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A STUDY ON THE EQUITY SCRIP PRICE MOVEMNTS
With Special Reference To
GACL,TISCO, RANBAXY & BTVL
Project Report Submitted To
UNIVERSITY OF MADRAS
In Partial Fulfillment Of The Requirements For The Award Of The Deree Of
MASTER OF BUSINESS ADMINISTRATION
Submitted b!
JAMES P.J"Re #o$ R% &'()*+
,nder the -uidance of
Mr. D. SRINIVASAN.com/D0SA/DTT1m/D2A/23,P/%41d/.%A/.phil/P-DP. 5 66"PD..+"P2D+
"6ecturer+
3aels Institute of %usiness Administration3els 0ollee Of Science
APRI6 / *''(
VAELS INSTITUTE OF BUSINESS ADMINISTRATION
VELS COLLEGE OF SCIENCE
"AFFI6IAT1D TO .ADRAS ,#I31RSIT7+
021##AI89''::;
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CERTIFICATE
This is to certify that Project work titled A STUDY ON THE
EQUITY SCRIP PRICE MOVEMNTS wit r!"!r!#$! t% GACL,
RANBAXY, TISCO, BTVL at COCHIN STOCK EXCHANGE,
COCHIN is a o!afied record of work do!e y Mr.JAMES P.J,
Vaels Institute of Business Administration "!dervels olle!e
of siene s"#itted i! $artial f"lfill#e!t of the re%"ire#e!t of the
de&ree of MASTER "F B#SI$ESS A%MI$ISTRATI"$ of
'!i(ersity of )adras, d"ri!& the fo"rth se#ester fro# *a!"ary to
)arch "!der o"r &"ida!ce+
%r. &"VI$%AS'AM( Mr.% .SRI$IVASA$Prini)al Fault* &uide
%r. P. &"VI$%ARAJA$%iretor MBA
*
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I$TER$A+ EAMI$ER ETER$A+ EAMI$ER
%EC+ARATI"$
I *A)ES P+* "!dersi&!ed herey declare that the $roject work A
ST#%( "$ T-E E#IT( SCRIP PRICE M"VEME$TS with
s$ecial refere!ce to &AC+, RA$BA(, TISC", BTV+ at
COCHIN STOCK EXCHANGE, COCHIN s"#itted to the
'!i(ersity of )adras i! $artial f"lfill#e!t of the re%"ire#e!ts forthe award of de&ree of )aster of "si!ess Ad#i!istratio! is the
record of o!afied research carried o"t y #e "!der the &"ida!ce
of Prof. %. Srinivasan, lect"rer -e$art#e!t of )a!a&e#e!t,
.aels I!stit"te of "si!ess Ad#i!istratio!, .els Colle&e of Scie!ce
a!d !o $art of it has ee! s"#itted for a!y other de&ree or
di$lo#a+
JAMES P.J
&
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AC/$"'+E%&EME$T
I take this o$$ort"!ity to e/$ress #y dee$ &ratit"de to o"rchair#a! %r. ISARI./.&A$ES- )+co#, 0,Ph- for &ra!ti!& #e$er#issio! to do this $roject+
I a# also tha!kf"l to o"r $ri!ci$le Mr.&"VI$%AS'AM( for
$ro(idi!& &reat s"$$ort+
I a# e/tre#ely &ratef"l to o"r -irector%r.P.&"VI$%ARAJA$ )A, Ph- .aels I!stit"te of "si!essAd#i!istratio! for $ro(idi!& e/celle!t facilities to do this $roject+
I wo"ld like to e/$ress #y si!cere tha!ks to #y &"ide Mr. %.SRI$IVASA$, .com/ D0SA/ DTT1./D2A/ 23,P/ %ed/ .%A/.phil/ P-DP./ 66"PD..+
)A, who has s$read his $recio"s ti#e i! $ro(idi!& his (al"ales"&&estio! a!d co1o$eratio! i! co#$leti!& this $roject+
I $lace o! record #y #ost si!cere tha!ks to )rs+Preetha1HO-, )rs+A!!ie+ )r+S+S"resh K"#ar a!d )r+2+S"ra#a!yaharathy who #e a lot to co#$lete this $roject s"ccessf"lly+
I owe #y s$ecial &ratit"de to Mr.T-"MAS &E"R&EM.A.,&%IM Co0ordinator CSE Institute of Ca)italMar1et,Cochi!, i! $ro(idi!& his (al"ale s"&&estio! i! s"ccessf"lco#$letio! of this $roject work+
*A)ES P+*
)
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CONTENTS
TIT61
01RTIFI0AT1
D106ARATIO#
A0
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LIST OF CHARTS
Sl #o Title Pae #o
: *( da! .o=in A=erae 0harts -A06 @&
* (' da! .o=in A=erae 0harts -A06 @)
& :'' da! .o=in A=erae 0harts -A06 @(
) *'' da! .o=in A=erae 0harts -A06 @9( *( da! .o=in A=erae 0harts Ranba?! @;
9 (' da! .o=in A=erae 0harts Ranba?! @>
; :'' da! .o=in A=erae 0harts Ranba?! @@
> *'' da! .o=in A=erae 0harts Ranba?! :''
@ *( da! .o=in A=erae 0harts TIS0O :':
:' (' da! .o=in A=erae 0harts TIS0O :'*
:: :'' da! .o=in A=erae 0harts TIS0O :'&
:* *'' da! .o=in A=erae 0harts TIS0O :'):& *( da! .o=in A=erae 0harts %T36 :'(
:) (' da! .o=in A=erae 0harts %T36 :'9
:( :'' da! .o=in A=erae 0harts %T36 :';
:9 *'' da! .o=in A=erae 0harts %T36 :'>
;
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CHAPTER- I
I#tr%'$ti%#
0apital maret comprisin the new issues maret
and secondar! marets or stoc e?chanes/ is one of the mostsensiti=e marets in the whole econom!4 The secondar! maret
>
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enables in=estors to continuousl! rearrane their assets if the!
so desire b! di=estin themsel=es of such assets while others can
use their surplus funds to acquire them4 This rearranement is
not a product of instant decisions but a thorouh research4 The
major tools used for this are Fundamental anal!sis and technical
anal!sis4 Of which fundamental anal!sis requires a lare amount
of inside data reardin the companies concerned and also
requires lot of calculations and deep nowlede4 Where as
technical anal!sis is comparati=el! a simpler tool for an in=estor
to decide his shortBmedium term in=estment decisions4 %!
closel! watchin the price chanes/ its trend can be anal!Ced
and the timins of entr! and e?it can be decided4 In short his
decisions such as when to bu! or when to sell particular scrip or
when to reoraniCe his portfolio can be influenced b! thetechnical anal!sis mo=in a=eraes method where in the dail!
prices are compared with a=erae of certain number of da!s4
(.( N!! "%r t! St')
The ris tain mentalit! amon in=estors in share maret
rown in the last one and half decades4 In=estors ha=e to anal!Ce
@
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the maret price fluctuations before in=estin in the maret4 %!
this anal!sis onl!/ he can ha=e a clear picture of the maret and
its fluctuations4 Then onl! he can decide his entr! or e?it
timins and also the decisions reardin holdin of a particular
securit!4 The ris that people are bearin is not a blind one but
well calculated and forecasted4 %! anal!Cin the price
mo=ements one can easil! understand the trend but how lon the
particular trend will continue remains a question4 With the help
of mo=in a=eraes/ this stud! aims at enablin an in=estor who
anal!Ce the maret to decide the shortBmedium term in=estments
and the timins also4
(.* St+t!!#t %" Pr%-!
An In=estor who understands the fundamental
principles and the anal!tical aspects of portfolio manaement
has better chances of success in in=estin in the stoc maret
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%ut most of the in=estors do not now the abo=e aspect of
portfolio manaement/ the! depend up on their whims and
fancies and the rumoursheared around4 This will ultimatel! lead
them to losses4
The abo=e situation creates a need for this stud!4 The in=estor
should ha=e a uide line or a methodolo! to enter and e?it from
a particular script4
(./ I#'0tri+ Pr%"i!
E1%'ti%# %" I#i+# St%$2 M+r2!t
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Indian Stoc .arets are one of the oldest in Asia4 Its
histor! dates bac to nearl! *'' !ears ao4 The earliest records
of securit! dealins in India are meaer and obscure4 The 1ast
India 0ompan! was the dominant institution in those da!s and
business in its loan securities used to be transacted towards the
close of the eihteenth centur!4
%! :>&'Es business on corporate stocs and shares in %an
and 0otton presses too place in %omba!4 Thouh the tradin
list was broader in :>&@/ there were onl! half a doCen broers
reconiCed b! bans and merchants durin :>)' and :>('4
The :>('Es witnessed a rapid de=elopment of commercial
enterprise and broerae business attracted man! men into the
field and b! :>9' the number of broers increased into 9'4In
:>9'89: the American 0i=il War broe out and cotton suppl!from ,nited States of 1urope was stopped thus/ the EShare
.aniaE in India beun4 The number of broers increased to
about *'' to *('4 2owe=er/ at the end of the American 0i=il
War/ in :>9(/ a disastrous slump bean "for e?ample/ %an of
%omba! Share which had touched Rs *>(' could onl! be sold at
Rs4 >;+4
At the end of the American 0i=il War/ the broers who thri=ed
out of 0i=il War in :>;)/ found a place in a street "now
appropriatel! called as Dalal Street+ where the! would
con=enientl! assemble and transact business4 In :>>;/ the!
formall! established in %omba!/ the G#ati=e Share and Stoc
:*
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%roersE AssociationG "which is alternati=el! nown as G The
Stoc 1?chane G+4 In :>@(/ the Stoc 1?chane acquired a
premise in the same street and it was inauurated in :>@@4 Thus/
the Stoc 1?chane at %omba! was consolidated4
Tr+i#3 P+tt!r# %" t! I#i+# St%$2 M+r2!t
Tradin in Indian stoc e?chanes are limited to listed
securities of public limited companies4 The! are broadl! di=idedinto two cateories/ namel!/ specified securities "forward list+
and non8specified securities "cash list+4 1quit! shares of
di=idend pa!in/ rowth8oriented companies with a paid8up
capital of atleast Rs4(' million and a maret capitaliCation of
atleast Rs4:'' million and ha=in more than *'/'''
shareholders are/ normall!/ put in the specified roup and the
balance in non8specified roup4
Two t!pes of transactions can be carried out on the Indian
stoc e?chanes$ "a+ spot deli=er! transactions Gfor deli=er! and
pa!ment within the time or on the date stipulated when enterin
into the contract which shall not be more than :) da!s followin
the date of the contractG $ and "b+ forward transactions Gdeli=er!
and pa!ment can be e?tended b! further period of :) da!s each
so that the o=erall period does not e?ceed @' da!s from the date
of the contractG4 The latter is permitted onl! in the case of
specified shares4 The broers who carr! o=er the outstandin
:&
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pa! carr! o=er chares "can tano or bacwardation+ which are
usuall! determined b! the rates of interest pre=ailin4
A member broer in an Indian stoc e?chane can act as
an aent/ bu! and sell securities for his clients on a commission
basis and also can act as a trader or dealer as a principal/ bu!
and sell securities on his own account and ris/ in contrast with
the practice pre=ailin on #ew 7or and 6ondon Stoc
1?chanes/ where a member can act as a jobber or a broer
onl!4
The nature of tradin on Indian Stoc 1?chanes are that
of ae old con=entional st!le of face8to8face tradin with bids
and offers bein made b! open outcr!4 2owe=er/ there is a reat
amount of effort to moderniCe the Indian stoc e?chanes in the
=er! recent times4
O1!r T! C%'#t!r E4$+#3! %" I#i+ 5OTCEI6
The traditional tradin mechanism pre=ailed in the Indian
stoc marets a=e wa! to man! functional inefficiencies/ such
as/ absence of liquidit!/ lac of transparenc!/ undul! lon
settlement periods and binami transactions/ which affected the
small in=estors to a reat e?tent4 To pro=ide impro=ed ser=ices
to in=estors/ the countr!Es first rin less/ scrip less/ electronic
stoc e?chane 8 OT01I 8 was created in :@@* b! countr!Es
premier financial institutions 8 ,nit Trust of India/ Industrial
:)
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0redit and In=estment 0orporation of India/ Industrial
De=elopment %an of India/ S%I 0apital .arets/ Industrial
Finance 0orporation of India/ -eneral Insurance 0orporation
and its subsidiaries and 0an %an Financial Ser=ices4
Tradin at OT01I is done o=er the centers spread across the
countr!4 Securities traded on the OT01I are classified into$
6isted Securities 8 The shares and debentures of the
companies listed on the OT0 can be bouht or sold at an!
OT0 counter all o=er the countr! and the! should not be
listed an!where else
Permitted Securities 8 0ertain shares and debentures listed
on other e?chanes and units of mutual funds are allowed
to be traded
Initiated debentures 8 An! equit! holdin at least one lah
debentures of particular scrip can offer them for tradin on
the OT04
OT0 has a unique feature of tradin compared to other
traditional e?chanes4 That is/ certificates of listed securities and
initiated debentures are not traded at OT04 The oriinalcertificate will be safel! with the custodian4 %ut/ a counter
receipt is enerated out at the counter which substitutes the
share certificate and is used for all transactions4
In the case of permitted securities/ the s!stem is similar to a
traditional stoc e?chane4 The difference is that the deli=er!
and pa!ment procedure will be completed within :) da!s4
:(
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0ompared to the traditional 1?chanes/ OT0 1?chane
networ has the followin ad=antaes$
OT01I has widel! dispersed tradin mechanism across the
countr! which pro=ides reater liquidit! and lesser ris of
intermediar! chares4
-reater transparenc! and accurac! of prices is obtained
due to the screen8based scrip less tradin4
Since the e?act price of the transaction is shown on the
computer screen/ the in=estor ets to now the e?act price
at which sBhe is tradin4
Faster settlement and transfer process compared to other
e?chanes4
In the case of an OT0 issue "new issue+/ the allotment
procedure is completed in a month and tradin commences
after a month of the issue closure/ whereas it taes a loner
period for the same with respect to other e?chanes4
Thus/ with the superior tradin mechanism coupled with
information transparenc! in=estors are raduall! becomin
aware of the manifold ad=antaes of the OT01I4
N+ti%#+ St%$2 E4$+#3! 5NSE6
:9
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With the liberaliCation of the Indian econom!/ it was
found ine=itable to lift the Indian stoc maret tradin s!stem
on par with the international standards4 On the basis of the
recommendations of hih powered Pherwani 0ommittee/ the
#ational Stoc 1?chane was incorporated in :@@* b! Industrial
De=elopment %an of India/ Industrial 0redit and In=estment
0orporation of India/ Industrial Finance 0orporation of India/ all
Insurance 0orporations/ selected commercial bans and others4
Tradin at #S1 can be classified under two broad cateories$
"a+ Wholesale debt maret and
"b+ 0apital maret4
Wholesale debt maret operations are similar to mone!maret operations 8 institutions and corporate bodies enter into
hih =alue transactions in financial instruments such as
o=ernment securities/ treasur! bills/ public sector unit bonds/
commercial paper/ certificate of deposit/ etc4
There are two inds of pla!ers in #S1$
"a+ Tradin members and
"b+ Participants4
ReconiCed members of #S1 are called tradin members
who trade on behalf of themsel=es and their clients4 Participants
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include tradin members and lare pla!ers lie bans who tae
direct settlement responsibilit!4
Tradin at #S1 taes place throuh a full! automated
screen8based tradin mechanism which adopts the principle of
an order8dri=en maret4 Tradin members can sta! at their
offices and e?ecute the tradin/ since the! are lined throuh a
communication networ4 The prices at which the bu!er and
seller are willin to transact will appear on the screen4 When the
prices match the transaction will be completed and a
confirmation slip will be printed at the office of the tradin
member4
#S1 has se=eral ad=antaes o=er the traditional tradine?chanes4 The! are as follows$
#S1 brins an interated stoc maret tradin networ
across the nation4
In=estors can trade at the same price from an!where in the
countr! since inter8maret operations are streamlined
coupled with the countr!wide access to the securities4
Dela!s in communication/ late pa!ments and the
malpractices pre=ailin in the traditional tradin
mechanism can be done awa! with reater operational
efficienc! and informational transparenc! in the stoc
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maret operations/ with the support of total computeriCed
networ4
,nless stoc marets pro=ide professionaliCed ser=ice/ small
in=estors and forein in=estors will not be interested in capital
maret operations4 And capital maret bein one of the major
sources of lon8term finance for industrial projects/ India cannot
afford to damae the capital maret path4 In this reard #S1
ains =ital importance in the Indian capital maret s!stem4
*.7 B%-+) St%$2 E4$+#3! 5BSE6
The Stoc 1?chane/ .umbai/ popularl! nown as
8BSE8 was established in :>;( as 8T! N+ti1! S+r! +#
St%$2 Br%2!r0 A00%$i+ti%#8.It is the oldest one in Asia/ e=en
older than the To!o Stoc 1?chane/ which was established in
:>;>4 It is a =oluntar! non8profit main Association of Persons
"AOP+ and is currentl! enaed in the process of con=ertin
itself into demutualised and corporate entit!4 It has e=ol=ed o=er
the !ears into its present status as the premier Stoc 1?chane in
the countr!4 It is the first Stoc 1?chane in the 0ountr! to ha=e
obtained permanent reconition in :@(9 from the -o=t4 of India
under the Securities 0ontracts "Reulation+ Act/ :@(94
The 1?chane/ while pro=idin an efficient and transparent
maret for tradin in securities/ debt and deri=ati=es
upholds the interests of the in=estors and ensures redressal of
:@
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their rie=ances whether aainst the companies or its own
member8broers4 It also stri=es to educate and enlihten the
in=estors b! conductin in=estor education prorammes and
main a=ailable to them necessar! informati=e inputs4 A
-o=ernin %oard ha=in *' directors is the ape? bod!/ which
decides the policies and reulates the affairs of the 1?chane4
The -o=ernin %oard consists of @ elected directors/ who
are from the broin communit! "one third of them retire
e=er !ear b! rotation+/ three S1%I nominees/ si? public
representati=es and an 1?ecuti=e Director 5 0hief 1?ecuti=e
Officer and a 0hief Operatin Officer4
The 1?ecuti=e Director as the 0hief 1?ecuti=e Officer is
responsible for the da!8to8da! administration of the 1?chane
and he is assisted b! the 0hief Operatin Officer and other
2eads of Departments4The 1?chane has inserted new Rule
#o4:*9 A in its Rules/ %!e8laws 5 Reulations pertainin to
constitution of the 1?ecuti=e 0ommittee of the 1?chane4
Accordinl!/ an 1?ecuti=e 0ommittee/ consistin of threeelected directors/ three S1%I nominees or public representati=es/
1?ecuti=e Director 5 01O and 0hief Operatin Officer has
been constituted4 The 0ommittee considers judicial 5 quasi
matters in which the -o=ernin %oard has powers as an
Appellate Authorit!/ matters reardin annulment of
transactions/ admission/ continuance and suspension of member8
*'
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Settlements in all scrips traded on the 1?chanes w4e4f4
December &:/ *'':/ etc4 ha=e ad=ersel! impacted the liquidit!
in the maret and consequentl! there is a considerable decline in
the a=erae dail! turno=er at the 1?chane as reflected in abo=e
statistics
(.9 C%:+#) Pr%"i!(.9 C%:+#) Pr%"i!
**
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C%$i# St%$2 E4$+#3!C%$i# St%$2 E4$+#3!
0ochin Stoc 1?chane 6imited "0S1+ is one of the
premier Stoc 1?chanes in India4 1stablished in the !ear :@;>/
the 1?chane has underone tremendous transformation o=er
the !ears4 The e?chane had a humble beinnin with just (
companies listed in :@;>8;@/ and had onl! :) members4 Toda!
the 1?chane has ('> members and *)' listed companies4 In
:@>@ the compan! went for computeriCation of its offices4 Inorder to eep pace with the chanin scenario in the capital
maret 0S1 too =arious initiati=es includin tradin in
dematerialiCed shares4 0S1 introduced the facilit! of
computeriCed tradin called 0ochin Online Tradin "0O6T+
on .arch :;/ :@@;4 0S1 was one of the promoters of the
Interconnected Stoc 1?chane of India "IS1+4 The objecti=e
was to consolidate the small/ framented and less liquid marets
into a national le=el interated liquid maret4
With the enforcement of efficient marin s!stem
and sur=eillance/ 0S1 has successfull! pre=ented defaults4
Introduction of Fast Trac S!stem made 0S1 the soc e?chane
with shortest settlement c!cle in the countr! at that time4 %! the
dawn of the new centur!/ the Reional 1?chanes faced a
serious challene from the #S1 5 %S14 To face this challene
0S1 promoted a :''J subsidiar! called the 0ochin Stoc
*&
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%roers 6td "0S%6+ and started tradin in the #ational Stoc
1?chane and the .umbai Stoc 1?chane4
0S%6 is the first subsidiar! of a Stoc 1?chane to
et membership in both #S1 5 %S1/ and became a participant
in the 0entral Depositor! Ser=ices 6td4 The 0ochin Stoc
1?chane has been pla!in a =er! =ital role in the economic
de=elopment of the countr! in eneral/ and
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M!-!r0i: Pr%"i!
0ochin Stoc 1?chane currentl! has ('>
members4 All the members of 0S1 ha=e one share each of =alue
Rs :'' thus main the issued/ subscribed and paid up capital of
Rs ('/>''4 The authoriCed capital of 0S1 is Rs :/ ''/''' with
the total membership limited to :'''4
As per the S1%I norms 0S1 chares an
initial deposit of Rs4* lahs from each of its members4 %ased on
the =olume of trade each member is to contribute additional
deposits4 Alon with this an annual subscription fee of Rs4*''
for indi=idual members and Rs4('' for corporate members will
be chared b! 0S14 The members are allowed to appoint their
assistants or sub8broers based on the uidelines i=en b! S1%I4Durin the fi=e !ears of membership each member ha=e to pa!
Rs4(''' annuall! to S1%I as ad=ance pa!ment on or before :st
October of each financial !ear4 From the 9 thto the :'th!ear of
membership the total amount pa!able is Rs4(''' which is
pa!able at the beinnin of the 9th!ear "counted as pa!ment of
Rs4:''' per !ear+4 In addition to this/ if the pre=ious !ear
turno=er is more than : crore then '4':J of the e?ceedin
amount should also be paid to S1%I4
*(
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M+#+3!!#t %" C%$i# St%$2 E4$+#3!
The polic! le=el manaement of 0ochin Stoc
1?chane is =ested with the 0ouncil of .anaement4 The
0ouncil of .anaement is constituted with :& members of
whom 9 are elected from amonst the members of 0ochin Stoc
1?chane/ * persons nominated b! S1%I/ : -o=ernment
nominee and & Public Representati=es4 The council of
manaement appoints 1?ecuti=e Director and is an e?8officiomember of the council4 2e taes care of the administration of
the e?chane4 The treasurer appointed from the 0ochin Stoc
1?chane/ subject to the appro=al of o=ernment and S1%I/
o=ersee the financial functions of the e?chane4
The same council of manaement is manain0ochin Stoc %roers 6td4 the subsidiar! of the e?chane4 The
council of manaement becomes the %oard of Directors of the
subsidiar!4 The 1?ecuti=e Director is the .anain Director of
0S%64 The operation of an! Stoc 1?chane can commence
onl! with the reconition of the central o=ernment under the
securities contract reulation act/ "S0R+ :@(94 The =arious
reulations concernin the listin of companies and the tradin
related acti=ities are pro=ided under S0R rules/ :@(;4 The b!e8
laws of the e?chane i=e uidelines on openinBclosin of
0ochin Stoc 1?chane/ timin of tradin/ reulation of badla
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:4( Hi0t%r) O" t! C%:+#i!0
GUJARAT AMBUJA CEMENTS LTD.
The 0ompan! was Incorporated on *'th October/:@>: as
Ambuja 0ements P=t46td4 It was jointl! promoted b! -ujarat
Industrial In=estment 0orporation 6td4 "-II0+ and #4S4
Sehsaria and his associates/ 3inod & and its name was chaned to -ujarat Ambuja
0ements/ 6td4/ on :@th .a!/ :@>&4
T!$#%%3)
The 0ompan!Es object is to manufacture cement4 The
0ompan! adopted the latest dr! process precalcination
technolo! incorporatin fi=e staes preheated for the main p!ro
processin s!stem of the cement plant4 For rindin the raw
material/ the 0ompan! undertoo to install the latest air swept
roller mills of pol!sius desin which were e?tremel! ener!
efficient4
A computerised process control s!stem with field instruments
supplied b! 6arsen 5 Tourbo was also bein installed to i=e
consistentl! hih qualit! cement with ma?imum producti=it!4 In
addition/ electronic pacin machines were bein obtained from
2a=er 5 %oecer/ West -erman!/ and re=erse air bahouseequipment from Kurn Industries/ ,SA4 The compan! entered
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into an areement with
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R!$!#t D!1!%:!#t0
The compan! commissioned its * million tonne plant at
0handrapur in .aharashtra in Hune *''*4
F't'r! P+#0
-A06 is proposin to e?pand its maretin base/ settin up a
bul cement sea terminal at Tuticorin in Tamilnadu4 The project
has been stalled till further notice from the courts4
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TISCO
The T+t+ Ir%# +# St!! C%:+#)6td "Tata Steel+ is a sinle8
location steel compan! established in :@';4 the countr!Ls sinlelarest/ interated steel wors in the pri=ate sector/ with a
maretshare of about :& per cent4 As a result of hih capacit!
utilisation and complete bacward interation/ it is amon the
worldLs lowest cost liquid steel manufacturers4
The compan! is IndiaLs sinle larest e?porter of hih8qualit!/
=alue8added steel products4 It is the producer of one of the
cheapest 2R coils in the world4
The compan! offers a di=erse rane of products and ser=ices4
These include 2RB0R coils and sheets/ tubes/ construction bars/
forin qualit! steel/ rods/ structurals/ strips and bearins/ steel
plant and material handlin equipment/ ferro allo!s and other
minerals/ software for process controls/ and caro handlin
ser=ices4 Sister companies offer tinplate/ wires/ rolls/
refractories/ project manaement ser=ices and material handlin
equipment4
The compan! has technoloical and strateic tie8ups with world
leaders such as Th!ssen/ #ippon Steel/ 2itachi/ Posdata/ S.S/
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R!$!#t D!1!%:!#t0
In Februar! the compan! raised Rs :'' crore throuh an issue
of non8con=ertible debentures4 The issue carries a coupon of
@4*( per cent4 The #0Ds ha=e a fi=e !ear tenure with a put and
call option after three !ears4 The issue was rated MMAAN b!
0risil4 The funds raised from the issue will be used for eneral
corporate purposes includin capital e?penditure and retirement
of hih cost debt4 The compan! has initiated =arious cost
reduction dri=es/ which include chane in product mi?4 It has
increased production of cold rolled and coated steels/ which
fetches hiher marins4 the compan! achie=ed #o4 * position in
cold rolled product requirements of Oriinal equipment
manufacturers "O1.+ in the =er! first full !ear of operation4
6ow steel prices in domestic and international marets affected
sales of the compan! durin the third quarter of F7*''*4 The
compan! has refurbished F blast furnace at a cost of Rs *'>
crore4 TiscoLs stae in Tata SS6 has one up to @( per cent4 The
sector is facin problems of e?cess capacit! and low demand
from =arious industries4 Tata Steel has decided to disin=est a
portion of their stae in the Hamipol to S
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products4 As a result of these measures/ coupled with continuous
focus of cost effecti=eness/ and impro=in =olumes/ the
compan! plans to proressi=el! impro=e 13A and turn the same
positi=e b! *'';4Di=estment/ merers and acquisitions will be
part of the strate! to become 13A positi=e4 In=estors should
hea=e a sih of relief as the recent newspaper reports suest
that Tisco is unliel! to in=est in the telecommunication arena4
The compan! plans to identif! and di=est non8core or
chronicall! under8performin businesses4 Tiscos taret is to earn
a profit of Rs )'' crore/ and produce )4) million tonnes of hot
metal and ) million tonnes of crude steel in *''*8'&4
Tata Iron 5 Steel 0ompan! "Tisco+ is intendin to re=i=e the Rs
9:' cr .esco project and tae o=er the manaement of .id81ast Steel 0ompan! ".esco Steel+ which is situated in Orissa4
1arlier in April/ the compan! had clarified that it has been
looin at the possibilit! of settin up a ferro chrome plant in
South Africa and Australia4 Tisco to suppl! aseous o?!en to
%O0 India4Tata Steel plans to introduce its specialised rade of
al=anised/ coated steel for car bodies within nine months4 Tata
Steel will soon join the leaue of companies lie Itochu
0orporation/ .itsui 5 0ompan! and .itsubishi International
0orporation b! enterin the steel tradin business/ which will be
carried out b! the compan!Ls di=ision4
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RANBAXY
R+#-+4)has one of the most di=ersified re=enue streams in the
pharmaceutical industr!4 The compan! is also one of the biesteneric pharmaceutical companies/ in terms of re=enue4 The
therapeutic sements of Ranba?! includes anti8infecti=es "()J
of net sales+/ nutritional "@J+/ astro8intestinal "@J+/ non8
steroidal anti8inflammator! s!stems ";J+/ dermatolo! "9J+/
orthopedics "&J+/ 0#S "*J+/ cardio=ascular "&J+/ others ";J+4
Thouh @'J of its re=enues are from the pharma business/
Ranba?! is also into animal health/ dianostics and specialt!
chemicals4
The anti8infecti=e sement of the compan! ot a boost throuh
the launch of Sporide? AF/ and J and #orth America pitches in (J4 Ranba?! spent
a considerable amount of resources in ettin its o=erseas
operations off the round/ but till date the returns ha=e not
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come4
R!$!#t D!1!%:!#t0
Ranba?! 6aboratories has entered into an areement with
.edicines for .alaria 3enture "..3+/ -ene=a for the
de=elopment of s!nthetic pero?ide anti8malarial dru4
%esides pharmaceutical and clinical de=elopment/ Ranba?! will
ha=e worldwide rihts for the reistration and
commercialisation of the product4
Ranba?!Ls team of scientists will wor in collaboration with
scientists and researchers from the ,ni=ersit! of #ebrasa
.edical 0entre/ .onash ,ni=ersit! and the Swiss Tropical
Institute in identif!in a candidate forde=elopment4
Ranba?! 6aboratories has recei=ed appro=al from the ,S Food
and Dru Administration to maret flecainide acetate tablets
,SP/ in (' m/ :'' m/ and :(' m strenths4 The di=ision of
bioequi=alence has determined Ranba?!Ls flecainide acetate
tablets ,SP/ (' m/ :'' m/ and :(' m/ to be bioequi=alent
and/ therefore/ therapeuticall! equi=alent to the listed dru
Tambocor tablets/ (' m/ :'' m/ and :(' m/ respecti=el!/ of
&. Pharmaceuticals/ Inc4
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Ranba?! Pharmaceuticals/ Inc4/ a wholl! owned subsidiar! of
Ranba?! 6aboratories has recei=ed tentati=e appro=al from
,SFDA to maret benaCepril h!drochloride tablets in (m/
:'m/ *'m and )'m strenths4
The di=ision of bio8equi=alent to the listed dru lotensin"R+ of
#o=artis Pharmaceuticals 0orporation4 In *''*/ sales of this
dosae form totaled &&*4(' million4
Ranba?! 6aboratories will pro=ide Anti8Retro=irals for
treatment for '4( to one million AIDS8infected people in the
comin :> to *) months/ across the world in order to pro=ide
cost8effecti=e treatment for AIDS4 The pharma major has filed
&'' reistrations in () countries durin the last :> months andhas made around :'' reistrationsBmaretin authorisations with
products a=ailable in almost *' countries durin the past one
!ear4
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BHARATI TELE VENTURES
B+rti T!!
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Pradesh "West+ circle4 In addition/ it also has a fi?ed8line
operations in the states of .adh!a Pradesh and 0hattisarh/
2ar!ana/ Delhi/ million sq4 m
in :9 states touchin 9'' million people4
R!$!#t D!1!%:!#t0
As a part of its consolidation e?ercise and to attain business
s!neries/ telecom pla!er %harti Tele83entures 6td has decided
to mere its fi?ed line/ lon distance/ broadband and 3SAT
business4
The three arms that are to be mered are %harti Telenet 6td
"basic fi?ed line operations+/ %harti Telesonic 6td "international
and national lon distances+/ %harti %oardband #etwors 6td
"broadband and 3SAT operations+4
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After the merer taes place/ the new entit! would be
rechristened %harti Infotel 6td4
%harti 0ellular/ has entered the .umbai circle in name of Air8
Tel %harti is not settin an! roamin chares on its networ
across the countr!/ and offerin free incomin calls between
Airtel to Airtel consumers and free airtime for one international/
national and local number/ without an! monthl! chares4 In its
introductor! offer/ the compan! is offerin free tal time worth
Rs (' upon acti=ation with the further promise of returnin the
acti=ation fees after si? months4Airtel customers can now carr!
their .umbai rate plan and roam without pa!in roamin
chares in all Airtel networs across the countr!4Within a shortspan of )' da!s of launchin its ser=ice in .umbai/ AirTel/ has
reistered a record number of :''/''' customers in the cit! as
reported b! the companies sources
In a bid to promote its cellular brand8 AirTel/ %harti
Tele=entures 6td has earmared an ad budet of Rs :'' crore
this fiscal/ the compan! has rolled out a new tele=ision
campain featurin famous music director .r AR Rahman 4 AR
Rahman has also composed fi=e e?clusi=e rintones
downloadable b! o=er two million AirTel customers across the
countr!
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%harti Tele=entures 6td "%T36+ le=el of interest in .ahanaar
Telephone #iam 6td ".T#6+ is unclear followin union
telecom minister/ Pramod .ahajans recent announcement of the
intention to mere the telecom behemoth with %harat Sanchar
#iam 6imited "%S#6+41arlier the compan! had plans to tae a
stae in .T#6 The chairman of %T36 said that the compan! is
liel! to report losses for some time before reportin a profit4 2e
added that %T36 ma! reister profits onl! b! F7'(4
F't'r! P+#0
%harti Tele83entures/ e?pects to corner &' per cent of IndiaLs
mobile ser=ice maret b! end of .arch *''& e?pect continuous
rowth till the end of the !ear and our maret share ma! touch&' per cent b! the end of current fiscal4 As of now/ the! ha=e a
*( per cent maret share4 The mobile subscriber base is
e?pected to touch :*8:& million b! end of .arch*''&4
The compan! is plannin to raise around :'' million throuh
an e?ternal commercial borrowin "10%+ proramme to part8
fund its e?pansion plans4The compan!/ which is tappin the
e?ternal borrowers for the first time/ is e=aluatin the option of
lon8term forward co=ers to hede itself aainst the attendant
forein e?chane riss4 This is part of the compan!Ls initiati=e
to raise debt/ thouh it prefers to fund projects throuh more
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equit!4
%harti has alread! in=ested Rs4 :('' crores in the Western
Reion4 1ncouraed b! the customer response/ plans ha=e been
firmed to aument the le=el of in=estments in the Western
Reion4 An in=estment of about Rs :(' crore is planned in the
compan!s IT infrastructure this !ear4
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CHAPTER II
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STATEMENT OF OBJECTIVES
*.( Pri+r) O-=!$ti1!
The main objecti=e of the stud! can be listed out as$
:4 To stud! in depth the equit! scrips price chanes of -A06/
TIS0O/ RA#%A7/ %T364
*4 To find out the impact of different mo=in a=eraes on each
compan! scrips4
&4 To determine lon term and short term trend of price
mo=ements4
*.* S!$%#+r) O-=!$ti1!0
:4 To help an in=estor in decidin his entr! and e?it timins4
*4 To help an in=estor in creatin a profitable portfolio4
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CHAPTER III
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RESEARCH METHODOLOGY
I#tr%'$ti%#Research methodolo! is a wa! to s!stematicall! sol=e the
research problem 4 It ma! be understood as a science of stud!in
how research is done s!stematicall!4 In this we stud! the =arious
steps that are enerall! adopted b! a researcher in stud!in his
research problem alon with the loic behind them4 It is
necessar! for the researcher to now not onl! the research
mehod B techniques/ but also the methodolo!4 It is necessar!
for the researcher to desin his methodolo! for his problem as
the same ma! differ from problem to problem4 The research
methodolo! has man! dimensions and research methods to
constitute a part of the research methodolo!4 The scope of
research methodolo! is wider than that of research methods4
The research methodolo! concernin a research problem or
stud!4
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/.( P!ri% %" 0t')
The project was undertaen within the premises of 0S1 ltd
from :(th December/ *'') to **th .arch /*''(4 The
indi=idual maret prices of the shares of the companies
selected were collected for a period ranin from :st
Hanuar! *'') to &:stDecember *'')4
/.* M!t%%%3) %" D+t+ C%!$ti%#
The nature of the data used for the stud! is secondar!
in nature4 The secondar! data are those which ha=e alread! been
collected b! some other aenc! and which ha=e alread! been
processed4
In this stud! the researcher used the secondar! data collection
methods for collectin the details from compan! records/
maaCines and websites
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/./ Liit+ti%#0 %" t! 0t')
:4 This stud! is meant for in=estors who are in=estin for short
term /medium term and lon term4
*4 The Technical and fundamental anal!sis tools were used for
the stud!4 The eneral limitations of these tools are applicable to
this stud! also4
&4 The stud! is limited onl! to four companies4
)4The constraint of time was alwa!s a major limitation that was
accuratel! felt4
/.9 T%%0 '0! "%r +t+ +#+)0i0
Fundamental and Technical anal!sis were carried
out for the stud!4 The share price mo=ement anal!sis of this
scrip in this stud! is based on the technical anal!sis tools4 The
particular tools that ha=e been used in this stud! are $
:4 Du Pont Anal!sis
*4Price 3olume Anal!sis
&4 .aret 0apitalisation rates
)4 .o=in A=eraes "*( da!/ (' da!/ :'' da!/ *'' da!+
( .o=in A=eraes 0on=erence Di=erence charts
94 In=estment Profitabilit! Ratios
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The abo=e specified tools were used for the anal!sis of short
term/ medium term and lon term trends4
T%%0 O1!r1i!w
The followin is brief description about the tools used
(. D':%#t A#+)0i0
The Dupont Anal!sis hihlihts the fact that Return on Assets
"ROA+ can be e?pressed in terms of the Profit marin and Asset
turno=er4 One of the easiest wa!s to aue whether a
compan! is an asset creator or a cash consumer is to loo
at the return on equit! "RO1+4 In its simplest form/ RO1
is calculated b! di=idin one !earEs earnins b!
shareholderEs equit!4 %usinesses that enerate hihreturns on equit! are businesses that create substantial
assets for each dollar in=ested4
The Dupont Anal!sis is a means of anal!Cin the three
components of return on equit!$
:4 N!t M+r3i# 5Operatin Profit .arin Ratio6 > N!t
I#$%! ? S+!04
2ow much profit a compan! maes for e=er! Rs4:4'' it
enerates in re=enue4
*4 A00!t T'r#%1!r > S+!0 ? A1!r+3! T%t+ A00!t0 4
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*. M+r2!t C+:it+i;+ti%# r+t!0.
M+r2!t $+:it+i;+ti%#/ often abbre=iated to +r2!t $+:/ is a
business term that refers to the o=erall =alue of a compan!Esstoc4 In essence/ it is the price one must pa! to bu! an entire
compan!4
.aret capitaliCation is calculated b! multipl!in the number of
shares of the compan! and the current price of those shares4 The
term $+:it+i;+ti%#is sometimes used as a s!non!m of maretcap other times/ it denotes maret cap plus lon term debt4
.aret cap is the price of a compan!Es stoc/ and ma! not
reflect the GfundamentalG situation of the compan!/ because itEs
based on assumptions about the future4 It is not uncommon for a
compan!Es maret cap to man! times larer than the compan!Es
Gboo =alueG "shareholdersE equit!+ or earnins/ if thereEs
anticipation of earnins rowth4
The first reason for a GhihG maret cap is the GfundamentalG
reason which is anticipation of future rowth in cash flow from
the operations that the compan! carr! out to add =alue and earn
mone! in the maretplace4 The second reason is price increase
from pure GspeculationG of hiher price/ perhaps because of a
lare price increase in the past/ or because of technical anal!sis4
A third uncommon reason for price increase be!ond anticipated
returns is o=ernment Ginter=ention/G o=ernment bu!in shares4
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The companies which are ha=in the hihest maret
capitaliCation rates are selected for the anal!sis4
/. M%1i#3 A1!r+3!
The .o=in A=erae is a lain indicator/ or trend
followin formula/ that smoothes the =olatile swins in a
maret4 The! are used to trac the proress of a trend and tosinal when a trend has ended or re=ersed4 There are ) common
t!pes of mo=in a=eraes$
There are lots of wa!s of interpretin mo=in a=eraes4 The
most basic is to treat a chane of direction in the mo=in
a=erae as a sinal to bu! or sell/ so if the mo=in a=erae has
been consistentl! risin and then it falls/ that is a sinal to sell4
The classical interpretation/ used b! most technical anal!sts/ is
to compare the mo=in a=erae with the price of the underl!in
share and to plot them both on the same raph4 %efore the share
price rises abo=e its mo=in a=erae/ bu! the share when it falls
below its mo=in a=erae/ sell the share4 That is puttin it in
e?tremel! simple terms/ and for a more sophisticated
understandin/ read one of the man! boos on the subject4
The .o=in A=erae ".A+ is one of the simplest/ !et
most =ersatile and widel! used of all technical indicators4 The
(*
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.A attempts to tone down the fluctuations of maret prices to a
smoothed trend/ so that distortions are reduced to a minimum4
.As help in tracin trends and sinalin re=ersals4 7ou could
thin of the .A as a cur=ed trend line/ fittin itself to the
maret4*( da!s mo=in a=eaes it represents the consensus of
in=estor e?pectations o=er the last *( da!s4 If the securit!Es price
is abo=e its mo=in a=erae/ it means that in=estorEs current
e?pectations "i4e4/ the current price+ are hiher than their a=erae
e?pectations o=er the last *( da!s/ and that in=estors are
becomin increasinl! bullish on the securit!4 0on=ersel!/ if
toda!Es price is below its mo=in a=erae/ it shows that current
e?pectations are below a=erae e?pectations o=er the last *(
da!s The *''8da! .A"or )'8wee .A+/ should be carefull!
watched as a pi=otal le=el of support or resistance for the lon8term trend4 .an! people watch carefull! when the *''8da! .A
is approached b! the price4 The relationship between the price
and its *''8da! .A can often pro=ide e?cellent bu! or sell
sinals4
The *''8da! .A is also particularl! sinificant for
the =arious inde?es/ such as the Dow Hones or #ASDAQ4 A
crosso=er of this .A has often sinalled a correction or period
of consolidation4
.o=in a=eraes can also be calculated and plotted
for other indicators/ not just the price4 A continued upward
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mo=ement b! the indicator is sinified b! the indicator risin
abo=e its mo=in a=erae4 A continued downward mo=ement is
sinified b! the indicator fallin below its mo=in a=erae4
The formulae for calculatin the mo=in a=eraes is as under
Formulae $
P: N P* N P&N 88888888NPn
n
where P is the price for the da!s
n is the number of da!s
94 In=estment Profitabilit! Ratios
FORMULAE
1PS #1T PROFIT B #O OF 1Q,IT7 S2A1S
1AR#I#-S 7I16D 1PS B .
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/. S$%:! %" t! 0t')
6are no of companies representin different
industries are listed with the stoc e?chanes in India4 This
stud! is limited to four industries4 As each industr! consists of
man! companies the researcher has wored out the best method
for selectin the best compan! in the industr!4 The companies
selected for this stud! are taen from the S5P 0# #ift!4 The
indi=idual companies selected are$
:4 Ranba?! "Pharmaceutical Industr!+
*4 -ujarat Ambuja 0ements 6td4 "0ement Industr!+
&4 Tata Iron 5 Steel 0o "Iron 5 Steel Industr!+
)4 %harati tele =enture "Telecom Industr!+
The companies are selected based on their maret capitaliCation
rates4 The companies ha=in the hihest maret capitaliCation
rates areselected for the anal!sis
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CHAPTER IV
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HY DO COMPANIES ISSUE STOC
%usinesses issue stoc to raise mone!4 The! use this mone! to
finance e?pansions/ pa! for equipment/ and fund projects/ etc4
0orporations issue stoc when the! ma! need additional capital
to operate successfull!4
The fanc! term for issuin stoc to raise mone! is equit!
financin4 The mone! recei=ed from in=estors who bu! stocs is
called equit! capital4 In the world of securities/ the word
Gequit!G usuall! refers to stocs4 The other method of raisin
mone! is debt financin/ which in=ol=es sellin bonds4 That is
the subject of other tutorials4
When companies mae profits/ the! ma! reward their
stocholders with pieces of their profits/ nown as di=idends4
Di=idends are an incenti=e for in=estors to hold stocs4
#ow that !ou now the wh! of bu!in stocs/ !ou will need to
now the where4
HAT ARE STOC EXCHANGES
1?chanes are the ph!sical locations where stocs are bouht
and sold4 The! are the sisters of the o=er8the8counter "OT0+
maret4 The OT0 refers to a maret in which securities
transactions are conducted throuh a telephone and computer
networ connectin dealers in stocs and bonds/ rather than on
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the floor of an e?chane4 Toether/ these two marets form the
secondar! maret4 The primar! and secondar! marets toether
mae up the stoc maret4
1?chanes are located all o=er the world/ with the most famous
one bein the #ew 7or Stoc 1?chane4 The #7S1 annuall!
trades almost :* trillion dollars worth of capital4 Thousands of
stocs are listed on this e?chane4 When !ou bu! a stoc/ !ou
will need to learn which e?chane"s+ list it4 Other than locatin aquote in the newspaper/ with online tradin and the automation
of order s!stems/ there is =er! little reason to determine where
the stoc trades from the customerEs =iewpoint4
The Securities and 1?chane 0ommission "S10+ reulates stoc
tradin and e?chanes4 Additional reulation is administered b!The #ational Association of Securities Dealers "#ASD+4 The
#ASD maes and enforces rules for its members and enforces
federal securities acts and the S10 maes rules for its
membership4 As !ou read more about in=estin/ !ou will
become more familiar with these oraniCations and their
protecti=e reulations4
All the technicalities aside/ read below to learn what !ou/ as an
in=estor/ et out of stoc ownership besides !our piece of the
compan!4
9:
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HAT BENEFITS DO INVESTORS GET FROM STOC
ONERSHIP
In addition to ownin part of a compan!/ !ou ha=e the potential
to recei=e monetar! benefits when !ou own stoc shares4
Ownin stoc ma! allows !ou the opportunit! to earn mone! on
mone!4
2istoricall!/ stocs ha=e performed better than most other
in=estments4 This is a testament to the rowth of the econom! in
the ,nited States4 From :@(( to :@@)/ the a=erae !earl! return
of a share of stoc was appro?imatel! :' percent4 This means
that if :'/''' were in=ested in stocs in :@((/ and di=idends
and capital ains were rein=ested instead of ept/ this :'/'''
would ha=e been worth about )))/''' b! :@@)4
9*
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CHAPTER V
9&
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A#+)0i0 & I#t!r:r!+ti%#0
This chapter deals with anal!sin and scrutinisin the collected
data in order to deri=e meaninful inferences and conclusions
from it4 For the purpose of anal!sis of data statistical tools lie
.aret capitalisation rates/ Dupont anal!sis/ Ratio anal!sis/Price =olume anal!sis/ .o=in a=eraes calculations were
undertaen4 These tools help in accurate interpretation of the
colected data/ helps in deri=in an accurate findin and drawin
=aluable suestions and conclusions which are the end
products of the stud!4 As this chapter determine the =alididt! of
the stud!/ the researcher should tae care of each and e=er!
stae of data anal!sis and interpretation4
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.AR;&4(Ranba?! :@(@'%harati tele =enture &@(;>
Inference$ From the abo=e fiures it is infered that %harati tele
=enture is ha=in the hihest maret capitalisation rate in
the roup4 %ut all the other companies are those ha=in
the hihest maret capitalisation rate in their respecti=e
industr!4
99
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PRICE VOLUME ANALYSIS
(. G'=+r+t A-'=+ C!!#t0
M%#t
Hi3!0t
V+'!
L%w!0t
V+'!
R+#3!
5Hi3!0t V+'!
:.>
;:@ 0"t0=< ;=:=.8> ;=.=
;: :0"t0=< ;=;. ;=@9.:> ;=;=.;9 :..> ;=@:.88 ;=;>.>
9=; ; ;=.9: ;=9;.9 ::=.@ :::.9; ::.::
9=> 9=0"t0=< ;=:=.:> ;=.>: ;=9.@ ::8.9: :::.=8
9= 9;0"t0=< ;=@;. ;=:.9< ;=8;.;; ::0"t0=< ;=:.=> ;=.>; ;=89.: :: ;=@.> ;[email protected] ::.= :::.=
9;= 90"t0=< ;=8.; ;=.;9 ;=< ::.: ::.=
9;; 9:0"t0=< ;=:. ;=< ;= ;=>. .@> ;==9.= ::.:>
9; >0$ov0=< ;;>9.< ;=:.@> ;=8.;; ;==8.>= :::.
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9;@ 0$ov0=< ;;99.8 ;=:9.;@ ;[email protected] ;===.;>
9; :0$ov0=< ;==.> ;=:8.;9 ;=@=.:8 ;==@.>= ;===.;
9;: ;=0$ov0=< ;=:8.; ;=:9.;@ ;[email protected]= ;==:.>; ;===.
99= ;;0$ov0=< ;=:=.=> ;=:9.;: ;=@>. ;=;;. ;==;.88
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999 ;0$ov0=< ;=@8. ;=:9.: ;==.: ;=;>.>: ;==9.9
998 ;@0$ov0=< ;=>=.=> ;=:9.9 ;=9.9 ;=;@.9 ;==9.@8
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9.@ ;;8@ ;;;8.8@ ;=>.8 ;=9=.8.>> ;;:.>> ;=9;.@
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;; ;>0Jan0=<
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;@ :0Se)0=< 9>.: 9@.>@ 8;;.@8 8;>.=
;@@ ;=0Se)0=< 98. 9@9.>< 8;=.@8 8;8.>=
;@ ;80Se)0=< 9@. 9.:8 8=:.:9 8;9.=8
;@: ;= 8=:.98 8;=.;
;= ;>0Se)0=< 9>.> 9>>.= 8=.9< 8=:. 9>.= [email protected] 8=.9@
;9 ;@0Se)0=< 9@:.> 9>.: 8=.@ [email protected]
;8 9=0Se)0=< 9 9>@.8 8=.98 8=.>.8@ 8=>.8 8=>.:
;> 990Se)0=< 9.@> 9>:.;: 8=>.9: 8=>.8
; 980Se)0=< 9@. 9=.9@ 8= 99.88 8=8.== 8=8.8>
;: 90Se)0=< 99. 9 9>. 9@.;= 9::.9: 8=9. 9@=.; 9:.8@ 8=9.;>;:< >0"t0=< 9:8.:> 9@9. 9: 9@>.:@ 9:;.8@ 8=9.98
;:@ 0"t0=< 8=9.; 9@.=> 9:.>9 8=9.=8
;: :0"t0=< 8==.>> 9=.;9 9@.@9 8=;.@@
;:: ;;0"t0=< 8== 99.=8 9>.:; 8=;..9> 9;.:; 8==.@@ 80"t0=< 9 9@. 9@ 9:.< 9@9. 9::.@9 8.
9=@ 9>0"t0=< 9@:.> 9:=.=> [email protected]@ 9::.> 8.=@
9= 90"t0=< 9:.9> 9:=.=> 9@8.< 9::.99 8
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98; 8=0$ov0=< 898.> 8=;.>9 9:>.> 8=;. 8=;.@ 89:.8@
988 90%e0=< 88;.> 8=>.=> 9:@.>> 8=;.: 89.@ 0%e0=< 88=.> 8=.; 9::.98 8=9.9 89@.=
98 @0%e0=< [email protected]> 8=:.9 8==.=@ 8=9..8
9.: 8;.: 9:@.=; 8;:.>
9>< 8;0%e0=< 8>.; 88. 8;.: 9:.8 8;:.>
MOVING AVERAGES5Br+t) t!! 1!#t'r!06
Sl $o date Close 9> da* M.A >= da* M. A ;== da* M. A 9== da* M. A; ;0Jan0=< ;;;.=>
9 90Jan0=< ;=:.>
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< 0Jan0=< ;;8.=>
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: 9 ;>@.:::: 9>0Ma*0=< ;>=. ;=.:: ;>.=:
;== 90Ma*0=< ;>>.8> ;=.9; ;>.=
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MACD CHARTS
GUJARAT AMBUJA CEMENTS
* DAY MOVING AVERAGE
>>
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K DAY MOVING AVERAGE
4
>@
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(KK DAY MOVING AVERAGE
@'
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R+#-+4)
* DAY MOVING AVERAGE
4
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(KK DAY MOVING AVERAGE
@)
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*KK DAY MOVING AVERAGE
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(KK DAY MOVING AVERAGE
@>
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*KK DAY MOVING AVERAGE
@@
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B+r+ti t!! 1!#t'r!
* DAY MOVING AVERAGE
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K DAY MOVING AVERAGE
:':
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(KK DAY MOVING AVERAGE
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*KK DAY MOVING AVERAGE
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I#"!r!#$!0 "r% t! $+rt0
G'=+r+t A-'=+ C!!#t0
From the chart it is infered that the shares are mostl! ood for
the bu!ers as mo=in a=erae line lies below the price line
throuhout the !ear4 It is also infered that as the mo=in a=erae
line was ood for the sellers in the middle of the !ear4 And then
the price went up and was made ood for the bu!ers towards the
end of the !ear4 This trend shows that the share will be ood for
the in=estors who are liel! to in=est for a lon term period as
the share prices are oin up at all times4 And this shows a
stead! trend4
R+# -+4)
From the charts it is infered there were frequent ups and downs
in the share price 4 The share price went a stead! upward until
the middle of the !ear then a steepl! down towards the second
last quarter of the !ear and it is reco=erin4 The *( da! mo=in
a=eraes is sinallin both bu! and sell throuhout the !ear4The (' da! mo=in a=erae is inferrin bu!in towards the end
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of the !ear4 It is a ood sinal for the share when it oes abo=e
the mo=in a=erae line as shown b! the :'' 5 *'' da! charts4
T+t+ Ir%# & St!! C%
From the charts it is infered that trend shows that upto the
middle of the !ear it was a bad period for the share as it lies
below the *( da! a=erae line and then towards the end it
reco=ered and i=es a sinal to bu!4 The (' da! mo=in
a=eraes chart shows that the trend is down ward and sinals to
sell as the mo=in a=erae line is abo=e the price line4 And a
steep! reco=er! shows bu!in sinalls4 Accordin to the :'' 5
*'' da! charts it is infered that the end of the !ear seem to be
ood for the bu!ers4
B+r+ti t!!1!#t'r!0
From the charts it is infered that throuh out the !ear most of the
time the share was in a bu!in position e?ept on the secondquarter of the !ear that is sellin4 The (' da! charts shows that
until the middle of the !ear it was a bad period for the share and
then after the month of Hune it reco=ered4 The
:'' da! chart shows that share is doin well4 The *'' da! chart
shows that it is ood scrip for the bu!ers as it has sinalled the
bu!4
:'(
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FINDINGS
The findins deri=ed from the abo=e stud! is as under$8
(.G'=+r+t A-'=+ C!!#t0
From the abo=e anal!sis it is obser=ed that accordin to the *(
da!/ (' da!/ :'' da! 5 *'' da! %1i#3 +1!r+3!0the compan!
is reall! doin well and the bu!ers are benefitedmostl! as the
mo=in a=erae lines are below for most of the time in the !ear4
.o=in a=eae chart show that the compan! is a ood option
for the medium term in=estors who bu!in the shares holdin it
and sellin it after 9 months period4
The D':%#t +#+)0i0 shows that the share is !ieldin ood
returns on the equit! of *'4:*J4 The compan! is creatin
substantial assets for e=er! rupees in=ested as it is ha=in hih
returns on the equit!4
The compan! is also the maret leader in the industr! as it is
ha=in the hihest +r2!t $+:it+i0+ti%# r+t! ofRs4;*9(4&lahs4 It means that it is the best firm in=estors prefer
to in=est and loo upon4
While calculatin the r+ti%0it was infered that the compan! has
ot the ma?imum returns on the asset '4((4 It is also ha=in the
hihest price equit! ratio in the stud!4
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2ence this compan! is much souht after addition in ones
portfolio4
*. R+#-+4)
From the abo=e anal!sis of the %1i#3 +1!r+3! charts it is
infered the scrip is showin bu! and sell sinals in the mo=in
a=erae alternati=el! throuhout the !ear4 2ence it is a =olatile
share4 The share is suitable onl! for short term in=estors 4
The compan! is also the industr! leader as it is ha=in hihest
+r2!t $+:it+i;+ti%#rate of Rs4:@(@' lahs4 it means that the
share is the most popular a=enue to in=est in the industr!4
While calculatin the r+ti%0 it was infered that Ranba?! is
ha=in the hihest earnins per share in the roup ):4**J4The ':%#t +#+)0i0of Ranba?! shows the share is i=in ood
returns as it is the hihest in the roup "&>4@J+4 %ut it ha=in
the lowest price earnins ratio =alue of &4'&4
As it is eneratin the hihest !ield it can be =er! well
considered while buildin up a portfolio4
/. T+t+ Ir%# & St!!
It is obser=ed that the prices of the share has underone a steep!
downward trend towards the middle of the !ear4 And it has
reco=ered immediatel!/ and now it is followin a upward trend4
The %1i#3 +1!r+3!0i=es a reen for the bu!ers4 It is the best
a=enue for the lon term as well as for the medium term
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in=estors as its trend went up and down within 9 months of time4
It is infered from the ':%#tanal!sis that the hihest le=erae
it has ot "ha=in more debt &94*(J+4
Its +r2!t $+:it+i0+ti%#is Rs4**>;&4( lahs4 It means that it is
the best choice for the in=estment4
The earnins of the share is also ood and so it is the second
hihest amon the roup :94'@J4
9.B+r+ti t!! 1!#t'r!
It is obser=ed that until the middle of the !ear the scrip was =er!
ood a=enue for the sellers and after that it is seen that the scrip
turned out to be best for the bu!ers "accordin to the %1i#3
+1!r+3!0+4 The share is ood for the medium term min=estors4
This share is ha=in the hihest +r2!t $+:it+i;+ti%#rate in
the abo=e stud!4 It is the best a=enue for the in=estors as its
maretcapitalisation Rs&@(;> lahs4
The compan! is ha=in the hihest opertain efficienc! in the
selected roup4 The ratios that ha=e been calculated shows that
the compan! is ha=in the lesser out come amon the roup
selected4
The chart shows that firm is best suited for the medium and
lon term in=estors who are willin to bu! the shares and to sell
them after a period of 9 months or within : !ear4
(4 .o=in a=erae charts is found to be the best in determini
the trend of the price mo=ements4 As the *( da! and the (' da!
mo=in a=eraes are the best suited for the short term in=estors/
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the :'' da! is for the medium term in=estors and the *'' da! is
best for the lon term in=estors4
R!$%!#+ti%#0 & S'33!0ti%#0
:4 The *( da! and the (' da! mo=in a=eraes are the best
suited for the short term in=estors
*4 The :'' da! is suitable for the medium term in=estors and the
*'' da! is best for the lon term in=estors4
&4 The ris can be minimised b! means of di=ersification that
can be done b! in=estin in different industries4
)4 The in=estor before oin for buildin a portfolio he should
mae at thorouh fundamental anal!sis and should ensure the
soundness of the in=estment option4
(4 .o=in a=eraes are onl! meant for nowin the price trends
as well as to decide upon the bu!in and sellin of scrips4 So
=er! cautiousl! it should be wored out
94 The in=estor should understand the =olatile nature of the
equit! maret before in=estin4
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;4 %efore in=estin the in=estor should loo into how best the
particular in=estment option oin to fulfill his in=estment
oals4 This is =er! imortant in buildin up a profitable portfolio4
CONCLUSION
From the stud! it can be concluded that the anal!sis was carried
out with the help of the best and the most widel! used tools for
anal!sis4 This will help an in=estor to et a clear cut picture of
the compan!s position4 An in=estor should tr! to minimise the
ris as far as possible and that can be done b! in=estin in
different industries scrips and can be selected either on the basis
of maret capitaliCation rates or on the basis of their
profitabilit!4 If the shares of different industries are selected the
share maret ups and downs would not ha=e a reater impacton
the portfolio4 The companies perfomance should be monitored
closel! to trac the in=estment perfomance4
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