Free Raisin in the Sun Essays: Bad Dreams :: Raisin Sun essays

Terrible Dreams in A Raisin in the Sun The issue of bigotry is one of the most noteworthy subjects in Lorraine Hansberry's A Raisin in the Sun. Many individuals of color need to manage inalienable prejudice. The disappointments that they manage doesn't just influence them, however it influences their families too. At the point when Walter Lee has an awful day he can't holler at his manager inspired by a paranoid fear of loosing his activity Instead he takes it out on his family, for the most part his significant other Ruth. Walter is thirty-five years of age and drives a limousine professionally. This activity gives sufficiently only to his family without there being additional cash left over to spend. It is awful to the point that when Travis approached his mom Ruth for fifty pennies she said she was unable to offer it to him since they couldn't bear the cost of it. Walter hears this and gets somewhat annoyed with Ruth and gives Travis a dollar. Walter reveals to Ruth that she shouldn't disclose to Travis that they can't give him fifty pennies since they don't have it. I trust Walter is vexed on the grounds that he understands that he can't give his child pocket change without turning out to be destitute himself.  What sort of man would he be? What sort of good example would he be for Travi s on the off chance that he can't carry home enough cash to help his family? How might he be a solid person of color for his family? Clearly Walter can't give his family what is considered the American Dream. Walter whines to Mama about the manner in which he feels about his activity. I open and close vehicle entryways throughout the day. I drive a man around in his limousine and I state, Yes sir no sir generally excellent sir will I take the drive, sir? Walter needs to be the one sitting in the rear of that limousine while another person is doing the driving. Walter needs monetary opportunity, he doesn't need simply enough cash to accommodate his family yet rather he tells his mom I need such a significant number of things. Walter is materialistic and insatiable, he has been debased by a shallow â€Å"American dream†. Walter wants to get some answers concerning himself through his African American Heritage. He accepts he can characterize himself through cash, cash is everything to this man. Cash is status, cash is riches, cash is bliss, cash is nearly God to him.

perfect competition vs monopoly essays

immaculate rivalry versus imposing business model articles 1. Dissect the cheap food industry from the perspective of immaculate rivalry. Incorporate the ideas of versatility, utility, expenses, and market structure to clarify the costs charged by cheap food retailers. Firms inside the inexpensive food industry fall under the market structure of immaculate rivalry. Market structure is a characterization framework for the key attributes of a market. The qualities of immaculate rivalry include: huge number of purchasers and merchants, simple section to and exit from the market, homogeneous items, and the firm is the value taker. Many cheap food establishments fit all or the vast majority of these qualities. Rivalry inside the business just as market flexibly and request conditions set the cost of items sold. For instance, when Wendys presented its $.99 esteem menu, a few different organizations actualized a similar kind of changes to their menu. The interest for things on Wendys esteem menu was so high since they were offering indistinguishable items from consistently, however at a limited cost. This adjustment in advertise request essentially constrained Wendys rivalry to bring down costs of things on their menu, so as to keep up a lot of the market. The past model outlines the versatility of the inexpensive food industry. Gracefully and request set the harmony cost for products offered by establishments inside the business. Contenders of Wendys must acknowledge the costs built up by the buyer interest for the worth menu. On the off chance that customers didnt react so decidedly to Wendys changes, different firms wouldnt have needed to alter costs. On the other side of this idea, there is no requirement for establishments to additionally decrease costs beneath the present levels. At the present costs, firms may sell as much item as they need, in this way augmenting benefits. This industry has an exceptionally high utility worth. Utility is a proportion of fulfillment or joy that is gotten from devouring a decent or servi ... <!

Impact Of Mergers And Acquisitions Of Tata Group - Free Essay Example

My experience in preparing the seminar paper on IMPACT OF MERGERS AND ACQUISITIONS ON THE FINANCIALS AND PERFORMANCE OF TATA GROUP has been a very knowledgeable and fulfilling experience for me. While learning a lot on finance field, I sincerely hope I have also been able to contribute positively to the paper. It is indeed a matter of great pleasure for me to express sincere gratitude to my Faculty Guide Mr. RC Agarwal for his support and encouragement at every stage of the training. I heartily thank the Head of Department, the Chairperson and the Dean for the continuous help and friendly atmosphere of education provided by them. In the current globalised economy, mergers and acquisitions are being progressively more used the world over, for increasing competitiveness of companies through gaining better market share, expansion of the portfolio to reduce business risk, to capitalize on the economies of scale and for entering new geographies, etc. This research study was intended to analyze the consequence of going global market through merger and acquisition and traders long and short term earnings .Thereby study the impact of mergers on the financials by examining some pre- merger and post-merger financial ratios, with the sample of firms chosen as three major mergers/acquisitions of TATA Group. The results put forward that there are small variations in terms of post merger financial performance of the joint firm is not considerably different from the aggregate performance of the acquirer and target companies before the merger. INRODUCTION Merger and acquisitions have emerged as chief forces in the contemporary financial and economic environment. They have been a source of corporate growth and in India, it has changed radically after the liberalization of Indian economy. Mergers and acquisitions came up as one of the most efficient methods of such corporate restructuring, and became an essential part of the long-term trade strategy of corporates in India. The sole three chief objectives at the back any MA transaction were found to be: à ¢Ã¢â€š ¬Ã‚ ¢ Improving Profitability à ¢Ã¢â€š ¬Ã‚ ¢ Rapid growth in scale and closer time to market à ¢Ã¢â€š ¬Ã‚ ¢ Acquirement of new technology Many in corporate India would be jealous of the Tata Groups strategy around mergers and acquisition. In the past 8 years, the Tata Group had made 35 overseas acquisitions, including coal and iron ore mines, adding up Rs 78,000 crore, mostly in the past 3 years. Research problem To examine the consequence of going global through mergers and acquisitions and the traders long term and short term earnings respectively. This would aid in studying the impact on companies financials past the merger or acquisition. To also determine the enterprise value of the corporation by comparing it with the peer group and studying the value of the firm Objective of the study To analyze the a thorough detailed case study of 3 companies of Tata Group who merged or acquired in the past years. To evaluate the closing price of 3 companies previous to and post acquisition To weigh up the key financial ratios of 3 companies pre and post acquisition To do valuation of two companies through enterprise value and contrast the value with peer group and examine in detail Review of literature The subsequent studies are the few existing work reviewed which were conducted by researchers in the sight of analyzing the financial performance during and post merger activity across different time periods. Effect of mergers on corporate performance in India, writer Mrs. Vardhana Pawaskar (2001), considered the impact of mergers on corporate performance. A case study, assessed the financial performance of a cloth unit by using ratio analysis. It compared the before and after merger performance of the corporations between 1992 and 2000 to identify their financial character. The study found that the financial fitness was never in the strong zone during the whole study period and ratio analysis highlighted that decision-making incompetence accounted for a good number of the problems. Forecasting the viability and operational efficiency by Mr Mulla through use of ratio analysis, suggested matching up efficiency and success of all facets of management and put the company on a lucrative footing. The study of a sample of firms, restructured through mergers, showed that the merging firms were at the inferior end in terms of liquidity of the industry. The merged firms gave better performance than industry in terms of profitability. Mergers and operating performance by Mr. Mantravadi: An Indian perspective, attempted to examine the impact of mergers on the performance post industrial reforms, by investigating some pre- and post-merger financial ratios, with chosen sample firms, and all mergers linking public and private limited companies The study results suggested that there are minor variations in terms of impact on financial performance of subsequent mergers across different intervals of time in India. It also indicated that for mergers between the same groups of companies in India, there has been deterioration in performance and ROI. Mergers acquisitions in the banking sector presents the Indian scenario, author Mr. Selvam (2007) has analyzed the impacts of stock price changes to mergers and acquisitions behavior taken place in banking industry with particular reference to private and public sector banks. Found that share prices are market sensitive. From the financial analysis it was noted that greater part of the banks went for branch extension and this has affected profitability to some extent and it resulted in harmful competition among the players. To add up the review of literature, many offerings have offered diverse perspectives of merger in different industries globally and explained the valuation techniques followed by merging companies, and shareholders possessions effect due to merger. From the review of several papers evaluating the pre and post merger performance of merged companies, it is incidental that majority of the studies powerfully support the concept of improved post merger performance due to merger and it is valuable to the acquirer companies. METHODOLOGY Methodology of the study Sample selection There are several mergers within the TATA Group during the study period from 01.04.2006 to 31.03.2009. For the purpose of corporate analysis, it was decided to select three of the highest deals which merged/ acquired under the TATA Group during the study period. Hence, the sample size of this study is confined to 3. Besides, while selecting the sample, following points were taken into account. Acquirer and target companies ought to belong to the same industry. Availability of information on the merger and industry. Period of the study The present study covers a period of one year from April 1, 2006 to March 31, 2009. But in order to evaluate the financial performance of sample companies on a comparative basis, 15-20 days before merger and after merger were considered. Sources of data The present study fundamentally depends on secondary data. The required data on financial performance prior and post merger were composed and they were obtained from Prowess software, Internet sources, Business Journals (ICFAI JOURNAL ON M A) The data were also collected from books, and newspapers. Tools used In order to study the financial performance of acquirer and target companies, ratios Debt-Equity Ratio, ROCE (%),net profit margin, P/E, EPS, OPM(%) and valuation. (1) Analysis of financial performance The pre-merger average performance of the companies were compared with the post- merger performance of the joint firm. The present study attempts to calculate and study the pre and post merger performance of acquirer and target companies by using financial ratios in order to determine whether mergers resulted in shareholders wealth or not. Accordingly, the following null hypothesis has been tested: H0: The post merger financial performance of the combined firm is not significantly different from the aggregate performance of the acquirer and target companies prior to the merger. (2) Ratios Debt-Equity Ratio: A gauge of a companys financial leverage obtained by dividing  the total liabilities  by  stockholders equity. It shows what proportion of equity and debt the company is presently using to finance their assets. Return On Capital Employed (ROCE) : ROCE compares earnings with the invested capital in the company. It is like Return on Assets (ROA), but also considers sources of financing Net profit margin: The profit margin says how much profit a company makes for every 1 Rupee it generates in revenue or sales. Profit margins vary with industry to industry, but all else being equal, the greater a companys profit margin compared to its competitors, the better. P/E: It is a gauge of the price paid for a share relative to the annual net income or the net profit earned by the firm per share. EPS: The portion of a companys profit which is allocated to each outstanding share of common stock.  Earnings per share  acts as an indicator of  a companys profitability. OPM: Operating margin is a measurement of the proportion of a companys revenue that is left over after variable costs of production such as wages, and raw materials have been paid. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt. Also known as operating profit margin and net profit margin. (3) Enterprise Value Enterprise value is a figure that, in theory, represents the entire cost of a company if someone were to acquire it. Enterprise value is a more accurate estimate of takeover cost than market capitalization because it takes includes a number of important factors such as preferred stock, debt, and cash reserves that are excluded from the latter metric. ANALYSIS OF DATA TATA GROUP OF COMPANIES One of the Indias largest business groups in the country. It has about 96 operating companies. Diverse business in 7 sectors. Revenues equivalent to 5.3% of Indias GDP. Group revenue FY 2008: Rs 251,543 Cr. / $ 62.5 b. Group profit FY 2008: Rs 21,578 Cr. / $ 5.4 b .Its 27 publicly listed companies have a combined market capitalization which is the 2nd highest among all business houses in India. Largest employer in private sector over 300,000 employees. A shareholder base of over 2.9 million. Operations in over 80 countries. Products and services exported to 85 countries Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are estimated at $62.5 billion (around Rs251, 543 crore), of which 61 per cent is from business outside India. The group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata group currently encompass seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The groups major companies are beginning to be counted globally. Considering two of the largest mergers of TATA Group -Tata Steel became the sixth largest steel maker in the world after it acquired Corus. -Tata Communications is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers. TATA STEEL-CORUS About the acquisition Date: 30th March 2007 Acquirer: Tata Steel Limited Target company: Corus Plc. Stake: 100 % Deal amount: US$ 12201 m Sector: Steel sector MERGER On January 31, 2007, India based Tata Steel Limited (Tata Steel) acquired the Anglo Dutch steel company, Corus Group Plc (Corus) for US$ 12.20 billion. The merged entity, Tata-Corus, employed 84,000 people across 45 countries in the world. It had the capacity to produce 27 million tons of steel per annum, making it the fifth largest steel producer in the world as of early 2007. Before the acquisition, the major market for Tata Steel was India. The Indian market accounted for sixty nine percent of the companys total sales. Almost half of Corus production of steel was sold in Europe (excluding UK). The UK consumed twenty nine percent of its production. After the acquisition, the European market (including UK) would consume 59 percent of the merged entitys total production. DEAL : An auction was initiated on January 31, 2007, and after nine rounds of bidding, TATA Steel could finally clinch the deal with its final bid 608 pence per share, almost 34% higher than the first bid of 455 pence per share of Corus. Synergies There were many likely synergies between Tata Steel, the lowest-cost producer of steel in the world, and Corus, a large player with a significant presence in value-added steel segment and a strong distribution network in Europe. Among the benefits to Tata Steel was the fact that it would be able to supply semi-finished steel to Corus for finishing at its plants, which were located closer to the high-value markets The Pitfalls Though the potential benefits of the Corus deal were widely appreciated, some analysts had doubts about the outcome and effects on Tata Steels performance. They pointed out that Corus EBITDA (earnings before interest, tax, depreciation and amortization) at 8 percent was much lower than that of Tata Steel which was at 30 percent in the financial year 2006-07 COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION FINDINGS As we can see from the line chart that the %cumulative abnormal return before acquisition was sharply decreasing since past month with not even a single glimpse of positive return on any single day. But as soon as the acquisition took place, the earnings showed a marginal rise and again got back to the level where it was just before the acquisition. This happened due to very large debt generated due to overpaying by acquiring the Corus at a very high price of 608 pence per share as compared to previously valued 455 pence per share. RATIO ANALYSIS TATA Steel (31st Jan 2007) Pre-acquisition Post-acquisition Change ( %) Debt-Equity Ratio 0.31 0.67 116. ROCE (%) 50.13 23.27 -53.6 net profit margin 20.46 21.36 4.4 P/E 8.72 11.35 30.2 ROE(%) 41.7 25.97 -37.7 EPS 61.51 61.06 -0.7 OPM(%) 39.79 36.11 -9.2 INTERPRETATION Debt equity ratio on post acquisition increase because Corus debt was high it was GBP1.6b to buy Corus and so its debt is almost 116% more than in pre acquisition. ROCE shows that post acquisition is very less as compared to pre acquisition it has negative percentage because company has short term returns after one year it will improve in the long run. Net profit margin has very less change as profit is not much affected. P/E increases in post acquisition by 30.2% which show high future cash flow. ROE is decreasing by 37.7 which show that it has more debt than equity. EPS has a very minor change. Operating profit margin is reduced by 9.1% which shows that it has low profit. TATA COMMUNICATION-NTT DOCOMO About the acquisition Date: 13th November 2008 Acquirer: Ntt-Docomo Target company: Tata Teleservices Ltd. Stake: 26 % Deal amount: US$ 2700 m Sector: Tele-communication MERGER Tata Teleservices has sold a stake of 26% to Japans NTT DoCoMo. The deal value is $2.7 bn. Tata Tele has 30 million CDMA subscribers and is rolling out its GSM services. Some say the deal is over-valued and some say its not easy to put value on the fastest growing mobile market in the world. India is the fastest growing market second only to China. It adds 10mn subscribers every month. The current subscriber base stands at 300+million and is expected to be 700 million in 2012. That is almost double to todays numbers. The Road ahead Great deal it may be, but it has its risks. One reason is that telecom deals have been controversial in recent times. This goes back to late last year when the government sold pan-India licenses for $333 million apiece, amid a welter of controversy. DoCoMo, in accordance with regulations of the Securities and Exchange Board of India, expects to make an open offer to acquire up to 20 per cent of outstanding equity shares of Tata Teleservices Maharashtra (TTML), a Tata telecommunication company, through a joint tender offer along with Tata Sons. TTSL and TTML through the Tata Indicom brand, have increased their combined share of the fast-growing Indian mobile market and their combined subscriber base now stands at over 30 million. TTSL expects to leverage DoCoMos expertise in the development and delivery of value-added services, where DoCoMo is a firmly established market leader. RATIO ANALYSIS TATA DOCOMO (13-11-08) Pre- acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.11 0.14 27.27% ROCE (%) 7.33 7.44 1.50% net profit margin 9.55 10.61 11.10% P/E 0 12 0 ROE(%) 11.14 10.97 -1.53% EPS 0.89 1.11 24.72% OPM(%) 16.2 18.7 15.43% FINDINGS Debt equity ratio on post acquisition debt is increasing which shows company debt is increasing after merger. ROCE is constant it has not change much.Net profit margin increases by 11.10 as it income increases in post acquisition as compared to pre acquisition. P/E highly increases in post acquisition from 0 to 12%. ROE is decreasing by 1.53% which shows that it slightly more debt than equity. EPS is increasing drastically by 24.27% which is very profitable for investors. Operating profit margin is increased by 15.43% which shows that company profit margin is very fairly profitable. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION The return of the target company Tata Communication has been very poor since the past 15 to 20 days before the acquisition but it almost got to break-even soon after the acquisition date. This sustained for the next 8 to 10 days but again got back into negative returns zone due to poor customer support to the newly entered Docomo brand in highly competitive communications market in India. TATA MOTOR JLR About the acquisition Date: 27th March 2008 Acquirer: Tata Motors Ltd Target company: Jaguar Land Rover Stake: 100 % Deal amount: US$ 2300m Sector: Automotive Detailed Case Study In June 2008, India-based Tata Motors Ltd. announced that it had completed the acquisition of the two iconic British brands Jaguar and Land Rover (JLR) from the US-based Ford Motors for US$ 2.3 billion. Tata Motors stood to gain on several fronts from the deal. One, the acquisition would help the company acquire a global footprint and enter the high-end premier segment of the global automobile market. After the acquisition, Tata Motors would own the worlds cheapest car the US$ 2,500 Nano, and luxury marquees like the Jaguar and Land Rover. Though there was initial skepticism over an Indian company owning the luxury brands, ownership was not considered a major issue at all. According to industry analysts, some of the issues that could trouble Tata Motors were economic slowdown in European and American markets, funding risks, currency risks etc. The Challenges Morgan Stanley reported that JLRs acquisition appeared negative for Tata Motors, as it had increased the earnings volatility, given the difficult economic conditions in the key markets of JLR including the US and Europe. Moreover, Tata Motors had to incur a huge capital expenditure as it planned to invest another US$ 1 billion in JLR. This was in addition to the US$ 2.3 billion it had spent on the acquisition. Tata Motors had also incurred huge capital expenditure on the development and launch of the small car Nano and on a joint venture with Fiat to manufacture some of the companys vehicles in India and Thailand. This, coupled with the downturn in the global automobile industry, was expected to impact the profitability of the company in the near future CURRENT SCENARIO In less than three years after its acquisition, Jaguar Land Rover has metamorphosed from a millstone around Tata Motors neck into its crowning jewel. In the June 2010 quarter, JLR division accounted for nearly 70% of the companys net profit and over 60% of its revenues on the consolidated basis. This was more than what the market has expected and the stock is up by nearly 150% in the past two trading sessions. JLR benefited from an improvement in its pricing power and a favourable exchange rate in the US dollar and the euro. The two worked in tandem and resulted in a sharp 60% jump in JLR revenue per unit to around  £38,000 in June 2010 quarter compared to the  £23,800 a year ago. With the raw material costs remaining benign, it led to a sharp improvement in the divisions operating margin and its reported net profit of  £221 million (`1,613.3 crore) in the first quarter as against a net loss of  £64 million (`467 crore) a year ago. RATIO ANALYSIS TATA MOTORS (27- 03 2008) Pre-acquisition Post- acquisition Change (%) Debt-Equity Ratio 0.56 0.97 42.27 ROCE (%) 30.52 6.88 -343.60 net profit margin 6.88 11.47 40.02 P/E 15.45 9.59 -61.11 ROE(%) 30.98 5.34 -480.15 EPS 47.1 18.81 -150.40 OPM(%) 11.16 7.89 -41.44 FINDINGS Debt equity ratio is increasing by 42.27% as Tata took loan of banks to acquire JLR.ROCE increases vey high by 343.60% as compared to pre acquisition as it gauges that company that generate its earnings from the total pool of capital which indicates profitability.Net profit margin increases as it income increases in post acquisition as compared to pre acquisition. P/E highly decreases in post acquisition by 60.1% which in investor point of view they will be profitable to invest to get high earning. ROE is highly increasing by 480.15% which shows that it has more equity than debt. EPS is increasing drastically by 480.15% which is very profitable for investors. Operating profit margin is reduced by 41.44% which shows that company profit margin is very less. COMPANYS RETURN BEFORE AND AFTER ACQUISITION PRE-ACQUISITION POST-ACQUISITION INTERPRETATION As we can see from the line chart that the cumulative return before merger was negative and the entire trend is moving in the negative direction due to poor returns of tata motors. A soon as the acquisition took place, the highly profit generating Jaguar as well as Land Rover added to the profit and earnings of the tata motors. The brand value of JLR added to the highly reputable Tata Group and the companys balance sheet. This can be clearly seen in the line chart above. VALUATION AND INTERPRETATION EV Multiples of Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 1.17x compared to the deal of 0.68x of Corus Groups sales. This can be possible due to high sales value, reducing the multiple to 0.68x. The lowest multiple (Steel Authority of India) is at 0.73x. EBITDA Multiple: EBITDA multiple of its peers averages at 4.38x compared to the deal multiple of 7.02x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple. It can be observed that Tata played very aggressively. EBIT Multiple: EBIT multiple of its peers averaged at 5.54x compared to the deal of 10.19x of Corus Groups sales. Even the highest multiple (Jindal Steel Power) is at 8.39x. PE Multiple: The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers. The average PE multiples is 7.95x compared to 68.23x at which the deal haapened. EV Multiples of Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. Sales Multiple: The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docmo. EBITDA Multiple: Again the average EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. EBIT Multiple: EBIT multiple of its peers is 25.5x compared to the deal of 952.96x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 41.02x. PE Multiple: The PE multiple for Tata Teleservices is negative as its net income is negative Note: The multiples are high on account that Sales and the profitability of Tata Teleservices is low, inturn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. FINDINGS FROM VALUATION OF ENTERPRISE VALUE MULTIPLE Tata Corus Tata Steel and Corus Group deal happened at high multiples compared to its peers. We can observe that the average multiples of the peer group company stands half compared to the deal multiples. Even the highest multiple (Jindal Steel Power) is at 4.38x. This is almost half of the deal multiple It can be observed that Tata played very aggressively as it paid high enterprise value as compared to our analysis. A reason for Corus to be sold is chance to Bail out of Debt and Financial stress. TATA Steel Paid 7.02 Times EBITDA of Corus Enterprise Value. The PE multiple of the deal is very high on the account that the margins of Corus are very low compared to Tata Steel and other peers the only company who has high P/E is Jindal steel. Tata NTT Docomo The deal of Tata Teleservices and NTT Docomo happened at very high multiples. We can observe that the average multiples of the peer group company stands very low compared to the deal multiples. The average sales multiple of its peers is 5.37x compared to the deal of 26.98x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 9.24x. Thus we can conclude that Tata Teleservices got very good price for its stake dilution for NTT Docomo. The PE multiple for Tata Teleservices is negative as its net income is negative. EBITDA multiple of its peers is very less, 16.35x compared to the deal of 99.81x (as on 31st March, 2008) of Tata Teleservicess sales. Even the highest multiple (Reliance Communication) is at 26.74x. This is a huge difference. NTT Docomo paid 6 times more what it should have paid to Tata. The multiples are high on account that Sales and the profitability of Tata Teleservices is low, in turn giving very high multiples. Its sales stands at Rs. 1,815.5 Cr. compared to the average sales of Rs. 11,490.6 Cr. of its peers. SUMMARY Except Tata Steel- Corus deal, all the other 2 acquisitions was well accepted by not only well accepted by the owners of the company (the shareholders) but even made the entire Tata group come into the eyes of fortune 500 list. In-fact it ranked at 56th position at a global level in 2009 CONCLUSION This study was undertaken to test what is the impact of mergers on the financials of acquiring corporate by examining some pre- merger and post-merger financial, in terms of impact on operating performance. The results from the analysis of pre- and post-merger operating performance ratios for the acquiring firms in the sample showed that there was a differential impact of mergers, for different industry sectors in India. Type of industry does seem to make a difference to the post-merger operating performance of acquiring firms. Expansion through mergers and acquisition is one of the best ways for any domestic company to step outside the shores of India in an international market place and acquit itself as a global player Company can turn into conglomerate in reasonably less time by capitalizing on its strengths of efficiency and effectiveness by acquiring relatively poor performing companies as TATA did in almost all its group of companies Recent examples of companies which adopted similar pattern of expansion are Renuka Sugars, Arcelor Mittal, Reliance, Essar Group, Aditya Birla Group, etc. One can study any of the above mentioned company and conclude that the key underlying decision of these companies expanding quickly and efficiently is their timely decision of merging and acquiring appropriate companies

Essay on Dating on the Internet - 3869 Words

Dating on the Internet It has become todays method of communication, the wave of the future. The necessity to leave the home to do such things as shop for clothes or to go to the bank is diminishing. Business is being conducted more frequently from the home. Students will soon be able to interact with their teachers and fellow students while sitting in their bedrooms. The Internet will overtake all forms of personal interaction, and it stands to reason that this includes dating. From foreign pen-pals to heated Cybersex, the number of people who log on each day is growing rapidly. Those who used to race home from school to run outside and play, now race home to meet their best friend in a chat room somewhere; theyve never met and yet†¦show more content†¦All this excitement is just the exploration of the new media. (Womens Wire News). The telephone cut off the absolute need for face-to face discussions, yet society thinks nothing of this today. Rather the telephone is one of the most important forms of communication in our daily lives. After the telephone came the television. Children would come home from school excited because it was time for their favorite show. Parents were worried. Their children were no longer playing with their neighborhood friends. The Power Rangers replaced Andy next door, Saturday morning was for The Smurfs or Saved By the Bell, not Jenny and Tammy down the street. Television was rotting the brain, it was replacing socialization. Now the same can be said for computers. Those same kids are racing home to the Internet. They are logging on to their favorite chat rooms and talking to their friends from Australia or South Africa. With the telephone there was still the ability to engage in personal conversations, but the value of talking face-to-face was diminished. Television is an idle medium. There is no direct interaction, rather children and adults sit and stare at a screen. The Internet brings back interaction, but at the cost of intimacy. The person at the other end of the conversation is a screen, a typed sentence, a random name. There is no voice, no human qualities. Nothing to indicate this is actually a living, breathing being. The progression is there;Show MoreRelatedOnline Dating Vs. Internet Dating1574 Words   |  7 Pagesunderstand married people going frequenting online dating sites. I now realize after Googling married people online dating that married people using online dating services is not only a very common practice, there appear to be online dating service that target married people looking for a date or more. Many married people are finding the temptation of online dating irritable. On e website is stating that 150,000 married people join online dating sites each month and these sites are doing there bestRead MoreInternet Dating Essay781 Words   |  4 PagesTitle : Internet Dating: Should or Should Not? 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The two of them were introduced to one another by a mutual friend at a social function a few weeks ago. The pair then go to an elegant restaurant; where conversation flows naturally for a couple hours, allowing one another to learn about the background and interests of the other. After dessert

Brave New World 6 Essay Research Paper free essay sample

Brave New World 6 Essay, Research Paper Aldous Huxley in his novel Brave New World written in 1932 nowadayss a portrayal of a society which is superficially a perfect universe. In this satiric novel, Huxley makes merriment of scientific discipline and faith, utilizing his thought of the hereafter to assail the present. This pessimistic narrative of the modern universe opens in London some 600 old ages in the hereafter, specifically in 632 A.F.. Through the usage of sarcasm and item he shows how the promotion of scientific discipline affects human persons. In Brave New World, Aldous Huxley makes evident that the abuse of scientific discipline consequences in a awful society. Huxley # 8217 ; s heritage and upbringing had a important consequence on his work. Huxley was member of a household that included the most distinguished members of that portion of the English opinion category made up of the rational elite ( Barron # 8217 ; s 1 ) . Aldous # 8217 ; male parent was the boy of Thomas Henry Huxley, a great life scientist who helped develop the theory of development ( 1 ) . Throughout Brave New World the reader can see the grounds of the conflicting attitude toward the rational authorization assumed by a opinion category. In add-on, Huxley # 8217 ; s ain experiences made him insulate from the category into which he was born ( 1 ) . Even as a little kid he was considered different, demoing an watchfulness and an intelligence, which his brother called high quality ( 1 ) . He drew on that feeling of discreteness in the characters of Bernard Marx and Helmholtz Watson, who are members of the elect category but have jobs Palacios 4 because they are different from their equals. Huxley was unable to make the scientific work he had dreamed of due to an oculus unwellness that made him about blind ( 2 ) . However, his scientific involvements remained with him and used them in many books, peculiarly Brave New World ( 2 ) . The reader is conveyed by Huxley # 8217 ; s vision of a Utopian hereafter based on scientific discipline and engineering. Undoubtedly, his lineage and the environment he was raised up in, influenced him in making this novel. The illustration of the seemingly perfect universe resembles the rubric of the book. At one point in the novel the rubric is brought up by John the Savage, when he is asked to travel to London and in response he says: # 8220 ; Oh brave new universe that has such people in it # 8221 ; ( Seltzer 2 ) . He remembered these words from William Shakespeare # 8217 ; s play # 8220 ; The Tempest # 8221 ; , which one time was found in the reserve where John lived ( 2 ) . He truly was enthusiastic, but when he is in London it disappoints him. Furthermore, # 8220 ; In this modern universe all facets of the population have been controlled: figure, societal category, and rational ability are all carefully regulated # 8221 ; ( 8 ) . Even history is controlled and rewritten to run into the demands of this society ( 8 ) . This new universe is a startling image of Huxley # 8217 ; s vision of Utopia. In add-on, sadness is one of the feelings that are non allowed in the universe which Huxley crea tes ( Barron # 8217 ; s 7 ) . Two speedy and easy ways of feeling good are Soma, the wonder drug, and the # 8220 ; feelies # 8221 ; , a common signifier of amusement Palacios 5 ( Lawrence 61 ) . This civilisation does its best to extinguish any deep feeling or passion. The inception of the rubric gets the reader acquainted with this futuristic society. Brave New World is a satiric projection of popular values and associated utilizations of scientific discipline in the existent universe of 1932. By the clip Huxley started to compose Brave New World, the enormous political, economic, and philosophical alterations taking topographic point in Europe and America contributed to his disenchantment ( Smith 4 ) . Large concerns used and misused the person and adult male became of import as a manufacturer and a consumer ( 4 ) . These shows that industry exploited the person by modeling him harmonizing to its image and similitude. On the international and political scene, there was the Bolshevik Revolution in Russia, the absolutism of Mussolini in Italy, and the Nazi Party in Germany ( Coulehan 3 ) . # 8220 ; He realized that communism and facism topographic point the province above the person and demand entire commitment to a cause # 8221 ; ( 3 ) . Acknowledging the danger he demonstrated the terminal consequence of this inclination in his phantasy. Furthermore, this book presents a satiric dystopia which describes a possible atrocious universe of the hereafter ( Smith 6 ) . Huxley was concerned with the events go oning in this clip period because he saw them as existent menaces to adult male # 8217 ; s freedom and independency ( 6 ) . His acrimonious sarcasm consequences from his strong belief adult male is unwilling to make something about these menaces even though he has the power to evade them. The events of Palacios 6 1932 divine Huxley to make this darkened sarcasm which became a serious warning, because if we use scientific discipline as an instrument of power we will likely use it to the human existences in the incorrect manner, bring forthing a atrocious society. The inside informations illustrated by Aldous Huxley give the book more credibleness on the scientific progresss he introduced. In the beginning of the book, we see the Director of World Hatcheries lead the new hatchery pupils on a circuit of a Conditioning Center in London where babes are produced in bottles and presorted to find their category degree ( Gitzen 239 ) . Peoples are conditioned from birth non to love one individual, and since matrimony does non be they have many lovers ( 240 ) . These inside informations show the criterions they hold in this universe. In the fresh Bernard Marx is a character who struggles with this society ( 242 ) . He is a really little individual for being an Alpha and is dissatisfied with this manner of life ( 242 ) . Bernard is seen as a Rebel, # 8220 ; an indivi dual† , because he stands up for his rights and conflicts against the order of things. Furthermore, when Bernard goes to the Reservation he meets John the Savage and takes him to the new universe in which the Savage becomes a famous person ( 243 ) . But, the differences between the two universes cause John to perpetrate self-destruction because his values and ethical motives clash with those of the new society ( 243 ) . John was unable to accept life founded on conformance and the pleasance rule. His self-destruction shows the hopelessness of life in the Palacios 7 weather new universe. Huxley # 8217 ; s usage of item reveals how the engineering employed develops into a distressing society. The usage of sarcasm in Brave New World demonstrates the falsity of a set of thoughts and feelings held to be true by a figure of characters and by the society in which they live. Suffering is a feeling that does non be since it is a unworried and job free civilisation ( Smith 7 ) . Citizens perform their undertakings without ailment and are rewarded with stuff amenitiess, leisure activities, and guiltless sex ( 7 ) . Outside of their work people spend their lives in changeless pleasance. In add-on, adult females enjoy promiscuous lives since they are born unfertile by design, and those who are non are trained by the # 8220 ; Malthusian Drill # 8221 ; to utilize preventives decently ( Allen 5 ) . This is the ground they have sex with any spouse or with any spouse who wants them, since they know that # 8220 ; everyone belongs to everyone # 8221 ; ( 5 ) . Promiscuity is a virtuousness in this society and makes sex go a affair of indifference. Furthermore, faith has become nonmeanin gful and alternatively they have emotional rites to accomplish group solidarity ( Barron # 8217 ; s 9 ) . The Solidarity Service introduces eccentric elements, like titillating dance, to propose that faith is either a sublimation of sex or a return to childishness ( 9 ) . The belief in God has disappeared since it prevents the installing of the perfect society. Huxley # 8217 ; s image of modern life is an dry and satiric omen of the general scientific thoughts people had in 1932. Palacios 8 The manner in which Huxley emphasizes the enormous promotion of scientific cognition and pattern is through his construct of familial technology in which he shows the complete control of the person from the clip of construct. Through familial technology his new universe breeds prescribed figure of worlds unnaturally for specified qualities ( Barron # 8217 ; s 7 ) . Peoples are created on an assembly line and categorized into their country of profession ( 7 ) . This creates a community full of human ringers wholly devoid of personality. In add-on, this community is structured towards order and stableness, and off from individuality ( Allen 4 ) . All people are meant to react identically without thought and if a few are made amiss, they have to be sent off so they won # 8217 ; t # 8220 ; pollute # 8221 ; others ( 4 ) . In this fresh engineering requires a forfeit of human individualism. Furthermore, the new manner to be born and raised in this society has destroyed the household co nstruct ( Barron # 8217 ; s 7 ) . The parental relationship of a male parent and female parent to a kid has become a soiled and improper thought and accordingly this deficiency of household keeps the different categories in their topographic point ( 7 ) . Thingss that create jobs in the society # 8217 ; s category construction, such as the desire of parents to desire something better for their kids have been eliminated with the household. In this novel the reader is keenly cognizant of the dangers familial technology airss to the quality of life. The abuse of scientific discipline is clearly shown through the conditioning Palacios 9 procedure. After human existences are # 8220 ; decanted # 8221 ; from the bottles, people are psychologically conditioned chiefly by sleep-learning and # 8220 ; kip learning # 8221 ; in order to make the society # 8217 ; s demands ( Smith 8 ) . By reiterating phrases over and over while the kids sleep, the authorities can condition each individual to accept his function in the universe around him and to act in what the authorities deems to be a safe mode ( 8 ) . This pattern makes the persons respond in a preset manner. Furthermore, conditioning is used to guarantee that each category is happy with its type of work and its topographic point in society ( Gitzen 243 ) . For illustration, Epsilons are supremely happy running lifts ( 243 ) . The new universe tries difficult to guarantee that every individual is happy in order for stableness to be achieved. Besides, kids are conditioned at infirmaries for the death and give them Sweets to eat when they hear of decease occurring ( Law rence 62 ) . This conditioning eliminates the painful emotions of heartache and loss, and the religious significance of decease ( 63 ) . This universe insists that decease is natural and non an unpleasant procedure. Through this technique scientific discipline is being exploited since it creates a society with no single freedom. Brave New World is a novel that is a beginning of contention and has been a theoretical account because of Huxley # 8217 ; s accomplishment of composing sarcasms and his prophetic vision that attracts attending and remark. This novel is a warning that attempts to do adult male recognize that since cognition is power, he who controls and uses cognition grips power. The promotion of scientific discipline affects human persons since adult male # 8217 ; s unqualified congratulations of scientific discipline is incorrect and their abuse of scientific discipline is evil. Science and engineering are adult male # 8217 ; s retainers and adult male is non supposed to be adapted and enslaved to them. Weather New World describes our lives as they could be in the none excessively distant hereafter, if the present compulsions persist for standardisation harmonizing to the scientific disciplines.

Sustainability free essay sample

Globalisation and technological advancements have caused high levels of isibility of companys supply chains and so unsustainable practices could negatively affect them with controversy, consumer pressure, financial loss and poor reputation compared to competing businesses. This has led organisations needing to become more aware of their supply chain management and the social, economic and environmental impacts of their supply network (NZBCSD, 2003). Initially, sustainability would solely be associated with environmental factors comprising of the use of the planets resources and preserving them for future generations. In 1987, the WCED defined it simply as meeting the needs of the resent without compromising the ability of future generations to meet their own needs. The concept of sustainability has changed somewhat in recent times and more specific definition is Sustainability creates and maintains the conditions under which humans and nature can exist in productive harmony, that permit fulfilling the social, economic and other requirements of present and future generations (USEPA, 2012). We will write a custom essay sample on Sustainability or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This makes reference to the theory of the three pillars, also known as the triple bottom line model (figure 1). It is a common method of assessing sustainability nd rather than being independent of each other, the dimensions overlap so to achieve long-term sustainability, all three aspects need to be satisfied simultaneously. These factors are also thought to be order qualifiers, in that for a business to compete with another, it has to achieve a minimum level of performance for economic, social and environmental dimensions (Seuring Muller, 2008). Economic aspects imply building a strong, stable and sustainable economy which provides prosperity and opportunities for all. Social sustainability is ensuring a strong and healthy society whereby the needs of all people are met, promoting ersonal wellbeing, social cohesion and inclusion, and creating equal opportunity for all. Environmental sustainability is respecting the limits of the planets environment and resources, in addition to looking to improve our environment and ensure that the natural resources needed for life are unaffected and remain so for future generations (Elkington, 1997). In this assignment, sustainable supply chains will be evaluated, therefore we will define sustainability in relation to sustainable supply chain management (SSCM), which is the management of environmental, social and conomic impacts, and the encouragement of good governance practices, throughout the lifecycles of goods and services (United Nations Global Compact, 2010). A supply network consists ot all the processes and operations within an organisation linked together to eventually provide a product for the consumer. For an organisation to be sustainable, the individual strands in the network, known as supply chains, have to be too, which includes all of the operations and processes within them (Slack, et al. , 2004). The objective of SSCM is to create, protect and grow long-term environmental, ocial and economic value for all stakeholders involved in bringing products and services to market (UN Global Compact, 2010). One of the challenges for a supply chain manager is to develop a strategy that integrates competitive and corporate strategy, supply chain strategy and sustainability at each stage of the supply chain. The areas to consider for supply chain strategy are that social, economic and environmental factors influence business environment factors like customers, competitors, suppliers and investors. These determine the corporate and competitive trategy, which affects the supply chain strategy and its partners, processes and systems in place. These define the volume of SC operations including transport, warehousing and production. Supply chain operations cause direct effects to society, the economy and the environment like energy consumption, emissions and waste. The Ten Principles of Supply Chain Sustainability (UN Global Compact and Business for Social Responsibility 2010) The table above outlines the ten principles given by Global Compact (2010) for developing a sustainable supply chain and what businesses should engage their uppliers around to achieve sustainability. These principles can be built on to further develop the supply chain and the level of sustainability it is reaching. A flexible framework has been created which is now used when creating a sustainable supply chain. It is called the Global Compact Management Model and three principles; governance, transparency and engagement, are essential to each step in it. The first step is to establish a vision and objectives for sustainability within the company and then analyse business priorities and the impact of achieving this. Engagement with uppliers is then needed to determine objectives with them and help improve performance. Partnerships can be created and internal follow-ups will be ongoing so that adjustments can be made if necessary. Figure 3: Adapted from (UN Global Compact, 2010) to show the Global Compact Management Model There are a variety of behavioural characteristics of sustainable supply chains that could be considered crucial for companies to implement if they want to reach certain sustainability objectives. The first being partnership supply relationships. If a company has a poor relationship with either suppliers or ustomers then the business will not survive in the long-term. Short-term measures can be made to prevent instant collapse but without a solid network base the business cannot be sustained. A business needs to establish a strong connection with its suppliers so they can formulate objectives together and then look to continuously improve their supply chain in the way of productivity, distribution, manutacturing and cost efficiency. The business can ensure minimum standards in management practices are met including minimum hiring age, contracts with workers, health and safety conditions and incentives for exceptional performances.

Pericles Analysis Paper

Pericles Analysis Paper Pericles: Analysis Paper Analysis Paper: Pericles Analysis Paper: Pericles Throughout the last few weeks, we have talked about many different events and how they influenced ancient Greece. War, conquest, philosophy, democracy, and literature are some of the few aspects of Greek culture that we have discussed; Pericles played a big role as an Athenian general during what is now called the â€Å"Golden Age† of Greece. Pericles, defined as â€Å"surrounded by glory† (Mark, 2009), was born in 495 B.C. to a very powerful and wealthy family. His father, Xanthippus, was a famous Athenian commander of the Persian War. His mother, Agariste, was from the very politically powerful Alcmaeonid family. It is easy to see that Pericles was naturally born as a future leader. What is now known of Pericles comes from information told by ancient historians Thucydides. As the author of History of the Peloponnesian War, Thucydides used eyewitness statements as well as his own personal experiences to explain many events that took place during this time. There is speculation, however, regarding Thucydides’ statements about Pericles’ early life; as he was much younger and obviously not present during the experiences. In 472 B.C., Pericles funded the play â€Å"The Persians† by Aeschylus; which was early view of his large wealth as well as his taste for art and politics. In 463 B.C., Pericles essentially banished a leading general, Cimon, by prosecuting him for neglecting a chance to conquer Macedonia. This was a major victory for Pericles, as it showed his continued interest in the success and expansion of the Athenian Empire. He was eventually chosen by the people as strategos, or leading general, of Athens where he continued to hold the position for almost 30 years. The Delian League, which was formed during the Persian War, consisted of many Greek city-states and was originally formed to protect against Achaemenian Persia. After the defeat of the super-power that was Persia, the city-states united with pride and the Delian League grew even stronger with donations of wealth, ships, and troops. (Britannica, 2015). Pericles saw this as an opportunity, and decided to use funding from the Delian League to repair buildings and temples that were destroyed during the war. He also used funds to expand his naval fleet, which opened more opportunities for trading and conquering. Democracy originated from the Greek words demos – the people and kratos – power. This is why, even today, it’s considered a government â€Å"by the people, for the people†. Pericles continued to strengthen Athenian government by introducing a direct democracy - where citizens made the decisions by which they lived. This allowed them to control nearly all parts of the political process. (Cartwright, 2014) This new way of government not only helped shape Athens, but also influenced government in western civilization for years to come. Under the leadership of Pericles, Athens was becoming very wealthy and powerful. The city-state of