NISM Series XV : Research Analyst Certification Exam Notes
Page 35 Of 62
Go to:
General Anti-Avoidance Rules empower the revenue authorities in a country to deny the tax benefits to the entities on a transaction, which is primarily carried out in a specific manner to avoid taxes.
Defensive industries create products and services that have low income elasticity i.e., a fall or rise in income does not affect the demand significantly
Semi-cyclical industries experience growth in sales during the expansionary phase and decline during recessionary phase. However, these industries do have some base level demand which help the industry to have reasonably healthy sales in recessionary conditions also. Consumer durables industry has exhibited these traits.
Deep cyclical industries witness extreme cyclicality in their revenues as they are largely driven by economic cycle and/or commodity cycles. Capital goods industry exhibits such behavior.
value migration happens when a phenomenon creates long term advantage for one or more entities at the cost of other entities. Thus, the entity that gains witnesses an increase in its shareholder value, while the other entity loses.
MODELEXAM® 
www.realsoftinfoplan.com