Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 8 terms
A party who quietly accumulates a position in an illiquid stock and then manufactures the demand needed to distribute it.
The scheme needs thin turnover, because a large holding cannot be sold into a liquid stock without moving the price. The promotion exists to create the buyers.
Wyckoff's device of reading all large, informed buying and selling in a stock as though it were the work of one deliberate operator.
A useful fiction, because the constraint underneath it is real: size cannot be accumulated quickly, so it has to happen slowly and leaves a signature.
The revenue on which Indian telecom operators pay licence fees and spectrum charges.
The licence fee is 8% of it. A 2019 Supreme Court ruling on its definition created large past dues for several operators.
Average revenue per user — a telecom operator’s revenue per subscriber, usually per month.
Revenue is roughly subscribers × ARPU. Because network costs are fixed, rising ARPU flows mostly to profit.
Illegal off-market trading where an operator never routes orders to the exchange.
No contract note, no demat entry, no legal recourse if they refuse to pay.
The average number of operators renting space on each telecom tower.
Each extra tenant adds high-margin rent to a mostly fixed-cost tower; losing one hurts margins quickly.
The process by which a product becomes undifferentiated, so customers choose purely on price.
The end state of an industry with no barriers. Once buyers can compare on price in seconds, margin is permanently at risk however capable the operator.
Porter's framework for industry structure: rivalry, new entrants, supplier power, buyer power and substitutes.
Indian aviation runs several of them against itself at once, which is why capable operators still lose money.