Value Migration
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In Every Relationship Titan Company Limited
IN EVERY RELATIONSHIP TITAN COMPANY LIMITED ANNUAL REPORT 2017-18 Announcement We are taking our first steps to move ANNUAL REPORT to Integrated Reporting in line with our continuous commitment to 2017-18 voluntarily disclose more information to our stakeholders on all aspects of our business. Accordingly, we have introduced key content elements of Integrated Reporting <IR> aligned to the Integrated Reporting Council Framework (IIRC) and as per SEBI’s circular dated 6 February 2017. We will add more IR content elements over the years as we move towards a complete <IR>. It is possible that some IR related data Contents are management estimates. Reporting Principle Financial Statements About TItaN The financial and statutory data presented in this Report is in line with 02 Financial Highlights Standalone Financial the requirements of the 03 Operating Context Statements Companies Act, 2013 (including 04 The Titan Journey 116 Independent the Rules made thereunder), Indian 06 Titan Today Auditor’s Report Accounting Standards, the Securities 08 Business Review 112 Balance Sheet and Exchange Board of India 18 Journey towards 113 Profit & Loss Account (Listing Obligations and Disclosure Integrated Reporting 115 Cash Flow Statement Requirements) Regulations, 2015 and 26 Engaging with 117 Significant accounting the Secretarial Standards. our Stakeholders policies 28 Outlook and Opportunities 130 Notes to Financial The non-financial section of the Report 30 People and Culture Statements is guided by the framework of the 31 Leadership Development International Integrated Reporting 32 Purity of Intent Consolidated Financial Council (IIRC), Securities and Exchange Statements 34 Board Of Directors Board of India and Principles of 130 AOC-1 36 Awards National Voluntary Guidelines on 169 Independent Auditor’s social, environmental and economic Report responsibilities of business. -
Corruption and Integrity Programme
Anti-Corruption and Integrity Programme A Study on the Link between Corruption and the Causes of Migration and Forced Displacement Human CorruptionSecurity Published by: A Study on the Link between Corruption and the Causes of Migration and Forced Displacement March 29, 2017 Authors: Ortrun Merkle* Julia Reinold* Melissa Siegel* *Maastricht Graduate School of Governance The publication “A Study on the Link between Corruption and the Causes of Migration and Forced Displacement” was commissioned by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, Anti-Corruption and Integrity Programme, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The contents of this publication do not represent the official position of neither BMZ nor GIZ. Table of Content 3 Table of Content List of Figures ..........................................................5 List of Tables...........................................................6 List of Boxes ...........................................................7 Acknowledgments .......................................................7 Abbreviations ...........................................................7 Executive Summary ......................................................9 1. Introduction ........................................................10 2. Mapping the Conceptual Terrain: Corruption and Migration .....................13 2.1. Corruption - what do we mean? 13 2.2. The concept of human security 16 2.3. Migration – the background 18 3. Methodology -
John Hancock Emerging Markets Fund
John Hancock Emerging Markets Fund Quarterly portfolio holdings 5/31/2021 Fund’s investments As of 5-31-21 (unaudited) Shares Value Common stocks 98.2% $200,999,813 (Cost $136,665,998) Australia 0.0% 68,087 MMG, Ltd. (A) 112,000 68,087 Belgium 0.0% 39,744 Titan Cement International SA (A) 1,861 39,744 Brazil 4.2% 8,517,702 AES Brasil Energia SA 14,898 40,592 Aliansce Sonae Shopping Centers SA 3,800 21,896 Alliar Medicos A Frente SA (A) 3,900 8,553 Alupar Investimento SA 7,050 36,713 Ambev SA, ADR 62,009 214,551 Arezzo Industria e Comercio SA 1,094 18,688 Atacadao SA 7,500 31,530 B2W Cia Digital (A) 1,700 19,535 B3 SA - Brasil Bolsa Balcao 90,234 302,644 Banco Bradesco SA 18,310 80,311 Banco BTG Pactual SA 3,588 84,638 Banco do Brasil SA 15,837 101,919 Banco Inter SA 3,300 14,088 Banco Santander Brasil SA 3,800 29,748 BB Seguridade Participacoes SA 8,229 36,932 BR Malls Participacoes SA (A) 28,804 62,453 BR Properties SA 8,524 15,489 BrasilAgro - Company Brasileira de Propriedades Agricolas 2,247 13,581 Braskem SA, ADR (A) 4,563 90,667 BRF SA (A) 18,790 92,838 Camil Alimentos SA 11,340 21,541 CCR SA 34,669 92,199 Centrais Eletricas Brasileiras SA 5,600 46,343 Cia Brasileira de Distribuicao 8,517 63,718 Cia de Locacao das Americas 18,348 93,294 Cia de Saneamento Basico do Estado de Sao Paulo 8,299 63,631 Cia de Saneamento de Minas Gerais-COPASA 4,505 14,816 Cia de Saneamento do Parana 3,000 2,337 Cia de Saneamento do Parana, Unit 8,545 33,283 Cia Energetica de Minas Gerais 8,594 27,209 Cia Hering 4,235 27,141 Cia Paranaense de Energia 3,200 -
How Agency and Structure Shaped Value Stasis in the Automobile Ecosystem
HOW AGENCY AND STRUCTURE SHAPED VALUE STASIS IN THE AUTOMOBILE ECOSYSTEM Michael G. Jacobides , London Business School Regent’s Park, Sussex Place, London NW1 4SA; +44 20 7000 8716 [email protected] John Paul MacDuffie , The Wharton School , U. Pennsylvania 3105 SH-DH, 3620 Locust Walk, Philadelphia PA, +1 215 898 2588 [email protected] C. Jennifer Tae , London Business School Regent’s Park, Sussex Place, London NW1 4SA; +44 20 7000 7000 August 2013 Under review at Strategic Management Journal Abstract We ask why value has not migrated in the automobile sector, despite expectations that it would follow the example of computers. We explain the factors underpinning stability in terms of value distribution in this ecosystem. Automobiles underwent vertical disintegration yet, unlike computers, the sector remained hierarchically controlled. Due to greater market scale and slower growth, plus persistence of integral product architecture, industry standards failed to emerge. Slow clockspeed, user requirement stability, and downstream access lock-in, as well as legal liability and certification, all acted as forces of stasis. We illustrate how these structural features interact with strategic agency of OEMs, intent on maintaining their central role as system integrators: retaining dominant influence over the locus of differentiability along the value chain and managing relative replaceability. (125 words) 1 Over the last decade, applied strategy research has increasingly focused on co-dependent systems of complementors, through concepts such as “ecosystems” (Iansiti & Levien, 2004; Adner, 2012), “industry architectures” (Jacobides, Knudsen & Augier, 2006; Pisano & Teece, 2007), and “platforms” (Gawer & Cusumano, 2002; Cusumano, 2010). Interestingly, this has highlighted a shortcoming of our analytical arsenal. -
Corporate Governance Scores S&P BSE 100 Companies
Corporate Governance Scores S&P BSE 100 companies Technical Partner Supported by the Government of Japan January 2018 TABLE OF CONTENTS Foreword 2 1 Introduction 4 2 SENSEX Trends 6 3 S&P BSE 100 Findings 8 4 Conclusion 12 5 Annexures 13 6 1 1. FOREWORD Vladislava Ryabota Regional Lead for Corporate Governance in South Asia, IFC Welcome to this second report on the Indian Corporate Governance Scorecard, developed jointly by the BSE, IFC and Institutional Investor Advisory Services (IiAS), with the financial support of the Government of Japan. The goal of a scorecard is to provide a fair assessment of corporate governance practices at the corporate level. This, in return, gives investors, regulators and stakeholders key information to help them in their decisions with regards to such companies. Since we started this journey in India, with our first scorecard issued in December 2016, a lot of dynamic changes have been set in motion. For instance, the scorecard of 2016 scored 30 companies, and now we have a 100 in this year’s edition. We were also happy to notice that several best practice requirements, covered by the scoring methodology, have been recommended by the Kotak Committee, formed in 2017 at the initiative of the Securities and Exchange Board of India. Changes have also taken place at the regulatory level to incite investors to take a more active role at Annual General Assemblies and vote in order to bring positive changes in the practices of their investee companies. All these changes form part of an overall dynamic aimed at helping the private sector raise its visibility in India and throughout the world and IFC is proud to be a solid partner and actor to this initiative. -
Value Gap Marketing: Customer Value Optimisation Using Database
John Groman graduated from Harvard Value gap marketing: Business School where he also spent two years in the faculty prior to founding Customer value optimisation Epsilon, a full-service advertising and database using database marketing marketing agency specialising in customer John Groman acquisition, retention and Date received: 10 May 1999 loyalty programmes. Abstract Your organisation’s marketing database is a goldmine of customer information that helps you separate your most valuable customers from the rest. But are you getting as much value from your best customers as you can? Do you know that some of your low-value customers are worth even more than you currently think? Or which customers will be your best ones three years from now? Value gap marketing, an innovative methodology that heralds the next generation of database marketing, can help you determine which customers represent the greatest potential value over time. Keywords Value gap marketing, Value gap marketing is an eight-step process for getting the most customer value, customer out of your database marketing effort. Case examples are given potential, database marketing, potential value from the fundraising, retail bank and credit card industries. Introduction For years, database marketers have worked from the premise that not all customers are created equal. They have succeeded by focusing marketing efforts and budgets on the top customer deciles. Value gap marketing (VGM) takes this a step further by examining existing customers and prospects to determine their current and potential category spending. If customer valuation focuses solely on historic activity, the bigger picture of category spending is missed. By DBM looks comparing their current share of category and examining the customer backward, VGM demographics and psychographics of top category spenders, it is looks forward possible to identify current and future customer potential irrespective of their history of spending. -
Creating Value in Fast-Moving Markets
Creating Value in Fast-Moving Markets An overview of Oliver Wyman helps firms operating in fast-moving mar- Oliver Wyman’s kets create sustained value, capitalize on deep customer high-tech strategy understanding, and drive organizational change that and operations will bring strategy to life. In hundreds of engagements capabilities around the globe, we've helped high-tech clients generate superior operating results–– including building billion- dollar businesses, quadrupling operating margins, and doubling growth rates. Oliver Wyman publishes its strategic insights in regular contributions to the Harvard Business Review, the Wall Street Journal, the Financial Times, and other leading periodicals, as well as in our agenda-setting books. As part of a $3.6 billion global consultancy, we are able to offer unparalleled breadth of scope and depth of industry and topical expertise. Oliver Wyman serves clients worldwide with strategy advisors based in the Americas, Europe, Asia, and the Middle East. Oliver Wyman’s Edge Oliver Wyman has consistently led the industry’s thinking and execution around the areas of customer priorities, business model innovation, and organizational design––three areas which continue to experience dramatic changes. In fact, we’ve built our firm around them. Oliver Wyman is a roll-up of boutique strategy and organizational consultancies with unique intellectual capital and capabilities in customer understanding and business design. Over the past 30 years, we have completed hundreds of engagements for high-tech clients around the globe. We have assisted 90% of the Fortune 100 technology companies over the past five years alone. Our clients also include mid-cap firms and even startups, as well as private equity firms focused on technology markets. -
Titan Company Limited Recovery in Jewellery Business to Drive Earnings Growth
Titan Company Limited Recovery in jewellery business to drive earnings growth Powered by the Sharekhan 3R Research Philosophy Consumer Discretionary Sharekhan code: TITAN Company Update Update Stock 3R MATRIX + = - Summary Right Sector (RS) ü We maintain our Buy recommendation on Titan with a revised PT of Rs. 1,910. It Right Quality (RQ) ü remains one of our top picks in the discretionary space due to a strong balance sheet and dominance in the branded jewellery space. Right Valuation (RV) ü The company expects strong recovery in pent-up demand especially in the jewellery + Positive = Neutral - Negative segment in H2FY2022; Ticket size is also expected to go up due to higher wedding spends shifted towards jewellery buying. What has changed in 3R MATRIX Titan has a market share of 5-6% in the jewellery market. Sustained new customer addition, strong safety standards followed by the company, omni channel platform, Old New and new product launches would help market share to improve ahead. RS Balance sheet strength will help it to compete well with strong regional and large players in the domestic market. RQ Titan Company Limited’s (Titan) market share in the jewellery market improved to 6% RV from 4% in the last four years. Improvement in market share is largely due to strong addition of new customers every year. Around 45% of sales of the jewellery business is Reco/View Change contributed by new customers. Uncertainty in business led by frequent lockdowns had huge impact on small jewellers cash flows. This led to large shift of customers to top Reco: Buy brands such as Tanishq (by Titan) in recent times. -
Marketing Strategy to Jane
Marketing Strategy To Jane The wind beneath my wings Marketing Strategy The Difference Between Marketing and Markets Third edition Paul Fifield AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP, UK 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 1992 Paperback edition 1993 Second edition 1998 Third edition 2007 Copyright # 1992, 1998, 2007, Paul Fifield. Published by Elsevier Ltd. All rights reserved The right of Paul Fifield to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( þ 44) (0) 1865 843830; fax ( þ 44) (0) 1865 853333; email: [email protected]. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/permissions, and selecting Obtaining permission to use Elsevier material Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, -
Inner 32 Arbitrage Fund Low
Tata Arbitrage Fund (An open ended scheme investing in arbitrage opportunities.) As on 30th June 2020 PORTFOLIO % to % to NAV % to % to NAV Company name Company name INVESTMENT STYLE NAV Derivative NAV Derivative The scheme invests in equity and equity related instruments that tries Hedge Positions 65.55 -65.33 Punjab National Bank 0.34 -0.34 to take advantage of the difference in prices of a security in the cash Reliance Industries Ltd. 2.34 -2.33 Sun Tv Network Ltd. 0.32 -0.32 segment and derivatives segment by turning market volatility to its ICICI Bank Ltd. 2.14 -2.13 Hindalco Industries Ltd. 0.29 -0.29 advantage. Housing Development Finance Corporation Ltd. 2.12 -2.10 ICICI Prudential Life Insurance Company Ltd. 0.24 -0.24 ITC Ltd. 1.94 -1.94 Axis Bank Ltd. 0.22 -0.22 INVESTMENT OBJECTIVE Tata Consumer Products Ltd. 1.54 -1.54 Larsen & Toubro Ltd. 0.22 -0.22 The investment objective of the Scheme is to seek to generate Sbi Life Insurance Company Ltd. 1.53 -1.53 Gmr Infrastucture Ltd. 0.20 -0.20 HCL Technologies Ltd. 1.52 -1.51 Mindtree Ltd. 0.17 -0.17 reasonable returns by investing predominantly in arbitrage Colgate-Palmolive India Ltd. 1.46 -1.46 Coal India Ltd. 0.16 -0.15 opportunities in the cash and derivatives segments of the equity Titan Company Ltd. 1.44 -1.44 Mahanagar Gas Ltd. 0.15 -0.15 markets and by investing balance in debt and money market Hindustan Unilever Ltd. 1.42 -1.42 Century Textiles & Industries Ltd. -
Sharekhan Special August 31, 2021
Sharekhan Special August 31, 2021 Index Q1FY2022 Results Review Automobiles • Capital Goods • Consumer Discretionary • Consumer Goods • Infrastructure/Cement/Logistics/Building Material • IT • Oil & Gas • Pharmaceuticals • Agri Inputs and Speciality Chemical • Miscellaneous • Visit us at www.sharekhan.com For Private Circulation only Q1FY2022 Results Review In-line quarter, healthy outlook Results Review Results Summary: After ending FY2021 on a strong note, Q1FY2022 earnings of broader indices showed a promising start (Nifty/ Sensex companies’ PAT rose 100%/66% y-o-y) in the new fiscal with strong growth momentum on low base. Management commentaries on earnings outlook remained positive, on improving economic activity post second COVID-19 wave and anticipation of strong demand revival. Demand recovery and ramp-up of vaccinations look encouraging. We expect economic activity to increase in the upcoming festive season. Nifty trades at 23x and 20x EPS based on FY2022E/FY2023E EPS, at a premium to mean average. Valuation gap between large and mid-caps has shrunk, we advise investors to focus on stocks with strong earnings growth potential with reasonable valuation. High-conviction investment ideas: o Large-caps: Infosys, ICICI Bank, M&M, L&T, UltraTech, SBI, HDFC Ltd, Godrej Consumer Products, Divis Labs and Titan. o Mid-caps: NAM India, BEL, Gland Pharma, Dalmia Bharat, Laurus Labs, Max Financial Services, LTI. o Small-caps: TCI Express, Kirloskar Oil, Suprajit Engineering, Repco Home Finance, PNC Infratech, Mahindra Lifespaces, Birlasoft. After ending FY2021 on a strong note, Q1FY2022 corporate earnings of broader indices showed a promising start with continued strong growth momentum on the low base of Q1FY2021, though it was along the expected lines. -
Average Market Capitalization of Listed Companies During the Six
Average Market Capitalization of listed companies during the six months ended 31 December 2019 NSE 6 month MSEI 6 month Categorization BSE 6 month Avg Average of All Avg Total Avg Total as per SEBI Sr. No. Company name ISIN BSE Symbol Total Market Cap NSE Symbol MSE Symbol Exchanges Market Cap Market Cap in Circular dated in (Rs. Crs.) (Rs. Cr.) (Rs. Crs.) (Rs Crs.) Oct 6, 2017 1 RELIANCE INDUSTRIES LTD. INE002A01018 RELIANCE 8,62,948.40 RELIANCE 8,63,094.99 8,63,021.70 Large Cap 2 TATA CONSULTANCY SERVICES LTD. INE467B01029 TCS 8,02,794.79 TCS 8,02,833.84 8,02,814.32 Large Cap 3 HDFC BANK LTD. INE040A01034 HDFCBANK 6,57,924.81 HDFCBANK 6,57,673.78 6,57,799.29 Large Cap 4 HINDUSTAN UNILEVER LTD. INE030A01027 HINDUNILVR 4,17,295.60 HINDUNILVR 4,17,358.07 4,17,326.84 Large Cap 5 HOUSING DEVELOPMENT FINANCE CO INE001A01036 HDFC 3,77,046.89 HDFC 3,76,045.83 3,76,546.36 Large Cap 6 INFOSYS LTD. INE009A01021 INFY 3,22,649.22 INFY 3,24,363.32 3,23,506.27 Large Cap 7 ITC LTD. INE154A01025 ITC 3,10,044.94 ITC 3,09,810.29 3,09,927.62 Large Cap 8 KOTAK MAHINDRA BANK LTD. INE237A01028 KOTAKBANK 2,98,498.43 KOTAKBANK 2,98,448.59 2,98,473.51 Large Cap 9 ICICI BANK LTD. INE090A01021 ICICIBANK 2,92,955.49 ICICIBANK 2,92,761.69 2,92,858.59 Large Cap 10 STATE BANK OF INDIA INE062A01020 SBIN 2,76,148.52 SBIN 2,76,174.28 2,76,161.40 Large Cap 11 BAJAJ FINANCE LIMITED INE296A01024 BAJFINANCE 2,19,721.08 BAJFINANCE 2,17,488.62 2,18,604.85 Large Cap 12 MARUTI SUZUKI INDIA LTD.