A Project Report A Detail Study of Life Insurance Business in ING Life

Submitted in partial fulfillment of the requirements of the award of the degree of MASTER OF BUSINESS ADMINISTRATION Submitted By B.SRIKANTH 09E21E0005 Under Esteemed Internal Guidance Of
Mr. R. SHRIKANTH MBA, (PhD)

DEPARTMENT OFMASTER OF BUSINESS ADMINISTRATION Vidya Vikas Institute of Technology (Affiliated to JNTUH) Shabad Road, Chevella, R.R. Dist-501 503 2009-2011

CONTENTS

CHAPTER-1
INTRODUCTION TO FINANCE PORTFOLIO MANAGEMENT OBJECTIVES OF THE STUDY SCOPE OF THE STUDY LIMITATIONS RESEARCH METHODOLOGY

CHAPTER-2
COMPANY PROFILE

CHAPTER-3
THEORITICAL FRAMEWORK

CHAPTER-4
PRACTICAL FRAMEWORK OF THE STUDY

CHAPTER-5 FINDINGS & SUGGESTIONS CONCLUSIONS BIBLOGRAPHY

CHAPTER-1 INTRODUCTION

INTRODUCTION TO FINANCE
Finance is the life blood and nerve center of business. Finance is very essential to smooth running of the business. It has been rightly termed as universal lubricants which keep the enterprise dynamic. Business , whether big, medium or small cannot be started without an adequate amount of finance is needed to promote or establish the business, acquire fixed assets make investigation such as market surveys etc. develop products keep men and machine at work encourage management to make progress and creative values. Even an existing concern may require future finance for making improvements or expanding the business

DEFINITIONS
Financial management is that managerial activity which is concerned with the planning and controlling of the firm's financial resources. Planning, directing, monitoring, organizing and controlling of the monetary resources of an organization.

Finance management is concerned with the effective use of an important economic resource namely capital found. Ezra Solon and Pringles John J.

Financial management is the application of the planning control function to the finance function Howard and Upon

Finance management is the operation activity of a business that is responsible for obtaining and affective utilizing the fund necessary for efficient operation

-Joseph and upon

The economic development of any country depends upon the Existence of a well organized financial system. It is the financial system which supplies the necessary financial inputs for the production of goods and services which in turn promote the well being and standard of the people of a count. Finance is the life blood of business without finance, the heart and brain of business organization cannot function implying there by its natural death. Right from conceiving the idea of birth of a business to its liquidation, finance is required Inputs are made available only with finance. Even managerial ability can be had with only finance. so; finance is the pivot around which the whole business operations cluster. Therefore, there is an imperative need to efficiently manage the finances of a company. Actually, sometimes, it is not the inadequate finance that is the cause of failure of a business but the mismanagement of sources which is ultimately responsible for it. The survival and growth of a firm is possible only if it utilizes its funds in an optimum manner. Proper finance is the real key to the success of any business enterprise. Without proper finance no business can survive nor can it be expanded and modernized. It is the finance which keep the organization dynamic, keeps men and machine at work. In older times financial management was used periodically and its importance was limited to the procurement of funds but in modern times finance is a continues administrative function. Its Relation is with the procurement of capital, sources of funds, capital budgeting decisions etc, 1. Finance enhances for business promotion 2. Useful in decision making. 3. It is a key determinant of business success. 4. Financial information or results is useful in measurement of performance. 5. It enables for basis of placing, coordination and control. 6. useful to shareholders and investors.

INTRODUCTION TO PORTFOLIO MANAGEMENT :

A Good way to begin understanding what portfolio management is (and is not) may be to define the term portfolio. In a business context. We can look to the mutual fund industry to explain the terms origins. MORGAN STANEILYS dictionary of financial terms offers the following explanation: if you more than one security , you have an investment portfolio you Build the portfolio by buying additional stocks, bonds, mutual funds, or other Investments. You goal is to increase the portfolio value by selecting investments that you believe will go up in price. The various financial assets and securities held by an Individual or institutions are referred to collectively as the portfolio. Portfolio analysis builds on the estimates of the future return and risk of holding various combinations of Assets. Individual assets have risk return characteristics of their own. Portfolio may or May not take on the aggregate characteristics of their individual parts. It involves the Analysis, selection, diversification and evaluation of portfolios. Portfolio management is all about strengths, weaknesses, opportunity, threats in the choice of debt Vs growth Vs safety and numerous other trades offs encountered in the attempt to maximize return at a given appetite for risk. A portfolio is a collection of securities. Since it is rarely desirable to invest the entire funds of an individual or an institution in a single security, it is essential that every security be view in portfolio context. Thus, it seems logical that the expected return of each of the security contained in the portfolio. Portfolio analysis considers the determination of future risk and return in holding various blends of individual securities. Portfolio expected return is a weighted average of the expected return of individual securities but portfolio variance in short contrast can be something less than a weighted average of a security variance.

As a result an investor can sometimes reduce portfolio risk by adding security will greater individual risk than any other security in the portfolio. This is because risk depends greatly on the covariance among returns of individual securities. Portfolio, which are combination of securities may or may not take only aggregate characteristics of their individual parts.

MEANING OF PORTFOLIO MANAGEMAENT:

Portfolio management deals with the study of risk return analysis for individual securities and involves choosing the best set of portfolio to maximize the returns of the rational investor. The essence of the portfolio management lies in the tradeoff between risk and return.potfolio management helps individuals and entrepreneurs to earn maximum profit with optimum use of resources. Determining the mix of assets to hold in a portfolio is referred to as portfolio management. A fundamental aspect of portfolio management is choosing assets which are consistent with the portfolio holders investment objectives and risk tolerance. The ultimate goal of portfolio management is to achieve the optimum return for a given level of risk. Investors must balance risk and performance in making portfolio management decisions.

DEFINATIONS:Portfolio management invests in securities to balance an investors risk tolerance with goal and objectives. Portfolio management is the act of managing and monitoring assets and investments. The goal of these investment decisions is to make the largest return on the original investment as possible.

-JENNIFERNEEL

Portfolio management is defined as the process of managing the assets of a mutual fund, including choosing and monitoring appropriate investments and allocating funds accordingly.

FEATURES OF PORTFOLIO MANAGEMENT:-

The various financial assets and securities held by an individual or Assets that can be included in a portfolio are stocks, options, bonds, futures Owning investment in several assets generally reduces the risk involved. Portfolio management includes its greater volatility, its tendency to A portfolio manager chooses a combination of assets that balances the

institution are referred to collectively as the portfolio.

contracts, real estate currencies and gold certificates.

encourage decisions based on short term factors. clients risk tolerance with investment goals and objectives.

TYPES OF PORTFOLIO MANAGEMENT:Portfolio management cab is Active or Passive. Active portfolio management involves analyzing securities and making regular trades (purchases or sales) .Passive portfolio management, the investor purchases an investment that holds securities not chosen directly by the investor such as an index mutual fund, which is designed to mirror market performance.

OBJECTIVES OF PORTFOLIO MANAGEMENT:-

1. Stable Current Return:-

Once investment safety is guaranteed, the portfolio should yield a steady current income. The current returns should at least match the opportunity cost of the funds of the investor. What we are referring to hear current income by way of interest of dividends, not capital gains.

2. Marketability:A good portfolio consists of investment, which can be marked without difficulty. If there are too many unlisted or inactive shares in your portfolio, you will face problems in encasing them, and switching from one investment to another. It is desirable to invest in companies listed on major stock exchanges, which are actively traded.

3. Tax planning:The portfolio should be developed considering not only income tax, but capital gains tax, and gift tax as well. A good portfolio aims at tax planning, not tax evasion or tax avoidance.

4. Appreciation in the value of capital:A balanced portfolio must consist of certain investments, which tend to appreciate in real value after adjusting for inflation.

5. Liquidity:The portfolio should ensure that there are enough funds available at short notice to take care of the investors liquidity requirements .It is desirable to keep a line of credit from a bank for use in case it becomes necessary to participate in right issues, or for any other personal needs

6. Safety of the investment:Investment safety or minimization of risks is one of the important objectives of portfolio management. There are many types of risks, which are associated with investment in equity stocks, including super stocks. Bear in mind that there is no such thing as a zero risk investment. Moreover, relatively low risk investment gives correspondingly lower returns.

NEED FOR GOVERNANCE OF PORTFOLIO MANAGEMENT:

Implementing portfolio management practices in an organization is a transformation effort that typically involves developing new capabilities to address new work efforts, defining (and filling) new roles to identify portfolios (collections of work to be done), and delineating boundaries among work efforts and collections. Implementing portfolio management also requires creating a structure to provide planning, continuing direction, and oversight and control for all portfolios and the initiatives they encompass. That is where the notion of governance comes into play. The IBM view of governance is: An abstract, collective term that defines and contains a framework for organization, exercise of control and oversight, and decision-making authority, and within which actions and activities are legitimately and properly executed; together with the definition of the functions, the roles, and the responsibilities of those who exercise this oversight and decision-making.

Portfolio management governance involves multiple dimensions, including:

Defining and maintaining an enterprise business strategy. Defining and maintaining a portfolio structure containing all of the organization's initiatives (programs, projects, etc.). Reviewing and approving business cases that propose the creation of new initiatives. Providing oversight, control, and decision-making for all ongoing initiatives. Ownership of portfolios and their contents.

Each of these dimensions requires an owner -- either an individual or a collective -- to develop and approve plans, continuously adjust direction, and exercise control through periodic assessment and review of conformance to expectations. A good governance structure decomposes both the types of work and the authority to plan and oversee work. It defines individual and collective roles, and links them to an authority scheme. Policies that are collectively developed and agreed upon provide a framework for the exercise of governance.

PORTFOLIO MANAGEMENT ACTIVITY

Investment management is also known as Portfolio Management, it is a complex process or activity that may be divided into seven broad phases: Specification of Investment Objectives and Constraints. Choice of Asset Mix. Formulation of Portfolio Strategy. Selection of Securities. Portfolio Execution. Portfolio Rebalancing. Performance Evaluation

PORTFOLIO MANAGEMENT IN INDIA

In India, Port folio Management is still in its infancy. Barring a few Indian Banks, and foreign banks and UTI, no other agency had professional Portfolio Management until 1987. After the setting up of public sector Mutual Funds, since 1987, professional portfolio management, backed by competent research staff became the order of the day. After the success of Mutual Funds in portfolio management, a number of brokers and Investment staff became the order of the day. After the success of Mutual Funds in become Portfolio Managers. They have managed the funds of clients on both discretionary and Non-discretionary basis. It was found that many of them, including Mutual Funds have guaranteed a minimum return or capital appreciation and adopted all kinds of incentives, which are now prohibited by SEBI. They resorted to speculative over trading and insider trading, discounts, etc., to achieve their

targeted returns to the clients, which are also prohibited by SEBI. The recent CBI probe into the operations of many market dealers has revealed the unscrupulous practices by banks, dealers and brokers in their Portfolio Operations. The SEBI has

the imposed stricter rules, which included their registration, a code of conduct and minimum infrastructures, experience etc. It is no longer possible for my unemployed youth, or retired person or self-styled consultant to engage in Portfolio Management without the SEBIs license. The guidelines of SEBI are in the direction of making Portfolio Management a responsible professional service to be rendered by experts in the field.

SEBI GUIDELINES TO THE PORTFOLIO MANAGERS

On7th"' January 1993, the Security Exchange Board of India issued regulations to the Portfolio managers for the regulation of Portfolio management services by merchant bankers. They are as follows
Portfolio management services shall be in the nature of investment or consultancy

management for an agreed fee at clients risk.

The Portfolio manager shall not guarantee return directly or Indirectly the fee

should not be depended upon or it should not be Returned sharing basis. Various term of agreements, fees, disclosures of risk and Re-payment should be mentioned.
Client's funds should be kept separately in client wise account, Which should be

subject to audit? Manager should report clients at intervals not exceeding six Months.

Portfolio manager should maintain high standards of integrity and not desire any benefit directly or indirectly from client's funds. The client shall be entitled to inspect the documents.

 Portfolio managers shall not invest funds belonging to clients in bad financing, bills discounting and lending operations.
Clients money can be invested in money and capital market Instruments

Settlement

on termination of contract as agreed in the contract.

Clients funds should be kept in a separate bank account opened in scheduled banks.

SCHEMATIC DIAGRAM OF STAGES IN PORTFOLIO MANAGEMENT:

Specification and quantification of investor objectives, constraints, and preferences Portfolio policies and strategies

Monitoring investor related input factors

Capital market expectations

Portfolio construction and revision asset allocation, portfolio optimization, security selection, implementation and execution

Attainment of investor objectives

Performance measuremen t

Relevant economic, social, political sector and security considerations

Monitoring economic and market input factors

PROCESS OF PORTFOLIO MANAGEMENT:

The Portfolio Program and Asset Management Program both follow a disciplined process to establish and monitor an optimal investment mix. This six-stage process helps ensure that the investments match investors unique needs, both now and in the future.

1. IDENTIFY GOALS AND OBJECTIVES:

When will you need the money from your investments? What are you saving your money for? With the assistance of financial advisor, the Investment Profile Questionnaire will guide through a series of questions to help identify the goals and objectives for the investments.

2. DETERMINE OPTIMAL INVESTMENT MIX:

Once the Investment Profile Questionnaire is completed, investors optimal mix or asset allocation will be determined. An asset allocation represents the mix of investments (cash, fixed income and equities) that match individual risk and return needs.

This step represents one of the most important decisions in your portfolio construction, as asset allocation has been found to be the major determinant of long-term portfolio performance.

3. CREATE A CUSTOMIZED INVESTMENT POLICY STATEMENT

When the optimal investment mix is determined, the next step is to formalize our goals and objectives in order to utilize them as a benchmark to monitor progress and future updates.

4. SELECT INVESTMENTS
The customized portfolio is created using an allocation of select QFM Funds. Each QFM Fund is designed to satisfy the requirements of a specific asset class, and is selected in the necessary proportion to match the optimal investment mix.

5. MONITOR PROGRESS

Building an optimal investment mix is only part of the process. It is equally important to maintain the optimal mix when varying market conditions cause investment mix to drift away from its target. To ensure that mix of asset classes stays in line with investors unique needs, the portfolio will be monitored and rebalanced back to the optimal investment mix

6. REASSESS NEEDS AND GOALS

Just as markets shift, so do the goals and objectives of investors. With the flexibility of the Portfolio Program and Asset Management Program, when the investors needs or other life circumstances change, the portfolio has the flexibility to accommodate such changes.

OBJECTIVES OF THE STUDY:

. To help the investors to decide the effective Investment in different securities. To identify the best portfolio of securities. Focused study on portfolio management and investment decisions. To study the role and impact of securities in investment decisions, and to take decisions on risk on return of securities. To clearly define portfolio selection process To comprehend the conceptual determinants of portfolio by applying various approaches of portfolio management.

Scope of Portfolio Management:Portfolio management is a continuous process. It is a dynamic activity. The following are the basic operations of a portfolio management. Monitoring the performance of portfolio by incorporating the latest market conditions. Identification of the investors objective, constraints and preferences. Making an evaluation of portfolio income (comparison with targets and achievement). Making revision in the portfolio. Implementation of the strategies in tune with investment objectives.

LIMITATIONS OF THE STUDY:

The project work is mainly based on the above mentioned sources of information The analysis was done on data provided by the company which was very concise The data for portfolio management was only analyzed and the other financial statements were not considered for analysis. Analysis was done using only a few approaches of portfolio management.

RESEARCH METHODOLOGY:
Collecting data from various sources which are secondary sources of data carried on the research. The data were collected from leading websites which are meant exclusively for tracking market data the theoretical part explained in this text was collected from text books written by famous authors who are well know for their writing skills and who have an ocean of experience in the teaching field. The methodology carried in the project is descriptive along with the requisite analysis the data sources of the study are

Primary collection methods:

This method includes the data collection from the personal discussion with the authorized clerks and members of the exchange.

Secondary collection methods:

The secondary collection methods includes the lectures the of the superintend of the department of market operations and so on,. Also the data collected from the news, magazines of the ISE are different books issues of this study.

CHAPTER 2

COMPANYPROFILE

COMPANY PROFILE
JRG Securities Ltd is one of India's leading financial services providers with strong presence in South India. The company along with their subsidiaries is primarily engaged in the business of retail broking (equity and commodity broking), direct insurance agent and financial services. Their product suite includes equity trading, commodity trading, currency derivatives, insurance broking, margin financing and loans against shares, among others. They offer an online product, through a brand, Inditrade, to offer services to the online customers. The company is a member of the National Stock Exchange of India (NSE), the Bombay Stock Exchange (BSE), the National Multi Commodity Exchange of India Ltd (NMCEIL), the National Commodities Derivatives Exchange Ltd (NCDEX), the Multi Commodity Exchange of India Ltd (MCX) and the Indian Pepper and Spices Trades Association (IPSTA). They are a full-fledged depository participant of the National Securities Depository Ltd and Central Depository Services (India) Ltd. Besides these, they are also a leading Insurance Broker. The company is 44.8%-owned by Duckworth Ltd, a subsidiary of Baring India Pvt Equity Fund II Ltd. The company is headquartered in Kochi with a physical presence of about 475 branches and associates across Kerala, Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. The company is listed on the Bombay Stock Exchange and has a diverse set of public shareholders. JRG Securities Ltd was incorporated on October 17, 1994 as a private limited company with the name JRG Associates Pvt Ltd. Initially, the company was started as a partnership firm in the year 1992, and later converted into a private limited company. In the year 1994, they became a member of the Cochin Stock Exchange. They initially focused on developing a client base in Kerala and Tamil Nadu and established several operation centers across these states. In the year 1999, the company became a member of the NSE and also a member of Inter Connected Stock Exchange Ltd. In the year 2000, the company became Depository Participant of The National Securities Depository Ltd. Also, they became a SubBroker of Bombay Stock Exchange. In the year 2002, they established a branch in Bangalore and in the year 2003, they established a branch at Chennai. In

August 26, 2003, the name of the company was changed from JRG Associates Pvt Ltd to JRG Securities Pvt Ltd. In September 2003, the company was converted into public limited company and the name was changed to JRG Securities Ltd. In the year 2005, the company became a member of The Bombay Stock Exchange Ltd. Also, they started operations in Maharashtra, Uttar Pradesh, Andhra Pradesh, Delhi and

Punjab. During the year 2005-06, the company introduced Mobile trading (M-Trade) & Internet trading (I-Trade) in the Market. In November 5, 2005, the company formed a wholly owned subsidiary company in Dubai, namely JRG Metals & Commodities DMCC. During the year 2006-07, the company formed a joint venture company with Keynote Capitals Ltd by the name, Arteries Investor Services Ltd which deals with providing customized financial solutions to the clients. In November 2006, the company formed a subsidiary company namely Commodity Online (India) Ltd for providing online services related to commodities such as news updates, analysis and premium research reports on commodities. Also, they set up an exclusive web portal with name www.commodityonline.com for this purpose. During the year, the company launched futures trading in Indian rupee contracts in the Dubai Gold and Commodity Exchange (DGCX), through JRG Metals & Commodities DMCC. The company received the license to incorporate a joint venture company in Saudi Arabia by name JRG Al Fahhad International Financial Services Ltd with the local partner, United International Trading Company Ltd. in Saudi Arabia. In the year 2007, the Baring India Private Equity Fund II Ltd, a leading private equity firm of international repute acquired a majority stake in the company. JRG Securities Ltd is one of India's leading financial services providers with strong presence in South India. The company along with their subsidiaries is primarily engaged in the business of retail broking (equity and commodity broking), direct insurance agent and financial services. Their product suite includes equity trading, commodity trading, currency derivatives, insurance broking, margin financing and loans against shares, among others. They offer an online product, through a brand, Inditrade, to offer services to the online customers. The company is a member of the National Stock Exchange of India (NSE), the Bombay Stock Exchange (BSE), the National Multi Commodity Exchange of India Ltd (NMCEIL), the National Commodities Derivatives Exchange Ltd (NCDEX), the Multi Commodity Exchange of India Ltd (MCX) and the Indian Pepper and Spices Trades Association (IPSTA). They are a full-fledged depository participant of the National Securities Depository Ltd and Central Depository Services (India) Ltd. Besides these, they are also a leading Insurance Broker.

The company is 44.8%-owned by Duckworth Ltd, a subsidiary of Baring India Pvt Equity Fund II Ltd. The company is headquartered in Kochi with a physical presence of about 475 branches and associates across Kerala, Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. The company is listed on the Bombay Stock Exchange and has a diverse set of public shareholders. JRG Securities Ltd was incorporated on October 17, 1994 as a private limited company with the name JRG Associates Pvt Ltd. Initially, the company was started as a partnership firm in the year 1992, and later converted into a private limited company. In the year 1994, they became a member of the Cochin Stock Exchange. They initially focused on

developing a client base in Kerala and Tamil Nadu and established several operation centers across these states. In the year 1999, the company became a member of the NSE and also a member of Inter Connected Stock Exchange Ltd. In the year 2000, the company became Depository Participant of The National Securities Depository Ltd. Also, they became a SubBroker of Bombay Stock Exchange. In the year 2002, they established a branch in Bangalore and in the year 2003, they established a branch at Chennai. In August 26, 2003, the name of the company was changed from JRG Associates Pvt Ltd to JRG Securities Pvt Ltd. In September 2003, the company was converted into public limited company and the name was changed to JRG Securities Ltd. In the year 2005, the company became a member of The Bombay Stock Exchange Ltd. Also, they started operations in Maharashtra, Uttar Pradesh, Andhra Pradesh, Delhi and Punjab. During the year 2005-06, the company introduced Mobile trading (MTrade) & Internet trading (I-Trade) in the Market. In November 5, 2005, the company formed a wholly owned subsidiary company in Dubai, namely JRG Metals & Commodities DMCC. During the year 2006-07, the company formed a joint venture company with Keynote Capitals Ltd by the name, Arteries Investor Services Ltd which deals with providing customized financial solutions to the clients. In November 2006, the company formed a subsidiary company namely Commodity Online (India) Ltd for providing online services related to commodities such as news updates, analysis and premium research reports on commodities. Also, they set up an exclusive web portal with name www.commodityonline.com for this purpose. During the year, the company launched futures trading in Indian rupee contracts in the Dubai Gold and Commodity Exchange (DGCX), through JRG Metals & Commodities DMCC.

The company received the license to incorporate a joint venture company in Saudi Arabia by name JRG Al Fahhad International Financial Services Ltd with the local partner, United International Trading Company Ltd. in Saudi Arabia. In the year 2007, the Baring India Private Equity Fund II Ltd, a leading private equity firm of international repute acquired a majority stake in the company. In September 2007, the company incorporated subsidiary company, namely JRG FinCorp Ltd, which is a Non Banking Financial Company. During the year 2008-09, the insurance brokerage division commissioned a service centre to provide end-to-end customer service from customer introduction to policy renewal and queries. In August 2008, the company established a 100% subsidiary, namely JRG Business Investment Consultants Ltd to undertake the business of investment advisory services, financial portfolio management and marketing and distribution of financial products. During the year 2009-10, the company launched new business products in currency and commodity trading and demonstrated exceptional success in building these retail businesses. In the equity brokerage division, they opened 21 branches in multiple locations

and launched the internet trading brand, Inditrade, with 'Empowering the investor in you' tagline for enhanced trading convenience. In the commodity brokerage division, they set up a centralized desk with a toll-free number that services customers and associates till midnight. In April 15, 2010, the company launched a new online offering inditrade.com, which empowers customers to trade online and invest in the whole gamut of the company's products - equities, commodities, currencies, mutual funds and insurance.

JRG GROUP:

JRG Wealth Management Ltd JRG Insurance Broking Pvt Ltd JRG Metal & Commodities DMCC,Dubai JRG Fincorp Limited JRG Business Investment Consultants Limited

Services offered by the company

Equities Commodities Insurance Mutual Funds I -Trade IPOs Loans

Date of Establishment Revenue Market Cap Corporate Address

1994 10.6477 ( USD in Millions ) 537.110398 ( Rs. in Millions ) Velliappallil Buildings,T B Road ,PalaKottayam686575, Kerala www.jrg.co.in Chairperson - Rahul Bhasin MD - Gaurav Vivek Soni Directors - Anand Tandon, B R Menon, Gaurav Vivek Soni, Munish Dayal, P Viswanathan, Pradeep Mallick, Rahul Bhasin, Regi Jacob, S K K Nair, Syam Kumar R, T M Venkataraman Finance Investment JRG Securities Ltd is a premier brokerage house in India on the fast growth track. In the last one decade, they have emerged as a powerhouse in the financial services industry. They started functioning in the stock market in 1992. Over the years, they grew from strength

Management Details

Business Operation Background

to strength to become a major player in Indias broking services sector. JRG is one of the foremost brokerage houses, being a member of Total Income - Rs. 480.01517 Million ( year ending Mar 2010) Net Profit - Rs. 14.573489 Million ( year ending Mar 2010) Syam Kumar R

Financials

Company Secretary Bankers Auditors

BSR & Associates

BORD OF DIRECTORS:

Chairman Managing Director

Rahul Bhasin Gaurav Vivek Soni T M Venkataraman Munish Dayal B R Menon Pradeep Mallick Regi Jacob Syam Kumar R P Viswanathan

Director

Company Secretary Director

Location

Address JRG House , Ashoka road , Kaloor Kochi Kerala 682017 Tel : 91-484-2409900 Fax : 91-484-2409922

Products & Services % of % Cap. Inst. Prodn Stock Util. Prod. Cap 85.3 14.2 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 Sales Qty 0 0 0 0 0 Sales Sales (Cr.) (Rs.) / Unit 40.93 6.80 0.17 0.07 0.00 -

Product Name

Unit

Income from Stock Rs. Broking Interest Dividends Profit on sale of investment Service Income Rs. Rs. Rs. Rs.

EQUITY:
Trading in equities with JRG brings you the very best of the Technology, Research, Access and Ease. It empowers you to invest in Equities by providing an anchor to guide you as to when, where and how to invest.

We have some key focus areas which we work on incessantly in order to bring you a superior trading experience. These focus areas - based on our objective of customer centricity include the following:

Best-in-class technology: Investing in cutting-edge technology Powerful Research & Analytics: Experienced and trustworthy experts Transparency and Compliance: Unswerving adherence to the standards Call & Trade: Call on a local number & trade on the telephone Customer Service: Most dynamic and motivated team on the ground

Reach & Delivery Model: Both Offline/ Online and upgrading service delivery channel JRG has one of the largest retail networks in South India, with its presence in over 500 customer touch-points through our Branch & Franchisee Network in more than 100 cities & towns. This means, you can walk into any of these branches and connect to our highly skilled and dedicated relationship managers to get the best services

COMMODITIES: Why trade in Commodity?

Commodities Derivative market has emerged as a new avenue for investors to create wealth. Today, Commodities have evolved as the next best option after stocks and bonds for diversifying the portfolio. Commodity futures serves as an ideal hedging platform for farmers, physical traders and corporate who are exposed to price risk arising out of volatility in commodity prices. It also becomes an investment avenue for retail customers by providing several products with different and non-correlated cycle.

The JRG Edge

JRG provides broking services in commodity sector with membership of all three major exchanges. With our strong branch network, research support and technology edge; facilitate investors, traders and hedgers to trade in futures market. We provide a for MCX & NCDEX with BSE & NSE. JRG aims to harness the immense potential of the Commodities market by providing you a simple yet effective interface, research and knowledge.

Top quality Research

In house research on more than 25 commodities Highly skilled Analysts with professional industry experience

Daily, Weekly and Monthly Research Reports

Technology

Single screen customized Market-Watch for MCX and NCDEX along with NSE/ BSE

Real-time commodity information and ledger position

CURRRENCY DERIVATIVES
The global increase in trade and foreign investments has led to interconnection of many national economies leading to greater need for a stronger foreign exchange risk management mechanism. This and the resulting fluctuations in exchange rates, has created a huge international market for Forex rendering investors another exciting avenue for trading. We at JRG, as a leading currency brokerage house in the country, understand your needs and have designed our products to meet your requirements. The corporate desk provides customized FX hedging strategies for large corporate to SMEs. For the investing and trading community we provide various linear and non-linear trading strategies on domestic pairs, global majors such as EURUSD, GBPUSD & USDJPY and major crosses such as EURGBP, EURJPY & GBPJPY. We are a member of the two major currency exchanges- MCX-SX and NSE.

MARGIN FINANCE
It is essentially like an overdraft facility for making further investments in the stock market against the stocks already in hand instead of investing additional cash. It entitles the client to borrow funds which can then be used to trade in shares and thereby take more positions. The client needs to provide initial margin by way of shares and / or cash as security and maintain the same to be reasonably secured against any downswings in the market trend.

JRG Edge

Borrowing available against extensive list of shares Leverage up to 2 times No processing fees Simplified documentation & Quick loan processing Option to take delivery beyond the ordinary trade cycles Attractive interest rates Facility to convert to alternative options of borrowing.

Golden Banking
JRG brings to you Installment facilities to purchase the gold that you always desired to purchase but could not afford a one-time Investment for the same.

JRG Edge
EZ Gold, a Systematic Investment Plan (SIP) is an opportunity to invest in gold
with marginal investment and balance payable over two / three years in monthly installments. EZ Gold schemes are available for 48 grams onwards Clients can purchase 24 karat pure gold bar from MCX Platform. The client has to give 20% of the total value of the gold and rest 80 % will be financed by us at very attractive interest rates, lesser than that for Personal Loans. The client will receive gold in Demat form / physical form after the payment of Loan. Gold price appreciation benefit accrues on the entire gold bought.

Insurance Broking
JRG Insurance Broking is one of Indias leading Insurance Brokers providing customers a wide range of Insurance products spanning from Life and General Insurance.We provide specific value propositions for different segments of our customers Retail, NRIs, High Investment customers and Corporates.

IPO :

An investor can garner estimable returns by investing early in a company through an Initial Public Offering (IPO). JRG helps to invest in the primary market through the IPO route in an effortless way. The convenience in submission of applications from anywhere breaking the limitations of time and geography either through the wide network of our Branches and Franchisees or through Online IPO facility. We offer IPO facility to our registered trading customers at absolutely no cost. To use the ONLINE IPO feature, you need to fulfill the following criteria:

You must be registered for Trading with JRG Securities Ltd. You must have a Demat account with JRG Securities Ltd. You must have signed the POA agreement for Online IPOs.

Mutual Fund
Investing in a Mutual fund is an excellent way of diversifying risk as well as portfolio. JRG presents its Mutual fund services that strive to meet all your mutual fund investment needs. We have a wide spectrum of investment schemes from all top mutual fund houses. With JRG, you get to choose the mutual fund schemes that best suit your requirements from over 700 schemes offered by more than 33 different Asset Management Companies. JRG also provides recommendations based on in-depth research, mutual fund performance and mutual fund ratings to help meet your investment goals.

The JRG Edge:

Pan India presence Online and offline transaction facility Schemes from all major fund houses Latest MF News and Fund Manager views Latest New Fund Offers (NFO) Information and tools to help you select the right scheme Dedicated Customer Help desk

LOAN AGAINST COMMODITIES / WAREHOUSE RECEIPTS:

Offering loans at a concessional rate to farmers, dealers, exporters, traders etc against the Warehouse Receipts and International Securities Identification Number (ISIN) in a bid to save them from falling prey to distress sale of their farm produce, to hedge and/or enhance profitability. The loan would be available at a negotiable rate for a period of 12 months (depending upon the expiry of the product) in respect of loans sanctioned. Since warehouse receipts are negotiable instruments, they can be traded/ used for collateral while borrowing. According to the scheme, the borrower deposits the commodities with CWC or to any approved Warehouse (as stipulated by the exchange) and obtains a warehouse receipt, which certifies the quantity and quality of the deposited commodity.The commodities covered are Cardamom, Pepper, Rubber, Chilli, Steel, Gold, Silver etc.Rate of interest Interest rate shall be around 16% and vary based on various factors. For the prevailing interest rate please contact JRG Fincorp Help Desk

CHAPTER 3

THEORITICAL FRAME WORK

PORTFOLIO:
A portfolio is a collection of securities since it is really desirable to invest the entire funds of an individual or an institution or a single security ,it is essential that every security be viewed in a portfolio context. Thus it seems logical that the expected return of the portfolio. Portfolio analysis considers the determine of future risk and return in holding various blends of individual securities.

Portfolio expected return is a weighted average of the expected return of the individual securities but portfolio variance, in short contrast can be something reduced portfolio risk is because risk depends greatly on the co-variance among returns of individual securities. Portfolios, which are combination of securities, may or may not take on the aggregate characteristics of their individual parts.

Since portfolios expected return is a weighted average of the expected return of its securities, the contribution of each security the portfolios expected returns depends on its expected returns and its proportionate share of the initial portfolio value. It follows that an investor who simply wants the greatest possible expected return should hold one security, the one which is considered to have a greatest expected return. Very few investors do this, and very few investment advisors would counsult such and extreme policy

instead, investors should diversify, meaning that their portfolio should include more than one security.

OBJECTIVES OF PORTFOLIO MANAGEMENT:

The main objective of investment portfolio management is to maximize the returns from the investment and to minimize the risk involved in investment. Moreover, risk in price or inflation erodes the value of money and hence investment must provide a protection against inflation.

Secondary objectives: The following are the other ancillary objectives:

Regular return Stable income Appreciation of capital More liquidity Safety of investment Tax benefits.

Portfolio management services helps investors to make a wise choice between alternative investments and renders optimum returns to the investors by proper selection of continuous change of one plan to another plane with in the same scheme, any portfolio management must specify the objectives like maximum returns and risk capital appreciation, safety etc in their offer.

Return from the angle of securities can be fixed income securities such as:
Debentures-partly convertibles and non-convertibles debentures debt with tradable warrants. Preference shares Government securities and bonds Other debt instruments Variable income securities: Equity shares Money market securities like treasury bills commercial papers etc.

NEED FOR PORTFOLIO MANAGEMENT:

Portfolio management is a process encompassing many activities of investment in assets and securities. It is a dynamic and flexible concept and involves regular and systematic

analysis, judgment and action. The objective of this service is to help the unknown and investors with the expertise of professionals in investment portfolio management. It involves construction of a portfolio based upon the investors objectives, constraints preferences for risk and returns and tax liability. the portfolio is reviewed and adjusted from time to time in tune with the market conditions .The evaluation of portfolio is to be done in terms of targets set for risk and returns .The changes in the portfolio are to be effected to meet the changing condition.

The modern theory is the view that by diversification risk can be reduced Diversification can be made by the investor either by having a large number of shares companies in different regions, in different industries or those producing different types of product lines. Modern theory believes in the perspective of combination of securities under constraints of risk and returns.

PORTFOLIO MANANGMENT PROCESS:

Investment management is a complex activity which may be broken down in to the following steps :

1) specification of investment objectives and constraints :

The typical objective sought by investors is current income, capital appreciation, and safety of principle. The relative importance of these objectives should be specified further the constraints arising from liquidity, time horizon, tax and special circumstances must be identified.

2) Choice of the asset mix:

The most important decision in portfolio management is the asset mix decision very broadly this is concerned with the proportions of stocks (equity shares and units /shares of equity oriented mutual funds) and bonds in the portfolio. The appropriate stock bond mix depends mainly on the risk tolerance and investment horizon of the investor.

ELEMENTS OF PORTFOLIO MANAGEMENT:

Portfolio management is on-going process involving the following basic tasks:

Identification of the investors objectives, constraints and preferences. Strategies are to be developed and implemented in tune with investment policy formulated. Review and monitoring of the performance of the portfolio. Finally the evaluation of the portfolio.

Risk:
Risk is uncertainty of the income/capital appreciation or loss of both. All investments are risky. The higher the risk taken, the higher is the return. But proper management of risk involves the right choice of investments whose risks are compensating. The total risks of two companies may be different and lower than the risk of a group of two companies if their companies are offset by each other.

SOURCES OF INVESTMENT:

Business risk:
As a holder of corporate securities (equity shares or debentures), you are exposed to the risk of poor business performance. This may be caused by a variety of factors like heightened competition, emergence of new technologies, development of substitute products, shifts in consumer preferences, inadequate supply of essential inputs, changes in governmental policies, and so on.

Interest risk:
The changes in interest rate have a bearing on the welfare on investors. As the interest rate goes up, the market price of existing firmed income securities falls, and vice versa. This happens because the buyer of a fixed income security would not buy it as its par value of face value of its fixed interest rate is lower than the prevailing interest rate on a similar security.

For example, a debenture that has a face value of rs.100 and a fixed rate of 12% will a discount if the interest rate moves up from, say 12% to 14%.while the chances in interest rate have a direct bearing on the prices of fixed income securities, they affect equity prices too, but some what indirectly.

The two major types of risks are:

Systematic or market related risk. Unsystematic or company related risks Systematic risks affected from the entire market are (the problems, raw material availability, tax policy or government policy, inflation risk, interest risk and financial risk). It is managed by the use of Beta of different company shares. The unsystematic risks are mismanagement, increasing inventory, wrong financial policy, defective marketing etc. this is diversifiable or avoidable because it is possible to eliminate or diversify away this component of risk to a considerable extent by investing in a large portfolio of securities. The unsystematic risk stems from inefficiency magnitude of those factors different from one company to another.

RETURNS ON PORTFOLIO:
Each security in a portfolio contributes in the proportion of its investments in security. Thus the portfolio expected return is the weighted average of the expected return, from each of the securities, with weights representing the proportions share of the security in the total investment. Why does an investor have so many securities in his portfolio? If the security ABC gives the maximum return why not he invests in that security all his funds and thus maximize return? The answer to this questions lie in the investors perception of risk attached to investments, his objectives of income, safety, appreciation, liquidity and hedge against loss of value money etc. this pattern of investment in different asset categories, types of investment, etc., would all be described under the caption of diversification, which aims at the reduction or even elimation of non-systematic risks and achieve the specific objectives of investors.

RISK ON PORTFOLIO:
The expected returns from individual securities carry some degree of risk. Risk on the portfolio is different from the risk on individual securities. The risk is reflected in the variability of the returns from zero to infinity. Risk of the individual assets or a portfolio is measured by the variance of its return. The expected return depends on the probability of the returns and their weighted contribution to the risk of the portfolio. These are two measures of risk in this context one is the absolute deviation and other standard deviation.

RISK RETURN ANALYSIS:

All investment has some risk. Investment in shares of companies has its own risk or uncertainty; these risks arise out of variability of yields and uncertainty of appreciation or depreciation of share prices, losses of liquidity etc. The risk over time can be represented by the variance of the returns. While of the return over time is capital appreciation plus payout, divided by the purchase price of the share.

Normally, the higher the risk that investor takes, the higher is the return. There is, how ever, a risk less return on capital of about 12% which is the bank, rate charged by the R.B.I or long term, yielded on government securities at around 13% to 14%. This risk less return refers to lack of variability of return and no uncertainty in the repayment or capital. But other risks such as loss of liquidity due to parting with money etc; may however remain, but are rewarded by the total return on the capital. Risk return is subject to variation and the objectives of the portfolio manager are to reduce that variability and thus reduce the risky by choosing an appropriate portfolio. Traditional approach advocates that one security holds the better, it is according to the modern approach diversification should not be quantity that should be related to the quality of scripts which leads to quality of portfolio. Experience has shown that beyond the certain securities by adding more securities expensive.

Simple diversification reduces:

An assets total risk can be divided into certain securities by adding more securities expensive.

Systematic risk (undiversifiable risk ) + unsystematic risk (diversified risk) = Total risk = var(r).

Unsystematic risk is that portion of the risk that is unique to the firm (for example, risk due to strikes and management errors.) unsystematic risk can be reduced to zero by simple diversification. Simple diversification is the random selection of securities that are to be added to a portfolio. As the number of randomly selected securities added to a portfolio is increased, the level of unsystematic risk approaches zero. However market related systematic risk cannot be reduced by simple diversification. This risk is common to all securitie

Persons involved in portfolio management: Investors:

Are the people who are interested their funds.

Portfolio managers:
Is a person who is the wake of a contract agreement with a client, advices or directs or undertakes on behalf of the clients, the management or distribution or management of the fund of the client as the case may be.

Discretionary portfolio manager:

Means a manager who exercise under a contract relating to a portfolio management exercise any degree of discretion as to the investment or management of portfolio or securities or funds of clients as the cas3e may be.

The relationship between an investor and portfolio manager is of a highly interactive nature:

The portfolio manager carries out all the transactions pertaining to the investor under the power of attorney during the last two decades, and increasing complexity was witnessed in the capital market and its trading procedures in this context a key (uniformed investor formed) investor found him self in a tricky situation, to keep track of market movement, update his knowledge, yet stay in the capital market and make money, therefore in looked forward to resuming help from portfolio manager to do the job for him. The portfolio management seeks to strike a balance between risks and return. The generally rule in that greater risk more of the profits but S.E.B.I in its guidelines prohibits portfolio managers to promise any return to investor.Portfolio management is not a substitute to the inherent risks associated with equity investment.

Who can be a portfolio manager?

Only those who are registered and pay the required license fee are eligible to operate as portfolio mangers. An applicant for this purpose should have necessary infrastructure with professionally qualified persons and with a minimum of two persons with experience in this business and a minimum net worth of Rs.50 lakhs. The certificate once granted is valid for three years. Fees payable for registration are 2.5lakhs every for two years and Rs.11lakhs for the third year. From the fourth year onwards, renewal fees per annum are Rs75000. These are subjected to change by the S.E.B.I. The S.E.B.I. has imposed a number of obligations and a code of conduct on them. The portfolio manager should have a high standard of integrity, honesty and should not have been convicted of any economic offence or moral turpitude. He should not resort to rigging up of prices, insider trading or creating false markets, etc. their books of accounts are subject to inspection to inspection and audit by S.E.B.I. The observance of the code of conduct and guidelines given by the S.E.B.I. are subject to inspection and penalties for violation are imposed. The manager has to submit periodical returns and documents as may be required by the SEBI from time-to time.

Functions of portfolio managers:

Advisory role: advice new investments, review the existing ones, identification of

objectives, recommending high yield securities etc.

Conducting market and economic services: This is essential for recommending

good yielding securities they have to study the current fiscal policy, budget proposal; individual polices etc further portfolio manager should take in to account the credit policy, industrial growth, foreign exchange possible change in corporate laws etc. Financial analysis: He should evaluate the financial statement of company in order to understand, their net worth future earnings, prospects and strength. Study of stock market: He should observe the trends at various stock exchange and analysis scripts so that he is able to identify the right securities for investment.

 Study of industry: He should study the industry to know its future prospects,

technical changes etc, required for investment proposal he should also see the problems of the industry. Decide the type of portfolio: Keeping in mind the objectives of portfolio a portfolio manager has to decide weather the portfolio should comprise equity preferences shares, debentures, convertibles, non-convertibles or partly convertibles, money market, securities etc or a mix of more than one type of proper mix ensures higher safety, yield and liquidity coupled with balanced risk techniques of portfolio management. A portfolio manager in the Indian context has been Brokers (big brokers) who on the basis of their experience, market trends, insider trader, helps the limited knowledge persons. Registered merchant bankers can acts as portfolio managers investors must look forward, for qualification and performance and ability and research base of the portfolio managers.

Techniques of portfolio management:

As of now the under noted technique of portfolio management are in vogue in our country.

1. Equity portfolio: It is influenced by internal and external factors the internal

factors effect the inner working of the companys growth plans are analyzed with referenced to Balance sheet, profit& loss a/c (account) of the company. Among the external factor are changes in the government policies, trade cycles, political stability etc.
2. Equity stock analysis: under this method the probable future value of a share of

a company is determined it can be done by ratios of earning per share of the company and price earning ratio. EPS== PROFIT AFTER TAX

NO: OF EQUITY SHARES

PRICE EARNING RATIO ==

MARKET PRICE

E.P.S (earnings per share)

One can estimate trend of earning by EPS, which reflects trends of earning quality of company, dividend policy, and quality of management. Price earning ratio indicate a confidence of market about the company future , a high rating is preferable.

The following points must be considered by portfolio managers while analyzing the securities.
Nature of the industry and its product: competition with in, and out side the industry, technical changes, labour relations, sensitivity, to Long term trends of industries trade cycle. Industrial analysis of prospective earnings, cash flows, working capital, dividends, etc. Ratio analysis: Ratio such as debt equity ratios, current ratios, net worth, profit earning ratio, return on investment, are worked out to decide the portfolio. The wise principle of portfolio management suggests that Buy when the market is low or BEARISH, and sell when the market is rising of BULLISH Stock market operation can be analyzed by:

Fundamental approach:- Based on intrinsic value of shares Technical approach : - Based on Donjons theory, Random walk theory, etc.

Prices are based upon demand and supply of the market.

Traditional approach. Objectives are maximization of wealth and minimization of risk. Diversification reduces risk and volatility. Variable returns, high illiquidity; etc.

Capital Assts pricing approach (CAPM) it payss more weight age, to risk or portfolio diversification of portfolio.

Diversification of portfolio reduces risk but it should be based on certain assessment such as:
Trend analysis of past share prices. Valuation of intrinsic value of company ( trend- marker moves are know for their uncertainties they are compared to be high, low prompts of wave market trends are constituted by these waves it is a pattern of movement based on past).

The following rules must be studied while cautious portfolio manager before decide to invest their funds in portfolios:
1. Compile the financials of the companies in the immediate past 3 years such as turn over, gross profit, net profit before tax, compare the profit earning of company with that of the industry average nature of product manufacture service render and it future demand, know about the promoters and their back ground, dividend track record, bonus shares in the past 3 to 5 years, reflects companys commitment to share holders the relevant information can be accessed from the RDC published financial results financed quarters, journals and ledgers. 2. Watch out the highs and lows of the scripts for the past 2 to 3 years timing cyclical scripts have a tendency to repeat their performance, this hypothesis can be true of all other financial. 3. The higher the trading volume higher is liquidity and still higher the chance of speculation, it is futile to invest in such shares whos daily movements cannot be kept track, if you want to reap rich returns keep investment over along horizon and it will offset the wild intra day trading fluctuations the minor movement of scripts may be ignored, we must remember that share market moves in phases and the span of each phase is 6 months to 5 years.
Long term of the market should be the guiding factor to enable you to

invest and quit. The market is now bullish and the trend is likely to continue for some more time. UN tradable shares must find a last place in portfolio apart from return; even capital invested is eroded with no way of exit with no way exit with inside.

How at all one should avoid such scripts in future?

Never invest on the basis of an insider trader tip in a company which is not sound

(insider trader is person who gives tip for trading in securities based on prices sensitive un published information relating to such security.) Never invest in the so called promoter quota of lesser known company. Never invest in a company about which you do have appropriate knowledge. Shuffle the portfolio and replace the slow moving sector with active ones, investors were shatter when the technology, media, software, stops have taken a down slight. Never fall to the magic of the scripts dont confine to the blue chip companys look out for other portfolio that ensure regular dividends.
In the same way never react to sudden raise or fall in stock market index such

fluctuation is movement minor corrections in stock market.

PORTFOLIO MANAGEMENT AND DIVERSIFICATION:

Combinations of securities that have high risk and return features make up a portfolio.Portfolios may or may not take on the aggregate characteristics of individual part, portfolio analysis takes various components of risk and return for each industry and consider the effort of combined security. Portfolio selection involves choosing the best portfolio to suit the risk return preferences of portfolio investor management of portfolio is a dynamic activity of evaluating and revising the portfolio It may include in cash also, even if one goes bad the other will provide protection from the loss even cash is subject to inflation the diversification can be either vertical or horizontal diversification. Investment in a fixed return securities in the current market scenario which is passing through a an uncertain phase investors are facing the problem of lack of liquidity combined with minimum returns the important point to both is that the equity market and debt market moves in opposite direction where the stock market is booming, equities perform better where as in depressed market the assured returns related securities market out perform equities.

Never invest in a single securities your investment can be allocated in the following areas:
1. 2. 3. 4. Equities:-primary and secondary market. mutual Funds Bank deposits Fixed deposits and bonds and the tax saving schemes..

The different areas of fixed income are as:1. Fixed deposits in company 2. Bonds 3. Mutual funds schemes With an investment strategy to invest ion debt investment in fixed deposit can be made for the simple reason that assured fixed income of a high of 14-17% per annum can be expected which is much safer then investing a highly volatile stock market, even in comparison to banks deposit which gives a maximum return of 12% per annum, fixed deposits in high profile esteemed will performing companies definitely gives a higher returns.

INVESTEMENT DECISIONS

Definition of investment:
According to F.AMLING Investment may be defined as the purchase by an individual or an Institution investor of a financial or real asset that produces a return proportion to the risk assumed over some future investment period. According to D.E fisher and R.J.JORDON, Investment is a commitment of funds made in the expectation of some positive rate of return. If the investment is properly undertaken, the return will be commensurate with the risk of the investor assumes,

Concept of Investment:
Investment will generally be used in its financial sense and as such investment is the allocation of monetary resources to assets that are expected to yield some gain or positive return over a given period of time. Investment is a commitment of a persons funds to derive future income in the form of interest, dividends, rent, premiums, pension benefits or the appreciation of the value of his principle capital. Many types of investment media or channels for making investments are available. Securities ranging from risk free instruments to highly speculative shares and debentures are available for alternative investments. All investments are risky, as the investor parts with his money. An efficient investor with proper training can reduce the risk and maximize returns. He can avoid pitfalls and protect his interest. There are different methods of classifying the investment avenues. A major classification is physical investments and financial investments. They are physical, if savings are used to acquire physical assets, useful for consumption or production. Some physical assets like ploughs, tractors or harvesters are useful in agricultural production. A few useful physical assets like cars, jeeps etc., are useful in business. Many items of physical assets are not useful for further production of goods or create income as in the case of consumer durables, gold, silver, etc. among different types of investment, some are marketable and transferable and others are not. Examples of marketable assets are shares and debentures of public limited companies, particularly the listed companies on stock exchange, bonds of P.S.U., government securities etc. non-marketable securities or investments in bank deposits, provident fund pension funds, insurance certificates, post office deposits, national savings certificate, company deposits, private limited companies shares etc

The investment process may be described in the following stages:

Investment policy:

The first stage determines and involves personal financial affairs and objectives before making investment. It may also be called the preparation of investment policy stage. The investor has to see that he should be able to create an emergency fund, an element of liquidity and quick convertibility of securities into cash. This stage may, therefore be called the proper time of identify investment assets and considering the various features of investments.

Investment analysis:
After arranging a logical order of types of investment preferred, the next step is to analyze the securities available for investment. The investor must take a comparative analysis of type of industry, kind of securities etc. the primary concerns at this stage would be to form beliefs regarding future behavior of prices and stocks, the expected return and associated risks.

Investment valuation:
Investment value, in general is taken to be the present worth to the owners of future benefits from investments. The investor has to bear in mind the value of these investments. An appropriate set if weights have to be applied with the use of forecasted benefits to estimate the value of the investment assets such as stocks, debentures, and binds, and other assts. Comparison of the value with the current market price of the assets allows a determination of the relative attractiveness of the asset allows a determination of the relative attractiveness of the assets. Each asset must be value on its individual merit.

Portfolio construction and feed-back:

Portfolio construction requires knowledge of different aspects of securities in relation to safety and growth of principle, liquidity of assets etc. in this stage, we study, determination of diversification level, consideration of investment timing selection of investment assets, allocation of invest wealth to different investments, evaluation of portfolio for feed-back.

INVESTMENT DECISIONS- GUIDELINES FOR EUITY INVESTMENT:

Equity shares are characterized by price fluctuations which can produce substantial gains or inflict severe losses. Given the volatility and dynamism of the stock market, investor requires greater competence and skill- along with a touch of good luck too to invest in equity shares. Here are some general guidelines to play to equity game, irrespective of weather you aggressive or conservative. Adopt a suitable formula plan. Establish value anchors.

Assets market psychology. Combination of fundamental and technical analyze. Diversify sensibly Periodically review and revise your portfolio.

Requirement of portfolio:
1. Maintain adequate diversification when relative values of various securities in the portfolio change. 2. Incorporate new information relevant for return investment. 3. Expand or contrast the size of portfolio to absorb funds or with draw funds. 4. Reflect changes in investor risk disposition.

Qualities for successful investing:

Contrary thinking Patience Composure Flexibility Openness

INVESTORS PORTFOLIO CHOICE:

An investor tends to choose that portfolio, which yields him maximum return by applying utility theory. Utility theory is the foundation for the choice under uncertainty. Cardinal and ordinal theories are the two alternatives, which is used by economist to determine how people and societies choose to allocate scare resources and to distribute wealth among one another.

The former theory implies that a consumer is capable of assigning o every commodity or combination of commodities a number representing the amount of degree of utility associated with it. Were as the latter theory, implies that a consumer needs not be liable to assign numbers that represents the degree or amount of utility associated with commodity or combination of commodity. The consumer can only rank and order the amount or degree of utility associated with commodity. In an uncertain environment it becomes necessary to ascertain how different individual will react to risky situation. The risk is defined as a probability of success or failure or risk could be described as variability of out comes, payoffs or returns. This implies that there is a distribution of outcomes associated with each investment decision. Therefore we can say that is a relationship between the expected utility and risk. Expected utility with a

particular portfolio return. This numerical value is calculated by taking a weighted average of the utilities of the various possible returns. The weights are the probabilities of occurrence associated with each of the possible returns.

MARKOWITZ MODEL THE MEAN-VARIENCE CRITERION:

Dr. Harry M.Markowitz is credited with developing the first modern portfolio analysis in order for the optimum allocation of assets with in portfolio. To reach this objective, Markowitz generated portfolio within a reward risk context. In essence, Markowitzs model is a theoretical framework for the analysis 0of risk return choices. Decisions are based on the concept of efficient portfolios. A portfolio is efficient when it is expected to yield the highest return for the level of risk accepted or, alternatively, the smallest portfolio risk for a specified level of expected return. To build an efficient portfolio an expected return level is chosen, and assets are substituted until the portfolio combination with the smallest variance at the return level is found. At this process is repeated for expected returns, set of efficient portfolio is generated.

ASSUMPTIONS:
Investors consider each investment alternative as being represented by a probability distribution of expected returns over some holding period.
Investors maximize one period-expected utility and posses utility curve, which

demonstrates diminishing marginal utility of wealth. Individual estimate risk on the basis of the variability of expected returns. Investors base decisions solely on expected return and variance or returns only.

For a given risk level, investors prefer high returns to lower return similarly for a given level of expecte4d return, investors prefer risk o more risk.
Under these assumptions, a single asset or portfolio of assets is considered to be

efficient if no other asset or portfolio of assets offers higher expected return with the same risk or lower risk with the same expected return.

THE SPECIFIC MODEL:

In developing his model, Morkowitz first disposed of the investment behavior rule that the investor should maximize expected return. This rule implies that the non-diversified

single security portfolio with the highest return is the most desirable portfolio. Only by buying that single security can expected return be maximized. The single-security portfolio would obviously be preferable if the investor were perfectly certain that this highest expected return would turn out be the actual return. However, under real world conditions of uncertainty, most risk adverse investors join with Markowitz in discarding the role of calling for maximizing expected returns. As an alternative, Markowitz offers the expected returns/variance of returns rule. Markowitz has shown the effect of diversification by reading the risk of securities. According to him, the security with covariance which is either negative or low amongst them is the best manner to reduce risk. Markowitz has been able to show that securities which have less than positive correlation will reduce risk without, in any way bringing the return down. According to his research study a low correlation level between securities in the portfolio will show less risk. According to him, investing in a large number of securities is not the right method of investment. It is the right kind of security which brings the maximum result.

CONSTRUCTION OF THE STUDY: Purpose of the study:

The purpose of the study is to find out at what percentage of investment should be invested between in different companies, on the basis of risk and return of each security in comparison. These percentages help in allocating the funds available for investment based on risky portfolio.

Implementation of study:
For implementing the study securitys or scripts constituting the sensex market are selected of one month closing share movement price date from economic times, business line and financial express from 9th may to 1st June 2011.

In order to know how the risk of the stock or script, we use the formula, which is given below: Standard Deviation = variance
Variance = (1/n-1) E(R-R) ^2

t=1

Where (R-R) ^2= square of difference between sample and mean. n=number of sample observed. After that, we need to compare the stocks or scripts of two companies with each other by using the formula or correlation co-efficient a given below.

Co-variance (COVAB) = 1/n E (RA-RA) (RB-RB) t=1

Correlation-coefficient (P AB) = (COV AB

(Std.A) (Std.B)
Where (RA-RA) (RB-RB) = Combined deviations of A&B (std.A) (std.B)= standard deviation of A&B COVAB = Covariance between A&B N = number of observation The next step would be the construction of the optimal portfolio on the basis of what percentage of investment should be invested when two securities and stocks are combined i.e., calculation of two assets portfolio weight by using minimum variance equation which is given below.

Formula.
Xa = (Std.b)^2 pab(Std.a)(Std.b)

(Std.a) ^2 + (Std.b) ^2 2pab (Std.a) (Std.b)

Where Std.b= standard deviation of b Std.a= standard deviation of a

Pap= correlation co-efficient between A&B The next step is final step to calculate the portfolio risk (combined risk), that shows how much is the risk is reduced by combining two stocks or scripts by using this formula:

p=X1^21^2+X2^22^2+2(X1)(X2)(X12)1
Where X1=proportion of investment in security1. X2= proportion of investment in security 2. 1= standard deviation of security 1 2 = standard deviation of security 2. X12=correlation co-efficient between security 1&2. p = portfolio risk.

CHAPTER 4

PRACTICAL FRAME WORK

RETURN OF ICICI BANK

YEAR 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

BEGINNING PRICE(Rs ) 599 853 769.40 332 952

ENDING PRICE(Rs) 857 845 314 948 1097

DIVIDEND(Rs) 10 11 11 12 14

RETURN(%) 44.74% 0.35% -57.73% 189.15% 16.70%

RETURN = DIVIDEND + [ENDING PRICE BEGGNING] *100 BEGGNING PRICE

RETURN (2006-2007) = 10 + 857-599 *100 599 RETURN (2007-2008) = 11 + 845-853 *100 853 RETURN (2008-2009) = 11 + 314-769 *100 769 RETURN (2009-2010) = 12 + 948-332 *100 332 RETURN (2010-2011) = 10 + 1097-952 *100 952

44.74%

0.35%

-57.73%

189.15%

16.70%

The chart shows the return on investment is 2010 is having highest return i. e 189.15% & 2009 is lowest return i.e -57.60% each and every year it is fluctuating.

CALICULATION OF STANDERD DEVIETION OF ICICI

YEAR 2007 2008 2009 2010 2011

RETURN(R) 44.74% 0.85% -57.73% 189.15% 16.70% 193.21 38.64 38.64 38.64 38.64 38.64 6.1 -38.29 -96.37 150.51 -21.94

( 37.21 1466.12 4287.17 22653.26 481.36 28925.12

AVERAGE ( ) =

193.21 5

38.64

VARIENCE

(R- )2

7231.28 = = = 85.03

STANDERD DEVIETION

CALICULATION OF RETURN ON SBIN

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 983.50 930.25 1624.50 1073.95 2103.75 ENDING PRICE 992.90 1598.85 1066.55 2079 2767.90 DIVIDEND 21.50 29 10 20 30 RETURN 3.14 74.95 -33.73 95.44 32.99

RETURN

100

RETURN(2006-07) RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = = =

100 100 100 100 100

= = = = =

3.14 % 116.56% -33.73% 95.44% 32.99%

The chart shows the return on investment in2010 is having highest return i.e, 95.44 and 2009 is the lowest return i.e, -33.73 each and every year it is fluctuating.

YEAR 2007 2008 2009 2010 2011

RETURN(R) 3.14 74.95 -33.73 95.44 32.99 172.79 34.558 34.558 34.558 34.558 34.558 -31.418 40.392 -68.288 60.882 -1.568

( 987.09 1631.51 4663.25 3706.61 2.458 10990.91

AVERAGE ( ) =

172.79 5 34.558

VARIENCE

(R- )2

= 2747.72 STANDERD DEVIETION = = = 52.418

CALICULATION OF RETURN ON JSW STEEL

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 318 605 835 234 1245 ENDING PRICE 493 819 232 1234 914 DIVIDEND 0 14 1 9.50 12.25 RETURN 55% 37.68% -72% 431.19% -25.6%

RETURN

100

RETURN(2006-07)

100

55%

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

37.68% -72% 431.19% -25.6 %

The chart shows the return on investment in2010 is having highest return i.e 431.19 & 2009 is lowest return i.e - 72% each and every year it is fluctuating.

YEAR 2007 2008 2009 2010 2011

RETURN(R) 55 37.68 -72 431.19 -25.6 426.27 85.25 85.25 85.25 85.25 85.25 -30.25 -47.57 -157.25 345.94 -110.85

( 915.06 2262.90 24727.56 119674.48 12287.72 159867.72

AVERAGE ( ) =

426.27 5

85.25

VARIENCE

(R- )2

39966.93 =

STANDERD DEVIETION =

= 199.91

CALICULATION OF RETURN ON HINDALCO

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 148 175 219 161 248 ENDING PRICE 171 215 52 246 180 DIVIDEND 1.70 1.85 1.35 1.35 1.50 RETURN 16.68 23.91% -75.63% 53.63% -26.81%

RETURN

100

RETURN(2006-07)

100

16.68%

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

23.91% -75.63% 53.63% -26.81%

H AL IND CO
80 60 40 20 0 -20 -40 -60 -80 -100 2006-07 2007-08 2008-09 2009-10 2010-11 RETURN %

The chart shows the return on investment in2010 is having highest return i.e, 53.63 and 2009 is the lowest return i.e, -75.63 each and every year it is fluctuating.

YEAR 2007 2008 2009 2010 2011

RETURN(R) 16.68 23.91% -75.63% 53.63% -26.81% -8.72 -1.64 -1.64 -1.64 -1.64 -1.64 18.32 25.55 77.27 107.26 28.45

( 335.62 652.80 5970.65 11504.70 809.40 19273.17

AVERAGE ( ) = -8.22 5 -1.64

VARIENCE

(R- )2

4818.29 =

STANDERD DEVIATION =

= 69.41

CALICULATION OF RETURN ON HDFC

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 1340 1519 2379 1505 2782 ENDING PRICE 1519 2379 1412 2717 781 DIVIDEND 22 25 30 36 9 RETURN 15 58.26% -39.38 82.72% -74.47

RETURN

100

RETURN(2006-07)

100

15%

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

58.26% -39.38% 82.92% -26.81%

The chart shows the return on investment in2010 is having highest return i.e, 82.72 and 2011 is the lowest return i.e, -74.47 each and every year it is fluctuating.

YEAR 2007 2008 2009 2010 2011

RETURN(R) 15 58.26% -39.38 82.72% -74.47 121.09 24.42 24.42 24.42 24.42 24.42 -9.22 34.04 -63.6 58.7 -98.69

( 85 1158.72 4044.96 3445.69 809.40 18474.08

AVERAGE ( ) =

121.09 5

24.22

VARIENCE

(R- )2

= 4618.52 STANDERD DEVIETION = = 67.95 =

CALICULATION OF RETURN ON LIC HOUSING

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 190.10 133.75 293.15 231.65 881.05 ENDING PRICE 137.70 279.65 224.55 872 225.45 DIVIDEND 3 10 13 15 3.50 RETURN -25.98 116.56 -18.96 282.90 -74.01

RETURN

100

RETURN(2006-07)

100

-25.98 %

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

116.56% -18.96% -282.90% -74.01%

L H IC OUS ING
350 300 250 200 150 100 50 0 -50 -100 2006-07 2007-08 2008-09 2009-10 2010-11 RETURN

The chart shows the return on investment in2010 is having highest return i.e, 282.90 and 2011 is the lowest return i.e, -74.01 each and every year it is fluctuating. YEAR 2007 RETURN(R) -25.98 56.10 -82.08

( 6737.12

2008 2009 2010 2011

116.56 -18.96 282.90 -74.01 280.51

56.10 56.10 56.10 56.10

60.46 75.06 207.84 -130.11

3655.41 5634 43197.46 16928.61 76152.6

AVERAGE ( ) =

280.51 5

56.10

VARIENCE

(R- )2

= 19038.15 STANDERD DEVIETION = = 137.97 =

CALICULATION OF RETURN ON BHARTI AIRTEL

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 421 728 802 614 302 ENDING PRICE 764 826 625 312 357 DIVIDEND 0 0 0 2 1 RETURN 81.74% 13.46% -22% -48.85 18.54

RETURN

100

RETURN(2006-07)

100

81.47 %

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

13.46% -22% -48.85% 18.54%

The chart shows the return on investment in2007 is having highest return i.e, 81.74 and 2010 is the lowest return i.e, -48.85 each and every year it is fluctuating.

YEAR 2007 2008 2009 2010 2011

RETURN(R) 81.74% 13.46% -22% -48.85 18.54 42.62 8.52 8.52 8.52 8.52 8.52 72.95 4.94 -30.52 -57.37 10.2

( 5321.70 24.40 933.91 3291.31 100.4 10575.32

AVERAGE ( ) =

71 5

8.52

VARIENCE

(R- )2

= 2643.83 STANDERD DEVIETION = = 51.41 =

CALICULATION OF RETURN ON RCOM

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11 BEGINNING PRICE 320 396.85 520.85 179.95 170.95 ENDING PRICE 420 508.30 174.65 170.70 107.70 DIVIDEND 0.50 0.75 0.80 0.85 0.70 RETURN 31.40% 28.27% -66.31% -4.66 -36.38

RETURN

100

RETURN(2006-07)

100

31.40 %

RETURN(2007-08) RETURN (2008-09) RETURN (2009-10) RETURN (2010-11)

= = = =

100 100 100 100

= = = =

28.27% -66.31% -4.66% -36.38%

The chart shows the return on investment in2007 is having highest return i.e, 31.40 and 2009 is the lowest return i.e, -66.31 each and every year it is fluctuating.

YEAR

RETURN(R)

2007 2008 2009 2010 2011

31.40% 28.27% -66.31% -4.66 -36.38 -47.58

-9.51 -9.51 -9.51 -9.51 -9.51

40.91 37.78 -56.8 -4.65 -27.07

1673.62 1427.32 3226.24 21.62 732.78 7081.58

AVERAGE ( ) =

-47.58 5

-9.51

VARIENCE

(R- )2

= 7081.58 STANDERD DEVIETION = = 84.15 =

STANDERD DEVIATION
COMPANY ICICI SBIN JSW STEEL HINDALCO HDFC LIC HOUSING BHARTI AIRTEL RCOM 85.03 52.418 199.91 69.41 67.95 137.97 51.41 84.15 STANDERD DEVIATION

The chart shows the return on investment in JSW STEEL is having highest return i.e., 199.41 and BHARATHI AIRTEL is the lowest return i.e., 51.41 each and every year it is fluctuating.

Correlation between ICICI & SBIN

YEAR 2007 2008 2009 2010 2011

DEV OF ICICI 6.1 -38.29 -96.37 150.51 21.94

DEV OF SBIN -31.418 40.392 68.288 60.882 -1.568

COMBINED DEVIATION -191.64 -1546.60 -6580.91 9163.34 -34.40 809.79

COVARIANCE (COV AB) = 1/n

COVARIANCE (COV AB)

= 1/5 (809.79) = 161.95

CORRELATION COFICIANT

= 0.363

Correlation between JSWSTEEL & HINDALCO

YEAR 2007 2008 2009 2010 2011

DEV OF ICICI -30.25 -47.57 -157.25 345.94 -110.85

DEV OF SBIN 18.32 25.55 75.27 107.26 28.45

COMBINED DEVIATION -554.18 -1215.41 -11836.20 37105.52 -3153.68 20346.05

COVARIANCE (COV AB) = 1/n

COVARIANCE (COV AB)

= 1/5 (20346.05)

= 4069.21

CORRELATION COFICIANT

= 0.2933

Correlation between HDFC & LIC

YEAR 2007 2008 2009 2010 2011

DEV OF ICICI -9.22 34.04 -63.6 58.7 -98.69

DEV OF SBIN -82.08 60.46 75.06 20 -130.11

COMBINED DEVIATION 756.77 2058.05 -4773.81 .84 12200.20 12840.55 23081.76

COVARIANCE (COV AB) = 1/n

COVARIANCE (COV AB)

= 1/5 (23081.76)

= 4616.35

CORRELATION COFICIANT

= 0.4924

Correlation between BHARATHI AIRTEL & RCOM

YEAR 2007 2008 2009 2010 2011

DEV OF ICICI 72.95 4.94 -30.52 -57.37 10.2

DEV OF SBIN 40.91 37.78 -56.8 -4.65 -27.07

COMBINED DEVIATION 2984.38 186.63 1733.53 266.77 -276.11

COVARIANCE (COV AB) = 1/n

COVARIANCE (COV AB)

= 1/5 (4895.2)

= 979.04

CORRELATION COFICIANT

= 0.2263

AVERAGE
COMPANY
ICICI SBIN JSWSTEEL HINDALCO HDFC LIC BHARATHI AIRTEL RCOM

AVERAGE
38.64 34.558 85.25 -1.64 24.22 56.10 8.52 -9.51

The chart shows the return on investment in JSW STEEL is having highest return i.e., 85.25 and RCOM is the lowest return i.e.,-9.51 each and every year it is fluctuating

CORRELATION COEFFICIENT
COMPANY
ICICI & SBIN JSWSTEEL & HINDALCO HDFC & LIC BHARATI AIRTEL

R
0.0363 0.2933 0.4924 0.2263

The chart shows the return on investment in HDFC & LIC is having highest return i.e., 0.4924% and ICICI & SBIN is the lowest return i.e.,0.363% each and every year it is fluctuating

CHAPTER 5 FINDINGS, SUGGESTIONS AND CONCLUSIONS

As the study shows the following findings for portfolio construction:

Investor would be able to achieve when the returns of shares and debentures resultant
Portfolio would be known as diversified portfolio. Thus portfolio construction would Address itself to three major via, selectivity, timing and diversification. In case of portfolio management, negatively correlated assets are most profitable.

Correlation between the HDFC &LIC are negatively correlated which means Both the combinations of portfolios at good position to gain in future. Investors may invest their money for long run, as both the Combinations are most suitable portfolios. A rational investor would constantly examine His chosen portfolio both for a average return and risk.

CONCLUSIONS
ICICI & SBIN
The combination of ICICI & SBIN gives the proportion of investment is For ICICI & SBIN, based on the standard deviation. The standard deviation for ICICI is 85.03 and for SBIN is 52.418.

Hence the investor should invest their funds more in SBIN when compared to ICICI as the risk involved in SBIN is less than ICICI as the standard deviation of SBIN is less than that of ICICI.

JSWSTEEL & HINDALCO

The combination of JSWSTEEL & HINDALCO gives the proportion of investment is for JSWSTEEL & HINDALCO, based on the standard deviation. The standard deviation for JSWSTEEL is 199.91 and for HINDALCO is 69.41

Hence the investor should invest their funds more in HINDALCO when compared to JSWSTEEL as the risk involved in HINDALCO is less than JSWSTEEL as the standard deviation of HINDALCO is less than that of JSWSTEEL.

HDFC & LIC HOUSING LTD

The combination of HDFC & LIC gives the proportion of investment is For HDFC & LIC, based on the standard deviation. The standard deviation for HDFC is 67.95 and for LIC is 137.97

Hence the investor should invest their funds more in HDFC when compared to LIC as the risk involved in HDFC is less than LIC as the standard deviation of HDFC is less than that of LIC.

BHARTHI AIRTEL & RCOM

The combination of AIRTEL & RCOM gives the proportion of investment is For AIRTE & RCOM, based on the standard deviation. The standard deviation for AIRTEL is 51.41 and for RCOM is 84.15

Hence the investor should invest their funds more in AIRTEL when compared to RCOM as the risk involved in AIRTEL is less than RCOM as the standard deviation of AIRTEL is less than that of RCOM.

Conclusions for correlation:

In case of perfectly correlated securities or stocks, the risk can be reduced To a minimum point.In case of negatively correlative securities the risk can be reduced to a Zero (which is cos risk) but he market risk prevails the same for the security Or stock in the portfolio.

BIBLIOGRAPHY BOOKS
1. Author name: DONALDE,FISHER & RONALD J.JODON Book name : SECURITIES ANALYSIS AND PORTFOLIO MANAGEMENT Publisher name: Prentice hall
Edition no 6th

Page nos:180-196 2. Author name: V.K.BHALLA Book name : INVESTMENT MANAGEMENTS Publisher name: CHAND PUBLICATION. Page nos : 122-134

3. Author name: M.SULOCHANA Book name : INVESTMENT MANAGEMENTS Publisher name: KALYANI PUBLICATION. Page nos : 179-219

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