit

itself. It is commendable how a BCCI (national sports body) official swindles crores and blatantly denies any wrongdoing from a safe haven abroad. We have lots of information but very little of action. Everyone knows about the cash stashed away abroad. But there are only a few who do not have been a part of the trail. Everyone would have been awestruck to know that a money launderer without any known source of income is worth 60000 crores. Credibility in today's world is a matter of fiction wherein even prestigious telcos are involved in mudslinging. National treasure is an illusion when 2 brothers owning private companies fight for gas in the highest court of law and it requires the court to make the government a party to it. Common man yearns for safety but a humongous terrorist enjoys safety available to only creme-de-la of the political arena.

Its not of a point to think where to start from. Wherever you stand there's an opportunity to start. Its not only the ones in power who can make the change but every common man needs to stand and own it up. What's the use of postgraduate degrees if the basic rules of life are not adhered to. Its a matter of grave concern which is needed to be dwelt upon seriously and on a minute level. I dream to see a day without beggars,overloaded public transport and smiling faces everywhere. All I can say is "Together we can make a difference".

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When you should expect the unimaginable!

SHA RVA RI Sharvari Khandeparkar B.Com, PGDBM 2010-12 KH AND EPA RKA R Every generation thinks it has its answers and then every Generation is humbled by nature. Who would have thought a decade ago that a Tsunami in the Indian Ocean would claim 230,000 lives across South Asia? In the year 2008, there were 8 hurricanes in the Atlantic Basin, 5 of which became very destructive, killing over thousands of people. The past year alone has brought more earthquake devastations to Haiti, Chile and New Zealand, and a manmade disaster sent millions of gallons of crude oil into the Gulf of Mexico. How many times have you asked yourself in the midst of these events: Can it possibly get worse than this? In spite of the mass destructions caused in the past, we humans have repeatedly invite the wrath of nature. The recent crisis in Japan has proved that we need to rework all the assumptions we have about The Nature and widen our horizons to think beyond the unimaginable. A death wave had struck Japan in the form of a Tsunami. Tsunami is a Japanese word, meaning "harbour wave". The earthquake in northern Japan was remarkable in scale and the devastation caused but it struck a country that experiences an earthquake in or around its vicinity every five minutes, and which is home to world-beating expertise on how to minimize the destruction triggered by the earthquakes. To be clear, the damage caused by one of Japan's biggest quakes in over a century is already huge. Japanese media estimated a death toll of 1,000, between 200 and 300 of them in the northern port of Sendai alone. Cars, ships, homes and offices were all destroyed or swept away. The quake struck about 250 miles north of Tokyo, but initial estimates of the potential economic consequences have been large, with one analyst talking about 1% being knocked off GDP in the short term. Japan will probably have to empty its pockets to repair the vast damage caused. Ever since the Lehman Brothers collapsed in 2008, Japan has either been in recession, or on the brink of it. This earthquake adds to the already existing problems of a stagnant Japanese economy. Towns vanished. Simply gone! Thousands feared dead and thousands missing! And if that was not enough, Japan is also getting a firsthand experience of the vulnerability of the nuclear energy. Japan used nuclear technology to become an industrial powerhouse and now the same technology is haunting its very existence. Only a few days ago, it was unimaginable that an earthquake and a tsunami would lead to a breakdown of multilayered backup emergency systems in the Fukushima Daiichi nuclear complex. Then explosions blew the tops off exterior buildings covering the reactors. When spent fuel rods in storage ponds overheated as their coolant evaporated, the

Every generation thinks it has its answers and then every Generation is humbled by nature.

An earthquake of 9.0 magnitude hit Japan on March, 2010 taking the death toll to more than 1000.

The Fukushima Daiichi Nuclear complex was built in the Tsunami corridors.

This massive earthquake has economically costed Japan almost 1% of its GDP.

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A few questions we should ask: Can it possibly get any worse? Have we invited the wrath of Nature on ourselves?
Every generation thinks it has its answers and then every Generation is humbled by nature.

situation only got worse. The partial exposure of reactor cores raised the real threat of a meltdown. In spite the lastditch efforts of the Japanese to regain control, radioactivity levels remained high. Its not that, Japan was unaware of how dangerous earthquakes can be - and how they can cause nuclear crises. Cables released by Wikileaks show that in late 2008 the International Atomic Energy Agency warned the Japanese government about the threat that a major earthquake could pose to its nuclear plants. In response, the Japanese built an emergency response center at the Fukushima Daiichi plant, but the center was only prepared to withstand a 7.0 magnitude quake. The recent earthquake has been upgraded to a magnitude of 9.0. Considering the history of major earthquakes suffered by Japan, this was not enough. Was it foolhardy on the part of Japanese Government to build nuclear reactors so close to fault lines and in a Tsunami corridor? Japans nuclear crisis is a lesson for all the countries to stop and take a stock of its nuclear plans, particularly India who is looking to solve its energy scarcity problems through nuclear energy. A new breed of small, modular reactors promised cheaper and safer nuclear energy, but the Japans crisis show how monumental the problems can be if things go wrong. India has about 20 reactors

How many lives of our ones are we before we our lessons?

more loved loose learn

Are these really natural calamities and not man made? Could we have avoided this catastrophe?

including both civilian and military. The Atomic Energy Regulatory Board (AERB)s disaster preparedness oversight is mostly on paper. The Japanese crisis has forced India to review Indias plans of what would be one of the worlds largest nuclear plants at Jaitapur in a seismically sensitive region of Maharashtra state which has experienced 92 earthquakes since 1985 including one of magnitude 6.2. If a catastrophe like Japan happens in India, how organized or prepared are we to handle a crisis like this kind? We must take a cue from this tragedy in our pursuit of reducing dependence on fossil fuels through nuclear energy. However, this disaster should neither become a fodder for the nuclear energy opponents to shut down nuclear plants nor for the govern-

ment to be overconfident that such a tragedy can never happen in India. In fact the government should see that all the procedures to handle such nuclear emergencies are in place and the companies responsible for safety do not cut corners. We can also take lessons of human spirit from Japan. With radiation at lifethreatening levels, 50 to 100 Japanese nuclear workers stayed on the job, round the clock, on what seemed like a suicide mission to keep the Daiichi reactors from melting down. They could have gone home and catered to their families post-earthquake needs. But they stayed to save more lives. HUMAN SPIRIT! Unimaginable, isnt it?

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Can RBI and the Indian Government think innovative??

DE VANG KAL YA NI

Devang Kalyani B. Com PGDBM 2010-12

RBI and the government can issue licenses to competitive private sector in order to help the growth of the private sector and achieve inclusive growth and also reduce its fiscal deficit as facts show that performance of public banks is drastically low compared to private sector peers. This would also help in reducing the cost of borrowing in our country.

Banks play a pivotal role in development on and economy. Thus a well regulated and sound banking system plays a very important role in development especially in emerging economy. As far as regulations concerned, RBI has played a very efficient role considering that India was saved during Asian crises and recent subprime crises. However, it is very important that Indian banks work as an engine for growth in the economy and not as a burden and the time has come for next level of growth in Indian banking sector. As it is said that healthy competition improves performance and thus competition in the banking sector too will do some good in the banking sector also. The Ministry of Finance and RBI is thinking on the same lines by issuing new licenses.

I think here is a golden opportunity for government to hit two targets with one arrow. It can issue licenses to competitive private sector in order to help the growth of the private sector and achieve inclusive growth and also reduce its fiscal deficit. Now you must be wondering how issuing of licenses would reduce fiscal deficit, but here is one way. RBI can decide to issue licenses to those entities that are willing to take over nonperforming PSU banks, turning them around and the proceeds by selling weak banks can be used to bridge the fiscal deficit gap in India. As the PSU banks already have a wide reach and ample infrastructure resources, the entities keen on obtaining licenses will get a ready platform to start their operations.

We need to understand that the cost of borrowing plays a very important role to play in the Capital structure and expenditure of any industry. We are also well aware that the cost of borrowing in India is very high due to its high Fiscal deficit and huge government borrowings. Fiscal Deficit in 2009-10 had ballooned to 6.3% of the GDP and is currently around 4-5% of the GDP which is not a small amount by any standards. And the government has been taking desperate measures to reduce the same such as the auction of 3G spectrum and Broadband Wireless Access. So here I think there is yet another opportunity for the government to reduce its fiscal deficit gap. Performance of the Indian banking sector compared to its global peers is definitely poor and if Indian banks are able to manage their cost effectively then the cost of borrowing for the corporate can be reduced substantially and thereby also increasing the competitiveness of the banking sector.

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Lets look at the banking sector in detail. We divide the banking sector in two parts, the private sector and the PSUs. It is an underlying fact that the Private sector banks are performing way better than the PSUs. Lets compare a few statistics here. The Net Interest margins (NIMs) for the private sector banks in 2010 was 2.86% where as for the PSU banks was 2.3%. The private sector enjoy higher NIMs because they are cost effective (their operational efficiency is higher than PSUs) and they do not lower the interest rates as PSU charge a higher interest rate and with competition being low in the Indian banking sector, these banks are making super normal profits at the cost of economic growth; adding to inflation. This can also be validated by the fact that the profits generated by Indian banks are far above the global standards especially some of the developed economies where NIMs are around 1.5%. Other factors such as the CASA deposit mix and ROA also conclude that the performance of the PSU banks haven't been at par with the private sector banks. The CASA deposit mix of a private sector is around 43% and for the PSU banks it is as low as 37%, a wide gap.

Bank HDFC Axis Bank Yes Bank Indian Overseas Bank Bank Of India IDBI Bank

Sector Private Private Private PSU PSU PSU

NIM 4.3% 3.8% 3.1% 2.7% 2.5% 1.06%

ROA 1.5% 1.5% 1.6% 0.6% 0.7% 0.5%

ROE 16.5% 18.9% 20.3% 9.6% 12.5% 10.3%

The above table gives a fair idea of how poor the performance of some of the PSU banks compared to the private sector banks there is wide gap in Net Interest Margins, Return on Assets and Return on Equity. Private sector banks like HDFC enjoy NIMs almost double then that earned by a PSU. They would keep on enjoying these super normal profits until PSUs start performing and improve their efficiency. But till then, Indian Industrial growth and inflation will play havoc in the life of a common man. Also what government keeps doing is infusion of capital in these banks. Recently government has infused capital to the tune of INR 1,250 crores
No. Of Shares Government Holds 641,287,110 338,580,000 333,600,000

to 2,000 crores in IDBI bank; Bank of India received INR 1,111 crores and Indian Overseas Bank yet to take a call on the amount to be raised from government. Instead if the government of India and RBI would decide to issue licenses only to those entities that are willing to take over these weak PSU banks, then government can raise approximately the following amount to bridge the fiscal deficit gap of India. Deciding to issue new license is a very bold move and a step in right direction. But it remains to be seen if government is ready to take this opportunity and make the best use of it.

Bank IDBI bank Bank Of India Indian Overseas Bank

Market Prices of Share as on 11/05/2011 136.80 399.70 155.00

Total Amount Can be Raised by government 87,728,076,648 135,330,426,000 51,708,000,000 274,766,502,648

Amount that can be used to bridge fiscal deficit gap.

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Growing in the shades of a Mentor

PRI TE SH SOLA NKI & SONA BAJA J Pritesh Solanki BMS PGDBM 2009-11
A new employee always requires help of the experienced in new projects or assignments. However, even though we want guidance, we do not want them to decide how we do it. Freedom coupled with guidance is the perfect blend. This guide can be a mentor An evolved leader. Leader commands, while a mentor directs. Leader is a part of the process whereas a mentor is a catalyst, who guides without being part of the action. Each employee has to be nurtured with the help of a senior who is experienced in the skill. This system of mentoring has taken strong roots in todays corporate training structure. For instance, Narayan Murthy is officially designated as the Chief Mentor of the Infosys Group. We may have a good mentor around us. But we should also know how to benefit from their experience. We need to pull the training. cult to accept his decisions, but he still needs to follow them as he may not be able to see the bigger picture as yet. Trying to associate with the mentors thoughts, ideas and way of thinking is very essential which helps develop the required mindset. Being in the company of the mentor gives practical insight into the theories one has learnt. The basic objective of any training is to improve oneself, so is mentorship. Finally, one has to keep applying in ones own self efforts what he has learnt from the mentor. Continuous study helps one to develop the intellect. Then he has to test his intellectual understanding by applying it in practical situations. Change requires time but it is essential to practice it even it sounds difficult or different to ones behavior. Once he sees the results, he gets convinced about his knowledge. Now he has mastered the field. In fact with the help of his mentor, the theory and practice have become one. Realizing the importance of this mentoring system it has been adopted as a process in our Institute. Our institute knows the need for a mentor for each student and therefore has a programme for development of the personality wherein mentoring plays the pivotal role. It is a wholesome process of developing the personality of each and every student which starts with the mentoring sessions both at group and individual level at the campus followed by a 3 days camp at Khandala where the students undergo various kind of activities and tasks which is again followed by mentoring sessions so that the mentors can observe and analyze the changes in their mentees and help them in a much better way and also the mentees get a chance to introspect and take correct steps for improvement under the guidance of their mentors. 3 days of camp do teach them some parts of management like team work, crisis management, utilizing resources to the fullest and right person for the right job. But mentoring as a part brings out the real progress in students. A mentor understands the student and brings out the real self in front of that student. The mentor helps the student with his career choices as well. He helps to draw the right career path for his mentee and gives him constant support at every stage. Thus a never ending relation is created between the mentor and his mentee. A good mentor-mentee relationship requires commitment, persistence and a resolute belief of making a significant and positive impact on the life of the other, and that is what is seen in each and every mentor at our institute. For some the mentors have become a trusted friend, for some a confidante and for some an advisor in many aspects of the life and hence this whole everlasting process turns out to be very effective and impactful.

Sona Bajaj B.Com MMS 2010-12

Training and discipline are acquired by accepting the authoritativeness of the teachers in the respective fields - Arthashastra
The junior needs to have an attitude of submission to his mentor, his Guru. Initially it may seem difficult for a beginner who has his own perceptions and ideas. However, accepting the mentors authority helps build discipline. The person should accept that the mentor understands the subject better than he does. At times it might be diffi-

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Change Is Constant!!
A MI T CHU RIW ALA

Amit Churiwala B.E. Mechanical MMS 2010-12

In the last few months some events have occurred which have the potential to change the way people live in this world. The events that will

most powerful earthquakes in the world overall since modern record-keeping began in 1900. This was also coupled with a tsunami. The earthquake & tsunami not only caused the damage to property & lives in Japan but also to resulted into complete failure of the Fukushima nuclear plant. This will result into a change in the way world will deal with nuclear plants, the safety standards have to be more stringent.

leave in this part of the world.

Anti Corruption Drive in India After 50 years of Independence the citizens of India have raised their voice against corruption under the leadership of social worker Anna Hazare & yog guru Baba Ramdev. Will these bring about a revolution, an uprising? Will these cause a big change in India? Only time will tell.

Top World News

bring about significant change in this world are: Osama Bin Laden shot dead Osama Bin Laden, head of the militant group al-Qaeda, was killed in Pakistan on May 2, 2011. He was the mastermind behind many terrorist activities like the September 11 attack in US, thus was placed on the FBI's Most Wanted list. His death has given a message to all the terrorist organization that one day every evil has to end. We hope that after his death this world will become a peaceful place to live.

- Most wanted terrorist, Osama Bin Laden shot dead - Massive Earthquake in Japan - Unrest in Middle East - Anti Corruption Drive in India

Unrest in Middle East There is a social unrest going on in many Middle East countries like Egypt, Libya, and Bahrain etc. The revolution was inflamed by decades worth of smoldering grievances by the autocratic rule. This forced Mr. Hosni Mubarak the President of Egypt to resign from his post thus ending his 30 years of rule over Egypt. This will bring about a change in the way people

Earthquake in Japan Earthquake having a magnitude of 9.0 on Richter scale had struck Japan on 11 march 2011, this was one of the five

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Cairn India & Vedanta

RO SHNI K H A N N AJ I G A R J A TANI A

Jigar Jatania BMS PGDBM 2010-12

- Sesa Goa to buy 20% stake in Cairn India - Vedanta offers Rs.405 per share to shareholders of Cairn India through open offer - Vedanta to pay non-compete fees to Cairn India thus making a huge entry in the Oil and Gas sector

AT STAKE 25% of Indias Onshore crude Reserves, $ 9.6 billion And the fate of Indias image as favourable FDI destination at a crucial time.

- Cost of lifting crude lowest in the world for Barmer field @ $7-8 per barrel given Cairns technology as against $ 10-11 average. - The BOE (a measure equal to burning 1 barrel of crude oil) is at $11 as against average of $13 for global players. Thus, at constant price of $75 and output of 2,40,000 barrels per day, the PAT turns out to be $37 per barrel which is 3 times global average of $ 12-13. Block has earned $2 billion in FY11 and expected to earn $12 billion in FY12.

THE PLAN The Indian subsidiary of Vedanta, Sesa Goa would be buying out 20% stake in Cairn India Ltd. And the remaining 40% would be bought by Vedanta Plc. The acquisition was to be made via open offer (as per SEBI takeover code) to shareholders of Cairn India. Vedanta offers to pay Rs. 405 per share which includes non compete fees of Rs.50 per share, thus making a grand entry into the Oil and Gas sector by the mining and metals major.

participating interest in the oil field but pays royalty @ 20% for all the oil extracted. Reason for this Simple: Government compelled ONGC to pay entire royalty as licensee in 2005 when Production Sharing Contract (PSC) was entered into with Cairn India, the reason being dire need of FDI & exploration technology in the sector at that point of time. Currently the operating and capital expenditure is allowed to be deducted from the sales proceeds of oil and profits of all stakeholders are calculated thereafter. If it is allowed to recover royalty paid on behalf of Cairn India then, the government share would comedown by $2 billion. If it is added to the cost of production then Cairn (Vedanta after takeover) would earn less in that case. THE ISSUE IS CURRENTLY UNDER ARBITRATION

THE BONE OF CONTENTION THE DEAL ARITHMATIC Consider the Stats: (the deal looks very attractive from following) The royalty issue has been the main bone of contention for the deal. Currently ONGC owns 30%

Total expected Royalties of Government during the life of the block (20 year life) is $14.6 billion. A NEVER ENDING GOVERN-

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THE ROYALTY ISSUE HAS BEEN THE MAIN BONE OF CONTENTION FOR THE DEAL

MENT ENGAGEMENT:

Impermanence
THE PETRONAS STAKE SALE AND TEPID RESPONSE FROM OPEN OFFER On April 19th 2011, Sesa Goa R O S H N I acquired 10.4% of Petronas stake in Cairn India in an open offer for Rs. 331 per share. Transaction was made through a block deal on BSE to save tax on Long Term Capital Gains (@20%) and pay only Securities Transaction Tax. Also the response from the Open offer was tepid from Cairn shareholders and Sesa Goa could raise its stake by only another 8.1%. This would probably result in the combined share or Vedanta in Cairn at around 58.5% {40% cairn (sub to government approval) + (10.4% +8.1%) of Sesa Goa}. KH ANNA

On March 14th SEBI gives the nod for the Cairn Vedanta deal after removal of preemption rights exercisable by Vedanta Call option of Cairn and Vedanta for buying the remaining 20% in Cairn by Vedanta. But with Mr. Jaipal Reddy taking charge, the deal took a turn and he referred the deal to the CCEA (Cabinet Committee on Economic Affairs) and also to the Law ministry citing legal issues. The deal got a blow in final phase when CCEA passed the ball to a group of minister (GOM) headed by Mr. Pranab Mukherjee to take a final call resulting in extension of deadline to May 20 from April 15. But given elections round the corner and passing of NOC from ONGC board (which may take a week), even this deadline seems to be not enough.

The shareholding of Cairn India after Petronas stake sale

THE EFFECT OF DEAL ON FDI The Effect of the Delayed Cairn Vedanta Deal was witnessed directly in the NELP IX round of the auction of Oil and Gas fields in the country. Out of 34 blocks on offer majority (at least 23confimred) have been awarded to Indian firms.

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Patterned nature of freely traded Markets makes them Predictable!

W AVE S CA PI TAL

We, at Waves Capital, believe in the theory that freely traded markets are patterned and exhibits fractal nature. This makes them behave in a predictable manner. By pattern we mean that there are certain structures that repeat itself from time to time and can be seen on charts that shows prices of any tradable instrument. The Fractal Nature is again an important concept which states that these repeatable patterns occur on varied time scales and can be seen on 1 minute charts to Daily charts to Monthly charts. Fractal structure is seen in nature across from DNA to snowflakes to galaxies and so it is also seen in stock

markets which reflect collective emotions and social mood of humans. Humans behave in a manner, when given a stimulus, in similar and probabilistically predictable fashion. This behavior of acting in similar ways makes us no different than the other creations of nature. Freely traded markets are the only sources that reflect the collective behavior of humans and the current social mood. Highly liquid markets cancel out the random events and what is left is the social mood of the mass and that indicates what we can expect in the future. We believe that any freely traded markets like Equities, Forex, Commodities move in

the form of repeatable wave patterns that exhibit fractal nature at various degrees. This behavior was first observed by Ralph Nelson Elliott in 1930s and was later revisited by Robert Prechter in 1980s. This study of waves is now famously known as Elliott Wave. We identified this important Fractal formation in Indian stock markets on 20th February 2011. The below chart shows a weekly Nifty chart with big Election gap when markets hit upper circuit and a 15 minutes chart on the right with a small intraday gap. This is the best Fractal example one can find in stock markets:

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Elliott wave provides us the tool to identify these repeating Patterns & Fractal nature of markets and helps us exploit them to our advantage.
Every generation thinks it has its answers and then every Generation is humbled by nature.

Everything in this world is symmetrical & patterned and there is no place for randomness to exist for extended period of time. We are against the theory of

As per Robert Prechter, the above chart shows Elliott's idea of how the stock market is patterned. If you study this depiction, you will see that each component, or "wave," within the overall structure subdivides in a specific way by one simple rule: If the wave is heading in the same direction as the wave of one larger degree, then it subdivides into five waves. If the wave is heading in the opposite direction as the wave of one larger degree, then it subdivides into three waves (or a variation). This Elliott wave pattern is seen across the world major stock indices.

Efficient Market Hypothesis that claims humans are rational animals. This is against the law of nature and humans do deviate away from rationality and choose the path of herding thereby exhibiting trends & patterns of repeatable forms / structures, making it plausible to predict the markets.

Waves Capital is one of the elite market forecasting and research house in India providing in depth analysis and forecasting of global markets across varied asset classes including Equities, Commodities, Currencies, Bond Yields. Analysts at Waves Capital are qualified Chartered Market Technicians (CMT) & Chartered Financial Analysts (CFA) who employs unique techniques of Economic, Cycle and Intermarket analysis along with Elliott waves to derive at market forecasting. Waves Capital also educates and trains investors and public at large about scientific and systematic mode of investing and trading. Contact information: www.wavescapital.com, Email: helpdesk@wavescapital.com, Follow us on Linkedin / Facebook: WavesCapital

There is no chaos in this perfectly rhythmic world which is driven by the laws of nature and freely traded markets like stock markets are no exception!

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LIVLYF

A Luminance Of Knowledge
Indian Management Lessons # 3
The Epic Mahabharata is the book about two family clans - the Pandavas and the Kauravas, where Krishna is depicted as the avatar of God Vishnu and who appears in His true form to Arjuna in a dialogue on the battlefield just a few moments before the war takes place. This probably the most precious historical dialogue in the Mahabharata is referred to as Bhagavadgita (or Bhagavad Gita), where Krishna shines light on many Arjuna's doubts in his indecisiveness about going to war. For example, Arjuna asks, "How can I fight with people whom I respect?" But Krishna answers that going away without responding to such humiliation would result in historical records referring to the Pandavas as cowards. Apart from many other things, Krishna gives to Arjuna also answers to many religious questions including those about life after death and the immortality of soul. This story from the epic, has something to be learnt. When Kauravas planned to kill Abhimanyu (the warrior son of Arjuna), they weaved out a plot. Arjuna was challenged to fight the battle on a distant point. At the main front, Jayadratha made a CHAKRAVUHA (a complex battle formation) and challenged the remaining Pandavas. Among the remaining Pandavas, only Abhimanyu knew how to pierce the Chakra-

I N D I A N M A N A G E M E N T L E S S O N S

MA HAB HAR AT A

Pandavas:
Sons of Gods

Yudhisthira was the son of Dharma, the god of righteousness; Bhima the son of Vayu, the wind-god; Arjuna the son of Indra, the sky-god; Nakula and Sahadeva the sons of the Ashwini Gods. Karna was also born of Kunti Devi, and was the son of
Interesting Facts: Second Longest Epic of the World Written: Around 3000 BC Astronomy: Existence of Uranus (Shweta) and Neptune (Ksharaka). Geography: Lands as far as Cambodia (Kamboja), Kazakhistan and/or Scandinavia (Uttarakuru), Descriptions of Weapons: which resemble modern day weaponry including Nuclear and/or Chemical Weapons. Chakravuyha: Complex Military Formations and Strategies.

vuyha but he did not know how to come out of it. In any case , Pandavas took up the challenge and Abhimanyu moved into the Chakravyuha formation. He pierced it and reached the centre of battle formation. Kauravas knew very well that Abhimanyu did not know, how to come out of it. They all surrounded Abhimanyu in the centre of the formation and Jayadratha killed him. When Arjuna returned to the camp, he got to know about the unfair manner in which his son was killed. Arjuna's anger knew no bounds. He vowed unto himself that either he will kill Jayadratha before sunset next day or would commit self-immolation. Arjuna then went to Lord Krishna and declared his intentions. Lord Krishna was pilot of the chariot of Arjuna. Arjuna requested

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Lord Krishna to help him in meeting his vow/pledge/ goal and the deadline. Battle began next morning. Kauravas had known Arjuna's intentions to kill Jayadratha before sunset. They surrounded Jayadratha from all sides so that Arjuna could not even see him. They wanted that at the end of the day, Arjuna should commit self immolation. Arjuna made all attempts throughout the day to locate Jayadratha but did not succeed. He was constantly watching the movement of sun in the sky. As the day drew to an end, Arjuna looked at Lord Krishna for help. In a few momemts, sun appeared to have set in the horizon. Conch shells were blown to declare closure of the battle of that day. All the Kauravas rejoiced and Jayadratha came out of his hiding. He went close to Arjuna and said sarcastically, "Buddy, I am here. What about you and your vow? Getting ready for self immolation ? " Just at that time, sun appeared again in the sky. Lord Krshna told Arjuna, "Dear Parth, see there. The sun has not set as yet. Take your bow and arrow and kill your enemy." Arjuna shot an arrow and killed Jayadratha instantly. Once this was over, Lord Krishna addressed Arjuna , "Dear Parth, I knew that you would not be able to kill Jayadratha till sunset because he was being protected with a ring of warriors around him. I felt it necessary to help you out , hence, I enveloped the sun inside the clouds for a while. I knew it was a little unfair, but everything is fair in love and war"

"But", Lord Krishna continued "I must tell you Arjuna, thet all of you Pandavas have a peculiar habit of taking vows and pledges unnecessarily. Even if you do that, why you guys irrelevantly connect one thing with another. For example, your wife Draupadi has taken a vow that she will not tie her hair till she rinses her hair with the blood of Dushaasan. Bheema is moving around with a pledge that he will never relax till he breaks the thighs of Duryodhana. You took a pledge to kill Jayadratha before sunset. Whatever you have to do, do it, but plan your strategies properly. Never be in a hurry". Learning from the story :War should be fought with peace in mind. Analyse your resources Targets/deadlines should not be set when emotions are running high. If we mix up two or more issues in our targets, we may not be able to focus on any one of them. Arjuna mixed up his target of killing Jayadratha with sunset. He had to continuosly look at sun while looking for Jayadratha. Idea and Concept by: LivLyf pranavjain16@gmail.com

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RO SHNI

KH ANNA

I saw my life unraveling in front of me, Yesterdays importance marks todays triviality Friends, whom I played with, in innocence, Today are just more than acquaintances The juvenile attitude filled the whole of me then, No more stands a present possession Those special people who shared the life's stage,

Today, hold an insignificant presence. My children, whom I gave wings, Have fled far away My man for life, has departed, Has left me behind in solitude All came and all left, Among the ephemeral stay of all, There was one who remained permanent

That is I.

Roshni Khanna BE Extc, PGDBM 2010-12

Life @ Dalmia
Here we welcome you once again to the happening life at Dalmia!!

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The three day PD Camp at Khandala rocked us once again with the thrilling and fun filled activities along with our senior buddies, professors and an enthusiastic and helpful external training team which made us learn a lot the fun way. All the activities and events made us return with valuable learnings. Working in teams, flexibility, strategizing and control were the key learnings. The cherry on cake was added by the physical activities of trekking, rope walking and rope climbing which made us aware of the stamina and physical fitness which will be demanded by the competitive world outside. An article covering this Camp event was also published in Free Press Journal. PD Camp was followed by a spur of events in our Institute premises. Utkarsh, a national level paper presentation competition, an HR club initiative, saw an overwhelming participation by various reputed B-Schools. Next in line was the E-cells event Ideas for India which witnessed enthralling participation by our students, with each eager to present a vision for a progressive India. This event also saw tie up with some NGOs like Muskaan as a part of CSR activity by E-Cell. Queued up next was Vishleshan an intra collegiate event of Finance Forum which was held in stages and was concluded with Case Study presentation. Various seminars were also organised during the semester which included Seminar on Career Paths Options where senior alumni from different batches of our Institute were invited to guide students on career options ahead in finance. A guest lecture on Corporate Governance was conducted by the Managing Director of Tata Services, Mr. TR Doongaji, who enlightened students on importance of ethics in Bussiness. This was followed by a seminar on Leadership by Senior Police Commissioner Mr.Shivanandan to guide students on ABC of leadership. All these events were followed by Madhayam, yet another mega national level marketing paper presentation competition which was based on the topic Celebrity Endorsement: Sparking Cognitive Dissonance among Consumers?? Madhayam received a whopping response from B-schools across India. Beyond seminars and paper presentations, the fun quotient was increased with screening of the Cricket World Cup Match in Institutes auditorium which got enhanced with thrilling win of the Indian team. With seniors graduating and stepping into the corporate world, we bid a farewell to all of them wishing them All the Best and taking a step ahead in our careers by officially becoming the seniors! Now its some learning time again. Our students have taken up two months summer internships at various reputed organisations to get some hands-on corporate experience, a precursor to the life after Dalmia. The next session will be followed by the introduction of new batch of students. Till then keep your eyes glued to this space for more updates in our next issue.

Meghna Dubey B.E. Extc MMS 2010-12

Play SuDoKu

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Jumbled Tumbled

LOL

ROFL
BULLS EYE
5 Average I 7Good I 8Outstanding How many words of four or more letters can you make from the letters shown? 1. Every word must contain the central letter 2. There should be one seven letter word 3. British English Dictionary is used as reference.

SuDoKu Solution

Solution: Rotate the PDF 180 to view the Answers

JumbledTumbled: DECK, PADDLE, PORT, WATER, CABIN, RIVER, ENGINE, STEAM, WHEEL, BOAT, FLAG. GoFigure: EASY7+8+1-8 = 8, Medium9+4-9-2 = 2, Hard7+2x1x3 = 27 BullsEye: Delve, Dove, Love, Loved, Vole, DEVELOP

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We look forward to receiving your valuable feedback. DELT, Finance Forum, N.L. Dalmia Institute of Management Studies and Research. Modes of Submission: Submit your feedback at E-mail us at nldalmia.blogspot.com delta.nldalmia@gmail.com

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This is the third edition of DELT and we have endeavored to make DELT a source of focused, informative, interesting and current scenario based e-magazine. To further align our content with your expectations and needs, we request you to help us with your suggestions and constructive feedback.

Inviting Articles
We thank our contributors for sending in some really thought provoking, comprehensive, and well written articles. Also we would request them to keep sharing their knowledge and thoughts with us. We would like to invite all our readers to share with us their knowledge on issue of current importance and their experience which can act as an inspirational note for our readers. Guidelines for articles: Informative articles should be well-researched and supported by data and examples. Articles relying on surveys and statistical research are expected to be on recent data. Pure theoretical articles on general topics (human resource, leadership, etc.) must demonstrate value-addition by the author aggregation, simplification, exposition, or applicability to real life situations. Length of article should do justice to the topic. It could vary between 750 1000 words. Article should be concise and in simple language. The use of jargon should be avoided unless required. If you are quoting from an already published source, please give credit to the author and the publication.

You can either e-mail us your articles at delta.nldamia@gmail.com or contact us through our blog (http://nldalmia.blogspot.com).

A Visit to Cherish!
"Individually, we are one drop. Together, we are an ocean." - Ryunosuke Satoro

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The quote inspires us to work together for our greater fraternity. The whole is greater than the sum of its parts. Each individual in collaboration brings with himself or herself unique characteristics, but when everyone is grouped together, all of those characteristics add up together and become something greater. Our Institute took a step further towards enhancing the relationship with one of the Worlds best B-schools and it can undoubtedly be marked as one of the special events. Sasha Talcott, Sung You, Ben Chien Pang Lin and Heather Hunt, MBA candidates from Massachusetts Institute of Technology Sloan School of Management visited our campus as a part of their research project in which they were gathering information about the kind of Finance subjects being taught in Indian B-Schools. The discussion event saw the presence of members from student faculty as well as the Head Professors which included out beloved Director Professor P. L. Arya along with head of our Finance Department Professor Naveen Bhatia and Placement Committee Chairman Mr Subramanian. The student group comprised of selected few from present batch and also few seniors. They all had a very interactive and interesting discussion on the various subject areas covered under the Finance discipline. The discussion lasted for about three hours. Towards the end they were presented with a token of appreciation. Everyone found the interaction fruitful and the guest candidates enjoyed their stay at NLDIMSR campus. Hope that this step contributes in bringing a further enlightened and refined financial knowledge to our prospective managers in making!

DELT
N. L Dalmia Institute of Management Research and Studies Sector 1, Shrishti Complex, Opp. Bhaktivedanta Hospital, Mira Road (E), Mum-401104 Websitewww.nldalmia.org