Strategic management is the process of setting a hierarchy of organizational goals for the short- and long-term, and using these milestones to gauge progress. This concept is a clearly articulated statement expressing your overall reason for being in business, whether you aim to earn as much money as possible or to make the world a better place.
The health-care and IT sectors were the key drivers of the market's performance. The small under-performance of the Company's NAV against the Index was due to the overweight in consumer and material companies whose activities were most affected, temporarily, by demonetisation.
Piramal Enterprises, was the single biggest contributor to relative performance. Although categorised as a health-care stock, it has a fast-growing financial services arm and news of plans to split the company into two separate entities propelled its share price upwards.
The move should unlock value for the conglomerate by spinning off its unrelated businesses.
Biocon rallied on optimism over the filing of four new generic drugs in the EU and US over the next year. The portfolio benefited further from not holding Dr Reddy's Laboratories, seemingly embroiled in a US price collusion probe.
The gains, however, were pared by the small position in GlaxoSmithKline Pharmaceutical, as its share price succumbed to disappointing results, US regulatory and pricing pressures, as well as domestic drug price controls.
Also aiding performance was the underweight to the IT sector, which was a relative laggard.
The operating environment turned more unpredictable as Western clients cut back on their IT spending and US President Trump threatened to clamp down on foreign talent. The underweight to Infosys, which fared less well, also contributed positively.
Infosys posted lacklustre results and downgraded its outlook, owing to unexpected setbacks in discretionary spending on consulting services, package implementation and project ramp-ups. In the consumer staples sector, stock selection was positive. Cigarette maker ITC posted decent quarterly results and benefited from the GST council's decision to leave rates unchanged for tobacco, while Godrej Consumer Products' share price was underpinned by continued healthy growth both domestically and overseas.
However, the reverse was true for the consumer discretionary sector, as stock selection detracted. This sector was hurt disproportionately by demonetisation, as consumers delayed buying big-ticket items like two- and four-wheelers. Among financial holdings, HDFC Bank and Kotak Mahindra Bank both gained from demonetisation, posting solid income growth driven largely by net interest income.
Similarly, Gruh Finance's earnings were driven by higher net interest income and a tighter rein on operating expenses, despite higher provisions. Not holding Axis Bank was also positive, after the lender's bad loan provisions increased sharply.
The overweight to materials buoyed performance, as the sector rebounded on stable prices and a recovery in volumes. This, however, was overshadowed by the underlying cement and paints holdings, as demonetisation hurt the supply chains of the two largely cash-based sectors in the short term.
Elsewhere, utility company Gujarat Gas was a key contributor. It was aided by a pick-up in volumes, as gas is competitively priced with other alternatives, and by effective cost management.
In contrast, stock selection in the industrials sector dragged down performance. Container Corporation faced an anaemic trade environment and tariff pressures from Indian Railways, while power and automation equipment maker ABB India has yet to see significant earnings growth that would support its relatively high valuations, although it continues to benefit from lower raw material and financing costs.
The underweight to energy detracted, as the sector was buoyed by stabilising commodity prices. Not holding energy heavyweights Reliance Industries and Vedanta also hurt the fund.
Economic News Indian equities posted impressive returns over the review period. Oil prices stabilised and the global economy appeared to be on the mend, offsetting unexpected political outcomes including Brexit and Donald Trump's US presidential election win.
Also, the US Federal Reserve started a slow but steady tightening cycle with two interest rate hikes. Domestically, Prime Minister Narendra Modi scored key reform and political successes, even as he caused short-term upheaval through demonetisation, with the impact falling unevenly across different sectors.
Your Chairman has highlighted the key themes in his Statement, which we will use to illustrate how your Company's holdings are responding or could benefit from them. First, GST is set to be rolled out on 1 July, with scope for cost-savings particularly for cement producers, such as Ultratech.
Aside from lower taxes, they will be able to sell cement freely across state boundaries and reduce their depots significantly, as deliveries will go directly to distributors.
Similarly, fast-moving consumer goods companies could also reap savings in logistics and distribution costs.
Hindustan Unilever, for example, is already working with customers, suppliers and distributors to overhaul its procurement and distribution network. Next, demonetisation appeared to have caused some initial disruption to earnings, but the worst seems to be over.Importance Company’s track Clauses of profit The role of the ranking record distribution investment council 1 7 2 - 2 1 6 2 3 1 1 7 Table 3.
Sub-criteria 2: Factors when evaluating a fund structure The third sub-criteria was the characteristics of the investment markets.
Financial Analysis - Break - Even Analysis - Sources of Finance - Financial Institutions - Problems and remedies - Role of Commercial Banks. UNIT - IV Entrepreneurial Development Progtammes in India - EDP Cell, DICs, KVIC, DRPA, TRYSEM, JRY, SISI, SIDCs-Other national, State and District Level Development Progammes.
He stressed the importance of energy efficiency: in very tight systems, energy efficiency was the biggest contributor to global warming regardless of the refrigerant, and it even played an important role in systems with considerable leaks and a high-GWP refrigerant.
Claims Management Effective claims management is a critical factor in achieving satisfactory underwriting results. We maintain an experienced staff of appraisers, medical specialists, managers, staff attorneys and field adjusters strategically located throughout our operating territories.
May 09, · As part of its effort to harmonize German law with the Eligible Assets Directive and to create more attractive investment vehicles, the Act amends the definition of investment management company (Kapitalanlagegesellschaft, "KAG") such that a KAG is .
KEF VI: Technology Acquisition and Knowledge Networks The Role of Government: Building Absorptive Capacity in Europe and Central Asia April 17, Mr. Itzhak Goldberg Lead Specialist Europe and Central Asia Region World Bank.
Output Growth. Labor. Capital. Human Capital.