Mohd Ajmal

The Indian government implemented a major change in the economic environment by demonetizing the high value currency notes of Rs 500 and Rs 1000 from the midnight 8th of November 2016. This involved withdrawing circulation of said currency and gradually replacing them with a new set of currency notes. The main purpose of demonetisation of the currency is to stop counterfeiting of the banknotes used for terrorist activities and crack down the black money circulation in the country. The present study is an attempt to evaluate the impact of demonetization on Indian capital market with special reference to selected indices of Bombay Stock Exchange (BSE). In order to evaluate the impact of demonetisation on capital market opening and closing value of selected indices of BSE six months period prior to 8th November and after 8th November has been considered. The sample consists of ten indices of BSE viz. SENSEX and other sectors such as capital goods, consumer goods, consumer discretionary...

This study is an attempt to evaluate the impact of dividend policy on profitability of Indian Information Technology (IT) companies listed on Bombay Stock Exchange. Companies were selected for the study based on market capitalization. Correlation matrix and panel regression model were used for testing of hypotheses. The major findings of the study reveal that the selected companies do not follow consistent pattern of dividend payments and the association between Price Earning Ratio (PER) and Dividend Payout Ratio (DPR) is low positive. However, there is a strong relation between ROE-ROA. Hausman Test reveals that random affect model is appropriate thereby indicating that performance of selected companies have significant impact on dividend policy of selected companies. Divided policy still regarded as one of the complicated area in corporate finance. Thus, the study will help all the stakeholders to develop further understanding on dividend policy.

Purpose- International Financial Reporting Standards (IFRS) has mustered enough attention from accountants, bankers, Multinational Companies, Government and social scientists, with many glorifying it over the antiquated financial reporting system. Despite the acceptance and all the initiatives; the execution of International Financial Reporting Standards have to encounter certain challenges, influencing its fruitful execution across developing nations. Moreover, no attempt has been made to create a conceptual framework for strengthening the existing research work. Methodology- The present research initiative underwent an indepth review of literature pertaining to the various barriers impeding the effective execution of International Financial Reporting Standards for understanding and managing the business affairs keeping a parity between the national and global accounting aspects. Scholarly papers were reviewed from standardized and peer-reviewed journals and open sources. Almost a ...

Purpose-International Financial Reporting Standards (IFRS) has mustered enough attention from accountants, bankers, Multinational Companies, Government and social scientists, with many glorifying it over the antiquated financial reporting system. Despite the acceptance and all the initiatives; the execution of International Financial Reporting Standards have to encounter certain challenges, influencing its fruitful execution across developing nations. Moreover, no attempt has been made to create a conceptual framework for strengthening the existing research work. Methodology-The present research initiative underwent an in-depth review of literature pertaining to the various barriers impeding the effective execution of International Financial Reporting Standards for understanding and managing the business affairs keeping a parity between the national and global accounting aspects. Scholarly papers were reviewed from standardized and peer-reviewed journals and open sources. Almost a total of 100 papers were ascertained, published between 2001 and 2019. The data-driven qualitative content analysis and Hermeneutics were used for defining 30 barriers. Findings-The 30 barriers were thematically assorted into 4 conceptual categories, i.e. Technological Infrastructure (T), Individual, (I), Financial Constraints (F) and Supportive Environment (S). These categories formed the foundation to conceptualize the 'TIFS' framework that depicts the unique aspects impeding the successful execution of International Financial Reporting Standards. The findings reflect that majority of the articles only acknowledged briefing of such challenges. Practical Implications-The proposed 'TIFS' framework provides a way for the accountants of Multinational Companies, Strategists, Software developers, business intellectuals and experts as well as researchers. It enables the multiple stakeholders to have a bird-eye-view of the various hindrances for execution of International Financial Reporting Standards in the developing nations. Originality/Value-The paper fulfills the requisite to have a well-defined framework, which summed up the present research pertaining to barriers for execution of International Financial Reporting Standards accounting system.

This study is an attempt to evaluate the impact of dividend policy on profitability of Indian Information Technology (IT) companies listed on Bombay Stock Exchange. Companies were selected for the study based on market capitalization. Correlation matrix and panel regression model were used for testing of hypotheses. The major findings of the study reveal that the selected companies do not follow consistent pattern of dividend payments and the association between Price Earning Ratio (PER) and Dividend Payout Ratio (DPR) is low positive. However, there is a strong relation between ROE-ROA. Hausman Test reveals that random affect model is appropriate thereby indicating that performance of selected companies have significant impact on dividend policy of selected companies. Divided policy still regarded as one of the complicated area in corporate finance. Thus, the study will help all the stakeholders to develop further understanding on dividend policy.

The Indian government implemented a major change in the economic environment by demonetizing the high value currency notes of Rs 500 and Rs 1000 from the midnight 8th of November 2016. This involved withdrawing circulation of said currency and gradually replacing them with a new set of currency notes. The main purpose of demonetisation of the currency is to stop counterfeiting of the banknotes used for terrorist activities and crack down the black money circulation in the country. The present study is an attempt to evaluate the impact of demonetization on Indian capital market with special reference to selected indices of Bombay Stock Exchange (BSE). In order to evaluate the impact of demonetisation on capital market opening and closing value of selected indices of BSE six months period prior to 8th November and after 8th November has been considered. The sample consists of ten indices of BSE viz. SENSEX and other sectors such as capital goods, consumer goods, consumer discretionary goods, FMCG, infrastructure, industrial, utilities and Bankex. There is a strong evidence to suggest that demonetisation have significant impact on selected sectoral indices considered for the study. The study also reveals that indices of manufacturing, FMCG and consumer discretionary goods sensitive increased during the post demonetisation period while sensitivity of industrial goods and infrastructure decreased during the period.

Article History Keywords Financial performance Tourism ITDC Hotels Restaurants Profitability. Tourism is one of the significant service sectors in India as it contributes about 9.6 per cent in Gross Domestic Production and the third largest foreign exchange earner for the country. The Government of India recognized this sector as an industry in 1986 and it became eligible for several incentives and facilities like tax incentives, subsidies etc. Further, the tourism industry was also declared as a priority sector for foreign investment in 1991. It is an important tool for employment generation, economic development and rural transformation. India is a country of vast geographical diversity which attracts tourists from all over the world throughout the year. A number of different groups, companies and organizations are operating in tourism sector like ITDC, Tata Group, Oberoi Group, ITC Ltd. etc. India Tourism Development Corporation (ITDC) is the leading public sector corporation and the prime mover in the progressive development, promotion and expansion of tourism in the country. Since, ITDC has been playing a vital role in the growth of tourism activities in the country, financial soundness and efficiency is prerequisite for such type of corporation engaged in development activities. Thus, it is important to investigate the operational activities and financial soundness of this corporation. The present study is an attempt to analyse the financial efficiency of ITDC in the context of its financial performance and operational activities from 2012-13 to 2016-17. The results indicated profitability and operational efficiency of this corporation found satisfactory during the study period. The study also concludes that ITDC is performing well in maintaining and developing tourism infrastructure and provide necessary facilities to the national and international tourist.

The present study examines the liquidity, solvency and efficiency and their impact on profitability of Cement Corporation of India for the period 2005-06-2014-15. An attempt has been undertaken to observe the trend values of liquidity, solvency and efficiency. To measure the liquidity the current ratio, quick ratio and cash position ratio were calculated, Debt equity ratio, interest coverage and propriety ratio were calculated to measure the solvency, whereas efficiency position the stock turnover, assets turnover ratio and working capital ratio (independent variables) has been taken and for return on capital employed ratio (dependent variable) was calculated to measure the profitability. Simple regression was used to examine the impact on these variables. The result shows that the financial position of the company is not quite satisfactory in terms of liquidity, solvency, efficiency and profitability position. Considering the overall liquidity position, it has been found that the company under study has remained in an uncomfortable liquidity position during most of the study period. Debt Equity ratio has been in mixed trend during the study period. Long term solvency position of CCI Ltd was found unsatisfactory during the study period. The profitability position of the company has been poor in terms of investment. Total assets turnover ratio of the CCI Ltd. has been very low during the study period. Avery low and negative working capital turnover ratios during study period shows insufficient working capital which has not been managed and utilized properly during study period. Whereas the regression analysis shows the expect Current ratio and the ratios (independent variables) have a significant impact on Profitability (ROCE) of CCI Ltd.