Facebook IPO!!! Valuation @ approx $100Billion

Facebook IPO valuation is tagged @ $100Billion making it one of the largest IPO launch in history. Personally, I think that this is a BIG Hype. At $100 billion total value Facebook will be trading at a Price to Earnings multiple, or P/E, of 77 and Price to Sales multiple of around 25. A significant chunk of revenues come from casual video games developer Zynga, which brings in 12 per cent of all revenue.

Google’s IPO worked for long-term investors because the search engine literally became one of the best companies on earth. Google’s price has gone up 7-fold since the IPO but the company has grown into it’s expensive initial price. Can Facebook replicate the success story? Now this is a big question mark..

Follow the story here :

Now that everyone on earth has offered their 2-cents on the upcoming Facebook IPO, one question remains: Should you buy shares when the social networking king becomes a publicly traded company sometime in April or May?

Since we still don’t know the official share price, what the total company will be valued at, or even an estimate for what the company will be earning this year, some assumptions must be made. Running through the documents released this week and what we know so far, I’m going to use the following key metrics based on what we do know about Facebook:

* The total company will be valued at $100 billion. (That’s worth almost twice as much Boeing and about three times the value of Starbucks.)

* Facebook will have 1-billion Monthly Average Users at the time of the IPO or shortly thereafter.

* Each of those billion users will generate about $4.25 per year for Facebook (roughly the same as what they were worth in revenues to Facebook during 2011, according to Facebook’s S1).

* Facebook’s margin will remain about 30%.

That works out to a company that earns nearly $1.3 billion on $4.25 billion in revenues. At $100 billion total value Facebook will be trading at a Price to Earnings multiple, or P/E, of 77 and Price to Sales multiple of around 25.

None of which means anything in the abstract. For perspective I’ll compare Facebook to Google (GOOG), the company whose IPO hype and business model that Facebook most closely resembles. Also FB is set to dethrone Google as the largest Internet IPO ever.

When Google went public in 2004 the company was valued at a similar P/E but at a mere 5x sales. The fact that Google is trading nearly $600 per share compared to its IPO price of $85, the Facebook pricing looks compelling, but only because we’re applying the success Google’s had over the last 8 years to what’s going to happen at Facebook after it goes public. Doing so overlooks just how incredible, and hard to replicate, Google’s run has been.

The year of its IPO Google earned roughly $400 million on $3.2 billion in revenues. In 2011 the company reported $38 billion in revenues and earned nearly $10 billion. That works out to growth rates of over 36% per year on revenues and 39.7% on earnings.

Google’s stock now trades at a P/E of 20 and P/S of 5. In other words, despite the eye-popping returns on Google’s stock the company has actually gotten less expensive by the calculations of Wall Street.

Making the idea of buying the Facebook stock on the day of the IPO look even worse, Google’s offering was rather famously bungled in terms of getting the maximum value for company insiders.

There are no signs of that being the case with Facebook, suggesting the measures used above will only apply to folks well-connected enough to pay the listed price for FB shares. Retail buyers (read: anyone who calls a broker or buys shares online) will have to pay-up anywhere from 20 – 40%.

Other differences are that the Google business model doesn’t go out of fashion and doesn’t require individual user input to make it a compelling offering for advertisers. Google looks at what people search for and sells ad space accordingly.

Facebook lures users into joining a club, determines what products customers may be interested based on what customers say, and then sells ads.

Facebook knows the kind of person you’d pretend to be at you high school reunion. Google knows the real you. The latter is far more valuable.

Facebook is also a far more mature company than Google was when it came public. With our assumption of 1 billion users Facebook will have captured 14% of the entire planet. Men, women, children living in the industrialized world or places where the Internet isn’t even a dream. 14%. That doesn’t leave a ton of growth for new shareholders.

Bottom Line: Facebook isn’t Google, despite the surface resemblance. New shareholders could clearly see where Google could go with their business model (more searches means more ad dollars). For Facebook to replicate the growth of Google’s stock will require an ongoing reinvention of the Facebook model as growth in the number of users caps out.

Sometimes it’s better to watch a story play out than it is to put your money on the line based on hope and a love of the product. Take a pass on Facebook shares until the IPO dust has settled. If the company is going to be the next Google there will be plenty of time to buy shares.

News Reference

Top Management and Leader Blogs for Managers!

Always a good reference…. when looking out for inspiration on leadership and management. Here is the list of the top leadership and management blogs for managers…..

Leadership

1. CEO Blog — Time Leadership: Jim Estill, CEO of SYNNEX Canada, talks about how you, too, can meet business success.
2. Dispatches from the New World of Work: Tom Peters heads a consulting services company. His personal motto: “The starting point of all significant change is mindset.”
3. Extreme Leadership: Have you heard of extreme sports? Well, now there are extreme leaders, too. Steve Farber heads up Extreme Leaders Inc., a business-development company, and he also shares his thoughts on his site.
4. Leading Blog — Building a Community of Leaders: Michael McKinney thinks that everyone is a leader. Find out how to tap into your potential with his musings about learning, creativity and communication.
5. Leadership Turn: “Leaders DO — and it’s your turn,” according to this site solely based on leadership and management.
6. Management Craft: Management is an art, according to Lisa Haneberg, a professional management and leadership trainer, coach, and organization-development consultant.
7. LeaderValues: LeaderValues aims to help leaders in all kinds of organizations and provide a meeting place for emerging trailblazers.
8. Slow Leadership: The title of this blog is legitimate: Postings are aimed at truly developing a leader through mindset and behavior change.
9. Say Leadership Coaching: This Polynesian-themed blog offers mentoring, coaching and training advice to managers and leaders.
10. Wally Bock’s Three Star Leadership Blog: Wally Bock’s very easy-to-scan site dishes up regular doses of information on leadership issues for North American business leaders.

Creativity and Inspiration

11. A Budding Contrapreneur: This snappy new blog by Matthew K. Ing talks about ideas and why some fail.
12. Liderlik/Leadership: Both English and German readers can check this blog to become inspired.
13. Life Beyond Code: Categories on this blog cover business models, distinguishing yourself and innovation.
14. Stephen Shapiro: Changing the Rules of Innovation and Creativity…: Steve shares his “unconventional approach on business innovation, creativity, goals, performance and critical thinking.”
15. Simplicity: The author of “Simplicity Is the Key” offers tips and tidbits on management, such as “Staff at the front line know all the answers. All the time.”
16. Springwise: Springwise offers a wellspring of ideas for entrepreneurs.
17. Orrin Woodward Leadership Team: Orrin discusses “ideas of consequence.”
18. Leading Answers: This blog offers leadership and agile project-management ideas, observations and resources.
19. Crossderry Blog: You’ll learn how to see “the forest for the trees” and take “the correct fork before heading into the woods” on this site.
20. Creative Energy Officer: Recharge weekly with “ideas and insights for optimistic, yet cynical humans.”
21. Troyworman.com: Troy Worman cultivates creativity in every page of this blog.
22. Chief Happiness Officer: Alex apparently is the “leading expert at happiness at work.” If you think “happiness” and “work” can’t possibly go together, fill up on his posts, which include research, lists and cute pictures.
23. Slacker Manager: With pictures, funny lists and useful tips, this slacker blog works hard to keep you interested.
24. The Bing Blog: You’ll surely find out what not to do to become an effective leader in this blog that covers bad jobs, bad bosses and how to zone out in an all-day meeting.
25. The Bogle E-Blog: The founder of The Vanguard Group Inc. tells you how to be as successful as he is.
26. Iinnovate: Iinnovate is a podcast by students at Stanford University’s Business and Design Schools.
27. How to Change the World: This “practical blog for impractical people” shares the secrets of being an agent of change.
28. BrandSoul: This consultant wants to help you awaken the soul of business with some inspirations and ideas.
29. Digital Roam: You’ll clear up the fog in your mind’s eye with this site on visual thinking.Self-Awareness
30. The Leadership Evolution: This site offers quotes, examples and information from books on leadership.
31. BrainCram: Brain Cram inundates your mind and soul with lengthy posts on you and your work.
32. Timothy Coote: Timothy Coote works for a French company but gives you his views in English.
33. Lead on Purpose: This site fosters discussions on being a leader in your organization.
34. The Recovering Leader: Another behavior-modification approach to building your inner leader can be found at this blog.
35. Marshall Goldsmith Blog: The co-founder of Marshall Goldsmith Partners LLC, a network of top-level executive coaches, wants to help “successful leaders get even better.”
36. The Practice of Leadership: How-tos and inspiring quotes fill this blog.
37. Zinger On Strength-Based Leadership:“Strength-based leadership applies strengths, caring and energy in the service of engagement. Powerful leaders transform energy into engagement leading to improved results.”
38. Seth Godin’s BLog: The best-selling author, entrepreneur and “agent of change” gives you personal insights on the leadership landscape.
39. 800-CEO-READ Blog: Do what the blog says and read up on the latest on business books, authors and the publishing industry.
40. Bigger Isn’t Always Better: This blog imparts the wisdoms of the book of the same name, which was written by management consultant Bob Tomasko.
41. The Long Tail: Chris Anderson, editor in chief of Wired magazine, shares the theories behind his book “The Long Tail,” which purports that the economy is shifting its attention from mainstream products and markets to niches.
42. David Maister: This leading authority on the management of professional-service firms shares his ideas with readers.
43. Mavericks at Work: This blog covers “Mavericks at Work,” a veritable how-to book for “what-if executives and entrepreneurs — a collection of new and provocative answers to some of the most basic questions facing companies of every size and leaders in every field.”Development, Marketing and Finance
44. Kent Blumberg: Learn leadership, strategy and performance tips at this site.
45. Pink Slip: Maureen Rogers wants to make sure that you don’t get the pink slip and offers advice on business lessons learned the hard way.
46. Ed Batista: Executive coach and change-management consultant Ed Batista wants to tell you how to become the best possible leader.
47. Business Pundit: Learn how to cope when your venture fails, the six traits of idiot bosses and other useful leadership information.
48. Sanders Says: “Sanders Says is an advice Weblog about business, culture and spirit.”
49. Managing Leadership: Stay on your toes with this blog “designed to help busy directors and executives understand how leadership really works in their organizations.
50. Coaching Tip: The Leadership Blog: Get daily doses of leadership development advice on the go.
51. SustainableWork: Novices can get tips for innovation, startups and emerging enterprises, while established leaders can get know-how on developing sustainable new products and services.
52. Signal vs. Noise: This blog discusses design, business, experience, simplicity, the Web, culture and more.
53. apbLIFESUCCESS Blog: Positive posts permeate this site.
54. Mary Schmidt: This marketing troubleshooter wants to help you get your business back on track.
55. Trusted Advisor Associates: Speaker and executive educator Charles H. Green tells you how to build trust in your business.
56. ASK THE CZAR: You’ll never again require business advice from another source, according to Gerry “the Czar” Czarnecki.
57. The Trump Blog: Financial fodder straight from the Don’s mouth.
58. The Becker-Posner Blog: Becker and Posner are the Siskel and Ebert of business and financial info.
59. Digital Rules: The Blog: The publisher of Forbes magazine blogs about — you guessed it — business and finance, along with a smattering of politics.
60. Feld Thoughts: Emailing, rejection and photos of bloody injuries greet you on this blog by Brad Feld, an investor and entrepreneur.Using Technology
61. Web Worker Daily: The site amasses advice for using the Web for work..
62. Biz Stone: The co-founder and creative director of Twitter ruminates on social media and business.
63. Scobleizer: Known as a “technical evangelist,” Robert Scoble can help you discover the newest ways of communicating with customers.
64. Marketing with Technology and More: Jordan Ayan, CEO of SubscriberMail LLC, an email-marketing service, offers tips on marketing using technology and email marketing.
65. The Business Blog at Intuitive.com: These online strategies and communication tips are applicable to leadership.
66. TomBomb.com: Tom Hayes is the bomb at discussing viral business.
67. MarketingProfs Daily Fix: These professors will tell you how to market your business using social-media, Web 2.0 and other tools.
68. Daniel H. Pink: Businessman, author and lecturer Dan Pink blogs about business and technology in the new workplace.
69. Listen Up: John Porcaro’s unofficial blog about marketing, public relations, the Xbox, management and personal life.
70. Pause: Personal anecdotes pepper this blog by Jory Des Jardins, a media consultant who works with businesses and media companies to develop communications strategies.Getting Results
71. Steve Yastrow: Reinvent the way your company connects with customers through Yastrow’s know-how.
72. Bob Sutton: Gear up to get better results with the professor of management science and engineering at Stanford University’s School of Engineering.
73. PyroMarketing: Greg Stielstra, author of “PyroMarketing: The Four Step Strategy to Ignite Customer Evangelists and Keep Them For Life,” shares his marketing mastery on his blog.
74. Bird’s Eye View: Learn how to better engage employees and get results with this blog by Susan W. Bird, an author and expert on leadership.
75. ManagementIQ: BusinessWeek writers Diane Brady, Michelle Conlin and Jena McGregor gather insights from the business thinkers and critique the latest management trends to help you manage smarter.
76. Fred Reichheld: Fred Reichheld blogs about bettering your business through customer, employee and partner loyalty.
77. Cali and Jody: Cali and Jody created ROWE — Results-Only Work Environment — to reinvent the relationship between employers and the people who get the work done.
78. Made to Stick: Another blog based on a book, this one is about communicating ideas that will sink in.
79. KR Connect: Kevin Roberts serves as the CEO Worldwide of Saatchi & Saatchi, one of the world’s leading creative organizations, which employs more than 7,000 people in 83 countries. Translation: He knows his stuff.
80. Management by Baseball: “Management consultant and ex-baseball reporter Jeff Angus shows you almost everything you need to know about management you can learn from baseball.”
81. Rock & Roll Lessons: John O’Leary blogs about business lessons from rock-and-roll bands, which he also using to compile a book.
82. Play the Game of Life: Columbia University Business School graduate and world traveler Ryan Petersen shares his thoughts on business.Branding
83. The Engaging Brand Blog: Employee-management tips permeate this blog by Anna Farmery, speaker and social-media coach.
84. Influxinsights: “The goal of Influx is to provide ideas for brands that help connect them to culture and allow them to thrive” by “using a combination of skill sets: Account planning, anthropology, trend forecasting and creativity, Influx helps create future pathways for brands.”
85. Hog Blog: Action, insight and inspiration will make you happy that you checked out these musings from a speaker, author and branding expert on radical innovation.
86. MartinLindstrom.com: Martin Lindstrom, who founded his own advertising agency at the age of 12, is a branding guru who imparts knowledge on transforming marketing strategies into positive business results.
87. Name Wire: Experts with experience at Pillsbury, Kraft Foods Inc., Pizza Hut inc. and other companies blog about brand development and strategy.
88. The Simmons SOM Library Blog: This blog is for the Simmons College School of Management community and is maintained by the school’s librarians.
89. Frontline Leadership TRENDS: Get leadership tips, lessons and ideas.
90. Personal Branding Blog: Learn how to not abandon your brand but instead see it through from conception to completion and beyond.
91. What’s Your Brand Mantra?: Jennifer Rice blogs about brand strategy, integrated marketing communications and customer research.
92. Metacool: Marketer, engineer and educator Diego Rodriguez wants to inspire your innovation.Women
93. The Power of the Purse: Fara Warner finesses on how companies can cater to “the world’s most important consumers”— women.
94. The Wild WE: This fun blog targets businesswomen.
95. WonderBranding: More useful information on marketing to women appears on Michele Miller’s blog.
96. Great Leadership: Opinions on information on leadership and leadership development by Dan McCarthy, manager of leadership and management development at an undisclosed Fortune 500 company.
97. Learned on Women: This blog researches female customers to help your business target them.
98. Boomer Women Marketing: Mary Brown, president and founder of Imago Creative — the only marketing firm in the U.S. specializes exclusively in marketing to baby boomer women — shares her beliefs about creative branding relying on human connections.
99. Rethink Pink: News about marketing to women can be found at this blog.
100. Women’s Leadership Exchange Blog: Leslie Grossman threads news and politics with business basics for women

Source : HR World

Amazon enters India via Junglee.com

Porter’s National Diamond – Competitive Advantage of Nations!!!

BCG Matrix – Growth Share Matrix

BCG Growth Share Matrix –  The BCG growth share matrix was developed by Henderson of the BCG group in 1970′s. The matrix classifies businesses / SBU’s by

1) Relative Market Share –  The market share of the business / SBU / Product in the market as compared to its competitors and overall product / category.

2) Market growth rate –  The growth rate of the industry as a whole is taken into consideration from which the growth rate of the product is extrapolated. This growth rate is then pitched on the graph.

The quadrants of the matrix are divided into

1) Cash Cows –  High market share but low growth rate (most profitable).

2) Stars –  High market share and High growth rate (high competition)

3) Question marks –  Low market share and high growth rate (uncertainty)

4) Dogs –  Low market share and low growth rate (less profitable or may even be negative profitability)

On the basis of this classification, strategies are decided for each SBU / Product/ Service Lines.

The CAGE Framework – Distance Matters in Globalization!!!

The cultural, administrative, geographic, and economic (CAGE) distance framework helps managers identify and assess the impact of distance on various industries.

Reference : How to choose foreign countries

Strategy & Human Resource in an Organization!!!!

The moment you feel the need to tightly manage someone, you have made a hiring mistake. The best people don’t need to be managed. Guided, taught, led – ~ Jim Collins

Analyzing Financial Statements — What is your perspective?? — Part2

Analyzing and trying to get insights from Financial Statement is one of the most interesting aspect. A Financial Statement can be dissected in many ways. We had looked at three angles or lenses thru which these statements can be looked at: Here are three more ways to look at these statements :

4. AUDITOR

An auditor’s primary objective is an expression of an opinion on the fairness of financial statements according to generally accepted accounting principles.  As auditor, you desire assurance on the absence of errors and irregularities in financial statements.  Financial statement analysis can help identify any errors and irregularities affecting the statements.  Also, this analysis compels our auditor to understand the company’s operations and its performance in light of prevailing economic and industry conditions.  Application of financial statement analysis is especially useful as a preliminary audit tool, directing the auditor to areas of greatest change and unexplained performance.

5 RISK ANALYST

Accounting risk results from the need for judgments, estimates, and impression inherent in the accounting system.  Accounting risk increases our uncertainty in decision making.  Accounting risk also involves accounting conservatism.  Assumptions play an important role in accounting measurements, and these assumptions can be too conservative or optimistic.

6. YOU ARE THE ANALYST/FORECASTER

More persistent earnings reflect recurring, stable, predictable, and operating elements.  Your estimate of earnings persistence should consider these elements.  More persistent earnings comprise recurring operating elements. Finding 40% of earnings from unusual gains implies less persistence because its source is no operating.  You can also question classification of litigation gains as “unusual” – they are sometimes better viewed as extraordinary.  The extraordinary loss component also implies less persistent.  In this case you need to assess whether environmental costs are truly extraordinary for this company’s business.  Together, these components suggest less persistence than suggested by the stable and steady growth trend in aggregate earnings.  This lower persistence should be reflected in both the level and uncertainty of your earnings forecast.

Gaining Insights into an organization’s financial statements is also a matter of perspective. Thus analyzing a company from one of the lenses makes a huge difference!!!!!

Porter’s three Generic Business strategies !!!!

If you are in a Business school, invariably you will get references to Porter and theories on Business Strategies. It is Interesting that many theories have come after Porter set out his strategies. However, the simplicity and the power his theories have captured the imagination of Businesses the world over.

Strategy 1 —>>> Overall Cost Leadership

Analyzing Financial Statements — What is your perspective?? — Part1

Analyzing and trying to get insights from Financial Statement is one of the most interesting aspect. A Financial Statement can be dissected in many ways. Here are 6 different lenses from which the financial statements can be looked into…..

1. BANKER

A banker is concerned about the company’s ability to satisfy its loan obligations.  Concern about the composition of company’s financing sources is twofold.  First, the greater is owner financing, the lower is a banker’s credit risk.

Second, creditors are also concerned with Adaptec’s other current and future creditor financing.  Creditors often write debt covenants to restrict a company’s future lending, or require collateral in case of default, or limit the amount of dividends payable to shareholders.

2. INVESTOR

As an investor, your review of financial statements focuses on company’s ability to create and maintain future net income.  All the statements are important in your review.  The income statement is especially important as it reveals management’s current and past success in creating and sustaining income.  The cash flow statement is important in assessing management’s ability to meet cash payments and the company’s cash availability. The balance sheet shows Adaptec’s asset base from which future income generated, and reports on liabilities and their due dates to creditors.

3. DIRECTOR

As a member of a company’s board of directors, you are responsible for oversight of management and the safeguarding of shareholders’ interests.  Accordingly, a director’s interest in the company is broad and risky. To reduce risk, a director uses financial statement analysis to monitor management and assess company profitability, growth, and financial condition. Because of a director’s unique position, there is near unlimited access to internal financial and other records.  Analysis of financial statements assists our director in (1) recognizing causal relations among business activities and events, (2) “seeing the forest through the trees,” that is, helping directors focus on the company, and not on a maze of financial details, and (3) encouraging proactive and not reactive measures in confronting changing

—- Continued in Part II

Top Performing Balanced Mutual Funds

I was looking up for good Balanced Funds to help a friend and thought of putting this up for my own reference.

Balanced mutual funds invest in both equity and debt. Here is the list of some of the good – balanced mutual funds in India, based on the 5 year returns.

Balanced mutual funds are treated as equity funds for tax purposes when the fund allocates at least 65% into equities on an annual average fund amount.

There are various kinds of  Mutual funds for Investors to choose from. Balanced Mutual Funds is one category where there is a mix of Equities and Debt. These mutual funds take care of the asset allocation between equities and debt for the Investor.

(Source: Valueresearchonline.com)

Reliance – 2nd among world’s largest value creators

There is a report in Business Standard which mentions many Indian Companies amongst the world’s largest value creators in this decade. The report is here :

Mukesh Ambani-led Reliance Industries has been ranked second in the list of world’s 10 biggest ‘sustainable value creators’, companies that have been successful in creating the most shareholder value over the last decade, prepared by Boston Consulting Group.

Reliance Industries again comes second in the ‘Large Cap firms’ for 2005-2009 of 112 global companies with a market valuation of more than 35 billion dollars.

In the chemicals industry, Reliance Industries has been named the second biggest value creator of 53 global firms during the period behind South Korea’s OCI.

What and How of Nifty Index!!!

One of my friend recently just wanted to get an idea about Nifty and How it is calculated. I am presenting some basic facts about Nifty here….

Background of Nifty

S&P CNX Nifty is a well diversified 50 stock index accounting for 21 sectors of the economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds.

S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is India’s first specialised company focused upon the index as a core product. IISL has a Marketing and licensing agreement with Standard & Poor’s (S&P), who are world leaders in index services.

How Stocks are selected :

The constituents and the criteria for the selection judge the effectiveness of the index. Selection of the index set is based on the following criteria:

Liquidity (Impact Cost)

For inclusion in the index, the security should have traded at an average impact cost of 0.50% or less during the last six months for 90% of the observations for a basket size of Rs. 2 Crores.

Impact cost is cost of executing a transaction in a security in proportion to the weightage of its market capitalisation as against the index market capitalisation at any point of time. This is the percentage mark up suffered while buying / selling the desired quantity of a security compared to its ideal price (best buy + best sell) / 2

Floating Stock

Companies eligible for inclusion in S&P CNX Nifty should have atleast 10% floating stock. For this purpose, floating stock shall mean stocks which are not held by the promoters and associated entities (where identifiable) of such companies.

Others

a) A company which comes out with a IPO will be eligible for inclusion in the index, if it fulfills the normal eligiblity criteria for the index like impact cost, market capitalisation and floating stock, for a 3 month period instead of a 6 month period.

b) Replacement of Stock from the Index:

A stock may be replaced from an index for the following reasons:

i. Compulsory changes like corporate actions, delisting etc. In such a scenario, the stock having largest market capitalization and satisfying other requirements related to liquidity, turnover and free float will be considered for inclusion.

ii. When a better candidate is available in the replacement pool, which can replace the index stock i.e. the stock with the highest market capitalization in the replacement pool has at least twice the market capitalization of the index stock with the lowest market capitalization.

With respect to (2) above, a maximum of 10% of the index size (number of stocks in the index) may be changed in a calendar year. Changes carried out for (2) above are irrespective of changes, if any, carried out for (1) above.

And Finally how is the index calculation done

S&P CNX Nifty is computed using market capitalization weighted method, wherein the level of the index reflects the total market value of all the stocks in the index relative to a particular base period. The method also takes into account constituent changes in the index and importantly corporate actions such as stock splits, rights, etc without affecting the index value.

Source : NSE

Changes in Nifty from Oct 01 2010!

Following changes take place in Nifty from Oct 01 2010  – ABB, Unitech and Idea Go Out. Bajaj, Dr Reddy and Sesa Goa come in.

Celebrate Independence!

Ask Not what the Country can do for you. But what you can do for the Country…… On this occasion of Independence Day let us celebrate , Remember that Freedom is not Free…. It is worth the price …… Happy Independence Day !!!

More Inspirational Messages are here on the Inspirational blog maintained by my wife/daughter HERE.