Download - Equities of Anil-Share Khan
A comparative Study on Equity Analysis
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
A comparative Study on Equity Analysis
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
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 45
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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
R.G.M.C.E.T. Nandyal 46
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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
R.G.M.C.E.T. Nandyal 47
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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.
R.G.M.C.E.T. Nandyal 49
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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
R.G.M.C.E.T. Nandyal 53
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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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A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 58
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 59
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 60
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 61
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 62
A comparative Study on Equity Analysis
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
R.G.M.C.E.T. Nandyal 63
A comparative Study on Equity Analysis
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