Transcript
Page 1: Equities of Anil-Share Khan

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1.1 INTRODUCTION TO THE FINANCE:

FINANCIAL MANAGEMENT: 

Financial management is that managerial activity which is concerned with the

planning & controlling of the firm’s financial reason as a separate activity of discipline it is

of recent origin. Still today it has no unique body of knowledge of its own and draws

heavily from economic for the theoretical concepts. 

OBJECTIVES OF FINANCIAL MANAGEMENT: 

It is obvious that the modern approach to financial management is that the firm has to

make at least four decisions viz, 

1. Investment or long-run asset – mix decision.

2. Financial or capital – mix decision.

3. Dividend or profit allocation decision.

4. Liquidity or short – term asset mix decision

These decisions relate to the firms investment & financial policies the financial

decisions are unavoidable & continuous. In order to make rationally the firm must have an

objective it is generally agreed that the financial objective of the firm should the

maximization of owners economic welfare. However there is disagreement as to how the

economic welfare of owners can maximize. Two well know criteria put forth for this

purpose are

1. INVESTMENT DECISION:

Of a firm relates to the selection of assets in which includes will be invested by firm

assets which can acquire fall in 2 categories: 

Long term assets

Short term assets or current assets.

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Financial management is concerned with the profitable and proper investment of

funds in these assets with help of capital budgeting & working capital management

techniques

2. FINANCING DECISIONS: 

Of firm relate to choice of different source and the proportion of these sources to

finance the investment requirements of the financing decision is with the financing mix or

capital structure and other related activities

3. DIVIDEND DECISION:

Is the third major decision area of financial management the dividend decision

comes into picture while dealing with profit distribution i.e., dividend or relation in this area

talking into account .Different dimensions should be make regarding what proportion profit

be distributed as dividend and what should be retained. 

4. LIQUIDITY DECISION: 

Current assets management which affects a firm’s liquidity is yet another important

finance function in addition to the management of long term assets current assets should be

managed efficiently for safeguarding the firms against the dangers of illiquidity and

insolvency investment in current assets firm’s profitability liquidity and risk.

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1.2 INTRODUCTION TO THE EQUITIES:

Investment may be defined as an activity that commits funds in any financial form in

the present with an expectation of receiving additional return in the future. The expectations

bring with it a probability that the quantum of return may vary from a minimum to a

maximum. This possibility of variation in the actual return is known as investment risk.

Thus every investment involves a return and risk.

Investment is an activity that is undertaken by those who have savings. Savings can

be defined as the excess of income over expenditure. An investor earns/expects to earn

additional monetary value from the mode of investment that could be in the form of

financial assets.

The three important characteristics of any financial asset are:

Return-the potential return possible from an asset.

Risk-the variability in returns of the asset form the chances of its value going

down/up.

Liquidity-the ease with which an asset can be converted into cash.

Investors tend to look at these three characteristics while deciding on their individual

preference pattern of investments. Each financial asset will have a certain level of each of

these characteristics.

INVESTMENT AVENUES:

There are a large number of investment avenues for savers in India. Some of them

are marketable and liquid, while others are non-marketable. Some of them are highly risky

while some others are almost risk less.

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Investment avenues can be broadly categorized under the following heads:

CORPORATE SECURITIES:

Equity shares.

Preference shares.

Debentures/Bonds.

Derivatives.

Others.

CORPORATE SECURITIES:

Joint stock companies in the private sector issue corporate securities. These include

equity shares, preference shares, and debentures. Equity shares have variable dividend and

hence belong to the high risk-high return category; preference shares and debentures have

fixed returns with lower risk.

The classification of corporate securities that can be chosen as investment avenues can be

depicted as shown below:

EQUITY SHARES:

By investing in shares, investors basically buy the ownership right to the company.

When the company makes profits, shareholders receive their share of the profits in the form

of dividends. In addition, when company performs well and the future expectation from the

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Equity Shares

Preference shares

Bonds Warrants Derivatives

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company is very high, the price of the company’s shares goes up in the market. This allows

shareholders to sell shares at a profit, leading to capital gains.

Investors can invest in shares either through primary market offerings or in the

secondary market.

The primary market has shown abnormal returns to investors who subscribed for the

public issue and were allotted shares. This policy statement provides general guidelines for

determining whether the shares of a small business meet the definition of "equity share"

under the Act. It does not address every type of right or restriction that may be attached in

some manner to the shares of a small business, nor does it replace or negate the

requirements of the Act or accompanying regulations.

The policies contained in this statement have drawn on experiences derived from

administering the program since 1985. As a result of these experiences, some past

policy positions have been modified to ensure all equity share investments are made in

accordance with both the technical requirements and "spirit and intent" of the Act.

STOCK EXCHANGE:

In a stock exchange a person who wishes to sell his security is called a seller, and a

person who is willing to buy the particular stock is called as the buyer. The rate of stock

depends on the simple law of demand and supply. If the demand of shares of company x is

greater than its supply then its price of its security increase. In Online Exchange the trading

is done on a computer network. The sellers and buyers log on to the network and propose

their bids. The system is designed in such ways that at any given instance, the buyers/sellers

are bidding at the best prices.

TYPES OF STOCKS:

Stock typically takes the form of shares of common stock (or voting shares). As a

unit of ownership, common stock typically carries voting rights that can be exercised in

corporate decisions. Preferred stock differs from common stock in that it typically does not

carry voting rights but is legally entitled to receive a certain level of dividend payments

before any dividends can be issued to other shareholders. Convertible preferred stock is

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preferred stock that includes an option for the holder to convert the preferred shares into a

fixed number of common shares, usually anytime after a predetermined date. Shares of such

stock are called "convertible preferred shares” (or "convertible preference shares” in the

United Kingdom).

Although there is a great deal of commonality between the stocks of different

companies, each new equity issue can have legal clauses attached to it that make it

dynamically different from the more general cases. Some shares of common stock may be

issued without the typical voting rights being included, for instance, or some shares may

have special rights unique to them and issued only to certain parties. Note that not all equity

shares are the same.

The transaction cycle for purchasing and selling shares online is depicted below:

HISTORY:

During Roman times, the empire contracted out many of its services to private

groups called publican. Shares in publican were called "socii" (for large cooperatives) and

"particulate" which were analogous to today's Over-The-Counter shares of small companies.

Though the records available for this time are incomplete, Edward Chancellor states in his

book Devil Take the Hindmost that there is some evidence that a speculation in these shares

became increasingly widespread and that perhaps the first ever speculative bubble in

"stocks" occurred.

The first company to issue shares of stock after the Middle Ages was the Dutch East

India Company in 1606. The innovation of joint ownership made a great deal of Europe's

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Client

Member/ Broking firm.

Stock Exchange(BSE / NSE)

Member/ Broking firm.

Client

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economic growth possible following the Middle Ages. The technique of pooling capital to

finance the building of ships, for example, made the Netherlands a maritime superpower.

Before adoption of the joint-stock corporation, an expensive venture such as the

building of a merchant ship could be undertaken only by governments or by very wealthy

individuals or families.

Economic Historians find the Dutch stock market of the 1600s particularly

interesting: there is clear documentation of the use of stock futures, stock options, short

selling, the use of credit to purchase shares, a speculative bubble that crashed in 1695, and a

change in fashion that unfolded and reverted in time with the market (in this case it was

headdresses instead of hemlines). Dr. Edward String ham also noted that the uses of

practices such as short selling continued to occur during this time despite the government

passing laws against it. This is unusual because it shows individual parties fulfilling

contracts that were not legally enforceable and where the parties involved could incur a loss.

String ham argues that this shows that contracts can be created and enforced without state

sanction or, in this case, in spite of laws to the contrary.

SHAREHOLDERS:

A shareholder is an individual or company (including a corporation) that legally

owns one or more shares of stock in a joint stock company. Companies listed at the stock

market are expected to strive to enhance shareholder value.

Shareholders are granted special privileges depending on the class of stock,

including the right to vote (usually one vote per shares owned) on matters such as elections

to the board of directors, the right to shares in distributions of the company's income, the

right to purchase new shares issued by the company, and the right to a company's assets

during a liquidation of the company. However, shareholder's rights to a company's assets are

subordinate to the rights of the company's creditors.

Shareholders are considered by some to be a partial subset of stakeholders, which

may include anyone who has a direct or indirect equity interest in the business entity or

someone with even a non-pecuniary interest in a non-profit organization. Thus it might be

common to call volunteer contributors to an association stakeholders, even though they are

not shareholders.

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Although directors and officers of a company are bound by fiduciary duties to act in

the best interest of the shareholders, the shareholders themselves normally do not have such

duties towards each other.

However, in a few unusual cases, some courts have been willing to imply such a

duty between shareholders. For example, in California, USA, majority shareholders of

closely held corporations have a duty to not destroy the value of the shares held by minority

shareholders.

The largest shareholders (in terms of percentages of companies owned) are often

mutual funds, and especially passively managed exchange-traded funds.

APPLICATION:

The owners of a company may want additional capital to invest in new projects

within the company. They may also simply wish to reduce their holding, freeing up capital

for their own private use.

By selling shares they can sell part or all of the company to many part-owners. The

purchase of one share entitles the owner of that share to literally shares in the ownership of

the company, a fraction of the decision-making power, and potentially a fraction of the

profits, which the company may issue as dividends.

In the common case of a publicly traded corporation, where there may be thousands

of shareholders, it is impractical to have all of them making the daily decisions required to

run a company. Thus, the shareholders will use their shares as votes in the election of

members of the board of directors of the company.

In a typical case, each share constitutes one vote. Corporations may, however, issue

different classes of shares which may have different voting rights. Owning the majority of

the shares allow other shareholders to be out-voted - effective control rests with the majority

shareholder. In this way the original owners of the company often still have control of the

company.

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SHAREHOLDERS RIGHTS:

Although ownership of 51% of shares does result in 51% ownership of a company, it

does not give the shareholder the right to use a company's building, equipment, materials, or

other property. This is because the company is considered a legal person, thus it owns all its

assets itself. This is important in areas such as insurance, which must be in the name of the

company and not the main shareholder. Even though the board of directors runs the

company, the shareholder has some impact on the company's policy, as the shareholders

elect the board of directors.

Each shareholder typically has a percentage of votes equal to the percentage of

shares he or she owns. So as long as the shareholders agree that the management is

performing poorly they can elect a new board of directors which can then hire a new

management team. In practice, however, genuinely contested board elections are rare. Board

candidates are usually nominated by insiders or by the board of the directors themselves,

and a considerable amount of stock are held and voted by insiders.

Owning shares does not mean responsibility for liabilities. If a company goes broke

and has to default on loans, the shareholders are not liable in any way. However, all money

obtained by converting assets into cash will be used to repay loans and other debts first, so

that shareholders cannot receive any money unless and until creditors have been paid (most

often the shareholders end up with nothing).

EQUITY INSTRUMENTS:

Equity instruments include equity shares, some types of preference shares and

warrants or written call options that allow the holder to subscribe for or purchase a fixed

number of equity shares in the issuing enterprise in exchange for a fixed amount of cash or

another financial asset. An obligation of an enterprise to issue a fixed number of its own

equity instruments in exchange for a fixed amount of cash or another financial asset is an

equity instrument of the enterprise. An issuer of equity shares assumes a liability when it

formally acts to make a distribution and becomes legally obligated to the shareholders to do

so. This may be the case following the declaration of a dividend or when the enterprise is

being wound up and any assets remaining after the satisfaction of liabilities become

distributable to shareholders.

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PROHIBITED RIGHTS AND RESTRICTIONS:

The wording of regulation section 3(1)3 setting out the prescribed rights and

restrictions are very general. The following comments are provided to assist program users

in understanding some of the specific types of rights and restrictions that would be

prohibited under this section 3.

S. 3(1) Subject to the Act, prescribed rights and restrictions, for the purposes of the

definition of "equity share" in the Act, are rights and restrictions attached to the share or

rights and restrictions contained in or forming part of an agreement, commitment or

Understanding in respect of the share that

(a) Create a debt between the holder or beneficial owner of the share and any other person,

(b) Impair or will impair the ability of a venture capital corporation to maintain the levels of

equity capital invested in eligible investments required by section 8 of the Act,

(c) Impair or will impair the ability of a corporation, in which a venture capital corporation

has made an eligible investment, to carry on an ongoing business with a reasonable

expectation of profit, or

TRADING:

A stock exchange is an organization that provides a marketplace for either physical

or virtual trading shares, bonds and warrants and other financial products where investors

(represented by stock brokers) may buy and sell shares of a wide range of companies. A

company will usually list its shares by meeting and maintaining the listing requirements of a

particular stock exchange and the different. In the United States, through the inter-market

quotation system, stocks listed on one exchange can also be bought or sold on several other

exchanges, including relatively new so-called ECNs.

In the USA stocks used to be broadly grouped into NYSE-listed and NASDAQ-

listed stocks. Until a few years ago there was a law that NYSE listed stocks were not

allowed to be listed on the NASDAQ or vice versa.

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Many large non-U.S companies choose to list on a U.S. exchange as well as an

exchange in their home country in order to broaden their investor base. These companies

have then to ship a certain amount of shares to a bank in the US (a certain percentage of

their principal) and put it in the safe of the bank. Then the bank where they deposited the

shares can issue a certain amount of so-called American Depositary shares, short ADS

(singular). If someone buys now a certain amount of ADSs the bank where the shares are

deposited issues an American Depository Receipt (ADR) for the buyer of the ADSs.

Likewise, many large U.S. companies list themselves at foreign exchanges to raise

capital abroad.

ARBITRAGE TRADING:

Although it makes sense for some companies to raise capital by offering stock on

more than one exchange, a keen investor with access to information about such

discrepancies could invest in expectation of their eventual convergence, known as an

arbitrage trade. In today's era of electronic trading, these discrepancies, if they exist, are

both shorter-lived and more quickly acted upon. As such, arbitrage opportunities disappear

quickly due to the efficient nature of the market.

BUYING:

There are various methods of buying and financing stocks. The most common means

is through a stock broker. Whether they are a full service or discount broker, they arrange

the transfer of stock from a seller to a buyer. Most trades are actually done through brokers

listed with a stock exchange, such as the New York Stock Exchange.

There are many different stock brokers from which to choose, such as full service

brokers or discount brokers. The full service brokers usually charge more per trade, but give

investment advice or more personal service; the discount brokers offer little or no

investment advice but charge less for trades. Another type of broker would be a bank or

credit union that may have a deal set up with either a full service or discount broker.

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There are other ways of buying stock besides through a broker. One way is directly

from the company itself. If at least one share is owned, most companies will allow the

purchase of shares directly from the company through their investor relations departments.

However, the initial shares of stock in the company will have to be obtained through a

regular stock broker. Another way to buy stock in companies is through Direct Public

Offerings which are usually sold by the company itself. A direct public offering is an initial

public offering in which the stock is purchased directly from the company, usually without

the aid of brokers.

When it comes to financing a purchase of stocks there are two ways: purchasing

stock with money that is currently in the buyers ownership, or by buying stock on margin.

Buying stock on margin means buying stock with money borrowed against the stocks in the

same account. These stocks, or collateral, guarantee that the buyer can repay the loan;

otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed

money. He can sell if the share price drops below the margin requirement, at least 50% of

the value of the stocks in the account. Buying on margin works the same way as borrowing

money to buy a car or a house, using the car or house as collateral. Moreover, borrowing is

not free; the broker usually charges 8-10% interest.

SELLING:

Selling stock is procedurally similar to buying stock. Generally, the investor wants

to buy low and sell high, if not in that order although a number of reasons may induce an

investor to sell at a loss, e.g., to avoid further loss.

As with buying a stock, there is a transaction fee for the broker's efforts in arranging

the transfer of stock from a seller to a buyer. This fee can be high or low depending on

which type of brokerage, full service or discount, handles the transaction.

After the transaction has been made, the seller is then entitled to all of the money.

An important part of selling is keeping track of the earnings. Importantly, on selling the

stock, in jurisdictions that have them, capital gains taxes will have to be paid on the

additional proceeds, if any, that are in excess of the cost basis. Equity Share Characteristics

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The definition of an equity share under section 1(1) of the Act specifically states that

the share may or may not carry voting rights to elect a company’s board of directors.

The equity share definition also states that the share cannot carry prescribed rights and

restrictions. This requirement recognizes that VCCs or EBC investors (herein referred to

as “investors”)may invest in voting preferred, as well as common, shares or in unit

offerings of a small business. However, some limitations are necessary to ensure that

the investors hold a true equity investment that is at risk both as to return of capital and

return on capital.

The book value of equity will change in the case of the following events:

Changes in the firm's assets relative to its liabilities. For example, a profitable firm

receives more cash for its products than the cost at which it produced these goods,

and so in the act of making a profit it is increasing its assets.

Depreciation. Equity will decrease, for example, when machinery depreciates, which

is registered as a decline in the value of the asset, and on the liabilities side of the

firm's balance sheet as a decrease in shareholders' Equity Issuance of new equity in

which the firm obtains new capital increases the total shareholders' equity

shares repurchases, in which a firm gives back money to its investors, reducing on

the asset side its financial assets, and on the liability side the shareholders' equity

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1.3 INDUSTRY PROFILE:

INTRODUCTION TO BSE:

Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage,

now spanning three centuries in its 133 years of existence. What is now popularly known as

BSE was established as "The Native Share & Stock Brokers' Association" in 1875.

BSE is the first stock exchange in the country which obtained permanent recognition

(in 1956) from the Government of India under the Securities Contracts (Regulation) Act

1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is

widely recognized.

Over the past 133 years, BSE has facilitated the growth of the Indian corporate

sector by providing it with an efficient access to resources. There is perhaps no major

corporate in India which has not sourced BSE's services in raising resources from the capital

market.

Today, BSE is the world's number 1 exchange in terms of the number of listed companies

and the world's 5th in transaction numbers. The market capitalization as on December 31,

2007 stood at USD 1.79 trillion. An investor can choose from more than 4,700 listed

companies, which for easy reference, are classified into A, B, S, T and Z groups.

The BSE Index, SENSEX, is India's first stock market index that enjoys an iconic

stature, and is tracked worldwide. It is an index of 30 stocks representing 12 major sectors.

The SENSEX is constructed on a 'free-float' methodology, and is sensitive to market

sentiments and market realities. Apart from the SENSEX, BSE offers 21 indices, including

12 sectoral indices

BSE has tied up with U.S. Futures Exchange (USFE) for U.S. dollar-denominated

futures trading of SENSEX in the U.S. The tie-up enables eligible U.S. investors to directly

participate in India's equity markets for the first time, without requiring American

Depository Receipt (ADR) authorization. The first Exchange Traded Fund (ETF) on

SENSEX, called "SPICE" is listed on BSE. It brings to the investors a trading tool that can

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be easily used for the purposes of investment, trading, hedging and arbitrage. SPICE allows

small investors to take a long-term view of the market.

BSE provides an efficient and transparent market for trading in equity, debt

instruments and derivatives. It has a nation-wide reach with a presence in more than 450

cities and towns of India. BSE has always been at par with the international standards. The

systems and processes are designed to safeguard market integrity and enhance transparency

in operations. BSE is the first exchange in India and the second in the world to obtain an

ISO 9001:2000 certifications. It is also the first exchange in the country and second in the

world to receive Information Security Management System Standard BS 7799-2-2002

certification for its BSE On-line Trading System (BOLT).

BSE continues to innovate. In recent times, it has become the first national level

stock exchange to launch its website in Gujarati and Hindi to reach out to a larger number of

investors. It has successfully launched a reporting platform for corporate bonds in India

christened the ICDM or Indian Corporate Debt Market and a unique ticker-cum-screen aptly

named 'BSE Broadcast' which enables information dissemination to the common man on the

street.

In 2006, BSE launched the Directors Database and ICERS (Indian Corporate

Electronic Reporting System) to facilitate information flow and increase transparency in the

Indian capital market. While the Directors Database provides a single-point access to

information on the boards of directors of listed companies, the ICERS facilitates the

corporate in sharing with BSE their corporate announcements

AWARDS:

The World Council of Corporate Governance has awarded the Golden Peacock

Global CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).

The Annual Reports and Accounts of BSE for the year ended March 31, 2006 and

March 31 2007 have been awarded the ICAI awards for excellence in financial reporting.

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The Human Resource Management at BSE has won the Asia - Pacific HRM awards

for its efforts in employer branding through talent management at work, health management

at work and excellence in HR through technology

VISION:

"Emerge as the premier Indian stock exchange by establishing global benchmarks"

PROMINENT POSITION:

The journey of BSE is as eventful and interesting as the history of India's securities

market. In fact, as India's biggest bourse, in terms of listed companies and market

capitalization, BSE has played a pioneering role in the development of the Indian securities

market. It is surely BSE's pride that almost every leading corporate in India has sourced

BSE's services in capital rising and is listed with BSE.

Even in terms of an orderly growth, much before the actual legislations were

enacted, BSE had formulated a comprehensive set of Rules and Regulations for the

securities market... It had also laid down best practices which were adopted subsequently by

23 stock exchanges which were set up after India gained its independence.

BSE, as a brand, has been and is synonymous with the capital market in India. Its

SENSEX is the benchmark equity index that reflects the health of the Indian economy.

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SENSEX - The Barometer of Indian Capital Markets

INTRODUCTION TO SENSEX:

SENSEX, first compiled in 1986, was calculated on a "Market Capitalization-

Weighted" methodology of 30 component stocks representing large, well-established and

financially sound companies across key sectors. The base year of SENSEX was taken as

1978-79. SENSEX today is widely reported in both domestic and international markets

through print as well as electronic media. It is scientifically designed and is based on

globally accepted construction and review methodology. Since September 1, 2003,

SENSEX is being calculated on a free-float market capitalization methodology.

The growth of the equity market in India has been phenomenal in the present decade.

Right from early nineties, the stock market witnessed heightened activity in terms of various

bull and bear runs. In the late nineties, the Indian market witnessed a huge frenzy in the

'TMT' sectors. More recently, real estate caught the fancy of the investors. SENSEX has

captured all these happenings in the most judicious manner. One can identify the booms and

busts of the Indian equity market through SENSEX. As the oldest index in the country, it

provides the time series data over a fairly long period of time (from 1979 onwards). Small

wonder, the SENSEX has become one of the most prominent brands in the country.

SENSEX Calculation Methodology:

SENSEX is calculated using the "Free-float Market Capitalization" methodology,

wherein, the level of index at any point of time reflects the free-float market value of 30

component stocks relative to a base period. The market capitalization of a company is

determined by multiplying the price of its stock by the number of shares issued by the

company. This market capitalization is further multiplied by the free-float factor to

determine the free-float market capitalization.

The base period of SENSEX is 1978-79 and the base value is 100 index points. This

is often indicated by the notation 1978-79=100. The calculation of SENSEX involves

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dividing the free-float market capitalization of 30 companies in the Index by a number

called the Index Divisor. The Divisor is the only link to the original base period value of the

SENSEX. It keeps the Index comparable over time and is the adjustment point for all Index

adjustments arising out of corporate actions, replacement of scrips etc. During market hours,

prices of the index scrips, at which latest trades are executed, are used by the trading system

to calculate SENSEX every 15 seconds. The value of SENSEX is disseminated in real time.

SENSEX - SCRIP SELECTION CRITERIA:

The general guidelines for selection of constituents in SENSEX are as follows:

LISTED HISTORY: The scrip should have a listing history of at least 3 months at BSE.

Exception may be considered if full market capitalization of a newly listed company ranks

among top 10 in the list of BSE universe. In case, a company is listed on account of merger/

demerger/ amalgamation, minimum listing history would not be required.

TRADING FREQUENCY: The scrip should have been traded on each and every trading

day in the last three months at BSE. Exceptions can be made for extreme reasons like scrip

suspension etc.

FINAL RANK: The scrip should figure in the top 100 companies listed by final rank. The

final rank is arrived at by assigning 75% weightage to the rank on the basis of three-month

average full market capitalization and 25% weightage to the liquidity rank based on three-

month average daily turnover & three-month average impact cost.

MARKET CAPITALIZATION WEIGHTAGE: The weightage of each scrip in

SENSEX based on three-month average free-float market capitalization should be at least

0.5% of the Index.

INDUSTRY/SECTOR REPRESENTATION: Scrip selection would generally take into

account a balanced representation of the listed companies in the universe of BSE.

TRACK RECORD: In the opinion of the BSE Index Committee, the company should have

an acceptable track record.

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GLOSSARY:

BID

A bid is the demand for a security on behalf of an investor that is entered by the

syndicate/sub-syndicate members in the system. The two main components of a bid are the

price and the quantity.

BIDDER

The person who has placed a bid in the Book Building process.

BOOK RUNNING LEAD MANAGER

The lead merchant bankers appointed by the Issuer Company are referred to as the

Book Running Lead Managers. The names of the Book Running Lead Managers are

mentioned in the offer document of the Issuer Company.

FLOOR PRICE

The minimum offer price below which bids cannot be entered. The Issuer Company

in consultation with the Book Running Lead Managers fixes the floor price.

MERCHANT BANKER

An entity registered under the Securities and Exchange Board of India (Merchant

Bankers) Regulations, 1999.

SYNDICATE MEMBERS

The Book Running Lead Managers to the issue appoint the Syndicate Members, who

enter the bids of investors in the book building system. Syndicate Members are

intermediaries registered with SEBI who also carry on the activity of underwriting.

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ORDER BOOK

It is an 'electronic book' that shows the demand for the shares of the company at

various prices on a real time basis.

NATIONAL STOCK EXCHANGE:

THE ORGANIZATION:

The National Stock Exchange of India Limited has genesis in the report of the High

Powered Study Group on Establishment of New Stock Exchanges, which recommended

promotion of a National Stock Exchange by financial institutions (FIs) to provide access to

investors from all across the country on an equal footing. Based on the recommendations,

NSE was promoted by leading Financial Institutions at the behest of the Government of

India and was incorporated in November 1992 as a tax-paying company unlike other stock

exchanges in the country.

OUR MISSION:

NSE's mission is “setting the agenda for change in the securities markets in

India”.

NSE OBJECTIVES:

Establishing a nation-wide trading facility for equities, debt instruments and hybrids,

Ensuring equal access to investors all over the country through an appropriate

communication network,

Providing a fair, efficient and transparent securities market to investors using

electronic trading systems,

Enabling shorter settlement cycles and book entry settlements systems, and

Meeting the current international standards of securities markets.

The standards set by NSE in terms of market practices and technology has become

industry benchmarks and is being emulated by other market participants. NSE is more than

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

and greater opportunities.

TRADING:

NSE introduced for the first time in India, fully automated screen based trading. It

uses a modern, fully computerized trading system designed to offer investors across the

length and breadth of the country a safe and easy way to invest.

The NSE trading system called 'National Exchange for Automated Trading' (NEAT)

is a fully automated screen based trading system, which adopts the principle of an order

driven market.

OTHER INDICES:

S&P CNX Nifty CNX IT Index

CNX Nifty Junior CNX Bank Index

CNX 100 CNX FMCG Index

S&P CNX 500 CNX PSE Index

CNX Midcap CNX MNC Index

Nifty Midcap 50 CNX Service Sector Index

S&P CNX Defty S&P CNX Industry Indices

CNX Midcap 200 Customized Indices

 CNX Energy Index

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CNX Pharma Index

CNX Infrastructure Index

CNX PSU BANK Index

CNX Realty Index

S&P CNX Nifty Shariah / S&P CNX 500 Shariah

S&P ESG India Index

CRITERIA FOR SELECTION OF CONSTITUENT STOCKS:

The constituents and the criteria for the selection judge the effectiveness of the

index. Selection of the index set is based on the following criteria:

MARKET CAPITALIZATION:

A company’s rank on market capitalization is an important consideration for its

inclusion in the Index.

INDUSTRY REPRESENTATION:

S&P CNX 500 Equity Index reflects the market as closely as possible. In order to

ensure that this is accomplished, industry weightages in the index mirror the industry

weightages in the universe. Consequently, companies to be included in the index are

selected from the industries which are underrepresented in the index.

S&P CNX 500 Equity Index currently contains 72 industries, including one category

of diversified companies and one category of miscellaneous. The number of industries in the

Index and the number of companies within each industry have been kept flexible, in order to

ensure that the Index retains its objective of being a dynamic market indicator.

TRADING INTEREST:

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S&P CNX 500 Equity Index includes those companies which have a minimum

listing record of 6 months on the Exchange. In addition these companies must have

demonstrated high turnover and trading frequency.

FINANCIAL PERFORMANCE:

S&P CNX 500 Equity Index includes companies that have minimum record of three

years with a positive net worth.

1.4 COMPANY PROFILE:

INVESTSMART:

IL&FS and E*TRADE are promoters of Investsmart. IL&FS Investsmart Limited

(IIL) is one of India’s leading financial services organizations providing individuals and

corporate with customized financial management solutions established in 1997 and started

online trading in 2001. IL&FS was promoted by the Central Bank of India (CBI), Housing

Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the

years, IL&FS has broad-based its shareholding and inducted Institutional shareholders

including State Bank of India, Life Insurance Corporation of India, ORIX Corporation -

Japan and Abu Dhabi Investment Authority

IL&FS is widely recognized as the pioneer of Public Private Partnership in India.

Today IL&FS has evolved into a prominent institution that harnesses the power of Public

Private Partnership, to develop and finance infrastructure projects across a variety of

sectors. Almost uniquely, IL&FS has succeeded in turning infrastructure capacity creation

into a commercially viable proposition. Infrastructure projects are developed in conjunction

with Governments, financing agencies, private sector partners and communities. This

unique Public Private Partnership helps to leverage limited public funds, reduce life cycle

cost, develop and execute more projects on a sustainable basis

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IL&FS is committed to providing projects with financial investment, managerial

expertise and inputs that ensure efficiency in service delivery. Offers a full range of

financial, project development and management services. These services include investment

banking, project financing, project development, management and implementation, asset

management, merchant banking, corporate advisory services and back office services. At

IIL, believe in "Realizing customer goals together". The strong team of Relationship

Managers, Customer Service Executives, Advisory Managers and Research Analysts, offers

efficient execution backed by in-depth research, knowledge and expertise to customers

across the country. With a pan-India presence of over 300 offices, IIL is geared to meet all

customer investment needs through an office near by.

PROMOTERS FOR INVESTSMART:

1) E*Trade is a US based global retail leader in financial services listed at

NASDAQ.

A pioneer in the field of internet broking.

E*Trade Mauritius limited, an indirectly wholly- owned subsidiary of E*Trade Financial

corporation, identifies strategic investment opportunities through out the Indian Ocean rim.

In the year 2006 company buys stake in ILFS Investsmart limited. And increased its share

continuously to 43.85%

Advising over 4.5 million customers from over 40 countries

Over Rs.7410 billion in customer assets,

Amongst the initiators in global investing (multiple markets, multiple currency)

2) Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading

infrastructure development and finance companies

Total assets size of over Rs.80 Billion.

Known for its innovative & pioneering initiatives in the areas of Infrastructure &

Corporate Finance, recipient of The India Innovation Award 2005, awarded by The

President of India

Current shareholding includes LIC, State Bank of India, HDFC, ORIX Corporation -

Japan and Abu Dhabi Investment Authority

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THE TEAM:

IL&FS Invests mart’s main strength lies in its formidable team. This team

comprising highly qualified and experienced personnel has been responsible for the overall

management of the company and has provided direction in diverse areas of business

strategy, operating management, regulatory reporting, human resources development and

product development No wonder then, IL&FS Investsmart currently caters to more than

70,000 retail customers through 54 locations encompassing around 16 Indian states. Our

network involves 29 branches.

IL&FS Investsmart has a network of 300 offices across the country, employing 2200

people. It has 1, 50,000 equity and over 10,000 commodity customers and 130 institutional

clients.

BOARD OF DIRECTORS:

Managing Director & CEO - Mr. James Leslie White ford

Executive Director - Finance & Operations - Mr. Sachin Joshi

Executive Director - Retail Business - Mr.Sandeep Presswala

Senior Vice President - Investment Banking - Mr. Avdhoot Deshpande

Chief Technology Officer - Mr. Kersi Tavadia

VISION STATEMENT:

To become the preferred long term financial partner to a wide base of customers whilst

optimizing stake holder’s value

MISSION STATEMENT:

To establish a base of 1 million satisfied customers by 2010. We will create this by

being a responsible and trustworthy partner

CORPORATE ACTION:

An approach to business that reflects Responsibility, Transparency and Ethical

Behavior. Respect for Employees, Clients & Stakeholder groups

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ASSOCIATE COMPANIES:

IL&FS Investsmart Limited

IL&FS Investsmart Securities Limited

IL&FS Investsmart Commodities Limited

IL&FS Investsmart Insurance & Risk Management Services Limited

IL&FS Academy for Insurance & Finance Limited

IL&FS Investsmart Asia-Pacific Pvt. Limited

IL&FS Investment Financial Services Limited

IL&FS Investsmart is listed on the National Stock Exchange (NSE) and the Bombay

Stock Exchange (BSE) and its global depository shares are listed on the Luxembourg Stock

Exchange

REASONS TO CHOOSE INVESTSMART:

Today, IL&FS Investsmart Limited is one of India’s leading financial services

organization delivering value and innovation to over 100,000 customers through more than

300 offices across the India

7 Reasons why investing with IL&FS Investsmart Limited is smarter

1) CUSTOMIZATION: Formulates investment plans based on customer individual

requirements

2) EXPERTISE: Brings within customer reach, about institutional expertise and companies

valuable understanding of the financial markets

3) ONE-STOP SHOP: Caters to all customers’ investment needs under one roof.

4) TRUST: Enjoys the pedigree of IL&FS and share its expertise in financial services.

5) PERSONALIZED SERVICE: Helps customer through the entire investment process,

step by step, with innovative and efficient services.

6) UNBIASED & OBJECTIVE ADVICE: We partner you in your investment process,

with our team of expert investment advisors

7) EXTENSIVE REACH: Through a host of mediums:

- Offline through more than 300 offices across India.

- Online through our website

PRODUCTS PROVIDED:

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Broking - Equity, Derivatives, Commodities, Debt.

Distribution - Mutual funds, Debentures, Bonds/Gilts, IPO’s, Home loans, Insurance

DIVISIONS:

Investment Advisory and Broking Division

Merchant Banking Division

Project Syndication Division

Institutional Equity Broking Division

Institutional Debt Broking division

RETAIL OFFERINGS:

Wealth Management Services

Portfolio Management Services

Securities Broking-Equities and derivatives

Depository & Custodial Service & Distribution of financial products.

INSTITUTIONAL OFFERINGS:

Merchant Banking

Product Syndication

Institutional Equity Broking and Sales

Institutional Debt Broking and Sales.

SERVICES:

1) Post Trade -Custodial,

2) Depository Services

3) Payment Gateway

4) Other back office support

ONLINE BANKS TIE-UPS FOR TRADING:

Company having online transaction tie-ups with banks like

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COMPANY ACHIEVEMENTS:

Chosen as the Best Performing Financial Advisor in Retail Segment at the CNBC

TV 18 National Financial Advisory Awards two years in a row 2006-2007 / 2007-

2008

Won the Prudential ICICI No – 1(National Category) Chairman Award 2006 –

Silver Category

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Won the Fidelity award for outstanding sales – Fixed income 06-07

COMPANY COMPETITORS:

2.1 NEED OF THE STUDY:

In the investment market, it is necessary to find out every aspect of the business due

to competition, particularly, in evaluating and determination of investment decisions. These

investment decisions plays a crucial part for an investor, the selection (or) choosing the best

alternative of investment decisions depends on the performance of the company itself and in

the market place

The present study and analysis evaluates the financial performance of different

AUTOMOBILE & IT companies. From which, the investors can came to know whether to

invest or not to invest in the particular company.

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2.2 OBJECTIVES OF THE STUDY

To understand what Equity markets are.

To understand the performance of few Indian industry sectors viz. pharmaceutical &

Infrastructure

To make comparative analysis of inter and intra sectors, basing on past Three

months data (December’08-February ’09).

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To evaluate the investment prospects of these companies.

2.3 RESEARCH METHODOLOGY:

The data that is used in this project is of secondary nature. The data is to be collected

from secondary sources such as various websites, journals, newspapers, books, etc., the

analysis used in this project has been done using selective technical tools. In Equity market,

risk is analyzed and trading decisions are taken on basis of technical analysis.

Sample size of the industry sector: 2 sectors (pharmaceutical & Infrastructure)

Sample size of the companies in each sector: 3.

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2.3.1DATA SOURCES OF FINANCIAL INFORMATION:

SECONDARY DATA:

MARKET DATA:

1. Stock Exchange daily official list.

2. Directory of the stock Exchange.

3. RBI’s weekly statistical supplements.

4. Newspapers.

5. The reports and Newsletter of investment brokerage and counseling firm.

COMPANY DATA:

1. Company’s Annual Reports and prospectuses.

2. Stock Exchange official directory.

3. Newspapers, Brokerage firms, and news columns.

ONLINE SOURCES:

1. CLINE-OLE.

2. VANS (VANS INFORMATIO SOURCES LTD.).

3. IL&FS Investsmart.com

2.3.2 DATA COLLECTION INSTRUMENTS

OBSERVATION METHOD

The observation method is the most commonly used method. It is not a scientific

observation. Under the information method, the information is sought by way of

investigators own direct observation with asking from the respondent.

TYPES OF OBSERVATION:

1. PARTICIPANT OBSERVATION:

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If the observer observes by making himself, more or less a member of the group

observing so that he can experience what the members of the group experience

2. NON-PARTICIPANT OBSERVATION:

When the observer observes as adetached emissary without any attempt on his part to

his experience through participation what others feel, the observation of this type is often

termed as non-participant observation.

3. UNCONTROLLED OBSERVATION:

If the observation takes place in the natural setting, it may be termed as uncontrolled

observation

4. CONTROLLED OBSERVATION :

When observations takes place according to definite pre-arranged plans, involving

experimental procedure, the same is termed controlled observation

2.3.3 DATA ANALYSIS:

TECHNICAL ANALYSIS:

FINANCIAL MARKETS - THE FORCES BEHIND THE MOVES:

This discussion was described in the "Investor's Chronicle" as "The most lucid

explanation of how the financial markets work that I have seen: a worthwhile read for

investors at all levels of expertise".

INVESTING: STRATEGIC CONSIDERATIONS

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The type of trading advocated here is designed to permit rapid capital expansion

while guarding against the risk of ruin.

To be successful in the markets over the long-term a trader must have a winning

strategy, and apply it consistently.

A winning strategy:

MUST BE CLEARLY DEFINED :

The simpler the better. Remember, you can't forecast the market's next move, and

neither can anyone else. Simple trading rules make for clear-cut and effective decisions

(while most other participants are still trying to compute and weigh the implications of

dozens of factors and indicators - and generally wallowing in a state of catatonic confusion,

particularly if the market is not going their way - you will have acted, and will be calmly

observing and waiting for a new signal).

MUST INCLUDE:

Definition of the conditions which will trigger the opening and closing of

positions (both to take profits and to cut losses).

Rules governing the size of position to be taken.

TRADING / INVESTING BASED ON TECHNICAL ANALYSIS:

INTRODUCTION:

The objective of the technical trader is "To accumulate capital by maximising

profits gained from favourable market moves while minimising losses suffered on

unfavourable moves and transaction costs".

In other words, profits must more than equal the sum of losses plus costs.

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The above may seem blindingly obvious, but it is at this simplest-possible level that

most participants in the game fail, because they expend too great a proportion of their

efforts on attempting to perfect forecasting techniques with a view to maximising the

probability of profit, and pay insufficient attention to the strategies required to minimise

losses.

The first point to note is that the analytical technique(s) used by the trader must

"Give him an edge" on the market, in other words produce better than random results:

"Monte-Carlo" systems, where stakes are doubled on even bets until a win is gained require

enormous initial capital to avoid the risk of ruin. Suppose you bet $1000 on the toss of a

coin, doubling the bet each time you lose, and reverting to $1000 when a win in gained.

How much will you have won after 2500 throws, and what will your maximum bet have

been ? This can be easily simulated using any spreadsheet program with a random function.

I ran this simulation 25 times while writing this. Profits varied between $1,164,000 and

1,293,000, On two occasions consecutive runs of 15 occurred. Bets of $16,384,000 would

then have been required to keep the sequence going (with no guarantee of success on the

next try). No amount of mathematical tinkering can change the basic brutality of these

numbers: You gotta have an edge.

A note on transaction costs: The shorter the time-frame traded, the more important

aggressive control of transaction costs becomes. An intra-day trader may be capturing 50-

point moves, while a position-trader who holds positions for days / weeks might be looking

for 500 points. a few extra points of slippage (bid/offer spread) or dollars of commission

may not matter too much to the latter, but intra-day trading performance can be seriously

hurt by inefficient order execution and excessive commissions. Additionally, the intra-day

trader must have on-line non-delayed quotes and charts (which cost money) whereas the

position-trader can update charts manually. Basically, all technical traders should use

discount brokers, negotiate commissions aggressively (on the basis of trading volume), and

challenge execution prices which are out-of-line.

In developing a "reliable edge", two ratios need to be optimised:

Frequency of profits / frequency of losses.

Average profit / average loss.

These two ratios tend to be negatively correlated: for example, the trader who

consistently aims to take 100-point profits while cutting losses as soon as they reach 10

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points will obviously tend to be "stopped-out" frequently (causing a low profit to loss

frequency ratio) but his average profit to average loss ratio will be high. Conversely, the

trader who maximises P/L frequency by placing 200 point stops and 100 point targets will

suffer fewer losses each of which will hurt more. Either or both of them may make or lose

money over time depending on the quality of their underlying analysis and the consistency

and discipline with which they apply their respective strategies.

As a general "Rule of Thumb" : The trader should aim for three profits for every two

losses, and a 3 to 1 average profit to average loss ratio. These targets leave room for

considerable under-performance before the trading becomes unprofitable overall. (anyone

who can achieve both objectives consistently will become very rich indeed).

Note that a free program down-load to model trading results resulting from random

sequences of profits / losses with defined probabilities will be posted to this site in June

1998.

Before considering how to determine the size of positions to be taken, let's take a look at

the basics of the technical analysis of market action necessary to determine whether to buy,

sell or stand aside; and when to take action.

MARKET VARIABLES: DIRECTION, MOMENTUM, VOLATILITY:

LIQUIDITY:

DIRECTION:

During any given time-frame a market can do one of three things: go up, go down,

move sideways. Persistent moves in the same direction are generally referred-to as

"Trends".

MOMENTUM:

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Up and down-moves can be fast ("impulsive") or slow ("corrective" or "drifting") in

nature (or in between). Note: The most important aspect of "Momentum" is not any

absolute measurement of its value, but whether it is constant or changing. the key questions

(to be answered from direct observation of the price-charts) are:

Is the current price-move speeding up (in which case you want to stay with / get into

it) or slowing down (in which case, consider taking a position against it)

Is the current price-move faster or slower than the immediately preceding move in

the opposite direction (expect the on-going trend to be in the direction of the faster

of the two).

VOLATILITY:

Can be low, with almost no price-swings away from and back to the underlying trend;

high, with wide and erratic price-swings in both directions, or anywhere in between.

Changes in volatility often signal changes in trend, often either in the form of either:

A sharp move against the direction of the current trend, or

A reduction in activity and size of short-term price-swings.

LIQUIDITY:

Can be high, with thousands of transactions being carried out on a continuous basis;

or low, with only intermittent price-quote updates and transactions. In general terms

technical-trading is best suited to highly liquid markets because effective transaction-costs

(bid-offer spreads and commissions) are lower, and large orders can be placed without

adversely affecting the market.

NOTES:

Long-Term charts are reviewed only in order to observe major support and

resistance levels.

Medium-term charts are reviewed in order to determine both the trend and

intermediate support / resistance-levels.

Short-term charts are reviewed in order to evaluate current (and observe changes in)

volatility and momentum.

Before amplifying the above statements and defining the terms used in detail, the following

key points must be emphasised:

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An "Investor" attempts to profit from major market swings which last many

weeks / months (or even years). In monitoring his investments, and the general

population of other investments into which he might switch, he should review

monthly ("long-term"), weekly ("medium-term") and daily ("short-term") charts.

A "Position-Trader" attempts to profit from major market swings which last

several days or weeks. In monitoring their trades, they also generally review

monthly ("long-term"), weeky ("medium-term") and daily ("short-term") charts

every day and with greater emphasis on the daily charts.

An "Intra-day Trader" attempts to profit from major market swings which last

from minutes to hours, and always closes his positions overnight (or hands them on

to a colleague in the next time-zone). In monitoring his trades, he should review

hourly ("long-term"), 5-minute ("medium-term") and 1-minute ("short-term") charts.

That said, since price-charts are fractal in nature (ie self-similar irrespective of the time-

frame being observed), there is absolutely no difference in the methods of analysis and

decision-making to be applied. It is absolutely critical to success that which of these

activities is being pursued is clearly understood and the appropriate actions consistently

taken. Disaster frequently overtakes those who fail to take this simple but critical decision.

The cynical definition of a "Long-Term Investment" is "A trade gone sour”! (As when a

trader buys a stock at 100, watches it go to 80, and then says "That's OK, it's a .........")

THE TREND IS:

Up if successive Lows are higher than their predecessors.

Down if successive Highs are lower than their predecessors.

Flat if successive highs / lows are approximately level.

Notes:

The trend shown on this bar chart is down (the strength of the current bounce indicates that it

might be turning up, but in the absence of a higher low, and as no major resistances have been

broken, the trend is down).

Highs and lows are defined below. The trend is judged by reviewing the medium-term chart (the

objective being to "catch" medium-term price-swings).

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HIGHS / LOWS:

A "High" occurs when the top of a price-bar is higher than the tops of the two

preceding and two following price-bars (or three or more equal price-bar tops are

higher than the two on either side)

A "low" occurs when the bottom of a price-bar is lower than the bottoms of the two

preceding and two following price-bars (or three or more equal price-bar bottoms

are lower than the two on either side)

Isolated highs and lows are referred to as "Minor resistance" (above the market) and “Minor

support" (below the market). As noted above, minor resistance to an up-trend and minor

support below the price in a down-trend are expected to break

TRADING / INVESTING BASED ON TECHNICAL ANALYSIS:

To summaries:

Look at the Long-Term Charts to identify major support and resistance-levels.

Look at the Medium-Term Chart to determine the current trend, trade in line with it

so long as a reversal is not indicated by the pattern of highs and lows, and / or

direction of "drift", and / or changes in momentum / volatility.

Look at the Short-Term Chart for additional clues relating to the way the market is

acting (volatility, momentum and drift in particular).

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Always sell tests of Major Resistance / buy tests of Major support.

Expect the current trend to continue unless a counter-trend move is stronger than the

previous "with-trend" move (in which case, place orders to reverse on a re-test of

support / resistance with a stop beyond the next level of resistance to the presumed

new trend)

METHOD OF CALCULATION:

The Data taken for the 2 sectors is 3 months Data (i.e.) 1 st Dec 2008 to 28th Feb 2009

The data for calculation purpose is taken on weekly basis starting from Monday.

The formulae used for calculating percentage change is

FORMULAE:

CURRENT WEEK – PREVIOUS WEEK /PREVIOUS WEEK * 100

2.4 LIMITATIONS OF THE STUDY:

There are many other External factors like Inflation, Repo rates, CRR, political and many other which affect the stock performance of the industry which can’t be studied in detail.

Only past performances of the companies are analyzed and it is not the perfect measure to except the future performances.

Even the global economy can affect the Pharmaceutical and Infrastructure sectors and it is not considered.

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3. DATA ANALYSIS AND INTERPRETATION:

Table 3.1 Weekly wise data of December Month 2008.

WEEKS CIPLA %ChangeSUN

PHARMA %Change RANBAXY %Change1st week 5th Dec 183.3 0 1008.75 0 208.85 0

2nd week 12thDec 174.95 -4.55 1105.2 9.56 209.85 0.47

3rd week 19thDec 192.95 10.28 1088.75 -1.48 217.15 3.47

4th week 26th Dec 181.95 -5.70 1056.8 -2.93 216.9 -0.11

TOTAL AVG 0.0075 1.28 0.95

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Fig 3.1

INTERPRETATION :

In the month of December Cipla has decreased and again increased in case of Sun Pharma and Ranbaxy increased to certain extent and again decreased in next week. So there is fluctuating in the prices. When we compare them Sun Pharma showed a good amount of percentage change that comes to Cipla and Ranbaxy.

Table 3.2 Weekly wise data of January Month 2009.

WEEKS CIPLA %ChangeSUN PHARMA %Change

RANBAXY %Change

1st week 2nd Jan 191.6 5.3 1048.75 -0.76 250.25 15.37

2nd week 9th Jan 188.85 -1.43 1099.45 4.83 219.1 -12.44

3rd week 16th Jan 183.2 -2.99 1119.90 1.86 218.15 -0.43

4th week 23rd Jan 186.05 1.55 1071.65 -4.3 188.1 -13.77

5th week 30th Jan 191.95 3.17 1074.45 0.26 215.85 14.75

TOTAL AVG 1.12 0.37 0.69

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Fig 3.2

INTERPRETATION:

In the month of January Cipla and Ranbaxy decreased to certain extent and again

increased but in case of Sun Pharma increase to certain extent and again decreased. In

January Cipla and Ranbaxy has good percentage comparing to Sun Pharma. But if we over

all percentage wise all the three shows positive performance.

Table 3.3 Weekly wise data of February Month 2009

WEEKS CIPLA

%Change

SUN PHARMA %Change RANBAXY %Change

1st week 6th Feb 191.20 -0.39 1056.45 -1.67 223.4 3.49

2nd week 13th Feb 191.75 0.28 1066.90 0.98 212.65 -4.81

3rd week 20th Feb 188.35 -1.77 1022.35 -4.17 206.80 -2.75

4th week 27th Feb 191.50 1.67 1017.50 -0.47 161.80 -21.76

TOTAL AVG -0.05 -1.33 -4.56

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Fig 3.3

INTERPRETATION:

In the month of February all the three companies started of well but it ended with

small decreases in the average closing. But Cipla is decreased and again increased. In this

month Cipla shows a good percentage.

Table 3.4 Overall percentage Change data of pharmaceutical Sector in Three Months

MONTHS CIPLA% SUN PHARMA% RANBAXY%

DECEMBER 0.0075 1.28 0.95

JANUARY 1.12 0.37 0.69

FEBRUARY -0.05 -1.33 -4.56

TOTAL % 0.35 0.10 -1.29

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Fig 3.4

INTERPRETATION:

In Pharmaceutical sector three showed negative average percentage in the month of

February. But if we see total percentage change wise it is showing positive performance but

Ranbaxy shows a negative performance.

Table 3.5 Weekly wise data of December Month 2008.

WEEKS GMR

%Change RELIANCE %Change LANCO %Change

1st week 5th Dec 58.65 0 532.1 0 116.85 0

2nd week 12th Dec 64.7 10.31 650.4 22.23 136.45 16.77

3rd week 19th Dec 71.55 10.58 619.65 -4.72 162.7 19.23

4th week 26th Dec 67.85 -5.17 543.05 -12.36 135.55 -16.68

TOTAL AVG 3.93 1.28 4.83

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Fig 3.5

INTERPRETATION:

In the month of December GMR has increased to 58.65 and again increased in next

week and 4th week it will be decreases to certain extent. So there is fluctuating in the prices.

When we compare all them Lanco showed a good amount of percentage change then comes

GMR and Reliance.

Table 3.6 Weekly wise data of January Month 2009.

WEEKS GMR %Change RELIANCE %Change

LANCO %Change

1st week 2nd Jan 85.15 25.49 629.85 15.98 166.80 23.05

2nd week 9th Jan 66.95 -21.37 508.15 -19.32 110.10 -33.99

3rd week 16th Jan 72.75 8.66 540.95 6.45 115.90 5.26

4th week 23rd Jan 72.6 -0.2 487.3 -9.91 103.50 -10.69

5th week 30th Jan 73.6 1.37 582.9 19.61 114.00 10.14

TOTAL AVG 2.79 2.56 -1.24

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Fig 3.6

INTERPRETATION:

In the month of January GMR, Reliance and Lanco decreased to certain extent. But

GMR has good percentage compared to Reliance and Lanco. But if we see over all

percentage wise GMR and Reliance shows positive performance and Lanco shows negative

performance.

Table 3.7 Weekly wise data of February Month 2009

WEEKS GMR

%Change RELIANCE %Change LANCO %Change

1st week 6th Feb 74 0.54 540.85 -7.21 111.75 -1.97

2nd week 13th Feb 78.95 6.68 569.85 5.36 137.30 22.86

3rd week 20th Feb 78.1 -1.07 489.95 -14.02 120.25 -12.41

4th week 27th Feb 78.95 1.08 491.05 0.22 126.10 4.86

TOTAL AVG 1.80 -3.91 3.33

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Fig 3.7

INTERPRETATION:

In the month of February all the companies share prices are high but it ends small

decreases in the average closing. But GMR and Lanco is decreased and again increased. In

this month Lanco shows a good percentage (i.e., 3.33)

Table 3.8 Overall percentage Change data of Infrastructure Sector in

Three Months

MONTHS GMR% RELIANCE% LANCO%

DECEMBER 3.93 1.28 4.83

JANUARY 2.79 2.56 -1.24

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FEBRUARY 1.80 -3.91 3.33

TOTAL % 2.84 -0.02 2.30

Fig 3.8

INTERPRETATION:

If Infrastructure sector Lanco and Reliance shows negative average in the month of

January and February.But if we see total percentage change wise GMR and Lanco shows

positive performance but Reliance shows a negative performance.

4.1 FINDINGS:

In the month of December, Infrastructure sectors shows good performance when

compare to Pharmaceutical sectors.

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In the month of January Infrastructure sectors and pharmaceutical sectors shows

good performance but in infrastructure sector Lanco show negative performance

In the month of February both Infrastructure and Pharmaceutical sectors negative

performance this is because of the closing financial year. But in case of

Infrastructure sectors GMR and Lanco shows the positive performances.

In Pharmaceutical sector we can see Cipla and Ranbaxy perform well compare to

Sun Pharma with small percentage of change (0.69 to 1.12).

In Infrastructure sector we can see GMR and Lanco perform well compare to

Reliance. Where it shows most of the positive values but their total performance

change showed a negative performance

If we compare both sectors Infrastructure shows and good performance compare to

Pharmaceutical sector

4.2 SUGGESTIONS:

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When it comes to Infrastructure sector internally it is better to invest in GMR sector

because it shows better performance compare to Lanco and Reliance sectors.

When it comes to Pharmaceutical sector internally it is better to invest in Cipla

sector because it shows better performance compare to Sun Pharma and Ranbaxy.

Over all comparison we came know to that Infrastructure sector is more boom than

pharmaceutical sector .So, I suggest to investor to invest in the Infrastructure sector

compare to pharmaceutical sector.

4.3. CONCLUSION

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Though the global economy is in recession period investors are showing

interest in investing equities.

Though the real estate boon decreases due to global economy crisis GMR

Infrastructure shows an excellent performance and attracted the looks of all

investors.

In comparison of pharmaceutical and Infrastructure industries it has proved

that Infrastructure shows a better performance.

5.APPENDIX

CIPLA

Series DatePrev

CloseOpen Price

High Price

Low Price

Last Price

Close Price Average

Total Traded

Turnover in Lacs

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Price Quantity

EQ 01-Dec-08 200.15 199 205 189.05 189.2 190 197.53 1126716 2,225.58

EQ 02-Dec-08 190 190 190 182.55 185 185.35 185.43 1247573 2,313.37

EQ 03-Dec-08 185.35 185.35 188.7 180 182.9 183.45 183.27 1053061 1,929.93

EQ 04-Dec-08 183.45 186.4 186.4 181 183.05 183.6 183.22 1291499 2,366.27

EQ 05-Dec-08 183.6 184 188.85 181.1 182.9 183.3 186 839384 1,561.27

EQ 08-Dec-08 183.3 183 190 183 185.8 185.75 187.23 1684463 3,153.89

EQ 10-Dec-08 185.75 187.05 190.8 186.5 188.7 189 188.4 1082211 2,038.87

EQ 11-Dec-08 189 186 187 179.5 181.1 181.1 182.12 1825447 3,324.47

EQ 12-Dec-08 181.1 180 180 174.35 175 174.95 175.24 1944828 3,408.07

EQ 15-Dec-08 174.95 178 181.9 175.1 180.2 179.8 178.04 1589996 2,830.77

EQ 16-Dec-08 179.8 180 185.45 177.1 184.25 184.25 183.7 1376333 2,528.37

EQ 17-Dec-08 184.25 185 187 181.55 183.95 184 183.83 672655 1,236.56

EQ 18-Dec-08 184 183 193 183 187 189.55 190.38 1256384 2,391.89

EQ 19-Dec-08 189.55 188.4 195.95 188.4 191.85 192.95 194.05 1856538 3,602.60

EQ 22-Dec-08 192.95 193 193.35 182 185 185.05 186.76 1336879 2,496.79

EQ 23-Dec-08 185.05 183 187 181.55 181.95 182 182.83 1291512 2,361.32

EQ 24-Dec-08 182 182.1 182.95 178.1 181.25 181.05 181.13 3343976 6,056.85

EQ 26-Dec-08 181.05 182 185.5 178.35 184 181.95 182.74 569715 1,041.08

EQ 29-Dec-08 181.95 184 184.95 180.35 183.15 184 182.97 1316322 2,408.49

EQ 30-Dec-08 184 182.5 185.85 181 183.5 183.9 183.43 1010826 1,854.15

EQ 31-Dec-08 183.9 184.1 188.1 182.5 187.6 186.6 185.33 431718 800.1

EQ 01-Jan-09 186.6 187 194.8 180.1 193.05 192.95 190.35 646225 1,230.07

EQ 02-Jan-09 192.95 194 196.1 190.5 191.9 191.6 193.85 699934 1,356.82

EQ 05-Jan-09 191.6 194.8 195.7 187.15 191 190.95 190.1 769893 1,463.54

EQ 06-Jan-09 190.95 191 195.95 189.1 193 192.95 193.33 1454055 2,811.13

EQ 07-Jan-09 192.95 194 195.95 181.1 185.05 185.9 186.27 1050320 1,956.38

EQ 09-Jan-09 185.9 182.5 191.45 182.5 185.3 188.85 188.54 2172087 4,095.33

EQ 12-Jan-09 188.85 185.05 189.9 183 186.5 187.1 185.12 1451209 2,686.48

EQ 13-Jan-09 187.1 185 189.65 184 184.35 185.35 186.5 901712 1,681.74

EQ 14-Jan-09 185.35 185 189.5 184.1 188 187.95 187.79 854608 1,604.86

EQ 15-Jan-09 187.95 187.5 187.5 180.55 181.5 181.95 182.9 1173467 2,146.25

EQ 16-Jan-09 181.95 183 184.85 180.5 183.5 183.2 183.05 354218 648.41

EQ 19-Jan-09 183.2 184 185 179.1 179.75 180.25 181.48 497987 903.74

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EQ 20-Jan-09 180.25 180 180 175.6 178.25 177.65 177.23 502791 891.12

EQ 21-Jan-09 177.65 177 181.5 175.15 179 180.05 180.27 571151 1,029.63

EQ 22-Jan-09 180.05 179 182 171.35 172.5 172.85 174.45 1178646 2,056.21

EQ 23-Jan-09 172.85 174 191.65 174 186.45 186.05 186.1 3318641 6,175.84

EQ 27-Jan-09 186.05 190 192.5 188 190.8 191.1 190.63 2256952 4,302.34

EQ 28-Jan-09 191.1 191 195 190.05 194.2 194.2 192.57 734560 1,414.55

EQ 29-Jan-09 194.2 194 196.5 190 190.05 191 191.92 1056632 2,027.87

EQ 30-Jan-09 191 190.7 196.7 188.6 191.95 191.95 193.26 1444472 2,791.62

EQ 02-Feb-09 191.95 192 194 189 192.75 192.05 191.73 2245568 4,305.38

EQ 03-Feb-09 192.05 192.05 196 191.2 192.5 192.4 193.16 784180 1,514.71

EQ 04-Feb-09 192.4 192 196.5 190.5 193.5 195.05 193.72 1683362 3,260.95

EQ 05-Feb-09 195.05 195.25 196.4 192.6 193.5 194 193.73 4309535 8,348.78

EQ 06-Feb-09 194 194.5 194.9 190.4 191.05 191.2 192.01 1339529 2,572.02

EQ 09-Feb-09 191.2 191.75 193.5 188.65 191.75 192.35 190.68 1021311 1,947.39

EQ 10-Feb-09 192.35 192.5 195.85 191 194.5 194.7 193.61 1379506 2,670.82

EQ 11-Feb-09 194.7 194 195 191.45 192.3 192.35 192.74 1976588 3,809.58

EQ 12-Feb-09 192.35 193 193.1 190 191.3 191 190.77 247387 471.94

EQ 13-Feb-09 191 191 193.9 190.35 190.95 191.75 192.91 943004 1,819.17

EQ 16-Feb-09 191.75 191.8 191.9 188.3 189.9 189.95 189.83 953703 1,810.43

EQ 17-Feb-09 189.95 189 190.55 186.35 189.75 189.55 188.46 1346506 2,537.67

EQ 18-Feb-09 189.55 189.55 193.4 189.25 192.65 192.35 192.35 1053146 2,025.70

EQ 19-Feb-09 192.35 193 194.45 190.8 191.65 192 192.53 515175 991.85

EQ 20-Feb-09 192 192 192.4 187 188.3 188.35 188.92 375266 708.94

EQ 24-Feb-09 188.35 188 188 185.15 186.3 186 186.42 540971 1,008.49

EQ 25-Feb-09 186 186.5 188.3 185.5 186.25 187 186.76 780987 1,458.59

EQ 26-Feb-09 187 186 194.9 185.75 194 192.55 190.16 895205 1,702.32

EQ 27-Feb-09 192.55 193.05 195.5 187.8 191.5 191.5 190.12 768972 1,461.99

SUN PHARMA

Series Date Prev Close Open Price High Price

Low Price

Last Price

Close Price

AverageTotal

Traded Turnover

Price Quantity in Lacs

EQ 01-Dec-08 1,082.15 1,035.05 1,149.85 1,035.05 1,071.00 1,071.55 1,076.78 416801 4,488.04

EQ 02-Dec-08 1,071.55 1,075.00 1,075.00 1,043.20 1,056.40 1,057.40 1,055.26 190078 2,005.81

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EQ 03-Dec-08 1,057.40 1,065.00 1,067.95 1,024.00 1,038.65 1,044.40 1,037.27 397649 4,124.70

EQ 04-Dec-08 1,044.40 1,065.00 1,065.00 1,014.80 1,038.00 1,028.50 1,029.78 425867 4,385.48

EQ 05-Dec-08 1,028.50 1,065.90 1,065.90 990 1,010.00 1,008.75 1,010.11 678186 6,850.41

EQ 08-Dec-08 1,008.75 1,030.00 1,068.00 1,016.35 1,037.00 1,035.15 1,042.69 364029 3,795.70

EQ 10-Dec-08 1,035.15 1,037.00 1,105.00 1,037.00 1,088.00 1,094.60 1,074.48 634401 6,816.49

EQ 11-Dec-08 1,094.60 1,052.25 1,108.00 1,052.25 1,100.00 1,094.70 1,085.22 334996 3,635.46

EQ 12-Dec-08 1,094.70 1,060.10 1,119.60 1,060.10 1,108.00 1,105.20 1,099.77 351458 3,865.24

EQ 15-Dec-08 1,105.20 1,123.00 1,132.00 1,070.00 1,085.00 1,084.70 1,091.82 310170 3,386.49

EQ 16-Dec-08 1,084.70 1,071.00 1,104.40 1,071.00 1,095.00 1,095.35 1,090.76 295087 3,218.68

EQ 17-Dec-08 1,095.35 1,050.00 1,112.00 1,050.00 1,063.95 1,064.10 1,067.18 446786 4,768.01

EQ 18-Dec-08 1,064.10 1,078.85 1,083.05 1,055.25 1,070.00 1,072.80 1,069.79 387072 4,140.84

EQ 19-Dec-08 1,072.80 1,060.10 1,097.80 1,052.70 1,085.00 1,088.75 1,087.95 372733 4,055.16

EQ 22-Dec-08 1,088.75 1,093.00 1,093.00 1,057.05 1,065.00 1,064.10 1,065.99 171557 1,828.77

EQ 23-Dec-08 1,064.10 1,061.00 1,068.95 1,037.10 1,040.00 1,040.55 1,041.65 230042 2,396.23

EQ 24-Dec-08 1,040.55 1,040.00 1,041.50 1,021.05 1,030.90 1,032.90 1,031.80 352186 3,633.85

EQ 26-Dec-08 1,032.90 1,040.00 1,069.00 1,027.00 1,055.10 1,056.80 1,053.50 166016 1,748.97

EQ 29-Dec-08 1,056.80 1,050.00 1,082.75 1,045.10 1,063.25 1,064.30 1,066.73 203841 2,174.43

EQ 30-Dec-08 1,064.30 1,065.10 1,077.90 1,045.30 1,073.00 1,069.65 1,058.01 200233 2,118.48

EQ 31-Dec-08 1,069.65 1,065.00 1,074.00 1,051.50 1,067.00 1,064.15 1,059.20 214916 2,276.39

EQ 01-Jan-09 1,064.15 1,078.00 1,079.00 1,047.10 1,050.00 1,055.65 1,060.82 116536 1,236.23

EQ 02-Jan-09 1,055.65 1,067.90 1,067.90 1,044.00 1,053.00 1,048.75 1,048.68 694943 7,287.72

EQ 05-Jan-09 1,048.75 1,058.80 1,058.80 1,033.05 1,046.05 1,043.90 1,039.84 273566 2,844.65

EQ 06-Jan-09 1,043.90 1,044.00 1,060.00 1,030.25 1,045.00 1,041.40 1,046.60 352217 3,686.30

EQ 07-Jan-09 1,041.40 1,048.00 1,070.00 1,040.00 1,040.85 1,043.15 1,053.42 263934 2,780.34

EQ 09-Jan-09 1,043.15 1,060.00 1,114.70 1,040.00 1,100.00 1,099.45 1,075.33 670650 7,211.68

EQ 12-Jan-09 1,099.45 1,095.05 1,137.85 1,085.00 1,130.00 1,130.35 1,121.32 507734 5,693.31

EQ 13-Jan-09 1,130.35 1,125.00 1,148.85 1,111.10 1,137.25 1,134.30 1,132.12 317387 3,593.19

EQ 14-Jan-09 1,134.30 1,148.00 1,148.00 1,102.20 1,125.00 1,119.55 1,118.70 171167 1,914.84

EQ 15-Jan-09 1,119.55 1,115.00 1,124.90 1,090.00 1,107.00 1,104.55 1,106.21 222256 2,458.62

EQ 16-Jan-09 1,104.55 1,114.50 1,133.95 1,098.00 1,120.00 1,119.90 1,119.21 204097 2,284.28

EQ 19-Jan-09 1,119.90 1,120.00 1,138.95 1,107.40 1,115.00 1,119.15 1,125.65 109754 1,235.44

EQ 20-Jan-09 1,119.15 1,132.00 1,132.00 1,090.00 1,099.00 1,100.85 1,096.81 191872 2,104.48

EQ 21-Jan-09 1,100.85 1,100.85 1,100.85 1,068.00 1,099.00 1,078.90 1,084.83 264617 2,870.65

EQ 22-Jan-09 1,078.90 1,091.00 1,110.00 1,071.10 1,105.05 1,103.80 1,089.01 170341 1,855.03

EQ 23-Jan-09 1,103.80 1,098.00 1,113.70 1,057.00 1,071.50 1,071.65 1,075.08 213848 2,299.03

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EQ 27-Jan-09 1,071.65 1,065.00 1,156.90 1,065.00 1,140.05 1,141.25 1,125.92 159981 1,801.25

EQ 28-Jan-09 1,141.25 1,140.00 1,179.95 1,140.00 1,160.00 1,158.20 1,168.26 287240 3,355.70

EQ 29-Jan-09 1,158.20 1,157.00 1,179.00 1,117.10 1,150.00 1,146.10 1,143.02 249873 2,856.09

EQ 30-Jan-09 1,146.10 1,135.00 1,135.00 1,041.00 1,073.00 1,074.45 1,067.71 819068 8,745.26

EQ 02-Feb-09 1,074.45 1,083.00 1,083.00 1,041.00 1,046.05 1,047.05 1,048.73 355344 3,726.60

EQ 03-Feb-09 1,047.05 1,055.00 1,068.20 1,035.05 1,049.95 1,045.70 1,047.71 1524675 15,974.14

EQ 04-Feb-09 1,045.70 1,054.00 1,060.00 1,032.20 1,046.00 1,046.55 1,046.85 503162 5,267.36

EQ 05-Feb-09 1,046.55 1,047.00 1,054.90 1,040.00 1,054.90 1,048.95 1,045.82 136274 1,425.18

EQ 06-Feb-09 1,048.95 1,055.00 1,065.05 1,043.10 1,052.00 1,056.45 1,056.06 144186 1,522.70

EQ 09-Feb-09 1,056.45 1,049.90 1,097.70 1,030.10 1,095.00 1,091.55 1,068.26 299846 3,203.13

EQ 10-Feb-09 1,091.55 1,083.00 1,125.00 1,081.00 1,123.00 1,122.25 1,105.64 258645 2,859.68

EQ 11-Feb-09 1,122.25 1,119.85 1,120.00 1,083.00 1,098.00 1,096.55 1,096.74 335770 3,682.52

EQ 12-Feb-09 1,096.55 1,111.00 1,111.90 1,083.00 1,110.00 1,108.85 1,094.29 434055 4,749.83

EQ 13-Feb-09 1,108.85 1,111.00 1,116.00 1,060.00 1,066.00 1,066.90 1,084.99 272940 2,961.37

EQ 16-Feb-09 1,066.90 1,064.00 1,078.30 1,042.00 1,052.00 1,053.70 1,057.03 211461 2,235.21

EQ 17-Feb-09 1,053.70 1,049.90 1,055.70 1,033.05 1,050.00 1,047.80 1,044.08 384924 4,018.90

EQ 18-Feb-09 1,047.80 1,040.10 1,061.90 1,025.20 1,025.20 1,038.45 1,042.05 273009 2,844.89

EQ 19-Feb-09 1,038.45 1,038.45 1,047.90 1,015.00 1,040.00 1,037.45 1,034.93 362889 3,755.64

EQ 20-Feb-09 1,037.45 1,037.00 1,037.75 1,019.00 1,022.75 1,022.35 1,022.73 195855 2,003.07

EQ 24-Feb-09 1,022.35 1,032.00 1,032.00 990.5 1,008.00 1,004.90 1,008.86 302379 3,050.59

EQ 25-Feb-09 1,004.90 1,011.00 1,032.00 1,001.10 1,025.00 1,022.70 1,023.75 166984 1,709.50

EQ 26-Feb-09 1,022.70 1,028.50 1,030.00 1,006.30 1,020.00 1,018.90 1,019.41 231199 2,356.86

EQ 27-Feb-09 1,018.90 1,022.80 1,025.00 995 1,010.25 1,017.50 1,007.20 381515 3,842.64

RANBAXY

Series DatePrev Close

Open Price

High Price

Low Price

Last Price

Close Price

AverageTotal

Traded Turnover

Price Quantity in Lacs

EQ 01-Dec-08 208.2 209 213.4 196.1 198.6 198.4 206.16 838768 1,729.22

EQ 02-Dec-08 198.4 197 204 191.2 202 202.4 197.69 1115816 2,205.90

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EQ 03-Dec-08 202.4 205 205 198.05 202.5 203.75 201.69 732971 1,478.29

EQ 04-Dec-08 203.75 201 212.75 201 210.5 210.8 207.21 1109551 2,299.06

EQ 05-Dec-08 210.8 210.5 215.05 207.1 209 208.85 211.32 516033 1,090.49

EQ 08-Dec-08 208.85 215 218.2 209.5 212.25 213.45 214 1305921 2,794.69

EQ 10-Dec-08 213.45 216 221 207.7 210 210.2 213.58 1775174 3,791.39

EQ 11-Dec-08 210.2 210.5 214.4 205.2 209.9 209.5 210.4 795514 1,673.74

EQ 12-Dec-08 209.5 204.95 214.9 179.2 208.05 209.85 208.04 862863 1,795.07

EQ 15-Dec-08 209.85 210 216.5 208.3 214.1 214.05 213.46 857075 1,829.55

EQ 16-Dec-08 214.05 215 223.8 212.3 220 219.5 219.72 1254866 2,757.19

EQ 17-Dec-08 219.5 226 226 210.8 216 214.8 215.69 1005609 2,168.96

EQ 18-Dec-08 214.8 215 220.85 210.2 218.15 218.6 216.87 1130114 2,450.87

EQ 19-Dec-08 218.6 216.3 226.9 213.15 216 217.15 219.39 1615077 3,543.29

EQ 22-Dec-08 217.15 215 225 215 222.85 221.95 221.84 822514 1,824.67

EQ 23-Dec-08 221.95 222 225.3 212.2 213.5 214.05 218.79 1003630 2,195.81

EQ 24-Dec-08 214.05 212.1 220.9 211 217.55 215.85 216.28 1352036 2,924.18

EQ 26-Dec-08 215.85 217.5 221.8 215.5 218 216.9 218.52 709299 1,549.99

EQ 29-Dec-08 216.9 217.9 234.5 216 234 232.05 225.06 2845405 6,403.86

EQ 30-Dec-08 232.05 237 244.4 234 240.5 241.8 239.17 2277263 5,446.59

EQ 31-Dec-08 241.8 242 255.55 242 251.55 252.35 249.15 2810223 7,001.57

EQ 01-Jan-09 252.35 252 255.1 245.6 249.6 250.15 249.64 1259197 3,143.49

EQ 02-Jan-09 250.15 249 254 243 251 250.25 249.29 1358558 3,386.78

EQ 05-Jan-09 250.25 253 255.9 246.05 249.3 250.25 249.3 652934 1,627.74

EQ 06-Jan-09 250.25 250 256.8 245.2 252 253.55 253.19 1302559 3,297.94

EQ 07-Jan-09 253.55 254.05 257.7 231.6 235.4 236.8 245.29 1428649 3,504.39

EQ 09-Jan-09 236.8 235 235.25 215 217 219.1 222.64 1702127 3,789.58

EQ 12-Jan-09 219.1 215 220.25 204.15 208 206.5 210.59 1089095 2,293.51

EQ 13-Jan-09 206.5 205.1 217.9 205.1 217 216.45 214.64 722402 1,550.59

EQ 14-Jan-09 216.45 215 220.75 210.6 219.15 217.9 216.61 613335 1,328.57

EQ 15-Jan-09 217.9 214.5 219.8 206 217.45 215.3 213.04 617965 1,316.53

EQ 16-Jan-09 215.3 216.65 223.7 214.4 216.65 218.15 218.7 803916 1,758.17

EQ 19-Jan-09 218.15 220 220.9 214.55 217.95 217.55 217.17 428938 931.51

EQ 20-Jan-09 217.55 216 217.5 212.55 215.7 215.15 214.33 397386 851.7

EQ 21-Jan-09 215.15 211 218.9 201.3 202.95 205.4 207.75 1410929 2,931.23

EQ 22-Jan-09 205.4 207 207.55 179.3 186.5 186.4 188.86 3043504 5,748.08

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EQ 23-Jan-09 186.4 182 191.4 165.1 185.4 188.1 184.74 2952166 5,453.72

EQ 27-Jan-09 188.1 190.1 203 184.05 202 198.85 193.28 1415176 2,735.28

EQ 28-Jan-09 198.85 200 215.7 199.1 214.4 213 208.07 1104513 2,298.15

EQ 29-Jan-09 213 213.9 215.95 204.15 212.3 210.9 209.17 1553906 3,250.29

EQ 30-Jan-09 210.9 208.5 221.95 206.1 216.3 215.85 216.1 1263125 2,729.58

EQ 02-Feb-09 215.85 210 217.8 206.2 207 210.65 211.42 834199 1,763.67

EQ 03-Feb-09 210.65 209.8 215 200.6 209 208.9 207.54 1797568 3,730.76

EQ 04-Feb-09 208.9 210.55 214 205 205 206.5 208.43 608215 1,267.73

EQ 05-Feb-09 206.5 207 211 202.2 210 208.95 207.4 745014 1,545.14

EQ 06-Feb-09 208.95 210 225.7 208 221 223.4 219.43 1700613 3,731.63

EQ 09-Feb-09 223.4 222.1 231 220.55 229 227.35 227.14 1074767 2,441.23

EQ 10-Feb-09 227.35 228 235.9 227.5 232.05 232.7 232.69 1258802 2,929.06

EQ 11-Feb-09 232.7 229.85 244 218 221.5 221.15 229.87 3771921 8,670.69

EQ 12-Feb-09 221.15 221 224 211.4 212.1 212.9 214.96 2370369 5,095.37

EQ 13-Feb-09 212.9 215 216.8 210.15 211.95 212.65 213.03 1531514 3,262.56

EQ 16-Feb-09 212.65 211.55 213 201.5 204.5 205 205.97 3117728 6,421.51

EQ 17-Feb-09 205 202 209.95 201 203.6 204.6 206.16 2423999 4,997.27

EQ 18-Feb-09 204.6 202.3 209.4 198 204.75 204.75 206.56 810121 1,673.36

EQ 19-Feb-09 204.75 209.5 209.5 205.25 208.5 207.9 207.46 565458 1,173.09

EQ 20-Feb-09 207.9 207.9 209.9 202.35 206.3 206.8 205.44 805666 1,655.18

EQ 24-Feb-09 206.8 202 216.8 202 214.5 215 211 1803347 3,805.09

EQ 25-Feb-09 215 217 219 205.6 207.55 207.25 212.84 1681422 3,578.66

EQ 26-Feb-09 207.25 203 203 168.3 169.65 169.85 175.26 15019551 26,324.01

EQ 27-Feb-09 169.85 172 172 159.25 161.75 161.8 165.08 10105419 16,682.00

GMR

Series DatePrev

CloseOpen Price

High Price

Low Price

Last Price

Close Price

AverageTotal

Traded Turnover

Price Quantity in Lacs

EQ 01-Dec-08 53.45 53 56.95 52.5 54 53.5 55.06 5664825 3,118.89

EQ 02-Dec-08 53.5 52 54.3 51.1 54 53.25 52.65 6354588 3,345.63

EQ 03-Dec-08 53.25 54.45 55.9 53.75 55 54.85 54.96 7340209 4,034.35

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EQ 04-Dec-08 54.85 55.4 62.9 54.6 60.9 60.7 58.49 10443616 6,108.96

EQ 05-Dec-08 60.7 61.5 63.15 57.1 58.5 58.65 60.76 8202805 4,984.18

EQ 08-Dec-08 58.65 61.05 64.5 59.35 61.15 60.55 61.97 7683938 4,762.05

EQ 10-Dec-08 60.55 62.1 63.8 60.85 63.25 63.15 62.46 7550815 4,716.60

EQ 11-Dec-08 63.15 64 67.1 63.45 65.35 66.1 65.23 9322221 6,081.27

EQ 12-Dec-08 66.1 63.4 66.6 61.25 64.15 64.7 64.28 8890581 5,715.21

EQ 15-Dec-08 64.7 65.05 68.9 64.95 65.6 65.45 66.63 6708608 4,470.08

EQ 16-Dec-08 65.45 64.7 69.75 64.6 68 67.6 68.06 7792219 5,303.19

EQ 17-Dec-08 67.6 68 69.75 63.7 65 65.15 66.96 7517167 5,033.77

EQ 18-Dec-08 65.15 65 71.2 64 70.6 69.55 67.26 5818444 3,913.61

EQ 19-Dec-08 69.55 69.2 73.7 68.55 71.7 71.55 71.21 13673444 9,736.26

EQ 22-Dec-08 71.55 72.3 74.85 71.75 74.4 74 73.54 7138640 5,249.73

EQ 23-Dec-08 74 73.7 74.5 71.3 73.75 73.6 73.29 9445103 6,922.06

EQ 24-Dec-08 73.6 73 74.25 69.7 71.85 71.25 71.6 5654627 4,048.94

EQ 26-Dec-08 71.25 74.15 74.15 66.5 68.5 67.85 69.68 4310122 3,003.42

EQ 29-Dec-08 67.85 66.4 73.75 64.45 73.6 72.4 68.25 4681935 3,195.55

EQ 30-Dec-08 72.4 73.5 76 70.1 75.05 75.4 73.2 6444221 4,717.46

EQ 31-Dec-08 75.4 76 78 74.55 77.8 76.9 76.7 5205389 3,992.42

EQ 01-Jan-09 76.9 77.25 78.95 76.1 77.45 78.3 77.82 3045685 2,370.03

EQ 02-Jan-09 78.3 79 85.9 77.25 85 85.15 82.91 11052350 9,163.04

EQ 05-Jan-09 85.15 86.35 86.95 81.8 82.75 83.55 84.36 8025764 6,770.63

EQ 06-Jan-09 83.55 82 84.8 78.5 81.6 81.5 81.93 5453373 4,467.85

EQ 07-Jan-09 81.5 82 83.45 70.4 72.5 72.4 76.6 4866479 3,727.88

EQ 09-Jan-09 72.4 72 72 62.1 66.85 66.95 66.72 7550344 5,037.90

EQ 12-Jan-09 66.95 67 76.5 65.1 76 73.95 71.17 8156323 5,805.00

EQ 13-Jan-09 73.95 73 74.7 67.2 71.4 71.35 71.58 5204864 3,725.79

EQ 14-Jan-09 71.35 71 78.4 68.25 77 77.45 74.21 6691632 4,965.69

EQ 15-Jan-09 77.45 74.9 75 70.05 71.1 71.25 72.2 4407034 3,181.69

EQ 16-Jan-09 71.25 72.2 74.9 71.25 72.35 72.75 73.15 3241506 2,371.21

EQ 19-Jan-09 72.75 73 77.55 71.5 76.2 76.25 75.23 5104862 3,840.34

EQ 20-Jan-09 76.25 75 75.9 74.05 74.8 74.6 74.9 3748367 2,807.48

EQ 21-Jan-09 74.6 73.1 78 72.6 75.5 75.6 76.07 6769947 5,150.03

EQ 22-Jan-09 75.6 77.05 78.85 72.3 77.15 77.15 75.82 5894037 4,469.01

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EQ 23-Jan-09 77.15 76.1 77.15 71.3 72.75 72.6 73.96 6320958 4,674.93

EQ 27-Jan-09 72.6 73.35 76.4 72.5 75 75.05 74.35 3076188 2,287.08

EQ 28-Jan-09 75.05 75 77.45 73.05 76.8 76.95 75.29 2884385 2,171.76

EQ 29-Jan-09 76.95 77.5 78.85 73.1 73.4 75.25 75.83 5090920 3,860.65

EQ 30-Jan-09 75.25 72.8 75.2 71.8 73.65 73.6 73.73 3179770 2,344.34

EQ 02-Feb-09 73.6 73 74.3 70.1 71.35 71.2 72.07 2915859 2,101.52

EQ 03-Feb-09 71.2 71.9 73.4 68.2 68.4 68.65 69.68 3636004 2,533.44

EQ 04-Feb-09 68.65 69.5 71.75 68.5 70.5 70.7 69.94 3450258 2,413.24

EQ 05-Feb-09 70.7 70 70.9 68.25 69.95 69.85 69.53 2612254 1,816.43

EQ 06-Feb-09 69.85 70.6 83.8 70.5 75 74 73.44 3837673 2,818.46

EQ 09-Feb-09 74 75 83.7 73.35 83.15 82.5 79.95 11324248 9,053.78

EQ 10-Feb-09 82.5 82 84.8 78.1 79.15 79.45 81.03 6730429 5,453.89

EQ 11-Feb-09 79.45 78 81.15 76.25 79.35 79.95 79.33 4261259 3,380.67

EQ 12-Feb-09 79.95 78.8 81.3 77.1 77.4 77.8 79.46 3217477 2,556.73

EQ 13-Feb-09 77.8 78.1 80.65 78.1 79.2 78.95 79.49 2206448 1,753.82

EQ 16-Feb-09 78.95 79 81.2 77.15 79 79.15 79.16 4672368 3,698.57

EQ 17-Feb-09 79.15 77.1 79.5 76.7 78.7 79 78.16 3037064 2,373.73

EQ 18-Feb-09 79 78.45 81.9 77.25 80.8 80.1 80.14 4899736 3,926.74

EQ 19-Feb-09 80.1 80.6 81.75 78.85 79.7 79.5 80.19 3089437 2,477.53

EQ 20-Feb-09 79.5 78.1 78.95 76.25 78.2 78.1 77.81 1838264 1,430.29

EQ 24-Feb-09 78.1 77 77.4 75.05 76.5 76.75 76.25 2889973 2,203.52

EQ 25-Feb-09 76.75 78.7 79.1 74.65 75.45 75.15 77.02 3173144 2,444.03

EQ 26-Feb-09 75.15 75.8 79.8 75.35 79.15 78.65 77.53 3719164 2,883.58

EQ 27-Feb-09 78.65 78.9 79.8 77.5 78.6 78.95 78.66 3327523 2,617.00

RELIANCE

Series DatePrev Close

Open Price

High Price

Low Price

Last Price

Close Price

AverageTotal

Traded Turnover

Price Quantity in Lacs

EQ 01-Dec-08 503.95 510 525.9 454.1 479.1 467.15 496.26 4596820 22,812.29

EQ 02-Dec-08 467.15 450.35 498 447.25 495.9 492.05 471.88 6624081 31,258.02

EQ 03-Dec-08 492.05 503 512.5 486.2 505 506.9 501.55 5632046 28,247.68

EQ 04-Dec-08 506.9 510 553.7 500 543.3 546.15 528.26 5070757 26,786.67

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EQ 05-Dec-08 546.15 545.1 561.2 525 528.1 532.1 540.49 4374144 23,642.00

EQ 08-Dec-08 532.1 548 576.95 547 554.6 553.55 564.88 3955925 22,346.25

EQ 10-Dec-08 553.55 562 607.65 553.05 603 602.35 579.91 5287529 30,662.99

EQ 11-Dec-08 602.35 606.35 619.5 580.1 602.1 604.65 601.16 5403066 32,481.11

EQ 12-Dec-08 604.65 585 663.85 556.65 646.25 650.4 616.85 6732914 41,531.94

EQ 15-Dec-08 650.4 659.7 675 642.5 644.75 653.65 661.69 5025899 33,255.72

EQ 16-Dec-08 653.65 650.1 650.1 613.1 634.6 634.25 631.97 5849167 36,965.04

EQ 17-Dec-08 634.25 644 644 532.55 544 544.35 576.75 6895356 39,768.69

EQ 18-Dec-08 544.35 555 608 540 595.45 601.05 575.19 6781993 39,009.22

EQ 19-Dec-08 601.05 600 636.5 585.35 615.2 619.65 610.65 7258532 44,324.07

EQ 22-Dec-08 619.65 624.9 638.45 595.1 601.1 601.1 617.71 5616718 34,695.26

EQ 23-Dec-08 601.1 584.8 608.4 578.55 587.1 589.5 593.09 5528807 32,790.58

EQ 24-Dec-08 589.5 584.55 595.5 566.35 579.1 577.45 579.51 4225462 24,487.10

EQ 26-Dec-08 577.45 582.9 604.9 528.05 532.5 543.05 573.65 4616755 26,484.22

EQ 29-Dec-08 543.05 539.9 567.8 518.6 563 562.05 545.04 7767727 42,337.00

EQ 30-Dec-08 562.05 572.45 595.4 560.6 584 585.25 577.24 5018893 28,970.96

EQ 31-Dec-08 585.25 591.9 601.8 570.25 580.35 579.5 586.86 4992242 29,297.66

EQ 01-Jan-09 579.5 590 617.9 583.35 617.1 611.95 600 3596535 21,579.10

EQ 02-Jan-09 611.95 619.9 639 615 637.25 629.85 627.37 4575775 28,707.11

EQ 05-Jan-09 629.85 640.05 670 637 667 666.65 655.96 4705274 30,864.58

EQ 06-Jan-09 666.65 669.9 669.9 631 649 646.75 650.62 4721987 30,722.43

EQ 07-Jan-09 646.75 651 661 531 562 558.6 587.89 5066616 29,785.94

EQ 09-Jan-09 558.6 526.65 578.8 484 500 508.15 518.98 5896495 30,601.63

EQ 12-Jan-09 508.15 510 511 466.5 480.65 480.65 482.55 5242410 25,297.48

EQ 13-Jan-09 480.65 478 510 468 484 476.35 488.19 4703442 22,961.79

EQ 14-Jan-09 476.35 485 542 485 540 523.35 506.44 4175314 21,145.31

EQ 15-Jan-09 523.35 501.05 517 480.1 502.05 502.9 501.06 5224848 26,179.65

EQ 16-Jan-09 502.9 509.85 548.7 501.35 540.8 540.95 528.27 4909870 25,937.40

EQ 19-Jan-09 540.95 543 551 530 532.6 535.35 541.47 3473443 18,807.68

EQ 20-Jan-09 535.35 528.7 564.7 514.2 544.7 551.4 538.08 5627366 30,279.93

EQ 21-Jan-09 551.4 538 553 515 520 520.35 534.87 5082534 27,185.17

EQ 22-Jan-09 520.35 525 539.4 480.5 482.9 486.4 505.82 5178697 26,194.77

EQ 23-Jan-09 486.4 481.4 508 474.25 487.5 487.3 491.38 5231028 25,704.14

EQ 27-Jan-09 487.3 499 545 496 539.05 539.4 520.65 5133832 26,729.26

EQ 28-Jan-09 539.4 544.9 560 531 553.05 556.6 548.14 4435618 24,313.51

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EQ 29-Jan-09 556.6 552 570 544.4 555 555.85 557.99 5146349 28,716.25

EQ 30-Jan-09 555.85 545 588.9 535.55 578.35 582.9 569.44 5057219 28,797.59

EQ 02-Feb-09 582.9 574.45 577.2 515 515.6 520.55 544.09 4892157 26,617.94

EQ 03-Feb-09 520.55 525 544 505.65 522.2 523.15 525.97 7464330 39,259.83

EQ 04-Feb-09 523.15 530.1 544.7 514 518 520.15 528.8 5205204 27,524.92

EQ 05-Feb-09 520.15 522.35 530 507.3 521.4 519.85 517.68 4789797 24,795.59

EQ 06-Feb-09 519.85 526.9 548.8 526 539.5 540.85 540.39 4202142 22,708.13

EQ 09-Feb-09 540.85 540.1 581.6 540.1 578.55 578.05 562.9 4631152 26,068.74

EQ 10-Feb-09 578.05 575 596.9 546.1 561 563.5 571.58 8038633 45,946.95

EQ 11-Feb-09 563.5 541.05 554.3 527.2 542.1 541.3 538.84 7623600 41,078.88

EQ 12-Feb-09 541.3 537.55 561.45 531.55 548.55 550.15 551.37 5518185 30,425.40

EQ 13-Feb-09 550.15 559.85 579.6 559.75 568.65 569.85 571.71 6201076 35,452.35

EQ 16-Feb-09 569.85 567.9 578.4 527.2 533 533.25 544.57 5317232 28,955.90

EQ 17-Feb-09 533.25 528.8 528.8 507.65 520 518.9 515.36 4107268 21,167.09

EQ 18-Feb-09 518.9 548.7 548.7 493.35 496.8 501.25 510.22 8182341 41,747.62

EQ 19-Feb-09 501.25 491.65 513.95 491.65 510.65 508.4 507.18 5773810 29,283.83

EQ 20-Feb-09 508.4 498.95 504.95 486.2 493.1 489.95 494.29 3962923 19,588.25

EQ 24-Feb-09 489.95 480.55 495.9 467.35 488 489.25 482.73 5066859 24,459.12

EQ 25-Feb-09 489.25 495 517.4 495 505.3 506.85 510.22 4389353 22,395.38

EQ 26-Feb-09 506.85 500 514.9 500 509 509.4 508.52 4426820 22,511.08

EQ 27-Feb-09 509.4 508 511.4 478.35 488.05 491.05 490.56 5015380 24,603.48

LANCO

Series Date Prev Close Open Price High Price Low Price Last Price Close Price Average

Price

Total Traded

Quantity

Turnoverin Lacs

EQ 01-Dec-2008 111.60 114.00 121.50 111.10 112.50 112.90 117.23 2375178 2,784.37

EQ 02-Dec-2008 112.90 108.00 115.50 104.80 114.70 113.00 109.52 1250989 1,370.08

EQ 03-Dec-2008 113.00 116.90 120.00 113.00 117.00 116.65 116.91 1594375 1,863.95

EQ 04-Dec-2008 116.65 119.80 129.70 117.50 125.95 127.95 124.34 3334543 4,146.10

EQ 05-Dec-2008 127.95 125.00 132.25 114.05 115.00 116.85 124.95 2425709 3,030.94

EQ 08-Dec-2008 116.85 122.00 129.75 120.35 125.20 124.85 125.59 2669647 3,352.75

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EQ 10-Dec-2008 124.85 128.00 146.80 123.70 145.15 144.70 136.18 4443289 6,050.98

EQ 11-Dec-2008 144.70 145.00 147.75 134.25 138.40 139.55 142.03 2594854 3,685.44

EQ 12-Dec-2008 139.55 135.00 138.45 128.75 135.25 136.45 133.86 2640566 3,534.78

EQ 15-Dec-2008 136.45 139.00 163.75 138.00 161.90 161.85 155.92 4523855 7,053.57

EQ 16-Dec-2008 161.85 160.00 165.50 155.40 160.10 161.20 161.13 2783336 4,484.85

EQ 17-Dec-2008 161.20 165.00 171.20 148.90 150.00 151.40 161.97 2627777 4,256.13

EQ 18-Dec-2008 151.40 150.00 159.80 144.00 157.90 156.75 153.53 2321888 3,564.82

EQ 19-Dec-2008 156.75 156.75 168.80 152.20 162.00 162.70 164.53 2456358 4,041.54

EQ 22-Dec-2008 162.70 163.90 174.35 162.70 165.50 165.10 169.13 2092851 3,539.54

EQ 23-Dec-2008 165.10 162.60 163.95 155.00 156.00 156.80 158.57 1452778 2,303.70

EQ 24-Dec-2008 156.80 154.90 154.90 140.00 141.50 142.05 145.28 1646169 2,391.58

EQ 26-Dec-2008 142.05 143.00 147.90 134.10 135.35 135.55 139.78 1586522 2,217.59

EQ 29-Dec-2008 135.55 135.35 142.00 128.50 141.50 140.50 136.17 1832766 2,495.62

EQ 30-Dec-2008 140.50 142.50 153.90 141.10 153.00 151.50 147.17 2168401 3,191.21

EQ 31-Dec-2008 151.50 154.80 161.85 152.10 156.00 155.35 157.25 2189898 3,443.58

EQ 01-Jan-2009 155.35 156.50 164.50 156.50 161.50 162.70 160.79 1430693 2,300.35

EQ 02-Jan-2009 162.70 164.95 172.00 161.65 168.00 166.80 167.78 2262404 3,795.77

EQ 05-Jan-2009 166.80 170.10 175.70 168.30 173.00 173.45 172.37 2435027 4,197.18

EQ 06-Jan-2009 173.45 173.00 178.50 163.00 167.00 168.65 171.70 2129348 3,656.02

EQ 07-Jan-2009 168.65 173.00 173.00 118.50 126.50 125.90 139.74 2560123 3,577.56

EQ 09-Jan-2009 125.90 126.00 132.00 97.95 108.00 110.10 112.08 3683474 4,128.49

EQ 12-Jan-2009 110.10 115.00 117.80 108.00 111.50 110.85 112.45 1729370 1,944.68

EQ 13-Jan-2009 110.85 110.85 114.90 106.10 112.00 110.35 111.22 1662698 1,849.33

EQ 14-Jan-2009 110.35 114.00 116.75 110.00 114.50 113.80 113.56 1491297 1,693.47

EQ 15-Jan-2009 113.80 109.00 115.65 103.80 115.00 113.05 110.97 1403545 1,557.48

EQ 16-Jan-2009 113.05 115.00 118.00 112.00 116.00 115.90 115.67 1161679 1,343.69

EQ 19-Jan-2009 115.90 118.00 122.45 114.10 118.60 119.35 118.95 1370446 1,630.17

EQ 20-Jan-2009 119.35 116.00 118.20 112.60 113.00 114.50 115.95 982558 1,139.23

EQ 21-Jan-2009 114.50 112.00 116.55 110.05 110.90 111.10 113.32 850533 963.86

EQ 22-Jan-2009 111.10 114.00 114.60 102.90 104.40 104.95 106.80 2191385 2,340.34

EQ 23-Jan-2009 104.95 103.00 105.00 99.00 104.95 103.50 102.04 994469 1,014.80

EQ 27-Jan-2009 103.50 107.00 107.50 102.10 105.40 105.70 105.21 860484 905.28

EQ 28-Jan-2009 105.70 106.15 114.40 106.15 110.00 110.90 111.45 1152499 1,284.41

EQ 29-Jan-2009 110.90 114.00 116.50 107.20 111.05 110.90 112.05 1079166 1,209.23

EQ 30-Jan-2009 110.90 110.00 114.90 106.20 113.80 114.00 112.75 1178485 1,328.68

EQ 02-Feb-2009 114.00 113.50 120.90 111.20 114.10 114.55 116.41 1698779 1,977.54

EQ 03-Feb-2009 114.55 116.50 118.20 110.05 112.30 111.50 113.29 850650 963.67

EQ 04-Feb-2009 111.50 115.00 115.85 110.65 112.10 111.80 112.92 554244 625.84

EQ 05-Feb-2009 111.80 112.50 114.90 108.50 111.60 111.20 110.59 915752 1,012.70

EQ 06-Feb-2009 111.20 114.00 117.70 110.20 110.50 111.75 113.78 1487313 1,692.24

EQ 09-Feb-2009 111.75 112.10 119.75 110.50 118.10 118.50 116.05 1232985 1,430.87

EQ 10-Feb-2009 118.50 120.00 129.40 117.50 125.65 125.80 124.94 2167929 2,708.67

EQ 11-Feb-2009 125.80 124.00 129.70 118.10 129.50 127.75 124.29 1551108 1,927.91

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EQ 12-Feb-2009 127.75 128.00 138.15 126.00 135.35 134.90 133.95 2524813 3,381.96

EQ 13-Feb-2009 134.90 136.15 139.80 135.70 138.00 137.30 137.64 887212 1,221.19

EQ 16-Feb-2009 137.30 136.00 141.45 125.00 125.10 127.10 134.20 1430666 1,919.89

EQ 17-Feb-2009 127.10 124.40 124.40 118.50 120.00 120.20 120.49 848462 1,022.35

EQ 18-Feb-2009 120.20 116.15 124.75 115.10 118.10 119.15 120.81 1402701 1,694.66

EQ 19-Feb-2009 119.15 118.00 122.90 117.40 120.00 118.75 120.18 542610 652.11

EQ 20-Feb-2009 118.75 117.15 121.70 114.55 120.30 120.25 119.11 1093663 1,302.63

EQ 24-Feb-2009 120.25 116.70 122.35 114.50 118.05 119.40 118.86 925652 1,100.19

EQ 25-Feb-2009 119.40 121.00 124.85 119.20 120.10 120.30 122.52 726954 890.66

EQ 26-Feb-2009 120.30 121.00 126.60 121.00 125.60 124.80 124.65 1450932 1,808.63

EQ 27-Feb-2009 124.80 126.00 128.75 123.60 126.00 126.10 126.34 937579 1,184.54

6. BIBILOGRAPHY

I.M. PANDEY --- FINANCIAL MANAGEMENT

M.Y. KHAN --- FINANCIAL SERVICES

PRASANNA CHANDRA --- FINANCIAL MANAGEMENT INVESTMENT ANALYSIS AND PORTFOLIO MANAGEMENT

Web sites:

www.equitymaster.comwww.il&fs investsmart.com www.moneycontrol.com

www.nseindia.com

R.G.M.C.E.T. Nandyal 64


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