SlideShare a Scribd company logo

Ch 03

•Download as PPT, PDF•
•
K
kpserver
Economy & FinanceBusiness
1 of 45
Chapter - 3 Valuation of Bonds and Shares
Chapter Objectives ,[object Object],[object Object],[object Object],[object Object]
Introduction ,[object Object],[object Object]
Concept of Value ,[object Object],[object Object],[object Object],[object Object],[object Object]
Features of a Bond ,[object Object],[object Object],[object Object],[object Object],[object Object]
Bonds Values and Yields ,[object Object],[object Object],[object Object]
Bond with Maturity ,[object Object]
Yield to Maturity ,[object Object],[object Object]
Current Yield ,[object Object],[object Object],[object Object]
Yield to Call ,[object Object],[object Object]
Bond Value and Amortisation of Principal ,[object Object],[object Object],[object Object]
Pure Discount Bonds ,[object Object]
Pure Discount Bonds ,[object Object]
Pure Discount Bonds ,[object Object],[object Object],[object Object]
Perpetual Bonds ,[object Object]
Perpetual Bonds ,[object Object],[object Object]
Bond Values and Changes in Interest Rates ,[object Object],[object Object]
Bond Maturity and Interest Rate Risk ,[object Object],[object Object]
Bond Maturity and Interest Rate Risk
Bond Duration and Interest Rate Sensitivity ,[object Object],[object Object]
Duration of Bonds ,[object Object]
Volatility ,[object Object],[object Object]
The Term Structure of Interest Rates ,[object Object],[object Object]
The Term Structure of Interest Rates ,[object Object],[object Object]
The Expectation Theory ,[object Object],[object Object],[object Object]
The Expectation Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Liquidity Premium Theory ,[object Object],[object Object],[object Object],[object Object]
The Liquidity Premium Theory ,[object Object],[object Object]
The Segmented Markets Theory ,[object Object],[object Object],[object Object]
The Segmented Markets Theory ,[object Object]
Default Risk and Credit Rating ,[object Object],[object Object]
Crisil’s Debenture Ratings
Valuation of Shares ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation of Preference Shares ,[object Object],[object Object]
Value of a Preference Share-Example
Valuation of Ordinary Shares ,[object Object],[object Object],[object Object]
Dividend Capitalisation ,[object Object],[object Object],[object Object],[object Object]
Multi-period Valuation ,[object Object],[object Object],[object Object],[object Object]
Earnings Capitalisation ,[object Object],[object Object],[object Object]
Equity Capitalisation Rate ,[object Object]
Caution in Using Constant-Growth Formula ,[object Object],[object Object],[object Object]
Valuing Growth Opportunities ,[object Object]
Price-Earnings (P/E) Ratio: How Significant? ,[object Object],[object Object],[object Object]
Price-Earnings (P/E) Ratio: How Significant? ,[object Object],[object Object]
Price-Earnings (P/E) Ratio: How Significant? ,[object Object],[object Object],[object Object],[object Object]

Recommended

Bond valuation
Bond valuationBond valuation
Bond valuationshekhar sharma
 
Bonds ppt
Bonds pptBonds ppt
Bonds pptbindeshwari
 
Bonds
BondsBonds
Bondssravani pinupolu
 
Bond Valuation
Bond ValuationBond Valuation
Bond ValuationAkram Hossain
 
Term Structure Of Interest Rate
Term Structure Of Interest RateTerm Structure Of Interest Rate
Term Structure Of Interest RateMaroof Hussain Sabri
 
valuation of bonds and share
valuation of bonds and sharevaluation of bonds and share
valuation of bonds and sharePANKAJ PANDEY
 
Fixed income securities- Analysis and valuation
Fixed income securities- Analysis and valuationFixed income securities- Analysis and valuation
Fixed income securities- Analysis and valuation13 Llama Interactive
 
Dividend Discount Model (DDM) of Stock Valuation
Dividend Discount Model (DDM) of Stock ValuationDividend Discount Model (DDM) of Stock Valuation
Dividend Discount Model (DDM) of Stock ValuationMd. Kaysher Hamid
 

Recommended

Bond valuation
Bond valuationBond valuation
Bond valuationshekhar sharma
 
Bonds ppt
Bonds pptBonds ppt
Bonds pptbindeshwari
 
Bonds
BondsBonds
Bondssravani pinupolu
 
Bond Valuation
Bond ValuationBond Valuation
Bond ValuationAkram Hossain
 
Term Structure Of Interest Rate
Term Structure Of Interest RateTerm Structure Of Interest Rate
Term Structure Of Interest RateMaroof Hussain Sabri
 
valuation of bonds and share
valuation of bonds and sharevaluation of bonds and share
valuation of bonds and sharePANKAJ PANDEY
 
Fixed income securities- Analysis and valuation
Fixed income securities- Analysis and valuationFixed income securities- Analysis and valuation
Fixed income securities- Analysis and valuation13 Llama Interactive
 
Dividend Discount Model (DDM) of Stock Valuation
Dividend Discount Model (DDM) of Stock ValuationDividend Discount Model (DDM) of Stock Valuation
Dividend Discount Model (DDM) of Stock ValuationMd. Kaysher Hamid
 
Bond valuation
Bond valuationBond valuation
Bond valuationBadam Venkatareddy
 
8. stock valuation
8. stock valuation8. stock valuation
8. stock valuationAfiqEfendy Zaen
 
Currency Swaps
Currency SwapsCurrency Swaps
Currency Swapssai prakash
 
Bond markets
Bond marketsBond markets
Bond marketsHasnain Baber
 
Security valuation bonds updated
Security valuation bonds updatedSecurity valuation bonds updated
Security valuation bonds updatedSudarshan Kadariya
 
Bond immunization
Bond immunizationBond immunization
Bond immunizationAnand Kumar
 
Pension Funds In India
Pension Funds In IndiaPension Funds In India
Pension Funds In Indiasunilngupta
 
Stock Valuation
Stock ValuationStock Valuation
Stock ValuationHarish Lunani
 
Enterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stageEnterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stageMD Asgar
 
Cost of capital
Cost of capitalCost of capital
Cost of capitalNirmal PR
 
Bond valuation
Bond valuationBond valuation
Bond valuationBabasab Patil
 
COST OF EQUITY
COST OF EQUITYCOST OF EQUITY
COST OF EQUITYRavi kumar
 
Money market & its instruments
Money market & its instrumentsMoney market & its instruments
Money market & its instrumentsabhishek rane
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities finalSantu Mishra
 
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...Dayana Mastura FCCA CA
 
Introduction To Bonds
Introduction To BondsIntroduction To Bonds
Introduction To BondsAlan Anderson
 
Capital structure defenition
Capital structure defenitionCapital structure defenition
Capital structure defenitionsaravanan
 
Capital structure.
Capital structure.Capital structure.
Capital structure.Neetu Ps
 
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-SharesGSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-SharesUniversity of New England
 
Bond Pricing Theorem
Bond Pricing TheoremBond Pricing Theorem
Bond Pricing TheoremPallav Dodrajka
 
Fm ch-2 concepts of value and return
Fm ch-2 concepts of value and returnFm ch-2 concepts of value and return
Fm ch-2 concepts of value and returnSumit Malhotra
 
Fm ch-1 nature of financial management
Fm ch-1 nature of financial managementFm ch-1 nature of financial management
Fm ch-1 nature of financial managementSumit Malhotra
 

More Related Content

What's hot

Security valuation bonds updated
Security valuation bonds updatedSecurity valuation bonds updated
Security valuation bonds updatedSudarshan Kadariya
 
Bond immunization
Bond immunizationBond immunization
Bond immunizationAnand Kumar
 
Pension Funds In India
Pension Funds In IndiaPension Funds In India
Pension Funds In Indiasunilngupta
 
Enterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stageEnterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stageMD Asgar
 
Cost of capital
Cost of capitalCost of capital
Cost of capitalNirmal PR
 
COST OF EQUITY
COST OF EQUITYCOST OF EQUITY
COST OF EQUITYRavi kumar
 
Money market & its instruments
Money market & its instrumentsMoney market & its instruments
Money market & its instrumentsabhishek rane
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities finalSantu Mishra
 
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...Dayana Mastura FCCA CA
 
Introduction To Bonds
Introduction To BondsIntroduction To Bonds
Introduction To BondsAlan Anderson
 
Capital structure defenition
Capital structure defenitionCapital structure defenition
Capital structure defenitionsaravanan
 
Capital structure.
Capital structure.Capital structure.
Capital structure.Neetu Ps
 
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-SharesGSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-SharesUniversity of New England
 

What's hot (20)

Bond valuation
Bond valuationBond valuation
Bond valuation
 
8. stock valuation
8. stock valuation8. stock valuation
8. stock valuation
 
Currency Swaps
Currency SwapsCurrency Swaps
Currency Swaps
 
Bond markets
Bond marketsBond markets
Bond markets
 
Security valuation bonds updated
Security valuation bonds updatedSecurity valuation bonds updated
Security valuation bonds updated
 
Bond immunization
Bond immunizationBond immunization
Bond immunization
 
Pension Funds In India
Pension Funds In IndiaPension Funds In India
Pension Funds In India
 
Stock Valuation
Stock ValuationStock Valuation
Stock Valuation
 
Enterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stageEnterprise dcf valuation 2 –stage and 3 stage
Enterprise dcf valuation 2 –stage and 3 stage
 
Cost of capital
Cost of capitalCost of capital
Cost of capital
 
Bond valuation
Bond valuationBond valuation
Bond valuation
 
COST OF EQUITY
COST OF EQUITYCOST OF EQUITY
COST OF EQUITY
 
Money market & its instruments
Money market & its instrumentsMoney market & its instruments
Money market & its instruments
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities final
 
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
Cost of capital, Cost of debt, Cost of equity, Cost of preference shares, Wei...
 
Introduction To Bonds
Introduction To BondsIntroduction To Bonds
Introduction To Bonds
 
Capital structure defenition
Capital structure defenitionCapital structure defenition
Capital structure defenition
 
Capital structure.
Capital structure.Capital structure.
Capital structure.
 
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-SharesGSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
GSB711-Lecture-Note-04-Valuation-of-Bonds-and-Shares
 
Bond Pricing Theorem
Bond Pricing TheoremBond Pricing Theorem
Bond Pricing Theorem
 

Viewers also liked

Fm ch-2 concepts of value and return
Fm ch-2 concepts of value and returnFm ch-2 concepts of value and return
Fm ch-2 concepts of value and returnSumit Malhotra
 
Fm ch-1 nature of financial management
Fm ch-1 nature of financial managementFm ch-1 nature of financial management
Fm ch-1 nature of financial managementSumit Malhotra
 
Interim Results for the period ended 30 June 2016
Interim Results for the period ended 30 June 2016Interim Results for the period ended 30 June 2016
Interim Results for the period ended 30 June 2016MTN
 
Financial management
Financial managementFinancial management
Financial managementBunty Rathore
 
Chapter 1: Overview of Financial Management
Chapter 1: Overview of Financial ManagementChapter 1: Overview of Financial Management
Chapter 1: Overview of Financial ManagementMikee Bylss
 
Valuation of Bonds and Shares
Valuation of Bonds and SharesValuation of Bonds and Shares
Valuation of Bonds and SharesBiswajit Ghosh
 
CAPITAL BUDGETING
CAPITAL BUDGETINGCAPITAL BUDGETING
CAPITAL BUDGETINGVithu Shaji
 
Problems and solutions in financial management step by step approach
Problems and solutions in financial management step by step approachProblems and solutions in financial management step by step approach
Problems and solutions in financial management step by step approachrajnikantrajhans
 
Ration analysis im pandey
Ration analysis im pandeyRation analysis im pandey
Ration analysis im pandeyDr. Abzal Basha
 
An overview of financial management
An overview of financial managementAn overview of financial management
An overview of financial managementNozar Poursheikhian
 
Shares and its types
Shares and its typesShares and its types
Shares and its typesVishnu NK
 
Dividend policy ppt
Dividend policy pptDividend policy ppt
Dividend policy pptAayush Kumar
 
Chapter 1 overview of financial management
Chapter 1 overview of financial managementChapter 1 overview of financial management
Chapter 1 overview of financial managementSudipta Saha
 

Viewers also liked (18)

Fm ch-2 concepts of value and return
Fm ch-2 concepts of value and returnFm ch-2 concepts of value and return
Fm ch-2 concepts of value and return
 
Fm ch-1 nature of financial management
Fm ch-1 nature of financial managementFm ch-1 nature of financial management
Fm ch-1 nature of financial management
 
Types of shares
Types of sharesTypes of shares
Types of shares
 
Interim Results for the period ended 30 June 2016
Interim Results for the period ended 30 June 2016Interim Results for the period ended 30 June 2016
Interim Results for the period ended 30 June 2016
 
Share valuation
Share valuationShare valuation
Share valuation
 
Valuation of shares
Valuation of sharesValuation of shares
Valuation of shares
 
Financial management
Financial managementFinancial management
Financial management
 
Chapter 1: Overview of Financial Management
Chapter 1: Overview of Financial ManagementChapter 1: Overview of Financial Management
Chapter 1: Overview of Financial Management
 
Valuation of Bonds and Shares
Valuation of Bonds and SharesValuation of Bonds and Shares
Valuation of Bonds and Shares
 
CAPITAL BUDGETING
CAPITAL BUDGETINGCAPITAL BUDGETING
CAPITAL BUDGETING
 
Ppt
PptPpt
Ppt
 
Problems and solutions in financial management step by step approach
Problems and solutions in financial management step by step approachProblems and solutions in financial management step by step approach
Problems and solutions in financial management step by step approach
 
Ration analysis im pandey
Ration analysis im pandeyRation analysis im pandey
Ration analysis im pandey
 
An overview of financial management
An overview of financial managementAn overview of financial management
An overview of financial management
 
Valuation Of Securities
Valuation Of SecuritiesValuation Of Securities
Valuation Of Securities
 
Shares and its types
Shares and its typesShares and its types
Shares and its types
 
Dividend policy ppt
Dividend policy pptDividend policy ppt
Dividend policy ppt
 
Chapter 1 overview of financial management
Chapter 1 overview of financial managementChapter 1 overview of financial management
Chapter 1 overview of financial management
 

Similar to Ch 03

Valuation of bonds
Valuation of bondsValuation of bonds
Valuation of bondsvinvns
 
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Rusman Mukhlis
 
Financial management chapter-3
Financial management chapter-3Financial management chapter-3
Financial management chapter-3Rakesh Singh
 
Valuation Of Bods And Shares
Valuation Of Bods And SharesValuation Of Bods And Shares
Valuation Of Bods And SharesAshish Khera
 
Ch_03 - Valuation of Bonds and Sahres.ppt
Ch_03 - Valuation of Bonds and Sahres.pptCh_03 - Valuation of Bonds and Sahres.ppt
Ch_03 - Valuation of Bonds and Sahres.pptkemboies
 
Bonds and their valuation
Bonds and their valuationBonds and their valuation
Bonds and their valuationShamal Firake
 
Bond management strategies
Bond management strategiesBond management strategies
Bond management strategiesAmanpreet Singh
 
Presentation on Bond market.pptx
Presentation on Bond market.pptxPresentation on Bond market.pptx
Presentation on Bond market.pptxSewaleAbate1
 
Bond market done (1)
Bond market done (1)Bond market done (1)
Bond market done (1)Vishal Gupta
 
Bba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsBba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsStephen Ong
 
Security Analysis & Portfolio Management
Security Analysis & Portfolio ManagementSecurity Analysis & Portfolio Management
Security Analysis & Portfolio ManagementAkram Hossain
 
EDITED chapter 6 interest rates and bond valuation.ppt
EDITED chapter 6 interest rates and bond valuation.pptEDITED chapter 6 interest rates and bond valuation.ppt
EDITED chapter 6 interest rates and bond valuation.pptMei Miraflor
 
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docxW E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docxdickonsondorris
 

Similar to Ch 03 (20)

Valuation of bonds
Valuation of bondsValuation of bonds
Valuation of bonds
 
Chapter iv
Chapter ivChapter iv
Chapter iv
 
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
 
Financial management chapter-3
Financial management chapter-3Financial management chapter-3
Financial management chapter-3
 
Valuation Of Bods And Shares
Valuation Of Bods And SharesValuation Of Bods And Shares
Valuation Of Bods And Shares
 
Ch_03 - Valuation of Bonds and Sahres.ppt
Ch_03 - Valuation of Bonds and Sahres.pptCh_03 - Valuation of Bonds and Sahres.ppt
Ch_03 - Valuation of Bonds and Sahres.ppt
 
Bonds and their valuation
Bonds and their valuationBonds and their valuation
Bonds and their valuation
 
Bond management strategies
Bond management strategiesBond management strategies
Bond management strategies
 
Bon
BonBon
Bon
 
BONDS
BONDSBONDS
BONDS
 
Presentation on Bond market.pptx
Presentation on Bond market.pptxPresentation on Bond market.pptx
Presentation on Bond market.pptx
 
Bond market done (1)
Bond market done (1)Bond market done (1)
Bond market done (1)
 
Ch06
Ch06Ch06
Ch06
 
Valuation bond
Valuation bondValuation bond
Valuation bond
 
Bonds 1
Bonds 1Bonds 1
Bonds 1
 
Bba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsBba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bonds
 
Security Analysis & Portfolio Management
Security Analysis & Portfolio ManagementSecurity Analysis & Portfolio Management
Security Analysis & Portfolio Management
 
17. Corporate Bonds.pptx
17. Corporate Bonds.pptx17. Corporate Bonds.pptx
17. Corporate Bonds.pptx
 
EDITED chapter 6 interest rates and bond valuation.ppt
EDITED chapter 6 interest rates and bond valuation.pptEDITED chapter 6 interest rates and bond valuation.ppt
EDITED chapter 6 interest rates and bond valuation.ppt
 
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docxW E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
 

More from kpserver

0273685988 Ch16
0273685988 Ch160273685988 Ch16
0273685988 Ch16kpserver
 

More from kpserver (15)

Ch 15
Ch 15Ch 15
Ch 15
 
Ch 14
Ch 14Ch 14
Ch 14
 
Ch 13
Ch 13Ch 13
Ch 13
 
Ch 12
Ch 12Ch 12
Ch 12
 
Ch 11
Ch 11Ch 11
Ch 11
 
Ch 08
Ch 08Ch 08
Ch 08
 
Ch 10
Ch 10Ch 10
Ch 10
 
Ch 09
Ch 09Ch 09
Ch 09
 
Ch 07
Ch 07Ch 07
Ch 07
 
Ch 06
Ch 06Ch 06
Ch 06
 
Ch 05
Ch 05Ch 05
Ch 05
 
Ch 04
Ch 04Ch 04
Ch 04
 
Ch 02
Ch 02Ch 02
Ch 02
 
Ch 01
Ch 01Ch 01
Ch 01
 
0273685988 Ch16
0273685988 Ch160273685988 Ch16
0273685988 Ch16
 

Recently uploaded

Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...amitlee9823
 
Stock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdfStock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdfMichael Silva
 
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Call Girls in Nagpur High Profile
 
Best VIP Call Girls Morni Hills Just Click Me 6367492432
Best VIP Call Girls Morni Hills Just Click Me 6367492432Best VIP Call Girls Morni Hills Just Click Me 6367492432
Best VIP Call Girls Morni Hills Just Click Me 6367492432motiram463
 
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...roshnidevijkn ( Why You Choose Us? ) Escorts
 
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...dipikadinghjn ( Why You Choose Us? ) Escorts
 
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...roshnidevijkn ( Why You Choose Us? ) Escorts
 
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...Call Girls in Nagpur High Profile
 
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...priyasharma62062
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...jeffreytingson
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...priyasharma62062
 
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Call Girls in Nagpur High Profile
 
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Webinar on E-Invoicing for Fintech Belgium
Webinar on E-Invoicing for Fintech BelgiumWebinar on E-Invoicing for Fintech Belgium
Webinar on E-Invoicing for Fintech BelgiumFinTech Belgium
 
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...dipikadinghjn ( Why You Choose Us? ) Escorts
 
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )Pooja Nehwal
 
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Availabledollysharma2066
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesFalcon Invoice Discounting
 

Recently uploaded (20)

Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
Call Girls Banaswadi Just Call 👗 7737669865 👗 Top Class Call Girl Service Ban...
 
Stock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdfStock Market Brief Deck (Under Pressure).pdf
Stock Market Brief Deck (Under Pressure).pdf
 
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
Booking open Available Pune Call Girls Wadgaon Sheri 6297143586 Call Hot Ind...
 
Best VIP Call Girls Morni Hills Just Click Me 6367492432
Best VIP Call Girls Morni Hills Just Click Me 6367492432Best VIP Call Girls Morni Hills Just Click Me 6367492432
Best VIP Call Girls Morni Hills Just Click Me 6367492432
 
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
Call Girls Service Pune ₹7.5k Pick Up & Drop With Cash Payment 9352852248 Cal...
 
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
VIP Call Girl in Mumbai Central 💧 9920725232 ( Call Me ) Get A New Crush Ever...
 
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
VIP Kalyan Call Girls 🌐 9920725232 🌐 Make Your Dreams Come True With Mumbai E...
 
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...
Top Rated Pune Call Girls Shikrapur ⟟ 6297143586 ⟟ Call Me For Genuine Sex S...
 
(INDIRA) Call Girl Srinagar Call Now 8617697112 Srinagar Escorts 24x7
(INDIRA) Call Girl Srinagar Call Now 8617697112 Srinagar Escorts 24x7(INDIRA) Call Girl Srinagar Call Now 8617697112 Srinagar Escorts 24x7
(INDIRA) Call Girl Srinagar Call Now 8617697112 Srinagar Escorts 24x7
 
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
Call Girls in New Ashok Nagar, (delhi) call me [9953056974] escort service 24X7
 
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
Vasai-Virar High Profile Model Call Girls📞9833754194-Nalasopara Satisfy Call ...
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...
 
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
Kharghar Blowjob Housewife Call Girls NUmber-9833754194-CBD Belapur Internati...
 
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
Top Rated Pune Call Girls Dighi ⟟ 6297143586 ⟟ Call Me For Genuine Sex Servi...
 
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
VIP Call Girl in Mumbai 💧 9920725232 ( Call Me ) Get A New Crush Everyday Wit...
 
Webinar on E-Invoicing for Fintech Belgium
Webinar on E-Invoicing for Fintech BelgiumWebinar on E-Invoicing for Fintech Belgium
Webinar on E-Invoicing for Fintech Belgium
 
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
VIP Call Girl Service Andheri West ⚡ 9920725232 What It Takes To Be The Best ...
 
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
Vip Call US 📞 7738631006 ✅Call Girls In Sakinaka ( Mumbai )
 
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available
8377087607, Door Step Call Girls In Kalkaji (Locanto) 24/7 Available
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunities
 

Ch 03