dhii april 2017 journal - jyoti nivas · 6. recruitment and sourcing process adopted at [24]7...

DHII Volume 14, April 2017

Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous i

DHII

Volume XIV April 2017

Jyoti Nivas College AutonomousPost Graduate Centre

Hosur Road, Bangalore - 95www.jyotinivas.org

A Journal by the Department of MBA, MCA and M.Com (FA)

ii Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous



Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous iii

Message

Effective people are not problem-minded; they’re opportunity-minded. They feed opportunities and starve

problems.

-Dr. Stephen Covey

It gives me immense pleasure to present to you the fourteenth issue of the Research journal - ‘Dhii’ April 2017. It is a journal by the students of MBA/MCA/M.Com(FA) that has both internal and external expert reviewer teams. The journal publishes articles on current research in the areas of Finance, Marketing, Human Resource and Information Technology. This issue has total of fifteen article.

The time spent at the Masters Degree must make a difference. In a way it is a stepping stone to a different life altogether. Since, this is the ideal time for study and teaching-learning thrives in an ambience wherein new knowledge is created, the course has been planned carefully to enable the students for further academic pursuits.

Encouraging students at their master’s degree level to develop an interest in research is the first step in creating a culture of research. To make research a part of their curriculum, to start early so as to generate the interest in the young academicians is the purpose of this journal.

In their final year, the students have the opportunity to work on a research project in an area of their choice, under the guidance of one of the faculty members. This is to encourage independent study

iii

iv Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous


in the students giving them an opportunity to engage with research and prepare them for higher levels of academia. The work that they put in towards the compilation and release of these journals, which they incidentally contribute articles to as well as edit, teaches them valuable lessons on research.

While ‘Dhii’hones the research skills in the students, it challenges the staff to keep abreast with the latest areas of research which in turn helps improve the quality of their teaching.

My sincere appreciation goes to our student contributors, who worked with ease, enthusiasm and joy. I thank my dear staff, who journeyed with our students and a special note of thanks to Dr. Percy who gave the final touch to ‘Dhii’ and worked towards successful release of the fourteenth issue. Congratulations to the staff and students of MBA/MCA/M.Com (FA).

In our constant striving for excellence, we continue to march ahead keeping in mind the college motto‘Let Your Light Shine’.

God Bless You

Dr. Sr. Lalitha Thomas Director, Post Graduate Centre Jyoti Nivas College Autonomous

iv


Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous v

Names of the Reviewers

Section I – MCA

External Reviewer

• Ms.MythiliDevi,Assistant. Professor, Department of MCA, Surana College, Bangalore.

Internal Reviewer

• Dr.ShilpaAbhang, Assistant Professor, Department of MCA, Jyoti Nivas College, Bangalore.

• Mr.RajeshDharmaraj,Assistant Professor, Department of MCA, Jyoti Nivas College, Bangalore.

• Mrs.Swarnamugi, Assistant Professor, Department of MCA, Jyoti Nivas College, Bangalore.

• Ms.TessyRose,Assistant Professor, Department of MCA, Jyoti Nivas College, Bangalore.

Section II – MBAExternal Reviewer

• Mr. Ganesh Babu, Professor, Sapthagiri College, Bangalore

• Mrs. Gunjan Jha, Head , HR, Pylon Consulting, Bangalore

Internal Reviewer

• Prof. Amal, Head, Department of MBA, Jyoti Nivas College, Bangalore

• Mr. Ashvin Gutti, Assistant Professor, Department of MBA, Jyoti Nivas College, Bangalore.

v

vi Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous


SectionIII–M.Com(FA)ExternalReviewers

• Mr. DS Kiran Babu, Manager (Accounts and Finance), Healthcare Global Enterprises, Bangalore.

• Ms.Manjula M. Nath, Assistant Manager (Finance), Canon India private Limited, Bangalore.

Internal Reviewer

• Dr. B. Percy Bose, Head, Department of M.Com (FA), Jyoti Nivas College, Bangalore.


Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous vii

DHIIJournal of the MBa, MCa and M.CoM (fa)

departMent, Jyoti nivas College autonoMous

Volume XIV April 2017

SectIoN I (McA)

1. Domain Specific Text to Speech Synthesis 5 ~ deenamol Jose, liji Joy

2. Face Detection and Tracking 15 ~ ruhi sultana, shahanam parveen

3. Image and Text Hiding Using RSA with Hash-Lsb Technique 23

~ anupama n C , rashmi g

4. Image Enhancement Techniques 33 ~ Jayashree. K, hamsalekha. M

SectIoN II (MBA)

1. Analysis of Mutual Fund Based on Risk and Return at Reliance Mutual Fund 45 ~ ashritha p. B

2. A Study on Technology and Innovation in Airline Industry at Flynava Technology Pvt Ltd 55 ~ supriya v

3. A Study on Working Capital Management in Space Research Organisation 61 ~ Monisha. s

vii

viii Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous


4. A Study on The Financial Performance at Bangalore City Co-Operative Bank Limited 71 ~ asha h.M

5. A Study on The Job Satisfaction of The Employees At Hindustan Coca Cola Beverages Private Limited and The Ways and Means of Motivations That are in Place in The Company” 81 ~ anushree p a

6. Recruitment And Sourcing Process Adopted at [24]7 Customer Pvt. Ltd 89 ~ afifa farheen Khanum

7. A Study on The Strategies Adopted to Increase The Brand Awareness & Brand Management In Narayana Health” 97 ~ Kauvya Caroline

SectIoN III M.coM (FA)

1. A Study on Portfolio Management at LKP Securities 107 ~ delphina Jovita s

2. Loans and Advances Management At Karnataka Bank Ltd 119 ~ sandhya gopal shastry

3. A Study on The Performance In Pricing of Life Insurance Product In India 129 ~ umwali alezia

4. Study on Risk and Return of Various Selected Sectors 139 ~ roopashree p, priyanka Joshi

viii


Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous 1

Section i (McA)

2 Journal by the Department of MBA, MCA & M.Com (FA), Jyoti Nivas College Autonomous




Foreword‘Definiteness of purpose is the starting point of all achievement’

– W. Clement Stone

The purpose of this journal is to foster and reward the scholarly efforts of our students as well as to provide a valuable learning experience. The first section of April 2017 edition of ‘DHII’ showcases 4 outstanding research papers from the field of computer science focusing the active areas of research namely neural networks, image processing and text recognition.

The first paper of Dhii focus on implementation of English text to speech system based on Domain based concatenative synthesis. A database with all words in English language and their pronunciations is used in this paper. Here the input text is segmented into words according to the white space and each word is searched in the database for their sound. These words are concatenated and gives output as sound for the input text.

The second paper presents a face detection and tracking algorithm in real time camera input environment. The entire face tracking algorithm is divided into two modules. The first module is face detection and second is face tracking. To detect the face in the image, Haar based algorithm is used. On the face image, Shi and Thomasi algorithm is used to extract feature points and Pyramidal Lucas-Kanade algorithm is used to track those detected features. Results on the real time indicate that the proposed algorithm can accurately extract facial features points.

The third paper emphasize on Steganography. Steganography is a method of hiding secret messages in a cover object while communication takes place between sender and receiver. In this paper of technique of image steganography i.e. Hash-LSB with RSA algorithm for providing more security to data as well as our data hiding method. The proposed technique uses a hash function to generate a pattern for hiding data bits into LSB of RGB pixel values of the cover image. This technique makes sure that the message has been encrypted before hiding it into a cover image.



The last paper focus on Image Processing. Image enhancement is considered as one of the most important techniques in image research. The main aim of image enhancement is to enhance the quality and visual appearance of an image, or to provide a better transform representation for future automated image processing.

Ms. Irene GetziHead, Department of MCAJyoti Nivas College Autonomous



DoMAIN SPecIFIc teXt to SPeecH SYNtHeSIS

~Deenamol Jose, Liji Joy

abstract

A text-to-speech (tts) system converts normal language text into speech. In this system,the input text is taken and output is given as speech. The quality of a speech synthesizer is judged by its naturalness and intelligibility.

In this research paper we have implemented English text to speech system based on Domain based concatinative synthesis. In this method we use a database with all words in English language and their pronunciations. Here the input text is segmented into words according to the white space and each word is searched in the database for their sound. These words are concatenated and gives output as sound for the input text. It is easy to implement and it provides more naturalness and intelligibility.

1. INtRoDUctIoN

Speech synthesis is the artificial production of human speech. A text-to-speech (ttS) system converts normal language text into speech; other systems render symbolic linguistic representations like phonetic transcriptions into speech. Many speech synthesis systems take as their input text and output speech. The quality of a speech synthesizer is judged by its naturalness and intelligibility.

DHII vol. Xiv, april 2017

Journal, dept. of MBa, MCa and M.Com (fa) Jyoti nivas College autonomous


• The naturalness of a speech synthesizer usually refers to how much the output sounds like the speech of a real person.

• The intelligibility of a speech synthesizer refers to how easily the output can be understood

An intelligible text-to-speech program allows people with visual impairments or reading disabilities to listen to written works on a home computer.

A text-to-speech system is composed of two parts:a front-end and a back-end.

The front-end has two major tasks. First, it converts raw text containing symbols like numbers and abbreviations into the equivalent of written-out words. This process is often called text normalization, pre-processing, or tokenization. The front-end then assigns phonetic transcriptions to each word, and divides and marks the text into prosodic units, like phrases, clauses, and sentences. The process of assigning phonetic transcriptions to words is called text-to-phoneme or grapheme-to-phoneme conversion. Phonetic transcriptions and prosody information together make up the symbolic linguistic representation that is output by the front-end.

The back-end—often referred to as the synthesizer—then converts the symbolic linguistic representation into sound. In certain systems, this part includes the computation of the target prosody (pitch contour, phoneme durations) which is then imposed on the output speech.

ttS Approaches

Dictionary Based Approach

The simplest approach to text-to-phoneme conversion is the dictionary-based approach, where a large dictionary containing all the words of a language and their correct pronunciation is stored by the program. Determining the correct pronunciation of each word is a matter of looking up each word in the dictionary and replacing the spelling with the pronunciation specified in the dictionary.


Rule Based Approach

The other approach used for text-to-phoneme conversion is the rule-based approach, where rules for the pronunciations of words are applied to words to work out their pronunciations based on their spellings. This is similar to the “sounding out” approach to learning reading.

Synthesizer technologies

The most important qualities of a speech synthesis system are naturalness and intelligibility. The ideal speech synthesizer is both natural and intelligible. Speech synthesis systems usually try to maximize both characteristics.

•coNcAteNAtIoN SYNtHeSIS

Concatenation synthesis is based on the concatenation (or stringing together) of segments of recorded speech. That is, it is a dictionary based approach. Generally, concatenation synthesis produces the most natural-sounding synthesized speech. However, differences between natural variations in speech and the nature of the automated techniques for segmenting the waveforms sometimes result in audible glitches in the output.

There are three main sub-types of concatenation synthesis.

1.Unit selection synthesis uses large databases of recorded speech. During database creation, each recorded utterance is segmented into some or all of the following: individual phones, diphones, half-phones, syllables, morphemes, words, phrases, and sentences. An index of the units in the speech database is created based on the segmentation and acoustic parameters like the fundamentalfrequency (pitch), duration, position in the syllable, and neighbouring phones. At runtime, the desired target utterance is created by determining the best chain of candidate units from the database (unit selection). This process is typically achieved using a specially weighted decisiontree. Unit selection provides the greatest naturalness, because it applies only a small amount of digitalsignalprocessing (DSP) to the recorded speech.



2.Diphone synthesis uses a minimal speech database containing all the Diphones (sound-to-sound transitions) occurring in a given language. In diphone synthesis, only one example of each diphone is contained in the speech database. The number of diphones depends on the phonetics of the language. In diphone synthesis, only one example of each diphone is contained in the speech database. At runtime, the target prosody of a sentence is superimposed on these minimal units by means of digital signal processing techniques. Diphone synthesis suffers from the sonic glitches of concatenation synthesis and the robotic-sounding nature of formant synthesis, and has an advantages that it uses small size database.

3.Domain-specific synthesis concatenates pre-recorded words and phrases to create complete utterances. The technology is very simple to implement, and has been in commercial use for a long time, in devices like talking clocks and calculators. The level of naturalness of these systems can be very high because the variety of sentence types is limited, and they closely match the prosody and intonation of the original recordings.

• Formant Synthesis

Formant synthesis does not use any human speech samples at runtime. Instead, the output synthesized speech is created using an acoustic model. Parameters such as frequency amplitude etc are varied over time to create a waveform of artificial speech. This method is sometimes called Rule-based synthesis. Many systems based on formant synthesis technology generate artificial, robotic-sounding speech, and the output would never be mistaken for the speech of a real human. However, maximum naturalness is not always the goal of a speech synthesis system, and formant synthesis systems have some advantages over concatenation systems. Formant synthesized speech can be very reliably intelligible, even at very high speeds, avoiding the acoustic glitches that can often plague concatenation systems. Second, formant synthesizers are often smaller programs than concatenation systems because they do not have a database of speech samples. Last, because formant-based systems have total control over all aspects of the output speech, a wide variety of prosody can be output, conveying



not just questions and statements, but a variety of emotions and tones of voice.

•ArticulatorySynthesis

In an articulatory synthesis, models of the human articulators (tong, lips, teethes, jaw) and vocal ligament are used to simulate how an airflow passes through, to calculate what the resulting sound will be like.It is a great challenge to find good mathematical models and therefore the development of articulatory synthesis is still in research.

•HMM-BasedSynthesis

HMM-based synthesis is a synthesis method based on hidden Markov models, also called Statistical Parametric Synthesis. In this system, the frequency spectrum (vocal tract), fundamental frequency (voice source), and duration (prosody) of speech are modelled simultaneously by HMMs. Speech waveforms are generated from HMMs themselves based on the maximum likelihood criterion.This approach seems to give a better prosody, without glitches, and still produces very natural sounding, human-like speech.

•SinewaveSynthesis

Sinewave synthesis is a technique for synthesizing speech by replacing the formants (main bands of energy) with pure tone whistles.

2. PRoPoSeD WoRK

Domain specific synthesis is dictionary based concatenative synthesis. This system uses a database containing all the words in the English language and their corresponding sound. This database can be specific to the domain. So the system will concatenates pre-recorded words and phrases to create complete utterances. The technology is very simple to implement, and has been in commercial use for a long time, in devices like talking clocks and calculators. The level of naturalness of these systems can be very high because the variety of sentence types is limited, and they closely match the prosody and intonation of the original recordings.



When a text is given as an input to the TTS system first it will goes through 3 modules.

• Text Processing module

Working of Domain specific TTS



Implementation of text to speech system in visual studio 2013

• Segmentation module• Concatenation module

text processing

Here the input text is being processed and all the abbreviations, symbols, numbers, punctuation marks are checked with the database and replace that with the corresponding word from the database.

Segmentation

Herethe input text is segmented into single words according to the white space. Then the result is passed to the concatenation module.

concatenation

Here the segmented words from the segmentation module undergoes database searching process. In this process each word is searched in the database and if the word is found their corresponding sound is fetched and is concatenated.

If the input word is not there in the database the system will read the word as individual letters.After processing all the sentences, the speech is generated.

3. IMPLeMeNtAtIoN oF ttS

Domain based speech synthesis is used in android TTS.

In this package, we have come across some challenges that are not implemented in android.



These are observed challenges are

• Reading passwords, security number • Abbreviations like i.e., Ph. , Rs. , etc., Mob. Dr., etc.

Passwords and security numbers should not be read as a single word. Each letter and digits of the password should be read as it is. But in Android TTS passwords and security number is read as a word and combination of numbers.

In this research paper, we have proposed a method for reading security number and passwords. Also for the abbreviations like .i.e., Ph. , Mob , Rs. , no. and std.

4. coNcLUSIoN

In this paper, Domain Based Concatenative synthesis is implemented to effectively produce an audio output for the given input. This method produces more naturalness and intelligibility in the output. Comparing to any other methods this technique is easy to implement. The pronunciation is produced by concatenating pre recorded speech stored in the database. This synthesis does not use any rules for producing sounds.

5. FUtURe WoRK

Future enhancement for our research work is to implement a text to speech system with larger database which consists of new words and better pronunciations. Also we will include more symbols and corresponding pronunciation in the database. So it will cover almost all the possible combinations of text. We will also include reading of given input text with the emotion.

ReFeReNceS

[1] Design and Development of a Text-To-Speech Synthesizer System. - A.Chauhan, Vineet Chauhan, Gagandeep Singh, ChhaviChoudhary, Priyanshu Arya

[2] Concatenative Speech Synthesis: A Review - Author:Rubeena A. Khan, J. S. Chitode.



[3] Integration Of Rule-Based Formant Synthesis And Waveform Concatenation: A Hybrid Approach To Text-To-Speech Synthesis. - Susan R. Hertz

[4] Design and Implementation of Text To Speech Conversion for Visually Impaired People. - ItunuoluwaIsewon, JeliliOyelade, OlufunkeOladipupo

[5] Review on Text-To-Speech Synthesizer. - Suhas R. Mache, Manasi R. Baheti, C. NamrataMahender

[6] Natural Language Processing techniques in Text-To-Speech synthesis and Automatic Speech Recognition. - Alexandre Trilla

[7] A Pitch-Asynchronous Simple Method for Speech Synthesis by Diphone Concatenation using the Deterministic plus Stochastic Model. - Daniel Erro, Asunción Moreno

[8] Data-driven formant synthesis. - David Öhlin and Rolf Carlson

[9] The HMM-based Speech Synthesis System (HTS) Version 2.0 - Heiga Zen, Takashi Nose, Junichi Yamagishi, Shinji Sako, Takashi Masuko, AlanW. Black

[10] Text To Speech Conversion Using Different Speech Synthesis - Hay Mar Htun, TheingiZin, HlaMyoTun

[11] Formant-controlled HMM-based Speech Synthesis - Ming Lei, Junichi Yamagishi, Korin Richmond, Zhen-Hua Ling, Simon King, Li-Rong Dai



FAce DetectIoN AND tRAcKING

~ Ruhi Sultana, Shahanam Parveen

abstract

In this paper, we present a face detection and tracking algorithm in real time camera input environment. The entire face tracking algorithm is divided into two modules. The first module is face detection and second is face tracking. To detect the face in the image, Haar based algorithm is used. On the face image, Shi and Thomasi algorithm is used to extract feature points and Pyramidal Lucas-Kanade algorithm is used to track those detected features. Results on the real time indicate that the proposed algorithm can accurately extract facial features points. The algorithm is applied on the real time camera input and under real time environmental conditions.

1. INtRoDUctIoN

Face detection identify an object as a “face” and locate it in the input image. Face recognition on the other hand is to decide if the “face” is a common known, or unknown, using for this purpose a database of faces in order to validate this input face. The human face is central to our identity. It plays an essential role in everyday interaction, communication and other routine activities. Detection and tracking the face and its features thus potentially opens a very wide range of applications. Using the face as a means of human-computer interaction is helping disabled people improve their daily lives, and may become a





hands-free alternative in other applications or an entertaining element in innovative games.

Facial Features tracking is a fundamental problem in computer vision due to its wide range of applications in psychological facial expression analysis and human computer interfaces. Recent advances in face video processing and compression have made face-to face communication be practical in real world applications. And after decades, robust and realistic real time face tracking still poses a big challenge. The difficulty lies in a number of issues including the real time face feature tracking under a variety of imaging conditions (e.g., skin color, pose change, self-occlusion and multiple non-rigid features deformation). In this paper, we concentrate our work on facial feature tracking. To detect the face in the image, we have used a face detector.

In unconstrained environment, face detection and tracking needs robust tracking and segmentation are needed to provide the normalized face. Two broad approaches are used namely, motion based approach and model based approach. While joining all the motions at a time robust technique are needed for motion based approach. Model based approach needs more semantic knowledge and computationally requires more cost due to scaling, rotation, translation and deformation. Both the model and motion based approaches are combined in a closed loop, motion based tracker reduces the searching space in model based face detection and later it aids the tracking.

The first step in face detection is preprocessing. The reason is to obtain pure facial images with normalized intensity, uniform size and shape. The steps involved in converting a image to a normalized pure facial image for feature extraction is detecting feature points, rotating to line up, locating and cropping the face region using a rectangle, according to the face model. Detecting faces in a single image involves four methods Knowledge based, Facial invariant, Template matching and Appearance.

Facial Features tracking is a fundamental problem in computer vision due to its wide range of applications in psychological facial expression analysis and human computer interfaces. In recent years,



face recognition has attracted much attention and its research has rapidly expanded bynot only engineers but also neuroscientists, since it has many potential applications in computer vision communication and automatic access control system. Especially, face detection is an important part of face recognition as the first step of automatic face recognition. However, face detection is not straight forward because it has lots of variations of image appearance, such as pose variation (front, non-front), occlusion, image orientation, illuminating condition and facial expression. It then has the task of determining if there are any faces present in that picture, distinguishing these faces from whatever else is in the background. It has to do this regardless of illumination, orientation or camera distance

2.PRoPoSeD WoRK

The proposed system can be applied to rotated faces and also to detect and recognize faces in images (dynamic datasets and moving objects) and the analysis could be done The main function of this step is to determine whether human faces appear in a given image, and where these faces are located at. The expected outputs of this step are patches containing each face in the input image. In order to make further face detection system more robust and easy to design, face alignmentare performed to justify the scales and orientations of these patches. Besides serving as the pre-processing for face recognition, face detection could be used for region-of-interest detection, retargeting, video and image classification, etc.

In dynamic scenes, tracking is used to follow a face through the sequence. In order to incorporate the face changes over time, in terms of changes in scale, position and to localize the search for the face, it is essential to exploit the temporal correspondence betweenframes. Tracking [10] exploits the temporal content of image sequences.

Face tracking can be divided into two categories 1) head tracking and 2) facial feature tracking. Feature tracking methods track contours and points or follow eyes and mouth, and require independent trackers for each feature. Head tracking methods use the information from the entire head and can be region-based, color-based or shape-based



[1]. Color-based approaches are not robust to lighting changes and approaches that use information from the entire head are, in general, unable to handle occlusion. Tracking involves prediction and update for which filters like Kalman filter and Condensation filter have been used. Tracking approaches can also be model based, for example, using statistical models, or exemplar-based (although only specific features of the face, e.g., lips have been tracked). A combination of feature and head tracking methods,together with filtering, have tried to eliminate the problems of the individual approaches.

3. tecHNIQUeS

• HAAR FEATURES

• INTEGRAL IMAGE

• ADABOOST

• CASCADING

4. ReSULtS & DIScUSSIoNS

Applying the above techniques in the sampled lot of input images and the prominent features of the face are extracted. To track the face over time, this example uses the Kanade-Lucas-Tomasi (KLT) algorithm. While it is possible to use the cascade object detector on every frame, it is computationally expensive. It may also fail to detect the face, when the subject turns or tilts his head. This limitation comes from the type of trained classification model used for detection. The example detects the face only once, and then the KLT algorithm tracks the face.



Haar Features

Haar-like features are digital image features used in object recognition. They owe their name to their intuitive similarity with Haar wavelets and were used in the first real-time face detector.

Historically, working with only image intensities (i.e., the RGB pixel values at each and every pixel of image) made the task of feature calculation computationally expensive. A publication by Papageorgiou et al.[2] discussed working with an alternate feature set based on Haar wavelets instead of the usual image intensities.. A Haar-like feature considers adjacent rectangular regions at a specific location in a detection window, sums up the pixel intensities in each region and calculates the difference between these sums. This difference is then used to categorize subsections of an image. For example, let us say we have an image database with human faces. It is a common observation that among all faces the region of the eyes is darker than the region of the cheeks. Therefore a common haar feature for face detection is a set of two adjacent rectangles that lie above the eye and the cheek region. The position of these rectangles is defined relative to

Face Detection



a detection window that acts like a bounding box to the target object (the face in this case).

Integral Image

A summed area table is a data structure and algorithm for quickly and efficiently generating the sum of values in a rectangular subset of a grid. In the image processing domain, it is also known as an integral image. It was introduced to computer graphics in 1984 by Frank Crow for use with mipmaps. In computer vision it was popularized by Lewis[3] and then given the name “integral image” and prominently used within the Viola–Jones object detection framework in 2001. Historically, this principle is very well known in the study of multi-dimensional probability distribution functions, namely in computing 2D (or ND) probabilities (area under the probability distribution) from the respective cumulative distribution functions.[4]

AdaBoost

AdaBoost, short for “Adaptive Boosting”, is a machine learning meta-algorithm formulated by Yoav Freund and Robert Schapire who won the Gödel Prize in 2003 for their work. It can be used in conjunction with many other types of learning algorithms to improve their performance. The output of the other learning algorithms (‘weak learners’) is combined into a weighted sum that represents the final output of the boosted classifier. AdaBoost is adaptive in the sense that subsequent weak learners are tweaked in favor of those instances misclassified by previous classifiers. AdaBoost is sensitive to noisy data and outliers. In some problems it can be less susceptible to the overfitting problem than other learning algorithms. The individual learners can be weak, but as long as the performance of each one is slightly better than random guessing (e.g., their error rate is smaller than 0.5 for binary classification), the final model can be proven to converge to a strong learner.

While every learning algorithm will tend to suit some problem types better than others, and will typically have many different parameters and configurations to be adjusted before achieving optimal performance on a dataset, AdaBoost (with decision trees as the weak



learners) is often referred to as the best out-of-the-box classifier. When used with decision tree learning, information gathered at each stage of the AdaBoost algorithm about the relative ‘hardness’ of each training sample is fed into the tree growing algorithm such that later trees tend to focus on harder-to-classify examples.

5.coNcLUSIoN

We have presented a face detection algorithm for color images that uses color segmentation, connected component analysis and multi-layer template-matching. Our method uses the color information in HSV space, compensates for the luminance condition of the image, and overcomes the difficulty of separating faces that are connected together using image morphology processing. Finally, an enhanced version of the template-matching algorithm is used to detect all human faces and reject the non-faces such as hands and clothes. Experimental results have shown that our approach detected faces presenting the seven project training images .The only one missing face is due to very dark glasses. No false alarms are raised in any of the seven images.

Future work will be focused on verifying the algorithm performance against general images and studying the required modifications to make the algorithm robust with any image.

ReFeReNceS

[1] B. D. Lucas And T. Kanade, “An Iterative Image Registration Technique With An Application To Stereo Vision,” Proceedings Of The Darpaimaging Understandingworkshoppp. 121130, 1981.

[2] Papageorgiou, Oren And Poggio, “A General Framework For Object Detection”, International Conference On Computer Vision, 1998.

[3] Lewis, J.p. (1995). Fast Template Matching. Proc. Vision Interface. Pp. 120–123

[4] Finkelstein, Amir; Neeratsharma (2010). “Double Integrals By Summing Values Of Cumulative Distribution Function”. Wolfram Demonstration Project.



IMAGe AND teXt HIDING USING RSA WItH HASH-LSB tecHNIQUe

~Anupama N C , Rashmi G

abstract

Steganography is a method of hiding secret messages in a cover object while communication takes place between sender and receiver. In this paper of technique of image steganography i.e. Hash-LSB with RSA algorithm for providing more security to data as well as our data hiding method. The proposed technique uses a hash function to generate a pattern for hiding data bits into LSB of RGB pixel values of the cover image. This technique makes sure that the message has been encrypted before hiding it into a cover image. If in any case the cipher text got revealed from the cover image, the intermediate person other than receiver can’t access the message as it is in encrypted form.

1. INtRoDUctIoN

The basic need of every growing area in today’s world is communication. Everyone wants to keep the inside information of work to be secret and safe. We use many insecure pathways in our daily life for transferring and sharing information using internet or telephonically, but at a certain level it’s not safe. Steganography and Cryptography are two methods which could be used to share information in a concealed manner. Cryptography includes modification of a message





in a way which could be in digesting or encrypted form guarded by an encryption key which is known by sender and receiver only and without using encryption key the message couldn’t be accessed. But in cryptography it’s always clear to intermediate person that the message is in encrypted form, whereas in steganography the secret message is made to hide in cover image so that it couldn’t be clearer to any intermediate person that whether there is any message hidden in the information being shared. The cover image containing the secret message is then transferred to the recipient. The recipient is able to extract the message with the help of retrieving process and secret key provided by the sender. A model of the steganographic process with cryptography is illustrated in Fig. 1.

a. Cryptography

The field of cryptography has a rich and important history, ranging from pen and paper methods, to specially built machines, to the mathematical functions that are used today. In this paper only brief discussion that is essential for knowledge transfer has been presented. Cryptology is the science of coding and decoding secret messages. (Cryptology is the Greek root for secret or hidden) .It is usually divided into cryptography, which concerns designing cryptosystems for coding and decoding messages. It states that the term cryptography generally refers to the collection of cryptographic mechanisms that include: Encryption and decryption algorithms

• Integrity check functions

• Digital signature schemes



B. steganography

Steganography is a technique used to transmit a secret message from a sender to a receiver in a way such that a potential intruder does not suspect the existence of the message. Generally this can be done by embedding the secret message within another digital medium such as text, image, audio or video. The word steganography is of Greek origin and means “concealed writing” from the Greek words steganos meaning “covered or protected”, andgraphie meaning “writing” .The first recorded use of the term was in 1499 by Johannes Trithemius in hisStegano-graphia, a treatise on cryptography and steganography disguised as a book on magic. Generally, messages will appear to be something else: images, articles, shopping lists, or some other “cover-text” and, classically, the hidden message may be in invisible ink between the visible lines of a private letter. It is a high security technique for long data transmission. There are various methods of steganography:

• Least significant bit (LSB) method

• Transform domain techniques

• Statistical methods

• Distortion techniques

C. rsa algorithm

The algorithm was given by three MIT’s Rivest, Shamir &Adleman and published in year 1977. RSA algorithm is a message encryption cryptosystem in which two prime numbers are taken initially and then the product of these values is used to create a public and a private key, which is further used in encryption and decryption. The RSA algorithm could be used in combination with Hash-LSB in a way that original text is embedded in the cover image in the form of cipher text. By using the RSA algorithm we are increasing the security to a level above. In case of steganalysis only cipher text could be extracted which is in the encrypted form and is not readable, therefore will be secure.



RSA algorithm procedure can be illustrated in brief as follows (i) Select two large strong prime numbers, p and q. Let n = p q.

(ii) Compute Euler’s totient value for n: f (n) = (p - 1) (q - 1).

(iii) Find a random number e satisfying 1 < e < f (n) and relatively prime to f (n) i.e., gcd (e, f (n)) = 1.

(iv) Calculate a number d such that d = e-1 modf (n).

(v) Encryption:Given a plain text m satisfying m < n, then the Cipher text c = me modn. (vi) Decryption: The cipher text is decrypted by m = cd modn.

encoding Process

For encoding first a image file is selected then information about the cover free pixel (LSB) will be collected. These pixels of image are separated from each other then in this image a secret message is hidden using hash based least significant bit technique. As hash code is generated then it helps to embed data within the frame. Then it will find 4 LSB position in the pixel in which the secret message will be embedded. Stego pixel combine with other pixel and then Stegno image is formed. This Stegno image will be transmitted to the intended receiver. This encoding process used to hide data. Stegno image is formed. This Stegno image will be transmitted to the intended receiver. This encoding process used to hide data.



Decoding Process

For decoding a Stegno image is taken and to extract the secret data or information from image all information about image is collected. This Stego image pixel will be applied to the steganography tool to decode data. From this pixel hidden information is taken out. The password will be used to decode the data as it is known to intended receiver. Here password also known as Stego key.

Hash AlgorithmFlow

Hash based least significant bit technique which produces hash function. This hash function deals with the LSB bit position within the pixel and the position of each hidden image pixel and as output. Hash function also used for detecting duplicated record in large files also with the number of bits of LSB. Hash value takes a variable size of input and returns a fixed size of digital string Hash function generally given by x= y % z

Where, x is LSB bit position within the pixel, y represents the position of each hidden image pixel and z is number of bits of LSB.



2. ADVANtAGeS

The image steganography can be done using many algorithms one of the most popular method of encrypting and Decrypting the data is RSA algorithm which is secure .The concept used in this is RSA algorithm which is seventy times better then other symmetric algorithm due to the security purpose. In this algorithm there are two keys used to encrypt and Decrypt the data that is the public key and the private key which is not used in LSB based algorithm. This also uses the hash LSB method to find the exact pixel location of where exactly the data has to be encrypted and decrypted. Using the encryption key that is the private key data can be embedded and using the same Decryption key the data can be Decrypted.



3.coNcLUSIoN

For hiding secret information in images, there exists a large variety of steganography techniques some are more complex than others and all of them have respective strong and weak points. Different applications may require absolute invisibility of the secret information, while others require a large secret message to be hidden.

In this the user can encrypt the data by browsing any image which is the cover image where data will be encrypted, the secrete data can be encrypted by giving the unique four digit key which is the private key and save it . To decrypt the hidden data in the image the decrypting key has to be given and the hidden data will be displayed. The hash LSB method is used to find the exact pixel location of the secrete message hidden in the image .

ReFeReNceS

[1] Ani l Kumar , Rohin i SharmaDepar tment o f IT, M.M.E.C.,Maharishi Markandeshwar University (MMU), Mullana, India.

[2] S. M. Masud Karim, Md. Saifur Rahman, Md. Ismail Hossain “A New Approach for LSB Based ImageSteganography using Secret Key”, International Conference on Computer and Information Technology (ICCIT),22-24 Dec., 2011.



[3] Amare Anagaw Ayele Dr. Vuda Sreenivasarao M.Sc. (Computer Science), School of Computing and Electrical Engineering, IOT, Bahir Dar University, Ethiopia Professor, School of Computing and Electrical Engineering, IOT, Bahir Dar University, Ethiopia, India.

[4] P.SAVEETHA1 & S.ARUMUGAM Dept of IT, Nandha college of Technology, Erode

[5] Shikha Kuchhal B.E, M Tech (ECE), Research Scholar Ishank Kuchhal B Tech, M Tech Scholar July, 2013

[6] M. Preetha1, M. Nithya Computer Science & Application & Periyar University, India Computer Science & Application & Periyar University, India June 2013

[7] Varsha, Dr. Rajender Singh Chhillar M.Tech Student, Department of Computer Science & Application, M.D. University, Rohtak Professor & Former Head, Department of Computer Science & Application, M.D. University, Rohtak April 2015.



IMAGe eNHANceMeNt tecHNIQUeS

~Jayashree.K, Hamsalekha.M

abstract

Image enhancement is considered as one of the most important techniques in image research. The main aim of image enhancement is to enhance the quality and visual appearance of an image, or to provide a better transform representation for future automated image processing. Many images like medical images, satellite, aerial images and also real life photographs suffer from poor and bad contrast and noise. It is necessary to enhance the contrast and remove the noise to increase image quality.

The enhancement technique differs from one field to another depending on its objective. The existing techniques of image enhancement can be classified into two categories: Spatial Domain and Frequency Domain Enhancement. More specifically, we categorise processing methods based representative techniques of Image enhancement. Also we applied various filters to identify which filter is efficient in removing particular noises. From this we can get an idea about which filters is best for removing which types of noises. It will be useful and easier to detect the filters for future research.





1. INtRoDUctIoN

Image enhancement is considered as one of the most important techniques in image research. The main aim of image enhancement is to enhance the quality and visual appearance of an image and to emphasize the image features to obtain a visually more pleasant and more detailed image. The aim of image enhancement is to improve the interpretability or perception of information in images for human viewers, or to provide `better’ input for other automated image processing techniques.

Image enhancement techniques can be divided into two broad categories:

1. Spatial domain methods, which operate directly on pixels.

2. Frequency domain methods, which operate on the Fourier transform of an image

Enhancement of the image can be done using:

Changes in brightness Changes in the ratios of the colors Blur reduction Recovering noise Image sharpening Smoothing image

2. tecHNIQUeS

In this paper we use image enhancement techniques for enhancing the image, by removing unwanted noise and blurriness in the image. In this paper we make use of three basis image enhancing techniques namely

a) Median filtering

b) Unsharp masking

c) Linear filtering



Median Filtering: Median filtering is the most commonly used enhancing technique in image processing. Median filter is a nonlinear digital filtering technique, often used to remove noise. Under certain conditions, it preserves edges while removing the noise. In order to preserve the edge features and sharpness of the image we go for Median Filters. In Median filtering, for each pixel, the pixel values in the neighborhood window are organized according to the intensity and the middle value(Median) becomes the new value for the central pixel.i.e., each pixel is set to an ‘average’ of the pixel values in the neighborhood pixels rather than the mean. This method can be repeated if necessary since it causes only less blur of edges. Median filter is less sensitive than the mean filter to extreme values. This is an optimal filter much suitable for de-noising images of various noise types. Causes no changes in the shift boundaries and no reduction in contrast Causes no changes in the shift boundaries and no reduction in contrast and proved to be more robust in the presence of noise. Median filtering can be implemented in mat lab, here we apply salt and pepper noise to the input image for better quality of the image.by adding salt and pepper noise and removing that noise the input image will be enhanced and edges of the image will be enhanced compared to the input/original image.

Unsharp Masking: This is the second technique used for enhancing the image. Unsharp masking is an image sharpening technique in digital image processing. In this paper Image sharpening is done using three methods

a) UsingGaussian noise: In this method we apply guassian noise to the input image, then by using wiener filter we reduce guassian noise from the image. we get sharpened image after applying wiener filter, which is enhanced compared to the original image.

b) Using salt and pepper noise: This method is the most commonly used in image enhancement. We apply salt and pepper noise to the input image and then remove this noise using algorithm and we get enhanced image as a result



c) Usingroi-filteringmethod:roi (region of interest) filter is used to increase the contrast of a specific region of an image. In this method roi filter is applied on the region of our interest by giving the pixel value, and the region will be enhanced only in that region which we specify.

LINeAR FILteRING: Linear filtering is also called as linear interpolation method.This method is used for smoothening the textures in the image. It is a texture filtering method used to smooth textures

3.ReSULt AND ANALYSIS

• UNSHARP MASKING

(a) (USING SALt AND PePPeR NoISe):

(b) Using Guassian noise:



(c) Using RioFiltering:

• Median Filtering:

• Linear Interpolation Method:

4. coNcLUSIoN:

In this paper we implement three image enhancement techniques, namely



a) Median filtering for removing the noise without blurring the edges, we use salt and pepper noise in median filtering

b) Unsharp masking for sharpening the image, sharpening of image is done using three methods that is by using guassian noise, by using salt and pepper noise and by using roi filtering technique

c) Linear interpolation method for texture enhancing ,used to smooth the texture of image

5. FUtURe WoRK

In this paper we have implemented three image enhancement techniques. Further we try to implement few more techniques and then we make a comparative study of these techniques. Comparative study helps us to analyse the techniques which is better in enhancing the images. We analyse these techniques by taking the result. The results are checked using PSNR and MSE calcula tions. PSNR is the ratio of maximum power of the signal to the power of the noise which is corrupted, which affects the fidelity of representation. MSE is used to find out the occurrence of unwanted noise in the image.

ReFeReNceS:

[1] Dr. Muna F. Al-Samaraie , A New Enhancement Approach for Enhancing Image of Digital Cameras by Changing the Contrast Management Information System Department Faculty of Economics and Administrative Sciences Al-Zaytoonah University, Amman, Jordan.

[2] P.janani, J Premaladha and K S Ravichandran, Image enhancement techniques, Indian journal of science and technology, vol*(22) Sep 2015.

[3] Dr.G.Padmavathi, Dr. P.Subashini, Mr.M.Muthu Kumar and Suresh Kumar Thakur, Comparison of Filters used for Underwater Image Pre-Processing, Department of Computer Science, Avinashlingam university for women, Coimbatore,TN,India

[4] Ritesh Beohar, Pankaj Sahu, performance analysis of underwater image enhancement with CLAHE 2D median filtering technique



on the basis of SNR, RMS error, mean brightness. International Journal of Engineering and Innovative Technology(IJEIT) Volume 3,Issue 2, August 2013

[5] Sivasundari S1, R. Siva Kumar2, M. Karnan3, Performance analysis of image filtering algorithms for MRI images. Tamil Nadu College of engineering, Coimbatore, Tamil Nadu, India.

[6] M. Shanthi1, M. Renuga2, Performance analysis of image enhancement technique for kidney images. Assistant professor, Dept. of ECE, Agni college of Technology, Chennai, Tamilnadu,India 1,Vol.5, issue5, may 2016

[7] Karl Krissian, Carl-Fredrik, Westin, Ron Kikinis and Kirby Vosburgh IEEE. Oriented Speckle Reducing Anisotropic Diffusion, MAY 2007 ISSUE

[8] Andrea Polesel, Giovanni Ramponi, and V. John Mathews, Image enhancement via Adaptive Unsharp Masking, IEEE TRANSACTIONS ON IMAGE PROCESSING, VOL 9, No.3, MARCH 2000

[9] Snehal O.Mundhada Prof. V.K. Shandilya Dept of Computer science and Engineering, Dept. of CS And Engineering, Sipna C.O.E.T, Amravati, India. Image enhancement and its various techniques

[10] Ms.Seema Rajput 1, Prof.S.R.Suralkar 2, Comparative study of image enhancement techniques, IJCSMC, Vol.2, Issue. 1, January 2013.

[11] Kaiming Hel Jian Sun2 Xiaoou Tang1, Single Image Haze Removal Using Dark channel, The Chinese university of Hong Kong 2 Microsoft Research Asia.

[12] Kashif Iqbal, Rosalina abdul Salam, Azam Osman and Abdullah Zawawi Talib, Underwater image enhancement using an integrated color model, IAENG International Journal of computer science



Section ii (MBA)



Foreword“Research is to see what everybody else has seen and to think what

nobody else has thought”

By Albert S G

The exploration of our MBA students in the field of Marketing, Finance and Human Resource Management finds expressions as a garland of research articles, which we are happy to publish in the post graduate journal Dhii 2017.

Ms. Supriya V of Second MBA, in her article ‘A study on Technology and Innovation in Airline Industry at Flynava Technology Pvt Ltd’ reveals the importance of the use of Technology and innovation to achieve customer engagement, reduction of cost, increase effectiveness, enhance customer experience and generate greater revenue streams.

Ms. Kavya Caroline of Second MBA focuses her attention to study the strategies adopted to increase the brand awareness and brand management at Narayana Health, which was earlier known as Narayana Hrudhayalaya.

Ms. Afifa Farheen Khanum ‘s research on recruitment and sourcing process adopted at 24/7 Customer Pvt Ltd, indicates the fact that the recruitment and sourcing process are integrated with other processes such as strategic planning of the company’s training and development schemes. Compensation, incentives, performance appraisals and industrial relations.

Ms. Anushree’s research efforts to study the job satisfaction of employees at Hindustan Coca Cola Beverages Private Limited, reveal that a good Compensation package, comfortable working environment, supportive and friendly supervisors, career growth opportunities yield high level of employee satisfaction.

Ms. Ashritha P B has made an attempt to make a close study of the analysis of Mutual Fund backed on Risk and Return at Reliance Mutual Fund.



Ms. Asha H M’s study of the financial performance of Bangalore City Cooperative Bank Limited has revealed that BCCB has achieved the growth across the multiple parameter, including Customer acquisition, geographical spread, business Volume and revenues.

Ms. Monisha S’s research article on ‘A study on Working Capital Management in Space Research Organisation’ speaks about the liquidity position, profitability position and efficient use of resources seem to be at a satisfying level.

In conclusion, May I place on record, that all our student researchers realize that Research is all about search for new knowledge and efforts to create new knowledge.

Prof. AmalHead, Department of MBAJyoti Nivas College Autonomous



ANALYSIS oF MUtUAL FUND BASeD oN RISK AND RetURN At ReLIANce MUtUAL FUND

~ Ashritha P.B

abstract

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. There is no legal definition of the term “mutual fund”, it is most commonly applied to and called open-ended investment companies, which are collective investment vehicles that are regulated and sold to the general public on a daily basis. Now a days investing in Mutual Fund looks easy but technically it very difficult. So I have done my calculation based on CAPM (Capital Asset Pricing model) to arrive at the conclusion. I have taken Large cap fund for my analysis. For these analysis which I have taken sample size of five years Returns each fund starting from 2011 to 2015.My analysis is majorly based on Risk with respect to mutual fund investment for which I have considered Standard deviation as risk indicator, and Return I have considered actual and CAPM returns as major indicator. As per my best knowledge I have concluded my project

with my set of finding funds which I recommend to the investor.

1. Introduction

A mutual fund is the trust that pools the savings of a number of investors who share a common financial goal. Anybody with an investable surplus of as little as a minimum of hundred rupees can invest in Mutual Funds. The money thus collected is then invested by the fund manager in different types of securities. These could range from shares to debenture, from Government Bond to money market





instruments, depending upon the scheme’s stated objective. It gives the market returns and not assured returns.

2.LIteRAtURe ReVIeW

the Performance of Mutual Funds in the Period 1945–1964

Michael C Jensen First published: May 1968 Cited by: 485 article

A Central problem in finance has been that of evaluating the “performance” of the portfolios of risky investments.

The concept of portfolio “performance” has at least two distinct dimensions:

1) The ability of the portfolio manager or security analyst to increase returns on the portfolio through successful prediction of future security prices.

2) The ability of the portfolio manager to minimize amount of “insurable risk” by the holders of the portfolio.

The major difficulty encountered in attempting to evaluate the performance of a portfolio in these two dimensions has been the lack of a thorough understanding of the nature and measurement of “risk.”

Evidence seems to indicate a predominance of risk version in the capital markets, and as long as investors correctly perceive the “riskiness” of various assets. This implies that “risky” assets must on average yield higher returns than less “risky” assets.

Hence in evaluating the “performance” of portfolios the effects of differential degrees of risk on the returns of those portfolios must be taken into account.

Recent developments in the theory of the pricing of capital assets by Sharpe, Lintner and Treynor allow us to formulate explicit measures of a portfolio’s performance in each of the dimensions outlined above. These measures are derived and discussed in detail in Jensen. However, the problem of evaluating a portfolio manager’s predictive ability-that is his ability to earn returns through successful prediction of security



prices which are higher than those which we could expect given the level of riskiness of his portfolio. The foundations of the model and the properties of the performance measure suggest Section II.

This model is illustrated in Section III by an application of it to the evaluation of the performance of 115 open end mutual funds in the period 1945–1964.

A number of people in the past have attempted to evaluate the performance of portfolios which is primarily mutual funds, but almost all of these authors have relied heavily on relative measures of performance when what we really need is an absolute measure of performance. Measure of “efficiency” and its relationship to certain measures of diversification and forecasting ability is derived and discussed in detail in Jensen.

For purposes of brevity we confine ourselves here to an examination of a fund manager’s forecasting ability which is of interest in and of itself. In addition to the lack of performance these past studies of portfolio performance have been plagued with problems associated with the definition of “risk” and the need to adequately control for the varying degrees of riskiness among portfolios. The measure suggested below takes explicit account of the effects of “risk” on the returns of the portfolio.

Finally, the measure of portfolio “performance” we also need to estimate the measure’s sampling error. That is we want to be able to measure its “significance” in the usual statistical sense. Such a measure of significance also is suggested below,

The measure of portfolio performance summarized below is derived from a direct application of the theoretical results of the capital asset pricing models derived independently by Share, Lintner and Treynor.

All three models are based on the assumption that-

1. All investors are averse to risk, and are single period expected utility of terminal wealth maximize



2. All investors have identical decision horizons and homogeneous expectations regarding investment opportunities

3. All investors are able to choose among portfolios solely on the basis of expected returns and variance of returns.

3.coMPANY PRoFILe

The first introduction of a mutual fund in India occurred in 1963, when the Government of India launched UTI. It enjoyed a monopoly in the Indian mutual fund market until 1987, when a host of other government-controlled Indian financial companies established their own funds, including State bank of India, Canara bank, and Panjab national bank. This market was made open to private players in 1993, as a result of the historic constitutional amendments brought forward by the congress- led government under the existing regime of Liberalization, Privatization and Globalization. The first private sector fund to operate in India was Kothari Pioneer, which later merged with Franklin Templeton. In 1996, SEBI, the regulator of mutual funds in India, formulated the Mutual Fund Regulation which is a comprehensive regulatory framework.

Advantages of Mutual Fund

• Investment Management: Open-ended and closed-end funds hire portfolio managers to supervise the fund’s investments.

• Wide choice: Investors can choose the fund based on their risk tolerance and expected return.

• Diversification of risk: The potential losses are also shared with other investors.

Disadvantages of Mutual Fund

• Less control over timing of recognition of gains

• Less predictable income



4. ReSeARcH MetHoDoLoGY

4.1 Need of the Study

The investor always wants to purchase a combination of stocks that give highest returns at the lowest risk. Today, the risk has increased and has grabbed the attention of the analysts and they are providing estimates of risk as well as return which are analysed with the use of Sharpe Index Model of Portfolio Management.

4.2 objectives

1. To analyse the risk and return relation of individual funds.2. To analyse portfolio risk and return.

4.3 Sampling Size

1. Taken data for last five years.2. Data for all the funds and market are for last 5 years and the

FD rate is of this year.

4.4 Data collection

1. Data Collection from NSE and BSE website and other information from the organization.

2. Finding the distributors who have a large combination of funds in their portfolio.

3. Comparison of funds with basic FDs available in market.

4.5 Proposed outcomes and Benefits

1. This analysis will help me to identify the optimal portfolio.2. Develop an understanding of the theoretical constructs of

investments and Portfolio Analysis.3. Develop practical application of investments and portfolio

analysis.



5.cALcULAtIoN oF RISK AND RetURN

Large cap Funds

Reliance Top 200

Year Return (%) ri-ri_ (ri-ri_)*(ri-ri_)2011 -26.45 -41.336 1708.6648962012 40.97 26.084 680.3750562013 4.15 -10.736 115.2616962014 54.65 39.764 1581.1756962015 1.11 -13.776 189.778176Av e r a g e (%) 14.886 Variance 1068.8139 S.D 32.692719

Birla Sun Life Frontline Equity Fund


Franklin India Bluechip Fund




HDFC Top 200

Year Return (%) ri-ri_ (ri-ri_)*(ri-ri_)2011 -24.3 -34.822 1212.5716842012 32.43 21.908 479.9604642013 4.05 -6.472 41.8867842014 46.52 35.998 1295.8560042015 -6.09 -16.612 275.958544Av e r a g e (%) 10.522 Variance 826.62 S.D 28.75

ICICI Prudential Focused Bluechip Equity Fund

Year Return (%) ri-ri_ (ri-ri_)*(ri-ri_)2011 -24.3 -35.018 1226.2603242012 26.79 16.072 258.3091842013 10.21 -0.508 0.2580642014 41.1 30.382 923.0659242015 -0.21 -10.928 119.421184Av e r a g e (%) 10.718 Variance 631.82 S.D 25.13

RELIANCE BIRLA FRANKLIN HDFC ICICI

(ri-ri_)*(rm-rm_)

(ri-ri_)*(rm-rm_)

(ri-ri_)*(rm-rm_)

( r i -r i _ ) * ( r m -rm_)

( r i -r i_ )* ( rm-rm_)

2011 1324.8188 1207.2594 1072.4571 1116.0451 1122.32692012 528.72268 460.16954 357.31956 444.07516 325.779442013 7.19312 2.75906 3.40494 4.33624 0.340362014 952.74544 751.19392 672.26968 862.51208 727.952722015 158.28624 140.95932 82.06158 190.87188 125.56272Total 2971.76628 2562.34124 2187.51286 2617.84046 2301.96214Covariance 594.353256 512.468248 437.502572 523.568092 460.392428



6. INteRPRetAtIoN AND FINDINGS

Portfolio

Fund Risk Return1 Reliance 32.69272 14.8862 Birla 27.72 13.3683 Franklin 23.95 9.1624 HDFC 28.75 10.5225 ICICI 25.13 10.718

Table Representing Portfolio Risk and Return of Large Cap Fund

Graph Representing Risk and Return of Large Cap Fund



1. Equal weights : Portfolio return=w1r1+w2r2+w3r3+w4r4+w5r5 = 11.72 2. Unequal weights : Portfolio return= w1r1+w2r2+w3r3+w4r4+w5r5 =13.2014

Stocks Βeta

A c t u a l

return CAPMreturn Αlpha Decision Status

Reliance 0.279385368 14.886 7.444412293 7.441587707 InvestOut

performed

Birla 0.240893994 13.368 7.44518212 5.92281788 InvestOut

performed

Franklin 0205655165 9.162 7.445886897 3.076113103Don't

Invest

Under

Performed

HDFC 0246111656 10.522 7.445077767 3.272922233Don’t

Invest

Under

Performed

ICICI 0216415912 10.718 7.445671702 3.272328298Don’t

InvestUnder

Performed

Table Representing Investment Decision of Large Cap Fund

7. SUGGeStIoNS

• I am recommending Reliance and Birla funds because they have given more returns compared to any other fund this category.

• And risk is almost same for the entire funds this category.

8. coNcLUSIoNI have suggested these companies of large cap funds because:

• These funds have actual returns which is much more than there CAPM return

• These funds have moderate rate of risk compared to other companies.



• These funds have very moderate rate of alpha and beta values so it is better to invest in stocks with moderate values of alpha and beta rather than high or low alpha A and beta values.

• These funds have high ranking in there sector.

ReFeReNce

Websites

www.nseindia.com

www.moneycontrol.com

www.value research.com

Reference Books

[1] Security Analysis and Portfolio Management

[2] Financial Market and Services



A StUDY oN tecHNoLoGY AND INNoVAtIoN IN AIRLINe INDUStRY At FLYNAVA tecHNoLoGY PVt LtD

- Supriya V

abstract

This study is attempts to investigate the unique technology and innovation, which have been adopted by different airlines to serve their passengers. Technology and Innovation in Airline industry have achieved a remarkable progress compared to the past. This innovation is necessary in airline industry as there is increased competition in this industry, to make our flying easy. This study has the potential to play a central role in creating this new transformational business model. The use of technology and innovation could be important for an airline as an aircraft because it can drive a competitive business model by reducing costs, increasing effectiveness, enhancing the customer experience and generating new revenue streams. Compared to the past, aviation industry has offered many services to its passengers to gain attention towards them. The airlines have developed and adopted new and innovative strategies to survive in this competitive market; the airlines have set up their brand and goodwill, which help them maintaining their loyal customers. This study will help the organization as the data, which the company will use in the best way. The collected data is used as

DHII vol. Xiii, september 2016




the input in company’s product JUPITER. Jupiter is the software, which helps the pricing analyst.

1.INTRODUCTION

The Indian Aviation industry is one of the fastest growing aviation industries; it has been growing both in terms of players and number of aircrafts. The airline industry has experienced a number of significant institutional innovations over the years, including the adoption of hub-and-spoke networks; frequent flyer programs and the use of yield management techniques.

Technology is the collection of techniques, skills, methods and prices used in the production of goods or services or in the accomplishment of objectives, such as scientific investigations.

Innovation is a “new idea, device, or method”, something original and more effective and, as a consequence, that “breaks into” the market or society.

There are important areas in which technology and innovation is now central to the customer experience and advancements in the On-board technology, Mobile booking and terminal experience, Social media, Stiff completion for better business, A creative overhaul etc…

2.LITERATUREREVIEW

Freeman

“Industrial Innovation and Technology includes the technical design, manufacturing, management and commercial activities involved in the marketing of a new product or the first commercial use of a new process or equipment”.

Peter Drucker

“Innovation and Technology is the specific tool of entrepreneurs the means by which they exploit change as an opportunity for a different business or services”.



Hartley

“Innovation and Technology is the successful development, implementation and use of new or structurally improved products, processes, services, or organizational forms”.

Jacobs and Snijders

“Innovation and Technology is something new being realized with added value”.


3.1Objectivesoftheresearch

• To learn about the technology and Innovation in present competitive world of airline industry.

• To understand the changes occurring in each airline.• To analyze the unique feature, which the airlines created for their

growth and development.• To maintain good relationship with passengers and to retain loyal

customers.• To increase the number of passengers who travel by airways by

providing proper services.

3.2Need for the study

The study gives us the clear picture of the effectiveness of technology and innovation in airline industry specially by adopting new and innovative technologies in order to generate high sales, demand and revenue compared to their rival groups. There is a great need for the industry to get updated about the emerging technologies which helps them keep in pace with the changing world and needs. The study not just shows the technical advancements but also gives an idea as to what new technologies can be used.

3.3 Data collection

Considering the global growth of airline industry, there are many airlines active in aviation industry. Out of top 50 airlines, the sample of 5 airlines is taken. This sample consists of unique technology that has



been adopted by these airlines to market their services most effectively and to set a tough competition to their fellow airline companies.

The Principal source of data utilized for the study is secondary data that is available on the internet, Information such as new innovations and techniques adopted by these 5 airlines have showcased them in the top position by Airline Rating Agency called IATA [International Air Transport Association], directly from the official websites of airlines.

4. ANALYSIS AND INteRPRetAtIoN

• When it comes to technology and innovation Emirates has proved itself by adopting with the new and latest innovation in the airline industry like; Introducing Swimming pool in their aircraft A380. Introducing In flight calling, Board spa, Audio Video on Demand on all seats, On board showers, 1000 channels of entertainment on demand and introduction of free Wi-Fi access to passengers who travel in all classes.

• Lufthansa airline came up with the cost-efficient aircraft operations which help them in enhancing the performance of the aircraft engines, and also they offered customized travel experience to the passengers with fully tailored services to corporate fares and discounts by adding value to the services for selected customers.

• Etihad airline came up with the Leo the Robot that helps in eliminating airport check-ins by avoiding unnecessary traffics caused by bulky bags at airports. They also introduced Mobile App for iPhone users to manage their journey with ease; like booking tickets, checking-in and viewing the status of their flight Skywards mile tracking Flight Timetables etc., it is a smart online marketing move adopted by the airline to attract the target customers.

• To reduce the debilitating effects of jet lag, Cathay Pacific a Hong-Kong based airline developed a well tailored app to its passengers which informs the customers what should they do before the flight actually take off (like amounts of sunlight exposure, diet, and sleep). They also came up with hi-tech Self-Boarding gates to improve its on-time performance and boarding procedures.



• Qatar airlines was awarded for the In-Flight entertainment provided to their customers with over 2000 channels of entertainment, including 60 blockbuster movies, 1100 episodes of TV programs, 500 audio channels and 50 games, refreshed every month. They also adopted ‘Testing On-Ground Black Box Technology’ which simultaneously record flight data on ground to enable plain crash, and also for tracking of planes without the control of pilots.

5. FINDINGS

• The advance technology and innovation adopted by these airlines help them to attract the right customers from the target market.

• By Adapting to the new change has made them different and unique when compared to other airlines, which haven’t yet adopted.

• Introduction of Swimming pool, Wi-Fi has made Emirates stand in top position.

• Likewise Lufthansa has developed a tool for passengers for their customized travel experience.

• Etihad has come up with the mobile app for passengers as a smart marketing technique.

• Qatar has introduced automated tracking of plains without the control of pilots who travel in their airlines.

6.SUGGeStIoNS

It is suggested that the airlines should focus on enhancing the flying experience by adopting themselves to the latest technology and innovation, or else in the present competing world they will be left behind by their competitors. Airlines should embrace mobile marketing, as it is a powerful tool to reach and attract customers in today’s digital world. Use mobile solutions to personalize your communications, marketing efforts, brand recognition, online booking and servicing options.

7. coNcLUSIoN

Airlines vary in size, from small domestic airlines to full-service international airlines. Airline have adapted itself to the emerging



trends in the field of technology and innovation in the greater aspect to maintain their positions among the top position, but in this research paper, we can see all airlines are in the urge to attract more and more customers towards their airlines by providing a reasonable and affordable services to the passengers who travel with them. The marketing strategies adapted by these airlines are unique, appreciable and also reliable in this present competitive world.

ReFReNceS

Websites

https://www.googleco.ininsearch?q=technology+innovation+in+airline+industry&oq=technology+innovation+in+ai&aqs=chrome.1.69i57j0l5.13676j0j7&sourceid=chrome&ie=UTF-8https://www.google.co.in/search?q=technology+innovation+in+emirtaes&oq=technology+innovation+in+emirtaes+&aqs=chrome..69i57.17799j0j9&sourceid=chrome&ie=UTF-8#q=etihad+mobile+app&*https://www.google.co.in/search?q=technology+innovation+in+lufthansa&oq=technology+innovation+in+lufthansa&aqs=chrome..69i57.12436j0j4&sourceid=chrome&ie=UTF-http://www.lufthansa.com/www.cathaypacific.comwww.qatarailines.comwww.etihadaieways.comhttp://www.airlinemobileapps.com/airlines/etihad-airways/



A StUDY oN WoRKING cAPItAL MANAGeMeNt IN SPAce ReSeARcH oRGANISAtIoN

~ Monisha. S

abstract

Working Capital is required for the maintenance of day to day business operations. The present day competitive environment calls for an efficient management of working capital. The reason for this is attributed to the fact that an ineffective working capital management might force the firm to stop its business operations, may even lead to bankruptcy. Hence the goal of working capital management is not just concerned with the management of current assets and current liabilities but also in maintaining a satisfactory level of working capital. Holding current assets in substantial amount strengthens the liquidity position and reduces the risk but only at the expense of profitability. Therefore achieving risk-return tradeoff is significant in holding of current assets. While cash outflows are predictable it runs contrary in case of the case of cash inflows. Antrix Corporation Limited, the commercial arm of Indian Space Research Organization, has reported a 17 per cent growth in revenue in 2014-15 at Rs 1,860.71 crore. The company said the rapid growth in services such as DTH, TV broadcasting, VSAT application, data back hauling, telephony and mobile and remote area communications, have created





increased demand for satellite communication capacity in the country, said the company in its annual report for the year 2014-15.

1.INtRoDUctIoN:

Working capital is defined as “excess of current assets over current liabilities and provisions”. The term working capital is commonly used for the day-to-day working in a business concern, such as for purchasing raw materials, for meeting day-to-day expenditure on salaries ,wages ,rent rages , advertising etc. Circulating capital required to meet the day to day operations of a business firm. Working capital management is the short requirement of long term success. Working capital is the life blood and nerve center of a business. Just as circulation of blood is essential in the human body for maintaining life, working capital is very essential to maintain the smooth running of a business. No business can run successfully without an adequate amount of working capital.

2.LIteRAtURe ReVIeW:

• J.SMill -“The sum of the current assets is the working capital of the business”.

• Weston&Brigham- Working capital refers to a firm’s investment in short term assets, such as cash amounts receivables, inventories.

• Bhattacharya (2006), the concept of working capital was perhaps first evolved by Karl Marx, through in a somewhat different form, and the term he used was “variable capital”.

• GuttmannandDoughall (1948) defined working capital as current assets minus current liabilities and their view was elaborated by Park and Gladson (1963). This definition is also known as “net working capital”.

• DubeyR., “Working Capital Management-an Effective Tool for Organizational Success” (2008) describes that The working capital in a firm generally arises out of four basic factors



like sales volume, technological changes, seasonal,cyclical changes and policies of the firm.

3. ReSeARcH MetHoDoLoGY:

3.1 oBJectIVeS oF tHe ReSeARcH

• To determine the managerial aspect of Working Capital in Antrix Corporation Limited.

• To understand the short term solvency as well as the effectiveness of working capital in the operations of business.

• To analyze and evaluate the Working capital of Antrix Corporation Limited using ratio analysis technique.

• To suggest on the basis of finding improvements in management of working capital at Antrix Corporation Limited.

3.2 IMPoRtANce

• The management of assets in any organization is an essential part of overall management.

• The enterprise, at the time of formation attaches great importance to fixed assets management, as a part of investment decision-making.

• However, in the overall day-to-day financial management, after the initial investment, the management gives more importance to managing working capital.

• The study of working capital management occupies an important place in financial management.

3.3 LIMItAtIoNS oF tHe StUDY

• The study is limited to 5 years performance of the company.

• The analysis is based on secondary data; therefore the study purely depends on the accuracy and reliability of the secondary data sources.

• This study is conducted within a short period. During the



limited period they study may not be detailed, fully fledged and utilization in all aspects.

• Detailed information about each division and certain parameter could not be collected due to confidentiality.

• Lastly, due to shortage of time it is not possible to cover all the factors and details regarding the subject of study.

3.4 tYPe oF ReSeARcH:

This research is based on Analytical Research.

3.5 coLLectIoN oF DAtA

Primary data:

Primary research consists of a collection of original primary data collected by the researcher. It is often undertaken after the researcher has gained some insight into the issue by reviewing secondary research or by analyzing previously collected primary data.The Primary data has been collected from Personal Interaction with Finance officer and other staff members.

Secondary data:

The major source of data for this project was collected through annual reports, i.e. balance sheet of 5 year period from 2011-2015 & other information collected from internet and text sources.

4. DAtA ANAYLSIS AND INteRPRetAtIoN:

4.1RAtIo ANALYSIS:

Particulars 2011-2012 2012-20132013-2014

2014-2015

2015-2016

CurrentRatio 3.58 3.07 2.58 2.37 2.56

QuickRatio 1.98 0.31 1.24 1.38 1.80



AbsoluteLiquidityRatio

1.98 0.31 1.24 1.38 1.80

DebtorsTurnoverratio

2.47 2.02 2.39 2.44 3.96

Averagecollection period

147.77 180.69 152.71 149.59 92.17

Workingcapitalturnover

0.81 0.74 1.02 1.24 1.36

ANALYSIS:

• The Current Ratio has exhibited increasing trend for the first two years, 3.05 in 2010-2011, 3.58 in 2011-2012, and again decrease of 3.07 in 2012-2013, and tremendous decreased to 2.58 in 2013-2014 and 2.37 in 2014-2015. This shows that the company does not show the satisfactory level.

• The Quick Ratio has exhibited increasing trend for the first two years, 1.90 in 2010-2011, 1.98 in 2011-2012, a tremendous decrease of 0.31 in 2012-2013, then a increase of 1.24 in 2013-2014 and 1.38 in 2014-2015. This shows that the company does not show the satisfactory level liquid assets. Hence, it shows that the liquidity position of the company is inadequate.

• The Absolute Liquid Ratio has exhibited a Fluctuating trend. It recorded value of 1.98 in 2011-2012 which is the highest in the standard ratio. It is 1.90 in the year 2010-2011, 0.31 in the year 2012-2013, 1.24 in the year 2013-2014, 1.38 in the year 2014-2015 which is favorable as the ideal Absolute Liquidity ratio is 0.5:1 which depicts the satisfactory level of liquid Assets .

• The Debtors turnover ratio has exhibited a fluctuating trend. The recorded value is Rs.2.47 lakhs in 2011-2012, 2.02 in 2012-2013, Rs.2.39 in 2013-2014, and Rs. 2.44 in 2014-2015 and Rs.3.96 in 2015-2016.



• The Average Collection Period has exhibited a fluctuating trend. The recorded value shows a increase from 147.77 days in 2011-2012, an increase of 180.69 days in the year 2012-2013, 152.71 days in 2013-2014, a decrease of 149.59 days in 2014-2015 and 92.17 days in 2015-2016.

• The Working capital Turnover Ratio is exhibited a decreasing trend over the three years. The recorded value of 0.81 in the year 2011-2012, 0.74 in the year 2012-2013, but in the coming years it is been showing an increase of 1.02 in 2013-2014, 1.24 in the year 2014-2015 and 1.36 in the year 2015-2016.

4.2 ANALYSIS oF WoRKING cAPItAL FoR tHe LASt FIVe YeARS

INteRPRetAtIoN:

• It is observed that during the year 2010 to 2011 there was a net increase in Working capital of Rs.23934.01. It indicates an adequate Working Capital in Antrix Corporation limited.

• It is observed that during the year 2011 and 2012 there was a net increase in Working capital of Rs.29359.28. It indicates an adequate Working Capital in Antrix Corporation limited.

• It is observed that during the year 2012 and 2013 there was a net decrease in Working capital of Rs.13129.56. It indicates an inadequate Working Capital in Antrix Corporation limited.



• It is observed that during the year 2013 and 2014 there was a net increase in Working capital of Rs.5451.86. It indicates an adequate Working Capital in Antrix Corporation limited.

• It is observed that during the year 2014 and 2015 there is a net increase in Working capital of Rs. 13133.94. It indicates an inadequate Working Capital in Antrix Corporation limited.

5.FINDINGS:

• Working capital of the Antrix Corporation Limited is decreasing and shows negative working capital per year.

• The company has indicated a good financial position in respect of current ratio as the overall analysis shows increase in current ratio.

• In respect to Quick Ratio the company shows the satisfactory level. Hence, it shows that the liquidity positions of the company is adequate as the quick ratio is higher than the Ideal ratio.

• In respect to Absolute Liquidity ratio the company shows a stable level. After analyzing it shows a sudden decline in 2012-13 over a period of 5 years & the ratio is lower than the ideal ratio which is 0.5:1.

• With the respect to Working Capital it shows a gradual decrease for the last three years. Hence, it shows that the company has inadequate Working Capital.

• With respect of debtor turnover ratio the company has indicated satisfactory level of a good financial position.

• There is sufficient and good collection performance of the company with the respect to debtor collection period.

• The level of increase in working capital turnover ratio implies that the company is generating good sales compared to funds invested in operations.



6. SUGGeStIoNS:

• The company must focus on Net working capital needs to be higher in order to meet firm’s liabilities. Net working capital can be positive or negative.

• Due to proper collection of debts. The company should collect the debts on time so that it doesn’t affect the liquidity of the company.

• A high Working Capital Turnover Ratio is considered good as it indicates that the company is generating good sales compared to funds invested in operations. An increasing trend which shows that the company is started to improve and should continue for the same for the further years.

• From the above suggestion the company must focus and try to have a balance between its liquidity and profitability of the firm to bring it’s successful.

• The company shows its satisfactory level in liquidity assets it can be used for the liabilities to be paid.

• The Debtor collection period has been decreased from 180.69 to 92.17 which shows the satisfactory collection position of the company and to be followed in the future also.

• Finally, it is known that the company is suffering from inadequate Working Capital Requirements. Hence, a concern which has inadequate working capital cannot pay its short term liabilities in time.

7. coNcLUSIoNS:

To conclude Statement of changes and Ratio Analysis have been very useful in analyzing the overall performance of the company. They reveal the liquidity position, profitability position, how efficiently the resources are used, the increase or decrease of certain assets and liabilities that affect the company in its daily course of business and also in the long term. The overall financial position of the company is good and can improve the same in the future. The overall ratio of the company is good and company need to work with more efficiency. The



analysis of the Antrix Corporation Limited shows that the company has satisfactory liquidity position but other things are quite manageable in the hands. As per the overall study it can be concluded that the financial position of the firm during the last 5 years is satisfactory.

ReFeReNceS:

[1] M.Y Khan & P.K Jain, Financial Management - 5th Edition [2] Financial Management – S.N Maheshwari.

Websites:

www.investopedia.comwww.antrix.gov.in

Reports:

[1] Annual Reports of Antrix Corporation Limited for the years 2011,2012,2013,2014 & 2015.

[2] Magazines



A StUDY oN tHe FINANcIAL PeRFoRMANce At BANGALoRe cItY co-oPeRAtIVe BANK LIMIteD

~ Asha H.M

abstract

The study has revealed that the bank as a whole has a good progress. BCCB has a very good approach towards its customers irrespective of their size. By analysing the current Ratio and Current asset to fixed asset we can know that a company is doing well and has increased the efficiency and profitability of the company. But they have failed to attract more investors which affects the capital formation and the liquidity of the Bank. The study has undertaken on the topic financial performance evaluation at BCCB bank through ratio analysis is known the financial performance at analysis and interpreted the bank performance tools of financial analysis. The bank has achieved the tremendous progress over the recent year. After having solved the ratio analysis financial data the researcher can conclude bank has gradually excelled over the years thus ratio analysis has been a very useful technique which has highlighted the performance of the Bangalore city co-operative bank ltd. in the key areas and also as in the avocation of certain strategy to be followed by the Bangalore city co-operative bank ltd which is includible to its future growth.





1.INtRoDUctIoN

Accounting is the language of business, to make the language convey the same meaning to all people: accountants all over the world have developed certain rules, procedures and conventions which represent a consensus view by the profession of good accounting practices and procedures, are generally referred to as GENERALLY ACCEPTED ACCOUNTING PRINCIPLES(GAAP)Accounting statements are prepared in conformity with principles in order to place more reliance on them on them .the need for the common accounting principles becomes more apparent when it contemplates the chaotic conditions that prevail if every account could follow its own principles about the measurement of revenue and expenditure expenses. Finance is major element of an economy, which stimulates the overall growth of an economy. Finance is oxygen of economy activity. The health financial system directly contributes to the country. An efficient financial system calls for effective performance of financial institution, financial instrument and financial markets procedures and financial inter relationship are also part of the system.

Fiancé is an essential requirement in every business unit, without which any business for that matter cannot survive. Finance is required for various activities in different stage of manufacturing, processing and distribution of commodity and service .finance, if utilized in best possible ways, along with facing challenges will fetch maximum profit.

2.ReVIeW oF LIteRAtURe

Khan and Jain in their book “Theory and problems of cost accounting”. Say Ratio analysis is a widely-used tool of financial analysis. It is defined as the systematic use of ratio to interpret the financial statements so that the strengths and weaknesses of a firm, as well as its historical performance and current financial condition, can be determined.

Ratios make the related information comparable. A single figure by itself has no meaning, but when expressed in terms of a related figure, it yields signification inferences. Thus, ratios are relative



figures reflecting the relationship between related variables. Their use, as tools of financial analysis, involves their comparison as single ratios like absolute figures are not of much use. Trend ratios involves comparison of ratios of a firm over a period of time, i.e. presents ratios are compared with the past ratios for the same firm. The comparison of the profitability of a firm, say, year 1 to 5, is an illustration of a trend ratio. Trend ratios indicated the direction of change in the performance-improvement, deterioration or constancy- over the years.


3.1 objective of the study

• To make comparative analysis of the financial performance of the bank for 5years

• To study financial performance and trends through various key financial indicators.

• To analyze the actual performance of bank in the areas of liquidity and profitability through financial ratios and compare the present performance with standard norms.

• To know how the cash is generated by the Bank every year both internally and externally.

• To know how effectively those generated funds are utilized in the Bank.

• To know how long term funds help in reducing the liabilities of the Bank.

• To know whether the generated funds are utilized for the purchase of fixed assets and other assets in the Bank.

• To know how the fixed deposits and current deposits are utilized for the improvement of the Bank.

3.2 Need And Importance of Study

The study is only with regard to co-operative banks and it is a study of BCCB bank and its financial performance evaluation, the study a restricted to co-operative type of organization and restricted to the functions of banking corporation



3.3 Limitations of the Study

The most important limitation of the study is that study slowly depends on the published

Data and documents such as balance sheet and income statements.

• Due to lack of time, justice could not be given to the topic and it was very difficult to make a detailed study.

• The study related to Bangalore City C0-operative Bank only and compared with any other branches.

• Many confidential matters were not disclosed by the bank.

• The study done and reference drawn and theoretical conclusions arrived at are based on the information provided by the Bank.

• The Bank could provide the information up to 2014 and not for 2014-2015 which is in progress.

• The Annual Reports compared in the study is of five financial years.

3.4 types of research

collection of data:

Data is defined as facts, presented to the researcher from the studies environment; data serves a basis of analysis. Data is the form through which information is collected for the completion of the study. Data is the collection of information which reveals the status of the concept

Sources of Data:

1. Primary Data2. Secondary Data

Primary Data:

The primary Data is collected through conducting an interaction section with the Branch Manager and other sub-coordinates in the Bank. The interaction was made in an informal way so that more information was available from the organization.



Source of primary Data:

• Observation: when the researcher directly goes to the spot and visits the spot and notices or observes the activities and considers it as information.

• Interviewing: where the researcher meets various officials and personnel’s of the organization and discusses the circumstance and records it at the same time he may interact or interview the officials.

• Questionnaires: it is the way no of questions with alternative options will be given to the selected group of respondents to fill it and hand over back it.

Secondary Data:

The secondary data was collected through various sources on which the project is based. The various sources are as follows:

• Annual Reports of the Bank.

• Bank profile

Bank Website www.bccx.com

And also with some magazine and journals published by the bank.

4. DAtA ANALYSIS & INteRPRetAtIoNS

Ratios 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

Current Ratio 1.75% 1.77% 1.80% 1.73% 2.19%

Absolute Liquid Ratio 0.97% 0.92% 0.95% 0.94% 0.11%

Proprietary Ratio 8.66% 8.26% 7.30% 7.20% 7.20%

Solvency Ratio 0.09% 0.08% 0.01% 0.01% 0.01%

Return on Total asset ratio 0.83% 0.87% 0.70% 0.73% 0.78%

Return on equity 9.50% 10.50% 9.67% 10.15% 27.60%



table 1 - Ratio Analysis of BccB for the last 5 years.

Chart 1 – Ratio Analysis of BCCB for the last 5 years.

5. ANALYSIS:

• From the table it can be see that the current ratio in the 2010-211 was 1.75times, in the year 2015-16 was 2.19times.

• It can analyzed in the year 2011-2012 absolute liquid ratio is 0.97%,in the year 2013-2014 was 0.95% and in the year 2015-16 was 0.11%.

• From the table it can be analyzed proprietary ratio in the year 2011-12 is 8.66times. It deceased to 7.30 in the year 2013-14 and which further deceased to 7.20times in the year 2015-2016.

• The solvency ratio in the year 2011-12was 0.091%, in the year 2014-2015 0.007% and in the year 2015-2016 was 0.007%.

• In the year of 2011-2012 gradually increased to 0.83.in 2013-2014 it decreased to 0.70 and then 0.78 in the year 2015-2016 showing increasing.

• From the table it is found that in the year 2011-2012 the ROE was 9.5 and in the 2013-2014 the ROE was 9.67 and in the year 2015-2016 ROE was 27.6.



6. INteRPRetAtIoN

• The above graph indicates that the current ratio BCCB, for the period of 5financial year. The current ratio in 2011-12 is 1.75:1 and it has decreased to1.73:1 in the year 2014-15 and decrease in current ratio is not good for the organization The bank

• Though the bank’s absolute liquid ratio has increased in 2010-12, it is not able to reach the standard of 1:1 ratio. Bank is facing cash deficiency it is not able to meet its current liabilities through its cash.

• The above graph depicts the proprietary ratio of 5yar financial year.it is interpretive that there is decreasing trend in the proprietary over a period the bank is highly depend on the owners fund and it is not much having the outside fund little long term on debt.

• The above graph depicts solvency ratio, it can be interpreted that is declining trend solvency ratio. The solvency position of bank is not satisfactory which the profit earned by the bank is unable to meet its obligation.

• Return on assets is showing a decreasing trend efficiency of the bank has decreased net profit through increased but not proportionally with increase in total assets.

• The above graph the return on equity is the increasing in all financial year.it is shows the efficiency in usage of shareholder fund. The carrying by the bank.

7. FINDINGS:

The importancefindingsof the studyareas follows

• As in the current ratio the current asset value is more than its current liabilities this indicates that the bank is efficient to meet its current liabilities.

• As the Current Asset to fixed asset ratio has shown an increasing and decreasing level this indicates that the current asset has been used effectively with proportion to fixed asset and this has increased progress of the bank.



• Return on shareholders’ fund decrease in all the years which indicates that the efficiency and profitability has failed to attract more investors.

• As in the Cash Ratio the current ratio decreased drastically by 0.927 which shows the liquidity of the bank has decreased.

• Here awareness of the bank is 60% and 40% of the people are not aware about the Bangalore city co-operative bank the return on total asset is decreasing continuously. So that it is unhealthy to the organization.

8. SUGGeStIoNS:

• It should make greater efforts to publicity to their product and service inside Bangalore city through newspaper, advertisement and FM radio, and social media and also wide publicity in canned newspapers.

• The Bangalore city co-operative bank needs to increase return on shareholders fund so that it help to increase efficiency and profitability to attract more investors.

• Co-operative bank needs to improve the liquidity which enables the bank to carry on its transactions easily

• They should create more publicity towards their bank so that it helps to aware people towards bank.

• They Bangalore city co-operative Bank Ltd. Must present ATM’s all through the state so that the administrations rendered to the clients will bitterly affect the bank.

• The bank needs to incorporate English and Hindi with Kannada which people group of various gatherings who may not comprehend Kannada and it will help in simple correspondence.

9. coNcLUSIoN

The summer internship project helped me to understand how the co-operative bank works. The various department and its functions and how all are interrelated to each other. The study has revealed that the bank as a whole has a good progressive. BCCB has a very



good approach towards its customers irrespective of their size. By analyzing the current Ratio and Current asset to fixed asset we can know that a company is doing well and has increased the efficiency and profitability of the company. But they have failed to attract more investors which affects the capital formation and the liquidity of the Bank. The study has undertaken on the topic financial performance evaluation at BCCB bank through ratio analysis is known the financial performance at analysis and interpreted the bank performance tools of financial analysis. The bank has been able to achieve the growth across the multiple parameter. Including customers acquisition geographical spread business volume and revenues

After having solve the ratio analysis financial data we can conclude bank as gradually excelled over the years thus ratio analysis has been a very useful technique which has highlighted the performance of the Bangalore city co-operative bank ltd.in the key areas and also as in the avocation of certain strategy to be followed by the Bangalore city co-operative bank ltd which is includible to its future growth.to conclude the banks financial position is satisfactory. The analysis if the was made using technique like ratio analysis balance sheet and profit and loss account.

ReFeReNceS:

AUTHOR TITLE OF BOOK PUBLICATION YEAR

1.JAIN.S.P

NARANG.K.L

Cost and financial

management analysis

Kalyani publishers 2008

2. BCCBL Co-operative bankers

hand book

2009-2010

3. SAHA R.G Financial management Vision book house 2007

4. BCCBL Annual statement of

bank,

2007-2010

Websites - http://en.wikipedia.org/wiki/co-operativebank and www.hindubusinessline.com



A StUDY oN tHe JoB SAtISFActIoN oF tHe eMPLoYeeS At HINDUStAN cocA coLA BeVeRAGeS PRIVAte LIMIteD AND tHe WAYS AND MeANS oF MotIVAtIoNS tHAt ARe IN PLAce IN tHe coMPANY

~ Anushree P A

abstract

It is often said that “A happy employee is a productive employee”, who is satisfied within his job. Job satisfaction is very important because most of the people spend a major portion of their life at their workplace. A satisfied employee will carry a positive attitude about his or her job also does exhibit exceptional organization citizenship behavior, builds a positive relation with his or her employer, coworkers, subordinates and all this would lead to a positive working environment On the other hand, if there is any feeling of discontentment in the employees, the employer probably might notice frequent absenteeism, poor performance, turnover, work place deviant behavior in the employees. Thus, every organization must consider job satisfaction as a legitimate objective and be responsible to provide jobs that are challenging and intrinsically rewarding. Not all the time it is the satisfaction with the one’s job brings in more productivity, motivational factors, employees ability to do a given job and acts of the organization have role to play in satisfying the employees and enhancing their





performance. Suppose if he or she has got the ability but is not properly motivated then his performance will be low. So, motivation is also an essential factor which encourages people to give their best performance and help in reaching enterprise goals. Thus this research study aims to identify the importance given by the organization towards the jobs they offer to the employees, facilities, and initiatives taken in dealing with issues of dissatisfaction and also various motivating factors in the organization which ultimately affects functioning of the organization.

1. INtRoDUctIoN

Beverage industry is a sector of national economy engaged in producing drinks, particularly ready to drink beverages. According to research conducted by IMAGES Group – the publisher of Progressive Grocer India – for The India Food Report 2016, the market for beverages in India is close to Rs. 195,000 crore and is growing at 20–23 per cent. This growth rate will take the category at three-and-a-half times of its present size by 2020.The beverage industry employs 13 million workers directly. Value addition of food products is expected to increase to 35% by the end of 2025.The leading market players in the soft drinks in India are Coca Cola, Pepsi, Sprite, Thumsup, Maaza, Fanta, Limca etc. The statistics about the market share of leading soft drink companies in India reveal that Coca Cola he market with a share of 48.6%.

Human resource is a source like any other natural resource to the organizations of any industry. The management can get and use the skill, knowledge, ability, etc. through the development of a positive attitude among the employees. Most of the times the concept of job satisfaction and motivation level among the employees is neglected as they are regarded as the very common thing anyone would focus on. This is an irony because the organizations are putting their efforts in all other aspects excluding the essential elements required for efficient performance of the employees. Thus, this study helps the organization to know about satisfaction level of its employees,



help them in enhancing the productivity of the employees and also showcases the perception of the employees towards the organization, coworkers, supervisors which helps to take remedial measures.


2.1 objectives of the study

• To analyze the level of job satisfaction of the employees in the Hindustan Coca Cola Beverages Private Limited.

• To identify the role played by motivation in enhancing the employee performance.

• To analyze the perception of employees towards the support provided by the organization.

• To know the effort put in by the company in enhancing the job satisfaction.

• To study the factors influencing the employee job satisfaction and motivation.

• To suggest ways and means to motivate the employees.

2.2Research instruments

Primary data: In this research the primary data from the structured questionnaire and interview where the respondents would be given sufficient time to think and answer a number of questions relating to the objectives of the study.

Secondary data: In this study the secondary data is collected from the company’s website, theoretical information from relevant human resource management, research, organization behaviour textbooks, and the internet.

2.3 Limitations of the study

• The response of the respondents may be influenced by personal opinion, biases.



• An in depth study could not be done due to limited time period.

• Analysis of the data collected is based on the assumptions that information provided by the respondents is genuine.

• The sample size may be inadequate for the study.

• The company was bit hesitant to share their confidential data or was hesitant to permit to meet the officials.

• The company’s regional office, corporate office and depots are in different places of Bangalore, it was difficult to make many visits.

3. FINDINGS

• Majority of the employees in the organization are satisfied with their jobs.

• Many of the employees are contented with the statutory benefits offered in the organization.

• Half the sample has stated that they are quite happy with the quality of food being provided in the organization whereas all of them are highly satisfied with the working environment.

• Most of the staff find their job to be monotonous.

• Almost 80% of the employees agree their supervisor’s expectations are realistic in nature.

• Many of the employees are dissatisfied with the promotion opportunities in the organization and do not get opportunities in decision making process.

• Most of the employees’ state there is no work life balance policy as such in the organization, which is as much needed in these days.

• The employees also express their disappointment by stating that there is no stress management initiatives and guidance and counselling cell in the organization.



4. SUGGeStIoNS & RecoMMeNDAtIoNS

• The researcher suggests that the organization can come with measures to improve the existing working environment to satisfy those few who are unhappy. Working environment plays an important role and this has impact on employees’ performance so making changes according to the employees comfort level will improve their performance.

• The researcher suggests that the organization can make efforts provide the guidance and counselling services to the employees at least once in a fortnight, as providing assistance and support at the right time is very much important than addressing the problems once in a while when they bring in adverse effects on the employee and his performance.

• The researcher suggests that the organization can revise its policies of promoting the employees as one’s work needs recognition and promotion in their position definitely shows that he or she is worth of handling higher responsibilities and it does lead to their career growth.

• The researcher suggests that the organization must consider the 3 A’ s that is, firstly annually or semi-annually employee feedback must be taken about the organization and its provisions, secondly accountability of the results obtained to the higher authorities and finally suitable action needs to be taken based on the results obtained.

• The researcher recommends that the organization can take initiatives to improve the quality of the food and can change the menu according to customers wants and can provide customized food. The organization needs to consider employees requirements and provide healthy food.

• The researcher recommends that the company must come with work life balance which depicts the importance of work life balance among the employees and the impact that could have on the organization. The organization must also take initiatives



to spread awareness among the employees about its significance so that there would be some effort put in by the employees too.

• The researcher recommends that the organization must realize the importance of stress management these days and its serious impact as each individual might face stressful situations at home or in the workplace, which needs to identified otherwise it can harm the mental and physical health of the employees. Thus, the organization can organize day outs, involve employees in a social cause events, and have a recreational rooms which helps them to relax from their busy schedules.

• The researcher recommends that the organization must study their work environment in detail and identify the stressors if any and make efforts to provide friendly environment to workers.

• The researcher recommends that the organization must try to provide some variety in job as doing the same old job would create disinterest, lazy attitude and also blocks their creativity and tends to job hopping.

5. coNcLUSIoN

In this present scenario of multiple companies with good job opportunities and with essential provisions to employees, the organization would succeed against its competitors by satisfying the employees through provision of all the essential requirements with respect to their jobs, a good and a comfortable working environment, supportive and friendly supervisors, colleagues, career growth opportunities and many more. All these not just satisfies the employees but makes them committed to their respective jobs, the organization and its vision and does shows the motivational boosters in the organization promoting employees performance.

From this it can be concluded that most of the employees are satisfied in the organization but as not all are perfect in all means, the organization too has some flaws which need to be corrected like monotony in the jobs, absence of work life balance policy and stress management initiatives.



ReFeReNceS

Sl

No.BookReferred Authors

Yearof

PublicationPublishers

1.Human Resource Management

P. Subbarao2011

(6th edition)

Himalaya Publishing House

2.Organizational Behavior

Shashi K Gupta

Rosy Joshi

2007

(2nd edition)Kalyani Publishers

3.Organizational Behaviour

Stephen B Robbins

Timothy A Judge

Niharika Vohra

2011

(14th edition)Pearson Education,Inc

4.Research Methodology

C R Kothari

Gaurav Garg

2014

(3rd edition)

New Age International Publishers

WeBSIteS

www.coca-colaindia.comwww.hindustancoca-cola.com www.researchgate.net/publication



RecRUItMeNt AND SoURcING PRoceSS ADoPteD At [24]7 cUStoMeR PVt. LtD

~Afifa Farheen Khanum

ABSTRACT

BPO in India starts with low-end data entry processes, but now it moves up the value chain and deals in the core business processes also. Both voice and Non-voice BPO industry exist in India. The study clearly indicates that for a company to succeed all it takes is the proper recruitment and selection strategies which also shapes the overall manpower management of the company. The study emphasizes on the fact that the recruitment and sourcing process is integrated with other process such as strategic plan of the company training and development scheme, compensation, rewarding incentives systems, performance appraisal and lastly industrial relation. The main aim of the study was to evaluate and understanding with respect to the recruitment and selection process [24]7 at Customer Pvt. Ltd.

1. INtRoDUctIoN

Recruitment process

The process of recruitment begins with the sending of the “Job description” by the company. The job description is comprising of the following requirements:





1) Vacancies in job profile

This very first point, clarifies to the recruiter, for which required position, the candidate is needed. The recruiter then make use of the data that is available to him/her, or creates new data of the candidates. Since I undergone the training in a job consultancy, there was pre-recorded data already available.

2) evaluating the Job description

The Job description provided by the company tells the recruiter, the complete insight of the position vacant and also provides the knowledge of what the company is seeking in the required candidate. Understanding the complete JD (Job description) only can help the recruiter to move to the next step. If the recruiter fails to understand the need of the company from the JD provided, then all of the steps undertaken by the recruiter would turn out to be a failure.

3) Finding the right fit.

The major work of the recruiter begins here. The companies are loaded with many responsibilities, due to which they put the pressure of the recruitment and selection. Since these firms basically, are into the business of recruiting only, so they are having much broader aspect and determination for the access and selection of the job seekers, plus the job providers.

Here, there are some major tools that a recruiter put to use to, in order to generate new data, which comprises of the required candidates relevant to the given job description.

“JOB PORTALS”, usually called “PORTALS”, in midst of recruiters, are the major source of providing the data required for the relative job description. The recruiter have the access to these portals, by paying an amount to these portals.

These job portals have some very famous names among them. “NAUKRI.COM”, “SHINE.COM” and “MONSTER.COM” are some of the major job portals that are having the bio-data of millions of candidates.



4) Interviewing the candidates

After the candidates has been shortlisted by the recruiter, the candidates are called for the interview. For this purpose, the recruiter prepare a logical approach to make the candidate, understand the job for which the candidate is required and also interview him/her on the basis of their qualification and experiences.

5) Job Analysis

The next and the foremost part of the job procedure is “Job analysis”. When the recruiter finally get the required candidate, then he/she has to prepare an analytic form of the work, the employee has to do. This complete process is called “Job analysis”. Job analysis, basically, is the procedure for determining the duties and skill requirements of a job and the kind of person who should be hired from it. (Reference: Human resource Management, 11th edition, ch.4) Thus job analysis, is a basic tool that is required by the recruiter in making the candidate understand the job carefully and properly. Certain other activities related to human resources like Performance Appraisal, compensation and Legal compliances are also dependent on the Job analysis procedure.

Sourcing

Sourcing is a talent acquisition discipline which is focused on the identification, assessment and engagement of skilled worker candidates through proactive recruiting techniques. Professionals specializing in sourcing are known primarily as Source.

In some situations a person that “sources” candidates can and will perform both ‘primary’ and ‘secondary’ sourcing techniques to identify candidates as well as the candidate profiling to further pre-screen candidates but there is a growing market for experts solely focused on “telephone sourcing”, “internet sourcing/researching” and candidate profiling. The actual act to source candidates can usually be split out into two clearly defined techniques: primary sourcing and secondary sourcing.

Phone



It requires the uncovering of candidate information via a primary means of calling individuals directly and/or into organizations to uncover data on people, their role, title and responsibilities, email address, company, etc. The term “phone source” or “phone name generator” or “telephone names source” generally applies to the utilization of primary sourcing techniques.

Secondary (internet)

In recruiting and sourcing of company profile its fully belongs to the, this means using of techniques (primarily Internet research and utilizing advanced Boolean operator) to identify candidates.

Acqui-sourcing (adjective) meaning (acquisition + sourcing) translates to sourcing for acquisition; is a newly coined term, word or phrase, which is in the process of entering common use. Acquisourcing is a solution for companies that are interested in acquihiring. There is a school of thought that as demand increases for talent (especially technical talent) it becomes harder and harder to recruit (acquire) that talent. Some companies are turning to a technique called acquiring wherein they acquire whole workforces by purchasing a company just to acquire that company’s workforce

About [24]7

[24]7 is redefining the way that companies interact with consumers. The company’s customer engagement platform assists several hundred million visitors across all channels, and engages in 1.5 billion conversations annually, most of which are automated. Using [24]7 solutions, many of the world’s largest and most recognizable brands are anticipating and acting on consumer intent to create more personalized customer experiences.

2. LIteRAtURe ReVIeW

Work by Korsten (2003) and Jones et al. (2006):

According to Korsten (2003) and Jones et al. (2006), Human Resource Management theories emphasize on techniques of recruitment and selection and outline the benefits of interviews, assessment and psychometric examinations as employee selection process. They



further stated that recruitment process may be internal or external or may also be conducted online. Typically, this process is based on the levels of recruitment policies, job postings and details, advertising, job application and interviewing process, assessment, decision making, formal selection and training (Korsten 2003).

Work by Alan Price (2007):

Price (2007), in his work Human Resource Management in a Business Context, formally defines recruitment and selection as the process of retrieving and attracting able applications for the purpose of employment. He states that the process of recruitment is not a simple selection process, while it needs management decision making and broad planning in order to appoint the most appropriate manpower. This would reflect the fact that the management would particularly shortlist able candidates who are well equipped with the requirements of the position they are applying for, including team work. Since possessing qualities of being a team player would be essential in any management position (Price 2007).

3.ReSeARcH MetHoDoLoGY

3.1 objective of study

• To study recruitment and sourcing process in [24]7 customer Pvt ltd.

• To study the team delivers hiring on the first day of FLE (first level education) by meeting agreed timelines and quality norms of V&A (voice and accent) / stability/ skill requirements which ensure complete satisfaction of all parties involved.

• To study Voice and Non-voice recruitment covered during right evolution from a HR stability, V&A and written communication skills.

3.2 Need and Importance of the study

In HRM, Recruitment is one of the most important HR function and hence there is a great need for the students of management to make a close study of the recruitment process.



The study also help the research to understand the very many different approaches to selecting and recruiting candidates

3.3 collection of Data.

Both primary and secondary sources where used in this particular research Primary data:

Primary data were collected through observation, through the questionnaire and discursion with employees of the various departments of the organization.

Secondary data was collected through the company portal and referred books.

4. ANALYSIS

Analysis is a separation of whole into its constituent parts. The process of breaking up the whole study into its constituent parts of categories according to the specific questions under the statement of the problem.

• Qualitative Analysis- is not based on precise measurement and quantitative claims.

• Quantities Analysis- is employed on data that have been assigned some numerical value.

5. FINDING AND SUGGeStIoNS.

• The study of recruitment process explains that the HR department have to be supportive.

• The unique service of [24]7 is registration process in spring board which make HR work easy and user friendly for both candidates and recruiter.

• [24]7 have to improve their incentive scheme and the duration for recruitment process is more so their HR’s have to focus and should not make candidate’s wait for long time.

• [24]7 HR’s were clear, professional and polite in their communication and candidates

• Found all the interview rounds in operation in line.



6. RecoMMeNDAtIoN

• [24]7 should improve their incentive scheme.• The duration for recruitment process is more so their HR’s have

to focus and should not make candidate’s wait for long time.• HR division should also focus on management assessment centers

in its selection process. It will help them to judge applications according to perform realistic job.

• HR manager has to follow up and guide the respective employees on their performance.

7. coNcLUSIoNRecruitment and selection methods are very important concerning selecting the right candidates for a job. [24]7 has some of the most creative and innovative ways of recruiting new employees. They post their job openings on their company website but also use other out lets such as social media and job search engines. However, [24]7 is not looking for a specific education or a certain amount of experience. They want an employee who will fit in with the company’s culture. They use personal attributes in their hiring process to find candidates that will be the leaders of the company. It is an unconventional approach, but for the type of business [24]7 is, they need to find creative ways to find the most creative people. By using many ways such as, Employee referral, Candidate Referrals, Campus Hiring, Consultant Hiring and Advertising. [24]7 can streamline their process to ensure they are doing everything they can to find the employees who make the right fit for their company.

ReFeReNceS

Website

https://en.wikipedia.org/wiki/Business_process_outsourcing.https://www.google.co.inhttp://www.247-inc.com/http://info.247-inc.com/WS-FutureofCX-Banking.html

Book

[1] V.S.P Rao’s Human Resource Management.



A StUDY oN tHe StRAteGIeS ADoPteD to INcReASe tHe BRAND AWAReNeSS &BRAND MANAGeMeNt IN NARAYANA HeALtH”

~Kauvya Caroline

abstract

The project aims at studying the brand awareness since it is one of the effective tools to affect the consumer decision. The topic was used to find out or measure the brand awareness level among the customers and the ways to increase its awareness. In this project, the researcher went into a search for details regarding the brand awareness of Narayana Health and its acceptance rate and the promotion effectiveness. The analysis was done with the help of the data collected through questionnaire taking the sample size as 100. As the brand awareness is directly associated with promotion strategy taken by the hospital, its effectiveness is evaluated and the steps to increase the awareness level of the customers are considered. Therefore, the researcher has used various tools and techniques for the purpose of analysis of the data and have tried to throw a clear light towards the level of brand awareness of Narayana Health and the measures to increase its awareness and to evaluate the best media of communication for the purpose.





1. INtRoDUctIoN

The project is undertaken to measure the brand awareness level of Narayana Health. Measuring the brand awareness level of a particular company’s brand is of vital importance since it indicates the number of people who are aware of a particular brand in a given period of time and it also highlights the effectiveness of the different advertising or promotional tools used for the purpose.

A Brand is a symbol, a mark, a name that acts as a means of communications which brings about an identity of a given product.

A Brand in short is an identifier of the seller or the maker. A brand name consists of words, letter or numbers that can be vocalized. Brand mark is the visual representation of the brand like a symbol, design, distinctive coloring or lettering. Brand creates a bond between the customer and a product.

Brandawareness is the consumers’ ability to recognize or recall (identify) the brand within a given product category in sufficient detail to make a purchase decision. This also means that the consumers can propose, recommend, choose, or use the brand. The objectives of most advertising campaign are to create and maintain brand preference. The first step is to make potential consumers aware of a brands’ existence.

Brand management is the analysis and planning on how the brand is perceived in the market. Developing a good relationship with the target market is essential for brand management. Tangible elements of brand management include the product/service itself; look, price, etc. The intangible elements are the experience that the consumer has had with the brand, and also the relationship that they have with that brand. A brand manager would oversee all of these things.

One of the prominent goals of any business should be to build brand image and awareness of its product in as cost-effective manner as possible. Consumer tends to make purchasing decision based on peer recommendation and direct experience, as well traditional advertising methods.



2. LIteRAtURe ReVIeW

According to American Marketing Association (AMA)

“A Brand is defined as a name, item, sign, symbol or special design or some combination of these elements that is intended to identify the goods or services of one seller or a group of sellers. A brand differentiates these products from those of competitors.”

In thewordofPhilipKotler

“A brand is a name, term, sign, symbol or design or combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.”

3.ReSeARcH MetHoDoLoGY

3.1Objectives of the study

The study has been conducted with the following objectives in mind

• To judge the awareness level of the potential customer.

• To study about people’s perception about Narayana Health.

• To know how they are aware regarding the service.

• To judge in which way they have developed the awareness.

• To judge which promotional tool is effective to increase the awareness level among the people.

• To see whether brand awareness influences the buying behavior.

• What factors and variables of brand influence them to purchase?

• To know how to maintain and improve brand awareness and to build brand loyalty.

• To identify the factors that influence people to choose Narayana Health for treatment.

3.2 Importance of the study

• This study is not concerned only with brand awareness but deals also with other facts. It includes a wide preview of



• From where did the potential patients come to know about the service?

• Which media is effective in communicating the message to the potential patient?

• Did the potential patient feel that Narayana Health is important to choose?

• Which attribute of the service drive the potential patient to prefer the particular healthcare service?

• Did the potential patients feel that the branded service match their expectations?

• How the brands influence the market?

• Are the potential patients satisfied with the brand, price, quality of healthcare etc…?

3.3Limitations of the study

• An in depth study was not possible due to time constraints.

• The study was conducted at Bangalore city; it may not be applicable for the whole country.

• The study was purely confined to 100 samples. May not be applicable to entire customers.

• There are chances of bias in the data collected from the respondents.

• The data given by the respondents may limit to their own knowledge, feelings and awareness.

• Bias and unwillingness of certain respondents to answering some questions may hinder the study.

3.4 type of research

Descriptive research was used to describe characteristics of the population or phenomenon being studied.

3.5 collection of data



Primary data

Primary data has been collected through questionnaires. The questionnaire was mostly related to the brand awareness towards Narayana Health on different features

Secondary data

Secondary data has been taken from reports, pamphlets, advertisement, newspapers, books, internet.

4.FINDINGS AND SUGGeStIoNS

• From the survey it is analyzed that 88% of the respondents’ monthly income is Rs 5,000-24,000.

• From the survey it is analyzed 28% of the respondents are not yet aware that Narayana Hrudayalaya is now Narayana Health. This means awareness has to be created on the brand name.

• From the survey it is analyzed that 76% of the respondents’ first preference is NH in times of medical help and 24% of the respondents’ first preference is not NH in times of medical help. And hence importance has to be thrown on the potential consumers.

• The reason for not having NH as their first preference is because people choose to go to a hospital near the residence.

• 8% of the respondents find the cafeteria with poor facility. The queues in the food counters can be reduced by increasing the number of food counters.

• From the survey it is analyzed that 32% of the respondents measure the quality of healthcare service depending on the time taken to offer service. Patients are usually weak and would not like to wait for the doctors for a long time. Patients’ waiting time can be reduced by sticking to the appointment time.

• From the survey, it is analyzed that only 16% of the respondents came to know about NH through media. This implies that branding through media has to be widened.



5. coNcLUSIoN

“Marketing in Hospitals is unethical” was the frequent refrain in the eighties, when very few hospitals realized that it was necessary to incorporate marketing as an integral function in the hospital operations. But the major argument at that time was in the understanding whether this professional orientation was really required for its viability, profitability and sustainability. This argument however became favourable in the late nineties. In addition to the above a major factor that contributes to the acceptance of marketing in hospitals is an increase in the delivery of services. Customer Relationship Management (CRM) is the thing for tomorrow. CRM or as it called is a very important tool to retain customers and to make sure that the word of mouth publicity is ensured for the long term. Though branding through word of mouth plays an important role in spreading the brand awareness of hospitals, branding through other modes of communications like social media, print media, radio, television etc. can play a significant role and increase the rate of awareness in a short period of time for a hospital like Narayana Health.

ReFeReNceS

Books

[1] The evolution of a corporate brand – Morgen Witzel[2] Marketing mastermind ICFAI Journal June 2008 edition

Websites

[1] http://www.academia.edu/11860599/THE_IMPACT_OF_BRAND_AWARENESS_ON_CUSTOMER_LOYALTY_A_CASE_STUDY_OF_SINAPI_ABA_SAVINGS_AND_LOANS_LTD

[2] http://www.abhinavjournal.com/images/Management_&_Technology/Nov13/18.pdf

[3] Narayana Health brochures.



Section iii M. coM (fA)



Foreword

The third section of DHII comprises of four papers in the field of Finance and Accounting. The initial article depicts the portfolio management at LKP Securities. The portfolio management is the most effective way to implement strategic initiative because it bridges the gap between strategy and implementation. This brings the decision about investment mix and policy, matching investment to objectives, asset allocation to individuals and institutions and balancing risk against performance. This is all about determining the SWOT in the choice of debt vs. equity, domestic vs. international, growth vs. safety and much other trade-offs encountered in the attempt to maximize return at a given appetite of risk.

The next article highlights the Loans and Advances management at Karnataka Bank Ltd.Financial troubles can come and crop an individual at any point of time. No matter how well one has planned his budget, expenses can arrive in at unexpected moments. One can arrange for funds almost instantaneously through ‘Loans and Advances’.Lending is the survival unit of all banks. It is a principal and profit or revenue earning process. Lending policy of banks are governed by the monetary policy of RBI. If this section does not properly work, the bank itself may become bankrupt, where, credit is the continuous process and its recovery process rise to another credit.

The third article speaks about the performance in pricing of life insurance product in India. Life is fraught with tensions and apprehensions regarding the future and what it holds for the individual. Despite all the planning and preparation one might make, no one can accurately predict how or when death might result and the circumstances that might ensure in its aftermath. So it is essential to plan for the future. The chances for a fatality or injury to occur to the average individual may not be particularly high, but then no one can really afford to completely disregard his future and what it holds. Insurance is a system by which the losses suffered by few are spread over

‘‘Believe in the best... have a goal for the best, never be satisfied with less than your best, try your best and in the long run things will turn out for

the best’’

Henry Ford



many, exposed to similar risk. It acts as a protection against financial loss arising on the happening of an unexpected event.

The last article is about the risks and returns of various selected sectors. A financial decision typically involves risk. Investors avoid risk expect to earn high return on investment. The selection of investments will depend on one’s tax bracket, need for current income and the ability to bear risk but regardless of the risk-return objective of the investor, it is natural to minimize risk for a given level of return. The efficient portfolio must consist of investments that provide the greatest return for the risk or alternatively least risk. High level of uncertainty is associated with high potential returns. The risk/return-tradeoff is the balance between desire for the least possible risk and highest possible return.

Dr. B. Percy BoseHead, Department of M.Com (FA)Jyoti Nivas College Autonomous



A StUDY oN PoRtFoLIo MANAGeMeNt At LKP SecURItIeS

~ Delphina Jovita S

abstract

Portfolio management is a process where the asset management company a basket of investment and the individual investor can select any of the portfolio which suites his requirement in terms of the return he expects from the investment. Asset management companies and the broking firms have ventured in this portfolio management field and they manage the funds of the small investors. To determine the best combination of portfolio mix in order to obtain above average return and to minimize the risk. The stock advised by LKP Securities Ltd has been chosen in order to facilitate the investment decisions of the investors.

The services provided by a company include Equity broking in cash and derivative, Internet based trading, Demat services, Debt money market broking, merchant banking (category 1), Currency, Life insurance distribution and Commodity trading. The company is well versed with staff that is self-motivated and focused on their jobs.

The main purpose of doing this project is to design an optimal portfolio and suggest to a customers of LKP Securities regarding proportion of investment to be made in selected scrip using Sharpe’s single index model.





Ultimately this project helps LKP Securities Ltd. to give suggestions to its customers to have an optimal portfolio and make investment decisions.

1. INtRoDUctIoN

“Portfolio means combined holding of many kinds of financial securities i.e. shares, debentures, government bonds, units and other financial assets.” The term investment portfolio refers to the various assets of an investor which are to be considered as a unit. It is not merely a collection of unrelated assets but a carefully blended asset combination within a unified framework. It is necessary for investors to take all decisions as regards their wealth position in a context of portfolio. Making a portfolio means putting ones eggs in different baskets with varying element of risk and return. The object of portfolio is to reduce risk by diversification and maximize gains.

Thus, portfolio is a combination of various instruments of investment. It is also a combination of securities with different risk-return characteristics. A portfolio is built up out of the wealth or income of the investor over a period of time with a view to manage the risk-return preferences. The analysis of risk-return characteristics of individual securities in the portfolio is made from time to time and changed that may take place in combination with other securities are adjusted accordingly. The object of portfolio is to reduce risk by diversification and maximize gains.

Portfolio management means selection of securities and constant shifting of the portfolio in the light of varying attractiveness of the constituents of the portfolio. It is a choice of selecting and revising spectrum of securities to it in with the characteristics of an investor.

Portfolio management includes portfolio planning, selection and construction, review and evaluation of securities. The skill in portfolio management lies in achieving a sound balance between the objectives of safety, liquidity and profitability.




2.1 objective of the Study

• To analyze the excess return to beta ratio of selected companies.• To suggest the proportion of investment in each selected scrip.• To understand the effect of diversification of investments• To suggest an optimal portfolio using Sharpe’s single index

model.• To calculate the return and risk of selected companies out of

top companies listed on the BSE.

2.2 tools used for the Study

• The study is being conducted using Sharpe’s single index model.

• The basic equation underlying the Sharpe’s single index model is:

Ri=αi + βi (Rm) - ei

Where,Ri =Expected Return on Security αi =Intercept of the straight line

Rm =Rate of return on market index

βi =Slope of the straight line

ei =The error term

This model assumes co-movement of share prices and index

Stock Return: The total gain or loss experienced on an investment over a given period of time is calculated by dividing the asset’s cash distributions during the period plus change in value by its beginning of period investment value is termed as return.

Stock return = x 100 Current year price-Previous year price

previous year index



Market Return: Market return is the return on the market portfolio of all traded securities.

Marketreturn= = 100

In the present study, Sensex is chosen as the benchmark index and market return is calculated for the Sensex.

Arithmetic Mean Return (AM): Statistics useful in portfolio construction deal with a series of holding period returns. It is important that all the holding periods be of equal length. The arithmetic average of these is called arithmetic mean return.

AM=∑

Where, N=Number of years

Ri=Return of Stock market index

Risk: According to Sharpe’s single index model, risk is divided into two types .i.e. systematic risk and unsystematic risk. Systematic risk is β2and unsystematic risk. The stock variance includes both systematic and unsystematic risk.

The unsystematic risk can be found as follows:

Beta and its Interception: Beta is the relative measure of non-diversifi able risk. It is an index of degree of movement of an assets return in response to a change in the market return. In the present study, the following formula was used to compute beta:

Risk free Rate of Return (Rf): It is the required return on a risk-free asset. For the study, the risk free rate of return is assumed as 5%, which is the rate on a 10 year bond in India.

Current year index-previous year indexprevious year index

Ri

N



Sharpe’s Single Index Model: The essence of Sharpe’s single index model is that stocks vary together because of the common movement in the stock market. The co-movement of stocks with a market index may be studied with the help of a simple linear regression analysis, taking the returns on an individual security as the dependent variable (Ri)and the return on the market index (Rm) as the dependent variable.

excess Return to Beta Ratio: Excess return to beta ratio shows the return from the investment in excess to the risk taken by the investor.

Excess return to beta=

Where,

Ri= The expected return of stock ‘i’

Rf=The return on riskless asset

βi=Systematic risk of ‘i’Steps Pertaining to the computation of cut-off Point (C*): First, compute excess return to beta ratio of each company. As a next step, rank them according to the highest return to beta ratio to lowest return to beta ratio and arrange them according to the ranks so assigned. In the next step, find out (C*), which is considered as the cut-off rate, using the following formula:

Ci is the cumulative risk-adjusted return upon cumulative estimated risk.

computation of Percentage of Investment in each Security: After finding c∗, the top companies that come within C∗ are considered. Such companies have C∗ more than the cut-off rate. The next step is the proportion of investment to be invested made in them was computed. The proportion of investment to be made was computed using the following formula:



the steps involved in finding out the stocks to be included in theoptimalportfolio areas follows:

1. Find out the excess return to beta ratio for each stock under consideration.

2. Rank them from the highest to the lowest.

3. Calculate for all the stocks according to the ranked order using the following:

4. The cumulated values of start declining after a particular and that point is taken as the cut-off point; also that stock ratio is the cut-off ratio C.

2.3 Scopeof theStudy

• The study is based on the data collected for the period from 2010 to 2015.

• The study covers companies that are listed on the BSE.

• In the present study Sensex is used as the benchmark index.

• The study considers the impact of a single market index on the different companies’ stock included in the index.

• The study covers the calculation of correlations between the different securities in order to find out at what percentage of funds should be invested among the companies in the portfolio.

• The present study would help an investor in selecting the securities for constructing an optimal portfolio that earns the maximum return at a minimum level of risk.




• The study is confined to the scrip’s included in the BSE Sensex only.

• The results of the study may not hold good for a long period of time due to volatility in the Indian stock market.

• The companies in the portfolio will change if the benchmark index is changed.

• Data relating to share prices were considered only for a period of Six years for the construction of the portfolio

• In this study specific data is collected and limited statistical tools are used.

3. DAtA ANALYSIS AND INteRPRetAtIoN

SecuritiesReview

Table3.1showingtheconsolidatedExpectedriskandreturn

Sl.No. Company Return(%) Risk(%)

1 Maruti Suzuki Indialtd 27.15 41.63

2 Larzen Turbo Ltd 3.75 39.50

3 Hero Motorcorp Ltd 9.50 20.21

4 Cipla Ltd 13.79 23.13

5 Dr Reddys Laboratories Ltd 19.26 20.15

6 Itc Ltd 6.97 23.04

7 Bharat Petroleum Corp Ltd 12.41 16.77

8 Grasim Industries Ltd 8.16 14.68

9 Hindustan Unilever Ltd 21.82 9.29

10 State Bank Of India 8.78 43.57

Interpretation

From the above calculated values it is observed that the 2 companies such as Dr. Reddys Lab and HUL are having a high rate of return with low rate of risk and BPCL, Maruti Suzuki, Grasim Industries Ltd, ITC



Ltd, Cipla Ltd are having a moderate rate of return with high rate of risk and remaining all are having a low rate of return with high rate of risk. This is because of during the course of period various economy, company and industrial factors affected the stock prices.

The investors who are risk averse are suggested to invest their funds in Dr. Reddys Lab, HUL, BPCL, Maruti Suzuki, Grasim Industries Ltd, ITC Ltd, and Cipla Ltd.

Table:3.2TableshowingoptimumportfoliowithNoShortSales

Securities%of

Investment

Hindustan Unilever

Ltd

0.000708 280.33 10.43 0.19 0.79579 79%

Dr.Reddys

Laboratories Ltd

0.00244 23.38 10.43 0.03 0.131658 13%

Bharat Petroleum

Corporation Ltd(Bpcl)

0.00239 16.11 10.43 0.01 0.05656 5%

Maruti Suzuki India

Ltd

0.001506 15.93 10.43 0.01 0.034524 3%

Total 100%

Graph:3.1GraphShowingPercentageof InvestmentProposed (No Short Sales)



Interpretation

The table shows the proportion of investment to be made in each of the four companies selected using Sharpe’s single index model in this study. It may be inferred from the table that 79% of the investment can be made in HUL, 13% in Dr. Reddys Laboratories Ltd, 5% in Bharat Petroleum Corporation Ltd and 3% in Maruti Suzuki India Ltd, It must be noted that the proportion of investment to be made depends on the respective company’s average return, beta, and excess return to beta ratio.

Graph:3.2GraphShowing Percentageof InvestmentProposed (With Short Sales)

Interpretation

The table shows the proportion of investment to be made in each of the ten companies selected using Sharpe’s single index model in this study. When considering short sales, it may be inferred from the Table that 64.47% of the investment can be made in HUL,

13.32% in Dr Reddys Laboratories Ltd, 7.26% in Bharat Petroleum Corporation Ltd, 4.48% in Maruti Suzuki India Ltd, 4.42 in Grasim Industries Ltd, 0.57% in ITC Ltd, 4.133% in Cipla Ltd, 0.39% in Hero Motorcorp Ltd scrip. And the SBI and Larsen and turbo Ltd stocks will be sold short because their Z values are negative.

4. FINDINGS

• It is possible to construct an optimal portfolio using selected companies scrips listed on the BSE.



• It was also found that companies with high returns were not qualified for the portfolio construction as they involved high risk, which is not very helpful for investors and the aim of the study was selecting those companies which gave maximum return and minimum risk.

• Companies with negative mean return move negatively with the market returns.

• The stocks with systematic risk greater than 1 are riskier since for a 1% change in market returns, the change in stock returns is greater than 1%.

• The return may be low or high, and the risk may be minimum or maximum. But these alone do not influence the performance of the shares and the selection of shares for portfolio construction. The security selection has to be decided based on the excess return to beta ratio.

• The excess return to beta ratio shows the performance of a stock and helps in eliminating those companies which are not efficient.

• The risk associated with the individual stock is not the same for all the years. It differs from time to time.

5. SUGGeStIoNS

• The beta and variance of the stocks keep changing frequently. So, the market should be observed by investors continuously.

• Investments should be made in stocks that have relatively lower beta and higher returns. This is because investors are rational.

• The proportion of investment in each of the securities changes from time to time. The optimal portfolio is thus, subject to changes.

• Market analysis should be made regularly so that one can keep on updating the present situation and can minimize the consequence of incurring losses.

• The stocks must be continuously evaluated and the portfolio has to be updated periodically.

• Investors must be aware of the utility of security screening in optimal portfolio construction and may make use of it.



6. coNcLUSIoN

With the help of this project I got an in-depth knowledge about working of portfolio management. Also I got an insight as to how to invest in portfolio management, which scrip provide better return when compared to other and who are the portfolio management players in the market.

It can be concluded from the project that future of portfolio management is bright provided proper regulation prevail and investor’s need are satisfied by providing variety of schemes. The interest of investors is protected by SEBI. Portfolio management is governed by SEBI Act.

The study has made an attempt to help those investors who intend to invest in the companies that are traded on the BSE considering 10 companies listed under the Sensex. The method used in this study for the construction of optimal portfolio is very effective and feasible as revision of the optimal portfolio can be done continuously as an ongoing exercise. The use of ‘cut-off rate’ is very effective as those securities which are not efficient are excluded. The excess return to the beta ratio also plays a major role in eliminating those companies which have maximum returns with maximum risk.

Thus, this study would help the investors to minimize their overall risk and maximize the return over any period of time. The optimal portfolio thus developed using William Sharpe’s model proves to be the best model for investment decisions. The investors are thus, enabled to spread their risk by investing in a group of securities using this model.

ReFeReNceS

Books

[1] Punithavathy Pandian (2001, Second Edition (2013)[2] Security Analysis and Portfolio Management, Vikas Publishing

House Pvt Ltd.[3] Methodology of research by O R Krishnaswamy

Webisteswww.lkpsec.comwww.moneycontrol.com



LoANS AND ADVANceS MANAGeMeNt At KARNAtAKA BANK LtD

~ Sandhya Gopal Shastry

abstract

The project entitled as “Loans and Advances Management” was undertaken in Karnataka Bank Ltd, Bangalore regional office.The project highlights the various kinds of loans and advances provided by the bank to its customers, followed by the terms and conditions to be satisfied, the documents that must be provided by the customers to avail the loans and advances, the process of sanctioning of the loans and advances, collection and recovery process of the loan amount and the major differences between loans and advances.The study has helped to find out the performance of selected loan schemes for six consecutive financial years from 2010-2011 to 2015-2016. The data collected are from secondary sources like annual reports, official website, and other details required are obtained from the financial statements of the bank. Ratio analysis, trend analysis and comparative analysis are used to analyze the data.From the analysis, it can be interpreted that the bank has a consistent growth and positive earnings even in the existence of fluctuating interest rate policies, huge competitions from the peer banks in an economy, strict and stringent regulations by RBI on the banks etc.





1. INtRoDUctIoN

One of the primary functions of the commercial bank is lending. Through lending commercial banks meet their objective of making profits. The deposits collected from the public cannot be kept idle. It has to be utilized in order to derive benefits out of it. The bank collects deposits with the objective of lending and makes profit out of the interest received and paid. Their main aim is to deal in money and to provide for those who need it. The banker performs the job of lending within the framework of statues governing the banking business, the government policy and guidelines issued by the authorities of the country (RBI in India). Greater part of the commercial bank funds are employed in the form of loans and advances. Lending function of a commercial bank benefits the bank by way of interest and the one who takes loans enjoy the benefit of money required for their activities. The wheels of industry cannot run without the bank advances. The bank needs to assess the condition of industry or trade or any business enterprise while making advances.

In finance, a loan means the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by one party to another party at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to repay an equal amount of money to the lender at a later time. The loan is generally provided at a cost, referred to as interest on the loan, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants.




2.1 Statement of Problem

There is a huge difference between the acceptance of deposits and advancing of loans by the banks. The loan portfolios usually have a major impact on the overall risk and earnings performance of the banks. In order to manage credit risk, it is essential that effective and efficient policies, procedures and practices are developed and implemented by the banks.

There is also a wide fluctuation in lending policies and interest rates of the banks between different sectors. While issuing loans the banks should analyze the external factors such as inflation, RBI policies, lending rates etc. Therefore, the banks can maximize their net income and reduce the level of non-performing assets. Hence loans and advances must align with the mission and objectives of the bank.

2.2 objectives of the Study

1. To study different types of loans and advances given by the bank.2. To study the terms and conditions followed while sanctioning

the loans.3. To study the recovery procedure of loans and advances.

2.3 type of Research

The methodology for this particular study is descriptive research design as it deals with fact finding along with adequate interpretation

2.4 Data collection

Secondary Data

The data is obtained from official website, internet, journals, annual reports, publications and previous research studies done by the researchers and other details required for this study is obtained from the financial statements of the bank, subject related publications.

2.5 Limitations

1. The data collected is within the organization; since the scope is limited to the type of loans and advances funded by the bank branch.



2. The major constraint is time; therefore an in-depth study could not be undertaken.

3. The personal details related to the borrowers have intentionally not revealed as per the norms of the bank. Specific confidential information is not disclosed since the outsiders are not accessed to the information.

4. Examination of data was confined only to the period 2011 to 2016.

5. The secondary data collected and taken into consideration in order to fulfill the objectives of the project includes data published from magazines, journals and websites.


3.1. credit to Deposit Ratio

table 3.1: credit to Deposit Ratio (Rs. in crores)

Years TotalCredits TotalDeposits Ratio(%)

2010-2011 17348.07 27336.45 63.46

2011-2012 20720.70 31608.32 65.55

2012-2013 25207.68 36056.22 69.91

2013-2014 28345.49 40582.83 69.85

2014-2015 31679.99 46008.61 68.86

2015-2016 33902.00 50488.00 67.15

Graph 3.1: credit to Deposits Ratio



Analysis and interpretation

From the above table, it can be analyzed that in the three consecutive years beginning from 2010-2011 to 2012-2013 the credit to deposit ratio is being increased by 2.09% and 4.36% respectively as compared to the year 2010-2011, which is almost twice that of the difference ratio of 2010-2011 and 2011-2012. From the year 2013-2014 to 2015-2016 the ratios are being slightly decreasing as compared to the previous years. This indicates the bank has enough liquidity to cover unforeseen requirements.

3.2 trend Analysis of Non-Performing Assets

table 3.2: trend Analysis of Non-Performing Assets (Rs. in crores)

Year GrossNPA’s Trend(%)

2010-2011 702.17 100

2011-2012 684.72 97.51

2012-2013 638.86 90.98

2013-2014 835.94 119.05

2014-2015 944.21 134.47

2015-2016 1180.00 168.05

Graph 3.2: trend Analysis of Non-Performing Assets




The above table shows that the NPA’s of the bank for the years 2011-2012 and 2012-2013 had been decreasing as compared to the base year. From the year 2013-2014 to 2015-2016 the NPA’s have been tremendously increasing. The bank can choose to sell its NPA’s to other investors in order to get rid of risky assets and clean up its Balance sheet. Sales of NPA’s must be carefully considered since they can have numerous financial implications. This can affect the Bank’s profit and loss, as well as tax situations.

3.3 comparative Analysis of total Interest earned, total Interest expense, Gross earnings and Net Profit

Table3.3:ComparativeAnalysisofTotalInterestEarned,TotalInterestExpenses,GrossEarningsandNetProfit(Rs.incrores)

Year TotalInterest

Earned

TotalInterest

Expenses

Grossearnings Netprofit

2010-2011 2370.85 1758.36 2662.60 204.61

2011-2012 3112.88 2368.87 3447.27 246.07

2012-2013 3764.29 2860.56 4161.93 348.08

2013-2014 4188.8 3132.76 4694.41 311.03

2014-2015 4698.42 3529.57 5205.41 451.45

2015-2016 4992.00 3689.00 5535.07 415.00

Graph 3.3: comparative Analysis of total Interest earned, total Interest expenses, Gross earnings and Net Profit




The above table shows the comparison between the total interests earned on the advances made by the bank, total interest expenses on the deposits received by the bank, gross earnings and net profit earned by the bank during the years 2010-2011 to 2015-2016. From the data tabulated above it can be noted that when compared to total interest earned to the total interest expenses, the total interest earned is higher than that of the total interest expenses. The bank’s interest income and interest expenses for the year 2015-2016 is almost thrice that of the base year 2010-2011. At the same time the gross earnings and the net profits of the bank for the year 2015-2016 is almost twice that of the base year 2010-2011. From this it can be concluded that the bank has a consistent growth in the earnings even at the existence of fluctuating interest rate policies in the economy.

4. FINDINGS

• In the study it is observed that the factors affecting in sanctioning loans and advances by the bank are customer’s credit worthiness and the capability of repayment of the loans and advances.

• In recovery of loans and advances the bank maintains scheduled procedures for the receipt of repayment and recovery of loans by following certain rules and regulations.

• The bank’s deposits are being increased every year which shows the positive response from the customers and hence, it can be concluded that the bank has a good and fair customer relationship.

• The bank’s profit for the year 2015-2016 is almost twice than that of the base year 2010-2011. This shows the excellent performance of the bank year on year.

• The total advances of the bank in the year 2015-2016 are almost 3 times higher than that of its base year 2010-2011. From this it can be concluded that the bank is lending higher amount to its customers and adding a higher interest income and at the same time helps to increase the profit of the bank.



• The total advances to agricultural and allied activities, priority section lending, advances to SME’s have been increased by the bank which shows the bank’s concern towards the development of the weaker section of an economy by providing them a timely and adequate loans.

• In comparison between the total interests earned to the total interest expenses, the total interest earned is higher than that of the total interest expenses. The bank’s interest income and interest expenses for the year 2015-2016 is almost thrice that of the interest income and interest expenses for the year 2010-2011.

5. RecoMMeNDAtIoNS

• The bank should further adapt itself to the latest techniques of advertising and frame suitable strategies to increase the customer base and this helps to achieve the targets fixed by the bank.

• Bank could increase its lending towards an Education Loan marginally to be par with its competitors and also attracts more number of customers to meet their requirements.

• The credit to deposit ratio of the bank can be further improved. This would help the bank to earn more income. For this the bank must make its loan schemes much attractive and also take care of the norms given by RBI.

• The bank needs to take certain measures reduce its level of net non-performing assets which leads to better and higher income and also lesser risk. A strong Credit Investigation, Credit Rating Techniques and also its method of project appraisal while sanctioning loans. Hence, this would reduce the default rate.

• The bank could increase its operational areas by expanding its branches to rural areas.

6. coNcLUSIoN

The bank has a consistent growth and positive earnings even in the existence of fluctuating interest rate policies, huge competitions from the peer banks in an economy, strict and stringent regulations by RBI on the banks etc.



The Indian banking industry is still in developing stage, but it is undergoing a tremendous change even though not- in-line with the global proportions. As the players in the market, the banks have to adapt and alter their product mix, delivery channels, and corporate structure and better equipped to face the competition from the peer banks in an economy.

ReFeReNceS

Books

[1] Financial Services, Tata McGraw Hill – Khan .M.Y.

[2] Methodology of Research, Vikas Publishing House- Kothari C.R.

Websites

www.karnatakabank.comwww.moneycontrol.com



ASTUDYONTHEPERFORMANCEINPRICINGOFLIFEINSURANCEPRODUCTININDIA

~ Umwali Alezia

abstract

The project ‘A Study on the Performance and Pricing of Life Insurance Products in India’ was undertaken at National School of Insurance Education and Research (NASIER). The insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. The projects highlights the performance of Life insurance sector vis a vis Non-Life insurance sector as well as the overall performance of Life Insurance products in India. Life insurance is a contract providing for payment of a sum of money to the person assured or failing him to the person entitled to receive the same, on the happening of certain event.Life insurance products contribute not only to the economic development of the country but also to its social development, hence it is important to analyze and understand the different aspects of Life insurance products including the premium.





1. Introduction

Insurance is a form of risk management which is used primarily to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of loss, from one entity to another, in exchange for payment.

An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.

Everyone that wants to protect themselves or someone else against financial hardship should consider insurance. This may include:

• Protecting family after one’s death from loss of income• Ensuring debt repayment after death• Covering contingent liabilities• Protecting against the death of a key employee or person in

your business• Buying out a partner or co-shareholder after his or her death• Protecting your business from business interruption and loss of

income• Protecting yourself against unforeseeable health expenses, etc.




2.1 Statement of the Problem

The Life Insurance market in India was an under developed market that was only tapped by the state owned LIC till the entry of private insurers. Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers – Life Insurance Corporation of India and General Insurers, the General Insurance Corporation of India. In India, insurance is generally considered as a tax-saving device instead of its other implied long term financial benefits. Even to this day, Life Insurance Corporation of India dominates Indian insurance sector. With the entry of the private insurers the rules of the game have changed. Private sector players backed by foreign expertise have made the Indian insurance market more vibrant. Therefore the main problem is to analyze the contribution of both the public and the private sector in the growth of the life insurance sector in India.


• To analyze the performance of Life insurance Vis a Vis Non-Life insurance companies.

• To assess the pricing of Life insurance products.


The type of Research used in the study is Analytical Study.

2.4 Data collection

The data, which is collected for the purpose of study, is divided into 2 bases:

• Primary source: The data is collected based on the personal enquiry with the staff of the organization.

• Secondary source: The secondary data various websites such as Insurance Regulatory and Development Authority of India website.



2.5 Data Analysis

The data is analyzed on the basis of suitable tables by using mathematical techniques. The technique used is bar technique.


• Lack of information. Insurance Companies, both private and public do not disclose all the information needed for conducting a thorough research.

• The study is mainly based on secondary data.


Pricing of Insurance Products

The insurance industry faces the problem of production cost. While most industries know the cost of materials, labor and profit margin to calculate the price of their products, insurers do not know the cost of the product when it is sold. Insurers looking to implement a price optimization strategy must consider these essential components:

A) Informationmanagement: Key to the success of using price optimization is the quantity and quality of the available data, especially claims and customer data.

B) Dataexploration: The emergence of business analytics software, like data exploration and visualization tools, helps insurers refine their analysis and evaluation of certain risk elements.

C) Predictivemodeling: Insurers must use analytical tools to perform what-if simulation and scenario testing to forecast future behavior and improve the underwriting performance of the insurance company.

D) High-performanceanalytics: To process the large data quantity and perform complex analytical calculations, insurers need an in-memory or distributed computing environment.

E) Competitiveintelligence:Price optimization requires an in-depth understanding of the competitive landscape, industry wide pricing strategies, and customer demographics and buying preferences.



Analysis of Life Insurance Sector Vis A Vis Non-Life Insurance Sector

Table3.1TableShowing PremiumUnderwrittenByLifeInsurers in India

Graph 3.1 Illustrating the Premium Underwritten By LifeInsurers in IndiaSince the year 2010, LIC is more dominant in underwriting of

Life Insurance premiums than the private sector companies. In the year 2010-2011 there was a difference of Rs115308.4 Crore which continued to rise throughout the years. In the financial year 2014-15, LIC more than doubled the underwritten premium of the private sector with Rs 2, 39,667 Crore.



Table3.2ShowingPremiumUnderwrittenbyNon-LifeInsurers

Graph 3.2 Showing Premiums Underwritten by Non-LifeInsurers

Premiums underwritten by non-life insurers are segmented into Fire, Marine, Motor, Health and others. Since the Government of India has made third party motor vehicle insurance mandatory, its premium underwritten is as compared to others.



Table3.3Showing theNumberofNewPolicies Issuedbyboth the Life Insurers and Non-Life Insurers

Graph 3.3 Illustrating theNumberofNewPoliciesby theLife Insurers

Graph 3.4 Illustrating the Number of New Policies Issued bythe Non-Life Insurers



During 2014-15, life insurers issued 259.08 lakh new policies, out of which LIC issued 201.71 lakh policies (77.86 per cent of total new policies issued) and the private life insurers issued 57.37 lakh policies (22.14 per cent of total new policies issued). While the private sector registered a decline of 9.79 per cent with a slight improvement (against the decline of 14.11 per cent in 2013-14) in the number of new policies issued against the previous year, LIC registered a significant decline of 41.55 per cent (6.17 per cent in 2013-14) in the number of new policies issued. Overall, the industry witnessed a 36.61 per cent decline (7.50 per cent decline in 2013-14) in the number of new policies issued.

The same applies in the non-life sector where the public sector including GIC is dominant in issuing more policies yearly than the private sector companies. The public sector insurers witnessed considerable increase in the number of policies issued. They reported a 12.95per cent increase in number of policies issued during the financial year 2014-15 as compared to a 12.99 decrease in financial year 2013-14. The private sector insurers reported a growth of 18.96 per cent in the number of policies issued in the financial year 2014-15 (11.54 per cent in the financial year 2013-14).Table3.4ShowingExpansionofOfficesofLifeInsuranceSector



Graph3.5ShowingtheExpansionofOfficesofLifeInsurancecompanies

The decreasing trend of number of life insurance offices (which had continued until 2012-13) had reverted from 2013-14 and there is a marginal increase in 2014-15 at 11033 from 11032 of the previous year. LIC has been increasing its offices extending more in the semi-urban and rural areas. Whereas the private insurers having been decreasing their offices especially in the rural areas of India.

4. FINDINGS AND SUGGeStIoNS

• Just like any other industry, insurance industry has to keep innovating and keeping up with the recent trends in the market, hence issuing new and innovative products.

• In the year 2013-2014 the life insurance sector issued 409 policies and non-life insurance sector issued 1025 new policies whereas in 2014-2015, life insurance sector issued 259 new policies and non-life insurance sector 1183 new policies. This shows that the non-life sector leans towards innovation more than the life insurance sector.

• Life insurance companies should regulate their operating expenses in order in order to avoid increasing prices or premiums of their products



• Life insurance companies should ensure better training and educating of salesman and agents in order to achieve their organizational goals.

• Insurance Regulatory and Development Authority of India should regulate more the working of the different insurance companies so as to fight against unethical practices present in the Industry.

5. coNcLUSIoN

Even though India has the largest number of life insurance policies in the world, still around 80% of the Indian population does not have any kind of life coverage.

Life insurance is a necessity for everyone for covering the risk of life in future security. Insurance should be more promoted in India in order to ensure economic development as well as social development.

ReFeReNceS

The above information was collected from various information provided by Insurance Regulatory and Development Authority (IRDA) website and books published by Life Insurance Corporation of India (LIC).



StUDY oN RISK AND RetURN oF VARIoUS SeLecteD SectoRS

~ Roopashree P, Priyanka Joshi

abstract

Any kind of investment involves two important aspects and they are risk and return. The relationship that exists between these two variables is very important for deciding the investment avenues. Both risk and return go side by side, it becomes very important for an investor to consider both risk and return. The decision of an investor whether to invest or not is greatly influenced by the return given by that particular company and risk associated. The main objective of any investor would be to maximize the return and minimize the risk. The above study conducted with the objective of finding the best company to invest among the top companies of various sectors. The study deals with understanding the performance of the shares of various sectors and examining the risk and return associated with the shares. The best company would be the one which has high or good return with relatively low risk.

1. Introduction

Risk and return is a complex topic. There are many types of risk, and many ways to evaluate and measure risk. In the theory and practice of investing, a widely used definition of risk is:





“Risk is the uncertainty that an investment will earn its expected rate of return. Typically, individual investors think of risk as the possibility that their investments could lose money. They are likely to be quite happy with an investment return that is greater than expected - a “positive surprise.” However, since risky assets generate negative surprises as well as positive ones, defining risk as the uncertainty of the rate of return is reasonable. Greater uncertainty results in greater likelihood that the investment will generate larger gains, as well as greater likelihood that the investment will generate larger losses (in the short term) and in higher or lower accumulated value (in the long term.)

In financial planning, the investment goal must be considered in defining risk. If your goal is to provide an acceptable amount of retirement income, you should construct an investment portfolio to generate an expected return that is sufficient to meet your investment goal. But because there is uncertainty that the portfolio will earn its expected long-term return, the long-term realized return may fall short of the expected return. This raises the possibility that available retirement funds fall short of needs - that is, the investor might outlive the investment portfolio. This is an example of “shortfall risk.” The magnitude and consequences of the potential shortfall deserve special consideration from investors. However, since the uncertainty of return could also result in a realized return that is higher than the expected return, the investment portfolio might “outlive” the investor. Therefore, considerations of shortfall risk are subsumed by considering risk as the uncertainty of investment return.

types of risks



Beta: Beta is measure of a stock’s volatility to the market a beta of less than 1 means that the security will be less than volatile than the market and vice versa.

Alpha: Alpha is a measure of performance on a risk adjusted basis

Alpha and Beta are important tools for many investors when it comes to figuring out if their investments are doing well.

The following formulasareused to calculate the riskandreturn:

Where, P1= Current month price

0= Previous month price

Ra1= Where, n= number of months.

Risk

Beta

β= [ ∑(Ra-Ra1)(Rm-Rm1)]/∑(Rm-Rm1)2

Where, Ra = Return on CompanyRa1= Average return on companyRm = Return on marketRm1= Average return on market

Return



Alphaα=Ra1-(β×Rm1)

Average return =∑ RoI/N

Where:

ROI is return on investment

N is numbers of years

Risk

Variance = Total Return /N-1

Standard Deviation = √Variance

Beta = N∑XY-(∑X)(∑Y) ------------------------ N∑X2– (∑X) 2



• To understand the comprehensive details of Indian stock market.

• To understand the stock price movements.

• To compare the performance of selected stocks of various selected sector with that of market – Nifty & BSE.

• To understand, analyze and compare the risk and return associated with various selected sectors

• To study the volatility associated with market return and selected stocks of various selected sectors.

2.2 Statement of the Problem

Stock investment requires meticulous planning and careful evaluation of the underlying stock before making investment on any stock. A statistical data in the recent past year indicated that 95 % of the investors



in the stock market are losers, since they undertake investment without any awareness about which stock to invest, whether to hold, sell or buy stocks. One finds it difficult to take decision on investment. Therefore the study aims equity in form their risk, return & creating awareness about Equity among the investors to invest in the respective company to earn the more returns on their investment.

2.3 Need and Importance of the Study

• This study helps to know the percentage of risk and return on the shares

• This study helps to know the market volatility on respective shares

• This study helps to the investors to make investment decision on respective shares

• This study helps to know the information about Indian stock market to the investors.


The study conducted is an analytical research.

2.5 Sampling techniques

The study is based on Convenience sampling.

2.6 Sources of Secondary Data

• Various Text books were used to understand the concepts of risk and return.

• Websites of the company.

• Newspapers& Magazines such as Economic Times, Business World etc.


• Analysis has done only for the selected sector companies

• The study is based on only secondary data not primary data

• The study limited only to the companies registered and operates in India




Table3.1:Showing Total andAverageReturn,Risk,Beta&alpha selected company shares

Company Return Risk Beta Alpha

ICICIBankLtd -1.75 16.27 1.73 -3.03

WiproLtd 1.81 7.84 1.816 -0.0096

BHEL 0.39 13.72 2.7 -1.6

BajajLtd 0.69 16.92 0.99 1.42

ACCLtd 0.75 8.29 1.37 -0.26

TOTAL 1.89 63.04 5.906 -3.47

AVERAGE 0.37 12.61 1.18 -0.695

Chart3.1:Showing Total andAverageReturn,Risk,Beta&alpha selected company shares

Interpretation

Return is a major factor influencing factor to all type of investors. In the above selected equity shares average return is 0.37%, from the chart it shows that Wipro company shares has got the higher monthly average return of 1.81 % due to increase in the earnings and performance of the company the prices of shares has increased and the average return also increased. Average risk is 12.16%, from the chart it shows that Bajaj Ltd shares have got the higher monthly average



risk of 63.04%. Average Beta is1.18%, from the chart is shows that BHEL shares have highest average beta volatility is 5.90%.Average Alpha is -0.695%, from the chart it shows that Bajaj Ltd shares have highest alpha is 1.42%.

Risk and Returns

Table3.2:Showing riskand returnsoffivebanking sectorfor the period 2006-2015

Company ICICI Bank

HDFC bank

YES bank

Kotak Mahindra bank

AXIS bank

Averagereturns(%) 7.82 20.71 60.59 39.35 19.87

Standarddeviation(%) 57 49.70 92.53 90.53 61.31

Graph 3.2:Showing riskand returnsoffiveBanking sectorcompanies for the period 2006-2015

Interpretation

The above table and graph shows that the risk level of YES bank and Kotak Mahindra bank was the highest with good returns. The risk level in ICICI bank, HDFC bank and AXIS bank was low when compared to the other two companies and the returns were also low.

Yes Bank Kotek Mahindra Bank

AXIS Bank



overall Beta

Table3.3:Showing overallBetavalue ofBANKINGsectorfor the period 2006-2015

Stocks Beta

ICICI Bank 1.14HDFCBank 1.16YES Bank 2.14

KotakMahindraBank 1.97AXIS Bank 1.26

Graph 3.3:Showing overallbetaoffivebanking sector forthe period 2006-2015

Interpretation of Beta results of equity stock of banking sector• Beta of (1.14) of the ICICI Bank stock recognized that it is

more volatile than market.• Beta of (2.14) of the YES Bank stock means that it is more

volatile than market.

Risk and Returns

Table3.4: showing riskand returnsoffiveFMCGsector forthe period 2006-2015

Company Colgate Ltd Godrej Groups

P & G Ltd HUL Ltd ITC Ltd

Average returns (%) 3.12 38.83 3.66 16.36 9.02

Standard deviation (%) 18.16 76.95 11.34 11.65 20



Graph 3.4: showing riskand returnsoffiveFMCGsectorcompanies for the period 2006-2015.

Interpretation

From the above graph we can interpret that, Godrej groups risk is relatively very high when compared to other companies. Risk level of Colgate Ltd,

P & G Ltd, HUL Ltd, ITC Ltd is moderate when compared to Godrej groups.

overall Beta

Table3.5:showingoverallBetavalueofFMCGsectorfortheperiod 2006-2015

Stocks Beta

Colgate 0.34GodrejGroup 2.06

P&G 0.22HUL 0.27ITC 0.15

Graph 3.5: showingoverallbetaoffiveFMCGsector for theperiod 2006-2015



Interpretation of Beta results of equity stock of banking sector

• Beta of (2.06) of the Godrej Group stock recognized that it is more volatile than market.

• Beta of (0.15) of the ITC stock recognized that it is moving in the opposite direction compare to market.

4. FINDINGS

• Saving money is not enough. Each of us also need to invest one’s savings intelligently in order to have enough money available for funding the higher education of one’s children, for buying a house, or for one’s own golden years.

• Now-a-days investment in equity shares are increases because of falling in interest rates and awareness of equity capital in the minds of investors.

• On the basis of above statements it is proved that “higher the risk higher the return and lower the risk lower the return”.

• The study shows that more investment in equity market, rather than commodity market.

5. SUGGeStIoNS

• Now-a-days Indian capital market is attracting more and more foreign institutional investors (FII’s) because of economic stability and increasing growth rate, it leads to gradual increase in the stock market indices.

• Company should provide research tips and market information to the customer to know the market volatility, risk and return of the particular stocks.

• The Stock Broking firm should also provide better services to the investor to increase the satisfaction level of the investors by providing required information and quick services to the investors without delaying in settlements.

• The investors who are planning to invest should consider the risk and return associated with each investment and should



consider that investments which gives good returns and the rate of risk is relatively lower when compared to other investment.

• In case of banking sector, funds can be invested in YES BANK as the risk and return ratio is better when compared to other banks as the returns were sufficient enough to compensate the risk.

• In the FMCG sector, investments can be made in GODREJ GROUPS where risk is highest when compared to other companies and the returns were also more when compared to other companies.

6. coNcLUSIoNS

• Saving money is not enough. Each of us also need to invest one’s savings intelligently in order to have enough money available for funding the higher education of one’s children, for buying a house, or for one’s own golden years.

• The study will guide the new investor who wants to invest in equity by providing knowledge about how to measure the risk and return of particular scrip. The study recommends new investors to go for equities, because of high risk and market instability. The linkage between risk and reward is not always perfect or predictable, but there is a time –tested correlation between risk and reward. If investors want higher returns, they have to be willing to take on higher risk.

• A low-risk or high return portfolio is more often about fraud than reality. Moreover, not all risk is bad for an individual investor. The key, then, is taking on the right risks. After all risk only becomes problematic if, or when, an investor is wrong.

ReFeReNceS

Books

[1] Gordon & Natrajan-Financial Markets And Services-published by Himalaya Publishing House-2005Second Revised Edition Reprint.

[2] Harry M.Markowtiz - Risk and Return analysis –Published by M c Graw- Hill education 2013 edition (1st edition)



[3] Security Analysis and Portfolio Management by Punithavathy Pandian

[4] Security Analysis and Portfolio Management by Donald E. Fischer & Ronald J.Jordon.

Website

[1] www.bseindia.com www.wikipedia.com www.moneycontrol.com

dhii april 2017 journal - jyoti nivas · 6. recruitment and sourcing process adopted at [24]7...

Documents