Investment and Portfolio Managment Essay Example | Topics and Well Written Essays - 5250 words

Investment and Portfolio Managment - Essay Example Investors must take account of the interplay between asset returns when evaluating the risk of portfolio at a most basic level; for example, an insurance contract serves to reduce risk by providing a large payoff when another part of the portfolio is faring poorly. A fire insurance policy pays off when another asset in the portfolio-a house or factory, for example-suffers a big loss in value. The offsetting pattern of returns on these two assets (the house and the insurance policy) stabilizes the risk of the overall portfolio. Investing in an asset with a payoff pattern that offsets exposure to a particular source of risk is called hedging. Anther means to control portfolio risk is diversification, whereby investments are made in a wide variety of assets so that exposure to the risk of any particular security is limited. By placing one's eggs in many baskets, overall portfolio risk actually may be less than the risk of any component security considered in isolation. So, using portfolio is very much important in investment decision-making Prof Stein should protect the value of his shares before the company issues an IPO by using derivative products such as options, forwards and futures. Derivative products help to avoid risk of price fluctuations and others. In hedging, Derivatives are tools for changing the firm's risk exposure. A derivative is a financial instrument whose payoffs and values is derived from, or depends on, something else. For example, an option is a derivative. The value of a call option depends on the value of the underlying stock on which it is written. Actually; call options are quite complicated examples of derivatives. The vast majority of derivatives are simpler than call options. Most derivatives are forward or futures agreements or what are called swaps. An unlimited variety of payoff patterns can be achieved by combining puts and calls with various exercise prices. Some strategies are discussed below: Protective Put: Under this one would like to invest in a stick, but one is willing to bear potential losses beyond some given level of investing in the stock alone seems risky to one because in principle one could lose all the money one invest. One might

An Argument for the Rights of Chimpanzees Essay

An Argument for the Rights of Chimpanzees - Essay Example Women, ethnic and sexual minorities lobby for recognition of their rights as individuals of no lesser stature than any other. Indeed, very few of us would consider them unjust arguments: the days in which women were not allowed to vote, or when ethnic groups were segregated from one another are remembered with a sense of regret. Thus, that men, and women, have sacrosanct and equal rights is rarely disputed, even though in practice work remains to be done to see that these rights are respected. However, the argument for equal rights is limited entirely to the realms of one species of the animal kingdom: Homo sapiens. A review of the scientific evidence regarding the ape, pan troglodytes, known more popularly as chimpanzee, provides a compelling argument for the extension of a number of rights to those apes and demonstrates that past and contemporary ethical discussions of rights have been severely limited and need to be revised. Ethical philosophy draws a distinction between 'animals' and 'man', excluding all other life forms on this planet from its discussions. An example of this can be found in John Rawls' 'A Theory of Justice', where Rawls states that "we should recall here the limits of a theory of justice. Not only are many aspects of morality left aside, but no account is given of right conduct in regard to animals and the rest of nature" (488). Thus Rawls considers 'rights' to be limited in their application to human beings, distinguishing humans as something entirely distinct from the animal kingdom. Rawls does not just exclude other animals from a discussion of rights, but considers any arguments related to the duties of man towards animals to be "outside the scope of the theory of justice" (448). However, as Copernicus removed the earth from the center of the universe, knocking man off his pedestal for the further enrichment of the science of astronomy, so must ethical philosophy abandon all thoug ht of man as occupying a reserved and elitist place above the animal kingdom. Ethical philosophy is still grounded in concepts from the Enlightenment era, before the discoveries of Charles Darwin which revealed that human beings and all other animals shared a common ancestor. Rather than man being something distinct from, and overlord to, other species, humans are in fact close relatives to all other life on the planet. Rawls thus commits a fallacy in distinguishing humans from animals and limiting his discussion of rights to humans. Professor Richard Dawkins, a leading evolutionary biologist, observes that "legal and moral systems are deeply species-bound" (262). Unjustly and irrationally so, considering our evolutionary history. Chimpanzees have the greatest claim to enjoying equal rights to the rest of humanity due to their close evolutionary proximity to Homo sapiens. Dawkins notes that "the last common ancestor of humans and chimps lived perhaps as recently as five million years ago" and that "chimpanzees and we share more than 99 per cent of our genes" (263). In the preceding five million years a number of intermediates between ourselves and chimpanzees have lived, some closer to the chimpanzee, some closer to the human (Dawkins, 263). The chimpanzee is just a short step away along the evolutionary tree of life from human beings. Thus, they surely have the rights to enjoy freedom, security and

The Changing Business Environment Of Sainsbury Marketing Essay

The Changing Business Environment Of Sainsbury Marketing Essay INTRODUCTION Sainsbury is a third largest food retailer in the United Kingdom. Sainsbury was founded in 1869 by John James Sainsbury and his wife Mary Ann in London, England and grew rapidly during the Victorian era. It grew to become the largest grocery retailer in 1922, pioneered self service retailing in the UK, and its heyday during the 1980. The founding Sainsbury family still retain approximately 15% of Sainsbury plc shares (as of May 2008), through various trust. The family sold down their stake from 35% in 2005. The largest Sainsbury family shareholders are Lord Sainsbury of Turville with 5.83. Largest overall shareholder is the investment vehicle of the Qatari royal family who now hold 26.145% of the company. The report is analyzing the growth of the company by PESTLE, SWOT and Porters five force analysis. SAINSBURY STRATEGY Sainsbury plcs present focus is to improve the performance of the core UK supermarket chain. Whilst doing so we will continue to explore and develop growth opportunities in other markets. Through implementing Managing For Value we will stretch our ambitions and challenge the conventional wisdom within the Company, thereby unlocking our potential and delivering value. Source: Sainsbury Web site. Sainsburys have in place quality control at many stages of the food retailing business; in the development of new food products, the companys Food Centre operates a three stage process of quality assurance: Quality Control; Sensory Appraisal; and Development. In Quality Control, new and re-developed products are sampled by product managers and buyers; in Sensory Appraisal, focus groups are used to find out what consumers think about current and new products; and in Development, the Food Centre is interested in identifying trends in food to produce new recipe ideas. Sainsbury has many strategy planning. Old strategy plan was Making life taste better which seems fairly bland on its own but then off course thats the paint since Sainsbury sells such a wide variety of product to such a group of people. The company has shown strategy as a part of its semi-annual results which declare yesterday. It also has told that has joined the organization which promotes the electronic communications of the shareholder named eTree, and the young tree of wood charity of preservation Wood Trust for each shareholder who is registered in service will offer. Till now almost 5 000 shareholders have signed, equivalent approximately to six acres of planting of trees, she has told. At the same time the technology played roles in it 123 %-s profits during the period. The supermarket has told that its restoration should reach on the move its purpose of 2.5 billion pounds of total of additional sales to 2008. The Total amount of sales has raised on 8.3 % to  £9,6 billions. Registration is free, and gives you full access to our extensive library of the White Book, examples and the analysis, loadings and professional work spheres, and it is more. It has faced especially healthy, become online, where first half sales have grown by more than 40 %-s year in a year, while expansion intends to offer the home delivery shopping 85 % of the British house economy. Availability of a product of Sainsbury also promoted in favorable turn from problems, which face in run to last Christmas which has left regiments empty. It has told in its statement: the Center in system of deliveries was on maintenance of benefit of recent reorganization and delivery of the basic efficiency duties. The reorganized warehouses address with the increased volume compared to last year, giving the improved service to shops with smaller quantity of a resource. The company is in the middle of three-year business transformation which saw that it has finished the  £1,7 billion, the seven-year agreement making the contract on the party with Accenture and has brought it IT back internal in October of last year. MACRO ENVIRONMENT Macro Environment provides information about the environment which can guide strategic direction and helps in making decision making (Saxby, C.L, et al 2002). A successful strategy should result in a favorable position in an industry Competitive advantage (Porter, M.E, 2004). Sustainable competitive advantage is achieved by generating or possessing resources that are inimitable, are valued by customer and can be used effectively (Fahy, J. and Smithee, A, 1999). These classifiable capabilities characterize the organization from the competition and lead to the ability which can provide a competitive advantage in the market. These distinctive capabilities of the company will provide a competitive advantage in the market. Environmental scanning helps the organization in providing information about the strengths and weakness of competitors and consumer behavior and helps in preparing marketing strategies to leverage these resources and apply appropriately. (Saxby et al, 2002) Saxby highlighted the importance of regular scanning due to the dynamic nature of the modern business environment. This is very important because even very minute differences in the environment such as cultural changes, legislative can be the difference between becoming the market leader and insolvency. It is also very important to notice that the environmental changes on one company will be different to that of other company. A threat for one company can be an opportunity for another, environmental scanning helps in observing these threats or opportunities and act on them. PESTLE ANALYSIS Political forces: Political forces are referred to policies that are related to government such as the degree of intervention in the economic scale. What product and services does the mentioning country want to provide what extent does it depend in subsidizing organizations? Sainsburys is forced by these factors. Economic forces: The economic changes of any government have impact on local business. These include interest rates, taxation charges, economic growth, inflation and exchange rates. So business influenced by the economical factors has impact nationally as well as globally. Sainsburys is automatically gripped by those forces. Social forces: (Argenti, 1974) It is very important for any business to understand the values and the culture of the society even before starting the business. Changes in social trends can impact on the demand for a firms products and the availability of individuals to work. This may also includes the tastes, habits, dislikes, customs, traditions, demographics etcà ¢Ã¢â€š ¬Ã‚ ¦ Sainsbury does totally follow these factors. It is operating effective charities, sponsoring games, arranging social activities, raising fund for Animal welfare, and many more. Technological forces: New technologies create new products and new processes are created by modern technology. (Galbraith, 1967) Technology is The systematic application of scientific or other organized knowledge to practical tasks. Online shopping, bar coding and computer aided design are all improvements to the way we do business as a result of better technology. These developments can benefit consumers as well as organizations providing the products. Internet shopping, bar coding and computer proofed designs are all upgrading to the way .Sainsburys do to run their business as a result of better technology. Sainsburys is now using the self service counter. Environmental forces: Environmental forces include the changing of weather and climate. Changes in temperature can impact on many industries including farming, leisure and tourism and insurance as well. With major climate changes occurring due to global warming and with better environmental awareness this external forces is becoming an important issue for Sainsburys to consider. Legal forces: Sainsburys is in the boundaries of legal forces locally, nationally, globally. These are very close to the legal enforcements in which firms operate. The introduction of discrimination of age and disability discrimination, legislation, Show ID, etc. SWOT ANALYSIS SWOT analysis is done on internal and external environment one of the most important strategic planning process. The environmental factors in the organization are divided into Internal and External factors. Internal factors are further classified as Strengths or Weakness and the external factors are further classified into Opportunities or Threats. Such an analysis of the strategic environment is referred to as SWOT analysis. SWOT analysis provides all the information that is required to match the organizations capabilities to the competitive environment in which it runs. How SWOT analysis fits into environmental scanning is shown as SWOT Analysis Framework SWOT ANALYSIS OF SAINSBURYS: Strengths à ¢Ã¢â€š ¬Ã‚ ¢ This is a very strong company with huge traders who are interested and trust worthy to the company. Also it had 509 supermarkets and 276 stores, thus became a Established trader. à ¢Ã¢â€š ¬Ã‚ ¢ To develop in business every company has to depend on customers. It is said that Customer is God, as a popular and reputed company Sainsburys followed the saying and won its customers trust and developed a good customer base. à ¢Ã¢â€š ¬Ã‚ ¢ Had a huge chain of Supermarkets with 509 supermarkets, 276 stores and a bank. à ¢Ã¢â€š ¬Ã‚ ¢ Also it had large volumes of stock so it helps in reducing the cost. Weakness à ¢Ã¢â€š ¬Ã‚ ¢ Having huge staffs make them pay more. à ¢Ã¢â€š ¬Ã‚ ¢ Having 509 supermarkets and 276 stores it is having high maintenance cost. à ¢Ã¢â€š ¬Ã‚ ¢ Because of heavy stocks if product is failed huge stock will be leftover. Threats à ¢Ã¢â€š ¬Ã‚ ¢ As UK is having many supermarkets there is always heavy completion among ASDA, WALMART, TESCO etc à ¢Ã¢â€š ¬Ã‚ ¢ Having many discount offers company may lose profits on certain products. Opportunities à ¢Ã¢â€š ¬Ã‚ ¢ Having good volumes it is planning for new activities. à ¢Ã¢â€š ¬Ã‚ ¢ It is a huge success in United Kingdom and now planning to expand into Eastern Europe. à ¢Ã¢â€š ¬Ã‚ ¢ Also had large customer base and there is scope for huge employment. PORTERS 5 FORCES ANALYSIS Competitive rivalry à ¢Ã¢â€š ¬Ã‚ ¢ the retail market is extremely competitive with a very crowded market. Now, more and more companies are trying to get into non food sectors (Rigby and Killgren 2008) further intensifying the competition. à ¢Ã¢â€š ¬Ã‚ ¢ Sainsburys has a market share of 14.9% in 2007, steadily increasing since its restructuring program that started in 2004 (Annual Report 2007). This is a positive trend but it lags well behind the runaway market leader Tesco, showing that there is considerable distance to cover. à ¢Ã¢â€š ¬Ã‚ ¢ Tesco, Asda, and Morrisons are the other three big supermarket chains in the UK retail sector. All of them have a different competitive advantage over their competitors. Sainsburys reach in the convenience stores makes it have a larger customer reach. à ¢Ã¢â€š ¬Ã‚ ¢ Banks and building societies compete with Sainsbury bank but it is not a core business for Sainsburys. Barriers for entry à ¢Ã¢â€š ¬Ã‚ ¢ Barriers to entry are extremely high in the food retail market due to a number of factors. Firstly, organized retail is amongst the most sophisticated sectors within the UK and needs a lot of investment, along with significant brand development, which takes years to establish (Doyle 2002). Secondly, retail is also at an advanced stage within the UK and most of the western world, which means there is little scope for new entrants to establish themselves. à ¢Ã¢â€š ¬Ã‚ ¢ Local knowledge is extremely crucial within the food retail sector, something that is difficult for foreign firms to replicate. This is corroborated by the presence of few global supermarkets within UK. Threats of Substitutes à ¢Ã¢â€š ¬Ã‚ ¢ The threat of substitutes in the food retail industry is a low one simply because consumers view it as a necessity, especially in the developed world and increasingly in the emerging markets. à ¢Ã¢â€š ¬Ã‚ ¢ The retail market is always trying to converge and assimilate new innovations with respect to food products or alternative businesses, to make shopping an extremely pleasurable experience. This makes them extremely difficult to substitute à ¢Ã¢â€š ¬Ã‚ ¢ The only major threat of substitute is an internal industry threat whereby one supermarket can lap up the business of other supermarkets. Buyer power à ¢Ã¢â€š ¬Ã‚ ¢ Buyer power is high in this industry simply due to the presence of so many competitors selling the same products. It is only differentiated in price and consumer loyalty and increasingly on green credentials. Moreover, the switching costs are low for consumers. à ¢Ã¢â€š ¬Ã‚ ¢ As the economy goes further towards recession (ODoherty 2008) consumers needs are likely to be given more weight, increasing their power considerably. Supplier power à ¢Ã¢â€š ¬Ã‚ ¢ Supplier power is usually more complicated as it is difficult to categorize it. It is safe to call it a mutually dependent relationship as suppliers are in itself huge companies, like PG, Unilever, Cadbury etc. with huge brand appeal. It can be argued that if supermarkets do not sell their products consumers will shift loyalties, making suppliers very powerful. However, if the products of big companies do not reach supermarkets, their sales volumes will be affected hugely. The relationship might change depending on the situation of the big branded supplier, for example, when sales of Cadburys dairy milk increased through the successful Gorilla ad campaign (Wiggins and Urry 2007). à ¢Ã¢â€š ¬Ã‚ ¢ Supplier power of smaller suppliers will not be considerable because of their sales volumes on dependence on these supermarkets. Conclusion Here we can see that Sainsbury always use the market mix to develop and implement its strategies by using the market mix. It satisfies the customers by improving the strategies which meet the needs of the customer. It always research on the market to know the interest of a customer who is able to buy its products. It continues to implement the market segmentation to develop its business strategies which shows the development of a business. Sainsbury use the market segmentation to display large variety of products and sell to deferent groups and to achieve large amount of sales overall. It offers a large number of products in a convenient location and opens the store for long hours. It also encourages the customers by easy cash options through debit card and credit card. It also offers the cash back facility to the customers on their purchases. Recommendation Sainsbury have to give high quality product and have to care about customers satisfactions. They have to sell product with particular prize for customer. They have to care about customer loyalty and satisfaction.

Conflicting Desires in A Portrait of the Artist as a Young Man :: Portrait Artist Young Man

Conflicting Desires in A Portrait of the Artist as a Young Man In the story, A Portrait of the Artist as a Young Man, written by James Joyce, the main character Stephen Dedalus has many encounters with women. Women and sexuality are major influences on Stephen's adolescent life. Another major factor that has an influence on Stephen's life is the Church. Women and sexuality conflict with the Church and its beliefs, and that is one of Stephen's major problems thus far. Stephen is having a very big identity crisis, from being a God fearing Catholic to a very hormonal teenager. As Stephen sits at the "adults" dinner table for the first time, his father, Mr. Casey and Dante are fighting about religion and politics in Ireland. As they are arguing, Stephen's train of thought leads him to think about Eileen. Eileen Vance was the little girl that Stephen wanted to marry when he was younger. She is described to have ivory hands and golden hair, which confuses Stephen with the phrases, "Tower of Ivory" and "House of Gold" which is part of the Roman Catholic Litany of Our Lady. Later when Stephen is at school, he again thinks about Eileen. Stephen gets his first sensual experience from Eileen when she puts her hand into his pocket and touches his hand. Stephen gets quite confused with the terms of the Litany of Our Lady so he starts to associate the "Tower of Ivory" and "House of Gold" to Eileen. The way James Joyce describes the scene, "She had put her hand into his pocket where his hand was and he had felt how cool and thin and soft her hand was."(43) gives the reader the idea that Stephen enjoyed the feeling. The only problem with Eileen was that she was a Protestant and Stephen was a Catholic. Stephen also associates women with the Virgin Mary, who was the mother of Jesus Christ. He thinks women as pure, just as Mary was and since he already associated the "Tower of Ivory" and "House of Gold" with Eileen, he assumes her to be like the Virgin. Another influence of women in Stephen's life comes from the story "The Count of Monte Cristo" while reading this story, Stephen starts to fantasize about Mercedes.

Explain What Is Meant by the Term ‘Statutory Interpretation’ and to What Extent Does This Compliment or Undermine the Role of the Parliament?

Explain what is meant by the term ‘statutory interpretation’ and to what extent does this compliment or undermine the role of the parliament? Statutory interpretation refers to a process used by the courts when it looks at a piece of statute to interpret what its definition is. A statute is a bill also known as a law which was passed by the legislature (Parliament) that imposes rules on people. However these ‘statutes’ may be open to interpretation and are occasionally are riddles with ambiguities. So statutory interpretation is the process that focuses on resolving these ambiguities and deciding how a particular bill or law will apply in a particular case. Some statutes have a very clear and straight forward meaning to them and therefor interpreting them incredibly easy, but in many cases there can be ambiguities and vagueness in the wording of the statute that the judges must try and resolve for the sole purpose of stopping and absurdity occurring. Courts can only interpret the law they do not question the origins or the reason. There are numerous rules when it comes to statutory interpretation, the first and most important of these rules is the rule that governs and deals with the statutes plain language, the rule is essentially the statute means what it says, For example if the statute refers to vehicles it would be interpreted as vehicles not planes or submarines. This is known as the Literal rule and it looks at the statute in its natural and ordinary meaning in its context. The advantage and disadvantages to using this rule is that it does encourage precision in drafting laws, well unless the Legislature had any reason to be deliberately careless. t also is meant to bring a certain sense of certainty, however there is no certainty when It comes to something like literalism so can that really be the case? , It is next to useless when a judge is trying to interpret an act where broad terms have deliberately been used however the fact remains that the ability to draft a perfect bill is impossible. And the case still remains that it gives the law making power or at least the powers to â€Å"bend† laws to judges something which is in violation of the idea of Parliamentary supremacy. An Example of the Literal rule is; â€Å"Whitely v, Chappell (1869). The defendant had voted in the name of a person who had died, but was found not guilty of the offence of personating ‘any person entitled to vote’: a dead person is not entitled to vote. † (http://legal-directory. net/english-law/interpretation-literal-rule. htm) Another rule that governs statutory interpretation is the mischief rule, and according to the law commission it was regarded as the most satisfactory of the three rules, Its basic purpose is to allow the courts to look into and stop the mischief that the law was passed to prevent, an example of this rule being put into effect Is; â€Å"Smith v. Hughes 1960, a prostitute solicited from inside a building to the street. A private building was held to be a â€Å"street or public place† for the purposes of the Act to avoid the mischief of harlotry. †(http://e-lawresources. co. uk/Adler-v-George. php) However unlike the literal rule it doesn’t take away from the idea of parliamentary supremacy too much as they still apply the law in the same way that parliament intended it to be. The final and third rule is the Golden rule, this is basically the rule which comes into play if the following of the Literal rule would create an absurdity, so the courts are allowed to interpret and apply a secondary meaning to it. A really good case example is the case of Adler v George (1964) that stated Under the Official Secrets Act 1920 it was an offence to obstruct a member of the armed forces ‘in the vicinity' of a prohibited palace. The defendant was actually in the prohibited place, rather than ‘in the vicinity' of it, at the time of obstruction. ( http://e-lawresources. co. uk/Adler-v-George. hp) The courts however knew that following the literal interpretation of this law would lead to an absurdity and they used the golden rule to determine it was â€Å"absurd† to thing a law would apply near something and not inside it. Statutory interpretation is a tricky task, so judges can use different things to help them in there tasks these are called â€Å"aid s† and they come in two different forms ‘Intrinsic aids’ these are something that is found within the act of parliament itself that they can use to try and interpret and apply the act with and ‘extrinsic aids’ these are things found outside of the act of parliament. An examples of an Intrinsic aids is the short title of the bill. However there are far more Extrinsic aids for example; the courts may call upon Dictionaries to find the definition of words to aid in exact interpretation, Especially if dealing with the Literal rule. They may also refer to previous Acts and how they were interpreted in the past if a new act of parliament is replacing a previous one. They also use the law commissioned reports to see why the law was created, something that would come in very handy if trying to apply the Mischief rule. They may also refer to the Hansard; this is edited verbatim report of all the proceedings in both of the houses of parliament. Important things to know about that is that judges may only look at statements made by a minister or another promoter of the bill. The whole idea of these 3 rules does make the concept of Parliamentary supremacy a bit feeble, as the ability to interpret and bend the law is completely at the Judge’s discretion. It does degrade the Idea Significantly.

Project topics †Journal of Engineering Research and Studies Essay

Journal of Engineering Research and Studies E-ISSN0976-7916 Research Paper SEPARATION OF OIL AND PECTIN FROM ORANGE PEEL AND STUDY OF EFFECT OF pH OF EXTRACTING MEDIUM ON THE YIELD OF PECTIN Shekhar Pandharipande*a, Harshal Makodeb Address for Correspondence *a- Associate Professor, Department of Chemical Engineering, Laxminarayan Institute of Technology, Rashtrasant Tukdoji Maharaj Nagpur University, Bharat Nagar, Amravati Road, Nagpur,India. b B. Tech student, Department of Chemical Engineering, Laxminarayan Institute of Technology, Rashtrasant Tukdoji Maharaj Nagpur University, Bharat Nagar, Amravati Road, Nagpur, India. ABSTRACT An orange, specifically, the sweet orange (Citrus sinensis (L.)) is the most commonly grown tree fruit in the world. The present work addresses to the development of the part of the process needed for the extraction of value added products like orange oil and pectin from orange peel, which is the waste of orange juice processing industry. The outcome of the present work highlighted that the sweet orange peels are good source of orange oil and pectin and does have the potential to become important raw material for food processing industries. Two methods namely simple distillation & leaching have been explored for separation of oil from peels. The remains of cake in this part is further treated for isolation of pectin. It is found from the experimental observations that the peel source, for extraction of pectin, when taken after extracting orange oil through simple distillation gives higher yield than leaching residue. It is concluded that the process in which orange oil is first extracted using technique of simple distillation followed by acid extraction of pectin is most suitable for industrial production for isolation of pectin. These results demonstrate the successful extraction of orange oil and pectin, providing potential benefits for  industrial extraction of pectin from an economic and environmental point of view. KEYWORDS orange peel, pectin extraction, orange essential oil 1.1 INTRODUCTION An orange, specifically, the sweet orange (Citrus  sinensis (L.)) is the most commonly grown tree fruit  in the world. Orange trees are widely cultivated in  tropical and subtropical climates for the sweet fruit,  which is peeled or cut (to avoid the bitter rind) and  eaten whole, or processed to extract orange juice, &  also for the fragrant peel. Citrus fruits are at the top  not only in total production, but also in economic  value. The albedo is the main source of pectin. Pectin  includes all the esterified polygalacturonic acids at  different degree of neutralization. In the presence of  saccharine and small quantities of organic acids  (usually citric acid), pectins gelatinized, and this  property is exploited by the agrochemistry and  pharmaceutical industries for pectin isolation. Orange  essential oil is present in small ductless gland  contained in the peel of the orange fruits. The main  constituent of orange peel essential oil is d-limone ne  (present to the extent of at least 90 %), which is the  only hydrocarbon present. The d-limonene is  extracted from orange rinds or solids. The rinds and  pulp are sent to an evaporator and the d-limonene is  steamed out. It is widely known for its pleasant scent  and degreasing properties. d-limonene is currently  being used in many applications such as chlorinated  solvents replacements, hand cleaners and sewage  treatments. The orange processing industry can get a  complete makeover if due importance is given for  separation of useful ingredient from orange peel.  Researchers and Scientists have been working on the  separation of oil and pectin from orange peel and  reporting their findings in journals of repute. A brief  summary includes orange peel: organic waste or  energetic resource(1), Waste to wealth: Industrial raw  materials potential of peels of Nigerian sweet orange  (Citrus sinensis)(2), method of distilling a volatile  constituent from liquid mixture(3), Optimization of  pectin acid extraction from passion fruit peel  (Passiflora edulis flavicarpa) using response surface  methodology(4), Extraction and Qualitative Assessment of African Sweet Orange Seed Oil(5), JERS/Vol. III/ Issue II/April-June, 2012/06-09 Comparisons between different techniques for waterbased extraction of pectin from orange peels(6) , microwave-assisted Isolation of essential oil of  Cinnamomum iners Reinw. ex Bl.: Comparison with  Conventional hydrodistillation(7), Microwave-assisted  extraction of pectin from orange peel(8), microbial  production of pectin from Citrus peel(9), Optimization  of Pectin Extraction from Peel of Dragon Fruit  (Hylocereus polyrhizus)(10), Determining the Yield  and Quality of Pectin from Fresh Peel & Pectin  Pomace(11) and Microbial Production of Pectin from  Citrus Peel(12) . The present work (13) explored the possibility of  separation of essential oils and pectin from the  orange peels. Nagpur is major orange producing  centre in the subcontinent and even recognised in the  name of oranges as, Orange city. 1.2 MATERIALS AND METHODS: The present work is divided into following parts: I. Separation of oil from peels. a) Using the method of simple distillation b) Using ethanol as solvent in the method of leaching II. Extraction of pectin from oil peels a) From fresh peels, the leftover b) From dried cake remained after simple distillation and leaching as in part I 1.2.1 Separation of oil from peels: Raw Material: The raw material taken under examination for the extraction of orange oil (d-limonene) and pectin is orange peel. Orange peels are removed from fresh oranges which are procured from local market and which were harvested in the month of December 2011 to January 2012. Methods: Simple distillation is employed for removal of essential oil from orange peel. Dried and fined ground orange peel powder is added with known quantity of water which is simple distilled off for approximately one hour. The solid remains of the residue are dried to obtain the dry cake. The distillate Journal of Engineering Research and Studies E-ISSN0976-7916 resulted in to two phases, oil and water. Two phases  are separated and orange oil is obtained. For 350 gm  of orange powder taken, 8 ml of oil and 126.3 gm of  dried cake is obtained. The method of leaching is also explored for removal  of oil from peels. 380 gm of fresh orange peel are extracted with 225 ml of ethanol. After adequate  contacting, two phases, solid and liquid are separated,  198 gm of wet slurry resulted into 150 gm of dry  cake. However oil could not be recovered following  this method. The dried cake obtained is further  treated for separation of pectin in next part of present  work.  1.2.2 Extraction of pectin from orange peels:  The objective of this part of work is extraction and  isolation of pectin from fresh orange peel sample and  the dry cake sample left after extraction of oil using  simple distillation as in part I. The objective includes  the study of the effect of pH of the medium on the  yield of pectin extracted. The process flow chart is as shown in the figure 1. Table no 1: Experimental observations of yield of pectin at different pH Fig no 1: Process flow chart for extraction of pectin from orange peel sample Citric acid in distilled water solutions of desired pH  values 1, 1.5, 2, 3, 4 and 5 are prepared. Orange peel samples weighing 10 gm each are dipped in to the  solution and heated at 800C for 10 minutes. After  cooling the solution, it is filtered using cloth filter  and Whatman filter paper under vacuum. Ethanol is  added to the filtered solution to facilitate filtration of  pectin. The solution is filtered using fine filter cloth  or centrifuge at 8000 rpm for 15 min at 100C to  separate jelly pectin which is dried under vacuum at  500C and -100 mmHg gauge for two hours. Dried  pectin is thus obtained. The observations are given in  table no 1.  Yield % of pectin is based on the gram of peel sample taken, and is calculated by formula as given below; Fig no 2: Pectin yield at different pH of extracting medium 1.2.2.1: Comparison of yield of pectin from the dry cake residue left after simple distillation and leaching: Same procedure is applied for separation of pectin in  this part of present work, as followed in part 1.2.2.the  observations are tabulated in table 2 & pictorial  details & output of process are depicted in fig 3. Table no 2: Experimental observations of  comparison of yield of pectin from the dry cake  residue left after simple distillation and leaching  where Ypec (%) is the extracted pectin yield in per cent (%), P is the amount of dry pectin in g and Bi is the initial amount of orange peel in gram. Results and discussion: The maximum yield of pectin is obtained at   extraction medium pH of 1. However negligible yield  is obtained at pH of 4 and 5 as can be seen from  graph plotted between pectin yield % obtained for  various values of pH of medium as shown in fig 2. JERS/Vol. III/ Issue II/April-June, 2012/06-09 Journal of Engineering Research and Studies Result and discussion: The yield of pectin obtained is highest in turbid  extract, but this might be due to some suspended  impurities present in the extract. The maximum  overall yield of the pectin is obtained from orange  peel residue sample through simple distillation. Therefore, in the process of orange oil and pectin  extraction from orange peel, it is recommended on  basis of results obtained, that to first extract oil using  simple distillation and then isolate pectin with acid  hydrolysis technique. 1.3 CONCLUSION Nagpur region is well known in central Asia as  largest orange producing region. It is also known as  the California of India, producing excellent quality  oranges in large number. Though it has great  production of oranges, the downstream processing  and value added product manufacturing technology is  not yet developed. The present work is dedicated for E-ISSN0976-7916 the development of the part of the process technology  needed for the extraction of value added products i.e.  orange oil and pectin from orange peel, which is the  waste of orange juice processing industry. The  present work revealed that the sweet orange peels are  good source of orange oil and pectin and does have  the potential to become important raw material for  food processing industries. It is found from the  experimentation that the peel source, for extraction of  pectin, when taken after extracting orange oil through  simple distillation gives higher yield than leaching  residue. So it can be concluded that the process in  which orange oil is first extracted using technique of  simple distillation followed by acid extraction of  pectin is most suitable for industrial production. These results demonstrate the successful extraction of  orange oil and pectin, providing potential benefits for  industrial extraction of pectin from an economic and  environmental point of view. Fig no 3: Pictorial presentation of the process for comparison of yield of pectin from the dry cake residue left after simple distillation and leaching Amboni. 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