Racial and Cultural Prejudice Essay - 766 Words

There are many themes woven into the play The Merchant of Venice, Prejudice being the most evident. This prejudice is mainly racial (against race) or cultural (against lifestyle, i.e. religion, culture†¦) and is one of the leading causes of conflict in the play. Prejudice towards Jews, prejudice towards Christians, and prejudice towards people of different colour and prejudice of others with different nationalities, are all present in the play. (transition) Here come another of the tribe: a third cannot be matched, unless the devil himself turn Jew. (III, i, 73-74) This one quotation perfectly displays the attitude held towards the Jews at the time of The Merchant of Venice. In this quote, Solanio is stating that the Jew is worse than†¦show more content†¦The quote, â€Å"You don’t fight racism with racism, the best way to fight racism is with solidarity.† -Bobby Seale, makes it known that when hate is involved, nobody wins. This hate caused Shylock to tak e things too far in order to receive his fair share of what he called â€Å"justice.† He lost the humanity that he was being given in his sufferance, and was made the bad guy. Often, when discrimination is present, it is best to be the bigger person. (transition) Even though Portia is a very courteous character, she too exhibits her portion of discrimination. When she hears of the Prince of Morocco’s arrival, she says: â€Å"If he have the condition of a saint and the complexion of devil, I had rather he should shrive me than wive me.† (I, iii, 128-130) Without even knowing him, she is classifying him as undesirable. In real life, people of darker skin have often been mistreated and even forced into slavery. The quote, â€Å"You have among you many a purchasd slave, which, like your asses and your dogs and mules, you use in abject and in slavish parts.† (IIII, i, 90-92) displays how, at the time of The Merchant of Venice, it was socially acceptable to kee p others as slaves. These slaves have had their lives purchased and, though they are just as human as anyone else, they have been treated no better than animals simply because of the colour of their skin. The image of a young coloured boy crouching behind a sign that saysShow MoreRelatedRacial Inequality : Guess Who 11352 Words   |  6 PagesRACIAL INEQUALITY IN GUESS WHO 1 The 2005 film Guess Who illustrates how racial inequality is present within society, and how race is used by our society to create and manufacture social categories. This film is about a black female named Theresa and a white man named Simon that fight against the racial inequality present within their society and choose to be together. 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It seems that the world containsRead MoreThe Developmental Course Of Racial Behavior817 Words   |  4 PagesThe purpose and the hypothesis of the study are very concise and direct. The study was to determine the developmental course of racial behaviours in childhood. The researchers in this study are trying to prove how white children’s ex pressions of racial prejudice do not necessarily decline in middle childhood due to the development of particular cognitive skills, but that instead children older than seven will go on expressing prejudiced attitudes under appropriate conditions. The hypothesisRead Moreculture diversity1404 Words   |  6 Pagesabout your own racial, ethnic, or cultural history? Trends in immigration will continue to shape the demographics of the United States. What will the U.S. population look like in the year 2050? Why do you think so? What challenges does the United States face due to the diversity of its people? What are the benefits of such a diverse society? 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This led to not only slavery, but the growth of racism seen not just in early America but that is deep seeded in many people even today. When reviewing the works of many authors, the argument is that racism was a necessary precursor to chattel slavery holds more weight than the other. Although slavery has many different forms, it was the racial differences and prejudices held by the Europeans that allowed for the growth of chattel slavery. However, these racial prejudicesRead MoreDiversity, Inequality, and Immigration Essay1004 Words   |  5 Pages11th, 2013 Diversity, inequality, and immigration or three words that brings mind some of the current political subjects that are currently affecting the United States today. Throughout the country’s history, there is the notable inequality and racial injustice in our society. This can be seen, and our history textbooks, about the Civil War, civil rights movement, and the more recently with the gay-rights movement. That history of this country is established on these types of movements and warsRead MoreShould Racial Slurs Be Banned From Society?847 Words   |  4 PagesShould Racial Slurs be Banned from Society? Racial slurs have grown within American history as our society has developed into one of the greatest superpowers of the world. As a nation, America has fought several internal and external wars to advance into a free country and attain the rights it now holds. These rights, or moral principles, were established to protect the residents inhabiting each state. Countless rules of regulation against racism have been enforced by Congress beginning from the

The Squid And The Whale - 889 Words

In the movie – The Squid and the Whale, the movie is about two boys that live in Brooklyn, NY who are dealing with their parents’ divorce in the late 1980’s. The father, Bernard is a novelist whose career is on a slow decline. Bernard is also a writing instructor. His wife, Joan, is becoming a successful writer Joan’s success cause tension between her and her husband. Joan and Bernard have two sons, 16-year-old Walt, and 12-year-old Frank. Bernard and Joan decide to set more time aside to spend time with their children. Joan has an affair with Ivan, who is Frank’s tennis coach. After Joan and Bernard decide to separate, Bernard told Walt and Frank that Joan had several boyfriends during the course of their marriage. Walt was disgusted by this, and decided not to speak with Joan. Bernard eventually begins to date one of his students, Lili. Walt and Frank begin to choose what parents they want to live with. Frank decides to spend time with his mother, and Walt decides to spend time with his father. Walt and Frank have trouble communicating with their parents, and the children show difficulty in handling their stress. Walt begins to speak with his family, and performs a song called â€Å"Hey You† in his school’s talent show. Walt wins first place in the talent show, and receives praise from his family. However, the school found that that he did not write the song, the school calls Walt’s parents in to have a meeting with just the Joan and Bernard. In this meeting, the principleShow MoreRelatedGlobal Warming and Climate Change: Melting the Marine Life Essay668 Words   |  3 Pagesarea is fished more. â€Å"Climate change: The effects on ocean animals† (400 words) Many other animals besides the coral trout are being affected my global warming. The â€Å"poster child† for it is the polar bear, and some others are sea turtles, right whales, penguins, and seals. The polar bear lives up in the Arctic region where global warming and climate change are melting the ice caps that the bears thrive on. They use the ice as a platform from hunting and rest. The random pocket holes in theRead MoreGoing At Seaworld Is Every Child s Dream980 Words   |  4 Pagesan article called Wild Society vs. Captive Society, and mentions that mother/calf separation can lead to hyper aggression which is the leading cause for trainer attacks. In 2010, an orca in SeaWorld had taken the life of Dawn Brancheau. The killer whale that took her life was Tilikum, a 29 year old male who had been involved with two previous trainer deaths. At about the age two, Tilikum was taken from his pod in the wild and since then has been kept in captivity and therefore has had an intensiveRead MoreThe Pelagic Zone1096 Words   |  4 Pageszone. This is where we scuba dive, fish, go on our cruises, or boat commercially. 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This large order is broken down into three further groups as well: the toothed whales or Odontoceti, which includes killer whales, dolphins, porpoises, beluga whales, and sperm whales, the baleen whales or Mysticeti, which include blue whales, humpback whales, gray whales, and right whales, and the Archaeoceti order, which are all now extinct. The genus of theseRead MoreWhaling Essay805 Words   |  4 Pagesabout why killing whales is so bad? Whaling is a cruel and inhumane process of killing whales and should be ban worldwide for good. To start, the whales people are killing off help keep our ecosystem going and without them most fish will die by 2028. Also, whaling isn’t legal in most places and over 1,500 whales are killed illegally through the year. Finally, the whaling process causes certain whales for example the Minke Whale to go more vulnerable than they already are. 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According to the Whale and Dolphin Conservation it is estimated that to achieve this distance an orca would have to swim more than 1,500 lengths back and forth each day. Orcas are forced to float lifelessly on the top of the water with barely any protection from the sunRead MoreWhale s Negative Interaction With Mankind1229 Words   |  5 PagesNatasha Clements October 17th, 2017 Marine Biology Ms. Brown p4 Honors Essay: Whale’s Negative Interaction With Mankind How Are Killer Whales Being Killed? Have you met Shamu? He (or she) is the star orca whale of the 2017 One Ocean Shamu Show at SeaWorld. The showcase begins with the propaganda display about saving the oceans, â€Å"The ocean is the heart of our natural world. Our legacy is tied to its future, in our hands to cherish and protect. We are one world, united by one ocean.† According

Inventions and Discoveries from the Muslim World free essay sample

PenInventions and Discoveries from the Muslim World By Adnaan Idrees Have you ever noticed that all the books on science and technology somehow only seem to be filled with discoveries and inventions from the likes of Aristotle, Archimedes, Da Vinci and Thomas Edison but what about the Muslims? Where are all our discoveries? A period of a thousand years exists between these thinkers and when great Muslim men and women expressed their religiosity through contributions made to society and the sciences. So what were these contributions? And how many of these things are used today? MEDICINE: Masters of Ophthalmology: All the modern terms that your optician uses like conjunctiva, cornea, uvea and retina come from Muslim eye surgeons of the 10th to the 13th Century. They were conducting operations on diseases of the lids like trachoma, glaucoma or as they called it ‘the headache of the pupil’ back then but the greatest contribution they made to ophthalmology was developing a treatment for cataracts. Also known as al-ma’ nazul’ayn Ma’, which meant â€Å"the descending water onto the eye† (the water accumulating in the lens making it cloudy). Al-Mawsili in the 10th Century Iraq designed a hollow needle and inserted it through the limbus to remove the cataract by suction. This very same procedure is carried out to this very day. From his study and practice he wrote a book called The Book of Choices in the Treatment of Eye Diseases. Not a very good name for a book but hey the man was a genius when it came to diseases of the eye as the book discusses 48 different diseases! The manuscript of this book can still be found to this very day, in the Escorial Library in Madrid, Spain. Surgical instruments: The Muslim Surgeon named Abu Al Qasim Al-Zahrawi (10th century) known as Abulcasis in the West is truly the father of surgery. He devised over 200 instruments; his scalpels, bone saws, forceps and fine scissors amongst others are still used in their original form today! He is the author of Kitab Al-Tasrif (method of medicine)- a 30 volumes encyclopaedia on medical practices and his greatest contribution to medicine; this book includes symptoms and treatments of 100’s of diseases, descriptions of particular aspects of pharmacology and diet; and the last, most famous and influential volume about surgical practices. EVERYDAY INVENTIONS and DISCOVERIES Cheques: comes from the Arabic â€Å"saqq†. As a form of payment it is a written vow to honour payment for merchandise when its destination is reached. The cheque was created due to the possible dangers of transporting coins as legal tender. In promoting the concept of the saqq or cheque Muslims made the financing of commerce and intercontinental trade possible. In the 9th century it was possible to cash a cheque in China and then withdraw it in Baghdad. Can you say Kerching!? Fountain Pen: Before pens ever came into existence as we know them today, there were other writing instruments like Qalams or reed pens, which were used by the Arabs in the art of calligraphy. But the problem was the same, the ink always existed outside of the pen and it constantly had to make use of an ink-holder. An Arab called Qadi abu Hanifah al-Nu’man ibn Muhammed, who was a close companion to the Egyptian sultan al-Mu’izz, in 953 CE, wrote a book called ‘The Book of Audiences and Concurrence’ in which he recollects how the Al-Mu’izz ordered the commissioning of the fountain pen: â€Å"We wish to construct a pen which can be used for writing without having recourse to an ink-holder and whose ink will be contained inside it. A person can fill it with ink and write whatever he likes and the writer can put it in his sleeve and it will not stain nor leak. The ink will flow only when there is an intention to write. † The companion asked: â€Å"Is this possible? And the sultan replied: â€Å"It is possible if God so wills. † Sure enough a few days later the craftsman brought a pen which wrote when it was filled with ink, never leaked when turned upside down and did not require the use of an ink pot as it held its own. Unlike today’s fountain pens that leak all over the place, this writer sincerely agrees with the Sultans sentiments. Coffee: yep, you read that right, Muslims â€Å"invented† coffee. The first evidence found of coffee-drinking appears in Sufi shrines in Yemen where they would drink this beverage to be able to stay awake late into the night performing dhikr (something we can all relate to). Coffee spread quickly, in one century it has reached Africa and the whole of the Middle East; arrived in Europe through Italy and spread to the rest of Europe. In the 1600’s, sultan Murad IV decided to ban coffee! Some say it was because once, while patrolling his city in disguise, the sultan heard the coffee drinkers having deep and thoughtful conversations about the (sad) state of the empire while the alcohol drinkers were happily partying. Other stories say that coffeehouses had become meeting places for leisure and discussions instead of masjids hence why all coffeehouses were closed down and coffee banned. Whatever the reasons, somehow this bitter yet addictive drink is now found in every household. SOCIETY: Universities: In Islam, we are encouraged to seek knowledge from the cradle to the grave. Some of the very first Muslim schools were in fact mosques which served as both a place of prayer and learning. They taught all manner of subjects including sciences alongside religious studies which was a completely novel idea in comparison to the rest of the world. The oldest university in the world is the Al-Qaraouine University in Fez, Morocco which was established in 841 CE. It may interest all those parents who think girls shouldn’t go to university that the Al-Qaraouine University was established by a pious young Muslim woman called Fatima al-Fahra. She was the daughter of a successful businessman who spent her entire inheritance on building the university and as a result she spared no expense. Upon commencing the project she fasted regularly until the building was complete. On opening its doors the university was flooded with applications from not only the local people but from international students all the way from Iraq. And unlike today’s universities students did not have to pay fees. In fact financial support was part of the package, which was made possible by endowments from the royal families (at least they were once good for something). Its education included all subjects, but in particular the natural sciences. To quote Einstein â€Å"science without religion is lame, religion without science is blind. Weaponry: Military might was something that the earlier Muslims understood really well. One of the most influential book on military technology was The Book of Horsemanship and Ingenious War Devices by the Syrian scholar Hasan al-Rammah, written sometime in the 12th Century. It includes the schematics of the first rocket (a model of which is exhibited at the National Air and Space Museum in Washington DC, USA today), cannons and grenades. Although the Chinese knew about Gunpowder, they only used it in fireworks as they could not get the proportions right for use in war nor were able to purify the potassium nitrate. Hasan al-Rammahs book was the first to explain the purification process of potassium nitrate and the recipe for gunpowder. The Muslim Armies in 1249 used gunpowder in war  resulting in decisive victories against the invading crusaders. In fact the invaders were so terrified of the devices that a French Crusader Army was disbanded and retreated leaving their king to be taken prisoner. An example of such a cannon made from Hasam al-Rammahs book is on display at Fort Nelson Museum in London which was a gift given to Queen Victoria by Sultan Abdul Aziz. Windmills: Ever see one of those environmentally friendly windmills? All across an entire fie ld generating energy from the winds themselves; ever wondered where such a contraption came from? In order to fuel any great society a constant supply of renewable energy is required; over a thousand years ago this energy was harnessed. In the towns, water-driven mills processed wheat but in the drier parts of Arabia, where water was scarce, they had to come up with an alternative. And the one thing that is plentiful in the desert is the wind! Blowing in the same direction all year round. So in 634 a Persian Caliph named Umar was approached by a Persian engineer claiming to be able to make a mill operated solely by the wind. Intrigued, the Caliph immediately ordered him to construct one. The first few windmills were constructed in the Persian province of Sistan and al-Masudi which was later described by one geographer as the country of wind and sand. Early mills had 6 to 12 sails covered with fabric. From this invention many new trades were born and it wasn’t long before these caught the eye of the crusaders who then introduced them to Europe in the 12th Century Ibn Al-Haytham and the Pinhole Camera: I know this doesn’t sound like the most exciting invention ever but bear with me a little. This man, Ibn (Son of) Al-Haytham is known as the father of modern optics, and not for bad reasons either! Back in the fifth century, it was believed that our eyes EMITTED light rays (superman style) and this theory was upheld all through famous Greek and Roman thinkers until the 11th century where our man, Ibn Al-Haytham, proved scientifically that we are not emitting rays but rather visible light enters our eyes and hence we can see. His greatest and irrefutable proof was the pinhole camera, the principle is simple, light rays enters a small hole and an inverted image is formed on a film at the back. The pinhole camera is still used today, the images produced are softer and they have a nearly infinite depth of field, check them out, they’re quite amazing! So you see, our amazing modern world isn’t all about Aristotle and Plato, no, our world was largely shaped by people who were not scared to tackle deep-rooted ideas or taken-for-granted theories, who, with their faith in Allah and Quran by their side, were able to make major breakthroughs and inventions in all aspects of Human life. Our brothers and sisters opened the path for us so what are we waiting for? Don’t be scared to challenge everything and anything, don’t be scared to let your imagination run wild, draw, create, invent, test, prove! Our beloved religion encourages us to do all this: Our Lord’s very first word to the Prophet (pbuh) was â€Å"IQRA† which means Read! Thus showing the importance of knowledge. Also, the prophet (pbuh) said: He who treads a path in search of knowledge, Allah will direct him to tread a path from the paths of Paradise. The Angels lower their wings for the student of knowledge in approval of what he does. All in the heavens and Earth and (even) the fish in the depth of the water seek forgiveness for the scholar, and the superiority of the scholar over the worshipper is like the superiority of the full moon at night over the rest of the stars.

Symbolism in the Dolls House Essay Example

Symbolism in the Dolls House Paper Symbolism in The Doll’s House Katherine Mansfield’s The Doll’s House, clearly illustrates the symbolic journey of Kezia as she wanders in her childhood purity. The symbolic relationship that Kezia develops with the lamp in The Doll’s House, is critical to the development of the plot. In addition, the depiction of Kezia, provides a contrasting outlook on English hierarchy. To begin, the Burnell Children receive a doll’s house from Mrs. Hay. As the two eldest Burnell children take admiration to the red plush chairs and carpet, perfected indows, and golden pieces of the house, Kezia, the youngest, is mesmerized by the simplicity of the lamp. This is exemplified when Kezia thinks to herself, â€Å"But the lamp was perfect. It seemed to smile at Kezia, to say, â€Å"I live here†. The lamp was real† (Mansfield 119). Kezia’s enchantment of the lamp symbolizes her absence of adornment for materialistic items, opposed to her sisters. As the story progresses, Kezia continues to disapprove of the superficial parts of the doll’s house and cannot see why the others do not see the beauty of the lamp. This is clearly illustrated when Kezia ries out, â€Å"The lamps best of all†. She thought Isabel wasn’t making half enough of the little lamp. But nobody would pay attention† (Mansfield 121). Issues continue to occur with the others, due to Kezia’s indifferent ways. Once Kezia falls in love with the lamp, however, it is foreshadowing the events to come. Next, Kezia’s innocence leads her to make friends with the Kelvey’s, in whom from an economic standpoint, are ignored. Like the lamp, Kezia does not follow the normality of things around her in her English society. For instance, everywhere in town, They walked past the Kelvey’s with their heads in the air, and as they set the fashion in all matters of behaviour, the Kelvey’s were shunned by everybody† (Mansfield 120). Due to the class distinction of the Kelvey’s, Kezia is forbidden to speak to the Kelvey’s. However, Kezia does not follow the rest of her English society, and overlooks the appearance of the Kelvey’s and the rumors everyone says about them. It is evident that Kezia does not follow the others when she tells the Kelvey’s, â€Å"You can come and see our doll’s house if you want to† (Mansfield 122). By Kezia inviting the Kelvey girls to see he doll’s house, she visibly displays her kind-hearted simplistic character, that if she was to be an object, would be a simple lamp like the Kelvey’s. Therefore, despite everyone’s unjustified threats towards Kezia, she lets the simplicity of the lamp guide her to h ave a moral conscience in not excluding the Kelvey’s. Finally, the Kelvey’s are similar to Kezia, for they both notice the simplistic things in life and are not overly consumed by materialistic ones. Kezia senses the inner purity of the Kelvey’s and ultimately decides to invite them to see the doll’s house. Yet, hen the Kelvey’s have the chance to catch a mere glimpse of the doll’s house, they are quickly â€Å"shooed out as if they were chickens† (Mansfield 123) by Kezia’s Aunt Beryl. In spite of that, the Kelvey’s are still able to see the lamp, the most important object in the entire doll’s house. The Kelvey’s, like Kezia, see beauty in the most unembellished things in life. When Else, one of the Kelvey sister’s says, â€Å"I seen the little lamp† (Mansfield 123), the symbolism of the lamp is established. At this point, Mansfield successfully conveys the overall message of the hope against discrimination. We will write a custom essay sample on Symbolism in the Dolls House specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Symbolism in the Dolls House specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Symbolism in the Dolls House specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Thus, this hope, symbolized through the lamp, is a connection that brings Kezia closer to the Kelvey’s, in realizing their similar views. In conclusion, the symbolism of the lamp, that stems from Kezia and leads to the Kelvey’s, distinctly shows the divide and constant battle between rich and poor. Materialism in our world also shows how perplex it is for many humans to surpass the ever-constant greed man has towards material items. Seeing past the obvious beauties in life is a complex obstacle to conquer in The Doll’s House, that only Kezia and the Kelvey’s are able to do. Both working together to fight this battle, therefore represent a lamp constantly searching for energy and hope to renew its light when it fades. In this case, the new light source was Kezia, who was seeking for an answer to help the Kelvey’s. Hence, the simplistic lamp represents the bonded connection that Kezia develops with the Kelvey’s, through the sightless faith of those around them, in the midst of their pure hearts. Works Cited Mansfield, Katherine. The Broadview Anthology of Short Fiction: The Doll’s House. Peterborough: Broadview Press, 2004. Print.

WordPress Pingbacks and Trackbacks Explained + Why to Disable Them

If you’re a perceptive user, you may have noticed a setting in your dashboard relating to WordPress pingbacks and trackbacks. However, there’s a good chance you have no idea what these techniques are, or why they’re controversial.In a nutshell, pingbacks and trackbacks are technologies that notify other websites when content has been published that their users might find interesting. While this sounds pretty good in theory, there are also a number of downsides to using both strategies, which is why we recommend that you disable them.In this article, we’re going to start out by explaining what WordPress pingbacks and trackbacks are and discussing their pros and cons. Then, well show you how you can disable both on your own website. Let’s take a look! What are trackbacks?A trackback is a notification that WordPress sends to an external site when you link to it in your content. Let’s say that you’ve just published a new blog post on dog t raining tips, which includes a link to another website that contains some solid advice for your readers.In this scenario, you could send a trackback ‘ping’ to that site, in order to get the owner’s attention. That person could then choose to approve the trackback. This would display an excerpt of your post and a link to your site in their comments section.What are pingbacks?Pingbacks in WordPress have a very similar goal, but they work a little differently. In fact, they were actually created to be a better version of trackbacks, in order to resolve some of the problems with the technique (which we’ll look at shortly).The key thing to understand is that while trackbacks are sent manually, pingbacks are automatic. To illustrate this, we’ll go back to our earlier example. Let’s say you have pingbacks set up on your blog, and you just published that article about dog training tips (linking to the same external website as before).In this case, a pingback would immediately be sent to the site you linked to – as long as it also has pingbacks enabled. That site would then automatically check to verify that the pingback originated from your post (and wasn’t some type of spam), before displaying it as a simple link in the comments section. In most cases, pingbacks won’t include an excerpt from the post in question, though this depends on the theme that a site is using.From your perspective, the trackback and the pingback work in a very similar way. The most vital differences are ‘under the hood’ – the communication technologies used are different. However, it isn’t necessary to understand all the technical details in order to get a sense for the advantages and drawbacks of using these techniques.An example of what pingbacks/trackbacks look likeThe pros and cons of using WordPress pingbacks and trackbacks on your siteIn order to understand why we recommend that you disable pingbacks and trackbacks, lets discuss the pros and cons.Pros 👠It’s easy to see why so many people have used both pingbacks and trackbacks in the past. The potential benefits of these technologies include:Increasing backlinks to your own site, driving traffic your way and improving your Search Engine Optimization (SEO).Making connections with related sites, and encouraging them to share your content by showing your willingness to promote theirs.Offering more value to your readers, by introducing them to other content they may find useful.Cons 👎The biggest issue with trackbacks is that they soon became used to send huge amounts of spam. As trackbacks can be sent manually to any site, spammers use them to get their links posted on as much content as possible.Keeping these spam trackbacks off your site requires manually checking each one since there’s no other way to verify that they aren’t fake. Naturally, the time spent moderating these trackbacks could be better used elsewhere. It also makes them a lot less valuable than they could be in a theoretical sense.As we mentioned earlier, pingbacks were designed mainly to resolve this spam problem. That’s why they work automatically, and require verification before they can be posted. In addition, they won’t even be sent unless both blogs have enabled pingbacks.However, pingbacks soon fell victim to the same downsides as trackbacks. Many spammers were able to easily overcome the protections put into place. That resulted in a lot of fake and malicious pingbacks. Again, this means that sites with this feature enabled generally have to spend a lot of time moderating the resulting comments.In addition, you can end up with something called ‘self-pings’. If you link to another post or page on your own site, the pingback feature will send a notification (as though you were linking to an external source). This isn’t very useful and can quickly become an annoyance, although you can eliminate this problem with a free plugin like No Self Pings.Most sites should disable WordPress pingbacks and trackbacks (heres how to do it)There’s been a lot of controversy over the years as to whether using pingbacks and trackbacks is worth the downsides. These days, however, its widely recommended that you avoid both techniques.At the end of the day, using WordPress pingbacks and trackbacks tends to result in a lot of spam and wasted time. Even if they can provide a few benefits, there are better ways to drive traffic to your site.In addition, very few people actually use these technologies in a legitimate way at this point. This means that, more so than in the past, you’re likely to get a lot more fake pingbacks and trackbacks than legitimate ones.Fortunately, disabling both on your own site is a simple matter. In your WordPress dashboard, you can navigate to Settings Discussion:Here, you’ll want to deselect the first two options:Attempt to notify any blogs linked to from the articleAllow link notifications from other blogs (pingbacks and trackbacks) on new articlesThis will prevent your site from creating and receiving pingbacks and trackbacks. As a result, you should have an easier time keeping your comments section under control. Plus, youll free up time that can be devoted to more effective audience-building strategies.Skip the pingbacks and trackbacks!Pingbacks and trackbacks do have benefits in theory, but there are plenty of reasons why they’re rarely used these days. Ultimately, the downsides of both outweigh the potential for a slight boost to traffic and visibility.Keeping WordPress pingbacks and trackbacks active on your site is likely to result in a lot of spam coming from people who just want to get a link of any sort posted on your content. The good news is that you can quickly disable both options in your WordPress Settings screen.Have you ever used pingbacks and trackbacks on a WordPress site , and what was the result? Share your experiences with us in the comments section below! #WordPress pingbacks and trackbacks explained, plus why you really should just disable them

Mesolithic era Essay Example

Mesolithic era Essay Example Mesolithic era Paper Mesolithic era Paper It is thought too that the women, while the males were out hunting the animals- collected berries and other wild shrubs to cook with the meal as part of their diet. Thus, Mesolithic eating habits would not have had a significant impact on the landscape of Ireland. In contrast, Neolithic people are known as the first farmers in Ireland. It is wrong to think that Mesolithic people discovered farming and then became Neolithic people; rather Neolithic ways of life began to spread to Ireland from settlers across the sea and brought this new way of life with them. Neolithic folk were involved in cultivating the land they lived on and grew crops and vegetation as a food source, they still hunted and gathered in berries and nuts but now their diet was supplemented on a regular basis by the produce of their crops, and by the domesticated animals they kept such as pigs, sheep, cattle and hunting dogs. Evidence from Cashelkeelty, County Kerry, suggests that this happened between 3900BC and 3000BC wesleyjohnston. com/users/ireland/past/pre_ norman_history/neolithic_age. html. Findings around Neolithic sites, which have been excavated, have provided evidence of a new technology as described by J. P. Mallory T. E. McNeill; they go on to say There was also a new technology that has been especially developed for this new agricultural economy. The first farmer colonists introduced their own variety of polished stone axes for clearing away forests, flint tools for harvesting their crops, grinding stones for processing the cereal, and pots made from clay to assist in cooking and serve as containers. Even the tools used for hunting changes as these early farmers brought their own type of flint arrowheads and javelins, and now that there was easy access to animals whose hides were particularly useful to man, we begin to find abundant evidence for flint scrapers. (1991. P. 30. ) Such dramatic changes to diet brought would have brought about significant changes to the physical landscape of Ireland; people were now starting to cut away areas of woodland so they could cultivate the land for farming and building their settlements. The effects of this are evident today, with the creation of blanket bogland throughout Ireland and particularly around areas where Neolithic artefacts are discovered. Ireland has 12,000 kmi of bogland, consisting of two distinct types, blanket bogs and raised bogs. Blanket bogs are the more widespread of the two types. They are essentially a product of human activity aided by the moist Irish climate. Blanket bogs formed on sites where Neolithic farmers cleared trees for farming. As the land so cleared fell into disuse, the soil began to leach and become more acidic, producing a suitable environment for the growth of heather and rushes. The debris from these plants accumulated and a layer of peat formed. http://en. wikipedia. org/wiki/Geography_of_Ireland#Bogs. The continuous falling debris has caused these bogs to grow and an example of the height to which they have grown is all too evident in the Ceide Fields, located in North County Mayo. Thus, most of Irelands upland peat bogs (although not the lower ones are actually features inadvertently created by Neolithic farmers). In relation to housing Mesolithic people did not build permanent settlements, this was due to their way of life, being from a hunter-gatherer culture, these individuals tended to be nomadic, moving from season to season, going where the food was. During the summer and early autumn months it is thought that these people settled beside coastal areas- were it was cooler and throughout the winter and spring they settled more inland, taking refuge and protection from the weather amongst the dense woodland. There is no absolute evidence for these assumptions however; tools from the Mesolithic era have been located around or close to coastal areas. The Curran (Near to present day Larne, County Antrim) is a raised beach where archaeologists have found thousands of flint tools, and in County Offaly, archaeologists uncovered evidence of a Mesolithic settlement at Lough Boora. Neolithic peoples contributed to the changing of the landscape through the settlement dividing which are evident in the Ceide Fields of northern County Mayo. The Ceide Fields are a series of stone field boundaries discovered preserved under peat on the edge of a cliff in Mayo. At the time, they were made; the climate would have allowed them to grow crops there, although today it is a bog. It would be on this land, beside that which they cultivated that their dwellings would be built. Neolithic settlers built more structured and permanent buildings for settlement than the Mesolithic. A Neolithic house was rectangular and made either from tree trunks sunk vertically into the ground or from woven branches covered with mud. A large beam leaning against the ridge of the roof supported the gables at each end. The roof itself was made from timber beams with reed thatch covering it. A small hole in the roof allowed smoke to escape because, unlike the Mesolithic Irish, the Neolithic farmers lit their fires and cooked indoors. We know what these houses looked like because, although most of the wood itself has gone, the post-holes have survived and engineers can thus determine the houses structure. wesleyjohnston. com/users/ireland/past/pre_norman_ history/neolithic_age. html.

The Gilded Age Essay Example | Topics and Well Written Essays - 750 words

The Gilded Age - Essay Example During the so called Gilded Age, the economy of America went up significantly by more than 400% between 1860 and 1900. During the same time, the United States Patent office gave out up to twelve times more patents than it had been the case in the past 70 years. There was also a notable increase in the productivity of the agricultural sector due to invention of farm machinery; â€Å"In 1872, the vast majority of Americans equated logging trees, plowing prairies, grazing grasslands and mining mountains with progress.† The same advancement was made in the factory sector. The business communication sector made a step with the invention of Alexander Graham Bell’s telephone which was developed on February 14th, 1876. The lighting of homes and the power required by the various factories in carrying out several of the operation were made possible by Thomas Edison. This was as from 6th December, 1977.Still on the American economy, the growing industrial sector made available the goods needed for the upcoming urban markets. This led to a shoot in the number of the urban dwellers due to migration of individual to urban centers, most of who came from Europe. As a percentage, those living in urban areas represented 40% of the total American population. This was an increase from the initial 20%. The immigrants wanted to get jobs in the expanding manufacturing sectors, and also to have a taste of the city-life.However, there is an irony regarding this economic development of the gilded age.The growing of this economy came with weighty negatives.

The Nurses Role in Tackling Coronary Heart Disease Essay

The Nurses Role in Tackling Coronary Heart Disease - Essay Example There are about 17 million who die from cardiovascular diseases on a yearly basis (WHO, 2011). Most of these deaths are attributed to coronary heart disease and cerebrovascular diseases. Physical inactivity, unhealthy eating habits, and smoking are just some of the causes of these diseases. In 2009, about 5000 died from coronary heart disease in Wales with about 118,000 people having had a heart attack at some point and about 120,000 more suffering from angina. This disease also cost the NHS about 3.2 billion pounds with about 9 billion pounds cost to the entire UK economy (BHF, 2011, p. 2). The trends in the incidence of CHD are largely based on social patterns with mortality rates higher for the deprived areas, as compared to the least deprived areas. The rates of CHD in Wales are slightly higher as compared to the rest of England with male incidence rates higher than 10% as compared to the rest of England. Behaviours commonly attributed as causes for CHD include smoking, unhealthy eating, physical inactivity, and heavy intake of alcohol (BHF, 2011, p. 2). Obesity, increased cholesterol, high blood pressure and diabetes are considered risk factors for the development of coronary heart disease. Coronary heart disease, also known as coronary artery disease is said to affect about 14 million men and women in the US (Singh, 2010). It develops when fatty materials, calcium, and scar tissue accumulates in the arteries supplying the heart with blood. These arteries are arteries crucial to the efficient functioning of the heart with such heart muscles being supplied with oxygen and nutrients to enable heart functions (Singh, 2010). This plaque narrows the arteries and as a result, the heart does not get an adequate supply of oxygen-filled blood. With narrowed blood vessels, the blood flow to the heart becomes slower and causes chest pain or angina (Singh, 2010). With continued plaque formation, complete blockage of arteries may result, causing a heart attack (myocardial infarction) or disturbance in heart rhythms leading to sudden cardiac arrest. From years of its earliest development, the inner linings of the coronary arteries are very smooth and this allows the smooth and easy p assage of blood through the different systems of the body. As a person gets older, the cholesterol and calcium content in the arterial walls accumulate, making them thicker (Singh, 2010). The plaque formation on the arterial walls is primarily caused by unhealthy diets, including one which is high in fats and cholesterol. Smoking and limited activity or exercise can increase the plaque formation. This process is known as atherosclerosis or the hardening of the arteries (Singh, 2010). This plaque forms like a firm shell, but has a soft inner core where cholesterol is stored. When blood hits such plaque

Critical Analysis of A Mother in Dubliners Essay Example for Free

Critical Analysis of A Mother in Dubliners Essay In the short story, A Mother, James Joyce highlights four different aspects: Theme, Style, Language used, and the Characteristics of the Characters. There are five different themes highlighted in the story. The first one is Paralysis, which is the central theme for all the stories in Dubliners. In this story, paralysis is shown with the storys main character, Mrs. Kearney, who is constantly relying and depending on her daughter, providing her with a very good education and making her follow a career in music. Paralysis could also be seen with Kathleen Kearney, who was forced by her mother to follow a musical career, and the way some people eventually say that she has no future in music whatsoever. The second theme, marriage, deals with the way it is portrayed in a negative way. Mrs. Kearney got married out of spite, and there isnt much romance in the relationship between her and her husband, although this doesnt suggest that she has completely given up her romantic ideas. We also see the portrayal of husbands and wives, or family life in general, in a negative way. See more: how to write a good critical analysis essay The third theme is class distinction. This is to do with how Mrs. Kearney keeps on bragging to her friends that her husband is taking her and her daughter to Skerries and they spend their money on Kathleens education and music lessons, to help prepare her for the concerts. Another aspect that highlights this theme s Ms. Kearnys use of language, which is that of an upper class, and this shows that she received an education that was as good as her daughters. The fourth theme is culture and religion. Certain aspects of culture are highlighted when we are told about the grand concerts, which are part of the Irish revival. Also, we see the way the Irish language is kept alive, like the way Mrs. Kearney and her friends say good-bye in Irish. As for religion, we find out that Mr. Kearney was very religious and he often went to church by himself. The final theme is materialism. This is to do with the way Mrs. Kearney is opportunistic, and how she is persistent with her daughter receiving money for all her performances. Joyce uses a satirical writing style in this story. This means that he is making fun of the characters indirectly/subtly. For example, the narrator refers to the concerts as grand, when in reality they are a failure, and the way Mr. Holohans friends call him Happy Holohan. Also, the way he refers to the artists in the concert as artistes. Another aspect of Joyces style is impressionism. This is to do with how the narrator just tells us about the story (gives us a feedback) without revealing anything to us. For example, the narrator tells us the story through the way he sees it. He does not state his opinion, but instead he leaves us with what information we received from him to come up with our own conclusions of the characters. Naturalism is another aspect of Joyces style. He uses real places and real names in the story to give the reader a sense of place. The language Joyce assigned to the narrator is simple and flamboyant. For example, People said she was very clever, a very nice girl and a believer in the language movement (p. 155). There are two forms of language spoken by the narrator: Speaking about the characters and providing information (Miss Devlin had become Mrs. Kearney out of spite She was educated in high-class convent ), and speaking on behalf of the characters (People said she was a very nice girl ). When reading the story, we reach a few conclusions about the characters. Mrs. Kearney is revealed as a snob, conceited woman living in middle-class Dublin, and received a high-class education. We see that she has a harsh and cold attitude (Her ivory manners were admired She sat among the chilly circle of her accomplishments). Mr. Kearny is a pious and sober man, he does not have a romantic relationship with his wife (not enough love), but he is always there to help and support his wife. Mr. Fitzpatrick represents the negative side of the male characters. Because of him, the concert ended in failure. In this story, Joyce has highlighted many aspects, ranging from themes to style, and he elaborated on them with detail, which helps the reader understand the way he portrays real life in Dublin.

The History of Ideology

The History of Ideology Its easy to say that ideology is something that belongs to mind, or to words that are easier to understand than to think. Thinking is what we do every day; this is the way I answered the question related to ideology. So in this essay, I will take a deeper look at the term ideology in of Marxism and why his idea is famous in anti-capitalism. Ideology is a system of perspectives, ideas, and these built on a philosophical foundation through a consistent worldview and methodology. They represent the will and aspirations of a class, people, formed by individual practices, and back to direct the training, to improve reality. Any thought is due to the physical conditions of life, the social order and the reflection of the material situation of the secular regime. Since the emergence of private ownership and associated with it the division of society into classes: domination and power, oppression and oppression In social consciousness also began to appear and constantly develop ideas expressing the opposition of interests, the struggle between classes. I will refute this view as follows: as I cannot point to any person and say I have no idea. Maybe the thoughts in his head did not form a scholastic system, or it consisted of the fragmented parts of different academic theories. But not so that I was entitled to say that he has no idea at all. For example, when it comes to accepting a particular set of problems A B C D E, he only resolves to take AB, but refuses to recognize C D, and ignores E; Then we say that he has conservative thoughts. Apparently, thinking has been transformed into action that does not exist in the literary form anymore. Thus, one can say that thought not only exists in the shape of educational theoretical systems but that it only makes it easy to approach thought. Zizek has explained his idea of ideology through a trash can or can understand that a system, he explained that ideology let us be controlled inside a system (Japhy, 2017, 3/2). But he also emphasized the importance of ideology that they give human motivation a reason to exist in life. Later, major ideas in the world were used to highlight the two great ideas capitalist, and communist. Its the model that states in the world are doing. And through propaganda activities in all forms such as the media, no matter what the issue is, is a message to make sure that the ideology is still favored by the people while under control. (Japhy, 2017, 3/2) Zizek also explained the vitality, the existence of the capitalist economy on how to promote such strength. He argues that it is the competitive market that is a free market, so firms will always want to reach out to and serve the consumer. That this product is better than the competitors product. It is the consumers appetite that creates a circulation for the developed market when the consumers desire is endless. The more you drink, the thirstier you get. This has created an impetus that invisibly promotes the market in creating jobs for the working-class. Ideology is to be understood as fetishism. It is used as a material to control human thinking and their beliefs. And that is the origin of capitalism. It gives money power to control people. They are willing to do everything to get it. Because of the obvious truth, the human is living in the secular age. That everything can be traded together. And that is one of the features of capitalism when it raises the issue of a free market where labor is cashed (Japhy, 2017, 10/2). But Marx also posed a problem that was the imbalance of capitalism. Smith argued that the individuals pursuit of self-interest would lead to an outcome beneficial to all, whereas Marx argued that the pursuit of self-interest would lead to anarchy, crisis, and the dissolution of the private property-based system itself. . . . Smith spoke of the invisible hand guiding individual, self-interested agents to perform those actions that would be, despite their lack of concern for such an outcome, socially optimal; for Marxism the simile is the iron fist of competition, pulverizing the workers and making them worse off than they would be in another feasible system, namely, one based on the social or public ownership of property (Roemer 1988, 2-3). But Marx also posed a problem that was the imbalance of capitalism. Because life is not balanced, there is a difference in class. Marx argues that this difference is due to the capitalist class, or the em ployer, who values the labor force, not in proportion to what the worker pays. On the contrary, the products are sold at high prices beyond the affordability of employees. And then the question is why the money is just a symbolic, unrealistic value that is represented by the numbers on paper but is so influential in human life. After Marx pointed out the basics of capitalism, launched the world workers movement, through the struggles of workers, of national liberation movements, Capitalism had self-correcting, economic and political theories born in the twentieth century have significantly contributed to changing the face of capitalism. In 1990 at a Paris symposium on Marx, the invited President stated that Marx was the savior of capitalism for pointing out its fundamental errors. Actually, about form, capitalism has changed a lot. But the nature of capitalism cannot be modified. That nature is a profitable, profitable way, including the adoption of political and military activities. Instead of forming a direct domination, capitalism creates an entirely democratically controlled state that is completely dependent on the political economy. Karl Marx argues that communism will be the final stage of history, achieved through a proletarian revolution. In communist society, decisions about what to produce and pursue policies are democratically chosen, allowing all members of society to participate in decision-making in both areas, political and economic. The production and distribution of wealth are reasonably made among citizens. Karl Marx never described in detail how communism would function as a socio-economic system, but it was understood that a communist economy would be based on the idea of equal share among its citizens. Marx asserts that the only way to solve these problems is by the working class (proletarians), who according to Marx are the main force that produces material wealth in society and are privately owned. The exploitative (bourgeois) empire stands up as a ruling class in place of the bourgeoisie to establish a free society, regardless of class or race. The state representing workers who have been orga nized into the dominant class will control the means of production for the benefit of society. Marx does not create what is now called communism. But the idea of producing and distributing wealth equitably carried out among citizens gives each other confidence in the proletariat or labor. Which it goes against the concept of capitalism at that time. Marxism became more popular and viral after Lenin successfully applied his theory and his idea. Marxism-Leninism was widely acknowledged in socialist countries such as the Soviet Union or China and Vietnam today. When Leninism-Stalinism suddenly adopted the term proletarian ideology in the late 1920s in order to designate not the distortion of proletarian consciousness under the pressure of bourgeois ideology but the very subjective driving force of proletarian revolutionary activity, this shift in the notion of ideology was strictly correlative to the reinterpretation of Marxism itself as an impartial objective science' (Zizek, Mapping Ideology 9). At the time of Marx, due to the influence of the revolutions in Europe and the Americas, people resorted to violent means of seizing power to deal with socio-economic problems without seeing the power. A lot of peaceful solutions by compromise and dialogue. Marx criticized and denied utopian socialism for its failure as a testimony to the need for socialist revolution. Violent revolutionary measures can give a very immediate result when the public is motivated to stand up for the revolution. But it will endure massive social losses for a long time, and When it is necessary to restrain the revolution and bring it back to a peaceful and friendly state, it is tough and time-consuming and enormous loss. Nonviolent peace measures, though slowly and seemingly ineffective, can, in fact, resolve the conflict once the conflict is ripe because society is the totality of communal forces. Assembly and forces are in need of each other, so they can adjust themselves to deal with conflicts. After t he death of Marx, the world has changed profoundly, and there have emerged effective methods of peaceful struggle through institutions such as unions, social organizations, social media, and religion. As one bitter critic put it, In the name of human progress, Marx has probably caused more death, misery, degradation and despair than any man who ever lived (Downs 1983, 299). 1487 words Bibliography Downs, Robert B. 1983. Books That Changed the World. 2d ed. New York: Penguin. Roemer, John E. 1988. Free to Lose. Cambridge, MA: Harvard University Press. Skousen, Mark. The Big Three In Economics. 1st ed. Armonk, N.Y.: M.E. Sharpe, 2007. Print.

Risk and Return Analyis and Portfolio Management of Indian Automobile Companies

PSG INSTITUTE OF MANAGEMENT FINANCIAL SYSTEMS A PROJECT REPORT On RISK AND RETURN ANALYSIS & PORTFOLIO MANAGEMENT Of INDIAN AUTOMOBILE COMPANIES Submitted by, G. Abirami(9UTB02) M. Kamalam(9UTB13) N. Nirupa(9UTB18) P. Srilakshmi(9UTB32) INDEX CONTENTS PAGE NO. Acknowledgement Statement of Problem Introduction: Industry overview Company profiles Objectives Scope & Limitations Literature Review Research Methodology Analysis & Interpretation Findings Suggestions Conclusion Bibliography (i) (ii) 1 1 3 13 13 14 18 20 33 36 37 38 ACKNOWLEDGEMENT First of all we thank the Almighty for having bestowed upon us the sufficient potential with which we are able to complete whatever work we undertake successfully. We feel a heart full of gratitude to our Director Mr. R. Nandagopal for encouraging us regarding all our curricular activities which take place at PSGIM. We also extend our thanks to our co-ordinator Mrs. V. Srividhya for being a constant support throughout and keeping us guided along the right path always. We also wish to thank our teacher for Financial and Management Accounting Mr. P. Varadharajan for having given us this opportunity in taking up this project and for his constant support and guidance throughout the course of the project. We also like to thank our parents who have carved a bright future for us by placing us in such a spectacular and prestigious institution where we could see ourselves as what and as whom we dream to become. May be the last but not the least people to thank are our friends. Thanks is a word not to be shared among friendship but it should be felt for the presence of their soulful support throughout our life. (i) STATEMENT OF PROBLEM Automotive Industry has significantly increased its contribution to overall industrial growth in the country. By 2030 India will be the third largest car market in the world after China and Japan. This coupled by the purchasing power of the ultra rich makes India a top destination for manufacturers of luxury cars Investment by foreign companies in automobiles implies a bright future for the auto industry India. This will lead to the creation of jobs, and a wider range for consumers to choose from. It will also give Indian companies a chance to compete globally for clients. This will greatly benefit the auto component and ancillary industry that will get access to the latest technology and manufacturing practices. According to Commerce Minister Kamal Nath, India is an attractive destination for global auto giants like BMW, General Motors, Ford and Hyundai who were setting base in India, despite the absence of specific trade agreements. Current Scenario On the cost front of Indian automobile industry, OEMs are eyeing India in a big way, investing to source products and components at significant discounts to home market. Overview By 2010, India is expected to witness over Rs 30,000 crore of investment. Maruti Udyog has set up the second car with an investment of Rs 6,500 crore. Hyundai will bring in more than Rs 3,800 crore to India. Tata Motors will be investing Rs 2,000 crore in its small car project. General Motors will be investing Rs 100 crore and Ford about Rs 350 crore. Ashok Leyland and Tata Motors have each announced over Rs 1,000 crore of investment. (ii) ________________________________________ ________________________________________ INTRODUCTION In India there are 100 people per vehicle, while this figure is 82 in China. It is expected that Indian automobile industry will achieve mass motorization status by 2014. Industry Overview: Since the first car rolled out on the streets of Mumbai (then Bombay) in 1898, the Automobile Industry of India has come a long way. During its early stages the auto industry was overlooked by the then Government and the policies were also not favourable. The liberalization policy and various tax reliefs by the Govt. of India in recent years have made remarkable impacts on Indian Automobile Industry. Indian auto industry, which is currently growing at the pace of around 18 % per annum, has become a hot destination for global auto players like Volvo, General Motors and Ford. A well developed transportation system plays a key role in the development of an economy, and India is no exception to it. With the growth of transportation system the Automotive Industry of India is also growing at rapid speed, occupying an important place on the ‘canvas' of Indian economy. Today Indian automotive industry is fully capable of producing various kinds of vehicles and can be divided into 03 broad categories : Cars, two-wheelers and heavy vehicles. Snippets: The first automobile in India rolled in 1897 in Bombay. India is being recognized as potential emerging auto market. Foreign players are adding to their investments in Indian auto industry. Within two-wheelers, motorcycles contribute 80% of the segment size. Unlike the USA, the Indian passenger vehicle market is dominated by cars (79%). Tata Motors dominates over 60% of the Indian commercial vehicle market. 2/3rd of auto component production is consumed directly by OEMs. India is the largest three-wheeler market in the world. India is the largest two-wheeler manufacturer in the world. India is the second largest tractor manufacturer in the world. India is the fifth largest commercial vehicle manufacturer in the world. The number one global motorcycle manufacturer is in India. India is the fourth largest car market in Asia – recently crossed the 1 million mark. 1 Segment Knowhow: Among the two-wheeler segment, motorcycles have major share in the market. Hero Honda contributes 50% motorcycles to the market. In it Honda holds 46% share in scooter and TVS makes 82% of the mopeds in the country. 40% of the three-wheelers are used as goods transport purpose. Piaggio holds 40% of the market share. Among the passenger transport, Bajaj is the leader by making 68% of the three-wheelers. Cars dominate the passenger vehicle market by 79%. Maruti Suzuki has 52% share in passenger cars and is a complete monopoly in multipurpose vehicles. In utility vehicles Mahindra holds 42% share. In commercial vehicle, Tata Motors dominates the market with more than 60% share. Tata Motors is also the world's fifth largest medium & heavy commercial vehicle manufacturer. 2 COMPANY PROFILES ASHOK LEYLAND In 1948, The Company was incorporated on 7th September, at Chennai. The Company Manufacture Comet chassis and Leyland `Tiger' and `Titan' Chassis and Leyland diesel engines. In 1955, the name of the Company was changed from Ashok Motors Ltd. , to AshokLeyland Ltd. in July. Ashok Leyland Motors Ltd. , are the associates Of the company In 2006, Ashok Leyland gets ISO/TS 16949 corporate certification In 2010, Ashok Leyland, the flagship company of Hinduja group, unveiled the Country’s first electric plug-in CNG hybrid bus, HYBUS, at the Delhi Auto show. Company Background Name Auto LCVs/HCVs House Name Hindujas Group Year of Incorporation 1948 Board of Directors: R J Shahaney Chairman / Chair Person D J Balaji Rao Director Ramachandran R Nai Director Shardul S Shroff Director V Sumantran Director Vinod K Dasari Whole Time Director J N Amrolia Executive Director S Balasubramanian Executive Director R R G Menon Executive Director M Nataraj Executive Director Rajive Saharia Executive Director 3 EICHER MOTORS In 1982, The company was incorporated on 14th October, and the Certificate of commencement of business was obtained on 28th March, 1983. It was promoted in the joint sector by Eicher Goodearth Ltd. Mitsubishi Corporation, Japan, Mitsubishi Motors Corporation Japan and Madhya Pradesh Audyogik Vikas Nigam Ltd. In 2005, Eicher Motors entered into definitive agreements with TMTL on May 27, In 2006, Eicher Motors Ltd (EML) on Feb 20, announced Mr. Siddhartha Lal as its new Managing Director designate. Eicher joins hands with Wipro to source hydraulic kits In 2007, Eicher Motors Ltd has informed that the Board of Directors of the Company in its meeting held on October 22, 2007 approved appointment of Mr. Rajesh Arora as Company Secretary as well as Compliance Officer of the Company. Company Background: Industry Name Auto LCVs/HCVs House Name Eicher Group Year of Incorporation 1982 Board of Directors: S Sandilya Chairman / Chair Person Priya Brat Director Prateek Jalan Director Siddhartha Lal Managing Director & CEO 4 ESCORTS In 1947, After partition the registered office of the Company was shifted from Lahore to New Delhi. The name of the Company was changed from Escorts (Agents) Pvt. Ltd. , to Escorts Ltd. upon its conversion into a Public company. In 2005, Escorts win . 5-m tractor order from Ghana Escorts Ltd has acquired its Polish joint venture partner, Farmtrac Tractors Europe Escorts' US subsidiary teams up with SAME Deutz-Fahr Italia In 2006, Escort India is set to manufacture tractors in Bangladesh through a Joint venture with the Nitol-Niloy group. Company Background Name Auto Tractors House Name Nand Year of Incorporation 1944 Board of Directors: Rajan NandaChairman and Managing director M G K MenonDirector P S PritamDirector Nikhil NandaJoint Managing Director 5 HERO HONDA In 1984, The Company was incorporated on 19th January, at New Delhi. The Company Manufacture motor cycles up to 100 cc capacity. The Company Was promoted by Hero Cycles (P) Ltd. (HCPL). In 2005, New product launches widen HHML's product portfolio Two-wheeler major Hero Honda on October 5 announced launch of its First scooter ‘Pleasure' Hero Honda rolls out 150-cc motorcycle Achiever. In 2006, Hero Honda announced the launch of two new variants the new ‘Glamour' and ‘Passion Plus' limited edition. In 2007, Hero Honda Motors Ltd. has appointed Mr. Yutaka Kudo as Director and Whole-time Director of the Company in the category of Executive Director w. e. f. April 1, 2007. Company Background: Industry Name Auto 2 & 3 Wheelers House Name Hero Year of Incorporation 1984 Board of Directors: Toshiaki Nakagawa Joint Managing Director Masahiro Takedagawa Non Executive Director Pawan Munjal Managing Director and CEO Takashi Nagai Non Executive Director Pradeep Dinodia Non. Exe. Independent Director 6 HMT In 1953, The Company was incorporated in Bangalore. The Company was converted into a Public Limited Company on May 13, 1977. The main objects of the Company is Manufacturing of the Machine tools, metal forming presses and press brakes, pressure die, casting machines and automatic plastic injection molding machines, automatic plastic injection molding machines. In 1998, HMT International Ltd, a wholly-owned subsidiary of HMT, has bagged a Rs. 3-crore order for setting up an Entrepreneur Technical Development Centre (ETDC) at Dakar in Senegal. In 2010, HMT Ltd has informed that Shri Harbhajan Singh has been appointed as Part-time Official Director on the Board of the Company with Effect from January 11, 2010 Company Background: Industry Name Auto Tractors House Name Public Sector Year of Incorporation 1953. Board of Directors: Rajiv BansalDirector S G SridharDirector (Operations) S BehuriaDirector Sourabh ChandraDirector K KipgenDirector Prakash SharanExecutive Director Harbhajan SinghPart Time Official Director 7 MARUTI SUZUKI In 2000, The Company was awarded the Highest Exporter Award in New Delhi. ICRA has assigned `LAAA' rating to the Rs. 200-crore Long-term non-convertible debenture program and `A1+' rating to the Rs. 100-crore commercial paper program of the company. In 2002, The government on May 14, 2002 set into motion big-ticket disinvestment in 2002-03 by announcing a two-stage process to exit from Maruti Udyog Ltd, a joint venture with Suzuki Motor Company. In 2007, Maruti Udyog Limited has informed that Mr. Tsuneo Kobayashi, a Non-executive director, has been appointed as Whole-time Director designated as Senior Joint Managing Director. The Board of Directors in their meeting held on 22nd January, 2007 has approved the above. UTI Bank and Maruti have joined hands for giving car finance. Company Background: Industry Name Auto Cars & Jeeps House Name MNC Associate Year of Incorporation 1981 Board of Directors: R C BhargavaChairman / Chair Person Amal GanguliDirector Keiichi AsaiDirector Osamu SuzukiDirector Davinder Singh BrarDirector 8 TATA MOTORS Tata Motors Limited is India's largest automobile company, with consolidated revenues of Rs. 70,938. 85 crores (USD 14 billion) in 2008-09. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The company is the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer. The company's 24,000 employees are guided by the vision to be â€Å"best in the manner in which we operate, best in the products we deliver, and best in our value system and ethics. Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 4 million Tata vehicles ply on Indian roads, since the first rolled out in 1954. Company Background Industry Name Auto LCVs/HCVs House Name Tata Group Collaborative Year Of Incorporation 1945 Board of Directors: Ratan N TataChairman / Chair Person N A SoonawalaDirector R Gopalakri shnanDirector S M PaliaDirector S BhargavaDirector V K JairathDirector 9 TVS MOTORS TVS has been at the forefront in bringing a revolution in the way personal commutation was happening, way back in the 1980s. Beginning with launching a simple, easy-to-use moped for the middle class in India in the 1980s to launching 7 new bikes in a single day (first time in the history of the automotive industry in the world), TVS has often taken the unbeaten path to innovation. The Group's principal activity is to manufacture and sell motor cycles and components. The Group operates in two segments: Automotive Vehicles and Automotive Components. Automotive Vehicles include motorcycles, mopeds, ungeared scooters and three wheelers. The products of the Group include TVS Apache, TVS Scooty, TVS Fiero, TVS Super XL, TVS Victor, TVS Centra, TVS Star etc. It's plants are located at Hosur, Tamil Nadu , Mysore, Karnataka and Solan, Himachal Pradesh. Company Background Industry Name Auto 2 & 3 Wheelers House Name TVS Group Year of Incorporation 1982 Board of Directors: Venu Srinivasan Chairman and Managing director T Kannan Director K S Bajpai Director Prince Asirvatham Director 10 MAHINDRA AND MAHINDRA: Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $6. 3 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image. Mahindra is the only Indian company among the top tractor brands in the world and has made an entry in the two-wheeler segment, which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam. Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08. Company Background: Industry Name Auto -Cars & Jeeps House Name M & M Year of Incorporation 1945 Board of Directors: Keshub Mahindra Chairman / Chair Person Deepak S Parekh Director M M Murugappan Director A S Ganguly Director Anupam Puri Director 11 BAJAJ AUTO Bajaj Auto Ltd. is the largest exporter of two and three wheelers. With Kawasaki Heavy Industries of Japan, Bajaj manufactures state-of-the-art range of two-wheelers. The brand, Pulsar is continually dominating the Indian motorcycle market in the premium segment. Its Discover DTSi is also a successful bike on Indian roads. 2010 – Bajaj Auto launched a 135 cc Pulsar, priced at Rs 51,000, pushing the Pulsar brand into the mass segment. Company Background: Founder Jamnalal Bajaj Year of Establishment 1926 Industry Automotive 2 & 3 Wheelers Business Group The Bajaj Dominant presence in Sri Lanka, Bangladesh, Columbia, Guatemala, Peru, Egypt, Iran and Indonesia. Joint Venture Kawasaki Heavy Industries of Japan Board of Directors: Rahul Bajaj Chairman / Chair Person Rajiv Bajaj Managing Director D S Mehta Director Shekhar Bajaj Director J N Godrej Director Suman Kirloskar Director 12 ________________________________________ ________________________________________ OBJECTIVES Primary Objective: Construction of optimal portfolio using Sharpe Index Model To analyze the risk and return of Indian automobile companies. Secondary Objectives: To understand the Sharpe's Portfolio Selection Model over the Standardized Index Portfolio called Market portfolio in respect of stock market perations in India. It also involves the estimation of Beta for each potential asset; these estimations are obtained based on past data and using statistical methods in order to obtain future Beta. To understand the current scenario of Indian automobile industry. SCOPE & LIMITATIONS Scope: To get overview outline about the selected Indian automobile company, their performance comparison, market share, potential and their volatility. Serves as a source of information for investors in identifying the risk averse and risk seeking shares (more return and less risk)of selected automobile industry. To get insight about the application of Sharpe index model in risk and return analysis of portfolio management. Limitations 1. Only selected industries in Indian automobile sector. 2. The data obtained and collected are only approximate and not more accurate. 3. Market fluctuations in share price of the selected industries. 4. Application of Sharpie index model alone. 13 ________________________________________ ________________________________________ LITERATURE REVIEW â€Å"The Accounting Review†: Elgers, Pieter T. Murray, Dennis ( Apr 1982) published that a measure of investment risk-the systematic risk of the Sharpe-Linter capital asset pricing model (CAPM)-is now widely employed. The relationship between beta estimates and various accounting risk measures (ARMs) have been extensively studied by accounting researchers, but results have led to different inferences about the usefulness of ARMs. The impact of the choice of market index on inferences concerning the usefulness o f ARMs in explaining and predicting beta is investigated. The association of ARMs and beta tests are always joint tests. Beta reflects the expected co variation between the returns of a given security and those of the market portfolio of all risky capital assets. The market portfolio, however, is not observable. Empirical evidence showed: 1. that the stability of beta estimates over time are quite sensitive to the market index employed, 2. that the ability of ARMs to explain differences among betas for a cross-section of firms is highest when the betas are estimated using the CRSP equal-weighted index, and 3. that the ability of ARMs to improve upon market-based forecasts of beta depends upon the choice of market index and the error metric employed. The Journal of Finance†: Kwan, Clarence C. Y (Dec 1984) published that a simple common algorithm that is applicable to 7 models is suggested for optimal portfolio selection disallowing short sales of risky securities. The 7 models considered are: 1. Sharpe's (1963) single index model, 2. Cohen and Pogue's (1967) multi-index models in diagonal and cova riance forms, 3. Two multi-index models with orthogonal indexes, and 4. Two constant correlation models. The proposed algorithm successfully bypasses the requirement of explicitly ranking securities that is essential in previous research on the topic. Because of this feature, the algorithm is especially useful for the 2 multi-index models with orthogonal indexes where there are problems in establishing a ranking criterion. An illustrative example is provided showing the results of all the iterative steps. It is demonstrated in a simulation study performed on the 5 models with multiple groups that the procedure involved in the search for optimality requires only small numbers of simple iterative steps. Thus, the method can enhance the usefulness of these index models and constant correlation models in portfolio analysis. The Journal of Portfolio Management†: Gressis, N. , Vlahos, G. , Phillipatos, G. C. (Spring 1984) published that the recent establishment of stock index futures markets has opened up a variety of new investment opportunities that should improve the performance of both secondary markets and individual investor portfolios. Trading in stock index futures has been proposed as an effective hedge against investment risk. A technique based on the capital asset pricing model (CAPM) framework is here developed to identify the profit opportunities of stock index futures trading. With this technique, the systematic risk of a stock index futures contract can be identified for the investor buying on margin, along with the abnormal returns that can be expected from the contract and its equilibrium price. The technique is demonstrated in application to the Standard & Poor's 500 Index futures. It is shown that the risk of a stock index futures contract declines with the length of the investment horizon. However, the degree of abnormal performance and the deviation of the equilibrium price of the contract from the market price increases with time to maturity. The Journal of Portfolio Management†: French, Dan W. , Henderson, Glenn V (Winter 1985) published that the investment portfolio performance measures based on the capital asset pricing model are examined under ideal conditions that work around the problems that their critics have discovered. These problems include Miss specified independent variables, omitted variables, errors in variables, and unstable p arameters, all of which are basically beta problems. A database is constructed by simulating 60 portfolios or security return series, each containing 3 random variants having their own distribution. Regression analysis results show that winners cannot be distinguished from random performers, and that winners cannot even be labelled as such unless they are remarkably successful. If random noise is the only contaminating factor in performance evaluation, then the 4 currently popular performance measures rank in an internally consistent fashion and rank portfolio performance correctly â€Å"The Journal of Portfolio Management†: Peters (Summer 1985) published that Evidence is presented suggesting that early mispricing of stock index futures was due to market inefficiencies, but that the markets have become more efficient over time. This growing efficiency is the result of more experienced traders and the increasing availability of accurate valuation models. This evidence is derived from a test of market efficiency done using a cost-of-carry valuation model. The test is limited to the Standard & Poor's 500 and the New York Stock Exchange Composite indexes. The theoretical value for each future contract over the period June 1982-December 1983 is computed using data from CE/ICD's ANALYSTICS database. Results indicate that both index futures markets have become more efficient with time. If it is assumed that investors are rational and that expectations of the index value are not considered in valuation, it can further be assumed that dividend stream estimation is the major source of market inefficiency. Portfolio managers can now use index futures for hedging with greater confidence. 15 â€Å"The Journal of multinational financial management†: Javier Estrada and Ana Paula Serra (July 2005) published that the proper identification of the risk variables that explain the cross-section of returns in emerging markets has many and far-reaching implications for both companies and investors. We examine this risk–return relationship by focusing on three families of models, over 25 years of data, and over 1600 companies in 30 countries. We perform a statistical analysis that seeks to identify the variables that should be incorporated into the calculation of required returns on equity, and an economic analysis that seeks to determine the variables that produce the most profitable portfolio strategies. We find rather weak statistical results that prevent us from strongly recommending a given family to estimate required returns on equity. And we find somewhat stronger economic results that show that a variable belonging to our downside risk family, the global downside beta, is the one that has the largest impact on returns when portfolios are rebalanced every 5 years. â€Å"University of Mannheim – Department of Business Administration and Finance† : Alen Nosic (March 6, 2007), published that the determinants of investors' risk taking behavior. We find that investors' risk taking behaviour is affected by their subjective risk attitude and by the risk and return of an investment alternative. Our results also suggest hat consistent with previous findings in the literature objective or historical return and volatility of a stock are not as good predictors of risk taking behavior as subjective risk and return measures. Moreover, we illustrate that overconfidence or more precisely miscalibration has an impact on risk behavior as predicted by theoretical models. However, our results regarding the effect of var ious determinants on risk taking behavior heavily depends on the domain the respective determinant is elicited. We interpret this as an indication for extended domain specificity. In particular with the Markets of Financial Instruments Directive (MiFID) coming into effect we believe practitioners could improve on their investment advising process by incorporating some of the determinants we argue to influence investment behavior. † European Journal of Operational Research†: Xiang Li, Zhongfeng Qin, Samarjit Kar (April 1, 2010) published Numerous empirical studies show that portfolio returns are asymmetric, and investors would prefer a portfolio return with larger degree of asymmetry when the mean value and variance are same. In order to measure the asymmetry of fuzzy portfolio return, a concept of skewness is defined as the third central moment in this paper, and its mathematical properties are studied. As an extension of the fuzzy mean-variance model, a mean-variance-skewness model is presented and the corresponding variations are also considered. In order to solve the proposed models, a genetic algorithm integrating fuzzy simulation is designed. Finally, several numerical examples are given to illustrate the modeling idea and the effectiveness of the proposed algorithm. Banking and Finance†: Cheol S Eun, Jinso Lee (April 2010) published that the risk-return characteristics of our sample of 17 developed stock markets of the world have converged significantly toward each other during our study period 1974-2007, and (ii) that this international convergence in risk-return characteristics is driven mainly by the declining ‘country effect', rather than the rising ‘industry effect', suggesti ng that the convergence is associated with international market integration. Specifically, we first ompute the risk-return distance among international stock markets based on the Euclidean distance and find that the distance thus computed has been decreasing significantly over time, implying a mean-variance convergence. In particular, the average risk-return distance has decreased by about 50% over our sample period. We also document that the risk-return characteristics of our sample of 14 emerging markets have been converging rapidly toward those of developed markets in recent years. This development notwithstanding, emerging markets still remain as a distinct asset class. Lastly, we show that the convergence in risk-return characteristics has exerted a negative impact on the efficiency of international investment during our sample period. â€Å"Journal of investment management†, Lisa R Goldberg, Michael Y Hayes (first quarter 2010) published that a practical and effective extension of portfolio risk management and construction best practices to account for extreme events. The central element of the extension is (expected) shortfall, which is the expected loss given that a value-at-risk limit is breached. Shortfall is the most basic measure of extreme risk, and unlike volatility and value at risk, it probes the tails of portfolio return and profit/loss distributions. Consequently, shortfall is (in principle) a guide to allocating reserve capital. Since it is a convex measure, shortfall can (again, in principle) be used as an optimization constraint either alone or in combination with volatility. In principle becomes in practice only if shortfall can be forecast accurately. A recent body of research uses factor models to generate robust, empirically accurate shortfall forecasts that can be analyzed with standard risk management tools such as betas, risk budgets and factor correlations. An important insight is that a long history of returns to risk factors can inform short-horizon shortfall forecasts in a meaningful way. 17 ________________________________________ ________________________________________ RESEARCH METHODOLOGY Sources of data: We selected the companies based on the market capitalisation and for this we referred money control. om from where we sorted out the top ten automobile companies in India based on the market capitalisation value given as of March 1, 2010. Then the opening and closing stock price of the top ten automobile companies for the previous five financial years (2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010) was downloaded from NSE website(nseindia. com). The overall index return price was also downloaded from the same website for the same period. Top ten automobile industries selected based on market capitalisation are: Company nameMarket Capitalisation(Rs. Crore) Tata Motors43,388. 97 Maruti Suzuki 42,705. 24 Hero Honda38,218. 19 Tech Mahindra31,398. 74 Bajaj Auto 27,698. 93 Ashok Leyland 7,183. 83 HMT 6,307. 10 TVS Motor 1,800. 58 Eicher Motors 1,685. 52 Escorts 1,387. 46 Market capitalization (often market cap) is a measurement of the size of a business enterprise (corporation) equal to the share price times the number of shares outstanding of a public company. As owning stock represents ownership of the company, including all its equity, capitalization could represent the public opinion of a company's net worth and is a determining factor in stock valuation. Tools used: We used certain formulae to study on the risk and return of the companies and the portfolio management based on the Sharpe – Index model. The calculations were done in a spread sheet to make it easier. The formulae of the elements used in the spread sheet are as follows: Sum of Individual Stock returns – Ri and Market return – Rm. 18 Stock return – Y and Market return – X: = ((Today’s price – Yesterday’s price) / Yesterday’s price)*100. Mean of stock return – Y? , Mean of market return – X?. Y? = (sum of Y)/ total number of days X? = (sum of X)/ total number of days Standard deviation of Stock return – ? , Standard deviation of market return – ? x. Correlation = Covariance/(? y * ? x) Risk factor ? = Covariance *(? y / ? x) Return indicator ? = Y? – ? (X? ). Unsystematic risk – ? ei?. Cut off point Ci: n Ci = ? m? * ? ((Ri-Rf)? )/ ? ei? ) i =1 n 1 + ? m? * ? ( / ? ei? ) i=1 where , ? m = market variance. Z value = Zi/ ? _(i=1)^n-Zi where, Zi = ? /? ei? ( Ri-Rf)/? – Ci X value = Zi / Z. Tables and bar graphs are drawn for average values of important parameters like ? , ? x, ? y, X? , Y? , for each company for all five years. Outcomes are represented diagramaticaly) A table for all companies’ cut-off point, Z value, X value is also drawn. Population & Sample size: There was a total of about 16 automobile companies registered in NSE website out of which we selected top 10 companies based on the market capitalisation as mentioned before. Total population in NSE = 16. Sample size = 10. (Specific yrs. 2005-2010) 19 ________________________________________ ________________________________________ ANALYSIS AND INTERPRETATION Ashok Leyland Interpretation: Average Stock return Y? is largest during the year 2009(approximately 0. 6) and lowest during the year 2008 (approx. -0. 4). Risk factor ? is more during the year 2010 and low during the years 2006, â €™07, ’08. Highest deviation is seen in the year 2008 and least is seen in 2005. 20 Eicher Motors Interpretation: The company experiences the highest average stock return during the year 2009 (approx. 0. 5) and the lowest during the year 2010(approx. -0. 25). Risk factor ? is below 1 for all the years except 2010. But the average value for the five years stays below 1. Highest deviation is seen in the year 2008 and least deviation one is seen in 2005. 21 Escorts Interpretation: The company has a highest stock return in 2009 and less stock return in 2008. Average stock return is very low which is near to 0. 053. ?eta value is high in the year 2005 and low in the year 2009 and all the beta values are above 1. Deviation is seen high in 2008 and less in 2010. 22 Hero Honda Interpretation: Beta value is seen to be above 1 during the years 2007 & 2010. Average beta value of the company is seen to be below 1. Stock return is high during the year 2009 and negative during the years 2006 & 2007. Deviation is high in the year 2008. 23 HMT Interpretation: The company has a good stock return during the years 2005 and 2010 and negative during the year 2008. The deviation is very much high for the company here. Average deviation of 4. 5 is seen here. Average beta value is more than 1. 24 Maruti Suzuki Interpretation: Stock return is highest during the year 2009 and less during 2008. Beta value is less than 1 after 2007 and more than 1 before 2007. Deviation is large during 2008. 25 Tata motors Interpretation: Stock return is high in the year 2009 and has gone negative in the previous year. Beta value is less 1 from 2007 and >1 in 2005 & 2006. The deviation is more in 2009 and 2008. 26 TVS Motors Interpretation: Stock return high in 2009and very low in 2008. Beta value is less than 1 in all cases than in 2006. Deviation is supposed to be high in 2009. 27 Tech Mahindra Interpretation: The stock return is very high during the year 2006 and very less(negative) during the year 2008. Deviation is almost high for all the years. Average beta value is < 1. 28 Bajaj Auto Interpretation: The company has shown a good stock return of positive value during the years 2009 & 2010. Beta value is less than 1 for all the years. Deviation is high during the year 2008. 9 Table- Summary of Calculations Market return vs. Individual stock return Figure – 1 30 Comparison of Unsystematic risk and cut off points Figure – 2 Systematic Risk Figure – 3 31 Interpretation from Summary of Calculations: Table Figure – 1: HMT has the highest stock return and is greater the market return(about 170) Second comes the Maruti Suzuki followed by Hero honda. (about 150) TVS Motors has the lowest stock return of all the 10 companies and is less than the market return. (about 70) Figure – 2: Unsystematic risk is high for HMT (approx 19) and second Escorts. (approx 18) Hero Honda has the lowest unsystematic risk. (approx 5) Bajaj Auto has the highest cut off point whereas Ashok Leyland has the lowest cut off point. Figure – 3: Escorts has highest systematic risk (approx. 1. 36) HMT has the second higher risk value(approx. 1. 09) Bajaj Auto has the lowest risk value (approx. 0. 65) 32 ________________________________________ ________________________________________ FINDINGS Ashok Leyland: The ? value gives us a stock’s risk profile. Here we can take the average beta value and interpret and comment on the overall risk for the five years taken by the concern. Average beta value = 1 which means it is neither stable nor unstable. It is a neutral share and is expected to follow the market. From the table when we look at the ? value its average value is . 01233 which means that the minimum riskless return is 1. 23%. The company’s earnings from stock investment has reduced in the year 2010. We get a positive correlation value which implies that a 0. 5% in the market return will affect a company’s stock return by 0. 5% in the same direction. Eicher Motors: The company’s earnings from stock investment has reduced in the year 2010 from 2009. Here ? he company expects less volatility and less risk and therefore less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. From the table the average ? value 0. i6691. The minimum risk free return is 16. 69%. Mahindra is having high risk free rate so it is safe to hold this stock. Correlation value = 0. 44% 0. 44% of change in market return affects the stock return by 0. 44% in the same direction. Bajaj Auto: The return on stock investments is good during 2009 & 2010 when compared to the year 2008. Since beta value < 1. The company expects a stability, less risk and less returns. These are called defensive shares and will generally experience smaller than average gains in a rising market, will generally experience smaller than average falls in a declining market. Alpha From the table the average ? value 0. 24715. The minimum risk free return is 24. 715%. Bajaj is having the highest risk free retun in all the ten companies so it is very safe to invest. Correlation value = 0. 46% 0. 46% change in Rm = 0. 46% change in Ri in the same direction. 35 Summary of calculation: HMT is having high stock return because they are using stock investments efficiently in the business The low cut-off point is good which implies less payback. Ashok Leyland has minimum payback whereas Bajaj has maximum payback. Escorts involves in high risky projects expecting more returns rather Bajaj is not involving in risky projects. SUGGESTIONS Hero Honda is having low risk and high return. So it is good for the investors to invest in this company. (for investors) HMT is taking high risk and provides decent returns. So next to Herohonda, HMT is a good company to invest. (for investors) Bajaj is having a low return at a medium risk so the company have to indulge in risky projects to get good returns in the future. (for company) HMT and Escorts have high unsystematic risk, so they can go for product diversification to reduce the unsystematic risk. (for company) (Product diversification helps the companies to reduce the unsystematic risk because even if they lose in one of the products they can make up their revenues by some other product) Cut off point is the point at which the required rate of return is worth the expense. If it is high then that company is going to take a long time to repay its initial investment. In our case Ashok Leyland will be able to recover the money invested in the project as soon as possible than others. Ashok Leyland might serve as the best company to invest to get their investment back whatever the return may be. Based on the stock return, risk and the cut off point, Herohonda is a good company to invest because they have an optimum return at an optimum risk level. TVS motors has a high cut off point, less stock return at a high risk. They can reduce their risk level, because it might involve large sum of investment. 36 ________________________________________ ________________________________________ CONCLUSION According to our findings we suggest that Hero Honda is the best Automobile company in India to invest and the investment can range up to 42% as per our analysis. Although India has been much discussed in recent years, and has been the recipient of major foreign investment in its automotive industry, it has in many ways not received the attention of the world’s other major developing country, China – but this is about to change. With the world’s second largest and fastest-growing population, there is no denying India’s potential in both economic and population terms and the effect it will have on the auto industry in the years to come. The country is already off to a good start, with a well-developed components industry and a production level of one million four-wheeled vehicles a year, plus a further five million two- and three-wheelers. India also has substantial strength in mass production techniques and is particularly well served in the fields of research and development and software design. Therefore, as always, the question is when will expansion occur and to what level? The implications, market drivers and scope of a future massive Indian vehicle market are covered in the India Strategic Market Profile, a brand-new forecast of Indian automotive and related activity to 2020. 37 BIBLIOGRAPHY Robert A. Strong, year, Portfolio Management, 82-85,123-131. Jeff Madura, 2009, Finance Markets and Institutions, 243-283. Dr. G. Ramesh Babu, 2007, Portfolio Management Including Security Analysis, 577-647. www. nseindia. com www. moneycontrol. com www. springerlink. com www. proquest. com www. sciencedirect. com www. jstor. org www. informaworld. com 38