Knowledge Builder Capsule

An IIM Lucknow Students Initiative
Presents
2015
Knowledge Builder Capsule
CURRENTAFFAIRS
FINANCE
ECONOMICS
MARKETING
OPERATIONS
Indian Institute Of Management
Lucknow
Contacts: Anika +91-7525023606 | Anupam +91-9670415831 | Ashish +91-8765552273 | Mallika +91-9536042474
Swapnil +91-7054620185 | Vijaya +91-8948116220 | Twinkle +91-9984040424 |
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Ignicion2015
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road, Lucknow-226013 (U.P.) India
Tel: +91-522-2734101 - 23
Page 1
An IIM Lucknow Initiative

E-Mail: ignicion@iiml.ac.in, ignicion@iiml.org
CURRENT
AFFAIRS
Contacts: Anika +91-7525023606 | Anupam +91-9670415831 | Ashish +91-8765552273 | Mallika +919536042474

Facebook Ignicion2015| Twitter @ignicion_2015 | YouTube ignicion2015 | PaGaLGuY

Ignicion2015
Indian Institute of Management, Prabandh Nagar, Off Sitapur Road, Lucknow-226013
(U.P.) India
Tel: +91-522-2734101 - 23
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Disclaimer: The list of questions/topics given below is not meant to be comprehensive. It is meant to provide
guidelines/pointers on certain focus issues. Wherever possible, the participants are expected to have their view on
the topics rather than knowing the facts as they are. Keeping abreast with the current affairs both in the national
and international circles in the areas of polity, economy, business, sports, etc. are of paramount importance.
Global economics:
Slow global economic recovery;
eurozone crisis;
U.S. economy jobless recovery and growth pangs;
Japan and Abenomics;

Economic, military & political power rise of China, and
BRICS why Russia and Brazil are in recession.
Indian economy:
Current state of the economy;

Reasons behind slow GDP growth;
Faltering reforms process;
Infrastructure bottlenecks, including in railways;
FDI (especially in multi-brand retail, insurance);
NITI Aayog;
SMART Cities plan;
Swachh Bharat, and
Make in India and industrial clusters.
Global politics:
China - political & military muscle-flexing;
Syrian crisis Role of the Islamic State;

Rise of Islamic State in Iraq and Syria;

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Israel-Palestine imbroglio;
Rising authoritarianism in Turkey;
Korean peninsula North Korea versus South Korea;
Iranian nuke plans and P+1 deal;
Terrorism in Afghanistan & Pakistan;
Russia Ruble crisis; also Russia-Ukraine crisis;
Post-Arab Spring situation in Egypt, Libya, & Tunisia;
Ebola crisis in West Asia, and
Nigeria - terrorism & Boko Haram
National political & social issues:
Recent Assembly elections impact on national polity;

J&K elections, Article 370, & Jammu-Valley tussle;
Naxalism origin, ideology, reach, methods;
Social Media - freedom of speech & curbs;
Black Money - menace of corruption;
Gender-related issues, including safety issues, and
Religion conversions & reconversions debate.
Some Important Links:

Ebola
http://www.vox.com/cards/ebola-outbreak-2014/why-is-ebola-in-the-news
ISIS
http://www.vox.com/cards/things-about-isis-you-need-to-know/what-is-isis


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Ukraine crisis
http://www.bbc.com/news/world-middle-east-26248275
http://www.vox.com/cards/ukraine-everything-you-need-to-know/what-is-the-ukraine-crisis
Ghar wapsi
http://indianexpress.com/article/india/india-others/ghar-wapsi-not-a-govt-programme-shah/
Make in India
http://www.makeinindia.com/
NITI Aayog
http://pmindia.gov.in/en/news_updates/government-establishes-niti-aayog-national-institution-fortransforming-india-to-replace-planning-commission/
http://www.thehindu.com/news/national/sindhushree-khullar-named-niti-aayogceo/article6775518.ece?homepage=true
Sri Lanka Election
http://www.thehindu.com/opinion/editorial/editorial-democracy-wins-in-srilanka/article6772537.ece?homepage=true
http://www.livemint.com/Politics/fygTRVQHiY3JatdxYfxN0M/What-Sirisenas-win-in-Sri-Lanka-meansfor-India.html
Boko Haram
http://www.nytimes.com/2014/11/11/world/africa/boko-haram-in-nigeria.html
Net neutrality-Airtel Controversy:
https://www.youtube.com/watch?v=fpbOEoRrHyU

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http://knowmore.washingtonpost.com/2014/04/25/this-hilarious-graph-of-netflix-speeds-shows-theimportance-of-net-neutrality/
http://articles.economictimes.indiatimes.com/2015-01-04/news/57663450_1_net-neutrality-googleindia-rajan-anandan
ECONOMY
Falling Oil Prices
http://www.economist.com/blogs/economist-explains/2014/12/economist-explains-4
http://www.vox.com/2014/12/16/7401705/oil-prices-falling
Russian rouble-economy collapse
http://www.economist.com/news/leaders/21636747-collapse-rouble-caused-vladimir-putinsbelligerence-greed-and-paranoia-ye
http://www.businessweek.com/articles/2014-12-16/no-caviar-is-not-getting-cheaper-everything-youneed-to-know-about-the-russian-ruble-collapse
E commerce boom-Amazon, Flipkart, Snapdeal
http://www.livemint.com/Opinion/3aE8AROQgWy3vbr6e83nWN/2014-the-year-in-review--The-riseand-rise-of-ecommerce.html
http://www.livemint.com/Companies/jsYNvJSmfB6tbWKqRL9vhK/Flipkart-raises-700-million-in-freshfunds.html
http://www.bjnocabbages.com/2015/01/the-best-way-to-crack-gwpi-at-indias.html


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Taxi services: Uber, Ola, Taxi For Sure. Rapid growth. Problems theyre facing. Rape case, subsequent
bans.
http://www.livemint.com/Politics/F7FMDVEdVkMqsRHGNeVbHO/Ban-on-all-appbased-cabs-tocontinue-Delhi-govt-in-HC.html
Softbank funding
http://www.livemint.com/Companies/vY3bTBWPzyprsgj6QZaIFJ/SoftBank-to-invest-in-Housingcom-asreal-estate-becomes-nex.html
http://gadgets.ndtv.com/internet/news/snapdeal-ola-cabs-to-raise-funds-from-japans-softbank-613085
Monetary policy-Interest rates
http://in.reuters.com/article/2014/12/02/india-economy-rates-idINKCN0JF38720141202


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Miscellaneous:
India test firing the indigenously developed ICBM, Agni V
Dr. Poonam Khetrapal Singh of India getting the post (after 44 years) of the Regional Director
of World Health Organizations South East Asian Regional Organization (SEARO)
The awarding of death sentences to the 4 convicts of the Delhi Gang Rape Case
Serial Blasts in Bodh Gaya and inside the Maha Bodhi Temple
BJPs announcement of Narendra Modi as its Prime Ministerial Candidate for 2014 elections
Raghuram Rajans taking over as the 23rd Governor of the RBI
National Food Security Bill coming into effect
Indian Rupee hitting record low against the US Dollar
Uttaranchal getting hit by massive landslides and flood
Death of Manna Dey, Pran, Shakuntala Devi, Farooq Sheikh and Rituporno Ghosh
Border confrontation with China; PLA entering the Indian territory in Ladakh and
Arunachal Pradesh
Sworning in of Justice Sathasivam as the new Chief Justice of India
Naxalite attack on a congress fleet leading to the death of 27 people
Note: Participants are expected to have an idea of what is happening around the world in the areas of
economics, business affairs, politics, and sports. It is advisable to follow a newspaper or a good
magazine (The Hindu, Business Line or Economic Times, or Financial Express, India Today, Forbes,
Economist).


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FINANCE &
ECONOMICS


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Opportunity Cost- Economics deals with choosing one alternative among various alternatives.
The decision process begins with ranking all alternatives on priority basis, and then choosing
the alternative which is on the top of the priority list. This choice implies sacrifice of other
alternatives; hence cost of this choice will be evaluated in terms of the sacrificed alternatives.
The cost of this choice is the benefit of the next best alternative foregone. This is called
opportunity cost. Therefore, opportunity cost is the highest valued benefit that must be
sacrificed as a result of choosing alternative.
Microeconomics is the study of individual consumers and producers in specific markets. It
involves the determination of price through the optimizing behavior of economic agents,
with consumers maximizing utility and firms maximizing profits. Thus Microeconomics seeks
to answer questions related to supply & demand, pricing of output, production process, cost
structure and distribution of income & output.
Law of demand:Other things remaining the same, there is an inverse relationship
between price and quantity demanded. The amount of a good that buyers
purchase at a higher price is less because as the price of a good goes
up, so does the opportunity cost of buying that good. As a result,
people will naturally avoid buying a product that will force them to
forgo the consumption of something else they value more.
Law of Supply: It basically establishes the relationship between the
supply of a product and its price. It states that Supply of a
particular product is directly proportional to its price keeping other
factors constant. Producers supply more at a higher price because
selling a higher quantity at higher price increases revenue.


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Equilibrium refers to a situation in which the price has reached the level where the quantity
supplied equals the quantity demanded. As you can see on the chart, equilibrium price and
quantity are determined by the intersection of demand & supply curves. At this point, the
price of the goods will be p* and the quantity will be q*. These figures are referred to as
equilibrium price and quantity. Consumers can purchase all they want & producers can sell all
they want at the market-clearing price i.e. p*.
Macroeconomics is the study of the aggregate economy. It addresses many topical issues like:
Why does the cost of living keep rising? Why are millions of people unemployed, even when the
economy is booming? What causes recession? More specifically it is a study of national
economies and the determination of national income.
A variety of measures of national income and output are used in economies to estimate
total economic activity in a country or region.
Gross Domestic ProductThe monetary value of all the finished goods and services produced within
a country's borders in a specific time period, though GDP is usually calculated on an annual basis.
GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a
country's standard of living. Critics of using GDP as an economic measure say the statistic does not
take into account the underground economy - transactions that, for whatever reason, are not
reported to the government. Others say that GDP is not intended to gauge material well-being, but
serves as a measure of a nation's productivity, which is unrelated.
They are the product (or output) approach, the income approach, and the expenditure
approach.
The expenditure method:
GDP = private consumption + gross investment + government spending + (exports imports), or
GDP = C + I + G + (X M)
The income method:

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GDP = compensation of employees + gross operating surplus + gross mixed income + taxes
less subsidies on production and imports
GDP = COE + GOS + GMI + TP & M SP & M
The product approach:
Gross Value Added = Value of output- Value of Intermediate Consumption.
Value of Output= Value of the total sales of goods and services + Value of changes in
the inventories.
The sum of gross value added in various economic activities is known as GDP at factor cost.
GDP at factor cost plus indirect taxes less subsidies on products is GDP at Producer Price.
Gross National Product It is an economic statistic that includes GDP, plus any income earned
by residents from overseas investments, minus income earned within the domestic economy
by overseas residents.
GNP is a measure of a country's economic performance, or what its citizens produced (i.e.
goods and services) and whether they produced these items within its borders.
Gross National Product (GNP) is the market value of all products and services produced in one
year by labor and property supplied by the residents of a country.
GNP = C + G + I + NX +NFP
Consumption (C) is the actual consumption spending of the household sector.
Goods and services (G) is the next largest component of government purchases.
Investment spending (I) includes business spending that will improve the ability to produce
in the future

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Net exports (NX) component is equal to exports (goods and services purchased by foreigners)
minus imports (goods and services purchased by domestic residents).
Net factor payments (NFP) are the net amount of payments that an economy pays to
foreigners for inputs used in producing goods and services, less money the economy receives
for selling the same factors of production.
GNP Vs. GDP
GNP is the final value of goods and services produced by domestically-owned means of
production (using domestic labor and resources); GDP is the final value of goods and services
produced within a given country's border. Part of GNP, therefore, is earned overseas, while
some domestic production is added to GDP only.
Example involves U.S. Company Intel which manufactures silicon chips in Ireland. The
production from that facility is added to U.S. GNP, but not U.S. GDP. When U.S. residents earn
more abroad than foreigners earn in the U.S., GNP exceeds GDP and vice versa.
Purchasing Power Parity Purchasing power parity (PPP) is a measure of long-term
equilibrium exchange rates based on relative price levels of two countries. The concept is
founded on the law of one price, the idea that identical goods should (under certain
conditions) sell for the same price in two different countries at the same time. The absolute
PPP exchange rate equates the national price levels in two countries if expressed in a
common currency at that rate, so that the purchasing power of one unit of a currency would
be the same in the two countries. Relative PPP focuses on changes in the price levels and the
exchange rate, rather than the level.
The PPP exchange-rate calculation is controversial because of the difficulties of
finding comparable baskets of goods to compare purchasing power across countries.


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An example of one measure of law of one price, which underlies purchasing power parity, is
the Big Mac Index, which looks at the prices of a Big Mac burger in McDonald's restaurants in
different countries.
India stands 11th by Nominal GDP ($ 1.5 trillion) and 4th by PPP ($ 4.06 trillion).
Big Mac Index Generally PPP is measured by the cost of a basket of goods in different
countries. A famous indicator used to measure PPP is the Big Mac Index. This index was
proposed by The Economist. The Big Mac was chosen as it is available to a common
specification in many countries around the world thus enabling a comparison between
many countries currencies.
Fiscal &Monetary Policy - The government exerts its control over the nations economy using
two distinct set of policies. One is the monetary policy (the central bank manages this on
behalf of the government) and secondly the fiscal policy.
Fiscal policy is the use of government expenditure and revenue collection through taxation
to influence the economic activity. With the help of monetary policy the Reserve Bank of
India (RBI) attempts to stabilize the economy by controlling interest rates and spending.
Monetary policy comprises of various policy rates and reserve ratios.
Policy Rates & Reserve Ratio
Bank Rate - Bank Rate is the interest rate that is charged by a countrys central or federal bank on
loans and advances to control money supply in the economy and the banking sector. This is
typically done on a quarterly basis to control inflation and stabilize the countrys exchange rates. A
fluctuation in bank rates triggers a ripple-effect as it impacts every sphere of a countrys economy.
For instance, the prices in stock markets tend to react to interest rate changes. A change in bank
rates affects customers as it influences prime interest rates for personal loans. This is the rate at
which RBI lends money to other banks (or financial institutions .The bank rate signals the central
banks long-term outlook on interest rates. If the bank rate moves up, long-term interest rates also
tend to move up, and vice-versa. Banks make

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a profit by borrowing at a lower rate and lending the same funds at a higher rate of interest. If
the RBI hikes the bank rate (this is currently 6 per cent), the interest that a bank pays for
borrowing money (banks borrow money either from each other or from the RBI) increases. It,
in turn, hikes its own lending rates to ensure it continues to make a profit.
Repo Rate A repurchase agreement, also known as a repo, RP, or sale and repurchase
agreement, is the sale of securities together with an agreement for the seller to buy back the
securities at a later date. The repurchase price should be greater than the original sale price,
the difference effectively representing interest, sometimes called the repo rate. The party that
originally buys the securities effectively acts as a lender. The original seller is effectively acting
as a borrower, using their security as collateral for a secured cash loan at a fixed rate of interest
Reverse Repo RateThe rate at which RBI borrows money from the banks (or banks lend
money to the RBI) is termed the reverse repo rate. Reverse repo rate signifies the rate at which
the central bank absorbs liquidity from the banks, while repo signifies the rate at which liquidity
is injected. The RBI uses this tool when it feels there is too much money floating in the banking
system. If the reverse repo rate is increased, it means the RBI will borrow money from the bank
and offer them a lucrative rate of interest. As a result, banks would prefer to keep their money
with the RBI (which is absolutely risk free) instead of lending it out (this option comes with a
certain amount of risk).Consequently, banks would have lesser funds to lend to their
customers. This helps stem the flow of excess money into the economy.
Cash Reserve Ratio (CRR) The portion (expressed as a percent) of depositors' balances banks
must have on hand as cash. This is a requirement determined by the country's central bank,
which in the U.S. is the Federal Reserve and in India is reserve bank. The reserve ratio affects
the money supply in a country.
For example, if the reserve ratio in the U.S. is determined by the Fed to be 11%, this means
all banks must have 11% of their depositors money on reserve in the bank. So, if a bank has
deposits of $1 billion, it is required to have $110 million on reserve.


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Statutory Liquidity Ratio (SLR) SLR indicates the minimum percentage of deposits that the
bank has to maintain in the form of gold, cash or other approved securities like treasury bills.
It regulates the credit growth in India.
The RBI reviews these rates and ratios on a monthly basis with intent to keep a check on
money supply and inflation rate in economy. In order to increase the supply of money in
economy RBI may decrease its policy rates and reserve ratios. The decrease will have the
combined effect of increasing the deposits available with the commercial banks which may be
offered as loans to general public thereby pumping more money into the economy.
Exchange rate regimes
The manner in which a country manages its exchange rate with other currencies in the world
is called as the exchange rate regime. There are many types of exchange rate regimes like
Fixed, Floating and Pegged float. Fixed exchange rate regime was prevalent before the 1970s
when there was a direct convertibility between different currencies of the world that is the
exchange rate is fixed in this regime. In a floating exchange rate, the market dictates
movements in the exchange rate. In pegged float, the central bank keeps the rate from
deviating too far from a target band or value, via policy actions. If the rate moves outside the
band, the central bank would intervene in the market by buying or selling the currency to
bring the rate back to the pegged value.
Inflation- Inflation is a rise in the general level of prices of goods and services in an economy
over a period of time. Consequently, inflation also reflects erosion in the purchasing power
of money a loss of real value in the internal medium of exchange and unit of account in the
economy.
Inflation rate = (this years price index last year price index) / last years price index
The consumer price index (CPI) is the best know indicator of inflation. In India, Food Inflation is a
significant indicator since food expense is the major expense for most of the people in India.


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The quantity theory of money is widely accepted as an accurate model of inflation in the
long run. Consequently, there is now broad agreement among economists that in the long
run, the inflation rate is essentially dependent on the growth rate of money supply. However,
in the short and medium term inflation may be affected by supply and demand pressures in
the economy, and influenced by the relative elasticity of wages, prices and interest rates.
Today, most mainstream economists favor a low, steady rate of inflation. Low (as opposed to
zero or negative) inflation may reduce the severity of economic recessions by enabling the
labor market to adjust more quickly in a downturn, and reduce the risk that a liquidity trap
prevents monetary policy from stabilizing the economy.
Central bank (RBI in India) has the role to encourage growth and control inflation. RBIs
desired level of inflation is 4-5 %, above which it becomes hawkish to check inflation.
Severe form of Inflation is called hyperinflation.
Currently, Indias Consumer price index is 9%, Wholesale Price Index is 8.5%, and Food
Inflation is 10% approximately.
Deflation Deflation is a decrease in the general price level of goods and services. Deflation
occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the
real value of money over time; conversely, deflation increases the real value of money the
currency of a national or regional economy. This allows one to buy more goods with the
same amount of money over time. Deflation is correlated with depressions.
Deflation results in a lower level of demand in the economy due to lower production capability
requirements of industry and this further leads to increased unemployment.
A deflationary spiral is a situation where decreases in price lead to lower production, which in
turn leads to lower wages and demand, which leads to further decreases in price. Since
reductions in general price level are called deflation, a deflationary spiral is when reductions in
price lead to a vicious circle, where a problem exacerbates its own cause. The Great Depression

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was regarded by some as a deflationary spiral. Japan is struggling with deflation since late
1980s where the prices are constantly decreasing.
Stagflation Stagflation is a situation in which the inflation rate is high and the economic
growth rate is low. Stagflation can happen due to two reasons. First, stagflation can result
when the productive capacity of an economy is reduced by an unfavorable supply shock, such
as an increase in the price of oil for an oil importing country. Such an unfavorable supply shock
tends to raise prices at the same time that it slows the economy by making production more
costly and less profitable. Second, both stagnation and inflation can result from inappropriate
macroeconomic policies. For example, central banks can cause inflation by permitting
excessive growth of the money supply, and the government can cause stagnation by excessive
regulation of goods markets and labor markets. Either of these factors can cause stagflation.
Both types of explanations are offered in the US stagflation of the 1970s: it began with a huge
rise in oil prices, but then continued as central banks used excessively simulative monetary
policy to counteract the resulting recession, causing a runaway wage-price spiral.
FDI & FII
Foreign Direct Investment (FDI) refers to the investment by foreign investors in projects in the
country. This type of investment is more involved with the management, technology transfer
and other field expertise and knowhow in the project. FII refers to Foreign Institutional
Investors. These investors invest in the country indirectly by purchasing stocks of the
companies listed on the stock exchanges. The FII money inflows or outflows are also called
hot money flows.
Types of industry
Monopoly - It exists when a specific individual or an enterprise has sufficient control over a
particular product or service to determine significantly the terms on which other individuals
shall have access to it. Monopolies are thus characterized by the ability of a firm to raise
price without losing all its sales. Monopolies often arise as a result of barriers to entry.

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For Example, Indian Railway has monopoly in serving passengers through train as no
other player exists.
Perfect Competition It describes markets such that no participants are large enough to have
the market power to set the price of a homogeneous product. A perfectly competitive market
has the following characteristics like there are many buyers & sellers in the market, the goods
offered by the various sellers are largely the same and firms can freely enter or exit the market.
A competitive market has many buyers and sellers trading identical products so that each
buyer and seller is a price taker. Buyers and sellers must accept the price determined by the
market. Perfect competition serves as a benchmark against which to measure real-life and
imperfectly competitive markets.
Oligopoly - An oligopoly is a market form in which a market or industry is dominated by a
small number of sellers. It is characterized by only a few sellers, each offering a similar or
identical product to the others. Because of the few sellers, the key feature of oligopoly is the
issue between cooperation and self-interest. At least some firm have large market shares and
thus can influence the price of the product.
Example: - Indian Petroleum Industries which is dominated by few players like HPCL, BPCL, IOCL
etc. and the decisions of the one influences the decision of the others.
Financial Markets
Difference and demarcation between money market and capital market is made on the basis of
maturity period of instruments and claims.
Capital Market deals with longer maturity financial assets and claims. Capital market includes
trading in the financial instruments such as shares (equity as well as preference), public
sector bonds and units of mutual funds. In case of capital market even a small individual
investor can deal by sale/purchase of shares, debentures or mutual fund units.


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Examples: Governments issue Treasury Bonds in the Bond Market, Company through its
IPO, taps the investing public for capital and is therefore using the capital markets
The capital market includes the stock market (equity securities) and the bond market (debt).
In primary markets, new stock or bond issues are sold to investors via a mechanism known
as underwriting.
In the secondary markets, existing securities are sold and bought among investors or
traders, usually on a securities exchange, over-the-counter, or elsewhere.
Money Market - Short-term instruments maturing within a period of one year are traded in
money market such as inter-corporate deposits, certificate of deposits, treasury bonds,
commercial papers, commercial bills, etc. Money market is a wholesale market and the
participants in money market are large institutional investors, commercial banks, mutual
funds, and corporate bodies.
Money market consists of a number of sub-markets:
Call money market

Commercial bills market or discount market
Acceptance market
Treasury bill market
Instruments of Money Market:
Certificate of Deposit - Time

deposits, commonly offered to consumers by banks, thrift
institutions, and credit unions.
Repurchase Agreements - Short-term loans - normally for less than two weeks and
frequently for one day - arranged by selling securities to an investor
with an
agreement to repurchase them at a fixed price on a fixed date.
Commercial Paper - Unsecured promissory notes with a fixed maturity of one to 270
days; usually sold at a discount from face value


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Treasury Bills - Short-term debt obligations

of a national government that are issued to
mature in three to twelve months.

Bankers Acceptance - is a short term credit investment created by a non-financial firm.
Repo Instrument - The securities holder - the cash taker - sells securities against
cash,
simultaneously agreeing to repurchase the same or similar securities at a later date.
Money Market Mutual Fund - is an open-ended mutual
fund that invests in short-term debt
securities such as treasury bills, commercial papers.
Shares: A unit of ownership interest in a corporation or financial asset. While owning shares in
a business does not mean that the shareholder has direct control over the business's day-today operations, being a shareholder does entitle the possessor to an equal distribution in any
profits, if any are declared in the form of dividends. The two main types of shares are common
shares and preferred shares.
Debentures: The long-term requirements of capital are raised by the company primarily
through the issue of Shares and Debentures. While the shareholders are essentially the owners
of the enterprise, those who buy debentures are creditors for long-term funds and do not enjoy
voting rights. In brief all securities other than shares issued by a company will come under the
term debentures. A debenture like a share is also a movable property transferable in the
manner provided in the Articles of the company.
Some of the characteristics of debentures are as follows:
An instrument to acknowledge the creditors of the company
A debenture holder is not a member but a creditor. Debenture carries a fixed rate of
interest.
A debenture holder cannot have voting rights.
At the time of winding up debenture holders have a priority over the shareholders
regarding the return of amount due to them.


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Bonds: A debt investment in which an investor loans money to an entity (corporate or

governmental) that borrows the funds for a defined period of time at a fixed interest rate. Bonds
are used by companies, municipalities, states and U.S. and foreign governments to finance a
variety of projects and activities. Bonds are commonly referred to as fixed-income securities and
are one of the three main asset classes, along with stocks and cash equivalents.
Derivatives:
The term Derivative stands for a contract whose price is derived from or is dependent upon
an underlying asset. The underlying asset could be a financial asset such as currency, stock and
market index, an interest bearing security or a physical commodity. Today, around the world,
derivative contracts are traded on electricity, weather, temperature and even volatility.
Types of Derivative Contracts
Derivatives comprise four basic contracts namely Forwards, Futures, Options and Swaps. Over
the past couple of decades several exotic contracts have also emerged but these are largely the
variants of these basic contracts. Let us briefly define some of the contracts.
Forward Contracts: These are promises to deliver an asset at a predetermined date in future
at a predetermined price. Forwards are highly popular on currencies and interest rates. The
contracts are traded over the counter (i.e. outside the stock exchanges, directly between the
two parties) and are customized according to the needs of the parties. Since these contracts do
not fall under the purview of rules and regulations of an exchange, they generally suffer from
counterparty risk i.e. the risk that one of the parties to the contract may not fulfill his or her
obligation.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell an asset
at a certain time in future at a certain price. These are basically exchange traded, standardized
contracts. The exchange stands guarantee to all transactions and counterparty risk is largely
eliminated. The buyers of futures contracts are considered having a long position whereas the
sellers are considered to be having a short position. It should be noted that this is

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similar to any asset market where anybody who buys is long and the one who sells in short.
Futures contracts are available on variety of commodities, currencies, interest rates, stocks
and other tradable assets. They are highly popular on stock indices, interest rates and foreign
exchange.
Options: It gives the buyer (holder) a right but not an obligation to buy or sell an asset in future.
Options are of two types - calls and puts. Calls give the buyer the right but not the obligation to
buy a given quantity of the underlying asset, at a given price on or before a given future date.
Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying
asset at a given price on or before a given date. One can buy and sell each of the contracts.
When one buys an option he is said to be having a long position and when one sells he is said
to be having a short position. It should be noted that, in the first two types of derivative
contracts (forwards and futures) both the parties (buyer and seller) have an obligation; i.e. the
buyer needs to pay for the asset to the seller and the seller needs to deliver the asset to the
buyer on the settlement date. In case of options only the seller (also called option writer) is
under an obligation and not the buyer (also called option purchaser). The buyer has a right to
buy (call options) or sell (put options) the asset from / to the seller of the option but he may or
may not exercise this right.
In case the buyer of the option does exercise his right, the seller of the option must fulfill
whatever is his obligation (for a call option the seller has to deliver the asset to the buyer of
the option and for a put option the seller has to receive the asset from the buyer of the
option). An option can be exercised at the expiry of the contract period (which is known as
European option contract) or anytime up to the expiry of the contract period (termed as
American option contract).
Swaps: Swaps are private agreements between two parties to exchange cash flows in the
future according to a prearranged formula. They can be regarded as portfolios of forward
contracts. The two commonly used swaps are:

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Interest rate swaps: These entail swapping only the interest related cash flows between
the parties in the same currency.
Currency swaps: These entail swapping both principal and interest between the parties,
with the cash flows in one direction being in a different currency than those in the opposite
direction. Types of Traders in the Derivatives Markets
Types of Traders in the Derivatives Markets:
The traders in the derivatives markets are classified into three broad types, viz. hedgers,
speculators and arbitrageurs, depending on the purpose for which the parties enter into
the contracts.
Hedgers trade with an objective to minimize the risk in trading or holding the
underlying securities. Hedgers willingly bear some costs in order to achieve protection
against unfavorable price changes.
Speculators use derivatives to bet on the future direction of the markets. They
take calculated risks but the objective is to gain when the prices move as per their
expectation.
Arbitrageurs try to make risk-less profit by simultaneously entering into transactions in

two or more markets or two or more contracts. They profit from market inefficiencies
by making simultaneous trades that offset each other thereby making their positions
risk-free.
IPOs and FPOs:

When a SEBI registered company wants to raise funds or capital for its expansion programs, it
floats an IPO for the first time related to that project. The IPO document will in detail inform
the investor of the project, its growth trajectory, and its profit potential. The risk factors are
also outlined. Based on his personal assessment, the investor may invest as a shareholder, by
buying shares at the face value as announced by the Company. Each investor who buys stocks
through the IPO gets dividend or profits based on the companys performance, as declared by

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Page 24

the company. If the company faces losses, the equity holder also bears the losses. In
uncertain market situations, IPOs incur losses and so does each investor.
When a company floats its second or third public offering, its called FPOs or Follow-on Public
Offers.
FII or Foreign Institutional Investors: FIIs are funds that are active in both primary and
secondary markets, invest in stocks and aim at reaping short-term profits. Though they bring
foreign currency, the flight of the capital is sudden, at times leading to currency and
monetary fluctuations. FIIs are heavily involved in speculative practices like futures trade and
short selling. They indulge in heavy trading in times of crisis making the situation very volatile.
Still, FIIs push up the stock prices, enhance national reputation, increase the investment
profits of stock players, strengthen the stock exchange and generally increase the brand
value of the region.
Venture Capital It is the money available to a risky project. Financier is convinced of the idea,
its blue print, viability and execution. The financier is only involved in investing heavily. Any
management personnel, entrepreneur, individual or a small company can get funds through a
venture capitalist and start his/her project. The IT boom has been powered by venture capital.
Hedge Funds Hedge funds are investment pools of some of the uber-rich or very high net
worth individuals across the wealth. The hedge funds have a certain tendency to aggressively
invest and usually their returns are typically higher than any other form of investment. Hedge
funds had initially reaped high returns in the US realty boom. They have been accused of short
selling. Much of their strategies remain secret. They operate high risk markets. Hedge funds
have this ability to return profits in both the bear and bull hugs.
Short selling The selling of a security that the seller does not own, or any sale that is
completed by the delivery of a security borrowed by the seller. Short sellers assume that they
will be able to buy the stock at a lower amount than the price at which they sold short.


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Participatory Notes: Participatory notes are a stock trade facilitating financial instrument in
the Indian stock exchange. As per SEBI guidelines only those individuals/companies registered
with SEBI can trade at the stock exchange. This has kept out a substantial category of high net
worth individuals who would not register/open shop in India. Since the ultimate stockholder is
not known, India did not encourage this. However, from late 1990s, under SEBI watch,
participatory notes were issued to non-registered individuals/companies to become stock
players after registering themselves through FIIs. Thus FIIs were in some way careful of the
players who entered bourses through their participatory notes.
Note: This list is not exhaustive. It has been prepared just to give you an idea about what you
can expect in an interview. People with relevant work experience in finance domain can
expect questions related to their job profile.
MARKETING

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The financial success of any organization often depends on how it markets its products and,
more importantly, the organization itself. For a firm to make profit or, what they call, meet
its bottom line there must be a top line.
Essence of marketing is exchange of value (win-win situation for both parties) and converting
societal needs into profitable opportunities.
Basic terminologies:
Need It is the state of deprivation of some basic satisfaction. Needs cannot be created. They
are physiological and psychological requirements.
Want They are specific satisfiers of needs. Our wants are shaped and re-shaped by the
environment/society.
Demand - It is want backed by purchasing power i.e. the willingness and ability to buy.
Marketing will influence the demand based on 4 As:
Appropriate Product
Attractive through Promotion


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Available at the right Place

Affordable Price
Product Anything that can be offered to the market to satisfy the needs and wants.
Product Category Products satisfying a specific need or want. E.g. Detergent, Shampoo
Product Form Type of product category E.g. Detergent can be in powder/ liquid/ bar.
Brand A name and/or symbol to identify the product of one seller and to differentiate it from
others.
Brand Valuation It is the process of estimating the total financial value of a brand (both
tangible as well as intangible part).
Brand Equity A set of intangible assets that literary add value to the brand and to the firm
as a whole (goodwill).
Commodity Products which have no names. E.g. wheat, sugar etc. sold from grocery where
there is no branding or assurance. Brands which cannot be differentiated are called commodityclass.
Product Classification Physical Goods, Services, Persons, Places, Organizations, Ideas
Product Life Cycle - Products have limited life. Sales pass through different stages where
they encounter different opportunities and challenges. Profits also vary at different stages.
So the products require different marketing and manufacturing strategies at different stages.
There are 4 stages in the PLC: Introduction, Growth, Maturity and Decline.


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Consumer Goods Classification -
Consumer
Goods
Non- durable goods (Soft

Goods, < 3 years)
Semi- durable
goods (> 6 months)
Durable Goods (Hard

Goods, >= 3 years)
FMCG (0-6 Months)
What is marketing? - The American Marketing Association defines Marketing as the activity, set
of institutions, and processes for creating, communicating, delivering, and exchanging offerings
that have value for the customers, clients, partners, and society at large. In layman terms,
marketing is about finding need gaps, and creating, communicating and delivering value to the
consumer in a way that benefits the organization and its stakeholders.
Marketing concept It implies that an organization aims all of its efforts at satisfying its
customers profitably.
Selling vs. Marketing Marketing is not the art of selling products. In fact, the aim of marketing
is to understand the customer so well that the product fits him and sells itself, thus making
selling superfluous. Selling then remains as only the tip of the iceberg. In short the essence of
marketing is to make selling redundant.
Marketing
Selling
Marketing is everything that a firm does to

reach its customers and to generate leads.
Selling is everything a firm does to influence a

customer to buy a product or service, or in


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other words close the sale.

Marketing is often a longer process of building
a brand for the product and the company. It
involves finding the right product for satisfying
the customers needs.
Selling is the short term process of matching

the right customer to the value offered.
Marketing is a process comprising of six steps namely:

Understanding
Technical Name
Understanding Customer Needs
Marketing Research
Converting Needs into Products
Customer driven engineering
Communication about the product
Promotion
Marketing the product available
Distribution
Transaction
Selling
After sales service/feedback
Customer support
As evident from the above table, selling is only one of the steps.
Advertising vs. Marketing At the most fundamental level, marketing differs from advertising
in that marketing is to create a product that would satisfy prospective customer demands.
The role of advertising, on the other hand, is to create a demand for existing product.
Marketing Mix It is a set of tools that facilitate the marketing effort.
Product- Features, specifications, design, quality
Price Value for money, MRP, discounts, credit, installments, maintenance

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Place Distribution, warehousing, availability, coverage

Promotion
As opposed to goods, services are intangible. People and process of delivery is important in
service. Clients presence is must, so ambience should be good.
People Attraction, selection, training, motivation, retention of people
Process
Physical Evidence Interior decoration, ambience
Price only ensures cash inflow, all other Ps results in cash outflow.
Difference between Price, value and satisfaction Value reflects the sum of perceived tangible
and intangible benefits and costs to customers. Value increases with quality and decreases with
price. However, other factors can also play a vital role in our perceptions of value. Satisfaction
reflects a persons judgments of products perceived performance in relation to expectations.
5Ms of Advertising Mission, Money, Message, Medium, and Measurement
Note: A candidate should concentrate on having plausible answers for a few (indicative but not
exhaustive) questions substantiating his interest in marketing.
Why are you interested in marketing?
How would you connect your graduation background with a prospective career in
marketing?
Which brand/product/advertisement has left a lasting impression upon you? Why do
you think you would suit a marketing profile?


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OPERATIONS


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Operations Management Operations Management deals with the design and management of
products, processes, services and supply chains. It considers the acquisition, development, and
utilization of resources that firms need to deliver the goods and services their clients want. The
purvey of OM ranges from strategic to tactical and operational levels. Representative strategic
issues include determining the size and location of manufacturing plants, deciding the
structure of service or telecommunications networks, and designing technology supply
chains.Tactical issues include plant layout and structure, project management methods, and
equipment selection and replacement. Operational issues include production scheduling and
control, inventory management, quality control and inspection, traffic and materials handling,
and equipment maintenance policies.


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Goods vs. ServicesThere are five essential differences between services and goods. The first is
that a service is an intangible process that cannot be weighed or measured, whereas a good is
a tangible output of a process that has physical dimensions. This distinction has important
business implications since a service innovation, unlike a product innovation, cannot be
patented. Thus, a company with a new concept must expand rapidly before competitors copy
its procedures. Service intangibility also presents a problem for customers since, unlike with a
physical product, they cannot try it out and test it before purchase.
The second is that a service requires some degree of interaction with the customer for it to be
a service. The interaction may be brief, but it must exist for the service to be complete. Where
face-to-face service is required, the service facility must be designed to handle the customer's
presence. Goods, on the other hand, are generally produced in a facility separate from the
customer. They can be made according to a production schedule that is efficient for the
company.
The third is that services, with the big exception of hard technologies such as ATMs and
information technologies such as answering machines and automated Internet exchanges, are
inherently heterogeneousthey vary from day to day and even hour by hour as a function of
the attitudes of the customer and the servers. Thus, even highly scripted work such as found in
call centers can produce unpredictable outcomes. Goods, in contrast, can be produced to
meet very tight specifications day-in and day-out with essentially zero variability. In those
cases where a defective good is produced, it can be reworked or scrapped.
The fourth is that services as a process are perishable and time dependent, and unlike goods,
they can't be stored. You cannot come back last week for an air flight or a day on campus.
And fifth, the specifications of a service are defined and evaluated as a package of features
that affect the five senses.
Production process A production process is defined as a user of resources to transform inputs
into desired output. For a plant that manufactures tyres, raw material, labor and capital can be

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inputs while the finished rubber tyre will be the output. The steps through which the raw
material is converted into a finished good can be referred to as a process.
A simple parameter to measure efficiency of a process is productivity. In a broad sense,
productivity is the ratio of goods/services produced to resources used (output to input).
Bottleneck A point of congestion in a system that occurs when workloads arrive at a given
point more quickly than that point can handle them. The inefficiencies brought about by
the bottleneck often create a queue and a longer overall cycle time.
The primary objective of a manager in the operations department is to eliminate the
bottleneck that exists in the process. By removing this inefficiency, the manager can increase
profits by reducing time to produce.
Inventory Management Inventory management refers mainly to when a firm strives to attain
and uphold an optimal inventory of goods while also taking note of all orders, shipping and
handling, and other associated costs.Inventory management is mainly about identifying the
amount and the position of the goods that a firm has in their inventory. Inventory
management is imperative as it helps to defend the intended course of production against the
chance of running out of important materials or goods.
Inventory management also includes making essential connections between the
replenishment lead time of goods, asset management, the carrying costs of inventory, future
inventory price forecasting, physical inventory, available space for inventory, demand
forecasting and much more.
By balancing these competing requirements, a company will discover their optimal
inventory levels. This is an ongoing process, as the firm will need to shift and adjust as it
changes and expands.
Planning & ForecastingPlanning is defined as The establishment of objectives, and the
formulation, evaluation and selection of the policies, strategies, tactics and action required to

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achieve them. Planning comprises long term/strategic planning and short term/operational
planning. The latter is usually for a period of up to one year.
Forecasting is an attempt to estimate the future. It is based on available past data,
the extrapolation of trends and the application of judgement. There are 3 basic
models of forecasting:
Time series analysis and projection

Qualitative Techniques
Casual Methods
As an operations manager, material requirement planning or demand estimation needs to be

done on a regular basis. This is to ensure that the company meets the customers
requirements within time. The plans may be short-range plans (less than 3 months) or longrange plans (over 1 year). Efficient planning will lead to reduction in costs due to sudden
variations in demand. Planning and scheduling is a popular exercise undertaken by companies
that manufacture seasonal products.
SCM Supply chain management is the management of a network of all business processes
and activities involving procurement of raw materials, manufacturing and distribution
management of finished goods. SCM is also called the art of management of providing the
Right Product, At the Right Time, Right Place and at the Right Cost to the Customer.
JIT Just in time (JIT) is a production strategy that strives to improve a business return on
investment by reducing in-process inventory and associated carrying costs. The philosophy of JIT is
simple: inventory is waste & all efforts are made to eliminate waste also known as Muda.
Lean Manufacturing: Lean Manufacturing is also called Just in Time (JIT). It is based on the
principle of doing more less inventory, fewer workers, less space. It is about smoothing the flow
of material to arrive just as it is needed. So, JIT and Lean Manufacturing are used
interchangeably.

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Kanban Kanban is one of the many methods through which JIT is achieved. It is a
scheduling system for lean and just-in-time (JIT) production that helps determine what to
produce, when to produce it, and how much to produce.
TQM Total Quality Management (TQM) is a comprehensive and structured approach to
organizational management that seeks to improve the quality of products and services
through ongoing refinements in response to continuous feedback.
Kaizen- The Japanese word "Kaizen" means improvement, improvements without spending
much money, involving everyone from managers to workers, and using much common sense.
The Japanese way encourages small improvements day after day, continuously. The key aspect
of Kaizen is that it is an on-going, never-ending improvement process. It's a soft and gradual
method opposed to more usual western habits to scrap everything and start with new.
TOCTheory of Constraints (TOC) is a holistic way of thinking about a system (i.e. optimize
the system globally and not locally). Traditional cost accounting and productivity measure
may promote local optimization. TOC recognizes that the bottlenecks or constraints are
present in the system which limits system output.
Note: It is advisable to go through subjects like Industrial Engineering if taught to you. If not,
you need to know why you are interested in Operations Management, some related
concepts to your work (if relevant) and why you want to shift to a career in Operations.


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Disclaimer: The information shared is purely to help the candidates prepare for their
GD/PI process and IGNICION team shall not be held responsible for the misuse of any
information provided.
ALL THE BEST!


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An IIM Lucknow Students Initiative

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Call money market

Instruments of Money Market:

Certificate of Deposit - Time