I

INTRODUCTION 1-4 NEED & SCOPE OBJECTIVES METHODOLGY LIMITATIONS SOURCE TOOLS AND TECHNIQUES LITERATURE REVIEW 2 2 3 3 3 4 5-6 INTRODUCTION TO INVESTMENT EQUITY SHARES PORTFOLIO RISK PHASES OF PORTFOLIO MANAGEMENT 7 9 10 11 12-13 14-21

II

III IV

COMPANY PROFILE ANALYSIS AND INTERPRETATION 22-50 MODELS BETA ICICI BANK ANALYSIS FROM 2003-2007 CALCULATION OF BETA SBI BANK ANALYSIS FROM 2003-2007 CALCULATION OF BETA BETA COMPARISION 23-25 26-29 30-31 32-38 39-40 41 42-48 49-50 51

CONCLUSIONS 52 BIBLIOGRAPHY 53

NEED FOR THE STUDY:

The purpose of the study is to know the fluctuations in the share price of sample companies. The purpose of the study is to help the unknown investors for investing in securities. To update the portfolio reviewed and adjusted from time to time in tune with market condition. To analyze the risk and return on securities. To test portfolio strategies before taking decisions.

OBJECTIVES OF THE STUDY

The objectives of Equities and investment /portfolio management can be categorised as follows: To observe the rate of fluctuations of selected companies. The amount of risk involved in the securities of the sample companies. To make comparative study of risk and return of the sample companies.

SCOPE OF THE STUDY

The study covers all the information related to the Equity fund and the Portfolio management it also covers the investor risk in the investment in various securities. Identification of the investors objectives, constraints and preferences. Strategies are to be developed and implemented in tune with investment policy formulated. To reduce the future risk in advance. To earn maximum profit in the securities. Review and monitoring of the performance of the portfolio. Finally the evaluation of the portfolio. 3

METHODOLOGY OF THE STUDY

Primary Data: The data provided by the firm was been analyzes by using Markowitz model determines an efficient asset of portfolio return i.e., 1. Return 2. Standard deviation 3. Coefficient of correlation Secondary Data: The data that is used in this project is of secondary nature. The data is to be collected from secondary sources such as various websites, journals, newspapers, books, etc., the analysis used in this project has been done using selective technical tools. In Equity market, risk is analyzed and trading decisions are taken on basis of technical analysis. It is collecting share prices of selected companies for a period of five years.

PERIOD OF THE STUDY:

The study of Equity value and portfolio management for a period of five years (2003-2007).

LIMITATIONS:
The companies are selected on the basis of the performance Expand or contract the size of the portfolio reflect the changes in investor risk disposition.

SOURCE :
The standards set by NSE in terms of market practices and technologies have become industry benchmarks and are being emulated by other market participants. NSE is more 4

than a mere market facilitator. It's that force which is guiding the industry towards new horizons and greater opportunities.

TOOLS & TECHNIQUES:

The following statistical techniques were used for measuring the performance of the companys funds. 1. Rate of Return (ROR) N2-N1 ROR = N1 Where, N1 is Close period at period1 N2 is Close period at period 2. Standard Deviation (SD) [R-AVG(R)] SD = N Where, R is rate of return N is total number of months 3. Beta n xy x * y Beta 4. Alpha Alpha 5. Coefficient of Correlation n xy x * y Coefficient of Correlation 6. Coefficient of Correlation Coefficient of determination = (Coefficient of Correlation) 2 = [(n y2 (y) 2) (n x2 (x) 2)] = Avg (y) (beta*Avg (x)) = n x2 (x)2

Patel (1991) viewed that by making is possible to create application that takes an intermediate approach between polling and notification. This thesis has been motivated by the problem of real time portfolio management. The primary work is the creation of a real time portfolio application SPLENDORO (Patel 91). It allows the monitoring of the changing market condition using appropriate criteria according to the condition being monitored as well as the investment philosophy of the portfolio. Henry Cao (1997) studied and developed a model of international equity portfolio investment flows based on differences in information endowments between foreign and domestic investors. It shows that when domestic investors presses a cumulative information advantage one foreign investors about their domestic market, investors tend to purchase foreign assets in periods when the return on foreign assets is high and to sell when return is low. The implications of the model one tested using data on us equity portfolio flows. Mccready Tracey Results highlight the importance of clear guidelines for portfolio construction and assessment, the importance of clear guidelines for portfolio construction and assessment, the importance of tri partite support during portfolio developments and guidelines for qualitative assessments when the portfolio process is well developed there are clear links to competence in practice. Conclusion - the evidence on portfolios as mean of assessment continues to expand. If educators take on board the lessons learned from various research and apply it to their assessment process the difficulties found at present in defining and measuring competence may be reduced.

INTRODUCTION TO INVESTMENT
Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. This possibility of variation in the actual return is known as investment risk. Thus every investment involves a return and risk. Investment is an activity that is undertaken by those who have savings. Savings can be defined as the excess of income over expenditure. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. The three important characteristics of any financial asset are: Return-the potential return possible from an asset. Risk-the variability in returns of the asset form the chances of its value going down/up. Liquidity-the ease with which an asset can be converted into cash.

Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Each financial asset will have a certain level of each of these characteristics.

Investment avenues
There are a large number of investment avenues for savers in India. Some of them are marketable and liquid, while others are non-marketable. Some of them are highly risky while some others are almost risk less. Investment avenues can be broadly categorized under the following heads: Corporate securities Equity shares. Preference shares. Debentures/Bonds. Derivatives. Others.

Corporate Securities
Joint stock companies in the private sector issue corporate securities. These include equity shares, preference shares, and debentures. Equity shares have variable dividend and hence belong to the high risk-high return category; preference shares and debentures have fixed returns with lower risk. The classification of corporate securities that can be chosen as investment avenues can be depicted as shown below:

Equity Shares

Preference shares

Bonds

Warrants

Derivatives

Equity shares

By investing in shares, investors basically buy the ownership right to the company. When the company makes profits, shareholders receive their share of the profits in the form of dividends. In addition, when company performs well and the future expectation from the company is very high, the price of the companys shares goes up in the market. This allows shareholders to sell shares at a profit, leading to capital gains. Investors can invest in shares either through primary market offerings or in the secondary market. The primary market has shown abnormal returns to investors who subscribed for the public issue and were allotted shares.

Stock Exchange:
In a stock exchange a person who wishes to sell his security is called a seller, and a person who is willing to buy the particular stock is called as the buyer. The rate of stock depends on the simple law of demand and supply. If the demand of shares of company x is greater than its supply then its price of its security increases. In Online Exchange the trading is done on a computer network. The sellers and buyers log on to the network and propose their bids. The system is designed in such ways that at any given instance, the buyers/sellers are bidding at the best prices. The transaction cycle for purchasing and selling shares online is depicted below:

10

Transa ction Cycle

Client

Member/ Broking firm. Stock Exchange (BSE / NSE)

Member/ Broking firm.

Client

PORTFOLIO
A portfolio is an appropriate mix of or collection of investments held by an institution or a private individual. It is a collection of securities, since it is rarely desirable to invest the entire funds of an individual or an institution in a single security. Portfolio analysis considers the determination of future risk and return in holding various blends of individual securities. Portfolio expected return is a weighted average of the expected return of individual securities but portfolio variance, in short contrast, can be something less than a weighted average of security variances. As a result an investor can sometimes reduce portfolio risk by adding security with greater individual risk than any other security in the portfolio. This is 11

because risk depends greatly on the co-variance among return of individual securities. Since portfolios expected return is a weighted average of the expected return of its securities, the contribution of each security to the portfolios expected returns depends on its expected returns and its proportionate share of the initial portfolios market value.

RISK Risk is a concept that denotes a potential negative impact to an asset or some characteristic of value that may arise from some present process or future event. In everyday usage, risk is often used synonymously with the probability of a known loss. Risk is uncertainty of the income / capital appreciation or loss of the both. The total risk of an individual security comprises two components, the market related risk called systematic risk also known as undiversifiable risk and the unique risk of that particular security called unsystematic risk or diversifiable risk. Types of risk Systematic risk (market) Examples: Interest rate risk Market risk Inflation risk Demand Government policy International factors Unsystematic risk (company risk) Examples: Labor troubles Liquidity problems Raw materials risks Financial risks Management problems

12

PHASES OF PORTFOLIO MANAGEMENT

Five phases can be identified in this process: Security analysis Portfolio analysis Portfolio selection Portfolio revision Portfolio evaluation SECURITY ANALYSIS An examination and evaluation of the various factors affecting the value of a security. Security Analysis stands for the proposition that a well-disciplined investor can determine a rough value for a company from all of its financial statements, make purchases when the market inevitably under-prices some of them, earn a satisfactory return, and never be in real danger of permanent loss. PORTFOLIO ANALYSIS Analysis phase of portfolio management consists of identifying the range of possible portfolios that can be constituted from a given set of securities and calculating their return and risk for further analysis. PORTFOLIO SELECTION The proper goal of portfolio construction is to generate a portfolio that provides the highest returns at a given level of risk. A portfolio having this characteristic is known as an efficient portfolio. The inputs from portfolio analysis can be used to identify the set of efficient portfolios. From this set of efficient portfolios, the optimal portfolio has to be selected for investment. Harry Markowitz portfolio

13

theory provides both the conceptual framework and analytical tools for determining the optimal portfolio in a disciplined and objective way. PORTFOLIO REVISION Having constructed the optimal portfolio, the investor has to constantly monitor the portfolio to ensure that it continues to be optimal. Portfolio revision is as important as portfolio analysis and selection. PORTFOLIO EVALUATION It is the process, which is concerned with assessing the performance of the portfolio over a selected period of time in terms of returns and risk. This involves quantitative measurement of actual return realized and the risk born by the portfolio over the period of investment. It provides a feedback mechanism for improving the entire portfolio management process.

14

COMPANY PROFILE

full service Investment bank founded in 1994 offering a wide range of financial services and wealth management solutions to institutions, corporations, highnet worth individuals and families. The firm has rapidly expanded its footprint to over 350 locations across India with international presence in Dubai, Hong Kong & New York. Founded by Mr. Anand Rathi and Mr. Pradeep Gupta, the group today employs over 2,500 professionals throughout India and its international offices. The firms philosophy is entirely client centric, with a clear focus on providing long term value addition to clients, while maintaining the highest standards of excellence, ethics and professionalism. The entire firm activities are divided across distinct client groups: Individuals, Private Clients, Corporate and Institutions. Anand Rathi has been named The Best Domestic Private Bank in India by Asia money in their Fifth Annual Private Banking Poll 2009. The firm has emerged a winner across all key segments in Asia moneys largest survey of high net worth individuals in India. In year 2007 Citigroup Venture Capital International joined the group as a financial partner.

Anand Rathi is a leading

RESEARCH
15

ANAND RATHI research expertise is at the core of the value proposition that we offer to our clients. Research teams across the firm continuously track various markets and products. The aim is however common - to go far deeper than others, to deliver incisive insights and ideas and be accountable for results. Anand Rathi research processes incorporate quantitative areas well as qualitative analyses. This multi-pronged approach helps us to provide superior risk- adjusted returns for our clients.

A 25 member research team, comprising 15 analysts (including sector specialists, macro economist, strategist) and 10 associates. Analysts profile Senior, well regarded analysts from leading global/domestic firms have joined Anand Rathis research team over the past 12 months. Most analysts have over 10 years of industry experience. The fundamental research team covers ~100 stocks and tracks a further 150. The overriding emphasis is on investment idea generation. A specialist technical and derivatives research team. A well-resourced team to enable custom research work for key clients and have stock

AR analysts provide objective and decisive research that is designed to enable clients to
make informed investment decisions.

The team covers entire spectrum of financial markets from equities, fixed income, and commodities to currencies. They also cover the global markets, to give clients an unparalleled macro-view of the investment opportunities across the globe.

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Client Testimony
Anand Rathi have been ranked in 2009 as the #1 Private Bank Domestic and #2 Private Bank Overall BY THEIR CLIENTS in an international poll conducted by Asia money magazine. They believe that this is testimony to the faith and trust that in clients..

Client-centric Ethos
Anand rathi belief is that there is a spark in every person that distinguishes him as an individual, and defines his aspirations and goals. A Wealth Management solution for every individual is therefore unique. You deserve a customized solution for managing your wealth that is specific to your needs and not a generic template based offering.

17

Evolution of Wealth Management

*Courtesy World Wealth Report 2008 by Capgemini & Merrill Lynch

Strong Research Capabilities

Anand rathi Advisory process is rooted in the strength of his research team, giving them expertise across various asset classes. Anand rathi Economic Research team has been ranked among the top 20 in Asia by Institutional Investor and is one among the only 2 teams from India to feature in this list.

Wealth Management needs to be far more holistic than just investment advisory AR believe that separation of advisory from product manufacturing is critical to offering a conflict-free and truly objective advice to our clients. We therefore offer only third-party products and do not manufacture any in-house products. As an extension to this philosophy, we do not hold any proprietary stake in the markets

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PRODUCTS AND SERVICES

Products

Equities I Bonds I Mutual Funds I Derivatives Managed Investment Services / PMS Commodities FX Trading Life Insurance General Insurance Alternative Assets - Private Equity Funds - Structured Products - Real Estate Opportunities Fund Special Situation Opportunities Offshore Structures & Global Investments

Services

Creation of a customized financial strategy Diversification of assets based on a formal process of asset allocation Active tracking, monitoring and review of portfolios Creation of private trusts Tax planning Estate planning

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Anand rathi is a leading investment bank focused on the middle-market in India and aim to provide a level of service, dedication and expertise that is unmatched in the industry today. Our firms core principles of integrity and dedication to the success of their clients are reflected in all that they do. They offer clients high-quality, unbiased advice. They have assembled a group of talented and experienced professionals who are domain experts and have been recruited from a wide variety of leading global financial institutions. Our professionals concentrate on using their time and their intellectual capital to solve complex financial problems and executing specialized transactions for you. They strive to offer clients more senior-level attention than may be available from many of their competitors.

SERVICE OFFERINGS
ADVISORY
Anand rathi advisory business serves as an independent sounding board and advisor on every strategic, financial and operational issue our clients face in the daily management of their businesses. AR view our clients as partners, which ultimately means that our focus and dedication extends far beyond that of traditional investment banking advisory services and includes a commitment to senior level focus. Over the course of their careers, members of our senior team have advised on over $30 billion in transactions.

Exploring, evaluating and recommending financial and strategic alternatives Assessing potential acquirers and targets and providing valuation analyses. Negotiating and Consummating transactions. Advising on transaction structuring, timing, pricing and potential financing. Providing Fairness opinions

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PRIVATE EQUITY
Extensive knowledge and coverage of the private equity community not just in India but around the world allows Anand Rathi to bring strong proprietary investment ideas to financial sponsors and to optimize outcome through identifying highquality financial buyers for our middlemarket clients. We have built a specialized practice in advising private equity firms that want to invest in India but do not have a presence here.

Exploring value maximization strategies. Developing company positioning and all documentation for potential buyers. Developing buyers lists and managing all communications with potential buyers. Managing due diligence, data rooms, site visits and all buyer investigations. Evaluating bids and negotiating and executing final

RESTRUCTUCING
Our dedicated, experienced Corporate Restructuring team can assist debtors and creditors with restructuring leverage in a dynamic, global economy by drawing on our deep industry knowledge and broad network of commercial bankers, private equity leadership and hedge fund managers.

Developing the comprehensive restructuring and reorganization plans and assisting in the court administered approval process. Advising on the ultimate structuring of a potential

Anand Rathi Institutional Equities team has been providing India investment ideas and trading services to leading institutional investors from all over the world for the past 15 years. The 65 member team of some of the best analysts and sales talent in India forms a comprehensive institutional equities platform. This team is ably led by the CEO, Ratnesh Kumar, who has over 15 years of experience in Indian equities. The team 21

underwent a transformation in early 2008 when senior people from leading global and domestic institutions joined and significantly grew Anand Rathis institutional equity business footprint.

SALES TRADING AND DERIVATIVES

Anand Rathi Institutional sales team is one of the most experienced, with 9 countries dedicated sales people having on an average India market experience in excess of 10 years. The cash sales trading and dealing team are experienced in handling large, complex institutional transactions for both FIIs and domestic institutions. The 15 member derivatives team is capable of structuring and handling large transactions in index/stock and F&O.

Mutual Funds Distribution Services

Anand Rathi are one of India's top mutual fund distribution houses who facilitate investment across all Mutual Fund AMCs and their Schemes. Clients could choose to invest in MFs by filling up an application form and submitting it at nearest Anand Rathi Investment center nearest to them or go paperless by investing Online. Anand Rathi edge lies in philosophy of providing consistently superior, independent and unbiased advice on MF Schemes to their clients backed by in-depth research. Anand Rathi firmly believes in the importance of selecting appropriate MF scheme based on the client's investment objective. Anand Rathi have a dedicated mutual fund research cell that consistently picks best performing funds to invest in and provides insights into performances of select funds.

22

23

MODELS Some of the financial models used in the process of Valuation, stock selection, and management of portfolios include:

Maximizing return, given an acceptable level of risk. Modern portfolio theorya model proposed by Harry Markowitz among others. The single-index model of portfolio variance. Capital asset pricing model. Arbitrage pricing theory. The Jensen Index. The Treynor Index. The Sharpe Diagonal (or Index) model. Value at risk model.

MARKOWITZ: PORTFOLIO SELECTION MODEL The basic portfolio model, developed by Harry Markowitz, derived the expected rate of return for a portfolio of assets and an expected risk measure. Markowitz showed that the variance of the rate of return was meaning full measure of risk under a reasonable set of assumptions and derives the formulas for computing the variance of the portfolio. This portfolio variance formulation indicated the importance of diversification for reducing risk, and showed how to properly diversify.
PARAMETERS OF MARKOWITZ: THE MEAN VARIANCE CRITERION

Based on his research, for building up the efficient set of portfolio, as laid down by Markowitz, we need to look into these important parameters. 1. Expected return 2. Variability of returns as measured by standard deviation from the mean. 24

3. Covariance or variance of one asset return to other asset returns. ASSUMPTIONS OF MARKOWWITZ MODEL: 1. Investors consider each investment alternative as being represented by a probability distribution of expected returns over some holding period. 2. Investors maximize one period expected utility and possess utility curves that demonstrate diminishing marginal utility of wealth. 3. Individuals estimate risk on the basis of the variability of expected returns. 4. Investors base decisions solely on expected return and risk; i.e., their utility curves are a function of expected return and variance (or standard deviation) of returns only. 5. For a given risk level, investors prefer higher returns to lower returns. Similarly, for a given level of expected return, investors prefer less risk to more risk.

EXPECTED RISK CALCULATION:

PORTFOLIO RISK = SQRT [((XX2*SDX2)+(XY2*SDY2)+(2*XX*XY*(rXY*SDX2*SDY2)))]

WHERE Xx, Xy = proportion of total portfolio invested in security X& Y respectively sdx, sdy = standard deviation of stock X & stock Y respectively

rxy = correlation coefficient of x & y

EXPECTED RETURN OF A PORTFOLIO CALCULATION:
PORTFOLIO RETURN = [(XX*RX) + (XY*RY)]

WHERE

25

XX = proportion XY = proportion RX = expected RY = expected

of total portfolio invested in security X of total portfolio invested in security Y

return to security X return to security Y

FORMULAS USED IN MARKOWITZ MODEL

Arithmetic return

Where

Vi is the initial investment value and Vf is the final investment value

This return has the following characteristics:

ROIArith = + 1.00 = + 100% when the final value is twice the initial value ROIArith > 0 when the investment is profitable ROIArith < 0 when the investment is at a loss ROIArith = 1.00 = 100% when investment can no longer be recovered

STANDARD DEVIATION = Square root ((mean return -expected return)^2/N)

26

COVARIANCE COV (X, Y) =1/N[(RX-RX) (RY-RY)

27

BETA: The Beta coefficient, in terms of finance and investing, is a measure of a stock (or portfolio)s volatility in relation to the rest of the market. Beta is calculated for individual companies using regression analysis. The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be mitigated by the diversification provided by the portfolio of many risky assets, because it is correlated with the return of the other assets that are in the portfolio. For example, if every stock in the New York Stock Exchange was uncorrelated with every other stock, then every stock would have a Beta of zero, and it would be possible to create a portfolio that was nearly risk free, simply by diversifying it sufficiently so that the variations in the individual stocks' prices averaged out. In reality, investments tend to be correlated, more so within an industry, or when considering a single asset class (such as equities). This correlated risk, measured by Beta, is what actually creates almost all of the risk in a diversified portfolio. The formula for the Beta of an asset within a portfolio is

Where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio of which the asset is a part And Cov (ra, rp) is the covariance between the rates of return.

28

In the CAPM formulation, the portfolio is the market portfolio that contains all risky assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market. The beta movement should be distinguished from the actual returns of the stocks. For example, a sector may be performing well and may have good prospects, but the fact that its movement does not correlate well with the broader market index may decrease its beta. Beta is a measure of risk and not to be confused with the attractiveness of the investment. THE SECURITY MARKET LINE The Security Market Line (SML) is the graphical representation of the Capital Asset Pricing Model. It displays the expected rate of return for an overall market as a function of systematic (non-diversifiable) risk (beta). The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML. The securities market line can be regarded as representing a single-factor model of the asset price, where Beta is exposure to changes in value of the Market. The equation of the SML is thus:

29

IMPLICATIONS FOR INVESTORS FROM THE MEASUREMENT OF PORTFOLIO RISK If the investor conservative and interested in low variability of portfolio returns from the expected return (actual realizable return not from expected), he should: 1. Invest his funds in securities with low standard deviations, and 2. Ensure that the securities chosen for his portfolio have relatively low coefficients of correlation with one another. Theoretically, if it is possible, he should include some securities with negative coefficients of correlation with other securities in the portfolio.

30

ICICI BANK
Business Profile
ICICI Bank was promoted in 1994 by ICICI Ltd., an Indian development financial instituition. The two entities subsequently merged to become the largest commercial bank in the private sector. A new generation bank, ICICI Bank started with all the latest technologies to hit the Indian banking industry in the second half of the nineties. All its branches are fully computerized with the state-of-the-art technology and systems, networked through VSAT technology. The bank is connected to the SWIFT International network. In 2005, it expanded its network to 562 branches and 1,910 ATMs. It continued to expand its electronic channels, namely internet banking, mobile banking, call centers and ATMs, and migrate customer transaction volumes to these channels. Over 70% of customer induced transactions take place through these electronic channels. It has acquired a small Russian banking entity, Investitsionno-Kreditny Bank (IKB), which will help boost its corporate business and deposit franchise overseas. The bank has also built several strategic alliances with banks like Wells Fargo in USA, Lloyds TSB in UK and DBS in Singapore. ICICI has entered into strategic alliance with prudential plc. Of UK for its mutual find business. The duo has been fairly aggressive through their companies, Prudential ICICI Asset Management Company Limited and Prudential ICICI Trust Limited. The bank is also keen to offer its services to the Indian agricultural sector. Over 2,000 Internet kiosks and 70 agri-desks have been established in locations with large agricultural markets.

Recent Developments

31

ICICI Bank launched `Mutual Fund Sweep Account` - an automatic sweeping facility which allows current account holders to park their short-term surpluses into liquid mutual funds and earn higher returns. Initially, ICICI Bank current account customers will have the facility to invest their account surpluses in the liquid fund schemes of Prudential ICICI Asset Management Company and GIC Mutual Fund. The bank is in the process of the reverse merger of ICICI with ICICI Bank. The merger of two wholly-owned subsidiaries of ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank is also underway. ICRA has assigned an A1+ rating, indicating highest safety in the short-term, to the Rs 500 crore certificates of deposit (CD) programme of ICICI Bank Ltd (IBL). The rating agency said in its report that the rating takes into consideration IBL`s strategic importance to its parent ICICI, IBL`s comfortable profitability and capital adequacy, good control on asset quality.

32

2004
Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Open Price 297.9 295 273.7 298.7 314.5 229 245.6 267 273 289 299.1 340.1 High Price 305.5 303 283.05 302.95 319.3 239.5 248.8 277 273 294 300.8 342.8 Low Price 297 280 271.1 296.5 310.5 229 242.1 267 268.1 287.5 295.6 334 Last Price 301.8 297 281.35 301.55 315 238.8 247.95 275.65 270.5 290.1 296.25 339 Close Price 302.75 295.3 281.7 300.95 314.8 236.75 247.8 275.9 270.9 289.3 296.3 339.75 Total Traded Quantity 1475607 2199927 1446826 1287142 2427306 645001 1708651 1158676 382950 770631 336132 836789 Turnover in Lacs 4463.332617 6450.500538 4009.055571 3854.740634 7634.389072 1525.128864 4209.053305 3166.630872 1037.416655 2236.878429 998.595491 2840.424768

ICICI-2004 400 350 300 250 200 150 100 50 0

D

SHARE VALUE

302.75

339.75 314.8 236.75 275.9 289.3 296.3 270.9

Close Price

281.7 295.3 300.95

247.8

M ar Ap r M ay Ju n Ju l Au g Se p O ct N ov

at e Ja n Fe b

MONTHS

33

2005
Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Prev Close 371.35 360.9 380.9 392.8 359.95 392.05 425.75 534.45 481.8 601.7 498.6 538.05 Open Price 375 363 381.5 393 368 393.95 427 532.5 482.25 604.4 501 540 High Price 375 368 382 407.45 373.95 401 429.25 549.9 495.25 614 510 544.8 Low Price 370.15 358.15 369.05 393 357.55 393 419.2 525 481.2 587.65 493.7 537 Last Price 373.5 360.5 373.9 407 360.45 401 419.55 535.8 484 589 496 539 Close Price 371.35 361.8 372.25 406.05 360.35 399.4 421.25 538.4 483.85 593.4 498.65 540.55 Total Traded Quantity 412258 504522 388748 922987 716359 278070 431571 1459516 521027 566954 122530 799196 Turnover in Lacs 1537.493731 1826.499843 1452.231185 3705.56233 2597.986122 1105.869992 1832.331435 7794.022609 2542.511994 3421.112911 614.5857475 4318.477188

ICICI-2005
700 600 SHARE PRICE 500 400 300 200 100 0 May Jul Nov Jan Mar Jun MONTHS Dec Aug Sep Feb Oct Apr 538.4 371.35372.25 360.35421.25 406.05 399.4 361.8 593.4 540.55

483.85

498.65 Series1

34

2006

Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

Date
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Prev Close 585.05 609.25 615.25 589.05 591.75 537.5 487.9 553.85 597.45 699.6 777.15 872.45

Open Price 587.7 619.9 600 599 600.1 542 499 554 594.9 700 784.9 883

High Price 609.9 619.9 620 611.95 625.85 551 518.35 554 611.9 708 784.9 884.5

Low Price 587.7 588.6 560 592 600.1 531.15 485 541.9 588.5 691.5 771.15 865.65

Last Price 593.95 592 614.4 603.9 618.7 532 488.45 550 609.5 692.1 777.25 876

Close Price 597 590.2 616.55 604 621.95 534.3 489.1 549.65 609.6 697.75 778.15 878.15

Total Traded Quantity 10240898 871478 1160638 809778 1621966 791136 490577 636281 1711581 760505 936459 1236189

Turnover in Lacs 61395.27 5208.205 7115.239 4889.214 9981.174 4277.888 2401.659 3488.624 10398.98 5330.941 7276.903 10872.02

ICICI-2006 1000 SHARE VALUE 800 878.15 778.15

609.6 590.2 604 621.95 697.75 600 549.65 616.55 597 534.3 489.1 400 200 0
Ja n Fe b M ar Ap r M ay Ju n Ju l Au g Se p Oc t No v De c

Seri es1

MONTHS

35

2007
Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Prev Close 891.5 941.1 829.5 853.35 865.85 919.15 955.45 927.45 888.4 1062.4 1254.05 1178.4 Open Price 892 951 840 820.6 898 925 981.5 920 890.1 1068 1270 1180 High Price 906.5 957 858.5 829.7 898 938.8 981.5 920 911 1068 1318 1188 Low Price 888 942.35 824 800.05 864.65 922.1 945 885.1 890.1 1035 1240 1156.25 Last Price 895.25 952.9 857 805.3 866 927.15 952 890 910 1058 1298 1163 Close Price 897.45 952.55 855.35 803.95 869.9 930.45 950.2 891 907.9 1057.8 1298.3 1162 Total Traded Quantity 345636 811547 1081867 1829939 2223603 1233813 644010 4669774 2929146 3191887 5076881 3538453 Turnover in Lacs 3109.8611 7710.4247 9106.0205 14810.493 19376.367 11489.425 6119.6264 41808.275 26456.396 33560.268 65449.378 41222.945

ICICI-2007
1400 1200 Share Price 1000 952.55 855.35 803.95 930.45 950.2 869.9 891 1057.8 907.9
Series1

1298.3 1162

800 897.45 600 400 200 0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Months

36

2008
Prev Close 1187.40 1105.85 835.50 902.50 796.25 652.15 636.1 632.55 493.3 345.35 350.85 458.6 Open Price 1190 1100 848.85 918 795.25 664.8 638 644.5 485.9 370.55 340 472.8 High Price 1131 1045.45 765 872 778.2 611.35 621.15 642.65 460.05 363 316.35 444 Low Price 1147 1077.65 769 881 786.55 635 633 670.65 540 399.5 354 447.6 Last Price 1147 1088.50 769.40 879.60 788.6 630.2 637.3 671.9 535.55 398.75 351.65 448.1 Close Price 1169.06 1079.42 785.02 886.81 787.09 626.79 632.02 671.55 517.95 384.89 348.13 452.42 Total Traded Quantity 5525805 3665904 5048217 4446390 6852195 6725234 5333027 8633379 21452818 14134982 12329653 7794740 Turnover in Lacs 64600.06 39570.53 39629.35 39431.01 53932.8 42153.09 33705.611 57977.632 111113.883 54403.601 42923.30 35264.774

Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

Date Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

37

Years 2003

Month Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

Prev Close 140.5 149.9 149.3 133.75 121.15 137.95 150.15 159.15 179.7 204.5 247 250.1 295.45 295.05 270.95 296.3 315 230.4 244.5 267.5 269.8 286.25 299.05 339.75

S&P CNX NIFTY 1154.67 1178.72 1084.64 1038 1122.32 1272.21 1337.86 1538.08 1610.21 1770.08 1837.98 2139.93 2062.42 2052.4 2020.25 2048.22 1698.16 1727.93 1878.62 1882.09 2020.62 2069.39 2268.99 2418.88

ROR (X) 0.0208 0.0798 0.0430 0.0812 0.1336 0.0516 0.1497 0.0469 0.0993 0.0384 0.1643 0.0362 0.0049 0.0157 0.0138 0.1709 0.0175 0.0872 0.0018 0.0736 0.0241 0.0965 0.0661 0.0104

ROR (Y) 0.0255 0.0627 0.0040 0.1163 0.1040 0.1218 0.0813 0.0566 0.1144 0.1213 0.1721 0.0124 0.1535 0.0014 0.0889 0.0856 0.0594 0.3672 0.0577 0.0860 0.0085 0.0575 0.0428 0.1198

X*X 0.0004 0.0064 0.0018 0.0066 0.0178 0.0027 0.0224 0.0022 0.0099 0.0015 0.0270 0.0013 2.4E-05 0.0002 0.0002 0.0292 0.0003 0.0076 3.4E-06 0.0054 0.0005 8 0.0093 0.0044 0.0001 1

Y*Y 0.0000 0 0.0039 0.0000 0.0135 0.0108 0.0148 0.0066 0.0032 0.0131 0.0147 0.0296 0.0002 0.0236 0.0000 0.0079 0.0073 0.0035 0.1348 0.0033 0.0074 0.0001 0.0033 0.0018 0.0144

X*Y 0.00053 0.00501 0.00017 0.00944 0.01389 0.00628 0.01216 0.00265 0.01135 0.00465 0.02827 0.00045 0.00075 0.00002 0.00123 0.01462 0.00104 0.03202 0.00011 0.00633 0.00021 0.00554 0.00283 0.00124

R= XAvg(X)

T= YAvg(Y) 0.0448

R^2 0.00000 0.00940 0.00362 0.00410 0.01355 0.00119 0.01755 0.00088 0.00674 4.5E-04 0.02164 0.00285 0.00048 0.00108 0.00001 0.03537 0.00000 0.00491 0.00023 0.00319 4.9E-05 0.00629 0.00239 0.00076

T^2 0.00201 0.00673 2.4E-04 0.00939 0.00717 0.01992 0.01012 0.00576 0.01788 2.0E-02 0.03664 0.00101 0.02987 0.00032 0.00484 0.01100 6.2E-03 0.12099 5.9E-03 0.01109 7.8E-04 0.00590 0.00386 0.01936

-0.0970 -0.0602 0.0641 0.1164 0.0344 0.1325 0.0297 0.0821 0.0212 0.1471 -0.0534 -0.0220 -0.0328 -0.0033 -0.1881 0.0004 0.0700 -0.0153 0.0564 0.0070 0.0793 0.0489 -0.0275

0.0821 0.0153 -0.0969 -0.0847 0.1411 0.1006 0.0759 0.1337 0.1406 0.1914 0.0317 0.1728 0.0180 -0.0696 0.1049 0.0787 -0.3478 0.0770 0.1053 0.0279 0.0768 0.0622 0.1391

2004

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

38

2005

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

371.35 360.9 380.9 392.8 359.95 392.05 425.75 534.45 481.8 601.7 498.6 538.05 585.05 609.25 615.25 589.05 591.75 537.5 487.9 553.85 597.45 699.6 777.15 872.45 891.5 941.1 829.5 853.35 865.85 919.15 955.45 927.45 888.4 1062.4 1254.05 1178.4 29854.3 29854.3

2393.76 2447.94 2369.69 2214.96 2433.73 2599.93 2711.24 2801.99 3066.15 2795.89 3127.8 3353.37 3549.92 3639.43 4028.82 4213.88 3642.31 3721.71 3745.46 4073.55 4288.97 4476.5 4729.13 4758.45 4899.39 4504.73 4605.89 4934.46 5185.95 5223.82 5483.25 5411.29 6094.11 7163.3 6997.6 7461.48 1.0298 0.0172

0.0226 0.0320 0.0653 0.0988 0.0683 0.0428 0.0335 0.0943 0.0881 0.1187 0.0721 0.0586 0.0252 0.1070 0.0459 0.1356 0.0218 0.0064 0.0876 0.0529 0.0437 0.0564 0.0062 0.0296 0.0806 0.0225 0.0713 0.0510 0.0073 0.0497 0.0131 0.1262 0.1754 0.0231 0.0663 1.0000 1.0298 1.0298 0.4896

0.0851 0.0290 0.0525 0.0303 0.0913 0.0819 0.0792 0.2034 0.1093 0.1993 0.2068 0.0733 0.0803 0.0397 0.0098 0.0445 0.0046 0.1009 0.1017 0.1191 0.0730 0.1460 0.0998 0.1092 0.0214 0.0527 0.1345 0.0279 0.0144 0.0580 0.0380 0.0302 0.0440 0.1638 0.1528 0.0642 1.8159 1.259 0.0193

0.0005 0.0010 0.0043 0.0098 0.0047 0.0018 0.0011 0.0089 0.0078 0.0141 0.0052 0.0034 0.0006 0.0114 0.0021 0.0184 0.00048 4.1E-05 0.0077 0.0028 0.0019 0.0032 3.8E-05 0.0009 0.0065 0.0005 0.0051 0.0026 0.0001 0.0025 0.0002 0.0159 0.0308 0.0005 0.0044 1.0000 1.3385 1.3385

0.0072 0.0008 0.0028 0.0009 0.0083 0.0067 0.0063 0.0414 0.0119 0.0397 0.0428 0.0054 0.0065 0.0016 0.0001 0.0020 0.0000 0.0102 0.0103 0.0142 0.0053 0.0213 0.0100 0.0119 0.0005 0.0028 0.0181 0.0008 0.0002 0.0034 0.0014 0.0009 0.0019 0.0268 0.0234 0.0041 3.2975 3.29750

0.00193 0.00093 -0.00343 0.00299 -0.00623 0.00351 0.00265 0.01917 0.00963 0.02366 -0.01491 0.00430 0.00203 0.00425 0.00045 0.00603 0.00010 -0.00064 -0.00891 0.00630 0.00319 0.00824 0.00062 0.00324 -0.00172 0.00118 -0.00960 0.00142 0.00011 0.00288 -0.00050 -0.00381 -0.00771 -0.00379 0.01013 0.06420 0.82536

0.0055 -0.0491 -0.0825 0.0816 0.0511 0.0256 0.0163 0.0771 -0.1053 0.1016 0.0550 0.0414 0.0081 0.0898 0.0288 -0.1528 0.0046 -0.0108 0.0704 0.0357 0.0266 0.0393 -0.0110 0.0125 -0.0977 0.0053 0.0542 0.0338 -0.0099 0.0325 -0.0303 0.1090 0.1583 -0.0403 0.0491 -1.0172 1.0126384 1.0126

0.1044 -0.0096 0.0719 0.0496 -0.0719 0.1012 0.0985 0.2227 -0.0899 0.2186 -0.1874 0.0927 0.0997 0.0591 0.0291 -0.0251 0.0239 -0.0816 -0.0823 0.1384 0.0923 0.1654 0.1191 0.1286 0.0407 0.0721 -0.1152 0.0473 0.0338 0.0773 0.0573 -0.0108 -0.0246 0.1831 0.1722 -0.0448 1.835249 1.7856

0.00003 0.00241 0.00680 0.00666 0.00261 0.00066 2.7E-04 0.00595 0.01109 0.01031 0.00302 0.00172 0.00006 0.00807 0.00083 0.02335 0.00002 0.00012 0.00496 0.00128 0.00071 0.00154 0.00012 1.55E04 0.00955 0.00003 0.00293 0.00114 0.00010 0.00106 0.00092 0.01189 0.02505 0.00162 0.00241 1.03462 1.32080 1.32080

0.01091 0.00009 0.00516 0.00246 0.00517 0.01025 0.00970 0.04961 0.00809 0.04779 0.03513 0.00859 0.00994 0.00349 0.00085 0.00063 0.00057 0.00666 0.00678 0.01916 0.00852 0.02734 0.01419 1.7E-02 0.00166 0.00519 0.01327 0.00224 0.00114 6.0E-03 0.00329 0.00012 0.00061 0.03354 0.02964 0.00201 3.36814 3.18849

2006

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

2007

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec SUM AVERAGE

39

1.

Beta
xy x y x2 n y2 0.825 1.03 1.216 1.339 60 3.298 0.6085

2
Avg(X) Avg(Y)

Alpha
-0.4896 -0.02026 0.906 0.2776

Coef.Correlation

0.045

Coef of Determination
0.002053

Standard

6 40

Variance

Devition
SDx SDy 0.1483 0.2305 Vx Vy 0.02199 0.05313

41

STATE BANK OF INDIA

The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Our business is more than banking because we touch the lives of people anywhere in many ways. There commitment to nation-building is complete & comprehensive.

42

2004 Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Prev Close 537.55 598.05 584.5 605.85 642.25 465.15 430.6 442.1 442.85 468.1 447.4 529.7 Open Price 540.5 599.9 586.55 607.5 635 470 434.8 443.1 447.5 467.5 448.5 530.2 High Price 568.45 599.9 602.5 621.35 635.8 482 444.35 444.9 452 481.2 471.5 544 Low Price 540.1 557.2 581.1 606 605.45 466.55 434 436.4 443.15 462.7 447.55 520.95 Last Price 566.95 571 602 616.7 618.5 468.4 441.9 443.1 450.9 478 471.5 544 Close Price 564.65 567.3 600.25 618.3 619.05 469.3 442.9 442.3 450.7 478.85 468.65 541 Total Traded Quantity 5941630 7381059 4005601 4242657 4828665 5008010 6282161 2647037 3613238 1911963 3287171 4569314 Turnover in Lacs 33075.88938 42362.68498 23676.23811 26081.50684 29851.8291 23811.40687 27600.74098 11658.11253 16209.39575 9026.838506 15152.45108 24421.57067

SBI 2004
700 618.3 600 500 400 300 200 100 0 564.65 600.25 567.3 619.05 541 469.3 450.7 442.9 442.3 478.85 468.65

43

2005 Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Prev Close 652 643 714.65 654.8 584.85 670.45 681.9 800.25 796.3 938.2 839.1 896.65 Open Price 654.5 640 711 655 588 669.5 682 799 801 938 869.75 903 High Price 662.9 646 716.9 672.8 592.8 674.9 708.9 804.95 805.5 953 869.75 915.4 Low Price 650.1 631.2 692.65 652.65 576.05 658.1 662.15 785.1 795.25 938 832.1 891.25 Last Price 657 634 695.5 671.8 585.6 660.1 705 789.55 799 944 834.7 913.5 Close Price 655.75 634.05 695.6 670.1 589.35 660.2 706.25 789.95 799.6 945.35 838.85 913.35 Total Traded Quantity 2131452 2467277 5128658 2785374 2738218 2072014 4867582 1980985 1168582 1607862 523113 2420620 Turnover in Lacs 13998.50891 15694.57473 36067.6012 18473.09788 15989.79179 13802.17176 34202.39639 15663.99636 9357.570853 15210.2526 4403.574651 21869.33291

44

EQ EQ EQ EQ EQ

AUG SEP OCT NOV DEC

810.25 931.25 1028.65 1095.65 1317.05

802 932 1029 1256.3 1315

819 935.7 1037.8 1256.3 1370

794.4 925.1 1023.1 1089 1313.15

818 931.4 1030.1 1119 1366

811.75 931.25 1033.35 1113.8 1362.65

1982509 887349 874932 1035588 1612467

15930.42 8266.71 9024.2621 11462.727 21785.692

SBI-2006
1600 1400 1200 1000 800 600 400 200 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 904.9 869.25 742.6 983.35 881.2 961.7 818.75 931.25 811.75 1113.8 1033.35 1362.65

45

Series
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

Date
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Prev Close
1245.6 1140.45 1041.85 994.45 1353.65 1525.8 1623.85 1600.35 1945.85 2068.2 2302.4 2302.4

Open Price
1250 1158 1042 979.4 1364 1530 1610 1619 1952 2167 2330 2330

High Price
1260 1230 1061 979.4 1385 1551 1610 1623 1965 2167 2345.9 2345.9

Low Price
1243 1135.7 1016 922.35 1356 1523.35 1540.2 1602.35 1882.6 2052.5 2307.9 2307.9

Last Price
1253 1203.1 1051 937 1380 1528 1550.2 1606.1 1905 2073.9 2324 2324

Close Price
1253.55 1203 1055.65 930.5 1378.9 1530.75 1548.05 1606.65 1894.6 2075.35 2324.75 2324.75

Total Traded Quantity

408144 2491197 1108823 1133049 1908666 1746382 2715856 901942 1919363 2143188 955082 955082

Turnover in Lacs
5112.3453 29698.604 11522.978 10583.44 26147.129 26860.939 42709.452 14539.915 36639.177 45181.497 22217.635 22217.64

SBI2007
2324.75 2075.35 1894.6 1530.75 1500 1253.55 1203 1378.9 1055.65 930.5 1606.65 1548.05

2500

2324.75

2000

1000

500

0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

46

Series
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

Date
JAN FEB MAR APR MAY

Prev Close

Open Price

High Price

Low Price

Last Price

Close Price

Total Traded Quantity

Turnover in Lacs

2,155.0 2,247.7 2,136.0 2,165.0 2,167.3 0 0 0 0 5 2,010.0 2,135.0 1,945.0 2,088.8 2,111.6 2,039.10 0 0 0 0 5 1,674.0 1,695.0 1,590.0 1,608.0 1,600.2 1,677.80 0 0 0 0 5 1,799.0 1,821.0 1,730.0 1,781.0 1,774.6 1,795.55 0 0 0 0 5 1461.15 1465.05 1489 1435.35 1445 1445 2,223.95 1161.2 1194.95 1390 1336 1385 1149.95 1065 1308 1194.95 1430.9 1409.8 1485 1177 1109.9 1308 1101 1343 1336 1355 1065.5 1055 1270 1107 1406 1404.55 1472 1114 1085.05 1290 1111.6 1417.25 1403.85 1463.35 1109.7 1088.55 1288.8

1159043 25,347.44 2401205 48,660.48 1036121 16,712.89 839999 14,987.18 867328 12613.70 787863 1885052 2661636 2229762 4293292 4321864 2704078 8940.20 26136.91 36957.08 32255.34 48015.33 46965.76 34799.18

JUN

1387.95
JUL

1309.35
AUG

1405.45
SEP

1099.55
OCT

1105
NOV

1291.7
DEC

47

years 2003

Month Jan Feb Mar Apr May Jun July Aug Sep Oct Nov

S&P CNX NIFTY 1154.67 1178.72 1084.64 1038 1122.32 1272.21 1337.86 1538.08 1610.21 1770.08 1837.98 2139.93 2062.42 2052.4 2020.25 2048.22 1698.16 1727.93 1878.62 1882.09 2020.62 2069.39 2268.99 2418.88

ROR (X) 0.0208 -0.0798 -0.0430 0.0812 0.1336 0.0516 0.1497 0.0469 0.0993 0.0384 0.1643 -0.0362 -0.0049 -0.0157 0.0138 -0.1709 0.0175 0.0872 0.0018 0.0736 0.0241 0.0965 0.0661 -0.0104

PRICE 284.55 290.15 290.55 273.5 281.55 345.45 382.5 418.5 438.1 446 475.9 470.4 564.65 567.3 600.25 618.3 619.05 469.3 442.9 442.3 450.7 478.85 468.65 541

ROR(Y) 0.0197 0.0014 -0.0587 0.0294 0.2270 0.1073 0.0941 0.0468 0.0180 0.0670 -0.0116 0.2004 0.0047 0.0581 0.0301 0.0012 -0.2419 -0.0563 -0.0014 0.0190 0.0625 -0.0213 0.1544 0.2121

X*X 0.00043 0.00637 0.00185 0.00660 0.01784 0.00266 0.02240 0.00220 0.00986 0.00147 0.02699 0.00131 2.4E-05 0.00025 0.00019 0.02921 0.00031 0.00761 3.4E-06 0.00542 0.00058 0.00930 0.00436 0.00011

Y*Y 0.00039 0.00000 0.00344 0.00087 0.05151 0.01150 0.00886 0.00219 0.00033 0.00449 0.00013 0.04014 2.2E-05 0.00337 0.00090 0.00000 0.05852 0.00316 0.00000 0.00036 0.00390 0.00045 0.02383 0.04499

X*Y 0.00041 -0.00011 0.00252 0.00239 0.03031 0.00553 0.01409 0.00220 0.00179 0.00257 -0.00190 -0.00726 -2.3E-05 -0.00091 0.00042 -0.00021 -0.00424 -0.00491 -2.5E-06 0.00140 0.00151 -0.00205 0.01020 -0.00220

R=XAvg(X) 0.0037 -0.0970 -0.0602 0.0641 0.1164 0.0344 0.1325 0.0297 0.0821 0.0212 0.1471 -0.0534 -0.0220 -0.0328 -0.0033 -0.1881 0.0004 0.0700 -0.0153 0.0564 0.0070 0.0793 0.0489 -0.0275

T=YAvg(Y) -0.0052 -0.0235 -0.0835 0.0046 0.2021 0.0824 0.0693 0.0220 -0.0068 0.0422 -0.0364 0.1755 -0.0202 0.0332 0.0052 -0.0236 -0.2668 -0.0811 -0.0262 -0.0059 0.0376 -0.0462 0.1295 0.1873

R^2 0.00001 0.00940 0.00362 0.00410 0.01355 0.00119 0.01755 0.00088 0.00674 0.00045 0.02164 0.00285 4.8E-04 0.00108 0.00001 0.03537 0.00000 0.00491 2.3E-04 0.00319 0.00005 0.00629 0.00239 0.00076

T^2 0.00003 0.00055 0.00698 0.00002 0.04085 0.00679 0.00480 0.00048 0.00005 0.00178 0.00133 0.03080 4.1E-04 0.00110 0.00003 0.00056 0.07116 0.00658 0.00069 0.00003 0.00141 0.00213 0.01678 0.03506

2004

Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

48

49

2005

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

2393.76 2447.94 2369.69 2214.96 2433.73 2599.93 2711.24 2801.99 3066.15 2795.89 3127.8 3353.37 3549.92 3639.43 4028.82 4213.88 3642.31 3721.71 3745.46 4073.55 4288.97 4476.5 4729.13 4758.45 4899.39 4504.73 4605.89 4934.46 5185.95 5223.82 5483.25 5411.29 6094.11 7163.3 6997.6 7461.48

0.0226 -0.0320 -0.0653 0.0988 0.0683 0.0428 0.0335 0.0943 -0.0881 0.1187 0.0721 0.0586 0.0252 0.1070 0.0459 -0.1356 0.0218 0.0064 0.0876 0.0529 0.0437 0.0564 0.0062 0.0296 -0.0806 0.0225 0.0713 0.0510 0.0073 0.0497 -0.0131 0.1262 0.1754 -0.0231 0.0663 -1.0000 1.0298 0.0172

655.75 634.05 695.6 670.1 589.35 660.2 706.25 789.95 799.6 945.35 838.85 913.35 904.9 869.25 881.2 983.35 961.7 818.75 742.6 811.75 931.25 1033.35 1113.8 1362.65 1253.55 1203 1055.65 930.5 1378.9 1530.75 1548.05 1606.65 1894.6 2075.35 2324.75 2324.75

-0.0331 0.0971 -0.0367 -0.1205 0.1202 0.0698 0.1185 0.0122 0.1823 -0.1127 0.0888 -0.0093 -0.0394 0.0137 0.1159 -0.0220 -0.1486 -0.0930 0.0931 0.1472 0.1096 0.0779 0.2234 -0.0801 -0.0403 -0.1225 -0.1186 0.4819 0.1101 0.0113 0.0379 0.1792 0.0954 0.1202 0.0000 -1.0000 1.4911 1.4911 0.0249

0.00051 0.00102 0.00426 0.00976 0.00466 0.00183 0.00112 0.00889 0.00777 0.01409 0.00520 0.00344 0.00064 0.01145 0.00211 0.01840 0.00048 4.1E-05 0.00767 0.00280 0.00191 0.00318 3.8E-05 0.00088 0.00649 0.00050 0.00509 0.00260 5.3E-05 0.00247 0.00017 0.01592 0.03078 0.00054 0.00439 1.00000 1.33849 1.3385

0.00110 0.00942 0.00134 0.01452 0.01445 0.00487 0.01405 0.00015 0.03323 0.01269 0.00789 0.00009 0.00155 0.00019 0.01344 0.00048 0.02209 0.00865 0.00867 0.02167 0.01202 0.00606 5.0E-02 0.00641 0.00163 0.01500 0.01405 0.23222 1.2E-02 0.00013 0.00143 0.03212 0.00910 0.01444 0.00000 1.00000 2.223455 2.2235

-0.00075 -0.00310 0.00239 -0.01190 0.00821 0.00299 0.00397 0.00115 -0.01607 -0.01337 0.00640 -0.00054 -0.00099 0.00147 0.00532 0.00299 -0.00324 -5.9E-04 0.00816 0.00778 0.00479 0.00439 1.4E-03 -0.00237 0.00325 -0.00275 -0.00846 0.02456 8.0E-04 0.00056 -0.00050 0.02262 0.01674 -0.00278 0.00000 1.00000 1.11404 1.1140

0.0055 -0.0491 -0.0825 0.0816 0.0511 0.0256 0.0163 0.0771 -0.1053 0.1016 0.0550 0.0414 0.0081 0.0898 0.0288 -0.1528 0.0046 -0.0108 0.0704 0.0357 0.0266 0.0393 -0.0110 0.0125 -0.0977 0.0053 0.0542 0.0338 -0.0099 0.0325 -0.0303 0.1090 0.1583 -0.0403 0.0491 -1.0172 0.0000 0.0000

-0.0579 0.0722 -0.0615 -0.1454 0.0954 0.0449 0.0937 -0.0126 0.1574 -0.1375 0.0640 -0.0341 -0.0642 -0.0111 0.0911 -0.0469 -0.1735 -0.1179 0.0683 0.1224 0.0848 0.0530 0.1986 -0.1049 -0.0652 -0.1473 -0.1434 0.4570 0.0853 -0.0136 0.0130 0.1544 0.0706 0.0953 -0.0249 -1.0249 1.466273324 1.4422

0.00003 0.00241 0.00680 0.00666 0.00261 0.00066 0.00027 0.00595 0.01109 0.01031 0.00302 0.00172 0.00006 0.00807 0.00083 0.02335 0.00002 1.2E-04 0.00496 0.00128 0.00071 0.00154 1.2E-04 0.00016 0.00955 0.00003 0.00293 0.00114 9.7E-05 0.00106 0.00092 0.01189 0.02505 0.00162 0.00241 1.03462 0.00000 0.30697 1.32082

0.00336 0.00522 0.00378 0.02113 0.00909 0.00202 0.00877 0.00016 0.02478 0.01891 0.00409 0.00116 0.00413 0.00012 0.00829 0.00220 0.03010 0.01389 0.00466 0.01497 0.00719 0.00281 3.9E-02 0.01101 0.00425 0.02171 0.02056 0.20888 7.3E-03 0.00018 0.00017 0.02383 0.00498 0.00909 0.00062 1.05032 2.14996 2.08004 1.82353

2006

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

2007

Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec SUM AVERAGE

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Beta
xy x y x2 N y2 1.114 1.0298 1.4911 1.3385 60 2.2235 0.824

Alpha
Avg(X) Avg(Y) 0.0172 0.0249 0.824

0.0107272

Coef.Correlation
0.64047

Coef of Determination
0.4102

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Standard Devition
SDx SDy 0.07152 0.18619

Variance
Vx Vy 0.005115 0.03466

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BETA VALUES

BETA VALUE
0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 ICICI BANK SBI BANK 0.6085 0.824

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Conclusions
Average rate of return of the 2 different companies are lesser than that of its market returns. So, the returns are better than the market returns. Since standard deviation of SBI equity and ICICI equity is less than its market, the risk is likely less compared to that of market. Lower the beta and higher the funds performance is the better equity for investment. One might expect the best performance by funds with low diversification because they apparently are attempting to beat the market by being unique in their selection or timing. Since Beta (0.6085) of ICICI Bank is less than that of markets beta, the fund reacts less than the market reaction. Also beta indicates that the funds returns would increase or decrease by 0.6% for every 1 % increase or decrease in the market returns. This also means that the mutual fund fluctuates 4% less than the market index. Considering only the rate of return, all the equities outperformed the market.

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BIBLIOGRAPHY
URLs
www.nseindia.com www.moneybhai.com www.anandrathi.com www.statebanksofindia.com www.icicibank.com BOOKS Shashi K. Gupta, Roshi Joshi. (2008), Security Analysis and Portfolio Management, Kalyani Publishers (IInd edition)

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