FINANCE & INVESTMENT CLUB
NIVESHAK JUNE JUNE 2021 2021
ISSUE VII VOLUME XIV
Issue I - Volume XV
EDITOR'S NOTE Qui n’avance pas recule
Dear Niveshaks, We are delighted to bring to you the June edition of Niveshak. We are back after our break to a noticeably more optimistic world. While India battled a grim second wave, there has been a marked return to normalcy across the developed world. In the United States, the pace of vaccination has slowed down after nearly half of the adult population has been fully vaccinated; the slew of incentives that followed to overcome vaccine hesitancy has been interesting to watch. The vaccination story has been reflected in numerous highfrequency economic indicators (like the TSA daily throughput data), showing a rapid return to 2019 levels of activity. However, if there has been one word that has dominated financial news in June 2021, it is inflation. In the US, the CPI increased by 5% in May (annualized), the highest increase since 2008. Closer home,
TEAM NIVESHAK
Arushi Mathran
Aritro Datta
Hardik Goyal
Nihar Mehta
Manish Kumar
Pratyush Kumar
Sandhaan Goyal
Rakesh MK
Vasundhara Mishra
NIVESHAK | JUN'21
India too saw CPI increase by 6.3%, which is beyond the 2-6% range that the RBI aims to contain inflation in. Despite the recovery play narrative, markets have been cautiously optimistic in June due to the threat of inflation. Going forward, the response of central banks across the world will be interesting to observe. Some, like the Fed, have hinted towards interest rate hikes in the coming years, and even the mention of this possibility has rattled markets. Interesting times ahead.
EDITOR'S NOTE
headlines. Finally, test your finance and economics knowledge in this edition’s “Quiz”. We would love to hear your thoughts, ideas, and feedback; please reach out to us to let us know what you think! We hope you derive something valuable from this edition and that you stay safe and excited in these exciting times.
Stay Invested, In this edition of Niveshak, we cover TEAM NIVESHAK “Cryptocurrencies” in our cover story, which has been an especially important topic in the financial world of late. We also cover the “Asymmetric Information Theory" in “Classroom,” where we break down the concept into simple terms and how it can be applied to everyday life. In “Know Your Sector,” we cover the Real Estate Sector and cover the nuances that any analyst should take stock of while trying to understand the sector. We then move on to covering “Asymmetric Information Theory” in “On the shoulders of giants,” a ground-breaking paper in academia. In “Something Ventured, Something Started,” we cover the latest in the start-up space that made
All images, design and artwork are copyright of IIM Shillong Finance Club © Finance Club Indian Institute of Management, Shillong
Disclaimer: The views presented are the opinion/work of the individual author and the Finance Club of IIM Shillong bears no responsibility whatsoever.
CONTENTS The Month That Was A look at the major events of the month in the world of Finance and Investment
06
Cover Story NIF
Decrypting Cryptocurrency
The performance report of the Niveshak Investment Fund
10
08
Classroom Information Cascade
15
Something ventured, Something started Know Your Sector Real Estate
16
Indian fintech startup Digit Quiz On the Shoulders of Giants Asymmetric Information Theory
18
20
A chance to test your Finance and Economics knowledge
21
NIVESHAK | JUN'21
6
THE MONTH THAT WAS
THE MONTH THAT WAS 1. Early merger talks between Viacom 18 and Zee Viacom 18 , the owner of colors entertainment channel, and Zee entertainment enterprises Ltd, broadcaster of Zee brand of channels, are in early merger talks. The potential merger is unlikely to involve cash and would take place through a share swap deal. If the deal takes place, the promoters of Viacom 18 could become among the largest shareholders of the combined entity. 2.Softbank to invest in Flipkart Softbank Group Corp. is in talks with the internet retailer, Flipkart to invest around 700 million dollars in the company. It is expected that the proposed transaction would value Flipkart at 28 million dollars and the transaction would close in three months. 3. Tata digital in talks to buy a controlling stake in Dunzo
Tata digital, a unit of Tata Sons Ltd. is in talks with the hyperlocal delivery firm startup Dunzo to buy a major stake in the firm. It is expected that the potential deal may value the startup firm around 150 million – 200 million dollars. 4. Nykaa witnesses an increase in the valuation ahead of the IPO The beauty retailer, Nykaa is expected to file for an IPO by early July, this year. The company has witnessed a spike in its valuation from 3 billion dollars to 4.5 billion dollars. This spike has been majorly led by the increased revenue from the e-commerce platform to which consumers have resorted due to the covid related restrictions. 5. Moody’s cuts India’s 2021 growth forecast Moody’s Investors Services has slashed India’s 2021 growth forecast from 13.9 per cent to 9.6 per cent. As per the
NIVESHAK | JUN'21
company, the second wave of the pandemic hit the Indian economy due to which the growth momentum has been disrupted. The resurgence of the virus has brought about uncertainty in India’s growth forecast. 6. The Monetary Policy Committee keeps the rates unchanged The MPC committee decided to keep the repo rate and the reverse repo rate unchanged. In addition to this, the committee decided to follow an accommodative stance to revive the economy and mitigate the impact of the pandemic while ensuring to keep inflation within the target . 7. Fabindia plans mega IPO Fabindia Overseas Pvt Limited , which sells apparel, home furnishing, furniture and organic food among other, is planning to go public. The company is looking forward to raising 3000 crore rupees at a valuation of 2 billion. As per the sources, the company does not need immediate cash. The IPO is primarily aimed at giving exists to some investors.
7
THE MONTH THAT WAS
7. Government releases a relief package after the second covid wave The government announced a stimulus package of 6.28 lakh crore rupees post the second wave of covid. The package essentially aims at extending loan guarantees and concessional credit for the sectors hit by the pandemic and covers investments to increase the healthcare capacities. In addition to this, the package includes some measures which were announced earlier like the provision of food grains to the poor till November and higher fertilizer subsidies. Economists believe that more such stimulus measures are needed throughout the year, to help the economy recuperate.
NIVESHAK | JUN'21
8
NIF PERFORMANCE EVALUATION
NIVESHAK INVESTMENT FUND PERFORMANCE EVALUATION
Return Measures Total Investment Value: ₹ 10,00,000 Current Portfolio Value: ₹ 25,83,857 Change in Portfolio Value: 7.92% Change in Sensex: 1.05%
Risk Measures Standard deviation NIF: 37.52% Standard deviation Sensex: 33.03% Sharpe Ratio: 4.71 (Sensex: 4.72) Cash Remaining: ₹1,84,140
Comments on Equity Market & NIF Performance The equity markets sustained the bull run with a slight correction in the latter half of the month. With increasing inflation globally, a close eye would be maintained on the central bank's actions. Another factor affecting the markets in the future would be the Quarter 1 earnings that are likely to be impacted by the lockdown. The benchmark index posted a modest gain of 1.05% in the month of June. NIF saw a portfolio change of 7.92% and stood at a net value of ₹ 25,83,857.
NIVESHAK | JUN'21
Individual Stock Weight and Monthly Performance
9
NIF PERFORMANCE EVALUATION
NIF Sectoral Weights
Top Gainers of June 2021 74.88% - NELCO 44.64% - Paramount Comm 20.54% - Speciality Restaurants
Top Losers of June 2021 -9.49% - ADF Foods -5.83% - ITC -4.97% - Lupin
NIVESHAK | JUN'21
10
COVER STORY
DECRYPTING CRYPTOCURRENCY 1. What is Cryptocurrency? Cryptocurrency can be referred to as a currency stored in coded files i.e, digital money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible data into complicated codes which are tough to crack. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
When looking at the size of the overall cryptocurrency market alone, one has to recognize the asset’s rise to prominence. Marked by continuous headline activity, cryptocurrencies trade in high volumes each and every day as their market capitalizations continue to rise. Most recently, as of March 2021, the 24-hour average trading volume of all cryptocurrencies globally is $109 billion. (Source: CoinMarketCap) There are now hundreds of companies that accept Bitcoin as a valid payment method. Amid the liquidity crisis of Bitcoin, people are more interested in using the currency to trade and shop online.
NIVESHAK | JUN'21
11
COVER STORY
2. What are the types of cryptocurrencies? As of April 2021, there are over 10,000 different types of cryptocurrency. A few of them are listed below: a) Bitcoin: A type of digital currency; it is “cash for the internet.” More specifically, it’s considered cryptocurrency since cryptography facilitates Bitcoin creation and transactions. Possibly the “Coca Cola” of all crypto, it is the most recognizable and the most closely associated with the cryptocurrency system. There are currently more than 18.5 million Bitcoin tokens in circulation, against a present capped limit of 21 million. b) Litecoin: Increasingly used in the same breath as Bitcoin it functions practically the same way. It was created in 2011 by Charlie Lee, a former employee of Google. He designed it to improve on Bitcoin technology, with shorter transaction times, lower fees, more concentrated miners. c) Ethereum: Unlike Bitcoin, it focuses not as much on digital currency as it does on decentralized applications (phone apps). You could think of Ethereum as an app store. The platform is looking to return control
of apps to its original creators, and take away that control from middlemen. The only person who can make changes to the app would be the original creator. d) Ripple: A type of cryptocurrency which is not Blockchain-based. It’s not meant so much for individual users as it is for larger companies and corporations, moving larger amounts of money (its coinage is known as XRP) across the globe. It’s more wellknown for its digital payment protocol more than for its XRP crypto. That’s because the system allows for the transfer of monies in any form, be it dollars or even Bitcoin (or others). It claims to be able to handle 1,500 transactions per second (tps). Compare to Bitcoin, which can handle 3-6 tps, Ethereum can handle 15 tps.
NIVESHAK | JUN'21
12
COVER STORY
3. The million-dollar meme Dogecoin was brought to life by two software engineers Billy Markus and Jackson Palmer, as a literal meme in 2013. It is based on Litecoin and has the same technology behind its proofof-work. Dogecoin has a dedicated consumer base, which uses virtual currency for online tipping purposes on various platforms like Reddit and Twitter. Jackson Palmer had been one of the more “skeptic-analytic” types of new technology, like the novelty that cryptocurrency displayed. But after some favorable reviews, he decided to purchase the official domaindogecoin.com. Billy Markus, a software developer at IBM based out of Portland, Oregon, wanted to create a digital currency. There were many obstacles in his way, and the project eventually slowed down. Shortly after he found himself searching for prospects and Dogecoin seemed to be a good option, Markus asked Palmer to allow him to build software for the real Dogecoin. By its first year of Dogecoin had a market of 20 million dollars consumer/fanbase. But going well.
introduction, capitalization and a loyal not all was
In 2015 Jackson Palmer left the initiative, as he had been unhappy with the way dogecoin was being used by the community and the behavior that had cropped around it, rebuking it as “toxic.” Over the past few months, it has been in the news owing to its on and off love affair with Elon Musk notably when he appeared on SNL causing dramatic movement in its value, something which is synonymous with cryptocurrencies. From an ethical standpoint, some believe in the technology and actively try to progress it, but most are simply trying to get rich. Price movement is tied far more to community sentiment than real-world applications. People buy-in for the simple reason that they expect more people to follow, thus a joke coin that doesn't even pretend to be useful can be worth hundreds of millions of dollars.
NIVESHAK | JUN'21
COVER STORY
13
4. Cryptocurrency in India Under this section, we will examine how the cryptocurrency has evolved in the Indian markets, its legal status & how receptive are the investors towards them. The legality of Cryptocurrency in India: A rocky relationship RBI banning the cryptocurrency & Supreme Court’s stance: In the past, both the RBI and the Union Government have maintained an aggressive stance towards cryptocurrency. It all began in 2018 when RBI issued a circular banning all financial entities from dealing in cryptocurrencies. Thus, it effectively banned the asset class in the country. This created discomfort amongst the cryptocurrency exchanges who knocked on the doors of the Supreme court, seeking to overturn the RBI’s order. The supreme court in 2020 overturned the RBI’s ban. Following the court order coupled with a spike in COVID cases, interest in cryptocurrencies increased amongst the investors. What does Union Government think? Earlier this year, there were indications that the Union government is planning to ban cryptocurrencies. Even, A bill
was proposed in this regard ahead of the Union Budget 2021. However, the same was put on hold after requests from the industry. After that, the government formed a committee to provide its recommendations. It was reported that RBI might come up with its own cryptocurrency. However, the government has remained passive thereafter, and no significant development has followed. RBIs’ changes its stance. Post the 2018 circular; RBI clarified its stance on crypto on May 31, 2021. The backdrop to this event was that certain banks (including big names such as SBI and HDFC bank) warned their customers against dealing in cryptocurrencies. Banks also warned the customers that failure to adherence might lead to cancellation or suspension of their cards. While issuing such a warning, banks cited RBIs’ circular of 2018, which banned the dealings in cryptocurrencies. However, since the Supreme court struck down the circular, the banks had no authority to issue such warnings. Hence, RBI issued its clarification in May 2021, asking the banks to refrain from such warnings. The Central bank asked the banks to be cautious with the due diligence process of the transactions. The RBI circular titled Customer Due Diligence for
NIVESHAK | JUN'21
COVER STORY
14
transactions in Virtual Currencies (VC) was shortly released to guide the banks with their due diligence process. What is the current outlook? It is clear that the government and RBI have softened their stance on cryptocurrency. RBIs’ recent clarification was a huge vote of confidence for the industry. It is also highly unlikely that the government would be revisiting its initial plans of banning crypto.
Crypto: The New Gold Indian households own more than 25,000 tonnes of gold. At the same time, according to Chainalysis, crypto investments grew from $200 million to nearly $40 billion in the past year. This growth was despite the hostility showcased by RBI and the union government in the previous year.
The way ahead seems that instead of a ban, we would see a regulated approach taken both by RBI and the government in cryptocurrency dealings. Also, the development of RBI’s own cryptocurrency would be news to The 18-35-year-old cohort majorly drove the growth of cryptocurrency in follow. India. This demographic has less appetite for gold than older consumers. The other reasons for the younger demographic shifting towards crypto would be higher risk appetite, ease of transaction at crypto exchanges, high liquidity etc. The future of cryptocurrency in India would highly depend on the regulatory decisions by the government and RBI, increased penetration amongst consumers and its acceptance amongst the investors.
NIVESHAK | JUN'21
15
CLASSROOM
CLASSROOM: INFORMATION CASCADE
Information Cascade is one of the several theories that are used in behavioral economics and has important implications for financial markets. It occurs when participants make a decision in a sequence where one of the participants makes a decision let’s say, a buy/sell decision for a stock, by one’s personal choice. The other participants are influenced by the participant’s decision and imitate the choice ignoring their own preferences. Generally, information cascades occur when financial news is released and it is difficult to interpret for many. There are few features related to information cascade such as fragility and disappearance of external information. Fragility refers to its brittle nature, as people are operating on hearsay only, with the arrival of any new or more concrete financial observation, there is a big change in the decision and direction. The disappearance of the external
information takes place because no new information is being added to the market, the decisions taken are based on others only. Information cascade can have several effects on the market depending on the person whom others are imitating. If the first market participant that the less knowledgeable people are imitating is indeed well-informed then it would be rational behavior and the information cascade may help in incorporating the new information thereby improving market efficiency although it can also cause an overreaction in the market. On the other hand, if the first person's decision is not reliable then it can lead to financial trouble such as a market bubble. It is thus important for participants to identify and limit information cascade to protect the market from upheavals and prevent possible financial loss.
NIVESHAK | JUN'21
16
KNOW YOUR SECTOR
KNOW YOUR SECTOR: REAL ESTATE The last few years have been a nightmare for the real estate sector – demonetization, RERA, and then COVID 19. But maybe soon, the cycle of this cyclical industry might take a turn towards the boom. In this backdrop, we bring forth to you in this edition the key metrics you need to consider to evaluate a real estate company.
(including current maturities of longterm debt) + current financial liabilities - borrowings less cash and bank balances and other current investments / Equity.
One of the important things we’ll have to look at to analyze any real estate company is the land bank the company holds, as it is a signal of its future revenue potential. A better, more refined medium-term indicator is the future project pipeline, which signals the EBITDA the company can recognize in the next few years. Usually, such information can easily be accessed in the investor’s presentation.
Usually, companies with relatively lower debt, lower interest obligations, and strong cash flows hold better prospects.
Since the industry is capital intensive, the solvency ratios hold high importance. Hence analyzing the following ratios become imperative.
Interest Coverage Ratio = Earning before interest, taxes, depreciation, and amortization expenses / Finance Costs.
Since the real estate industry has a long gestation period, parameters such as Inventory Turnover Ratio= Sales from Real Estate / Average Inventory Trade Receivables Turnover = Revenue from Operations/ Average Trade Receivables Company’s track record of delivering projects on time, and Lesser number of litigations
Net Debt-Equity Ratio = Net Debt (Noncurrent liabilities - borrowings) highlight the management efficiency in
NIVESHAK | JUN'21
17
KNOW YOUR SECTOR
conducting its operations. The cyclicity of industry makes the diversification of business altogether relatively more important. That is, which are the geographies the company is currently operating in (analyzing how is the outlook for that geographical segment), types of project it is dealing in, i.e., residential or commercial, and the income segments the company is catering to. The macroeconomic environment also has a major influence on the industry which directly affects the company Besides the points mentioned above, prospects. As a result, reports don’t forget to use other key ratios such regarding the industry as well as micro- as market prospects become imperative. Current Ratio= Current Assets/ Current Liabilities Quick Ratio= (Current Assets - Inventories) / Current Liabilities Net Profit Margin= Profit for the year / Total Income including Share of profit or (loss) of joint ventures and associate (net of tax) Return on Equity= Profit for the year / Average Equity
And the list goes on. Thereafter, you're ready to analyse a real estate company.
NIVESHAK | JUN'21
18
ON THE SHOULDERS OF GIANTS
ON THE SHOULDERS OF GIANTS: ASYMMETRIC INFORMATION THEORY A. Michael Spence, Joseph E. Stiglitz, and George A. Akerlof won the Nobel Prize "for their analyses of markets with asymmetric information" in 2001. They proved that economic models are often misdirected when built on the assumption of perfect information. This is because one party to the transaction usually has more or better information, a phenomenon known as "information asymmetry." More specifically, Akerlof showed that such information gaps give rise to adverse selection. Akerlof, in an example, argues that buyers often do not have the complete information to distinguish a lemon (a poor-quality car) from a good car, implying that sellers of good cars cannot get better-thanaverage market prices for their vehicles. Due to imperfect information on lenders or prospective car buyers, borrowers with lower creditworthiness or sellers of inferior-quality cars crowd out others from the market. Spence showed that better-informed agents could improve their market outcomes
under certain conditions by signaling their extra information to inadequately informed agents. Stiglitz showed that an uninformed agent could at times incorporate the information of a well-informed agent through screening. For example, by providing choices from a menu of contracts for a specific transaction. Similarly, Insurance companies can divide their clients into risk classes by offering different policies, where lower premiums can be compensated for higher deductibles. The asymmetric information economic theory was developed to explain market failures in the 1970s and 1980s. The theory proposes that the absence of informational equilibrium between sellers and buyers can lead to market failures, which means an inefficient distribution of goods and services in a free market (the law of supply & demand determines prices). Asymmetric information theory assumes that sellers may possess more
NIVESHAK | JUN'21
information than buyers, skewing the price of goods sold. The thesis argues that irrespective of the qualitative aspects of products, they can command the same price, given the absence of information on the buyer's side. In the 1973 paper "Job Market Signalling," Michael Spence maintains that new hires are unpredictable investments for any firm, implying that the employer cannot be sure of a candidate's productive abilities. He calls the hiring process to be a gamble. Herein, Spence identifies the information asymmetries between prospective employees and employers. Stiglitz brought information asymmetry to mainstream acceptance. Through his work, information asymmetry was brought into contained general equilibrium models to describe negative externalities that crowd out the bottom of markets. For example, if many unhealthy individuals start to buy insurance, insurance premiums required to cover them are higher, which can cause premiums to rise & prevent the lowrisk or healthy individuals from subscribing to health insurance, leading to adverse selection. Market research over the years has
19
ON THE SHOULDERS OF GIANTS
questioned the existence or the practical duration of asymmetric information causing market failure. Real-life analysis by Cawley and Philipson (on life insurance, in 1999) found little positive correlation between insurance and risk occurrence. A possible explanation is that individuals do not usually have well-understood information of their risk types. In contrast, insurance companies have actuarial life tables and significantly more experience in risk prediction areas. Other economists, such as Bryan Caplan, suggest that not everyone is deprived of information in real markets. For example, insurance companies proactively seek underwriting services. In addition, Caplan offers that models based on the ignorance of one party are fundamentally flawed, given the information availability from third parties such as credit bureaus. Besides, Robert Murphy suggests that government intervention can prohibit prices from accurately reflecting general information leading to market failures. For example, a vehicle insurance company might be forced to increase all premiums equally if it cannot build its price decisions on an applicant's gender, age, and driving history.
NIVESHAK | JUN'21
20 SOMETHING VENTURED, SOMETHING STARTED
SOMETHING VENTURED SOMETHING STARTED: DIGIT Indian fintech startup Digit is raising $200 million to boost its valuation to $3.5 billion in a fresh funding round. Digit became the first unicorn of the year when it was valued at $1.9 billion in January. It reached unicorn status in three years of operations. In just seven months period, it is now almost doubling its valuation and has raised a total of $442 million. The company is raising capital from Sequoia Capital India, IIFL Alternate Asset Managers, existing investor Faering Capital Pvt, and others. This round makes it one of the largest funding rounds in India’s fastexpanding InsurTech market. Other players in this space include Amazon.com Inc.-backed Acko, Artivatic, Riskcovery, and several others. Digit was founded in 2017 by Kamesh Goyal, an ex-KPMG executive. He had three decades of experience in the insurance industry. The company was
backed by Canadian billionaire Prem Watsa, who is of Indian origin, as the first investor. Other early backers also included Indian Men’s cricket team captain Virat Kohli and TVS Capital Funds. The funding comes at a time when risk investors are aggressively seeking a piece of India’s burgeoning online insurance industry, which is gaining from the transition to a digitized economy. Digit is trying to tap into India’s underpenetrated insurance market by making the process of buying cover, submitting claims, and receiving reimbursement easier. Insurance penetration in India is currently very low at around 4%. The startup offers smartphone-enabled self-inspection and claim submissions by voice, and processes service requests via messaging.
NIVESHAK | JUN'21
21
QUIZ
QUIZ 1) Which of the following M&A is correct : A. Apollo-MGM B. Google-Nokia C. PharmEasy-Thyrocare D. Skype-Kmart 2) Which organization introduced the flagship initiative Liberalised MSME AEO Package Scheme? A. Niti Aayog B. CBIC C. Committee on Commerce D. Public Affairs Council 3) Which of the following IPO listed at a discount? A.Kalyan Jewellers B. Nazara Technology Limited C.Burger King D.Shyam Metallics & Energy Ltd 4) Which fitness startup is looking at investment from a Tata Group subsidiary
A. S.Q.U.A.T.S B. Curefit C. PlaynLive D. FitPass 5) The term 'bourses' is related to: A. IPO B. Mutual Fund C. Bulls& Bears D. Market Capitalisation 6)Which funding set is correct A. Zomato-Grofers B. Zomato- Uber Eats C. Zomato-Swiggy D. Uber Eats-Swiggy 7) Who was appointed as the new CEO of CSS? A. Sanjay Chakrabarty B. Debashish Chatterjee C. Aditya Puri D. Sunil Bharti
NIVESHAK | JUN'21
22
8) PNB Housing Finance saw capital infusion from which PE giant? A. KKR & Company B. Carlyle Group C. Everstone Capital D. Chrys Capital 9)Which bank revised its ATM cash withdrawal and cheque book charges? A. ICICI Bank B. Axis Bank C. HDFC Bank D. SBI 10) Which Company got the approval for setting up the Styrene Project in India? A. IOC B. ONGC C. BPCL D. OIL 11) Reliance Industries has partnered with which oil company to set up a petrochemical complex in Ruwais?
QUIZ
12)Wipro has partnered with whom to accelerate remote working solutions and bring modernization into workspaces? A. Citrix & HPE B. Cisco C. Lenovo D. Intel 13) Which is the second most valuable cryptocurrency in the world? A. Dogecoin B. Bitcoin C. Litecoin D. Ethereum 14) Which B2B payments startup has launched India's first corporate credit card for SMEs/MSMEs & Startups? A. NovaPlay B. Novopay C. EnKash D. Hylobiz
A. Emirates National Oil Company B. Abu Dhabi National Oil Company C. Emarat D. Sharjah National Oil Corporation
Answers 1) C 6) A 11) B
2) B 7) D 12) A
3) A 8) A 13) D
4) B 5) C 9) D 10) A 14) C
ANNOUNCEMENTS Team Niveshak invites articles from participants from all colleges across India. We are looking for original articles related to Finance and Economics. Participants can
also contribute
puzzles and jokes related to Finance and Economics. References should be cited wherever necessary. The best article will be featured as ”Article Of The Month” and would be awarded cash prize of ₹3000/- along with a certificate.
Instructions: •Send in your articles to niveshak.iims@gmail.com •The subject line of the mail must be ”Article For Niveshak_<Title>” •Do mention your name and institute name along with the article •Please ensure that the article has a word count between 1500— 2000 •Format: Microsoft Word; Font: Times New Roman; Size: 12; Line Spacing: 1.5 • Please DO NOT send PDF Files and stick to the format • Number of authors is limited to 2 for each article •Also certain entries which could not make the cut to the magazine will get featured on our website.
