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INVESTMENT ANALYSIS & PORTFOLIO MANAGEMENT

As an investment banking professional, one needs to understand how the financial system works because their analysis often lead to trading and investment decisions. Investment Analysis & Portfolio Management provides detailed understanding on core concept of investment avenues, tools to analyze the risk & returns, identifying the intrinsic value of the asset using technical analysis and fundamental analysis.

It also gives insights and deep understanding of role and function fund manager, who needs to have theoretical understanding in portfolio construction evaluation process .Gaining in-depth knowledge in this subject would pave the way for a career as Financial Analyst or Investment Banker.


BUSINESS TAXATION

Business Taxation is an integral component of every commercial transaction that the business handles. This means that transaction can be efficient and structurally complete only upon compliance of tax laws. Taxes are liable on incomes earned as well as on the transactions conducted. Taxes on incomes earned fall under the category of direct taxes while taxes on the transactions fall under the category of Goods and Services Tax (GST). It is a fundamental pre-requisite that levy of taxes which will be authorized only by the Constitution. Taxation is guided by certain principles or cannons which the course would dwell upon.

Business Taxation deals with (i) Direct tax that comprises of income tax and (ii) Indirect tax comprising of central excise, service tax and central sales tax. However, as Central Excise, Service tax and Central sales tax have been subsumed under Goods and Service Tax, the Indirect tax component under Business Taxation would comprise of Goods and Services Tax. Taxable income determination under various heads such as income from house property, income from capital gains, income from other sources, taxation of profits and gains of business, deductions and exclusions from total income, taxation of partnership firms, LLP’s etc., set off and carry forward of losses, assessment procedure, refunds and tax payments, double taxation relief etc. are included as parts of the direct taxes study. However, any discussion on the above tax aspects is limited to understanding the basic concepts. The newly introduced Goods and Services Tax, that has subsumed all the erstwhile indirect taxes is a part of Business Taxation. Again, the basic concepts of GST will be covered under Business Taxation within this course.

In the overall analysis, the course should enhance your understanding of business taxation and distinctiveness of the just evolved GST. This capability comes through practice.


INTERNATIONAL FINANCE

International economics - The world economy, an overview, economic systems, big emerging markets, UN's assessment of the global economy, who needs international finance and why, nature & scope of International Financial Management (IFM), Changed Global Competitive Environment.

International Debt Markets & Instruments, Bank loans and Syndications, Euro note market - Euro notes and Euro note facilities, Euro Commercial Paper, Euro Medium Term notes, International bond market, International bond market - Straight fixed-rate issue, Floating rate note (FRN), Equity-related issue, Foreign bonds - Yankee Bonds, Samurai Bonds, Shibosai Bonds, Bulldog Bonds, Euro Notes, Euro Commercial Paper, Note Issuance Facilities (NIFs), Decision Criteria for Issuing The Bonds Foreign Exchange - Theories of Foreign Exchange Rate Movement & International Parity, Purchasing Power Parity.


MANAGEMENT OF FINANCIAL SERVICES

The financial system of a country plays a very vital role in the economic growth of the country. It facilitates the mobilization of funds from those who have surplus to where there is requirement of funds. This objective is carried out by the financial institutions and various other financial intermediaries through a range of financial services. The financial services are therefore a very vital service area impacting the overall economic growth of a country. The financial services sector also happens to employ a huge number of human resources for efficient mobilization of funds and for extensive reach across all sections of population and industry.

This course will present a brief concept of the various types of financial services – both fund-based and fee-based, being offered by the financial institutions and financial intermediaries in recent times. Students are expected to familiarize themselves with the financial institutions, their purpose and functions, services offered by the financial institutions and their role towards economic growth.

By studying this course, students are also expected to develop an understanding of the practical aspects of the functions of financial services offered by the financial institutions.

International Fisher Effect, Comparison of the two theories, The Purchasing Power Parity (PPP) theory, The Fisher Effect (FE) theory ,The International Fisher Effect theory, Interest Rate Parity theory and Forward Rate as an Unbiased Predictor Of The Future Spot Rate (UBFR), assumptions made by the theories, example: Graphic Analysis of the International Fisher.


FINANCIAL MARKETS & INSTRUMENTS

A financial system plays a vital role in the economic growth of a country. It intermediates between the flow of funds belonging to those who save a part of their income and those who invest in productive assets. It mobilizes and usefully allocates scarce resources of a country. The existence of an efficient financial system facilitates economic activity and growth. The growth of financial structure is a precondition to economic growth. In other words, markets, institutions and instruments are the prime movers of economic growth. The financial system of a country diverts its savings towards more productive uses and so it helps to increase the output of the economy.

Financial Market and Instruments provides the students an in-depth understanding of the financial sector and its various segments including the role of intermediaries and regulators such as SEBI, RBI and IRDA. A financial system is a complex, well integrated set of subsystems of financial institutions, markets, instruments and services which facilitates the transfer and allocation of funds, efficiently and effectively. The formal financial system consists of four segments. These are: financial institutions, financial markets, financial instruments and financial services. Financial institutions can be classified as banking and non-banking financial institutions. Financial markets are a mechanism enabling participants to deal with financial claims. The main organized financial markets in India are the capital market and the money market. The financial services industry nationally and internationally is huge and is of critical importance to the health of the global economy as well as that of individual businesses, investors, consumers and employees.

The operation of financial system is traditionally based on the process of financial intermediation and the firms that undertake this function. The process of financial intermediation involves the channeling of funds between those who lend and those who wish to borrow. In the process of financial intermediation assets are created. Financial intermediaries create assets when funds are deposited. The creation of financial asset, in turn, requires the financial intermediary to establish a liability for itself, since it must repay this asset. The objective of this course is to make the students aware of the Indian Financial Markets and the various Financial Instruments both debt based as well as equity based, and to shed light on the role of financial intermediaries in the financial market.


FINANCIAL STRATEGY

With the world becoming a global village, managing funds has become a complex job. With so many sources of funds to choose from and so many investment opportunities available, it has become imperative to seek answers to ‘what’, ‘how’ and ‘when’ for every corporate. Finding appropriate sources and investing them for long term has become a key factor and a major goal for long term survival of companies. Analyzing alternatives for expansion, diversification or restructuring becomes vital to gain long term synergies for a company.

Financial Strategy is a combination of financial management and strategic management. It provides the students in-depth understanding of effective financial strategies beneficial for long term survival of the companies and also achieving its ultimate objective of maximizing shareholders’ wealth. It talks about what goes into financial strategies and how can they be effectively implemented. How should economic and business variables affect the financial strategies at different points of time? A financially well managed firm not only ensures shareholders’ wealth creation but also helps in creating value for the society as a whole.

A well designed financial strategy is aligned with the vision of the company. This in turn gives directions to the finance managers to analyze various alternatives available and then choosing the best for the company in a given scenario. Situations like should the company acquire other company, what should be the form of payment, is it positively affecting the overall business valuation that can be appropriately dealt using financial management techniques.

The objective of this course is to make the students aware of the various financial management techniques used in evaluating financial strategies in a dynamic situation. It also stresses on using financial modeling as a tool to support evaluation of financial alternatives thereby aiding designing of effective financial strategies.


PROJECT FINANCE

Understanding of the relevance of this course and its usage in business decision making. Course outlines and coverage, financial statements and different ratios used for analysis. Understanding about market capitalisation, importance of market capitalization and practical importance of segregation, different ratios used for analysis. Understanding about market capitalisation. Importance of market capitalization and practical importance of segregation, investment bankers and lenders and their functions, alternatives of raising project finance and the related constituents, evaluate a project from various angles, debt/borrowing and project report, having an idea of auditor’s report, directors’ report and bottom line, cash flow and uses of cash flow, capital budgeting and learn risk analysis, corporate guidance, strategies and financing decisions. Learning to calculate the rate of returns, different types of projects and associated risk. Learning project execution, management and review.


RISK AND CONTROL STRATEGY

Two keys issues under risk and control strategy are: what risks does the organization face and how can those risks be managed and controlled. The scope of this subject includes both financial and non-financial risks. The management strategies covered extend to the use of financial instruments, and more general strategies of risk identification and management, involving, establishing and monitoring appropriate systems of internal control. With the growing importance of ‘new’ sources of risk, this subject pays particular attention to risks arising from governance, ethical and social/environmental issues.

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