FROM THE VICE PRESIDENT’S DESK
Volume 6
Issue 6
Sept 2014
Greetings from mjunction! India’s lumbering economy registered its fastest growth in two-and-a-half years for the quarter ended June when the gross domestic product (GDP) grew at 5.7% compared with a provisional 4.6% expansion in the previous three months and a 4.7% growth in the first quarter of 2013-14. The last two years marked the longest spell of sub-5% growth in a quarter of a century. While inflation seems to be easing, IIP and PMI data still points to stagflationery trends. This poses a difficult challenge to RBI and how Rajan addresses this something the country is waiting to watch. It is important to mention that interest rate reduction at this juncture looks a bit of a challenge in spite of a dip in inflation. In this issue of financejunction Connect, we have summarised the first 100 days of the Modi government and the first year of Raghuram Rajan, the 23rd Governor of the Reserve Bank of India. This issue also highlights the global trends in the Supply Chain Finance and how financejunction offers world class supply chain solutions to its customers and clients across industries, thus making their supply chain robust. I hope you enjoy this issue as much as we enjoyed and learned from working on this. My team and I look forward to your feedback on how we can make financejunction Connect an even more interesting read for you. On behalf of mjunction, I would take this opportunity to wish you all a very happy and prosperous Dushera and Diwali. Regards,
PART 1 GLOBAL ECONOMY
Vinaya Varma, Vice President, mjunction services limited
GLOBAL ECONOMY Global economy recovery has been slow and irregular in the last few years. According to the International Monetary Fund (IMF) July World Economic Outlook, the world economy grew 3.5% in 2012, the pace decelerated to 3.2% in 2013 and growth is expected to be only modestly better in 2014 at 3.4% and 4% in 2015.
Global power is shifting from advanced to emerging market and developing economies. Advanced economies are projected to climb 1.8% in 2014 and 2.4% in 2015. Emerging economies are predicted to grow by 4.6% in 2014 and 5.2% in 2015. These growth projections are considered crucial for global expansion as well as for the progress of emerging and developing nations.
GDP GROWTH RATES 2013A
2014E
2015E
3.2 3.4
4 4 3.2
3.4
4 3.2 3.4
4 3.2 3.4
4
3.2 3.2 3.4
4 3.4
4
3.2 3.4 3.4
3.2
4 World Economy
U.S.
Japan
China
India
Brazil
South Africa
Euro Zone
*Source of Growth Rates: IMF’s July 2014 WEO
While the IMF pointed to Japan, Germany and the UK as the year's best performers, weakness in the US and China convinced it to lower its global outlook.
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PART 1 ECONOMY & MARKET REVIEW
ACHHE DIN ARE HERE Economy Grows At Fastest Pace in 9 Quarters Quarterly GDP Growth Rate (% change Y-O-Y)
6.5
6.5
Mar Qtr 2011-12
6.0
7% Increased in Gross fixed capital formation
5.7
5.8
Mar Qtr 2014-15
5.2
Mar Qtr 2011-12
5.5
Lots to cheer in Numbers
4.8% Growth in Construction
Mar Qtr 2013-14
5.0
4.6
4.4
Mar Qtr 2013-14
Mar Qtr 2012-13
4.5
Some signs of Investment Recovery
5.6% Rise in Private Consumption
Better Consumer Sentiment
3.8% Growth in Agri and related Sectors
Drought yet to dent agri
3.5% Manufacturing Growth
Demand Picking Up
4.0 Q3
Q1 13
Agriculture Industries Services In %
6.8
4.2
3.8
Industries
Growth in private Final consumption expenditure signifying demand in economy, stagnant at 5.6% in June quarter of 2014-15, compared to year ealier
Coal Situation could worsen
Growth in Government Final consumption expenditure down at 88%, against 12.8% in corresponding period of 2013-14
Gross fixed capital information, a proxy of investment up 7.02% against the fall of 2.8% in the year ago period
Consumer Price Index- based inflation rose in July verses June, while it was at a five-month low in July, in terms of the Wholesale Price Index
Centre’s tax revenues, (net of states devolution) down to Rs. 47,778 crore in July, against Rs. 70,436 crore in June
Outlook
-0.4
Agriculture
Poor rains may hit Agricultural Growth
A Few Worries
Jun Qtr, 2013-14 Jun Qtr, 2013-14
4.0
Q1 15
Q1 14
Services
Construction is part of Industry source: Mospi
Purchasing Managers’ Index for manufacturing rose to a 17-month high in July, verses June, while it was at a fivemonth low in July, in terms of the Wholesale Price Index
The growth pick-up was mainly on account of a rebound in the manufacturing and mining sectors. Manufacturing, which makes up nearly 15% of the economy, grew 3.5% in the three months to end-June, recovering from a 1.4% and 1.2% contraction in the past quarter and yearago period, respectively. With the order books swelling, manufacturing activity grew at its quickest pace in 17 months in July, marking the ninth consecutive month of expansion according to the HSBC Purchasing Managers' Index (PMI) survey.
Community, social and personal services expanded 9.1%, significantly higher than 3.3% in the previous quarter, largely explaining the strain on fiscal deficit. However, it was lower compared to the 10.6% growth in the corresponding period of 2013-14. Demand in the economy didn’t pick up much, as private final consumption expenditure growth was 5.6%, the same as in the corresponding quarter last year. At 7%, growth in gross fixed capital formation, a proxy for investment, was high, against a fall of 2.8% in the year-ago period.
The mining sector expanded 2.1% compared with 0.4% and 3.9% declines a quarter earlier and in the corresponding previous quarter, respectively. The construction sector expanded 4.8% in the first quarter of this fiscal against 1.1% growth in the year-ago period. The key indicators of construction, production of cement and consumption of finished steel, registered growth of 9.5% and 0.7%, respectively. During the quarter, the mining segment recorded growth of 2.1%per cent, following eight quarters of declines or stagnation.
INFLATION EASES TO A 5 YEAR LOW & IIP SLIPS TO 4 MONTH LOW India's wholesale price inflation eased to its lowest level in nearly five years in August. The Wholesale Price Index (WPI) rose 3.74% year-on-year last month, helped to its slowest pace since October 2009.
.Annual farm output growth, however, slowed to 3.8% from 6.3% in the March quarter. The sector grew 4% in the April-June quarter of 2013-14. With the sector accounting for 14% of the economy, the weak rains at the start of the four-month monsoon season are expected to weigh on overall growth during the June-September quarter.
Consumer Price Inflation (CPI), tracked by RBI to set policy lending rates, edged down marginally to 7.8% in August. Improved rainfall in recent weeks helped moderate food price pressures, lower global oil prices and the favourable statistical base should helped lower inflation, but there are still counter-forces to consider in the upcoming months.
The highest growth rate during the first quarter of 2014-15 was recorded by financial services at 10.4%, followed by electricity, gas and water supply at 10.2%. Growth in trade, hotels, transport and communications also inched up to 2.8% in the first quarter from 1.6% in the same period of 2013-14.
Historically, the wholesale price index (WPI) has been the main measure of inflation in India. However, in
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While within inflation, the breakup included:
8.53% Clothing, Footwear, Bedding
8.73% (MoM)
4.47% (MoM)
Vegetable Price Inflation
8.73% (MoM)
Industrial activity, as measured by the index of industrial production (IIP), slipped to a four month low to 0.5% in the month of July, as compared to 3.9% in the previous month (which was revised higher from 3.4%).
2.6%
During April-July 2014-15, IIP recorded 3.3% growth, as against contraction of 0.1% in the same period of 2013-14. Within the IIP, manufacturing sector (which constitutes 75% of the index) contracted 1% in July, compared with 3% growth a year ago. For April-July, the sector has grown at 2.3% compared with 0.1% contraction in the year-ago period.
Basic Goods Growth
9%
(MoM)
vs
JAN FEB MAR APR MAY JUN JUL AUG
5.0 1.1 0.5
-2.0 APR
MAY
JUN
The Good Manufacturing Contracts 1% mining and The Bad slows a bit to 2.1%; electricity does (% Annual Growth)
Capital Goods Growth
(MoM)
JUL
(MoM)
(MoM)
11.7% vs
Electricity Sector Growth
23% (MoM)
Consumer Goods Growth
(MoM)
vs
vs 10%
Consumer Durables Growth
(MoM)
23.4% (MoM)
9.42%
2.1% Mining Sector Growth
15.7%
20.9%
7.4%
Consumer Inflation eases
3.9
MAR
0.1%
9.36%
Food Inflation
vs
2.9%
Industrial Growth At 4-Month Low (% Annual Growth)
FEB
(MoM)
vs
Consumer Non Durables Growth
JAN
2.7%
7.42%
3.8%
vs
7.6%
Although July industrial growth numbers are a dampener, indicators for August suggest this could be a blip. Sa pickup in the domestic economy, car sales rose 15% in August and indirect tax revenue growth rose to 9% in the month compared with 4.9% rise in July.
3.4
Urban Inflation
(MoM)
Intermediate Goods Growth
vs
vs
16.88%
Rural Inflation
9.42%
7.04%
vs
vs
vs
Combined Fuel, Light Inflation
15.15%
8.53%
4.15%
vs
vs
vs
4.3%
Manufacturing Sector Growth
(MoM)
9.36% (MoM)
(% Annual Inflation)
8.79 8.10 8.31 8.59 8.28 7.46 7.96 7.80 After 3 months of strong growth, capital goods falter contract 3.8%
10 out of 22 manufacturing Sub sectors contract in july
well with 11.7% growth
This will pose a huge challenge to the Reserve Bank to strike a balance between falling investments and reining in inflation while reviewing its monetary policy.
HSBC COMPOSITE OUTPUT INDEX STANDS AT 51.6 IN AUGUST The latest PMI data highlighted a fourth successive monthly rise in private sector activity in India as the HSBC Composite Output Index stood at 51.6 in August, down from 53.0 in July. While the latest figure indicated a slowdown in output growth across the private sector, it remained consistent with a moderate expansion in activity. Output growth weakened from July at both services and manufacturing companies, although manufacturing production increased at the second quickest pace since February 2013. Indian services firms registered a fourth successive monthly rise in new orders in August, although the pace of expansion slowed from July. The headline HSBC India Services Business Activity Index posted 50.6 in August, down from 52.2 in July. Sector data indicated that growth of activity was broad-based, as only Hotels & Restaurants companies reported a reduction. The fastest increase was at Post & Telecommunications firms. Improvements in new business can be attributed to a stronger demand. Incoming new work rose solidly across the private sector as a whole, with the sharper expansion recorded in the manufacturing industry. Owing to a fall in output and new domestic orders, India’s manufacturing sector activity declined marginally in August, after a sharp upswing in July. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), a measure of factory production, eased to 52.4 in August from 53 in July.
KEY POINTS Output grows across the private sector, as manufacturing production increases solidly New orders rise for fourth successive month Inflatiory pressures ease across private sector HISTORICAL OVERVIEW HSBC India Composite Output PMI
Source: Markit, HSBC
50 = no change on previous month, S.Adj
Increasing rate of growth
65 60 55 50 45 Increasing rate of concentration
40 2006
2007
2008
2009
2010
2011
2012
2013
2014
Further information on service sub-sectors is available in the main report at www.hsbc.com
The slowdown during August appeared to be domestically -driven since new export orders (54.5 as against 54.3 in July) registered a marginal rise. This is the 10th consecutive monthly improvement in operating conditions in August. A PMI reading above 50 indicates growth while a lower reading means contraction.
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PART 1 ECONOMY & MARKET REVIEW
CONFIDENCE HAS RETURNED -TIME FOR ACTION As Prime Minister Narendra Modi completes 100 days in office next week, the overall sentiment of India Inc. is one of optimism, as the reversal of a perception of policy inaction with several meaningful steps on economic reforms like hiking foreign equity caps in defence and insurance, a clear signal of a return of the liberalisation, have made the climate conducive for fresh investments and growth, stakeholders said. Even as rating agencies that were on the brink of downgrading India`s sovereign ratings at the beginning of the year, the stock markets also reacted positively to the policy initiatives, with two key indices touching all-time highs. The Reserve Bank of India, which generally maintains a conservative position while assessing the economy, has also revised its growth forecast for this fiscal to 5.5%-6.0% from an actual sub 5% growth. Foreign funds were hesitant onlookers at the investment opportunities in Indian stocks till April, are back in business as net buyers. This influx has already seen these funds investing $26 billion this year. If this pace continues, 2014-15 could well turn out to be a record year for inward foreign fund investments with $50 billion. Business confidence surveys conducted by independent agencies also suggest a revival in sentiments. Their broad findings are: a definite pickup seen in demand, the return of new investment decisions and a definite move towards hiring. With most top industrialists having dealt with the Gujarat government when Modi was chief minister, they know he means business. The industry is particularly pleased with the promise of making the environment business-friendly and the initiatives on infrastructure across India. Modi has promised to make it easier to do business through speedier clearances and stable tax policies, giving investors in Asia’s third-largest economy hope of a rosier future after years of low growth and high inflation. The government`s initiatives in infrastructure apart from high-speed trains include the creation of 100 smart, inter-linked cities, a roadmap for public-private partnership in a host of areas like ports, roads and highways and housing for all.
CII BUSINESS CONFIDENCE SURVEY The Business Outlook Survey conducted by the Confederation of Indian Industry (CII) also reflected the optimism with the Modi government. Improvement in basic macro indicators and a sharp improvement in investors’ sentiments amidst heightened expectations that the new government means business along with some, the CII Business Confidence Index (CII-BCI) for the April-June 2014 quarter rose to 53.7 from 49.9 in the previous quarter.
TURNAROUND TALE GDP at factor cost (%)
5.7
4.7
4.6
Q1
Q4
Q1
(2013-14)
(2013-14)
(2014-15) (2013-14)
(2014-15)
Growth in (%)
Q1
Q4
Q1
Agriculture, Forestry and Fishing
4.0
6.3
3.8
Mining
-3.9
-0.4
2.1
Manufacturing
-1.2
-1.4
3.5
Electricity
3.8
7.2
10.2
Construction
1.1
0.7
4.8
Trade, Hotels, Transport
1.6
3.9
2.8
Financing Real Estate
12.9
12.4
10.4
Community, Social, Personal services
10.6
3.3
9.1
In line with the `Make in India` and `Made in India` vision, the government sent out clear signals to investors, both domestic and global - to make India a global manufacturing and export hub. Social sector schemes such as skill development mission, Clean India programme and the financial inclusion package to reach banking and insurance to every household are not just seen as providing security but also as creating rural demand. There are signs of overall revival of the economy as well. Growth in factory output is scaling up. Core industries like electricity, cement, steel and coal are seeing a pickup in demand, the service sector is seeing new recruitments, exports have seen the sharpest rise in six months and there is a resolve to reduce deficit. Despite these positive indicators, there are some tricky issues as well which the Modi government will have to deal with. Some of them being: clearing the mess of coal block allocations declared illegal since 1993 and high inflation. A few analysts feel it is premature to attribute last quarter’s GDP growth to the policies of the Modi government as the anticipation of change could have lifted the economy. They feel the improvement in the latest GDP figures is in large measure because of steps taken by the previous government to kick-start capital investment and spur consumer demand, which have led to a revival in industrial output and vehicle sales. However, with the evidence of economy bottoming out, the stage is now set for a palpable growth revival through incremental steps.
INDIA BUSINESS CONFIDENCE 65
65 62.5
60
60 55
55
54.9
53.3
53.6 52.9
50
51.3
49.9
51.3
51.2
49.9
48.6
50
45.7
45
45 Jul/11
Jan/12
Jul/12
Jan/13
Jul/13
Source: www.tradingeconomics.com | Confederation of Indian Industry (CII)
4
55
Jan/14
Jul/14
Rajan took on the challenge of propping up the weak domestic currency by announcing that the central bank would offer a forex swap window (September 4 to November 30, 2013) for banks’ overseas borrowing and non-resident deposit funds, resulting in capital inflows of over $34 billion. The opening of the forex swap windows, coupled with gold import curbs, helped the rupee stabilise to 60.50.
Development Measures Rajan outlined five development pillars to improve the financial system: 1. Clarifying and strengthening the monetary policy framework 2. Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organisational forms; 3. Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help absorb the risks entailed in financing India’s growth 4. Expanding access to finance for small and medium enterprises, the unorganised sector, the poor, and remote and underserved areas of the country through measures to foster financial inclusion 5. Improving the system’s ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery
Despite the clamour among India Inc and Government functionaries to cut interest rates, the Governor has stood his ground. Rajan emphasised the importance of breaking the spiral of rising price pressures and inflation expectations in order to curb the erosion of financial savings and strengthen the foundations of growth.
Inflation focussed Rajan raised policy rates thrice — by 25 basis points each — to 8% over the last year as he felt bringing down inflation would create the best conditions for sustainable growth. He clearly outlined that the central bank remains committed to the disinflationary path of taking retail inflation to 8% by January 2015 and 6% by January 2016.
RBI granted “in-principle” approval for banking licences to IDFC and Bandhan Financial Services in April. It also set up the Central Repository of Information on Large Credits (CRILC) in April 2014 to collect, store and disseminate credit data to lenders.
We are not against growth but we do
Regarding recovery of loans, Rajan told bankers that company promoters do not have a divine right to stay in charge when they have mismanaged an enterprise, nor do they have the right to use the banking system to recapitalise their failed ventures.
think that growth will be most benefited if we disinflate the economy and we don’t have to fight this fight again… Let’s fight Raghuram Rajan Governor, RBI
Taking on FSLRC Like his predecessor D Subbarao, Rajan also freely expressed his views on the recommendations of the Financial Sector Legislative Reforms Commission.
the anti-inflation fight once and let’s win; that will create the best conditions for sustainable growth.” “We are not
With an intention of placing more checks and balances on regulatory actions, he believes that almost everything the regulator does, not just the framing of regulation or the process by which decisions are reached but also the exercise of regulatory judgment as well as policy decisions, is to be subject to legal appeal. For that, he would like to create a Financial Sector Appellate Tribunal.
against growth but we do think that growth will be most benefited if we disinflate the economy and we don’t have to fight this fight again… Let’s fight the anti-inflation fight once and let’s win; that
Two more years at the helm Rajan has two more years to go as RBI Governor as per his tenure. It is expected that under his leadership, the central bank will become more dynamic, responding quickly to meet the needs of the emerging economy, which is seeing green shoots of recovery under the new Government.
will create the best conditions for
PART 3 SUPPLY CHAIN FINANCE
sustainable growth.
SUPPLY CHAIN FINANCE
specific information, which in itself on one hand is generated within the supply chain framework and on the other, is capable of facilitating marginal costing, cost management and other SCF strategies.
The concept of Supply Chain Finance (SCF) was introduced in the 1990s and it relates to the process of optimising the availability and minimising the cost of capital within a buyer centric supply chain of an organisation. SCF can also be interpreted to encompass financing solutions that makes the supply chain between the buyers and sellers robust.
As explained, SCF’s role is to optimise availability and cost of capital within a buyer-supplier supply chain. It does this by aggregating, packaging and utilising information generated during supply chain activities and marrying this information with the physical control of goods. This enables lenders to mitigate financial risk within the supply chain which in turn allows more capital to be raised at lower rates and accessed faster.
Recent exigencies like the financial crisis, increasing prices of material and natural calamities have changed the face of the world for business today. Stakeholders in the supply chain are susceptible and this creates the need to continuously refine drivers such as cash management, working capital management etc. The quest for efficiency in business is ever increasing and successful companies globally have embraced advanced supply chain processes such as vendor-managed inventory and supply chain finance. They are also using on new technologies to improve performance such as collaborative demand planning, data synchronisation, electronic product codes and e-invoicing. Considering the fact that “risk management” is the current buzzword in the global environment, SCF is being increasingly adopted as a solution to mitigate risks in the supply chain.
It is clear that the problems of financing and cash flow are now the weakest link of the supply chain and can destroy all efforts that have been made to improve the “end to end” operational performance. Most organisations require significant amounts of working capital to deal with the varied and often unpredictable financial inflows and outflows. Until recently, the management of financial flows remained obscure in terms of generally accepted best practices. However, over time it became clearer; both in terms of opportunities to more efficiently integrate and accelerate the payment channel between the stakeholders and in assessing the extent of risk-sharing between customers and suppliers. When viewed collectively, the management of financial flows seeks to address the challenges such as slow processing, unreliable and unpredictable cash flows, suboptimal credit decisions and ascertainment of the optimal level of working capital.
The SCF channels facilitating the optimisation of the supply chain are accentuated by the aggregation, integration, packaging and utilisation of
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SELLER
BANKS
BUYER
Reduced working capital requirement through improved Days Payable Outstanding
Reduced cost of good purchased
Stronger collaborative relationships with customers
A more stable buyer base
Access to low-cost finance- Provision of a basis to negotiate working capital loans on competitive commercial terms
Enhanced customer retention
Improved buyer relationship by providing new & cheaper sources of funds
Provision for accelerated payments
Increased bottom line by supporting clients’ entire supply chin from end to end
Reduced cost of processing payments
Provision of alternative sources of liquidity
Increased profitability with lower capital requirement
Better cash-flow management
Reduced cost of capital through improved Daily Sales
Increased reach & profile of trade and treasury organisations
Visibility of cash in-flow – Predictable cash flows
Outstanding and lower financing costs
Efficiency gains among clients create growth potential leading to an expanded need for banking services
Indicators used to measure t performance of SCF program in the supply chain are usually the general liquidity ratios- Total Current Assets (stock) / Total Current Liabilities. However, due to its static nature, other indicators
evolved integrate with the vision based accounting for assets / liabilities (to measure efficiency of working capital) and the business vision based on physical flows and information (to measure the performance of the supply chain).
SUPPLY CHAIN FINANCE BECOMING A 'MUST HAVE' ACCESSORY FOR TRANSACTION BANKS
Almost 90% of the bank respondents regard SCF as a need-to-have financial product for corporate buyers, with more than three quarters of them considering it an added-value product. In the medium term, bank financiers expect domestic SCF programmes to become an absolute "must have" for corporates, while intensified competition will standardise and commoditise the domestic SCF service offering.
According to latest research from Demica, SCF has continued to exhibit strong growth in the last two years at an annual growth rate between 30% and 40% at major international banks.
Phillip Kerle, chief executive officer of Demica, comments, "The upward growth trajectory of SCF witnessed by global banks demonstrates the growing importance of this facility in the trade finance armoury. In addition to the working capital benefits, nowadays businesses are also placing greater emphasis on operational efficiencies and cost reduction. The increased transparency and visibility in payment processes facilitated by SCF will therefore prove to be a particularly valuable asset for suppliers and corporates alike."
The SCF market - in which transaction banks provide short-term financing is expected to continue to expand strongly to the end of the decade, although the pace of growth will moderate to 20-30% per annum by 2015, and 10% per annum by 2020. While Eastern Europe, India and China are considered the top three regions with future SCF market potential, financiers believe that the highest growth of SCF currently originates from the US and Western Europe, in particular the UK and Germany.
THE FINANCEJUNCTION SOLUTION
financejunction has been working as a growth stimulus for corporates by making their supply chain robust. Since inception financejunction has arranged over Rs 27000 crore of finance to distributors and retailers in the steel, coal and lubricants supply chains. financejunction has been working as a growth stimulus for corporates by making their supply chain robust. Since inception financejunction has arranged over Rs 27000 crore of finance to distributors and retailers in the steel, coal and lubricants supply chains.
A recent survey claimed that more than two-thirds of companies report that they are “investigating or putting in place SCF programs to lower end-to-end costs. With its array of services like Channel Finance, Insta-Loan and Buyer Finance, financejunction aims to bring about greater financial inclusion by providing online finance solutions (credit line and transaction status visibility) at attractive terms to the buyers & channel partners (Distributors / Dealers / End Users of) of large corporates to enabling them to fund bigger buys. This also improves the corporate’s cash flow and directly impacts their bottom line and improves their net realisation. By partnering with financejunction, corporates can also free their bandwidth to focus on their core business.
FINANCEJUNCTION DIARY financejunction has empanelled 3 new banks – Yes Bank, Axis Bank and DBS, as their finance partners.
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mjunction is the largest ecommerce company in India. It is a 50:50 venture promoted by the Steel Authority of India Limited (SAIL) and TATA Steel. Editor: Shruti Sanskriti For feedback regarding newsletter, write to: shruti.sanskriti@mjunction.in
shamim.ahmed@mjunction.in subarna.gupta@mjunction.in
www.mjunction.in www.financejunction.in
corporate office
Registered office
mjunction Services Limited Godrej Waterside Tower – I, 3rd Floor, Plot No. 5, Block – DP Sector – V,Salt Lake City, Kolkata – 700091, WB, India Tel: +91 33 6610 6100 Fax: +91 33 6610 6187/ 6179 +91 33 6601 1719 / 1720 CIN: U00000WB2001PLC115841 eMail: contactus@mjunction.in
TATA Centre, 43 Jawaharlal Nehru Road, Kolkata 700 071 Tel: +91 33 6610 6100 +91 33 2288 2606 Fax: +91 33 2288 2078
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