Destruction of the Old Order in King Lear Act I

In the first act of King Lear Shakespeare turns the order of world of the play upside down. By the end of the first act virtually every character's station in life has been changed significantly. Lear has given away his power, he has destroyed his family by disowning one daughter and angered another, and he has banished his most trusted advisor. When the play begins, Lear is King of England. He has long ruled and apparently has done so competently. He holds all power in England. Although Lear has advisers, notably Kent and Gloucester, it is clear that Lear is in charge and he keeps his own counsel and makes his own decisions. The play opens with his two advisers, the Earls of Kent and Gloucester being surprised that Lear no longer appears to prefer Goneril's husband the Duke of Albany over Regan's husband Duke of Cornwall. â€Å"I thought the King had more affected the Duke of Albany than Cornwall† (I.i.1-2). Due to his failure to keep his advisers involved in the decision making process, he at times makes rash decisions such as the disowning of Cordelia (I.i.113-116), the dividing of his kingdom between Goneril and Regan (I.i.127-138), and the banishing of his best and most loyal advisor Kent (I.i.173-178). By the end of Act I Lear seems impotent. He is no longer the powerful King of England. He is no longer recognized as King. Goneril has instructed her servant Oswald to â€Å"[p]ut on what weary negligence you please† (I.iii.12) toward Lear. When the once powerful Lear asks Oswald â€Å"Who am I, sir?† (I.iv.78) the servant insolently replies â€Å"My lady's father† (I.iv.79) enraging Lear that a servant should treat him not as king, but as the father of the servant's lady. His power, status, and social standing have collapsed. As a father Lear doesn't fare much better than he did as king. At the play's beginning he is an all-powerful patriarch and expects everyone to completely agree with and cater to his every whim. In many ways he is like a spoiled child. He seeks and demands constant, undivided attention. Lear solicits affection from his daughters â€Å"[w]hich of you shall we say doth love us most,† (I.i.51). When the attention is positive and according to his wishes he exhibits an almost childlike happiness. Although it is evident Goneril and Regan are engaging in hyperbole, Lear is pleased and rewards his two elder daughters with one third of England each. When he asks his favorite daughter Cordelia how much she loves him he is disappointed with her answer and throws a tantrum, â€Å"[h]ere I disclaim all my paternal care† (I.i.113). By the end of the first act Lear's demands have not changed. When Goneril argues with him and complains about the behavior of his knights, Lear has another fit of anger and runs away from Goneril to Regan as if he were a schoolboy running away from home. He no longer is the proud father of three daughters, but has banished Cordelia, angered and run away from Goneril, and pins his hopes on his middle daughter Regan. When Act I ends Lear is no longer the center of social attention. When he first appears on stage the stage directions indicate that a flourish is sounded and Lear enters with his three daughters, his two sons-in-law and an unspecified number of attendants. In the final scene his presence is not announced with a flourish. His daughters and sons-in-law are not present. Lear's only attendants are the banished Kent (disguised as Caius) and Lear's jester known only as â€Å"Fool.† Lear is not alone in his foolish behavior toward his children. Gloucester behaves similarly to Lear. He is used to his power and makes rash, unwise decisions. When the play opens Gloucester appears to be somewhat ashamed of his second son, Edmund who is a bastard for he keeps him away from court, â€Å"he hath been out nine years, and away he shall again† (I.i.32-33). Gloucester's older son Edgar is clearly his favorite. Yet he is quick to believe Edmund when Edmund plots against Gloucester. Edgar clearly mirrors Goneril, as Gloucester is quick to believe the false accusations made by Edmund and force Edgar into hiding. Edgar also mirrors Kent in that he returns in Act II dressed as Poor Tom of Bedlam. As Tom Edgar accompanies his father and helps him just as Kent helps Lear. Cordelia's status changes greatly in the first act. Initially she was Lear's favorite daughter. She went from a highly sought after bride-to-be with a large dowry to a woman with no dowry who is refused by the Duke Burgundy and accepted, without dowry by the King of France. When she refuses to kowtow to Lear with false praise her status is destroyed. Although she clear loves her father she is banished and forced to leave England. By the end of Act I Lear is no longer the proud, powerful King of England. By his own hand he has destroyed his kingdom and his family. Shakespeare has stripped Lear of his armor and has exposed Lear with all of his vulnerabilities and foibles. By removing the old order in the first act, Shakespeare provides a vehicle for the readers and members of the audience to explore the real nature of the characters behind the facades each character displays in public life when the play begins. Each of the characters will reveal his or her true nature throughout the remainder of the play. These revelations provide the tension and the interest of King Lear. Works Cited The Tragedy of King Lear. The Riverside Shakespeare. Boston: Houghton Mifflin Co. 1974. 1255-1295.   

Funadamental and Technical Analysis of Nifty

Fundamental and Technical Analysis of Equity Market| Name :- Dhwani Shah Enrollment No :- 0901202144| Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well. – Warren Buffett| A REPORT ON FUNDAMENTAL AND TECHNICAL ANALYSIS OF EQUITY MARKET BY SHAH DHWANI JITENDRA (0901202144) SUBMITTED TO:- Company Guide Mr. Bhavik Shah Advisory Head (Angel Broking Ltd) Faculty Guide Prof. Mayank Patel IBS Ahmedabad A Report submitted in partial fulfilment of the requirement of the MBA Program of The ICFAI University, Dehradun DATE OF SUBMISSION: 15th May, 2010 Authorization The making of this project report is authorized by Mr Bhavik Shah ( Advisory Head) Angel Broking Ltd, Ahmedabad (India). I also express my honest confirmation in support of the fact that the said â€Å"Report† has neither been used before to fulfill any other purpose nor it will be submitted to any other person or authority in future. The report is submitted only as partial fulfillment of the requirement of the MBA Program of ICFAI University, Dehradun. Acknowledgements This research project has been a very enlightening and rewarding experience for me in an area that is of great personal interest. I would like to acknowledge and express my gratitude to three groups of people who provided generous amounts of support and cooperation during this scholarly endeavour. First, I have benefited greatly from the never-ending patience, guidance, and encouragement from my company guide Mr. Bhavik Shah. He gave me the support and knowledge required to complete this project in a successful manner. Thank you Bhavik sir for your never-ending encouragement and support for my scholarly pursuits. I would also like to thank Mr. Sachin Rajveer for his constant support and help. Second, I would like to thank Prof. Mayank Patel my faculty in-charge for providing me all required support from his side in terms of knowledge and encouragement, for being there whenever I have a question of doubt and to solve the same. Lastly, a Special vote of thanks to Prof. Saji Kumar, Prof. Prashant Saxena and My Parents for solving all the problems I faced in terms of sources required and for giving a constant encouragement and aspire me to go ahead and fulfil my goals. â€Å"Success in investing doesn't correlate with I. Q. once you're above the level of 25†¦ Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing. † – Warren Buffet Table of Contents Authorization3 Acknowledgements4 Abstract7 Introduction8 Purpose of the Study:8 Limitations of the Study:8 Method of Collecting Data:8 What Is Fundamental Analysis? 9 The Indian Economy:10 The Industries in the Economy:13 Financial Ratios:23 What Is Technical Analysis? 25 ABB. LTD34 ACC LTD. 35 AMBUJA CEMENT36 AXIS BANK LTD. 37 BHARAT HEAVY ELECTRICALS LTD.. 38 BHARAT PETROLEUM CORPORATION LTD. 39 BHARTI AIRTEL LTD. 40 CAIRN LTD. 41 CIPLA LTD. 42 DLF LTD. 3 GAIL (INDIA) LTD. 44 GRASIM INDUSTRIES LTD45 HCL TECHNOLOGIES LTD. 46 HDFC BANK LTD47 HERO HONDA MOTORS LTD. 48 HINDALCO INDUSTRIES LTD. 49 HINDUSTAN UNILEVER LTD. 50 HOUSING DEVELOPMENT FINANCE CORPORATION LTD. 51 ITC LTD. 52 ICICI BANK LTD53 IDEA CELLULAR LTD. 54 INFOSYS TECHNOLOGIES LTD55 INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD. 56 JAIPRAK ASH ASSOCIATES LTD. 57 JINDAL STEEL & POWER LTD. 58 LARSEN & TURBO LTD. 59 MAHINDRA & MAHINDRA LTD. 60 MARUTI SUZUKI INDIA LTD. 61 NTPC LTD. 62 OIL & NATURAL GAS CORPORATION LTD. 63 POWERGRID CORPORATION OF INDIA LTD. 64 PUNJAB NATIONAL BANK65 RANBAXY LABORATORIES LTD. 6 RELIANCE CAPITAL LTD. 67 RELIANCE COMMUNICATION LTD68 RELIANCE INDUSTRIES LTD. 69 RELIANCE INFRASTRUCTURE LTD. 70 RELIANCE POWER LTD. 71 SIEMENS LTD. 72 STATE BANK OF INDIA73 STEEL AUTHORITY OF INDIA LTD74 STERLITE INDUSTRIES (INDIA) LTD. 75 SUN PHARMACEUTICAL INDUSTRIES LTD. 76 SUZLON ENERGY LTD. 77 TATA CONSULTANCY SERVICES LTD. 78 TATA MOTORS LTD. 79 TATA POWER CO. LTD. 80 TATA STEEL LTD. 81 UNITECH LTD. 82 WIPRO LTD. 83 Recommendations84 Glossary85 References86 Abstract Stock Market the word itself is enough to speak about itself. It works on two emotions carried by individuals in the market greed and fear. Both emotions either lead to profits or losses. Majority of the participants deal into the market in a speculative manner, buying and selling based on, following the herd or market hear say. But remain an aware about the key reason why a particular stock moved up or fell down. If a stock moves suddenly these individuals say â€Å"Operator must have done that† but forget to find out the real reason. The reasons behind the screen for a company’s share prices going up or falling down, which are hidden in its financial performances and past movement history. These facts can be known by the Fundamental and Technical analysis. Therefore, this report is intended to guide these new entrants and the current market movers about Technical and Fundamental Analysis. To show how the same can lead to profit earning investments and not speculative losses. In this report the basics of Fundamental Analysis have been discussed and all the financial key ratios have been given for the Nifty50 for the 10 years time span from fiscal year 2000 to 2009. A brief idea about Industry and the over all economy is also given. On the bases of these Fundamental tools we can get to know the financial position of a company to back this Technical analysis is also been shown. Initially a few patterns of technical analysis have been explained with an example and later how the use of the same can be done to predicts the future price moves and further a few patterns existing in charts for the current time period have been given. Introduction Purpose of the Study: Is the Stock Market a safe option to invest my savings? For how much time horizon should I invest? What amount of returns should I expect? What are the ideal stocks for investment? This report consists of answers to all these questions which rise in an investors mind before entering into the stock market or when an existing investor buys a stock. For this purpose, Fundamental Analysis of Nifty50 is done for which the economic analysis of the Indian economy is done based on the Inflation Rate, GDPFC, Growth Rate and year on year returns of Nifty. Then a brief Industry analysis is done based on the Industrial Ratios and reason behind them. Finally, Company Analysis is done by analysing the Quality of Management, Product Range of the Company; Financial Strength based certain ratios like Price to Earnings Ratio, Dividend Yield, Price to Book Value, Earnings per Share, Market Capitalization and Market Returns. Following it, Japanese Candle Stick charts showing the chart patters of the market price for each of the 50 scrips are given based on the technical analysis tools and techniques. As Fundamental Analysis is only about identifying undervalued stocks or the booming sectors or companies, but it does not say anything about the timings of the unlocking of that undervaluation but its combination with Technical Analysis will give a better picture to the Investor. As the combination of both enables an investor in taking decisions based on Techno-Funda Analysis and find out the right entry and exit points. This project will even help in knowing the economy as Nifty is the barometer for the Indian Economy, through which the growth patterns and cyclical patterns of the various sectors can also be known, through which scrips of midcap and small can also tracked for the same sector. Limitations of the Study: * . Lesser importance is been given to Economic and Industry Analysis. * Views for investment have been given for short term. Method of Collecting Data: Secondary Data is been used in this project report. This Secondary Data is been collected from reliable sources like the Company Sites and the NSE Site for the Company Data and Indian Bullion, Reserve Bank Of India, and Fimmda Sites for the Industry and Economic Data and for Technical Charts i. charts is been used. Detailed information about the sources is been given in referencing. What Is Fundamental Analysis? Fundamental analysis is a method of evaluating  a security  that entails  attempting to measure  its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysis is an attempt to study everything that can affect the  security's value; including macroeconomic factors (like the overall economy and industry conditions)  and  company-specific factors (like financial condition and management). There are two approaches to Fundamental Analysis Top-Down Approach and a Bottom-Up Approach. * Top-down approach: In this approach, an analyst investigates both international and national economic indicators, such as GDP growth rates, energy prices, inflation and interest rates. The search for the best security then trickles down to the analysis of total sales, price levels and foreign competition in a sector in order to identify the best business in the sector. * Bottom-up approach: In this approach, an analyst starts the search with specific businesses, irrespective of their industry/region. The end  goal of performing fundamental analysis  is to produce a value that an investor  can compare  with the security's current price, with the aim of figuring out what sort of position to take with that security (underpriced=buy, overpriced=  sell or short). Benefits of Fundamental Analysis: * Identifying the intrinsic value of a security. * Identifying long term investment opportunity, as it involves real time data. Drawbacks of Fundamental Analysis: * Too many economic indicators and extensive macroeconomic data can confuse novice investors. * The same set of information on macroeconomic indicators can have varied effects on the same currencies at different times. * It is beneficial only for long term investments. Steps involved in Fundamental Analysis: * Macroeconomic analysis, which involves considering currencies, commodities and indices. Industry sector analysis, which involves the analysis of companies that are a part of the sector. * Financial analysis of the company. Valuation of any security is done through the discounted cash flow (DCF) model, which takes into consideration: * Dividends received by investors. * Earnings or cash flows of a company. * Debt, which is calculated by using the debt to equity ratio and the current ra tio (current assets/current liabilities). The Indian Economy: To understand the Indian Economy firstly we need to understand a few macroeconomic indicators, as macro economy is the environment in which all the firms operate. These indicators suggest the growth and development prospects of an economy as a whole. Given below are the indicators along with a brief description about them and even figures suggesting where the Indian Economy stands as per these indicators. Gross Domestic Product (GDP): The India GDP statistics is a summarization of all the differential factors that forms the basic foundation of the Indian economy. The India GDP statistics is a cumulative report of the performance of all the major parameters of the Indian economy. The statistics of the India GDP clearly reveals that the rise of the India GDP after the 1990s was due to the open economy phenomenon. The paradigm shift of Indian economy from that of a closed-market to open market was during the balance-of-payments crisis in the late ‘80s. The Government of India remained flexible – it opened up the Indian markets such that private investments could easily find an entry. GDP calculated at purchaser’s price is the total value calculated by all the domestic producers, adding any product taxes and deducting the subsidies, if any (these elements are excluded from the value of the products). Due to the change in the economic policy of India, more foreign direct investments (FDIs) and foreign institutional investors (FIIs) came into the country. This, in a way, strengthened the foundation the Indian economy the confidence index of overseas investors was at a high. With the stupendous growth of Indian Information Technology sector, Indian service industry and the Indian BPO sector, the Indian GDP shot up to 6% during the period from 1988 to 2003. It was after 2004, that the growth of the gross domestic product of India showed considerable improvements, mainly geared by the growth in the Indian service and manufacturing industry. The Indian GDP figure stood at an extraordinary 8. 5% during the period thereafter. But thereafter, what hit us was the global meltdown and it’s after impacts. India got swayed off; the immediate repercussion fell on the growth pattern of the India economy. The GDP growth rate started getting a setback and from then on it had only experienced a downward pattern. A dramatic improvement might not be expected, but a slow and steady growth path is surely desirable. Inflation: Inflation means a persistent rise in the price levels of commodities and services, leading to a fall in the currency’s purchasing power. Inflation Rate is the measure of inflation over a period of time. Inflation rate is calculated for any time period weekly, monthly or annual. The rising figures show us an increase in the rate of goods and services and a fall in the purchasing power of the consumer with the same level of incomes. Therefore an individual must invest keeping in mind the future rise in prices. Increasing inflation is really bad for retirement planning because the target keeps on getting higher and higher to pay for the same quality of life. In other words, your savings will buy less. As a result, you will need to save more today to pay for higher priced goods and services in the future. Since everything you buy today costs more, so you have less left-over income available to save. Inflation has another effect too, once people start to expect inflation, they will spend now rather than later. That's because they know things will only cost more lately. This consumer spending heats up the economy even more, leading to further inflation. This situation is known as spiraling inflation because it spirals out of control. Inflation is important if you are holding bonds or Treasury notes. These fixed price assets only give a fixed return each year. As inflation spirals faster than the return on these assets, they become less valuable. Price Inflation greatly effects time value of money (TVM). It is a major component of interest rates which are at the heart of all TVM calculations. Actual or anticipated changes in the inflation rate cause corresponding changes in interest rates. Lenders know that inflation will erode the value of their money over the term of the loan so they increase the interest rate to compensate for that loss. Nifty: India is a land of many cultures and languages. Its vibrancy and quest for growth throws up as many questions as it throws up new answers. With globalization people are constantly seeking broader horizon of knowledge and information. How much has the country prospered? How well is the economy doing? Nifty is the platform on which India finds these answers. The Nifty Index is a composite of the top 50 stocks listed on the National Stock Exchange (NSE). It is a simplified tool that helps investors and ordinary people alike, to understand what is happening in the stock market and by extension, the economy. If the Nifty Index performs well, it is a signal that companies in India are performing well and consequently that the country is doing well. An upbeat economy is usually reflected in a strong performance of the Nifty Index. A rising index is also indicative that the investors are positive about the future. The Nifty Index is based upon solid economic research. It is internationally respected and recognized as a pioneering effort in providing simpler understanding of stock market complexities. Nifty is the flagship index of NSE, the 3rd largest stock exchange in the world in terms of number of transactions (Stock Futures). Nifty has been used to represent S;P CNX Nifty, owned and managed by India Index Services and Products Ltd. (IISL), a joint venture between NSE and CRISIL. * Nifty index can be used by individuals to track market movements and compare performance of individual companies’ vis-a-vis market performance. * Shareholders evaluation of management decisions – performance of a company vis-a-vis the market generally reflects the perception of the investor. * Assist traders and market intermediaries to evaluate performance and sentiments across the market. Index funds can replicate Nifty indices to earn market returns. * Derivative trading – Investors can use Nifty indices for hedging their exposures in the equity markets. Benchmarking NAV performances – Nifty is the benchmark for performance of open ended and close ended funds. Given above, are the annual returns of S;P CNX Nifty. In the fiscal year ‘03-‘04 and ‘05-’06 Nifty has given annual returns of 81. 29% and 67. 13%. In the year ’08-’09 the time of Global Meltdown Nifty showed strength as compared to the global markets(NASDAQ) and showed instant recovery and rose up to 73. 9% in the fiscal year ’09-’10. The Industries in the Economy: IT Industry: The Indian information technology (IT) industry has played a major role in placing India on the international map. The industry is mainly governed by IT software and facilities for instance System Integration, Software experiments, Custom Application Development and Maintenance (CADM), network services and IT Solutions. According to Nasscom's findings Indian IT-BPO industry expanded by 12% during the Fiscal year 2009 and attained aggregate returns of US$ 71. 6 billion. Out of the derived revenue US$ 59. billion was solely earned by the software and services division. Moreover, the industry witnessed an increase of around US$ 7 million in FY 2008-09 i. e. US$ 47. 3 billion against US$ 40. 9 bil lion accrued in FY 2008-09 | IT Outsourcing in India: As per NASSCOM, IT exports in business process outsourcing (BPO) services attained revenues of US$ 48 billion in FY 2008-09 and accounted for more than 77% of the entire software and services income. Over the years India has been the most favorable outsourcing hub for firm on a lookout to offshore their IT operations. The factors behind India being a preferred destination are its reasonably priced labor, favorable business ambiance and availability of expert workforce. Considering its escalating growth, IBM has plans to increase its business process outsourcing (BPO) functions in India besides employing 5,000 workforces to assist its growth. In the next few years, the industry is all set to witness some multi-million dollar agreements namely: * A 5 year agreement between HCL Technologies and News Corp for administering its information centers and IT services in UK. As per the industry analysts, the pact is estimated to be in the range of US$ 200-US$ 250 million * US$ 50 million agreement between HCL Technologies and Meggitt, UK-based security apparatus manufacturer, for offering engineering facilities. * Global giant Wal-Mart has short listed there Indian IT dealers namely Cognizant Technology Solutions, UST Global and Infosys Technologies for a contract worth US$ 600 million. India's domestic IT Market: India's domestic IT Market over the years has become one of the major driving forces of the industry. The domestic IT infrastructure is developing contexts of technology and intensity of penetration. In the FY 2008-09, the domestic IT sector attained revenues worth US$ 24. 3 billion as compared to US$ 23. 1 billion in FY 2007-08, registering a growth of 5. 4%. Moreover, the increasing demand for IT services and goods by India Inc has strengthened the expansion of the domestic market with agreements worth rising up extraordinarily to US$ 100 million. By the FY 2012, the domestic sector is estimated to expand to US$ 1. 7 billion against the existing from US$ 1 billion. Government initiative in India's domestic IT Market: The Indian government has established a National Taskforce on IT with an aim of formatting a durable National IT Policy for India * Endorsement of the IT Act, which offers an authorized structure to assist electronic trade and electronic operations. Major investments in India's domestic IT Market: * According to Andhra Pradesh Government the state's SEZs and Software T echnology Parks of India (STPI) will witness an investment of US$ 3. 27 billion in the next few years. * VMware Inc, San Francisco-based IT firm is looking forward to invest US$ 100 million by 2010 in India. EMC Corporation's total Indian assets is expected to reach US$ 2 billion by 2014 Future of Indian IT Industry: The Indian IT sector persists to be one of the flourishing sectors of Indian financial system indicating a speedy expansion in the coming years. As per NASSCOM, the Indian IT exports are anticipated to attain US$ 175 billion by 2020 out of which the domestic sector will account for US$ 50 billion in earnings. In total the export and domestic IT sector are expected to attain profits amounting to US$ 225 billion along with new prospects from BRIC nations and Japan for its outsourcing operations. Software Industry: It's the technological revolution that at times brings surprising opportunities for some nations. India, though not among the front runners in terms of economic growth, has successfully utilized such opportunities in the revolution to become an IT hotspot. For the past several years, India has been an increasingly favored destination for customized software development. As a result, a number of software companies in India have come up. Not only the number of players has increased in the Indian IT market, but at the same time, Indian software companies have done considerably well in the global market. Such huge success of software companies in India has given birth to a new speculation – whether other developing countries should imitate Indian example and whether the success of India would constitute a competitive challenge to the software industry of the developed world or not. The Software Industry in India: With the huge success of the software companies in India, the Indian software industry in turn has become successful in making a mark in the global arena. This industry has been instrumental in driving the economy of the nation on to a rapid growth curve. As per the study of NASSCOM-Deloitte, the contribution of IT/ITES industry to the GDP of the country has soared up to a share of 5% in 2007 from a mere 1. 2% in 1998. Besides, this industry has also recorded revenue of US$ 64 billion with a growth rate of 33% in the fiscal year ended in 2008. The export of software has also grown up, which has been instrumental in the huge success of the Indian software companies as well as the industry. In fact, software export from India accounts for more than 65% of the total software revenue. The domestic software market largely depends upon sale of software packages and products, which constitute major part of revenues. Products account for almost 40% of the domestic market. On the other hand, more than 80% of revenue from software exports comes from software services like custom software development and consultancy services etc. Reasons behind Success of Indian software companies: There are a number of reasons why the software companies in India have been so successful. Besides the Indian software companies, a number of multinational giants have also plunged into the India IT market. India is the hub of cheap and skilled software professionals, which are available in abundance. It helps the software companies to develop cost-effective business solutions for their clients. As a result, Indian software companies can place their products and services in the global market in the most competitive rate. This is the reason why India has been a favorite destination for outsourcing as well. Many multinational IT giants also have their offshore development centers in India. IT Business Sectors: Most of the software companies in India are into varied types of business. There can be several types of business in the IT sectors: * Infrastructure Software: These include OS, middleware and databases. * Enterprise Software: These automate business process in diverse verticals like finance, sales and marketing, production and logistics. * Security Software * Industry-specific Software * Contract Programming Top Companies in India: There are plenty of software companies in India which have been doing well. However, some of the top Indian software companies can be listed as: * Tata Consultancy Services * Wipro Limited * Infosys * HCL Technologies Tech Mahindra * Patni Computer Systems * i-flex Solutions * MphasiS * L;T Infotech * IBM India Banking Industry: The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years, based on the projections made in the â€Å"India Vision 2020† prepared by the Planning Commission and the Draft 10th Plan, the report forecasts that the pace of expansion in the balance-sheets of banks is likely to decelerate. The total assets of all scheduled commercial banks by end-March 2010 are estimated at Rs 40, 90,000 crores. That will comprise about 65 per cent of GDP at current market prices as compared to 67 per cent in 2002-03. Bank assets are expected to grow at an annual composite rate of 13. 4 per cent during the rest of the decade as against the growth rate of 16. 7 per cent that existed between 1994-95 and 2002-03. It is expected that there will be large additions to the capital base and reserves on the liability side. The Indian Banking Industry can be categorized into non-scheduled banks and scheduled banks. Scheduled banks constitute of commercial banks and co-operative banks. There are about 67,000 branches of Scheduled banks spread across India. As far as the present scenario is concerned the Banking Industry in India is going through a transitional phase. The Public Sector Banks (PSBs), which are the base of the Banking sector in India account for more than 78 per cent of the total banking industry assets. Unfortunately they are burdened with excessive Non Performing assets (NPAs), massive manpower and lack of modern technology. On the other hand the Private Sector Banks are making tremendous progress. They are leaders in Internet banking, mobile banking, phone banking, ATMs. As far as foreign banks are concerned they are likely to succeed in the Indian Banking Industry. In the Indian Banking Industry some of the Private Sector Banks operating are IDBI Bank, ING Vyasa Bank, SBI Commercial and International Bank Ltd, Bank of Rajasthan Ltd. and banks from the Public Sector include Punjab National bank, Vijaya Bank, UCO Bank, Oriental Bank, Allahabad Bank among others. ANZ Grind lays Bank, ABN-AMRO Bank, American Express Bank Ltd, Citibank are some of the foreign banks operating in the Indian Banking Industry. Cement Industry: The history of the cement industry in India dates back to the 1889 when a Kolkata-based company started manufacturing cement from Argillaceous. But the industry started getting the organized shape in the early 1900s. In 1914, India Cement Company Ltd was established in Porbandar with a capacity of 10,000 tons and production of 1000 installed. The World War I gave the first initial thrust to the cement industry in India and the industry started growing at a fast rate in terms of production, manufacturing units, and installed capacity. This stage was referred to as the Nascent Stage of Indian Cement Industry. In 1927, Concrete Association of India was set up to create public awareness on the utility of cement as well as to propagate cement consumption. The cement industry in India saw the price and distribution control system in the year 1956, established to ensure fair price model for consumers as well as manufacturers. Later in 1977, government authorized new manufacturing units (as well as existing units going for capacity enhancement) to put a higher price tag for their products. A couple of year’s later; government introduced a three-tier pricing system with different pricing on cement produced in high, medium and low cost plants. Cement industry, in any country, plays a major role in the growth of the nation. Cement industry in India was under full control and supervision of the government. However, it got relief at a large extent after the economic reform. But government interference, especially in the pricing, is still evident in India. In spite of being the second largest cement producer in the world, India falls in the list of lowest per capita consumption of cement with 125 kg. The reason behind this is the poor rural people who mostly live in mud huts and cannot afford to have the commodity. Despite the fact, the demand and supply of cement in India has grown up. In a fast developing economy like India, there is always large possibility of expansion of cement industry. Cement Production and Growth: Domestic demand plays a major role in the fast growth of cement industry in India. In fact the domestic demand of cement has surpassed the economic growth rate of India. The cement consumption is expected to rise more than 22% by 2009-10 from 2007-08. In cement consumption, the state of Maharashtra leads the table with 12. 18% consumption, followed by Uttar Pradesh. In terms of cement production, Andhra Pradesh leads the list with 14. 72% of production, while Rajasthan remains at second position. The production of cement in India grew at a rate of 9. 1% during 2006-07 against the total production of 147. 8 MT in the previous fiscal year. During April to October 2008-09, the production of cement in India was 101. 04 MT comparing to 95. 05 MT during the same period in the previous year. During October 2009, the total cement production in India was 12. 37 MT compared to a production of 11. 61 MT in the same month in the previous year. The cement companies are also increasing their productions due to the high market demand. The cement companies have seen a net profit growth rate of 85%. With this huge success, the cement industry in India has contributed almost 8% to India's economic development. Technology Up-gradation: Cement industry in India is currently going through a technological change as a lot of up-gradation and assimilation is taking place. Currently, almost 93% of the total capacity is based entirely on the modern dry process, which is considered as more environment-friendly. Only the rest 7% uses old wet and semi-dry process technology. There is also a huge scope of waste heat recovery in the cement plants, which lead to reduction in the emission level and hence improves the environment. Recent Investments in the Indian Cement Industry * In a recent announcement, the second largest cement company in South India, Dalmia Cement declared that it's going to invest more than US$ 652. 6 million in the next 2-3 years to add 10 MT capacities. * Anil Ambani-led Reliance Infrastructure is going to build up cement plants with a total capacity of yearly 20 MT in the next 5 years. For this, the company will invest US$ 2. 1 billion. * India Cements is going to set up 2 thermal power plants in Andhra Pradesh and Tamil Nadu at a cost of US$ 104 billion. * Anil Ambani-led Reliance Cementation is also going to set up a 5 MT integrated cement plant in Maharashtra. It will invest US$ 463. 2 million for that. * Jaiprakash Associates Ltd has signed a MoU with Assam Mineral Development Corporation Limited to set up a 2 MT cement plant. The estimated project cost is US$ 221. 36 million. * Rungta Mines (RML) is also planning to invest US$ 123 million for setting up a 1 MT cement plant in Orissa. Automobile Industry: Driving the most luxurious car has been made possible by the stiff competition in the automobile industry in India, with overseas players gathering the same momentum as the domestic participants. Every other day, we have been hearing about some new launches, some low cost cars – all customized in a manner such that the common man is not left behind. In 2009, the automobile industry is expected to see a growth rate of around 9%, with the disclaimer that the auto industry in India has been hit badly by the ongoing global financial crisis. The automobile industry in India happens to be the ninth largest in the world. Following Japan, South Korea and Thailand, in 2009, India emerged as the fourth largest exporter of automobiles. Several Indian automobile manufacturers have spread their operations globally as well, asking for more investments in the Indian automobile sector by the MNCs. The figures show that the automobile sector in India has been growing robustly. The market shares of the different types of vehicles will clearly depict the demand pattern in this sector. Aluminum Industry: Aluminum Industry in India is a highly concentrated industry with the top 5 companies constituting the majority of the country's production. With the growing demand of aluminum in India, the Indian aluminum industry is also growing at an enviable pace. In fact, the production of aluminum in India is currently outpacing the demand. Though India's per capita consumption of aluminum stands too low (under 1 kg) comparing to the per capita consumptions of other countries like US ; Europe (range from 25 to 30 kgs), Japan (15 kgs), Taiwan (10 kgs) and China (3 kgs), the demand is growing gradually. In India, the industries that require aluminum most include power (44%), consumer durables, transportation (10-12%), construction (17%) and packaging etc. The Background: Though the existence of Aluminum was first established in the year 1808, it took almost 46 years to make its production commercially viable. The research work of several years resulted in extracting the aluminum from the ore. Aluminum is third most available element in the earth constituting almost 7. 3% by mass. Currently it is also the second most used metal in the world after steel. Due to the consistent growth of Indian economy at a rate of 8%, the demand for metals, used for various sectors, is also on the higher side. As a result, the Indian aluminum industry is also growing consistently. In FY09, the aluminum industry in India saw a growth of about 9%. The production of aluminum started in India in 1938 when the Aluminum Corporation of India's plant was commissioned. The plant which was set up with a financial and technical collaboration with Alcan, Canada had a capacity of producing 2,500 ton per annum. Hindustan Aluminum Corporation (Hindalco) was set up in UP in the year 1959; it had a capacity of producing 20,000 ton per annum. In 1965, a public sector enterprise Malco which had a capacity of 10,000 ton per annum was commissioned; by 1987, National Aluminum Company (NALCO) was commissioned to produce aluminum. It had a capacity of producing 0. 218 million ton. During the 1970s, the government started regulating and controlling the Indian aluminum industry. Restrictions in entry and price distribution controls were quite common in the Indian aluminum sector. Aluminum Control Order was implemented where the aluminum producers had to sell 50% of their products for electrical usages. However, in 1989, the order was removed as the government decontrolling was revoked. With de-licensing of industry in 1991, the liberal import of technologies and capital goods was started. The liberalization resulted in a growth rate of 12% of the industry, comparing to the growth rate of 6% during the 1980. Aluminum Production in India: India is world's fifth largest aluminum producer with an aluminum production competence of around 2. 7 million tones, accounting almost 5% of the total aluminum production in the world. India is also a huge reservoir of Bauxite with a Bauxite reserve of 3 billion tones. The Production: India lies at the eighth position in the list of leading primary aluminum producers in the world. India saw a significant growth in aluminum production in the past five years. In 2006-07, the production target of aluminum in India laid by the Ministry of Mines, Government of India was 1,153 KT, which was augmented to 1,237 KT in the next year (2007-08). Due to the growing demand from the construction, electrical, automobiles and packaging industry, the production of aluminum also hiked up. In FY 09, the total aluminum production in India was around 1. 35 tones. The Consumption: After a stagnant consumption of primary aluminum in India from the end of 1990s to 2002 (when the consumptions were between 500 – 600 KT), it started rising sharply since 2002. The consumption reached at 1,080 KT in 2006. The consumption of aluminum in India is dominated by the industries like power, infrastructure, and transportation etc. The Major Players: The Indian aluminum industry is dominated by four or five companies that constitute the majority of India's aluminum production. Following are the major players in the Indian aluminum industry: * Hindustan Aluminum Company (HINDALCO): Hindalco is the biggest player in the aluminum industry in India with around 39% of market share. An Aditya Birla Group flagship company, Hindalco has its aluminum plant at Renukoot in Uttar Pradesh. It has various aluminum products with a market share of 42% in primary aluminum, 20% in extrusions 63% in rolled products, 31% in wheels and 44% in foils. * Sterlite Industries: The aluminum business of Sterlite Industries Limited comprises of two Indian aluminum giants – BALCO and MALCO. While BALCO is a partially integrated, MALCO is a fully integrated producer of aluminum. Sterlite has got a market share of around 32%. * National Aluminum Company (NALCO): It is also one of the leading aluminum producers in India. Government of India has a stake of 87. 15% in this company. Its aluminum refinery is located at Damanjodi. It also has a smelter located at Angul, Orissa. Currently, NALCO is concentrating on a capex programme to increase its production from 345,000 tones to 460,000 tones. * Bharat Aluminum Company (BALCO) * MALCO * JINDAL Telecommunications Industry: The Communication Industry in India is one of the rapidly emerging sectors in India and is estimated to surface as the second biggest international telecom market. As per the report carried out by Telecom Regulatory Authority of India (TRAI), Indian communication industry has registered a 3. 5% increase in its total telecom subscribers in December 2009. The sector touched 562. 1 million in its total number of subscribers within a month, against 543. 20 million in November 2009. The growth in communication industry was triggered by an increase in the revenues generated from both landline and mobile facilities. On December 31, 2009 the sector earned the revenue of USD 8. 56 billion. As per the Business Monitor International report, the nation is all set to include 8 to 10 million cellular phone subscribers on monthly basis. At this pace the communication industry is expected to encompass more than half of India's population i. e. 612 million cellular phone subscribers by mid 2012. In addition, as per a research carried out by Nokia, the Telecommunications sector is estimated to surface as the biggest driving component in India's GDP with a contribution of about 15. 4% by the FY2014. India as an emerging Value-Added Services Market: As per a research conducted by Stanford University, Indian mobile value-added services (MVAS) are expected to reach USD 2. 74 bn by the FY2010. To benefit from the emerging MVAS market in India, Reliance Telecommunications and Bharti Airtel Limited are all set to introduce online cellular phone applications in Indian retail stores. While Bharti Airtel will offer around 1,250 applications, Reliance Telecommunications' applications will soon be accessible to its GSM customers by Feb 2010. India as an emerging telecom equipment manufacturing Market: The manufacturing of Cellular phone in India is predicted to expand at an annual rate of 28. 3% till the FY 2011 which can be translated as a production of 107 million mobile handsets by 2010. The production would automatically generate profits and is predicted to increase at an annual rate of 26. 6% till 2011, reaching the target of USD13. billion. Chief Investments in the Communication Industry in India: Over the past one decade, the flourishing Indian Communication industry has been successful in drawing the attention of conglomerates that have invested and are willing to invest more in the sector. With the influx of new telecom giants in Indian market, the investments are likely to gain immense momentum: * Investment of USD 6 bn by Vodafone Essar for the next 3 fis cal years in order to expand its list of cellular phone subscribers to 100 million against the existing 40 million. By 2010, Reliance Communications (RCom) is expecting to increase the total number of telecom towers by constructing 56,596 telecom towers and attaining the preset target of 100,000. * Telenor, Norway based telecom giant has purchased 7% of shares in Unitech Wireless and now possesses 67. 25% by bringing in an investment of USD 431. 70 million * Indian government owned telecom player, BSNL will invest USD1. 17 billion in its WiMax scheme * A proposal of foreign direct investment worth USD 660. million by Federal Agency for State Property Management of the Russian Federation has been recently approved by the Indian government. The Agency would be acquiring 20% stake in Sistema-Shyam after bringing in the investment. * A USD 1 billion investment will be brought in by Tata Teleservices in its newly introduced GSM facility Tata DoCoMo. Future of Communication Industry in In dia: Indian Communication Industry has a flourishing future in its value-added services market. The pre-set target of the 11th plan from FY 2007 – 12 is to provide 600 million cellular phone connectivity aided by an investment of USD 74 billion. Moreover, it is estimated that by the FY 2012 the profits generated by Indian Communication Industry will touch USD 55 billion against the current USD 31 billion. Pharma Industry: The pharmaceutical industry in India is among the most highly organized sectors. This industry plays an important role in promoting and sustaining development in the field of global medicine. Due to the presence of low cost manufacturing facilities, educated and skilled manpower and cheap labor force among others, the industry is set to scale new heights in the fields of production, development, manufacturing and research. In 2008, the domestic pharma market in India was expected to be US$ 10. 76 billion and this is likely to increase at a compound annual growth rate of 9. 9 per cent until 2010 and subsequently at 9. 5 per cent till the year 2015. Industry Trends: * The pharma industry generally grows at about 1. 5-1. 6 times the Gross Domestic Product growth * Globally, India ranks third in terms of manufacturing pharma products by volume * The Indian pharmaceutical industry is expected to grow at a rate of 9. 9 % till 2010 and after that 9. 5 % till 2015 * In 2007-08, India exported drugs worth US$7. billion in to the US and Europe followed by Central and Eastern Europe, Africa and Latin America * The Indian vaccine market which was worth US$665 million in 2007-08 is growing at a rate of more than 20% * The retail pharmaceutical market in India is expected to cross US$ 12-13 billion by 2012 * The Indian drug and pharmaceuticals segment received foreign direct investment to the tune of US$ 1. 43 billi on from April 2000 to December 2008 Challenges: Every industry has its own sets of advantages and disadvantages under which they have to work; the pharmaceutical industry is no exception to this. Some of the challenges the industry faces are: * Regulatory obstacles * Lack of proper infrastructure. * Lack of qualified professionals * Expensive research equipments * Lack of academic collaboration * Underdeveloped molecular discovery program * Divide between the industry and study curriculum Government Initiatives: The government of India has undertaken several including policy initiatives and tax breaks for the growth of the pharmaceutical business in India. Some of the measures adopted are: * Pharmaceutical units are eligible for weighted tax reduction at 150% for the research and development expenditure obtained. Two new schemes namely, New Millennium Indian Technology Leadership Initiative and the Drugs and Pharmaceuticals Research Program have been launched by the Government. * The Government is contemplating the creation of SRV or special purpose vehicles with an insurance cover to be used for funding new drug research * The Department of Pharmaceuticals is mulling the cre ation of drug research facilities which can be used by private companies for research work on rent Pharma Export: In the recent years, despite the slowdown witnessed in the global economy, exports from the pharmaceutical industry in India have shown ood buoyancy in growth. Export has become an important driving force for growth in this industry with more than 50 % revenue coming from the overseas markets. For the financial year 2008-09 the export of drugs is estimated to be $8. 25 billion as per the Pharmaceutical Export Council of India, which is an organization, set up by the Government of India. A survey undertaken by FICCI, the oldest industry chamber in India has predicted 16% growth in the export of India's pharmaceutical growth during 2009-2010. Key Players in the Industry: There are several national and international pharmaceutical companies that operate in India. Most of the country's requirements for pharmaceutical products are met by these companies. Some of them are briefly described below: * Ranbaxy Laboratories Limited is the biggest pharmaceutical manufacturing company in India. The company is ranked at the 8th position among the global generic pharmaceutical companies and has presence in 48 countries including world class manufacturing facilities in 10 countries and serves to customers from over 125 countries. Ranbaxy Laboratories 2009-2010 Q3 Net Profit Results showed a profit of Rs 116. 6 crores as compared to Rs 394. crores deficit, recorded during the corresponding period last fiscal. * Dr. Reddy's Laboratories manufactures and markets a wide range of pharmaceuticals both in India and abroad. The company has 60 active pharmaceutical ingredients to manufacture drugs, critical care products, diagnostic kits and biotechnology products. The company has 6 FDA plants that produce active pharma ingredients and 7 FDA inspected and ISO 9001 and ISO 14001 certified plants. Dr. Reddy's Q1 FY10 result shows the revenues of the company at Rs. 18,189 million which is up by 21%. During this quarter the company introduced 24 new generic products, applied for 22 new generic product registrations and filed 4 DMFs. * Cipla is an Indian pharmaceutical company renowned for the manufacture of low cost anti AIDS drugs. The company's product range comprises of anthelmintics, oncology, anti-bacterial, cardiovascular drugs, antibiotics, nutritional supplements, anti-ulcerants, anti-asthmatics and corticosteroids. Cipla also offers other services like quality control, engineering, project appraisal, plant supply, consulting, commissioning and know-how transfer, support. For the financial year 2008-09 the company registered an increase of 22% in sales and other income over the previous year. * Nicholas Piramal is the second largest pharmaceutical healthcare company in India. The brands manufactured by the company include Gardenal, Ismo, Stemetil, Rejoint, Supradyn, Phensedyl and Haemaccel. Nicholas Piramal has entered into join ventures and alliances with several international corporations like Cheissi, Italy; IVAX Corp; UK, F. Hoffmann-La Roche Ltd. , Allergan Inc. , USA etc. Glaxo Smithkline (GSK) is a United Kingdom based pharma company; it is the world's second largest pharmaceutical company. The company's portfolio of pharma products consist of central nervous system, respiratory, oncology, vaccines, anti-infectives and gastro-intestinal/metabolic products among others. On November 2009, the FDA had announced that the H1N1 vaccine manufactured by GSK would join the list of the four vaccines approved. * Zydus Cadila also known as Cadila Healthcar e is an Indian pharmaceutical company located in Gujarat. The company's 1QFY2010 results show the net sales at Rs880. cr which is higher than the estimated Rs773cr. The net profit was Rs124. 8cr which was increase of 39%; the increase was on account of higher sales and improvement in the OPM. Financial Ratios: Earnings per Share( EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share   serves as an indicator of  a company's profitability. Calculated as : When calculating, it is more accurate to use a  weighted average number of shares outstanding over the reporting term, because the  number of shares outstanding can change over time. An important aspect of EPS that's often ignored is the capital that is required to generate the earnings (net income) in the calculation. Two companies could generate the same EPS number, but one could do so  with  less equity (investment) – that company would be more efficient at using its  capital to generate income and, all other things being equal, would be a â€Å"better† company. Investors also need to be aware of earnings manipulation that will affect the quality of the earnings number. It is important not to rely on any one financial measure, but to use it in conjunction with statement analysis and other measures. Price to Book Value (P/B): A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. Also known as the â€Å"price-equity ratio†. Calculated as: A lower  P/B ratio could mean that the stock is undervalued. However, it could also mean that something is fundamentally wrong with the company. As with most ratios, be aware that  this varies   by industry. This ratio also gives some idea of whether you're paying too much for what would be left if the company went bankrupt immediately. Price to Earnings Ratio (P/E): A valuation ratio of a company's current share price compared to its per-share earnings. Calculated as: For example, if a company is currently trading at Rs. 43. 00 a share and earnings over the last 12 months were Rs 1. 95 per share, the P/E ratio for the stock would be 22. 05 (Rs43/Rs1. 95). In general, a high P/E  suggests that investors are expecting  higher earnings  growth  in the future compared to companies with a  lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually  more useful to compare the P/E ratios of one  company to other companies in the same industry, to the market in general or against the company's own historical P/E. It would not be useful for investors  using the P/E ratio as a basis for their investment to compare the P/E of a technology company (high P/E) to a utility company (low P/E) as each industry has much different growth prospects. The P/E is sometimes  referred to as the â€Å"multiple†, because it shows how much investors are willing to pay per Re. of earnings. If a company were currently trading at a multiple  (P/E) of 20, the interpretation is that an investor is  willing to pay Rs. 20 for Re. 1 of   current earnings. It is important that investors note  an important  problem that arises with the P/E measure, and to avoid basing a decision on this measure alone. The denominator (earnings) is based on an accounting measure of earnings  that  is susceptible to forms of manipulation, making the  quality of the P/E  only as good as the quality of the underlying earnings number. Dividend Yeild (D. Y): A financial ratio that  shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a  stock. Dividend yield is calculated as follows: Dividend yield is  a way to measure how much cash flow you are getting for each dollar invested in an equity position. Investors who require a minimum stream of cash flow from their investment portfolio can secure this cash flow by investing in stocks paying relatively high, stable dividend yields. What Is Technical Analysis? Technical analysis is a method of evaluating securities by analyzing the statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value, but instead use charts and other tools to identify  patterns that can suggest future activity. Just as there are many investment styles on the fundamental side, there are also many different types of technical traders. Some rely on chart patterns; others use technical indicators and oscillators, and most use some combination of the two. In any case, technical analysts' exclusive use of historical price and volume data is what separates them from their fundamental counterparts. Unlike fundamental analysts, technical analysts don't care whether a stock is undervalued – the only thing that matters is a security's past trading data and what information this data can provide about where the security might move in the future. The field of technical analysis is based on three assumptions: * The market discounts everything. * Price moves in trends. * History tends to repeat itself. The Market Discounts Everything: A major criticism of technical analysis is that it only considers price movement, ignoring the fundamental factors of the company. However, technical analysis assumes that, at any given time, a stock's price reflects everything that has or could affect the company – including fundamental factors. Technical analysts believe that the company's fundamentals, along with broader economic factors and market psychology, are all priced into the stock, removing the need to actually consider these factors separately. This only leaves the analysis of price movement, which technical theory views as a product of the supply and demand for a particular stock in the market. Price Moves in Trends: In technical nalysis, price movements are believed to follow trends. This means that after a trend has been established, the future price movement is more likely to be in the same direction as the trend than to be against it. Most technical trading strategies are based on this assumption. History Tends To Repeat Itself: Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attributed to market psychology; in other words, market participants tend to provide a consistent reaction to similar market stimuli over time. Technical analysis uses chart  patterns to analyze market movements and understand trends. Although many of these charts have been used for more than 100 years, they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves. Although technical analysis and fundamental analysis are seen by many as polar opposites – the oil and water of investing – many market participants have experienced great success by combining the two. For example, some fundamental analysts use technical analysis techniques to figure out the best time to enter into an undervalued security. Oftentimes, this situation occurs when the security is severely oversold. By timing entry into a security, the gains on the investment can be greatly improved. Alternatively, some technical traders might look at fundamentals to add strength to a technical signal. For example, if a sell signal is given through technical patterns and indicators, a technical trader might look to reaffirm his or her decision by looking at some key fundamental data. Oftentimes, having both the fundamentals and technical’s on your side can provide the best-case scenario for a trade. Not Just for Stocks: Technical analysis can be used on any security with historical trading data. This includes stocks, futures and commodities, fixed-income securities, forex, etc. In this tutorial, we'll usually analyze stocks in our examples, but keep in mind that these concepts can be applied to any type of security. In fact, technical analysis is more frequently associated with commodities and forex, where the participants are predominantly traders. Now that the philosophy behind technical analysis is understood, with the help of certain examples let’s see how it really works. Trend: One of the most important concepts in technical analysis is that of trend. The meaning in finance isn't all that different  from the general definition of the term – a trend is really nothing more than the general direction in which a security or market is headed. There are three types of trend: * Uptrends: Higher Highs and Higher Lows * Downtrends: Lower Highs and Lower Lows * Sideways/Horizontal Trends: Little movement up or down in the peaks and troughs Along with these three trend directions, there are three trend classifications. A trend of any direction can be classified as a long-term trend, intermediate trend or a short-term trend. In terms of the stock market, a major trend is generally categorized as one lasting longer than a year. An intermediate trend is considered to last between one and three months and a near-term trend is anything less than a month. A long-term trend is composed of several intermediate trends, which often move against the direction of the major trend. If the major trend is upward and there is a downward correction in price movement followed by a continuation of the uptrend, the correction is considered to be an intermediate trend. The short-term trends are components of both major and intermediate trends. It is important to be able to understand and identify trends so that you can trade with the trend rather than against them. Two important sayings in technical analysis are â€Å"the trend is your friend† and â€Å"don't buck the trend†. Trendline is the tool used to draw trends and even identify the support and resistance. Support and Resistance: Support: The price level through which a stock or market seldom falls. Resistance: The price level that a stock or market seldom surpasses. Once a resistance or support level is broken, its role is reversed. If the price falls below a support level, that level will become resistance. If the price rises above a resistance level, it will often become support. As the price moves past a level of support or resistance, it is thought that supply and demand has shifted, causing the breached level to  reverse its role. For a true reversal to occur, however, it is important that the price make a strong move through either the support or resistance. Support and resistance analysis is an important part of trends because it can be used to make trading decisions and identify when a trend is reversing. For example, if a rader identifies an important level of resistance that has been tested several times but never broken, he or she may decide to take profits as the security moves toward this point because it is unlikely that it will  move past this level. Support and resistance levels both test and confirm trends and need to be monitored by anyone who uses technical analysis. As long as the price o f the share remains between these levels of support and resistance, the trend is likely to continue. It is important to note, however, that a break beyond a level of support or resistance does not always have to be a reversal. For example, if a price moved above the resistance levels of an upward trending channel, the trend has accelerated, not reversed. This means that the price appreciation is expected to be faster than it was in the channel. Being aware of these important support and resistance points should affect the way that you trade a stock. Traders should avoid placing orders at these major points, as the area around them is usually marked by a lot of volatility. If you feel confident about making a trade near a support or resistance level, it is important that you follow this simple rule: do not place orders directly at the support or resistance level. This is because in many cases, the price never actually reaches the whole number, but flirts with it instead. So if you're bullish on a stock that is moving toward an important support level, do not place the trade at the support level. Instead, place it above the support level, but within a few points. On the other hand, if you are placing  stops or short selling, set up your trade price at or below the level of support. Volumes: Volume is simply the number of shares or contracts that trade over a given period of time, usually a day. The higher the volume, the more active the security. To determine the movement of the volume (up or down), chartists look at the volume bars that can usually be found at the bottom of any chart. Volume bars illustrate how many shares have traded per period and show trends in the same way that prices do. Volume is an important aspect of technical analysis because it is used to confirm trends and chart patterns. Any price movement up or down with relatively high volume is seen as a stronger, more relevant move than  a similar move with weak volume. Therefore, if you are looking at a large price movement, you should also examine the volume to see whether it tells the same story. The other use of volume is to confirm chart patterns. Patterns such as head and shoulders, triangles, flags and other price patterns can be confirmed with volume. In most chart patterns, there are several pivotal points that are vital to what the chart is able to convey. Basically, if the volume is not there to confirm the pivotal moments of a chart pattern, the quality of the signal formed by the pattern is weakened. Another important idea in technical analysis is that price is preceded by volume. Volume is closely monitored to form ideas on upcoming trend reversals. If volume is starting to decrease in an uptrend, it is usually a sign that the upward run is about to end. Now that some of the important factors of technical analysis are understood, we can move on to charts, which help to identify trading opportunities in prices movements. Charts: In technical analysis, charts are similar to the charts that you see in any business setting. A chart is simply a graphical representation of a series of prices over a set time frame. For example, a chart may show a stock's price movement over a one-year period, where each point on the graph represents the closing price for each day the stock is traded There are several things that you should be aware of when looking at a chart, as these factors can affect the information that is provided. They include the time scale, the price scale and the price point properties used. The Time Scale: The time scale refers to the range of dates at the bottom of the chart, which can vary from decades to seconds. The most frequently used time scales are intraday, daily, weekly, monthly, quarterly and annually. The shorter the time frame, the more detailed the chart. Each data point can represent the closing price of the period or show the open, the high, the low and the close depending on the chart used. The Price Scale and Price Point Properties: The price scale is on the right-hand side of the chart. It shows a stock's current price and compares it to past data points. This may seem like a simple concept in that the price scale goes from lower prices to higher prices as you move along the scale from the bottom to the top. The problem, however, is in the structure of the scale itself. A  scale can  either be constructed in a linear (arithmetic) or logarithmic way, and both of these options are  available on most charting services. Charts: There are four main types of charts that are used by investors and traders depending on the information that they are seeking and their individual skill levels. The chart types are: the line chart, the bar chart, the candlestick chart and the point and figure chart. Line Chart: The most basic of the four charts is the  line chart because it represents only the closing prices over a set period of time. The line is formed by connecting the clo

Health and Social introduction Essay

The sector that I have chosen to write my report on is ‘children and young people’, I chose this sector because I am hoping to work with children when I am older. The client group is children who are 2 – 4 year old(Nursery age) the care setting will be nurserys in England. The work of the sector Nurseries provide full day care and education for children from as young as six weeks to pre-school five year olds. Day nurseries are different from nursery schools and can be privately run, community, council or workplace services. They all must be registered and regulary inspected by Oftsed though and must comply with the guidlines of how much staff there should be to children(for under two’s, one carer to three children; two to three year olds, one carer to four children; three to five year olds, one carer to eight children). All staff there must have or must be working towards the relevant qualifications in children. The care setting and client group The purpose of a nursery is to provide care for those under the legal school age(5). The care may be needed if the parents work or if the parents just want their child to get used to been around other children of similar age so they can get their confidence up. In a nursery there will usually be between 10 and 26 children in it depending how big or small it is. Nurseries are more likely to be in a rural area because families with children will more likely live there, any care setting for children in Urban areas will more likely be private care. Facilites in a nursery : Nurseries will have a lot of many factilites that are suitable for the children, there will be a mix of play areas which are an important part of the childs development in the nursery years. There will possible be a soft play area for younger children, plenty of toys(suitable for the ages) a sand pit and/or a water pit for them to, depending on the age the nursery accepts though. They may even have an outside area for play which would be best for the oldest children in the nursery, the outside area would have tricicles(maybe) and possibly Jungle-Jim equipment that the children can play on. Inside they are likely to have a small reading area(where the children will sit down on the carpet like they do in reception). Toilets, possibly a changing room depending on the ages the nurseries accepts. They may have a small kitchen or an upstairs caffeteria if connected to a school. The differet practicioners : Manager, deputy manager, room leaders(depending on how big the nursery is), workers, volunteers, special education needs coordinator(senco). If the nursery is big they will possible have a cook and maybe an administrator. The clients will only meet the room leaders, workers, volunteers(as these are the ones who look after/teach the children) and maybe the senco depending on if they need one. The manager and deputy manager are there to make sure that the nursery runs smoothly and that they keep to the standards expected of them(buying supplies, keeping in contact with parents). The room leader is there to be in charge of a certain room in the building, these are only needed for the bigger nurseries.

MMR Vaccine Essay Example | Topics and Well Written Essays - 1000 words

MMR Vaccine - Essay Example Prior to introduction of the vaccine, the most common cause of meningitis related to virus was mumps (NHS, 2004). Mumps is also in the stage of wiping-out because of the vaccine. Even the impact of rubella on fetuses has drastically decreased due to the vaccine. MMR has always been given as a combination vaccine and separate vaccination programme was never there in the United Kingdom (NHS, 2004). Thus, MMR is a very effective vaccine. However, several concerns have been raised by some experts about the safety of these vaccines because of reports of some studies pointing to the development of various complications like asthma, Guillain-Barre Syndrome, Crohns disease, Autism and Subacute Sclerosing Panencephalitis (Mediinfo, 2004). Of interest is a major study by Wakefiled et al (1998) published in the popular magazine Lancet which linked mumps vaccine to autism. According to this study, MMR vaccine can lead to autism spectrum disorders with associated enterocolitis. In the study, parents of eight out of 12 children who presented with "history of normal development followed by loss of acquired skills, including language, together with diarrhea and abdominal pain" (Wakefiled et al, 1998) reported that the onset of symptoms were after administration of MMR vaccine. This was a major breakthrough study that forced the UK government to discontinue the vaccine until further research . Based on the reports of the study, the rates of vaccination of MMR vaccine dropped dramatically (McIntyre and Leask, 2008), leading to an increase in the incidence of mumps and measles and their associated complications like morbidity and mortality (Pepys, 2007). The reports of the study were investigated by a journalist by name Brian Deer who discovered the fact that the main researcher of the study, Andrew Wakefield had some conflicts of interest that were

Roles of Corrections Officers Coursework Example | Topics and Well Written Essays - 500 words

Roles of Corrections Officers - Coursework Example acter of inmates in order to control, discipline and provide security in the correctional and rehabilitation center (Stratton, West, & United States, 1972). They also have a responsibility to provide leadership and acts as a positive role model that the inmates should look up to, they provide emergency response to breach of correctional center, and they process, direct and observe visitors for the inmates. In the case of physical injuries to the inmates while, in the cell, they provide first aid services (Stratton, West, & United States, 1972). With the ever-increasing number of individual serving prison terms, correctional and rehabilitation centers have witnessed the increased number of inmates and thus have demanded more services to be offered by correctional officers. There has been an influx of mentally ill patients, physically handicapped persons as well as people with chronic illness that requires close monitoring. Due to this problem, correctional officers have found it necessary to acquire new knowledge in taking good care of the disadvantaged population in correctional centers (Dvoskin, & Spiers, n.d.). The correctional officers have the responsibility of creating a good and mutual relationship between the inmates and the prison staff (Dvoskin, & Spiers, n.d.). The inmates depend upon the staff to provide them with adequate security, maintain order and their safety in the prisons while the prison staffs depends upon the inmates to follow facility rule and provide work force labor (Stratton, West, & United States, 1972). Correctional officers are charged with the duty of providing a conducive environment for survival of inmates. They ensure cleanliness by disposing of off filth, ensuring proper room ventilation. They report overcrowding to federal authorities to build more cells. The prevention of overcrowding as well helps in preventing air borne diseases like tuberculosis and sexually transmitted infections (American Correctional Association,

Personal & Professional Development Plan Essay Example | Topics and Well Written Essays - 3750 words

Personal & Professional Development Plan - Essay Example In colleges and university phase, the individual is interested in the academic careers and growth, after graduation the need shifts towards becoming a successful professional in the business market (Megginson and Whiaker, 2007). This particular plan reflects upon my personal and professional development requirements and the skills needed to become successful in the personal and professional phase of life. The report discusses and how the individual plans to accomplish the tasks and goals of development for future growth perspective. Current Employment Sector I am a marketing graduate and my current employment is in an indoor manufacturing company. My designation is of a marketing assistant in the company. I have been employed in this organisation since 6 years. I have gained hands on experience in dealing with the marketing activities of the firm. I have the potential in dealing with international customers but unfortunately my current company does not many international customers an d so this area of expertise remains unexplored. One of my strengths is that I can represent my organisation well as being a marketing assistant I deal with many clients for the company and hence have developed good representation skills. I have a command on a number of languages such as English, Russian and Lithuanian. For marketing managers it is important to be well versed with the native language of the country where the marketing practices are being conducted and I have this skill. My current work tasks are include preparation of email shots, brochures, ringing up to costumers and asking if they are happy with our service, noting the feedback of customers, and working upon future plans upon how the marketing strategies for the organisation can be improved. I also at times handle part of the administration work in my organisation. My organisation basically follows the UK sales strategy and we are operating with this strategy to accomplish all our marketing goals. Future Career As pirations My career aspiration is focused towards attaining a challenging designation, specifically top managerial post, in the field of marketing. I aspire towards implementing the knowledge and skills attained during the degree program of marketing. I want to gain professional experience and growth in the areas of marketing management. I am a quick and ambitious learner and would love to gain guidance from the top management of any organisation. Experienced marketing professionals can provide valuable guidelines as to how things should be carried out. This guidance will help me to gain expertise and widen my knowledge horizon. For achieving the future career aspiration goals and objectives, I would need to undergo training and development sessions. By receiving training and development sessions, I would be receiving valuable guidance in improving my skills and also achieving my aims set for my professional career path. There are certain workshops and training sessions conducted on improving the marketing

Bill Levitt Essay Example | Topics and Well Written Essays - 1000 words

Bill Levitt - Essay Example Unquestionably, Bill Levitt, whose family had been in the custom home building business, envisioned how this atmosphere of new found prosperity and the lack of adequate housing in the overcrowded cities of the East could pave the way for mass production home construction that would forever change the landscape of America - Suburbia was born. Prior to the post-World War II era home ownership in urban America was primarily reserved for the affluent. Custom home building was the norm and the cost was prohibitive to many people. The vast majority of the urban population lived in cramped apartments and row houses and, for the majority, home ownership was only a dream. Levitt, however, seizing on his experience and knowledge of home building understood that through streamlining the building process and standardizing the home designs, he could mass produce homes affordable to the average family. Levitt, though, went a step further by creating massive housing developments on the outskirts of urban industrial cities which offered the prospect of middle class comforts at a price almost any young family could afford (Hales 1). Levitt did not stop with merely building affordable homes; He astutely created communities within these huge developments that offered the convenience of shopping, recreation, church and schools all designed and created within the developments. Levitt sold more than homes; he sold a new way of life complete with a sense of upward mobility and community to the burgeoning young families of the early 1950's. In order to mass produce affordable homes, Levitt drew on several different sources: the efficiency of assembly line production with interchangeable parts coupled with simplistic architectural designs the emphasized open floor plans and modern conveniences. "Levitt sacrificed individuality and custom design for low-cost efficiency" ('Building' 3). To accomplish this Levitt offered only a few models of home choices in each of his developments. Additionally to save on the cost of construction these single family homes were constructed on slab foundations instead of the traditional basement. He did not skimp on quality, however. All the homes constructed used quality products in the building process and the homes offered modern conveniences that appealed to his target audience of young families looking to own their own home on the outskirts of the urban hubs. A testament to Levitt and Sons Builders was the fact that "between 1950 and 1960, 20 million people were drawn to mass housing d evelopments on the outskirts of America's cities" ('Building' 1). To facilitate the low production costs of his homes, Levitt streamlined every facet of home construction. He assembled groups of workers that performed the same tasks over and over again moving from home to home within the development. One group would prepare the building site. One group would pour concrete. One group would rough frame. One group would apply siding. In short, each and every task had specific workers to complete each specific task. This ensured efficiency, speed, unsurpassed productivity and cost containment previously unheard of in the home building industry. Additionally, as there were limited home models constructed his company saved on material cost by purchasing in bulk. His building plans were so well designed

Free Agency is a Chimera Essay Example | Topics and Well Written Essays - 500 words

Free Agency is a Chimera - Essay Example No loving mother ever set out to become an alcoholic of her own free will. Free will would dictate otherwise. Yet, she is driven down the road of addiction by forces outside herself and nudged along, not by free will, but by motives dictated by complex situations and self-serving self-defense. The drive toward self-defense can be demonstrated in man's overriding will of self-preservation. The belief in a soul serves to give hope that a part of us will survive our own death. Yet, man will go to the depths of human depravity in an attempt to insure self-preservation of the human body. Cannibalism, betrayal, and murder have all been witnessed when men have been faced with the death of their own body. If free agency existed, it would alter our actions in these cases and result in more acceptable behavior. Our actions are not driven by free agency but are the result of self-defense and the desire to gain advantage. We obey the law because it is to our advantage, not because we make a free choice to do so. In the complexity of decisions we are confronted with, the action we take is based on the force that pushes us down a path of maximum gain and minimum harm. Even the apparently selfless action of giving to charity is taken to provide the self with satisfaction.

Treatment electronic media Essay Example | Topics and Well Written Essays - 750 words

Treatment electronic media - Essay Example Mary is weary and lost in pain. Billy, the charismatic head of the state house visit her to see how she is doing and show his interest in her. Mary’s lack of enthusiasm makes him sad, but he covers his anger with her current experience. Lost in grief and shock, Mary, is kept in the same residence with ANN, who is also a widow. Ann has already caught up with the new lifestyle. Due to stress and depression, Mary, who have eight months pregnant gotten early labor and she gives birth to a healthy, bouncing baby boy. The bond between the mother and baby is not so strong so ANN, hold the tiny baby boy and cuddles her. His name was BOB. Mary recovers slowly as week’s passes by and she accepts the new world she joined. The bond between mother and child starts to grow stronger day after and day. ANN gives Mary all support she needs from advice to help her in the house. ANN tells Mary all stories she knows or she has ever heard about the people in the state but Mary denies saying she must be exaggerating, it cannot be true yet the same people have saved her life. They stay together bonds the two like sisters. ANN plan to escape because they have been locked indoors for quite some time. They do not have vicinity to the real world. One night, Ann decides to escape from the state house at midnight, the same night she is shot dead. Mary is so horrified at the death of her only sister in the state house. Her agony returns and she take a refuge with relation with BOB. Whenever BOB wants to hear stories about his father Mary did not have the strength to explain him his father was dead. She lies to him that his father escaped to America several years ago, after he learnt that the president wanted him dead as he was a senior person in the government that time, and she was certain he will come to look after them. This lie helps her to heal the trauma of her husband. Billy visits and assign

Pricing and Cost Leadership in Management Accounting Essay

Pricing and Cost Leadership in Management Accounting - Essay Example In the company's situation, I believe that it will be better off pursuing a cost differentiation strategy which will allow it not to compete head-on with Starbucks that is directly on the opposite street. Starbucks is already an established player with an upscale clientele and serving the market through differentiation strategy. However, not all customers can patronize its products because of the high prices. Thus, the coffee outlet can offer specialty coffee products at lower prices which can be afforded by ordinary individuals. In this case, the company should be able to keep costs in check by employing the most efficient processes through the elimination of non-value adding activities. The company can make profit through the expected higher volume as consumers demand more of the products. Identify a small number of areas (between 5-10) of important areas (referred to as critical success factors) for this coffee outlet. A critical success factor is an area in which performance must be at least satisfactory for the business to achieve its mission. The success of the operation of the coffee outlet is dependent on a lot of factors. First, the company should be able to create an appropriate branding strategy which will make it stand out among other competitors. In the specialty coffee industry, branding strategy is very much important even in the mere survival of the business organization because it emphasizes the strength of the company as well as indicates what customers expect. Next, the coffee outlet's brand image should be backed through the delivery of the image. For instance, since the company chooses to offer lowest prices, it should always conduct a market scanning in order to make sure that it is really offering the most competitive price. Another success factor is the outlet's product quality. In a world where customers have become more discriminating have higher bargaining power, it is important that business organizations, ensure that they are offering high quality products. In addition to this, the coffee outlet should align its workforce with its staff. In delivering the intended image and good product quality, the staff should also be educated and adept in offering excellent customer service which will enhance the overall branding strategy of the firm. Service is very much significant to specialty coffee retailers and other players in the hospitality industry. Next, the coffee outlet should also invest in having an atmosphere and ambiance where customers can sit back, relax, and socialize with friends recognizing that most coffee drinkers visit coffee shop in order to get away from the stressful office environment. List different types of information that would be relevant in order to manage this business. Your information requirements can be either accounting or non-financial. The management of the specialty coffee outlet should be based on an extensive and intensive market research which will help the business organization to pinpoint the most profitable market to be served. This will also enable them to tailor their products according

Taylorism Essay Example | Topics and Well Written Essays - 1000 words

Taylorism - Essay Example Taylorism is the name given to Taylor's Scientific Management or the Classical Perspective. In a statement, Taylor said that "The principal object of management should be to secure maximum prosperity for the employer, coupled with maximum prosperity for the employee" [6]. This means that there should be a win-win situation for all the parties involved while no body would feel at a loss. In Taylor's view, the task of factory management was to determine the best way for the worker to do the job, to provide the proper tools and training, and to provide incentives for good performance. He broke each job down into its individual motions, analyzed these to determine which were essential, and timed the workers with a stopwatch. With unnecessary motion eliminated, the worker, following a machinelike routine, became far more productive. [5] With Taylor's radical theories of employee motivation and increased productivity, the organizations started to test them and gained favorable results. His theories began to change how organizations functioned. Before this time organizations were usually setup in homes or in formal businesses where the workspaces were open. There were no barriers to communication and ideas could flow freely among employees. Taylorism abruptly changed this feature of organizations. He proposed the concept of working in enclosed spaces so that each employee could get his or her own personal space. Also this was a way to cut down on social loafing in the organization. By this theory of 'division of labor', companies now assort work to each worker according to his skills set and capability to handle the type of work. [1] [3] According to Becker and Steele, "Taylorism has been a significant part of organizations from the early part of the century and has been polished by major American corporations for the last seventy-five years." [2] Some of the changes that are visible today in modern garment manufacturing are: [1] [3] [8] Hierarchical leadership Just like in every organization, garment manufacturing organizations also involves several chains in the organizational hierarchy. These levels include the management level who own and make high end decisions about which type of cloth, which style and how much to produce and whether to sell it locally or export it. The lower level employees actually work and oversee the mechanized production of the garments. Split locations for manufacturing and office work Generally there are a few locations where actually the garments are made and where the top

Law Conflicts Essay Example for Free

Law Conflicts Essay Situational Analysis on Children in Conflict with the Law and the Juvenile Justice System Atty. Sedfrey Candelaria; Atty. Aleli Domingo; Amanda Roselle Abrera; Geo Carbonell; Ma. Victoria Cardona and Tricia Oco Adhikain Para sa Karapatang Pambata (AKAP) of the Ateneo Human Rights Center, Ateneo Law School and United Nations Children’s Fund, 1998. E-mail: [emailprotected]/ [emailprotected] The Philippine Senate, through Resolution No. 109 dated July 20, 1990 ratified the Convention on the Rights of the Child (CRC) paving the way for the Convention’s implementation at the domestic level. This afforded children the set of protective rights related to the juvenile justice system under Articles 37, 39, and 40. The Philippine Government submitted its compliance commentaries on these provisions in its Initial Report to the Committee on the Rights of the Child in 1993. In response, the CRC committee submitted the following principal concerns: †¢ need for national legislation to conform with the convention †¢ need for efficient mechanisms to monitor the situation of these children in conflict with the law †¢ need for compatibility of the present juvenile justice system to the principles and provisions of the convention and other international standards The development of a situational analysis on children in conflict with the law and the juvenile justice system is deemed necessary to guide policy-makers in implementing effective programs and procedures to protect the rights of the child. Purpose of the Research Last May 7, 1997, a consultative meeting was conducted, with representatives from the five pillars of criminal justice: law enforcement, prosecution, courts, correction and the community. The main purpose was to gather more data and to validate initial observations  and analysis on the status of juvenile justice administration in the Philippines. The objectives of the research were therefore constituted as follows: †¢ To analyze data and existing studies on children in conflict with the law; †¢ To assess the current situation of the administration of juvenile justice in light of the principles and relevant provisions of the Convention on the Rights of the Child (e.g. Articles 37, 39 and 40); and †¢ To recommend practical and achievable steps toward reforming the juvenile justice system. Methodology The research team reviewed the data covering 1993 to 1997 on various aspects of the juvenile justice process. This was derived from existing studies, surveys or reports prepared by a number of groups concerned with children in conflict with the law. These materials were supplemented by actual interviews and responses to questionnaires sent to selected institutional respondents. A series of dialogues with judges of designated courts for children’s cases were also conducted from April to June 1997. Findings The data reveals that while there are Philippine laws, rules and regulations applicable to children in conflict with the law, prosecution and trial procedures in general do not make distinctions between adult and youthful offenders facing charges before the courts. As regards the profile of the Filipino child in conflict with the law, findings show that the youthful offender is: usually male; between the ages of fourteen (14) to seventeen (17) years; an elementary graduate; a middle child from a low-income family with four (4) to six (6) members; charged with property related crimes (robbery and theft); and, exposed to drugs or gang influence. The experience of a number of youthful offenders with the various stages of the juvenile justice process reveals occasional neglect and insensitivity by duty holders. Analysis The following is a brief analysis of the three sub-sections pertaining to the legal framework and processes, institutional framework, and the narrative and statistical report. It will underscore the strengths as well the gaps of the Philippine juvenile justice system as these affect the rights of children in conflict with the law. The discussion of the Philippine legal framework and processes tend to confirm the state of legislative reform in this country, particularly in regard to juvenile justice, as observed by the Committee on the Rights of the Child. It further affirms that while there are laws protecting the rights of children in conflict with the law, Philippine legislators have yet to seriously consider reviewing existing laws. In terms of priority, existing jurisdiction of designated courts over juvenile and domestic relations cases, including cases of youthful offenders, needs to be enhanced by passing legislation on the creation of child and family courts. In line with this reorganization, procedural rules applicable to these courts will be necessary. Therefore, findings of this report on the conduct of court proceedings involving children clearly support: †¢ a move towards restructuring the jurisdiction of some lower courts ; †¢ a set of procedural rules in the handling of children’s cases; and a set of clear-cut criteria for appointment of judges to a specialized child and family court. Various surveys and studies reveal an interesting finding on the average age of youthful offenders to be mostly male and between fourteen (14) andmseventeen (17) years of age. Indeed, this is rather significant in light of the observation of the Committee on the Rights of the Child that Philippine substantive law on the age of penal responsibility is quite low (below nine (9) years). Socio-cultural factors, however, must be closely considered when reviewing the present standard contained in our penal laws and the Child and Youth Welfare Code. Other substantive rights, such as, the constitutional guarantees of an accused are adequately covered by existing laws. The application and practice of these rights in favor of children facing the justice system do not seem to be monitored effectively by the key institutions of the juvenile justice system. An example is the lack of quantitative and qualitative data from the enforcement and judicial sectors concerning compliance with the constitutional and CRC standards on the rights of the youthful offenders at the apprehension, investigation, and trial stages. Selected incidents of violations of the rights of some children arrested, investigated and tried before the courts, as narrated in this report, tend to suggest that there may be more of these incidents in practice occurring at various stages of the juvenile justice process. Non-observance of the CRC standards may be attributed to inadequate training and lack of sensitivity of some law enforcement personnel, prosecutors and even judges in handling of cases of children in conflict with the law. Given the limits of the existing procedural system dealing with youthful offenders, police, prosecutors and judges have sufficient discretion occasionally to ensure that the procedural laws aim at diversion measures rather than passively allow an investigation or judicial process to proceed. It has been emphasized in the said report that every measure be taken to avoid placing the child within the often stressful environment of litigation. Sometimes, this is even aggravated by the protracted delays in the disposition of cases contrary to conventional standards of speedy justice. A more disturbing reality is the unfortunate condition faced by most detained and sentenced youthful offenders in public jails and similar institutions.  Despite clearly stated guidelines, laws and policies regarding the treatment of detained and sentenced juveniles, there exists a startling disregard for a most basic standard. Such is the segregation of children from adult offenders inside detention centers or jails. This continues to stand out as a sore thumb in our review of existing practices on this issue. The objectives of the juvenile justice system could easily be eroded by this situation of youth offenders in detention or those serving sentence. Neither do most physical facilities and development opportunities for detained or sentenced children adequately meet the standards set by the CRC and related U.N. guidelines. The budget allocated by the government for food and other basic necessities hardly promotes the standard to meet all the requirements of health and human dignity. Rehabilitation programs through (non-institutional) community-based services are being resorted to more often by DSWD. This is a move towards the right direction. However, support services are needed in the form of financial assistance, education, and employment for the returning youthful offender. Conclusions One of the remarkable contributions of the CRC to the issue of juvenile justice is the emphasis made on the impact of societal conditions on the growth and development of a child. Several factors contribute to a child’s transformation either into an accomplished member of society or one who finds himself or herself in conflict with the law. Within the context of duties and responsibilities, it may be argued that those with the primary right and duty in the rearing of a child deserve the unqualified support of the State authorities and institutions through the creation of an environment conducive to the wholesome development of a child. This research has confirmed that the situation of children in conflict with the law was better understood when viewed not only within the limited context of the commission of the crime itself. Instead, it focused more directly on the failure of some duty-holders to provide for an environment  that can promote the fullest potential of a child. A convergence of circumstances more often places the child in a situation leading to the commission of a crime. A dysfunctional family relationship, poverty or peer influence create conditions which may push the youth towards conflict with the law. In the Philippine juvenile justice system, the child generally enjoys guarantees distinguishable from adults. However, the judicial process itself, consisting of the criminal procedure and the rules of admissibility of evidence, does not provide an exclusive mode of conducing trial. The juveniles, as accused before courts of general jurisdiction, are designated to a juvenile and domestic relations court. There is a general impression that the revival of exclusive child and family courts may be contribute towards effective management of cases of youthful offenders. The experience of some Filipino youthful offenders with the justice system has been characterized occasionally with neglect and insensitivity by a number of judges, prosecutors and private lawyers, notwithstanding the well-entrenched judicial guarantees. This is not to overlook, however, the recent efforts of inter-agency task forces aimed at raising awareness of the legal profession on the conditions of children in conflict with the law. Society’s attitude towards returning youthful offenders or those in community-based rehabilitation programs is crucial in successfully reintegrating these children. The present report underscores the vulnerability of those youthful offenders staying in â€Å"closed† institutions and prisons. Recommendations After careful analysis and investigation of the situation of children in conflict with the law and realizing the many gaps of the Philippine juvenile justice system, the following recommendations were drawn: †¢ Law enforcement officers, prosecutors, judges, court social welfare officers, public attorneys and legal aid groups should be given orientation seminars  on international human rights instruments and child-related laws with emphasis on juvenile justice †¢ Government agencies and institutions engaged in defending youthful offenders should coordinate their efforts in providing protection to these children by establishing a common monitoring system covering the various stages of the juvenile justice system process. †¢ Specialized juvenile and domestic relations courts should be created. †¢ Support programs for streetchildren and other similarly vulnerable children should be increased as preventive measures. †¢ More facilities exclusively for children who are detained and sentenced should be constructed to prevent mingling with adult offenders. †¢ Community awareness of and involvement in non-institutional rehabilitation programs and services should be enhanced. †¢ Non-governmental organizations engaged in multi-disciplinary outreach programs with children in conflict with the law should form a network to maximize extension of assistance of these children. †¢ A comprehensive review of existing laws and procedures on juvenile justice in light of the CRC and other international standard-setting instruments affecting children in conflict with the law should be undertaken for purposes of law reform.