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DECLARATION
I hereby declare that this Live Research Project Titled A STUDY ON PORTFOLIO MANAGEMENT & MUTUAL FUND ANALYSIS submitted by me to the department of business management, Rajasthan Technical University, Kota is a bonafide work undertaken by me & it is not submitted to any other university or institution for the award of any degree/diploma/certificate or published any time before.
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PREFACE
The objective behind the Live Research Project of MBA Programme is to provide the practical aspects of the organizations and environment. This Project helps to visualize and realize about the congruency between the theoretical learning in the premises of college and the actual practices of management and working behind followed in the organization. It gives the knowledge of how to apply the theoretical learning in the classroom to the actual situation when faced in an organization. It is important to get acquainted with the practical day to day situation in organization. The Live Research Project at Greshma Shares & Stocks Ltd. is a complete experienced in itself, which has provided me with the understanding, which has become inseparable part of my knowledge of management being learned in the MBA programme. For successful completion of project, many people directly or indirectly helped me a lot, I thank each of them for there sincere effort.
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ACKNOWLEDGEMENTS
I express my sincere thanks to my Live Research Project guide, Prof. B. P. Sharma (Director of Pacific Business School, Udaipur) commodity department for guiding me right from the inception till the successful completion of the project. I would like to express my sincere gratitude to Mr. Suvinya Sharma, a qualified Chartered Accountant and Mr. Charul Shah, a Certified Financial Planner for giving opportunity to undergo this lucrative project with Greshma Share & Stock Ltd., Udaipur. I am extremely thankful and obliged to Assistant Prof. Sourya Ranawat (Internal Project Guide) for providing streamed guidelines since inception, till the completion of the project. I would also thank Greshma Share & Stock Ltd. employees and customers, whom I met during the course of this project for their support and for providing valuable information, which helped me, complete this project successfully. This Live Research Project is a collective effort of all and I sincerely remember and acknowledge all of them for their excellent help and assistance throughout the project.
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TABLE OF CONTENTS
S.No. 1 2 3 4 5
Particulars
Executive Summary Industry Profile Company Profile Product Profile Research Methodology 4.1 Study of Research Methodology
4.2 4.3 4.4 4.5 Research Objective Research Methodology Used Sample Size and Methods of Selecting Sample Limitation of Study
Page No.
1 3 26 34
6 7 8 9 10 11 12 13
Fact & Finding Analysis and Interpretation Ideal Portfolio SWOT Analysis Conclusion Suggestions Appendix : Questionnaire Bibliography
38 45 47 49 51 53 56
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EXECUTIVE SUMMARY
The project titled Portfolio Management & Mutual Fund Analysis being carried out for Greshma Shares & Stock Pvt. Ltd. Udaipur operates in various financial products and services like Consultancy, Stock Broking, Mutual Fund, Insurance, Commodities, Registrar and Transfer Agent, Research etc. The evaluation of financial planning has been increased through decades, which is best seen in customer rise. Now a days investment of saving has assumed great importance. According to the study of the markets, it is being observed that in near future a proper financial planning is required to invest money in all type of financial product because there is good potential in market to invest.Also the fact contributes to the cause that interest rates on fixed deposits are decreasing over a period of time, which make people think about other investment avenues available to get more returns from their money. In this project, great emphasis is given to the investors mind in respect to t otal financial planning the needs and wants of the client is taken into consideration also to know the investing pattern of people in different Financial Products.People are more conscious about investing their money. Now a day, they are more investing in share market, gold, real estate. They are investing in these areas because they think that these have good area to invest as well as the return from these after a certain period of time lets say 5 years will be more than investing in insurance or provident fund or bank deposits. I hope Greshma Capital, Udaipur will recognize this as well as take more references from this project report. All sectors has been given equal emphasis for the study of the project because it is the only sector where all type of Age group, Income class and different level of people are represented. After analyzing the feedback the conclusion has been made that the Indian financial market is having lots of potential customer the only thing is to give a proper guidance to the prospective customer
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INDUSTRY PROFILE
2.1 STOCK BROKING SCENARIO IN INDIA
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standards which again help improve the functioning of stock markets. The emphasis on portfolio capital flows is also in line with the official development assistance yielding place to flows on private account.
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An investor considering in securities is faced with the problem of choosing from among a large number of securities. His choice depends upon the risk return characteristics of individual securities. He would attempt to choose the most desirable securities and like to allocate his funds over this group of securities. Again he is faced with problem of deciding which securities to hold and how much to invest in each. The investor faces an infinite number of possible portfolios or groups of securities. The risk and return characteristics of portfolios differ from those of individual securities combining to form a portfolio. The investor tries to choose the optimal portfolio taking into consideration the risk return Characteristics of all possible portfolios.
Portfolio management involves deciding what assets to include in the portfolio, given the goals of the portfolio owner and changing economic conditions. Selection involves deciding what assets to purchase, how many to purchase, when to purchase them, and what assets to divest. These decisions always involve some sort of performance measurement, most typically expected return on the portfolio, and the risk associated with this return (i.e. the standard deviation of the return). Typically the expected return from portfolios of different asset bundles is compared. The unique goals and circumstances of the investor must also be considered. Some investors are more risk averse than others. Mutual funds have developed particular techniques to optimize their portfolio holdings.
Client Assessment
The starting point in our process is to create a profile of investors, covering investors personal details, current financial situation and family circumstances.
It's a simple discussion where we do more listening than talking. We work on the principle that the more detail we get at this stage, the better our understanding of investors needs which will enable us to stay relevant and deliver genuine added value goi ng forward .
Investment Strategy
A clear understanding of your investment objectives and risk tolerance is at the core of our investment process. How could we possibly make responsible and suitable investment recommendations for anyone without fully understanding the context? This is probably the most unglamorous stage of the process, but it may also be the most important. We aim to generate a clear statement of your investment objectives which in turn leads to an equally clear definition of the asset allocation/investment strategy to be purs ued. At this stage, we also agree the broad parameters by which our relationship will be governed (i.e. restrictions, limitations, service level, costs). We educate you regarding the tradeoffs between risk and reward, the investment environment and the for ces that may impact on your investments .
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Asset Allocation
This stage of the process is all about getting the balance right.We also spend time considering the most appropriate levels of asset classes (equities, bonds, property, cash, etc.) and the level of diversification for each individual investor. These key issues are central to meeting the individual's investment objectives. Allocating differing weighting and types of assets to individual clients to tailor for thei r needs is a fundamental process of NCB's strategy. We have our finger on the pulse and have a well -developed understanding of the returns and risks related to investing in different asset classes .
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Structuring Implementation
Once the investment strategy and asset allocation have been agreed, we then need to consider the accounts structure that best suits you. We offer a number of account options and service levels which can facilitate t he varying requirements of each client. 1) The Advisory structure requires you to decide on which assets to hold; we advise but ultimately, you decide. 2) The Discretionary structure, is where we clearly agree and document all the "ground rules" and investment parameters in advance. Following that, we simply get on with the job of managing the portfolio. This of course, does not mean that you cannot have an ongoing input to decisions (of course you can, its your money and we never forget that). However, this structure does ensure that your portfolio continues to be actively managed (in line with the pre-agreed mandate) even though you might be busy, travelling or on holiday.
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Communication
Communication is a hugely important aspect of the clien t-wealth manager relationship. So how exactly do we communicate? Clearly with such a range of different clients, there is no "one size fits all" communication approach. Some clients want lots of communication. Some want very little. Our job is to make judgments on what level of communication you need and how best to deliver it to you. This communication can take the form of face -to-face meetings, phone calls, emails etc. We also try to send any relevant research work and information to clients.Our ongoing review process will hopefully ensure that we always stay on the same wavelength.
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Security Analysis : (a) Fundamental analysis: This analysis concentrates on the fundamental factors affecting the company
such as EPS (Earning per share) of the company, the dividend payout ratio, competition faced by the company, market share, quality of management etc .
(b) Technical analysis: The past movement in the prices of shares is studied to identify trends and patterns and then tries to predict the future price movement. Current market price is compared with the future predicted price to determine the mispricing. Technical analysis concentrates on price movements and ignores the fundamentals of the shares. (c) Efficient market hypothesis: This is comparatively more recent approach. This approach holds that market prices instantaneously and fully reflect all relevant available information. It means that the market prices will always be equal to the intrinsic value.
Portfolio Analysis :
A portfolio is a group of securities held together as investment. It is an attempt to spread the risk allover. The return & risk of each portfolio has to be calculated mathematically and expressed quantitatively. Portfolio 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 risk for further analysis.
Portfolio Selection :
The goal of portfolio construction is to generate a portfolio that provides the highest Returns at a given level of risk. Harry Markowitzh portfolio theory provides both the conceptual framework and the analytical tools for determining the optimal portfolio in a disciplined and objective way.
Portfolio Revision :
The investor/portfolio manager has to constantly monitor the portfolio to ensure that it continues to be optimal. As the economy and financial markets are highly volatile dynamic changes take place almost daily. As time passes securities which were once attractive may cease to be so. New securities with anticipation of high returns and low risk may emerge.
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Portfolio Evaluation :
Portfolio evaluation is the process, which is concerned with assessing the performance of the portfolio over a selected period of time in terms of return & risk. The evaluation provides the necessary feedback for better designing of portfolio the next time around.
Beta
A measure of risk commonly advocated is beta. The beta of a portfolio is computed the way beta of an individual security is computed. To calculate the beta of a portfolio, regress the rate of return of the portfolio on the rate of return of a market index. The slope of this regression line is the portfolio beta. It reflects the systematic risk of the portfolio.
Private Indian
Private Indian
ICICI Bank (Corporate service) Bank Cholamandalam DBS Asset Management Company Ltd. Private foreign
Private foreign
Private foreign
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Returns
Low
Better
Administrative exp.
High
Low
Risk
Low
Moderate
At a cost
Better
In the above table the Comparison is made between Banks and Portfolio Management Services with different aspects. Now a day due to low Rate of interest people prefer to invest in those products which give more Returns in less time without Risk. Now a days also nearly 40% of people keep their money in Banks because they are less Risky .The Returns expected in Portfolio Management Services are high where as in bank it is low. Thus both Bank and Portfolio Management Services are good enough in themselves. It is depend on the Investor what type of investment they want to do.
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PRODUCT PROFILE
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MUTUAL FUND
A MUTUAL FUND is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/ corporate investors and invests the same on behalf of the investors / unit holders in equity shares, govt. securities, Bonds call money market etc. and distributes the profits. In other words a mutual fund allows an investor to indirectly take a position in a basket of asset. UNIT TRUST OF INDIA is the first mutual fund set up under a separate Act, UTI Act in 1963 and started its operation in 1964 with the issue of unit under the scheme US-64. Currently public sector banks like SBI, Canara bank, Bank of India, and Institution like IDBI, GIC, and LIC HDFC Foreign institution like Alliance Morgan Stanley, Templeton, Principle HSBC and private financial Co. like first India mutual fund DSP Merrill Lynch, Sundaram, Kotak etc.have floated their own mutual funds. Presently there are 33 mutual funds in India and close to 400 mutual fund schemes. Currently the total fund under the mutual fund management in India are a little over Rs. 139000 crores. The private funds account for around 77 percent.
Fig : Org
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AD VA NT AG ES OF M UT UA L FU ND :
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Convenient Administration Return Potential Low Costs Liquidity Transparency Flexibility Choice of schemes Tax benefits
Well regulated
Equity fund invest in shares of common stocks. Fixed income funds invest in government or corporate securities which offer fixed rate of returns. Balanced fund invest in a combination of both stocks and bonds.
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All these investments involve an element ofrisk. The unit value may vary depending upon the performance of the company and companies may default in payment of interest / principal on their debentures / bonds /deposits. Besides this, the government may come up with new regulations, which may affect a particular industry or class of industries. All these factors influence the performance of Mutual Funds.
Mutual fund is to the changes in the market; higher will be its beta. Beta is calculated by relating the returns on a mutual fund with the returns in the market. While unsystematic risk can be diversified through investments in a number of instruments, systematic risk can not. By using the risk return relationship, we try to assess the competitive strength of the mutual funds vis--vis one another in a better way. In order to determine the risk-adjusted returns of investment portfolios, several eminent authors have worked since 1960s to develop composite performance indices to evaluate a portfolio by comparing alternative portfolios within a particular risk class. The most important and widely used measures of performance are:
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COMPANY PROFILE
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3.2 Services
Greshma Shares & Stock Ltd. is a full-service financial services provider and advisory firm. By establishing deep relationship with clients and taking time to understand their individual needs, it has quickly created an impact across several businesses.
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It intends to offer its clients access to a range of traditional and alternative investment opportunities relying on a mix of local and global capabilities including direct equity through online trading portal, private equity, real estate, insurance, and corporate finance. it provides services in an advisory capacity to Non Resident investors and Foreign Institutional Investors. You have the right to pursue financial independence your way. Greshma Shares & Stock Ltd. is committed to help you do just that. It delivers State-of-the-art Tools, excellent Customer Care, Affordable Pricing and Innovative Technology so you can follow your own path. Need a based solution, thats what our Product Bouquet is all about
Equities Trading - Cash and Derivatives Long-term Investing - Direct Equities & Mutual Fund Internet Trading 46
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Personalized Services Backed by Powerful Research Facility to put orders through live screen Call N Trade Service Alerts Trading Workshops & seminars Latest Technology implemented Powerful Risk-Management system NSE (Cash & F&O), BSE (Cash) on the same screen Secure Transaction authentication based model
3.4
Our Values
Customer First Pursuit of Excellence Fairness to Stakeholders all
Transparent and Ethical conduct of business Leveraging all business opportunities Team work, based on mutual trust Continuous Innovation
3.5
Our Vision
To be the most trusted business house adopting a professional approach par excellence and heralding new standards in the quality of services. To be one of the most preferred organizations for wealth maximization of all our stake holders including customers, employees and channel partners .
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To create management systems that adopt global standards of corporate governance Corporate
Social Responsibility.
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This specialized division was set up to cater to the HIGH NET WORTH INDIVIDUAL (HNIs) and institutional clients keeping in mind that they require a different kind of financial planning. Here they follow a hard-nosed business approach with the soft touch of dedicated customer care and personalized attention. For this purpose they offer a comprehensive and personalized service that encompasses planning and protection of finances, planning of business needs and retirement needs and the host of other services, all provided on a one-to-one basis.The research report has been widely appreciated by this segment. The delivery and support modules have been fine tuned by giving facility to client to access online portfolio information, constant updates on their portfolios as well as value added advice on portfolio churning, sector switches etc.
We have the NOW software of NSE and the ODIN software of Financial Technologies as the Front End software for trades. The LD software of Apex Softcell supports our accounting and back office operations. These programmes are time tested, robust, versatile and eminently scalable. We have an experienced IT team managing the systems, 24/7.
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Mr. Suvinya Sharma, a qualified Chartered Accountant and CISA (USA) with 15 years experience in
Capital and Commodities Markets heads our group Company handling commodities, GRESHMA COMMODITIES PRIVATE LIMITED. Mr. Charul Shah, a Certified Financial Planner with the experience of handling substantial portfolios for over 10 years, heads our Wealth Management Company, GRESHMA WEALTH ADVISORS PRIVATE LIMITED, as its whole time Director. Mr. Kamlesh Gandhi, a rank holder Chartered Accountant, with 29 years experience in the financial sector in various capacities is our Chief Financial Officer. Astute management of finances and strict adherence to financial discipline are his forte.. Mr. Dinesh Shah, who heads our Operations carries with him exposure over 15 years in various capacities and enjoys an uncanny reputation for effective management of systems and processes. Ms. Elsy Anil, who heads our Research Department has been a Research Analyst for 10 years in the Capital Market in reputed organizations like Batliwala & Karani and HSBC Securities. Her expertise in valuation and objectivity of outlook are a great value add to the Company. Mr. Jathin N. Shah, a former Director of Joindre Capital Services Limited who has handled various profiles in Capital Markets is in charge of Risk Management. He enjoys a reputation for unwavering focus and methodical approach to matters.
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RESEARCH METHODOLOGY
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Research can be defined as systemized effort to gain new knowledge. My objective of research is to know awareness wealth of management from people. I have taken collection of sample form different region so I have taken Convenience sampling method. Samples are collected from Udaipur and Ajmer and I took hundred samples to conduct my research. Data is being collected form various sources like: Questionnaire Personal visit Telephonic information
Questionnaire is a written form being given to the prospective investor to give feedback about the services provided to them and also to find the satisfaction level of the investor for a particular investment product.
Personal visit
The second way of collecting data is Personal Visits to the cooperates personally by fixing an appointment. Personal Visit gives a clear picture of the conclusion drawn in Questionnaire It gives a clear view of the client Awareness about the product.
Telephone information
The further source of collecting data is telephonic information with the existing customer and the prospective investors.When we conduct research, we faced several research problem like difficulty in convince people for investment and to convince people to professional advice service to manage their money. Difficulty regarding changed perception of the investor. According to age and profession over come investor who wants return in less time. Now we conclude that 91% people are aware about wealth management and rest 9% people are not aware about wealth management. Then we taken a comparative study of different age group from 25 to 35 have taken risk 60 %, 35 to 45 age group are in 20%, 45 to 60 are in 70% and people who are above 60 are in risk of 3%.
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has happened or what is happing.The methods of research utilize in descript research are survey methods of all kinds, and including comparative and co relational methods.
Sampling size:Large sample gives reliable result than small sample. However, it is not feasible to target entire population or even a substantial portion to achieve a reliable result. So, in this aspect selecting the sample to study is known as sample size. Hence, for my project my sample size was 100.
So far as my research is concerned, I have taken sample size of 100 respondents from Udaipur city. I
have selected Income Earners with savings to invest in stock market and others as well. For any researcher it is always a good to check the visibility of the research that he or she is going to conduct, because that will add some purpose and intensity in the mind of a researcher for doing a research more seriously and sincerely which will at last will effect the outcomes of the research. The company and I could get to know about its stand among the other players in the market The company and I could get to know about the mindset of the potential brokers
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3.5 LIMITATIONS OF THE RESEARCH: The research is confined to a certain parts of Udaipur and does not necessarily shows a pattern applicable to all of Country. Some respondents were reluctant to divulge personal information which can affect the validity of all responses. In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.
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4.1 AWARENESS OF WEALTH MANAGEMENT SERVICES OUT OF 100 PEOPLE:In the below chart the awareness of wealth management services is determined in the percentage terms only 9% of the total population are not aware of WEALTH MANAGEMENT SERVICES. As wealth management services in India are growing rapidly the awareness of wealth management services is increasing among the Investors & every Investor knows about wealth management services by its nomenclature. They are not really aware of the concept
9%
YES
No
91%
4.2 RISK TAKEN BY DIFFERENT AGE GROUP :AGE GROUP 2560 TAKEN IN RISK 35 PERCENTAGE 35- 20 45 17 4560 60 3 & abo ve
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Awareness in Mutual Fund out of 100 people No of People 80 60 40 20 0 Udaipur Place Ajmer 30 Series1 70
Awareness in financial products in Udaipur is known 70 people comparatively in ajmer it is known only 30 people.
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5 56 38
5% 56% 38%
The following table and pie chart throw the light on the percentage of saving out of income :
1% 38%
5%
56%
Over 50%
30-50%
10-30%
Below 10%
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FINANCIAL INSTRUMENTS
% OF INVESTMENT
BANK INSURANCE STOCK MARKET 15% BONDS & DEBENTURE PPF NS 5% C 8% PO ST RE 2% OF 5% AL GO FIC EST LD 5% CHI E AT T SA E FU VIN ND G SC HE ME S
40% 10% 3% 7%
BANK INSURANCE STOCK MARKET BONDS & DEBENTURE PPF NSC POST OFFICE SAVING SCHEMES REALESTATE GOLD CHIT FUND
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Safe
10%
Risky
28%
Other
62%
Perception of Investors
10%
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RETURN
INVESTMENT
35%
45%
25% 10% 5%
39 PERCENTAGE 24 15 10
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12
40 35 30 25 Percentage 20 15 10 5 0 Brand Name Good Services High Yeild Advertisement Any other reason Aspects Series1 Series2
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As wealth management services in India are growing rapidly the awareness of wealth management services is increasing among the Investors & every Investor knows about wealth management services by its nomenclature. They are not really aware of the concept.After facts and findings we analysis the data is awarness of wealth management services is determined in the percentage only 9% are not aware of wealth management. According to different age group risk taken capacity in 25 - 35 is 60%,35-45 is 20%,45-60 is 17% and above 60 is 3%.. The people of younger age are willing to take more risk as compared to the elder age group people. The middle age people do not take much risk because of much responsibility toward family and society With reference to this chart only 17% of income of middle age people is being invested in risk prone securities.
Survey conducted from different area, we find out that 70 people are aware about financial services like mutual fund in Udaipur and 30 people in Ajmer. It has been observed that people invest mostly 10% to 30% of their income as the moderate level of income is in the range of rupees 30,000 to 40,000 per annum. There are very few people who invest above 50% of their Income as their income level is too high say above Rs 10, 000, 00. Investors are having different responsibilities toward the society and family due to which they are not able to invest
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more money in Financial Products. There are many people who invest only 10% of their income according to total Sample Size People in early days kept their money in Bank. They use to think Bank is the only place where the money is safe till today also 40% of people feels the same but many of them have started investing in other Financial Products like Insurance, Stock Markets, Commodities etc. The Post Office savings are less preferred by the Investors due to the less Returns in more Time. Businessmen mostly invest in tangible assets like land, building, gold etc. people mainly invest and keep their money in banks .Stock market came into existence only from early 90s thats why the percentage investment in stocks is low as compared to banks. People generally invest in risk free financial product like PPF, NSC etc. as they get tax exemption. Investment in Insurance is also preferred by people because it is not a risky instrument Only 10 % of people feel that it is safe. Out of 100 sample size it is very difficult to determine the exact perception of investors. Due to continuous increase in wealth management services industries the perceptions of people are changing slowly. it is determined that people of the age group 25-30 yrs are more risk takers as compared to other age groups. However they are able to invest less because they do not have any responsibility toward the society and family. They also invest less because they dont get proper guidance. As the age increases the saving percentage decrease but the people above 55 are keener to invest because they become free from all the responsibilities of the family and society. At this stage they need continuous flow of income. Middle age people of the age group of 35-45 yrs. are not investing much because they are bound to many responsibilities towards family and society. Many Brand Name plays an important role for attracting investors. Secondly, good services are also expected by an investor from the companies. In other reasons investors generally pointed out the identification of the companies known by their friends or relatives.
SWOT ANALYSIS
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Strength :
the biggest strength is 91% people are aware about wealth management so wealth management service provider companies are growing rapidly in India due to change in perception of people.
Weakness :
People in India mostly invest their part of income in bank. People do not have risk taking capability. The Greshma stock and share.ltd. Is not completely covering Indian market because the large number of competitors the Greshma is the new broking agency, so trust worthiness is low rather than its competitors.
Opportunity :
Chargeable commission by Greshma stock and shares.lt is low so it can attract the costumer and to maintain the better relation.
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Threats :
competitor trust worthiness is high. People are not convincing. A service provided by competitor is more valuable. Risk taking capacity of people is low. People do not invest huge amount.
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CONCLUSION
Conclusion :
On the basis of research we found out that many people are not investing due to risk in wealth management services. Investors are not investing in capital market because of high risk involved in this market. Investors are scared to invest and they also lacking in proper knowledge and guidance. Majority of the investors rely on the stock broking Company having presence in all over India. Most of investors prefer to invest in gold because gold gives higher return in current scenario. Perception of Indian people are not changing with the present scenario they still rely on old method of saving of their wealth like using bank accounts, post office saving scheme etc. In Indian economy there is still having lack of expertise financial advisors due to which people are afraid to invest money.
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SUGGESTIONS
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8.1SUGGESTIONS: Looking to the level of Awareness it is recommended that wealth management services promotion companies may be undertaken in the following forms: Advertisement in Newspaper and Magazines. Hoardings etc. The prospective clients may be imparted training and education through : Seminar. Short Duration training programmes. Small towns may be targeted for business development as this area is untapped relatively and there exist huge potential for business development.
People of young age group who are interested in professional advisory services for managing their
money may be targeted separately.
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APPENDIX
QUESTIONAIRE : 48
NAME
2.
3. 4. 5. 6.
Priorities(1-10)
BANK DEPOSITS
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PPF
NSC
REAL ESTATE
GOLD
CHIT FUNDS
Yes No
13. DO YOU THINK YOU NEED PERSONALISED FINANCIAL ADVISORY?
Yes No
14. DO YOU THINK THE WEALTH MANAGEMENT SERVICES ARE NOT AS POPULAR IN INDIA AS IN OTHER COUNTRIES?
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Brand Name Good Service High Yield Advertisement Any Other Reason...........................................
16. WHAT IS MINIMUM RATE OF RETURN EXPECTED BY YOU?
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BIBIOLOGRAPHY
BOOKS & REFERENCE : Fama E. (1995), The behavior of stock market price journal of business, 38(4),25-86. Choudhurys.k. (1991),seasonality in share return preliminary evidence on the week event, chartered accountant,407-420. French k. (1980), stock return & the weekend effect,journal of financial economics 8(6),56-90. Gultekin M.N.& Gultekin N.B.(1983),stock market seasonality : International evidence, Journal of finance economy,14(7),396-435. V.A. Avadhani(2004),Security analysis & portfolio management(540-607) S. Kevin(2003),Portfolio management(27-46). M.R.Agrawal (2009),Security analysis & Investment management,(1.1-7.22)
NEWSPAPER & JOURNAL : The Economic times of India The Business World Financial Express Business Standard
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