equities and portfolio analysis in sbi and icici
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
A
PROJECT REPORT
ON
EQUITIES AND PORTFOLIO MANAGEMENT
IN ICICI AND SBI BANK
Submitted in the partial fulfillment for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
BY
HARDESH KUMAR BHARDWAJ
ROLL NO: 104692249075
Under the guidance of
Mrs.Supreet Marwaha
INSTITUTE OF MANAGEMENT STUDIES - BHADDAL
(AFFILAITED TO PUNJAB TECNICAL UNIVERSITY)
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2010-2012
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DECLARATION
I hereby declare that this Project Report titled EQUITIES AND
PORTFOLIO MANAGEMENT IN ICICI AND SBI BANK submitted by me to the
Department OF IMS BHADDAL is a bonafide work undertaken by me and
it is not submitted to any other University or Institution for the award of any
degree diploma / certificate or published any time before.
Name of the Student Signature of the Student
Hardesh Kumar Bhardwaj
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ACKNOWLEDGMENT
It plunge me in exhilaration in taking privilege in expressing our heart felt gratitude
to all those who helped, encouraged and foreseeing successful completion of my project.
My sincere thanks are due to Mr.Preet Mohinder Singh (Principal), for their valuable
support in helping me to gain this opportunity of being associated with an organization of
such esteem.
.
I convey my sincere thanks to Prof.Mrs Supreet Marwaha IMS BHADDAL
College,and all those who directly or indirectly contributed their assistance in finishing out
this project.
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I CONTENTS
INTRODUCTION 1
NEED & SCOPE 2
OBJECTIVES 2
METHODOLGY 3LIMITATIONS 4
SOURCE 4
TOOLS AND TECHNIQUES 4
IILITERATURE REVIEW
6
INTRODUCTION TO INVESTMENT 7
EQUITY SHARES 9
PORTFOLIO 10
RISK 11
PHASES OF PORTFOLIO MANAGEMENT 12
III COMPANY PROFILE14
IV ANALYSIS AND INFERENCE18
MODELS 19
BETA 22
ICICI BANK 25
ANALYSIS FROM 2003-2007 27-31
CALCULATION OF BETA 34
SBI BANK 35
ANALYSIS FROM 2003-2007 36-40
CALCULATION OF BETA 43
BETA COMPARISION 44
V CONCLUSIONS & SUGGESTIONS46
BIBLIOGRAPHY 47
5
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NEED FOR THE STUDY:
The purpose of the study is to know the fluctuations in the share price of sample
companies.
The purpose of the study is to help the unknown investors for investing in
securities.
To update the portfolio reviewed and adjusted from time to time in tune with
market condition.
To analyses the risk and return on securities.
To test portfolio strategies before taking decisions.
OBJECTIVES OF THE STUDY
The objectives of Equities and investment /portfolio management can be categorized as
follows:
To observe the rate of fluctuations of selected companies.
The amount of risk involved in the securities of the sample companies.
To make comparative study of risk and return of the sample companies.
SCOPE OF THE STUDY
The study covers all the information related to the Equity fund and the Portfolio
management it also covers the investor risk in the investment in various securities.
Identification of the investors objectives, constraints and preferences.
Strategies are to be developed and implemented in tune with investment policy
formulated.
To reduce the future risk in advance.
To earn maximum profit in the securities.
Review and monitoring of the performance of the portfolio.
Finally the evaluation of the portfolio.
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METHODOLOGY OF THE STUDY
Primary Data:
The data provided by the firm was been analyzes by using Markowitz model
determines an efficient asset of portfolio return i.e.
1. Return
2. Standard deviation
3. Coefficient of correlation
Secondary Data:
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. It is collecting share prices of selected companies for a period of five years.
PERIOD OF THE STUDY:
The study of Equity value and portfolio management for a period of five years
(2003-2007).
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LIMITATIONS:
The companies are selected on the basis of the performance
Expand or contract the size of the portfolio reflect the changes in investor risk
disposition.
SOURCE:
NCE, the standards set by NSE in terms of market practices and technologies have become
industry benchmarks and are being emulated by other market participants. NSE is more
than a mere market facilitator. It's that force which is guiding the industry towards new
horizons and greater opportunities.
TOOLS & TECHNIQUES:
The following statistical techniques were used for measuring the performance of the
companys funds.
1. Rate of Return (ROR)N2-N1
ROR =
N1
Where, N1 is Close period at period1
N2 is Close period at period
2. Standard Deviation (SD) [R-AVG(R)]
SD =
N
Where, R is rate of return
N is total number of months
3. Betan xy x * y
Beta =n x2 (x)2
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4. Alpha
Alpha = Avg (y) (beta*Avg (x))
5. Coefficient of Correlation
n xy x * y
Coefficient of Correlation =
[(n y2 (y) 2) (n x2 (x) 2)]
6. Coefficient of Correlation
Coefficient of determination = (Coefficient of Correlation)2
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INTRODUCTION TO INVESTMENT
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.
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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.
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 havevariable 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:
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Equity
Shares
Preferenceshares
Bonds Warrants Derivatives
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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 company is very high, the price of the companys 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.
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 increases.
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.
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The transaction cycle for purchasing and selling shares online is
depicted below:
PORTFOLIO
A portfolio is an appropriate mix of or collection of investments held by an institution or a
private individual. It is a collection of securities, since it is rarely desirable to invest the
entire funds of an individual or an institution in a single security.
Portfolio analysis considers the determination of future risk and return in holding
various blends of individual securities.
Portfolio expected return is a weighted average of the expected return of individual
securities but portfolio variance, in short contrast, can be something less than a
weighted average of security variances.
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Client
Member/
Broking
firm. Stock Exchange
(BSE / NSE)
Member/
Broking
firm.
Client
Transac
tion Cycle
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As a result an investor can sometimes reduce portfolio risk by adding security with
greater individual risk than any other security in the portfolio. This is because risk
depends greatly on the co-variance among return of individual securities.
Since portfolios expected return is a weighted average of the expected return of its
securities, the contribution of each security to the portfolios expected returns
depends on its expected returns and its proportionate share of the initial portfolios
market value.
RISK
Risk is a concept that denotes a potential negative impact to an asset or some characteristicofvalue that may arise from some presentprocess or future event. In everyday usage, risk
is often used synonymously with theprobability of a known loss. Risk is uncertaintyof the
income / capital appreciation or loss of the both.
The total risk of an individual security comprises two components, the market related risk
called systematic riskalso known as undiversifiable risk and the unique risk of that
particular security called unsystematic riskor diversifiable risk.
Types of risk
Systematic risk (market) Unsystematic risk (company risk)
Examples:
Interest rate risk
Market risk
Inflation risk
Demand
Government policy
International factors
Examples:
Labor troubles
Liquidity problems
Raw materials risks
Financial risks
Management problems
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PHASES OF PORTFOLIO MANAGEMENT
Five phases can be identified in this process:
Security analysis
Portfolio analysis
Portfolio selection
Portfolio revision
Portfolio evaluation
SECURITY ANALYSIS
An examination and evaluation of the various factors affecting the value of a
security. SecurityAnalysis stands for the proposition that a well-disciplinedinvestor can determine a rough value for a company from all of its financial
statements, make purchases when the market inevitably under-prices
some of them, earn a satisfactory return, and never be in real danger of
permanent loss.
PORTFOLIO ANALYSIS
Analysis phase of portfolio management consists of identifying the range of
possible portfolios that can be constituted from a given set of securities
and calculating their return and risk for further analysis.
PORTFOLIO SELECTION
The proper goal of portfolio construction is to generate a portfolio that provides
the highest returns at a given level of risk. A portfolio having this
characteristic is known as an efficient portfolio. The inputs from portfolio
analysis can be used to identify the set of efficient portfolios. From this set
of efficient portfolios, the optimal portfolio has to be selected for
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investment. Harry Markowitz portfolio theory provides both the conceptual
framework and analytical tools for determining the optimal portfolio in a
disciplined and objective way.
PORTFOLIO REVISION
Having constructed the optimal portfolio, the investor has to constantly monitor
the portfolio to ensure that it continues to be optimal. Portfolio revision is
as important as portfolio analysis and selection.
PORTFOLIO EVALUATION
It is the process, which is concerned with assessing the performance of the
portfolio over a selected period of time in terms of returns and risk. This
involves quantitative measurement of actual return realized and the risk
born by the portfolio over the period of investment. It provides a feedback
mechanism for improving the entire portfolio management process.
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ICICI Securities Limited
ICICI Securities Ltd is a premier Indian Investment Bank, with a dominant position in its
core segments of its operations - Corporate Finance including Equity Capital Markets
Advisory Services, Institutional Equities, Retail and Financial Product Distribution. ICICI
Securities Limited assists global institutional investors to make the right decisions through
insightful research coverage and a client focused Sales and Dealing team.
ICICI Securities has the largest reach to the retail segment through its two pioneering bra
Winning is a habit that is assiduously cultivated at ICICI Securities Limited (I-Sec). Be it
deals, mandates or awards, we manage them all in our quite and efficient way.
For us winning awards is a matter of pride and honors. Each new award is a manifestation
of our hard work and commitment to our clients
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Since inception, I-Sec's expertise has been time and again widely recognized by both
domestic and international agencies.
I-Sec PD has been recognized as the Best Domestic Bond House in India by Asia money
for 2002, 2003, 2004, 2005 and 2007. I-Sec PD has been awarded the prestigious Best
Bond House by Financeasia.com for the years - 2001, nds ICICIdirect.com and
ICICIdirect2004, 2005, 2006 and 2007. These awards are a strong testimony of our
capabilities and continuing dominant position in the market. The equities team was
adjudged the Best Indian Brokerage House-2003 by Asia money. The Corporate Finance
group also was awarded a runner-up Best Merchant Banker by Outlook Money in 2007.
ICICI Securities (I-Sec) topped the Prime Database League Tables 2007 for money raised
through IPOs/FPOs.
With a full-service portfolio, a roster of blue-chip clients and performance second to none,
we have a formidable reputation within the industry. Today ICICI Securities is among the
leading Financial Institutions both on the institutional as well as retail side.
The Corporate Finance team regularly ranks highest among the leading capital markets
league tables and recently topped the Prime Database League tables for funds mobilized
through equity instruments in the first half of CY 07.
Headquartered in Mumbai, I-Sec operates out of several locations in India.
ICICI Securities Inc., the step-down wholly owned US subsidiary of the company is a
member of the National Association of Securities Dealers, Inc. (NASD). As a result of this
membership, ICICI Securities Inc. can engage in permitted activities in the U.S. securities
markets. These activities include Dealing in Securities and Corporate Advisory Services in
the United States and providing research and investment advice to US investors.
ICICI Securities Inc. is also registered with the Financial Services Authority, UK (FSA)
and the Monetary Authority of Singapore (MAS) to carry out Corporate Advisory Services
and Dealing in Securities.
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ICICI Securities Indias Leading Investment Bank
A subsidiary of ICICI Bank - the largest and most recognized private bank in India ICICI
Securities Ltd is premier Indian Investment Bank, with a dominant position in its coresegments of its operations - Corporate Finance including Equity Capital Markets Advisory
Services, Institutional Equities, Retail and Financial Product Distribution With a full-
service portfolio, a roster of blue-chip clients and performance second to none, we have a
formidable reputation within the industry. I
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I
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MODELS
Some of the financial models used in the process of Valuation, stock selection, and
management of portfolios include:
Maximizing return, given an acceptable level of risk.
Modern portfolio theorya model proposed by Harry Markowitz among others.
The single-index model of portfolio variance.
Capital asset pricing model.
Arbitrage pricing theory.
The Jensen Index.
The TreynorIndex.
The Sharpe Diagonal (or Index) model.
Value at riskmodel.
MARKOWITZ: PORTFOLIO SELECTION MODEL
The basic portfolio model, developed by Harry Markowitz, derived the expected rate ofreturn for a portfolio of assets and an expected risk measure. Markowitz showed that the
variance of the rate of return was meaning full measure of risk under a reasonable set of
assumptions and derives the formulas for computing the variance of the portfolio. This
portfolio variance formulation indicated the importance of diversification for reducing risk,
and showed how to properly diversify.
PARAMETERS OF MARKOWITZ:THE MEAN VARIANCE CRITERION
Based on his research, for building up the efficient set of portfolio, as laid down by
Markowitz, we need to look into these important parameters.
1. Expected return
2. Variability of returns as measured by standard deviation from the mean.
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3. Covariance or variance of one asset return to other asset returns.
ASSUMPTIONS OF MARKOWWITZ MODEL:
1. Investors consider each investment alternative as being represented by a probabilitydistribution of expected returns over some holding period.
2. Investors maximize one period expected utility and possess utility curves that
demonstrate diminishing marginal utility of wealth.
3. Individuals estimate risk on the basis of the variability of expected returns.
4. Investors base decisions solely on expected return and risk; i.e, their utility curves
are a function of expected return and variance (or standard deviation) of returns
only.
5. For a given risk level, investors prefer higher returns to lower returns. Similarly, for
a given level of expected return, investors prefer less risk to more risk.
EXPECTED RISK CALCULATION:
PORTFOLIORISK = SQRT [((XX2*SDX
2)+(XY2*SDY
2)+(2*XX*XY*(rXY*SDX2*SDY
2)))]
WHERE
Xx, Xy = proportion of total portfolio invested in security X& Y respectively
sdx, sdy = standard deviation of stock X & stock Y respectively
rxy = correlation coefficient of x & y
EXPECTED RETURN OF A PORTFOLIO CALCULATION:
PORTFOLIO RETURN =[(XX*RX)+(XY*RY)]
WHERE
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XX= proportion of total portfolio invested in security X
XY=proportion of total portfolio invested in security Y
RX= expected return to securityX
RY = expected return to security Y
FORMULAS USED IN MARKOWITZ MODEL
Arithmetic return
Where
Vi is the initial investment value and
Vf is the final investment value
This return has the following characteristics:
ROIArith = + 1.00 = + 100% when the final value is twice the initial value
ROIArith > 0 when the investment is profitable
ROIArith < 0 when the investment is at a loss
ROIArith = 1.00 = 100% when investment can no longer be recovered
STANDARD DEVIATION
= Square root ((mean return -expected return)^2/N)
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COVARIANCE
COV (X, Y)=1/N[(RX-RX)(RY-RY)
BETA:
The Beta coefficient, in terms of finance and investing, is a measure of a stock (or
portfolio)s volatility in relation to the rest of the market. Beta is calculated for individual
companies using regression analysis.
The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It
measures the part of the asset's statistical variance that cannot be mitigated by the
diversification provided by the portfolio of many risky assets, because it is correlated with
the return of the other assets that are in the portfolio.
For example, if every stock in the New York Stock Exchange was uncorrelated with every
other stock, then every stock would have a Beta of zero, and it would be possible to create
a portfolio that was nearly risk free, simply by diversifying it sufficiently so that the
variations in the individual stocks' prices averaged out. In reality, investments tend to be
correlated, more so within an industry, or when considering a single asset class (such asequities). This correlated risk, measured by Beta, is what actually creates almost all of the
risk in a diversified portfolio.
The formula for the Beta of an asset within a portfolio is
Where
ra measures the rate of return of the asset,
rp measures the rate of return of the portfolio of which the asset is a part
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And Cov (ra, rp) is the covariance between the rates of return.
In the CAPM formulation, the portfolio is the market portfolio that contains all risky assets,
and so the rp terms in the formula are replaced by rm, the rate of return of the market.
The beta movement should be distinguished from the actual returns of the stocks. For
example, a sector may be performing well and may have good prospects, but the fact that
its movement does not correlate well with the broader market index may decrease its beta.
Beta is a measure of risk and not to be confused with the attractiveness of the investment.
THE SECURITY MARKET LINE
The Security Market Line (SML) is the graphical representation of the Capital AssetPricing Model. It displays the expected rate of return for an overall market as a function of
systematic (non-diversifiable) risk (beta).
The x-axis represents the risk (beta), and the y-axis represents the expected return. The
market risk premium is determined from the slope of the SML.
The securities market line can be regarded as representing a single-factor model of the asset
price, where Beta is exposure to changes in value of the Market. The equation of the SMLis thus:
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http://en.wikipedia.org/wiki/Covariancehttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://en.wikipedia.org/wiki/Covariancehttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Model -
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMPLICATIONS FOR INVESTORS FROM THE MEASUREMENT OF PORTFOLIO
RISK
If the investor conservative and interested in low variability of portfolio returns from the
expected return (actual realizable return not from expected), he should:
1. Invest his funds in securities with low standard deviations, and
2. Ensure that the securities chosen for his portfolio have relatively low coefficients of
correlation with one another.
Theoretically, if it is possible, he should include some securities with negative
coefficients of correlation with other securities in the portfolio.
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
ICICI BANK
Business Profile
ICICI Bank was promoted in 1994 by ICICI Ltd., an Indian
development financial institution. The two entities subsequently merged to
become the largest commercial bank in the private sector.
A new generation bank, ICICI Bank started with all the latest
technologies to hit the Indian banking industry in the second half of the
nineties. All its branches are fully computerized with the state-of-the-art
technology and systems, networked through VSAT technology. The bank is
connected to the SWIFT International network.
In 2005, it expanded its network to 562 branches and 1,910 ATMs. It
continued to expand its electronic channels, namely internet banking, mobile
banking, call centers and ATMs, and migrate customer transaction volumes
to these channels. Over 70% of customer induced transactions take place
through these electronic channels.
It has acquired a small Russian banking entity, Investitsionno-
Kreditny Bank (IKB), which will help boost its corporate business and
deposit franchise overseas. The bank has also built several strategic alliances
with banks like Wells Fargo in USA, Lloyds TSB in UK and DBS in
Singapore.
ICICI has entered into strategic alliance with prudential plc. Of UK
for its mutual find business. The duo has been fairly aggressive through their
companies, Prudential ICICI Asset Management Company Limited and
Prudential ICICI Trust Limited.
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
The bank is also keen to offer its services to the Indian agricultural
sector. Over 2,000 Internet kiosks and 70 agri-desks have been established
in locations with large agricultural markets.
Recent Developments
ICICI Bank launched `Mutual Fund Sweep Account` - an automatic
sweeping facility which allows current account holders to park their short-
term surpluses into liquid mutual funds and earn higher returns. Initially,
ICICI Bank current account customers will have the facility to invest their
account surpluses in the liquid fund schemes of Prudential ICICI Asset
Management Company and GIC Mutual Fund.
The bank is in the process of the reverse merger of ICICI with ICICI
Bank. The merger of two wholly-owned subsidiaries of ICICI, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited,
with ICICI Bank is also underway.
ICRA has assigned an A1+ rating, indicating highest safety in the
short-term, to the Rs 500 crore certificates of deposit (CD) programmed of
ICICI Bank Ltd (IBL). The rating agency said in its report that the rating
takes into consideration IBL`s strategic importance to its parent ICICI, IBL`s
comfortable profitability and capital adequacy, good control on asset quality.
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ICICI-2004
339.75
289.3
270.9
275.9
247.8
236.75
314.8
300.95 296.3
281.7
295.3
302.75
0
50
100
150
200
250
300
350
400
Date Jan Feb Mar Apr May Jun Jul AugSep Oct Nov
MONTHS
SHARE
VALUE
Close Price
EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
2004
Series DateOpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity
Turnover inLacs
EQ Jan 297.9 305.5 297 301.8 302.75 1475607 4463.332617
EQ Feb 295 303 280 297 295.3 2199927 6450.500538
EQ Mar 273.7 283.05 271.1 281.35 281.7 1446826 4009.055571
EQ Apr 298.7 302.95 296.5 301.55 300.95 1287142 3854.740634
EQ May 314.5 319.3 310.5 315 314.8 2427306 7634.389072
EQ Jun 229 239.5 229 238.8 236.75 645001 1525.128864
EQ Jul 245.6 248.8 242.1 247.95 247.8 1708651 4209.053305
EQ Aug 267 277 267 275.65 275.9 1158676 3166.630872
EQ Sep 273 273 268.1 270.5 270.9 382950 1037.416655
EQ Oct 289 294 287.5 290.1 289.3 770631 2236.878429
EQ Nov 299.1 300.8 295.6 296.25 296.3 336132 998.595491
EQ Dec 340.1 342.8 334 339 339.75 836789 2840.424768
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ICICI-2005
540.55
498.65
593.4
483.85
538.4
421.25
399.4
360.35
406.05
372.25
361.8
371.35
0100
200
300
400
500
600
700
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTHS
SHARE
PRICE
Series1
EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
2005
Series Date
Prev
Close
Open
Price
High
Price
Low
Price
Last
Price
Close
Price
Total Traded
Quantity
Turnover in
Lacs
EQ Jan 371.35 375 375 370.15 373.5 371.35 412258 1537.493731
EQ Feb 360.9 363 368 358.15 360.5 361.8 504522 1826.499843
EQ Mar 380.9 381.5 382 369.05 373.9 372.25 388748 1452.231185
EQ Apr 392.8 393 407.45 393 407 406.05 922987 3705.56233
EQ May 359.95 368 373.95 357.55 360.45 360.35 716359 2597.986122
EQ Jun 392.05 393.95 401 393 401 399.4 278070 1105.869992
EQ Jul 425.75 427 429.25 419.2 419.55 421.25 431571 1832.331435
EQ Aug 534.45 532.5 549.9 525 535.8 538.4 1459516 7794.022609
EQ Sep 481.8 482.25 495.25 481.2 484 483.85 521027 2542.511994
EQ Oct 601.7 604.4 614 587.65 589 593.4 566954 3421.112911
EQ Nov 498.6 501 510 493.7 496 498.65 122530 614.5857475
EQ Dec 538.05 540 544.8 537 539 540.55 799196 4318.477188
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ICICI-200
878.15
778.15
697.75609.6
549.65489.1534.3
621.95604
616.55
590.2
597
0
200
400
600
800
1000
Jan
Feb
Mar
AprMa
yJun Ju
lAu
gSe
p OctNo
vDe
c
MONTHS
SHAREVA
LUE
Seri
EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMS BHADDAL
2006
Series DatePrev
CloseOpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity
TurnoverinLacs
EQ Jan 585.05 587.7 609.9 587.7593.9
5 597 10240898 61395.27
EQ Feb 609.25 619.9 619.9 588.6 592 590.2 871478 5208.205
EQ Mar 615.25 600 620 560 614.4616.5
5 1160638 7115.239
EQ Apr 589.05 599611.9
5 592 603.9 604 809778 4889.214
EQ May 591.75 600.1625.8
5 600.1 618.7621.9
5 1621966 9981.174
EQ Jun 537.5 542 551
531.1
5 532 534.3 791136 4277.888
EQ Jul 487.9 499518.3
5 485488.4
5 489.1 490577 2401.659
EQ Aug 553.85 554 554 541.9 550549.6
5 636281 3488.624
EQ Sep 597.45 594.9 611.9 588.5 609.5 609.6 1711581 10398.98
EQ Oct 699.6 700 708 691.5 692.1697.7
5 760505 5330.941
EQ Nov 777.15 784.9 784.9771.1
5777.2
5778.1
5 936459 7276.903
EQ Dec 872.45 883 884.5865.6
5 876878.1
5 1236189 10872.02
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ICICI-2007
1162
1298.3
1057.8
907.9891
950.2930.45
869.9803.95
855.35
952.55
897.45
0
200
400
600
800
1000
12001400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Months
SharePrice
Series1
EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMS BHADDAL
2007
Series DatePrevClose
OpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity
Turnover inLacs
EQ Jan 891.5 892 906.5 888 895.25 897.45 345636 3109.8611
EQ Feb 941.1 951 957 942.35 952.9 952.55 811547 7710.4247
EQ Mar 829.5 840 858.5 824 857 855.35 1081867 9106.0205
EQ Apr 853.35 820.6 829.7 800.05 805.3 803.95 1829939 14810.493
EQ May 865.85 898 898 864.65 866 869.9 2223603 19376.367
EQ Jun 919.15 925 938.8 922.1 927.15 930.45 1233813 11489.425
EQ Jul 955.45 981.5 981.5 945 952 950.2 644010 6119.6264
EQ Aug 927.45 920 920 885.1 890 891 4669774 41808.275
EQ Sep 888.4 890.1 911 890.1 910 907.9 2929146 26456.396
EQ Oct 1062.4 1068 1068 1035 1058 1057.8 3191887 33560.268
EQ Nov 1254.05 1270 1318 1240 1298 1298.3 5076881 65449.378
EQ Dec 1178.4 1180 1188 1156.25 1163 1162 3538453 41222.945
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
2008
Series DatePrev
CloseOpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity
Turnover inLacs
EQ Jan 1187.40 1190 1131 1147 1147 1169.06 5525805 64600.06
EQ Feb 1105.85 1100 1045.45 1077.65 1088.50 1079.42 3665904 39570.53
EQ Mar 835.50 848.85 765 769 769.40 785.02 5048217 39629.35
EQ Apr 902.50 918 872 881 879.60 886.81 4446390 39431.01
EQ May 796.25 795.25 778.2 786.55 788.6 787.09 6852195 53932.8
EQ Jun 652.15 664.8 611.35 635 630.2 626.79 6725234 42153.09
EQ Jul 636.1 638 621.15 633 637.3 632.02 5333027 33705.611
EQ Aug 632.55 644.5 642.65 670.65 671.9 671.55 8633379 57977.632
EQ Sep 493.3 485.9 460.05 540 535.55 517.95 21452818 111113.883
EQ Oct 345.35 370.55 363 399.5 398.75 384.89 14134982 54403.601
EQ Nov 350.85 340 316.35 354 351.65 348.13 12329653 42923.30
EQ Dec 458.6 472.8 444 447.6 448.1 452.42 7794740 35264.774
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
Years MonthPrevClose
S&PCNXNIFTY
ROR(X)
ROR(Y) X*X Y*Y X*Y
R=X-
Avg(X)
T=Y-
Avg(Y) R^2 T^2
2003 Jan 140.5 1154.67 0.0208 0 .0255 0.0004 0.00000 0 .00053 0.0448 0.00000 0.0020
Feb 149.9 1178.72-
0.0798 0.0627 0.0064 0.0039-
0.00501-
0.0970 0.0821 0.00940 0.0067
Mar 149.3 1084.64-
0.0430-
0.0040 0.0018 0.0000 0.00017-
0.0602 0.0153 0.00362 2.4E-0
Apr 133.75 1038 0.0812-
0.1163 0.0066 0.0135-
0.00944 0.0641-
0.0969 0.00410 0.0093
May 121.15 1122.32 0.1336-
0.1040 0.0178 0.0108-
0.01389 0.1164-
0.0847 0.01355 0.007
Jun 137.95 1272.21 0.0516 0.1218 0.0027 0.0148 0.00628 0.0344 0.1411 0.00119 0.0199
July 150.15 1337.86 0.1497 0.0813 0.0224 0.0066 0.01216 0.1325 0.1006 0.01755 0.010
Aug 159.15 1538.08 0.0469 0.0566 0.0022 0.0032 0.00265 0.0297 0.0759 0.00088 0.005
Sep 179.7 1610.21 0.0993 0.1144 0.0099 0.0131 0.01135 0.0821 0.1337 0.00674 0.0178
Oct 204.5 1770.08 0.0384 0.1213 0.0015 0.0147 0.00465 0.0212 0.1406 4.5E-04 2.0E-0
Nov 247 1837.98 0.1643 0.1721 0.0270 0.0296 0.02827 0.1471 0.1914 0.02164 0.0366
Dec 250.1 2139.93-
0.0362 0.0124 0.0013 0.0002-
0.00045-
0.0534 0.0317 0.00285 0.0010
2004 Jan 295.45 2062.42 -0.0049 0.1535 2.4E-05 0.0236 -0.00075 -0.0220 0.1728 0.00048 0.0298
Feb 295.05 2052.4-
0.0157-
0.0014 0.0002 0.0000 0.00002-
0.0328 0.0180 0.00108 0.0003
Mar 270.95 2020.25 0.0138-
0.0889 0.0002 0.0079-
0.00123-
0.0033-
0.0696 0.00001 0.0048
Apr 296.3 2048.22-
0.1709 0.0856 0.0292 0.0073-
0.01462-
0.1881 0.1049 0.03537 0.0110
May 315 1698.16 0.0175 0.0594 0.0003 0.0035 0.00104 0.0004 0.0787 0.00000 6.2E-0
Jun 230.4 1727.93 0.0872-
0.3672 0.0076 0.1348-
0.03202 0.0700-
0.3478 0.00491 0.1209
July 244.5 1878.62 0.0018 0.0577 3.4E-06 0.0033 0.00011-
0.0153 0.0770 0.00023 5.9E-0
Aug 267.5 1882.09 0.0736 0.0860 0.0054 0.0074 0.00633 0.0564 0.1053 0.00319 0.01
Sep 269.8 2020.62 0.0241 0.0085 0.00058 0.0001 0.00021 0.0070 0.0279 4.9E-05 7.8E-0
Oct 286.25 2069.39 0.0965 0.0575 0.0093 0.0033 0.00554 0.0793 0.0768 0.00629 0.0059Nov 299.05 2268.99 0.0661 0.0428 0.0044 0.0018 0.00283 0.0489 0.0622 0.00239 0.0038
Dec 339.75 2418.88-
0.0104 0.1198 0.00011 0.0144-
0.00124-
0.0275 0.1391 0.00076 0.0193
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMS BHADDAL
2005 Jan 371.35 2393.76 0.0226 0.0851 0.0005 0.0072 0.00193 0.0055 0.1044 0.00003 0.01091
Feb 360.9 2447.94-
0.0320-
0.0290 0.0010 0.0008 0.00093 -0.0491 -0.0096 0.00241 0.00009
Mar 380.9 2369.69-
0.0653 0.0525 0.0043 0.0028-
0.00343 -0.0825 0.0719 0.00680 0.00516
Apr 392.8 2214.96 0.0988 0.0303 0.0098 0.0009 0.00299 0.0816 0.0496 0.00666 0.00246
May 359.95 2433.73 0.0683-
0.0913 0.0047 0.0083-
0.00623 0.0511 -0.0719 0.00261 0.00517
Jun 392.05 2599.93 0.0428 0.0819 0.0018 0.0067 0.00351 0.0256 0.1012 0.00066 0.01025
July 425.75 2711.24 0.0335 0.0792 0.0011 0.0063 0.00265 0.0163 0.0985 2.7E-04 0.00970
Aug 534.45 2801.99 0.0943 0.2034 0.0089 0.0414 0.01917 0.0771 0.2227 0.00595 0.04961
Sep 481.8 3066.15-
0.0881-
0.1093 0.0078 0.0119 0.00963 -0.1053 -0.0899 0.01109 0.00809
Oct 601.7 2795.89 0 .1187 0.1993 0.0141 0.0397 0.02366 0.1016 0.2186 0.01031 0.04779
Nov 498.6 3127.8 0.0721-
0.2068 0.0052 0.0428-
0.01491 0.0550 -0.1874 0.00302 0.03513
Dec 538.05 3353.37 0.0586 0.0733 0.0034 0.0054 0.00430 0.0414 0.0927 0.00172 0.00859
2006 Jan 585.05 3549.92 0.0252 0.0803 0.0006 0.0065 0.00203 0.0081 0.0997 0.00006 0.00994
Feb 609.25 3639.43 0.1070 0.0397 0.0114 0.0016 0.00425 0.0898 0.0591 0.00807 0.00349
Mar 615.25 4028.82 0.0459 0.0098 0.0021 0.0001 0.00045 0.0288 0.0291 0.00083 0.00085
Apr 589.05 4213.88-
0.1356-
0.0445 0.0184 0.0020 0.00603 -0.1528 -0.0251 0.02335 0.00063
May 591.75 3642.31 0.0218 0.0046 0.00048 0.0000 0.00010 0.0046 0.0239 0.00002 0.00057
Jun 537.5 3721.71 0.0064-
0.1009 4.1E-05 0.0102-
0.00064 -0.0108 -0.0816 0.00012 0.00666
July 487.9 3745.46 0.0876-
0.1017 0.0077 0.0103-
0.00891 0.0704 -0.0823 0.00496 0.00678
Aug 553.85 4073.55 0.0529 0.1191 0.0028 0.0142 0.00630 0.0357 0.1384 0.00128 0.01916
Sep 597.45 4288.97 0.0437 0.0730 0.0019 0.0053 0.00319 0.0266 0.0923 0.00071 0.00852
Oct 699.6 4476.5 0.0564 0.1460 0.0032 0.0213 0.00824 0.0393 0.1654 0.00154 0.02734
Nov 777.15 4729.13 0.0062 0.0998 3.8E-05 0.0100 0.00062 -0.0110 0.1191 0.00012 0.01419
Dec 872.45 4758.45 0.0296 0.1092 0.0009 0.0119 0.00324 0.0125 0.12861.55E-
04 1.7E-02
2007 Jan 891.5 4899.39-
0.0806 0.0214 0.0065 0.0005-
0.00172 -0.0977 0.0407 0.00955 0.00166
Feb 941.1 4504.73 0 .0225 0.0527 0.0005 0.0028 0.00118 0.0053 0.0721 0.00003 0.00519
Mar 829.5 4605.89 0.0713-
0.1345 0.0051 0.0181-
0.00960 0.0542 -0.1152 0.00293 0.01327
Apr 853.35 4934.46 0.0510 0.0279 0.0026 0.0008 0.00142 0.0338 0.0473 0.00114 0.00224
May 865.85 5185.95 0.0073 0.0144 0.0001 0.0002 0.00011 -0.0099 0.0338 0.00010 0.00114
Jun 919.15 5223.82 0.0497 0.0580 0.0025 0.0034 0.00288 0.0325 0.0773 0.00106 6.0E-03
July 955.45 5483.25-
0.0131 0.0380 0.0002 0.0014-
0.00050 -0.0303 0.0573 0.00092 0.00329
Aug 927.45 5411.29 0 .1262-
0.0302 0.0159 0.0009-
0.00381 0.1090 -0.0108 0.01189 0.00012
Sep 888.4 6094.11 0.1754-
0.0440 0.0308 0.0019-
0.00771 0.1583 -0.0246 0.02505 0.00061
Oct 1062.4 7163.3-
0.0231 0.1638 0.0005 0.0268-
0.00379 -0.0403 0.1831 0.00162 0.03354
Nov 1254.05 6997.6 0.0663 0.1528 0.0044 0.0234 0.01013 0.0491 0.1722 0.00241 0.02964
Dec 1178.4 7461.48 -1.0000 -0.0642 1.0000 0.0041 0.06420 -1.0172 -0.0448 1.03462 0.00201
29854.3 1.0298 1.8159 1.3385 3.2975 1.0126384 1.835249 1.32080 3.36814
SUM 29854.3 1.0298 1.0298 1.259 1.3385 3.29750 0.82536 1.0126 1.7856 1.32080 3.18849
AVERAGE 0.0172-
0.4896-
0.0193
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
1. Beta
xy 0.825
x 1.03
y 1.216
x2 1.339
n 60
y2 3.298
0.6085
2 Alpha
Avg(X) -0.4896
Avg(Y) -0.02026
0.906
0.2776
3 Coef.Correlation
0.045
4
Coef ofDetermination
0.002053
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
5StandardDevition 6
Variance
SDx 0.1483 Vx 0.02199
SDy 0.2305 Vy 0.05313
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
STATE BANK OF INDIA
The Bank is actively involved since 1973 in non-profit activity called Community Services
Banking. All our branches and administrative offices throughout the country sponsor and
participate in large number of welfare activities and social causes. Our business is more
than banking because we touch the lives of people anywhere in many ways.
There commitment to nation-building is complete & comprehensive.
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMS BHADDAL
2004
Series DatePrevClose
OpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity Turnover in Lacs
EQ JAN 537.55 540.5 568.45 540.1 566.95 564.65 5941630 33075.88938EQ FEB 598.05 599.9 599.9 557.2 571 567.3 7381059 42362.68498
EQ MAR 584.5 586.55 602.5 581.1 602 600.25 4005601 23676.23811
EQ APR 605.85 607.5 621.35 606 616.7 618.3 4242657 26081.50684
EQ MAY 642.25 635 635.8 605.45 618.5 619.05 4828665 29851.8291
EQ JUN 465.15 470 482 466.55 468.4 469.3 5008010 23811.40687
EQ JUL 430.6 434.8 444.35 434 441.9 442.9 6282161 27600.74098
EQ AUG 442.1 443.1 444.9 436.4 443.1 442.3 2647037 11658.11253
EQ SEP 442.85 447.5 452 443.15 450.9 450.7 3613238 16209.39575
EQ OCT 468.1 467.5 481.2 462.7 478 478.85 1911963 9026.838506
EQ NOV 447.4 448.5 471.5 447.55 471.5 468.65 3287171 15152.45108
EQ DEC 529.7 530.2 544 520.95 544 541 4569314 24421.57067
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EQUITIES AND PORTFOLIO MANAGEMENT IN ICICI BANK AND SBI BANK
IMS BHADDAL
2005
Series DatePrevClose Open Price
HighPrice
LowPrice
LastPrice
ClosePrice Total Traded Quantity Turnover in Lacs
EQ JAN 652 654.5 662.9 650.1 657 655.75 2131452 13998.50891
EQ FEB 643 640 646 631.2 634 634.05 2467277 15694.57473
EQ MAR 714.65 711 716.9 692.65 695.5 695.6 5128658 36067.6012
EQ APR 654.8 655 672.8 652.65 671.8 670.1 2785374 18473.09788
EQ MAY 584.85 588 592.8 576.05 585.6 589.35 2738218 15989.79179
EQ JUN 670.45 669.5 674.9 658.1 660.1 660.2 2072014 13802.17176
EQ JUL 681.9 682 708.9 662.15 705 706.25 4867582 34202.39639
EQ AUG 800.25 799 804.95 785.1 789.55 789.95 1980985 15663.99636
EQ SEP 796.3 801 805.5 795.25 799 799.6 1168582 9357.570853
EQ OCT 938.2 938 953 938 944 945.35 1607862 15210.2526
EQ NOV 839.1 869.75 869.75 832.1 834.7 838.85 523113 4403.574651
EQ DEC 896.65 903 915.4 891.25 913.5 913.35 2420620 21869.33291
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EQ AUG 810.25 802 819 794.4 818 811.75 1982509 15930.42
EQ SEP 931.25 932 935.7 925.1 931.4 931.25 887349 8266.71
EQ OCT 1028.65 1029 1037.8 1023.1 1030.1 1033.35 874932 9024.2621
EQ NOV 1095.65 1256.3 1256.3 1089 1119 1113.8 1035588 11462.727
EQ DEC 1317.05 1315 1370 1313.15 1366 1362.65 1612467 21785.692
SBI-2006
881.2
811.75
931.25
1033.35
1113.8
869.25
904.9
1362.65
742.6
818.75961.7
983.35
0
200
400
600
800
1000
1200
1400
1600
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
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IMS BHADDAL
Series DatePrevClose
OpenPrice
HighPrice
LowPrice
LastPrice
ClosePrice
Total TradedQuantity
TurnoverinLacs
EQ JAN 1245.6 1250 1260 1243 1253 1253.55 408144 5112.3453EQ FEB 1140.45 1158 1230 1135.7 1203.1 1203 2491197 29698.604
EQ MAR 1041.85 1042 1061 1016 1051 1055.65 1108823 11522.978
EQ APR 994.45 979.4 979.4 922.35 937 930.5 1133049 10583.44
EQ MAY 1353.65 1364 1385 1356 1380 1378.9 1908666 26147.129
EQ JUN 1525.8 1530 1551 1523.35 1528 1530.75 1746382 26860.939
EQ JUL 1623.85 1610 1610 1540.2 1550.2 1548.05 2715856 42709.452
EQ AUG 1600.35 1619 1623 1602.35 1606.1 1606.65 901942 14539.915
EQ SEP 1945.85 1952 1965 1882.6 1905 1894.6 1919363 36639.177
EQ OCT 2068.2 2167 2167 2052.5 2073.9 2075.35 2143188 45181.497
EQ NOV 2302.4 2330 2345.9 2307.9 2324 2324.75 955082 22217.635
EQ DEC 2302.4 2330 2345.9 2307.9 2324 2324.75 955082 22217.64
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years Month
S&PCNXNIFTY
ROR(X) PRICE ROR(Y) X*X Y*Y X*Y
R=X-Avg(X)
T=Y-Avg(Y) R^2 T^2
2003 Jan 1154.67 0.0208 284.55 0.0197 0.00043 0.00039 0.00041 0.0037 -0.0052 0.00001 0.00003 Feb 1178.72 -0.0798 290.15 0.0014 0.00637 0.00000 -0.00011 -0.0970 -0.0235 0.00940 0.00055 Mar 1084.64 -0.0430 290.55 -0.0587 0.00185 0.00344 0.00252 -0.0602 -0.0835 0.00362 0.00698 Apr 1038 0.0812 273.5 0.0294 0.00660 0.00087 0.00239 0.0641 0.0046 0.00410 0.00002 May 1122.32 0.1336 281.55 0.2270 0.01784 0.05151 0.03031 0.1164 0.2021 0.01355 0.04085 Jun 1272.21 0.0516 345.45 0.1073 0.00266 0.01150 0.00553 0.0344 0.0824 0.00119 0.00679 July 1337.86 0.1497 382.5 0.0941 0.02240 0.00886 0.01409 0.1325 0.0693 0.01755 0.00480 Aug 1538.08 0.0469 418.5 0.0468 0.00220 0.00219 0.00220 0.0297 0.0220 0.00088 0.00048 Sep 1610.21 0.0993 438.1 0.0180 0.00986 0.00033 0.00179 0.0821 -0.0068 0.00674 0.00005
IMS BHADDAL
Series Date
Prev
Close
Open
Price
High
Price
Low
Price
Last
Price
Close
Price
Total Traded
Quantity
Turnovein
LacsEQ JAN 2,223.95 2,155.00 2,247.70 2,136.00 2,165.00 2,167.35 1159043 25,347.4
EQ FEB 2,039.10 2,010.00 2,135.00 1,945.00 2,088.80 2,111.65 2401205 48,660.4
EQ MAR 1,677.80 1,674.00 1,695.00 1,590.00 1,608.00 1,600.25 1036121 16,712.8
EQ APR 1,795.55 1,799.00 1,821.00 1,730.00 1,781.00 1,774.65 839999 14,987.1
EQ MAY
1461.15 1465.05 1489 1435.35 1445 1445 867328 12613.7
EQ JUN
1161.2 1194.95 1194.95 1101 1107 1111.6 787863 8940.20
EQ JUL
1387.95 1390 1430.9 1343 1406 1417.25 1885052 26136.9
EQ AUG
1309.35 1336 1409.8 1336 1404.55 1403.85 2661636 36957.0
EQ SEP
1405.45 1385 1485 1355 1472 1463.35 2229762 32255.3
EQ OCT
1099.55 1149.95 1177 1065.5 1114 1109.7 4293292 48015.3
EQ NOV
1105 1065 1109.9 1055 1085.05 1088.55 4321864 46965.7
EQ DEC
1291.7 1308 1308 1270 1290 1288.8 2704078 34799.1
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Oct 1770.08 0.0384 446 0.0670 0.00147 0.00449 0.00257 0.0212 0.0422 0.00045 0.00178 Nov 1837.98 0.1643 475.9 -0.0116 0.02699 0.00013 -0.00190 0.1471 -0.0364 0.02164 0.00133 Dec 2139.93 -0.0362 470.4 0.2004 0.00131 0.04014 -0.00726 -0.0534 0.1755 0.00285 0.03080
2004 Jan 2062.42 -0.0049 564.65 0.0047 2.4E-05 2.2E-05 -2.3E-05 -0.0220 -0.0202 4.8E-04 4.1E-04 Feb 2052.4 -0.0157 567.3 0.0581 0.00025 0.00337 -0.00091 -0.0328 0.0332 0.00108 0.00110 Mar 2020.25 0.0138 600.25 0.0301 0.00019 0.00090 0.00042 -0.0033 0.0052 0.00001 0.00003
Apr 2048.22 -0.1709 618.3 0.0012 0.02921 0.00000 -0.00021 -0.1881 -0.0236 0.03537 0.00056 May 1698.16 0.0175 619.05 -0.2419 0.00031 0.05852 -0.00424 0.0004 -0.2668 0.00000 0.07116 Jun 1727.93 0.0872 469.3 -0.0563 0.00761 0.00316 -0.00491 0.0700 -0.0811 0.00491 0.00658 July 1878.62 0.0018 442.9 -0.0014 3.4E-06 0.00000 -2.5E-06 -0.0153 -0.0262 2.3E-04 0.00069 Aug 1882.09 0.0736 442.3 0.0190 0.00542 0.00036 0.00140 0.0564 -0.0059 0.00319 0.00003 Sep 2020.62 0.0241 450.7 0.0625 0.00058 0.00390 0.00151 0.0070 0.0376 0.00005 0.00141 Oct 2069.39 0.0965 478.85 -0.0213 0.00930 0.00045 -0.00205 0.0793 -0.0462 0.00629 0.00213 Nov 2268.99 0.0661 468.65 0.1544 0.00436 0.02383 0.01020 0.0489 0.1295 0.00239 0.01678 Dec 2418.88 -0.0104 541 0.2121 0.00011 0.04499 -0.00220 -0.0275 0.1873 0.00076 0.03506
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IMS BHADDAL
2005 Jan 2393.76 0.0226 655.75-
0.0331 0.00051 0.00110 -0.00075 0.0055 -0.0579 0.00003 0.00336
Feb 2447.94 -0.0320 634.05 0.0971 0.00102 0.00942 -0.00310 -0.0491 0.0722 0.00241 0.00522
Mar 2369.69 -0.0653 695.6-
0.0367 0.00426 0.00134 0.00239 -0.0825 -0.0615 0.00680 0.00378
Apr 2214.96 0.0988 670.1-
0.1205 0.00976 0.01452 -0.01190 0.0816 -0.1454 0.00666 0.02113
May 2433.73 0.0683 589.35 0 .1202 0.00466 0.01445 0.00821 0.0511 0.0954 0.00261 0.00909 Jun 2599.93 0.0428 660.2 0.0698 0.00183 0.00487 0.00299 0.0256 0.0449 0.00066 0.00202
July 2711.24 0.0335 706.25 0 .1185 0.00112 0.01405 0.00397 0.0163 0.0937 0.00027 0.00877
Aug 2801.99 0.0943 789.95 0.0122 0.00889 0.00015 0.00115 0.0771 -0.0126 0.00595 0.0001
Sep 3066.15 -0.0881 799.6 0.1823 0.00777 0.03323 -0.01607 -0.1053 0.1574 0.01109 0.02478
Oct 2795.89 0.1187 945.35-
0.1127 0.01409 0.01269 -0.01337 0.1016 -0.1375 0.01031 0.01891
Nov 3127.8 0.0721 838.85 0.0888 0.00520 0.00789 0.00640 0.0550 0.0640 0.00302 0.00409
Dec 3353.37 0.0586 913.35-
0.0093 0.00344 0.00009 -0.00054 0.0414 -0.0341 0.00172 0.00116
2006 Jan 3549.92 0.0252 904.9-
0.0394 0.00064 0.00155 -0.00099 0.0081 -0.0642 0.00006 0.00413
Feb 3639.43 0.1070 869.25 0 .0137 0.01145 0.00019 0.00147 0.0898 -0.0111 0.00807 0.00012
Mar 4028.82 0.0459 881.2 0.1159 0.00211 0.01344 0.00532 0.0288 0.0911 0.00083 0.00829
Apr 4213.88 -0.1356 983.35-
0.0220 0.01840 0.00048 0.00299 -0.1528 -0.0469 0.02335 0.00220
May 3642.31 0.0218 961.7-
0.1486 0.00048 0.02209 -0.00324 0.0046 -0.1735 0.00002 0.03010
Jun 3721.71 0.0064 818.75-
0.0930 4.1E-05 0.00865 -5.9E-04 -0.0108 -0.1179 1.2E-04 0.01389
July 3745.46 0.0876 742.6 0.0931 0.00767 0.00867 0.00816 0.0704 0.0683 0.00496 0.00466
Aug 4073.55 0.0529 811.75 0 .1472 0.00280 0.02167 0.00778 0.0357 0.1224 0.00128 0.0149
Sep 4288.97 0.0437 931.25 0 .1096 0.00191 0.01202 0.00479 0.0266 0.0848 0.00071 0.00719
Oct 4476.5 0.0564 1033.35 0.0779 0 .00318 0.00606 0.00439 0.0393 0.0530 0.00154 0.00281
Nov 4729.13 0.0062 1113.8 0 .2234 3.8E-05 5.0E-02 1.4E-03 -0.0110 0.1986 1.2E-04 3.9E-02
Dec 4758.45 0.0296 1362.65-
0.0801 0.00088 0.00641 -0.00237 0.0125 -0.1049 0.00016 0.01101
2007 Jan 4899.39 -0.0806 1253.55
-
0.0403 0.00649 0.00163 0.00325 -0.0977 -0.0652 0.00955 0.00425
Feb 4504.73 0.0225 1203-
0.1225 0.00050 0.01500 -0.00275 0.0053 -0.1473 0.00003 0.02171
Mar 4605.89 0.0713 1055.65-
0.1186 0.00509 0.01405 -0.00846 0.0542 -0.1434 0.00293 0.02056
Apr 4934.46 0.0510 930.5 0 .4819 0.00260 0.23222 0.02456 0.0338 0.4570 0.00114 0.2088
May 5185.95 0.0073 1378.9 0 .1101 5.3E-05 1.2E-02 8.0E-04 -0.0099 0.0853 9.7E-05 7.3E-03
Jun 5223.82 0.0497 1530.75 0.0113 0.00247 0.00013 0.00056 0.0325 -0.0136 0.00106 0.00018
July 5483.25 -0.0131 1548.05 0.0379 0.00017 0.00143 -0.00050 -0.0303 0.0130 0.00092 0.00017
Aug 5411.29 0.1262 1606.65 0.1792 0.01592 0.03212 0.02262 0.1090 0.1544 0.01189 0.0238
Sep 6094.11 0.1754 1894.6 0 .0954 0.03078 0.00910 0.01674 0.1583 0.0706 0.02505 0.00498
Oct 7163.3 -0.0231 2075.35 0.1202 0.00054 0.01444 -0.00278 -0.0403 0.0953 0.00162 0.00909
Nov 6997.6 0.0663 2324.75 0.0000 0.00439 0.00000 0.00000 0.0491 -0.0249 0.00241 0.00062
Dec 7461.48 -1.0000 2324.75-
1.0000 1.00000 1.00000 1.00000 -1.0172 -1.0249 1.03462 1.05032
1.4911 1.33849 2.223455 1.11404 0.0000 1.466273324 0.00000 2.14996
SUM 1.0298 1.4911 1.3385 2.2235 1.1140 0.0000 1.4422 0.30697 2.08004
AVERAGE 0.0172 0.0249 1.32082 1.82353
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1 Beta
xy 1.114 x 1.0298
y 1.4911
x2 1.3385
n 60
y2 2.2235
0.824
2 Alpha
Avg(X) 0.0172
Avg(Y) 0.0249
0.824
0.0107272
IMS BHADDAL
3 Coef.Correlation
0.64047
4
Coef of
Determination
0.4102
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6Variance
Vx 0.005115
Vy 0.03466
IMS BHADDAL
5 StandardDeviation
SDx 0.07152
SDy 0.18619
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BETA VALUES
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CONCLUSION AND SUGGESTIONS
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Conclusions
Average rate of return of the 2 different companies are lesser than that of its
market returns. So, the returns are better than the market returns.
Since standard deviation of SBI equity and ICICI equity is less than its market, the
risk is likely less compared to that of market.
Lower the beta and higher the funds performance is the better equity for
investment. One might expect the best performance by funds with low
diversification because they apparently are attempting to beat the market by being
unique in their selection or timing.
Since Beta (0.6085) of ICICI Bank is less than that of markets beta, the fund reacts
less than the market reaction. Also beta indicates that the funds returns would
increase or decease by 0.6% for every 1 % increase or decrease in the market
returns. This also means that the mutual fund fluctuates 4% less than the market
index.
Considering only the rate of return, all the equities outperformed the market.
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BIBLIOGRAPHY
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WEB SIETS:-
WWW.NSEINDIA.COM
www.google.co.in
Security Analysis and Portfolio Management
---Donald D.Fischer
---Ronald J.Jordan
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http://www.nseindia.com/http://www.google.co.in/