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INDUSTRY PROFILE

Journey of Indian stock market


Indian Stock Markets are one of the oldest in Asia. Its history dates back
to nearly 200 years ago. The earliest records of security dealings in India
are meager and obscure. The East India Company was the dominant
institution in those days and business in its loan securities used to be
transacted towards the close of the eighteenth century.
By 1830's business on corporate stocks and shares in Bank and Cotton
presses took place in Bombay. Though the trading list was broader in
1839, there were only half a dozen brokers recognized by banks and
merchants during 1840 and 1850.
The 1850's witnessed a rapid development of commercial enterprise and
brokerage business attracted many men into the field and by 1860 the
number of brokers increased into 60.
In 1860-61 the American Civil War broke out and cotton supply from
United States of Europe was stopped; thus, the 'Share Mania' in India
begun. The number of brokers increased to about 200 to 250. However, at
the end of the American Civil War, in 1865, a disastrous slump began (for
example, Bank of Bombay Share which had touched Rs 2850 could only
be sold at Rs. 87).
At the end of the American Civil War, the brokers who thrived out of Civil
War in 1874, found a place in a street (now appropriately called as Dalal
Street) where they would conveniently assemble and transact business. In
1887, they formally established in Bombay, the "Native Share and Stock
Brokers' Association" (which is alternatively known as "The Stock
Exchange "). In 1895, the Stock Exchange acquired a premise in the
same street and it was

B.R.C.M. College of Business Administration, Surat

Sr. No.
As on 31st December
194 6
196 1
197 1
197 5
198 0

1991
1995
1
No. of Stock Exchanges
7

Growth Pattern of the Indian Stock


Market
7
8
8
9
14
20
B.R.C.M. College of Business Administration, Surat
22
2
No. of Listed Cos.
112 5
120 3
159 9
155 2
226 5
4344
6229
8593
3
No. of Stock Issues of Listed Cos.
150 6
211 1
283 8
323 0
369 7
6174
8967
11784
4
Capital of Listed Cos. (Cr. Rs.)
270
753
181 2
261 4
397 3
9723
32041
59583
5
Market value of Capital of Listed Cos. (Cr. Rs.)
971
129 2
267 5
327 3
675 0
25302
11027 9
478121
6
Capital per Listed Cos. (4/2) (Lakh Rs.)
24
63
113
168
175
224
514
693
7
Market Value of Capital per Listed Cos. (Lakh Rs.) (5/2)
86

167
211
298

COMPANY

582
1770
PROFILE
5564

8
Appreciate d value of Capital per Listed Cos. (Lakh Rs.)
358
ffd8ffe000104a46494600010201007300730000ffe20c584943435f5
170
0524f46494c4500010100000c484c696e6f021000006d6e747252474
148
126
22058595a2007ce00020009000600310000616373704d534654000
170
0000049454320735247420000000000000000000000000000f6d600
260
0100000000d32d4850202000000000000000000000000000000000
344
000000000000000000000000000000000000000000000000000000
803

000000001163707274000001500000003364657363000001840000
006c77747074000001f000000014626b70740000020400000014725
8595a00000218000000146758595a0000022c000000146258595a0
000024000000014646d6e640000025400000070646d6464000002c
400000088767565640000034c0000008676696577000003d400000
0246c756d69000003f8000000146d6561730000040c000000247465
6368000004300000000c725452430000043c0000080c67545243000
0043c0000080c625452430000043c0000080c746578740000000043
6f70797269676874202863292031393938204865776c6574742d506
1636b61726420436f6d70616e790000646573630000000000000012
735247422049454336313936362d322e3100000000000000000000
0012735247422049454336313936362d322e310000000000000000
00000000000000000000000000000000000000
Kotak Securities Limited

Kotak Securities Ltd., a subsidiary of Kotak Mahindra Bank Limited, is one


of Indias largest private brokerage and distribution house, set up in 1994,
by Mr. Uday Kotak; it has equity participation from Goldman Sachs L. I. P.
(25%).

Kotak Securities is a corporate member of both the Bombay Stock


Exchange (BSE) and the National Stock Exchange (NSE). Its operations
include stock broking, distribution of various Investment products
including private and secondary placement of debt and equity, mutual
funds, fixed deposits and the like. Currently Kotak Securities is one of the
largest broking houses in India with offices in more than fifteen cities. In
India as well as a presence in US, Europe and the Middle East (through
our associate companies Kotak Mahindra U.K. Limited and Kotak
Mahindra International Limited, Kotak Mahindra Inc).

Our core strengths are our expertise in equity research and a wide retail
distribution network. We have an outstanding research division involved in

macro economic studies, industry and company specific equity


research, with analyst specializing in particular economic sectors and
large cap stocks.

In August 2000, Kotak Securities launched Kotakstreet.com, its e


broking service for retail investors on the net and currently has over
20,000 registered users.

B.R.C.M. College of Business Administration, Surat

Kotak Securities Limited is one of the larger players in distribution of IPOs


-it was ranked number One in 2003-04 as Book Running Lead Manager in
public equity offerings by PRIME Database. It has also won the Best
Equity House Award from Finance Asia -April 2004.

The Company has a full-fledged Research division involved in macro


economic studies, sectoral research and Company specific equity
research combined with a strong and well networked sales force which
helps deliver current and up-to-date market information and news.

Kotak Securities Limited is also a depository participant with National


Securities Depository Limited (NSDL) and Central Depository Services
Limited (CDSL) providing dual benefit services wherein the investors can
use the brokerage services of the Company for executing the transactions
and the depository services for settling them.

The Company has 113 branches servicing around 1,00,000 customers,


through our own offices and a large franchisee network. Its has an Online
presence through Kotakstreet.com where we offer Internet Broking
services and also online IPO and Mutual Fund Investments.

Kotak Securities Limited manages assets over Rs. 1700 crores through
its Portfolio Management Services (PMS) servicing high net worth clients
with a large investible surplus through its preferred client services in the
mass affluent and wealth management segments.

B.R.C.M. College of Business Administration, Surat

OBJECTIVE OF THE STUDY

To provide basic idea of different stock market investment instruments


to investor.
To provide knowledge to investor about various type of risk associated
with various investment instruments.
To provide investor knowledge about P\E, P\BV and Beta that would
help them in selection of script and creation of portfolio.
To help investor in learning about derivative instrument future for the
purpose of speculation and hedging.

B.R.C.M. College of Business Administration, Surat

METHODOLOGY OF THE PROJECT

Research problem:
To identified the Stock Market Investment Avenue and methods to help
investor in selection of script to create portfolio. And the measures of
hedging the portfolio with the use of derivative instrument future.

Research design:
Research design is exploratory as the basic objective is to identified the
stocks and methods to create and protect portfolio.

Data collection:

Primary data : -Primary data are collected by my regularly tracking the


stock price of various script selected

Secondary data :-Secondary data are collected from various journals ,


websites and financial news paper.

B.R.C.M. College of Business Administration, Surat

LIMITATIONS OF THE PROJECT

The time duration given to complete the report was not sufficient.
The report is basically is made between the horizon of two months and
the situation of market is very dynamic so the conclusion or the return
might not reflect the true picture.

B.R.C.M. College of Business Administration, Surat

ANALYSIS OF INVESTMENT

WHAT IS INVESTMENT?
Investment is the activity, which is made with the objective of earning
some sort of positive returns in the future. It is the commitment of the
funds to earn future returns and it involves sacrificing the present
investment for the future return. Every person makes the investment so
that the funds he has increases as keeping cash with himself is not going
to help as it will not generate any returns and also with the passage of
time the time value of the money will come down. As the inflation will rise
the purchasing power of the money will come down and this will result that
the investor who does not invest will become more poor as he will not
have any funds whose value have been increased. Thus every person
whether he is a businessman or a common man will make the investment
with the objective of getting future returns.

TYPES OF INVESTMENT:
There are basically three types of investments from which the investors
can choose. The three kinds of investment have their own risk and return
profile and investor will decide to invest taking into account his own risk
appetite. The main types of investments are:

B.R.C.M. College of Business Administration, Surat

Economic investments:
These investments refer to the net addition to the capital stock of the
society. The capital stock of the society refers to the investments made in
plant, building, land and machinery which are used for the further
production of the goods. This type of investments are very important for
the development of the economy because if the investment are not made
in the plant and machinery the industrial production will come down and
which will bring down the overall growth of the economy.

Financial Investments:
This type of investments refers to the investments made in the marketable
securities which are of tradable nature. It includes the shares, debentures,
bonds and units of the mutual funds and any other securities which is
covered under the ambit of the Securities Contract Regulations Act
definition of the word security. The investments made in the capital market
instruments are of vital important for the country economic growth as the
stock market index is called as the barometer of the economy.

General Investments:
These investments refer to the investments made by the common investor
in his own small assets like the television, car, house, motor cycle. These
types of investments are termed as the household investments. Such
types of investment are important for the domestic economy of the
country. When the demand in the domestic economy boost the over all
productions and the manufacturing in the industrial sectors also goes up
and this causes rise in the employment activity and thus boost up the
GDP growth

B.R.C.M. College of Business Administration, Surat B.R.C.M. College of Business Administration, Surat

CHARACTERISICS OF INVESTMENT
Certain features characterize all investments. The following are the main
characteristics features if investments:

1.Return: All investments are characterized by the expectation of a


return. In fact, investments are made with the primary objective of deriving
a return. The return may be received in the form of yield plus capital
appreciation. The difference between the sale price & the purchase price
is capital appreciation. The dividend or interest received from the
investment is the yield. Different types of investments promise different
rates of return. The return from an investment depends upon the nature of
investment, the maturity period & a host of other factors.

2.Risk:
Risk is inherent in any investment. The risk may relate to loss of capital,
delay in repayment of capital, nonpayment of interest, or variability of
returns. While some investments like government securities & bank
deposits are almost risk less, others are more risky. The risk of an
investment depends on the following factors.

The risk varies with the nature of investment. Investments in ownership


securities like equity share carry higher risk compared to investments in
0
debt
instrument
like debentures
& bonds.
The
longer the
maturity period,
the longer is the risk.
1
The lower the credit worthiness of the borrower, the higher is
the risk.

B.R.C.M. College of Business Administration, Surat

3. Safety:
The safety of an investment implies the certainty of return of capital
without loss of money or time. Safety is another features which an
investors desire for his investments. Every investor expects to get back
his capital on maturity without loss & without delay.

4. Liquidity:
An investment, which is easily saleable, or marketable without loss of
money & without loss of time is said to possess liquidity. Some
investments like company deposits, bank deposits, P.O. deposits, NSC,
NSS etc. are not marketable. Some investment instrument like preference
shares & debentures are marketable, but there are no buyers in many
cases & hence their liquidity is negligible. Equity shares of companies
listed on stock exchanges are easily marketable through the stock
exchanges.

An investor generally prefers liquidity for his investment, safety of his


funds, a good return with minimum risk or minimization of risk &
maximization of return.

B.R.C.M. College of Business Administration, Surat

IMPORTANCE
In the current situation, investment is becomes necessary for everyone &
it is important & useful in the following ways:

1. Retirement planning:
Investment decision has become significant as people retire between the
ages of 55 & 60. Also, the trend shows longer life expectancy. The
earning from employment should, therefore, be calculated in such a
manner that a portion should be put away as a savings. Savings by
themselves do not increase wealth; these must be invested in such a way
that the principal & income will be adequate for a greater number of
retirement years. Increase in working population, proper planning for life
span & longevity have ensured the need for balanced investments.

2. Increasing rates of taxation:


Taxation is one of the crucial factors in any country, which introduce an
element of compulsion, in a persons saving. In the form investments,
there are various forms of saving outlets in our country, which help in
bringing down the tax level by offering deductions in personal income. For
examples:
B.R.C.M. College of Business Administration, Surat

0
Unit linked insurance plan,
1
Life insurance,
2
National saving certificates,
3
Development bonds,
4
Post office cumulative deposit schemes etc.

3. Rates of interest:
It is also an important aspect for sound investment plan. It varies between
investment & another. This may vary between risky & safe investment,
they may also differ due different benefits schemes offered by the
investments. These aspects must be considered before actually investing.
The investor has to include in his portfolio several kinds of investments
stability of interest is as important as receiving high rate of interest.

4. Inflation:
Since the last decade, now a days inflation becomes a continuous
problem. In these years of rising prices, several problems are associated
coupled with a falling standard of living. Before funds are invested,
erosion of the resource will have to be carefully considered in order to
make the right choice of investments. The investor will try & search
outlets, which gives him a high rate of return in form of interest to cover
any decrease due to inflation. He will also have to judge whether the
interest or return will be continuous or there is a likelihood of irregularity.
Coupled with high rate of interest, he will have to find an outlet, which will
ensure safety of principal. Beside high rate of interest & safety of principal
an investor also has to always bear in mind the taxation angle, the interest
earned through investment should not unduly increase his taxation burden
otherwise; the benefit derived from interest will be compensated by an
increase in taxation.

B.R.C.M. College of Business Administration, Surat

5. Income:
For increasing in employment opportunities in India., investment decisions
have assumed importance. After independence with the stage of
development in the country a number of organization & services came into
being.

For example: The Indian administrative services, Banking recruitment


services, Expansion in private corporate sector, Public sector enterprises,
Establishing of financial institutions, tourism, hotels, and education.

More avenues for investment have led to the ability & willingness of
working people to save & invest their funds.

6. Investment channels:
The growth & development of country leading to greater economic activity
has led to the introduction of a vast array of investment outlays. Apart
from putting aside saving in savings banks where interest is low, investor
have the choice of a variety of instruments. The question to reason out is
which is the most suitable channel? Which media will give a balanced
growth & stability of return? The investor in his choice of investment will
give a balanced growth & stability of return? The investor in his choice of
investment will have try & achieve a proper mix between high rates of
return to reap the benefits of both.

For example:
0 Fixed deposit in corporate sector 1 Unit
trust schemes.

B.R.C.M. College of Business Administration, Surat

INVESTMENTS AVENUES:
There are various investments avenues provided by a country to its
people depending upon the development of the country itself. The
developed countries like the USA and the Japan provide variety of
investments as compared to our country. In India before the post
liberalization era there were limited investments avenues available to the
people in which they could invest. With the opening up of the economy the
number of investments avenues have also increased and the quality of
the investments have also improved due to the use of the professional
activity of the players involved in this segment. Today investment is no
longer a process of trial and error and it has become a systematized
process, which involves the use of the professional investment solution
provider to play a greater role in the investment process.

Earlier the investments were made without any analysis as the complexity
involved the investment process were not there and also there was no
availability of variety of instruments. But today as the number of
investment options have increased and with the variety of investments
options available the investor has to take decision according to his own
risk and return analysis.

An investor has a wide array of Investment Avenue. They are as


under:

B.R.C.M. College of Business Administration, Surat

Financial Derivatives
ffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f46494c4500010100000c484c696e6f021000006d6e
74725247422058595a2007ce00020009000600310000616373704d53465400000000494543207352474200000000000000000
00000000000f6d6000100000000d32d485020200000000000000000000000000000000000000000000000000000000000000
0000000000000000000000000000000001163707274000001500000003364657363000001840000006c77747074000001f000
000014626b707400000204000000147258595a00000218000000146758595a0000022c000000146258595a0000024000000014
646d6e640000025400000070646d6464000002c400000088767565640000034c0000008676696577000003d4000000246c756
d69000003f8000000146d6561730000040c0000002474656368000004300000000c725452430000043c0000080c6754524300
00043c0000080c625452430000043c0000080c7465787400000000436f70797269676874202863292031393938204865776c6
574742d5061636b61726420436f6d70616e790000646573630000000000000012735247422049454336313936362d322e31000
000000000000000000012735247422049454336313936362d322e310000000000000000000000000000000000000000000000
00000000

B.R.C.M. College of Business Administration, Surat

EQUITY SHARES:

Types of Equity Instruments:


Ordinary Shares
Ordinary shareholders are the owners of a company, and each share
entitles the holder to ownership privileges such as dividends declared by
the company and voting rights at meetings. Losses as well as profits are
shared by the equity shareholders. Without any guaranteed income or
security, equity shares are a risk investment, bringing with them the
potential for capital appreciation in return for the additional risk that the
investor undertakes in comparison to debt instruments with guaranteed
income.

Preference Shares
Unlike equity shares, preference shares entitle the holder to dividends at
fixed rates subject to availability of profits after tax. If preference shares
are cumulative, unpaid dividends for years of inadequate profits are paid
in subsequent years. Preference shares do not entitle the holder to
ownership privileges such as voting rights at meetings.

Equity Warrants
These are long term rights that offer holders the right to purchase equity
shares in a company at a fixed price (usually higher than the current
market price) within a specified period. Warrants are in the nature of
options on stocks.

B.R.C.M. College of Business Administration, Surat

Classification in terms of Market Capitalisation


Market capitalisation is equivalent to the current value of a company
i.e. current market price per share times the number of outstanding
shares. There are Large Capitalisation companies, Mid-Cap companies
and Small-Cap companies. Different schemes of a fund may define their
fund objective as a preference for Large or Mid or Small-Cap companies'
shares. Large Cap shares are more liquid and hence easily tradable. Mid
or Small Cap shares may be thought of as having greater growth
potential. The stock markets generally have different indices available to
track these different classes of shares.

Classification in terms of Anticipated Earnings


In terms of the anticipated earnings of the companies, shares are
generally classified on the basis of their market price in relation to one of
the following measures:
*

Price/Earnings Ratio is the price of a share divided by the earnings


per share, and indicates what the investors are willing to pay for the
company's earning potential. Young and/or fast growing companies
usually have high P/E ratios. Established companies in mature
industries may have lower P/E ratios. The P/E analysis is sometimes
supplemented with ratios such as Market Price to Book Value and
Market Price to Cash Flow per share.

Dividend Yield for a stock is the ratio of dividend paid per share to
current market price. Low P/E stocks usually have high dividend
yields. In India, at least in the past, investors have indicated a
preference for the high dividend paying shares. What matters to fund
managers is the potential dividend yields based on earnings
prospects.

B.R.C.M. College of Business Administration, Surat

Based on companies' anticipated earnings and in the light of the


investment management experience the world over, stocks are
classified in the following groups:
Cyclical Stocks are shares of companies whose earnings are
correlated with the state of the economy. Their earnings (and therefore,
their share prices) tend to go up during upward economic cycles and vice
versa. Cement or Aluminium producers fall into this category, just as an
example. These companies may command relatively lower P/E ratios, and
have higher dividend payouts.
Growth Stocks are shares of companies whose earnings are expected to
increase at rates that exceed normal market levels. They tend to reinvest
earnings and usually have high P/E ratios and low dividend yields.
Software or information technology company shares are an example of
this type. Fund managers try to identify the sectors or companies that
have a high growth potential.
Value Stocks are shares of companies in mature industries and are
expected to yield low growth in earnings. These companies may,
however, have assets whose values have not been recognised by
investors in general. Fund managers try to identify such currently undervalued stocks that in their opinion can yield superior returns later. A
cement company with a lot of real estate and a company with good brand
names are examples of potential value shares.
B.R.C.M. College of Business Administration, Surat

FIXED INCOME SECURITIES


Many instruments give regular income. Debt instruments may be secured
by the assets of the borrowers as generally in case of Corporate
Debentures, or be unsecured as is the case with Indian Financial
Institution Bonds.
A debt security is issued by a borrower and is often known by the issuer
category, thus giving us Government Securities and Corporate Securities
or FI bonds. Debt instruments are also distinguished by their maturity
profile. Thus, instruments issued with short-term maturities, typically under
one year, are classified as Money Market Securities. Instruments carrying
longer than one-year maturities are generally called Debt Securities.
Most debt securities are interest-bearing. However, there are securities
that are discounted securities or zero-coupon bonds that do not pay
regular interest at intervals but are bought at a discount to their face
value. A large part of the interest-bearing securities are generally Fixed
Income-paying, while there are also securities that pay interest on a
Floating Rate basis.

A Review of the Indian Debt Market


The Wholesale Debt Market segment deals in fixed income securities and
is fast gaining ground in an environment that has largely focused on
equities.
The Wholesale Debt Market (WDM) segment of the Exchange
commenced operations on June 30, 1994. This provided the first formal
screen-based trading facility for the debt market in the country.

B.R.C.M. College of Business Administration, Surat

Year
Market Capitalisation(Rs.crores)
Number of Trades
Net Traded Value (Rs.crores)
AverageDaily Value(Rs.crores)
AverageTrade Size (Rs.crores)
2005?2006
1,553,448
60,159
458,434.94

2004?2005
1,461,734
124,308
887,293.66
3,028.31
This segment provides trading facilities for a variety
of debt instruments
7.14
including Government
Securities, Treasury Bills and Bonds issued by
2003?2004
1,215,864
Public Sector Undertakings/ Corporates/ Banks like
Floating Rate Bonds,
189,518
Zero Coupon Bonds, Commercial Papers, 1,316,096.24
Certificate of Deposits,
4,476.52
Corporate Debentures, State Government loans, SLR and Non-SLR
6.94
2002?2003
Bonds issued by Financial
Institutions, Units of Mutual Funds and
864,481
Securitized debt by banks, financial institutions, corporate bodies, trusts
167,778
1,068,701.54
and others.
3,598.32
6.37
Large investors and a2001?2002
high average trade value characterize this segment.
756,794
Till recently, the market was purely an informal market
with most of the
144,851
trades directly negotiated and struck between various
participants. The
947,191.22
3,277.48
commencement of this segment by NSE has brought
about transparency
6.54
and efficiency to the2000?2001
debt market, along with effective monitoring and
580,835
surveillance to the market.
64,470
428,581.51
1,482.98
6.65
1999?2000
494,033
46,987
304,216.24
1,034.75
6.47
1998?1999
411,470
16,092
105,469.13
364.95
6.55
1997?1998
343,191
16,821
111,263.28
377.16
6.61
1996?1997
292,772
7,804
42,277.59
145.28
5.42
1995?1996
207,783
2,991
11,867.68
B.R.C.M. College of Business Administration, Surat
40.78
3.97
1994?1995
158,181
1,021
6,781.15

6.64

Instruments in the Indian Debt Market Certificate of


Deposit

B.R.C.M. College of Business Administration, Surat

Certificates of Deposit (CD) are issued by scheduled commercial banks


excluding regional rural banks. These are unsecured negotiable
promissory notes. Bank CDs have a maturity period of 91 days to one
year, while those issued by FIs have maturities between one and three
years.

Commercial Paper
Commercial paper (CP) is a short term, unsecured instrument issued by
corporate bodies (public & private) to meet short-term working capital
requirements. Maturity varies between 3 months and 1 year. This
instrument can be issued to individuals, banks, companies and other
corporate bodies registered or incorporated in India. CPs can be issued to
NRIs on non-repatriable and nontransferable basis.

Corporate Debentures
The debentures are usually issued by manufacturing companies with
physical assets, as secured instruments, in the form of certificates They
are assigned a credit rating by rating agencies. Trading in debentures is
generally based on the current yield and market values are based on
yield-to-maturity. All publicly issued debentures are listed on exchanges.

B.R.C.M. College of Business Administration, Surat

Floating Rate Bonds (FRB)


These are short to medium term interest bearing instruments issued by
financial intermediaries and corporates. The typical maturity of these
bonds is 3 to 5 years. FRBs issued by financial institutions are generally
unsecured while those from private corporates are secured. The FRBs are
pegged to different reference rates such as T-bills or bank deposit rates.
The FRBs issued by the Government of India are in the form of Stock
Certificates or issued by credit to SGL accounts maintained by the RBI.

Government Securities
These are medium to long term interest-bearing obligations issued
through the RBI by the Government of India and state governments. The
RBI decides the cut-off coupon on the basis of bids received during
auctions. There are issues where the rate is pre-specified and the investor
only bids for the quantity. In most cases the coupon is paid semi-annually
with bullet redemption features.

Treasury Bills
T-bills are short-term obligations issued through the RBI by the
Government of India at a discount. The RBI issues T-bills for different
tenures: now 91 -days and 364-days. These treasury bills are issued
through an auction procedure. The yield is determined on the basis of bids
tendered and accepted.

Bank/FI Bonds
Most of the institutional bonds are in the form of promissory notes
transferable by endorsement and delivery. These are negotiable
certificates, issued by the Financial Institutions such as the IDBI/ICICI/
IFCI or by commercial banks. These instruments have

B.R.C.M. College of Business Administration, Surat

Public Sector Undertakings (PSU) Bonds


PSU Bonds are medium and long term obligations issued by public sector
companies in which the government share holding is generally greater
than 51%. Some PSU bonds carry tax exemptions. The minimum maturity
is 5 years for taxable bonds and 7 years for tax-free bonds. PSU bonds
are generally not guaranteed by the government and are in the form of
promissory notes transferable by endorsement and delivery. PSU bonds
in electronic form (demat) are eligible for repo transactions.

An investor can participant in various schemes floated by mutual fund


instead of buying equity shares. In mutual funds invest in equity shares &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049454336313936362d322e3100000000000000000000001273524742204945
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00000000000MUTUAL FUND SCHEMES
fixed income securities. There are three broad types of mutual fund
schemes.
Growth schemes
Income schemes
Balanced schemes

B.R.C.M. College of Business Administration, Surat

ffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f46494c4500010100000c484c696e6f02100
0006d6e74725247422058595a2007ce00020009000600310000616373704d5346540000000049454320735247420000
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00000000000000000000000000000000000000000000000000001163707274000001500000003364657363000001840
000006c77747074000001f000000014626b707400000204000000147258595a00000218000000146758595a0000022c0
00000146258595a0000024000000014646d6e640000025400000070646d6464000002c400000088767565640000034c
0000008676696577000003d4000000246c756d69000003f8000000146d6561730000040c00000024746563680000043
00000000c725452430000043c0000080c675452430000043c0000080c625452430000043c0000080c74657874000000
00436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e790000646573
630000000000000012735247422049454336313936362d322e310000000000000000000000127352474220494543363
13936362d322e31000000000000000000000000000000000000000000000000000000

It is just like fixed income securities earn a fixed return. However, unlike
fixed income securities, deposits are negotiable or transferable. The
important types of deposits in India are:
Bank deposits
Company deposits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Postal deposits.

It provides benefits to those who participate in them. The most


important tax sheltered saving schemes in India is: Employee provident
fund scheme Public provident fund schemes National saving
certificate

LIFE INSURANCE
In a broad sense, life insurance may be viewed as an investment.
Insurance premiums represent the sacrifice & the assured sum the
benefit. In India, the important types of insurance polices are:

Endowment assurance policy


Money back policy
Whole life policy
Premium back term assurance policy

B.R.C.M. College of Business Administration, Surat

ffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f46494c4500010100000c484c696e6f02100
0006d6e74725247422058595a2007ce00020009000600310000616373704d5346540000000049454320735247420000
000000000000000000000000f6d6000100000000d32d48502020000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000001163707274000001500000003364657363000001840
000006c77747074000001f000000014626b707400000204000000147258595a00000218000000146758595a0000022c0
00000146258595a0000024000000014646d6e640000025400000070646d6464000002c400000088767565640000034c
0000008676696577000003d4000000246c756d69000003f8000000146d6561730000040c00000024746563680000043
00000000c725452430000043c0000080c675452430000043c0000080c625452430000043c0000080c74657874000000
00436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e79000064657
3630000000000000012735247422049454336313936362d322e31000000000000000000000012735247422049454336
313936362d322e31000000000000000000000000000000000000000000000000000000

For the bilk of the investors the most important asset in their portfolio is a
residential house. In addition to a residential house, the more affluent
investors are likely to be interested in the following types of real estate:
Agricultural land
Semi-urban land

PRECIOUS OBJECTS
It is highly valuable in monetary terms but generally they are small
in size. The important precious objects are: Gold & silver Precious
stones Art objects

FINANCIAL DERIVATIVES

A financial derivative is an instrument whose value is derived from the


value of underlying asset. It may be viewed as a side bet on the asset.
The most import financial derivatives from the point of view of investors
are:
Options
Futures.

B.R.C.M. College of Business Administration, Surat

RISK RETURN OF VARIOUS INVESTMENT AVENUES


Every investment is characterized by return & risk. Investors intuitively
understand the concept of risk. A person making an investment expects to
get some return from the investment in the future. But, as future is
uncertain, so is the future expected return. It is this uncertainty associated
with the returns from an investment that introduces risk into an
investment. Risk arises where there is a possibility of variation between
expectation and realization with regard to an investment.

Meaning of Risk Risk & uncertainty are an integrate part of an


investment decision. Technically risk can be define as situation
where the possible consequences of the decision that is to be taken
are known. Uncertainty is generally defined to apply to situations
where the probabilities cannot be estimated. However, risk &
uncertainty are used interchangeably.

B.R.C.M. College of Business Administration, Surat

Types of risks
1. Systematic risk:
Systematic risk is non diversifiable & is associated with the securities
market as well as the economic, sociological, political, & legal
considerations of prices of all securities in the economy. The affect of
these factors is to put pressure on all securities in such a way that the
prices of all stocks will more in the same direction.

Example:
During a boom period prices of all securities will rise & indicate that the
economy is moving towards prosperity. Market risk, interest rate risk &
purchasing power risk are grouped under systematic risk.

RISKS

SYSTAMATIC
UNSYSTAMATIC
Market Risk Business Risk Interest Rate Risk Financial
Risk Purchasing power Risk

B.R.C.M. College of Business Administration, Surat

1. Systematic Risk
(A) Market risk

Market risk is referred to as stock variability due to changes in investors


attitudes & expectations. The investor reaction towards tangible and
intangible events is the chief cause affecting market risk.

(B) Interest rate risk

There are four types of movements in prices of stocks in the markets.


These may termed as (1) long term, (2) cyclical (bull and bear markets),
(3) intermediate or within the cycle, and (4) short term. The prices of all
securities rise or fall depending on the change in interest rates. The longer
the maturity period of a security the higher the yield on an investment &
lower the fluctuations in prices.

(C) Purchasing Power risk

Purchasing power risk is also known as inflation risk. This risk arises out
of change in the prices of goods & services and technically it covers both
inflation and deflation periods. During the last two decades it has been
seen that inflationary pressures have been continuously affecting the
Indian economy. Therefore, in India purchasing power risk is associated
with inflation and rising prices in the economy.

B.R.C.M. College of Business Administration, Surat

2. Unsystematic Risk:

The importance of unsystematic risk arises out of the uncertainty


surrounding of particular firm or industry due to factors like labour strike,
consumer preferences and management policies. These uncertainties
directly affect the financing and operating enviourment of the firm.
Unsystematic risks can owing to these considerations be said to
complement the systematic risk forces.

(A) Business risk

Every corporate organization has its own objectives and goals and aims at
a particular gross profit & operating income & also accepts to provide a
certain level of dividend income to its shareholders. It also hopes to
plough back some profits. Once it identifies its operating level of earnings,
the degree of variation from this operating level would measure business
risk.

Example:
If operating income is expected to be 15% in a year, business risk will be
low if the operating income varies between 14% and 16%. If the operating
income were as low as 10% or as high as 18% it would be said that the
business risk is high.

(B) Financial Risk:

Financial risk in a company is associated with the method through which it


plans its financial structure. If the capital structure of a company tends to
make earning unstable, the company may fail financially. How a company
raises funds to finance its needs and growth will have an impact on its
future earnings and consequently on the stability of earnings. Debt
financing provides a low cost source of funds to a company, at the same
time providing financial

B.R.C.M. College of Business Administration, Surat

leverage for the common stock holders. As long as the earnings of the
company are higher than the cost of borrowed funds, the earning per
share of common stock is increased. Unfortunately, a large amount of
debt financing also increases the variability of the returns of the common
stock holder & thus increases their risk. It is found that variation in returns
for shareholders in levered firms (borrowed funds company) is higher than
in unlevered firms. The variance in returns is the financial risk.

Managem ent Decision Required


Investment
Market Risk
Business Risk
Interest Risk
Purchasing Power Risk
H
Growth stock
B.R.C.M. College of Business Administration,
Surat
H
H
L
L
H
Speculative common stock
H
H

L
M
Blue chips
M
M
Risk Return Of Various Investment Alternatives
L
L
M
Convertible referred stock
M
So, there are so many investment options
& the different option have
M
different benefits & limitations in the sense
L risk associated with it. So it is
difficult for them to chose option, which Lgive maximum return at minimum
L
risk.
Convertible debentures
M
PORTFOLIO
M
L
Meaning of portfolio:
L
L
Corporate bonds
L
L
H
B.R.C.M. College of Business Administration, Surat
H
L
Government bonds
L
L
H
H
L
Short-term bonds
L
L
L
H
L
Money market funds
L
L
L
H
O
Life insurance
L
L
L
H
O
Commercial banks
L
L
L
H
O
Unit trusts
L
L
L
M-H
O
Saving a/c
L
L

H
O
Cash

Portfolio

L
L
L
H

A combination of securities with different risk & return characteristics will


constitute the portfolio of the investor. Thus, a portfolio is the combination
of various assets and/or instruments of investments. The combination
may have different features of risk & return, separate from those of the
components. The portfolio is also built up out of the wealth or income of
the investor over a period of time, with a view to suit his risk and return
preference to that of the portfolio that he holds. The portfolio analysis of
the risk and return characteristics of individual securities in the portfolio
and changes that may take place in combination with other securities due
to interaction among themselves and impact of each one of them on
others.

An investor considering investments in securities is faced with the


problem of choosing from among a large number of securities. His choice
depends upon the risk and return characteristics of individual securities.
He would attempt to choose the most desirable securities and like to
allocate is funds over this group of securities. Again he is faced with the
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 portfolio differ
from those of individual securities combining to form a portfolio. The
investor tries to choose the optimal portfolio taking in to consideration the
risk return characteristics of all possible portfolios.

As the economy and the financial environment keep changing the risk
return characteristics of individual securities as well as portfolios also
change. This calls for periodical review and revision of investment
portfolios of investors. An investor invests his funds in a portfolio
expecting to get a good return consistent with the risk

B.R.C.M. College of Business Administration, Surat

It is evident that rational investment activity involves creation of an


investment portfolio. Portfolio management comprises all the processes
involved in the creation and maintenance of an investment portfolio. It
deals specifically with the security analysis, portfolio analysis, portfolio
selection, portfolio revision and portfolio evaluation. Portfolio management
makes use of analytical techniques of analysis and conceptual theories
regarding rational allocation of funds. Portfolio management is a complex
process which tries to make investment activity more rewarding and less
risky.

B.R.C.M. College of Business Administration, Surat

ffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f46494c4500010100000c484c696e6f02100
0006d6e74725247422058595a2007ce00020009000600310000616373704d5346540000000049454320735247420000
000000000000000000000000f6d6000100000000d32d48502020000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000001163707274000001500000003364657363000001840
000006c77747074000001f000000014626b707400000204000000147258595a00000218000000146758595a0000022c0
00000146258595a0000024000000014646d6e640000025400000070646d6464000002c400000088767565640000034c
0000008676696577000003d4000000246c756d69000003f8000000146d6561730000040c00000024746563680000043
00000000c725452430000043c0000080c675452430000043c0000080c625452430000043c0000080c74657874000000
00436f70797269676874202863292031393938204865776c6574742d5061636b61726420436f6d70616e79000064657
3630000000000000012735247422049454336313936362d322e31000000000000000000000012735247422049454336
313936362d322e31000000000000000000000000000000000000000000000000000000

Before designing a portfolio one will have to know the intention of the
investor or the returns that the investor is expecting from his investment.
This will help in adjusting the amount of risk. This becomes an important
point from the point of view of the portfolio designer because if the
investor will be ready to take more risk at the same time he will also get
ffd8ffe000104a4649460001020100c800c80000ffe20c584943435f50524f4
6494c4500010100000c484c696e6f021000006d6e74725247422058595a2
007ce00020009000600310000616373704d534654000000004945432073
5247420000000000000000000000000000f6d6000100000000d32d485020
20000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000001163707274000001500000
003364657363000001840000006c77747074000001f000000014626b7074
00000204000000147258595a00000218000000146758595a0000022c000
000146258595a0000024000000014646d6e640000025400000070646d64
64000002c400000088767565640000034c0000008676696577000003d40
00000246c756d69000003f8000000146d6561730000040c0000002474656
368000004300000000c725452430000043c0000080c675452430000043c0
000080c625452430000043c0000080c7465787400000000436f707972696
76874202863292031393938204865776c6574742d5061636b6172642043
6f6d70616e79000064657363000000000000001273524742204945433631
3936362d322e31000000000000000000000012735247422049454336313
936362d322e310000000000000000000000000000000000000000000000
00000000
more returns. This can be more appropriately understood from the figure
drawn below.

From the above figure we can see that when the investor is ready to take
risk of M1, he is likely to get expected return of R1, and if the investor is
taking the risk of M2, he will be getting more returns
i.e. R2. So we can conclude that risk and returns are directly related with
each other. As one increases the other will also increase in same of
different proportion and same if one decreases the other will also
decrease.

B.R.C.M. College of Business Administration, Surat

1Investors willing to take minimum risk and at the same time are also
expecting minimum returns.
2Investors willing to take moderate risk and at the same time are also
expecting moderate returns.
3Investors willing to take maximum risk and at the same time are also
expecting maximum returns.
B.R.C.M. College of Business Administration, Surat

PORTFOLIO AGE RELATIONSHIP

Your age will help you determine what a good mix is / portfolio is

These aren't hard and fast allocations, just guidelines to get you thinking
about how your portfolio should look. Your risk profile will give you more
equities or more fixed income depending on your aggressive or
Age
conservative
Portfoliobias. However, it's important to always have some equities in
below 30
your portfolio (or equity funds) no matter what your age. If inflation roars
80% in stocks or mutual funds 10% in cash 10% in fixed income
30 this
t0 40
back,
will be the portion of your investments that protects you from the
70% in stocks or mutual funds 10% in cash 20% in fixed income
damage,
not your fixed income.
40 to 50
60% in stocks or mutual funds 10% in cash 30% in fixed income
50 the
to 60
Also,
fixed income of your portfolio should be diversified. If you buy
50% in stocks or mutual funds 10% in cash 40% in fixed income
bonds
and60
debentures directly or if you invest in FDs, then make sure you
above
40%
in stocks
or mutual
fundsto10%
in cash
50%
in fixed
have
at least
five different
maturities
spread
out the
interest
rate income
risk.

B.R.C.M. College of Business Administration, Surat

Diversifying in equities and bonds means more than buying a number of


positions. Each position needs to be scrutinized as to how it fits into the
stocks or bonds that already are in your portfolio, and how they might be
affected by the same event such as higher interest rates, lower fuel
prices, etc. Put your portfolio together like a puzzle, adding a piece at a
time, each one a little different from the other but achieving a uniform
whole once the portfolio is complete.

Types of portfolio for study:


In portfolio Design, we are considering only two types of portfolio. They
are as follow:
1Random Portfolio
2Sector Portfolio

1. Random portfolio
Random portfolio consists of the scripts that are randomly selected by the
investor by its own knowledge and preference of the stocks. Here there is
no analysis is done of the script, they are selected on the tips and buts
received by the investors from the external sources.

Features of random portfolio


There is no method used for selection of the script in the portfolio.
Selection is based on the individual criteria for the scripts.
The investment is made for higher return in short term.

B.R.C.M. College of Business Administration, Surat

Generally in India most of the portfolio are selected according to this


random methods as no investor himself in that much analysis of the script.

Advantages of random portfolio


Easier to keep a track on the market as not much time wasted in the
analysis.
This portfolio seems to have perform better in short term as script are
generally which are performing better at that time.
Tips are available every where for the investor to pouch.
It is the experience of the individual that can fetch him good return.

Disadvantages of random portfolio


There is every chance that you may select a script that has a very bad
background in the market.
Not every time the tips pay off for you. You need to have strong reason to
select that script.
Such portfolios are not able to sustain when there is a crisis in the market.
There is a very high risk and return involve in such portfolio.
B.R.C.M. College of Business Administration, Surat

2. Sector specific portfolio


Sector specific portfolio includes securities of those companies which are
in the same business. Sector portfolios are very useful when there is a
particular sector which is doing very good and has a bright future a head.
Sector portfolio has the securities of those companies that engage in
same kind of business.
e.g. In late 1990s sector that was providing the highest return was
information technology. Investors who have invested their money in
these securities had earned very high return.

Features of sector portfolio


Script form the same group of companies that are in to the similar type of
business.
Maximum exposure to the industry/sector. So any news or event has the
direct effect on the portfolio.
Risk regarding the portfolio increases as it is expose to sector specific ups
and downs.
Useful investment tools for speculator and short-sellers.
It is better suited for the sectors which have been providing good revenue
in the near past.

Advantages of sector portfolio


It is better suited to investors who are willing to take risk.
It provides better short term return then other portfolios.
It is easy to keep a watch on one sector rather than many. You can have
a good command over the things happening.
Limited exposure to other sectors keeps the portfolio safe from the
performance of other sectors in the economy.
B.R.C.M. College of Business Administration, Surat

Disadvantages of sector portfolio


It is a highly risky portfolio as risk associated with the sector directly
affects the performance of the portfolio.
These types of portfolios are not suited for long-term investor as risk taken
for the return can be too high.
There is always the possibly many scripts in the sector may not be giving
that much good attractive return as others. They may eat the profits from
other scripts.

B.R.C.M. College of Business Administration, Surat

Book value is based on historical costs, not current values, but can
provide an important measure of the relative value of a company over
time. Book value can be figured as assets minus liabilities, or assets
minus liabilities and intangible items such as goodwill; either way, the
figure that results is the company's net book value. This is contrasted with
its market capitalization, or total share price value, which is calculated by
multiplying the outstanding shares by their current market price.
You can also compare a company's market value to its book value on a
per-share basis. Divide book value by the number of shares outstanding
to get book value per share and compare the result to the current stock
price to help determine if the company's stock is fairly valued. Most stocks
trade above book value because investors believe that the company will
grow and the value of its shares will, too. When book value per share is
higher than the current share price, a company's stock may be
undervalued and a bargain to investors.
In case of our sensex as we can see that it is currently trading at a P/B
ratio of 4.41 this shows the average P/B ratio prevailing in the market. So
any script trading below the P/B of 4.41 can said to be under valued if we
keep the BSE SENSEX as bench mark. But it would be advisable for an
investor to also look at the sector leaders P/B ratio to know what is the
common industry P/B and based on that he can decide about whether to
invest in the company or not. As such there is no guarantee that low P/B
would able to give better return but this stocks are considered to be
undervalued so one can think that this companies are undervalued so
chances of appreciation are very high in case of low P/B scrip. Such
companies having low P/B ratio can be considered as value stock and
one can thin about investing in those companies.

B.R.C.M. College of Business Administration, Surat

The P/E ratio as a guide to investment decisions


Earnings per share alone mean absolutely nothing. In order to get a sense
of how expensive or cheap a stock is, you have to look at earnings
relative to the stock price and hence employ the P/E ratio. The P/E ratio
takes the stock price and divides it by the last four quarters' worth of
earnings. If AB ltd is currently trading at Rs. 20 a share with Rs. 4 of
earnings per share (EPS), it would have a P/E of
5. Big increase in earnings is an important factor for share value
appreciation. When a stock's P-E ratio is high, the majority of investors
consider it as pricey or overvalued. Stocks with low P-E's are typically
considered a good value. However, studies done and past market
experience have proved that the higher the P/E, the better the stock.

First, one can obtain some idea of a reasonable price to pay for the stock
by comparing its present P/E to its past levels of P/E ratio. One can learn
what is a high and what is a low P/E for the individual company. One can
compare the P/E ratio of the company with that of the market giving a
relative measure. One can also use the average P/E ratio over time to
help judge the reasonableness of the present levels of prices. All this
suggests that as an investor one has to attempt to purchase a stock close
to what is judged as a reasonable P/E ratio based on the comparisons
made. One must also realize that we must pay a higher price for a quality
company with quality management and attractive earnings potential.
In the case if we look at the benchmark of BSE sensex on 1 st of December
it is trading at a P/E of 24.49. So if we just keep the benchmark P/E in
mind then we can say that any stock which is trading bellow the P/E of
24.49 is available cheaply. But for an investor it is also advisable to look at
the industry P/E as it is more important because just looking at the above
position we can see

B.R.C.M. College of Business Administration, Surat

that SBI is trading at a very low P/E of around 8 but if you see that in
banking sector that to public sector banks the normal industry P/E is 8 all
most all banks are trading around 8 or bellow the P/E of
8.

So always it is advisable to look at what is the P/E of industry in which


we want to invest to get the better idea, because if we take the example of
IT industry there almost you will find companies around P/E of 30. so if
any IT company having of P/E would considered to be a cheap option for
the investor to invest in to. So the investor should also look at the industry
average P/E. The new investor can know about the industry P/E or any
other companies P/E in any financial magazine or from the internet also if
he does not know how to calculate the P/E or is not having the data
available with them.

The formula for calculating the P/E ratio is

P/E = Current Market Price Earning Per Share

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RANDOM PORTFOLIO
Random portfolio consists of the scripts that are randomly selected by the
investor by its own knowledge and preference of the stocks. Here there is
no analysis is done of the script, they are selected on the tips and buts
received by the investors from the external sources.
We are considering BETA factor to design our Random Portfolio.

Beta Factor Beta indicates the proportion of the yield of a portfolio to


the yield of the entire market (as indicated by some index). If there is an
increase in the yield of the market, the yield of the individual portfolio may
also go up. If the index goes up by 1.5% and the yield of your portfolio
goes up by 0.9%, the beta is 0.9/1.5
i.e 0.6. in other words, beta indicates that for every 1 % increase in the
market yield, the yield of the portfolio goes up by 0.6%. High beta shares
do move higher than the market when the market rises and the yield of
the fund declines more than the yield of the market when the market falls.
In the Indian context a beta of 1.2% is considered very bullish.
You can be indifferent to market swings if you know your stocks well. Or
you can put your portfolio into neutral or bias for the upside if you're
bullish or a little for the downside if you're bearish. One way to do that is
to have a mix of stocks that have certain betas in your portfolio. When
investors are bullish on the market, they like to have high beta stocks in
their portfolios because if they're right, then their stocks go up faster than
the market in general, and their performance is better than the market. If
investors are bearish on the market, then they use the low beta or
negative beta stocks because their portfolios will go down less than the
market and their performance will be better than the general market. And
if they want to be neutral, they can then make sure that they have stocks
with a

B.R.C.M. College of Business Administration, Surat

beta of 1 or develop a portfolio that has stocks with betas greater than 1
and less than 1 so that they have the whole portfolio with an average beta
of 1.
A beta for a stock is derived from historical data. This means it has no
predictive value for the future, but it does show that if the stock continues
to have the same price patterns relative to the market in general as it has
in the past, you've got a way of knowing how your portfolio will perform in
relation to the market. And with a portfolio
with an average beta of 1, you can create your own index fund since you'll
move more or less in tandem with the market.

B.R.C.M. College of Business Administration, Surat

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000000
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6573630
6573630
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6573630
000000
6573630
000000
6573630
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000000
6573630
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6573630
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000000
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6573630
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000000
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6573630
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6573630
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0000006
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000000
006c777
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0000006
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000000
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000000
0000006
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0000006
8595a000
0000006
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000000
14725859
000000
0000006
14725859
8595a000
7747074
000000
0000006
000000
0000006
0000006
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000000
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0000006
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0000006
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0000006
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c777470
000000
707274
001163
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c777470
c777470
707274
c777470
c777470
c777470
000000
000001f0
707274
00218000
000001f0
00218000
c777470
001163
001163
000000
707274
c777470
c777470
c777470
c777470
000000
c777470
c777470
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000000
000001f0
001163
c777470
c777470
5a000002
000000
c777470
000000
c777470
c777470
c777470
c777470
000001f0
c777470
001163
c777470
707274
c777470
c777470
001163
c777470
c777470
4707400
c777470
c777470
000000
4707400
c777470
00218000
c777470
c777470
000000
c777470
001163
c777470
001163
c777470
00218000
c777470
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000000
5a000002
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000000
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000000
c777470
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000000
c777470
c777470
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001163
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5a000002
000000
000000
c777470
707274
c777470
c777470
c777470
c777470
000001f0
c777470
001163
c777470
000000
c777470
000000
c777470
c777470
00014675
7400000
7400000
116370
000001
707274
7400000
7400000
7400000
000001
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116370
0000001
000001
00014675
0000001
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707274
707274
116370
000001
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0000001
707274
7400000
7400000
18000000
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000001
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0001f000
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116370
7400000
707274
7400000
707274
7400000
00014675
7400000
7400000
116370
18000000
116370
7400000
18000000
00014675
0000001
116370
7400000
116370
7400000
7400000
7400000
7400000
7400000
116370
7400000
7400000
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707274
7400000
18000000
116370
116370
7400000
000001
7400000
7400000
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7400000
0000001
7400000
707274
7400000
116370
7400000
116370
7400000
7400000
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1f00000
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727400
500000
000001
1f00000
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727400
4626b70
500000
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4626b70
8595a000
1f00000
000001
000001
727400
500000
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1f00000
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4626b70
000001
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14675859
727400
1f00000
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4626b70
1f00000
000001
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500000
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000001
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0000146
1f00000
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1f00000
000001
1f00000
000001
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727400
14675859
727400
1f00000
14675859
8595a000
4626b70
727400
1f00000
727400
1f00000
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000001
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1f00000
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1f00000
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1f00000
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000150
003364
500000
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003364
0014626
0014626
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000150
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003364
0022c000
7400000
0022c000
0014626
500000
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000150
003364
0014626
0014626
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0014626
000150
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000150
7400000
500000
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0014626
5a000002
000150
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000150
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0014626
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0014626
7400000
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500000
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003364
0014626
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500000
0014626
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26b7074
0014626
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000150
26b7074
0014626
0022c000
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000150
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500000
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500000
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0022c000
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000150
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000150
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5a000002
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000150
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000150
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000150
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500000
0014626
5a000002
000150
000150
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003364
0014626
0014626
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0014626
7400000
0014626
500000
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000150
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000150
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0014626
00014625
b707400
b707400
000000
657363
003364
b707400
b707400
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657363
b707400
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000000
2040000
657363
00014625
2040000
00014625
b707400
003364
003364
000000
657363
b707400
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003364
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000000
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2040000
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003364
b707400
657363
b707400
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003364
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0000020
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000000
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00014625
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000001
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0002040
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0002040
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336465
0014725
000001
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0014725
8595a000
0002040
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336465
000001
0002040
0002040
0002040
0002040
336465
0002040
0002040
0002040
336465
0014725
657363
0002040
0002040
14625859
336465
0002040
336465
0002040
0002040
0002040
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0014725
0002040
657363
0002040
000001
0002040
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657363
0002040
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4000000
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336465
0002040
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0002040
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14625859
336465
0002040
14625859
8595a000
0014725
336465
0002040
336465
0002040
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0002040
0002040
336465
0002040
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0002040
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336465
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0002040
000001
0002040
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0002040
657363
0002040
336465
0002040
336465
0002040
0002040
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0000014
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840000
000001
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840000
0000014
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0000014
736300
8595a00
840000
00240000
8595a00
00240000
0000014
000001
000001
736300
840000
0000014
0000014
0000014
0000014
736300
0000014
0000014
0000014
736300
8595a00
000001
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5a000002
736300
0000014
736300
0000014
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0000014
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8595a00
0000014
000001
0000014
840000
0000014
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000001
0000014
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1472585
0000014
0000014
736300
1472585
0000014
00240000
0000014
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736300
0000014
000001
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000001
0000014
00240000
0000014
0000014
736300
5a000002
736300
0000014
5a000002
00240000
8595a00
736300
0000014
736300
0000014
0000014
0000014
0000014
0000014
736300
0000014
0000014
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000001
0000014
5a000002
736300
736300
0000014
840000
0000014
0000014
0000014
0000014
8595a00
0000014
000001
0000014
736300
0000014
736300
0000014
0000014
00014646
7258595
7258595
000184
006c777
840000
7258595
7258595
7258595
006c777
7258595
7258595
7258595
000184
0002180
006c777
00014646
0002180
00014646
7258595
840000
840000
000184
006c777
7258595
7258595
7258595
7258595
000184
7258595
7258595
7258595
000184
0002180
840000
7258595
7258595
40000000
000184
7258595
000184
7258595
7258595
7258595
7258595
0002180
7258595
840000
7258595
006c777
7258595
7258595
840000
7258595
7258595
95a0000
7258595
7258595
000184
95a0000
7258595
00014646
7258595
7258595
000184
7258595
840000
7258595
840000
7258595
00014646
7258595
7258595
000184
40000000
000184
7258595
40000000
00014646
0002180
000184
7258595
000184
7258595
7258595
7258595
7258595
7258595
000184
7258595
7258595
7258595
840000
7258595
40000000
000184
000184
7258595
006c777
7258595
7258595
7258595
7258595
0002180
7258595
840000
7258595
000184
7258595
000184
7258595
7258595

SO BASED ON THIS BETA NOW WE WILL PREPARE THREE


PORTFOLIO TO MATCH THE RISK TAKING CAPACITY OF AN
INVESTOR

THAT IS
PORTFOLIO

ffd8ffe000104a
4649460001020
100c800c80000
ffe20c58494343
AGGRESSIVE MODERATE
5f50524f46494c
4500010100000
DEFENSIVE
c484c696e6f02
1000006d6e747
2524742205859
ffd8ffe000104a4649
5a2007ce00020
460001020100c800c8
0000ffe20c584943435
0090006003100
f50524f46494c450001
00616373704d5
0100000c484c696e6f0
3465400000000
21000006d6e7472524
4945432073524
7422058595a2007ce0
7420000000000
002000900060031000
0000000000000
0616373704d5346540
00000f6d60001
000000049454320735
00000000d32d4
247420000000000000
8502020000000
000000000000000f6d
0000000000000
6000100000000d32d4
0000000000000
850202000000000000
B.R.C.M. College of Business
0000000000000
000000000000000000
Administration, Surat
0000000000000
000000000000000000
0000000000000
000000000000000000
0000000000000
000000000000000000
0000000000116
000000000001163707
3707274000001
274000001500000003
5000000033646
364657363000001840
5736300000184
000006c77747074000
0000006c77747
001f000000014626b7
074000001f000
074000002040000001
000014626b707
47258595a000002180
4000002040000
00000146758595a000
00147258595a0
0022c0000001462585
95a000002400000001
0000218000000
4646d6e64000002540
146758595a000
0000070646d6464000
0022c00000014
002c40000008876756
6258595a00000
5640000034c0000008
2400000001464
676696577000003d40
6d6e640000025
00000246c756d69000
400000070646d
003f8000000146d656
6464000002c40
1730000040c0000002
0000088767565
474656368000004300
640000034c000
000000c72545243000
0008676696577
0043c0000080c67545
000003d400000
2430000043c0000080
0246c756d6900
c625452430000043c0
0003f80000001
000080c74657874000
46d6561730000
00000436f707972696
040c000000247
768742028632920313
4656368000004
93938204865776c657
300000000c725
4742d5061636b61726
452430000043c
420436f6d70616e790
0000080c67545
000646573630000000
2430000043c00
000000012735247422
00080c6254524
049454336313936362
30000043c0000
d322e3100000000000
080c746578740
000000000001273524
742204945433631393
0000000436f70
SR NO.
6362d322e310000000
7972696768742
SCRIPT
000000000000000000
0286329203139
BETA
000000000000000000
3938204865776
PRICE ON 2-01-2006
00000000000
c6574742d5061

1
ACC
0.72
530.45
9.68
DEFENSIVE PORTFOLIO
2
CIPLA
0.78
440.00
10.48
3
Total Portfolio Investment
= 10,00,000 Rs.
DR REDDY
0.69
963.00
9.27
Total Portfolio Beta = Wi * BETA
=6.97
4
+8.18+6.40+7.76+7.76 GRASIM +8.82+6.40+8.60+9.04+5.00
0.76
1375.3
= 74.93 ~ 75
10.22
5
HDFC BANK
0.76
713.45
10.22
6
ITC
0.81
140.10
10.89
7
RANBUXY
B.R.C.M. College of Business Administration, Surat
0.69
444.35
9.27
8
HERO HONDA
0.8
846.10
10.75
9
HDFC
0.82
1191.3
11.02
10
GLAXO
0.61
1111.6
8.20
SR NO.
SCRIPT
BETA
2-01-2006
31-01?06
RETURN IN %
1
ACC
0.72
530.45
574.20
8.25
2
CIPLA
0.78

RETURN

442.25
0.51
3
DR
REDDY
SR NO.
0.69
SCRIPT
963.00
BETASCRIPTS
ON INDIVIDUAL
1121.25
2-01-06
16.43
28-02-06
4 IN %
RETURN
ND
2 GRASIM
MONTH
1
0.76
ACC
1375.30
0.72
1454.25
530.45
B.R.C.M. College of Business Administration, Surat
5.74
626.30
5
18.07
HDFC2BANK
CIPLA0.76
713.45
0.78
762.45
440.00
6.87
552.15
6
25.49
ITC
3
0.81
DR REDDY
140.10
0.69
154.80
963.00
10.49
1306.10
7
35.63
RANBUXY
4
0.69
GRASIM
444.35
0.76
399.40
1375.30
-10.12
1742.60
8
26.71
HERO 5
HONDA
0.80
HDFC BANK
846.10
0.76
857.20
713.45
1.31
737.15
9
3.32
HDFC
6
ITC 0.82
1191.30
0.81
1339.70
140.10
12.46
172.45
10
23.09
GLAXO
7
0.61
RANBUXY
1111.60
0.69
1282.80
444.35
15.40
429.50
-3.34
8
HERO HONDA
0.80
846.10
889.30
5.11
9
HDFC
0.82
1191.30
1365.65
14.64
10

1ST MONTH

0.61
1111.60
1315.55
18.35

RETURN IN DEFENSIVE PORT FOLIO


TOTAL PORTFOLIO INVESTMENT = 10,00,000 VALUE OF
PORTFOLIO AS ON 28-02-2006 = 1166628.41

TOTAL RETURN ON PORTFOLIO = 1166628.41 -1000000


= 166628.41

TOTAL RETURN IN % TERM = 16.66 %

B.R.C.M. College of Business Administration, Surat

SR NO.
SCRIPT
BETA

Wi
1
BHARTI
0.99
MODRATE 340.05
PORTFOLIO
10.73
2
GUJARAT AMBUJA
0.86
79.30
Total Portfolio Investment = 10,00,000/- Rs.
9.32
3
BAJAJ AUTO
0.85
Total Portfolio Beta = Wi * BETA
450.05= 10.62 +
9.21
8.01+7.83+8.39+10.83+
8.01+8.58+8.78+10.83+10.83
4
HLL
92.72 ~ 93
0.88
195.10
9.53
5
HINDALCO
1.00
146.20
10.83
6
LT
0.86
B.R.C.M. College of Business
Administration, Surat
1825.65
9.32
7
MTNL
0.89
142.15
9.64
8
ZEE
0.90
157.90
9.75
9
BHEL
1.00
1389.90
10.83
10
PNB
1.00
SR NO.
472.00
SCRIPT
10.83
BETA
2-01-2006
31-01?06
RETURN IN %
1
BHARTI
0.99
340.05
357.25
5.06%
2
GUJARAT AMBUJA
0.86
79.30

RETURN

11.66%
3
BAJAJ AUTO
SR
NO.
0.85
SCRIPT
450.05
BETA
ON INDIVIDUAL
SCRIPTS
513.25
2-01?2006
14.04%
28-02?06
4
ND
RETURN
HLL IN %
2 MONTH
1
0.88
BHARTI
195.10
0.99
195.25
340.05
0.08%
361.05
5
B.R.C.M. College of Business Administration,
Surat
6.18%
HINDALCO
2
1.00
GUJARAT
AMBUJA
146.20
0.86
164.80
79.30
12.72%
88.30
6
11.35%
LT
3
0.86
BAJAJ
AUTO
1825.65
0.85
2172.10
450.05
18.98%
550.10
7
22.23%
MTNL
4
0.89
HLL
142.15
0.88
141.70
195.10
-0.32%
243.70
8
24.91%
ZEE
5
0.90
HINDALCO
157.90
1.00
164.70
146.20
4.31%
153.35
9
4.89%
BHEL
6
1.00
LT
1389.90
0.86
1795.60
1825.65
29.19%
2396.95
10
31.29%
PNB
7
1.00
MTNL
472.00
0.89
465.35
142.15
-1.41%
142.65
0.35%
8
ZEE
0.90
157.90
196.60
24.51%
9
BHEL
1.00
1389.90
2027.00
45.84%
10
PNB

1ST MONTH

472.00
442.10
-6.33%

RETURN IN MODRATE PORT FOLIO


TOTAL PORTFOLIO INVESTMENT = 10,00,000/- Rs.. VALUE OF
PORTFOLIO AS ON 28-02-2006 = 1162912.70/- Rs.

TOTAL RETURN ON PORTFOLIO


= 1162912.70 Rs. -1000000 Rs. = 162912.70 Rs.

TOTAL RETURN IN % TERM = 16.29 %

B.R.C.M. College of Business Administration, Surat

SR NO.
SCRIPT
BETA
PRICE ON 2-01-2006

Total

1
ICICI BANK LTD
1.09
597.00
9.64
AGGRESSIVE 2PORTFOLIO
INFOSYS
1.07
2979.35
9.46
Total Portfolio Investment
3 = 10,00,000/-Rs.
ONGC
1.02
1191.65
Portfolio Beta = Wi * BETA
9.02=10.50+10.12+9.20+9.75+13.38+
4
10.50+10.89+12.52+11.29+15.64 = 113.80 ~ 114
RELIANCE
1.05
441.05
9.28
5
SATYAM
1.23
731.55
10.88
6
SBIN
1.09
904.90
9.64
B.R.C.M. College of Business
Administration, Surat
7
TATA POWER
1.11
434.20
9.81
8
TATA MOTER
1.19
639.55
10.52
9
TATA STEEL
1.13
379.00
9.99
10
WIPRO
1.33
461.70
11.76
SR NO.
SCRIPT
BETA
2-01-2006
31-01?06
RETURN IN %
1
ICICI BANK LTD
1.09
597.00
609.25
2.05
2
INFOSYS

RETURN

2979.35
2880.30
-3.32
3
ONGC
SR NO.
1.02
ON INDIVIDUAL
SCRIPT SCRIPTS
1191.65
BETA
1237.30
2-01-2006
3.83
28-02?06
4
RETURN
IN %
ND
2 RELIANCE
MONTH
1
1.05
ICICI BANK LTD
441.05
1.09
480.15
597.00
8.87
615.25
B.R.C.M. College of Business
Administration, Surat
5
3.06
SATYAM
2
1.23
INFOSYS
731.55
1.07
746.75
2979.35
2.08
2828.95
6
-5.05
SBIN
3
1.09
ONGC
904.90
1.02
886.35
1191.65
-2.05
1136.40
7
-4.64
TATA POWER
4
1.11
RELIANCE
434.20
1.05
471.80
441.05
8.66
500.55
8
13.49
TATA MOTER
5
1.19
SATYAM
639.55
1.23
708.45
731.55
10.77
769.65
9
5.21
TATA STEEL
6
1.13
SBIN
379.00
1.09
404.45
904.90
6.72
877.50
10
-3.03
WIPRO
7
1.33
TATA POWER
461.70
1.11
529.70
434.20
14.73
511.20
17.73
8
TATA MOTER
1.19
639.55
816.20
27.62
9
TATA STEEL
1.13
379.00
431.00
13.72

1ST MONTH

WIPRO
1.33
461.70
520.45
12.72

RETURN IN AGGRESSIVE PORT FOLIO


TOTAL PORTFOLIO INVESTMENT = 10,00,000/-Rs. VALUE OF
PORTFOLIO AS ON 28-02-2006 =10,84,397.28/- Rs.

TOTAL RETURN ON PORTFOLIO


= 1084397.28 Rs -1000000Rs = 84397.28 Rs.

TOTAL RETURN IN % TERM = 8.44 %

B.R.C.M. College of Business Administration, Surat

Interpretation of Random Portfolio


As in the theoretical way we have scene that the Beta shows the
movement or change in the price of script vis--vis index. And a Beta >1
is more riskier and hence should give more return as compared to the
script having Beta < 1. as the person is taking more risk then he should
get more return. But in our case we have scene that Moderate portfolio
having Beta < 1 has given more return as compared to Aggressive
Portfolio.

So we can easily say that the investment in equity market is subject to


market risk and any one having long-term investment horizon should only
enter into equity market. This analysis that has been carried out was only
for a period of two month there are chances that in the long run
aggressive portfolio would outperform the other portfolio
B.R.C.M. College of Business Administration, Surat

DERIVATIVES
Derivatives is a product whose value is derived from the value of one or
more basic variables, called bases (underlying asset, index, or reference
rate), in a contractual manner. The underlying asset can be equity, forex
or commodity or any other asset. For example, wheat farmer may wish to
sell their harvest at a future date to eliminate the risk of a change in prices
by the date. Such a transaction is an example of a derivative. The price of
this derivative is driven by the spot price of wheat which is the
underlying.

In the Indian context the Securities Contracts (Regulation) Act. 1956


(SC(R)A) defines derivative to include
1A security derived from a debts instrument, share, loan whether secured
or unsecured, risk instrument or contract for differences or any other form
of security.
2A contract, which derives its value from the prices, or index of price, of
underlying securities.
The derivatives are securities under the (SC(R)A) and hence the trading
of derivatives is governed by the regulatory framework under the
(SC(R)A).

B.R.C.M. College of Business Administration, Surat

TYPES OF DERIVATIVES
The most commonly used types of derivatives are as follows:
o Forwards: A forward contract is a customized contract between two
entities, where settlement takes place on a specific date in the future at
todays pre-agreed price.
o Futures: A future contract is an agreement between two parties to buy
or sell an asset at a certain time in the future at a certain price. Future
contracts are special types of forward contract in the sense that the former
are standardized exchange-traded contracts.
o Options: Options are of two types call and put. Calls give the buyer
the right but not the obligation to buy a gives quantity of the underlying
asset, at a given price on or before a given future date. Plus give the
buyer the right, but not the obligation to sell a given quantity of the
underlying asset at a given price on or before a given date.
B.R.C.M. College of Business Administration, Surat

INTRODUCTION TO FUTURE
Future markets were designed to solve the problems that exist in forward
markets. A future contract is an agreement between two parties to buy or
sell an asset at a certain time in the future at a certain price. But unlike
forward contracts, the future contracts are standardized and exchange
traded. To facilitate liquidity in the future contracts, the exchange specifies
certain standard features of the contract. It is a standardized contract with
standard underlying instrument, a standard quantity and quality of the
underlying instrument that can be delivered, (or which can be used for
reference purpose in settlement) and a standard time of such settlement.
A future contract may be offset prior to maturity by entering into an equal
and opposite transaction. More than 99% of future transactions ate offset
this way.

The standardized items in a future contract are:


Quantity of the underlying.
Quality of the underlying.
The date and the month of delivery.
The units of price quotation and minimum price change.
Location of settlement.
FEATURES OF A FUTURE CONTRACT
Future contracts are organized / standardized contracts, which are traded
on the exchanges.
These contracts, being standardized and traded on the exchanges are
very liquid in nature.
In futures market, clearing corporation/ house provides the settlement
guarantee.
B.R.C.M. College of Business Administration, Surat

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B.R.C.M. College
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Spot Price: The price at which an asset trades in the spot market.
Future Price: The price at which the future contracts trades in the market.
Contract Cycle: The period over which a contract trades. The index
futures contracts on the NSE have one-month, two-months and threemonths expiry cycle, which expire on the last Thursday of the month. Thus
a January expiration contract would expire on the last Thursday of
January and a February expiration contract would cease trading on the
last Thursday of February. On the Friday following the last Thursday, a
new contract having a three-month expiry would be introduced for trading.
Expiry Date: It is the date specified in the future contract. This is the last
day on which the contract will be traded, at the end of which it will cease
to exist.
Contract Size: The amount of asset that has to be delivered under one
contract. For instance, the contract size on NSEs futures market is 200
Nifties.
Basis: Basis is usually defined as the spot price minus the future price.
There will be a different basis for each delivery month for each contract. In
a normal market, basis will be negative. This reflects that futures prices
normally exceed spot prices.
Cost of Carry: The relationship between futures prices and spot prices
can be summarized in terms of what is known as
B.R.C.M. College of Business Administration, Surat

the cost of carry. This measures the storage cost plus the interest that
is paid to finance the asset less the income earned on the asset.
Initial Margin: The amount that must be deposited in the margin account
at the time a futures contract is first entered into is known as initial margin.
Marking-to-Market: In the future market, at the end of each trading day,
the margin account is adjusted to reflect the investors gain or loss
depending upon the futures closing price. This is called marking-tomarket.
Maintenance Margin: This is somewhat lower than the initial margin. This
is set to ensure that the balance in the margin account never becomes
negative. If the balance in the margin account falls below the maintenance
margin, investor receives a margin call and is expected to top up the
margin account to the initial level before trading commences on the next
day.
B.R.C.M. College of Business Administration, Surat

At
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0002180

practical level, the option buyer faces an interesting situation. He pays for
the option in full at the time it is purchased. After this, he only has an
upside. There is no possibility of the options position generating any
further losses to him (other than the funds already paid for option). This is
different from futures, which is free to enter into, but can generate very
large losses. This characteristic makes options attractive to many
occasional market participants, who cannot put in the time to closely
monitor their future options.

Buying put option means that you are buying insurance. To buy a put
option on Nifty is to buy insurance which reimburses the full extent to
which Nifty drops below the strike price of the put option. This is attractive
to many people, and to mutual funds creating guaranteed return
products. The Nifty index fund industry will find it very useful to make a
bundle of a Nifty index fund and a Nifty put option to create a new kind of
a Nifty index fund, which gives the investor protection against extreme
drops in Nifty.

Selling put option is selling insurance, so anyone who feels like earning
revenues by selling insurance can set himself up to do so on the index
option market.

More generally, option offer nonlinear payoffs whereas futures only have
linear payoffs. By combining futures and options, a wide variety of
innovative and useful payoff structures can be created.

B.R.C.M. College of Business Administration, Surat

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20100c
0c800c8
0c800c8
0c800c8
PAYOFF FOR DERIVATIVES
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
0000ffe2
800c80
0000ffe2
0000ffe2
0000ffe2
CONTRACT
0c58494
0c58494
0c58494
0c58494
0c58494
0c58494
0c58494
0c58494
0c58494
0c58494
000ffe2
0c58494
0c58494
0c58494
3435f505
3435f50
3435f50
3435f50
3435f505
3435f505
3435f50
3435f50
3435f50
3435f505
0c5849
3435f50
3435f50
3435f50
24f46494
524f464
524f464
524f464
24f46494
24f46494
524f464
524f464
524f464
24f46494
43435f5
524f464
524f464
524f464 Payoff is likely profit/loss that would accrue
c450001
94c4500
94c4500
94c4500
c450001
c450001
94c4500
94c4500
94c4500
c450001
0524f46
94c4500
94c4500
94c4500
0100000
0101000
0101000
0101000
0100000
0100000
0101000
0101000
0101000
0100000
494c45
0101000
0101000
0101000 to a market participant with change in the
c484c69
00c484c
00c484c
00c484c
c484c69
c484c69
00c484c
00c484c
00c484c
c484c69
000101
00c484c
00c484c
00c484c price of the underlying asset. This is
6e6f0210
696e6f0
696e6f0
696e6f0
6e6f0210
6e6f0210
696e6f0
696e6f0
696e6f0
6e6f0210
00000c
696e6f0
696e6f0
696e6f0
00006d6
2100000
2100000
2100000
00006d6
00006d6
2100000
2100000
2100000
00006d6
484c69
2100000
2100000
2100000 generally depicted in the form of payoff
e747252
6d6e747
6d6e747
6d6e747
e747252
e747252
6d6e747
6d6e747
6d6e747
e747252
6e6f021
6d6e747
6d6e747
6d6e747 diagrams, which show the price of the
4742205
2524742
2524742
2524742
4742205
4742205
2524742
2524742
2524742
4742205
000006
2524742
2524742
2524742
8595a20
2058595
2058595
2058595
8595a20
8595a20
2058595
2058595
2058595
8595a20
d6e747
2058595
2058595
2058595 underlying asset on the X-axis and the
07ce000
a2007ce
a2007ce
a2007ce
07ce000
07ce000
a2007ce
a2007ce
a2007ce
07ce000
252474
a2007ce
a2007ce
a2007ce profit/losses on the Y-axis.
2000900
0002000
0002000
0002000
2000900
2000900
0002000
0002000
0002000
2000900
220585
0002000
0002000
0002000
0600310
9000600
9000600
9000600
0600310
0600310
9000600
9000600
9000600
0600310
95a200
9000600
9000600
9000600
0006163
3100006
3100006
3100006
0006163
0006163
3100006
3100006
3100006
0006163
7ce000
3100006
3100006
3100006
73704d5
1637370
1637370
1637370
73704d5
73704d5
1637370
1637370
1637370
73704d5
200090
1637370
1637370
1637370
3465400
Future contracts have linear payoffs. It
4d53465
4d53465
4d53465
3465400
3465400
4d53465
4d53465
4d53465
3465400
006003
4d53465
4d53465
4d53465
0000004
4000000
4000000
4000000
0000004
0000004
4000000
4000000
4000000
0000004
100006
4000000
4000000
4000000 means that the losses as well as profits for
9454320
7352474
0049454
0049454
0049454
9454320
9454320
0049454
0049454
0049454
9454320
163737
0049454
0049454
0049454
the buyer and the seller of a future contract
2000000
3207352
3207352
3207352
7352474
7352474
3207352
3207352
3207352
7352474
04d534
3207352
3207352
3207352
0000000
4742000
4742000
4742000
2000000
2000000
4742000
4742000
4742000
2000000
654000
4742000
4742000
4742000 are unlimited. These linear payoffs are
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000004
0000000
0000000
0000000
fascinating as they can be combined with
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
945432
0000000
0000000
0000000
0f6d6000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
073524
0000000
0000000
0000000 options and the underlying to generate
1000000
0000f6d
0000f6d
0000f6d
0f6d6000
0f6d6000
0000f6d
0000f6d
0000f6d
0f6d6000
742000
0000f6d
0000f6d
0000f6d
00d32d4
6000100
6000100
6000100
1000000
1000000
6000100
6000100
6000100
1000000
000000
6000100
6000100
6000100 various complex payoffs.
8502020
000000d
000000d
000000d
00d32d4
00d32d4
000000d
000000d
000000d
00d32d4
000000
000000d
000000d
000000d
0000000
32d4850
32d4850
32d4850
8502020
8502020
32d4850
32d4850
32d4850
8502020
000000
32d4850
32d4850
32d4850
0000000
2020000
2020000
2020000
0000000
0000000
2020000
2020000
2020000
0000000
000000
2020000
2020000
2020000 Payoff for buyer for futures:
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0f6d600
0000000
0000000
0000000 Long Futures
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
010000
0000000
0000000
0000000 The payoff for a person who buys a futures
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000d3
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
2d4850
0000000
0000000
0000000 contract is similar to the payoff for a person
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
202000
0000000
0000000
0000000 who holds an asset. He has a potentially
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000 unlimited upside as well as a potentially
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000 unlimited downside. Take the case of a
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000 speculator who buys a two-month Nifty
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000 index futures contract when the Nifty stands
0001163
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
0000000
000000
0000000
0000000
0000000
7072740
0000000
0000000
0000000
0001163
0001163
0000000
0000000
0000000
0001163
000000
0000000
0000000
0000000 at 1220. The underlying asset in this case is
0000150
0000003
1163707
1163707
1163707
7072740
7072740
1163707
1163707
1163707
7072740
000000
1163707
1163707
1163707 the Nifty portfolio. When the index moves
3646573
2740000
2740000
2740000
0000150
0000150
2740000
2740000
2740000
0000150
000000
2740000
2740000
2740000
6300000
0150000
0150000
0150000
0000003
0000003
0150000
0150000
0150000
0000003
000000
0150000
0150000
0150000 down it starts making losses.
1840000
0003364
0003364
0003364
3646573
3646573
0003364
0003364
0003364
3646573
000000
0003364
0003364
0003364
006c777
6573630
6573630
6573630
6300000
6300000
6573630
6573630
6573630
6300000
000000
6573630
6573630
6573630
4707400
0000184
0000184
0000184
1840000
1840000
0000184
0000184
0000184
1840000
000000
0000184
0000184
0000184
0001f000
0000006
0000006
0000006
006c777
006c777
0000006
0000006
0000006
006c777
000000
0000006
0000006
0000006
0000146
c777470
c777470
c777470
4707400
4707400
c777470
c777470
c777470
4707400
001163
c777470
c777470
c777470
26b7074
7400000
7400000
7400000
0001f000
0001f000
7400000
7400000
7400000
0001f000
707274
7400000
7400000
7400000
0000020
1f00000
1f00000
1f00000
0000146
0000146
1f00000
1f00000
1f00000
0000146
000001
1f00000
1f00000
1f00000
4000000
0014626
0014626
0014626
26b7074
26b7074
0014626
0014626
0014626
26b7074
500000
0014626
0014626
0014626
1472585
b707400
b707400
b707400
0000020
0000020
b707400
b707400
b707400
0000020
003364
b707400
b707400
b707400
95a0000
0002040
0002040
0002040
4000000
4000000
0002040
0002040
0002040
4000000
657363
0002040
0002040
0002040
0218000
0000014
0000014
0000014
1472585
1472585
0000014
0000014
0000014
1472585
000001
0000014
0000014
0000014
0001467
7258595
7258595
7258595
95a0000
95a0000
7258595
7258595
7258595
95a0000
840000
7258595
7258595
7258595

Loss

B.R.C.M. College of Business Administration, Surat

ffd8ffe000104a4649460001020100c800c80000ffe20c584
943435f50524f46494c4500010100000c484c696e6f021000
006d6e74725247422058595a2007ce00020009000600310
000616373704d5346540000000049454320735247420000
000000000000000000000000f6d6000100000000d32d4850
20200000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000
00001163707274000001500000003364657363000001840
000006c77747074000001f000000014626b7074000002040
00000147258595a00000218000000146758595a0000022c
000000146258595a0000024000000014646d6e640000025
400000070646d6464000002c40000008876756564000003
4c0000008676696577000003d4000000246c756d6900000
3f8000000146d6561730000040c000000247465636800000
4300000000c725452430000043c0000080c675452430000
043c0000080c625452430000043c0000080c74657874000
00000436f707972696768742028632920313939382048657
76c6574742d5061636b61726420436f6d70616e790000646
57363000000000000001273524742204945433631393636
2d322e31000000000000000000000012735247422049454
336313936362d322e310000000000000000000000000000
00000000000000000000000000

ffd8ffe00
0104a464
94600010
20100c80
Payoff for0c80000ff seller of futures: Short futures
e20c58494
3435f5052
4f46494c4
The 50001010 payoff for a person who sells a futures contracts
is 0000c484c similar to the payoff for a person who shorts an
696e6f021
000006d6 asset. He has a potentially unlimited upside as
well e7472524 as a potentially unlimited downside. Take the
74220585
case95a2007ce of a speculator who sells a two-month Nifty
00020009
index futures contract when the Nifty stands at
00060031
00006163 1220. The underlying asset in this case is the
73704d53
Nifty
portfolio. When the index moves down, the short
46540000
00004945 future position starts making profits, and when
43207352
the 47420000 index moves up, it starts making losses.
00000000
00000000
00000000f
6d600010
0000000d
32d48502
02000000
ffd8ffe000104a4649460001020100c800c80000ffe2
00000000
Profit
0c584943435f50524f46494c4500010100000c484c6
00000000
96e6f021000006d6e74725247422058595a2007ce0
00000000
0020009000600310000616373704d5346540000000
00000000
049454320735247420000000000000000000000000
00000000
000f6d6000100000000d32d4850202000000000000
00000000
000000000000000000000000000000000000000000
00000000
1220
000000000000000000000000000000000000000001
00000000
163707274000001500000003364657363000001840
00000000
000006c77747074000001f000000014626b7074000
00000000
00204000000147258595a000002180000001467585
00000000
95a0000022c000000146258595a000002400000001
01163707
Nifty
4646d6e640000025400000070646d6464000002c40
27400000
0000088767565640000034c0000008676696577000
15000000
003d4000000246c756d69000003f8000000146d656
03364657
1730000040c0000002474656368000004300000000
Loss
36300000
c725452430000043c0000080c675452430000043c0
18400000
000080c625452430000043c0000080c74657874000
06c77747
00000436f707972696768742028632920313939382
07400000
04865776c6574742d5061636b61726420436f6d706
1f0000000
16e790000646573630000000000000012735247422
14626b70
049454336313936362d322e3100000000000000000
74000002
0000012735247422049454336313936362d322e310
04000000
000000000000000000000000000000000000000000
14725859
00000000000
5a000002
18000000
B.R.C.M. College of 14675859
Business Administration, Surat
5a000002
2c000000
14625859
5a000002
40000000
14646d6e
64000002
54000000

USING INDEX FUTURES


There is always risk involved when we trade in a stock market. The risk
cannot be eradicated fully but can be minimized up to some extent.
Following are the types of risks that can be minimized through futures:
Basic objective of introduction of futures is to manage the price risk.
Index futures are used to manage the systemic risk, vested
in the investment in securities. Basically there are eight basic
modes of trading on the index futures market;

Hedging
H1 Long stock, short Nifty futures H2 Short stock, long nifty futures H3
Have portfolio, short Nifty futures H4 Have funds, long Nifty futures

Hedge Terminology:
Long hedge- When you hedge by going long in futures market.
Short hedge -When you hedge by going short in futures market.
Cross hedge -When a futures contract is not available on an asset, you
hedge your position in cash market on this asset by going long or short on
the futures for another asset whose prices are closely associated with that
of your underlying.

B.R.C.M. College of Business Administration, Surat

Hedge Contract Month-Maturity month of the contract through which


hedge is accomplished.
Hedge Ratio -Number of future contracts required to hedge the position.

Speculation
Speculation is all about taking position in the futures market without
having the underlying. Speculators operate in the market with motive
to make money. They take:
Naked positions - Position in any future contract.
Spread positions -Opposite positions in two future contracts.
This is a conservative speculative strategy.
Speculators bring liquidity to the system, provide insurance to the hedgers
and facilitate the price discovery in the market.
S1 Bullish index, long Nifty futures
S2 Bearish index, short Nifty futures

B.R.C.M. College of Business Administration, Surat

HEDGING

H1: long stock, short Nifty futures


A person who feels that the stocks will be intrinsically under evaluated or
the profits and the quality of the company will make it more worth as
compared to the market will always like to take a long position on the cash
market. While doing so he will have to face the following kinds of risks:
1His understanding can be wrong, and the company is really not worth
more than the market prices.
2The entire market moves against him and generate losses even though
the underlying idea was correct.
The second outcome happens all time. A person may buy Reliance at
Rs.190 thinking hat it would announce good results and the stock price
would rise. A few days later, Nifty drops, so he makes losses, even if his
understanding of Reliance was correct.

There is a peculiar problem here. Every buy position on a stock is


simultaneously a buy position on Nifty. This is because a, LONG
RELIANCE position generally gains if Nifty rises and generally losses if
Nifty drops. In this sense, a LONG RELIANCE position is not a focused
play on the valuation of Reliance. It carries a LONG NIFTY position along
with it, as incidental baggage. The stock picker may be thinking that he
wants to be LONG RELIANCE but a long position on Reliance effectively
forces him to be LONG RELIANCE + LONG NIFTY.

B.R.C.M. College of Business Administration, Surat

If we think that WIPRO is under evaluated, the position LONG WIPRO is


not purely about WIPRO; it is also partly about Nifty. Every trader who has
a LONG WIPRO position is forced to be an index speculator, even though
he may not have no interest in the index.
Those who are bullish about the index should just buy Nifty
futures; the need not trade individual stocks. Those
who are bullish about WIPRO do wrong by carrying along
a long position on Nifty as well.

There is a simple way out. Every time we adopt a long position on a stock,
we should sell some amount of Nifty futures. This will help in offsetting the
hidden Nifty exposure that is every long-stock position. Once this is done,
we will have a position which will be purely about the performance of the
stock. The position LONG WIPRO + SHORT NIFTY is a pure play on the
value of WIPRO, without any risk from fluctuation of the market index.
When this will be done the stockpicker has hedged away his index
exposure. The basic point of this hedging strategy is that the stockpicker
proceeds with his core skill, i.e. picking stocks, at the cost of lower risk.

NOTE: hedging does not remove losses. The best that can be achieved
by using hedging is the removal of unwanted exposure,
i.e. unnecessary risk. The hedged position will make less profit than the
un-hedged position, half the time. One should not enter into a hedging
strategy hoping profit for sure; all that can come out of hedging is reduced
risk.

B.R.C.M. College of Business Administration, Surat

H2: Short stock, long Nifty futures


If a person feels that the stock is over evaluated or the profits and the
quality of the company made it worth a lot less as compared to what the
market thinks, he can take a short position on the cash market. This will
give rise to two types of risks:
1His understanding can be wrong, and the company is really worth more
than the market price.
2The entire market moves against him and generates losses even though
the underlying idea was correct.
The second outcome happens all time. A person may sell Reliance at
Rs.190 thinking that Reliance would announce poor result and the stock
price would fall. And if after few days if the Nifty rises, he will incur loss,
even if the intrinsic understanding of Reliance was correct.

There is a peculiar problem here. Every sell position on a stock is


simultaneously a sell position on Nifty. This is because a SHORT
RELIANCE position generally gains if Nifty falls and generally loses if Nifty
rises. In this sense, a SHORT RELIANCE position is not a focused play
on the valuation of Reliance. It carries a SHORT NIFTY position along
with it, as incidental baggage. The stockpicker may be thinking he wants
to be SHORT RELIANCE, but a short position on Reliance on the market
effectively forces him to be SHORT RELIANCE + SHORT NIFTY.

B.R.C.M. College of Business Administration, Surat

Those who are bearish about the index should just sell
Nifty futures; the need not trade individual stocks.
Those who are bearish about WIPRO do wrong by
carrying along a short position on Nifty as well.

There is a simple way out. Every time we adopt a short position on a


stock, we should buy some amount of Nifty futures. This will help in
offsetting the hidden Nifty exposure that is every short-stock position.
Once this is done, we will have a position, which will be purely about the
performance of the stock. The position SHORT WIPRO + LONG NIFTY is
a pure play on the value of WIPRO, without any risk from fluctuation of the
market index. When this will be done the stockpicker has hedged away
his index exposure. The basic point of this hedging strategy is that the
stockpicker proceeds with his core skill, i.e. picking stocks, at the cost of
lower risk.

B.R.C.M. College of Business Administration, Surat

H3: Have Portfolio, short Nifty futures


Some of us might have experienced the feeling of owing an equity
portfolio, and then one day, we become uncomfortable about the overall
stock market. Sometimes we have a view that the stock prices will fall in
the near future. At other times, we may see that the market is in for a few
days or weeks of massive volatility, and we do not have an appetite for
this kind of volatility. The best example of this volatility is the union
budget. Market positions become volatile for one week before and two
weeks after the budget. Many investors want to eradicate this three weeks
volatility.

This becomes a peculiar problem if we are thinking of selling the shares in


the near future, for example, in order to finance a purchase a house. This
planning can go wrong if by the time we sell shares, Nifty has dropped
sharply. There are two main alternatives, when one faces this type of
problem:
1Sell shares immediately. This sentiment generates panic selling which
is rarely optimal for the investor.
2Do nothing, i.e. suffer the pain of volatility. This leads to political pressure
for government to do something when stock prices fall.
Here in this case, with the index futures market, a third and a remarkable
alternative becomes available:

3. Remove your exposure to index fluctuations temporarily using index


futures. This will allow rapid response to market conditions, without
panic selling of shares. It will allow an investor to be in control of
his risk, instead of doing nothing and suffering the risk.

B.R.C.M. College of Business Administration, Surat

The idea here is that every portfolio contains a hidden index exposure.
This statement is true for all portfolios, whether a portfolio is composed of
index stock or not. In the case of portfolios, most of the portfolio risk is
accounted for by index fluctuations. Hence a position LONG PORTFOLIO
+ SHORT NIFTY can often become one-tenth as risky as the LONG
PORTFOLIO position.

Is suppose we have a portfolio of Rs.1 billion, which is having a beta of


1.25. Then a complete hedge is obtained by selling Rs.1.25 million of Nifty
futures.

B.R.C.M. College of Business Administration, Surat

H4: Have funds, buy Nifty futures


A person may be in a situation where he is having funds, which needed to
be invested in equity, or he may be expecting to get funds in future to be
invested in equity. The following can be the occurrences in the above
conditions:
A closed-end fund, which just finished its initial public offering,
has cash, which is not yet invested.
If a person is planning to sell some of his shares. The land deal
is slow and will take time to complete. It takes several weeks
from the date that it becomes sure that the funds will come to
the date that the funds are actually are in hands.
An open-ended fund has just sold fresh units and has received
funds.

To get oneself invested in equity sounds quite easy but it involves the
following problems:
1A person may need time to research stocks, and carefully pick stocks
that are expected to do well. This process of research takes time. For that
time the investor is partly invested in cash and partly invested in stocks.
During this time, he is exposed to the risk of missing out if the overall
market index goes up.
2A person may have made up his mind on what portfolio he seeks to buy,
but going to the market and placing the market order would generate large
impact cost. The execution would be improved substantially if he could
instead place a limit orders and gradually accumulate the portfolio at
B.R.C.M. College of Business Administration, Surat

favorable prices. This takes time, and during this time, he is


exposed to the risk of missing out if the Nifty goes up.
3. In some cases, such as land sale above, the person may not simply
have cash to immediately buy the shares, hence he is forces to
wait even if he feels that Nifty is unusually cheap. He is exposed to
the risk of missing out if Nifty rises.

The three alternatives that are available with an investor are as


follows:
The investor would obtain the desired equity exposure by
buying index futures, immediately. A person who expects to
obtain Rs.5 million by selling land would immediately enter into
a position LONG NIFTY worth Rs.5 million. Similarly a closeend fund, which has just finished its initial public offering and
has cash, which is not yet invested, can immediately enter into
a LONG NIFTY to the extent it wants to be invested into equity.
The index futures market is likely to be more liquid than
individual stocks so it is possible to take extremely large
position at a low impact cost.
Later, the investor / close-end fund can gradually acquire
stocks. As and when shares are obtained, one would scale
down the LONG NIFTY position correspondingly. No matter
how slowly the stocks are purchased, this strategy would fully
capture a rise in Nifty, so there is no risk of missing out on a
broad rise in the stock market while this process is taking
place. Hence, this strategy allows the investor to take more
care and spend more time in choosing stocks and placing
aggressive limit orders.

B.R.C.M. College of Business Administration, Surat

SPECULATION

S1: Bullish index, long Nifty futures


We may sometimes think that the market index is going to rise and we
can make profits by adopting a position on the index. After a good budget,
or good corporate results, or the onset of the stable government, many
people may feel that the index would go up. Now a days people have the
following two strategies to get benefit from an upward movement in the
index:
1Buy selected liquid securities, which move with the index, and sell them
at a later date.
2Buy the entire index portfolio and then sell it at a later date.
The first alternative is widely used. A lot of the trading volume on the liquid
stock is based on using these liquid stocks as an index proxy. However,
these positions run the risk of making losses owing to company. The
second alternative is cumbersome and expensive in terms of the
transaction cost involved in it.

Taking a position on the index is effortless using the index futures market.
By using the index futures an investor can buy or sell the entire index
by trading on one singe security. Once a person is LONG NIFTY using the
futures market, he gains if the index rises and losses if the index falls.

B.R.C.M. College of Business Administration, Surat

S2: Bearish index, short Nifty futures


We may sometimes think that the market is going to fall and we can make
profit by adopting a position on the index. After a bad budget, or bad
corporate results, or the onset of a coalition government, many people
feel that the index would go down. So to get the benefit from the
downward movement in the index we are having the following two
choices:
1Sell selected liquid securities, which move with the index, and buy them
at a later date.
2Sell the entire index portfolio and then buy it at a later date.
The first alternative is widely used. A lot of the trading volume on liquid
stock is based on using these positions run the risk of making losses
owing to company. The second alternative is hard to implement. This
strategy is cumbersome and also expensive in terms of the transaction
cost involved.

Taking a position on the index is effortless using the index futures market.
By using the index futures an investor can buy or sell the entire index
by trading on one singe security. Once a person is SHORT NIFTY using
the futures market, he gains if the index falls and losses if the index rises.

Now after learning about the futures what we can do is that as we are
having our three portfolios we would see how we could hedge our position
using the futures contract. As we know that Hedging

B.R.C.M. College of Business Administration, Surat

does not always make money. The best way that can be achieved using
hedging is the removal of unwanted exposure, i.e. unnecessary risk. The
hedged position will make less profit than the unhedged position. One
should not enter into a hedging strategy hoping to make excess profits for
sure; all that can come out of hedging is reduced risk. So one should go
for hedging only if the movement of market makes him uncomfortable.

Here we are having a portfolio of script so to hedge our position we would


have to know what is the portfolio BETA
The Portfolio BETA = Wi * Beta

Where, Wi = the weightage of scrip in the portfolio


% Change in Scrip Return

Beta = % Change in Market Return

The BETA of a scrip can be easily found out from the website of National
Stock Exchange and also from the website of Bombay stock exchange

Here for the purpose of hedging we will have to short nifty futures as we
are having the portfolio and the future contracts may not be available for
all the scrip. But as we have seen earlier that all scrip have hidden
exposure to nifty. So we will short the nifty future contract for the purpose
of hedging our portfolio. The current nifty lot size is 200. Now for the
purpose of hedging the portfolio we will have to decide about the number
of lots of Nifty that the investor will have to sell in order to hedge his
position. To find out that figure we will have to do the following
calculations:

B.R.C.M. College of Business Administration, Surat

DEFENSIVE PORTFOLIO
Amount of Nifty to be short = Investment * Portfolio Beta
The current Nifty level
= 1000000 * 0.75 2813.7
= 266.55

As the nifty that are required to be short comes out to be 266.55 but as we
know that the nifty is available in the lot size of 300 so this will give our
portfolio a partial hedge as we are unable to short the exact nifty figure
that we have calculated.
During this two month the nifty has moved to 3064.4 this shows that nifty
has increased by 250.70 in % terms nifty has gone up by 8.91 %

Now as we have short position of one nifty contract we would require to


pay the buyer of contract 250.70*300 =75,210Rs.

If we take in to account the profit that we now earn is 1,66,628 75210=


91418/- Rs.

So we can easily see that the hedging as reduced our profit we were
earning 1,66,628 with hedging it has reduced to 75210. talking in % terms
we can say that we were earning 16.66% but due to hedging the profit
comes down to 9.14%

B.R.C.M. College of Business Administration, Surat

PROFIT ( Rs. )
PROFIT ( % )
WITHOUT HEDGING
1,66,628
16.66 %
WITH HEDGING
91,418
9.14 %

MODERATE PORTFOLIO
Amount of Nifty to be short = Investment * Portfolio Beta
The current Nifty level
= 162612.70* 0.93 2813.7
= 53.74 ~ 54

As the nifty that are required to be short comes out to be 54 but as we


know that the nifty is available in the lot size of 100 so this will give our
portfolio a partial hedge as we are unable to short the exact nifty figure
that we have calculated.
During 2 month the nifty has moved to 3064.4 this shows that nifty has
increased by 250.70 in % terms nifty has gone up by 8.91 %

Now as we have short position of one nifty contract we would require to


pay the buyer of contract 250.70*100 =25,070 Rs.

If we take in to account the profit that we now earn Is 1,40,350 25,070=


1,15,280Rs.

So we can easily see that the hedging as reduced our profit we were
earning 1,40,350 Rs. with hedging it has reduced to 25070. talking in %
terms we can say that we were earning 16.29% but due to hedging the
profit comes down to 11.53%

B.R.C.M. College of Business Administration, Surat

PROFIT ( Rs. )
PROFIT ( % )
WITHOUT HEDGING
1,40,350
16.29 %
WITH HEDGING
1,15,280
11.53 %

AGGRESSIVE PORTFOLIO
Amount of Nifty to be short = Investment * Portfolio Beta
The current Nifty level
= 10,00,000 *1.14 2813.7
= 405.16

As the nifty that are required to be short comes out to be 405.16 but as we
know that the nifty is available in the lot size of 400 so this will give our
portfolio a partial hedge as we are unable to short the exact nifty figure
that we have calculated.
During this two month the nifty has moved to 3064.4 this shows that nifty
has increased by 250.70 in % terms nifty has gone up by 8.91 %
Now as we have short position of one nifty contract we would require to
pay the buyer of contract 250.70*400 =1,00,280Rs.

If we take in to account the profit that we now earn is 84,397 1,00,280 =


( 15,883) Rs.

So we can easily see that the hedging as reduced our profit we were
earning 84,397with hedging it has reduced to (15,883). talking in % terms
we can say that we were earning 8.44% but due to hedging the profit
comes down to ( 1.58 )%

B.R.C.M. College of Business Administration, Surat

PROFIT ( Rs. )
PROFIT ( % )
WITHOUT HEDGING
84,397
8.44 %
WITH HEDGING
( 15,883)
(1.58 ) %

SECTOR PORTFOLIO
Sector specific portfolio includes securities of those companies which are
in the same business. Sector portfolios are very useful when there is a
particular sector which is doing very good and has a bright future a head.
Sector portfolio has the securities of those companies that engage in
same kind of business.

e.g. In late 1990s sector that was providing the highest return was
information technology. Investors who have invested their money in
these securities had earned very high return.

We are considering Telecom Sector as our Sector Portfolio.

B.R.C.M. College of Business Administration, Surat

Industry analysis
Telecom sector
Objectives and targets of the New Telecom Policy 1999
The objectives of the NTP 1999 are as under:
Service Provider
Access to telecommunications is of utmost importance for achievement of
Area of Operation
t
1 BSNL All India
he country's social and economic goals.(Except
Availability
of affordable
and
Delhi
& Mumbai)
effective communications
for
the
citizens
is
at
the
core
of
the
vision
and
2 MTNL
goal of the telecom policy.
Delhi & Mumbai
Strive to provide
a balance
between
theTamil
provision
of universal service to
3 Bharti
Telesonic
Ltd
Nadu,
all uncovered areas, including the rural areas,
and Delhi,
the provision
of highAP, MP,
Haryana,
level services
capable
of
meeting
the
needs
of
the
country's
economy;
Kerala, Gujarat,
Encourage development of telecommunication
Chennai,
facilities Karnataka,
in remote, hilly
and tribal areas
of the
country;
Mumbai,
UP(E),
Punjab,infrastructure
Maharashtra,
Create a modern and efficient telecommunications
taking
West
Bengal
and
into account the convergence of IT, media, telecom and consumer
including
electronics and thereby propel India into becoming
an Uttaranchal,
IT superpower;
Convert PCO's, wherever justified, into Public Teleinfo centres having
Kolkata
multimedia capability like ISDN services, remote database access,
4 Tata
Teleservices
government
and community
information systems etc.
Transform in a time bound manner, the telecommunications sector to a
(Maharashtra)
Ltdin both urban and rural areas providing
greater competitive
environment
equal opportunities and level playing field forMaharastra,
all players; Mumbai
5 Tata Teleservices Ltd
AP, TN, Chennai,
Delhi, Bihar, Orissa,
Karnataka, Gujarat,
Haryana, Himachal
Rajasthan, Punjab,
B.R.C.M. CollegeMadhya
of Business Administration,
Pradesh,Surat
U.P. (E),
Pradesh, Kerala,
Uttaranchal, West Bengal
U.P (W) including
and Kolkata
6 HFCL Infotel Ltd
Strengthen research and development efforts in the country and provide
Punjab
an impetus to build world-class manufacturing capabilities.
7 Shyam Telelink Ltd
Achieve efficiency and transparency in spectrum management.
Rajasthan
Protect defence
and security
interests of theGujarat,
country. Haryana, HP,
8 Reliance
Infocomm.Ltd.
AP, Bihar, Delhi,
MP, Maharashtra,
B.R.C.M. College of Business Administration, Surat
Karnataka, Kerala,
Punjab, Rajasthan, Tamil
Mumbai, Orissa,
UP(E), West Bengal,
Nadu, Chennai,
Kolkata

The Mobile (GSM and CDMA) Industry has reached the 65.07 million
subscribers mark (GSM 50.86 million & CDMA 14.21 million) for the
quarter ending 30th September 2005.

Addition in Subscribers Base

The subscribers base stood at 65.07 million as against 57.37 million for
the quarter ending 30.9.2005. Around 7.70 million subscribers were added
in this quarter.

Growth Rate

The growth rate for this quarter is 13.42% (13.16% in GSM and 14.37% in
CDMA) as against 9.86% (9.44% in GSM and 12.43% in CDMA) for the
quarter ending June 2005. M/s Bharti remains the largest mobile operator
followed by M/s Reliance and M/s BSNL.

Company wise Market Share: Bharti


a) The Subscriber Base of different14.07
Mobile operators is given in Table 2.1.
21.62
The top five Mobile operators on the basis
GSMof market share are as under:
Reliance
Cellular Group Subscribers
Market Share
12.99
Technology Used
19.96
GSM
&
B.R.C.M. College of Business Administration, Surat
CDMA

BSNL
12.38
19.03
GSM
&
CDMA

Hutchison
9.71
14.92
GSM
IDEA
5.94
9.13
GSM

M/s Bharti, M/s Reliance and BSNL/MTNL has licenses to offer mobile
services in all 23 service area. The largest mobile operator, M/s Bharti is
offering services in all the 23 service areas. M/s Reliance is presently
offering services in all service areas except J&K circle. BSNL is also
offering services in all its 21 circles (Except Delhi & Mumbai). M/s Tata
Teleservices is offering services in all its licensed 20 service areas. M/s
Tata Teleservices does not have license to offer access services in J&K,
Assam & North East.
Market share of all company
Subscriber Base
B.R.C.M. College of Business Administration, Surat

Bharat Sanchar Nigam Ltd.

37%
Mahanagar Telephone Nigam Ltd.
20%
Sify Ltd.
14%
Videsh Sanchar Nigam Ltd.
8%
Reliance Communications Infrastructure Ltd.
5%
Data Infosys others
4%
Bharti Televentures Ltd.(Bharti Infotel)
3%

Company analysis Telecom sector

1. Bharti Tele-Ventures Ltd. Company at glance

Three Months chart


The bellow given chart shows the performance of the script in the bse for
- Telecommunications
last three months.Industry:
It shows the
volatility of the stock for the months of
52 Week High: - 377.00
November, December
and January.
52 Week
Low: - 195.80
Volume: - 59847
Face Value: - 10.00
B.R.C.M.
College- of
Business Administration, Surat
P/E
Ratio:
57.24
EPS: - 6.29
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For the year


Mar-02
Mar-03
FINANCIALMar-04
PERFORMANCE
Mar-05
Operating Income
62.97
B.R.C.M. College of Business Administration, Surat
71.35
62.98
8,142.44
Net Profit
62.97
0.22
0.37
1,210.67
Net Worth
4,816.27
4,819.75
4,823.55
4,134.07
No. of Shares (in crore)
185.34
185.34
185.34
185.34
Adjusted EPS (Rs)
0
0
0
6.29
Book value per Share (Rs)
25.99
26.01
26.03
24.12
Dvdnd per Share (Rs)
0
0
0
0
Net Profit Margin (%)
0.19
0.58
0.58
14.83
Current Ratio
74.86
668.08
233.91
0.51
Lt Debt Equity
0
0
0.1
0.98

2. Tata Telecom Ltd. Company at glance


Industry:
Telecom
52 Week High:
Three Months chart
531.00
Low: of the script in the bse for
The bellow given chart shows 52
the Week
performance
289.00
last three months. It shows the
P/Evolatility
Ratio: of the stock for the months of
30.15
November, December and January.
EPS:
13.73
Volume:
B.R.C.M. College of Business Administration, Surat
878
Face Value:
10.00
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For the year


02-Mar
03-Mar
04-Mar
05-Mar
Operating Income
228.2
285.5
394.5
323.8
Net Profit
15.68
18.56
32.67
24.92
Net Worth

85.06
110.5
128.1
No. of Shares (in crore)
FINANCIAL
PERFOMANCE
1.42
1.42
1.42
1.42
B.R.C.M.
College of Business Administration, Surat
Adjusted EPS (Rs)
12.13
13.06
23.29
13.73
Book value per Share (Rs)
65.44
75.66
93.55
105.9
Dvdnd per
2
2.5
4.5
4.5
Share(Rs)

Net Profit Margin (%)


6.06
5.78
8.24
7.65
Current Ratio
1.97
1.88
1.76
1.55
Lt Debt Equity
0.04
0.03
0.02
0.01

3. VideshIndustry:
Sanchar Nigam Ltd.
Telecom
52 Week High:
444.60
52 Week Low:
Three Months chart
161.00
Ratio:
The bellow given chart shows P/E
the performance
of the script in the bse for
31.18
last three months. It shows the
volatility of the stock for the months of
EPS:
12.21
November, December and January.
Volume:
2365926
Face Value:
10.00
B.R.C.M. College of Business Administration, Surat
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For the year


02-Mar
03-Mar
04-Mar
05-Mar
Operating Income
6,508.09
4,538.55

3,303.04
Net Profit
1,407.42
780.07
377.66
FIANCIAL
756.37 PERFOMANCE
Net Worth
4,834.54
5,341.32
B.R.C.M.
College of Business Administration, Surat
4,961.00
5,522.06
No. of Shares (in crore)
28.5
28.5
28.5
28.5
Adjusted EPS (Rs)
46.05
29.62
13.12
12.21
Book value per Share (Rs)
176.98
194.75
181.3
200.98
Dvdnd per Share(Rs)
87.5
8.5
4.5
6
Net Profit Margin (%)
20.08
16.12
11.24
22.19
Current Ratio
2.45
2.67
1.59
1.84
Lt Debt Equity
0
0
0
0

4. Mahanagar
Telephone Nigam Ltd.
Industry:
Telecom
52 Week High:
154.50
52 Week Low:
Three Months chart
108.00
Ratio:
The bellow given chart shows P/E
the performance
of the script in the bse for
10.79
last three months. It shows the
volatility of the stock for the months of
EPS:
November, December and January.12.86
Volume:
76690
Face Value:
10.00
B.R.C.M. College of Business Administration, Surat
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For the year


02-Mar
03-Mar
04-Mar
05-Mar
Operating Income
6,145.07
5,807.26

5,593.25
Net Profit
1,300.68
877.16
1,234.60 PERFOMANCE
FIANCIAL
948.43
Net Worth
7,795.60
B.R.C.M. College of Business Administration, Surat
8,250.63
8,947.49
9,492.66
No. of Shares (in crore)
63
63
63
63
Adjusted EPS (Rs)
20.3
14.05
18.24
12.86
Book value per Share (Rs)
141.9
150.75
163.93
173.71
Dvdnd per Share(Rs)
4.5
4.5
4.5
4.5
Net Profit Margin (%)
20.56
14.61
18.79
16.1
Current Ratio
1.67
1.27
1.29
1.29
Lt Debt Equity
0.29
0
0
0

Reported Cash

Tata tele
VSNL
MTNL
Mar-01
0.4
13.49
RATIO ANLYSIS
PER SHARE
63.05
36.93
Mar-02
EPS Ratio
0.04
14.75
Bharti Tele
53.96
Tata tele
33.61
VSNL
Mar-03
Operatig Profit
Per Share
MTNL
0.04
16.63
Mar-01
32.53
2.96
27.69
-1.62
Mar-04
Book Value 68.78
per
Share
0.03
41.26
31.22
19.29
Mar-02
28.23 Surat
B.R.C.M. College of Business Administration,
0.07
Mar-05
4.44
12.9
57.63
24.27
Bharti39.11
Tele
35.11
Tata tele
24.39
Mar-03
VSNL
0.2
MTNL
13.41
2.93
100.36
41.42
Mar-01
203.94
31.14
152.67
150.85
39.26
Average
Mar-04
231.18
2.682
0.14
132.51
20.072
46.74
40.788
18.62
Mar-02
30.17
31.62
25.99
65.44
Mar-05
176.98
16.17
141.9
30.98
27.85
Mar-03
22.31
26.01
75.66
194.75
19.54
150.75
83.47
214.3
Mar-04
165.44
26.03
Average
93.55
181.3
3.908
163.93
16.694
42.86
Mar-05
33.088
24.13
Bharti Tele
105.95
Tata tele
200.98
VSNL
173.71
MTNL
Mar-01
254.83
5.25
379.86
138.64
985.19

RATIO

91.87
Average

Net

Mar-02
50.966
0.33
75.972
160.32
197.038 Per
Operating Income
160.32
Bharti
Tele
152.56
97.54
Tata tele

Free

Share

VSNL
Mar-03
MTNL
Reserve 0.38
per Share
200.52
Mar-01
200.52
142.67
92.18
28.97

Per Share Ratio


Average Rate
250 200
150 100
50 0

Bharti Tata tele VSNL MTNL Tele

213.88
Share
Company
Mar-04
107.18
Book
Repo
Value
rted 0.33
per
Cash
277.15
Mar-02
Sha
EPS
277.15
Net
Ratio
15.99
Opera
Oper
101.12
39.54
ting
atig
Incom
Profit
159.63
Per
Per
Mar-05

113.74
43.93
227.49
Mar-03
115.9
16.01
88.78
49.75

177.41
120.96
50.22
1004.12
Mar-04
892.53
16.03
471.49
67.64
Average
164.07
132.02
10.044
200.824
Mar-05
178.506
12.31
94.298
80.01
183.76
140.68
ffd8ffe000104a4649460001020100c800c800
00ffe20c584943435f50524f46494c450001010
0000c484c696e6f021000006d6e7472524742
203.01
2058595a2007ce00020009000600310000616
265.91
373704d534654000000004945432073524742
0000000000000000000000000000f6d600010
898.75
0000000d32d48502020000000000000000000
614.58
0000000000000000000000000000000000000
0000000000000000000000000000000000000
Average
0011637072740000015000000033646573630
00001840000006c77747074000001f0000000
14626b707400000204000000147258595a000
40.602
00218000000146758595a0000022c00000014
53.182
6258595a0000024000000014646d6e6400000
179.75
25400000070646d6464000002c40000008876
7565640000034c0000008676696577000003d
122.916
4000000246c756d69000003f8000000146d65
61730000040c0000002474656368000004300
000000c725452430000043c0000080c675452
430000043c0000080c625452430000043c000
0080c7465787400000000436f707972696768
74202863292031393938204865776c6574742
d5061636b61726420436f6d70616e79000064
6573630000000000000012735247422049454
336313936362d322e31000000000000000000
000012735247422049454336313936362d322
e310000000000000000000000000000000000
Bharti Tele
00000000000000000000

Tata tele
VSNL
MTNL

Mar-01
56.48

Share
Free Reserve per Share
B.R.C.M. College of Business
Administration, Surat

26.86
44.19

Profitability

Mar-02
23.45
2.76
Ratio Operatig
Margin
Bharti
Tele in %
25.23
Tata tele
40.09
VSNL
MTNL
Gross Profit
margin in %
Mar-03
54.13
Mar-01
1.46
50.29
26.01
-3.88
Net Profit Margin
in %
33.78
25.27
31.61
Mar-04
43.21
B.R.C.M. College of
Business
Administration, Surat
Mar-02
16.86
18.33
16.77
0.75
Bharti31.27
Tele
23.23
Tata tele
26.8
VSNL
Mar-05
MTNL
36.81
Mar-03
13.61
49.08
Mar-01
24.03
-0.32
0.66
25.13
22.77
5.87
18.85
21.8
25.8
214.08
Mar-04
33.53
37.06
Mar-02
118.9
13.88
0.19
174.46
11.33
6.06
Average
22.73
16.12
20.56
42.816
Mar-05
6.706
24.29
Mar-03
23.78
10.33
0.3
34.892
16.64
5.78
14.62
16.12
14.61
179.05
Mar-04
20.76
0.58
99.24
8.24
114.61
11.24
Average
18.79
35.81
Mar-05
4.152
14.83
19.848
7.65
22.922
22.19
16.1
16.56
Bharti 33.6
Tele
87.47
Tata
tele
95.86
VSNL
Average
MTNL
3.312
Mar-01
6.72
1.83
17.494
26.1

18.49

Return on

Mar-02
0.18
32.25
long term fund
23.99
15.81

in %

Mar-03
0.65
30.63
30.63
13.57

B.R.C.M. College of Business Administration, Surat

Mar-04
0.42
41.63
10.71
15.95
Mar-05
20.41
22.96
11.43
ffd8ffe000104a4649460001020100c800c80000ffe2
10.16
0c584943435f50524f46494c4500010100000c484c6
96e6f021000006d6e74725247422058595a2007ce0
0020009000600310000616373704d534654000000
23.49
00494543207352474200000000000000000000000
153.57
00000f6d6000100000000d32d48502020000000000
110.97
00000000000000000000000000000000000000000
73.98
00000000000000000000000000000000000000000
Average
00011637072740000015000000033646573630000
01840000006c77747074000001f000000014626b70
4.698
7400000204000000147258595a000002180000001
30.714
46758595a0000022c000000146258595a000002400
22.194
0000014646d6e640000025400000070646d646400
14.796
0002c400000088767565640000034c000000867669

6577000003d4000000246c756d69000003f8000000
146d6561730000040c000000247465636800000430
0000000c725452430000043c0000080c6754524300
00043c0000080c625452430000043c0000080c7465
787400000000436f70797269676874202863292031
393938204865776c6574742d5061636b6172642043
6f6d70616e79000064657363000000000000001273
5247422049454336313936362d322e31000000000
00000000000001273524742204945433631393636
2d322e31000000000000000000000000000000000
000000000000000000000

Average return
Portfolio
Wi
Bharti Tele
Portfolio in Telecom
Sector
143.87
79663.1
7.96631
Tata Tele
415.04
Total Portfolio = 229814
10,00,000 Rs.
22.9814
VSNL
722.26
399927
39.9927
Price as on particular date
MTNL
524.81
290596
29.0596

Total Return on investment = Total return total investment


1805.98
Company
1000000
= 963730.3 1000000 = -36269.702-01-06
100
28-02-06
Bharti Tele
340.05
361.05
Total return on investment
( in %) =
TTML
27.8
24.75
VSNL
381.15
364.95
MTNL
142.15
142.65
B.R.C.M. College of Business Administration, Surat

Bharti Tele
6.175562417
TTML
-10.97122302
VSNL
-4.250295159
MTNL
0.351741119

-3.62 %

Interpretation of Sector Portfolio


As we can see that sector specific portfolio has perform negatively during
the period of the report. That is due to the fact that there is a systematic
risk involve with the portfolio as lack of diversification. If we look at the
performance of the Sensex during this period than we will find that Sensex
has perform better than the sector portfolio. It is mainly doe to
diversification of risk as Sensex has the 30 script from different sectors, so
any ups and downs in a sectors performance will not effect the overall
Sensex that badly that in the case of sector portfolio.
We can see in the plotted graph that all the four script in the sector
portfolio are following a same kind of trend in the given one month of the
study. It is due to the fact that they all belong to the same sector and they
all face same systematic risk as other in the sector. So the performance of
the scripts rightly indicates the need of diversification to remove the
systematic risk from the portfolio. As its gets highly risky investment, such
portfolio are very rarely been used by individual in the general scenario.
B.R.C.M. College of Business Administration, Surat

FINDING OF THE REPORT


Findings of the report gives the fruit of the all the analysis done on the
research of measuring and comparing performance of the portfolio with
the market portfolio.

Random portfolio

After understanding the various concepts about what are the investments
option and what are the risks associated with the various investment
avenues. And also about how one can use Derivative to be specific Future
for the purpose of Hedging and Speculation.

But it is advisable to use the direct equity investment only if the investors
have adequate knowledge about selection of stocks. There task does not
ends with the selection of script but they are also required to pay close
attention to the various happening in the economy that have direct or
indirect effect on stock market as we have learn that the price of the script
is affected by two factor, one is company specific news and the other is
economy specific news so any investor investing in the equity directly has
to keep the close track of the economy as well as the company in which
they invest to look out for any new development that take place

As in the theoretical way we have scene that the Beta shows the
movement or change in the price of script vis--vis index. And a Beta >1
is more riskier and hence should give more return as compared to the
script having Beta < 1. as the person is taking more risk then he should
get more return.
B.R.C.M. College of Business Administration, Surat

But in our case we have scene that Moderate portfolio having Beta < 1
has given more return as compared to Aggressive Portfolio.
So we can easily say that the investment in equity market is subject to
market risk and any one having long-term investment horizon should only
enter into equity market. This analysis that has been carried out was only
for a period of two month there are chances that in the long run
aggressive portfolio would outperform the other portfolio.
And we have also scene the Derivative-Future how one can use it for the
purpose of speculation and hedging. But hedging is only for the removal
of unnecessary risk or exposure one should not go for hedging for earning
excess return.
So if one does not have enough knowledge, expertise & analytical
capabilities then one should avoid going for direct equity investment as
the chances of loss increases. And the other very important aspect is the
regular monitoring of the portfolio and reviewing is also an important
aspect that one needs to pay close attention to.
B.R.C.M. College of Business Administration, Surat

Sector portfolio
Sector portfolio has given negative return in the month of the study as
there is systemic risk as very high in the sector portfolio because of non
diversification. This portfolio has given -3.62% returns on the one month
performance so it is advisable for the investor not to go for such a high
risky investment options.
All the individual scripts and the portfolio showing very steady chart, there
is very little movement in the performance chart.
There is a very high Beta of majority of the scripts in the portfolio edging
more than 2 in most of the script. Only one script having a Beta under 1
but it is too low to give a good return on the investment. Because of that
the overall portfolio Beta is also sizing more than 2.
In the sector portfolio the volatility of the majority of script is under 10.
Thats shows less risk with the portfolio and also less fluctuation means
less chance of return.
B.R.C.M. College of Business Administration, Surat

RECOMMENDATION
From the above given findings and the conclusions of the study done by
me, here are the list of recommendations that comes out of the study.
Form the study it is also proven that even in short run sector portfolio is
highly risky option for investment. Here in the study it is providing negative
return. That shows that investors who want to have safe return must think
twice before selecting sector portfolio for a long term investment.

Though random portfolio is having scripts with highest return and volatility,
but for a long term prospect is becomes hard to fetch good return out of it
as it is hard to take use of high volatility.

There is a requirement for frequent portfolio checking to maintain the


higher return and to make use of high volatility.
B.R.C.M. College of Business Administration, Surat

Bibliography
Books
1Derivatives Module of NSE ( NCFM )
2Securities analysis and Portfolio Management -B.K. Bhalla

Web Bibliography
1.www.kotaksecurities.com
2.www.nseindia.com
3.www.bseindia.com
4.www.derivativesindia.com
5.www.moneycontrol.com
6.www.icicidirect.com

Others
1Magazines -Business World
2News Papers -Economic Times of India -Times of India
B.R.C.M. College of Business Administration, Surat

05/03?(12)
Equity Share05/03?(12)
Capital
04/03?(12)
04/03?(12)
630.00
03/03?(12)
05/03
03/03?(12)
630.00
02/03?(12)
04/03
630.00
01/03(12)
03/03
02/03?(12)
630.00
02/03
01/03(12)
630.00
CAPITAL &
LIABILITIES
01/03
Reserves & Surplus
3
CAPITAL10,313.8
& LIABILITIES
CAPITAL 9,697.63
& LIABILITIES
Owners' Fund
8,866.97
8,309.64
Equity Share Capital 7,718.15
Owners' Fund
285.00
Owners'
Fund
Other Liabilities
& Provisions
285.00 5
11,797.7
285.00 5
Equity11,083.6
Share Capital
285.00
Equity Share Capital
10,087.9
1
1,853.37
285.00
14.23
8,024.41
1,853.37
Reserves
& Surplus 5,658.39
14.23
1,853.37
5,443.05
14.23
Total
4,882.18
14.23 8
22,741.5
1,853.37
5,265.42
14.23 8
21,411.2
106.24
4,758.98
Reserves
&
Surplus
221.38 Money
Share Application
6,303.74
2,675.38
184.63
2.72
Other Liabilities
& Provisions133.64
2,971.49

0.00
1,976.65
2,970.90
1,708.24
1,515.69
ASSETS
0.00
2,062.85
Other Liabilities
&
Provisions
of Qouted
Investment
46.31
3,480.52
216.00
Reserves
& Surplus
Total
167.34
Annexure
Cash & Balances
with RBI
2,675.38
7,706.92
113.68
2,517.40
2,971.49
7,143.83
91.48
2,553.07
2,971.12
7,258.66
77.04
1,815.39
Balance
7,106.83TELE VENTURE
TotalSheet of BHARTI
2,444.65
2,970.90
10,069.26
366.75
2,482.83
1,515.69
300.48
Investments
Other Liabilities
& Provisions
ASSETS
B.R.C.M. College of Business
Administration, Surat
221.38
397.47
4,570.79
184.63
380.69
15.77
Cashsheet
& Balances
withTELE
RBI
Balance
of TATA
133.64
371.01
5.00
1,409.12
102.68
1,046.71
ASSETS
0.00
40.61
2,358.59
Fixed Assets 41.82
Balance sheet
of VSNL
2,534.94
Total
4,840.07
Cash & Balances
with RBI
9,102.26
Investments
B.R.C.M. College of Business
Administration, Surat
101.57
4,840.63
1,200.58
87.17
4,829.49
2,089.14
32.42
Balance sheet
of MTNL
655.87
19.39
Gross Block 4,864.88
366.29
21.65
14,252.2
1,710.06
110.65 5
Investments
13,562.9
3 of Business Administration, Surat
B.R.C.M. College of Business Administration, Surat
B.R.C.M. College
9.09
12,665.2
ASSETS
Fixed
Assets1
0.09
11,732.2 2
0.09
10,680.95
Gross
Block
0.05
Less: Cash
Accumulated
Depreciation
& Balances
with RBI
3,182.68
0.11
7,783.62
384.14
Fixed Assets 2,348.54
7,352.65
0.13
3,290.23
7,148.03
0.34
2,835.29
6,420.43
2,658.79
5,653.07
22.52 Depreciation
Less: Accumulated
Net Block
13.30
835.65
6,468.63
Investments
590.81
Gross Block
6,210.28
931.90
1,015.19
66.93
5,517.17
1,762.67
862.12
65.62
5,311.80
1,467.79
742.99
61.53
5,027.89
Net Block
57.87
Capital Work?in-progress
1,899.67
2,347.03
57.21
651.51
794.47
1,757.73
Less: Accumulated
Depreciation
508.25
Fixed
Assets
2,275.03
41.90
918.74
1,973.17
36.04
797.81
1,915.80
28.33
Capital Work?in-progress 815.50
27.80
Other Assets 513.17
25.82
815.50S.No
216.63
Net Block
14,312.0
5
Security
Symbol
114.23
25.03 Equity
12,777.9
6No.
S.
298.39
05/03?(12)
Gross
Block
29.58
Security
Symbol
13,370.7
7%
Weightage
497.19 Equity
04/03?(12)
13,240.63
33.20
Beta
11,044.15
Other
Assets
03/03?(12)
31.84
Weightage
% written off
R2
30.06
Miscellaneous
Expenses
not
3,646.14
02/03?(12)
Beta
30.62
Volatility
%
31.39
0.00
3,143.31
R2
01/03(12)
1
Capital Work?in-progress
0.00
Volatility
%
ABB
4,567.52
CAPITAL
&
LIABILITIES
28.02
0.72
0.00
423,816,7501
5,044.12
24.73
0.12
ANDHRABANK
0.000.75%
7,545.63
Owners'
Fund
Less: Revaluation
Reserve
4,850,000,000
0.12
0.71
Miscellaneous Expenses
not
written 0.72
off
2.13
0.15 1.73%
0.00
Total
0.00
0.00
1.17 1.6
0.00
25,258.9
8 47
0.00
0.25
0.00
Other Assets 23,964.3
42
UTIBANK
2.04
ACC0.00
333.91
21,400.2
7 2
2,786,241,460
1,851,909,460
0.00
0.00
294.88
22,027.7
13.72%
APOLLOTYRE
0.81%
0.72
0.00
0.83
213.41
383,379,770
19,370.37
0.78
Total

3,475.64
0.62 1.62 2.4
173.87
6,477.15
8,253.52
48
0.13 not
17.29
3 written
Miscellaneous Expenses
off
4,853.10
VIJAYABANK
9,971.24
1.55
BAJAJAUTO
13.79
50
0.00
3,965.93
4,335,178,000
10,216.9
1 3
1,011,835,100
ZEETELE
0.00
3,922.25
1.01%
ASHOKLEY
1.84%
14,909.34
412,505,012
10.51
0.00
1.2
15.47
1,189,294,200
0.82
0.51%
Contingent
liabilities
NIFTY
VALUES
7.40
0.29
0.00
1.86%
Book Value of2,280.87
Unqouted
Investment
0.21
1.05
1.74
Net0.72
Block
1.24
9.09
0.162.19
2,422.66
0.3
9,762.86
4 49
Total
0.09 2.86
INGVYSYABK
1,829.85
2.88
14.56
B.R.C.M. College ofBHARTI
Business
470.32
Administration, Surat
0.09
905,644,160
1,810.53
4
18,933,749,010
16.83
411.84
0.05
0.55%
ASIANPAINT
366.604.77%
279.33
0.00
NIFTY
JUNIOR
962,789,280
0.980.94Investment
Book Value
of Unqouted
17.51
230.06
2.63%
Market Value 1,200.58
of
Qouted
Investment
0.25 0.2
1.35
17.33
0.4 1.29
227.74
0.00
2,032.91
Capital
Work?in-progress
0.08
5 50
Contingent
liabilities
0.00
599.59
WOCKPHARMA
2.09
BHEL
994.46
18.46
0.00
546,903,005
366.29
5
2,447,600,000
0.10
9.64
0.00 2.29%
AUROPHARMA
110.65
3.46%
0.00
B.R.C.M. College of Business Administration, Surat3.08
B.R.C.M.1.02
College of Business Administration,
0.12 Surat
1.09
Market Value of 266,350,000
Qouted
Investment
3.28
1.21%
0.320.24
0.00
0.00
2.04
15.47
0.94 1.79
99.77
4.36
0.13 Investment
Book Value of Unqouted
6
68.24
2.01
Other
Assets
BPCL
9.09
97.35
6
3,000,000,000
2,348.99
0.09
0.00
AVENTIS
0.91%
3,688.36
0.09
230,306,220
0.69
3,341.31
0.05
0.14 1.71%
0.00
0.65 1.77
Market Value of3,040.22
Qouted
0.15 Investment
7
2.42
893.90
0.00
CIPLA
599,740,466
Miscellaneous Expenses
not7written off
0.00
BANKBARODA
58.35
0.00 1.15%
3,670,000,000
0.83
1.30
0.00
0.17 3.34%
4.74
0.12
1.55 3.43
0.39
8
1.94
7.99
DABUR
8
573,302,784
0.00
BANKINDIA
0.44%
4,874,002,000
0.98
0.19 2.67%
1.81 1.62
0.34
9
DRREDDY 3.98
383,034,9859
BEL
0.70%
800,000,000
0.7
0.13 3.59%
1.01 3.21
0.26 10
2.49
GAIL
10
8,456,516,000
BHARATFORG
1.61%
441,018,830
1.05
0.35 3.75%
1.19 1.27
0.34 11
2.72
GLAXO
11
847,030,170
BIOCON 0.78%
500,000,000
0.7
0.16 1.98%
0.56 2.06
0.12 12
1.44
GRASIM
12
916,736,360
BONGAIREFN
1.11%
1,998,179,000
0.86
0.27 0.56%
0.98 2.35
0.25 13
GUJAMBCEM 0.97
13
2,705,593,000
CADILAHC
0.83%