Volume 4  •  Number  12  • December  2010

Future Outlook of ATMs In India-Emerging Issues And Possible Solutions

Transactions through e-channels cost much less to the banks than the customers reaching the bank. In the post era of IT Act, information technology in different bank groups is continuously increasing. They are providing more facilities through ATMs, I-banking, Tele-banking etc. ATM is one of the best alternative and most popular e-channel available to customers for quick, correct and efficient service at anytime and anywhere. The present paper is devoted to explore the extent of ATMs among all e-channels. Time period taken for the study is 2000-01 to 2006-07 because this period is the eye-witness of infant condition of IT and during the same period, IT became mature. Simple statistical tools like average, standard deviation, co-efficient of variation are used to calculate the efficiency of various bank groups providing the service of ATMs. On the basis of analysis, the paper concludes that the private sector banks are on the top in providing the ATMs services to their customers and have high profitability as compared to other bank groups under the study except foreign banks. The paper suggests some strategies with their possible solutions like spread awareness regarding ATMs and to increase their area and scope to enhance ATMs’ services in India, particularly in rural and semi-urban areas.
Keywords: Extent of ATMs, Extent of ATM Users, Efficiency, Strategies to Enhance ATMs Services 

Dr.R.K.Uppal
Principal Investigator
University Grant Commission Sponsored Major Research Project
DAV College
Malout,Punjab

rkuppal_mlt@yahoo.com
 

Indian stock market is subject to many fluctuations. Stock market becomes bearish and bullish in response to various economical, political, social and international factors. Stock markets provide huge profits for the investors and at the same time, they are very risky due to these fluctuations. The investors can take advantage of profitable investments in stock market and lower their risk by means of investing in Mutual Funds but Mutual Funds also have certain risk element in it, hence taking risks is inevitable for an investor. Risk involved in investments can be minimized by knowing the right type of investment suitable for a particular period. In this study, sharpe ratio is used to compare the Performance of Stock Market and Mutual Funds during the Bullish and Bearish Period. This study also will help the investors in choosing either Mutual Funds or Stock market investments according to the nature of the market (bullish or bearish) to maximize the return and minimize the risk.

Key words: Stock Market, Mutual Funds, Bull Run period and Bear Run Period.

C.Dharmaraj
Assistant Professor
School of Management
Karunya University
Coimbatore,Tamil Nadu

dharamarajbusiness@gmail.com

Esme Santhosh
MBA Final Year Student
School of Management
Karunya University
Coimbatore,Tamil Nadu

Voluntary Disclosure Practices And FII Flows - A Study of Selected Indian Firms

Among many other factors like the legal system, institutional capacity, liquidity of capital market etc., information asymmetry has been identified as one of the important factors behind the home-biasness of investors worldwide- which can said to be removed by improved corporate disclosure. Previous literatures assessed the influence of accounting information on the international capital mobility. The study aims at contributing to the literature on the relationship between international capital mobility and financial reporting environment in the Indian context. In this study, the author establishes the firm-level relation between the voluntary corporate disclosure level and FII flows in India, if any, over the last decade. For the purpose of analysis, only voluntary disclosure quality has been considered as, to establish competitive advantage in the capital market; large and publicly traded leading Indian companies have gone beyond the minimum statutory disclosure requirements and compete with an extensive amount of business information voluntarily.

Titas Rudra
Doctoral Scholar
Indian Institute of Management Calcutta
Kolkata
fp192004@iimcal.ac.in

Determinants of Dividend Policy In Selected Indian Industries : An Empirical Analysis

The present study is an attempt to identify the factors that might be important in determining the dividend policy decision for the managers of the Indian companies. The regression analysis technique has been adopted and analysis are carried out for each industry and each size classes to identify the factors affecting corporate dividends with the help of some known dividend models such as Lintner’s Model, Brittain’s Cash Flow Model, Brittain’s Explicit Depreciation Model and Darling’s Model. The period of the study is for 10 years from 1997-98 to 2006-07. The study is explorative in nature and based on secondary data. The data for the study consists of various financial statements of selected companies listed in the Bombay Stock Exchange (BSE) under Group A and B. It is found that paying dividend to shareholders in Indian companies is positively determined by last year dividend, current year profit after tax and negatively by current year depreciation.

KEY WORDS: Determinants of Dividend Policy, Lintner model, Brittain’s Explicit Depreciation Model and Darling’s Model.

M.Sudhahar
Assistant Professor
PG & Research Dept of Commerce
Gobi Arts & Science College
Erode,Tamil Nadu

sudhahar_m@rediffmail.com

Trends And Progress In Corporate Dividend of Selected Steel Companies In India

Dividend policy is an issue which can be examined only through intensive research works. During the last decades, a number of research works have been carried out on the subject both in India and aboard, attempting to explain and measure the different types of corporate dividend policy. The present study is an attempt in this direction. The study is based on a sample of five companies in steel industry covering a time period of thirteen years i.e from 1994-1995 to 2006-2007. It was found that stable dividend policy has been followed by the Bhushan steel and Kalyani steel whereas, the constant dividend policy has been followed by the TATA steel, Tayo Rolls and SAIL. It has also been said that the companies belonging to the Steel industry have declared dividends, which have varied significantly among the companies.

S.Lalitha Mani
Lecturer
Department of Commerce
Dr.SNS Rajalakshmi College of Arts & Science
Coimbatore,Tamil Nadu

grabtolalithaa@gmail.com

S.Priya
Lecturer
Department of Management
K.V.Institute of Management & Information Studies,Coimbatore ,Tamil Nadu
 

A Critical Study On Portfolio Optimization of Physical Gold And Its Derivatives As An Ideal Investment Choice

It is known that Physical Gold has been always the craze among investors for investment to hedge against inflation and to fight against risk involved due to different economic conditions. The sparkling metal has always been in a stable /boom state in spite of stock market crash or economic inflation /recession. But with needs of the investors’ changing, the Financial Innovators are trying to attract the investors by floating the same in varied forms .The resultant is Gold Futures and Gold ETF. Also, with the listing of one of the Gold Mining Company (Deccan Gold Mines Limited) in both the Indian Stock Exchanges, there is also an increasing chance of investors to invest in the stock of Deccan Gold. The advantage of this is that rather than investing solely in Physical gold, one can create a portfolio of Physical Gold, Gold Stock, Gold Futures and Gold ETF to enjoy the benefits of each product and try to prevent the odds attached to each. Each of the products has its own advantages and disadvantages, so forming an ideal portfolio which can give good handsome return in different economic condition is the main idea behind the paper. The paper finally ends with the conclusion that it is better to invest in Gold ETF as a separate instrument instead of mixing with other forms of gold in the form of portfolio. An ideal portfolio should consist of Physical gold, gold stock and Gold Futures.

Chandrima Das
Lecturer-Finance
Orange City Institute of Higher Education
Nagpur,Maharashtra
chandrimas@yahoo.com