September 1, 2013

Volume 6

Summers Fever

With seniors engrossed in their preparation for upcoming end term exams,

juniors after having a happy vacation at home enthusiastically entered into

term 2. Now it’s time for them to make it more enjoyable by cracking the

summer destination where they love to work at.

In view of upcoming summers, FinXpress is now coming up with content

which is more informative, engaging and helpful for juniors. So, slight

changes have been made to the regular pattern. For the time being, sections

which regularly engage readers, “In Focus” and “Opinion” are being re-

moved and information of various companies are provided. Further, “Fun

Corner” section has been replaced to incorporate an interesting section of

tips/experience to familiarize juniors with senior’s experiences of their

selection process.

Economic situation of our country continues to worsen with global factors

such as tensions over Syria and the prospect of U.S. Federal Reserve having

an effect on the depreciation of rupee to an ever time low of 68.80 which

has now recovered to 65.7. And do read “Term of the Week” ETF (Exchange

Traded Fund) and gain insights into these 4 companies Deloitte, Texas

instruments, Deutsche Bank, Ernst & Young. Make the most out these

editions for the coming 3 weeks.

Happy Reading!!!

Regards,

The Editorial Team

FinNiche Club

From The Editorial FinXpress

Volume 6

Sep 1, 2013

FinXpress

Disclaimer: FinXpress takes no responsibility for the opinions expressed in the magazine.

FinNiche

September 2013 Page 1

CONTENTS

From The Editorial

Deloitte

Ernst & Young

Texas Instruments Inc

Deutsche Bank

Term of The Week

Market This Week

News

Tips & Experiences

Page 2

Companies

Deloitte Consulting is a part of Deloitte

Touche Tohmatsu Limited (DTTL), a

limited liability private company in UK.

Under Deloitte, there are many

independent member firms in different

geographical areas. Deloitte DTTL is

considered as a Professional Services

Network which is a network of independent

firms who come together to cost-effectively

provide services to clients through an

organized framework. DTTL is considered

one of the Big Four Professional Services

firms along with PricewaterhouseCoopers

(PwC), Ernst & Young, and KPMG.

DTTL provides services in audit, tax,

consulting, enterprise risk and financial

advisory services. It by itself does not

provide services to its clients. DTTL is the

second largest professional services

network in the world by revenue and has

200,000 employees in more than 150

countries. In FY2012, Deloitte earned a

record USD 31.3 billion in revenues. Its

global headquarters are located in New

York City, United States.

In India, the consulting services are

provided by Deloitte Consulting India

Private Limited which provides consulting

services to financial services, leisure,

tourism and hospitality, manufacturing,

technology and media and transport and

infrastructure industries.

History of Deloitte

Deloitte was founded in 1845 by William

Welch Deloitte who had opened an office

in Basinghall Street in London. He was the

first person to be appointed as an

independent auditor of a public company.

Deloitte is considered one of the fathers of

the accountancy profession. Haskins &

Sells was an accounting firm established in

New York in 1896 by Charles Waldo

Haskins and Elijah Watt Sells. In 1952, the

US firm of Deloitte merged with Haskins

and Sells.

In 1989, Deloitte Haskins & Sells in the

USA merged with Touche Ross in the USA

to form Deloitte & Touche. In 1995, the

partners of Deloitte & Touche decided to

create Deloitte & Touche Consulting

Group, now known as Deloitte Consulting.

Services provided

The services Deloitte provides in India are:

1. Audit & Enterprise Risk: where it

provides the organization auditing and

advisory services, as well as offerings in

enterprise risk management, information

security and privacy, data quality and

integrity, project risk, business continuity

management, internal auditing and IT

control assurance.

2. Tax: where it helps clients increase their

net asset value, undertakes the transfer

pricing and international tax activities of

multinational companies, minimizes their

tax liabilities, implements tax computer

systems, and provides advisory of tax

implications of various business decisions.

3. Consulting: where it provides services in

the areas of enterprise applications,

technology integration, strategy &

operations, human capital and business

process solutions.

4. Financial Advisory Services: where they

provide advisory services in corporate

finance, transactions, valuations, forensic

& dispute resolution and reorganization

with a focus on helping the clients increase

value.

FinNiche

Deloitte

—- By Mukul Gupta

September 2013

Page 3

Companies

Ernst & Young is one of the largest

professional service firms in the world and

one of the "Big Four" accounting firms. It is

a global organization of member firms in

more than 140 countries, headquartered in

London, England. The current Global

Chairman and CEO of the company is

Mark Weinberger. The company was

ranked by Forbes magazine as the eighth-

largest private company in the United

States in November 2012. The company

earned global revenue of $24.4 billion in

FY’12 ending June 2012. The share of

revenue as per client sectors was:

- Financial Services: 41%s

- Service and Trade: 31%

- Industry: 20%

- Chemicals and Pharmaceuticals: 8%

History

Ernst & Young is the result of a series of

mergers of ancestor organizations. The

oldest originating partnership was founded

in 1849 in England as Harding & Pullein. In

that year the firm was joined by Frederick

Whinney. He was made a partner in 1859

and with his sons in the business it was

renamed Whinney Smith & Whinney in

1894.

In 1903, the firm of Ernst & Ernst was

established in Cleveland by Alwin C. Ernst

and his brother Theodore and in 1906

Arthur Young & Co. was set up by the

Scotsman Arthur Young in Chicago As

early as 1924 these American firms allied

with prominent British firms, Young with

Broads Paterson & Co. and Ernst with

Whinney Smith & Whinney. In 1979 this

led to the formation of Anglo-American

Ernst & Whinney, creating the fourth

largest accountancy firm in the world. Also

in 1979, the European offices of Arthur

Young merged with several large local

European firms, which became member

firms of Arthur Young International.

In 1989, the number four firm Ernst &

Whinney merged with the then number

five, Arthur Young, on a global basis to

create Ernst & Young.

In October 1997, EY announced plans to

merge its global practices with KPMG to

create the largest professional services

organization in the world, coming on the

heels of another merger plan announced in

September 1997 by Price Waterhouse and

Coopers & Lybrand. The merger plans

were abandoned in February 1998 due to

client opposition, antitrust issues, cost

problems and difficulty of merging the two

diverse companies and cultures.

EY had built up its consultancy arm heavily

during the 1980s and 1990s. The U.S.

Securities and Exchange Commission and

members of the investment community

began to raise concerns about potential

conflicts of interest between the consulting

and auditing work amongst the Big Five

and in May 2000, EY was the first of the

firms to formally and fully separate its

consulting practices via a sale to the

French IT services company Cap Gemini

for $11 billion, largely in stock, creating the

FinNiche

Ernst & Young

—- By Bhanu Chokhani

September 2013

Page 4

Companies

new company of Cap Gemini Ernst &

Young, which was later renamed

Capgemini.

Services

EY has four main service lines (share of

revenues in 2011):

- Assurance Services (51%): comprises

Financial Audit (core assurance),

Financial Accounting Advisory Services,

Fraud Investigation & Dispute Services,

and Climate Change & Sustainability

Services.

- Tax Services (29%): includes Business

Tax Compliance, Human Capital,

Customs, Indirect Tax, International Tax

Services, Tax Accounting & Risk

Advisory Services, Transaction Tax.

- Advisory Services (12%): consisting of

four subservice lines: Actuarial, IT Risk

and Assurance, Risk, and Performance

Improvement.

- Transaction Advisory Services (TAS)

(8%): deals with companies' capital

agenda – preserving, optimizing,

investing and raising capital.

Global Structure

EY is the most globally managed of the Big

Four firms. EY Global sets global

standards and oversees global policy and

consistency of service, with client work

being performed by its member firms.

Each EY member country is organised as

part of one of four areas. This is different

from other professional services networks

which are more centrally managed.

The four areas are:

- EMEIA: Europe, Middle East, India and

Africa

- Americas

- Asia-Pacific

- Japan

Each area has an identical business

structure and one management team that

is led by an Area Managing Partner is part

of the Global Executive board. The aim of

this structure is to effectively cater for an

increasingly global clientele, who have

multinational interests.

Recent Developments

- In 2002, EY took over many of the ex-

Arthur Andersen practices around the

world, although not those in the UK,

China or the Netherlands.

- In 2006, EY became the only big four to

have two member firms in the United

States with the inclusion of Mitchell &

Titus, LLP, the largest minority-owned

accounting firm in the United States.

- In 2010, EY acquired Terco, the Brazilian

member firm of Grant Thornton.

- In 2013, EY agreed to pay federal

prosecutors $123 million to settle criminal

tax avoidance charges stemming from $2

billion in unpaid taxes from about 200

wealthy individuals advised by four Ernst

& Young senior partners between 1999

and 2004.

- In 2013, EY changed its brand name

from Ernst & Young and tagline to

"Building a better working world".

FinNiche

September 2013

Page 5

Companies

Texas Instruments Inc. (TI) is an American

company that designs and makes

semiconductors, which it sells to

electronics designers and manufacturers

globally. Headquartered at Dallas, Texas,

United States, TI is the third largest

manufacturer of semiconductors worldwide

after Intel and Samsung. It is also the

second largest supplier of chips for cellular

handsets after Qualcomm, and the largest

producer of digital signal processors

(DSPs) and analog semiconductors. With

FY2012 revenues of USD 12.8 billion and

nearly 45,000 analog products and

customer design tools, it is among the top

20 semiconductor producing companies in

the world. Texas Instruments produces a

range of calculators, with the TI-30 being

one of the most popular early calculators.

TI India is deeply involved in developing

state-of-the-art solutions for applications

like wireless handsets, wireless

infrastructure (base stations), video

(security and surveillance, IP phones, set-

top boxes), High Performance Analog, etc.

In August 1985, TI set up a R&D facility in

Bangalore and became the first global

technology company to establish its

presence in India. In 1995, TI developed

the first processor designed in India for

control applications. The TI India R&D

Center was extensively involved in

developing “LoCosto”, the industry’s first

single chip solution for wireless handsets.

Company Divisions

Today, TI is made up of three divisions:

Semiconductors (SC), Educational

Technology (ET), and Digital Light

Processing (DLP).

- Semiconductors

Semiconductor products account for

approximately 96 percent of TI's revenues.

TI's semiconductor-related product areas

include digital signal processors in the

TMS320 series, high speed digital-to-

analog and analog-to-digital converters,

power management solutions, and high

performance analog circuits. TI’s Wireless

Business Unit (WBU) produces wireless

solutions for products such as

smartphones and eBooks, tablets,

consumer electronics and other portable

devices. Wireless communications has

been a primary focus for TI, with around 50

percent of all cellular phones sold

worldwide containing TI chips.

- Signal processing

Digital Light Processing is a trademark

under which Texas Instruments sells

technology regarding TVs, video projectors

and digital cinema. Another business unit

of the Semiconductor division called

Application Specific Products (ASP)

develops specific products that cater to a

broad range of DSP applications, such as

digital still cameras, cable modems, Voice

over IP (VOIP), streaming media, speech

compression and recognition, wireless

LAN and gateway products (residential

and central office), and RFID.

- Microcontrollers and Processors

Texas Instruments maintains several lines

of processors, including the Sitara ARM

processor family featuring ARM Cortex-A8

and ARM9 to serve a broad base of

applications. Texas Instruments also offers

a portfolio of microcontrollers.

FinNiche

Texas Instruments Inc.

—- By Mukul Gupta

September 2013

Page 6

Companies

The term Deutsche Bank literally means

“German Bank”. Deutsche Bank AG is a

German global banking and financial

services company with its headquarters in

the Frankfurt, Germany. It employs more

than 78,000 people in over 70 countries,

has a large presence in Europe and is

growing in North America, Asia and key

emerging markets. In 2009, Deutsche

Bank was the largest foreign exchange

dealer in the world with a market share of

21 percent. In India, Deutsche Bank offers

services of on-shore investment banking,

institutional equities broking, asset and

private wealth management, retail banking

and business processes outsourcing.

Deutsche Bank is listed on both the

Frankfurt (FWB) and New York stock

exchanges (NYSE). Over the last decade,

Deutsche Bank has been transformed,

moving from a German-centr ic

organisation that was renowned for its

retail and commercial presence to a global

investment bank that is less reliant on its

traditional markets for its profitability. In

2012, it earned revenue of €33.7 billion

and a net income of €0.7 billion. Some of

the key highlights of the company in year

2012 were:

- Ranked No.5 globally with record market

share

- Ranked No.1 in EMEA

- Awarded ‘Equity House of the Year’ and

‘Bond House of the Year’ by IFR

Deutsche Bank was one of the major

drivers of the collateralized debt obligation

(CDO) market during the housing credit

bubble from 2004–2008, creating

approximately $32 billion worth. 2008 was

Deutsche Bank’s first loss-making year

since five decades, though a lot of their

losses were covered due to their insurance

arrangements with AIG.

Deutsche Bank has a negligible exposure

to Greece however Spain and Italy

account for a tenth of its European private

and corporate banking business.

History of Deutsche Bank

Deutsche Bank was founded in Berlin in

1870 as a specialist bank for foreign trade.

It was founded by G. Siemens, whose

father’s cousin had founded Siemens and

Halske (the company which is Siemens

AG now), and L. Bamberger. Previous to

the founding of Deutsche Bank, German

importers and exporters were dependent

upon English and French banking

institutions in the world markets—a serious

handicap in that German bills were almost

unknown in international commerce,

generally disliked and subject to a higher

rate of discount than English or French

bills.

The bank’s first overseas branches were

Shanghai (1872), London (1873) and

South America (1874-1886). Deutsche

Bank was instrumental in introducing the

chemical company Bayer to the Berlin

stock market and played a significant role

in the merger of Daimler and Benz.

FinNiche

Deutsche Bank

—- By Bhanu Chokhani

September 2013

Page 7

Companies

Structure of Deutsche Bank

Deutsche Bank consists of these business

divisions:

- Private & Business Clients

The Private & Business Clients division

provides branch banking and financial

services to private customers, self-

employed clients as well as small and

medium-sized businesses.

In Personal Banking, they provide services

of Fixed Deposits, Savings Account,

Payroll Account, Online Banking, Loans,

Mutual Funds, Portfolio Management

Services, Bonds, Online Trading,

Insurance (both life and non-life) and Debit

and Travel Cards. They have a service

called as Advantage Banking which

provides an easier balance requirement,

family banking facilities and group

accounts, financial planning services and

exclusive offers.

In Business Banking, Deutsche Bank

provides Current Account, Current Account

Trade, Magnus (a Working Capital lending

product), Trade Services and Forex, Cash

Management Services, Fixed Deposits and

Online Banking for Corporates and Firms.

In Private Banking, they provide their

customers advice through a dedicated

relationship manager. Services provided in

Private Banking are Financial Planning,

Investment Research, Estate and

Succession Planning and other premium

products and privileges.

- Markets

The Markets Business Division combines

the sales, trading and structuring of

financial market products like bonds,

equities and equity-linked products,

exchange-traded and over-the-counter

derivatives, foreign exchange, money

market instruments, secur i t ized

instruments and commodities. Coverage of

institutional clients is provided by the

Institutional Client Group, while Research

provides analysis of markets, products and

trading strategies.

- Corporate Finance

Basically, it is the investment banking

division of Deutsche Bank. It provides

services like mergers and acquisitions

(M&A), advisory, debt and equity issuance

and capital markets coverage of large and

medium-sized corporations.

- Global Transaction Banking

The Global Transaction Banking Corporate

Division provides commercial banking

products and services for both corporates

and financial institutions worldwide,

including domestic and cross-border

payments, risk mitigation and international

trade finance as well as trust, agency,

depositary, custody and related services.

Business units include Cash Management,

Trade Finance and Trust & Securities

Services.

- Asset & Wealth Management

The Asset and Wealth Management

Corporate Division is made up of two

Business Divisions: Asset Management

and Private Wealth Management. While

Private Wealth Management serves the

banking needs of wealthy individuals and

families across the globe, Asset

Management provides investment

solutions to individual and institutional

investors worldwide.

FinNiche

September 2013

Page 8

FINANCIAL KNOWLEDGE

Exchange Traded Fund can be defined as a

security that tracks an index, a commodity or a

basket of assets like an index fund, but trades

like a stock on an exchange. ETFs experience

price changes throughout the day as they are

bought and sold.

Currently there are 3 types of ETFs which can

be traded in BSE. These are as follows :

- Equity ETF:A basket of stocks that represent

the composition of an index, like S&P , CNX

Nifty or S&P BSE SENSEX. Its trading

value is based on net asset of underlying

stocks that it represents. Currently there are

11 equity ETFs which can be traded In BSE.

- Gold ETF: It is a s special type of ETF which

tracks the price of Gold.

- Liquid ETF: It is the money market ETF, the

investment objective of which is to provide

money market returns. Liquid BeES

launched by Benchmark Mutual Fund is the

first market ETF in the world. Liquid BeES

will invest in a basket of call money, short

term government securities and money

market instruments of short and medium

maturities.

Liquid BeES ETS units can be deposited by

members with exchange towards collateral

requirements (Liquid assets) for margin

purposes. These units will be considered cash

equivalents. Other ETF units can also be

deposited towards collateral requirements but

these are considered as non-cash

equivalents.

ETFs provide an exposure to the same

underlying index like a future, but ETFs trade

in much smaller investment sizes than a

futures contract thus making it possible for

retail investors to participate in index

investing. Investors can use ETFs for strategic

asset allocation (core holdings) and tactical

asset allocation to reflect their short term

investment insights. Index exposure can be

shorted or hedged by selling ETFs against

long stock holdings thereby reducing broad

market risk exposure or beta of port-folio. An

investor in an open-ended mutual fund can

only purchase or sell at the end of the day at

the mutual funds closing price. This makes

stop-loss orders much less useful for mutual

funds, and not all brokers even allow them. An

ETF is continually priced throughout the day

and therefore is not subject to this

disadvantage, allowing user to react to

adverse or beneficial market conditions on an

intraday basis.

ETFs have made possible the trading of index

funds like stocks. This was not possible until

the development of ETFs. They have opened

a whole new panorama of investment

opportunities to retail as well as institutional

money managers. They enable money

managers to gain broad exposure to entire

stock markets and specific sectors with

relative ease, on a real time basis and at a

lower cost than many other forms of investing.

By owning an ETF, one can get the

diversification of an index fund as well as

ability to sell short, buy on margin and

purchase as little as one share. One of the

most widely known ETFs is called the Spider

(SPDR), which tracks the S&P 500 index and

trades under the symbol SPY.

FinNiche

Exchange Traded Fund

—- By Anirban Dutta

September 2013

Page 9

FINANCIAL KNOWLEDGE FinNiche

Market This Week

In the week of August 26-30, the SENSEX rose marginally from 18602.56 to 18619.72.

The Nifty on the other hand fell 0.5% from 5499.4 to 5471.8. It is clearly visible on the

charts that bulls are getting exhausted and losing momentum. With the Indian rupee

hitting a recent low of 68.80 and the government expected to get more ambushed by

increasing diesel prices, the markets are expected to go down further. Oil prices have shot

up recently after the US indicated a possible military action on Syria for its alleged use of

chemical weapons against Syrian population. The fall was however cushioned on Friday

as the Sensex rose by 100 points on Prime Minister's assurance on currency and growth

of the economy and short-coverings ahead of the expiry of derivative contracts on 29 Aug.

SENSEX Simple Moving Averages

BSE SENSEX

CNX Nifty

September 2013

Thirty Days 18458.10

Fifty Days 18480.82

Hundred Days 18465.69

Two Hundred Days 18282.84

Page 10

FINANCIAL KNOWLEDGE FinNiche

Bank Rate 10.25%

Repo Rate 7.25%

Reverse Repo Rate 6.25%

Cash Reserve Ratio 4%

Statutory Liquidity Ratio 23%

INR / 1 USD 66.5742

INR / 1 Euro 88.1605

INR / 100 Jap. YEN 67.83

INR / 1 Pound Sterling 103.3431

Commodity Unit Rs / Unit % Change

Gold 10 grams 32982 3.48

Silver 1 Kg 53280 0.84

Crude Oil 1 bbl 7257.0 5.51

Base Rate 9.70%-10.25%

Savings Deposit Rate 4.0%

Term Deposit Rate 8.0%-9.0%

Nifty Simple Moving Averages

Commodities

Lending / Deposit Rates

Thirty Days 5423.66

Fifty Days 5426.49

Hundred Days 5424.77

Two Hundred Days 5373.95

Key Policy Rates and Reserve Ratios

Exchange Rates

September 2013

Page 11

FINANCIAL KNOWLEDGE

Infosys displaces CIL to become

5th largest co, TCS still tops list

Infosys has regained its position among

the top-five companies in terms of

market capitalisation (m-cap) in August.

The IT bellwether snatched the fifth spot

from Coal India as its market value rose

4% to Rs 1.78 lakh crore in August,

while the miner saw its value dip 11% to

Rs 1.58 lakh crore. Infosys, however, is

still a mile away its rival, TCS, which

boasts of m-cap of Rs 3.81 lakh crore

and is the country's largest listed entity.

Apart from TCS, Reliance Industries,

ITC and ONGC are placed above

In fos ys wi th h ighe r marke t

capitalisation.

Ashok Vemuri likely to be next

iGate CEO

Ashok Vemuri, who quit as the

Operations Head of America

at Infosys on Wednesday, is likely to be

chosen as the next chief executive

officer (CEO) of iGate. The executive

council, appointed to identify iGate's

next CEO has prepared a shortlist

where Vemuri has emerged as the

frontrunner. Vemuri has an edge over

other contenders as he is based out of

US.

Fiscal Deficit at 63% of Budget

estimates in July-end

The fiscal deficit, which is the difference

between government receipts and

spending, touched Rs 3.4 lakh crore in

April-July, or 62.8 per cent of the budget

estimate. The fiscal deficit had reached

51.51 per cent of the budget estimate in

the April-July period of 2012-13. The

deficit so far is without accounting for a

substantial portion of food and oil

subsidies, which are likely to exceed

budget estimates following the

enactment of the Food Security Law

and an oil import bill that's shooting up

because of an over 20 per cent rupee

depreciation. The fiscal deficit during

2012-13 came down to 4.9 per cent of

GDP from 5.8 per cent a year earlier. In

the current financial year, the

government plans to lower the deficit to

4.8 per cent of GDP. The revenue

deficit during April-July went up to Rs

2.77 lakh crore, or 73 per cent of the

budget estimate, compared with 61.3

per cent last year. Revenue collection

slowed down to 16.7 per cent of the

budget estimate (Rs 1.76 lakh crore) as

against 18 per cent in the previous

fiscal.

Q1 GDP at 4.4% vs 4.8%(QoQ);

consumption demand down

Gross Domestic Product or GDP for the

first quarter of this fiscal year came in at

a four-year low of 4.4 percent versus

5.4 percent (YoY), below street

expectation of 4.7 percent. In the

previous quarter, the GDP witnessed a

4.8 percent growth.

L ok Sab ha Pa ss es La nd

Acquistion Bill, 2011

The Lok Sabha approved land reforms

on Thursday that boost farmers' rights

but are opposed by other businesses

who say the new law will thwart efforts

to revive the floundering economy. The

government says the bill, which will

replace a muddled law dating back to

the 19th century, will help speed up

FinNiche

NEWS

September 2013

Page 12

FINANCIAL KNOWLEDGE

industrial investment by making the

rules clearer. The Bill's pricing rules

would oblige developers to pay up to

four times the market rate for land in

rural areas and twice the rate in urban

areas. Displaced people must also be

given homes and jobs.

Indian Gold Imports Become

Expensive

Gold imports to India will become

slightly more expensive, as the

government announced over the

weekend that it has increased the base

rate for calculating import taxes on the

precious metal. India sets a base rate

benchmarked to international gold

rates, usually every two weeks, for

calculating a 6% import tax on the

precious metal. The government has

raised the base rate to $472 per 10

grams from $449 per 10 grams,

according to a finance ministry

statement issued over the weekend.

The rise in the base rate comes in the

wake of a massive gold buying spree

in the past two weeks, ever since

international gold prices fell 4% on

April 12.

RBI opens special window for

Forex purchase by Oil Companies

Reserve Bank of India (RBI) opened a

special window to help the three state-

owned oil marketing companies

needing about USD 8.5 billion every

month to meet their daily foreign

exchange requirement in a bid to

check the rupee's free fall. The PSU oil

companies are the biggest buyers of

dollars, requiring USD 8-8.5 billion

every month for the import of an

average 7.5 million tonnes of crude oil.

The RBI decision is aimed at curbing

volatility in the forex market. India's oil

imports during July were valued at

USD 12.7 billion, which was 8% lower

than USD 13.8 billion of oil imports in

the corresponding period, a year

earlier. During April-July, oil imports

were valued at about USD 54.6 billion,

which was 2.65 percent higher than

USD 53.2 billion in the corresponding

period last year.

Lok Sabha passes Food Security

Bill

India's lower house of parliament

approved a plan worth nearly $20

billion on Monday to provide cheap

grain to the poor. Under the plan, the

government will sell subsidised wheat

and rice to 67 percent of its population

of 1.2 billion. India is home to a quarter

of the world's hungry poor, according

to United Nations data, despite being

one of the biggest food producers and

experiencing years of rapid economic

growth.

ONGC to buy stake in Andarko

gas block for $2.64 bn

Anadarko Petroleum Corp said it has

agreed to sell a 10 percent stake in a

gas field offshore Mozambique to a

unit of Oil & Natural Gas Corp for USD

2.64 billion in cash, as the US oil

company looks to focus more on its

domestic assets. ONGC faces

diminishing supplies from its aging oil

and gas fields in India and has been

buying interests in overseas assets.

FinNiche

NEWS

September 2013

FinNiche

Selection Process: As per the last years’ data JPMC had offered two profiles: IB and banking

operations. The first round of selection was an online aptitude test. The second round was a

case study. A hard copy of the case was distributed to the students and they were asked to write

points that they wish to store. The case study material was then taken back. Distinguished

additional information was provided to everyone and a GD was conducted; so everybody had

some common understanding of the case plus the extra piece of data individually. Instructions to

note down the points that were being discussed in the GD were also made. The third round was

the interview which had the routine questions regarding one’s short-term and long-term goals,

know about of the company, etc.

Internship Experience: The interns were given the exposure to the various processes of the

company. They had the opportunity to interact with the overseas teams and work with them. A

fair amount of assistance was always provided, when needed. Floor-walks helped the interns to

know the assignments of different teams and their interactions with each other. Overall it

provided a good learning of the work and about the company.

Selection Process: The profile offered was of IBR (Investor Relations). A 1-hr test was

conducted in which the data of another company was given and the students were asked to

determine whether the company is fit for investment or not. Basically it was the comparative

analysis of the company with the industry which had to be done to draw a conclusion. After

short listing the candidates the interview round was held in which questions about the

conclusion drawn in the first round and few general questions were asked.

Internship Experience: A broad spectrum of knowledge was given to the interns through

projects that developed a deep understanding of the subject. Interns used to make presenta-

tions to the clients and also contribute to the reports of the company. Few interns also got a

chance to travel to different (domestic) locations for project work.

TIPS & EXPERIENCE

Page 13

Get a grip on the FRA concepts and ratio

analysis. This is perhaps the only

academic subject one needs to study for

the summer placements. Comparative

industry analysis was one of the selection

criteria for a company during the summer

placements.

Tips to prepare for Summer Placement

Read newspaper daily. Keep yourself

updated on the latest happenings in the

industry as most of the GD topics are

based on them. For example, rupee

depreciation is one of the hot topic that is

most likely to be heard during the GD

rounds.

Volume 6 Publisher : Rajat Kochar

September 2013

JPMorgan Chase

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