1

A PROJECT REPORT

ON
A STUDY ON PORTFOLIO CONSTRUCTION AND INVESTMENT DECISION
AT
ANU SECURITIES



Submitted to department of business administration, OSMANIA UNIVERSTYT in the
partial fulfillment of the requirement for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION
(In finance)

Submitted to





















2
ABSTRACT



The present project work A STUDY ON PROTFOLIO
MANAGEMANT AND IVESTMENT DECISION


This project is categorized in to seven chapters


Chapter: - 1 Deals with the introduction this chapter sets the objective of the study and
also gives the need, scope, Research methodology and the limitations of the study


Chapter: - 2 Deals with the Review of literature this chapter introduces the concept


Chapter: - 3 Deals with the introduction to the industry profile and company profiles


Chapter: - 4 Deals with the analysis of the data


Chapter: -5 Deals with finding that are arrived at after making the data analysis

Chapter:-7 Deals with the suggestion and conclusion based on the finding





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CONTENTS

CHAPTER
NO
TITLES PAGE NO
1
INTRODUCTION 1

OBJECTIVES 3

NEED OF THE STUDY 4

SCOPE OF THE STUDY 5

RESEARCH METHODOLOGY 5

LIMITATIONS OF THE STUDY 5
2 REVIEW OF LITERATURE 6
3 INDUSTRY PROFILE AND COMPANY PROFILE 25
4 DATA ANALYSIS AND INTERPRETATION 46
5 FINDINGS OF THE STUDY 83
6 SUGGESTIONS 84
CONCLUSION 86
BIBLIOGRAPHY 87























4










































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CHAPTER NO. 1
INTRODUCTION


A portfolio is a collection of securities. Since it is rarely desirable to invest
the entire funds of an individual or an institution in a single security, it is essential that
every security be viewed in the portfolio context. Thus it seems logical that the expected
return of each of the security contained in the portfolio.
Economic liberalization has accelerated the pace of development in the
securities market, which has undergone a sea change during the last 2 decades. In India,
the role of securities market in mobilizing & channelising private capital for the
economic development of the country has increased over the years and the securities
market itself has undergone structural transformation with the introduction of
computerized online trading & interconnected market system.

Investing in securities such as shares, debentures & bonds is profitable well as
exciting. It is indeed rewarding but involves a great deal of risk & need artistic skill.
Investing in financial securities is now considered to be one of the most risky avenues of
investment. It is rare to find investors investing their entire savings in a single security.
Instead, they tend to invest in a group of securities. Such group of securities is called a
Portfolio. Creation of a portfolio helps to reduce risk without sacrificing returns. Portfolio
Management deals with the analysis of individual securities as well as with the theory &
practice of optimally combining securities into portfolios.




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PORTFOLIO CONSTRUCTOIN

Portfolio is a combination of securities such as stock, bond and money.
Marketing instruments the process of blending together. The broad asset classes so at to
obtain optimum return with minimum risk is called portfolio of construction.
Diversification of investment helps to spread risk over many assets. A diversification of
securities gives the assurance of obtaining the anticipated return on the portfolio. In a
diversified portfolio, some securities may not perform as expected, but others may exceed
the expectation and making actual return of the portfolio reasonably close to the
anticipate one keeping a portfolio of single security may lead to a greater likely hood of
the actual return some what different from that of the expected return. Hence it is a
common practices to diversify securities portfolio.

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






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OBJECTIVES OF THE STUDY

To study the investments pattern of on investor and its related risk and return.
To study how to construct portfolio using two securities.
To study what is the risk involved in the constructed portfolio.
To observe whether the risk in portfolio is diversified or not.






























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Need for portfolio management:
Portfolio management is a process encompassing many activities of
investment in assets and securities. It is a dynamic and flexible concept and involves
regular and systematic analysis, judgments and actions. The objective of this service is to
help the unknown investors with the expertise of professionals in investment portfolio
management. It involves construction of a of a portfolio bases upon the investors
objectives, constraints, preferences for risk and return and tax ability. The portfolio is
reviewed and adjusted from time to time in tune with the market conditions. The
evaluation of portfolio is to be done in terms of targets set for a risk and return. The
changes in the portfolio are to be effected to meet the changing conditions.
Portfolio construction refers to the allocation of surplus funds in hand among a
variety of financial assets open for investments. Portfolio theory concerns itself with the
principles governing such allocations. The modern view of investments is oriented more
towards the assembly of proper combinations of individual securities to form investment
portfolios. A combination of individual securities to form investments portfolios. A
combination of securities held together will give a beneficial result if they are grouped in
a manner to secure higher return after taking into consideration the risk elements.
The modern theory is of the view that by diversifications, risk can be reduced.
The investor can make diversification either by having a large number of shares of
companies in different region, in different industries or those producing different types
products lines. Modern theory believes in the perspective of combination of securities
under constraints of risk and return.

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SCOPE OF THE STUDY
This study covers the Markowitz model. Here in, the study
covers the calculation of correlations between the different securities in order to find out
at what percentage of funds should be invested among the companies in the portfolio.
Also the study includes the calculation of weights of individual securities involved in the
portfolio. These percentages help in allocation the funds available for investments based
on the risky portfolios.

RESEARCH METHODOLOGY
Most of the study is based on secondary data. The various sources of secondary data
include
company manuals
various websites

LIMITATIONS OF THE STUDY
The time taken for the study is very limited
The study is based only on Markowitz model
Only few securities are taken into consideration in the study
Most of the study is based on secondary data



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CHAPTER NO. 2
PORTFOLIO MANAGEMENTY
Portfolio analysis considers the determination of future risk and return in
holding various blends of the individual securities. Portfolio expected return is a
weighted average of the expected return of individual securities but portfolio variances,
inshore contrast, can be something less then a weighted average of security variance. 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 returns of individual security. Portfolio which is
combination of securities may or may not take aggregate characteristics of their parts.
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. It follows that an investor who simply wants the greatest possible expected
return should hold one security; the one which is considered to have a greatest, expected
return. Very few investors do this, and very few investments advisors would counsel such
an extreme policy. Instead, investors should diversify, meaning that their portfolio should
include more than one security.






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OBJECTIVES OF PORTFOLIO MANAGEMENT
The objectives of investments/portfolio management can be classified as follows
Basic objectives
The basic objectives of investment/portfolio management are
a) To Maximize Yield, and
b) To Minimize risk
Secondary objectives
The following are the other ancillary objectives are
a) Regular return
b) Stable income
c) Appreciation of capital
d) More liquidity
e) Safety of investments, and
f) Tax benefits.





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Elements of portfolio management
Portfolio management is an on-going process involving the following the
following basic tasks:
1) Identification of the investors objectives, constraints and preferences.
2) Strategies are to be developed and implemented in tune with investments policy
formulated.
3) Review and monitoring of the performance of the portfolio.
4) Finally the evaluation of the portfolio
PORTFOLIO ANALYSIS
Portfolio analysis is needed for the selection of optimal portfolio by
rational risk adverse investors. Portfolio analysis is essential for portfolio construction.
The objective of the portfolio or maximize the risk subject to the desired level of return
on the portfolio or maximize the return subject to the constraint of a tolerable level of
risk. It enables the investors to identify the potential securities, which will maximize the
following objectives such as security of the principle, stability of income, capital growth
marketability, liquidity & diversification.






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Concept of Risk
Investment in shares has its own risk or uncertainty, which arises out of
variability of returns, yields and uncertainty of appreciation or depreciation of shares
prices, loss of liquidity etc. this risk over time, is capital appreciation. This risk is
measured statistically by the degree of variance or standard deviation of returns.
Normally higher the risk that the investor taker higher is the return.
Diversification of Risk:
The process of combining securities in a portfolio is known as
diversification. The aim of diversification is to reduce total risk without sacrificing
portfolio. The risk in a portfolio can be reduced by a proper diversification into a number
of strips. The efforts to spread and minimizes portfolio risk takes the form of
diversification. Most investors prefer to hold several assets rather than putting all their
eggs into one basket with hope that if one goes bad, the other will provide some
protection from the extreme loss.








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PORTFOLIO SELECTION
The determination and selection of a portfolio is a complicated affair as there
is a possibility of infinite number of combinations of various securities that can enter a
portfolio. The securities available to an investor can be combined in any proportion hence
any number of portfolios can be built. Each such portfolio can be described in terms of
return and risk. Portfolio construction refers to the allocation of funds among a variety of
financial assets open for investment. The objectives of the theory is to elaborate the
principle in which the risk can be minimized, subject to desired level of return on the
portfolio or maximized the return, subject to constrain of tolerable level of risk.
The most popular models used for portfolio selection are:
Markowitz model.
Capital assets pricing model.
Markowitz model
According to Markowitz, the portfolio theory establishes a relationship
between portfolios expected return and its level of risk as the criteria for selecting the
optimal portfolio. Thus two measures were suggested for evaluating the merits of
portfolio.
a. The expected return from the portfolio.
b. The level of risk exposure associated with the portfolio.



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This theory believes in asset correlation and combining assets so as to lower
the risk. From the efficient set of portfolios the best one would be selected on the basis of
the risk and returns. These risk and returns are calculated using standard deviations and
the coefficient of variations. It is also called as the full co-variance model. The
expected return on the portfolio is calculated by using the following;
R
p = RiXi

I = 1
Where, Rp = expected return on portfolio
Ri = expected return on security i
Xi = the proportion of portfolio investment in security i
N = total number of securities in the portfolio.
The risk of a portfolio comprising of shares A and B van be expressed using variance as
the measures of risk.


Covariance of AB = X
2
A

2
A +X
2
B

2
B +
2X
A
X
B
r
AB

A


B
Cov.AB = the variance between the rates of return on shares A and B,
Where,
rab = Coefficient of correlation between A and B shares
X2 A = Proportion invested in shares A
X
2
B
= proportion invested in shares B

2
A
= Variance of the rate of return on share A.

2
B
= Variance of the rate of return on share B.

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The term covariance explains the relationship between the movements in the rates
of return from shares A and B; it is derived from the following formula:
Cov.AB = r
AB

A


B
Capital asset pricing model
The Capital Asset Pricing Model (CAPM) attempts to measure the risk of a
security in the portfolio. It considers the required rate of return of a security on the basis
of its contribution to total portfolio risk. It provides that in a well-functioning efficient
market, the risk premium varies indirect proportion to risk. It also provides a measure of
risk premium and method of estimating market risk return line. The risk of well-
diversified portfolio depends on the market risk of the securities included in portfolio.
The market risk of the security is measured in terms of its sensitivity to the market
movements. The core idea of CAPM is that only non-diversifiable risk is relevant to the
determination of the expected return on any asset.
Capital Market Line (CMP)
The portfolio theory states that rational investors would chose a combination
of efficient frontier but in capital market line relationship of total risk and expected
return is reflected.





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Security Market Line (sml)
For all well diversified portfolios nonsystematic risk tend to go to zero, and
the only relevant risk measured by beta SML describes the expected return for all assets
and portfolios of assets, efficient or not. The higher the beta the higher must be the return.
The relationship between expected return and beta is linear.

Portfolio revision
Irrespective of how well a portfolio is constructed, it soon tends to change
and hence needs to be monitored and revised periodically. Portfolio once constructed
undergoes changes in the market prices; reassessment of companies, the portfolio risk
and the proportion in each asset class will change to bring back the portfolio to the
targeted level of beta or risk and duration. Overtime several things are likely to happen.
This usually involves two things:

1) Portfolio rebalancing.
It involves reviewing and revising the portfolio compositions. There are
three basic policies with respect to portfolio rebalancing.
By and hold policy,
Constant asset mix, and
Portfolio insurance policy.



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2) Portfolio upgrading.
While portfolio rebalancing involves shifting from stocks to bonds or vice versa, it calls
for reassessing the risk return characteristics of various securities, selling over priced
securities and buying under priced securities. It may also involve the other changes the
investor may consider necessary to enhance the performance of portfolio.


Portfolio evaluation
The performance of the portfolio should be evaluated periodically. The key
dimensions of a portfolio performance evaluation are risk and return and the key issue is
whether the portfolio return is commensurate with its risk exposure. Such a review may
provide useful to improve the quality of portfolio management process on a continuing
basis.
For evaluating the performance of a portfolio it is necessary to consider both
risk and return. The following are the models for evaluating performance of a portfolio.
a) Treynor Measure.
b) Sharpe measure.
c) Jensen measure.



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Investment Decision
According to D.E. Fisher and R.J. Jordan, investment is a commitment of
funds made in the expectation of some positive rate of return. If the investment is
properly undertaken, the return will be commensurate with the risk the investor assumes.
Concept of investment
Investment will be generally be used in its financial sense and as such
investment is an allocation of monetary resources to assets that are expected to yield
some gain or positive return over a given period of time. Investment is a commitment of
persons funds to drive future income in the form of interest, dividends rent, premiums,
pension benefits or the appreciation of the value of his principle capital
Any Investors would like to know the media or range of investment so that he
can use his discretion and save in those investments, which will give him both security
and stable return. The ultimate objective of the investor is to derive a variety of
investments that meets his preference for risk and expected return. The investor will
select the portfolio, which will maximize his utility. Another important consideration is
the temperament and psychology of the investor. It is not only the construction of a
portfolio that will promise the highest expected return, but it is the satisfaction of the
need of the investor.



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Many types of investment media or channels for making investment are available.
Securities ranging from risk free instruments to highly speculative shares and debentures
are available for alternative investments.
All investments are risky, as the investor parts with his money. An efficient
investor with proper training, can reduce the risk and maximize returns, he can avoid
pitfalls and protect his interests.
There are different methods of classifying the investment avenues. A physical, if
savings are used to acquire physical assets, useful for consumption or production. Some
physical assets like ploughs, tractors or harvesters are useful in agriculture production. A
few useful physical assets like cars, jeeps etc., are useful in business. Among different
types of investments some are marketable and transferable and other are not. Example of
marketable assets are shares and debentures of public ltd companies particularly the listed
companies on stock exchange, bonds of P.S.U. Government securities etc. non
marketable securities of investments are bank deposits, provident and pension funds,
insurance certificates, company deposits, private Ltd Company shares etc.,






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Investment process
The investment process may be described in the following stages.
1. Investment Policy: The first state determines and involves personal financial
affairs and objectives before making investment. It can also be called the
preparation of the investment policy stage. The investor has to see that he should
be able to create an emergency fund, an element of liquidity and quick
convertibility of securities into cash. This stage may, therefore, be called the
proper time for identifying investment assets and considering the various features
of investment.
2. Investment Analysis: After arranging a logical order of type of investment
preferred, the next step is to analyze the securities available for kind of securities
etc. the primary concerns at this stage would be to form beliefs regarding future
behavior of prices and stocks, the expected return and associated risks.
3. Investment Valuation: Investment value, in general is taken to be the present
worth to the owners of future benefits from investments. The investor has to bear
in mind the value of these investments. An appropriate set of weights have to be
applied with the use of forecasted benefits to estimate the value of investment
assets such as stocks, debentures and bonds and other assets. Comparison of the
value with the current market price of the asset allows a determination of the
relative attractiveness of the asset must be valued on its individual merit.


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4. Portfolio Construction and Feedback: Portfolio construction required a
knowledge of the different aspects of securities in relation to safety and growth of
principal, liquidity of assets etc, in this stage, we study determination of
diversification level, consideration of investment timing, selection of investment
assets, allocation of ingestible wealth to different investment, evaluation of
portfolio feedback.

Investment Decisions guidelines for the equity investment
Equity shares are characterized by price fluctuations, which can produce
substantial gains or inflict severe losses. Given the volatility and dynamism of the stock
market, investor requires greater competence and skill along with a touch of good luck to
invest in equity shares. Here are some general guidelines to play equity game,
irrespective whether you are aggressive or conservative.
Adopt a suitable formula plan
Establish value anchors.
Assess market psychology
Combine fundamental and technical analysis.
Diversify sensibly
Periodically review and revise your revise portfolio.




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Requirement of portfolio
1. Maintain adequate diversification when relative values various securities in the
portfolio change.
2. Incorporate new information relevant for risk return assessment.
3. Expand or contract the size of portfolio to absorb funds or withdraw funds and,
4. Reflect changes in investor risk disposition.
Factors influencing investors decision and type of investors

THERE ARE FOUR TYPES OF INVESTORS IN A MARKET, THEY ARE AS
FOLLOWS:
Types of Investors:
Type A Investors: No market timing and no stock picking skills.
If the investor does not believe that he has any special skills in
picking undervalued stocks or in predicting the movement of the market, then the
portfolio design problem becomes relatively simple. The investor simply chooses a
diversified portfolio and then adjusts its beta to the desired level. If he weights the chosen
security in proportion to the market capitalization, he can expect to get a portfolio beta
close to one. To achieve a higher or lower beta, he can shift the weights towards high or
low beta stocks. He can achieve the same effects by increasing or decreasing the
allocation to the equity portfolio in the overall portfolio.

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The type A investor would hold a passive, diversified portfolio with the constant beta
equal to the target beta. He may also prefer to invest his money in a mutual fund and let it
do the portfolio management for him.

Type B Investor: Only stock-picking skills

An investor who has and wishes to exploit his stock picking skills should start
with a base portfolio to that of type a investor. He should then adjust the weights of the
stocks, which are in his opinion mispriced. Specifically, he should overweight the stocks
that are over valued and underweighted those which are under value. For example, the
base portfolio may have 2% in stock X and 1.5% in stock Y. the investor who finds X
under valued and Y over valued may change the weights to 3% to X, he may have a
portfolio. This may not be legally or practically possible. The investors than has to raise
the weight X to 4%, eliminate Y from the portfolio and reduce the weight of some other
stocks by 0.5%.

The investor can deal with this problem in a slightly different manner. He can put,
say 90% of his equity investment in the diversified portfolio and reserve the remaining
10% for the mispriced stocks. How large a fraction he should devote to mispriced scripts
depends on how good analyst may choose a larger fraction. What we are doing in this
decision is to balance to profit potential of investing is undervalued stocks against the
benefits of diversification. Unless we are confident about our analysis, we should give
privacy to the need for diversification.
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Since the average beta of the undervalued and overvalued stocks is likely to be closed to
one, the overall beta is likely to remain close to the target value, unless the target beta is
substantially different from one and the percentage of the portfolio devoted to mispriced
stocks is large. If, for some reason, this is not so, the investor would have to take future
action to maintain to the beta at the largest value. The portfolio of the type B investor is
concentrated but has a constant beta.

Type C Investor: Only market timing skills

The type C investor holds a well-diversified portfolio but switches actively
between defensive and offensive portfolios to take advantage of the market timing. If the
expects the market to rise, he should push his portfolio beta above his target level by any
of the techniques described in the section on market timing. The converse should be done
if the investor is bearish about the market. In either case, the portfolio would remain
diversified all through. The portfolio of this investor diversified, but its beta is managed
and not constant.
Type D Investor: Both stock picking and market timing skills
This type of investor would use the techniques used by both the type B and type
C investor. These investors would have the most active and aggressive portfolio
management strategies. Using their superior ability to predict boom and busts in the
markets as a whole and their skills in identifying undervalued scrips, they should hold
highly concentrated portfolios and let the beta fluctuate quiet sharply around the long run
target value.
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A pitfall is a very strenuously avoided is that of assuming that one has a skill,
which one in reality does not have. For example, an investor who does not have very
good abilities in script selection may still think that he does not have suck stills. He
would then end up with an ill-diversified portfolio, which earns mediocre returns: he
would have been better off with a passive portfolio.

Qualities for successful investing

Contrary thinking

Patience

Composure

Flexibility and

Openness






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Discounted cash flow (DCF) method of time adjusted technique
An important technique used by Karvy Stock Broking Limited for evaluating their shares
for trading purpose. The discounted cash flow technique is an improvement on the pay-
back period method. It takes into account both the interest factor as well as the return after
pay-back period. The method involves three stages:
1. Calculation of cash flow, i.e. both inflows and out flows (preferable after tax) over the
full life of the asset.
2. Discounting the cash flow so calculated by a discount factor.
3. Aggregating of discounted cash inflows and out comparing the total with discounted
cash out flow

Discounted cash flow thus recognizes that Re1 of day (the cash out flow) is worth more
than Re1 received at a future date (cash inflow). Discounted cash flow method s for
evaluating capital investment proposal is of three types as explained below:
(a) NPV method.
(b) Excess present value index
(c) Internal rate of return.

(a) The net present value (NPV) method:
In this method cash inflow and cash outflows associated with each project
are first worked out. The present value pt these cash inflows and outflows are then
calculated at the rate of return acceptable to the management. This rate of return is
considered as the cut-off rate and is generally determined on the basis of cost of capital
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suitable adjusted to allow for the risk element involved in the project. Cost outflows
represent the investment and commitments of cash in the project at various point of time.
The working capital is taken as a cash outflow in the year the project starts. Commercial
production profit after tax but before depreciation represents cash inflow. The Net
Present Value (NPV) is the difference between the total present value of future cash
inflows and the total present value of future cash outflows.
(b) Excess present value index:
This is refinement of the net present value index method. Instead of working
out the net present value, a present index is found out by comparing the total of present
value of future cash inflows and the total of the present value of future cash outflows.
(c) Internal Rate of Return:
IRR is that at which the sum of discounted cash inflows equals the sun of
discounted cash outflows. In other words, it is the rate which discounts their dash flows
to zero. It can be started in the form of a ratio as follows.
Cash inflows
Cash outflows =1
As for the technique followed shows only for the present value or an limited time period
where as the technique followed in analysis for portfolio building takes into account all
he long term capital gains.








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CHAPTER NO. 3
INDUSTRY PROFILE
Following diagram gives the structure of Indian financial system:


30
FINANCIAL MARKET
Financial markets are helpful to provide liquidity in the system and for smooth
functioning of the system. These markets are the centers that provide facilities for
buying and selling of financial claims and services. The financial markets match the
demands of investment with the supply of capital from various sources.
According to functional basis financial markets are classified into two types.
They are:
Money markets (short-term)
Capital markets (long-term)
According to institutional basis again classified in to two types. They are
Organized financial market
Non-organized financial market.
The organized market comprises of official market represented by
recognized institutions, bank and government (SEBI) registered/controlled activities and
intermediaries. The unorganized market is composed of indigenous bankers,
moneylenders, individual professional and non-professionals.
MONEY MARKET:
Money market is a place where we can raise short-term capital.
Again the money market is classified in to
Inter bank call money market
Bill market and
Bank loan market Etc.
E.g.; treasury bills, commercial papers, CD's etc.
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CAPITAL MARKET:
Capital market is a place where we can raise long-term capital.
Again the capital market is classified in to two types and they are
Primary market and
Secondary market.
E.g.: Shares, Debentures, and Loans etc.
PRIMARY MARKET:
Primary market is generally referred to the market of new issues
or market for mobilization of resources by the companies and government
undertakings, for new projects as also for expansion, modernization, addition,
diversification and up gradation. Primary market is also referred to as New Issue
Market. Primary market operations include new issues of shares by new and existing
companies, further and right issues to existing shareholders, public offers, and issue
of debt instruments such as debentures, bonds, etc.
The primary market is regulated by the Securities and Exchange Board of India
(SEBI a government regulated authority).
Function:
The main services of the primary market are origination,
underwriting, and distribution. Origination deals with the origin of the new issue.
Underwriting contract make the shares predictable and remove the element of
uncertainty in the subscription. Distribution refers to the sale of securities to the
investors.

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The following are the market intermediaries associated with the market:
1.Merchant banker/book building lead manager
2.Registrar and transfer agent
3.Underwriter/broker to the issue
4.Adviser to the issue
5.Banker to the issue
6.Depository
7.Depository participant.

Investors protection in the primary market:
To ensure healthy growth of primary market, the investing public
should be protected. The term investor protection has a wider meaning in the primary
market. The principal ingredients of investors protection are:
Provision of all the relevant information
Provision of accurate information and
Transparent allotment procedures without any bias.





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SECONDARY MARKET
The primary market deals with the new issues of securities.
Outstanding securities are traded in the secondary market, which is commonly known
as stock market or stock exchange. The secondary market is a market where
scrips are traded. It is a market place which provides liquidity to the scrips issued
in the primary market. Thus, the growth of secondary market depends on the primary
market. More the number of companies entering the primary market, the greater are
the volume of trade at the secondary market. Trading activities in the secondary
market are done through the recognized stock exchanges which are 23 in number
including Over the Counter Exchange of India (OTCE), National Stock Exchange of
India and Interconnected Stock Exchange of India.
Secondary market operations involve buying and selling of
securities on the stock exchange through its members. The companies hitting the primary
market are mandatory to list their shares on one or more stock exchanges in India. Listing
of scrips provides liquidity and offers an opportunity to the investors to buy or sell the
scrips.
The following are the intermediaries in the secondary market:
1. Broker/member of stock exchange buyers broker and sellers broker
2. Portfolio Manager
3. Investment advisor
4. Share transfer agent
5. Depository
6. Depository participants.
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STOCK MARKETS IN INDIA:
Stock exchanges are the perfect type of market for securities
whether of government and semi-govt bodies or other public bodies as also for shares and
debentures issued by the joint-stock companies. In the stock market, purchases and sales
of shares are affected in conditions of free competition. Government securities are traded
outside the trading ring in the form of over the counter sales or purchase. The bargains
that are struck in the trading ring by the members of the stock exchanges are at the fairest
prices determined by the basic laws of supply and demand.

Definition of a stock exchange:
Stock exchange means any body or individuals whether
incorporated or not, constituted for the purpose of assisting, regulating or controlling
the business of buying, selling or dealing in securities. The securities include:
Shares of public company.
Government securities.
Bonds






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History of Stock Exchanges:
The only stock exchanges operating in the 19
th
century were those
of Mumbai setup in 1875 and Ahmadabad set up in 1894. These were organized as
voluntary non-profit-marking associations of brokers to regulate and protect their
interests. Before the control on securities under the constitution in 1950, it was a state
subject and the Bombay securities contracts (control) act of 1925 used to regulate
trading in securities. Under this act, the Mumbai stock exchange was recognized in
1927 and Ahmadabad in 1937. During the war boom, a number of stock exchanges
were organized. Soon after it became a central subject, central legislation was
proposed and a committee headed by A.D.Gorwala went into the bill for securities
regulation. On the basis of the committees recommendations and public discussion,
the securities contract (regulation) act became law in 1956.

Functions of Stock Exchanges:
Stock exchanges provide liquidity to the listed companies. By giving
quotations to the listed companies, they help trading and raise funds from the market.
Over the hundred and twenty years during which the stock exchanges have existed in this
country and through their medium, the central and state government have raised crores
of rupees by floating public loans. Municipal corporations, trust and local bodies have
obtained from the public their financial requirements, and industry, trade and commerce-
the backbone of the countrys economy-have secured capital of crores or rupees through
the issue of stocks, shares and debentures for financing their day-to-day activities,
organizing new ventures and completing projects of expansion, diversification and
36
modernization. By obtaining the listing and trading facilities, public investment is
increased and companies were able to raise more funds. The quoted companies with wide
public interest have enjoyed some benefits and assets valuation has become easier for tax
and other purposes.
Various Stock Exchanges in India:
At present there are 23 stock exchanges recognized under the securities
contracts (regulation), Act, 1956. Those are:
Ahmadabad Stock Exchange Association Ltd.
Bangalore Stock Exchange
Bhubaneshwar Stock Exchange Association
Calcutta Stock Exchange
Cochin Stock Exchange Ltd.
Coimbatore Stock Exchange
Delhi Stock Exchange Association
Guwahati Stock Exchange Ltd
Hyderabad Stock Exchange Ltd.
Jaipur Stock Exchange Ltd
Kanara Stock Exchange Ltd
Ludhiana Stock Exchange Association Ltd
Madras Stock Exchange
Madhya Pradesh Stock Exchange Ltd.
Magadh Stock Exchange Limited
Meerut Stock Exchange Ltd.
37
Mumbai Stock Exchange
National Stock Exchange of India
OTC Exchange of India
Pune Stock Exchange
Uttar Pradesh Stock Exchange Association
Vadodara Stock Exchange Ltd.
Out of these major stock exchanges were:
NSE
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. On its recognition as a
stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993,
NSE commenced operations in the Wholesale Debt Market (WDM) segment in June
1994. The Capital Market (Equities) segment commenced operations in November
1994 and operations in Derivatives segment commenced in June 2000
NSE's mission is setting the agenda for change in the securities markets in India. The
NSE was set-up with the main objectives of:
Establishing a nation-wide trading facility for equities and debt instruments.
38
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, 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.
BSE
The Stock Exchange, Mumbai, popularly known as "BSE" was
established in 1875 as "The Native Share and Stock Brokers Association". It is the
oldest one in Asia, even older than the Tokyo Stock Exchange, which was established
in 1878. It is a voluntary non-profit making Association of Persons (AOP) and is
currently engaged in the process of converting itself into demutualised and corporate
entity. It has evolved over the years into its present status as the premier Stock
Exchange in the country. It is the first Stock Exchange in the Country to have
obtained permanent recognition in 1956 from the Govt. of India under the Securities
Contracts (Regulation) Act 1956.The Exchange, while providing an efficient and
transparent market for trading in securities, debt and derivatives upholds the interests
of the investors and ensures redresses of their grievances whether against the
39
companies or its own member-brokers. It also strives to educate and enlighten the
investors by conducting investor education programmers and making available to
them necessary informative inputs.
A Governing Board having 20 directors is the apex body, which
decides the policies and regulates the affairs of the Exchange. The Governing Board
consists of 9 elected directors, who are from the broking community (one third of
them retire ever year by rotation), three SEBI nominees, six public representatives
and an Executive Director &Chief Executive Officer and a Chief Operating Officer.
The Executive Director as the Chief Executive Officer is responsible
for the day-to-day administration of the Exchange and the Chief Operating Officer
and other Heads of Department assist him.
The Exchange has inserted new Rule No.126 A in its Rules, Byelaws
pertaining to constitution of the Executive Committee of the Exchange. Accordingly,
an Executive Committee, consisting of three elected directors, three SEBI nominees
or public representatives, Executive Director & CEO and Chief Operating Officer has
been constituted. The Committee considers judicial & quasi matters in which the
Governing Board has powers as an Appellate Authority, matters regarding annulment
of transactions, admission, continuance and suspension of member-brokers,
declaration of a member-broker as defaulter, norms, procedures and other matters
relating to arbitration, fees, deposits, margins and other monies payable by the
member-brokers to the Exchange, etc.
40
Regulatory Frame Work Of Stock Exchange
A comprehensive legal framework was provided by the Securities Contract
Regulation Act, 1956 and Securities Exchange Board of India 1952. Three tier
regulatory structure comprising
Ministry of finance
The Securities And Exchange Board of India
Governing body
Members of the stock exchange:
The securities contract regulation act 1956 has provided uniform regulation
for the admission of members in the stock exchanges. The qualifications for becoming a
member of a recognized stock exchange are given below:
The minimum age prescribed for the members is 21 years.
He should be an Indian citizen.
He should be neither a bankrupt nor compound with the creditors.
He should not be convicted for fraud or dishonesty.
He should not be engaged in any other business connected with a
company.
He should not be a defaulter of any other stock exchange.
The minimum required education is a pass in 12
th
standard examination.


41
STOCK EXCHANGE BOARD OF INDIA (SEBI)
The securities and exchange board of India was constituted in 1988 under a resolution
of government of India. It was later made statutory body by the SEBI act
1992.according to this act, the SEBI shall constitute of a chairman and four other
members appointed by the central government.
With the coming into effect of the securities and exchange board of India act, 1992
some of the powers and functions exercised by the central government, in respect of
the regulation of stock exchange were transferred to the SEBI.
OBJECTIVES AND FUNCTIONS OF SEBI
To protect the interest of investors in securities.
Regulating the business in stock exchanges and any other securities market.
Registering and regulating the working of intermediaries associated with
securities market as well as working of mutual funds.
Promoting and regulating self-regulatory organizations.
Prohibiting insider trading in securities.
Regulating substantial acquisition of shares and take over of companies.
Performing such functions and exercising such powers under the provisions of
capital issues (control) act, 1947and the securities to it by the central government.



42
SEBI GUIDELINES TO SECONDARY MARKETS: (STOCK
EXCHANGES):
Board of Directors of Stock Exchange has to be reconstituted so as to include
non-members, public representatives and government representatives to the extent
of 50% of total number of members.
Capital adequacy norms have been laid down for the members of various stock
exchanges depending upon their turnover of trade and other factors.
All recognized stock exchanges will have to inform about transactions within 24
hrs.

TYPES OF ORDERS:
Buy and sell orders placed with members of the stock exchange by the
investors. The orders are of different types.
Limit orders: Orders are limited by a fixed price. E.g. buy Reliance Petroleum at
Rs.50.Here, the order has clearly indicated the price at which it has to be bought and the
investor is not willing to give more than Rs.50.
Best rate order: Here, the buyer or seller gives the freedom to the broker to execute the
order at the best possible rate quoted on the particular date for buying. It may be lowest
rate for buying and highest rate for selling.
Discretionary order: The investor gives the range of price for purchase and sale. The
broker can use his discretion to buy within the specified limit. Generally the
approximation price is fixed. The order stands as this buy BRC 100 shares around
Rs.40.
43
Stop loss order: The orders are given to limit the loss due to unfavorable price
movement in the market. A particular limit is given for waiting. If the price falls below
the limit, the broker is authorized to sell the shares to prevent further loss. E.g. Sell BRC
limited at Rs.24, stop loss at Rs.22.
Buying and selling shares:
To buy and sell the shares the investor has to locate register broker or sub broker who
render prompt and efficient service to him. The order to buy or sell specifying the number
of shares of the company of investors choice is placed with the broker. The order may be
of any type. After receiving the order the broker tries to execute the order in his computer
terminal. Once matching order is found, the order is executed. The broker then delivers
the contract note to the investor. It gives the details regarding the name of the company,
number of shares bought, price, brokerage, and the date of delivery of share. In this
physical trading form, once the broker gets the share certificate through the clearing
houses he delivers the share certificate along with transfer deed to the investor. The
investor has to fill the transfer deed and stamp it. The stamp duty is one of the percentage
considerations, the investor should lodge the share certificate and transfer deed to the
register or transfer agent of the company. If it is bought in the DEMAT form, the broker
has to give a matching instruction to his depository participant to transfer shares bought
to the investors account. The investor should be account holder in any of the depository
participant. In the case of sale of shares on receiving payment from the purchasing
broker, the broker effects the payment to the investor.


44
Share groups:
The scripts traded on the BSE have been classified into
A,B1,B2,C,F and Z groups. The A group represents those, which are in
the carry forward system. The F group represents the debt market segment (fixed
income securities). The Z group scrips are of the blacklisted companies. The C
group covers the odd lot securities in A, B1&B2 groups
ROLLING SETTLEMENT SYSTEM:
Under rolling settlement system, the settlement takes place n days
(usually 1, 2, 3 or 5days) after the trading day. The shares bought and sold are paid in
for n days after the trading day of the particular transaction. Share settlement is likely
to be completed much sooner after the transaction than under the fixed settlement
system.
The rolling settlement system is noted by T+N i.e. the settlement
period is n days after the trading day. A rolling period which offers a large number of
days negates the advantages of the system. Generally longer settlement periods are
shortened gradually.
SEBI made RS compulsory for trading in 10 securities selected
on the basis of the criteria that they were in compulsory demat list and had daily
turnover of about Rs.1 crore or more. Then it was extended to A stocks in Modified
Carry Forward Scheme, Automated Lending and Borrowing Mechanism (ALBM)
and Borrowing and lending Securities Scheme (BELSS) with effect from Dec 31,
2001.

45
Company profile
ANU Securities limited are one of the Leading stock broking
Companies based in Andhra Pradesh. We strongly believe that value based investments
Advice will help our customers make money. Mr. .K.V. SUBBA RAO, an eminent stock
Broker, promotes Anu Securities limited and well know personalities in the stock broking
and investment fraternity in Andhra Pradesh. The company commenced its membership
on the Hyderabad stock exchange Ltd. It has the distinction of being the first corporate
member from Hyderabad and also the first Andhra Pradesh based broking firm to start
trading on the national stock exchange (NSE), the premier stock exchange in the country.
The company is a registered member on the capital market segment and
future & options segment of NSE. The company is also a depositary participant (DP)
with national securities depository Ltd (NSDL) The Company is also SEBI registered
portfolio manager offering portfolio management services to customer the company is
also has applied and got in principle approval; for membership into the capital market
segment of BSE








46
SERVICES OFFERED BY ANU SECURITIES LTD
Investment advisory service portfolio management services
Trading on NSE (capital market segment), BSE and HSE
Trading on futures and option and on the NSE
Demat accounts Guidance and clients in dematerialization of physical shares
Tax saving and bands and instruments
Guidance to NRI clients regarding investing in the Indian market
IPOs/fixed income/ Mutual funds















47

THE COMPANY HAS TWO SUBSIDIARIES

ANU COM TRADE PVT LIMITED
It is a100% subsidiary of ZSL and is a member
of National commodities and derivatives and exchange limited (NCDEX), an exchange
co-promoted by NSE
ANU INSURANCE SERVICES PVT LIMITED
It has applied for license as an insurance broker
and the same is under consideration by insurance Regulatory development authority
(IRDA)
ZSL operates out of a spacious office in Hyderabad and has other branches/
franchises in the state of Andhra Pradesh& Tamilnadu. The company has over 32 VSAT
installation spread over Andhra Pradesh and one in Tamilnadu with approximately to
110CM trading terminals and 60 F&O trading terminals catering to the investors in the
state







48

K.V SUBBA RAO
(Managing Director)
Mr. Subba Rao has acquired his masters degree in the field of APPLIED
PHYSCIS with specialization in the field of instrumentation. He started his career as an
engineer with A.P PAPER MILLS in Rajmundhary.he has over a decade of experience in
the industry. A vastly experienced and a seasoned investor and stock broker he is the
guiding light for the company. He is the promoter of the ANU securities Ltd. Under his
leadership, ANU securities have grown to a stage of being a leading provider of financial
services in the state of Andhra Pradesh. The company continues to demonstrate
consistent growth over the year
P.SAMBA SIVA RAO
(Executive director)
Mr. Samba Siva Rao has done his masters in pharmacy (M PHARM) from a premier
institute. He worked with several multi national pharmaceutical companies before in cop
orating and running a successful pharmacy business venture in USA. He relocated to
India and started stock broking business as a member of the Hyderabad stock exchange
(HSE) in 1994





49
R.CH. DIWAKAR
(Director)
Mr. R.CH Diwakar has a done is bachelors in engineering in field of chemical
technology, from a premier institute. He has more than two decades of experience in
various fields of management administration and marketing in various capacities.

K. SATISH
(Head equity research)
Mr. Satish is chartered financial analyses and also has and master degree in finance
from a premier institute he is responsible for the equity research division of the company
J. SANDHEKAR RAO
(Director.ANU com trade and Head compliance)
Mr. J.Sandhekar Rao hold a bachelors degree in field of mech uncial engineering i.e. B.E
(mech). He has done his masters in business i.e. M.B.A and specialize in the filed of
finance M.B.A (finance) from a premier institute. He has a vast experience in the filed of
stock broking and a deep under standing of the regulator frame work in the capital
market. He is heading the commodity broking business of the company





50
CHAPTER NO.4
DATA ANALYSIS AND INTERPRETATIONS
1) Wipro Technology
Wipro Technologies is a global services provider delivering technology-
driven business solutions. Wipro is the No.1 provider of integrated business, technology
and process solutions on a global delivery platform. Azim Premji is the Chairman of
Wipro Technologies. He took over the mantle of leadership of Wipro at the age of 21 in
1966. Under his leadership, the fledgling US$ 2 million hydrogenated cooking fat
company has grown to a US$1.76 billion IT Services organization serving customers
across the globe. Wipro is presently ranked among the top 100 Technology companies in
the world. It has 66,000+ employees, serves 592 clients, and has 46 development centers
across globe.









51
Year Opening price Closing price return
2004 1060.68 1057.09 -0.33
2005 584.67 583.75 -0.15
2006 515.70 514.95 -0.14
2007 526.90 525.25 -0.31
2008 395.01 393.70 -0.33
(TABLE 4.1)
Risk return in Wipro
(TABLE 4.2)
Variance= total/no of year
=0.037/5
=0.0075
S.D = variance
= 0.0075
=0.086
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.33 -0.25 -0.08 0.0064
2005 -0.15 -0.25 0.1 0.01
2006 -0.14 -0.25 0.11 0.012
2007 -0.31 -0.25 -0.06 0.003
2008 -0.33 -0.25 -0.08 0.0064
-1.26 0..037
52

2) Hero Honda Motors Limited
The Company's principal activity is to manufacture and market
motorcycles and spare parts. The Company is a joint venture between Hero Group, India
and Honda Motors Company of Japan. The motorcycle features include four stroke
technology, phenomenal fuel economy and low exhaust pollution levels. The major
brands of the Company include Splendor, CBZ and Passion. The Company has two
manufacturing facilitilocated at Dharuhera and Gurgaon in Haryana
Hero Honda values its relationship with customers. Its unique CRM
initiative - Hero Honda Passport Program, one of the largest programs of this kind in the
world, has over 3 million members on its roster. The program has not only helped Hero
Honda understand its customers and deliver value at different price points, but has also
created a loyal community of brand ambassadors.
Hero Honda has consistently grown at double digits since inception; and
today, every second motorcycle sold in the country is a Hero Honda. Every 30 seconds,
someone in India buys Hero Honda's top -selling motorcycle - Splendor. This festive
season, the company sold half a million two wheelers in a single month-a feat
unparalleled in global automotive history.




53
(TABLE 4.3)
Risk of Hero Honda Motors
(TABLE 4.4)
Variance= total/no of year
=0.908/5
=0.181
S.D= variance
= 0.181
=0.42
Year Opening price Closing price Return
2004 467.58 467.31 -0.05
2005 630.83 631.41 0.09
2006 787.88 785.50 -0.30
2007 691.22 690.56 -0.09
2008 755.91 758.31 0.31
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.05 -0.008 -0.04 0.001
2005 0.09 -0.008 0.098 0.009
2006 -0.30 -0.008 -0.29 0.008
2007 -0.09 -0.008 -0.89 0.79
2008 0.31 -0.008 0.318 0.10
-0.04 0.908
54
3) SAIL
The history of SAIL goes back to 1995. Within the Dutch higher education
law two sectors are distinguished: higher vocational training (HBO) and university
education (WO). The SAIL-institutes do not belong to one of these sectors. This is
due to the fact that they offer English-spoken (no-Dutch) post-graduate programs (no
bachelor-track) for a non-Dutch student population (mid-career professionals from
mainly developing countries) with Anglo-Saxon degrees (no Dutch degrees). This
actually led to an unclear legal and financial position of the institutes in the Dutch
higher education system. One of the Dutch MPs brought this confusing position in
1991 to the attention of the entire Dutch Parliament. The Parliament called upon the
Minister for Education, Culture and Science to formulate a policy to clarify the issue.
The Minister established in August 1992 a committee to advice him: the
Wolfsan-committee. The committee suggested in its conclusion to specify a special
category (International Education) with its own budget and rights in the Dutch Higher
Education Act. The minister did not like the idea and requested six institutes (the current
five and Wageningen University) to form a foundation that would overcome the scale
problem of relatively small institutes, would foster the cooperation between the SAIL-
institutes, would link the five institutes to the university sector, and could monitor the
quality of education. Wageningen University should act as a linking pin with the
universities. The foundation established on February 3 1995 received a one-time subsidy
to stimulate the cooperation between the institutes. Also a scientific advisory council
(WAR) formed by independent university professors was attached to the foundation to
safeguard the academic quality of the SAIL-institutes
55
(TABLE 4.5)
Risk of SAIL
(TABLE 4.6)
Variance= Total/no. of year
= 0.352/5
=0.070
S.D =Variance
=0.07
=0.26

Year Opening price Closing price Return
2004 41.29 41.18 -0.26
2005 57.60 57.32 -0.48
2006 75.14 75.14 0
2007 161.72 162.00 0.17
2008 155.02 154.08 -0.60
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.26 -0.23 -0.03 0.009
2005 -0.48 -0.23 0.25 0.062
2006 0 -0.23 0 0
2007 0.17 -0.23 0.4 0.16
2008 -0.60 -0.23 -0.37 0.13
-1.17 0.352
56
4) Ranbaxy Laboratories Limited
Ranbaxy Laboratories Limited is an integrated, research based, international
pharmaceutical company, producing a wide range of quality, affordable generic
medicines. Ranbaxy is ranked amongst the top ten global generic companies and has a
presence in 23 of the top 25 pharma markets of the world. The company is headquartered
in India. It has presence in 49 countries, with manufacturing facilities in 11 and a diverse
product portfolio.
Ranbaxy was incorporated in 1961. Bhai Mohan Singh was the founder of the
company. He bought the company from his cousins Ranjit Singh and Gurbax Singh.
Ranbaxy's name is a fusion of Ranjit and Gurbax's names. Ranbaxy went public in 1973.
Ranbaxy's first joint venture was set up in Lagos (Nigeria) in 1977. In 1985, Ranbaxy
Research Foundation was established and Stancare, Ranbaxy's second pharmaceutical
market division started functioning. In 1987, production started at Ranbaxy's Toansa
Plant (Punjab) and with this Ranbaxy became India's largest manufacturer of
antibiotics/antibacterials. In 1988, Ranbaxy's Toansa Plant got US FDA approval. In
1990, Ranbaxy was granted its first US patent, for Doxycyline. In 1993, Ranbaxy set up a
joint venture in China. In 1994, Ranbaxy established regional headquarters in UK and
USA. In the same year its GDR was listed in Luxembourgh Stock Exchange. In 1995,
Ranbaxy acquired Ohm Laboratories, a manufacturing facility in the US and inaugurated
state-of-the art new manufacturing wing at Ranbaxy's US subsidiary Ohm Laboratories
Inc.


57

Year Opening price Closing price Return
2004 1026.32 1026.19 -0.01
2005 780.94 778.52 -0.30
2006 406.79 405.34 -0.35
2007 384.72 383.29 -0.37
2008 399.96 399.96 0
(TABLE 4.7)
Risk of Ranbaxy Laboratories
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.01 -0.20 0.19 0.046
2005 -0.30 -0.20 -0.11 0.01
2006 -0.35 -0.20 -0.15 0.02
2007 -0.37 -0.20 -0.17 0.02
2008 0 -0.20 0 0
-1.04 0.14
(TABLE 4.8)
Variance= Total/no. of year
=0.14/5
=0.028
S.D = Variance
= 0.028
= 0.16
58
5) Colgate
In 1806, when the company was founded by 23-year-old William Colgate, it
concentrated exclusively on selling starch, soap, and candles from its New York City-
based factory and shop. Upon entering his second year of business, Colgate became
partners with Francis Smith, and the company became Smith and Colgate, a name it kept
until 1812 when Colgate purchased Smith's share of the company and offered a
partnership to his brother, Bowles Colgate. Now called William Colgate and Company,
the firm expanded its manufacturing operations to a Jersey City, New Jersey, factory in
1820; this factory produced Colgate's two major products, Windsor toilet soaps and Pearl
starch.
In 1873 Colgate began selling toothpaste in a jar, followed 23 years later by the
introduction of Colgate Ribbon Dental Cream, in the now familiar collapsible tube. By
1906 the company was also producing several varieties of laundry soap, toilet paper, and
perfumes. Colgate & Company shifted its headquarters to Jersey City in 1910.


59
(TABLE 4.9)
Risk of Colgate

Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.07 -4.97 4.9 24.01
2005 -0.12 -4.97 4.85 23.52
2006 -0.09 -4.97 4.88 23.81
2007 -23.63 -4.97 18.66 348.19
2008 -0.97 -4.97 4.00 16.00
-24.88 435.53
(TABLE 4.10)
Variance = Total/no. of year
=435.53/5
=87.10
S.D =Variance
=87.10
=9.33
Year Opening price Closing price Return
2004 143.20 143.09 -0.07
2005 224.92 224.64 -0.12
2006 377.66 377.31 -0.09
2007 368.01 281.02 -23.63
2008 402.23 398.32 -0.97
60
6) ICICI BANK
ICICI Bank is India's second-largest bank with total assets of Rs. 3,767.00 billion (US$
96 billion) at December 31, 2007 and profit after tax of Rs. 30.08 billion for the nine
months ended December 31, 2007. ICICI Bank is second amongst all the companies
listed on the Indian stock exchanges in terms of free float market capitalisation. The Bank
has a network of about 955 branches and 3,687 ATMs in India and presence in 17
countries. ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialised subsidiaries and affiliates in the areas of investment banking, life and non-life
insurance, venture capital and asset management. The Bank currently has subsidiaries in
the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain,
Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative
offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia
and Indonesia. Our UK subsidiary has established a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and
the National Stock Exchange of India Limited and its American Depositary Receipts
(ADRs) are listed on the New York Stock Exchange (NYSE)

61
(TABLE 4.11)
Risk of ICICI Bank

Variance =Total/no. of year (TABLE 4.12)
=0.99/5
=0.19
S.D =Variance
=0.19
=0.44

Year Opening price Closing price Return
2004 278.51 279.69 0.40
2005 451.63 451.74 0.02
2006 632.14 632.31 0.02
2007 866.62 864.33 -0.26
2008 744.41 738.97 -0.73
Year Return Avg return (R-R) (R-R)*(R-R)
2004 0.40 -0.10 0.52 0.27
2005 0.02 -0.10 0.12 0.01
2006 0.02 -0.10 0.12 0.01
2007 -0.26 -0.10 -0.16 0.02
2008 -0.73 -0.10 0.83 0.68
-0.53 0.99
62
7) Asian paint
Asian Paints is India's largest and Asia's third largest paint company
today, with a turnover of Rs 44.04 billion (around USD 1.1 billion). The company has an
enviable reputation in the corporate world for professionalism, fast track growth and
building shareholder equity. Asian Paints operates in 20 countries and has 28 paint
manufacturing facilities in the world servicing consumers in over 65 countries. Besides
Asian Paints, the group operates around the world through its subsidiaries, Berger
International Limited, Apco Coatings, SCIB Paints and Taubmans.
Asian Paints along with its subsidiaries has operations in 20 countries
across the world and 28 paint manufacturing facilities, servicing consumers in 65
countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings
and Taubmans. Asian Paints operates in 5 regions across the world viz. South Asia, South
East Asia, South Pacific, Middle East and Caribbean region through the five corporate
brands viz. Asian Paints, Berger International, SCIB Paints, Apco Coatings and
Taubmans. In 10 markets, it operates through its subsidiary, Berger International Limited;
in Egypt through SCIB Paints; in 5 markets in the South Pacific it operates through Apco
Coatings and in Fiji and Samoa it also operates through

63
(TABLE 4.13)
Risk of Asian paint
(TABLE 4.14)
Variance =Total/no. of year
= 1.88/5
= 0.37
S.D = Variance
=0.37
=0.61

Year Opening price Closing price Return
2004 310.71 309.89 -0.26
2005 431.76 424.54 -1.67
2006 638.26 636.52 -0.27
2007 868.65 868.39 -0.02
2008 1115.22 1114.46 -0.06
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.26 -0.4 0.14 0.01
2005 -1.67 -0.4 -1.27 1.61
2006 -0.27 -0.4 0.13 0.01
2007 -0.02 -0.4 0.38 0.14
2008 -0.06 -0.4 0.34 0.11
-0.4 1.88
64
8) TATA Motors
Tata Motors Limited is Indias largest automobile company, with revenues of Rs.
35651.48 crores (USD 8.8 billion) in 2007-08. It is the leader in commercial vehicles in
each segment, and among the top three in passenger vehicles with winning products in
the compact, midsize car and utility vehicle segments. The company is the worlds fourth
largest truck manufacturer, and the worlds second largest bus manufacturer.
The companys 23,000 employees are guided by the vision to be best in the
manner in which we operate best in the products we deliver and best in our value system
and ethics.
Established in 1945, Tata Motors presence indeed cuts across the length and
breadth of India. Over 4 million Tata vehicles ply on Indian roads, since the first rolled
out in 1954. The companys manufacturing base in India is spread across Jamshedpur
(Jharkhand), Pune(Maharashtra), Luck now (Uttar Pradesh) and Pantnagar (Uttarakhand).
Following a strategic alliance with Fiat in 2005, it has set up an industrial joint venture
with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce both Fiat and Tata
cars and Fiat power trains. The company is establishing two new plants at Dharwad
(Karnataka) and Sanand (Gujarat). The companys dealership, sales, services and spare
parts network comprises over 3500 touch points; Tata Motors also distributes and
markets Fiat branded cars in India.




65

Risk of TATA Motors (TABLE 4.15)

Variance = Total /no. of year (TABLE 4.16)
= 0.36/5
= 0.072
S.D = Variance
= 0.072
= 0.26
Year Opening price Closing price Return
2004 392.01 392.16 0.03
2005 484.95 484.35 -0.12
2006 821.31 820.11 -0.14
2007 751.36 748.32 -0.40
2008 478.24 474.61 -0.75
Year Return Avg return (R-R) (R-R)*(R-R)
2004 0.03 -0.27 -0.3 0.09
2005 -0.12 -0.27 0.15 0.02
2006 -0.14 -0.27 0.13 0.01
2007 -0.40 -0.27 -0.13 0.01
2008 -0.75 -0.27 -0.48 0.23
-0.27 0.36
66
9) GAIL
GAIL (India) Ltd. is India's principal gas transmission and marketing
company. GAIL is involved in all aspects of the Natural Gas value chain, which include:
Exploration & Production, Processing, Transmission, Distribution and Marketing, and its
related services. In a scenario where society is increasingly concerned about the impact of
development on environment and Natural gas is one of most clean fuels available, GAIL
has a critical role to play. GAIL is currently spearheading the move to a new era of clean
fuel industrialization by creating a quadrilateral of green energy corridors that connect
major consumption centers in India with major gas fields, LNG terminals and other cross
border gas sourcing points. GAIL (India) Ltd. was previously known as Gas Authority of
India Ltd. It was set up by the Government of India in August 1984 to create gas sector
infrastructure for sustained development of the natural gas sector in the country. During
its short lifespan GAIL has achieved several major milestones.
Major Milestones of GAIL
The 2800-km Hazira-Vijaipur-Jagdishpur (HVJ) pipeline became operational in 1991.
GAIL began its city gas distribution in Delhi in 1997 by setting up nine CNG
stations, catering to the city's vast public transport fleet.
In 1999, GAIL set up northern India's only petrochemical plant at Pata.
In 2001, GAIL commissioned world's longest and India's first Cross Country LPG
Transmission Pipeline from Jamnagar to Loni.
Gas Authority of India was renamed GAIL (India) Limited on November 22,
2002
67
(TABLE 4.17)
Risk of GAIL
(TABLE 4.18)
Variance = Total/no. of year
=5.00/5
=1
S.D = Variance
=1
= 1

Year Opening price Closing price Return
2004 204.17 203.37 -0.39
2005 235.53 234.95 -0.24
2006 272.08 264.36 -2.83
2007 335.36 333.88 -0.44
2008 364.29 363.34 -0.26
Year Return Avg return (R-R) (R-R)*(R-R)
2004 -0.39 -0.83 0.44 0.19
2005 -0.24 -0.83 0.59 0.34
2006 -2.83 -0.83 -2.00 0
2007 -0.44 -0.83 0.39 0.15
2008 -0.26 -0.83 0.57 0.32
-4.16 5.00
68

10) BHEL
BHEL or Bharat Heavy Electricals Limited is the largest engineering and manufacturing
enterprise in India in the energy-related/infrastructure sector. BHEL is one of the nine
large Public Sector Undertakings known as navratnas or nine jewels. BHEL offers over
180 products and provides systems and services to meet the needs of core sectors like:
power, transmission, industry, transportation, oil & gas, non-conventional energy sources
and telecommunication. BHEL was founded in 1950s. Its operations are organized
around three business sectors: Power, Industry - including Transmission, Transportation,
and Telecommunication & Renewable Energy - and Overseas Business. Today, BHEL
has a wide-spread network comprising 14 manufacturing divisions, 8 service centers, 4
power sector regional centers, 18 regional offices, and a large number of project sites
spread all over India and abroad. BHEL is one of the largest exporters of engineering
products & services from India. BHEL has established its references in around 60
countries of the world, ranging from the United States in the West to New Zealand in the
Far East. Its export range include: individual products to complete power stations,
turnkey contracts for power plants, EPC contracts, HV/EHV Sub-stations, O&M services
for familiar technologies, specialized after-market services like Residual Life Assessment
(RLA) studies and retrofitting, refurbishing & overhauling, and supplies to manufacturers
& EPC contractors.



69

Year Opening price Closing price Return
2004 573.86 575.43 0.27
2005 985.18 986.27 0.11
2006 2127.49 2124.07 -0.16
2007 2161 2158.68 -0.13
2008 1702.90 1693.83 -0.53
Risk of BHEL (TABLE 4.19)
(TABLE 4.20)
Variance = Total/ no. of year
= 0.358/5
= 0.071
S.D = Variance
= 0.071
=0.26

Year Return Avg return (R-R) (R-R)*(R-R)
2004 0.27 -0.08 0.35 0.12
2005 0.11 -0.08 0.19 0.03
2006 -0.16 -0.08 -0.08 0.006
2007 -0.13 -0.08 -0.05 0.002
2008 -0.53 -0.08 -0.45 0.20
-0.44 0.358
70

(TABLE 4.21)










Companies Avg return Stranded deviation
Wipro -0.25 0.086
Hero Honda -0.008 0.42
SAIL -0.23 0.26
Ranbaxy -0.20 0.16
Colgate -4.97 9.33
ICICI -0.10 0.44
Asian paint -0.40 0.61
TATA MOTORS -0.27 0.26
GAIL -0.83 1.0
BHEL -0.08 0.26
71




(GRAPH 4.1)










Avg return of differents companies
-7
-5
-3
-1
1
3
5
W
i
p
r
o
H
e
r
o

H
o
n
d
a
S
A
I
L
R
a
n
b
a
x
y
C
o
l
g
a
t
e
I
C
I
C
I
A
s
i
a
n

p
a
i
n
t
T
A
T
A

M
O
T
O
R
S
G
A
I
L
B
H
E
L
company
A
v
g

r
e
t
u
r
n
Avg return
72



(GRAPH 4.2)











Stranded deviation of different companies
0
1
2
3
4
5
6
7
8
9
10
W
i
p
r
o
H
e
r
o

H
o
n
d
a
S
A
I
L
R
a
n
b
a
x
y
C
o
l
g
a
t
e
I
C
I
C
I
A
s
i
a
n

p
a
i
n
t
T
A
T
A

M
O
T
O
R
S
G
A
I
L
B
H
E
L
companies
s
t
r
a
n
d
e
d

d
e
v
i
a
t
i
o
n
Stranded deviation
73

1) Correlation between WIPRO & HERO HONDA

Year Dev of WIPRO(dx) Dev of HERO
HONDA (dy)
dx*dy
2004 -0.08 -0.04 0.003
2005 0.10 0.098 0.0098
2006 0.11 -0.29 -0.0319
2007 -0.06 -0.89 0.0534
2008 0.08 0.38 -0.0304
0.0041
(TABLE 4.22)
Covariance (covab) = 1/n (dxdy)
= 1/5 * 0.0041
= 0.00082
Correlation co-efficient = COVab / S.D of A) * (S.D of B)
=0.00082/0.086*0.42
=0.00082/0.03612
=0.022




74
2) Correlation between SAIL &RANBAXY

Year Dev of SAIL (dx) Dev of
RANBAX(dy)
dx*dy
2004 -0.03 0.19 -0.0057
2005 0.25 -0.11 -0.027
2006 0 -0.15 0
2007 0.4 -0.17 -0.468
2008 -0.37 0 0
-0.5
(TABLE 4.23)

Covariance (COVab) =1/n (dx*dy)
=1/5*-0.5
=-0.1
Correlation co-efficient = COVab / S.D of A) * (S.D of B)

= -0.1/0.26*0.16
=-0.1/0.0416
=-2.43



75
3) Correlation between COLGATE & ICICI BANK

Year Dev of COLGATE
(dx)
Dev of
ICICIBANK(dy)
dx*dy
2004 4.9 0.52 2.54
2005 4.85 0.12 0.58
2006 4.88 0.12 0.58
2007 18.66 -0.16 -2.98
2008 4.00 0.83 3.32
4.04
(TABLE 4.24)

Covariance (COVab) =1/n (dx*dy)
=1/5*404
= 0.808

Relation co-efficient = COVab / S.D of A) * (S.D of B)

= 0.808/9.33*0.44
=0.808/4.10
= 0.19


76
4) Correlation between ASIAN PAINTS and TATA MOTORS

Year Dev of Asian
paint(dx)
Dev of Tata
motors(dy)
dx*dy
2004 0.14 -0.3 -0.042
2005 -1.27 0.15 -0.190
2006 0.13 0.13 0.016
2007 0.38 -0.13 -0.049
2008 0.34 -0.48 -0.163
-0.428
(TABLE 4.25)
Covariance (COVab) =1/n (dx*dy)
=1/5*-0.428
=-0.085

Correlation co-efficient = COVab / S.D of A) * (S.D of B)

=-0.085/0.61*0.26
=-0.085/0.158
=-0.53



77
5) Correlation between GAIL & BHEL
Year Dev of GAIL(dx) Dev of BHEL(dy) dx*dy
2004 0.44 0.35 0.15
2005 0.59 0.19 0.11
2006 -2,00 -0.08 0.16
2007 0.39 -0.05 -0.01
2008 0.57 -0.45 -0.25
0.16
(TABLE 4.26)

Covariance (COVab) =1/n (dx*dy)
=1/5*0.16
=0.032
Correlation co-efficient = COVab / S.D of A) * (S.D of B)

=0.032/1*0.26
=0.032/0.26
=0.12





78
Companies Covariance Correlation coefficients
Wipro & Hero Honda 0.00082 0.022
Sail & Ranbaxy -0.1 -2.43
Colgate & ICICI 0.808 0.19
Asian paints & Tata motors -0.085 -0.53
Gail & BHEL 0.032 0.12
(TABLE 4.27)
FORMULA TO CACULATE WEIGHTS

Wa=
2
2
-covab /
1
2
+
2
2
-covab
Wb= 1-Wa

1) Wipro &Hero Honda
Wa=
2
2
- covab /
1
2
+
2
2
-covab
= (0.42)
2
-0.00082/ (0.086)
2
+ (0.42)
2
-0.00082
= 0.1764-0.00082/0.0073+0.1764-0.00082
=0.17558/0.1837-0.0082
=0.17558/0.18288
Wa= 0.960
Wb= 1-Wa
=1-0.960
=0.04
79

Rp= wiri
Rp = W
1
r
1
+ w
2
r
2

=0.960+ (-0.25) +0.04*(-0.008)
= (-0.24) + (-0.0032)
Rp = -0.24

p
= (w
1
2

1
2
+w
2
2
.
2
2
+ 2. W
1
. W
2
.
1
.
2
)
= (0.96)
2
(0.08)
2
+(0.04)
2
(0.42)
2
+2(0.022)(0.90)(0.04)(0.086)(0.42)
=0.96*0.0073+0.0016*0.1764+2*0.0000286
=0.00671+0.00028+0.0000572
= 0.0070648
Rp =0.0840










80
2) SAIL &RANBAXY
Wa=
2
2
- covab /
1
2
+
2
2
-covab
(0.16)
2
-(-0.1)/(0.26)
2
+ (0.16)
2
-(-0.1)
=0.0256-(-0.1)/0.0676+0.0256-(-0.1)
=0.1256/0.0932-(-0.1)
=0.1253/0.1932
Wa =0.650

Wb= 1-Wa
= 1-0.650
Wb=0.35
Rp = W
1
r
1
+ w
2
r
2

= 0.650*(-0.23) +0.35*(-0.20)
= (-0.149)*(-0.07)
= -0.219

p
= (w
1
2

1
2
+w
2
2
.
2
2
+ 2. W
1
. W
2
.
1
.
2
)
= (0.65)
2
(0.26)
2
+ (0.35)
2
(0.16)
2
+2(-2.43) (0.65) (0.35) (0.26) (0.16)
= 0.4225*0.0676+0.1225*0.0256+2(-2.43) (0.009464)
= 0.028561+0.003136
=0.01420

p
= 0.1191

81

3) COLGATE & ICICI
Wa=
2
2
- covab /
1
2
+
2
2
-covab
= (0.44)
2
-0.808/(9.33)
2
+(0.44)
2
-0.808
=0.1936-0.808/87.04+0.1936-0.808
= (-0.6144)/87.233-0.808
= (-0.6144)/86.425
Wa = -0.00710
Wb= 1-Wa
1-(-0.00710)
Wb= 1.0071
Rp = W
1
r
1
+ w
2
r
2

= (-0.0071) (-4.97) +1.0071(-010)

= 0.0352+ (-0.100)
Rp = -0.0648

p
= (w
1
2

1
2
+w
2
2
.
2
2
+ 2. W
1
. W
2
.
1
.
2
)
= (-0.00710)
2
(9.33)
2
+ (1.0071)
2
(0.44)
2
+2(0.19)(0.00710)(1.0071)(9.33)(0.44)
= (0.0000504) (87.04) + (1.014) (0.193) + 2(-0.0055)
= 0.0043+0.1957+ (-0.011)
= 0.189

p
=0.4347


82
4) ASIAN PAINTS & TATAMOTORS
Wa =
2

2
- covab /
1
2
+
2
2
-covab
= (0.26)
2
-(-0.085)/(0.61)
2
+ (0.26)
2
-(-0.085)
=0.0676-(-0.085)/0.3721+0.0676-(-0.085)
=0.1526/0.4397-(-0.085)
=0.1526/0.5247
Wa =0.29

Wb= 1-Wa
1-0.29
Wb=0.71
Rp = W
1
r
1
+ w
2
r
2

= 0.29*(-0.4) +0.71(-0.27)
= (-0.116)+ (-0.1917)
Rp= -0.3077

p
= (w
1
2

1
2
+w
2
2
.
2
2
+ 2. W
1
. W
2
.
1
.
2
)
= (0.29)
2
(0.61)
2
+ (0.71)
2
(0.26)
2
+2(-0.53) (0.29) (0.71) (0.61) (0.26)
= 0.0841*0.3721+0.5041*0.0676+2(-0.0173)
= 0.0312+0.340+ (-0.0346)
= 0.3366

p
=0.580


83
5) GAIL& BHEL
Wa=
2
2
- covab /
1
2
+
2
2
-covab
= (0.26)
2
-0.032/(1)
2
+(0.26)
2
-0.032
=0.0676-0.032/1+0.0676-0.032
=0.0356/1.0676-0.032
=0.0356/1.0356
Wa=0.034
Wb= 1-Wa
=1-0.034
Wb= 0.966
Rp= W
1
r
1
+ w
2
r
2

= 0.034*(0.83) +0.966(-0.08)
= (-0.028) + (-0.077)
= -0.105



p
= (w
1
2

1
2
+w
2
2
.
2
2
+ 2. W
1
. W
2
.
1
.
2
)
= (0.034)
2
(1)
2
+ (0.966)
2
(0.26)
2
+2(0.12)(0.034)(0.966)(1)(0.26)
=0.0011*1+0.933(0.0676) +2*0.00102
=0.0011+0.0630+0.00204
=0.06614

p
=0.257

84


Portfolio securities Weights Portfolio risk Portfolio
return
A Wipro & Hero
Honda
0.96
0.04
0.084 -0.24
B SAIL &
Ranbaxy
0.65
0.35
0.119 -0.21
C Colgate &
ICICI
-0.0071
1.0071
0.4347 -0.064
D Asian paint &
TATA motors
0.29
0.71
0.580 -0.307
E GAIL & BHEL 0.034
0.966
0.257 -0.105
(TABLE 4.28)







85

(GRAPH 4.3)








Risk of different portfolio
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
A B C D E
portfolio
r
i
s
k
Portfolio risk
86




(GRAPH 4.4)





Return of different portfolio
-0.4
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
A B C D E
portfolio
r
e
t
u
r
n
Portfolio return
87
FINDINGS OF THE STUDY

In the present study, 10 companies were taken, out of which 5
portfolios were constructed, each portfolio comprising of 2 companies or 2 securities.
1) Among the 10 companies, Colgate is having the highest risk with std deviation of
9.33 and Wipro is having the least std deviation of 0.086.
2) If the returns are taken into consideration, Hero Honda tops in first position. The
least returns are given by Colgate.
3) Of the five portfolios constructed, the risk associated with portfolio D is highest
and portfolio A is least
4) Among the 5 portfolios, portfolio C is giving maximum returns followed by
portfolio E, portfolio B, portfolio A and portfolio D.
5) In portfolio A, Wipro & Hero Honda companies of 0.96 and 0.04 proportion
respectively.
6) The proportions of weights of SAIL & Ranbaxy are 65% and 35% in portfolio B.
7) Portfolio C comprises of Colgate & ICICI in the proportion of -0.00710 & 1.0071
respectively.
8) In portfolio D, the Asian Paints proportion is around 29% and TATA motors
proportion is around 71%.
9) The proportion of GAIL in portfolio E is 0.034 and that of BHEL is 0.966.



88
SUGGESTIONS
1) In spite of high deviation of Colgate, the returns from the Colgate are not
impressive. On the other hand, the returns from Wipro are satisfactory with less
return. Hence it is better to invest in Wipro security.
2) The returns from Hero Honda are quite attractive with moderate risk. Hence
investors can be suggested to invest in Hero Honda security.
3) The risk inverter is suggested to invest in portfolio A where as the risk seeker is
suggested to invest in portfolio D.
4) Though the returns from portfolio C is more, still the investors from would like to
invest in portfolio E. The reason is every investor before investing in any
investment would like to know the risk- return combination. In this case at 0.257
risks, portfolio is giving returns around -0.105.
5) The minimum variance for portfolio A is obtained by investing 96% in Wipro and
4% in Hero Honda because the risk associated with Wipro is very less(0.086)>
6) The portfolio B minimum variation is obtained by investing 65% in SAIL & 35%
in Ranbaxy. This is done in accordance to risk-return relationship. Inspite of its
high deviation, SAIL is giving high returns.
7) In portfolio C, the funds are borrowed from Colgate and landed to ICICI. The
reason is inspite of its highest deviation, Colgate is unable to give the satisfactory
results /returns.
8) If individual securities are observed, Asian Paints is having high std deviation and
TATA is having low std deviation. By constructing a portfolio, the risk of these
two securities has been diversified and resulted in maximizing the returns.
89
9) Though the returns of GAIL and BHEL are in accordance with their std deviation,
the risk has been diversified by constructing a portfolio. The loss form GAIL has
been offset by gain from BHEL.




















90

CONCLUSION
The main aim of construction of portfolio is to find out the best combination of
investment in securities which will give us maximum returns for less risk. We cannot
avoid risk, but can minimize risk by eliminating the unsystematic risk factor. This
project work is done in the view that how well a combination can be taken according
to the portfolios of investors. If an investor is risk avertor, he will choose portfolio A.
But if the investor is risk seeker, he can select either the portfolio D or portfolio C. if
the investor is interested to take moderate risk, he will select either portfolio B or
portfolio E























91
BIBLOGRAPHY





Portfolio management:
S. KEVIN

Security analysis and port folio management:

V.K.BHALLA

Security management and portfolio management:

FISCHER & JORDON.

Investment:

V.K.BHALLA & R.M.KISHORE

WEBSITES:
www.nseindia.com
www.bseindia.com
www.valuereseach.com