Approaches to Curriculum Design free essay sample

The normal ways to deal with educational plan configuration incorporate youngster or student focused, subject-focused and issue focused methodologies. Youngster or Learner-Centered Approach Child or Learner-focused methodology puts the kid at the focal point of training. It starts with understanding the instructive settings from which a kid comes. It proceeds with the instructor assessing the childs progress towards learning goals. The educational program is developed dependent on the requirements, premium, purposes and capacities of the students. Educators endeavor to boost understudy efficiency, information securing, aptitudes increase and advancement of individual and expert capacities. Educators may utilize an assortment of instructional devices and strategies, just as adaptable plans of time and spot. This structure thinks about the accompanying: 1. Another regard for the kid is crucial. 2. Another opportunity of activity is given. 3. The entire movement is separated into units of work. 4. The acknowledgment of the requirement for utilizing and investigating numerous media for self-revelation and self-course is grasped. We will compose a custom article test on Ways to deal with Curriculum Design or on the other hand any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Subject-focused Approach This methodology endorses extraordinary and separate subjects into one wide field. The qualities of the topic, and the techniques, reasonable structures or connections which are found inside or among the topic, direct the sorts of exercises that will be chosen. Educational program creators who are building up an educational program sorted out around a given branch of knowledge; will take a gander at the realities, ideas, and abilities identified with, or enveloped by, that branch of knowledge, and plan exercises that will lead students from their related involvements into dominance of the components of the branch of knowledge. This methodology thinks about the accompanying: ?The essential center is the topic. ?The accentuation is on odds and ends of data which are confined from life. ?The proceeding with quest for learning outside the school isn't underlined. Learning should just happen inside the study hall. ?The topic fills in as a methods for distinguishing issues in living. Issue focused Approach The existence where the students live and will work in will expect them to assemble, sort out, and decipher information during the time spent discovering answers for complex issues. It would appear to be just coherent to give a homeroom setting where they will confront comparable issues. In reality, the issues they face won't be ones for which they are choosing answers from a lot of various decisions. This methodology expect that during the time spent living, youngsters experience issues. In this way, critical thinking empowers the students to turn out to be progressively ready to accomplish total or complete improvement as people. This methodology is described by the accompanying perspectives and convictions: ?The students are fit for coordinating and managing themselves in settling issues, consequently they become free students. ?The students are set up to accept their municipal obligations through direct support in various exercises. ?The educational program drives the students in the acknowledgment of concerns and issues and in looking for arrangements. The students are viewed as issue solvers.

Economics and Global Business Applications

Presentation There is no uncertainty that correspondence is a fundamental promoting technique that a firm should ace so as to contend adequately in outside business sectors. As indicated by Tian and Borges (2011), an organization must receive sound advertising correspondence procedures so as to take part in universal business effectively (p. 110). In any case, some senior administrators neglect to understand that social distinction may upgrade or hinder a company’s promoting approach in a remote market.Advertising We will compose a custom article test on Economics and Global Business Applications explicitly for you for just $16.05 $11/page Learn More As the world becomes globalized, numerous nations have dynamically had a special interest in â€Å"a right to culture† in worldwide business (Tian Borges, 2011, p. 110). A few specialists have even anticipated that national culture will assume a significant job in deciding financial development as well as the general worldw ide business procedures. Therefore, this paper will investigate the major social issues that sway a firm’s advertising approach in China. Significant Cross-social Issues Affecting a Firm’s Marketing Approach It is essential to make reference to that cross-culturalization is an unavoidable procedure since the world is quickly turning into a worldwide town. From one perspective, as the world turns out to be more globalized, the incongruities between national markets are debilitating. Then again, the social inconsistencies between ethnic gatherings, areas and nations are (in any case) becoming more grounded. In like manner, since worldwide showcasing correspondence is a multifaceted procedure, senior officials must endeavor to comprehend social decent variety across ethnic gatherings and nations so as to effectively dispatch their business activities in universal markets (Pitta, Fung Isberg, 1999, p. 240). As noted before, worldwide advertising correspondence involves cor respondence that rises above national boondocks. As needs be, diverse correspondence (from the perspective of buyers, qualities and language) is a convoluted endeavor since a specific degree of miscommunication will undoubtedly occur. For instance, diverse correspondence issues may surface when a specific gathering from one culture neglect to get a handle on socially settled inconsistencies as for correspondence customs and practices that are introduced in another social point of view. Likewise, the way wherein a firm digs in the standards and qualities in its promoting messages may decidedly or adversely sway its business tasks in the worldwide market. As it were, a firm should get a handle on the job of social qualities in promotions so as to upgrade its culturally diverse advertising correspondence. Along these lines, a firm’s worldwide showcasing technique ought to be guided by the social qualities present in the focused on market to evade distortion of the planned messag e and subsequently bring about lackluster showing in the worldwide markets (Pitta, Fung Isberg, 1999, p. 240).Advertising Looking for article on business financial aspects? How about we check whether we can support you! Get your first paper with 15% OFF Learn More The China advertise gives a genuine guide to investigating the significance of culturally diverse correspondence given the predominance of various variable that decide the way where the Chinese businesspeople interface with their non-Chinese partners. For instance, Tian and Borges (2011) call attention to a few factors that new market contestants must consider instill so as to market and sell their items effectively in China showcase. These variables incorporate solid arrangement abilities, dexterity and tolerance (p. 111). Likewise, new market contestants must figure out how to adjust to the nearby market condition so as to contend adequately in the China advertise (Pitta, Fung Isberg, 1999, p. 240). Culturally diverse Co mmunication and Marketing Strategies In Chinese Market As noted in the past area, the quick globalization of world markets has constrained advertising officials to figure out how to do business activities among different societies. It merits referencing that the diverse correspondence among purchasers and advertisers is a significant factor that decides business accomplishment in the China showcase. Consequently, it is significant for a firm to gather showcase information, decipher and use it viably to guarantee business accomplishment in the China advertise. This contention can be bolstered by one great model in regards to endeavors by the Japanese firms to present hued TVs in the China showcase (Tian Borges, 2011, p. 112). In the late 1990s, the China showcase was commanded by hued TVs imported from Japan. Beforehand, the European and the Japanese TV makers completed investigations to investigate the suitability of their tasks in the China showcase. The European makers (in light o f their discoveries) selected not to wander into the China showcase. Their examinations uncovered that the Chinese shoppers couldn't bear the cost of hued TVs on the grounds that the country’s (China) GDP per capita was lower. In any case, the Japanese TV makers picked to advertise their items in the China showcase on the grounds that the discoveries of their examinations uncovered that most Chinese customers had a culture of sparing. Their discoveries likewise uncovered that this custom has been polished by progressive ages in China for a long time (Tian Borges, 2011, p. 113). Likewise, most of purchasers in the Western countries have poor sparing propensities contrasted with their Chinese partners. For instance, the exploration by the Japanese advertisers found that a dominant part of family units in China had spared their income for near three years so as to buy a TV. The Japanese makers additionally found that dominant part of the Chinese family units bought Japanese TVs more than those created by the nearby Chinese companies.Advertising We will compose a custom paper test on Economics and Global Business Applications explicitly for you for just $16.05 $11/page Learn More Based on their discoveries, the Japanese producers were persuaded that the Chinese families would buy hued TVs imported from Japan. It is against this scenery that the Japanese shaded TV makers harvested gigantic benefits in the China showcase since they had the option to get a handle on the particular part of the Chinese culture (Tian Borges, 2011, p. 113; Pitta, Fung Isberg, 1999, p. 240). Culturally diverse Ethical Differences In Marketing Strategies Between US and China The Chinese culture sees change as upsetting particularly on the off chance that it is broad and happens unexpectedly. This perspective is grounded on the standards of Taoism and Confucius which are held in high regard by the Chinese. It merits referencing that Taoism and Confucius precepts have solid effect on the way in which the Chinese individuals think and act since they accentuate harmony and concordance. Be that as it may, the Americans hold proficiency in high regard in the entirety of their advertising methodologies. As it were, any advertising technique that will realize the ideal results is considered as basic. Also, American advertisers loan trustworthiness to an objective perspective that is moored in realities. Moreover, Americans hold in high regard the ideal results which might be problematic to the current relations . Likewise, Chinese advertisers esteem human connections and detest the soul of independence in their showcasing systems. Despite what might be expected, human connections assume a constrained job among American officials. Moreover, the soul of independence is profoundly predominant among Americans since it empowers them to procure their uniqueness by means of their individual activities and achievements (Pitta, Fung Isberg, 1999, p. 247). References Pitta, D., Fung, H., Isberg, S. (1999). Moral issues across societies: dealing with the contrasting points of view of China and the USA. Diary of Consumer Marketing, 16 (3), 240-256. Tian, K., Borges, L. (2011). Culturally diverse Issues in Marketing Communications: An Anthropological Perspective of International Business. Global Journal of China Marketing, 2 (1), 110-126. This exposition on Economics and Global Business Applications was composed and presented by client Lilliana Clay to help you with your own examinations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; be that as it may, you should refer to it in like manner. You can give your paper here.

Technology in Teaching an Example of the Topic Science and Technology Essays by

Innovation in Teaching PCs had experienced a very incredible change through the progression of time. PCs had upset the manner in which individuals live, the manner in which individuals cooperate with others and the manner in which they instruct themselves. PC magazines are of extraordinary assistance to keep track what are the present happenings with respect to this industry. PCWorld magazine is one of them. One of their most recent issue features the arrival of Mac OS X 10.5 Leopard, (21 Quibbles I Have With Mac OS X 10.5 Leopard). In spite of the fact that the one they had posted is almost certain a type of a scrutinize as opposed to an advancement of the said programming, their article would disclose to the individuals what are the upsides and downsides of managing these advances. PCWorld likewise had a different article, (Vista versus Panther: Battle of the new Features), giving correlation of the said Mac OS Leopard to its partner in Microsoft, the Window Vista. The article had decided to specify the highlights that one would be in front of another to adequately provide for their customers the headways as well as the defects made by the engineers of the two items. Need paper test on Innovation in Teaching subject? We will compose a custom paper test explicitly for you Continue The primary included in the Leopard is its programmed reinforcement ability called the Time Machine. It is planned for making programmed duplicates of altered documents on a different drive. Vista has its partner through its Shadow duplicates. The bit of leeway with the Leopards Time Machine is its clever 3D interface and it would be accessible on all versions of Leopard. Then again, Vista offers Shadow duplicates just on its Ultimate, Business and Enterprise Editions. One thing that Vista is ahead is that its Shadow duplicates dont should be in a different drive. Returning to Leopard, it has another ability installed in their Safari internet browser. Safaris web clippings empower somebody to choose a part of a site and afterward train the program to cut it that would make that divide constantly obvious in the work areas dashboard. At whatever point there would be a report on those web clippings, the dashboard would be refreshed. The Vista additionally has its partner in their Intern et Explorer 7 however PCWorld had expressed that they were not as straightforward as Leopards Web Clippings. References: Harry McCracken (2007). 21 Quibbles I Have With Mac OS X 10.5 Leopard. PCWorld Magazine Vista versus Panther: Battle of the New Features (2007). PCWorld Magazine

Cheering for Crawford - Literature Essay Samples

If ever Jane Austen set out to depict the moralistic chasm between Regency society and pre-Victorian propriety, she did so with Mansfield Park. To accomplish this, her characters are divided among these diverging ideologies. The majority succumb to their unscrupulous fancies while the few but faithful are governed by their sense of duty. This distinction is as acute as it is unwanted, for the plot revolves around characters labouring to convert one another. Henry Crawford, a wealthy, congenial gentleman, makes this pastime his principal entertainment. As to his methodology, where theatricals end and reality begins is hardly distinguishable. Because Crawford is an outstanding actor with magnificent charisma, it is difficult to discern his sincerity and put off his charms. Austen uses Crawfords person to demonstrate that authenticity determines where conviction is felt and principle is honoured. As such, he embodies one of Austens greater challenges to her readers, who are left with a moral predicament of whether this very amiable actor should be cheered for or chastised. Henry Crawford is somewhat of an anomaly as a dashing rogue, for the first description of his mien is that he was not handsome, but had air and countenance; manners both lively and pleasant. (35). He is further described by his sister Mary as the most horrible flirt that can be imagined, (36) and has a flock of admirers who are dying to marry him. For all of their efforts to reason, coax or trick him into marrying (36), however, he cannot be persuaded to abandon his freedom as a bachelor. As we are told, to anything like a permanence of abode, or limitation of society, Henry Crawford had, unluckily, a great dislike. (35). This is a very critical piece of information in establishing his character because it shows that he will evade the bonds of matrimony as long as his youthful autonomy is sufficiently amusing. That is, the moment he finds himself unable to woo a woman, who needs to be of strong moral character if she is able to resist him, is the time he is most likely to think himself in love. He is a conquistador of challenges, not honest courtships, and as such he has not enough compassion to feel any conviction for his actions.Aside from this vibrant independence, Crawfords next greatest character trait is determination. Whatever he sets his sights on must be achieved at all costs, which is where his skill as a performer becomes his most valuable asset. He exercises this talent with the commitment of a mother to her beloved child and the alacrity of a playful puppy. He also takes great care to spend his time rewardingly, so that he will never lack the gentlemans wholesome alloy of labour (204). Recreation and indulgence are fine, but as he says of himself I do not like to eat the bread of idleness. (204). Equally true, he despises drinking the wine of deferment, for he is not at Mansfield Park for a week before he sets out to enamour the Miss Bertra ms. The height of his pursuit pinnacles when he is assured that both of their hearts are held in his hands, and we see that his dedication wanes as soon as his vanity has been satiated. Thus, his attentions are shallow and selfish, and not at all as they seem to his hopeful admirers. It is in his early acquaintance with the Bertram family that Crawfords acting debut is made. Even though he is disinclined to matrimony, his affable faÃÆ'Â §ade gives the appearance of wanting to engage the ladies most permanent affections. His actual intentions are made perfectly clear from the narrative, that He did not want them to die of love; but with sense and temper which ought to have made him judge and feel better, he allowed himself great latitude on such points. (37). Austen here begins her illustration of the propriety in exercising conviction. The reader knows that Crawford has enough good judgement, but his moral failure is an inability to consider exercising it as his duty. His pretensions as a performer jeopardize his integrity because he assumes them to be inconsequential, and perhaps even shared, by others. To him, All the worlds a stage, and all the men and women merely players. With this mentality, he bears no concern for the sincere feelings of others, who can but watch him waltz through Mansfield Park as the greatest tempter since the serpent of Eden.Crawfords real duplicity as an actor comes into even better focus with the Sotherton episode. The Bertrams and the Crawfords set out to view Mr. Rushworths large estate at Sotherton. By this time Maria Bertram is all but formally engaged to marry Mr. Rushworth, a bumbling, boring gentleman. It is Crawford who engages her affections, however, and he is quite cognizant of his influence. Despite the indecency of his behaviour, he continues to lure Maria even while in the chapel, where he takes the intimate privilege of whispering, I do not like to see Miss Bertram so near the altar. (79) His romanti c innuendo is reinforced by the look of meaning that follows his speech. (79) Later on, he persuades her to continue their promenade alone by squeezing past a locked gate. As improper as it is, the inducement is too great for Maria when he sardonically remarks, And for the world you would not get out without the key and without Mr. Rushworths authority and protection, or I think you might with little difficulty pass round the edge of the gate, here, with my assistance; I think it might be done, if you really wished to be more at large, and could allow yourself to think it not prohibited. (88). Were this casual speech directed towards a sister or a friend, there would be no implications to consider. What Austen wants her audience to read into, however, is the underlying promotion of indecorum. As Ian Littlewood says of this event (and also of acting in general), its propriety is concerned with what they mean here, to this group of characters in this particular context[it] repres ent[s] an attempt to bypass the permissible limits of expression, to find a way of doing what you ought not to do or what you ought not to say. That Crawford instigates this misconduct as an unaffected suitor is evidence of his good performance. Moreover, it demonstrates how his initial designs for the acquaintance, where the Miss Bertrams would no more than like him, gives way to his own shallow principles and indelicacy.The theatre interlude at Mansfield Park also amplifies Crawfords theatricality. Having lived in London and been exposed to more such entertainment, he really has the best concept of good stage presence. He is also the most remarkable actor in the private troupe. He is deficient in capacity to act both as a lover and as another character, however, and Julia Bertram perceives his pretentiousness. Realizing that he is exposed to her as a fraudulent suitor, he endeavours to restore their coquetry by the usual attack of gallantry and compliment. (143). When his ha lf-hearted attempts fail he gives up altogether, for he was too busy with his play to have time for more than one flirtation (143). The more Julia understands how he operates, the more she realizes that his attentions were awarded at the expense of her own. This reversal of courtship roles reflects its inauthenticity. As it is, she learns too late how he is merely acting to have a proper esteem for her and her expectations.Although displeased to lose one admirer, Crawford capitalizes on his opportunity to entertain himself with Marias hero worship. Their dalliance is most overtly shown through the course of their rehearsals for the play. The more he and his indefatigable partner practice, the more he indulges his liveliness with a lust for theatrical intrigue. Marias acting, on the other hand, is a manifestation of her true feelings for him. The poor girl is too much in love to realize that, for all of Crawfords looks of devotion and pressing her hand to his heart (154), he s ought no more than the gratification of his own selfish vanity. Austens ironic situation of role-playing, where Crawford is a blackguard and Maria is a fallen woman, is also significant in light of foreshadowing. The fact that she uses Sir Thomas, who is a symbol of decorum, to cast a dark cloud upon the theatre is evidence that she believes propriety should triumph misconduct, as when Maria and Crawford are ultimately punished.Crawfords most brilliant performance comes by his attempted seduction of Fanny Price, the novels timid but resolved heroine. When he returns to Mansfield Park and finds Maria and Julia absent, his attentions turn towards Fanny as the object of his amusement. His conceit is so flattering, in fact, that he believes he can make Fanny fall in love with him in a mere fortnight. As he dramatically confides in his sister, I cannot be satisfied without Fanny Price, without making a small hole in Fanny Prices heart. (204). By his sisters diagnosis, Fannys real a ttraction is her not caring about him, of which he laments, I never was so long in company with a girl in my life trying to entertain her and succeed so ill! Never met with a girl who looked so grave on me! I must try to get the better of this. (206). To Crawfords dismay his efforts are ineffective; to his credit he believes Fanny to be more worth pursuing than any other woman he has known. Thus, he tenaciously persists, and soon there is less of a distinction between the excellent theatricals of a talented actor and the sincere infatuation of a maturing admirer. Even the reader can acknowledge that he seems a changed man. Fanny, however, has an infallible moral barometer that detects the insincerity of Crawfords professed devotion. As we are told, It was impossible for [Fanny] to be insensible of Mr. Crawfords change of manners. She had long seen it. He evidently tried to please her he was gallant he was attentive he was something like what he had been to her cousins: he wanted, she supposed, to cheat her of her tranquillity as he had cheated them (234).Fannys suppositions prove true when Crawford runs off with Mrs. Rushworth. Even more shocking is when he refuses to marry her after the scandal, and Mrs. Rushworth is cast out of her husbands house and her reputation is stamped with a scarlet letter. Austens sentence for Crawford permanently condemns him to belong to the cruel race of Regency actors like himself. Ironically, then, for all of his forward thinking he becomes the starling who cannot escape. The question yet remains, however, if Crawfords character is always acting throughout the whole of the novel or if, for a brief respite in the midst of his obsession with Fanny, he did inadvertently fall in love. It is a popular contention of critics that she could have been his saving grace had she but accepted his hand. Indeed, it is worth considering that her soul of discretion could refine his heart for pleasure. This prospect is appe aling, for every reader likes to see the reform of a wayward man, particularly if it is a testament of the power of love. In the end, seems more plausible that Crawford simply made a choice to walk the wide and winding road where his acting was more appreciated. All of this lends to the conclusion that Austen finds theatricality a dangerous influence on those without sound principles. The world of drama may be entertaining, like Crawford, but society is not made to function upon immodest lovers vows. Crawford perhaps deserves a standing ovation for his consistency in presentation, but it seems that Austen would not recommend cheering for Crawford as a whole.

The Role of the Witches in Shakespeare’s Macbeth Essay...

I found responding to the play ‘Macbeth’ difficult because of the era it was written in. Shakespeare wrote the play between 1603-1606 when attitudes were completely different to the attitudes of society today, in particular, widespread belief in witchcraft. In contrast to today, when not many people believe in such things. They used to be feared. They were considered evil, ugly and vindictive. They did not belong to this world, they were ‘supernatural’, with supernatural powers. In the play the witches plant ideas into Macbeth’s head, which affects his inner soul. He changes from an honourable soldier to a vindictive murderer. We are introduced to Macbeth in the beginning when he is returning from the battlefield where he proved himself a†¦show more content†¦However, I fully appreciate that the language of Shakespeare contains a richness of meaning that was fully understood at the time and that one must spend some time in decoding the meanin g today. The language of the witches is even more mysterious and cryptic, to reflect their mysterious and cryptic nature. In act 1, scene 1, the first witch says line 1 â€Å"When shall we three meet again? In thunder, light or in rain?† This is not the English that we use today and makes it difficult to understand. But it does have a poetic feel to it, which shows that Shakespeare was also a poet. This is reinforced because of words that he made up, for example â€Å"I come, Graymalkin!†. He tended to use rhyming words more with the witches to suggest that they have magical powers, which the other characters do not. In Act 1, scene 1 line 4 the witches will meet â€Å"when the battle’s lost and won†, demonstrating the ambiguity in their speech. The battle is going to be ‘lost’ and ‘won’ suggesting they have no affiliation to one side or the other, they are indifferent to the outcome and the subsequent loss of life. They are monsters! The language that the main characters use is different from that of the witches and seems to show that they are upper class people. For example, in Act, scene 3, line 69 Macbeth says â€Å"Stay, you imperfect speakers. Tell me more†. This not only demonstrates Macbeth’s eloquent way of speaking but also that the witch’s speech is ‘imperfect’. TheyShow MoreRelated The Role of the Witches in the Downfall of Shakespeares MacBeth688 Words   |  3 PagesThe Role of the Witches in the Downfall of Shakespeares MacBeth MacBeth by William Shakespeare is a play which shows the uprise of MacBeth, the treachery and his eventual downfall. Witchcraft plays a major part in MacBeths actions and his weak character is easily manipulated. Although being an honest and brave man earlier, his ambition clouds his judgement. His life is tragic and through some terrible deeds ends in catastrophe. MacBeth is Thane of Glamis and a highly honorable and respectedRead More Supernatural in Shakespeares Macbeth - Role of the Witches1288 Words   |  6 PagesThe Role of the Witches in Macbeth  Ã‚   When Shakespeare wrote his play, Macbeth in 1606 a large majority of people were interested in witchcraft. This is why Shakespeare made the witches and the witches’ prophecies play a major part in the storyline of the play. In the time of Macbeth witches were not thought to be supernatural beings themselves, but supposedly gained their powers by selling their souls to Satan. There can be little doubt that most of Shakespeare’s audience would have believedRead MoreThe Roles of Witches in William Shakespeares Macbeth Essay1067 Words   |  5 PagesThe Roles of Witches in William Shakespeares Macbeth In the Elizabethan times, the people believed in witches and witchcraft. They were described as ugly and evil. Nowadays the people would not believe in them. The people in the Elizabethan times would be very scared of witches. This was equivalent to the people of nowadays being frightened about terrorists. The people thought that they were powerful beings. They thought that they would cast spells on them; they thoughtRead More The Role of Witches in William Shakespeares Macbeth Essay1881 Words   |  8 PagesThe Role of Witches in William Shakespeares Macbeth In Macbeth the witches make a huge contribution to the play and the way it comes across to an audience. The witches portray many themes in Macbeth, such as the theme of fate, and the way that they are supposed to have the power of changing someones fate, and the way they can control people using their power. The witches also depict a theme of pure evil, and the way they treat others in the play shows this. ReligionRead MoreImportance Of Shakespeare s Macbeth 1519 Words   |  7 Pagesthe Witches in Macbeth by William Shakespeare Throughout all of history, witches are known for practicing magic and creating prophecies to predict any future. In any scene involving witches, it is important to know their role in the play, whether they change the outcome of the play or simply influenced it, and the supernatural features the play comes along with in its time. In No Fear Shakespeare Macbeth by William Shakespeare, the play starts out with the three witches. The witches wereRead More Shakespeares Macbeth - Renaissance Humanism Essay1494 Words   |  6 Pages   Ã‚  Ã‚  Ã‚  Ã‚   While the witches present in Shakespeare’s tragedy Macbeth assume the role of supernatural beings, it was not Shakespeare’s intent to portray a classic case of fatalism. On the contrary, Shakespeare used Macbeth as a way to display the idea of Renaissance humanism. Although the witches did in fact possess uncanny powers, they were in reality not controlling Macbeth, but rather they were tempting Macbeth to act in particular ways. The witches, as well as other significant characters, may haveRead MoreThe Tragedy Of Macbeth By William Shakespeare899 Words   |  4 Pagesâ€Å"something wicked†? (4.1.45) In Shakespeare’s Tragedy of Macbeth, the answer to this question is played out. At the beginning of the play, the main character, Macbeth, is deemed â€Å"valiant† (1.2.24) and â€Å"noble† (1.2.68); however, after his encounter with the witches, his dark side starts to bubble up. As such, the Weird Sisters symbolize the u biquitous evil that is in the world and present the theme man’s susceptibility to temptation. While the witches do play an essential role in Macbeth’s demise; ultimatelyRead MoreMacbeth As A Tyrant Essay1281 Words   |  6 PagesShakespeare wrote Macbeth in 1606, during the reign of James I, who was James IV of Scotland before he became the King of England. James I, was a sponsor of Shakespeare’s theatre, so it is clear that Shakespeare’s work was affected by James I’s sensitivities. Murder and intrigue was a part of the Scottish Reign when James was growing, and in fact, James’s father was murdered when he was just a baby. Macbeth tells the story of a Scottish general who, through prophecies received from three witches and manipulationsRead MoreShakespeare s Macbeth By William Shakespeare987 Words   |  4 PagesShakespeare’s Macbeth was first written and performed over four hundred years ago in the early seventeenth century. It has survived the tests of time and is now repeatedly being reproduced for cinematic viewing, from one of the most recent productions created in 2010 by director Rupert Goold, to an older more rustic film directed by Roman Polanski in 1971. However, lacking either detailed instructions or Shakespeare himself, each of these directors interpreted Shakespeare’s original work in differentRead MoreLady Macbeth as the Real Driving Force Behind the Murder of King Duncan988 Words   |  4 PagesLady Macbeth as the Real Driving Force Behind the Murder of King Duncan Even though Macbeth is actually the murderer of King Duncan, It appears that he commits this murder reluctantly and should not be blamed for the murder or bear the full responsibility of the murder. The three witches and Lady Macbeth actually played significant roles in cajoling Macbeth into committing the murder and could be argued that Lady Macbeth is the real driving

Blood in Blood Out Thesis - 828 Words

Blood In Blood Out Thesis: Trying to prove people wrong about where your true roots are it sometimes might not be as easy as we might expect. Many of us have gone through many obstacles trying to be accepted with people of our own ethnicity and at times this fails either because of your physical appearance or the way you’re perceived by others. What is the context of the film? Blood in Blood out directed by Taylor Hackford, focuses on half brothers Paco and Cruz, and biracial cousin Miklo. The film focuses more on their cousin Miklo who is anglo and mexican. Miklo was living with his dad who’s ethnicity is white, but Miklo gets into an argument with the dad which ends up moving from Las Vegas to East Los Angeles. There he†¦show more content†¦What emotional reaction do you suggest the filmmakers intended? The emotional reaction that the filmmakers intended for anyone who watch this film is that no matter what skin, hair and eye color is no one deserves to be labeled. No race should be discriminated and criticize. We should all get along and just be proud of where our roots come from. This film also intended for everyone who watch this film, is that there should not have to be obstacles to be proud of your own race. Is your analysis criticism, praise, or both? Explain how the filmmakers got it right or wrong? This film got it right because I am sure that many people can relate to this film. Many us have probably goneShow MoreRelatedBlood Spurts From The Female Vampire s Chest1515 Words   |  7 PagesBlood spurts from the female vampire’s chest, as her human lover drives the stake further and further into her heart. The scene where Lucy is killed can be interpreted in different ways due to the varying interpretations of blood. One way to interpret blood and vampirism in Bram Stoker’s Dracula is through the psychoanalytical critical lens. In this interpretation, blood symbolizes sexual fluid and vampires are a metaphor for eroticism. The novel was written in Victorian England, which had strictRead MoreOutline Of A Speech On Hiv And Aids1284 Words   |  6 PagesName:____Lucas Burr___________ Hour:___5____ Title of Speech:____Hemophilia and HIV/AIDs in the modern world__________ I. Introduction: (attention getter and transition to get to thesis) Attention Getter: About 400,000 people are living with hemophilia, a rare blood disorder that causes blood to clot abnormally. Many of these people also develop HIV and AIDS, an immune deficiency. Even more shocking is the 78 million people living with HIV. All of these conditions are lifelong and fatal. OverRead MoreInformative Speech : Strokes Of Young Adults1239 Words   |  5 PagesDanielle Sinquefield Informative Outline Topic: Strokes in Young Adults General Purpose To Inform Specific Purpose: To educate my audience on the causes, symptoms, and preventive measures of strokes in young adults. 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Portfolio Management free essay sample

My sincere thanks to Mr. DEEPAK, Manager and Ms. SWATHI BASA, Assistant Manager for permitting me to pursue this project and for providing their valuable time, suggestions and support for completing my project work successfully. Their patience and invaluable guidance have proved to be very precious without which this project would not be completed. Acknowledgements are also due to all the other staff members and executives in Sharekhan Ltd. , for providing information at various points of the project, especially the discussions on the market. He would therefore, follow the age old maxim that one should not put all the eggs into one basket. By doing so, he can achieve objective to maximize portfolio return and at the same time minimizing the portfolio risk by diversification. Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. This possibility of variation in the actual return is known as investment risk. Thus every investment involves a return and risk. Investment is an activity that is undertaken by those who have savings. Savings can be defined as the excess of income over expenditure. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. The three important characteristics of any financial asset are: †¢ Return-the potential return possible from an asset. †¢ Risk-the variability in returns of the asset form the chances of its value going down/up. †¢ Liquidity-the ease with which an asset can be converted into cash. Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Each financial asset will have a certain level of each of these characteristics. An investor invests his funds in portfolio expecting to get a good return consistent with the risk that he has to beat. Portfolio management comprises all the processes involved in the creation maintenance of an investment portfolio. It deals specifically with Security Analysis, Portfolio Analysis, Selection and Revision Evaluation. Portfolio Management is a complex process, which tries to make investment activity more rewarding less risky. ? Portfolio management is the management of various financial assets which comprise the portfolio. ? Portfolio management is a decision – support system that is designed with a view to meet the multi-faced needs of investors. According to Securities and Exchange Board of India Portfolio is defined as: â€Å"portfolio means the total holdings of securities belonging to any person†. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. ? DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. Investment avenues There are a large number of investment avenues for savers in India. Some of them are marketable and liquid, while others are non-marketable. Some of them are highly risky while some others are almost risk less. Investment avenues can be broadly categorized under the following head. 1. Corporate securities 2. Equity shares. 3. Preference shares. 4. Debentures/Bonds. 5. Derivatives. 6. Others. Joint stock companies in the private sector issue corporate securities. These include equity shares, preference shares, and debentures. Equity shares have variable dividend and hence belong to the high risk-high return category; preference shares and debentures have fixed returns with lower risk. The classification of corporate securities that can be chosen as investment avenues can be depicted as shown below: DESIGN OF STUDY NEED AND IMPORTANCE OF THE STUDY †¢ Portfolio management presents the  best investment plan  to the individuals as per their income, budget, age and ability to undertake risks. †¢ Portfolio management  minimizes the risks  involved in investing and also increases the chance of making profits. †¢ Portfolio managers understand the client’s financial needs and suggest the best and unique investment policy for them with minimum risks involved. †¢ It enables the portfolio managers to  provide customized investment solutions  to clients as per their needs and requirements. It also focuses on important aspects like Stability of Income, Capital Growth, Liquidity, Safety, Tax Incentives, etc. †¢ Main goals of Portfolio Management are To Maximize the value of the portfolio, To Seek balance  in the portfolio and To Keep portfolio projects strategically  aligned OBJECTIVES OF THE STUDY: †¢ To provide the material frame work of Portfolio Management †¢ To understand how to analyze securities †¢ To know how portfolio management is done. †¢ To study the investment pattern and its related risks returns. †¢ To help the investors to choose wisely between alternative investment. †¢ To understand, analyze and select the best portfolio. To strike balance between costs of funds, risks and returns. †¢ To find out optimal portfolio, which gives optimal return at a minimize risk to the investor. †¢ To see whether the portfolio risk is less than individual risk on whose basis the portfolios are constituted SCOPE OF THE STUDY: †¢ This study covers the Markowitz model. The study covers the calculation of correlations between the different securities in order to find out at what percentage funds should be invested among the companies in the portfolio. Also the study in cludes the calculation of individual Standard Deviation of securities and ends at the calculation of weights of individual securities involved in the portfolio. These percentages help in allocating the funds available for investment based on risky portfolios. METHODOLOGY: Sources of Data Collection The Methodology employed in this study data include both the primary and secondary collection methods. Primary collection methods: This method includes the data collected from the personal discussion with the authorized clerks and members of the exchange. Secondary data collection: It includes the following: †¢ Companies Annual Reports †¢ Information From Internet †¢ Publication †¢ Information provided by Stock Exchanges. Period of Study For different companies, financial data has been collected from the year 2007- 2012 Selection of Companies Companies selected for analysis are:- o Wipro o Indian Tobacco Corporation o Dr. Reddy Laboratories o ACC o Bharat Heavy Electricals LIMITATIONS OF THE STUDY: †¢ This study has been conducted purely to understand portfolio management for investor and is done for requirement of Certificate of MBA. †¢ For study purpose 5 companies have been taken for calculations. †¢ Study is limited to period from 2007-2012. †¢ There was a constraint with regard to time allocated for the research study, period of one and half month. †¢ Study is limited to only first 3 steps of phrases of portfolio management. †¢ Detailed study of the topic was not possible due to limited size of project. The availability of information in the form of annual reports and price fluctuations of the companies was a big constraint to the study. CHAPTER-2 REVIEW OF LITERATURE INTRODUCTION TO PORTFOLIO MANAGEMENT The term Portfolio refers to any collection of financial assets such as stocks, bond s, and cash. Portfolios may be held by individual investors and/or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor’s risk tolerance, time frame and investment objectives. Portfolio management is all about strengths, weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs. nternational, growth vs. safety, and many other tradeoffs encountered in the attempt to maximize return at a given appetite for risk. The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance is known as Portfolio Management. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. FUNCTIONS OF PORTFOLIO MANAGEMENT: ? To frame the investment strategy and select an investment mix to achieve the desired investment objectives ? To provide a balanced portfolio which not only can hedge against the inflation but can also optimize returns with the associated degree of risk ? To make timely buying and selling of securities ? To maximize the after-tax return by investing in various tax saving investment instruments. STRUCTURE / PROCESS OF TYPICAL PORTFOLIO MANAGEMENT In the small firm, the portfolio manager performs the job of security analyst. In the case of medium and large sized organizations, job function of portfolio manager and security analyst are separate. CHARACTERISTICS OF PORTFOLIO MANAGEMENT: Individuals will benefit immensely by taking portfolio management services for the following reasons: ? Whatever may be the status of the capital market, over the long period capital markets have given an excellent return when compared to other forms of investment. The return from bank deposits, units, etc. , is much less than from the stock market. ? The Indian Stock Markets are very complicated. Though there are thousands of companies that are listed only a few hundred which have the necessary liquidity. Even among these, only some have the growth prospects which are conducive for investment. It is impossible for any individual wishing to invest and sit down and analyse all these intricacies of the market unless he does nothing else. ? Even if an investor is able to understand the intricacies of the market and separate chaff from the grain the trading practices in India are so complicated that it is really a difficult task for an investor to trade in all the major exchanges of India, look after his deliveries and payments. TYPES OF PORTFOLIO MANAGEMENT: Discretionary Portfolio Management Service(DPMS): In this type of service, the client parts with his money in favour of the manager, who in return, handles all the paper work, makes all the decisions and gives a good return on the investment and charges fee. In the Discretionary Portfolio Management Service, to maximize the yield, almost all portfolio managers park the funds in the money market securities such as overnight market, 18 days treasury bills and 90 days commercial bills. Normally, the return of such investment varies from 14 to 18 percent, depending on the call money rates prevailing at the time of investment. 2. Non-Discretionary Portfolio Management Service(NDPMS): The manager functions as a counselor, but the investor is free to accept or reject the manager‘s advice; the paper work is also undertaken by manager for a service charge. The manager concentrates on stock market instruments with a portfolio tailor-made to the risk taking ability of the investor. Risk of Portfolio Management There was a time when portfolio management was an exotic term. The scenario has changed drastically. It is now a familiar term and is widely practiced in India. The theories and concepts relating to portfolio management now find their way to the front pages financial newspapers and the cover pages of investments journals in India. Capital markets have become active. The Indian stock markets are steadily moving towards efficiency, with rapid computerization, increasing higher market transparency, better infrastructure, better customer service etc. The markets are mutual funds have been set up the country since1987. With this development investment in securities has gained considered momentum. Professional portfolio management backed by competent research began to be practiced by mutual funds, investment consultant and big brokers. The Securities Exchange Board of India (SEBI), The Stock Market Regulatory body in India is supervising the whole process. IMPORTANCE OF PORTFOLIO MANAGEMENT: ? Emergence of institutional investing on behalf of individuals. A number of financial institutions, mutual funds and other agencies are undertaking the task of investing money of small investors, on their behalf. Growth in the number and size of investible funds – a large part of household savings is being directed towards financial assets. ? Increased market volatility – risk and return parameters of financial assets are continuously changing because of frequent changes in government‘s industrial and fiscal policies, econo mic uncertainty and instability. ? Greater use of computers for processing mass of data. ? Professionalization of the field and increasing use of analytical methods (e. g. quantitative techniques) in the investment decision – making ? Larger direct and indirect costs of errors or shortfalls in meeting portfolio objectives – increased competition and greater scrutiny by investors. STEPS IN PORTFOLIO MANAGEMENT: ? Specification and qualification of investor objectives, constraints, and preferences in the form of an investment policy statement. ? Determination and qualification of capital market expectations for the economy, market sectors, industries and individual securities. ? Allocation of assets and determination of appropriate portfolio strategies for each asset class and selection of individual securities. ? Performance measurement and evaluation to ensure attainment of investor objectives. ? Monitoring portfolio factors and responding to changes in investor objectives, constrains and / or capital market expectations. Rebalancing the portfolio when necessary by repeating the asset allocation, portfolio strategy and security selection. CRITERIA FOR PORTFOLIO DECISIONS: †¢ In portfolio management emphasis is put on identifying the collective importance of all investor’s holdings. The emphasis shifts from individual assets selection to a more bal anced emphasis on diversification and risk-return interrelationships of individual assets within the portfolio. Individual securities are important only to the extent they affect the aggregate portfolio. In short, all decisions should focus on the impact which the decision will have on the aggregate portfolio of all the assets held. †¢ Portfolio strategy should be molded to the unique needs and characteristics of the portfolio‘s owner. Diversification across securities will reduce a portfolio‘s risk. If the risk and return are lower than the desired level, leverages (borrowing) can be used to achieve the desired level. †¢ Larger portfolio returns come only with larger portfolio risk. The most important decision to make is the amount of risk which is acceptable. †¢ The risk associated with a security type depends on when the investment will be liquidated. Risk is reduced by selecting securities with a payoff close to when the portfolio is to be liquidated. QUALITIES OF PORTFOLIO MANAGER: 1. SOUND GENERAL KNOWLEDGE: Portfolio management is an exciting and challenging job. He has to work in an extremely uncertain and confliction environment. In the stock market every new piece of information affects the value of the securities of different industries in a different way. He must be able to judge and predict the effects of the information he gets. He must have sharp memory, alertness, fast intuition and self-confidence to arrive at quick decisions. 2. ANALYTICAL ABILITY: He must have his own theory to arrive at the intrinsic value of the security. An analysis of the security‘s values, company, etc. is s continuous job of the portfolio manager. A good analyst makes a good financial consultant. The analyst can know the strengths, weaknesses, opportunities of the economy, industry and the company. 3. MARKETING SKILLS: He must be good salesman. He has to convince the clients about the particular security. He has to compete with the stock brokers in the stock market. In this context, the marketing skills help him a lot. 4. EXPERIENCE: In the cyclical behavior of the stock market history is often repeated, therefore the experience of the different phases helps to make rational decisions. The experience of the different types of securities, clients, market trends, etc. , makes a perfect professional manager. PORTFOLIO BUILDING: Portfolio decisions for an individual investor are influenced by a wide variety of factors. Individuals differ greatly in their circumstances and therefore, a financial programme well suited to one individual may be inappropriate for another. Ideally, an individual‘s portfolio should be tailor-made to fit one‘s individual needs. Investor‘s Characteristics: An analysis of an individual‘s investment situation requires a study of personal characteristics such as age, health conditions, personal habits, family responsibilities, business or professional situation, and tax status, all of which affect the investor‘s willingness to assume risk. Stage in the Life Cycle: One of the most important factors affecting the individual‘s investment objective is his stage in the life cycle. A young person may put greater emphasis on growth and lesser emphasis on liquidity. He can afford to wait for realization of capital gains as his time horizon is large. Family responsibilities: The investor‘s marital status and his responsibilities towards other members of the family can have a large impact on his investment needs and goals. Investor‘s experience: The success of portfolio depends upon the investor‘s knowledge and experience in financial matters. If an investor has an aptitude for financial affairs, he may wish to be more aggressive in his investments. Attitude towards Risk: A person‘s psychological make-up and financial position dictate his ability to assume the risk. Different kinds of securities have different kinds of risks. The higher the risk, the greater the opportunity for higher gain or loss. Liquidity Needs: Liquidity needs vary considerably among individual investors. Investors with regular income from other sources may not worry much about instantaneous liquidity, but individuals who depend heavily upon investment for meeting their general or specific needs, must plan portfolio to match their liquidity needs. Liquidity can be obtained in two ways: 1. by allocating an appropriate percentage of the portfolio to bank deposits, and 2. by requiring that bonds and equities purchased be highly marketable. Tax considerations: Since different individuals, depending upon their incomes, are subjected to different marginal rates of taxes, tax considerations become most important factor in individual‘s portfolio strategy. There are differing tax treatments for investment in various kinds of assets. Time Horizon: In investment planning, time horizon become an important consideration. It is highly variable from individual to individual. Individuals in their young age have long time horizon for planning, they can smooth out and absorb the ups and downs of risky combination. Individuals who are old have smaller time horizon, they generally tend to avoid volatile portfolios. Individual‘s Financial Objectives: In the initial stages, the primary objective of an individual could be to accumulate wealth via regular monthly savings and have an investment programme to achieve long term capital gains. Safety of Principal: The protection of the rupee value of the investment is of prime importance to most investors. The original investment can be recovered only if the security can be readily sold in the market without much loss of value. Assurance of Income: `Different investors have different current income needs. If an individual is dependent of its investment income for current consumption then income received now in the form of dividend and interest payments become primary objective. Investment Risk: All investment decisions revolve around the trade-off between risk and return. All rational investors want a substantial return from their investment. An ability to understand, measure and properly manage investment risk is fundamental to any intelligent investor or a speculator. Frequently, the risk associated with security investment is ignored and only the rewards are emphasized. An investor who does not fully appreciate the risks in security investments will find it difficult to obtain continuing positive results. RISK AND EXPECTED RETURN: There is a positive relationship between the amount of risk and the amount of expected return i. e. , the greater the risk, the larger the expected return and larger the chances of substantial loss. One of the most difficult problems for an investor is to estimate the highest level of risk he is able to assume. [pic] TYPES OF RISKS:- Risk consists of two components. They are 1. Systematic Risk 2. Un-systematic Risk 1. Systematic Risk: Systematic risk is caused by factors external to the particular company and uncontrollable by the company. The systematic risk affects the market as a whole. Factors affect the systematic risk are ? economic conditions ? political conditions ? sociological changes The systematic risk is unavoidable. Systematic risk is further sub-divided into three types. They are a) Market Risk b) Interest Rate Risk c) Purchasing Power Risk a) Market Risk: One would notice that when the stock market surges up, most stocks post higher price. On the other hand, when the market falls sharply, most common stocks will drop. It is not uncommon to find stock prices falling from time to time while a company‘s earnings are rising and vice-versa. The price of stock may fluctuate widely within a short time even though earnings remain unchanged or relatively stable b) Interest Rate Risk: Interest rate risk is the risk of loss of principal brought about the changes in the interest rate paid on new securities currently being issued. c) Purchasing Power Risk: The typical investor seeks an investment which will give him current income and / or capital appreciation in addition to his original investment. 2. Un-systematic Risk: Un-systematic risk is unique and peculiar to a firm or an industry. The nature and mode of raising finance and paying back the loans, involve the risk element. Financial leverage of the companies that is debt-equity portion of the companies differs from each other. All these factors Factors affect the un-systematic risk and contribute a portion in the total variability of the return. ? Managerial inefficiently ? Technological change in the production process ? Availability of raw materials ? Changes in the consumer preference ? Labour problems The nature and magnitude of the above mentioned factors differ from industry to industry and company to company. They have to be analyzed separately for each industry and firm. Un-systematic risk can be broadly classified into: a) Business Risk b) Financial Risk a. Business Risk: Business risk is that portion of the unsystematic risk caused by the operating environment of the business. Business risk arises from the inability of a firm to maintain its competitive edge and growth or stability of the earnings. The volatibility in stock prices due to factors intrinsic to the company itself is known as Business risk. Business risk is concerned with the difference between revenue and earnings before interest and tax. Business risk can be divided into. i) Internal Business Risk Internal business risk is associated with the operational efficiency of the firm. The operational efficiency differs from company to company. The efficiency of operation is reflected on the company‘s achievement of its pre-set goals and the fulfillment of the promises to its investors. ii)External Business Risk External business risk is the result of operating conditions imposed on the firm by circumstances beyond its control. The external environments in which it operates exert some pressure on the firm. The external factors are social and regulatory factors, monetary and fiscal policies of the government, business cycle and the general economic environment within which a firm or an industry operates. b. Financial Risk: It refers to the variability of the income to the equity capital due to the debt capital. Financial risk in a company is associated with the capital structure of the company. Capital structure of the company consists of equity funds and borrowed funds. PORTFOLIO ANALYSIS: Various groups of securities when held together behave in a different manner and give interest payments and dividends also, which are different to the analysis of individual securities. A combination of securities held together will give a beneficial result if they are grouped in a manner to secure higher return after taking into consideration the risk element. SELECTION OF PROTFOLIO: The selection of portfolio depends on the various objectives of the investor. The selection of portfolio under different objectives are dealt subsequently. Objectives and asset mix: if the main objective is getting adequate amount of current income, sixty per cent of the investment is made on debts and 40 per cent on equities. The proportions of investments on debt and equity differ according to the individual’s preferences. Growth of income and asset mix: Here the investor requires a certain percentage of growth in the income received from his investment. The debt portion of the portfolio may consist of 60 to 100 percent equities and 0 to 40 percent debt instrument. The debt portion of the portfolio may consist of concession regarding tax exemption. Appreciation of principal amount is given third priority. For example computer software, hardware and non-conventional energy producing company shares provides good possibility of growth in dividend. Capital appreciation and asset mix: Capital appreciation means that the valu of the original investment increases over the years. Investment in real estates like land and house may provide a faster rate of capital appreciation but they lack liquidity. In the capital market, the values of the shares are much higher than their original issue prices. Safety of principal and asset mix: Usually, the risk averse investors are very particular about the stability of principal. According to the life cycle theory, people in the third stage of life also give more importance to the safety of the principal. All the investors have this objective in their mind. No one like to lose his money invested in different assets. Risk and return analysis: The traditional approach to portfolio building has some basic assumptions. First, the individual prefers larger to smaller returns from securities. To achieve this goal, the investor has to take more risk. The ability to achieve higher returns is dependent upon his ability to judge risk and his ability to take specific risks. Diversification: Once the asset mix is determined and the risk and return are analyzed, the final step is the diversification of portfolio. Financial risk can be minimized by commitments to top-quality bonds, but these securities offer poor resistance to inflation. Stocks provide better inflation protection than bonds but are more vulnerable to financial risks. PORTFOLIO CONSTRUCTION: Portfolio is a combination of securities such as stocks, bonds and money market instruments. The process of blending together the broad asset so as to obtain optimum return with minimum risk is called portfolio construction. Diversification of investments helps to spread risk over many assets. A diversification of securities gives the assurance of obtaining the anticipated return on the portfolio. APPROACHES IN PORTFOLIO CONSTRUCTION: There are two approaches in construction of the portfolio of securities. They are ? Traditional approach ? Modern approach TRADITIONAL APPROACH: Traditional approach was based on the fact that risk could be measured on each individual security through the process of finding out the standard deviation and that security should be chosen where the deviation was the lowest. Traditional approach believes that the market is inefficient and the fundamental analyst can take advantage of the situation. Traditional approach is a comprehensive financial plan for the individual. It takes into account the individual needs such as housing, life insurance and pension plans. Traditional approach basically deals with two major decisions. They are a) Determining the objectives of the portfolio b) Selection of securities to be included in the portfolio MODERN APPROACH: Modern approach theory was brought out by Markowitz and Sharpe. It is the combination of securities to get the most efficient portfolio. Combination of securities can be made in many ways. Markowitz developed the theory of diversification through scientific reasoning and method. Modern portfolio theory believes in the maximization of return through a combination of securities. The modern approach discusses the relationship between different securities and then draws inter-relationships of risks between them. Markowitz gives more attention to the process of selecting the portfolio. It does not deal with the individual needs. In the modern approach, the final step is asset allocation process that is to choose the portfolio that meets he requirement of the investor. The risk taker i. e. who are willing to accept a higher probability of risk for getting the expected return would choose high risk portfolio. Investor with lower tolerance for risk would choose low level risk portfolio. The risk neutral investor would choose the medium level risk portfolio. MARKOWITZ MODEL: Harry Markowitz opened new vistas to modern portfolio selection by publishing an article in the journal of Finance in March 1952. His publication indicated the importance of correlation among the different stocks reruns in the construction of a stock portfolio. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking, and electronic companies is better than investing all the money on the textile company’s stock. But building up the optimal portfolio is very difficult. Markowitz provides an answer to it with the help of risk and return relationship. Markowitz model is a theoretical framework for analysis of risk and return and their relationships. He used statistical analysis for the measurement of risk and mathematical programming for selection of assets in a portfolio in an efficient manner. Markowitz approach determines for the investor the efficient set of portfolio through three important variables i. e. ? Return ? Standard deviation ? Co-efficient of correlation Markowitz model is also called as an â€Å"Full Covariance Modelâ€Å". Through this model the investor can find out the efficient set of portfolio by finding out the tradeoff between risk and return, between the limits of zero and infinity. According to this theory, the effects of one security purchase over the effects of the other security purchase are taken into consideration and then the results are evaluated. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking and electronic companies is better than investing all the money on the textile company‘s stock. Markowitz had given up the single stock portfolio and introduced diversification. The single stock portfolio would be preferable if the investor is perfectly certain that his expectation of highest return would turn out to be real. In the world of uncertainty, most of the risk adverse investors would like to join Markowitz rather than keeping a single stock, because diversification reduces the risk. ASSUMPTIONS: All investors would like to earn the maximum rate of return that they can achieve from their investments. ? All investors have the same expected single period investment hori zon. ? All investors before making any investments have a common goal. This is the avoidance of risk because Investors are risk-averse. ? Investors base their investment decisions on the expected return and standard deviation of returns from a possible investment. ? Perfect markets are assumed (e. g. no taxes and no transaction costs). ? The investor assumes that greater or larger the return that he achieves on his investments, the higher the risk factor surrounds him. On the contrary when risks are low the return can also be expected to be low. The investor can reduce his risk if he adds investments to his portfolio. ? An investor should be able to get higher return for each level of risk â€Å"by determining the efficient set of securitiesâ€Å". ? An individual seller or buyer cannot affect the price of a stock. This assumption is the basic assumption of the perfectly competitive market. ? Investors make their decisions only on the basis of the expected returns, standard deviat ion and covariance’s of all pairs of securities. ? Investors are assumed to have homogenous expectations during the decision-making period. ? The investor can lend or borrow any amount of funds at the riskless rate of interest. The riskless rate of interest is the rate of interest offered for the treasury bills or Government securities. ? Investors are risk-averse, so when given a choice between two otherwise identical portfolios, they will choose the one with the lower standard deviation. ? Individual assets are infinitely divisible, meaning that an investor can buy a fraction of a share if he or she so desires. ? There is a risk free rate at which an investor may either lend (i. e. invest) money or borrow money and There is no transaction cost i. e. no cost involved in buying and selling of stocks. ? There is no personal income tax. Hence, the investor is indifferent to the form of return either capital gain or dividend. The Effect Of Combining Two Securities: It is believed that holding two securities is less risky than by having only one investment in a person‘s portfolio. When two stocks are taken on a portfolio and if they have negative correlation then risk can be completely reduced because the gain on one can offset the loss on the other. This can be shown with the help of following example: Inter-Active Risk Through Covariance: Covariance of the securities will help in finding out the inter-active risk. When the covariance will be positive then the rates of return of securities move together either upwards or downwards. Alternatively it can also be said that the inter-active risk is positive. Secondly, covariance will be zero on two investments if the rates of return are independent. Holding two securities may reduce the portfolio risk too. The portfolio risk can be calculated with the help of the following formula: CAPITAL ASSET PRICING MODEL (CAPM): Markowitz, William Sharpe, John Lintner and Jan Mossin provided the basic structure for the Capital Asset Pricing Model. It is a model of linear general equilibrium return. In the CAPM theory, the required rate return of an asset is having a linear relationship with asset‘s beta value i. e. undiversifiable or systematic risk (i. e. market related risk) because non market risk can be eliminated by diversification and systematic risk measured by beta. Therefore, the relationship between an assets return and its systematic risk can be expressed by the CAPM, which is also called the Security Market Line. Lending and borrowing:- Here, it is assumed that the investor could borrow or lend any amount of money at riskless rate of interest. When this opportunity is given to the investors, they can mix risk free assets with the risky assets in a portfolio to obtain a desired rate of risk-return combination. Rp =Portfolio return Xf =The proportion of funds invested in risk free assets 1- Xf = The proportion of funds invested in risky assets Rf =Risk free rate of return Rm =Return on risky assets The expected return on the combination of risky and risk free combination is Rp= Rf Xf+ Rm(1- Xf) Formula can be used to calculate the expected returns for different situations, like mixing riskless assets with risky assets, investing only in the risky asset and mixing the borrowing with risky assets. THE CONCEPT: According to CAPM, all investors hold only the market portfolio and risk less securities. The market portfolio is a portfolio comprised of all stocks in the market. Each asset is held in proportion to its market value to the total value of all risky assets. For example, if Reliance Industry share represents 15% of all risky assets, then the market portfolio of the individual investor contains 15% of Satyam Industry shares. At this stage, the investor has the ability to borrow or lend any amount of money at the risk less rate of interest. Eg. assume that borrowing and lending rate to be 12. 5% and the return from the risky assets to be 20%. There is a tradeoff between the expected return and risk. If an investor invests in risk free assets and risky assets, his risk may be less than what he invests in the risky asset alone. But if he borrows to invest in risky assets, his risk would increase more than he invests his own money in the risky assets. When he borrows to invest, we call it financial leverage. If he invests 50% in risk free assets and 50% in risky assets, his expected return of the portfolio would be Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x 0. 5) + 20 (1-0. 5) = 6. 25 + 10 = 16. 5% if there is a zero investment in risk free asset and 100% in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = 0 + 20% i. e. 20% if -0. 5 in risk free asset and 1. 5 in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x -0. 5) + 20 (1. 5) = -6. 25+ 30 = 23. 75% EVALUATION OF PORTFOLIO: Portfolio manager evaluates his portfolio performance and identifies the sources of strengths and weakness. The evaluation of the portfolio provides a feedback about the performance to evolve better management strategy. Even though evaluation of portfolio performance is considered to be the last stage of investment process, it is a continuous process. There are number of situations in which an evaluation becomes necessary and important. i. Self-Valuation: An individual may want to evaluate how well he has done. This is a part of the process of refining his skills and improving his performance over a period of time. ii. Evaluation of Managers: A mutual fund or similar organization might want to evaluate its managers. A mutual fund may have several managers each running a separate fund or sub-fund. It is often necessary to compare the performance of these managers. iii. Evaluation of Mutual Funds: An investor may want to evaluate the various mutual funds operating in the country to decide which, if any, of these should be chosen for investment. A similar need arises in the case of individuals or organizations who engage external agencies for portfolio advisory services. iv. Evaluation of Groups: Academics or researchers may want to evaluate the performance of a whole group of investors and compare it with another group of investors who use different techniques or who have different skills or access to different information. NEED FOR EVALUATION OF PORTFOLIO: ? We can try to evaluate every transaction. Whenever a security is brought or sold, we can attempt to assess whether the decision was correct and profitable. ? We can try to evaluate the performance of a specific security in the portfolio to determine whether it has been worthwhile to include it in our portfolio. We can try to evaluate the performance of portfolio as a whole during the period without examining the performance of individual securities within the portfolio. Portfolio management has emerged as a separate academic discipline in India. Portfolio theory that d eals with the rational investment decision-making process has now become an integral part of financial literature. Investing in securities such as shares, debentures bonds is profitable well as exciting. It is indeed rewarding but involves a great deal of risk need artistic skill. Investing in financial securities is now considered to be one of the most risky avenues of investment. It is rare to find investors investing their entire savings in a single security. Instead, they tend to invest in a group of securities. Such group of securities is called as PORTFOLIO. Creation of portfolio helps to reduce risk without sacrificing returns. Portfolio management deals with the analysis of individual securities as well as with the theory practice of optimally combining securities into portfolios. The modern theory is of the view that by diversification, risk can be reduced. The investor can make diversification either by having a large number of shares of companies in different regions, in different industries or those producing different types of product lines. Modern theory believes in the perspective of combinations of securities under constraints of risk and return. PORTFOLIO REVISION: The portfolio which is once selected has to be continuously reviewed over a period of time and then revised depending on the objectives of the investor. The care taken in construction of portfolio should be extended to the review and revision of the portfolio. Fluctuations that occur in the equity prices cause substantial gain or loss to the investors. The investor should have competence and skill in the revision of the portfolio. The portfolio management process needs frequent changes in the composition of stocks and bonds. In securities, the type of securities to be held should be revised according to the portfolio policy. An investor purchases stock according to his objectives and return risk framework. The prices of stock that he purchases fluctuate, each stock having its own cycle of fluctuations. These price fluctuations may be related to economic activity in a country or due to other changed circumstances in the market. If an investor is able to forecast these changes by developing a framework for the future through careful analysis of the behavior and movement of stock prices is in a position to make higher profit than if he was to simply buy securities and hold them through the process of diversification. Mechanical methods are adopted to earn better profit through proper timing. The investor uses formula plans to help him in making decisions for the future by exploiting the fluctuations in prices. PASSIVE MANAGEMENT: Passive management is a process of holding a well diversified portfolio for a long term with the buy and hold approach. Passive management refers to the investor’s attempt to construct a portfolio that resembles the overall market returns. The simplest form of passive management is holding the index fund that is designed to replicate a good and well defined index of the common stock such as BSE-sensex or NSE-Nifty. ACTIVE MANAGEMENT: Active management is holding securities based on gthe forecast about the future. The portfolio managers who pursue active strategy with respect to market components are called ‘market timers’. The portfolio managers vary their cash position or beta of the equity portion of the portfolio based on the market forecast. The managers may indulge in ‘ group rotation’s. here, the group rotation means changing the investment in different industries’ stocks depending on the assessed expectations regarding their future performance. FORMULA PLANS: The formula plans provide the basic rules and regulations for the purchase and sale of securities. The amount to be spent on the different types of securities is fixed. The amount may be fixed either in constant or variable ratio. This depends on the investor‘s attitude towards risk and return. The commonly used formula plans are i. Average Rupee Plan ii. Constant Rupee Plan iii. Constant Ratio Plan iv. Variable Ratio Plan ADVANTAGES: ? Basic rules and regulations for the purchase and sale of securities are provided. ? The rules and regulations are rigid and help to overcome human emotion. ? The investor can earn higher profits by adopting the plans. ? A course of action is formulated according to the investor‘s objectives. ? It controls the buying and selling of securities by the investor. ? It is useful for taking decisions on the timing of investments. DISADVANTAGES: ? The formula plan does not help the selection of the security. The selection of the security has to be done either on the basis of the fundamental or technical analysis. ? It is strict and not flexible with the inherent problem of adjustment. ? The formula plans should be applied for long periods, otherwise the transaction cost may be high. ? Even if the investor adopts the formula plan, he needs forecasting. Market forecasting helps him to identify the best stocks. CHAPTER-3 COMPANY PROFILE SHAREKHAN LTD Sharekhan Ltd. is one of the leading retail stock broking house of SSKI Group which is running successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of experience in the stock broking business. Sharekhan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. The firm’s online trading and investment site www. sharekhan. com- was launched on Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers across the country. Known for its jargon-free, investor friendly language and high quality research, the site has a registered base of over one lakh customers. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that emulates the broker terminals along with host of other information relevant to the Day Traders. This was for the first time that a net-based trading station of this caliber was offered to the traders. In the last six months Speed Trade has become a de facto standard for the Day Trading community over the net. Sharekhan’s ground network includes over 640 centers in 280 cities in India which provide a host of trading related services. Sharekhan has always believed in investing in technology to build its business. The company has used some of the best-known names in the IT industry, like Sun  Microsystems,  Oracle,  Microsoft,  Cambridge  Technologies,  Nex genix, Vignette, Verisign Financial Technologies India Ltd, Spider Software Pvt Ltd. To build its trading engine and content. The Morakhiya family holds a majority stake in the company. HSBC, Intel   Carlyle are the other investors. With a legacy of more than 80 years in the stock markets, the SSKI groupventured  into  institutional  broking  and  corporate  finance  18  years  ago. Presently  SSKI  is  one  of  the  leading  players  in  institutional  broking  andcorporate finance activities. SSKI holds a sizeable portion of the market in each of these segments. SSKI’s institutional broking arm accountsfo7%of  the  market  for  Foreign  Institutional  portfolio  investment  and  5%  of  allDomestic  Institutional  portfolio  investment  in  the  country. It  has  60institutional  clients  spread  over  India,  Far  East,  UK  and  US. ForeignInstitutional Investors generate about 65% of the organization’s revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section has a listof very prestigious clients and has many ‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The group has placed over US$ 1 billion in private equity deals. PROFILE OF THE COMPANY: Name of the company : Sharekhan ltd. Year of Establishment : 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix Mills Compound Lower Parel, Mumbai Maharashtra, INDIA- 400013 Nature of Business : Service Provider Services : Depository Services, Online Services and Technical Research. Number of Employees : Over 3500 Website : www. sharekhan. com Slogan : Your guide to the financial jungle Vision To be the best  retail brokering Brand in the retail business of stock market. Mission To educate and empower the individual investor to make better investmentdecisions through quality advice and  superior service Sharekhan is infact: †¢ Among the top 3 branded retail service providers †¢ No. 1 player in online business †¢ Largest network of branded broking outlets in the country serving more than7, 00,000 clients Sharekhans management team is one of the strongest in the sector and has positioned Sharekhan to take advantage of the growing consumer demand for financial services products in India through investments in research, pan-Indian branch network and an outstanding technology platform. Further, Sharekhans lineage and relationship with SSKI Group provide it a unique position to understand and leverage the growth of the financial services sector. SSKI Corporate Finance Private Limited (SSKI) is a leading India-based investment bank with strong research-driven focus. Their team members are widely respected for their commitment to transactions and their specialized knowledge in their areas of strength ITA CORE SERVICES ARE: ? Equities, and Derivatives trading on the National Stock Exchange of India Ltd. (NSE), and Bombay Stock Exchange Ltd. (BSE), ? Commodities trading on National Commodity and Derivatives Exchange India(NCDEX) and Multi Commodity Exchange of India Ltd. (MCX), ? Depository services, ? Online trading services, ? IPO Services, ? Dial-n-Trade ? Portfolio management services, Fundamental and Technical Research services, ? In addition to this they also provide advisory services and  distributions for  mutual funds. ? Sharekhan ValueLine (a monthly publication with  reviews of recommendations,stocks to watch out for etc. ) ? Daily research reports and market review (High Noon   Eagle Eye) ? Pre-market Report ? Daily trading calls based on Technical Analysis ? Cool trading products (Daring Derivatives and Market Strategy) REASONS TO CHOOSE SHAREKHAN: ? Experience : SSKI has more than eight decades of trust and credibility in the Indian Stock Market. In the Asia Money Broker’s Poll held recently, SSKI won the ‘India’s Best broking house for 2004’ award. Ever since it launched Sharekhan as its retail broking division in February in 2000, it has been providing institutional-level research and broking services to individual investors. ? Technology: With their Online Trading account one can buy and sell shares in an instant from any PC with an internet connection. Customers get access to the powerful online trading tools that will help them to take complete control over their investments in shares. ? Accessibility: Sharekhan provides Advice, Education, Tools and Education services for investors. These services are accessible through many centers across the country (over 650 locations in 150 cities), over the internet (through the website www. sharekhan. ltd) as well as over the voice tool. ? Knowledge: In a business where the right information at the right time can translate into direct profits investors get access to a wide range of information on the content rich portal www. sharekhan. com. Investors will also get a useful set of knowledge-based tools that will empower them to take informed decisions ? Convenience: One can call Sharekhan’s Dial-N-Trade number to get investment advice and execute his/her transactions. They have a dedicated call-center to provide this service via a Toll Free Number 1800 22-7500 39707500 from anywhere in India. ? Customer Service: Its customer service team assist their customer for any help that they need relating to transactions, billing, demat and other queries. Their customer service can be contacted via a toll-free number, email or live chat on www. sharekhan. com. ? Investment Advice: Sharekhan has dedicated research teams of more than 30 people for fundamental and technical research. Their analysts constantly track the pulse of the market and provide timelyinvestment advice to customer in the form of daily research emails, online chat, printed reports etc. SHAREKHAN LIMITED’S MANAGEMENT TEAM †¢ Dinesh  Murikya   :   Owner  of  the  company †¢   Tarun  Shah   :   CEO  of  the  company †¢ Shankar  Vailaya   :   Director  (Operations) †¢   Jaideep  Arora :   Director  (Products  Ã‚  Technology) †¢ Pathik  Gandotra :   Head  of  Research Rishi  Kohli   :   Vice  President  of  Equity  Derivatives †¢ Nikhil  Vora :   Vice  President  of  Research BENEFITS †¢ Free Depository A/c †¢ Instant Cash Transfer †¢ Multiple Ba nk Option. †¢ Secure Order by Voice Tool Dial-n-Trade. †¢ Automated Portfolio to keep track of the value of your actual purchases. †¢ 24*7 Voice Tool access to your trading account. †¢ Personalized Price and Account Alerts delivered instantly to your mobile phone †¢ Live chat facility with Relationship manager on Yahoo Messenger. †¢ Special Personal inbox for order and trade confirmations. †¢ On-line customer service via web chat. †¢ Enjoy automated Portfolio. Buy or sell even single share. †¢ Anytime ordering. Sharekhan provides 4 in 1 account: *Demat a/c *Bank a/c: for fund transfer *Dial and Trade: for query relating trading *Trading a/c: for cash calculation DEMAT ACCOUNT: Sharekhan  is  a  depository  participant. This  means  that  we  can  keep  the  shares  in dematerialized form  in  Sharekhan. But  for  this  one  has  to  the  demat  account  in Sharekhan. Dematerialization is the p rocess by which a client can get physical certificates converted into electronic balances maintained in his account with the DP. In Sharekhan, under demat account there are two types of terminals Classic and Trade Tiger. ACCOUNT OPENING: Opening a DP account with Sharekhan-One can open a Depository Participant (DP) account, either through a Sharekhan branch or through a Sharekhan Franchisee center. There is no fee for opening DP accounts with Sharekhan. However a nominal deposit (refundable) is charged towards services which will be adjusted against all future billings. All investors have to submit their proof of identity and proof of address along with the  prescribed account opening form. CLASSICAL ACCOUNT: This is a user friendly product which allow the client to trade through website www. sharekhan. com and is suitable for all the retial investors who is risk averse and hence prefers to invest in stocks or who does not trade too frequently Features Online trading account for investing in equity and derivatives via www. sharekhan. com †¢ Live Terminal and Single terminal for NSE Cash, NSE FO BSE. †¢ Integration of On-line trading, Saving Bank and Demat Account. †¢ Instant cash transfer facility a gainst purchase sale of shares. †¢ Competitive transaction charges. †¢ Instant order and trade confirmation by E-mail. †¢ Streaming Quotes (Cash Derivatives). †¢ Personalized market watch. †¢ Single screen interface for Cash and derivatives and more. †¢ Provision to enter price trigger and view the same online in market watch. SPEEDTRADE SPEEDTRADE is an internet-based software application that enables you to buy and sell inan instant. It is ideal for active traders and jobbers who transact frequently during day’s sessionto capitalize on intra-day price movement. Features †¢ Instant order Execution and Confirmation. †¢ Single screen trading terminal for NSE Cash, NSE FO BSE. †¢ Technical Studies. †¢ Multiple Charting. †¢ Real-time streaming quotes, tic-by-tic charts. †¢ Market summary (Cost traded scrip, highest clue etc. ) †¢ Hot keys similar to broker’s terminal †¢ Alerts and reminders. †¢ Back-up facility to place trades on Direct Phone lines. †¢ Live market debts. DIAL-N-TRADE: Along with enabling access for trade online, the CLASSIC and SPEEDTRADE ACCOUNT also gives Dial-n-trade services. With this service, one can dial Sharekhan’s dedicated phone lines 1800-22-7500, 3970-7500. Beside this, Relationship Managers are always available on Office Phone and Mobile to resolve customer queries. SHARE MOBILE: Sharekhan had introduced Share Mobile-mobile based  software where one  can watch Stock  Prices, Intra Day Charts, Research Advice and Trading Calls live on the Mobile. (As per SEBI  regulations, buying-selling  shares through a mobile phone are not yet permitted. ) PREPAID ACCOUNT: Customers pay Advance Brokerage on trading Account and enjoy uninterrupted trading in their Account. Beside this, great discount are also available (up to 50%) on brokerage. Prepaid Classic Account: Rs. 000Prepaid Speed trade Account: Rs. 6000 IPO ON-LINE: Customers can  apply to all  the forthcoming IPOs  online. This is  quite hassle-free, paper less and time saving. Simply  allocate  fund to  IPO Account, Apply  for the  IPO and Sit  Back  Relax MU TUAL FUND ONLINE: Investors can apply to mutual funds of reliance, Franklin Templeton Investments, ICICI Prudential, SBI, Birla, Sundaram, HDFC, DSP Merrill Lynch, Principal and TATA with Sharekhan. ZERO BALANCE ICICI SAVING ACCOUNT: Sharekhan had tied-up with ICICI bank for Zero Blance Account for Sharekhan’s Clients. Now their customers can have a Zero Balance Account with ICIC bank after oyur DEmat Account creation with Sharekhan. Sharekhan has tie up with the following banks: HDFC Axis Bank IDBI Citi Bank IndusInd Bank Union Bank ICICI Bank CUSTOMER †¢ Business class people (high class) †¢ High  Net  worth  Individuals †¢ Service class people †¢ Government Employees †¢ Young Adults (19-30 yrs. ) †¢ Adults (35-50 yrs. ) †¢ HUF (Hindu Undivided Family) †¢ Women (literate and working MARKET SHARE Sharekhan enjoyed about 20 per cent market share in Web business (Internet trading) instock markets. Three years ago, Web  trading showed  lot of  promise but  with the marketwitnessing a downturn, there was not  much interest among retail customers. PROFITS The share of Web trading constituted 22 per cent of the revenue. As Sharekhans dailytrading volume was over Rs 200 crore, the share of Web trading at about Rs 40 crore aday was substantial and a larger part of the volume was coming from day  traders SHAREKHAN FIRST-STEP The Sharekhan FirstStep is a  brand new program designed especially for those who are new to investing in shares. All one have to do is open a Sharekhan FirstStep account And hey guide us through the investing process. FEATURES OF TRADING WITH SHAREKHAN: 1. Freedom  from  paperwork 2. Instant  credit  and  money  transfer 3. Trade  from  any  net  enabled  PC 4. After  hour  orders 5. Online  orders  on  the  phone 6. Timely  advice  and-research  reports 7. Real-time  Portfolio  tracking 8. Information  and  Price  alerts. RESEARCH SECTION IN SHAREKHAN LIMITED Sharekhan  Limited  has  its  own  in-house  Research  Organisation  which  isknown as Value line. It comprises a team of experts who constantly keep an eye on the share market and do research on the various aspects of the share market. Generally the research is based on the Fundamentals and Technical analysis of different companies and also taking into account various factors relating to the economy. Sharekhan Limited’s research on the volatile market has been found accurate most of  the time. Sharekhans trading calls  in the  month of  November 2007has given 89% strike rate . Out of 37 trading calls given by  Sharekhan in the month of November 2007, 33hit the profit target. These exclusive trading picks come only to Sharekhan Online Trading Customer and are  based on in-depth technical analysis. As a customer of Sharekhan Limited, one receives daily 5-6 Research Reports on their emails which they can use as tips for investing in the market. These reports are named as Pre-Market Report, Eagle Eye, High Noon, Investors Eye,Daring  Derivatives  and  Post-Market  Report. Apart  from  these,  SharekhanLimited issues a monthly subscription by the name of Value line which is easily available in the market. AWARDS  AND  AC  HIEVEMENTS SSKI has been voted as the Top Domestic Brokerage House in the research category, twice by Euro money Survey and four  times by Asia money Survey. Sharekhan Limited won the CNBC AWARD for the year 2004. The team has completed over US$5 billion worth of deals in the  last 5 years   making it among the  most significant players  raising  equity  in the  Indian  market. SSKI, a veteran equities solutions company has over 8 decades of experience in the  Indian stock markets. If we  experience their language, presentation style, content or  for that matter the  online trading facility, well find a common thread; one that helps us make informed decisions and  simplifies  investing  in  stocks. â€Å"Sharekhan has always believed in collaborating with likeminded Corporate into forming strategic associations for mutual benefit relationships† says Jiadeep Arora, Director Sharekhan Limited.