CHAPTER I

1.1 INDUSTRY OVERVIEW

The securities market achieves one of the most important functions of channeling idle
resources to productive resources or from less productive resources to more productive
resources. Hence in the broader context the people who save and investors who invest focus
more towards the economys abilities to invest and save respectively. This enhances savings
and investments in the economy, the two pillars for economic growth. The Indian Capital
Market has come a long way in this process and with a strong regulator it has been able to
usher an era of a modern capital market regime. The past decade in many ways has been
remarkable for securities market in India. It has grown exponentially as measured in terms of
amount raised from the market, the number of listed stocks, market capitalization, trading
volumes and turnover on stock exchanges, and investor population. The market has witnessed
fundamental institutional changes resulting in drastic reduction in transaction costs and
significant improvements in efficiency, transparency and safety.

1.1.1 HISTORY OF STOCK EXCHANGE IN INDIA

The origin of the stock exchanges in India can be traced back to the latter half of 19 th
century. After the American civil war (1860-61) due to the share mania of the public, the
number of brokers dealing in shares increased. The brokers organized an informal association
in Mumbai named the native stock and share brokers association in 1875.
The stock exchange in Mumbai Calcutta, Chennai, Ahmadabad, Delhi, and Indore
were recognized by the SCR Act. The Bangalore stock exchange was recognized only in
1963. At present we have 23 stock exchanges and 21 of them had hardware and software
compliant to solve.
Till recent past, floor trading took place in all the stock exchanges. In the floor trading
system, the trade takes place through open outcry system during the official trading hours.
Trading posts are assigned for different securities where buy and sell activities of securities
took place

1.1.2 STOCK EXCHANGE & SHARES:

The market or place, where securities, viz. shares are exchange, traded or simply
where buying and selling takes place, is called stock exchange or stock market. Presently, the
stock market in India consists of twenty three regional stock exchanges and two national
exchanges, namely, the National Stock Exchange (NSE) and Over the Counter Exchange of
India (OTC).
The Bombay Stock Exchange (BSE) is the largest Stock Exchange, in the country,
where maximum transactions, in terms of money and shares take place. The other major stock
exchanges are Calcutta, Madras and Delhi Stock Exchanges. Other one at Ahmadabad,
Jaipur, Bangalore, Kanpur, Rajkot, Hyderabad, Cochin, Pune, Bhubaneswar, Kuwaiti, Indore,
Mangalore, Ludhiana, Patna, Saurashtra, Vadodara, Coimbatore, Meerut, and Surat.

1.1.3LISTING OF SHARE
Listing of shares, on a stock exchange, means, such shares can be bought and sold, in
stock exchange.
A Company, which intends to issue shares, through prospectus, shall have to apply to
one or more stock exchanges, for getting its shares listed.

1.1.4 THEY ARE DIVIDED THE TWO CATEGORIES

Group "A" shares represent companies, with huge amount of capital, and equally a
large scope for investment. These shares are frequently traded and command higher price
earnings multiples.
Group "B" when a share is shifted from Group "A" to Group "B", its market price
declines. There are some criteria and guide lines, laid down by stock exchange, for shifting
stocks from the non-specified list to the specified list.

1.1.5 PRIMARY MARKET

The primary 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 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.

1.1.6 SECONDARY MARKET

The secondary market is the financial market for trading of securities that have
already been issued in an initial private or public offering. Alternatively, secondary market
can refer to the market for any kind of used goods. The market that exists in a new security
just after the new issue is often referred to as the aftermarket. Once a newly issued stock is
listed on a stock exchange, investors and speculators can easily trade on the exchange, as
market makers provide bids and offers in the new stock.

1.1.7 MARKET VALUE

The current quoted price at which investors buy or sell a share of common stock or a
bond at a given time. Also known as "market price The market capitalization plus the market
value of debt. Sometimes referred to as "total market value". In the context of securities,
market value is often different from book value because the market takes into account future
growth potential. Most investors who use fundamental analysis to pick stocks look at a
company's market value and then determine whether or not the market value is adequate or if
it's undervalued in comparison to its book value, net assets or some other measure.

1.1.8 LIST OF STOCK EXCHANGES IN INDIA

1. Bombay Stock Exchange

2. National Stock Exchange
3. Ahmedabad Stock Exchange
4. Bangalore Stock Exchange
5. Bhubaneshwar Stock Exchange
6. Calcutta Stock Exchange
7. Cochin Stock Exchange
8. Coimbatore Stock Exchange
9. Delhi Stock Exchange
10. Guwahati Stock Exchange
11. Hyderabad Stock Exchange
12. Jaipur Stock Exchange
13. Ludhiana Stock Exchange
14. Madhya Pradesh Stock Exchange
15. Madras Stock Exchange
16. Magadh Stock Exchange
17. Mangalore Stock Exchange
18. Meerut Stock Exchange
19. OTC Exchange Of India Stock Exchange
20. Pune Stock Exchange
21. Saurashtra Kutch Stock Exchange
22. UttarPradesh Stock Exchange
23. Vadodara Stock Exchange

1.2 ORGANIZATIONAL STUDY

1.2.1 ABOUT ALICE BLUE COMMODITY (P) LTD
Alice Blue Commodities (P) Ltd is a commodity broking firm. Being trading cum
clearing member of Multi Commodity Exchange of India Limited (MCX), National
Commodity & Derivatives Exchange Limited (NCDEX) .They offer online trading in more
than 52 future commodities.
They have specialists from different backgrounds having a broad set of skills and the
perfect experience in commodity market. They are able to bring a depth of talent and
creativity to the company. In order to deliver the best service, they are staffed around the
clock.
Their knowledge base and avid experience acquired by the technical team leverage
their customer to benefit much more than that is expected. Time to market and value for
money with continued innovation is the main motto of our team.

1.2.2 OBJECTIVES
1. Acquire and train clients - The acquisition of clients is done by existing client
references, issuing pamphlets, local ads, and telemarketing.
2. Platform for better trading.
3. Brokerage reduction.
4. Providing exposure about the market.

1.2.3 UNIQUE FEATURES

1.
2.
3.
4.

Instant online fund transfer with Multiple Banks.

Efficient uptime & greater stability for high speed.
Customized solutions as per client's requirements.
Very competitive brokerage rates within the industry

1.2.4 SERVICES
They are constantly thinking creatively, searching for innovations, and working hard to
introduce new services. We offer online trading in more than 52 commodity future contracts.
To enhance client relationship, they offer Pro-active Relationship Management:
1. Educating and providing awareness about commodities futures markets to clients.
2. Dedicated relationship team to answer client queries round the clock related to any of
the Commodities.
3. Studying price movements and advising clients in trading opportunities on real time
basis using various tools.
4. Trading Recommendations / Alerts to clients on actively traded commodities via
online messenger Flash on ODIN terminals.

1.2.5 TARGET CLIENTS OF THE COMPANY

1.
2.
3.
4.
5.

Bank Employees
Government and Period Employee
Business people
Insurance Agents
House wifes

1.2.6 OFFERINGS OF THE COMPANY

1. Equity (bank, AUTOMOBILE)
2. Precious Metals -- (Gold, Silver)
3. Base Metals (Copper and Zinc)
4. Energy (Crude Oil and Natural Gas)
5. Grains (Wheat)
6. Spices (Red Chili, Cardamom, Jeera, Black Pepper, Turmeric)
7. Pulses (Chana, Urad, Tur)
8. Oil Ref. Soya Oil, Mentha Oil, Others Gaur Seed, Potato, Sugar, Maize, Castor
seed, Gaur gum.

1.2.7 SIGNIFICANT MILESTONE OF ALICE BLUE COMMODITIES

The development of the company through years

2005

They started their operations in the year 2005 with number of ten CTCL

2006

Opened up 3 branches and 20 sub-broker with 300 CTCL

2007

Acquired NSDEX as trading member with remarkable expansion of 7

branches. The Company had doubled the revenue when compared to the last
financial year.

2008

Launched operations with on-line trading MCX and MCDEX under one
terminal with Single a/c management.

2009

Membership in NMCE and had done an expansion of 3 branches and 5 subbroker.

2010-2011

Membership in NSPC and became clearing member from MCX and

NCDEX.Today they have around 12 branches and 1300 sub-broker. They
further launched operation with NSE cash and fund of segment. There are now
3 million clients and 20% of HNI [High Network Individuals].

1.2.8 ORGANISATIONAL HIERARCHY STRUCTURE

The Managing director who controls the company's the entire functions of the
company. Under the MD there are two major departments Acquisition Department,
marketing, sales and Operation Department with Risk Management service which controls
the further activities of the company.

Hierarchy Structure
V
T
B
S
R
D
ir
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a
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P
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g

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r

1.2.9 COMPETITORS

Adventures India

RELIGARE
Value Adds
KARVY

1.2.9 MAJOR MEMBERSHIP:

1. MCX
MCX Stock Exchange Ltd (MCX-SX), Indias new stock exchange, appositely reflects how
the worlds most evolved and hi-tech new-generation exchanges should look like in future.
With cutting-edge technology, world-class services and cost optimization, MCX-SX has
altered the face of the Indian financial markets.
2. EQUITY
The market which shares are issued and traded, either through exchanges or over the counter
market. Companies access to the capital and investors a slice of ownership in a company
with the potential to realize gains based on its future.
1.2.10 SOFTWARE TECHNOLOGIES USED
1. ODIN CLIENT.
ODIN, Financial Technologies' flagship product, has been the Trading Platform of
Choice. It is a scalable solution that ensures high performance standards and which can be
easily deployed across varied locations with relative ease. ODIN provides real time
connectivity to the multiple exchanges offering highest order execution speed and operational
stability. ODIN has extensive search and filtering options and that too with minimal
investment.
2. HARSHA SOFTWARE
HARSHA is a software consulting and staffing firm providing IT consultants
and consulting capabilities to clients with the desire to gain and maintain their competitive
edge through technology. The main objective is to provide the customers with competent
technology advice that provides an optimal approach to implementation and deployment of
the software system.
Technology Consulting comprises of an array of services that include:
1.
2.
3.
4.

Business-case analysis
Business and technical requirements
Feasibility study, technology research
Software project planning, management

10

1.3 REVIEW OF LITERATURE

11

CHAPTER II
2.1 THE STUDY ON FUNDAMENTAL AND TECHNICAL ANALYSIS
Fundamental analysis is really a logical systematic approach to estimating the future
dividends share price. An investor like to be rational and scientific in his investment activity
has to evaluate a lot of information about the past performance and the expected future
performance of companies, industries and the economy as a whole before taking the
investment decision.
It is based on the basic premise that share price is determined by a number of
fundamental factors relating to the economy, industry, and companies. For this,
fundamentalist makes use of the EIC framework of analysis. The analysis of economy,
industry and company fundamentals constitute the main activity in the fundamental approach
to security analysis. These can be viewed as different stages in investment decision-making
process.
Technical analysis can provide useful insights into the best time to buy, perhaps
because of some innate truth, but probably just because so many people believe in their
validity many technical signals are in fact very useful and reliable indicators of at least the
very short term future price movements. At any rate the fundamental basis of a good technical
analyst's trading method boils down to "run your profits and cut your losses", which
usually means hanging on to an up trending stock and ditching it when it starts to sfalter.
Merely following a trend can be a profitable and honorable profession, and sophisticated
trading methods frequently are little more than a few bells and whistles attached to a simple
concept of going with the trend. Those who completely ignore technical methods out of hand
are often proven right in the end, but aren't likely to have bought at the best possible time.
Technical analysis it is alternative approach to the study of stock price behavior.

12

2.2 TITLE OF THE STUDY

A STUDY ON
FUNDAMENTAL AND TECHNICAL ANALYSIS OF
SELECTED SCRIPT IN VARIOUS INDUSTRIES

13

2.3 OBJECTIVE OF THE STUDY

1. To study on economic analysis for the past 5 years Data.
2. To study on industrial analysis for the past 5 years of selected sectors.
3. To study on company analysis of selected script companies (Wockhardt, United
Spirits, Den Networks, Strides Arcolab, Dena Bank).
4. To study on technical analysis of selected script in NSE stock market.
5. To find the best scripts for investment from various industries for investors.

14

2.4 SCOPE OF THE STUDY

1. This study consists of economic analysis various such as (inflation, interest rates,
foreign exchange, and infrastructure, economic and political stability).
2. This study in industry analysis is consists of demand, potential market, target
industrial growth.
3. This study helps to investors while investing in selected company in stock market
with special reference to NSE.
4. This study will help to estimate future return.

15

2.5 LIMITATION OF THE STUDY

1.
2.
3.
4.
5.

To analyzing the script period of limited.

They use only the secondary data for analysis.
Fundamental analysis only used for GDP, Inflation and Exchange Rate.
To study depends on market assumption.
The selected stock market is also subject to risk because our suggested may not be
give correct result in all times.

16

CHAPTER III
3.1 RESEARCH METHODOLOGY
3.1.1 TYPE OF STUDY:
It has been study on Analytical analysis. The study had been exploratory as it aims at
examining the secondary data for analyzing the previous researches that have been done in
the area of technical and fundamental analysis of stocks. The knowledge thus gained form
this preliminary study forms the basis for the further detailed Analytical research. In the
exploratory study, the various technical indicators that are important for analyzing stock were
actually identified and used to analyze the trend and predicting the price movement.

3.1.2 SAMPLE DESINGN:

The sample purpose of stocks collecting in secondary data has been selected script in
various industries in NSE market. Five script names is Wockhardt, United Spirits, Den
Networks, Strides Arcolap And Dena Bank.

3.1.3 SAMPLE SIZE:

The sample size for the study is five years for fundamental analysis and three years
for technical analysis.

3.1.4 TOOLS USED:

ALPHA
BETA
STANDARD DEVIATION
RETURN

17

3.2 FUNDAMENTAL ANALYSIS

3.2.1 INTRODUTION
Fundamental analysis, the security analysts studies the fundamental facts affecting a
stocks values, such as companys earnings, their management, the economic outlook, the
firms competition, market conditions etc.
Fundamental analysis is really a logical systematic approach to estimating the future
dividends share price. It is based on the basic premise that share price is determined by a
number of fundamental factors relating to the economy, industry and company. Hence, the
1. Economy fundamentals,
2. Industry fundamentals and
3. Company fundamentals
Have to be considered while analyzing a security fir investment purpose.
Fundamentals analysis is, in other words, a detailed analysis of fundamental factors affecting
the performance of companies.
Each share is assumed to have an economic worth based on its present and future
earning capacity. This is called its intrinsic value or fundamental value. The purpose of
fundamental analysis is to evaluate the present and future earning capacity of a share based
on the economy, industry and company fundamentals and thereby assess the intrinsic value of
the share. The investor can then compare the intrinsic value of the share with the prevailing
market price to arrive at an investment decide. If the market price of the share is lower than
its intrinsic value, the investors would decide to buy the share as it is under-priced. The price
of such a share is expected to move up on future to match with its intrinsic value.
On the contrary, when the market price of a share is higher than its intrinsic value, it is
perceived to be overpriced. The market price of such a share is expected to come down in
future and hence; the investor would decide to sell such a share.

18

3.3 ECOMOMIC ANALYSIS

3.3.1 INTRODUCTION
Economy analysis is the first stage of fundamental analysis and start with an analysis
of historical performance of the economy. But as investment is a future-oriented activity, the
investor is more interested in the expected future performance of the overall economy and its
various segments. For, forecasting the future direction of the economy becomes necessary.
Economic forecasting thus becomes a key activity in economy analysis.
The central theme in economic forecasting is to forecast the national income with its
various components. Gross national product or GNP is a measure of the national income. It is
the total value of the final output of goods and services produced in the economy. It is a
measure of the total economic activities over a specified period of time and is an indicator of
the level ad rate of growth of economic activities. An investor would be particularly
interested in forecasting the various components or the national income, especially those
components that have a bearing on the particular industries and companies that he is
analyzing
The performance of a company depends on the performance of the economy. Of the
economy is booming, incomes rise, demand of goods increases, and hence the industries and
companies in general tend to be prosperous. On the other hands, if the economy is in
recession, the performance of companies will be generally bad.
Investors are concerned with those variables in the economy which affect the
performance of the company I which they intend to invest. A study of these economic
variables would give an idea about future corporate earnings and the payment of dividends
and interest to investors.
Let us look at some of the key economic variables that an investor must monitor as
part of his fundamental analysis

19

3.3.2 VARIABLE ECONOMIC ANALYSIS

1. GROSS DOMESTIC PRODUCT (GDP)
GDP indicates the rate of growth of the economy. GDP represents the aggregate value
of the goods and services produced in the. Economy. GDP consists of personal consumption
expenditure, gross private domestic investment and government expenditure on goods and
services and net export of goods and services. The estimates of GDP are available on an
annual basis. The rate of growth of GDP is around 6% in the nineties. The GDP growth in
1998-99 has accelerated to 5.8 % compared to 5% of the previous year. The growth rate of
economy point out the prospects for the industrial sector and the return investors can expect
from investment in shares. The higher growth rate is more favorable to the stock market.
Economic growth is the increase in value of the goods and services produced by an
economy. It is conventionally measured as the percent rate of increase in real gross domestic
product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in
order to net out the effect of inflation on the price of the goods and services produced.

2. INFLATION
Inflation prevailing in the economy has considerable impact on the performance of
companies. Higher rates of inflation upset business plans, lead to cost escalation and result in
squeeze on profit margins. On the other hand, inflation leads to erosion of purchasing power
in the hands of consumers. This will result in lower demand for products. Thus, high rates of
inflation in an economy are likely to affect the performance of companies adversely.
Industries and companies prosper during times of low inflation.
Inflation is measured both in terms of wholesale prices through the wholesale price
index. (WPI) and in terms of retail prices through the consumer price index (CPI). These
figures are available on weekly or monthly basis. As part of the fundamental analysis, an
investor should evaluate the inflation rate prevailing in the economy currently as also the
trend of inflation likely to prevail in the future.

20

3. EXCHANGE RATES
The performance and profitability of industries and companies that are major
importers or exporters are considerably affected by the exchange rates of the rupee against
major currencies of the world. A depreciation of the rupee improves the competitive position
of Indian products in foreign markets, thereby stimulating exports. But it would also make
imports more expensive. A company depending heavily on imports may find devaluation of
the rupee affection its profitability adversely.
The exchange rates of the rupee are influenced by the balance of trade deficit, the
balance of payments deficit and also the foreign exchange reserves of the country. The excess
of imports over exports is called balance of trade deficit. The balances of payments deficit
represents the net difference payable on account of all transactions such as trade, services and
capital transactions. If these deficits increase, there is a possibility that the rupee may
depreciate in value.

21

3.3.3 Last Five Financial Year GDP Growth Rate

1.1 TABLE

GROWTH
RATE

YEARS
2007-08
2008-09
2009-10
Q1 : 9.2% Q1 : 7.8%
Q1 : 6.0%
Q2 : 9.3% Q2 : 7.5%
Q2 : 8.6%
Q3 : 8.8% Q3 : 6.1%
Q3 : 6.5%
Q4 : 8.8% Q4 : 5.8%
Q4 : 8.6%

2010-11
Q1 : 8.5%
Q2 : 7.6%
Q3 : 8.2%
Q4 :9.2%

2011-12
Q1 : 8.0%
Q2 : 6.7%
Q3 : 6.1%
Q4 : 5.3%

Interpretation
1. GDP growth rate is a sub tool for economic analysis. The GDP growth rate will also
reflect in the Indian stock market. Because if total production of the product and
services decreases in the year the economic growth rate will also decreasing.
2. India's economy grew at a dismal rate of 5.3 per cent in the quarter ended March
2012, against expectations of 6.1 per cent.
3. When compared to 2007-08, GDP is in decreasing trend during 2007-08 GDP was
9.025% which was gradually decreased to 6.525%.
4. Year 2007-08 had the highest GDP growth when compared to remaining 4 years.

22

1.1 CHARTS

GDP GROWTH
Q1

Q2

9.1 9.3 8.8 8.8

Q3

8.6

8.6

7.8 7.5

9.2

8.5
7.6

6.1 5.8

2007-08

Q4

2008-09

8.2

8
6.7

6.5

6.1
5.3

2009-10

23

2010-11

2011-12

3.3.4 Last Five Year Inflation Percentages

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

2008
4.28%
4.03%
3.98%
3.94%
4.18%
5.02%
5.60%
5.37%
4.94%
3.66%
1.07%
0.09%

2009
0.03%
0.24%
-0.38%
-0.74%
-1.28%
-1.43%
-2.10%
-1.48%
-1.29%
-0.18%
1.84%
2.72%

2010
2.63%
2.14%
2.31%
2.24%
2.02%
1.05%
1.24%
1.15%
1.14%
1.17%
1.14%
1.50%

2011
1.63%
2.11%
2.68%
3.16%
3.57%
3.56%
3.63%
3.77%
3.87%
3.53%
3.39%
2.96%

2012
2.93%
2.87%
2.65%
2.30%
1.70%
1.66%
1.41%
1.69%
1.99%
2.16%
1.76%
1.74%

Interpretation:
Average inflation rate during the year 2008 to 2012 was 3.85%, -0.34%,
1.64%, 3.16%, 2.07% respectively.
On seeing the above chart we can identify that inflation rate was
decreasing trend from 2008 onwards.
During the year 2009 there occurred deflation.
Both high and low rate of inflation effects the growth of economy in
favorable as well as in unfavorable way.
Even increase in inflation effects the nations over all GDP rate.

24

Chart 1.2
6
5

jan

feb
mar

3
percentage

apr

may

jun

jul
2008

2009

2010

2011

2012

aug
sep

-1

oct

-2

nov

-3

dec
year

25

3.3.5 Last five year Exchange rate

1.3 TABLE
Dollar rate Fluctuations $
Year
2008
2009
2010
2011
2012

Average

Min

Max

43.5
48.4
45.7
46.7
53.4

39.1
46.0
44.0
44.1
48.8

50.2
52.3
47.7
53.9
57.2

Interpretation
Fluctuation of dollar rate effects the economy vibrantly.
Increase in dollar rate helps exporters but it effects badly to importers in
India.
Even increase in dollar rate increases the prices of goods which we
import.
Fluctuation of dollar rate needs to maintained or else it effects the balance
of payment.
On seeing the above chart we can say that from the year 2008 to 2011,
dollar rate doesnt fluctuated much.
But in year 2012 on an average dollar rate reached its maximum with Rs
53.4

26

Chart 1.3

United state / India

Average

50.2
43.5
39.1

2008

48.4 46

52.3

2009

Min

Max
53.9

45.7 44 47.7

2010

27

46.7
44.1

2011

57.2
53.4
48.8

2012

3.4 INDUSTRY ANALYSIS

3.4.1 INTRODUCTION
An investor ultimately invests his money in the securities of one or more specific
companies. Each company can be characterized as belonging to an industry. The performance
of companies would, therefore, be influenced by the fortunes of the industry to which it
belongs. For this reason an analyst has to undertake an industry analysis so as to study the
fundamental factors affecting the performance of different industries.
At any stage in the economy, there are some industries which are fast growing while
others are stagnating or declining. If an industry is growing, the companies within the
industry may also be prosperous. The performance of companies will depend, among other
things, upon the state of the industry to which they belong. Industry analysis refers to an
evaluation of the relative strengths and weaknesses of particular industries.
An industry is a group of firms that have similar technological structure of production
and produce similar products. For the convenience of the investors, the broad classification of
the industry is given in financial dailies and magazines. Companies are distinctly classified to
give a clear picture about their manufacturing process and products.
3.4.2 CONCEPT OF INDUSTRY
An industry is generally described as a homogenous group of companies. We may
define an industry as a group of firms producing reasonably similar products which serve the
same needs of a common set of buyers. Industries are traditionally classified on the basis of
products. According to this product-wise classification we gave cement industry, steel
industry, cotton textile industry, pharmaceutical industry, and so forth. However, industry
classification becomes difficult when dealing with firms having a diversified product line.
And such firms are now on the increase. When though classification of industry poses
practical difficulties, each country fellows a standardized classification to facilitate data
collection and reporting.
The past performance of an industry is not a good predictor of the future- if one look
very far into the future. Therefore, it is important to study industry analysis. For an industry
analyst- industry life cycle analysis, characteristics and classification of industry is important.
Following the analysis of banking industry, beverage industry and pharmaceutical industry.

28

3.4.3 CLASSIFICATION OF INDUSTRY

These industries can be classified on the basis of the business cycle. The classified
according to their reactions to the different phases of the business cycle. They are classified
into growth, cyclical, defensive and cyclical growth industry.

1. Growth Industry: The growth industries have special features of high rate of
earnings and growth in expansion, independent of the business cycle. The expansion
of the industry manly depends on the technological change. For instance, inspire of
the recession in the Indian economy in 1997-98, there was a spurt in the growth of
information technology industry. It defied the business cycle and continued to grow.
Likewise in every phase of the history certain industries like color televisions,
pharmaceutical and telecommunication industries have shown remarkable growth.
2. Cyclical Industry: The growth and the profitability of the industry move along with
the business cycle. During the boom period they enjoy growth and during depression
the suffer a setback. For example, the white goods like fridge, washing machine and
kitchen range products command a good market in the boom period and the demand
for them slackens during the recession
3. Defensive Industry: Defensive industry defies the movement of the business cycle.
For example, food and shelter are the basic requirements of humanity. The food
industry withstands recession and depression. The stocks of the defensive industries
can be held by the investor for income earning purpose. They expand and earn income
in the depression periods too, under the governments umbrella of protection and are
counter. Cyclical in nature.
4. Cyclical Growth Industry: This is a new type of industry that is cyclical and at the
same time growing. For example, the automobile industry experiences periods of
stagnation, decline but they grow tremendously. The changes in technology and
introduction of new models help the automobile industry to resume their growth path.

29

3.4.4 CHARACTERISTICS OF INDUSTRY

In an industry, there are a number of key characteristics that should be considered by
the analyst. These features broadly relate to the operational and structural aspects of the
industry. They have a bearing on the prospects of the industry.
1. Demand Supply Gap: An industry is likely to experience under-supply and oversupply of capacity at different times. Excess supply reduces the profitability of
industry through a decline in the unit price realization. On the contrary, insufficient
supply tends to improve the profitability through higher unit price realization.
Therefore, the gap between demand and supply in an industry is fairly good indicator
of its short-term of medium- term prospects. As part of industry analysis, an investor
should estimate the demand supply gap in the industry.
2. Permanence: In this age of rapid technological change, the degree of permanence of
an industry is an important consideration in industry analysis. Permanence is a
phenomenon related to the products and the technology used by the industry. If an
analyst feels that the need for a particular industry will vanish in a short period, or that
the rapid technological changes would render the products obsolete within a short
term, it would be foolish to invest in such an industry.
3. Labour Conditions: The state of labour conditions in the industry under analysis is
an important consideration in an economy such as ours where the labour unions are
very powerful. Fu the labour in a particular industry is rebellious and is inclined to
resort to strikes frequently, the prospects of that industry cannot become bright.
4. Attitude of Government: The attitude of the government towards an industry has a
significant impact on its prospects. The government may encourage the growth of
certain industries and can assist such industries through favorable legislation.
5. Cost Structure: Another factor to be considered in industry analysis is the cost
structure of the industry, viz. the proportion of fixed costs to variable costs. The
higher the fixed cost component, higher id the sales volume necessary to achieve to
variable cost, lower would be the break-even point lower break-even point provides
higher margin of safety. An analyst would consider favorably an industry that has a
lower break-even point.

30

3.4.5 INDUSTRY LIFE CYCLE

Marketing experts believe that each product has a life cycle. They have identified four
stages in the life of a product, namely introduction stage, growth stage, maturity stage and the
decline stage. In the same way, an industry id also said to have a life cycle. This industry life
cycle theory id generally attributed to Julius Grodinsky.
Industry Life Cycle

I.

10

12

Pioneering stage: this is a first stage of industrial life cycle of a new industry. The
pioneering stage is characterized by rapid growth in demand for output of industry. As

II.

a result there is a great opportunity for profit.

Expansion stage: once an industry has established itself it enters the second stage of
expansion or growth. The industry now includes only those companies that have
survived the pioneering stage. These companies continue to become stronger. Each
company finds a market for itself and develops its own strategies to sell and maintain

III.

its position in the market.

Stagnation stage: this is the third stage in the industry life cycle. In this stage, the
growth of the industry stabilizes. The ability of the industry to grow appears to have
been lost. Sales may be increasing but at a slower rate than that experienced by

IV.

competitive industries or by the over economy.

Decay stage: form the stagnation stage the industry passes to the decay stage. This
occurs when the products of the industry are no longer in demand. New product and
new technologies have come to the market.

31

BANKING INDUSTRY
2011-12 Year Stock Sales Value
Table 2.1
(Rs.Million)
Company
SBI
PNB
Canara Bank
Bank Of Baroda
Bank Of India
IDBI
Union Bank Of India
CentralBank of India
Indian Overseas Bank
Oriental Bank

Sales
1065215
364280
308506
296737
284807
233699
211443
191495
178971
158149

Company
Allahabad Bank
Syndicate Bank
UCO Bank
Corporation Bank
Indian Bank
Andhra Bank
Vijaya Bank
United Bank
Bank of Maharashtra
Dena Bank

Sales
155233
152684
146324
130178
122313
113387
79881.3
79610.9
72139.6
67941

Interpretation
1. It is the growth industries have special features of high rate of earnings and growth in
expansion.
2. The high sale of stock is 1065215(Rs.Million) in SBI bank for last financial year.
3. The low sale stock is 67741(Rs.Million) in Dena bank.
4. Maximum the banking industry is getting the high level of profitability.
5. So that industry stock sale position is positive level.

32

33

O
fI
nd
ia

CO

An
dh
ra

ht
ra

Ba
nk

Ba
nk

O
rie
nt
al
Ba
nk

Ba
nk

O
fB
ar
od
a

of
M
ah
ar
as

ni
on

Ba
nk

Ba
nk

SB
I

Chart 2.1

BANKING INDUSTRIES

1200000
1000000
800000
600000
400000
200000
0

PHARMACEUTICALS INDUSTRY
2011-12 Year Stock Sales Value
Table 2.2
(Rs.Million)
Companies
Cipla
Dr Reddys Lab
Lupin
Aurobindo Pharma
Sun Pharma Inds.
Cadila Healthcare
Matrix Laboratories
Jubilant LifeScience
Wockhardt
Glaxosmithkline
Phar

Sales
69775
67397
53848
42815
40156
31508
28530
26411
25604

Companies
Ipca Laboratories
Torrent Pharma
DiviS Lab
Orchid Chem. &Pharma
Glenmark Pharma
Biocon
Abbott India
Alembic Pharma
Nectar Lifesciences

23380 Sanofi India

Sales
23266
20760
18449
17363
16200
15558
15188
13753
13131
12297

Interpretation
1. It also the growth industries have special features of high rate of earning and growth
in expansion.
2. The high sale stock is 69775(Rs.Million) in cipla limited.
3. The low sale stock is 12297(Rs.Million) in sanofi India.
4. That industry stock sale position is positive level.

34

Chart 2.2

PHARMACEUTICALS INDUSTRY

Pharmaceutical Companies

35

Ab
bo
tt
In
di
a

La
b
D
iv
iS

W
oc
kh
ar
dt

Su
n

Ph
ar
m

In
ds
.

Ci
pl
a

Sales Value

80000
70000
60000
50000
40000
30000
20000
10000
0

BEVERAGES, FOOD & TOBACCO INDUSTRY

2011-12 Year Stock Sales Value
Table 2.3
(Rs.Million)
Company
United Spirits
United Breweries
Radico Khaitan
Shaw Wallace
Tilaknagar Inds
Balaji Distilleries
United Brew. (Hold)
Som Distilleries
Jagatjit Inds.
Globus Spirits

Sales
75426.74
36276.9
11438.67
1898.43
4572.67
14843.39
5020.48
1938.28
10766.7
5604.76

Company
Khoday India
IFB Agro Inds
Millennium Beer Inds
Empee Distilleries
Skol Breweries Ltd.
Pioneer Distilleries
GM Breweries
Ravi Kumar Distiller
Indage Restauraants
Indage Vintners

Sales
1647.74
5846.29
2854.91
9978.91
18407.53
1044.52
4325.27
569
185.46
188.86

Interpretation
1. It is a growth and the profitability of industry.
2. The top position stock of Sale Company is united spirits. The sale level is
75426(Million).
3. The stock position is positive level in last financial year.
4. But some company sale level is less than 200(Million). The indage vintners sale level
is 188(Million).

36

Chart 2.3

BEVERAGES, FOOD & TOBACCO INDUSTRY

Beverages Companies

5.

37

Br
ew
er
ie
s
G
M

Be
er
In
ds

M
ille
nn
iu
m

Ja
ga
tji
tI
nd
s.

In
ds
Til
ak
na
ga
r

ni
te
d

Sp
iri
ts

Sales Value

80000
70000
60000
50000
40000
30000
20000
10000
0

3.5 COMPANY ANALYSES

3.5.1 INTRODUCTION
Company analysis is the final stage of fundamental analysis. Now he has to decide the
company in which he should invest his money. Company analysis provides the answer to this
question.
Company analysis deals with the estimation of return and risk of individual shares. This calls
for information. Many pieces of information influence investment decisions. Information
regarding companies can broadly classified into two broad groups.
1. Internal information
Internal information consists of data and events made public by companies
concerning their operation. The inter information sources include annual
reports to shareholders, public and private statements of officers of the
company, the companys financial statements, etc,.
2. External information
External sources of information are those generated independently outside the
company. These are prepared by investment services and the financial press.
In company analysis, the analyst tries to forecast the future earning of the company
because there is strong evidence that earning have a direct and powerful effect upon share
price. The level, trend and stability of earnings of a company, however, depend upon a
number of factors concerning the operation of the company. The present and future values are
affected by a number of factors.
Factors that affect present and future values
Factors

Share value

Competitive edge
Earnings
Capital Structure
Management
Operating
Efficiency
Financial Performance

Historic Price Of Stock

P/E Ratio
Economic Condition
Stock Market Condition

Future Price

Present Price

38

3.5.2 WOCKHARD LID.,

Snapshots
Date of Establishment
Corporate Address

1999
Wockhardt Towers,Bandra-kurla Complex,Bandra
EastMumbai-400051, Maharashtra
www.wockhardt.com

Management Details
Chairperson - Habil Khorakiwala
MD - Murtaza Khorakiwala
Directors - Abid Hussain, Aman Mehta, Bharat Patel,
Davinder Singh, Davinder Singh Brar, H F
Khorakiwala, Habil Khorakiwala, Huzaifa
Khorakiwala, Murtaza Khorakiwala, R A Shah,
Business Operation
Background

Sanjaya Baru, Shekhar Datta, V R Khetan

Pharmaceuticals & Drugs
Wockhardt, in corporated in 1999, is engaged the
pharmaceutical and biotechnology segments. The
company has 14 manufacturing unit located in India,

Financials

France, UK, Ireland and

Total Income - Rs. 25805.2 Million ( year ending
Mar 2012)

Company Secretary
Auditors

Net Profit - Rs. Million ( year ending Mar 2012)

V R Khetan
Haribhakti & Co

39

3.5.3 Company History

Wockhardt, in corporated in 1999, is engaged the pharmaceutical and biotechnology
segments. The company has 14 manufacturing unit located in India, France, UK, Ireland and
US.
Wockhardt's subsidiaries are located in the US, UK, Ireland and France. The company
has market presence in formulations, biopharmaceuticals, nutrition products, vaccines and
active pharmaceutical ingredients (APIs).
The company holds strong position in leading markets such as Europe and United
States, which contributes 65% to Wockhardt's revenue.
The company has two subsidiaries Negma Lerads, France and Morton Grove
Pharmaceuticals, USA.
3.5.4 Business area
Biopharmaceutical- Under this the company has developed a basket of products such as
Erythropoietin, Recombinant Human Insulin, Glargine are among others. The company sells
23 products under generic segment in US market.
Wockhardt has set up Wockhardt Biotech Park a biopharmaceuticals manufacturing
complex located at Aurangabad, India. This complex comprises six manufacturing facilities
developed as per USFDA and EMEA standards. It has capacity to serve 10-15% of global
demand for major biopharmaceuticals.
In new drug discovery area, it has developed number of lead molecules in the antiinfective field.
Currently the company has a significant presence in pain management, cough therapy,
psychotic drugs, diabetology, vaccines, nutrition and animal health.
It has produced brands like Wosulin, Wepox, Proxyvon, Dexolac, Viscodyne,
Libotryp, Methycobal and many more.

40

TREND ANALYSIS OF WOCKHARD LIDS,

Last Five Years Trend Analysis
Table 3.1
(Percentage %)
Years
Net Sales
Total Expenditure
profit

2007-08
100
100
100

2008-09
117
174
-68

2009-10
151
253
-190

2010-11
144
160
-51

2011-12
209
203
140

Interpretation

Net sales is in increasing trend from the year 2008 onwards.

Even though Net sales is in increasing trend the company made losses from 2008-09
to 2010-11.
The reason for losses maybe assumed to be increase in expenditure of the company.
Year 2011-12 has made dramatic changes when compared to other previous years.
The company made profit during the year 2011-12 and in all other years company was
running in losses.

41

Chart 3.1
Net Sales

Total Expenditure

Profit

253
209 203

171 174

151

144

160

140

100 100 100

2007-08

2008-09

2009-10

2010-11
-51

-68

-190

42

2011-12

3.6.1 UNITED SPIRITS LIDS.,

Snapshots
Date of Establishment
Corporate Address

1999
U B Tower 24,Vittal Mallya Road , Bengaluru560001, Karnataka
www.unitedspirits.in

Management Details
Chairperson - Vijay Mallya
MD - Ashok Capoor
Directors - Ashok Capoor, B M Labroo, G N Bajpai,
Ghyanendra Nath Bajpai, M R Doraiswamy Iyengar,
P A Murali, Ravi Nedungadi, S R Gupte, Sreedhara
Menon, Sudhindar Krishan Khanna, V K Rekhi, V S
Business Operation
Background

Venkataraman, Vijay Mallya

Breweries & Distilleries
United Spirits (USL) is the largest spirits company in
India and a flagship entity of $2 billion UB group. It
manufactures wide range of whisky, vodka, rum and
other spirits.
United Spirits is among the top three spirits
companies in the world. It has a presence in over 59
country

Financials

Total Income - Rs. 77202.61 Million ( year ending

Mar 2012)

Company Secretary
Auditors

Net Profit - Rs. Million ( year ending Mar 2012)

V S Venkataraman
Price Waterhouse & Co, Walker, Chandiok & Co

43

3.6.2 Company History

United Spirits (USL) is the largest spirits company in India and a flagship entity of $2 billion
UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
United Spirits is among the top three spirits companies in the world. It has a presence in over
59 countries.
USL's technical centre is located in Bangalore, which develops new products, conducts
research and development, flavor testing and quality management. It has 62 manufacturing
units.
The company has received recognition for its quality products from independent jury such as
International Wine & Spirits Competition (UK), International Spirits Challenge (UK), World
Beverage Competition (US), Monde Quality Institute (Belgium) and Mundusvini (Germany).
Its brands include Black Dog 12 YO Deluxe Scotch Whisky, Black Dog Centenary Scotch
Whisky, Antiquity Blue Whisky, Antiquity Rare Whisky, Signature Whisky, Single Malt
Whisky, DSP Black Whisky, Celebration Rum, McDowell's No.1 Brandy, White Mischief
Vodka, Premium Romanov and Blue Ribald Gin.
United Spirits acquired leading distiller of Scotch whisky Whyte & Mackay and Bouvet
Ladubay, a wine subsidiary of French champagne company Taittinger. Whyte & Mackay and
Bouvet Ladubay are now 100% subsidiaries making United Spirits a manufacturer of 17
millionaire brands.

3.6.3 Awards and Recognition

United Spirits' brand Gilbeys Green label is winner of World Star 96 award for packaging
innovation. It has also received 2 star rating for superior taste from International Taste and
Quality Institute (ITOI).
Its brand Antiquity has been a winner of World Star, Asia Star and India Star awards.
White mischief is a market leader with 45% of share in the vodka segment.
Mc Dowells Whisky is the world 3rd fastest growing spirit brand.
Mc Dowells Single Malt was awarded at International Wine and Spirits Competition.

44

TREND ANALYSIS OF UNITED SPIRITS LIDs,

Last Five Years Trend Analysis
Table 3.2
(Percentage %)
Years
Net Sales
Total Expenditure
profit

2007-08
100
100
100

2008-09
130
140
95

Interpretation

45

2009-10
157
165
112

2010-11
202
218
120

2011-12
237
261
104

Chart 3.2
Net Sales

Total Expenditure

Profit
261
202

130
100 100 100

2007-08

218

157 165

140

112

95

2008-09

2009-10

46

120

2010-11

137
104

2011-12

3.7.1 STRIDES ARCOLAB LTD.,

Snapshot
Date of Establishment
Management Details

1990
Chairperson - Deepak Vaidya
MD - Arun Kumar
Directors - A K Nair, AK Nair, Arun Kumar, Deepak
Vaidya, Gigi Joseph KJ, John Mathew, K R
Ravishankar, Kannan N, M R Umarji, Mukul Sarkar,
P M Thampi, Ronald Ling, S Sridhar, V S Iyer,

Business Operation
Background

Virtanes Saatci
Pharmaceuticals & Drugs
Strides Arcolab, incorporated in 1990, is engaged in
the manufacture of pharmaceutical dosage forms in
branded as well generic categories. The dosages are
manufactured in form of tablets, capsules, soft gelatin
capsules, parenterals and semi-solids.
The company manufactures soft gels and steriles. It
has 13 manufacturing facilities located across the

Financials

world -- in India
Total Income - Rs. 7731.84 Million ( year ending
Dec 2011)

Company Secretary
Auditors

Net Profit - Rs. Million ( year ending Dec 2011)

Gigi Joseph KJ
Deloittee Haskins & Sells

47

3.7.2 Company History

Strides Arcolab, incorporated in 1990, is engaged in the manufacture of
pharmaceutical dosage forms in branded as well generic categories. The dosages are
manufactured in form of tablets, capsules, soft gelatin capsules, parenterals and semi-solids.
The company manufactures soft gels and steriles. It has 13 manufacturing facilities
located across the world -- in India, Singapore, Brazil, Mexico, Poland and Italy.
These facilities have received approval from various regulatory authorities namely
MHHRA, TGA, MCC, ANVISA. The companys Bangalore plant is pre-qualified by WHOM
to manufacture of HIV/ AIDS and anti-TB drugs.
The company is among the top 5 soft gelatin capsule manufacturers in world.
Strides Acrolab has partnered with major pharmaceutical companies located in
Australia, South Africa, Europe, and USA.
The company has a joint venture with Akorn -- Akorn-Strides, LLC -- to develop
liquid, lyophilized and dry powder formulations of generic injectable products targeting
several therapeutic markets.

3.7.3Products
1. Soft gel capsules- The Company manufactures range of soft gel in category of
nutraceuticals, Rx, specialty OTCs and immunosuppressants.
2. Steriles-

Under this, it offers its products in therapeutic segments that include

beta-lactams and cephalosporins. The company manufactures striles in various

forms such as prefill syringes, ampoules, vials and penicillins.

48

TREND ANALYSIS OF STRIDES ARCOLAB LTDS.,

Table 3.3
(Percentage %)
Years
Net Sales
Total Expenditure
profit

2007-08
100
100
-100

2008-09
143
138
003

Interpretation

49

2009-10
186
125
098

2010-11
122
99
075

2011-12
172
114
106

Chart 3.3
Net Sales

Total Expenditure

Profit

186
143 138

172
125

100 100

98

122

99

114 106
75

3
2007-08

2008-09

2009-10

-100

50

2010-11

2011-12

3.8.1 DENA BANK

Snapshot
Date of Establishment
Corporate Address

26-05 1938
Dena Corporate Centre,C/10 , G Block,Bandra Kurla
Complex , Bandra (East)Mumbai-400051,
Maharashtra
www.denabank.com

Management Details

Business Operation
Background

Chairperson - Ashwani Kumar

MD - Ashwani Kumar
Directors - A Gopalakrishnan, A K Dutt, AK Dutt,
Anil K Gupta, Anup Mehta, Ashwani Kumar, B P
Vijayendra, Bhaskar Sen, C M Dixit, Chandra
Kishore, D L Rawal, I M Almedia, Ignatius Marshal,
J Balasubramanian, Kamlesh Kumar Goel, M G
Shinde, M Surya Naik, Mohan Lal Goyal, N S
Viswanathan, Nupur Mitra, Pritam Singh, R M Tiku,
Rakesh Goel, Rohit Khanna, Rohit M Desai, S K
Jindal, S P Sharma, Sanjeev Jindal, Satya Prakash
Sharma, Sunil Gupta, Tarsem Chand, U S Kohli, V S
Sivakumar, V Vasanthan, Vijay Kapoor, Vilas D Patil,
VK Sumbly
Bank - Public
Dena Bank was founded on May 26, 1938 by the
family of Devkaran Nanjee under the name Devkaran
Nanjee Banking Company.
It became a Public Limited Company in December
1939 and later the name was changed to Dena Bank.

Auditors

In July 1969 Dena Bank along with 13 other major

banks was nationalized and is now a Public Sector
Bank constituted under the Banking Companies (Ac
RK Deepak & Co, B Gupta & Co, P Parikh &
Associates, Jain Chowdhary & Co, SN Dhawan & Co

51

52

3.8.2 Company History

Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under
the name Devkaran Nanjee Banking Company.
It became a Public Limited Company in December 1939 and later the name was changed to
Dena Bank.
In July 1969 Dena Bank along with 13 other major banks was nationalized and is now
a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of
Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in
addition to the business of banking, the Bank can undertake other business as specified in
Section 6 of the Banking Regulations Act, 1949.
Dena Bank has been the first Bank to introduce - Minor Savings Scheme, Credit card
in rural India known as 'DENA KRISHI SAKH PATRA' (DKSP), Drive-in ATM counter of
Juhu, Mumbai, Smart card at selected branches in Mumbai and Customer rating system for
rating the Bank Services.

3.8.3 Products and Services

1. Personal Banking- It offers various products and services such saving account, loans,
deposits, ATM facility, RTGS/NEFT facility, Internet banking, demit services, etc.
2. Priority and SME- It also caters services to Priority and SME segment such as
providing various kinds of products to meet their various agricultural and business
requirements.
3. Corporate Finance - According to various businesses needs of corporate in the
corporate sector, its offers products and services as per their requirements.
4. It also provides banking services to NRI Clients such as saving accounts, various
deposit schemes, remittance services, loans and overdraft facility, etc.

53

TREND ANALYSIS OF DENA BANK

Table 3.4
(Percentage %)
Years
Interest Earned
Total Expenditure
profit

2007-08
100
100
100

2008-09
129
127
117

Interpretation

54

2009-10
149
145
142

2010-11
188
176
170

2011-12
253
234
223

Chart 3.4
Net Sales

Total Expenditure

Profit
253
188

129 127
100 100 100

2007-08

234

223

176 170

149 145 142

117

2008-09

2009-10

55

2010-11

2011-12

Type
Industry
Founded
Headquarters
Key people
Products

Public company
Telecommunications, Broadcasting
2007
New Delhi, India
S.N, Sharma, CEO,
Cable television, broadband internet

Website

dennetworks.com

3.9.1 DEN NETWORKS

Snapshot

3.9.2 Company History

DEN Networks Limited (BSE: 533137) is India's leading cable TV distribution
company reaching an estimated 11 million households across key states and cities of India.
DEN serves the majority of cable TV households in states like Delhi, Uttar Pradesh and
Karnataka and has a significant presence in important cities in Maharashtra (including
Mumbai), Gujarat, Rajasthan, Haryana and Kerala. DEN also has a 50-50 joint venture with
News Corporation's Star TV group called Star DEN which is the exclusive distributor of over
25 leading channels in India. DEN's digital cable offering, with its feature-rich user interface
56

and a portfolio of cutting edge value added services is widely regarded as India's best. DEN's
digital cable offering includes over 180 leading channels, a multi-genre digital music service,
and blog. Tally - India's first micro blogging service on TV and interactive games. It also
offers internet services in few cities in India.

57

TREND ANALYSIS OF DEN NETWORK

Table 3.5
(Percentage %)
Years
Net Sales
Total Expenditure
profit

2007-08
100
100
-100

2008-09
942
524
-47

Interpretation

58

2009-10
1146
546
95

2010-11
1171
606
23

2011-12
2435
774
38

Chart 3.5
Net Sales

Total Expenditure

Profit
2435

942
524
100 100
2007-08
-100

1171

1146
546
95

2008-09
-47

774

606

2009-10

59

23
2010-11

38
2011-12

3.10 TECHNICAL ANALYSIS

3.10.1 INTRODUCTION
A technical analyst believes that share prices are determined by the demand and
supply force operating in the market. These demand and supply forces in turn are influenced
by a number of fundamental factors as well as certain psychological of emotional factors.
Many of these factors cannot be quantified. The combined impact of all these factors is
reflected in the share price movement. A technical analyst therefore concentrated on the
movement of share prices. He claims that by examining past share price movements future
share prices can be accurately predicted. Technical analysis is the name given t forecasting
techniques that utilize historical share price data.
The rationale behind technical analysis is that share price behaviour repeats itself over
time and analysis attempt to derive method to predict this repetition. A technical analyst looks
past share price data to see if he can establish patterns. He then looks at current price data to
see if any of the established patterns are applicable and, if so, extrapolations can be made to
predict the future price movements. Although past share prices are the major data used by
technical analysis, other statistics such as volume f trading and stock market indices are also
utilized to some extent.
The basic premise of technical analysis is that price move in trends or waves which
may be upward or downward. It is believed that the present trends are influenced by the past
trends and that the projection of future trends is possible by an analysis of past price trends. A
technical analyst, therefore, analysis the price and volume movements of individual securities
as well as the market index. Thus, technical analysis is really a study of past of historical
price and volume movements so as to predict the future stock price behaviour.
The technical analysis calculates the risk and return. How much risk getting and how
much return getting to calculate the technical analysis.

60

3.10.2 RISK
The risk is the potential of variability in returns. An investment whose returns
are fairly stable is considered to be a low-risk investment, whereas an investment whose
returns fluctuate significantly is considered to be a high-risk investment. Equity shares whose
returns are likely to fluctuate widely are considered risky investments. Government securities
whose returns are fairly stable are considered to possess low risk.
They are two components of total risk. Thus,
Total risk = Systematic Risk + Unsystematic Risk
1. Systematic Risk: As the society is dynamic, changes occur in the economic,
political and social systems constantly. These changes have an influence on
the performance of companies and thereby on their stock prices, but these
changes affect all companies and all securities in varying degrees. For
example, economy and political instability adversely affects all industries and
companies. When an economy moves into recession corporate profits will
shift downwards and stock prices of most companies may decline. Systematic
risk is further subdivided into interest rate risk, market risk, and purchasing
power risk
2. Unsystematic Risk: The returns from a security may sometimes vary because
of certain factors affecting only the company issuing such security. Examples
are raw material scarcity, labor strike, and management inefficiency. When
variability of returns occurs because of such firm-specific factors, it is known
as unsystematic risk. This risk is unique or peculiar to a company or industry
and affects it in addition to the systematic risk affecting all securities.
The unsystematic or unique risk affecting specific securities arises from two sources:
1. The operating environment of the company and
2. The financing pattern adopted by the company.
These two types of unsystematic risk are referred to as business risk and financial risk
respectively.

61

3.10.3 MEASUREMENT OF SYSTEMATIC RISK

The systematic risk of a security is measure by statistical measure called Beta. The
input data required for the calculation of beta are the historical data of returns of the
individual security as well as the returns of representative stock market index. The model
helps to calculate the values of two constants, namely Beta () and Alpha ().

1.

Beta (

Beta measurers the change in the dependent variable in response to unit changes in the
independent variable.
Formula of Beta ( )
=

2
m

= Covariance of Market Return with Stock Return

2m = Variance of Market Return

Where

Formula of Covariance of Market Return with Stock Return and Variance of

Market Return

r
n1

r 2m
n1

Where

i= Return of stock
m= Return of the market
r

=Correlation Coefficient between the returns of stock (i) and returns of the

market Index (m).

r 2m =Total Market return.

n= Number of items.

62

For the calculation of beta, the return of the individual security is taken as the dependent
variable, and the return of the market index is taken as the independent variable.

63

2. Alpha ()
A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price
risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The
excess return of the fund relative to the return of the benchmark index is a fund's alpha.
Alpha is one of five technical risk ratios; the others are beta, standard deviation, Rsquared, and the Sharpe ratio. These are all statistical measurements used in modern portfolio
theory (MPT). All of these indicators are intended to help investors determine the risk-reward
profile of a mutual fund. Simply stated, alpha is often considered to represent the value that a
portfolio manager adds to or subtracts from a fund's return.
A positive alpha of 1.0 means the fund has outperformed its benchmark index by 1%.
Correspondingly, a similar negative alpha would indicate an underperformance of 1%.
Alpha measures the value of the dependent variable even when the independent variable has
zero value.

Formula of Alpha ()
=i m

Where
i = Mean value of the dependent variable scores.
m = Mean value of the independent variable scores.

If a CAPM analysis estimates that a portfolio should earn 10% based on the risk of the
portfolio but the portfolio actually earns 15%, the portfolio's alpha would be 5%. This 5% is
the excess return over what was predicted in the CAPM model.

64

3. STANDARD DEVIATION
The standard deviation is the most common measure of statistical dispersion,
measuring how widely spread the values in setae. If the data points are close to the mean,
then the standard deviation is small. As well, if many data points are far from the mean, then
the standard deviation is large. If all the data values are equal, then the standard deviation is
zero.
To understand standard deviation, keep in mind that variance is the average of the
squared differences between data points and the mean. Variance is tabulated in units squared.
Standard deviation, being the square root of that quantity, therefore measures the spread of
data about the mean, measured in the same units as the data.
Formula
=

r 2i
n1

Where
1.

r 2i = Total individual stock value

2. N

= Number Data

65

4. Return
Its one of the portfolio analyses; an investor needs to specify the list of securities
eligibles for selection or inclusion in the portfolio. Next he has to generate the risk- return
expectations for these securities. These are typically expressed as the expected rate of retune
and the variance or standard deviation of the return.
The return of a portfolio of assets is simply the weighted average of the return
individual securities held in the portfolio. The weight applied to each return is the fraction of
the portfolio invested in that security.
Formula of Return

Total Stock Return =

( P 1P0 ) + D
P0

P0= Initial Stock Price

P1=Ending Stock Price (Period 1)
D=Dividends

The formula for the total stock return is the appreciation in the price plus any
dividends paid, divided by the original price of the stock. The income sources from a stock
are dividends and its increase in value. The first portion of the numerator of the total stock
return formula looks at how much the value has increased (P1 - P0). The denominator of the
formula to calculate a stock's total return is the original price of the stock which is used due
to being the original amount invested.

66

CALCULATION OF RISK AND RETURN

Calculation of Risk and Return in Wockhard LTD., for 2010
i

2010
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

-1.55
-18.00
-2.36
-6.22
-9.32
4.18
2.03
52.15
30.28
-5.89
21.45
-2.70
i 5.34

ri

m
-6.69
-0.82
4.63
-0.24
-2.61
6.89
2.21
-0.54
10.20
-2.05
-4.17
2.91

rm
-6.89
-23.34
-7.70
-11.56
-14.66
-1.15
-3.31
46.81
24.94
-11.23
16.11
-8.04

r 2i
-7.50
47.47
-1.63 544.76
3.82
59.29
-1.05 133.63
-3.42 214.92
6.08
1.32
1.40
10.96
-1.35 2191.18
9.39 622.00
-2.86
126.11
-4.98 259.53
2.10
64.64
4275.81

m 0.81

r 2m

51.69
37.95
-29.36
12.11
50.19
-7.01
-4.63
-63.17
234.19
32.08
-80.18
-16.89

56.30
2.64
14.56
1.10
11.72
36.92
1.97
1.82
88.15
8.16
24.77
4.42

216.97

252.51

Risk

Beta

2
m

216.97
11

m =

19.72

Beta

19.72
22.96

252.51
11

0.86

Alpha =i m
5.34-0.86*0.81
Alpha = 4.64

=
Standard deviation
=

r 2i
n1

Return

67

4275.81
121

= 19.71

22.96

Total Stock Return

( P 1P0 ) + D
P0
R= 5.34

68

Calculation of Risk and Return in Wockhard LTD., for 2011

2011

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

ri

0.09
-5.88
-5.90
4.96
2.76
3.46
21.46
-16.93
-4.10
13.82
-5.24
-33.96
i

-10.58
-1.55
5.64
-1.31
-2.48
0.99
-2.58
-9.35
-1.92
9.84
-8.10
-6.33
m

-2.12

-2.31

rm
2.22
-3.76
-3.78
7.08
4.89
5.58
23.58
-14.81
-1.98
15.94
-3.12
-31.84

rm

-18.33
-2.86
-30.08
7.07
-0.80
18.42
-6.35
104.22
-0.78
193.66
18.06
127.98

68.43
0.58
63.22
0.99
0.03
10.90
0.07
49.54
0.15
147.61
33.51
16.16

410.2
0

391.2
0

ri

-8.27
0.76
7.95
1.00
-0.16
3.30
-0.27
-7.04
0.39
12.15
-5.79
-4.02

4.93
14.14
14.29
50.13
23.91
31.14
556.02
219.34
3.92
254.08
9.73
1013.79
2195.41

Risk

Beta

2
m

410.20
11

m =

37.29

Beta

37.29
35.56

391.20
11

1.05

Alpha =i m
-2.12-1.05*(-2.31)
Alpha = -0.30

=
Standard deviation
=

r 2i
n1

Return

69

2195.41
121

= 14.12

35.56

Total Stock Return

( P 1P0 ) + D
P0
R= -2.12

70

Calculation of Risk and Return in Wockhard LTD., for 2012

2012

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

ri

m
37.27
27.03
15.67
20.16
10.33
16.69
4.18
22.48
6.29
16.02
7.72
-5.76
i 14.8

12.13
2.86
-0.83
-1.31
-6.01
8.61
-0.94
0.34
8.56
-1.73
4.16
0.58
m 2.2

rm
22.43
12.19
0.83
5.32
-4.51
1.85
-10.66
7.64
-8.55
1.18
-7.12
-20.60

ri

9.93
0.65
-3.03
-3.51
-8.21
6.41
-3.14
-1.86
6.36
-3.93
1.96
-1.62

503.10
148.60
0.69
28.30
20.34
3.42
113.64
58.37
73.10
1.39
50.69
424.36
1426.0
1

222.72
7.97
-2.51
-18.70
37.06
11.86
33.48
-14.19
-54.33
-4.63
-13.94
33.36
238.16

rm
98.60
0.43
9.18
12.34
67.44
41.08
9.87
3.45
40.39
15.48
3.83
2.62
304.71

Risk

Beta

2
m

238.16
11

m =

21.65

Beta

21.65
27.70

304.71
11

0.78

Alpha =i m

14.84-0.78*2.20

Alpha

= 13.28

Standard deviation
=

r 2i
n1

Return

Total Stock Return

( P 1P0 ) + D
P0
71

1426.01
121

11.38

27.70

R= 14.84

72

Calculation of Risk and Return in united spirits P LTD., for 2010

2010

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

ri

-6.29
7.88
-4.59
-5.82
-5.20
9.14
7.41
1.84
1.33
-6.51
-7.15
3.74
i

-6.69
-0.82
4.63
-0.24
-2.61
6.89
2.21
-0.54
10.20
-2.05
-4.17
2.91
m

-0.35

0.81

-5.94
8.23
-4.23
-5.47
-4.85
9.49
7.77
2.19
1.68
-6.16
-6.80
4.09

rm

ri

rm

-7.50
-1.63
3.82
-1.05
-3.42
6.08
1.40
-1.35
9.39
-2.86
-4.98
2.10

35.28
67.73
17.89
29.92
23.52
90.06
60.37
4.80
2.82
37.95
46.24
16.73
433.3
2

44.54
-13.38
-16.16
5.73
16.62
57.68
10.89
-2.96
15.75
17.60
33.82
8.60
178.7
2

56.30
2.64
14.56
1.10
11.72
36.92
1.97
1.82
88.15
8.16
24.77
4.42
252.5
1

Risk

Beta

2
m

178.72
11

m =

16.25

Beta

16.25
22.96

252.51
11

0.71

Alpha =i m
0.35-0.71*-0.81
Alpha = 0.92

=
Standard deviation
=

r 2i
n1

Return

73

433.32
121

6.27

22.96

Total Stock Return

( P 1P0 ) + D
P0
R= 0.35

74

Calculation of Risk and Return in united spirits P LTD., for 2011

2011

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

ri

m
-15.44
-9.34
-9.31
-1.17
1.95
-7.49
4.15
-11.39
-10.89
13.22
-16.86
-29.97
i

-10.58
-1.55
5.64
-1.31
-2.48
0.99
-2.58
-9.35
-1.92
9.84
-8.10
-6.33
m

-7.71

-2.31

rm

-7.73
-1.63
-1.59
6.54
9.66
0.23
11.86
-3.68
-3.18
20.93
-9.15
-22.26

ri

-8.27
0.76
7.95
1.00
-0.16
3.30
-0.27
-7.04
0.39
12.15
-5.79
-4.02

59.75
2.66
2.53
42.77
93.32
0.05
140.66
13.54
10.11
438.06
83.72
495.51
1382.6
9

rm

63.95
-1.24
-12.66
6.52
-1.59
0.75
-3.19
25.91
-1.24
254.30
52.96
89.48
473.9
5

68.43
0.58
63.22
0.99
0.03
10.90
0.07
49.54
0.15
147.61
33.51
16.16
391.2
0

Risk

Beta

2
m

473.95
11

m =

43.09

Beta

43.09
35.56

391.20
11

1.21

Alpha =i m

-7.71-1.21*(-2.31)

Alpha

= -4.91

Standard deviation
=

r 2i
n1

Return

75

1382.69
121

= 11.21

35.56

Total Stock Return

( P 1P0 ) + D
P0
R= -7.71

76

Calculation of Risk and Return in united spirits P LTD., for 2012

2012

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

m
35.06
-16.58
7.56
22.61
-28.15
17.74
13.52
20.69
23.22
-5.11
68.37
-5.14
i

12.82

ri

12.13
2.86
-0.83
-1.31
-6.01
8.61
-0.94
0.34
8.56
-1.73
4.16
0.58
m

rm
22.25
-29.39
-5.25
9.79
-40.97
4.92
0.70
7.88
10.41
-17.92
55.56
-17.96

ri

9.93
0.65
-3.03
-3.51
-8.21
6.41
-3.14
-1.86
6.36
-3.93
1.96
-1.62

2.20

rm

495.06
220.90
98.60
863.77
-19.22
0.43
27.56
15.92
9.18
95.84
-34.41
12.34
1678.54
336.44
67.44
24.21
31.55
41.08
0.49
-2.20
9.87
62.09
-14.63
3.45
108.37
66.15
40.39
321.13
70.52
15.48
3086.91
108.78
3.83
322.56
29.09
2.62
7086.5 808.88 304.71
4

Risk

Beta

808.88
11

2
m
2

m =

73.53

Beta

73.53
27.70

304.71
11

2.56

Alpha =i m
12.82-2.56*2.20
Alpha = 7.18

=
Standard deviation
=

r 2i
n1

Return
77

7086.54
121

25.38

27.70

Total Stock Return

( P 1P0 ) + D
P0

s
R= 12.82

78

Calculation of Risk and Return in Strides Arcolab P LTD., for 2010

2010

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

ri

m
16.71
5.01
9.31
-0.84
4.02
16.48
3.13
-8.87
3.24
-3.18
-8.43
8.80
i

-6.69
-0.82
4.63
-0.24
-2.61
6.89
2.21
-0.54
10.20
-2.05
-4.17
2.91
m

3.78

0.81

rm
12.93
1.23
5.53
-4.63
0.24
12.69
-0.65
-12.65
-0.54
-6.96
-12.22
5.02

ri

-7.50
-1.63
3.82
-1.05
-3.42
6.08
1.40
-1.35
9.39
-2.86
-4.98
2.10

167.18
1.51
30.58
21.44
0.06
161.04
0.42
160.02
0.29
48.44
149.33
25.20

-97.03
-1.99
21.09
4.85
-0.81
77.13
-0.91
17.07
-5.07
19.88
60.79
10.55
105.53

rm
56.30
2.64
14.56
1.10
11.72
36.92
1.97
1.82
88.15
8.16
24.77
4.42
252.51

765.52

Risk

Beta

105.53
11

2
m
2

m =

9.59

Beta

9.56
22.96

252.51
11

0.42

Alpha =i m

=3.78 -0.42*0.81
Alpha

= 3.43

Standard deviation
=

r 2i
n1

Return

79

765.52
121

= 8.34

22.96

Total Stock Return

( P 1P0 ) + D
P0
R= 3.78

80

Calculation of Risk and Return in Strides Arcolab LTD., 2011

2011

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

-8.05
-23.43
2.77
7.24
-1.37
-9.99
11.92
-22.30
21.94
18.26
2.11
-1.90
i

-10.58
-1.55
5.64
-1.31
-2.48
0.99
-2.58
-9.35
-1.92
9.84
-8.10
-6.33
m

-0.23

-2.31

ri

rm

-7.82
-23.20
3.00
7.48
-1.13
-9.76
12.15
-22.07
22.18
18.49
2.34
-1.66

-8.27
0.76
7.95
1.00
-0.16
3.30
-0.27
-7.04
0.39
12.15
-5.79
-4.02

ri

61.15
538.24
9.00
55.95
1.28
95.26
147.62
487.08
491.95
341.88
5.48
2.76
2237.6
5

64.68
-17.67
23.88
7.46
0.19
-32.22
-3.27
155.30
8.68
224.67
-13.55
6.69
424.85

rm
68.43
0.58
63.22
0.99
0.03
10.90
0.07
49.54
0.15
147.61
33.51
16.16
391.20

Risk

Beta

424.85
11

2
m
2

m =

38.62

Beta

424.85
35.56

391.20
11

1.09

Alpha =i m
-0.23-1.09*(-2.31)
Alpha = 2.28

Standard deviation
=

r 2i
n1

Return
81

2237.65
121

14.26

35.56

Total Stock Return

( P 1P0 ) + D
P0
R= -0.23

82

Calculation of Risk and Return in Strides Arcolab LTD., for 2012

2012

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

ri

m
31.47
5.41
7.32
12.09
0.12
8.55
-2.30
14.22
7.79
0.07
27.55
-7.25
i

12.13
2.86
-0.83
-1.31
-6.01
8.61
-0.94
0.34
8.56
-1.73
4.16
0.58
m

8.76

2.20

rm
22.72
-3.34
-1.43
3.34
-8.63
-0.21
-11.05
5.47
-0.96
-8.68
18.80
-16.01

ri

9.93
0.65
-3.03
-3.51
-8.21
6.41
-3.14
-1.86
6.36
-3.93
1.96
-1.62

516.20
11.16
2.04
11.16
74.48
0.04
122.10
29.92
0.92
75.34
353.44
256.32
1453.1
2

225.57
-2.19
4.33
-11.73
70.87
-1.32
34.72
-10.16
-6.13
34.16
36.81
25.93
400.86

rm
98.60
0.43
9.18
12.34
67.44
41.08
9.87
3.45
40.39
15.48
3.83
2.62
304.71

Risk

Beta

400.86
11

2
m
2

m =

36.44

Beta

36.44
27.70

Alpha =i m
8.76-1.32*2.20
Alpha = 5.85

=
Standard deviation
=

r 2i
n1

1453.12
121

= 11.49

Return

83

1.32

304.71
11

27.70

Total Stock Return

( P 1P0 ) + D
P0
R= 8.76

84

Calculation of Risk and Return in Dena Bank for 2010

2010
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
i

ri

-8.66
-0.06
-6.28
11.78
3.17
7.82
7.21
0.64
0.47
25.36
-10.74
-14.09

-6.69
-0.82
4.63
-0.24
-2.61
6.89
2.21
-0.54
10.20
-2.05
-4.17
2.91
m

1.38

0.81

rm

-10.04
-1.45
-7.67
10.40
1.78
6.44
5.82
-0.75
-0.91
23.97
-12.13
-15.47

ri

-7.50
-1.63
3.82
-1.05
-3.42
6.08
1.40
-1.35
9.39
-2.86
-4.98
2.10

100.80
2.10
58.83
108.16
3.17
41.47
33.87
0.56
0.83
574.56
147.14
239.32
1310.8
2

rm

75.35
2.35
-29.26
-10.89
-6.10
39.11
8.16
1.01
-8.55
-68.48
60.35
-32.51

56.30
2.64
14.56
1.10
11.72
36.92
1.97
1.82
88.15
8.16
24.77
4.42

30.54

252.51

Risk

Beta

30.54
11

2
m
2

m =

2.78

Beta

2.78
22.96

252.51
11

0.12

Alpha =i m
1.38-0.12*0.81
Alpha = 1.28

=
Standard deviation
=

r 2i
n1

Return

85

1310.82
121

10.91

22.96

Total Stock Return

( P 1P0 ) + D
P0
R= 1.38

86

Calculation of Risk and Return in Dena Bank for 2011

m

-10.20
-6.67
5.21
-1.97
-8.15
-5.78
-6.67
-4.22
-5.81
5.69
-21.78
-23.07
-6.95

-10.58
-1.55
5.64
-1.31
-2.48
0.99
-2.58
-9.35
-1.92
9.84
-8.10
-6.33
-2.31

2010

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

ri

-3.25
0.28
12.16
4.98
-1.20
1.17
0.28
2.74
1.14
12.65
-14.83
-16.12

rm

ri

rm

10.56
0.08
147.87
24.80
1.44
1.37
0.08
7.51
1.30
160.02
219.93
259.85
834.81

26.88
0.21
96.70
4.96
0.20
3.87
-0.08
-19.26
0.45
153.63
85.85
64.79
418.22

68.43
0.58
63.22
0.99
0.03
10.90
0.07
49.54
0.15
147.61
33.51
16.16
391.20

-8.27
0.76
7.95
1.00
-0.16
3.30
-0.27
-7.04
0.39
12.15
-5.79
-4.02

Risk

Beta

418.22
11

2
m
2

m =

38.02

Beta

38.02
35.56

391.20
11

1.07

Alpha =i m
-6.95-1.07*(-2.31)
Alpha = -4.47

=
Standard deviation
=

r 2i
n1

Return

Total Stock Return

( P 1P0 ) + D
P0

87

834.81
121

8.71

35.56

R= -6.95

88

Calculation of Risk and Return in Dena Bank for 2012

i

2012
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

39.00
28.85
0.84
1.97
-3.31
12.15
-7.15
-5.93
21.81
-2.48
4.22
1.28
i

12.13
2.86
-0.83
-1.31
-6.01
8.61
-0.94
0.34
8.56
-1.73
4.16
0.58
m

7.60

2.20

ri

rm

31.39
21.25
-6.76
-5.63
-10.91
4.55
-14.76
-13.54
14.21
-10.08
-3.38
-6.32

ri
9.93
0.65
-3.03
-3.51
-8.21
6.41
-3.14
-1.86
6.36
-3.93
1.96
-1.62

985.33
451.56
45.70
31.70
119.03
20.70
217.86
183.33
201.92
101.61
11.42
39.94
2410.11

rm
311.73
13.90
20.49
19.79
89.63
29.15
46.35
25.15
90.31
39.67
-6.62
10.24

98.60
0.43
9.18
12.34
67.44
41.08
9.87
3.45
40.39
15.48
3.83
2.62

689.79

304.71

Risk

Beta

2
m

689.79
11

m =

62.71

Beta

62.71
27.70

304.71
11

27.70

2.26

Alpha =i m
7.60-2.26*2.20
Alpha = 2.62

=
Standard deviation
=

r 2i
n1

Return

89

2410.11
121

14.80

Total Stock Return

( P 1P0 ) + D
P0
R= 7.60

90

Calculation of Risk and Return in Dan network for 2010

2010

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

ri

m
-1.29
-1.61
4.18
0.96
3.84
3.17
3.57
8.80
0.58
-2.25
-23.13
-2.03
i

-6.69
-0.82
4.63
-0.24
-2.61
6.89
2.21
-0.54
10.20
-2.05
-4.17
2.91
m

-0.43

0.81

rm
-0.86
-1.18
4.61
1.40
4.27
3.61
4.00
9.24
1.01
-1.82
-22.70
-1.60

ri

-7.50
-1.63
3.82
-1.05
-3.42
6.08
1.40
-1.35
9.39
-2.86
-4.98
2.10

0.74
1.39
21.25
1.96
18.23
13.03
16.00
85.38
1.02
3.31
515.29
2.56
680.17

6.43
1.92
17.60
-1.46
-14.63
21.91
5.61
-12.47
9.50
5.19
112.96
-3.36
149.20

rm
56.30
2.64
14.56
1.10
11.72
36.92
1.97
1.82
88.15
8.16
24.77
4.42
252.51

Risk

Beta

2
m

149.20
11

m =

13.56

Beta

13.56
22.96

252.51
11

0.56

Alpha =i m

= -0.43-0.56*0.81
Alpha

= 2.62

Standard deviation
=

r 2i
n1

Return

91

680.17
121

= 7.87

22.96

Total Stock Return

( P 1P0 ) + D
P0
R= -0.43

92

Calculation of Risk and Return in Dan network for

2011

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

ri

m
-19.44
-27.84
-19.30
16.58
4.55
-13.69
-7.66
-48.05
67.83
16.37
-20.01
-20.83
i -

-10.58
-1.55
5.64
-1.31
-2.48
0.99
-2.58
-9.35
-1.92
9.84
-8.10
-6.33
m -

5.96

2.31

rm
-13.49
-21.88
-13.34
22.54
10.51
-7.73
-1.70
-42.09
73.79
22.33
-14.05
-14.87

r 2i

-8.27
0.76
7.95
1.00
-0.16
3.30
-0.27
-7.04
0.39
12.15
-5.79
-4.02

181.98
478.73
177.96
508.05
110.46
59.75
2.89
1771.57
5444.96
498.63
197.40
221.12
9653.5

111.56
-16.66
-106.06
22.48
-1.73
-25.54
0.46
296.27
28.90
271.26
81.36
59.79
722.08

r 2m
68.43
0.58
63.22
0.99
0.03
10.90
0.07
49.54
0.15
147.61
33.51
16.16
391.20

Risk

Beta

2
m

722.08
11

m =

65.64
=

Beta

65.64
35.56

391.20
11

=1.85

Alpha =i m

= -5.96-1.85*(-2.31)

Alpha

-1.68

Standard deviation
=

r 2i
n1

9653.51
121

Return

93

= 26.62

35.56

Total Stock Return

( P 1P0 ) + D
P0
R= -5.96

94

Calculation of Risk and Return in Dan network for

2012

ri

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

54.70
31.10
2.97
-0.18
-14.12
6.10
26.52
-1.68
47.64
-1.92
12.46
-4.25

12.13
2.86
-0.83
-1.31
-6.01
8.61
-0.94
0.34
8.56
-1.73
4.16
0.58
m

i
13.28

rm

41.42
17.82
-10.31
-13.46
-27.40
-7.18
13.24
-14.95
34.36
-15.20
-0.82
-17.53

ri

9.93
0.65
-3.03
-3.51
-8.21
6.41
-3.14
-1.86
6.36
-3.93
1.96
-1.62

rm

1715.62
411.33
98.60
317.55
11.66
0.43
106.30
31.23
9.18
181.17
47.29
12.34
750.76
224.98
67.44
51.55
-46.01
41.08
175.30
-41.60
9.87
223.50
27.78
3.45
1180.61
218.38
40.39
231.04
59.81
15.48
0.67
-1.60
3.83
307.30
28.39
2.62
5241.37 971.65
304.71

2.20

Risk
Beta

2
m

971.65
11

m =

88.33
=

Beta
Alpha

19.72
22.96

304.71
11

3.19

=i m

= 13.28-3.19*2.20
Alpha

= 6.26

Standard Deviation
=

r 2i
n1

5241 .37
121

Return

95

= 21.83

27.70

Total Stock Return

( P 1P0 ) + D
P0

= 13.28

96

LAST THREE YEARS BETA VALUE

Table 4.1
COMPANY NAME

2010

2011

2012

WOCKHARDT

0.89

1.05

0.78

UNITED SPIRITS
STRIDES ARCOLAB

0.71
0.42

1.21
1.09

2.56
1.32

DENA BANK
DEN NETWORK

0.12
0.56

1.07
1.85

2.26
3.19

Interpretation

97

Chart 4.1
BETA

98

BA
N

ET
W
O
RK

3.19
1.85
0.56

D
EN

A
D
EN

ST
RI
D
ES

SP
IR
IT
S
IT
ED
N
U

W
O
CK
H
AR
D
T

0.891.050.78

AR
CO
LA
B

2010
2011
2012
2.56
2.26
1.091.32
1.07
0.711.21
0.42
0.12

LAST THREE YEARS ALPHA VALUE

Table 4.2
COMPANY NAME

2010

2011

2012

WOCKHARDT

4.64

-0.30

13.28

UNITED SPIRITS

0.92

-4.91

7.18

STRIDES ARCOLAB

3.43

2.28

5.85

DENA BANK
DEN NETWORK

1.28
2.62

-4.47
-1.68

2.62
6.62

Interpretation

99

Chart 4.2
ALPHA

100

2.62

6.62

ET
W
O
RK

-1.68

1.28

2.62

BA
N

-4.47

N
D
EN

ST
RI
D
ES

AR
CO
LA
B

SP
IR
IT
S
N

IT
ED

-4.91

W
O
CK
H
AR
D
T

5.85
3.432.28

0.92

-0.3

2012

7.18

4.64

2011

D
EN

2010

13.28

LAST THREE YEARS S STANDARD DEVIATION VALUE

Table 4.3
COMPANY NAME

2010

2011

2012

WOCKHARDT

19.71

14.12

11.38

UNITED SPIRITS
STRIDES ARCOLAB
DENA BANK

6.27
8.34
10.91

11.21
14.26
8.71

25.38
11.49
14.80

DEN NETWORK

7.87

26.62

21.83

Interpretation

101

Chart 4.3
STANDARD DEVIATION

102

ET
W
O
RK

BA
N

26.62
21.83
7.87

D
EN

A
D
EN

AR
CO
LA
B
ST
RI
D
ES

SP
IR
IT
S

2010
2011
2012
25.38
14.26
11.49 10.918.7114.8
8.34
6.2711.21

IT
ED
N
U

W
O
CK
H
AR
D
T

19.71
14.12
11.38

LAST THREE YEARS RETURN

TABLE
COMPANY NAME

2010

2011

2012

WOCKHARDT
UNITED SPIRITS
STRIDES ARCOLAB

5.34
0.35
3.78

-2.12
-7.71
-0.23

14.84
12.82
8.76

DENA BANK

1.38

-6.95

7.60

DEN NETWORK

-0.43

-5.96

13.28

Interpretation

103

Chart
RETURN

104

-0.43
-5.96

N
ET
W
O
RK

BA
N

-6.95

13.28

7.6

D
EN

-0.23

SP
IR
IT
S
N

IT
ED

-7.71

W
O
CK
H
AR
D
T

-2.12

D
EN

0.35

AR
CO
LA
B

5.34

2010
2011
2012
12.82
8.76
3.78
1.38

ST
RI
D
ES

14.84

Price Fluctuation of NSE and Wockhardt

The Year of 2010
Chart
7000
6000
5000
Nifty Opening Stock
Nifty Closing Stock
Wockhardt Opening Stock
Wockhardt Closing Stock

4000
value 3000
2000
1000

no
v

se
p

jul

ma
y

ma
r

jan

The year of 2011

Chart
7000
6000
5000
Nifty Opening Stock
Nifty Closing Stock
WockhardtOpening Stock
Wockhardt Closing Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

105

The year of 2012

Chart
7000
6000
5000
Nifty Opening Stock
Nifty Closing Stock
WockhardtOpening Stock
Wockhardt Closing Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

Interpretation

106

Price Fluctuation of NSE and United Spirits

The year of 2010
Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
United Spirits Opening
Stock
United Spirits Closing
Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

The year of 2011

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
United Spirits Opening
Stock
United Spirits Closing
Stock

4000
value 3000
2000
1000

107

no
v

se
p

jul

ma
y

ma
r

jan

The year of 2012

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
United Spirits
Opening Stock
United Spirits
Closing Stock

4000
value 3000
2000
1000
se
p
no
v

ju
l

ja
n
m
ar
m
ay

Interpertation

108

Price Fluctuation of NSE and Strides Arcolab

The year of 2010
Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
Strides Arcolab Opening
Stock
Strides Arcolab Closing
Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

The year of 2011

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
Strides Arcolab Opening
Stock
Strides Arcolab Closing
Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

109

The year of 2012

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
Strides Arcolab Opening
Stock
Strides Arcolab Closing
Stock

4000
value 3000
2000
1000
no
v

se
p

jul

ma
y

ma
r

jan

Interpretation

110

Price Fluctuation of NSE and Dena Bank

The year of 2010
Chart
7000
6000
5000
nifty Opening Stock
nifty Closing Stock
dena Opening Stock
dena Closing Stock

4000
value 3000
2000
1000
no
v

se
p

ju
l

m
ar
m
ay

ja
n

The year of 2011

Chart

Chart Title
7000
6000

nifty Opening Stock

nifty Closing Stock
dena Opening Stock
dena Closing Stock

5000
4000
value 3000
2000
1000

111

no
v

se
p

jul

ma
y

ma
r

jan

The year of 2012

Chart

Chart Title
7000
6000

nifty Opening Stock

nifty Closing Stock
dena Opening Stock
dena Closing Stock

5000
4000

value 3000
2000
1000
no
v

se
p

ju
l

ay
m

m
ar

ja
n

Interpretation

112

Price Fluctuation of NSE and Den Network

The year of 2010
Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
den nework Opening
Stock
den nework Closing
Stock

4000
value 3000
2000
1000

no
v

se
p

jul

ma
y

ma
r

jan

The year of 2011

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
den nework Opening
Stock
den nework Closing
Stock

4000
value 3000
2000
1000

113

no
v

se
p

jul

ma
y

ma
r

jan

The year of 2012

Chart
7000
6000
5000

Nifty Opening Stock

Nifty Closing Stock
den nework Opening
Stock
den nework Closing
Stock

4000
value 3000
2000
1000

Interpretation

114

no
v

se
p

jul

ma
y

ma
r

jan

CHARTER VII
FINDING

115

CHAPTER V
CONCLUSION

116

CHAPTER VI
BIBLIOGRAPHY

Security Analysis and Portfolio Management- Puniathavathy Pandian Vikas

publishing house pvt. ltd

Security Analysis and Portfolio Management- s.kevin
www.DEA.com (department of economic affairs)
www.minister of finance.com
www.NSE india.com

117

CHAPTER VII
ATTACHMENTS
HISTORICAL DATA FOR LAST THREE YEARs
WOCKHARD
Date
4-Jan-10
29-Jan-10
1-Feb-10
26-Feb-10
2-Mar-10
31-Mar-10
1-Apr-10
30-Apr-10
3-May-10
31-May-10
1-Jun-10
30-Jun-10
1-Jul-10
30-Jul-10
2-Aug-10
31-Aug-10
1-Sep-10
30-Sep-10

Open
174.95
165
170
142.9
142.5
140.15
140.4
135.1
134.05
121.95
121
135
135.4
137.3
137
226
222
274

High
178.4
174.9
175
144.8
144.9
141.65
144.9
137
137
123.55
138.9
136
138.7
140.45
145.4
228.5
231.85
303.5

Low
172.45
159.1
170
141
141.35
138.1
139.55
133.5
134.05
121
120.65
126.2
134.35
137.3
136.05
216.2
220
271.5

LTP
174.35
174
173.1
141
141.95
138.45
142.9
134.2
135.1
122.35
128.8
135
135.1
137.8
145.2
220
225.75
292.35

Close
174.05
171.35
172.8
141.7
142.05
138.7
143
134.1
135.15
122.55
129.05
134.45
135.3
138.05
144.3
219.55
225.55
293.85

1-Oct-10

296

318.6

295.1

317.3

314.85

29-Oct-10
1-Nov-10
30-Nov-10
1-Dec-10

304.6
299.5
379
370.4

306
306
379
385.8

291
296.35
365.1
364

294.5
305.1
368
374.5

296.3
303.75
368.9
376.2

31-Dec-10

366

374.95

362

372.8

366.05

118

Volume
1,40,064
92,741
50,076
59,362
79,258
62,484
2,35,508
67,769
54,771
33,534
6,72,731
34,433
35,189
45,042
1,64,302
3,15,884
5,28,683
18,86,65
3
27,18,05
6
2,91,877
2,02,163
4,94,485
10,31,26
6
35,775

Turnover
(in Lakhs)
245.8
153.69
86.62
84.61
113.06
87.28
336.42
91.6
74.41
41.12
896.57
46.18
48
62.59
235.04
698.34
1,196.25
5,542.10
8,455.08
867.84
610.99
1,838.29
3,893.64
130.88

WOCKHARD
Date
3-Jan-11
31-Jan-11
1-Feb-11
28-Feb-11
1-Mar-11
31-Mar-11
1-Apr-11
29-Apr-11
2-May-11
31-May-11
1-Jun-11
30-Jun-11
1-Jul-11
29-Jul-11
1-Aug-11
30-Aug-11
2-Sep-11
30-Sep-11
3-Oct-11
31-Oct-11
1-Nov-11
30-Nov-11
1-Dec-11
30-Dec-11

Open
356
354.5
365
345
345
331.5
324.15
344.75
345.7
343.8
352.9
366.7
368.75
456
455.95
386
388.7
390.65
377.7
441
443
419.7
421.7
283

High
374.95
375.6
373.9
355.45
357
331.5
328
356.8
349.95
353.65
359.5
373.25
377
463.7
469.8
394.5
404.5
394
391.9
453.7
447.95
422
426.9
285

Low
350.5
352.2
363.15
342
342.15
322.5
324.15
341
341
343.8
350
363.5
367.1
446
453.75
383.55
385
381
376.4
441
432.6
406.2
414.7
275.05

LTP
372.5
372
369
349
342.15
322.5
325.5
343.5
341.05
351
353.7
365.85
370.15
449.35
468.65
387.2
403.8
382.05
389.7
444
432.7
411.7
419.8
276

119

Close
371.1
371.45
366.6
345.05
343.8
323.5
326.4
342.6
341.8
351.25
354.2
366.45
369.75
449.1
465.2
386.45
399.65
383.25
389.7
443.55
435.05
412.25
418.6
276.45

Turnover
Volume
(in Lakhs)
20,833
77.23
36,224
132.42
28,064
103.2
13,282
46.04
69,679
242.94
35,714
116.11
40,622
132.49
98,335
343.27
34,442
118.56
74,813
261.47
98,834
351.2
79,474
292.77
86,122
320.17
5,56,204
2,533.46
5,38,505
2,493.14
1,22,749
475.83
2,96,125
1,175.26
32,671
126.75
92,883
358.88
1,10,152
492.62
62,511
274.67
3,25,662
1,352.98
1,87,688
790.44
1,02,799
287.18

WOCKHARD
Open
278.7
375.75
375.7
477.5
484.2
584.45
604.9
719.8
730.1
793.6

High
282.95
382
386.4
493
526.6
602
615
732
741
815.85

Low
275.05
374.95
373
477.5
475.45
583.25
597
708.05
718
786.7

LTP
276
378.7
381.2
481.85
518.4
600
607
727.75
719.35
800

799
939
934.5
959
977

796.5
925
920.1
944.4
974.2

2,79,689
2,70,923
1,90,235
3,79,197
5,63,005

2,251.56
2,529.85
1,773.65
3,675.16
5,619.59

1,217.0
0
1,260.0
0
1,305.0
0
1,297.3
0
1,455.5
0
1,500.0
0
1,655.0
0
1,620.0
0
1,549.0
0

799.9
926
941.8
981
1005.8
5
1216

800.75
934.4
936.6
975.75
1,004.00

31-Aug-12

827.55
940.45
944.6
983.7
1,007.5
0
1,240.0
0
1,260.0
0
1,310.0
0
1,310.0
0
1,515.0
0
1,524.0
0
1,685.0
0
1,675.0
0
1,580.0
0

1,229.65

97,071

1,191.09

1217

1,218.25

47,379

581.72

1283

1,294.90

1,08,057

1,382.82

1290

1,292.40

85,775

1,115.13

1504.2
5
1503.4

1,499.40

75,705

1,128.77

1,487.30

19,243

289.3

1639

1,602.15

3,25,165

5,187.88

1670

1,668.80

74,095

1,227.75

1579

1,572.75

70,961

1,106.83

3-Sep-12
28-Sep-12
1-Oct-12
31-Oct-12
1-Nov-12
30-Nov-12
3-Dec-12
31-Dec-12

1,166.5
0
1,176.5
0
1,260.0
0
1,282.2
0
1,448.6
0
1,477.7
0
1,568.8
5
1,620.0
0
1,530.0
0

120

Close
Volume
275.7 1,02,247
378.45
64,866
379.95
73,879
482.65 1,72,074
517.55 10,26,968
598.65
2,41,113
606.55
2,10,011
728.85 2,32,295
721.9 1,64,414
796.45 5,69,776

Turnover
(in Lakhs)
284.08
245.16
281.32
832.15
5,259.23
1,435.58
1,277.87
1,677.83
1,202.95
4,578.90

Date
2-Jan-12
31-Jan-12
1-Feb-12
29-Feb-12
1-Mar-12
30-Mar-12
2-Apr-12
30-Apr-12
2-May-12
31-May12
1-Jun-12
29-Jun-12
2-Jul-12
31-Jul-12
1-Aug-12

UNITED SPIRITS

Date
4-Jan-10
29-Jan-10
1-Feb-10
26-Feb-10
2-Mar-10
31-Mar-10
1-Apr-10
30-Apr-10
3-May-10
31-May10
1-Jun-10
30-Jun-10
1-Jul-10
30-Jul-10
2-Aug-10
31-Aug-10
1-Sep-10
30-Sep-10
1-Oct-10
29-Oct-10
1-Nov-10
30-Nov-10

Open
1,265.0
0
1,270.0
0
1,235.7
0
1,334.0
0
1,360.0
0
1,356.8
5
1,333.3
0
1,221.0
0
1,248.0
5
1,199.0
0
1,229.9
0
1,292.0
0
1,294.2
0
1,450.0
0
1,392.2
0
1,385.5
0
1,442.0
0
1,581.5
5
1,589.0
0
1,498.0
0
1,509.0
0
1,340.4

High
1,329.0
0
1,270.0
0
1,269.0
0
1,396.0
0
1,396.0
0
1,356.8
5
1,342.3
5
1,264.0
0
1,299.7
5
1,233.8
0
1,229.9
0
1,318.0
0
1,304.7
0
1,456.8
5
1,414.8
0
1,439.9
0
1,560.0
0
1,618.0
0
1,610.0
0
1,512.0
0
1,519.3
5
1,400.1

Low
1,257.40

LTP
1326

Close
1,317.80

Turnover
(in
Volume
Lakhs)
3,92,271 5,068.62

1,212.20

1242

1,234.95

6,80,057

8,401.23

1,226.00

1253

1,255.25

2,42,855

3,052.92

1,293.00

1328.8

1,354.15

1,341.80

1389

1,384.90

11,28,33 15,101.09
1
4,85,603 6,710.04

1,307.15

1319

1,321.40

4,07,133

5,398.50

1,325.05

1338

1,335.20

2,01,745

2,693.62

1,215.25

1262.6

1,257.50

4,58,967

5,719.04

1,242.40 1291.05

1,291.20

6,93,668

8,918.37

1,193.00

1218

1,224.00

3,69,441

4,496.32

1,194.80

1195

1,200.50

4,27,668

5,162.48

1,283.00

1307

1,310.25

3,06,341

4,008.16

1,278.10

1281.7

1,289.40

2,09,844

2,709.17

1,380.05

1385.5

1,385.00

5,54,469

7,877.54

1,375.70

1407

1,406.55

2,39,550

3,336.97

1,385.00

1430.7

1,432.45

9,37,091 13,190.03

1,428.45

1548

1,552.75

1,560.00

1575

1,573.35

10,14,81 15,325.54
8
3,77,744 5,953.18

1,582.35

1602.8

1,599.30

1,86,525

2,981.49

1,482.00

1492

1,495.15

2,36,481

3,530.73

1,476.70

1505.5

1,496.70

2,06,287

3,098.74

1,304.50

1388.1

1,389.75

3,69,817

5,064.33

121

1-Dec-10
31-Dec-10

0
1,391.4
0
1,461.0
0

0
1,422.7
5
1,482.0
0

1,370.50 1404.95

1,410.95

2,06,147

2,897.13

1,457.00

1,463.75

1,05,772

1,555.47

1464.3

122

UNITED SPIRITS

Date
3-Jan-11
31-Jan-11
1-Feb-11
28-Feb-11
1-Mar-11
31-Mar-11
1-Apr-11
29-Apr-11
2-May-11
31-May-11
1-Jun-11
30-Jun-11
1-Jul-11
29-Jul-11
1-Aug-11
30-Aug-11
2-Sep-11
30-Sep-11
3-Oct-11
31-Oct-11
1-Nov-11
30-Nov-11
1-Dec-11
30-Dec-11

Open
1,473.0
0
1,213.2
0
1,259.2
0
1,111.0
5
1,121.4
5
1,068.0
0
1,031.0
0
1,013.5
5
1,038.0
0
1,059.0
5
1,064.9
0
963.75
980.15
1,035.0
0
1,029.0
0
889.05
897.45
771.6
790
845.8
877
710.15
721
511

High
1,483.0
0
1,261.9
0
1,259.2
0
1,146.0
0
1,142.0
0
1,075.7
0
1,064.9
0
1,045.9
0
1,054.8
5
1,065.0
0
1,069.6
0
991.8
992
1,035.0
0
1,039.0
0
900
938
810.4
799
883
877
710.15
725
521.9

Low
1,460.0
0
1,181.2
0
1,210.0
0
1,083.0
0
1,105.5
0
1,020.0
0
1,030.1
0
1,010.0
5
1,015.0
0
1,045.6
0
1,055.2
0
960.2
974.7
1,010.0
0
1,000.0
0
863.1
877.5
769.2
760
841.55
835.7
678.5
692.6
479.1

LTP
1471.9

Close
1,468.60

Turnover
(in
Volume
Lakhs)
56,924
837.22

1253.5

1,241.80

2,81,911

3,449.13

1211

1,221.15

2,93,690

3,616.98

1100

1,107.10

3,26,411

3,647.76

1130

1,129.95

3,23,618

3,657.16

1061

1,024.80

9,88,765 10,214.37

1054.7

1,048.00

2,82,604

2,977.96

1037.5

1,035.70

4,46,983

4,590.36

1038.8

1,040.45

3,29,989

3,438.82

1059

1,060.70

3,24,862

3,433.08

1058.7
5
976.35
985
1024.5

1,059.45

92,075

977.66

980.15
983.9
1,024.70

4,91,411
1,69,577
97,977

4,810.86
1,666.18
1,001.73

1013

1,012.80

1,08,941

1,104.09

897.4 2,00,579
893 3,88,193
795.75 5,32,083
775.45 6,76,823
877.95 3,97,582
841.55 2,24,646
699.65 8,45,077
702.45 5,63,321
491.9 11,13,192

1,775.95
3,525.96
4,173.37
5,339.46
3,462.08
1,919.72
5,849.09
3,980.97
5,625.16

895.65
892
795
788.5
875.8
838
696
702
489.1

123

UNITED SPIRITS

Date
2-Jan-12
31-Jan-12
1-Feb-12

Open
500
650
677

High
504.4
671.65
697.6

Low
477.7
650
660

LTP
495.5
669.65
685

Close
494.7
668.15
686.4

29-Feb-12

599.7

608

565.25

573

572.6

1-Mar-12

579

579

555.55

561.7

563.45

30-Mar-12

594.65

611.8

593.9

608

606.05

2-Apr-12

606.5

644.7

599.15

641

637.35

30-Apr-12

785

804.7

765.55

779

781.45

2-May-12

789.5

796.35

777.6

779.7

784.6

31-May12
1-Jun-12

600.5

604.6

547.3

567.7

563.7

570.05

588.6

566.35

582.4

582.95

29-Jun-12

670.55

690.9

670.55

683

686.35

2-Jul-12

689

720

681.5

714.5

712.85

31-Jul-12

777.95

820

775.55

811.55

809.2

1-Aug-12

808

824.95

793.3

800.3

803

31-Aug-12

976.75

993.35

960.1

971.5

969.15

3-Sep-12

983.4

1,004.00

952

1001

986.9

28-Sep-12

1,270.00

1,292.80

1,198.15

1230

1,216.10

1-Oct-12

1,230.00

1,258.00

1,221.70

1,239.05

31-Oct-12

1,150.00

1,183.55

1,122.00

1-Nov-12

1,175.00

1,211.75

1,171.45

1238.8
5
1181.2
5
1178.9

30-Nov-12

2,045.00

2,047.00

1,974.10

1,996.20

3-Dec-12

1,990.00

2,028.90

1,974.10

1995.0
5
2012.9

124

1,175.75
1,185.60

2,001.70

Turnover
(in
Volume
Lakhs)
8,26,356 4,055.51
7,39,735 4,913.29
13,66,83 9,375.33
0
21,13,72 12,211.99
5
14,17,00 7,993.87
9
12,07,31 7,307.89
9
15,82,98 9,842.08
6
24,02,74 18,918.55
6
11,64,32 9,178.63
6
39,49,09 22,588.50
4
21,14,26 12,283.56
1
11,80,21 8,062.85
3
17,79,83 12,605.27
7
41,89,72 33,381.81
2
29,45,78 23,769.36
4
39,97,85 38,981.72
6
37,72,30 36,685.60
1
57,62,83 71,243.50
2
30,48,27 37,728.29
6
34,54,67 39,840.77
2
32,05,82 38,177.12
9
29,55,29 59,396.51
2
25,59,17 51,238.02

31-Dec-12

1,901.10

1,918.80

1,891.00

5
1899.9
5

125

1,898.75

9
7,35,277 13,992.45

DEN NETWORK

Date
4-Jan-10
29-Jan-10
1-Feb-10
26-Feb-10
2-Mar-10
31-Mar-10
1-Apr-10
30-Apr-10
3-May-10
31-May-10
1-Jun-10
30-Jun-10
1-Jul-10
30-Jul-10
2-Aug-10
31-Aug-10
1-Sep-10
30-Sep-10
1-Oct-10
29-Oct-10
1-Nov-10
30-Nov-10
1-Dec-10
31-Dec-10

Open
197
183.95
189.95
180
197
196
195.9
196
197
212
214.5
200.9
201
201.25
210
223.5
226.9
239.9
237.9
238
232.1
194.35
178.25
193

High
197.65
191.95
195.6
190.3
197
196
198
202
200
214.2
214.5
211.6
203.9
210.95
210
227.55
240
239.9
238.9
238
237.35
197
190.5
193

Low
192.6
182
189.95
176.5
185.65
194.1
195.5
196
197
205.15
192
197.35
197.5
200.25
203.05
219.35
224.8
232.05
235.2
226.55
230.25
167.05
178.25
180

LTP
193
191
192
188.1
189.2
195
196.25
198.4
199.05
205.45
199
202
198.5
205
205.1
223
238
233.1
238.9
232
232.5
178.05
189
180.9

126

Close
193.5
191
192.05
188.95
187.9
195.75
197.1
199
199.25
206.9
197.05
203.3
198.95
206.05
205
223.05
233.65
235
237.75
232.4
232.15
178.45
184.6
180.85

Volume
18,350
35,810
23,293
56,717
19,927
63,266
17,827
21,729
6,202
21,584
1,40,711
1,10,368
29,676
27,446
16,842
14,653
42,572
38,061
15,455
1,19,545
68,720
1,64,465
50,186
34,930

Turnove
r (in
Lakhs)
35.74
67.5
44.92
105.09
37.68
123.75
35.1
43.36
12.35
45.15
289.25
225.89
59.49
56.67
34.81
32.6
98.59
89.81
36.77
279.53
161.27
293.22
92.4
63.37

DEN NETWORK

Date
3-Jan-11
31-Jan-11

Open
189.9
150

High
189.9
157.7

Low
179
147

LTP
187
150

1-Feb-11
28-Feb-11
1-Mar-11
31-Mar-11

149.5
102.9
105.35
87.9

150
111.8
106.9
89.9

140.3
97.55
105
82.35

145
103.5
105
84.8

1-Apr-11
29-Apr-11
2-May-11
31-May-11
1-Jun-11

87.7
100.5
99.5
105.8
102.3

87.7
101.5
99.5
105.8
104.2

84
98.1
97
102
100.4

84.95
99.45
97.65
102.2
101

30-Jun-11

87.4

88.45

86.25

87.55

1-Jul-11
29-Jul-11
1-Aug-11
30-Aug-11

88
82
80.45
41.7

89.4
82
81.4
42.9

86.05
79.15
79.25
40.75

87.2
79.15
79.35
41.4

2-Sep-11
30-Sep-11

40.6
69.85

42
74.4

40.5
67.45

41.65
71

3-Oct-11
31-Oct-11

70.9
79

70.95
82

65.9
76.45

67.3
78.15

1-Nov-11

77.05

78.75

74.55

75.6

30-Nov-11
1-Dec-11
30-Dec-11

62.75
63.5
48.1

62.75
63.5
50.45

59.6
61
47.3

61
61.05
48.45

127

Close
Volume
185.4
39,129
149.35 3,90,94
6
144.6
61,784
104.35
92,916
105.45
10,091
85.1 5,83,13
5
85.05
33,678
99.15
59,978
97.85
76,229
102.3
37,483
101.15 1,24,93
2
87.3 3,65,01
3
86.8
70,522
80.15
70,987
79.6
98,539
41.35 1,61,90
9
41.65
73,130
69.9 3,58,89
5
66.9
98,740
77.85 1,20,16
2
76.2 1,37,62
0
60.95
33,465
61.2
31,409
48.45
13,694

Turnover
(in
Lakhs)
71.11
587.64
90.48
95.74
10.7
498.51
28.67
59.57
74.86
38.7
128.38
320.21
61.56
57.77
78.57
67.34
30.33
256.19
67.02
94.31
105.43
20.41
19.35
6.64

DEN NETWORK

Date
2-Jan-12
31-Jan-12
2-Feb-12
29-Feb-12
1-Mar-12
30-Mar-12
2-Apr-12
30-Apr-12
2-May-12
31-May-12
1-Jun-12
29-Jun-12
2-Jul-12
31-Jul-12
1-Aug-12
31-Aug-12
3-Sep-12
28-Sep-12

Open
48.5
73.5
80
103
105.5
101.1
106
106.1
5
110.1
92.4
96.85
95.85
97
122.5
5
121.7
5
118

1-Oct-12

118.8
163.0
5
175

31-Oct-12

179

1-Nov-12

179.2
5
200.4
205.8
5
196.6
5

30-Nov-12
3-Dec-12
31-Dec-12

Low
48.5
73.5
79
102.1
100.9
101.1
105.4
106

LTP
49.4
75.4
80
105
102.2
106
109.35
109.05

Close
49.45
76.5
79.9
104.75
102.8
105.85
108.95
108.75

Volume
13,248
1,92,928
1,94,064
1,78,257
1,18,050
2,65,322
2,40,217
86,837

Turnover
(in
Lakhs)
6.54
147.79
155.21
184.75
123.48
279.67
261.2
94.18

107
90.9
91.5
95.05
96.05
120.5

109.05
95
91.5
97.5
96.8
122

110.85
95.2
91.8
97.4
96.9
122.6

9,15,493
1,22,808
73,953
49,354
45,060
97,366

1,032.73
115.08
69.43
47.74
43.84
119.46

117.25

119.05

119.35

98,468

118.71

115.6

117

117.35

72,511

86.23

116.5
161.2

117.95
175.8

117.55
173.55

35,397
8,20,001

41.76
1,394.05

174.3

182.55

181.95

6,52,046

1,168.54

175.45

177

178.45

1,80,382

321.33

178

181.25

181.35

5,54,624

1,011.18

206.1
206.2

200.4
203

204.4
205

203.95
204.6

6,90,099
1,59,350

1,404.65
326.84

200.9

188.7

195

195.9

2,46,136

481.51

High
49.5
78
81.9
105.5
107
107.4
110.3
109.7
5
117
96.5
96.85
98
98.25
123.9
5
124.4
5
121.4
5
119.9
176.8
5
183.3
5
179.7
5
188

128

STRIDES ARCOLAP

Date
4-Jan-10
29-Jan-10
1-Feb-10
26-Feb-10
2-Mar-10
31-Mar-10
1-Apr-10
30-Apr-10
3-May-10
31-May-10
1-Jun-10
30-Jun-10
1-Jul-10
30-Jul-10
2-Aug-10
31-Aug-10
1-Sep-10
30-Sep-10
1-Oct-10
29-Oct-10
1-Nov-10
30-Nov-10
1-Dec-10
31-Dec-10

Open
240
272
285
293
295.8
341.4
5
341
331.6
5
334.6
359
349.8
5
413.5
413
418.8
5
427.4
410
408.4
422.8
422.4
429.8
425.8
382.4
394.4
448.1

High
251.7
286
287
299.4
312
349

Low
238.1
262
276.6
286.1
295.8
336.6

LTP
242.5
284
280
295
311.25
338.55

Close
243.2
283.85
278.55
292.5
309.9
338.75

Volume
3,02,202
4,50,040
3,37,008
2,64,125
4,83,637
2,26,151

Turnover
(in
Lakhs)
743.16
1,234.90
946.97
775.33
1,475.68
772.02

344.8
337.9

333.15
331.65

337.9
335

337.45
334.6

2,02,738
2,31,621

686.39
774.6

340.95
362.6
359.9

331.4
343
344.8

339.5
353.5
353.15

338.3
351.9
354.75

2,22,470
2,60,016
2,23,387

750.56
914.84
790.88

422.9
421.5
430.7

411
408.25
416.1

411.5
409.5
426

413.2
411.6
424.5

1,72,984
1,69,671
1,82,931

720.18
702.55
775.99

447.7
412.2
419.9
435
440.95
442
432.1
397.7
416
450

427.4
401
408.4
417
418
416.1
422.5
375.5
393.9
444

447
403
414.25
434
434.3
424
428.95
394
414
449.9

444.4
405
416.4
429.9
434.6
420.8
426.9
390.9
412.3
448.6

5,22,675
1,35,773
1,28,601
1,20,919
83,941
3,99,089
73,752
1,60,717
2,30,778
1,50,561

2,300.29
552.59
534.56
514.96
365.95
1,713.90
315.9
623.46
939.77
674.77

129

STRIDES ARCOLAP
Date
3-Jan-11
31-Jan-11
1-Feb-11
28-Feb-11
1-Mar-11
31-Mar-11
1-Apr-11
29-Apr-11
2-May-11
31-May-11
1-Jun-11
30-Jun-11
1-Jul-11
29-Jul-11
1-Aug-11
30-Aug-11
2-Sep-11
30-Sep-11
3-Oct-11
31-Oct-11
1-Nov-11
30-Nov-11
1-Dec-11
30-Dec-11

Open
446
404.8
418
326
314
376.8
366.2
399.9
392.0
5
393
388
339.7
338.2
375.1
372.1
5
290
294
352
348
397.5
394
410
422
397

Turnover
Volume (in Lakhs)
76,163
343.87
1,33,618
547.84
56,875
230.68
2,75,205
887.61
13,00,363
4,532.16
2,41,032
884.47
52,821
192.13
1,10,559
431.64
6,61,504
2,550.72

High
456
419
419.6
332
371
376.8
370.4
401.4
397.5

Low
446
394
400.2
304.8
310.4
362
359.2
381.3
375.1

LTP
451
417.15
401
308.7
357.9
370
360.2
389
391

Close
450.35
414.1
403.75
309.15
358.8
368.75
360.25
386.35
391.9

396.8
388.5
339.7
339.75
379
382.5

383.4
372.35
335.65
334.05
366
372.15

386.1
375
336.45
336
373.5
377.5

386.55
374.45
337.05
335.55
375.55
377.2

1,73,693
75,932
56,738
1,90,911
96,789
46,447

676.84
286.69
191.71
644.3
361.74
175.46

297.85
299.8
364
348
399.85
405.1
419.9
423.9
408.9

280.5
287.65
350.5
331.15
393.3
394
396.5
406
388.35

297.85
289.25
353
334
393.3
400
417.5
406.5
399

293.1
290.05
353.7
334.85
396
402.75
411.25
408.9
401.15

94,918
1,13,941
2,28,184
66,915
1,18,890
1,48,519
67,236
36,011
1,76,363

276.85
337.46
817.02
227.19
470.77
596.32
274.23
148.79
703.96

130

STRIDES ARCOLAP
Date
2-Jan-12
31-Jan-12

Open
401.5
519

High
401.95
531.8

Low
396.1
515.4

LTP
398.5
525

1-Feb-12

522.65

528

502.25

510.1

29-Feb-12

535

545.5

512

544

1-Mar-12

543

558.5

539

549

30-Mar-12
2-Apr-12

590
504.95

594.85
629

580.9
504.95

582.2
601.2

30-Apr-12

666

684.9

662.8

668.2

2-May-12

676

690

674.6

681.25

31-May-12
1-Jun-12
29-Jun-12
2-Jul-12

680.05
679.1
743.4
744

690.5
701
758.65
751

676.1
678
739
723.55

684.25
679.15
742
730

31-Jul-12
1-Aug-12
31-Aug-12

723.2
712.3
838.1

726.4
721
847.95

710
712.1
817

713.9
716
817

3-Sep-12

820.3

834

815

818.5

28-Sep-12

904.5

905.05

870.4

894

1-Oct-12

889.1

909

885

895

31-Oct-12
1-Nov-12
30-Nov-12

886.05
893
1,126.1
0
1,139.0
0
1,080.0
0

903
902
1,156.4
0
1,192.0
0
1,106.7
0

885
884
1,088.00

891.95
884.15
1134

1,135.40

1181.1

1,057.05

1096

3-Dec-12
31-Dec-12

131

Turnover
Close
Volume (in Lakhs)
399.25
17,669
70.46
524.9 4,33,14
2,267.02
4
510.05 2,36,07
1,203.93
3
537.65 2,60,77
1,375.40
2
546.8 1,79,34
986.62
2
586.85
53,480
315.47
600.25 2,84,40
1,734.51
1
672.85 2,00,95
1,347.46
9
680.6 5,56,37
3,806.14
7
681.45
48,976
333.31
683.15
92,703
641.39
741.55
81,692
610.75
729.1 1,90,15
1,399.51
0
712.35
49,065
351.05
717.55
48,987
351.21
819.6 1,01,38
841.82
9
820.8 1,67,73
1,381.58
8
884.75 2,13,15
1,883.93
3
893.5 1,18,16
1,060.40
4
894.15
58,103
521.25
887.2
48,680
434.26
1,131.65 6,18,46
7,006.52
4
1,181.50 6,17,86
7,233.10
6
1,095.80 5,29,50
5,766.88
9

DENA BANK

Date
4-Jan-10

Open
83.9

High
85.65

Low
83.3

LTP
85

Close
84.9

29-Jan-10
1-Feb-10
26-Feb-10
2-Mar-10
31-Mar-10
1-Apr-10
30-Apr-10
3-May-10
31-May-10
1-Jun-10
30-Jun-10
1-Jul-10
30-Jul-10
2-Aug-10

73.85
77.1
77
81.95
79.5
79.15
88
89.1
86.75
89.6
93
92.2
99
100
103.2
5
103.4
108
107.4
5
138.4
140
125
127
112.4

78.7
81.25
82.95
84
80.5
80.3
89.85
89.1
90.1
91.7
93.75
93.45
100.5
102.7

71.25
76.15
76.3
81.6
78.05
78.4
87.6
86
85.8
85.75
92.2
92.05
97.55
99.6

77.4
80.9
80.65
83.75
78.05
79.5
88.55
87.2
90
86.1
93.35
92.15
99.15
102.1

77.55
80.6
80.55
83.55
78.3
79.35
88.7
86.85
89.6
86.3
93.05
92.25
98.9
102.15

Turnover
(in
Volume
Lakhs)
27,26,091 2,310.90
1,05,72,46
7 7,865.82
69,94,548 5,562.48
39,08,014 3,141.52
31,95,010 2,653.31
5,45,509
428.72
11,40,815
905.83
62,46,814 5,556.09
18,75,104 1,632.77
38,12,605 3,373.94
33,82,791 3,008.25
9,70,765
903.29
4,90,582
454.69
35,85,151 3,564.67
35,45,699 3,593.78

103.25
105.9
108.25

101.3
103.2
105.15

103
105.85
107.4

102.8
105.55
106.05

11,28,769
15,88,865
49,77,566

109.5
139.9
142.2
127.35
137.85
117.5

107.3
132
137.1
119
123.55
112

109.05
138.3
140.75
125.9
137.65
116

109.05
136.7
141.05
125.9
135.6
116.5

28,47,501 3,083.27
44,30,237 6,047.31
32,99,515 4,637.89
19,61,613 2,443.45
28,14,593 3,729.66
17,15,032 10,979.52

31-Aug-10
1-Sep-10
30-Sep-10
1-Oct-10
29-Oct-10
1-Nov-10
30-Nov-10
1-Dec-10
31-Dec-10

132

1,152.87
1,664.70
5,274.52

DENA BANK

Date

Open

High

Low

LTP

Close

3-Jan-11

117

118.55

116.15

116.6

116.65

31-Jan-11

102

105.45

99.15

105.45

104.75

1-Feb-11

105

106.5

101.15

101.3

101.9

28-Feb-11

93.5

96.5

93.05

95.3

95.1

1-Mar-11

99.15

95.8

99.1

98.85

31-Mar-11

95.9
105.4
5

106.35

102.4

104.2

104

1-Apr-11

102.5

107.4

95.65

106.8

106.35

29-Apr-11

108

108.95

102.8

104.1

104.25

2-May-11

105

105

100

101.25

101.8

31-May-11

91.35

93.95

91.25

93.65

93.5

1-Jun-11

94.9

96.35

93.3

96

96.05

30-Jun-11

88

91.7

88

90.55

90.5

1-Jul-11

90.6

92.05

89.65

90.8

90.75

29-Jul-11

80

85.9

78.6

85.35

84.7

1-Aug-11

85.2

87.5

84.75

85.45

85.4

30-Aug-11

81

82.25

79.25

81.9

81.8

2-Sep-11
30-Sep-11
3-Oct-11

81.5
75.35
76.8

83.3
79.8
76.95

80.25
75.35
76

83.2
77.8
76.1

82.65
77.85
76.4

31-Oct-11

76.9

81.65

75.8

80.55

80.75

1-Nov-11

80.2

82.5

80

80.5

80.8

30-Nov-11
1-Dec-11

63.5
64.65

63.85
66.2

62.1
63.1

63.25
63.55

63.2
63.5

133

Volume
10,56,52
6
26,07,19
9
14,49,39
8
24,26,04
4
19,14,70
4
8,66,737
12,08,14
1
39,71,45
1
18,86,27
8
10,37,61
7
19,20,40
9
27,38,20
4
13,28,12
5
87,03,82
1
14,94,97
4
14,95,84
3
11,74,61
1
5,09,783
4,68,063
44,42,60
4
24,81,11
5
10,32,63
4
15,22,22

Turnover
(in
Lakhs)
1,240.78
2,679.35
1,505.96
2,303.46
1,870.14
902.41
1,268.78
4,175.08
1,913.04
960.03
1,823.59
2,478.27
1,206.00
7,289.23
1,284.96
1,207.34
964.3
399.91
357.97
3,543.18
2,017.55
650.53
983.39

30-Dec-11

50

50.45

48.25

49.2

134

48.85

5
13,11,63
8

649.8

DENA BANK

Date
2-Jan-12
31-Jan-12
1-Feb-12
29-Feb-12
1-Mar-12
30-Mar-12
2-Apr-12
30-Apr-12
2-May-12
31-May-12
1-Jun-12
29-Jun-12
2-Jul-12
31-Jul-12
1-Aug-12
31-Aug-12
3-Sep-12
28-Sep-12
1-Oct-12
31-Oct-12
1-Nov-12
30-Nov-12
3-Dec-12
31-Dec-12

Open
49.5
65
67.1
87.55
88.5
87.2
90.5
91.25
93.4
86
91.4
97
99.2
92.15
92.65
84.55
87.5
106.9
5
106.1
105.7
5
106
109.3
111.8
5
114.9

High
49.85
68.1
69.2
90.7
89.75
90.45
91.95
93.95
95.75
94.75
91.9
99.5
100.4
92.75
93.45
88.8
88.65

Low
47.55
65
67.05
85.55
86.2
87
89.75
91.1
93.4
84.6
87.25
97
98.8
89.15
91
84.55
86.65

LTP
49.4
68
69.15
88.75
89.4
90.25
91.4
93.45
95.1
92
87.25
98.5
99
92.7
92.5
87
87.5

Close
48.85
67.9
68.8
88.65
89.3
90.05
91.35
93.15
95.15
92
88.05
98.75
99.25
92.15
92.7
87.2
87.1

Volume
13,45,713
20,47,829
29,47,209
40,30,893
26,38,267
17,93,810
13,46,937
14,33,058
17,27,000
34,27,797
15,85,007
32,00,712
30,06,090
31,63,054
18,35,707
11,36,719
6,10,002

Turnover
(in
Lakhs)
650.97
1,375.25
2,017.35
3,567.81
2,328.71
1,601.38
1,229.61
1,331.97
1,642.15
3,088.58
1,422.35
3,155.44
2,997.19
2,870.19
1,696.23
993.38
534.91

108.4
109.4

105.55
105.55

106.05
109.2

106.1
108.95

22,79,436
26,41,387

2,441.20
2,854.14

106.9
107.8
112

104.6
105.55
109

106
106.45
111.05

106.25
106.6
111.1

16,26,046
25,89,286
25,17,160

1,721.57
2,766.63
2,788.75

113.6
116.35

110.75
114.45

113.5
114.6

113.3
114.75

24,21,544
12,95,194

2,720.83
1,492.46

135

STATEMENT OF PROFIT & LOSS IN WOCKHARD (P) LTD.,

Particulars
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing
Expenses
Selling and Administration
Expenses
Miscellaneous Expenses
Less: Pre-operative
Expenses Capitalized
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjust. below Net Profit
P & L Balance brought
forward
Statutory Appropriations
Appropriations
P & L Balance carried
down
Dividend
Preference Dividend
Equity Dividend %

(Rs. in Cores)

Mar-12

Mar-11

Mar-10

2,566.3
2
5.92
2,560.4
0
20.12
90.10
2,670.6
2

1,758.9
0
3.98
1,754.9
2
17.09
-18.41
1,753.6
0

1,853.5
8
4.48
1,849.1
0
227.26
29.23
2,105.5
9

1,438.5
9
8.58
1,430.0
1
56.14
-14.02
1,472.1
3

1,236.2
0
14.35
1,221.8
5
82.88
50.93
1,355.6
6

1,060.2
2
66.16
234.72
43.67

804.28

899.67

662.31

606.03

42.60
171.94
36.87

39.46
151.94
32.40

36.41
139.20
27.30

29.72
111.50
23.29

226.39

180.79

229.28

191.56

173.84

428.61

384.53

704.73

66.77

0.00

0.00

1,243.1
6
0.00

0.00

0.00

2,059.7
7
610.85
160.77
450.08
66.37
383.71
-5.43
0.00
205.14
184.00
-75.66
259.66
0.00
-343.67

1,621.0
1
132.59
203.08
-70.49
61.58
-132.07
0.00
0.00
0.00
-132.07
-292.88
160.81
0.00
-211.60

2,595.9
1
-490.32
231.97
-722.29
71.05
-793.34
0.00
0.87
0.00
-794.21
-930.52
136.31
0.00
-296.76

1,761.5
1
-289.38
121.67
-411.05
46.03
-457.08
0.00
3.80
-112.12
-348.76
-443.83
95.07
0.00
52.00

1,011.1
5
344.51
36.85
307.66
34.54
273.12
25.18
3.61
30.45
213.88
0.00
213.88
0.00
32.16

0.00
12.76
-172.43

0.00
0.00
-343.67

0.00
-879.36
-211.61

0.00
0.00
-296.76

0.00
194.04
52.00

0.00
0.22
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

123.12
0.00
225.00

136

Dec-09

Dec-08

Earnings Per Share-Unit

Cur
Earnings Per Share(Adj)Unit Cur
Book Value-Unit Cur

16.79

0.00

0.00

0.00

17.63

16.79

0.00

0.00

0.00

17.63

10.98

-6.74

-10.69

61.89

93.75

STATEMENTS OF BALANCE SHEET IN WOCKHARD (P) LTD.,

(Rs. in Crore)

Particulars
SOURCES OF FUNDS :
Share Capital
Reserves Total
Total Shareholders Funds

Mar-12

Mar-11

Mar-10

Dec-09

Dec-08

816.09
65.49
881.58

799.93
-128.45
671.48

723.30
-171.66
551.64

54.72
622.55
677.27

Secured Loans

1,131.6
2
220.09

1,428.1
0
467.93

1,534.3
3
463.80

749.15

54.72
971.31
1,026.0
3
253.98

1,351.7
1
2,233.2
9

1,896.0
3
2,567.5
1

1,998.1
3
2,549.7
7

1,280.7
6
424.80

1,138.1
8
375.73

0.00

Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF
FUNDS :
Gross Block
Less : Accumulated
Depreciation
Less: Impairment of
Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments
Current Assets, Loans &
Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities
and Provisions
Current Liabilities
Provisions
Total Current Liabilities

1,071.4
9
1,820.6
4
2,497.9
1

554.83

1,031.8
2
316.60

958.95

764.42

244.17

194.67

0.00

0.00

0.00

0.00

855.96
0.00
810.80
307.95

762.45
0.00
771.74
307.95

715.22
0.00
462.88
315.65

714.78
0.00
399.15
302.60

569.75
0.00
340.92
302.47

453.07
260.84
75.94
105.71
895.56

305.07
311.73
161.67
71.62
850.09

305.97
463.59
98.95
641.60
1,510.1
1

257.08
459.45
474.08
891.76
2,082.3
7

262.42
346.98
177.15
261.27
1,047.8
2

675.95
21.15
697.10

394.73
15.78
410.51

391.23
62.86
454.09

417.12
583.87
1,000.9
9

257.45
56.55
314.00

137

808.81
1,834.8
4

Net Current Assets

198.46

439.58

Miscellaneous Expenses
not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets

0.00
24.48
229.62
-205.14
1,968.0
3
1,317.5
6

Contingent Liabilities

1,081.3
8
0.00

733.82

0.00

1,056.0
2
0.00

203.24
203.24
0.00
2,281.7
2
1,652.2
7

220.27
220.27
0.00
2,549.7
7
2,180.3
9

184.12
184.12
0.00
2,497.9
1
1,938.0
3

20.00
132.12
-112.12
1,834.8
4
1,219.8
1

0.00

KEY RATIOS OF WOCKHARD (P) LTD.,

Years
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Fixed Assets
Inventory
Debtors
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
PE
EBIDTA
Div. Yield
PBV
EPS

Mar-12
2.1
1.1
0.6
2.1
6.8
9.0
4.7
32.2
29.6
26.0
12.7
10.1
30.3
237.0
35.7
610.9
0.0
54.6
16.8

Mar-11
3.2
2.0
1.0
1.6
5.8
4.5
1.8
24.2
20.7
12.6
12.6
9.1
0.0
0.0
0.0
132.6
0.0
-48.1
0.0

138

Mar-10
3.1
2.1
1.3
1.5
5.3
3.2
1.6
23.8
19.9
11.2
11.2
7.4
0.0
0.0
0.0
-490.3
0.0
-13.0
0.0

mar-09
1.5
1.0
1.3
1.7
5.5
3.6
0.9
10.7
7.5
2.3
9.8
6.6
0.0
0.0
0.0
-289.4
0.0
1.8
0.0

Mar-08
0.8
0.7
2.2
1.7
5.2
4.1
8.4
27.9
25.1
24.9
20.1
17.3
17.7
21.6
23.7
344.5
2.7
4.5
17.6

STATEMENTS OF PROFIT & LOSS IN UNITED SPIRITS (P) LTD., (Rs. in Cores)
Particulars
INCOME :
Sales Turnover

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

Excise Duty

16,046.4
3
8,503.76

12,836.6
0
6,467.71

Net Sales

7,542.67

6,368.89

Other Income
Stock Adjustments
Total Income

177.59
179.82
7,900.08

133.35
277.33
6,779.57

9,183.8
7
4,254.9
4
4,928.9
3
131.81
141.06
5,201.8
0

7,454.9
6
3,365.4
2
4,089.5
4
68.50
175.41
4,333.4
5

5,507.4
3
2,370.0
7
3,137.3
6
54.11
57.30
3,248.7
7

EXPENDITURE :
Raw Materials

2,974.16

2,434.84

29.97
421.01
1,751.31

26.61
369.82
1,456.13

1,539.4
7
19.68
254.99
969.90

949.67

Power & Fuel Cost

Employee Cost
Other Manufacturing
Expenses
Selling and
Administration
Expenses
Miscellaneous Expenses
Less: Pre-operative
Expenses Capitalized
Total Expenditure

1,526.32

1,335.41

1,875.1
8
19.34
285.79
1,039.1
3
1,026.1
6

805.88

683.86

81.30
0.00

59.94
0.00

60.11
0.00

48.66
0.00

47.20
0.00

6,784.07

5,682.75

Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjust. below Net Profit
P & L Balance brought
forward
Statutory
Appropriations
Appropriations
P & L Balance carried
down
Dividend

1,116.01
551.27
564.74
60.85
503.89
169.50
0.00
-8.40
342.79
-6.90
349.69
0.00
1,535.80

1,096.82
467.47
629.35
47.75
581.60
179.35
0.00
16.78
385.47
24.66
360.81
0.41
1,238.05

4,305.7
1
896.09
315.06
581.03
38.63
542.40
151.22
0.00
15.16
376.02
48.90
327.12
0.00
948.64

3,638.5
8
694.87
200.85
494.02
36.16
457.86
174.79
5.01
-18.60
296.66
2.99
293.67
10.40
701.83

2,598.5
2
650.25
133.92
516.33
32.61
483.72
169.75
4.00
-1.31
311.28
-0.49
311.77
0.00
441.12

0.00

0.00

0.00

0.00

0.00

88.00
1,790.59

88.13
1,535.80

60.25
948.64

50.57
701.83

32.70

32.70

86.61
1,238.0
5
31.40

21.58

15.04

139

16.04
224.81
676.94

Preference Dividend
Equity Dividend %
Earnings Per Share-Unit
Cur
Earnings Per
Share(Adj)-Unit Cur
Book Value-Unit Cur

0.00
25.00
25.80

0.00
25.00
29.06

0.00
25.00
29.53

0.00
20.00
29.25

0.19
15.00
30.80

25.80

29.06

29.53

29.25

30.80

449.43

390.20

381.06

306.61

200.61

STATEMENTS OF BALANCE SHEET IN UNITED SPIRITS (P) LTD., (Rs. in Crore)

Particulars
SOURCES OF
FUNDS :
Share Capital
Reserves Total

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

130.80
5,747.69

Total Shareholders
Funds
Secured Loans

5,878.49

Unsecured Loans

1,170.62

125.59
4,660.1
9
4,785.7
8
2,589.2
5
926.82

107.91
2,970.8
0
3,078.7
1
1,306.4
8
636.26

100.16
1,909.1
6
2,009.3
2
1,106.7
4
55.34

Total Debt

4,281.09

Total Liabilities

10,159.5
8

130.80
4,972.9
7
5,103.7
7
2,517.9
6
1,090.3
8
3,608.3
4
8,712.1
1

3,516.0
7
8,301.8
5

1,942.7
4
5,021.4
5

1,162.0
8
3,171.4
0

928.86

787.62

653.08

326.71

1,183.7
6
271.56

222.21

194.99

160.24

0.00

0.00

0.00

0.00

0.00

1,125.83
0.00
56.72
1,629.32

912.20
0.00
36.00
1,453.2
5

706.65
0.00
39.58
1,254.0
0

592.63
0.00
28.26
2,051.4
8

492.84
0.00
36.12
657.16

Current Assets, Loans &

Advances
Inventories

1,452.24

829.19

653.97

384.38

Sundry Debtors
Cash and Bank
Loans and Advances

1,282.80
277.70
865.87

1,162.1
3
958.59
154.92
602.30

Total Current Assets

3,878.61

946.16
246.47
5,397.3
7
7,419.1
9

665.04
84.86
1,881.2
8
3,285.1
5

413.50
28.00
1,934.5
7
2,760.4
5

APPLICATION OF
FUNDS :
Gross Block
Less : Accumulated
Depreciation
Less: Impairment of
Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments

3,110.47

1,452.54

2,877.9
4
140

Less : Current Liabilities

and Provisions
Current Liabilities

1,812.10

Provisions
Total Current Liabilities

71.22
1,883.32

Net Current Assets

1,995.29

Miscellaneous Expenses
not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets

0.00

Contingent Liabilities

4,688.33

83.89
55.21
28.68
4,835.84

1,332.8
1
67.50
1,400.3
1
1,477.6
3
0.00

1,039.4
6
84.60
1,124.0
6
6,295.1
3
0.00

889.40

729.82

68.31
957.71

45.87
775.69

2,327.4
4
0.00

1,984.7
6
0.00

65.31
45.04
20.27
3,899.3
5
713.95

43.39
36.90
6.49
8,301.8
5
216.13

52.27
30.63
21.64
5,021.4
5
3,302.2
1

25.62
25.10
0.52
3,171.4
0
2,650.3
7

141

KEY RATIOS OF UNITED SPIRITS (P) LTD.,

Years
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Fixed Assets
Inventory
Debtors
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
PE
EBIDTA
Div. Yield
PBV
EPS

Mar-12
0.7
0.4
1.0
12.2
12.3
14.3
1.9
7.0
6.6
3.5
2.5
2.1
11.1
6.2
23.5
1,116.0
0.4
1.4
25.8

Mar-11
0.7
0.5
2.0
12.2
12.9
13.5
2.2
8.5
8.2
4.9
3.4
3.0
12.3
7.8
36.2
1,096.8
0.2
2.7
29.1

142

Mar-10
0.7
0.4
2.3
10.7
12.4
11.4
2.5
9.0
8.6
5.6
4.0
3.6
11.8
8.3
44.8
896.1
0.2
3.5
29.5

Mar-09
0.6
0.3
1.7
10.4
14.4
13.8
3.3
9.3
8.8
6.6
4.5
4.0
16.1
11.7
22.2
694.9
0.3
2.1
29.3

Mar-08
0.8
0.5
2.3
8.9
16.3
14.3
4.6
11.8
11.2
9.4
6.2
5.7
20.7
18.6
48.9
650.3
0.1
7.5
30.8

STATEMENTS OF PROFIT & LOSS IN STRIDES ARCOLAB LTD.,

Particulars

(Rs. in Cores)

Dec11

Dec10

Dec09

Dec08

Dec07

714.32
4.81
709.51
119.57
-6.62
822.46

505.42
1.44
503.98
209.67
7.85
721.50

770.88
2.53
768.35
92.67
11.99
873.01

596.03
2.89
593.14
206.56
4.42
804.12

413.10
0.23
412.87
42.45
9.38
464.70

425.05
10.01
50.11
15.79
81.19

301.54
8.80
47.20
14.56
63.11

447.34
16.50
79.86
38.27
68.42

346.49
14.02
59.95
38.53
53.31

241.87
13.11
47.62
30.34
44.06

12.00
0.00

78.50
0.00

21.43
0.00

203.08
0.00

141.34
0.00

594.15
228.31
84.52
143.79
17.62
126.17

513.71
207.79
103.63
104.16
15.08
89.08

671.82
201.19
61.96
139.23
22.69
116.54

715.38
88.74
65.43
23.31
18.88
4.43

Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit

8.25
0.00
0.00
117.92

15.52
0.00
0.00
73.56

16.41
0.33
-5.71
105.51

0.00
0.40
-2.10
6.13

Extraordinary Items
Adjusted Net Profit
Adjust. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Cur
Earnings Per Share(Adj)-Unit Cur
Book Value-Unit Cur

47.17
70.75
0.00
102.98
0.00
22.51
198.39
11.74
0.00
20.00
19.88
19.88
232.35

42.52
31.04
14.86
78.06
0.00
63.50
102.98
9.16
0.00
15.00
12.48
12.48
243.12

61.90
43.61
0.00
-4.77
0.00
22.68
78.06
6.03
8.85
15.00
23.41
23.41
214.11

-45.30
51.43
0.00
-10.90
0.00
0.00
-4.77
0.00
0.00
0.00
1.53
1.53
82.34

518.34
-53.64
45.49
-99.13
18.89
118.02
3.50
0.36
-6.67
115.21
-65.32
-49.89
-0.21
104.52
0.00
0.00
-10.90
0.00
0.00
0.00
0.00
0.00
55.81

INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration
Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses
Capitalized
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax

143

STATEMENTS OF BALANCE SHEET IN STRIDES ARCOLAB LTD., (Rs. in Crore)

Particulars
SOURCES OF FUNDS :
Share Capital
Reserves Total
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF
FUNDS :
Gross Block
Less : Accumulated
Depreciation
Less: Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments
Current Assets, Loans &
Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities
and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not
written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets

Dec-11

Dec-10

Dec-09

Dec-08

Dec-07

58.38
1,298.0
7
1,356.4
5
833.02
606.78
1,439.8
0
2,796.2
5

57.75
1,346.2
7
1,404.0
2
646.14
596.93
1,243.0
7
2,647.0
9

89.38
820.95

89.21
289.73

84.16
160.33

910.33

378.94

244.49

598.09
634.15
1,232.2
4
2,142.5
7

373.73
723.73
1,097.4
6
1,476.4
0

299.40
763.37
1,062.7
7
1,307.2
6

494.09
170.19

445.11
133.56

428.53
113.42

267.47
106.21

254.18
88.63

0.00
323.90
0.00
7.99
786.82

0.00
311.55
0.00
37.53
864.52

-11.78
326.89
0.00
11.22
1,518.0
4

0.00
161.26
0.00
145.41
939.58

0.00
165.55
0.00
50.46
836.17

130.32
264.29
81.46
1,735.1
9
2,211.2
6

129.31
159.73
81.03
1,435.5
5
1,805.6
2

95.50
207.53
31.38
359.79

86.97
286.32
16.38
117.63

72.21
180.22
125.59
166.25

694.20

507.30

544.27

315.99
214.97
530.96
1,680.3
0
0.00

220.96
149.09
370.05
1,435.5
7
0.00

220.63
169.55
390.18
304.02

200.38
70.92
271.30
236.00

251.97
29.27
281.24
263.03

0.00

0.00

0.00

27.49
27.49
0.00
2,799.0
1

24.39
24.39
0.00
2,649.1
7

10.63
10.63
0.00
2,160.1
7

0.00
5.85
-5.85
1,476.4
0

0.00
7.95
-7.95
1,307.2
6

144

Contingent Liabilities

531.81

352.01

145

156.53

184.18

336.56

KEY RATIOS OF STRIDES ARCOLAB LTD.,

Years
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Fixed Assets
Inventory
Debtors
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
PE
EBIDTA
Div. Yield
PBV
EPS

Dec-11
1.0
0.9
3.2
1.5
5.5
3.4
1.8
24.2
21.7
12.3
12.4
9.9
5.7
5.1
20.2
228.3
0.5
1.7
19.9

Dec-10
1.1
0.9
2.3
1.2
4.5
2.8
1.4
30.9
27.9
10.4
9.1
6.1
5.9
2.7
36.0
207.8
0.4
1.9
12.5

146

Dec-09
1.8
1.7
1.5
2.2
8.5
3.1
1.7
16.8
13.8
8.7
8.6
5.7
5.9
5.7
10.2
201.2
0.6
1.1
23.4

Dec-08
3.5
3.4
1.8
2.3
7.5
2.6
1.8
22.7
19.6
11.8
11.8
8.6
8.4
19.4
58.5
88.7
0.0
1.1
1.5

Dec-07
2.3
2.3
1.8
1.7
6.1
2.4
-0.1
3.3
-1.3
-7.7
-7.5
-12.1
0.0
0.0
0.0
-53.6
0.0
5.1
0.0

STATEMENTS OF PROFIT & LOSS IN DENA BANK

Particulars
INCOME :
Interest Earned
Other Income
Total I
II. Expenditure
Interest expended
Payments to/Provisions
for Employees
Operating Expenses &
Administrative Expenses
Depreciation
Other Expenses,
Provisions &
Contingencies
Provision for Tax
Fringe Benefit tax
Deferred Tax
Total II
III. Profit & Loss
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Prior Year Adjustments
Profit brought forward
IV. Appropriations
Transfer to Statutory
Reserve
Transfer to Other Reserves
Trans. to Government
/Proposed Dividend
Balance carried forward to
Balance Sheet
Equity Dividend %
Earnings Per Share-Unit
Cur
Earnings Per Share(Adj)Unit Cur
Book Value-Unit Cur

(Rs. in Crore)

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

6,794.1
3
582.17
7,376.3
0

5,033.5
3
533.84
5,567.3
7

4,010.3
6
588.63
4,598.9
9

3,447.5
0
545.63
3,993.1
3

2,675.9
0
486.20
3,162.1
0

4,693.1
3
714.68

3,270.1
6
688.20

2,910.3
4
511.59

2,383.0
7
467.89

1,817.1
4
370.85

253.99

225.93

199.27

173.94

151.27

35.60
712.98

30.55
454.47

27.61
263.39

26.84
399.96

29.45
475.85

102.57
0.00
60.21
6,573.1
6

186.42
0.00
100.01
4,955.7
4

74.51
0.00
101.03
4,087.7
4

243.91
2.78
-127.92
3,570.4
7

-41.25
1.89
-2.89
2,802.3
1

803.14
-0.22
803.36
0.00
0.00

611.63
-0.28
611.91
0.00
0.00

511.25
-0.38
511.63
0.00
0.00

422.66
-0.34
423.00
0.00
0.00

359.79
20.58
339.21
0.00
0.00

240.94

183.49

153.38

126.80

107.94

440.15
122.05

342.61
85.53

290.76
67.11

255.59
40.27

218.29
33.56

0.00

0.00

0.00

0.00

0.00

30.00
22.46

22.00
17.98

20.00
17.49

12.00
14.53

10.00
12.37

22.46

17.98

17.49

14.53

12.37

122.59

103.76

83.43

67.95

54.62

147

148

STATEMENTS OF BALANCE SHEET IN DENA BANK

Particulars
SOURCES OF
FUNDS :
Capital
Reserves Total
Deposits
Borrowings
Other Liabilities &
Provisions
TOTAL
LIABILITIES
APPLICATION
OF FUNDS :
Cash & Balances
with RBI
Balances with
Banks & money at
Call
Investments
Advances
Fixed Assets
Other Assets
Miscellaneous
Expenditure not
written off
TOTAL ASSETS
Contingent
Liability
Bills for collection

(Rs. in Crore)

Mar-12

Mar-11

Mar-10

Mar-09

Mar-08

350.06
4,127.27
77,166.8
0
3,880.95
1,861.43

333.39
3,322.53
64,209.6
2
1,691.66
1,281.52

286.82
2,314.87
51,344.2
8
1,561.91
2,081.19

286.82
1,883.67
43,050.6
1
1,443.13
1,800.50

286.82
1,513.84
33,943.1
8
394.62
2,512.93

87,386.5
1

70,838.7
2

57,589.0
7

48,464.7
3

38,651.3
9

5,194.96

4,721.41

4,355.03

4,982.41

3,533.01

356.24

687.40

759.49

874.70

504.64

23,027.6
5
56,692.5
4
406.63
1,708.49
0.00

18,768.9
1
44,828.0
5
403.74
1,429.21
0.00

15,694.2
3
35,462.4
4
407.28
910.60
0.00

12,473.0
8
28,877.9
6
405.15
851.43
0.00

10,282.9
8
23,023.9
8
412.02
894.76
0.00

87,386.5
1
40,011.2
2
5,474.78

70,838.7
2
14,833.4
0
3,962.42

57,589.0
7
13,174.7
0
20,481.7
4

48,464.7
3
11,506.7
9
3,027.47

38,651.3
9
14,723.1
1
1,877.18

149

KEY RATIOS OF DENA BANK

Years
Credit-Deposit
Investment / Deposit
Cash / Deposit
Interest Expended / Interest Earned
Other Income / Total Income
Operating Expenses / Total Income
Interest Income / Total Funds
Interest Expended / Total Funds
Net Interest Income / Total Funds
Non Interest Income / Total Funds
Operating Expenses / Total Funds
Profit before Provisions / Total Funds
Net Profit / Total funds
RONW
PE
EBIDTA
Div.Yield
PBV
EPS

Mar-12
71.8
29.6
7.0
69.1
7.9
15.7
8.6
6.0
2.7
0.7
1.5
1.9
1.0
20.7
4.0
5,496.3
3.3
0.7
22.5

150

Mar-11
69.5
29.8
7.9
65.0
9.6
19.3
7.9
5.1
2.8
0.8
1.7
1.9
1.0
20.9
5.8
3,881.8
2.1
1.0
18.0

Mar-10
68.2
29.8
9.9
72.6
12.8
18.4
7.6
5.5
2.1
1.1
1.6
1.6
1.0
23.6
4.5
3,421.6
2.5
0.9
17.5

Mar-09
67.4
29.6
11.1
69.1
13.7
20.8
8.0
5.5
2.5
1.3
1.9
1.8
1.0
24.1
2.2
2,805.7
3.7
0.5
14.5

Mar-08
67.1
31.7
8.9
67.9
15.4
20.8
7.7
5.2
2.5
1.4
1.9
2.0
1.0
25.6
4.1
2,176.9
2.0
0.9
12.4

STATEMENTS OF PROFIT & LOSS IN DEN NETWORKS

Particulars
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses
Capitalized
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjust. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Cur
Earnings Per Share(Adj)-Unit Cur
Book Value-Unit Cur

(Rs. in Crore)

Mar12

Mar-11 Mar10

Mar09

Mar08

430.22
0.00
430.22
22.12
0.00
452.34

328.24
0.00
328.24
26.30
0.00
354.54

321.96
0.00
321.96
12.81
0.00
334.77

264.66
0.00
264.66
6.46
0.00
271.12

28.04
0.00
28.04
1.97
0.00
30.01

4.05
3.37
52.38
249.32
69.28
8.69
0.00

2.54
3.19
32.40
191.56
68.55
5.56
0.00

0.49
2.99
32.75
170.09
62.66
4.56
0.00

1.96
2.36
28.37
161.64
58.18
9.65
0.00

3.18
0.00
8.44
38.73
0.00
0.00
0.00

387.09
65.25
26.13
39.12
30.54
8.58
0.71
0.00
0.00
7.87
1.55
6.32
0.00
-8.04
0.00
0.00
-0.17
0.00
0.00
0.00
0.60
0.60
58.02

303.80
50.74
18.63
32.11
26.12
5.99
0.00
0.00
-0.97
6.96
2.23
4.73
0.00
-15.00
0.00
0.00
-8.04
0.00
0.00
0.00
0.53
0.53
56.19

273.54
61.23
19.30
41.93
21.86
20.07
0.00
0.00
-0.73
20.80
4.42
16.38
0.00
-35.80
0.00
0.00
-15.00
0.00
0.00
0.00
1.59
1.59
55.64

262.16
8.96
9.92
-0.96
10.55
-11.51
0.01
0.54
1.70
-13.76
0.84
-14.60
0.00
-22.04
0.00
0.00
-35.80
0.00
0.00
0.00
0.00
NA
118.39

50.35
-20.34
0.60
-20.94
0.97
-21.91
0.01
0.13
-0.01
-22.04
1.18
-23.22
0.00
0.00
0.00
0.00
-22.04
0.00
0.00
0.00
0.00
NA
104.79

151

STATEMENTS OF BALANCE SHEET IN DEN NETWORK

Particulars
SOURCES OF FUNDS :
Share Capital
Reserves Total
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less : Accumulated Depreciation
Less: Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and
Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Total Assets
Contingent Liabilities

(Rs. in Crore)

Mar-12

Mar-11 Mar10

Mar09

Mar08

130.49
626.62
757.11
208.30
47.23
255.53
1,012.6
4

130.49
602.69
733.18
104.87
49.55
154.42
887.60

130.49
595.53
726.02
160.77
2.20
162.97
888.99

22.12
196.40
218.52
115.40
5.50
120.90
339.42

21.32
171.76
193.08
10.64
9.56
20.20
213.28

292.24
88.11
0.00
204.13
0.00
74.03
415.46

224.25
58.70
0.00
165.55
0.00
38.69
365.87

184.00
33.06
0.00
150.94
0.00
19.43
318.56

131.79
11.50
0.00
120.29
0.00
25.39
136.90

11.47
0.96
0.00
10.51
0.00
36.13
150.00

0.00
119.46
198.03
96.68
414.17

0.00
97.32
219.30
95.05
411.67

0.00
101.01
205.33
214.26
520.60

0.00
59.72
31.96
98.00
189.68

0.00
15.22
14.26
43.90
73.38

133.94
0.06
134.00
280.17
0.00
0.00
0.00
0.00
973.79
66.57

119.76
0.08
119.84
291.83
0.00
0.00
0.00
0.00
861.94
33.63

117.43
2.14
119.57
401.03
0.00
2.06
3.03
-0.97
888.99
18.26

129.82
1.32
131.14
58.54
0.00
0.65
2.35
-1.70
339.42
11.08

56.44
0.31
56.75
16.63
0.00
0.16
0.15
0.01
213.28
21.33

152

KEY RATIOS OF DEN NETWORKS

Years
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Fixed Assets
Inventory
Debtors
Interest Cover Ratio
PBIDTM (%)
PBITM (%)
PBDTM (%)
CPM (%)
APATM (%)
ROCE (%)
RONW (%)
PE
EBIDTA
Div.Yield
PBV
EPS

Mar-12
0.3
0.2
2.1
1.7
0.0
4.0
1.3
14.7
7.6
8.7
8.6
1.5
3.4
0.8
175.0
65.3
0.0
1.8
0.6

Mar-11
0.2
0.2
2.7
1.6
0.0
3.3
1.2
14.6
6.6
8.9
9.4
1.4
2.4
0.6
158.3
50.7
0.0
1.5
0.5

153

Mar-10
0.3
0.2
2.2
2.0
0.0
4.0
1.8
17.5
10.7
11.5
11.9
5.1
5.6
3.4
122.8
61.2
0.0
3.5
1.6

Mar-09
0.3
0.2
1.1
3.7
0.0
7.1
-0.2
3.4
-0.6
-0.4
-1.2
-5.2
0.0
0.0
0.0
9.0
0.0
0.0
0.0