CHAPTER 1

INTRODUCTION

1.1 About Financial Market:

The economic development of any country depends upon the existence of a well

organized financial system. It is the financial system which supplies the

necessary financial inputs for the production of goods and services which in

turn promote the well being and standard of living of the people of country.

Thus, the 'financial is a broader term which brings under its fold the financial

markets and the financial institution which support the system. The assets

traded in the financial system are money and monetary asset. The responsibility

of the financial system is to mobiles the savings in the form of money and

monetary asset and invests them to productive ventures. An efficient

functioning of the financial system facilitates the free flow of funds to more

productive activities and thus promotes investment. Thus, the financial system

provides the intermediation between savers and promotes faster economic

development.

Generally speaking, there is no specific place or location to indicate a financial

market. Whenever a financial transaction takes place, it is deemed to have taken

place in the financial market. Hence financial markets are pervasive in nature

since financial transactions themselves very pervasive throughout the economic

system. For instance issue of equity shares, granting of loan by term lending

institutions, deposit of money into bank, purchase of debenture, sale of shares

andso on.

However, financial markets can be reoffered to as those centers and

arrangements which facilitate buying and selling of financial assets, claims and

services. Sometimes, we do find the existence of a specific place or location for

a financial market as in the case of stock exchanges.

It is through the financial markets and institutions that the financial

system of an economy works. Financial Markets refer to the institutional

arrangements for dealing in financial assets and credit instruments of different

types such as currency, cheques, bank deposits, bills, bonds , etc. Or simply it

can be said that Financial Markets are credit markets catering to the various

credit needs of the individuals, firms and institutions. Credit is supplied both on

short as well as long term basis.

Functions of Financial Market:

To facilitate creation and allocation of liquidity.

To serve as intermediaries for mobilization of savings

To assist the process of balanced economic growth.

To provide Financial convenience; and

To cater to the various credit needs of various business houses.

The whole financial market is divided on the basis of credit requirements for short term and long term purposes.

Money Market (for short term purposes 1 year or less):

Money Market is simply an arrangement that brings about a direct or indirect

contact between the lender and the borrower. Negotiations between these parties

may be carried through telephone, telegraph or mails.

Functions of money market:

To provide a parking place to employ short term surplus funds.

To provide room to overcome short term deficits to enable the central

bank to influence and regulate liquidity in the economy through its

intervention in the market.

To provide a reasonable access to users of short term funds to meet their

requirements quickly, adequately and at reasonable cost.

It provides short term funds to the various borrower VIZ. businessmen,

industrialist, traders etc.

Providing funds to government funds.

Capital Market (for long term purpose, more than 1 year):

It refers to the institutional arrangement for facilitating the borrowing and

lending of long term funds. In the widest sense, it consists of a series of

channels through which the savings of the community are made available for

industrial, commercial enterprises and public authorities. An efficient capital

market is a prerequisite of economic development. An organized and well

developed capital market operating in free market economy;

Ensures best possible coordination and balance between the

flow of savings on e one hand and the flow of investment

leading to capital formation on the other.

Directs the flow of savings into most profitable channels and thereby ensures optimum utilization of financial resources.

N:B: Thus the capital market strives for- the mobilization or concentration of

National Savings for economic development, and the mobilization and import

of foreign capital and investment to augment the deficit in the required financial

resources so as to maintain the expected rate of economic growth.

Functions of capital market:-

Mobilization of financial resources on a nation wide scale.

Securing the foreign capital and know-how to fill up the deficit in the

required resources for economic growth at a faster rate

Effective allocation of the mobilized financial resources, by directing the

same to projects yielding highest yields or to the projects needed to

promote a balanced economic development.

Components of Capital Market:

The following are the three components of the capital market:

Primary Market

Secondary Market

Financial Institution

1.2.1 New Issue Market or Primary Market:

A market for new issues of shares, debentures and bonds, where investors

apply directly to the issuer for allotment and pay application money to the

issuer's account. The transactions in the primary market result in new capital

formation.

Instruments of primary market:

Mutual funds

lPOs or initial public offers

Insurance-(life and non-life)

Government of India bonds

Tax savings Bonds

Postal Savings-(NSE, KVP).

Major Players in the Primary Market are as follows:

1. Issuers may be corporations, the government or mutual funds. They

start the whole process of raising funds. Funds are raised through public issues,

right Issues, or through private placements and preferential allotments.

2. Instruments are the means through which issuers raise funds, such as

debentures, equity shares, warrants, etc.

3. Intermediaries are those who facilitate the flow of funds from a person

who has excess funds to the person who needs it. They help the issuer to raise

funds by issuing securities through selected instruments e.g. banks, investment

companies, insurance companies, development financial institutions, NBFC’s,

mutual funds, pension funds etc.

4. Investors invest their surplus money in securities issued by issuers. The

investor may be an individual, corporate, financial institutional investor, etc.

There has been tremendous growth in the sphere of new issue activity in

India since 1990s. the establishment of Securities Exchange Board of India

(SEBI), passing of the depository's Act,1996, liberalization of industrial and

new capital issue policies, relaxation of norms relating to foreign investments

and incentives provided by the Government have helped in the growth of new

issue market.

1.2.2 Secondary Market or Stock market

A stock market is a place where securities of various types are traded and

where one can sell and purchase securities easily. It is an organized market for

purchase and sale of listed industrial and financial securities. Securities traded

in the stock exchanges include shares, debentures, and debt instruments of

public limited companies. These securities are in fact are documented evidence

of ownership of claim upon the assets of the issuing company. The securities are

also not fixed in value that is determined at the time of their buying and selling.

Hence enormous capital is rose which is generally required to operate the

industrial and commercial enterprises of the country. It provides ready market

and liquidity to the various types of securities listed. It also ensures efficient

allocation of available capital resources to the users in the economy. It also acts

as a barometer that easily measure and detect the incipient systems of an

economic boom or decline well in advance before such an eventuality actually

occurs.

Growth of stock exchanges is attributed to the increase in the number of

instruments offered, listed companies and tight credit policy of banks as a result

of which Indian corprate sectors has been relying upon capital markets for

raising funds for their needs.

Instruments of secondary market

Equity Derivatives and Commodities

Function of stock exchange :

It provides a ready market for trading in securities.

The investors can evaluate the worth holdings from the prices coated at

difference exchanges for those securities

It also plays an important role in mobilizing surplus funds of investors.

It ensures safety in dealing which brings confidence in the minds of all

the concerned parties and helps in increasing various dealings.

Duly listed securities can be purchased at stock exchanges.

Lastly, Stock exchanges also provide a platform to raise public debts

1.2.3 Financial Institutions:

Financial Institutions provide means and mechanism of transferring resources

from those who have an excess of income over expenditure to those who can

make productive use of the same. The commercial banks and investment

institutions mobilize savings of the people and channelise them into productive

uses. Some of the financial institutions are - IFCI (Industrial Finance

Corporation of India), IDBI (Industrial Bank of India). They differ from non-

financial (industrial and commercial) business organization in respect of their

wares i.e. while the former deal in financial assets such as deposit loans,

securities and so on, the later deal in real assets such as machinery, equipments,

stock of goods, real estates and so on.

1.3 Indian security market.........where does it stand?

The Indian securities market comprises of 22 stock exchanges; the five major

exchanges are located in Mumbai, New Delhi, Kolkata, Ahmedabad and

Chennai. The stock exchange, Mumbai which was set up in 1857 and is Asia's

oldest stock exchange, accounts for about of the total turnover of all stock

exchanges in the country 1996, the Exchange listed 6881 companies and had a

total market capitalization of almost Rs. 4,260 billion. India's markets are taking

steps to modernise.

The National stock exchange (NSE), based in Mumbai was set up in 1993 and

in November 1994 screen based trading was launched by the NSE, allowing

traders from some 21 cities in India access to the stocks of about 1,300

companies through satellite links. The NSE plans to network to over 40 cities

across the countries. The electronic screen based system can help to integrate

transactions; the system can also help to improve the transparency of trading.

Under new requirements, which came into effect in 1995 companies with

issues capital between Rs 30 to 50 million can seek listings only on stock

exchanges with screen based trading.

Those with capital of less than Rs 30 million are still eligible to list on the over

the Counter exchange of India, a national automated stock market set up in 1992

to give small and medium sized companies access to the capital markets.

In 1995, the Govt. also announced its intention to issue rules for the creation of

share depositories, which would help move India's stock

Exchanges towards paperless trading. Currently, the share settlement system-is

slow, with shares trades typically taking 28 days to settle compared with five

days in most other major markets government approval of the depository bill

1996 provided the legal basis for determining shares- although investors have

given the option to hold the securities in paper form. The National Securities

Depository Ltd. w as the first depository registered in India and began operating

in November 1996.

The minister of finance regulates India's stock exchange and the securities exchange and exchange board of India (SEBI) governs the public issues of securities. The Securities Law Amendment Act 1995 increased SEBI's power to protect the interest of investors and to regulate and reform the capital market. As part of the measures to liberalize investment, India's securities markets were

opened to foreign institutional investors (FIIs) in 1992 by the end of January

1996, 350 FIIs had invested more than Rs 141. 3 billion in the securities market

previously restricted to offshore mutual funds FIls are now allowed to make

portfolio investments in Indian companies, including private banks. No

restrictions apply to the movement of funds in and out of the country, to the

lock in period, or to the total volume of investments.

Foreign brokerages also operate in the Indian stock markets on behalf of FIIs.

The 1996 – 97 budgets proposed raising the limit for an individual FII from 5%

of the stock of a listed company to 10%. It also proposed allowing them to

invest in unlisted companies. Together, FIIs may hold a total of only 24% of

the company’s stock. Domestic companies may raise capital overseas by issuing

global depository receipts (GDRS) or foreign currency convertible bonds. By

December 1995, Indian Firms had raised us$5.18 billion through these

instruments.

In June 1996, bank financial institutions and non – banking finance companies

were permitted to access to GDR markets.

In June 1996, banks financial institutions and non- banking finance companies -

ere permitted to access to GDR markets.

Capital markets are increasingly the preferred routes for raising finances India,

through debt, equity shares, debentures and hybrids. Investors can freely access

the capital market and in most cases freely price the issue. Investors with both

small and large fund requirements can mobilize fund from the market. Private

placement with institutional investors is also possible. Indian companies also

have the option of raising.

Fund from international capital markets. Short term finances for the working

capital requirements are available from commercial banks and through

instruments such as fixed deposits inter-corporate deposits and- commercial

paper.

1.3.1 Financial intermediaries:

The intermediaries consist of banking and non- banking financial

intermediaries. Financial market and intermediaries have a symbiotic

relationship with each other. Each is necessary to the other. Without

intermediaries the informational barriers to participants would prevent investors

from reaping the benefits of the markets themselves because of inherent

limitations. Much of what modern intermediaries do to interface between

individuals and incoming financial markets.

Among their many functions, they help in transferring of funds across times

across space, help in risk sharing, price discovery, pooling and asset division,

provide information and bring together buyers and suppliers in a common

platform.In short they help in relocating the sources of economic units with

surplus goods to economic units with need for them. These can be grouped as,

Banks: It is an institution that deals in money and its substitutes and provides

other financial services. Banks are engaged in activities such as acceptance of

application money from investors, banking of instruments, their realization,

refund of application money and payment of interest dividend etc. The banks

can also act as brokers and paid brokerage in respect to an application bearing

those stamps on allotment. They are also entitled to fees for the services done.

Stock exchanges: As discussed earlier it is a place where securities of various types are openly traded and where one can sell and purchase securities easily.

Depositories: The phenomenal growth of the both the primary and the

secondary equities and debentures market, and the entry of bulk traders

(domestic and FIIs) in it have revealed the gross inadequacies of the market

infrastructure to support the new volumes of securities trading in India. The

traditional manual method of trading now converted to a modern infrastructure

consisting of depositories, paperless trading and computer recording of

transaction. So the birth of an agency where the securities are deposited for safe

keeping and handling/dealing on behalf of owner of deposits. Its business in

divided into five groups; clearing services, registration/transfer processing, safe

keeping, Corporate Actions and Benefits Collection, and MIS aimed at a few

objectives.

Objectives of depository

Immobilization of securities. Book entry accounting. Confidentiality. Detailed listing of the investors holding by securities type.Distribution of dividends, interest and redemption money’sHandling of all types of securities both equity and preference and also

debentures.

Delivery vs payment.

Link to the depositories globally.

The depositories go a long way in narrowing the gap between Indian market and

the foreign markets. Communications between the depositories and its users

will be a critical factor in the success of the system. The recent trend according

to SEBI requirements is that most of the shares have to be transacted in

electronic form which requires that the physical shares needs to be be

dematerialized. This helps in reducing settlement time getting away with

physicaldelivery of shares hence the fear of losing or spoilage of share

certificate is extinct. Even the counterfit shares floating in the market is greatly

reduced. Hence both the exchanges have worked out to compulsory

dematerialisation of almost all the listed scrips.

Stages of Dematerialisation:

The investors submit his/her securities with the depository participant rokers, NBFCs, individuals, FIls, banks, custodians) for dematerialisation.T e Depository Participants sends to registrar for DE-MAT. Then the DP informs the depository about the dematerialization.The registrar gives the receipt or conformation of securities demated.The registrar informs the depository about the dematerialisation.

The depository issues the receipt or conformation to the DP.The DP then gives as receipt to the investor for completion of demats and opens a sub account.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI):The securities and exchange board of India is an apex body formed by the

government to develop and regulate the stock market in India. Eventually, the

securities and exchange board of India was set up on Apri112, 1988.

It took almost 4 years for the govt. to bring about separate legislation in the

name of securities and exchange board of India Act, 1992 conferring statutory

powers. The act, barged to SEBI with comprehensive powers over practically

all aspects of capital market operations.

FUNCTIONS OF SEBI:A/ Regulatory Functions:

Regulation of stock exchanges and self regulatory organisations.

Registration & Regulation of stock brokers, sub-brokers, registrar to all

issue to merchant bankers, underwriters, portfolio managers & such other

intermediaries who are associated with securities market.

Registration and regulation of the working of collective investment schemes including mutual funds.

Prohibition of fraudulent and unfair trade practices relating to securities market.

Prohibit insider trading in securities.

Regulating substantial acquisition of shares and take over of companies.

B/ Development functions:Promote investors education.

Training of intermediaries.

Conducting research & published information useful to all market participants.

Promotion of fair practices. Code of conduct for self-regulatory organizations.

Promoting self regulatory organizations

SEBI Guidelines for secondary market:

Stock Exchange:a. Board of directors of stock exchange has to be reconstituted so as to include non members' public representatives, government representative to the extent of 50% of total no. of members.

b. Capital adequacy norms have been led down for members of various stock exchanges depending upon their turnover of trade and other factors.

c. Working hours for all stock exchanges has been fixed to be from 12 noon to 3 p.m.

d. All the recognized stock exchanges will have to inform about the transaction within 24 hour.

e. Guidelines has been issued for introducing a system of market making in less liquid scripts in a phased manner in all stock exchanges.

Brokers:

a. Registration of brokers and sub-brokers is made compulsory.

b.In order to ensure that brokers are professionally qualified and financially solvent, capital adequacy norms for registration of brokers has been evolved.

c. Compulsory audit of broker's book and filling of audit report with SEBI have

been made mandatory.

d. To bring about greater transparency and accountability in the broker-claint

relationship, SEBI has made it mandatory for brokers to disclose transantion

price and brokerage separately in the contract note issued to the claint.

e. No broker is allowed to underwrite more than 5% of the public issue.

During the last decade there has been a broadening and deepening of financial

markets. Several new instruments and products have been introduced. Existing

sectors have opened to new private players. This has given a strong impetus to

the development and modernization of the financial sector. New players have

adopted international best practices and modern technology to offer a more

sophisticated range of financial services to corporate and retail customers. This

process has clearly improved the range of financial services providers to Indian

customers. The entry of new players has led to even existing players upgrading

their product offerings and distribution channels. This continued to be witnessed

in 2002-03 across key sectors like banking and insurance, where private players

achieved significant success.

The past decade was also an eventful one for the Indian Capital market. The

reforms particularly the establishment and empowerment of Securities and

Exchange Board of India (SEBI), market-determined prices and allocation of

resources, screen-based nation wide trading dematerialization and transfer of

securities, rolling settlement and deriviatives trading have greatly both the

regulatory framework and efficiency of trading and settlement. On account of

the subdued global economic conditions and their impact on the Indian

economy of the draught conditions prevailing in the country, 2002-03 was a

subdued year for the equity market. Despite this, the National Stock Exchange

(NSE) and the Bombay Stock Exchange (BSE) rank 3rd and 6th respectively

among all exchanges in the world with respect to the number of transactions.

The year also witnessed the grant of approval for setting of a multi commodity

exchange for trading of various commodities. Exposure to global practices has

made the Indian Customer more discerning and demanding there has been a

clear shift towards those entities that are available to offer products and services

in the most innovative and cost efficient manner. The financial sector will need

to adopt a customer- centric business focus. It will also have to crate value for

its share holders as well as its customers, competing for the capital necessary to

fund growth as well as for customer market share. This indeed will be the

challenge in the years to come.

METHODOLOGY

Forecasting is the essence of equity analysis. So there is a need of sound logic

behind any forecast. Forecasts needn't be accurate to the actual performance.

But it shouldn't deviate h that it becomes a flaw. The analyst should try to put

his best efforts to forecast the company's performance and produce an unbiased

analysis report.

For this analysis, the forecast figures have been drawn on the basis of

management discussions and analysis and industry averages. Due to the boom

in construction sector, there is a rise in demand in cement sector. And to meet

the rising demand the management has well defined plans. This drives the

growth of ACC.

I have used mainly secondary sources to collect data.

Since ACC is a listed company, data is freely available. The sources of data are

mainly:

company's annual report, · management analysis and discussion papers, · chairman's message and · Company's website.

Along with that data has been collected from sources like nseindia.com, · bseindia.com, · icici direct.com, · IDSL research papers and · Money control. com.

Objective of Study:

This project work is done with the following intentions:

To study the Indian financial system and financial market in particular.

To study the equity market in India

To study the procedural aspect, technical aspect and technological aspect of equity market of India.

To proof the benefit of the long term holder of share in the equity market.

Limition in Study

Inadequate information of previous years considered in the study.

Unavailability of information of the current recession period.

One company under the study.

CHAPTER -2

ABOUT ICICI Securities Limited

Leading investment bank of India

History :

A subsidiary of ICICI Bank , ICICI Securities was up in February 1993 to

provide investment banking services to investors in India As on date ICIC Bank

holds 99.9% of the share capital of ICICI Securities .

Overview

ICICI securities is a strongly positioned investment bank in India and provides

products and service in Fixed Income, Equities and Corporate Finance. In the

fixed income business ICICI securities is a leading market participate in the

country. ICICI Securities fixed income activities include interest rate trading,

derivatives trading, research and issues management.

The Corporate Finance business focuses on industry consolidation. ICICI

Securities has been involved in a number of mergers, cross border

acquisition,equity and bidding for a number of reputed companies. The equity

business offers research, sales and execution services to institutional investors

in the secondary market and capital market relate services such as execution of

public offering, structuring and regulatory and legal documentation services.

In order to assist or provide corporate clients and institutional investors with

investment banking services in the United States of America, ICICI Securities

has up two subsidiaries namely, ICICI Securities Holding Inc and ICICI

Securities Inc, ICICI Securities Inc, ICICI Securities Dealers Inc has ,become

the registered broker dealer with the Nation Association of Securities Dealer

Inc, empowering it to engage in a variety of securities transactions in the U.S.

Market.

ICICI Brokerage Service Limited, a member of the National Stock Exchange of

Indian Limited, is the domestic broking subsidiary of ICIC securities.

Product Categories of ICICI Direct :-

In its product category, ICICI direct holds the punch line as such on-line share

trading. The choices of investment that ICICI direct provides are as unique as it

s customers and the company itself, ICICI direct offers a full range of financial

goals. Through various types of brokerage accounts, ICICI direct offers the

purchase and sales of securities which includes Equity, Derivative and

commodities Instruments listed on national stock Exchange of India Ltd (NSE)

The stock Exchange, Mumbai (BSE) and NCDEX. The broad arrays of

financial service offered by ICICI direct are as follows

Trading in shares, equities

Depository Services

Icici direct Equity Analysis

Commodities

IPOs

Mutual Funds

Loans

Insurance.

1.Trading in shares equities :-

ICICI direct. Com offers you various option while trading in shares

Cash Trading: This is a delivery based trading system, which is generally

done with the intention of taking delivery of shares or monies.

Trading on NSE/BSE : Through ICICI direct.com you can trade on NSE as well as BSE.

Market Order : You could trade by placing market orders during market

house that allows you to trade at the best obtainable price in the market at the

time of execution of the order.

Limit Order : Allows you to place a buy /sell order at a price, which is

defined by you, limit orders can be placed by you during holidays & non

market hours too.

You also enjoy the convenience of viewing the entire buy & sell orders place

by you , on –line right from the time you have started trading using Order

Book. Contract Notes are available with details of brokerage charged for all

your transaction done on –line with ICICI direct.

Equities : Equity consists of various stocks and shares issued by various

companies. In India basically hare are two recognize stocks, they are NSE

and BSE. ICICI direct .com provides com. Equity trading for both National

stock Exchange and Bombay stock Exchange

Cash Trading / Non Marginal Trading Facility:

Under this facility a client can use orders if their intentions is to transact in

order to take delivery of the assest e.g if the client wants to buy order on

cash . In case of buy order, 100% of the order value is blocked out of client’s

limit.

This implies that if the client wants to purchase share them he / he she

should have the entire amount available in his limits. In case of sell orders,

the securities are blocked in the de –mat account. Every case sell orders, is

against the shares in the clients de – mat account and hence when they place

a sell order they should have the quantity in heir de -mat balance. In case of

buying they will get the physical delivery of their shares after T+2 day that

means transaction day plus two days .It is also same in case of selling. Their

transaction money will be credited to their account after T+2 days.

Both equity and derivative products can be played in two ways with

difference parameters applied to them.

Delivery: In delivery based trading the maximum value of purchase

will be 4 times of margin money and balance amount have to be paid at

the end of the say; or up to next day before the market opens and the

surplus amount should deposit in the client’s de-mat account before the

market closes. But the balance amount have to be paid within 5 days.

If the units purchased are not settled within the stipulated time period i.e.

as mentioned by SEBI in its guidelines for the capital market, all the units

will be auctioned as per t+2 concept. Auction is done when a trader sells

the shares but on settlement date the seller not delivered the shares. In

this case the stock exchange purchases the shares on behalf of default

trader by auction. Auctions are initiated by the stock exchange on behalf

of trading members for trading members for settlement related reasons.

Intraday Trading Facility:

Intraday trading means buying the units and settle the account on the same

day before the market closes i.e. before 3.30 p.m.

Margin Trading Facility: Margin Trade Facility (MTF) refers to the facility

pursuant to which part of the transaction value due to the stock exchange, at

the time of purchase of shares, shall be paid by the brokers on behalf of the

client on his/ her request.

Parameters Intraday Cash Product

Exposure 8 times 4 times

Trade Settlement Same day T+2

Square-up time At 3.00 pm With exposure T+5 Without

exposure unlimited

Brokerage 0.10% 0.50%

Interest No rate of interest 19% p.a compounded daily

Comparison between Intraday and Delivery Trading

Depository System of ICICI direct,com:

ICICI direct.com is a depository participant with the National Securities

Depository Limited Central Depository Services ( India ) Limited for the

trading and settlement of dematerialized shares. ICICI direct.com offers

depository services to create a seamless transaction platform- execute trades

through the ICICI direct.com Depository Services. ICICI direct.com Depository

Services is part of their value added services for their client that create multiple

interface with the client and provide for a solution that takes care of their needs.

ICICI direct.com Equity Analysis:

Equity analysis is a research document which helps an investor to decide which

stocks to buy or sell. In other words, it’s an unbiased approach which helps

clients to decide which stocks to buy and which stocks to sell. It predicts a

company and its future helping investors to strategies their decisions. However,

it is subject to market risks.

ICIC direct.com is inherent with more than 540 research papers which include

industry analysis, sectoral analysis and company analysis.

Benefits of ICICI direct.com Equity Analysis:

Comprehensive Financial Services- As an active trader, investors can use the

tools, resources and support to execute your trading strategy, including a wide

range of investment products and services.

Intelligent Planning- Investor can have an idea of market moves, ups and

downs, and manage his portfolio accordingly.

Revenue generation: Prediction help ICICI ditrect.com to generate more

revenue in terms of higher turnover.

Dedicated Support and Services- One can enjoy priority access to relationship

Managers who are dedicated to support the trading and investing needs.

Consumer’s Satisfication- Investors (Customers of ICIC direct.com) believe in

higher returns and better portfolio manager Equity analysis serves the purpose.

However, Equity analysis reports mayn’t accurate. It is subject to market risks.

So, investors need to independently evaluate the investment and strategies and

also take the advice of a financial advisor.

2.Investing in mutual Funds:

ICIC direct.com brings you the online convenience while investing in Mutual

Funs also-m Hassle free and paperless Investing.

You can now invest on-line in 20 Mutual Funds through ICICI direct.com

Alliance MF HDFC MF Reliance Capital MF

Birla Sun Life MF HSBC MF SBI MF

Chola MF ING Vyasya MF Standard Chartered MF

DSP Merrill Lynch MF JM MF Sundaram MF

Deusche MF Kotak Mahindra MF Tata MF

Franklin Templeton MF Principal MF UTI MF

Fidelity MF Prudential ICICI MF

You can invest in Mutual funds without the hassles of finding application forms

or any other paperwork. You need no signature or proof of identity for

investing. Once you place a request for investing in a particular fund, there are

no manual process involved. Your bank funds are automatically debited or

credited while simultaneously crediting or debiting your unit holdings. In case

of investments from the NRE account, the debit certificate is also submitted

automatically to the Mutual Fund so as to enable repatriation of sale proceeds

subsequently.

You can get control over your investments with online order confirmation and

order status tracing. Get to know the performance of your investments through

online updating of MF portfolio with current NAV.

3.IPOs:

You could also invest in Initial Public Offers (IP Os) online without going

through the hassles of filling ANY application form/ paperwork.

Once you place a request for investing in a particular IPO, there are no manual

process involved. Your Bank funds are automatically debited and an application

made on your behalf. In case of investments from the NRE account, the debit

certificate is also submitted automatically. Where such investments are

subsequently sold online, the proof of debit from NRE account is also not

required to be submitted separately for repatriation of sale proceeds.

Get in- depth analyses of new IP Os issue (Initial Public Offerings) Which are

about to hit the market and analysis on these. IPO calendar, recent IPO listings,

prospectus/ offer documents, and IPO analysis are few of the features, which

help you, keep on top of the IPO markets.

Major online players in Indian Market : Among all the competitors, ICICI

direct.com and India bulls have raced ahead of the others in the market and are

the leaders. The other online players that make ups the top six are Share Khan

(owned by SSKI), Kodak Securities, HDFC Securities and 5 paise ( owned by

India Info line). Collectively, these players account about 75-80% of the market.

The remaining 130 players, who were given licenses to open online trading

platforms by the NSE, can be divided into three categories. First, those were in

active business but have less than 5% of the online market ( Motilal Oswalis

one among them). Second, those that invests in the technology but were not able

to get their project off the ground (the Lalbhai Group Anagram Securities) and

the third those that simply bid for the licenses but didn’t pursue business. Most

players fall under this category.

The ICIC direct Advantages

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CHAPTER 3

LITERATURE REVIEW

3.1 BOOMING DEBT APPETITE, Economic Outlook, UAE

UAE equity markets have failed to recover from the steep 2006 sell off, despite

ample liquidity, strong earnings growth and a favorable global equity outlook.

The continuing under performance of the Abu Dhabi Index and the Dubai

Financial Markets General Index somewhat perplexing in light of robust global

equity market performance. Local investors hesitant to re-enter the fray after the

precipitous 2006 Gulf equity market declines. This fostered a short-term

investment culture where rumours are rampant, exacerbated by the of market

transparency. Booming corporate debt markets and a mushrooming private

equity industry offer firms ample financing options.

Moody's has forecast US$40bn worth of debt issues by Gee companies in

2007, more than double the amount raised in 2006, Firms are also being courted

by increasing numbers of private equity funds. In the Middle East and North

Africa, private equity investments grew from US$312mn in 2004 to US$7.1 bn

in 2006, with ample global liquidity swelling coffers to unprecedented levels. In

contrast to existing private equity practice in western markets, whereby firms

typically take public companies private, GCC private equity players primarily

focus on green-field or venture projects and real estate. Such easy access to

stage capital will postpone, and possibly preclude, public offerings.

3.2 Creating Visibility for Small Caps, BY LOUIS M. THOMPSON, JR.

With limited budgets and resources, any small-cap company needs to be resourceful - extremely persistent to raise its profile. Although every company has different limitations, there are simple outreach tatics that virtually all can employ.

3.2.1 Develop the Message

Before going to the Street, the senior management team must develop a clearly

defined vision statement supported by a strategy and goals to achieve the vision.

The company’s investor relations officer or IR consultant should be involved at

the outset in developing this statement. Institutional investors tell us that before

making an investment decisions, they want to meet face-to-face with the CEO

and CFO to assess the quality of senior manager and determine if they have a

realistic and understandable strategy to get the accomplish its goals.

Next the company should make this information easily accessible to investors

by incorporating it into an investor relations fact or data sheet, marketing

packets and the company’s website. Sell-side security analyst coverage for

micro and small caps has diminished drastically in recent years.

3.2.2 Get the Coverage

Many small companies ask investors with solid sell-side relationships to

recommend their companies for research coverage. Others try to leverage the

buy

side to promote their companies to the sell side.

Companies should provide key information that the buy side uses to make the

dynamic changes taking place the market today are creating even greater

challenges for small companies to effectively communicate their message to the

investment community. Gone are days when companies could rely largely on

the sell-side research and recommendations.To day, investor relations officers

are spending the predominant part of their time going directly to the buy side

and communicating their companies' message to decision-makers.

3.3 Region, sector and style selection in global equity markets

Ronald van Dijk, Head of Research, ING Investment Management. Tjeert

Geezer, quantitative analyst, equities department at Aegon Asset Management.

Investment managers, consultants, mutual fund rating agencies and the

academic literature attach much importance to allocation themes within equity

portfolios. Four widely studies allocation themes are: region allocation, industry

sector allocation, value-growth . on and small-cap-big-cap ( size) allocation.

Variability of returns in the time-series dimension can be interpreted as

long-term behaviour. The empirical relation between the equity allocation

policy and returns reveals the diversification potential of the equity allocation

decisions. Moreover, it facilitates tuning of the risk profile of a stock portfolio.

Cross-sectional effects of asset allocation policies deviate significantly from the

time series effects. Approximately 90 per cent of the variability of a fund's

returns across time is explained variability of policy returns. The policy explains

'only' 40 per cent of the variability across mutual funds.

3.4 Money Elusion Eldar Shafir, Peter Diamond, Amos Tversky

The term “money illusion" refers to a tendency to think in terms of nominal

rather than the real monetary values. It proposes that people often think about

economic transactions in and real terms, and that money illusion arises from an

interaction between these representation , which results in a bias toward a

nominal evaluation. People talk and write in ways that seem to indicate some

confusion between money's nominal and real worth.

It is a bias in the assessment of the real value of economic transactions, induced

by a nominal evaluation. Reliance on a nominal evaluation is not strategic or

motivational in nature. Rather, it is due to the ease, universality, and salience of

the nominal representation.

It is observed when, evaluating a higher income, an individual is content with

more money income although a simultaneous rise in prices keeps real income

unchanged. On the other hand, if people's evaluation of their income is based

not only on its actual buying power, but also on the sheer number of dollars,

then their preferences may correlate with changes even when there is no real

change.

3.5 METAL ACCOUNTING AND CONSUMER CHOICE Richard Thaler

To describe individual choice under uncertainty in a way capable of capturing

"mere" framing effects as well as other anomalies, Kahnman and Tversky

(1979) have developed spect theory" as an alternative to expected utility theory.

Elsewhere Thaler has developed a similar descriptive alternative to the

deterministic economic theory of consumer choice. He argues that consumers

often fail to behave in accordance with the normative 'ptions of economic

theory. For example, consumers often pay attention to sunk costs when they

shouldn't and underweight opportunity costs as compared to out-of-pocket costs.

People appear to respond more to perceived changes than to absolute levels. If

a situation is sufficiently ambiguous, how will individuals choose to code

outcomes? To some extent people try to frame outcomes in whatever way

makes them happiest. Second, individuals may have preferences about how

their life is organized.

Choices under uncertainty are influenced by very recent previous gains or

losses.

Thalers finds that previous gains and losses do influence subsequent choice in

ways that complicate any interpretation of the loss.

3.6 Overconfidence in Investment Decisions: An Experimental Approach –

Over confidence, one exponent of egocentric biases is regarded as one of the

most robust findings in the psychology of judgment (DeBondl and Thaler.

Izy.”i). and

can be defined as a systematic overestimation of the accuracy of one's decisions

and the precision of one’s knowledge.

Some of the findings of the study are that Overconfidence increases with the

deviation of actual from optimal investments, indicating that the less accurate

their investment decisions are the more prone are participants to exhibit

overconfidence. Overconfidence increases with task complexity, People are less

overconfident when the perceived uncertainty is high.

3.7 ARE INVESTORS RELUCTANT TO REALISE THEIR LOSSES -

Terrance Odean

The Tendency of Investors to hold on to their loosing Investments and sell the

winning Investments which is not motivated by a desire to rebalance their

Portfolios or to avoid paying higher trading costs of low priced Stocks. Nor is it

Justified by the subsequent portfolio performance. Tax motivated selling is also

prevalent among investors. And such behavior from Investors leads to Lower

Returns.

CHAPTER - 4

EQUITY ANALYSIS - ACC Limited

4.1 INTRODUCTION

ACC (ACC Limited) is India’s foremost manufacture of cement and

concrete. Its operations are spread throughout the country with 14 modern

cement factories, 19 Ready mix concrete plants, 19 sales offices, and several

zonal offices. In the 70 years of its existence, ACC has been a pioneer in the

manufacturer of cement and concrete and a trendsetter in many areas of cement

and concrete technology including improvements in raw material utilization,

process improvement, energy conservation and development of high

performance concretes. The figure reflect operational performance of ACC Ltd.

Exceptional profits/earnings are excluded. Based on Management Discussion

and Analysis.

4.2 WHY ACC ?4.2.1. INDIAN ECONOMY AND BUSINESS OPPORTUNITIES

The Indian economy is experiencing a major turnaround in recent tomes.

India is the fastest growing economy fuelled by a strong GDP growth led by

resounding performance in manufacturing and service sectors. The performance

on overall export front is also creditable. The Indian rupee has proved to be a

strong reliable currency on account of improved FDI inflow and healthy foreign

exchange reserves. With rapidly growing housing, infrastructure and real estate

sectors and the ambitious plans for developing Special Economic Zones, the

cement industry, along with ACC , is expected to enjoy double-digit growth.

4.2.2 DEDICATION TOWARDS QUALITY

4.2.2.1 Research & DevelopmentThe company’s various businesses are supported by a powerful, in-house

research and technology backup facility. This ensures not just consistency

in product quality but also continuous improvements in products,

processes, and application areas. Some special products born out of this

own in –house research, include a range of unique products of immense

value to the concrete and construction sectors such as High Performance

Concretes, Acconex a non-explosive demolition agent and ACC Marg a

novel technology for flexible pavements suitable for resurfacing and

strengthening road and highways.

4.2.2.2EnvironmentACC is among the first companies in India to include commitment to

environmental protection as one of its corporate objectives, long before

pollution control comes into existence. The company installed pollution

control equipment and high efficiency sophisticated electrostatic

precipitators for cement kilns, raw mills, coal mills, power plants and

coolers as far back as 1966. Every factory has state-of-the-art pollution

control equipment and devices.

4.2.2.3EXPORT ORIENTATIONACC has also extended its services overseas to the Middle East, Africa,

and South America, where it has provided technical and managerial

consultancy to a variety of consumers and also helps in the operation and

maintenance of cement plants aboard.

4.2.3 IT & ACCIt is the base growth in corporate. It is hard to believe of a successful

corporate without latest IT infrastructure. ACC is one of the first Indian

companies to realize the potential and importance of information

technology and adopt automation and IT. It has made timely transitions

determined by available technologies and business requirements from

Batch processing to on-line systems, from IBM1401 to the latest UNIX

and Windows2003based machines.

Moreover, currently ACC is the process of making a quantum jump from

Oracle 9i and Developer 6i to an ERP based solution. This will help ACC

in free flow of information across different centers (manufacturing,

marketing and R & D) spread across the length and breath of the nation.

The company has a tie up with HOLCIM group with project “CONNECT

INDIA” to share its technical knowledge and expertise.

With this move, ACC will also better prepared to master future expansion of core business.

4.2.5 ACC with consumers

ACC’s brand name is synonymous with cement and enjoys a high level

of equity in the Indian market. It is the only cement company that figures

in the list of consumer super Brands of India

As the largest cement producer in India, it is one of the biggest customers

of the Indian Railways, and the foremost user of the road network

services for inward and outward movement of materials and products

4.2.6Ready- Mix Concrete

ACC establishes the country’s first commercial ready-mix concrete (RMX)

in Mumbai. ACC’s pioneering efforts in this respect along with the

introduction of bulk cement handling facilities have been responsible for

redefining the pace and quality of construction activity in metropolitan

cities and in mega infrastructure project in India to use High Performance

concrete of M-75 grade.

4.3 RISKS AND CONCERNS

4.3.1Inflation Concerns

Inflation is rising and the trend may continue. Infrastructure requirement

is bursting at seam. In other words the company has to incur higher

investment costs to meet the future capacity requirements.

4.3.2 Raw Materials Scarcity

The availability of basic raw materials and fossil fuels may become

scarce and pose a challenge to the cement industry, al though there is a

widespread awareness about the power, steel and cement industries poses

a question about ensuring adequate availability of future needs. This calls

upon the Government to speedily usher in privatization of coal mining

and opening coal sector for Captive Coal Mining by major consumer

sectors.

4.3.3Infrastructure

Availability of road transportation and limited wagon fleet may continue

to restrict the carrying capacity. In addition to that price of diesel and fuel

may continue to influence transportation costs.

4.3.4Foreign Trade

The expert of cement is likely to diminish in the future due to

overcapacity coming up in the gulf countries. This might affect the

domestic demand – supply scenario.

There are also possibilities that cement majors from countries like China,

might be temped to make forays into the more lucrative and accessible

markets of India.

4.4 Future Plans

4.4.1 Cement Business

The augmentation of clinkering and cement guiding in Gagal and expansion and

modernization of Lakheri Cement Works along with the installation of a new 25

MW Captive Power Plant will add 0.50 MTPA of clinker and 0.90 MTPA of

cement capacity this year.Other major projects in hand expected to be

completed soon include griding augmentation at Tikari, Kymore, Wadi and

Sindri.The total cement capacity of the company will increase to about

23.10MPTA by the end of the year 2007 after these projects are completed.

At Madukarai a project for augmentation of cement grinding capacity by 0.22

MTPA is scheduled to be on stream in 2008. Also in 2008 the Company

expected to complete an expansion project as its Baragarh Cement Works in

Orissa, the capacity of which is being expanded to 2.14

MTPA together with the establishment of a 30 MW capacity Power Plant at a

total cost of Rs. 537 crore.

A capital outlay of Rs. 1487 crore has been approved to increase the clinkering

capacity at the New Wadi Works with additional cement grinding facilities in

Karnataka and a Captive Power Plant of 50 MW capacity. The expansion would

enhance the cement capacity by 3

MTPA in the state. The project is likely to go on stream in 2009.Ready Mix

Concrete Business has been identified as an area of strategic priority. The

Company foresees substantial scope for growth of this business in India and has

accordingly plans to expand RMX business in major cities including Tier 1 and

Tier 2 cities.

4.4.2 Overseas Business

The contract with Yanbu Cement Company, Saudi Arabia for the management

and operation of their cement plant at Yanbu in the Kingdom of Saudi Arabia

has now entered its twenty-eighth successful year.

Another prestigious contract with the Dangote group of Nigeria also progressed

satisfactorily. The company has been providing assistance to the Dangote

Group for establishing 2 new cement lines of 7000 tpd capacity at Obajana and

expansion and modernization of 2 lines from 1500 tpd to 4000 tpd each at

Benue. The Company has signed an agreement to provide operations and

management support top this Group for both the plants.

During the year, the company entered into a contact with Mugher cement

enterprises, of government of Ethpia, for project consultancy for project

consultancy for a 3000 tpd brown field clinkering line and a Greenfield 1.4

million tones per annum guiding and packing plant at tatek near Addis Abada.

The Company also signed a contract with IHI, Japan for providing assistance in

plant commissioning at quassim. Cement plant in Saudi Arabia and Amran

Cement Plant in Yeman and back office engineering support to Brownfield

expansion for a cement plant in Vietnam.

4.4.3 Technical Support Service (Tss)

An exclusive center has been dedicated at thane to pursue technical excellence and provide expertise and support to the company’s cement plant . TSS has a vital responsibility to support improvements in function of maintenance , process technology, product optimization, quality assurance, energy sourcing and operation of cement and captive power planets .The cement is expected to drive ACCs future growth plant through capital expenditure planning project implementation management .

4.4.4 Alternate Fuels & Raw Material (AFR)

The company has drawn from the expertise of the Holcim Group which has

considerable experience in the field of alternate fuel & raw materials . The

company has set up three laboratories for testing AFR materials.

Several plants have taken up jatropha and castor tree plantation as part of the ongoing AFR programs . This is step forward to meet the scarcity of fossil fuels in the future

4.4.5 Connect INDIA The Company implemented an ERP system that has standardized business

processes to run on SAP software called “ Company , The new system will

greatly enhance the Company’s capability to capture and process a

comprehensive range of data to be used for decision- making and day –to –day

operations while automating some processes which were not part of the earlier

IT system. The new feature serve as triggers to usher in better work habits and

practices.

5.5Performance of Subsidiary companies.

The subsidiaries of ACC Itd have performing well and are expected to continue the pace in future too.

Bulk cement Corporation of India ( BCCi) ACC machinery Company (AMCL) ACC Nihon castings Limited ( ANCL and tarmac (India) Limited have shown positive results

4.6 OUTLOOKWe expect net sales to grow at a double digit CAGR of 11.27% during 2008-09

on the back of strong demand from housing sector , infrastructure sector,

industrial construction and export.

At the current price of Rs 767.15 the stock is, is trading at a forward pe of 9.21x

and 7.28x for FY08e respectively. It is recommended to the investors to buy as

the valuation of the company is expected to increase in the near future due to

the impact of the boom in different sectors

4.7 Company background

ACC (ACC Limited) is India’s foremost manufacturer of cement and concrete

ACCs operation are spread throughout the country with 14 modern cement and

Factories, 19 ready mix concrete plants 19 sales offices, and several Zonal

offices .it has a workforce of Ready of about 9000 person and a countrywide

distribution network of over 9.000 dealers ACCs research and development

facility has a unique track record of innovative research , product development

and specialized consultancy services. Since its inception in 1936 the company

has been a trendsetter and important benchmark for the cement industry in

respect of its production, marketing and personnel management processes .Its

commitment to environment – friendliness and its on- going efforts in

community welfare programs have won it acclaim as a responsible corporate

citizen.

In the 70 years of its existence, ACC has been a pioneer in the manufacture of

cement and concrete and a trendsetter in many areas of cement and concrete

technology including improvements in raw material utilization, process

improvement, energy conservation and development of high performance

concretes.

The company’s various businesses are supported by a powerful, in-house

research and technology backup facility – the only one of its kind in the Indian

cement industry. This ensures not just consistency in product quality but also

continuous improvements in products, processes, and application areas.

ACC has rich experience in mining, being the largest user of limestone, and it is

also one of the principal users of coal. It is also the larges cement producer in

India. ACC has also extended its services overseas to the Middle East, Africa,

and South America, where it has provided and managerial consultancy to a

variety of consumers and also helps in the operation and maintenance o9f

cement plants abroad. ACC is among the first companies in India to include

commitment to environmental protection as one of its corporate objectives, long

before pollution control laws came into existence.

The company installed pollution control equipment and high efficiency

sophisticated electrostatic precipitators for cement kilns, raw mills, coal mills,

power plants and cooler as far back as 1966. Every factory has state-of-the art

pollution control equipment and devices. ACC demonstrate the practices of

being a good citizen undertaking a wide range of activities to improve the living

conditions of the under-privileged classes living near its factories.

CHAPTER – 5

CONCLUSION

5.1 Findings and Suggestions

5.1.1 Findings

The Indian economy had shown a fastest growing trend by a efficient and

most effective performance in manufacturing and services sectors. By studying

ACC Ltd. Financial profile and comparing with its techniques to sustain in the

present recession period market and attracting the consumers towards to its

equity in Indian market, it is revealed that the company has able to its

objectives to a certain extent. These achievements are due its care ness to the

quality contribution in the production of goods and providing services. Without

latest IT infrastructure it is not a fair view about a successful corporate. With

this move, ACC has also shown a better prepared to master future expansion of

its core business. Forecast is the essence of equity analysis. For this analysis, the

forecast figures have been drawn on the basis of past prospective trend and

present market conditions. This prediction has made because of the availability

of inadequate information i.e., neither for the current recession period nor of

sufficient information during the past periods. Due to the boom in construction

sector, there would be a greater demand in the cement sectors, but the recession

market has became an obstacle in this path.

5.2.2 Sggestions

Choice under uncertainty is to be influenced by very recent gains or

losses. Thus, the company should look upon the consumer’s choice in the

existing unfavorable situations. Over confidence, one exponent of egontric

biases is regarded as one of the most robust findings in the psychological of

judgment and can be defined as a system of the accuracy of one’s decision and

the precision of one’s knowledge. This view is given because even though the

company’s position in present market is better to a certain extent than some

others, yet it has to concentrate on the consumers’ behavior. It should not

forecast blindly about the consumers’ option to the company’s equity. Now it is

customer market and consumers have their own idea to judge the benefits that

company can return them if they choose that company as alternative. In the

present day the people are most needed of services due to various personal and

impersonal reasons. Thus the company inspite of giving more importance in the

manufacturing aspect, should give the emphasis on the service sectors what it

has been taken as a base to hold the present equity holders and the prospective

investors.

5.2 Conclusion

In the 70 years the company has been shown a pioneer in the

manufacturing of cement and concrete and a trendsetter in many areas of

cement and technology including improvements in raw materials utilization,

process improvement, energy conservation and development of high

performance concretes. Since its inspection in 1963, the company has been a

important benchmark for the cement industry in respect of its production,

marketing and personal management process. Investors believe in higher returns

and better portfolio manager. Equity analysis serves the purpose. However

equity analysis reports mayn’t accurate.

It is subject to market risks. So investors need to independently evaluate

the investment and strategies and also take the advice of a financial adviser.

You also get control over your investment with online order confirmation and

order status tracking. Capital market are increasingly the preferred routes for

raising finances in India, through debt, equity shares, debentures and hybrids.

Investors can freely access the capital market and in most cases freely price the

issue.

An analysis made to the financial statements of ACC Limited can reveal the

following financial ratios & interpretation there to

Bibliography

www.icicidirect.com

www.bse.com

www.nse.com

Books

Finance Market 7 Service, Gorden & Natrajan

Portfolio Management, S. Kevin

Management Accounting, Sharma & Gupta

.

Position of BSE during different month of 2008

.

.