Basic Financial Magt Lecture1

8/2/2019 Basic Financial Magt Lecture1

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An Interesting Observation


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Rudiments of Financial Management


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Elementary Questions

What is finance?

Why does an organization need money?
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The Financial Management Process

Financial planning Financial decision-making Financial analysis Financial control


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The Goals Of The FirmThere are two broad goals of the firm:

1. Maximizing profit2. Maximizing wealth


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Maximizing profitThe first and foremost objective of finance manager isto maximize the profit. Profit maximization is a twofold approach.

One side , there should be adequate investment leading to capacity creation and assets building.

On the other side , there should be the operating

efficiency with which assets should be utilized andrevenue should be generated

Profit maximization , in fact, stands for efficient working , cost control,revenue generation and better realisation.


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Is profit maximisation is an appropriategoal?

Following factors are overlooked

The timing of returns

Cash flows Risk


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The Timing of Returns

Year Project ARs

Project BRs

0 (400,000) (400,000)

1 2,00,000 ----

2 2,00,000 ----

3 2,00,000 6,00,000


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Cash flowsRs

Sales 10,00,000

Cost of goods sold ( 5,00,000 )

Depreciation ( Dep.) ( 50,000 )

Interest on debentures (1,00,000 )Profit before tax 3,50,000

Tax ( 30% ) (1,05,000)

Profit after tax ( PAT) 2,45,000

Cash Flow = PAT + Dep. = 2,95,000
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Risk
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Risk
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Risk

Risk Adjusted Return = Risk free return + Risk premium
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Risk

Risk adjusted return = Risk free return + Risk premium
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What does financial management involves?

The crucial activity of the financial managementprocess is that of financial decision making .

Decisions are aimed at creating maximum value for

stakeholders.
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An overview of financial management

Financial management

Maximization of Share Value

Financial Decisions

Investment decisions Liquidity management Financing Decisions Dividend decisions
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The finance manager is concerned with the followingmain types of interrelated decisions:

Investment decisions Financing decisions Dividend decisions Decision relating to mergers, acquisition, takeover,

de- merger, consolidation, strategic alliances , jointventure, internal or external reconstruction etc. ( casestudy of VSNL)
http://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DG


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Case Study

turnaround story of

VSNL
http://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DG


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"There are thousands in the phone booth/

Thousands at the gate/ Everybody wants to make a long-distance call/ But you know they're just gonna have to wait."

When Bob Dylan crooned these lines from 'Long Distance Operator', hecould well have been singing about the average Indian's experience withthe erstwhile PSU, Videsh Sanchar Nigam (VSNL), not long ago. BothDylan and the Indian public had the same feelings: they were desperate tomake a phone call. The sluggish VSNL just could not deliver.
http://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DG


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The corporate history of VSNL

In 1947, the Overseas Communication Service (OCS) wasestablished in DoT. VSNL was created from the OCS as agovernment owned corporate in 1986.

In the initial years, VSNL offered voice telephone, telex,telegraph, television, bureau fax, etc. Efforts had started toincrease Indias connectivity through investments in projectslike submarine cables.

Compared with 2.69 billion telephone minutes in 2000 1, in 1986 7the figure was 0.13 billion minutes.
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The government felt that corporatization would enableit to raise financial resources, an activity that wouldnot have been possible under the government

framework.

It was envisaged that this would also enable greater

freedom to managers to plan, operate, develop andaccelerate the international telecommunicationservices.
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Loss of monopoly

VSNL till recently was the monopoly provider of ILD. It also provides specialized services such asInternet, TV up-linking, Direct To Home (DTH), etc.

After the recent disinvestment to a strategic partner,the Domestic Long Distance (DLD) sector has alsobeen licensed to VSNL. This has, however, beenaccompanied by the loss of monopoly in the Internetand ILD sectors.
http://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DG


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Loss of monopoly

There has been a change in the service pattern of VSNL over the years. Private ISPs have beenexpanding rapidly and have overtaken the earlier

dominant market share of VSNL.

Out of the Rs 2050 crore revenue generated by ISPs,VSNL earned only around Rs 300 crore in 2001(www.ispai.com ).
http://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pirate_theme/treasure_map_invitation&h=320&w=400&sz=41&hl=en&start=20&sig2=eThuK7aPlomft95Ur1MRrQ&usg=__0bdewZ_OrXSY-O7jkq3eaNCagJo=&tbnid=3KmNTlNy7PzvaM:&tbnh=99&tbnw=124&ei=6Qa2SP6RLqWiswLsjcGWDw&prev=/images%3Fq%3Dtreasure%2Bmap%26gbv%3D2%26hl%3Den%26sa%3DGhttp://images.google.com/imgres?imgurl=http://images.art.com/images/products/regular/12177000/12177555.jpg&imgrefurl=http://parties.preschoolrock.com/index.php/boys_party_themes/pira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The bidding process for 25 % stake inVSNL

The Reliance Group bid Rs 1347 crore, losing out to the TataGroup bid of Rs 1439 crore.

The Tata bid for the 25 per cent stake worked out to Rs 202per share as against the then prevailing market value of Rs 168per share.

.


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26

VSNL take over by TATA Sons

On 5 February 2002, in a major disinvestment event,Tata Sons won the strategic control of VSNL whenPanataone Finvest's (a Tata group company) bid price

of Rs 1,439.25 crore at Rs 202 per share for buying25 per cent of the government stake in VSNL wasapproved by the cabinet committee on disinvestment(CCD).

The government had fixed a reserve price of Rs 1,218.375 crore forits 25 per cent stake in VSNL.


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27

Tata further increases its stake in VSNL

After privatization and the acquisition of equity bythe Tatas, the government share had dropped to 26per cent.

The Tata Group had 45 per cent and an extra 1.97 percent had been disbursed to employees.

Most of the Tata acquisition of 20 per cent stake in the open marketcame from the foreign holders.
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28

The TTL Controversy

The controversy over the TTL investment beganwhen the VSNL board (under Tata management)decided to invest Rs 1200 crore in TTL.

The Tatas justified the decision being part of theeffort to extend VSNLs activities to the basicservices customer.

The investment was to be made over 3 4 years for a20 26 per cent stake in the company.
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Basic Financial Magt Lecture1

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Transcript of Basic Financial Magt Lecture1