Introduction

The main aim of this project is to analyze current growth trend of scripts of
Pharmaceuticals sector in equity market. Based on the study of Indian economy, above
mentioned two sectors and fundamental and technical analysis of leading companies of these
sectors; we will try to forecast the future growth trend of these companies in equity market.
In financial markets, stock is the capital raised by a corporation through the issuance
and distribution of shares. A person or organization which holds shares of stocks is called a
shareholder. The aggregate value of a corporation's issued shares is its market capitalization.
When one buys a share of a company he becomes a shareholder in that company. Shares are
also known as Equities. Equities have the potential to increase in value over time. It also
provides the portfolio with the growth necessary to reach the long-term investment goals.
Research studies have proved that the equities have outperformed than most other forms
of investments in the long term. Equities are considered the most challenging and the
rewarding, when compared to other investment options.
Research studies have proved that investments in some shares with a longer tenure of
investment have yielded far superior returns than any other investment. However, this
does not mean all equity investments would guarantee similar high returns. Equities are highrisk investments. One needs to study them carefully before investing. Since 1990 till date,
Indian stock market has returned about 17% to investors on an average in terms of
increase in share prices or capital appreciation annually. Besides that on average stocks have
paid 1.5 % dividend annually. Dividend is a percentage of the face value of a share that a
company returns to its shareholders from its annual profits. Compared to most other forms
of investments, investing in equity shares offers the highest rate of return, if invested
over a longer duration
The first company to issue shares of stock was the Dutch East India Company, in 1602. The
innovation of joint ownership made a great deal of Europe's economic growth possible
following the Middle Ages. The technique of pooling capital to finance the building of
ships, for example, made the Netherlands a maritime superpower.
Equity markets, the world over, grew at a great speed in the decade of the nineties. After the
bear markets of the late eighties, the world markets saw one of the largest ever bull markets
of more than ten years. The opening up of Indian economy in the 1990's led to a series of

financial sector reforms, prominent being the capital market reforms. These reforms
have led to the development of the Indian equity markets to t standards of the major global
equity markets.

All this started with the abolition of Controller of Capital Issues and

subsequent free pricing of shares.

The introduction of dematerialization of shares, leading to faster and cheaper
transactions and introduction of derivative products and compulsory rolling settlement has
followed subsequently. Despite a series of stock market scams and crises beginning from
1992 Harshad Mehta's scam to the Ketan Parekh's 2001 scam, the Indian equity markets
have transformed themselves from a broker dominated market to a mass market. The
introduction of online trading has given a much-needed impetus to the Indian equity markets.
However, over the years, reforms in the equity markets have brought the country on par with
many developed markets on several counts. Today, India boasts of a variety of products,
including stock futures, an instrument launched only by select markets.

Need and Importance of the Study

To start any business capital plays major role. Capital can be acquired in two ways by issuing
shares or by taking debt from financial institutions or borrowing money from financial
institutions. The owners of the company have to pay regular interest and principal amount at
the end
The role of equity analysis is to provide information to the market. An efficient market relies
on information: a lack of information creates inefficiencies that result in stocks being
misrepresented (over or under valued). This is valuable because it fills information gaps so
that each individual investor does not need to analyze every stock thereby making the
markets more efficient

Objectives of The Study

To analyze the violability in selected equity shares.

To analyze and assess risk factor of the selected equity shares with respect to
Pharmaceuticals and IT sector.
To study the comparative analysis of three tough competitors through fundamental
analysis.
Suggesting as to which companys shares would be best for an investor to invest.

Scope of The Study

Economic liberalization has accelerated the pace of development in the securities market,
which has undergone a sea change during the last 2 decades.

In India, the role of

securities market in mobilizing & channelizing private capital for

the economic development of the country has increased over the years and the securities
market itself has undergone structural transformation with the introduction of
computerized online trading & interconnected market system.

Investing in securities such as shares, debentures & bonds is profitable well as exciting. It
is indeed rewarding but involves a great deal of risk & need artistic skill. Investing in
financial securities is now considered to be one of the most risky avenues of investment.

Equity deals with the analysis of individual securities as well as with the theory &
practice of optimally combining securities into portfolios.

To study of investment for investor to choose best securities in the market

Research Methodology

Research design or research methodology is the procedure of collecting, analyzing and

interpreting the data to diagnose the problem and react to the opportunity in such a way
where the costs can be minimized and the desired level of accuracy can be achieved to arrive
at a particular conclusion.
The methodology using for the study for the completion of the project is secondary data
Secondary data is a information that is obtained from those sources other than direct sources
and the information collected through the mentioned base.

Companies hand book.

Magazines and journals.

Web sites.

Other records.

Statistical Tools
Return = v e - v b/ v e
V b = value at the beginning, V e = value at the end
Variance (2)= (x-)2/N
Correlation Coefficient(r) =

[(N*xy)-(y*x)]/[(N*y2)-(y)2]*[(N*x2)-(x)2]1/2

Limitations of The Study

 This study has been conducted purely to understand Equity analysis for investors.
The study is restricted to three companies based on Fundamental analysis.
Data collected only for limited number of Pharmaceuticals and IT companies
Financial and Time constraints also will be there to spend much time in research sites
and expenses incurred to be stayed over there.
The Study depends on Secondary data

Review of Literature

Definition
A method of security valuation which involves examining the company's financials and
operations, especiallysales,earnings,growthpotential,assets,debt,management,products, and
competition. Fundamental analysis takes into consideration only those variables that are
directly related to the company itself, rather than the overall state of the market or technical
analysis data.
James English (May 14, 2001) McGraw-Hill Applied Equity Analysis treats stock valuation
as a practical, hands-on tool rather than a vague, theoretical exerciseand covers the entire
valuation process from financial statement analysis through the final investment
recommendation. Its integrated approach to valuation builds viable connections between a
firms competitive situation and the ultimate behavior of its common stock.
Applied Equity Analysis emphasizes techniques that work on a day-to-day basis, rather than
traditional but often impractical academic approaches. By combining a solid discussion of
finance and investment theory with techniques popular among today's buy- and sell-side
analysts, it presents a picture of stock investment analysis that is analytically rigorous,
aggressively uncompromising, and based on earnings the true driving force of Wall Street.
The ultimate goal of the equity analysis is the exploitation of any difference between a stock's
price and its value. Equity analysis must focus on a firm's ability to produce returns that
exceed capital costs, and then estimate the firm's future power to maintain and increase those
returns in marketplace.

Dun & Bradstreet ( December 2007) Tata McGraw Hill Propelled by Indias economic
growth, Indian securities market is continuing to provide opportunities for wealth creation.
However, a timely and accurate valuation of securities is imperative for arriving at better
investment decisions. Equity Research and Valuation explains the various steps involved in
evaluating securities. It dwells on the concepts of equity research and valuation, macro and
micro economic analyses and highlights the role of regulators in handling stock market
bubbles. Portes five force analysis and competitive strategy, and Hirschmans index of
industry concentration ratio are also included. The book also covers the various financial
statements on company analysis and discounted cash flow valuation models.

G. Malkiels A Random Walk Down Wall Street Technical analysts analyze the historical
graphical pattern of stock prices. They also look at the graph line drawn by stock moving
averages over different periods. They are really interested if the current price line breaks
through up or down the moving average line. From this, they derive a stock outlook for the
future price of the stock. Fundamental analysis is concerned with the historical financial
performance of the company. A security analyst analyzing historical data will in turn make a
projection of the future performance of this company (revenues, earnings, and growth rates).
The security analyst will ultimately focus on 3 inputs to derive the value of a stock. These are
earnings per share (EPS), a discount rate and a growth rate. The discount rate is equal to the
risk free rate of return

Industry Profile
History of Stock Exchanges
In 1860, the exchange flourished with 60 brokers. In fact the 'Share Mania' in India began
when the American Civil War broke and the cotton supply from the US to Europe stopped.
Further the brokers increased to 250.
At the end of the war in 1874, the market found a place in a street (now called Dalal Street).
In 1887, "Native Share and Stock Brokers' Association" was established. In 1895, the
exchange acquired a premise in the street which was inaugurated in 1899.
Introduction
In general, the Financial Market is divided into two, Money Market and Capital Market.
Securities market is an important, organized capital market where transaction of capital is
facilitated by means of direct financing using securities as a commodity. Securities market
can be divided into a primary market and secondary market.
Primary Market
The primary market is an intermittent and discrete market where the initially listed shares are
traded first time, changing hands from the listed company to the investors. It refers to the
process through which the companies, the issuers of stocks, acquire capital by offering their
stocks to investors who supply the capital. In other words primary market is that part of the
capital markets that deals with the issuance of new securities. Companies, Governments or
Public sector institutions can obtain funding through the sale of a new stock or bond issue.
This is typically done through a syndicate of securities dealers. The process of selling new
issues to investors is called Underwriting. In the case of a new stock issue, this sale is called
an Initial Public Offering (IPO). Dealers earn a commission that is built into the price of the
security offering, though it can be found in the prospectus
Secondary Market
The secondary market is an on-going market, which is equipped and organized with a place,
facilities and other resources required for trading securities after their initial offering. It refers
to a specific place where securities transaction among many and unspecified persons is
carried out through intermediation of the securities firms, i.e., a licensed broker, and the

exchanges, a specialized trading organization, in accordance with the rules and regulations
established by the exchanges.
A bit about history of stock exchange, they say it was under a tree that it all started in
1875.Bombay Stock Exchange (BSE) was the major exchange in India till 1994.National
Stock Exchange (NSE) started operations in 1994.
NSE was floated by major banks and financial institutions. It came as a result of Harshad
Mehtas scam of 1992. Contrary to popular belief the scam was more of a banking scam than
a stock market scam. The old methods of trading in BSE were people assembling on what as
called a ring in the BSE building. They had a unique sign language to communicate apart
from all the shouting. Investors weren't allowed access and the system was opaque and
misused by brokers. The shares were in physical form and prone to duplication and fraud.
NSE was the first to introduce electronic screen based trading. BSE was forced to follow suit.
The present day trading platform is transparent and gives investors prices on a real time basis.
With the introduction of depository and mandatory dematerialization of shares chances of
fraud reduced further. The trading screen gives you top 5 buy and sell quotes on every scrip.
A typical trading day starts at 10 ending at 3.30 Monday to Friday. BSE has 30 stocks which
make up the Sensex .NSE has 50 stocks in its index called Nifty. FII s Banks, financial
institutions, mutual funds are biggest players in the market. Then there are retail investors and
speculators. The last ones are the ones who follow the market morning to evening; Market
can be very addictive like blogging though stakes are higher in the former.
Origin of Indian Stock Market
The origin of the stock market in India goes back to the end of the eighteenth century when
long-term negotiable securities were first issued. However, for all practical purposes, the real
beginning occurred in the middle of the nineteenth century after the enactment of the
Companies Act in 1850, which introduced the features of limited liability and generated
investor interest in corporate securities.
An important early event in the development of the stock market in India was the formation
of the native share and stock brokers 'Association at Bombay in 1875, the precursor of the
present day Bombay Stock Exchange. This was followed by the formation of
associations/exchanges in Ahmadabad (1894), Calcutta (1908), and Madras (1937). In
addition, a large number of ephemeral exchanges emerged mainly in buoyant periods to
recede into oblivion during depression times subsequently.

Entrepreneurs needed money for long term whereas investors demanded liquidity the
facility to convert their investment into cash at any given time. The answer was a ready
market for investments and this was how the stock exchange came into being.
Stock exchange means anybody of individuals, whether incorporated or not, constituted for
the purpose of regulating or controlling the business of buying, selling or dealing in
securities. These securities include:

Shares, scrip, stocks, bonds, debentures stock or other marketable securities of a

like nature in or of any Incorporated Company or other Body Corporate;

Government securities and

Rights or interest in securities.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) are
the two primary exchanges in India. In addition, there are 22 Regional Stock Exchanges.
However, the BSE and NSE have established themselves as the two leading exchanges and
account for about 80 per cent of the equity volume traded in India. The NSE and BSE are
equal in size in terms of daily traded volume. The average daily turnover at the exchanges has
increased from Rs.851 crore in 1997-98 to Rs 1,284 crore in 1998-99 and further to Rs 2,273
crore in 1999-2000 (April
August 1999). NSE has around 1500 shares listed with a total market capitalization of around
Rs 9, 21,500 crore.
The BSE has over 6000 stocks listed and has a market capitalization of around Rs 9, 68,000
crore. Most key stocks are traded on both the exchanges and hence the investor could buy
them on either exchange. Both exchanges have a different settlement cycle, which allows
investors to shift their positions on the bourses. The primary index of BSE is BSE Sensex
comprising 30 stocks. NSE has the S&P NSE 50 Index (Nifty) which consists of fifty stocks.
The BSE Sensex is the older and more widely followed index.
It facilitates more efficient processing, automatic order matching, faster execution of trades
and transparency; the scrip's traded on the BSE have been classified into 'A', 'B1', 'B2', 'C', 'F'
and 'Z' groups. The 'A' group shares represent those, which are in the carry forward system
(Badla). The 'F' group represents the debt market (fixed income securities) segment. The 'Z'
group scrip's are the blacklisted companies. The 'C' group covers the odd lot securities in 'A',
'B1' & 'B2' groups and Rights renunciations. The key regulator governing Stock Exchanges,

Brokers, Depositories, Depository participants, Mutual Funds, FIIs and other participants in
Indian secondary and primary market is the Securities and Exchange Board of India (SEBI)
Ltd.
Brief History of Stock Exchanges
Do you know that the world's foremost marketplace New York Stock Exchange (NYSE),
started its trading under a tree (now known as 68 Wall Street) over 200 years ago? Similarly,
India's premier stock exchange Bombay Stock Exchange (BSE) can also trace back its origin
to as far as 125 years when it started as a voluntary non-profit making association.
News on the stock market appears in different media every day. You hear about it any time it
reaches a new high or a new low, and you also hear about it daily in statements like 'The BSE
Sensitive Index rose 5% today'. Obviously, stocks and stock markets are important. Stocks of
Public limited companies are bought and sold at a stock exchange. But what really are stock
exchanges? Known also as the stock market or bourse, a stock exchange is an organized
marketplace for securities (like stocks, bonds, options) featured by the centralization of
supply and demand for the transaction of orders by member brokers, for institutional and
individual investors.
The exchange makes buying and selling easy. For example, you don't have to actually go to a
stock exchange, say, BSE - you can contact a broker, who does business with the BSE, and he
or she will buy or sell your stock on your behalf.
Market Basics
Electronic trading
Electronic trading eliminates the need for physical trading floors. Brokers can trade from
their offices, using fully automated screen-based processes. Their workstations are connected
to a Stock Exchange's central computer via satellite using Very Small Aperture Terminus
(VSATs). The orders placed by brokers reach the Exchange's central computer and are
matched electronically.
Exchanges in India
The Bombay Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are
the country's two leading Exchanges. There are 20 other regional Exchanges, connected via
the Inter-Connected Stock Exchange (ICSE). The BSE and NSE allow nationwide trading via
their VSAT systems.

Index
An Index is a comprehensive measure of market trends, intended for investors who are
concerned with general stock market price movements. An Index comprises stocks that have
large liquidity and market capitalization. Each stock is given a weight age in the Index
equivalent to its market capitalization. At the NSE, the capitalization of NIFTY (fifty selected
stocks) is taken as a base capitalization, with the value set at 1000. Similarly, BSE Sensitive
Index or Sensex comprises 30 selected stocks. The Index value compares the day's market
capitalization vis--vis base capitalization and indicates how prices in general have moved
over a period of time.
Execute an order
Select a broker of your choice and enter into a broker-client agreement and fill in the client
registration form. Place your order with your broker preferably in writing. Get a trade
confirmation slip on the day the trade is executed and ask for the contract note at the end of
the trade date.
Need a broker
As per SEBI (Securities and Exchange Board of India.) regulations, only registered members
can operate in the stock market. One can trade by executing a deal only through a registered
broker of a recognized Stock Exchange or through a SEBI-registered sub-broker.
Contract note
A contract note describes the rate, date, time at which the trade was transacted and the
brokerage rate. A contract note issued in the prescribed format establishes a legally
enforceable relationship between the client and the member in respect of trades stated in the
contract note. These are made in duplicate and the member and the client both keep a copy
each. A client should receive the contract note within 24 hours of the executed trade.
Corporate Benefits/Action.
Split
A Split is book entry wherein the face value of the share is altered to create a greater number
of shares outstanding without calling for fresh capital or altering the share capital account.
For example, if a company announces a two-way split, it means that a share of the face value
of Rs 10 is split into two shares of face value of Rs 5 each and a person holding one share
now holds two shares.

Buy Back
As the name suggests, it is a process by which a company can buy back its shares from
shareholders. A company may buy back its shares in various ways: from existing shareholders
on a proportionate basis; through a tender offer from open market; through a book-building
process; from the Stock Exchange; or from odd lot holders.
A company cannot buy back through negotiated deals on or off the Stock Exchange, through
spot transactions or through any private arrangement.
Settlement cycle
The accounting period for the securities traded on the Exchange. On the NSE, the cycle
begins on Wednesday and ends on the following Tuesday, and on the BSE the cycle
commences on Monday and ends on Friday. At the end of this period, the obligations of each
broker are calculated and the brokers settle their respective obligations as per the
Rules, bye-laws and regulations of the Clearing Corporation. If a transaction is entered on the
first day of the settlement, the same will be settled on the eighth working day excluding the
day of transaction. However, if the same is done on the last day of the settlement, it will be
settled on the fourth working day excluding the day of transaction.
Rolling settlement
The rolling settlement ensures that each day's trade is settled by keeping a fixed gap of a
specified number of working days between a trade and its settlement. At present, this gap is
five working days after the trading day. The waiting period is uniform for all trades. In a
Rolling Settlement, all trades outstanding at end of the day have to be settled, which means
That the buyer has to make payments for securities purchased and seller has to deliver the
securities sold. In India, we have adopted the T+5 settlements cycle, which means that a
transaction entered into on Day 1 has to be settled on the Day 1 + 5 working days, when
funds pay in or securities pay out takes place.
Short selling
Short selling is a legitimate trading strategy. It is a sale of a security that the seller does not
own, or any sale that is completed by the delivery of a security borrowed by the seller. Short
sellers take the risk that they will be able to buy the stock at a more favorable price than the
price at which they "sold short."

Auction
An auction is conducted for those securities that members fail to deliver/short deliver during
pay-in. Three factors primarily give rise to an auction: short deliveries, un-rectified bad
deliveries, and un-rectified company objections.
Separate market for auctions
The buy/sell auction for a capital market security is managed through the auction market. As
opposed to the normal market where trade matching is an on-going process, the trade
matching process for auction starts after the auction period is over.
Shares are not bought in the auction
If the shares are not bought at the auction i.e. if the shares are not offered for sale, the
Exchange squares up the transaction as per SEBI guidelines. The transaction is squared up at
the highest price from the relevant trading period till the auction day or at 20 per cent above
the last available Closing price whichever is higher. The pay-in and pay-out of funds for
auction square up is held along with the pay-out for the relevant auction.
Bad Delivery
SEBI has formulated uniform guidelines for good and bad delivery of documents. Bad
delivery may pertain to a transfer deed being torn, mutilated, overwritten, defaced, or if there
are spelling mistakes in the name of the company or the transfer. Bad delivery exists only
when shares are transferred physically. In "Demat" bad delivery does not exist.

Company Profile
THE SHRIRAM GROUP
Established in the year 1974, the Shriram Group is Indias premier financial services chain,
having an annual turnover of Rs. 6,000 crores (USD 1.3 billion) and a network of 750
branches and Service Centres, Shriram Transport Finance Company is the largest player in
Truck Financing.
With a significant presence in Insurance Consultancy. Consumer Durable Finance and Stock
Broking, the Group has also diversified into information Technology, Pharmaceuticals,
Property Development, Project Engineering, Packaging and Auto Components.

SHRIRAM TRANSPORT FINANCE CO. LTD.

SHRIRAM CITY UNION FINANCE LTD.

SHRIRAM LIFE INSURANCE CO. LTD

SHRIRAM INSIGHT SHARE BROKERS LTD.

Shriram insight share brokers ltd.

Corporate Vision

Help Smallest of investors to create wealth

Take bourses to the masses through awareness

Provide efficient & transparent services

Control client risk

Build relationship

Shriram Insight share brokers Ltd. Is the stock broking arm of Rs. 14,000 crore ($3.2bn)
Shriram group, a name to reckon with in the financial services sector for the past 3 decades
and market leader in truck finance.
OUR JOURNEY

Incorporated in 1995, Shri ram Insight Share Brokers Ltd, was promoted by
professional entrepreneurs and incubate by Shriram group

Shriram insight commenced operations with corporate membership on NSE in cash

segment in 1996

Membership in derivatives segment on NSE acquired in 2003

Currently registered member of NSE & BSE for equities & derivatives and CDSL for
depository.

Mission
Our Mission is to keep the customer satisfaction by Creating unmatched value for everyone
through dependable, effective, transparent and profitable broking services as focal point of all
our operations, adopt the best international practices in customer service, be the most
innovative in product development, establish presence all over India, ensure sustained value
addition to all stake holders and to uphold Corporate Value & Corporate Governance.

Guiding Principles
Customer Care and Satisfaction
Corporate Governance
Creativity and Innovation
Competitiveness

WHY SHRIRAM?
Become our partner for stock broking services. We promise you our best support to grow the
business together.
Millions trust us.

Shriram is one of the few financial companies to have survived NBFC debacle

Group has forged ahead even in adverse times by virtue of its vision, dynamism &
innovation 100% integrity & transparency

Never defaulted in financial commitments to its clients in maturity & interest payout.

Why investment in Shriram is safe

Our core business I truck finance profitable with high demand. Over 65% of
goods in India are transported in trucks

We are clear leaders in truck finance as it is highly specialized business with few
finance companies having succeeded in setting up organizational capability of
managing risk

We have well diversified business portfolio with wide geographical spread.

Our Product
Shriram Insight services more than 1,25,000 clients through its network of 460 branches
spread across the country. Our offerings include:

Share trading

Call & Trade

Online (Internet) rading with highly secured payment gateways through leading banks
in India.

Trading & demat account at nominal cost

Trading in cash & derivatives

Margin funding

Commodities trading

Research, daily technical analysis, Intraday and positional calls, daily market report,
company results analysis.

Product Features

Good returns to investors

Advance information on forthcoming offers

Best brokerage & adequate provision of forms

Our Distribution Products

Mutual funds: Equity, Debt, Liquid

Company deposits: Hudco, HDFC, SAIL, others

Capital gain bonds: NHAI, REC

Tax-benefit schemes: 8% RBI, ICICI & IDBI bonds

Initial public offers (IPOs) & NFOs

PARTNER US
Become our partner for stock broking services. We promise you our best support to grow the
business together.
Attractive business opportunity

320 online trading centres across country

Centralized back office with state of art technology backbone

Advanced trading software ODIN

Best-in-industry brokerage

Transparent operations & efficient client service

Efficient risk control management

Dedicated & premier in-house research

Successful track record of 8 years

Pioneer in developing partners and agents for more than 30 years. Shriram group has created
products suited to maximum savings opportunity for retail clients. Thus, our partnership has
grown to more than 80,000 agents, handling a wider range of products like fixed deposit,
debentures, life insurance and general insurance.
Shriram Insight offers share broking service especially targeted at retail investors. With
increasing investment in stock market and growing volume in-exchanges, becoming a
Shriram Insight partner helps you service your client and grow your business.
No need to invest in infrastructure. We take care of your complete servicing of clients from
our branches. We offer attractive financial benefits to our partners by enrolment and revenue
sharing models. Complete servicing of all issues of our partners addressed from our local
branch.
Our support to agent network:

Periodic product updates

Efficient customer service

Adequate provision of forms, rate charts, etc.

Stay constantly in touch through interactive meets mailers

Promotional support

Why Shriram financial products should be part of every distributors portfolio:

Diversified income & remunerative business opportunity

Attractive incentive schemes announced periodically

PRODUCT PORTFOLIO OF SHRIRAM INSIGHT:

Shriram Insight offers a comprehensive platform, offering an investment avenue for a wide
range of asset classes. Its endeavor is to change the way India transacts in financial markets
and avails financial services. Shriram Insight offers a single window facility,
enabling us to access, amongst others Equity, Equity and Commodity Derivatives, Offshore
Investments, IPOs, Mutual Funds, Life Insurance and General Insurance products. Shriram
Insight is the most cost-effective, convenient and secures way to transact in a wide range of
financial products and services.
Initial Public Offering IPO:
Apply in Initial Public Offers (IPOs)
without going through the hassles of
filling ANY application form or
paperwork.

When an unlisted company makes either a fresh issue of securities ( Through primary
markets ) or an offer for sale of its existing securities or both for the first time to the public
then that is known as an IPO. The first sale of stock by a private company to the public. IPOs
are often issued by smaller, younger companies seeking capital to expand, but can also be

done by large privately-owned companies looking to become publicly traded. In an IPO, the
issuer obtains the assistance of an underwriting firm, which helps it determine what type of
security to issue (common or preferred), best offering price and time to bring it to market.
Also referred to as a public offering.
Derivative:
Dont dread derivatives anymore.
Choose the contract and say go. For the
first time track your positions online, in
real time.

In finance, a security whose price is dependent upon or derived from one or more underlies
assets. The derivative itself is merely a contract between two or more parties. Its value is
determined by fluctuations in the underlying asset. The most common underlying assets
include stocks, bonds, commodities, currencies, interest rates and market indexes. Most
derivatives are characterized by high leverage. Futures contracts, forward contracts, options
and swaps are the most common types of derivatives. Because derivatives are just contracts,
just about anything can be used as an underlying asset. Derivatives are generally used to
hedge risk, but can also be used for speculative purposes. To hedge this risk, the investor
could purchase currency futures to lock in a specified exchange rate for the future stock sale.
Derivatives are divided into basically two parts:

Futures

Options

A. Futures: A financial contract obligating the buyer to purchase an asset (or the seller to sell
an asset), such as a physical commodity or a financial instrument, at a predetermined future
date and price. Futures contracts detail the quality and quantity of the underlying asset; they
are standardized to facilitate trading on a futures exchange.

B. Options: A financial derivative which represents a contract sold by one party (option
writer) to another party (option holder). The contract offers the buyer the right, but not the
obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price
(the strike price) during a certain period of time or on a specific date (exercise date).
Options are consist of two things:
i.

Call Option

ii.

Put Option

a) Call: It is the period of time between the opening and closing of some future markets
wherein the prices are established through an auction process. Call is an option contract
giving the owner the right (but not the obligation) to buy a specified amount of an underlying
security at a specified price within a specified time.
b) Put: Put is an option contract giving the owner the right, but not the obligation, to sell a
specified amount of an underlying asset at a set price within a specified time. The buyer of a
put option estimates that the underlying asset will drop below the exercise price before the
expiration date.
Insurance:
Take advantage of investing in Insurance
products without going into the hassles of
doing any paperwork. Click here to get
started

There are good times and bad times during every stage of our lives, and being financially
prepared to face all kinds of situations makes the journey of life a lot easier and certainly
more. The Financial Product that helps in this is Insurance. Insurance is a contract (policy) in
which an individual or entity receives financial protection or reimbursement against losses
from an insurance company. The company pools clients risks to make payments more
affordable for the insured.

Insurance is of two types:

Life Insurance

General Insurance

A. Life Insurance: This is the protection against the loss of income that would result if the
insured passed away. The named beneficiary receives the proceeds and is thereby
safeguarded from the financial impact of the death of the insured. The goal of life
insurance is to provide a measure of financial security for your family after you die. Life
insurance products offer comprehensive financial. Solutions which besides offering
financial security also provide opportunity for saving, investment & tax planning.
B) General Insurance:
General Insurance is a form of risk management, primarily used to hedge against the risk of a
contingent loss of many articles and nominal things. This is a single policy that may cover risks
in one or more of the categories set forth below. For example, auto insurance would typically
cover both property risk (covering the risk of theft or damage to the car) and liability risk
(covering legal claims from causing an accident).G.I. may be done for follows:

Automobile Insurance

Aviation Insurance

Equipment Breakdown insurance

Business insurance

Crop Insurance

Crime Insurance Credit Insurance etc.

Health Insurance
Seeing your family in the pink of health ranks highest in priority for you. Yet, despite
your best efforts, illnesses do occur. With the spiraling cost of health care, these
unforeseen circumstances can take a toll on your savings. To ensure that you dont need to
spend your hard earned money on treatment of any such illness; we have a Policy that
offers you all the financial support that you need.

Personal Accident
Personal Accident
The policy provides for payment of compensation in the event of accidents leading to
death or disablement of the insured person. The disablement may be of permanent total or
permanent partial or temporarily total in nature. This policy can be issued to persons in
the age group of 5 years to 70 years and can be extended to cover persons beyond the age
of 70 years and upto 80 years on payment of suitable additional premium. The cover
provided is worldwide.
Policy also provides for reimbursement of expenses incurred for carriage of dead body
and education grant for children (upto a maximum of two children) of the primary insured
person, subject to terms and limits.
This policy can be extended to cover actual medical expenses arising out of the accident
upto an amount not exceeding 40% of the compensation paid in settlement of a valid
claim under this Policy or 20% of the relevant Capital Sum Insured whichever is less, on
payment of 20% of extra premium.
Group Personal Accident
The policy is applicable to
a. Employees of a Firm/Company ( i.e with employer-employee relationship).
b. Members of an institution/society/association/club ( i.e with no employer-employee
relationship). Policies can be issued on named or unnamed basis.
The policy covers Physical loss to an insured person due to an accidental injury anywhere in the world and
pays for death or disablement .
a. Death 100 % of Sum Insured
b. Permanent Total Disablement 100 % of Sum Insured
c. Loss of two limbs/Two eyes or one limb and one eye 100 % of Sum Insured
d. Loss of one limb or one eye 50 % of Sum Insured
e. Permanent Partial Disablement Varies from 1% to 75% of Sum Insured depending on
the disablement

Temporary Total Disablement 1 % of Sum Insured per week subject to a maximum of Rs

5000 per week for a maximum period of 100 week
Fire

Standard Fire and Special Perils

Consequential Loss (Fire)

Industrial All Risks

Engineering

Erection All Risks/Storage-cum-Erection

Contractors All Risks

Contractors Plant and Machinery

Machinery Breakdown Insurance

Machinery Loss of Profits Insurance

Boiler and Pressure Plant Insurance

Electronic Equipment Insurance

Marine

Marine Cargo Insurance

Motor

Private Car Comprehensive

Liability

Directors and Officers Liability

Public Liability (Act)

Public Liability

Product Liability

Professional Indemnity

Workmens compensation

Travel

Individual and Family

Asia

Student

Corporate

Miscellaneous

Industry Care

Commercial Care

Office Package

Fidelity Guarantee

Burglary and Housebreaking

Money Insurance

Householders Package

Equity
Trading made simple. Use our world-class
platform and research to invest online.
Leverage up to 5 times of the available
funds for intra day

Equity is Stock or any other security representing an ownership interest.

Equity is a term whose meaning depends very much on the context. In general, you can think
of equity as ownership in any asset after all debts associated with that asset are paid off. An
Investor can invest his money in Equity in two ways i.e. Online or Offline and for both, he
needs a D-Mat A/C.
Mutual Fund:
An investment vehicle which is comprised of a pool of funds collected from many investors
for the purpose of investing in securities such as stocks, bonds, money market securities and
similar assets. Mutual funds are operated by money mangers, who invest the funds capital
and attempt to produce capital gains and income for the funds investors. A mutual funds
portfolio is structured and maintained to match the investment objectives stated in its
prospectus.

Commodities
In a market that's growing at 400% per
annum.
We offer
Lowest cost of trading
Trade till 11:30 in the night

A commodity is something that is relatively easily traded, that can be physically delivered,
and that can be stored for a reasonable period of time. It is a characteristic of commodities
that prices are determined on the basis of an active market, rather than by the supplier (or
other seller) on a cost-plus basis. Examples of commodities include not only minerals and
agricultural products such as iron ore, crude oil, ethanol, sugar, coffee, aluminum, rice,
wheat, gold, diamonds, or silver, but also so-called commoditized products such as
personal computers. In the original and simplified sense, commodities were things of value,
of uniform quality, that were produced in large quantities by many different producers; the
items from each different producer are considered equivalent. It is the contract and this
underlying standard that define the commodity, not any quality inherent in the product.
Commodities exchanges include:

Chicago Board of Trade

Euronext.liffe

London Metal Exchange

New York Mercantile Exchange.

Multi Commodity Exchange

Offshore Investment
Offshore investment is the keeping of money in a jurisdiction other than ones country of
residence. Offshore jurisdictions are a commonly accepted solution to reducing excessive tax
burdens levied in most countries to both large and small scale investors alike. Selected
offshore domiciles are superficially viewed by some as havens used by to conceal or protect

illegally acquired money from law enforcement in the investors country. Although this may
be the case, legitimate investors also take advantage of higher rates of return or lower rates of
tax on that return offered by operating via such domiciles. The advantage to this is that such
operations are both legal and less costly than the solutions offered in the investors country or onshore. Locations favored by investors for low rates of tax are known as offshore
financial centers.

Calculation of Average Returns, Variance And Standard Deviation

Ranbaxy
(Nov-2013)
S.No

Table:1
Date

Closing price

Returns(X)

X-A

(X-A) (X-A)

1-Nov-13 361.25

3.023

-2.289

5.241

2-Nov-13 364.6

3.978

-1.334

1.779

5-Nov-13 362.5

3.379

-1.933

3.736

6-Nov-13 366

4.378

-0.935

0.874

7-Nov-13 367.85

4.905

-0.407

0.166

8-Nov-13 375.4

7.058

1.746

3.049

9-Nov-13 370.8

5.746

0.434

0.189

13-Nov-13 368.75

5.162

-0.150

0.023

14-Nov-13 369.2

5.290

-0.022

0.000

10

15-Nov-13 361.75

3.166

-2.147

4.608

11

16-Nov-13 359.1

2.410

-2.902

8.424

13

19-Nov-13 358.15

2.149

-3.173

10.070

14

20-Nov-13 361.75

3.166

-2.147

4.608

14

21-Nov-13 366.8

4.606

-0.707

0.499

15

22-Nov-13 370.8

5.746

0.434

0.189

16

23-Nov-13 366.85

4.620

-0.692

0.479

17

26-Nov-13 375.45

7.073

1.760

3.099

18

27-Nov-13 378.95

8.071

2.758

7.609

19

29-Nov-13 386.35

10.181

4.869

23.705

20

30-Nov-13 393.25

13.149

6.837

46.739

Variance
Average Returns
Source:Nse/Equities/ Historical data/ Securities wise volume

5.313 SD

6.254
2.5

(Dec-2013)
S.No

Table:2
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

3-Dec-13 394.6

0.34329307

3.1320598

9.74725714

4-Dec-13 388.1

-1.30959949

1.4691672

2.15845225

5-Dec-13 380.95

-3.13778141

-0.349015

0.13181131

6-Dec-13 379.85

-3.40750159

-0.628735

0.39530758

7-Dec-13 380.2

-3.31849968

-0.539733

0.29141171

10-Dec-13 382.1

-2.83534647

-0.05658

0.00320137

11-Dec-13 379.55

-3.48378894

-0.705022

0.49705637

12-Dec-13 374.8

-4.69167196

-1.913905

3.6592066

13-Dec-13 373.6

-4.99682146

-2.218055

4.91976653

10

14-Dec-13 375.95

-4.39923714

-1.62047

2.62592444

11

17-Dec-13 370.2

-5.86141142

-3.082645

9.5026979

13

18-Dec-13 375.85

-4.42466624

-1.6459

2.70898535

14

19-Dec-13 386.15

-1.80546726

0.9732994

0.94731178

14

20-Dec-13 382.05

-2.84806103

-0.069294

0.00480171

15

21-Dec-13 379.45

-3.50921805

-0.730451

0.5335592

16

24-Dec-13 385.95

-1.85632549

0.9224413

0.85089776

17

26-Dec-13 385.05

-2.08518754

0.6935791

0.48105203

18

27-Dec-13 385.5

-1.97075652

0.8080102

0.65288044

19

28-Dec-13 392.05

-0.3051494

2.4736173

6.11878251

20

31-Dec-13 394.5

0.31786395

3.0966306

9.58913143

Variance
Average Returns

-2.77876669

Source: Nse/Equities/ Historical data/ Securities wise volume

SD

2.790469255
1.67

(Jan-2014)
S.No
1
2
3
4
5
6
7
8
9
10
11
13
14
14
15
16
17
18
19
20
21
22
23

Table: 3
Date
1-Jan-14
2-Jan-14
3-Jan-14
6-Jan-14
7-Jan-14
8-Jan-14
9-Jan-14
10-Jan-14
13-Jan-14
14-Jan-14
15-Jan-14
16-Jan-14
17-Jan-14
20-Jan-14
21-Jan-14
22-Jan-14
23-Jan-14
24-Jan-14
27-Jan-14
28-Jan-14
29-Jan-14
30-Jan-14
31-Jan-14

Closing Price

Returns(X)

(X-A) (X-A)

396.9

0.608365019

-2.46927867

6.097337143

393.75

-0.190114068

-3.26775776

10.67824075

397.8

0.836501901

-2.24114179

5.022716507

403.65

2.319391635

-0.75825205

0.574946175

404.95

2.648922687

-0.428721

0.183801696

398.15

0.9252218

-2.15242189

4.632919984

397.05

0.646387833

-2.43135585

5.911005032

395.6

0.278833967

-2.79880972

7.833335852

419.95

6.451304056

3.373560368

11.38090956

419.15

6.248415716

3.170772028

10.05379526

420.95

6.70468948

3.627045793

14.15546118

419.95

6.451304056

3.373560368

11.38090956

430.7

9.17617237

6.098528682

37.19205209

397.35

0.72243346

-2.35521023

5.547015216

397.55

0.773140545

-2.30451414

5.310780825

398.75

1.077314054

-2.00033063

4.001422642

401.75

1.837769328

-1.23987436

1.537288427

404.95

2.648922687

-0.428721

0.183801696

407.65

3.333333333

0.255689646

0.065377195

414.55

4.828897338

1.751353651

3.066889349

408.65

3.586818758

0.50917507

0.259259252

414.85

5.15842839

2.080784703

4.329664979

411.55

4.321926489

1.244282802
Variance
SD

1.54823969
6.519437830
2.55

Average Returns

3.077643688

Source: Nse/Equities/ Historical data/ Securities wise volume

(Feb-2014)

X-A

Table: 4

S.No

Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Feb-14 407.6

-0.959786174

-0.46045438

0.213018236

4-Feb-14 408.1

-0.838294253

-0.338962459

0.114895549

5-Feb-14 407

-1.105576479

-0.606244685

0.367532618

6-Feb-14 405.65

-1.433604665

-0.934272871

0.872865797

7-Feb-14 405.7

-1.421455473

-0.922133679

0.850313079

8-Feb-14 413.4

0.206536265

0.70586806

0.498249718

11-Feb-14 409.5

-0.498116875

0.001314919

1.47603E-06

13-Feb-14 411.85

0.072895152

0.572226947

0.327443679

14-Feb-14 409.45

-0.510266067

-0.010934273

0.000119558

10

14-Feb-14 395.8

-3.826995505

-3.32766371

11.07334577

11

15-Feb-14 399.25

-2.988701351

-2.489369457

6.196960293

13

18-Feb-14 402.9

-2.10181023

-1.602478435

2.567937145

14

19-Feb-14 410.75

-0.194387073

0.304944721

0.092991383

14

20-Feb-14 413.3

0.182237881

0.681569676

0.464537223

15

21-Feb-14 405.8

-1.397157089

-0.897825295

0.80609026

16

22-Feb-14 415.95

1.069138903

1.568460697

2.460068959

17

25-Feb-14 419.1

1.834528004

2.333859798

5.446901558

18

26-Feb-14 415.9

1.056979711

1.556311505

2.422105501

19

27-Feb-14 418.5

1.688737699

2.188069493

4.787648108

20

28-Feb-14 416.4

1.178471632

1.677803426

2.815024337

Variance
Average Returns

-0.499331794 SD

Source: Nse/Equities/ Historical data/ Securities wise volume

(Mar-2014)

Table: 5

2.11885247
1.45

S.No

Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Mar-14 421.7

1.272814601

-3.458214256

11.95923893

4-Mar-14 419.5

0.744476465

-3.986551493

15.89259201

5-Mar-14 433.05

3.998559078

-0.73246878

0.536510514

6-Mar-14 441.9

6.133919308

1.392891451

1.940146593

7-Mar-14 449.35

7.914064361

3.182036503

10.13535631

8-Mar-14 445.35

6.952449568

2.22142171

4.934714414

11-Mar-14 439.55

5.559558117

0.828530259

0.686462391

12-Mar-14 438.65

5.343419789

0.613391931

0.375023877

13-Mar-14 439.3

5.499519693

0.768491835

0.5905797

10

14-Mar-14 438.5

5.307396734

0.576368876

0.332201081

11

15-Mar-14 440.05

5.679634966

0.948607109

0.899855446

13

16-Mar-14 440.95

5.895773295

1.164745437

1.356631933

14

18-Mar-14 433.65

4.142651397

-0.588376561

0.346186978

14

19-Mar-14 433.65

4.142651397

-0.588376561

0.346186978

15

20-Mar-14 429.95

3.254082614

-1.476945245

2.181467257

16

21-Mar-14 434.75

4.406820365

-0.324207493

0.105110498

17

22-Mar-14 435.7

4.634966378

-0.096061479

0.009227808

18

25-Mar-14 431.35

3.590297791

-1.140730067

1.301365086

19

26-Mar-14 437.95

5.1753132

0.444284342

0.197388577

20

28-Mar-14 437.15

4.983189241

0.252161483

0.063585363

Variance
Average Returns

4.731027858 SD

2.708981587
1.64

Source: Nse/Equities/ Historical data/ Securities wise volume

(Apr-2014)
S.No

Table: 6
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Apr-14 431

-1.406839758

9.348049868

87.38603634

2-Apr-14 449.65

2.859430401

14.61432003

185.3497098

3-Apr-14 448.6

2.619238248

14.37413787

178.8672964

4-Apr-14 445.1

1.818597735

13.57348736

158.0925844

5-Apr-14 454.6

3.99176484

14.74665447

217.463818

8-Apr-14 448.8

2.664989144

14.41987876

180.0931459

9-Apr-14 393.7

-9.939380075

0.81550955

0.665055827

10-Apr-14 402.25

-7.983529681

2.771459945

7.680435945

11-Apr-14 402.95

-7.823401578

2.931488048

8.593622173

10

13-Apr-14 383.8

-13.20404895

-1.449159327

2.100062756

11

15-Apr-14 379.1

-14.27919478

-2.524305158

6.372116533

13

16-Apr-14 381.35

-13.76449731

-2.009607686

4.038523052

14

17-Apr-14 374.55

-14.32002745

-3.565147825

13.71020771

14

18-Apr-14 369.05

-15.57817683

-4.823287201

23.26409943

15

22-Apr-14 339.4

-22.36074574

-11.60585611

144.6958961

16

23-Apr-14 342.75

-21.59441839

-10.83952877

117.4953839

17

25-Apr-14 335.5

-23.25288802

-13.4979984

156.199964

18

26-Apr-14 330.2

-24.46528651

-14.71039689

187.9749829

19

29-Apr-14 342

-21.76598422

-11.01109459

131.2442041

20

30-Apr-14 348.35

-20.31439357

-9.558503946

91.36499769

Variance
Average Returns

-10.75488963 SD

Source: Nse/Equities/ Historical data/ Securities wise volume

Cipla
(Nov-2013)

Table:7

94.08260715
9.69

S.No

Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Nov-13 2364.65

0.069826492

-0.526026238

0.276703603

2-Nov-13 2388.1

1.062209056

0.466356327

0.217488223

5-Nov-13 2378.45

0.653829877

0.057977148

0.00336145

6-Nov-13 2381.65

0.789250952

0.193398223

0.037402873

7-Nov-13 2404.4

1.752010157

1.156157427

1.336699996

8-Nov-13 2375.3

0.520524757

-0.075327973

0.005674304

9-Nov-13 2348.7

-0.605162928

-1.201015658

1.442438611

13-Nov-13 2358.95

-0.171492298

-0.767245028

0.588664932

14-Nov-13 2338.3

-1.045281422

-1.641144152

2.693321403

10

15-Nov-13 2296.3

-2.82268303

-3.41853576

11.68638674

11

16-Nov-13 2343.35

-0.831570038

-1.427422768

2.037535758

13

19-Nov-13 2358.55

-0.188319932

-0.784172662

0.614926764

14

20-Nov-13 2324.75

-1.618705036

-2.214557766

4.904266097

14

21-Nov-13 2349.85

-0.55649598

-1.152348709

1.327907548

15

22-Nov-13 2382.6

0.829454084

0.233601454

0.054569593

16

23-Nov-13 2377.55

0.6157427

0.01988997

0.000395611

17

26-Nov-13 2417.4

2.302158273

1.706305544

2.911478609

18

27-Nov-13 2470.65

4.555649598

3.959796868

15.67999134

19

29-Nov-13 2445.25

3.480744816

2.884892086

8.32260235

20

30-Nov-13 2436.85

3.135264494

2.529411765

6.397923875

Variance
Average Returns

0.59585273 SD

3.026986969
1.73

Source: Nse/Equities/ Historical data/ Securities wise volume

(Dec-2014)
S.No

Table:8
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

3-Dec-13 2439.15

0.094384143

4.923671954

24.24254551

4-Dec-13 2437.45

0.02462195

4.853909761

23.56043996

5-Dec-13 2382.5

-2.230338347

2.598949463

6.754538314

6-Dec-13 2338.3

-4.044155365

0.785142446

0.616432957

7-Dec-13 2321.15

-4.747932782

0.081455028

0.006618641

10-Dec-13 2314.55

-5.059810821

-0.230523011

0.053140859

11-Dec-13 2294.05

-5.860024213

-1.030736402

1.062417529

12-Dec-13 2297.8

-5.706147021

-0.876849211

0.768864539

13-Dec-13 2283.55

-6.290908345

-1.461620535

2.146334587

10

14-Dec-13 2278.8

-6.485832119

-1.656544309

2.744149049

11

17-Dec-13 2266.25

-7.00084135

-2.17155344

4.715644342

13

18-Dec-13 2271

-6.805917475

-1.976629665

3.907064834

14

19-Dec-13 2296.15

-5.773847385

-0.944559575

0.89219279

14

20-Dec-13 2299.6

-5.63227117

-0.80298336

0.644782276

15

21-Dec-13 2296.85

-5.745131776

-0.915833966

0.838751853

16

24-Dec-13 2322.3

-4.70074071

0.1385471

0.016524357

17

26-Dec-13 2315.25

-4.990048628

-0.160760818

0.025844041

18

27-Dec-13 2287.75

-6.118554692

-1.289266881

1.662209092

19

28-Dec-13 2323.2

-4.663807785

0.165480025

0.027383639

20

31-Dec-13 2318.7

-4.848472414

-0.019184603

0.000368049

Variance
Average Returns

-4.82928781 SD

3.733811861
1.93

Source: Nse/Equities/ Historical data/ Securities wise volume

(Jan-2013)
S.No

Table:9
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Jan-14 2308.85

-0.424807

-14.88568557

192.8132637

2-Jan-14 2309.2

-0.40971334

-14.8705909

192.393292

3-Jan-14 2337.9

0.828050201

-13.63282837

159.5883525

4-Jan-14 2349.55

1.330486911

-13.14039165

147.1464017

7-Jan-14 2374.8

2.41945918

-11.04141939

131.9139421

8-Jan-14 2344

1.09113865

-13.36974992

153.010714

9-Jan-14 2331

0.53046966

-13.93040891

167.1954745

10-Jan-14 2322.3

0.155259414

-14.30561915

177.039501

11-Jan-14 2713.1

16.96640359

3.505525022

13.28870568

10

14-Jan-14 2806.5

21.03765041

7.576771842

57.40747154

11

15-Jan-14 2787.05

20.1988183

6.737939738

45.39983191

13

16-Jan-14 2767.45

19.35351706

5.892638491

34.72318839

14

17-Jan-14 2797.95

20.6689093

7.208030737

51.9557071

14

18-Jan-14 2788.05

20.24194592

6.781067352

45.98287444

15

21-Jan-14 2796.3

20.59774874

7.146870173

50.93491586

16

22-Jan-14 2783.55

20.04787165

6.586993086

43.38847792

17

23-Jan-14 2789.6

20.30879372

6.847915155

46.89394197

18

24-Jan-14 2798.2

20.67969131

7.218813641

52.11135594

19

25-Jan-14 2814.65

21.38914047

7.928261901

62.85733677

20

28-Jan-14 2810.65

21.21663001

7.755751442

60.15168044

21

29-Jan-14 2799

20.7141933

7.253314732

52.6105746

22

30-Jan-14 2790.65

20.35407772

6.89319915

47.51619452

23

31-Jan-14 2789.5

20.30448096

6.843602393

46.83489372

Variance

87.91982569565

Average Returns

14.46087857 SD

9.37

Source: Nse/Equities/ Historical data/ Securities wise volume

(Feb-2014)
S.No

Table:10
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Feb-14 2770.95

-0.664993726 -1.670729521

2.791437144

4-Feb-14 2767.6

-0.785086933 -1.790822728

3.207046043

5-Feb-14 2755.9

-1.204516939 -2.210252733

4.885217146

6-Feb-14 2776

-0.483957699 -1.489693493

2.219186704

7-Feb-14 2789.5

-1.005735795

1.011504489

8-Feb-14 2789.45

-0.001792436 -1.007528231

1.015114146

11-Feb-14 2792.05

0.091414232

0.835983921

12-Feb-14 2755.25

-1.227818605 -2.2335544

4.98876526

13-Feb-14 2789.55

0.001792436

-1.003943359

1.007902268

10

14-Feb-14 2813.75

0.833482703

-0.172253092

0.029671138

11

15-Feb-14 2788.6

-0.032263847 -1.037999642

1.077443256

13

18-Feb-14 2780.1

-0.336977953 -1.342714748

1.802880209

14

19-Feb-14 2820.45

1.109517835

0.10378204

0.010770713

14

20-Feb-14 2819.45

1.073669116

0.067933321

0.004614936

15

21-Feb-14 2807.8

0.656031547

-0.349704248

0.132293061

16

22-Feb-14 2840.55

1.830077075

0.82434138

0.679538546

17

25-Feb-14 2917.8

4.599390572

3.593654777

13.91435466

18

26-Feb-14 2959.8

6.105036745

5.09930095

26.00287018

19

27-Feb-14 2910.55

4.339487363

3.333751568

11.11489952

20

28-Feb-14 2907

4.213224414

3.206488618

10.28156926

-0.914321563

Variance
Average Returns

1.005735795 SD

4.300098078
2.07

Source: Nse/Equities/ Historical data/ Securities wise volume

(Mar-2014)
S.No

Table:11
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Mar-14 2914.8

0.233918139

0.514637988

0.264852259

4-Mar-14 2903.45

-0.132119023

0.158600836

0.025154225

5-Mar-14 2921.3

0.491916065

0.772635924

0.596966271

6-Mar-14 2970.1

2.170622635

2.451442495

6.009080025

7-Mar-14 3004.35

3.348814209

3.629533069

14.1735103

8-Mar-14 2970.25

2.175782594

2.456502453

6.034404303

11-Mar-14 2945.75

1.332989336

1.614709196

2.604057368

12-Mar-14 2918.1

0.381836945

0.662556805

0.43898152

13-Mar-14 2863.45

-1.498108015

-1.217388156

1.482033921

10

14-Mar-14 2874.1

-1.141750946

-0.851031086

0.72425391

11

15-Mar-14 2878.25

-0.988992088

-0.708272229

0.50164955

13

18-Mar-14 2860.75

-1.590987272

-1.310267414

1.716800693

14

19-Mar-14 2856

-1.754385965

-1.473666105

2.17169179

14

20-Mar-14 2865.65

-1.422428621

-1.141708761

1.303498895

15

21-Mar-14 2872.8

-1.176470588

-0.895750729

0.802369368

16

22-Mar-14 2863.2

-1.506707946

-1.225988087

1.503046789

17

25-Mar-14 2852.75

-1.866185071

-1.585465211

2.514699935

18

26-Mar-14 2854.55

-1.804265566

-1.523545706

2.321191519

19

28-Mar-14 2889.35

-0.607155143

-0.326435283

0.106559994

Variance

2.33135277052

Average Returns

-0.28071986 SD

1.52

Source: Nse/Equities/ Historical data/ Securities wise volume

(Apr-2014)
S.No

Table:13
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Apr-14 2944.2

1.89835084

14.84922214

191.800954

2-Apr-14 2969.05

2.75840587

14.70927717

216.362835

3-Apr-14 2968.45

2.737639954

14.68851136

215.7523629

4-Apr-14 2880.05

-0.3218717

11.6289996

145.2336317

5-Apr-14 2865.85

-0.81433172

11.14753959

134.044788

8-Apr-14 2831.9

-1.98833648

9.962534826

99.25210016

9-Apr-14 2766.35

-4.25701382

7.69385848

59.19545831

10-Apr-14 2815.65

-2.55074671

9.400134595

88.36234241

11-Apr-14 2916.7

0.946579681

13.89745098

166.3442419

10

13-Apr-14 2296.65

-20.5142642

-8.562392926

73.31457261

11

15-Apr-14 2339.05

-19.0458062

-7.094934847

50.33810048

13

16-Apr-14 2296.25

-20.5271082

-8.57623687

73.55183885

14

17-Apr-14 2283.85

-20.9562704

-9.005399148

81.09721464

14

18-Apr-14 2295.7

-20.5461436

-8.595272293

73.87870579

15

22-Apr-14 2244.55

-22.316438

-10.36556665

107.444972

16

23-Apr-14 2262.25

-21.7038434

-9.752972132

95.13046521

17

25-Apr-14 2227.7

-22.8996141

-10.9487428

119.8749688

18

26-Apr-14 2213

-23.4429889

-11.4921176

142.068767

19

29-Apr-14 2229.3

-22.8442383

-10.89336702

118.665445

20

30-Apr-14 2235.45

-22.6314877

-10.68051638

114.0734301

Variance
Average Returns

-11.9508714 SD

Source: Nse/Equities/ Historical data/ Securities wise volume

Sun pharma
(Nov-2013)

Table:14

116.7888597
10.80

S.No

Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Nov-13 108.8

-0.366300366

2.651098901

7.028325383

2-Nov-13 108.6

-0.549450549

2.467948718

6.090770874

5-Nov-13 109.2

3.017399267

9.104698339

6-Nov-13 110.55

1.236263736

4.253663004

18.09364895

7-Nov-13 110.8

1.465201465

4.482600733

20.09370933

8-Nov-13 109.55

0.320513821

3.337913088

11.14165711

9-Nov-13 108.15

-0.961538462

2.055860806

4.226563653

13-Nov-13 108.75

-0.413087913

2.605311455

6.787647258

14-Nov-13 108.3

-0.824175824

2.193223443

4.810229072

10

15-Nov-13 105.65

-3.250915751

-0.233516484

0.054529948

11

16-Nov-13 104.3

-4.487179487

-1.46978022

2.160253894

13

19-Nov-13 101.65

-6.914919414

-3.896520147

15.18286925

14

20-Nov-13 100.7

-7.783882784

-4.766483516

22.71936511

14

21-Nov-13 103.65

-5.082417582

-2.065018315

4.264300641

15

22-Nov-13 104.65

-4.166666667

-1.149267399

1.320815555

16

23-Nov-13 104.15

-4.624542135

-1.607142857

2.582908163

17

26-Nov-13 104.4

-4.395604396

-1.378205138

1.899449375

18

27-Nov-13 102.65

-5.998168498

-2.980769231

8.884985207

19

29-Nov-13 101.65

-6.914919414

-3.896520147

15.18286925

20

30-Nov-13 101.95

-6.639194149

-3.621794872

14.11739809

Variance
Average Returns

8.737349725

-3.017399267 SD

2.95

Source: Nse/Equities/ Historical data/ Securities wise volume

(Dec-2013)
S.No

Table:14
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

3-Dec-13 102.85

0.882785679

-0.208435508

0.043445361

4-Dec-13 102.7

0.735654733

-0.355566454

0.136427503

5-Dec-13 101.65

-0.294261893

-1.38548308

1.919563365

6-Dec-13 100.2

-1.71652771

-2.807748897

7.883453866

7-Dec-13 98.15

-3.727317313

-4.818538499

23.21831427

10-Dec-13 95.5

-6.326630701

-7.417851888

55.02452663

11-Dec-13 97.6

-4.26679745

-5.358018637

28.70836371

12-Dec-13 103.75

1.765571459

0.674350172

0.454748154

13-Dec-13 103.05

1.078960275

-0.013260913

0.00015033

10

14-Dec-13 105.65

3.629230015

2.538008828

6.44148881

11

17-Dec-13 105.95

3.923491908

2.832270721

8.021757437

13

18-Dec-13 106.55

4.513015694

3.420794507

11.70183506

14

19-Dec-13 106.45

4.414928396

3.322707209

11.0403832

14

20-Dec-13 105.6

3.580186366

2.488965179

6.194947662

15

21-Dec-13 102.4

0.44149284

-0.649828347

0.422276881

16

24-Dec-13 102.55

0.588523786

-0.502697401

0.252704677

17

26-Dec-13 103.55

1.569396763

0.478175576

0.228651882

18

27-Dec-13 104.75

2.746444335

1.655223149

2.739763672

19

28-Dec-13 105.3

3.285924473

2.194703286

4.816722514

20

31-Dec-13 107.05

5.002452182

3.911330996

15.2977279

Variance
Average Returns

1.091321187 SD

9.226862595
3.03

Source: Nse/Equities/ Historical data/ Securities wise volume

(Jan-2014)
S.No

Table:15
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Jan-14 106.7

-0.326950023

-7.99098349

63.85581714

2-Jan-14 107.3

0.233535731

-7.430497736

55.2132966

3-Jan-14 108.25

1.130971509

-6.543061958

42.81165979

4-Jan-14 108.5

1.35450724

-6.309526227

39.81013131

7-Jan-14 106.6

-0.420364316

-8.084397782

65.3574875

8-Jan-14 105.95

-1.027557216

-8.691590683

75.5437486

9-Jan-14 107.4

0.326950023

-7.337083443

53.83279345

10-Jan-14 111.2

3.876693144

-3.787340333

14.3439468

11-Jan-14 115.7

8.080336291

0.416302825

0.173308042

10

14-Jan-14 118.35

10.55581504

2.891781573

8.362400666

11

15-Jan-14 119.1

11.25642223

3.592388766

13.90525705

13

16-Jan-14 115.8

8.173750584

0.509717117

0.25981154

14

17-Jan-14 119.75

11.86361514

4.199581666

17.63648617

14

18-Jan-14 116.8

9.107893508

1.443860041

2.084731818

15

21-Jan-14 118.2

10.4156936

2.751660144

7.571633495

16

22-Jan-14 117.4

9.668379262

2.004345795

4.017402067

17

23-Jan-14 117.05

9.341429239

1.677395772

2.814656576

18

24-Jan-14 118.95

11.11630079

3.452267327

11.9181497

19

25-Jan-14 130.6

13.65763662

4.993603152

24.93607244

20

28-Jan-14 134.35

16.16067258

8.496639116

72.19287627

21

29-Jan-14 134.65

16.44091546

8.776881993

77.03365753

22

30-Jan-14 132.5

14.43250817

6.768474707

45.81324986

23

31-Jan-14 119.75

11.86361514

4.199581666

17.63648617

Variance
Average Returns

7.664033467 SD

31.1457414260
5.57

Source: Nse/Equities/ Historical data/ Securities wise volume

(Feb-2014)
S.No

Table:16
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Feb-14 117.85

17.85

0.6025

0.36300625

4-Feb-14 115.15

15.15

-2.0975

4.39950625

5-Feb-14 113.8

13.8

-4.4475

19.78025625

6-Feb-14 116.65

16.65

-0.5975

0.35700625

7-Feb-14 118.95

18.95

1.7025

2.89850625

8-Feb-14 118.55

18.55

1.3025

1.69650625

11-Feb-14 119.1

19.1

1.8525

3.43175625

12-Feb-14 116

16

-1.2475

1.55625625

13-Feb-14 117.55

17.55

0.3025

0.09150625

10

14-Feb-14 115.9

15.9

-1.3475

1.81575625

11

15-Feb-14 114.8

14.8

-2.4475

5.99025625

13

18-Feb-14 114

14

-3.2475

10.54625625

14

19-Feb-14 118.85

18.85

1.6025

2.56800625

14

20-Feb-14 130.5

20.5

3.2525

10.57875625

15

21-Feb-14 118.15

18.15

0.9025

0.81450625

16

22-Feb-14 119.55

19.55

2.3025

5.30150625

17

25-Feb-14 118.7

18.7

1.4525

2.10975625

18

26-Feb-14 117

17

-0.2475

0.06135625

19

27-Feb-14 116.7

16.7

-0.5475

0.29975625

20

28-Feb-14 118.2

18.2

0.9525

0.90725625

Variance
Average Returns

17.2475 SD

3.77836875
1.94

Source: Nse/Equities/ Historical data/ Securities wise volume

(Mar-2014)
S.No

Table:17
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Mar-14 133.65

4.610829103

-2.097248197

4.398449998

4-Mar-14 132.1

3.299492386

-3.408584914

11.61845113

5-Mar-14 130.95

2.326565144

-4.381513156

19.19764877

6-Mar-14 131.2

2.538071066

-4.170006234

17.38895199

7-Mar-14 133.75

4.695431472

-2.013645828

4.050743228

8-Mar-14 136.6

7.106598985

0.398521685

0.158819533

11-Mar-14 138.9

9.052453469

2.344376169

5.496099621

12-Mar-14 139.35

9.433164139

2.725086829

7.426098224

13-Mar-14 138.45

8.671742809

1.963665509

3.855982231

10

14-Mar-14 139.1

9.221658206

2.514580907

6.318088974

11

15-Mar-14 139.95

9.940778342

3.232701042

10.45035603

13

18-Mar-14 139.95

9.940778342

3.232701042

10.45035603

14

19-Mar-14 139.15

9.263959391

2.555882091

6.532533263

14

20-Mar-14 134.6

5.414551607

-1.293525692

1.673208717

15

21-Mar-14 136.25

6.810490694

0.102414394

0.010488503

16

22-Mar-14 134.25

5.118443316

-1.589633983

2.526936201

17

25-Mar-14 132.75

3.849407783

-2.858669516

8.171991404

18

26-Mar-14 137.1

7.529610829

0.821533529

0.67491734

19

28-Mar-14 138.4

8.629441624

1.921464325

3.691640868

Variance
Average Returns

6.7080773 SD

6.531145368
2.55

Source: Nse/Equities/ Historical data/ Securities wise volume

(Apr-2014)
S.No

Table:18
Date

Closing Price

Returns(X)

X-A

(X-A) (X-A)

1-Apr-14 136.9

-1.168224299

11.20911315

135.6441952

2-Apr-14 119.6

-6.853582555

5.523753894

30.51185708

3-Apr-14 115.8

-9.814084113

2.564252336

6.575390045

4-Apr-14 114.6

-10.74766355

1.629672897

2.655833752

5-Apr-14 114.3

-11.76013461

0.617211838

0.380950453

8-Apr-14 117.25

-8.683800623

3.693535826

14.64220689

9-Apr-14 114.55

-11.56542056

0.811915888

0.659207409

10-Apr-14 116.05

-9.618380062

2.758956386

7.611840341

11-Apr-14 116.95

-8.917445483

3.459890966

11.97084549

10

13-Apr-14 114.15

-11.87694704

0.500389408

0.25038956

11

15-Apr-14 110.9

-14.62928349

-1.25194704

1.567371492

13

16-Apr-14 110.9

-14.62928349

-1.25194704

1.567371492

14

17-Apr-14 109.65

-14.60280374

-2.22546729

4.952704658

14

18-Apr-14 108.7

-15.34267914

-2.965342679

8.793257205

15

22-Apr-14 107.6

-16.19937695

-3.822040498

14.60799357

16

23-Apr-14 106.2

-17.28971963

-4.913383178

24.14150848

17

25-Apr-14 105.65

-17.71806854

-5.340732087

28.52341923

18

26-Apr-14 105.45

-17.87383178

-5.496495327

30.21146088

19

29-Apr-14 107.65

-16.16043614

-3.783099688

14.31184325

20

30-Apr-14 110.3

-14.09657321

-1.71923676

2.955775037

Variance
Average Returns

-13.37733645 SD

Source: Nse/Equities/ Historical data/ Securities wise volume

MAHENDRA SATYAM
(Nov-2013)

Table:19

16.576271065
4.07

S.No

Date

Closing Price

Returns(x)

(X-A)

(X-A)(X-A)

1-Nov-13 1415.08

-0.031927024

0.68084379

0.46354826

2-Nov-13 1430.55

1.144051691

1.8568225

3.4477898

5-Nov-13 1434.48

1.442797415

2.15556823

4.646474373

6-Nov-13 1425.89

0.789814759

1.50258457

2.257760386

7-Nov-13 1429.38

1.055113135

1.76788293

3.135410069

8-Nov-13 1428.38

0.979095401

1.69186621

2.862411374

9-Nov-13 1425.69

0.774610414

1.48738132

2.213302905

13-Nov-13 1437.33

1.659445078

2.37221589

5.627408217

14-Nov-13 1426.61

0.8445458

1.55731661

2.425235023

10

15-Nov-13 1401.51

-1.063473964

-0.3507032

0.132992703

11

16-Nov-13 1394.78

-1.575066515

-0.8622957

0.743553883

13

19-Nov-13 1369.03

-3.532497149

-2.8197263

7.950856631

14

20-Nov-13 1368.39

-3.581147853

-2.868377

8.227586861

14

21-Nov-13 1384.27

-2.374002281

-1.6613315

2.75969

15

22-Nov-13 1376.65

-2.953249715

-2.2404789

5.019745725

16

23-Nov-13 1383.43

-2.437856328

-1.7250855

2.975920047

17

26-Nov-13 1391.82

-1.800076017

-1.0873052

1.182232614

18

27-Nov-13 1395.76

-1.500570135

-0.7877993

0.620627762

19

29-Nov-13 1399.13

-1.245153934

-0.5323831

0.283431791

20

30-Nov-13 1404.32

-0.849866971

-0.1470962

0.018795357

Variance
Average Returns

-0.71377081 SD

2.848688684
1.68

Source: Nse/Equities/ Historical data/ Securities wise volume

(Dec-2013)
S.No

Table:20
Date

Closing Price

Returns(x)

(X-A)

(X-A)(X-A)

3-Dec-13 1416.8

0.117848318

4.815054172

23.18474668

4-Dec-13 1399.45

-1.20139253

3.495914324

13.22140997

5-Dec-13 1397.9

-1.319140848

3.378065007

11.41142319

6-Dec-13 1380.7

-2.62687702

2.070328835

4.286261484

7-Dec-13 1364.15

-3.885192929

0.813013925

0.659364991

10-Dec-13 1337.2

-5.934233036

-1.237027181

1.530236247

11-Dec-13 1319.7

-7.264778559

-2.567572705

6.592429594

12-Dec-13 1325.8

-6.800988405

-2.103782551

4.425901021

13-Dec-13 1322.55

-7.048089717

-2.350883862

5.526654934

10

14-Dec-13 1342.9

-5.500855351

-0.803649496

0.645852514

11

17-Dec-13 1305.5

-8.344421314

-3.647215358

14.30217987

13

18-Dec-13 1310.65

-7.952860673

-3.255654818

10.5992883

14

19-Dec-13 1332.65

-6.280174872

-1.582969017

2.50579091

14

20-Dec-13 1352.05

-4.80517013

-0.107964265

0.011656283

15

21-Dec-13 1358.7

-4.299562821

0.397643034

0.158119982

16

24-Dec-13 1366.2

-3.729329025

0.96787683

0.936785557

17

26-Dec-13 1362.2

-4.033453716

0.663752148

0.440566901

18

27-Dec-13 1350.95

-4.88880441

-0.191598555

0.036710006

19

28-Dec-13 1367.5

-3.6304885

1.066717354

1.147885914

20

31-Dec-13 1355.85

-4.516251663

0.180954191

0.032744419

Variance

4.9822954385

Average Returns

-4.697205854 SD

2.23

Source: Nse/Equities/ Historical data/ Securities wise volume

(Jan-2014)
S.No
1

Table:21
Date

Closing Price

1-Jan-14 1364.15

Returns(x)
0.660906955

(X-A)
-4.188225193

(X-A)(X-A)
17.54133027

2-Jan-14 1363.3

0.593223714

-4.255908435

18.11375661

3-Jan-14 1380.6

1.970776765

-2.878355384

8.284929715

4-Jan-14 1399.2

3.451845364

-1.397286785

1.952410359

7-Jan-14 1394.85

3.105466417

-1.743665731

3.040370183

8-Jan-14 1400.25

3.535454075

-1.314678074

1.725750081

9-Jan-14 1376.6

1.652267389

-3.19686476

10.21994429

10-Jan-14 1358.4

0.203049727

-4.646082421

21.58608186

11-Jan-14 1406.35

4.021180874

-0.827951375

0.685503314

10

14-Jan-14 1434.5

6.262690608

1.414558459

1.998147518

11

15-Jan-14 1437.45

6.497591373

1.648459134

2.717417485

13

16-Jan-14 1447.75

7.317752916

2.468620768

6.094088495

14

17-Jan-14 1462

8.452442569

3.60331042

13.98384598

14

18-Jan-14 1451

7.576541784

2.727409636

7.438763322

15

21-Jan-14 1430

5.90436756

1.055235411

1.114521773

16

22-Jan-14 1417.5

4.909025759

0.059893611

0.003587245

17

23-Jan-14 1411.95

4.467094

-0.382038148

0.145953147

18

24-Jan-14 1428.55

5.788907911

0.939775762

0.883178484

19

25-Jan-14 1440.5

6.740454672

1.891422524

3.577100888

20

28-Jan-14 1445.05

7.102759087

2.253626939

5.07883438

21

29-Jan-14 1444.95

7.094796353

2.245664205

5.04300772

22

30-Jan-14 1446.15

7.190349166

2.341317017

5.481397133

23

31-Jan-14 1444.15

7.031094478

2.181962329

4.760959607

Variance

6.1073339086

Average Returns

4.849142149 SD

2.47

Source: Nse/Equities/ Historical data/ Securities wise volume

(Feb-2014)
S.No
1

Table:22
Date

Closing Price

1-Feb-14 1448.1

Returns(x)

(X-A)

0.293866013

-6.066845218

(X-A)(X-A)
36.8066109

4-Feb-14 1456.35

0.907636796

-5.453074434

29.73602078

5-Feb-14 1460.05

1.182903694

-5.177807536

26.80969088

6-Feb-14 1470.55

1.96406651

-4.39664472

19.33048479

7-Feb-14 1487.15

3.199047725

-3.161663505

9.996116118

8-Feb-14 1422.6

5.836402187

-0.524309043

0.274899972

11-Feb-14 1414.7

5.248670163

-1.113041067

1.236635334

12-Feb-14 1410.05

4.90272663

-1.4579846

2.135719094

13-Feb-14 1435.4

6.788676859

0.427965629

0.183154579

10

14-Feb-14 1447.7

7.703753301

1.343042071

1.803762005

11

15-Feb-14 1442.15

7.290852955

0.930141725

0.865163629

13

18-Feb-14 1425.35

6.040992449

-0.319718781

0.102220099

14

19-Feb-14 1443.55

7.395007998

1.034296767

1.069769803

14

20-Feb-14 1452.8

8.083175241

1.722464011

2.966882268

15

21-Feb-14 1451.05

7.952981438

1.592270208

2.535324415

16

22-Feb-14 1455.1

8.254287096

1.893575866

3.585629559

17

25-Feb-14 1473.7

9.638061328

3.277349998

10.74102301

18

26-Feb-14 1496.4

11.32686084

4.966149611

24.66264196

19

27-Feb-14 1483.2

10.34482759

3.984116356

15.87318314

20

28-Feb-14 1517

13.85942789

6.498716661

42.23331824

Variance
Average Returns

11.64691353

6.36071133 SD

3.41

Source: Nse/Equities/ Historical data/ Securities wise volume

(Mar-2014)
S.No
1

Table:23
Date

Closing Price

1-Mar-14 1501.85

Returns(x)
-0.998681608

(X-A)
-3.537279256

(X-A)(X-A)
13.51334454

4-Mar-14 1514.2

-0.250494397

-2.789092045

7.779034433

5-Mar-14 1540.15

1.526038233

-1.013559414

1.025276568

6-Mar-14 1561.2

2.914645353

0.375047705

0.140660781

7-Mar-14 1589.9

4.805537245

2.266939597

5.149015146

8-Mar-14 1583.15

4.360580092

1.821982445

3.319620028

11-Mar-14 1566.2

3.243243243

0.704645596

0.496525415

12-Mar-14 1560.5

2.867501648

0.328904

0.108177841

13-Mar-14 1551.7

2.287409361

-0.251188287

0.063095556

10

14-Mar-14 1567.7

3.34213261

0.803524963

0.645652366

11

15-Mar-14 1570.25

3.510217535

0.971619887

0.944045205

13

18-Mar-14 1566.95

3.292682927

0.754085279

0.568644608

14

19-Mar-14 1546.75

1.961107449

-0.577490199

0.33349493

14

20-Mar-14 1557.65

2.67963085

0.141033203

0.019890364

15

21-Mar-14 1559.95

2.83134588

0.292648232

0.085642988

16

22-Mar-14 1542.15

1.65787739

-0.880720258

0.775668173

17

25-Mar-14 1543.35

1.736980883

-0.801616764

0.642589437

18

26-Mar-14 1556.35

2.593935399

0.055337751

0.003062267

19

28-Mar-14 1575.75

3.872775214

1.334177567

1.780029779

Variance
Average Returns

2.538597648 SD

1.91486686368
1.38

Source: Nse/Equities/ Historical data/ Securities wise volume

(Apr-2014)
S.No
1

Table:24
Date

Closing Price

1-Apr-14 1556.85

Returns(x)
-0.189

(X-A)
0.832175

(X-A)(X-A)
0.692515231

2-Apr-14 1567.35

-0.084

0.937175

0.878296981

3-Apr-14 1543.4

-0.3235

0.697675

0.486750406

4-Apr-14 1507.8

-0.6795

0.341675

0.116741806

5-Apr-14 1498.35

-0.774

0.247175

0.061095481

8-Apr-14 1480.75

-0.95

0.071175

0.005065881

9-Apr-14 1497.4

-0.7835

0.237675

0.056489406

10-Apr-14 1530.45

-0.453

0.568175

0.322822831

11-Apr-14 1536.9

-0.3885

0.632675

0.400277656

10

13-Apr-14 1511.75

-0.64

0.381175

0.145294381

11

15-Apr-14 1472.45

-1.033

-0.011825

0.000149831

13

16-Apr-14 1483.15

-0.926

0.095175

0.009058281

14

17-Apr-14 1456.65

-1.191

-0.169825

0.028840531

14

18-Apr-14 1452.75

-1.23

-0.208825

0.043607881

15

22-Apr-14 1425.3

-1.5045

-0.483325

0.233603056

16

23-Apr-14 1430.55

-1.452

-0.430825

0.185610181

17

25-Apr-14 1402.3

-1.7345

-0.714325

0.508832556

18

26-Apr-14 1469.35

-2.064

-1.042825

1.087483981

19

29-Apr-14 1470.75

-2.05

-1.028825

1.058480881

20

30-Apr-14 1478.4

-1.9735

-0.952325

0.906922906

Variance
Average Returns

0.3614965069

-1.021175 SD

0.60

Source: Nse/Equities/ Historical data/ Securities wise volume

Monthly Average Return, Variance and Standard Deviation (Ranbaxy)

Table: 25
Month

Average Returns

Variance

SD

NOV

5.313277199

6.25433

2.5

DEC

-2.778766688

2.79047

1.67

JAN

3.077643688

6.51944

2.55

FEB

-0.499331794

2.11885

1.45

MAR

4.731027858

2.70898

1.64

APR

-10.75488963

94.0826

9.69

Graph:1

Interpretation:
During Nov2013- April 2014 return on Ranbaxy stock varies between 5.31 to -10.75 and the
risk for the same period varies between 2.5 to 9.69. Where the return is highest t in the
month Nov 2013 and the risk is very high in the month April 2014. The reasons for this may
be the investors expectation towards the financial performance of the company.
Monthly Average Return, Variance and Standard Deviation (Wipro)
Table: 26

Month

Average Returns

Variance

SD

NOV

0.59585273

3.026986969

1.73

DEC

-4.82928781

3.733811861

1.93

JAN

14.46087857

87.9198257

9.37

FEB

1.005735795

4.300098078

2.07

MAR

-0.28071986

2.331352771

1.52

APR

-11.9508714

116.7888597

10.8

Graph:2

Interpretation:
During Nov2013- April 2014 return on Wipro stock varies between 0.59 to -11.95 and the
risk for the same period varies between 1.73 to 10.8 where the return is highest t in the month
January 2014 and April 2014 risk is very high. The reasons for this may be the investors
expectation towards the financial performance of the company.

Monthly Average Return, Variance and Standard Deviation (Sun pharma)

Table: 27
Month

Average Returns

Variance

SD

NOV

-3.017399267

8.737349725

2.95

DEC

1.091321187

9.226862595

3.03

JAN

7.664033467

31.14574143

5.57

FEB

17.2475

3.77836875

1.94

MAR

6.7080773

6.531145368

2.55

APR

-13.37733645

16.57627107

4.07

Graph:3

Interpretation:
During Nov2013- April 2014 return on SUN PHARMA stock varies between -3.01 to -13.37
and the risk for the same period varies between 2.95 to 4.07 where the return is highest t in
the month february2014 and January 2014 risk is very high. The reasons for this may be the
investors expectation towards the financial performance of the company.
Monthly Average Return, Variance and Standard Deviation(Mahendra satyam)

Table: 28

Month

Average Returns

Variance

SD

NOV

-0.71377081

2.848688684

1.68

DEC

-4.697205854

4.982295439

2.23

JAN

4.849142149

6.107333909

2.47

FEB

6.36071133

11.64691353

3.41

MAR

2.538597648

1.914866864

1.38

APR

-1.021175

0.361496507

0.6

Graph: 4

Interpretation:
During Nov2013- April 2014 return on MAHENDRA SATYAMstock varies between -0.71
to -1.02 and the risk for the same period varies between 1.68 to 0.6. Where the return is
highest t in the month Feb 2014 and January 2014 risk is very high. The reasons for this
may be the investors expectation towards the financial performance of the company.
Karl Pearsons Coefficient of Correlation Between Wiproand Sun pharma
Table29

MONTH

Sun
pharma
WiproReturns(X) Returns(Y)

X=(X
AVG1)

Y=(Y
AVG2)

(X)^2

(Y)^2

X*Y

NOV

0.60

-3.02

0.93

-5.90

0.86

34.77

-5.45

DEC

-4.83

1.09

0.93

-1.79

20.24

3.20

8.05

JAN

14.46

7.66

0.93

4.78 190.16

22.85

65.92

FEB

1.01

17.24

0.93

14.36

1.78

206.21

19.17

MAR

-0.28

6.70

0.93

3.82

0.00

14.59

0.19

APRIL

-11.95

-13.37

0.93

-15.25 145.02

232.56

177.21

AVG1

-0.33

2.88
5.55

0.05 348.07

514.19

265.08

SUM
Karl Pearsons coefficient correlation (r) =0.62
Graph:5

Interpretation:

Above table and chart depicts the correlation between Wiproand Sun pharma. Here
Wiproand Sun pharma ltd can move 62% on time in the same track. The correlation between
Wiproand Sun pharma

is a positive correlation that is 0.62. So we can conclude that the

price movements of Wiproand Sun pharma are move in the same direction.

Karl Pearsons Coefficient of Correlation Between mahendra satyamand Sun pharma

Table: 30
MONTH

Mahendra
satyam
Returns(X)

Sun pharma
Returns(Y)

X=(X
AVG1)

Y=(Y
AVG2)

(X)^2

(Y)^2

X*Y

NOV

-0.714

-3.017

-1.932

-5.903

3.734

34.850

11.407

DEC

-4.697

1.091

-5.917

-1.795

35.008

3.221

10.619

JAN

4.849

7.664

3.630

4.778

14.174

22.829

17.342

FEB

6.361

17.248

5.141

14.361

26.432

206.252

73.835

MAR

2.539

6.708

1.319

3.822

1.740

14.608

5.041

APRIL

-1.021

-13.377

-2.241

-15.263

5.021

232.970

34.201

AVG1

1.220

2.886
85.108

514.731

152.446

SUM
Karl Pearsons coefficient correlation (r) =0.72
Graph:6

Interpretation:
Above table and chart depicts the correlation between mahendra satyam and Sun pharma.
Here mahendra satyamand Sun pharma ltd can move 72% on time in the same track. The
correlation between mahendra satyamand Sun pharma is a positive correlation that is 0.72.

So we can conclude that the price movements of mahendra satyamand Sun pharma are move
in the same direction

Karl Pearsons Coefficient of Correlation Between Ranbaxy and Sun pharma

Table:31

MONTH Ranbaxy
Sun pharma
RETURNS(X) RETURNS(Y)

X=(X
Y=(Y
(X)^2
AVG1) AVG2)

(Y)^2

X*Y

NOV

5.313

-3.017

5.464

-5.903

29.858

34.850

-32.258

DEC

-2.779

1.091

-2.627

-1.795

6.900

3.221

4.714

JAN

3.078

7.664

3.230

4.778

10.431

22.829

15.431

FEB

-0.499

17.248

-0.347

14.361

0.131 206.252

-4.988

MAR

4.731

6.708

4.883

3.822

-10.755

-13.377

10.603

-0.15

2.89

APRIL
AVG1
SUM

23.844

14.608

18.663

15.263 113.421 232.970 161.836

183.57

514.73

163.40

Karl Pearsons coefficient correlation (r) =0.53

Graph:7

Interpretation:
Above table and chart depicts the correlation between Ranbaxy and Sun pharma. Here
Ranbaxy and Sun pharma ltd can move 53% on time in the same track. The correlation
between Ranbaxy and Sun pharma is a positive correlation that is 0.53. So we can conclude
that the price movements of Ranbaxy and Sun pharma are move in the same direction
Karl Pearsons Coefficient of Correlation Between Mahendra Satyam and wipro
Table:32

MONT
H

Mahendra
satyam
WiproReturns(X
)

NOV

0.596

X=(X
Y=(Y
(X)^2
AVG1) AVG2)

-0.714

0.929

-1.932

0.863

3.734

-1.795

-5.917

20.216

35.00
8

-4.697

-4.496

26.603

3.630

190.27
3

14.17
4

50.066
6.883

JAN
14.461

4.849

14.794

FEB
MAR

1.006

6.361

1.339

5.141

1.792

26.43
2

-0.281

2.539

0.052

1.319

0.003

1.740

0.069

-11.951

-1.021

11.618

-2.241

144.97
3

5.021

26.032

-0.333

1.220
348.13
0

85.10
8 107.859

APRIL
AVG1
SUM

Karl Pearsons coefficient correlation (r) =0.62

Graph:8

X*Y

Returns(Y
)

DEC
-4.829

(Y)^2

Interpretation:
Above table and chart depicts the correlation between Wiproand mahendra satyam Here
Wiproand mahendra satyamcan move 62% on time in the same track. The correlation
between Wiproand mahendra satyam

is a positive correlation that is 0.62. So we can

conclude that the price movements of Wiproand mahendra satyam are move in the same
direction

Karl Pearsons Coefficient of Correlation Between Wiproand Ranbaxy

Table: 33

MONTH

Ranbaxy
WiproReturns(X) Returns(Y)

X=(X
AVG1)

Y=(Y
AVG2)

(X)^2

(Y)^2

X*Y

NOV

0.596

5.313

0.929

5.464

0.863

29.858

5.076

DEC

-4.829

-2.779

-4.496

-2.627

20.216

6.900

11.810

JAN

14.461

3.078

14.794

3.230 190.273

10.431

44.550

FEB

1.006

-0.499

1.339

-0.347

1.792

0.131

-0.465

MAR

-0.281

4.731

0.052

4.883

0.003

23.844

0.256

-11.951

-10.755

11.618

-0.333

-0.152

APRIL
AVG1
SUM

10.603 144.973 113.421 133.182

348.130 183.575 184.409

Karl Pearsons coefficient correlation (r) =0.70

Graph: 9

Interpretation:
Above table and chart depicts the correlation between Wiproand Ranbaxy Here Wiproand
Ranbaxy can move 70% on time in the same track. The correlation between Wiproand

Ranbaxy is a positive correlation that is 0.70. So we can conclude that the price movements
of Wiproand Ranbaxy are move in the same direction

Karl Pearsons Coefficient of Correlation Between mahendra satyam and Ranbaxy

Table:34
MONTH mahendra

Ranbaxy

X=(X

Y=(Y

(X)^2

(Y)^2

X*Y

satyam
Returns(X)

AVG1)

AVG2)

Returns(Y)

NOV

-0.714

5.313

-1.932

5.464

3.734

29.858

-10.559

DEC

-4.697

-2.779

-5.917

-2.627

35.008

6.900

15.542

JAN

4.849

3.078

3.630

3.230

14.174

10.431

11.722

FEB

6.361

-0.499

5.141

-0.347

26.432

0.131

-1.786

MAR

2.539

4.731

1.319

4.883

1.740

23.844

6.441

APRIL

-1.021

-10.755

-2.241

-10.603

5.021 113.421

23.758

AVG1

1.220

-0.152

SUM

348.130 183.575 184.409

Karl Pearsons coefficient correlation (r) =0.36

Graph:10

Interpretation:
Above table and chart depicts the correlation between mahendra satyamand Ranbaxy Here
mahendra satyamand Ranbaxy can move 36% on time in the same track. The correlation
between mahendra satyam and Ranbaxy is a positive correlation that is 0.36. So we can
conclude that the price movements of mahendra satyam and Ranbaxy are move in the same
direction
Findings
The following facts were found out during the project work.
From standard deviation table, we can observe that standard deviation is high (10.8)

in Wipro and low (0.6) in mahendra satyam when compare to the other companies
In Wipro, Ranbaxy and mahendra satyam mostly negative average returns are observed
overall the period of the study
Karl Pearsons coefficient correlation is high between mahendra satyam and Sun pharma
(0.72)
Whereas less correlation between Ranbaxy and mahendra satyam(0.36)
Karl Pearsons Coefficient of correlation was same between mahendra satyam& Wipro and
Wipro& Sun pharma
Due to the positive Correlation, every company was moving in the same direction
We can also observe that average returns is high in Sun pharma (17.24) and next Wipro
(14.46)

compare to other companies.

Mahendra satyamand Sun pharma get the high returns in the month of Feb whereas
Wiproin the

month of January

In the of April there will be highly chances in the variance of each company

Suggestions

 As S.D was high with Wiprofollowed by Ranbaxy, risk taking investors can prefer to
invest here as these give higher returns. Day traders can invest an accumulate good
returns as volatility was high. However there is also possibility of huge loss in case
of adverse movement.
Mahendra satyam has low standard deviation and also volatility less. It gives
minimum risk to Investor among all companies studied. However returns also low.
Risk averse and long time investors can consider while investing among all
companies.
When we want the returns higher we have to bear higher risk. But if we bear higher
risk it is meaningless to invest our hard earned income. In this present project the
highest earned income is obtained by the company Ranbaxy.
In order to get more return from minimum risk we have to analyze the factor like
company background, performance, market value and historical data. It is suggested
to all investors to analyze the fundamental as well as technical.
Among all the securities Sun pharma is best with its high returns and low risk as
compared to Ranbaxy and Wipro during the period of the study

Bibliography

Punithavathyapandian , Security Analysis and Portfolio Management Vikas Publishers

third edition2009
S.C.Gupta Fundamental of statistics kalyani publishers. Fifth edition 2006
Alan C. Shapiro Multinational Financial Management Published by the PrenticeHall Of India New Delhi , 2002, 4/e
Prasana Chandra Financial Management Published by Tata Mc Graw-Hill, New
Delhi, 2007, 6/e
Websites
Www.Wipro.com
www.nseindia.com
www.Mahendra satyam.com
www.sriinsight.com
www.Ranbaxy.com