29 May 2010
How to get due recognition as well as promotions in your organisation
28 May 2010
EASY TO MAKE MOCKTAILS Lime Cola ,Up-Beet , Slim Jim and Virgin Mary -- HOME TO MAKE MOCKTAILS FOR SUMMERS
1 (12 fluid ounce) can cola-flavored carbonated beverage
1 slice lime
Directions
Fill a tall glass with ice. Spoon in the limeade. Slowly pour in the cola. Garnish with a slice of lime
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Watermelon Slush
6-8 ice cubes
2 cups seeded watermelon
Sugar or honey to taste
Place ice cubes in a blender, pulse until crushed. Add the watermelon and honey, blend together until slushy (or smooth for a more cocktail feel) Garnish with watermelon wedge and serve.

Ingredients:
350 ml Beetroot juice
Worcestershire sauce
Salt and Pepper to taste
Squeeze of Lemon juice
Method:
1. Pour the two juices onto ice in a mixing jug.
2. Add a squeeze of lemon, salt, pepper and, if you want it spicy, Worcestershire sauce.
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3. Stir well and serve in cocktail or highball glasses.
4. Decorate with cocktail sticks of celery and olives or celery and fresh mint.
Serves: 4-6

Ingredients:
250 ml Tomato juice
250 ml Grapefruit juice
Worcestershire sauce
Method:
1. Pour the juices onto ice in a cocktail shaker.
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2. Add dash(es) of Worcestershire sauce and/or Tabasco.
3. Shake well and strain into flutes or cocktail glasses.
4. Garnish with slivers of grapefruit skin placed in the glass or with pieces of celery and cocktail olives on sticks.
Serves: 4
Ingredients:
2 drops Tabasco
5 ml Lemon juice
105 ml Tomato juice
Salt and pepper to taste
2 dashes Worcestershire sauce
Method:
1. Pour the ingredients into the large highball over ice, stir.
Tip: To prevent formation of ice, rub table salt to the insides of your freeze.
May 22 marked the International Day for Biological Diversiy - As of December 2009, exactly 192 countries and the European Commission were signatories to it. This year has been declared the International Year of Biodiversity.
Biodiversity is the variation of life forms within a given ecosystem, biome, or on the entire Earth. Biodiversity is often used as a measure of the health of biological systems. The biodiversity found on Earth today consists of many millions of distinct biological species. The year 2010 has been declared as the International Year of Biodiversity.
Biodiversity is not distributed evenly on Earth, but is consistently rich in the tropics and in specific localized regions such as the Cape Floristic Province; it is less rich in polar regions where fewer species are found.
Rapid environmental modifications typically cause extinctions. Of all species that have existed on Earth, 99.9 percent are now extinct. Since life began on Earth, five major mass extinctions have led to large and sudden drops in the biodiversity of species. The Phanerozoic eon (the last 540 million years) marked a rapid growth in biodiversity in the Cambrian explosion—a period during which nearly every phylum of multicellular organisms first appeared. The next 400 million years was distinguished by periodic, massive losses of biodiversity classified as mass extinction events. The most recent, the Cretaceous–Tertiary extinction event, occurred 65 million years ago, and has attracted more attention than all others because it killed the dinosaurs..
As it holds the key to progress in medicine, agriculture, forestry and other fields. Botanist Alvin Gentry estimates that 15,000-20,000 species of tropical flowering plants are yet to be documented.
India is one of the world's 12 mega-biodiversity centres, and the subcontinent one of the six Vavilovian centres of origin of species. Some 45,000 plant species and over 89,000 species of animals have been documented here, comprising some 6.5 per cent of all known wildlife. The faunal diversity comprises inter alia 2,500 fishes, 150 amphibians, 450 reptiles, 1,200 birds, 850 mammals and 68,000 insects. Although India is designated as a mega-biodiversity area, it also has two of the world's most threatened 'hot spots', the Eastern Himalayan region and the Western Ghats. To quote Professor M.S. Swaminathan, both are paradises of valuable genes but are inching towards the status of 'Paradise Lost.
India has a rich and varied heritage of biodiversity, encompassing a wide spectrum of habitats from tropical rainforests to alpine vegetation and from temperate forests to coastal wetlands. India figured with two hotspots - the Western Ghats and the Eastern Himalayas.
India contributes significantly to latitudinal biodiversity trend. With a mere 2.4% of the world's area, India accounts for 7.31% of the global faunal total with a faunal species count of 89,451 species.
India has two major realms called the Palaearctic and the Indo-Malayan, and three biomass, namely the tropical humid forests, the tropical dry/deciduous forests, and the warm desert/semi-deserts. India has ten biogeographic regions including the Trans-Himalayan, the Himalayan, the Indian desert, the semi-arid zone(s), the Western Ghats, the Deccan Peninsula, the Gangetic Plain, North-East India, and the islands and coasts.
India is one of the 12 centres of origin of cultivated plants. India has 5 world heritage sites, 12 biosphere reserves, and 6 Ramsar wetlands. Amongst the protected areas, India has 88 national parks and 490 sanctuaries covering an area of 1.53 lakh sq. km.
India's record in agro-biodiversity is equally impressive. There are 167 crop species and wild relatives. India is considered to be the centre of origin of 30,000-50,000 varieties of rice, pigeon-pea, mango, turmeric, ginger, sugarcane, gooseberries etc and ranks seventh in terms of contribution to world agriculture.
Target 2010
The Conference of the Parties (COP) established under the CBD at its sixth session in 2002 set common global targets to reduce the loss of biodiversity by 2010. These include:
• Conservation of biodiversity at the level of ecosystems, species and genes;
• Addressing risks such as invasive alien species, global warming and developments that threaten the natural environment;
• Maintaining the function of ecological services that support human livelihood;
• Maintaining the rights of the aboriginal people and protecting their traditional knowledge;
• Ensuring equal and equitable distribution of profits from the use of genetic resources.
4QFY2010 Result Update I Oil & Gas-IGL PERFORMANCE HIGHLIGHTS
IGL reported a 27.7% yoy increase in bottom-line to Rs51.5cr (Rs40.3cr) in
4QFY2010, lower than our expectation of Rs61.0cr, because of lower gross
gas margin and subdued CNG volume growth on a qoq basis. On account of
healthy top-line growth of 26.8% yoy and payment of overdrawl charges on
excess drawl of gas in 4QFY2009, OPM expanded by 75bp yoy to 32.6%
(31.8%) in 4QFY2010. We continue to harbour concerns on sustainability of
the company's high-margin business model, especially considering that
margins were fueled by lower gas costs (subsidised gas). We recommend a
Reduce rating on the stock.
Volume growth continues: CNG volume increased 12.1% yoy to 1.98mmscmd
(1.76mmscmd), which was below our expectation of 2.04mmscmd. Overall,
total volumes increased by 16.5% yoy to 2.20mmscmd (1.93mmscmd), lower
than our expectation of 2.24mmscmd. Due to healthy revenue growth and
OPM expansion, EBITDA grew by 29.8% yoy to Rs94.4cr (Rs72.7cr).
Depreciation during 4QFY2010 increased 12.6% yoy to Rs19.8cr (Rs17.6cr)
but was flat on a qoq basis. Other income dipped 53.7% yoy to Rs3.6cr
(Rs5.7cr) on account of deployment of surplus funds. Bottom-line grew by
27.7% yoy to Rs51.5cr (Rs40.3cr), below our expectation of Rs61cr, mainly on
account of higher gas cost.
Outlook and Valuation: Given the fact that high margins for the company
were largely a function of subsidised gas prices, we believe passing through
complete price hike will be difficult. We model an increase of Rs2.1/kg in
CNG prices (50% of the required price hike of Rs4.2/kg). Thus, we have
downgraded our earnings estimates for FY2011E and FY2012E on account of
the recent increase in the APM gas price. At the CMP of Rs229, the stock is
available at relatively expensive valuations of 15.8x FY2012E EPS and 3.1x
FY2012E P/BV. We recommend a Reduce view on the stock (Sell earlier), with
a revised Target Price of Rs210.
IGL
Operating revenue marginally below expectation: For 4QFY2010, IGL reported a
26.8% yoy increase in operating income to Rs290cr (Rs228cr), which was marginally
below our expectation of Rs294cr. CNG volumes increased 12.1% yoy to
1.98mmscmd (1.76mmscmd), below our expectation of 2.04mmscmd. Whereas,
PNG volumes increased 62.3% yoy to 0.28mmscmd (0.17mmscmd) and were much
above our expectation of 0.19mmscmd due to clubbing of the sales to Adani under
the PNG segment during the quarter. Total volume increased by 16.5% yoy to
2.20mmscmd (1.93mmscmd), which was below our expectation of 2.24mmscmd,
due to lower-than-expected CNG volumes. Average gross CNG realisations were
higher on a yoy basis at Rs21/kg (Rs18.7/kg) due to the price hike effected on June
16, 2009, whereas average PNG realisations took a substantial dip on a yoy basis
during the quarter to Rs15.6/scm (Rs19.5/scm) due to clubbing of lower margin
sales to Adani under the PNG segment.
OPM expands by 75bp yoy to 32.6%: Gas sourcing cost increased 19.5% yoy to
Rs138cr (Rs116cr), which was above our expectation of Rs131cr. Gas cost per scm
came in at Rs6.8/scm (Rs6.6/scm) as against our expectation of Rs6.4/scm. Gross
gas spread during the quarter on a yoy basis stood higher at Rs7.5/scm
(Rs6.5/scm), but was lower than our expectation of Rs7.9/scm. On account of higher
gas cost per scm, gross gas spread also stood lower on a qoq basis at Rs7.5/scm
(Rs7.9/scm). Staff cost increased 49.1% yoy to Rs9.6cr (Rs6.5cr) owing to increased
minimum wage, whereas other operating expenditure increased 41.4% yoy to
Rs47.5cr (Rs33.6cr). OPM during the quarter expanded by 75bp yoy to 32.6%
(31.8%); however, it was lower than our expectation of 36.6%. On account of
healthy revenue growth and OPM expansion, operating profit grew by 29.8% yoy to
Rs94.4cr (Rs72.7cr). However, the same declined by 10.2% on a qoq basis due to
lower CNG volumes and increased gas cost.
Depreciation flat qoq; other income dips: Depreciation during 4QFY2010 increased
12.6% yoy to Rs19.8cr (Rs17.6cr), but was flat on a qoq basis. Other income dipped
53.7% yoy to Rs3.6cr (Rs5.7cr) on account of deployment of surplus funds.
PAT up 27.7% yoy, but below our expectation: Higher revenue growth and OPM
expansion resulted in bottom-line growing 27.7% yoy to Rs51.5cr (Rs40.3cr), which
was below our expectation of Rs61cr, mainly on account of higher gas cost and
lower-than-anticipated CNG sales volumes.
Segment-wise performance
Robust growth continues in CNG and PNG volumes: On a sequential basis, IGL's
CNG volumes declined marginally by 0.3% to 1.98mmscmd (1.94mmscmd), but
were higher on a yoy basis, primarily on the back of growth in CNG vehicle
conversions. However, PNG volumes registered robust growth of 53.4% sequentially
to 0.28mmscmd (0.18mmscmd) on account of clubbing of sales to Adani under the
PNG segment from the current quarter. PNG volumes were also higher on a yoy
basis by robust 62.3% yoy
.
there had been just six farmers' suicides in Vidarbha since January - - Farm suicides are rising within a declining farm population. Two, an all-India picture disguisees the intensity. The devastation lies in the Big 5 States (Maharashtra, Andhra Pra
Farm suicides are rising within a declining farm population. Two, an all-India picture disguisees the intensity. The devastation lies in the Big 5 States (Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh and Chhattisgarh). These account for two-thirds of all farm suicides during 2003-08. Take just the Big 5 — their percentage of all farm suicides has gone up. Worse, even their percentage of total all-India suicides (all categories) has risen. Poor States like Madhya Pradesh and Chhattisgarh are doing very badly for some years now.Chief Minister Ashok Chavan said that figure was 343. Minister of State for Agriculture K.V. Thomas pitched his count at 23 suicides in Vidarbha since January. The government's Vasantrao Naik Farmers' Self Reliance Mission in Vidarbha put the number at 62 for just January alone.
Can estimates of farm suicides — all of them official — vary by over 5,500 per cent?
Mr. Chavan's is that much higher than Mr. Pawar's). But it doesn't end there. Maharashtra Revenue Minister Narayan Rane informed the State Assembly in April that there have been 5,574 suicides in Vidarbha since 2006. But Parliament is told only six have occurred since January this year. Mr. Rane's count for the whole state since 2006 is 7,786 farm suicides. That is more than double Mr. Pawar's new count of 3,450 for the whole country in the last three years.
The National Crime Records Bureau puts the number in the last three years at nearly 50,000. That is for 2006, 2007 and 2008 (the last year for which data are available). And the NCRB is the only source for farm suicide data at the national level. Its data also show us that nearly 200,000 farmers have killed themselves between 1997 and 2008.
Because Maharashtra's numbers are the worst in the country. This state has seen 41,404 farmers' suicides since 1997. Of these, 12,493 have occurred in 2006-08. So the pressure to cover up is greater here than anywhere else.
Hundreds of people were dropped from the farm suicide lists on the ground that they were not farmers. "There's no land in their names," officials asserted. mbitious bureaucrats stepped forward to create new categories. 'Eligible' and 'ineligible' suicides. Only the former would be counted as "farm suicides." And so the coming of 'non-genuine suicides.' This did not mean the man was any less dead. Or that he had not killed himself. It meant the government could not accept his death had been driven by debt and distress. (Even though quite a few suicide notes cited precisely those reasons.) Committees were set up in the crisis districts to check if the suicides were 'genuine.'NCRB data was precisely what he cited in 2007 when confirming there had been nearly 1.5 lakh farm suicides between 1997 and 2005.
etween just the Census of 1991 and that of 2001, nearly 8 million cultivators quit farming. A year from now, the 2011 Census will tell us how many more quit in this decade. It is not likely to be less. It could even dwarf that 8 million figure as the exodus from farming probably intensified after 2001. The State-wise farm suicide ratios — number of farmers committing suicide per 100,000 farmers — are still pegged on the outdated 2001 figures. So the 2011 Census, with more authentic counts of how many farmers there really are, might provide an unhappy update on what is going on.
27 May 2010
WHAT IS BETA ? How do we have to go about reading the market is simple beta calculation.
The beta compares the sensitivity of a stock’s price movement with the broader index. Higher the beta, higher will be the volatility in the stock price, and hence, riskier the investments. The beta of the index or the market is pegged at 1.
“Some of the clients had to liquidate positions at lower prices due to mark-to-market pressures. While until morning, there was no panic, the sentiment turned negative, after the Nifty and the Sensex fell from the psychological levels of 4800 and 16,000, respectively,” the dealer said. “We are asking some of our clients who are leveraged in the derivatives segment to either pay the additional margins to maintain the positions. We have liquidated positions of those who could not pay up on time,” said a dealer, who handles wealthy clients at a domestic broking firm.
Analysts advise caution while dealing with high-beta stocks. Gurudatta Dhanokar, technical and derivative strategist, Almondz Global Securities, says that the trend in the Nifty looks down only till the time the global markets are under pressure. “If someone wants to trade the high-beta space, he should do through buying out of the money calls as the premium is low. Investors are already ‘long’ should put stop losses in place, while those who want to create fresh position should do so only after waiting for the markets to stabilise.”
In finance, the beta (β) of a stock or portfolio is a number describing the relation of its returns with that of the financial market as a whole.[1]
An asset with a beta of 0 means that its price is not at all correlated with the market. A positive beta means that the asset generally follows the market. A negative beta shows that the asset inversely follows the market; the asset generally decreases in value if the market goes up and vice versa.[2]
The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be mitigated by the diversification provided by the portfolio of many risky assets, because it is correlated with the return of the other assets that are in the portfolio. Beta can be estimated for individual companies using regression analysis against a stock market index.
Definition
The formula for the beta of an asset within a portfolio is
,
where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio, and Cov(ra,rp) is the covariance between the rates of return. The portfolio of interest in the CAPM formulation is the market portfolio that contains all risky assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market.
Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to as a measure of the sensitivity of the asset's returns to market returns, its non-diversifiable risk, its systematic risk, or market risk. On an individual asset level, measuring beta can give clues to volatility and liquidity in the marketplace. In fund management, measuring beta is thought to separate a manager's skill from his or her willingness to take risk.
The beta coefficient was born out of linear regression analysis. It is linked to a regression analysis of the returns of a portfolio (such as a stock index) (x-axis) in a specific period versus the returns of an individual asset (y-axis) in a specific year. The regression line is then called the Security characteristic Line (SCL).
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αa is called the asset's alpha and βa is called the asset's beta coefficient. Both coefficients have an important role in Modern portfolio theory.
For an example, in a year where the broad market or benchmark index returns 25% above the risk free rate, suppose two managers gain 50% above the risk free rate. Since this higher return is theoretically possible merely by taking a leveraged position in the broad market to double the beta so it is exactly 2.0, we would expect a skilled portfolio manager to have built the outperforming portfolio with a beta somewhat less than 2, such that the excess return not explained by the beta is positive. If one of the managers' portfolios has an average beta of 3.0, and the other's has a beta of only 1.5, then the CAPM simply states that the extra return of the first manager is not sufficient to compensate us for that manager's risk, whereas the second manager has done more than expected given the risk. Whether investors can expect the second manager to duplicate that performance in future periods is of course a different question
Security market line
| The Security Market Line |
The SML graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML.
The relationship between β and required return is plotted on the security market line (SML) which shows expected return as a function of β. The intercept is the nominal risk-free rate available for the market, while the slope is E(Rm − Rf). The security market line can be regarded as representing a single-factor model of the asset price, where Beta is exposure to changes in value of the Market. The equation of the SML is thus:
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It is a useful tool in determining if an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the security's risk versus expected return is plotted above the SML, it is undervalued since the investor can expect a greater return for the inherent risk. And a security plotted below the SML is overvalued since the investor would be accepting less return for the amount of risk assumed.
Beta volatility and correlation
There is a simple formula between beta and volatility (sigma):
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That is, beta is a combination of volatility and correlation. For example, if one stock has low volatility and high correlation, and the other stock has low correlation and high volatility, beta can decide which is more "risky".
This also leads to an inequality (since |r| is not greater than one):
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In other words, beta sets a floor on volatility. For example, if market volatility is 10%, any stock (or fund) with a beta of 1 must have volatility of at least 10%.
Another way of distinguishing between beta and correlation is to think about direction and magnitude. If the market is always up 10% and a stock is always up 20%, the correlation is one (correlation measures direction, not magnitude). However, beta takes into account both direction and magnitude, so in the same example the beta would be 2 (the stock is up twice as much as the market)



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