July 2006


From AP

Indian software giant Infosys Technologies Ltd. remotely opened Monday’s trading session on the Nasdaq Stock Exchange from the southern city of Mysore, in a demonstration of how technology is making borders increasingly meaningless.

The opening, broadcast live from Mysore to Nasdaq’s screen in New York’s Times Square, came as Infosys celebrated its 25th anniversary.

Infy’s PR is damn good. Infact, they are miles ahead of other Indian IT companies.

Another company which comes close to Infy is Reliance. Today Forbes announced..

In its latest rankings of 40 largest corporations in India based on sales, assets and market valuation, Forbes put Reliance on top, even ahead of Indian Oil, despite having half of its sales.

The state-owned oil major has been ranked fourth. “Reliance is the world’s leading producer of polyester yarn and fibre and ranks in the top five to ten global producers of many petrochemical products. It accounts for 8 per cent of India’s exports worth $5 billion,” Forbes said, adding the number should grow significantly.

One more image, kind of apropos of this report on Hezbollah refusing to allow civilians to leave their village and using mosques in their ambush on IDF soldiers at Bint Jbeil Wednesday:

hezlove003.jpg

I was reading ET today morning and its clear that interest rates are raising (both lending and borrowing rates)

THE battle for retail deposits is being fought with full force, with Kotak Mahindra Bank offering 8% for term deposits of 290 days. Recently, ICICI Bank had announced 8% for 390-day term deposits. The offer comes at a time when banks are up against resource crunch, thanks to a huge credit expansion in the economy.

Compare this to PSU banks living in another world ..

The SBI offered 6.25% for 1-3 years. Bank of India and Union Bank are offering 6.5% and Indian Overseas Bank 7% for deposits up to three years.

I have heard home loans have increased to 9.5% pa. Its getting interesting…

An veteran manager (many years of experience) told me

in his experience, rewarding an employee with a cash bonus or small raise, had only a very short term effect on the work of the employee. Much more enduring effects came from public recognition and small surprise awards. Annual rewards meetings giving gifts (such as home electronics) to top performers, surprise gifts of “Dinner for two” checks of, say, $200, etc. It was the public recognition that had the longer effect, not the size of the award.

Yes, its because, man as Tom Peters describes, is a “sucker of praise”.  Its this weakness HR folks tap into very well. 

An veteran manager (many years of experience) told me

in his experience, rewarding an employee with a cash bonus or small raise, had only a very short term effect on the work of the employee. Much more enduring effects came from public recognition and small surprise awards. Annual rewards meetings giving gifts (such as home electronics) to top performers, surprise gifts of “Dinner for two” checks of, say, $200, etc. It was the public recognition that had the longer effect, not the size of the award.

Yes, its because, man as Tom Peters describes, is a “sucker of praise”.  Its this weakness HR folks tap into very well. 

Earnigns_chart

The above graph shows the growth of industry in US. See the two big ones, Energy and Financials

Lets concentrate on Financials. The companies that form Financials are banks and Broker dealer firms like (Morgan Stanley, Goldman, Merill, Lehman, UBS, CSFB etc)

They all are growing at 40% y-o-y, which is amazing. They open offices in emerging economies and reap good profits.

When Indian stock market peaked, they sold and booked profits leaving the retail investors licking the wounds.

In other words, the bull made its money by being a bear. 😉

All you who sleep tonight
Far from the ones you love,
No hand to left or right
And emptiness above –

Know that you aren’t alone
The whole world shares your tears,
Some for two nights or one,
And some for all their years.

This is from Vikram Seth’s collection of poems, All You Who Sleep Tonight

Nothing can sum up my day to day feelings more .. Seth Rocks !!

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