Parveen Dessertation Report

A Dissertation Report
A study of volatility, liquidity trends & risk , return analysis of equity shares in stock market of India in Realty Sector (DLF limited, ARS!"A#$ D%!%L& %RS & &'A(%) *ith respect to liquidity and stock return analysis of equity shares in +om,ay Stock %-chan.e for last /0 months endin. 1anuary2 345
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6"D%R #$% :6IDA">% &F7 Ms. San'ee( Kaur Facul() MBA *+M*, -NR S6+'I##%D +97 Parveen Kumar S/o Sh. Ramesh Saini Class:- MBA (Final) class Roll No.:-11 !/" #niv. Re$i. No- "%- &AP-! " #niv. Roll No.
#ilak Ra? >hadha Institute of 'ana.ement & #echnolo.y (#I'#) (A..ilia(e/ (o Kuru0she(ra #niversi(), Kuru0she(ra an/ A11rove/ B) A+C*2)
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I AR!%%" 86'AR, Roll "o@//=AB3=, '+A (Ath Sem@) of the #ilak Ra? >hadha Institute &f 'ana.ement and #echnolo.y, 9amunana.ar here,y declare that the Dissertation Report entitled ;A study of volatility, liquidity trends & risk, return analysis of equity shares in stock market of India in Realty Sector (DLF limited, ARS!"A#$ D%!%L& %RS & &'A(%) *ith respect to liquidity and stock return analysis of equity shares in +om,ay Stock %-chan.e for last /< months endin. 1anuary2 345 I here,y state this dissertation report su,mitted ,y me in partial fulfillment of requirements of the '+A in an ori.inal research *ork carried out ,y me under the .uidance and supervision of my faculty .uide and this *ork or any part of it has not ,een previously su,mitted for a de.ree of '+A@
Place: Dated7
(PAR>22N K#MAR)
A>8"&CL%D:%'%"#
reservation, inspiration and motivation have al*ays played a key role in the success of any venture@ In the present *orld of competition and success, pro?ect is like a +rid.e ,et*een theoretical and practical *orkin.@ Cillin.ly, I prepared this particular pro?ect@ First of all I *ould like to thank the supreme po*er, the almi.hty :od, *ho is o,viously the one *ho has al*ays .uided me to *ork on the ri.ht path of my life #his pro?ect report has ,een made possi,le throu.h the direct & indirect co2 operation of various people *hom I *ish to e-press my thanks and .ratitudeDs@ #hen I e-press my sincere .ratitude and thanks to Dr@ !ikas Daryal (Director) and 's@ :arima :upta ( $&D2'+A Deptt@, #I'#) for their inspiration and helpful attitude@ I am also deeply thankful to 's@ San?eet 8aur (Faculty, #I'# 9"R@) for her .uidance, re.ular counselin., keen interest and constant encoura.ement@ Cithout her .uidance, this pro?ect *ould not have a successful end@ I o*e my sincerely thanks to all my faculty mem,ers and the associated staff for their support .iven to me time to time@ Also, I *ould like to thank all my friends and family mem,ers for their support .iven to me time to time@ Finally, *ith ,lessin.s of my parents *ho are a source of stren.th and inspiration for me in this endeavor@ ( AR!%%")
PREFACE
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Dissertation in '+A course and study content of practical kno*led.e, it makes the student confident and helps to enhance them their hidden a,ility@ #heoretical kno*led.e *ithout the practical e-posure is of little value @
I complete my research pro?ect on the topic A study of volatility, liquidity trends & risk, return analysis of equity shares in stock market of India in Realty Sector (DLF limited, ARS!"A#$ D%!%L& %RS & &'A(%) *ith res+ect to liquidity and stock return analysis of equity shares in ,om-ay Stock %.chan/e for last 01 months endin/ 2anuary3 456
Durin. the research pro?ect I .ot an opportunity to learn valua,le thin.s, *hich I could have ,een a,le to learn from theory classes@ #he overall .ain to me *ill ,e reflected in the report itself@
%(%>6#I!% S6''AR9
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#he rapidly .ro*in. real estate market in India is movin. to*ards maturity *ith increasin. participation from lar.e local and international players, risin. investor interest and a market2friendly approach@ #he .overnmentDs decisions to allo* /33E forei.n direct investment (FDI) and the entry of venture funds in real estate are e-pected to add to the .ro*th momentum created ,y afforda,le financin. options and risin. disposa,le incomes@ Further, there are indications that o,stacles such as the a,sence of investment instruments in real estate are likely to ,e removed@ Already, real estate mutual funds have ,een allo*ed to ,e floated in a move industry o,servers ,elieve *ill pave the *ay for the settin.2 up of Real %state investment #rust2like structures@ Apart from the I# sector, demand for commercial space is also e-pected to ,e driven ,y the special economic Fones, lar.e retail formats and *arehousin.@ #he various factors responsi,le for the ups*in. in the India real estate investments are7 o #he increasin. demand in residential, commercial and industrial properties o :ro*th in hospitality or hotel industry o Development of S1ecial 2conomic ?ones (S2?) o Increased livin. standards of people *ith hi.her disposa,le incomes #he *idenin. demand2supply .ap for international quality real estate space in the A2 .rade cities like Delhi, 'um,ai, >hennai, +an.alore, $ydera,ad and 8olkata has created a spillover demand in smaller cities@ #he mountin. pressure has raised prices of ,oth residential and commercial properties in these cities@
>ontents
Pa$e No.
reface A G =2<4 0320/ 0<20A
%-ecutive Summary Introduction rofile of the Study Research &,?ectives #heoretical Frame*ork >onstructs !aria,les Literature Survey & Revie* Research 'ethodolo.y Research Desi.n Samplin. & Samplin. Desi.n Analytical #ools $ypothesis #estin. Statistical #ools Data >ollection 'ethod Limitations of the Study Results and Discussions >onclusion +i,lio.raphy Anne-ure 4G@ 4=@ I/@ 4<@ H0@ HA@ HG@ H=@
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R2A3 2S*A*2 +N +N&+A

Indian real estate has hu/e +otential demand in almost every sector es+ecially commercial, residential, retail, industrial, hos+itality, healthcare etc7 8ommercial office s+ace requirement is led -y the -ur/eonin/ outsourcin/ and Information #echnolo/y Industry7 #he leaders of the I#9I#%S *orld have set u+ or are settin/ u+ their centers in India7 %stimated demand from I#9I#%S sector alone is e.+ected to -e 0:4mn sq7ft7 of s+ace across the ma;or cities -y 14047 In residential sector there is housin/ shorta/e of 057< million units out of *hich =7> million are in ur-an India7 #he increase in +urchasin/ +o*er and e.+osure to or/ani?ed retail formats has redefined the consum+tion +attern7 As a result the country has e.+erienced mushroomin/ of retail +ro;ects across the cities7 #he main /ro*th thrust is comin/ due to favora-le demo/ra+hics, increasin/ +urchasin/ +o*er, e.istence of customer friendly -anks & housin/ finance com+anies, +rofessionalism in real estate and favora-le reforms initiated -y the /overnment to attract /lo-al investors7
India Real Estate Investment has proven to be the highest yielding investment opportunity in the recent few years. The realty industry in India is at its zenith and is thereby attracting the maximum investment not just locally but overseas too. NRI Investments have ta en a new turn and have entered the Indian real estate mar et. The various Real Estate Developments in India include construction of residential units! townships! commercial complexes! office buildings and retail stores and shopping malls. The newest entrant is development of IT spaces that includes IT "ar s and integrated townships for the employees of the IT industry in that IT "ar . #any $an s and %inancial Institutions li e &'%( "roperty %und! 'ewan &ousing %inance )imited*'&%) +enture (apital %und! ,ota #ahindra Realty %und! ,shitij +enture (apital %und -. group venture of "antaloon Retail India )td/ and India .dvantage %und -I(I(I/! provide the funds for real estate development to the $uilders and 'evelopers for construction of these structures. These are the major institutional investors in real estate in India. The various factors responsible for the upswing in the India real estate investments are0 o The increasing demand in residential! commercial and industrial properties o 1rowth in hospitality or hotel industry o 'evelopment of Special Economic Zones (SEZ) o Increased living standards of people with higher disposable incomes
'evelopment of IT and ITE2 industry.
. . major chun of the Foreign Direct Investments (FDI's) presently goes into the Indian realty sector. 2teps have been ta en to manage and further promote real estate investment in India. .n Indian Real Estate Investment Trust (REIT) is being formed that will facilitate fast and easy li3uidation of investments in the real estate mar et in India. The Indian realty mar et is flooded with Initial Public Offer (IPO) by various real estate and infrastructure development groups. This is opening further avenues for investments in real estate in India.
@hy invest in Indian Real %state

India Real Estate Investment is a significant feature of t e In!ian realt" mar#et un!er t e initiation of t e investors an! !evelopers$ lea!ing to future real estate !evelopment in In!ia% T e !evelopment of private o&ners ip of propert" real estate in India as become a ma'or area of business &it In!ia Real Estate Investment pla"ing t e vital role% In!ia Real Estate Investment involves minimum ris# for getting ma(imum return% India Real Estate Investment as rising !eman! in ever" sector li#e commercial$ resi!ential$ retail$ in!ustrial an! ospitalit"% )ut ma(imum !eman! is observe! in t e booming IT sector% T e In!ia Real Estate Investment is facilitate! b" t e liberal economic policies of t e government% * Factors Favoring India Real Estate Investment: +%Increasing gro&t in resi!ential properties !ue to lo&er interest rates$ eas" availabilit" of ousing finance$ rising income$ better 'ob prospects an! increase of nuclear families% ,%-ro&t of retail mar et in India !ue to increasing !eman! from retailers$ ig er !isposable incomes an! opening up of FDI in Retail% .%)urgeoning IT an! ITES in!ustr" /%-ro&ing commercial propert" mar#et 0%Emerging ospitalit" or otel in!ustr" !ue to t e e(ceptional boom in inboun! tourism an! t e IT sector 1%Development of t e special economic 2ones.
Forei/n Investment (FDI) in Real %state Sectors in India

Foreign Direct Investment is encouraged and permitted, subject to certain conditions, in the following real estate sectors in India:

Hotel Development Tourism Hospitality Township development Developing ommercial !eal "state #uilt$up infrastructure Housing and construction projects #uilding !esorts #uilding Hospitals 9
#uilding "ducational institutions #uilding !ecreational facilities Infrastructure projects: regional and local level %pecial "conomic &ones '%"&(s)
8onditions for Forei/n Investment in Real %state Sector in India

Foreign Direct Investment in some of the aforesaid areas 'not all) is subject some conditions, some of which are as follows:
Develop a minimum land area of *+ hectares for serviced housing plots, and a minimum built$up area of ,+,+++ s- m in case of construction projects. The policy does not clearly define .built$up/, though F%I 'Floor %pace Inde0)1F2! 'Floor 2rea !atio) could be used as a basis for the same. Fulfill the minimum capitali3ation norm of 4*+ million for a wholly$owned subsidiary and 4, million for 56s. The funds would have to be brought in within si0 months of commencement of business 'which needs to be defined) of the subsidiary or 56. omplete at least ,+7 of the integrated project within five years from the date of obtaining all clearances. Do not sell undeveloped plots 'with no infrastructural bac8up). 9rovide infrastructure and obtain the completion certificate from the concerned local body before disposal. This clause needs amendment because certificates are sometimes not issued for months on end, even years, an uncertainty which tends to raise project cost, often beyond viability. Do not repatriate original investment before three years from completion of minimum capitali3ation. "arly e0its re-uire prior approval of the Foreign Investment and 9romotion #oard. onform with all applicable local and state laws, and abide by all regulations and norms.
FDI in Real %state in India

9reviously, only :!I(s and 9I;(s were allowed to invest in the housing and the real estate sectors. Foreign investors other than :!Is were allowed to invest only in development of integrated townships and settlements either through a wholly$owned subsidiary or through a joint venture '56) company along with a local partner. India fully opened FDI in real estate in <++,. However, norms issued later made a minimum capitali3ation of 4*+ million for wholly$owned subsidiaries and 4, million for joint ventures mandatory. The government also imposed a minimum area re-uirement. The department of industrial policy and promotion had in =arch <++, allowed FDI in real estate in projects in a minimum area of <, acres. The finance ministry has allowed e0ternal commercial borrowing '" #) in realty projects involving integrated townships of <, acres or ,+,+++ s- m. However, the !eserve #an8 of India has not yet notified it. 2t present, the government allows FDI in real estate, but does not permit foreign institutional investment. It is, however, considering a proposal not to view FDI and FII as distinct investment flows while specifying an overall limit.
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It is yet to permit foreign venture capital investors 'F6 I) in the realty sector. To ensure that the concept of special economic 3ones '%"&s) did not distort the realty mar8et, the !#I has classified lending to %"&s on par with commercial real estate, according it higher ris8 weight and provisioning. The !#I allows " # in real estate projects involving integrated townships of *++ acres or more. In real estate projects, a large portion of money is re-uired for land ac-uisition, which is classified as wor8ing capital. #ut end$ use restrictions li8e not allowing " # money to be used for wor8ing capital ta8e away its attractiveness.
Real %state La*s in India

Investing in real estate in India re-uire compliance with various laws which run into do3ens, some of them more than *++ years old and some very new. In addition to federal laws of India, there are many state laws governing real estate transactions and investment. The federal laws governing real estate include:
Indian #ransfer of ro+erty Act

The Transfer of 9roperty 2ct governs the transfer of property by various means. %ales, mortgages 'other than by way of deposit of title deeds) and e0changes of immovable property are re-uired to be registered by virtue of the Transfer of 9roperty 2ct. Therefore, all the above documents must be in writing and registered.
Indian Re/istration Act, 054A

The purpose of this 2ct is the conservation of evidence, assurances, title, publication of documents and prevention of fraud. It details the formalities for registering an instrument. Instruments which re-uire mandatory registration include: 'a) Instruments of gift of immovable property> 'b) other non$testamentary instruments which purport or operate to create, declare, assign, limit or e0tinguish, whether in present or in future, any right, title or interest, whether vested or contingent, to or in immovable property> 'c) non$testamentary instruments which ac8nowledge the receipt or payment of any consideration on account of instruments in '<) above. 'd) leases of immovable property from year to year, or for any term e0ceeding one year, or reserving a yearly rent %ales, mortgages 'other than by way of deposit of title deeds) and e0changes of immovable property are re-uired to be registered by virtue of the Transfer of 9roperty 2ct. "vidently, therefore, all the above documents have to be in writing. %ection *? of the 2ct provides for optional registration. 2n unregistered document will not affect the property comprised in it, nor be received as evidence of any transaction affecting such property 'e0cept as evidence of a contract in a suit for specific performance or as evidence of part$performance under the Transfer of 9roperty 2ct or as collateral), unless it 11
has been registered. Thus the doctrine of part performance dealt with under %ection ,@ 2 of the Transfer of 9roperty 2ct and the provision of %ection AB of the !egistration 2ct 'which provide that an unregistered document cannot be admissible as evidence in a court of law e0cept as secondary evidence under the Indian "vidence 2ct) together protect the buyer in possession of an unregistered sale deed and cannot be dispossessed. The net effect has been that a large number of property transactions have been accomplished without proper registration. Further other instruments such as 2greement to %ell, Ceneral 9ower of 2ttorney and Dill have been indiscriminately used to effect change of ownership. Therefore, investors in real estate have to be careful in their due diligence.
Indian Br-an Land (8eilin/ And Re/ulation) Act, 05>=

This legislation fi0ed a ceiling on the vacant urban land that a (person( in urban agglomerations can ac-uire and hold. 2 person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not. This ceiling limit ranges from ,++$<,+++ s-uare meters. "0cess vacant land is either to be surrendered to the ompetent 2uthority appointed under the 2ct for a small compensation, or to be developed by its holder only for specified purposes. The 2ct provides for appropriate documents to show that the provisions of this 2ct are not attracted or should be produced to the !egistering officer before registering instruments compulsorily registrable under the !egistration 2ct. This legislation was repealed by the federal government in *BBB. The !epeal 2ct, however, shall not affect the vesting of the vacant land, which has already been ta8en possession by the %tate Covernment or any person duly authori3ed by the %tate Covernment in this regard under the provisions of Erban Fand 2ct. The repeal of the 2ct, it is believed, has eliminated the large amount of litigation and released huge chun8s of land into the mar8et. However the repeal of the 2ct has not been carried out in all states. Initially the repeal 2ct was applicable in Haryana, 9unjab and all the Enion Territories. %ubse-uently, it has been adopted by the %tate Covernments of Ettar 9radesh, Cujarat, Garnata8a, =adhya 9radesh and !ajasthan. 2ndhra 9radesh, 2ssam, #ihar, =aharashtra, ;rissa and Dest #engal have not adopted the !epeal 2ct so far.
Stam+ Duty
%tamp duty is re-uired to be paid on all documents which are registered and the rate varies from state to state. Dith stamp duty rates of *@ per cent in Delhi, *A., per cent in Ettar 9radesh and *<., per cent in Haryana, India has perhaps one of the highest levels of stamp duty. %ome states even have double stamp incidence, first on land and then on its development.
Rent 8ontrol Acts

!ent legislation in India has been in e0istence for a very long time. !ent control by the government initially came as a temporary measure to protect the e0ploitation of tenants by landlords after the %econd Dorld Dar. However these rent control acts became almost a permanent feature. !ent legislation provides payment of fair rent to landlords and protection of tenants against eviction. #esides, it effectively allows the tenant to alienate rented property. 17
ro+erty #a.
9roperty ta0 is a levy charged by the municipal authorities for the up8eep of basic civic services in the city. In India it is the owners of property who are liable for the payment of municipal ta0es. Cenerally, the property ta0 is levied on the basis of reasonable rent at which the property might be let from year to year. The reasonable rent can be actual rent if it is found to be fair and reasonable. In the case of properties not rented, the rental value is to be estimated on the basis of letting rates in the locality.
Forei/n Funds Investors in IndiaC R,I +uts cur-s on FII entry in real estate I &s
The foreign portfolio investment in real estate in India has come under regulatory glare. The !eserve #an8 of India '!#I) has thrown in a caveat on FII subscription to public e-uity offerings by real estate companies. The !#I is of the opinion that such firms can sell their initial or follow$on public stoc8 offerings to FIIs, only if the real estate projects being developed fulfill the conditions for foreign direct investment. The central ban8, which has the last word on cross$border fund inflow, has indicated this to investment ban8ers and advisors of real estate firms planning to tap the capital mar8et. ;ne of the companies planning an issuance has already dropped the idea of mar8eting shares of its forthcoming e-uity issue to FIIs> while another firm has positioned itself as a construction company 'one which doesn(t own the land as distinct from a real estate company) to sidestep the restriction. The issue has boiled down to subtle differences between FII and FDI. *he .ac(s are: real es(a(e 1ro'ec(s can a((rac( F&+ u1 (o 1"" 1ercen(, su<'ec( (o cer(ain con/i(ions =hich =ere s1el( ou( <) (he $overnmen( in A1ril B"5. *hese con/i(ions inclu/e minimum area (o <e /evelo1e/, minimum ca1i(aliCa(ion, no re1a(ria(ion o. ori$inal inves(men( <e.ore % )ears an/ <an on sell o. un/er-/evelo1e/ 1lo(s. +. a 1ro'ec( mee(s proper legal advise regarding (hese con/i(ions, (he concerne/ com1an) can corporate planning and ta0 planning a((rac( F++ su<scri1(ion u1 (o 7! 1ercen( eDui(), an/ should be sought by foreign investors la(er revise i( (o (he sec(oral F&+ ca1, =hich is 1"" the real estate sector in India. 1ercen( in (his case.
44444555544444
6o=ever, .or a com1an) no( =illin$ (o mee( (he s(rin$en( 1ro'ec( con/i(ions, (he F++ rou(e coul/ <e use/ (o overcome (he rules an/ <rin$ in .orei$n inves(men(. All (he com1an) nee/s (o /o is $e( F++s (ha( are re$is(ere/ =i(h S2B+ (o inves( in (he +PE. *his is =ha( (he RB+ is 1ossi<l) o<'ec(in$ (o. +n(eres(in$l), (he re$ula(or is no( averse (o F++s <u)in$ shares in (he secon/ar) mar0e(. +n o(her =or/s, even (hou$h F++s canno( su<scri<e (o a real es(a(e .irmBs +PE (i. (he 1ro'ec( concerne/ is non-F&+ com1lian(), (he) can <u) shares (hrou$h a re$is(ere/ <ro0er once (he com1an) $e(s lis(e/.
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DLF is IndiaDs lar/est real estate com+any in terms of revenues, earnin/s, market ca+italisation and develo+a-le area7 In line *ith its current e.+ansion +lans, DLF has over >:0 million sq7 ft7 of develo+ment across its -usinesses, includin/ develo+ed, on3 /oin/ and +lanned +ro;ects7 #his land -ank is s+read over E1 cities, mostly in metros and key ur-an areas across India7 Already a ma;or +layer in locations across the country, DLF, *ith over si. decades of e.+erience, is ca+italisin/ on emer/in/ market o++ortunities to deliver hi/h3end facilities and +ro;ects to its *ide -ase of customers -y constantly u+/radin/ its internal skills and resource ca+a-ilities7 2 roster of world$reputed businesses chooses DFF to jointly venture with, to see8 growth in India. 2mong them, Faing ;(!our8e$ famous EG based construction company credited with construction of Dubai International 2irport, Fondon(s =illenium Tower, etc, will construct all DFF(s landmar8 projects. Together DFF$Faing ;( !our8e shall build the e0pressways, ports and other megastructures of India(s new economy. :a8heel of Dubai are partnering with DFF for townships of pathbrea8ing concepts in India. D%9 Croup 9lc is also partnering DFF, providing =anagement and consultancy to the built and natural environment. DFF has also tied up with Hilton Hotels to jointly develop world class hotels in India. It is more than mar8et dynamics however. DFF management constantly upgrades professional resources to construct responsive strategies, to adapt to local preferences> to deliver high -uality, in all its projects and services to a wide customer base. 2ll the intensified growth underlines DFF(s commitment to -uality, trust and customer sensitivity and, delivering on its promise with agility and financial prudence. This, in turn, has earned DFF the coveted (%uperbrand( ran8ing for three years consecutively, including the current year. The Homes business unit involves a wide range of products including condominiums, duple0es, row hoses and apartments of varying si3es, with a focus on the higher end of the mar8et. DFF has <*A msf of developed area under homes and residential plots. urrently, DFF has more than A?? msf of land resource targeted towards residential business.
DFF(s office segment is one of the group(s most admired verticals. :early A+ msf of ongoing projects forms a strong portfolio for DFF offices, having reached a mature delivery platform of **$*< msf on an annual basis. urrent land resource owned by DFF for development of offices across the country is *HA msf appro0imately. 1!
Dith a booming retail environment on the hori3on, this is a major thrust area for the Croup and DFF is actively creating new shopping and entertainment spaces all over the country. The company has *< mn s-. ft of retail projects under construction and owns land resource of another B< msf for development in metros and other 8ey urban destinations across the country. These include categories of prime downtown shopping districts, shopping centres and super lu0ury malls, amongst others. Dith the growth of the Indian economy and the resulting increase in corporate and consumer incomes, as well as foreign investment, DFF sees significant opportunities for growth in its three primary businesses. DFF(s mission is to build a world$class real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefit from the growth of the Indian economy.
!ISI&", 'ISSI&" & !ALB%S

DLF !ision
To contribute significantly to building the new India and become the world/s most valuable real estate company.
DLF 'ission
To build world$class real$estate concepts across si0 business lines with the highest standards of professionalism, ethics, -uality and customer service.
DLF !alues

%ustained efforts to enhance customer value and -uality "thical and professional service ompliance and respect for all community, environmental and legal re-uirements
15
'IL%S#&"%S
#he lar.est real estate developer in India *ith <HH million square feet *orth of developed and under development pro?ect@
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,alance sheet
'ar D 4A %ources of funds &*nerDs fund "-uity share capital %hare application money 9reference share capital !eserves J surplus Foan funds %ecured loans Ensecured loans #otal Eses of funds Fi.ed assets Cross bloc8 Fess : revaluation reserve Fess : accumulated depreciation :et bloc8 apital wor8$in$progress Investments "et current assets urrent assets, loans J advances Fess : current liabilities J provisions Total net current assets =iscellaneous e0penses not written #otal :otes: #oo8 value of un-uoted investments =ar8et value of -uoted investments ontingent liabilities :umber of e-uity sharesoutstanding 'Facs) *,I+I.B< @+.B< @,+A?.B< *?+AI.@@ ?,I.BI *+.*B @,I*I.I* *,<BA.<* *,@B?.,<11704 @,+B<.*< *,@HH.B, *,?<,.*? $ E,=:A7A: *,I@B.I *,,@@.?< $ ,B.@A *,A?A.@? *,?I*.?B @H,.,I $ @?.+* @<I.,? HH,.+@ ?HB.*? *+I.B* $ <B.<A ?B.H? A,H.?@ *,@B?.,<11704 @,+*+.B@ <.BB E,=:A7A: @A+.BH $ $ *+,B<I.*B @+,.II $ $ @AH.B< @?.?? $ $ H+?.*H 'ar D 4> (Rs crore) 'ar D 4=
1A
rofit loss account

'ar D 4A 'ar D 4> *,*+*.HH I.?< <@?.?, AA.I< H@.A< II.,* $ AA@.<< H,I.AA @<?.H? BIH.** @,H.<, B.AA $ H<+.A< <*A.,H A+,.IH $+.*B *.<A A+H.B* B@+.H? @A+.B? $ ,?.B, ,@*.?H
(Rs crore) 'ar D 4= B,@.AH <.,I ,??.HA *H.?H <H.?A <@.*@ $ HAH.I, @+H.H* *B*.,H ABI.*? *AH.*, @.B+ $ @AI.*< *<+.A? <<?.H, $+.<A *.** <<I.,< ,A,.,@ *.,, $ +.<< ,A@.?H
IncomeC
;perating income ,,ABH.BH H.+H <,*A*.<B *+@.?I A,.?+ *<I.*H $ <,A<A.BI @,+?*.BI ,H+.?A @,H@<.?< AA?.H, <,.HI A*.?B @,**?.,B ,A@.,< <,,?A.+? +.*H +.@H <,,?A.,B <,IA@.IH HI*.B@ $ **,.IB <,+AH.+@
%.+enses
=aterial consumed =anufacturing e0penses 9ersonnel e0penses %elling e0penses 2dminstrative e0penses "0penses capitalised ost of sales &+eratin/ +rofit ;ther recurring income Ad;usted ,DI# Financial e0penses Depreciation ;ther write offs 2djusted 9#T Ta0 charges Ad;usted A# :on recurring items ;ther non cash adjustments !eported net profit "arnigs before appropriation "-uity dividend 9reference dividend Dividend ta0 !etained earnings
19
Share holdin/
Share holdin/ +attern as on C Face value "o7 &f Shares F $oldin/ E09019144A <.++ E494=9144A <.++ "o7 &f Shares F $oldin/
Indian 9romoters Su- total
9romoter(s holding *,+<I<@*<+ II.<H 0:41A1E014 AA71=
*,+@+A@*<+ 0:4E4<E014
II.*H AA70=
"on +romoterDs holdin/

Institutional investors #an8s Fin. Inst. and Insurance FII(s Su- total ;ther investors 9rivate orporate #odies :!I(s1; #(s1Foreign ;thers ;thers Su- total Ceneral public Grand total @I@A<,H **H,?<,H* 01<1E0E== +.<@ H.I, >7E4 @HHB@HB ***HH<BH* 011EA:1E0 ;ther investors *AABHHA* *?,B+,* B,,+I* 0>4AE5>E ,IAAHH,A 0>41:A:00E +.I, +.*+ +.+H 0744 @.A@ 55755 *IHH,BIB *HIB?II *<HIA*H 10<5>E5E ,??I+*@H 0>4<>4:AA4 *.+B +.*+ +.+? 071= @.@B 55755 +.<< H.,, >70A
!eport card
9" ratio "9% '!s) %ales '!s crore) Face 6alue '!s) :et profit margin '7) Fast dividend '7) !eturn on average e-uity **.<H *,.*B A<A.A* < A<.AB *++ <<.IA =ar, +I +A1+H1+I =ar, +I <+1+@1+B =ar, +I Dec, +I
7"
&ur 2ourney
There are few parallels in the annals of the Indian real estate and construction industry that emulate the success trail bla3ed by 9arsvnath Developers Fimited. ;ver the past two decades, our company has emerged as one of the most progressive and multi$faceted real estate and construction entities in the country. Through the years, we at 9arsvnath have stayed true to our commitment to Kbuilding a better world/ by transforming barren tracts into landscaped green belts housing world class commercial, residential and recreational properties. 9arsvnath is a company whose business philosophy lies in the commitment to creating architectural marvels using state$of$the$art technology and global architectural, construction and business practices. De are passionate about providing cost$effective and holistic solutions for our customers while creating and adding value for our partners and sta8eholders. ;ur unwavering focus on these factors catapulted 9arsvnath Developers Fimited into the top echelons of the Indian !eal "state and onstruction Industry in <++?. Dith a pan$India presence in over ,* cities in *I states, we are steadfastly focused on continuing to create and build dreamscapes that transform lives and the world around us L be it through contemporary residential spaces, state$of$the$art office comple0es, lu0urious shopping malls and hypermar8ets, posh hotels, futuristic multiple0es, and ultra modern IT 9ar8s and special economic 3ones.
71
!ision of a -etter *orld ;ur vision statement can be encapsulated in our corporate philosophy and motto of Kbuilding a better world/. To envision, design and construct the most magnificent landmar8s and edifices> to contribute tangibly in regional and national development by way of 8ey infrastructure projects, and to protect and preserve the environment we live in. 2t the end of the day, our vision is about ma8ing the world a better place to live in> to transform and uplift -uality of living and lifestyles of each and every individual that comes in contact with us.
&ur 'ission
ommitted to build a better world To cater to the real needs of a growing population To set standards and improve our environment ;ffer a wide portfolio of international -uality products that cater to different mar8ets and segments To deliver value for money and e0cellent investment returns Ta8e customer relationships and customer satisfaction to new levels To focus on strategic growth "volve contemporary benchmar8s in construction and mar8eting practices
77
,alance sheet
'ar D 4A %ources of funds &*nerDs fund "-uity share capital %hare application money 9reference share capital !eserves J surplus Foan funds %ecured loans Ensecured loans #otal Eses of funds Fi.ed assets Cross bloc8 Fess : revaluation reserve Fess : accumulated depreciation :et bloc8 apital wor8$in$progress Investments :et current assets urrent assets, loans J advances Fess : current liabilities J provisions Total net current assets =iscellaneous e0penses not written A,,I<.I? *,@?,.,H @,<+?.@< $ @,<++.H, B*B.+* <,<I*.HA $ *HA.?I $ A,.@* **B.A? *+*.,* I+.,? BA.@B $ <@.*+ ?*.<7:1 *IA.?+ $ $ *,H<*.B+ *IA.?+ $ $ *,<??.BI 'ar D 4>
(Rs crore) 'ar D 4=
BI.B* $ $ *+<.<A <@,.I, $ <E>744
AA.H, $ B.+< @,.H@ *?.<? A.<+ IB<.,A ,*<.HA @?B.B+ $
#otal
:otes: #oo8 value of un-uoted investments =ar8et value of -uoted investments ontingent liabilities :umber of e-uity sharesoutstanding 'Facs)
E,:4A7A=
I+.,? $ <?H.I? *IAH.BH
1,<><7:1
I<.IA +.*A **B.<H *IAH.BH
<E>744
A.*I +.*H A?.AA BIB.*A
7%
rofit loss account

'ar D 4A Income: ;perating income "0penses =aterial consumed =anufacturing e0penses 9ersonnel e0penses %elling e0penses 2dminstrative e0penses "0penses capitalised ost of sales ;perating profit ;ther recurring income 2djusted 9#DIT Financial e0penses Depreciation ;ther write offs 2djusted 9#T Ta0 charges 2djusted 92T :on recurring items ;ther non cash adjustments !eported net profit "arnigs before appropriation "-uity dividend 9reference dividend Dividend ta0 !etained earnings $ *,+??.IH ,A.*@ ,?.?A H+.HH $*+?.,I *,*A<.I* ,I@.AA A?.@H H@+.I+ @B.** <@.?I $ ,H?.B* *?I.+I @IB.I< *I.H@ +.
(Rs crore) 'ar D 4= HA@.I@
$$ $ AH,.?B ?.,H AH.HB <<.@H $A@.*@ ABB.<? *AA.,H B.B@ *,A.,+ <.HB ,.II +.+@ *A,.B* @B.,, *+H.@H $ $+.*< *+H.<, *+H.<, H.,< $ +.B* BI.I*
%hare holding
Share holdin/ +attern as on C Face value "o7 &f Shares E09019144A *+.++ F $oldin/ "o7 &f Shares E49459144A *+.++ F $oldin/ "o7 &f Shares E494=9144A *+.++ F $oldin/
7!
9romoter(s holding Indian 9romoters Su- total *AI@<II++ 0<AE1AA44 I+.@* A47E0 *AI@<II++ 0<AE1AA44 I+.@* A47E0 *AI@<II++ 0<AE1AA44 I+.@* A47E0
:on promoter(s holding Institutional investors #an8s Fin. Inst. and Insurance FII(s Su- total 9rivate orporate #odies <,*B@H *,BH+,? 0545<:: BA,,,++ H<,,*I A*H++ *+*?*@* 000EA><5 <@@*I*BH 0A<=5:144 +.*A +.IH 074E ;ther investors ,.*< +.@A +.+< +.,, =74E *<.H@ 044744 ??+,++* AB?@+B A*H++ **<B*,I 5E>14=A <+A+HHH, 0A<=5:144 A.*? +.<? +.+< +.H* :74> **.+, 044744 I<H<**< ,+@*@I A*H++ **H*I*, 55=>==: *I?<A+H< 0A<=5:144 A.A? +.<? +.+< +.H@ :7<4 *+.*A 044744 :!I(s1; #(s1Foreign ;thers Direcctors1"mployees ;thers Su- total Ceneral public Grand total <AIA<H A,@*?+< =:A>==> +.*@ <.A, E7:> <IA,,* H**AI@I >=><=>E +.*, @.@* <70=
!eport card
9" ratio "9% '!s) %ales '!s crore) Face 6alue '!s) :et profit margin '7) Fast dividend '7) !eturn on average e-uity *.,I <<.*< I?.H, *+ <@.+A @+ <<.H< =ar, +I <+1+H1+I =ar, +I <+1+@1+B =ar, +I Dec, +I
A+&6# &'A(%
75
,A8HGR&B"D
CCC
The company was originally set up as ;ma0e #uilders 9rivate limited in *BIB, promoted by %hri. !ohtas Coel , the founder, to underta8e construction J contracting business. The company further changed its constitution to a limited company 8nown as ;ma0e onstruction Ftd., in *BBB. The name of the company has now changed to ;=2M" FTD from <++H. The company began life as a civil construction and contracting company, has %uccessfully e0ecuted more than *<+ prestigious Industrial, Institutional, ommercial, !esidential and Hospital construction projects. The company entered the !eal "state Development business in <++* and in now amongst the large !eal "state Development companies in India The company has e0ecuted construction contracts for a number of prestigious Indian private, public sector and =ultinational(s clients. ;ma0e was founded by %hri. !ohtas Coel , a first generation entrepreneur, a civil engineer by -ualification and a visionary having more than two decades of e0perience in onstruction and !eal "state Development. =r. Coel, as the hairman J =anaging Director of ;ma0e has been at the forefront, a man with a mission of building globally comparable -uality !esidential J ommercial projects, his motto NTurning Dreams Into !ealty N ;ma0e has received a number of awards from the industry, recognition of its continued efforts towards achieving e0cellence and -uality. The company became the first onstruction ompany of northern India to receive an I%; B++*:<+++ ertification. The company which was founded as a civil construction and contracting organi3ation in *BIB and subse-uently diversified its business to focus on !eal "state Development from the year <++*, to capture the opportunity offered by the growing !eal "state mar8ets in India , is today among the large !eal "state Development companies in India. The company in a short span of , years has completed and delivered ** projects consisting of I residential, * Integrated Township and < commercial covering appro0 ,.,B million s-. ft of area. The company currently has ,A projects under development. These include <@ group housing projects,*H integrated townships,*A shopping malls and commercial comple0es and * hotel. The company is at present developing over *,H million s- ft of area across @* towns in *+ states in :orthern , entral India and %outhern India
7@
!ISI&" A"D 'ISSI&" !ision reate a progressive organisation matching International %tandards maintaining Integrity, High "thical %tandards and Transparency. 9rovide an environment of professionalism, competence, teamwor8, and service e0cellence .
'ission ;ur =ission is to bring -uality !esidential J ommercial real estate of international standards, comparable with global developers within the reach of all. De are committed to achieving e0cellence in !eal "state Development, for the benefit of the nation and our beloved countrymen.
,alance sheet
crore) 'ar D 4A %ources of funds &*nerDs fund "-uity share capital %hare application money 9reference share capital !eserves J surplus Foan funds %ecured loans Ensecured loans #otal Eses of funds Fi.ed assets Cross bloc8 Fess : revaluation reserve Fess : accumulated depreciation :et bloc8 apital wor8$in$progress Investments :et current assets urrent assets, loans J advances Fess : current liabilities J provisions Total net current assets =iscellaneous e0penses not written #otal :otes: #oo8 value of un-uoted investments =ar8et value of -uoted investments ontingent liabilities :umber of e-uity sharesoutstanding 'Facs) 'ar D 4>
(Rs ror e) 'ar D 4=
*?@.,? +.?, $ *,+<<.B@ *,,IH.@I *B<.?, 1,5>=7E>
*,A.B, $ $ *HH.@< II@.@+ @+.?? 0,1E:7E<
??.AI $ $ *@<.*@ @?*.+B +.AI :A070A
A@.,H $ *I.<+ <,.@H $ @AH.,A @,*I?.*A ,I<.HH <,H+A.A? $ 1,5>=7E> <HH.AB I+.+, A.?+ *?@,.H?
@I.<H $ *<.,I <,.HI +.B< <B.,A *,I@@.H? HH*.,+ *,*?<.*? ?.+A 0,1E:7E< <B.,A $ A.<+ *,AB.,@
<,.IA $ I.@< *?.,< +.<B *@.*, *,*,,.@B H+,.*H ,,+.<@ $ :A070A *<.B, $ +.<< $ @.,* $ ??A.??
9rofit loss account

'ar D 4A Income: ;perating income "0penses =aterial consumed =anufacturing e0penses 9ersonnel e0penses %elling e0penses 2dminstrative e0penses "0penses capitalised ost of sales ;perating profit ;ther recurring income 2djusted 9#DIT Financial e0penses Depreciation ;ther write offs 2djusted 9#T Ta0 charges 2djusted 92T :on recurring items ;ther non cash adjustments !eported net profit "arnigs before appropriation "-uity dividend 9reference dividend Dividend ta0 !etained earnings **<.BA *,+?A.,I ,,.*< H,.,I ,?.B? $<@<.+, *,*@A.*, H,,.@, <<.AB H??.I, *BB.I+ ,.<, $ A?<.I+ B@.HB @?B.** $+.<@ *B.H, @BI.,@ A?H.AB A@.@B $ ?.@? A<,.?@ $*@*.@+ ?B+.AA @I.<A ***.<@ A?.HB $*IB.BA HHH.@H <?A.,* H.H* <I*.*< BA.HB @.,B $ *I<.IA AA.@I *@I.AH +.+A $*@.H? *<A.I@ <,+.,@ **.H@ $ *.H@ <@?.<? *,?IB.,+ BA+.I? 'ar D 4>
(Rs crore) 'ar D 4= I<,.*, $<@A.A+ $ $ IH*.+B *I.I@ @A.B? <A.?I $,I.,B HAH.HI *?I.A? @.IH *I<.@< <+.A, <.<I $ *,B.,B @<.A@ *<?.*H +.+A *.<+ *<I.A+ *,<.HA @.<H $ +.AH *AI.B<
%hare holding
Share holdin/ +attern as on C Face value E09019144A *+.++ 9romoter(s holding E49459144A *+.++ E494=9144A *+.++ "o7 &f Shares F $oldin/ "o7 &f Shares F $oldin/ "o7 &f Shares F $oldin/
7A
Indian 9romoters Su- total
*A@@?<*++ 0<EE>1044
I<.H+ A17=4
*A@@?<*++ 0<EE>1044
I<.H+ A17=4
*A@@?<*++ 0<EE>1044
I<.H+ A17=4
:on promoter(s holding Institutional investors #an8s Fin. Inst. and Insurance FII(s Su- total 9rivate orporate #odies :!I(s1; #(s1Foreign ;thers Direcctors1"mployees ;thers Su- total Ceneral public Grand total @*,B<<H I+?I+I E5=>4E< ,,H<A<* <,*?<+ **,I*@I+ @BA*<* 0>>A5=<1 IA@I<<A 0>E:=>444 *.I< +.A? 1715 ;ther investors @.<+ +.*, H.H? +.<@ 0471: A.IH 044744 ,@H,AH? *B?B?< **,I*@I+ ,*+BHA 0>=::>AE I<I+HHA 0>E:=>444 @.+B +.** H.H? +. A.?? 044744 ,?@*+IH *H+I@A **,I*@I+ A<??*B 0>540405 ?,?,A<+ 0>E:=>444 @.@+ +.+B H.H? +.<, 047E0 A.@H 044744 @<??+AA I,?<,B <1:A<:E *.IB +.AB 17<: @A@,<A? *+<@<*A <>0A<=0 *.BI +.,B 17>1
!eport card
9" ratio "9% '!s) %ales '!s crore) Face 6alue '!s) :et profit margin '7) Fast dividend '7) !eturn on average e-uity *.IA <@.<+ *,*.*I *+ <<.++ <, @@.@@ =ar, +I <H1+,1+I =ar, +I *B1+@1+B =ar, +I Dec, +I
16S#IFI>A#I&" &F S#6D9
79
As =e all 0no= (ha( +n/ia is one o. (he lar$es( $ro=in$ coun(ries o. (he =orl/. Real es(a(e is one o. (he lar$es( <oomin$ sec(ors in (he +n/ian econom). *he .u(ure 1ros1ec(s .or real es(a(e sec(or are ver) $oo/. *o/a) also man) inves(ors /o no( =an( (o inves( (heir mone) in (he s(oc0 mar0e( as (he ris0 is ver) hi$h an/ (here is lar$e amoun( o. vola(ili() in +n/ian s(oc0 mar0e(. &ue (o (his reason (he) inves( (heir mone) in o(her areas li0e mu(ual .un/s, <an0in$ ins(i(u(ions an/ 1os( o..ice a/c schemes =here ris0 is ver) less an/ (he) are e41ec(in$ an assure/ re(urn. +n (he 1resen( s(u/), =e anal)Ce (he liDui/i() an/ s(oc0 re(urns o. /i..eren( eDui() shares o. real es(a(e sec(or in (he econom). ;e .in/ ou( <) =a) o. 1resen( s(u/), =he(her =e are $e((in$ su..icien( re(urns on eDui() shares o. real es(a(e sec(or or no(. ;e anal)Ce (he various .ac(ors (ha( a..ec( (he liDui/i() an/ s(oc0 re(urns o. various com1anies un/er (his s(u/). + =ill anal)Ce (he ris0 an/ re(urn associa(e/ =i(h various eDui() s(oc0s o. real es(a(e sec(or com1anies an/ evalua(es (he vola(ili() o. eDui() shares. ;e a11l) various anal)(ical F s(a(is(ical (ools (ha( hel1 in anal)sis 1ar( o. s(u/).
&+1%>#I!% &F #$% S#6D9

RI'AR9 &+1%>#I!%S7
%"
*o s(u/) (he $ro=(h F re(urn o. various o. real() sec(or. *o .in/ ou( (he liDui/i() 1osi(ion o. (o1 o. real es(a(e sec(or. *o s(u/) ris0 an/ re(urn rela(ionshi1 =i(h eDui() shares o. (hese com1anies *o s(u/) vola(ili() in real es(a(e sec(or com1anies.
S%>&"DAR9 &+1%>#I!%S7
com1anies com1anies associa(e/ o. various
To determine changes in financial conditions of real estate sector. *o chec0 ou( (he $ro=(h 1ros1ec( o. (he com1anies <) *ren/ Anal)sis.
>onstructs of the Study

Liquidity
%1
*he liDui/i() .ac(or is <ase/ on (he (ra/in$ .reDuenc), avera$e /ail) (ra/es an/ avera$e /ail) (urnover. *he scri1 shoul/ have <een (ra/e/ on each an/ ever) (ra/in$ /a) .or (he las( one )ear. *he liDui/i() /e1en/s u1on (he mar0e(in$ an/ (ra/in$ .acili(ies. +. a 1or(ion o. (he inves(men( coul/ <e conver(e/ in(o cash =i(hou( much loss o. (ime, i( =oul/ hel1 (he inves(or mee( (he emer$encies. S(oc0s are liDui/ onl) i. (he) comman/ $oo/ mar0e( <) 1rovi/in$ a/eDua(e re(urn (hrou$h /ivi/en/s an/ ca1i(al a11recia(ion
Re(urn
+nves(or al=a)s e41ec(s a $oo/ ra(e o. re(urn .rom (heir inves(men(s. Ra(e o. re(urn coul/ <e /e.ine/ as (he (o(al income (he inves(or receives /urin$ (he hol/in$ 1erio/ s(a(e/ as a 1ercen(a$e o. (he 1urchasin$ 1rice a( (he <e$innin$ o. (he hol/in$ 1erio/.
Ris0
Ris0 o. hol/in$ securi(ies is rela(e/ =i(h (he 1ro<a<ili() o. ac(ual re(urn <ecomin$ less (han (he e41ec(e/ re(urn. +nves(men(G ris0 is 'us( as im1or(an( as measurin$ i(s e41ec(e/ ra(e o. re(urn <ecause minimiCin$ ris0 an/ ma4imiCin$ (he ra(e o. re(urn are in(errela(e/ o<'ec(ives in (he inves(men( mana$emen(.
Systematic risk:
*he mar0e( ris0, as i( is calle/, (his is (he varia(ion in (he re(urn on an) scri1 /ue (o mar0e( movemen(s. For e4am1le, su11ose (he Hovernmen( announces a cor1ora(e (a4 cu( or rise across (he <oar/, i( is $oin$ (o e..ec( all (he s(oc0s in (he mar0e( in (he same =a). *his is (he s)s(ema(ic ris0 o. scri1, =hich e4is(s <ecause o. mar0e( movemen(s. *here is no(hin$ much one can /o a<ou( s)s(ema(ic ris0 o. a securi() <ecause i( arises /ue (o some e4(raneous varia<les. Bu( (here s(ill e4is(s some (echniDues, =hich hel1 (o he/$e a$ains( (he s)s(ema(ic ris0 o. a securi().A $oo/ measure o. an asse(Gs s)s(ema(ic ris0 is i(s Be(a. Be(a: Be(a measures (he s)s(ema(ic ris0 an/ sho= ho= 1rice o. securi() res1on/ (o (he mar0e( .oresees. +( is calcula(e/ <) rela(in$ (he re(urn on securi() =i(h
%7
re(urn .or mar0e( Be(a is calcula(e/ <) re$ressin$ (he re(urns o. a 1ar(icular asse( on mar0e( re(urns. +( can <e in(er1re(e/ as, sa) (he <e(a o. a s(oc0 is 1.75, (hen =henever (he mar0e( moves <) 1I, (he s(oc0 =ill move <) 1.75I. J K n L- M ( 4 )) / n 47 M (4)N ;here, L K+n/e4 re(urn - K S(oc0 re(urn
6nsystematic risk:
+( is is (he varia(ion in (he re(urn o. a scri1 /ue (o (ha( scri1 s1eci.ic .ac(ors or movemen(s. For e4am1le, sa) (he Hovernmen( announces (a4 so1s (o com1anies in a 1ar(icular sec(or, i( is $oin$ (o e..ec( (he 1rices o. (he s(oc0s o. com1anies =hich are o1era(in$ in (ha( sec(or an/ no( all (he s(oc0s. Measurin$ ris0 <) A3P6A M +( measures (he s(oc0 uns)s(ema(ic re(urn an/ i( is avera$e re(urn in/e1en/en( o. mar0e( re(urn. +( is calcula(e/ <) com1arin$ (he s(oc0 ac(ual 1er.ormance =i(h (he ris0 a/'us(e/ e41ec(e/ re(urn K --JL ;here,
L K+n/e4 re(urn - KS(oc0 re(urn
+ariables of the study

Dependent varia,les 1) Al1ha
%%
7) Be(a %) Shar1e Ra(io !) *re)nor Ra(io 5) Oenson
Independent varia,les 1) Mar0e( Price o. share 7) S(oc0 Re(urn %) Bse Sense4 Re(urn !) Ris0 Free ra(e o. in(eres(
LI#%RA#6R% R%!I%C
+ooks7
1. Cilkinson & +handarkar7 +n (his sec(ion various 1ar(s o. research an/ research me(ho/olo$) is $iven =hich (ells a<ou( (he (echniDues o. /oin$ research.
%!
7. Schaums7 Statistical 'ethods: Sul(an Chan/ Pu<lica(ion *he in.orma(ion re$ar/in$ (he s(a(is(ical (ools an/ (heir limi(a(ions in /i..eren( .iel/s (he research is $iven in (his sec(ion. *his sec(ion e41lains =h) (o use (ren/ anal)sis an/ =ha( are (he si(ua(ions in =hich correla(ion can <e use/, an/ =ha( /oes correla(ion means. %. +eri :@>.-. - Mar0e(in$ Research %r/ e/i(ion: *his <oo0 hel1e/ in un/ers(an/in$ (he /i..eren( research /esi$ns an/ anal)(ical (ools use/ here. !. Luck 1@ David: .rom (his <oo0 + $o( li$h( on (he meanin$ o. (he mar0e(in$ research. 5. A@+ernstein Leo,old and 1@*ild 1ohn 7*his (e4( <oo0 hel1s me (o un/ers(an/ (he ma'or conce1( li0e /e<( eDui() ra(io an/ re(aine/ earnin$s. @. :upta >@+@72 B) s(u/)in$ (his (e4( <oo0, + come (o 0no= a<ou( (he 1ersonnel a( various levels in (he or$aniCa(ion F res1onsi<ili(ies o. (he 0e) 1ersonnel (o=ar/s (hese em1lo)ees an/ <asic 0no=le/$e a<ou( (he various /e1ar(men(s o. (he manu.ac(urin$ uni(. . Fisher & 1ordan (p<<02<<I)2*his <oo0 has <een use/ (o calcula(e <e(a an/ al1ha o. various securi(ies. A. R@8@'ishra(p0A/20A<) In (his i( is e41laine/ (ha( ho= (o anal)Ce (he ris0 associa(e/ =i(h inves(men( insecuri(ies. 9. 8othari >@R@7(/32<3) Kno=le/$e a<ou( research 1rocess, sam1le /esi$n, research /esi$n e(c. 1". I>FAI, +usiness Research 'ethods (/402</4) (he in.orma(ion re$ar/in$ (he 6)1o(hesis *es(in$-(es(s o. &i..erences. 11. andian unita*athy(p/<I2/0H):-*his <oo0 e41lains (he various me(ho/s i.e shar1e 1er.ormance in/e4, (re)nor F Oenson 1er.ormance in/e4. +n (his <oo0 S(an/ar/ /evia(ion, Al1ha An/ Be(a is also e41laine/. 17. Sharma S@>@& 1ain R@>(p<<G2<0H):-*his <oo0 e41lains a<ou( ho= (o calcula(e correla(ion an/ re$ression <e(=een (=o varia<les.
1%. Dalton '@1ohn(p4G2/33):-*his <oo0 e41lains a<ou( ho= (o calcula(e liDui/i() o. eDui() shares an/ me(ho/s o. measurin$ liDui/i().
%5
1!. Sie.el 1@1eremy(p/H=2/H4):-*his <oo0 e41lains a<ou( s(an/ar/ /evia(ion an/ mean an/ variance rela(e/ =i(h various eDui() shares in s(oc0 mar0e(.
15. Ra.hunathan !, Ra?i, ra,na, ;Stock %-chan.es Investment and Derivatives5, edition2 0rd, #ata 'c.ra* $ill, "e* Delhi@ various mar0e(s. p <G2AG (he in.orma(ion re$ar/in$ (he various s(oc0 e4chan$es an/ (he =or0in$ o. (he various e4chan$es an/ collec(in$ in.orma(ion re$ar/in$ (he
1&6R"ALS and 'A:AJI"%S72 /@ Finance India, Indian institute of finance, real estate openin. doors to other sectors .ro*th vol@ ((I, pp 4A424H0@ <@ +anF, R@CK Relationship ,et*een return and market value of common stocks, ?ournal of finance, vol@4 pp 02/I@ 0@ 1affe@1@8eim & D@+@ Cesterfield (<33H) 2 market values and stock returns, ?ournal of finance, !ol@AA no=, pp /0G2/AI@ A@ :om,ia S@8@Se,i +ulletin 1uly <33G2re.ulations in capital market and returns p.H42 =A G@ Ahu*alia '@S(<33G)Southern %conomist2portfolio performance of equity shares in stock market p.0G20I H@ :o.al 8@R@(<33G),<G1ornal of finance,Fe,@<33H2various methods to analyse the fund performance p.<02<G@ =@ +erla R@8@(<33H), Indian ?ournal of commerce032.ro*th of stock market in indiap.A<2AG@ I@ ra,hakar $@8@(<33H) Facts for 9ou, ?an@<33=<H2Real estate performance and volatility aspectspp=I2I<@
%@
'a.aFines7 1. +usiness India, Au.@<33I, #he ne* land <arons ppGI2G4 <@ +usiness *orld , "ov@<33I2 Ra?as of land pp0I2A3 0@ &utlook 1uly <33= L &pportunities in real estate sector ppG<2G0 !. Business today Au.@<33= , Boomin$ real es(a(e 11!5-!
Ce,sites7
***@oma-e@comBinformationBfinancialresults@htm7 #his *e, site i@e@ the official site of the or.aniFation related to company financial aspects@ ***@investopedia@comBtermsBliquidityBequity@asp7 #his *e,site e-plains the meanin. of liquidity and their measures@ ***@indian.round@comBrealestate@htm7 #his site e-plains the trends in real estate sector in India and real estate investment@ ***@livemint@comB*allstreet ?ournal@htm7 #his site e-plains the scenario of real estate sector in India@ ***@moneycontrol@comBstockquote7 #his site .ives informationDs re.ardin. the stocks ,id and ask price and their returns@ h((1://===.mone)con(rol.com/<se-nse/s(oc0live1rice/cons(ruc(ioncon(rac(in$reales(a(e/oma4ereales(a(e/+R2"1:- *his is si(e o. mone) con(rol .rom here + (oo0 s(oc0 1rice o. oma4e .or (he las( 1% mon(h s(ar(in$ .rom Oanuar) 7""A (o Oanuar) 7""9.
Research is a s)s(ema(ic an/ con(inues me(ho/ o. /e.inin$ a 1ro<lem, collec(in$ (he .ac(s an/ anal)Cin$ (hem, reachin$ conclusion .ormin$ $eneraliCa(ions. Research me(ho/olo$) is a =a) (o s)s(ema(icall) solve (he 1ro<lem. +( ma) <e un/ers(oo/ has a science o. s(u/)in$ ho= research is /one scien(i.icall). +n i( =e s(u/) (he various s(e1s (ha( all $enerall) a/o1(e/ <) a researcher in s(u/)in$ his research 1ro<lem alon$ =i(h (he lo$ic <ehin/ (hem. *he sco1e o. research me(ho/olo$) is =i/er (han (ha( o. research me(ho/. *hus =hen =e (al0 o. research me(ho/olo$) =e no( onl) (al0 o. research me(ho/s <u( also consi/er (he lo$ic <ehin/ (he me(ho/ =e use in (he con(e4( o. our research s(u/) an/ e41lain =h) =e are usin$ a 1ar(icular me(ho/. So *e should consider the follo*in. steps in research methodolo.y7 'eanin. of research ro,lem statement Research desi.n Sample desi.n Data collection Analysis and Interpretation of data
'eanin. of Research
Research is /e.ine/ as Pa scien(i.ic F s)s(ema(ic search .or 1er(inen( in.orma(ion on a s1eci.ic (o1icQ. Research is an ar( o. scien(i.ic inves(i$a(ion. Research is a s)s(emiCe/ e..or( (o $ain ne= 0no=le/$e. +( is a care.ul inDuir) es1eciall) (hrou$h search .or ne= .ac(s in an) <ranch o. 0no=le/$e. *he search .or 0no=le/$e (hrou$h o<'ec(ive an/ s)s(ema(ic me(ho/ o. .in/in$ solu(ion (o a 1ro<lem is a research. R&+L%' S#A#%'%"# *he research 1ro<lems, in $eneral re.ers (o sum /i..icul() =i(h a researcher e41erience in (he con(es( o. ei(her a 1ar(icular a (heore(ical si(ua(ion an/ =an( (o o<(ain a salu(a(ion .or same. *he 1resen( 1ro'ec( has <een un/er(a0en (o /o s(u/) o. vola(ili(), liDui/i() (ren/s F ris0 , re(urn anal)sis o. eDui() shares in s(oc0 mar0e( o. +n/ia in real() sec(or(&3F 3*&.,PARS>NA*6 &2>23EP2RS F EMAL2)
R%S%AR>$ D%SI:" A research is (he arran$emen( o. (he con/i(ions .or (he collec(ions an/ anal)sis o. (he /a(a in a manner (ha( aims (o com<ine relevance (o (he research 1ur1ose =i(h econom) in 1roce/ure. +n .ac(, (he research is /esi$n is (he conce1(ual s(ruc(ure =i(hin =hich research is con/uc(e/R i( cons(i(u(es (he <lue 1rin( o. (he collec(ion, measuremen( an/ anal)sis o. (he /a(a. As search (he /esi$n inclu/es an ou(line %A
o. =ha( (he researcher =ill /o .rom =ri(in$ (he h)1o(hesis an/ i(s o1era(ional im1lica(ion (o (he .inal anal)sis o. /a(a. *he /esi$n is such s(u/ies mus( <e ri$i/ an/ no( .le4i<le an/ mos( .ocus a((en(ion on (he .ollo=in$R ;ha( is (he s(u/) a<ou(S ;h) is (he s(u/) <ein$ ma/eS ;here =ill (he s(u/) <e carrie/ ou(S ;ha( ()1e o. /a(a is reDuire/S ;here can <e reDuire/ /a(a <e .oun/S ;ha( 1erio/ o. (ime =ill (he s(u/) inclu/eS ;ha( =ill <e sam1le /esi$nS ;ha( (echniDues o. /a(a collec(ion =ill <e use/S 6o= =ill (he /a(a <e anal)Ce/S +n =ha( s()le =ill (he re1or( <e 1re1are/S
Research Desi.n can ,e cate.oriFed as7

*he 1resen( s(u/) is /escri1(ive in na(ure, as i( see0s (o /iscover i/eas an/ insi$h( (o <ri$ ou( ne= rela(ionshi1. Research /esi$n is .le4i<le enou$h (o 1rovi/e o11or(uni() .or consi/erin$ /i..eren( as1ec(s o. 1ro<lem un/er s(u/). +( hel1s in <rin$in$ in(o .ocus some inheren( =ea0ness in en(er1rise re$ar/in$ =hich in /e1(h s(u/) can <e con/uc(e/ <) mana$emen(. SA' LI": D%SI:"7 A sam1le /esi$n is a /e.ini(e 1lan .or o<(ainin$ a sam1le .rom (he sam1lin$ .rame. +( re.ers (o (he (echniDue or (he 1roce/ure (ha( is a/o1(e/ in selec(in$ (he sam1lin$ uni(s .rom =hich in.erences a<ou( (he 1o1ula(ion is /ra=n. Sam1lin$ /esi$n is /e(ermine/ <e.ore (he collec(ion o. (he /a(a. Several /ecisions have (o <e (a0en in con(e4( (o (he /ecision a<ou( (he a11ro1ria(e sam1le selec(ion so (ha( accura(e /a(a is o<(aine/ an/ e..icien( resul(s are /ra=n.
Follo*in. questions have to ,e considered *hile samplin. desi.n2 ;ha( is (he relevan( 1o1ula(ionS ;ha( is (he 1arame(er o. in(eres(S %9
;ha( is (he sam1lin$ .rameS ;ha( is (he ()1e o. sam1leS ;ha( sam1le siCe is nee/e/S 6o= much =ill i( cos(S
DA#A >&LL%>#I&"
rimary Data
O O O +n.orma(ion .rom su1eriors o. (he or$aniCa(ion E<serva(ion Me(ho/ +n.orma(ion .rom corres1on/en(s
Secondary Data O O Pu<lishe/ Sources such as Oournals, Ne=s1a1ers an/ Ma$aCines. #n1u<lishe/ Sources such as Com1an) +n(ernal re1or(s 1re1are <) (rainees .or inves(i$a(ion. O ;e<si(es o. com1anies , some o(her si(es are also searche/ (o .in/ /a(a@ (heir anal)s( F
A"AL9SIS A"D I"#%R R%#A#I&" &F DA#A

*he /a(a collec(e/ in (he a.oresai/ manner have <een (a<ula(e/ in con/ense/ .rom (o /ra= (he meanin$.ul resul(s. *he /i..eren( (echniDues are a/o1(e/ (o anal)Ce (he /a(a. All (he /a(a an/ !"
ma(erial is arran$e/ (hrou$h in(ernal resources an/ (he las( 1ar( o. (he 1ro'ec( consis(s o. (he conclusions /ra=n .rom (he re1or(, a <rie. summar) an/ recommen/a(ion an/ $ivin$ (he .inal (ouch (o (he re1or( <) s(a(in$ a conclusion.
S#A#IS#I>AL #&&LS
An e/uca(e/ ci(iCen nee/s an un/ers(an/in$ o. <asic s(a(is(ical (ool (o .unc(ion in a =orl/ (ha( is <ecomin$ increasin$l) /e1en/an( on Duan(i(a(ive in.orma(ion. S(a(is(ics means numerical /escri1(ion (o mos( 1eo1le. +n .ac( (he (erm s(a(is(ics is $enerall) use/ (o mean numerical .ac(s an/ .i$ures such as a$ricul(ure 1ro/uc(ion /urin$ a )ear, ra(e o. in.la(ion an/ so on. 6o=ever as a su<'ec( o. s(u/), s(a(is(ics re.ers (o (he <o/) o. 1rinci1les an/ 1roce/ures /evelo1e/ .or (he collec(ion, classi.ica(ion, summariCa(ion an/ in(er1re(a(ion o. numerical /a(a an/ .or (he use o. such /a(a.
'%A"I":72
Broa/l) s1ea0in$, (he (erm s(a(is(ics has <een $enerall) use/ in (=o senses:lural Sense Sin.ular Sense lural sense re.ers (o (he numerical data. Sin.ular Sense re.ers (o a Science in =hich =e /eals =i(h (he (echniDues o. collec(in$, classi.)in$, 1resen(in$, anal)Cin$ an/ in(er1re(in$ (he /a(a, (he conce1( in i(s sin$ular sense, re.ers (o Statistical 'ethod@ 6R &S%72 ;i(hou( (he assis(ance o. S(a(is(ical Me(ho/, an or$aniCa(ion =oul/ .in/ i( im1ossi<le (o ma0e sense o. (he hu$e /a(a. *he 1ur1ose o. s(a(is(ics is (o:Mani1ula(e SummariCe +nves(i$a(e *he /a(a so (ha( use.ul /ecision ma0in$ in.orma(ion resul(s coul/ <e .oun/ ou(. +n .ac(, ever) <usiness mana$er nee/s a soun/ <ac0$roun/ o. s(a(is(ics. S(a(is(ics is a se( o. &ecision Ma0in$ (echniDues =hich ai/s <usinessman in /ra=in$ in.erences .rom (he availa<le /a(a.
!1
S(a(is(ical (ools are (he <asic measures, =hich hel1s in /e.inin$ (he rela(ion <e(=een /i..eren( i(ems, 1resen(, 1as( an/ .u(ure (ren/ o. (he .u(ure (ren/ o. (he 1ar(icular <usiness e(c. A =i/e varie() o. s(a(is(ical (ools are availa<le an/ an) o. (hem can <e use/ <) an) <usinessman /e1en/in$ u1on (he na(ure o. his (ra/e &urin$ m) s(u/) (he (ools (ha( + am li0el) (o use are as .ollo=s: Correla(ion Re$ression *ren/ Anal)sis Anova PCA
>&RR%LA#I&"
Some im1or(an( /e.ini(ions o. correla(ion are $iven <elo=: Correla(ion anal)sis /eals =i(h (he associa(ion <e(=een (=o or more varia<les- Sim1son an/ Ka.0a. +. (=o or more Duan(i(ies var) in s)m1a(h), so (ha( movemen( in one (en/s (o <e accom1anie/ <) corres1on/in$ movemen(s in (he o(her, (hen (he) are sai/ (o <e correla(e/-Conner. Correla(ion anal)sis a((em1(s (o /e(ermine (he /e$ree o. rela(ionshi1 <e(=een varia<les. C$9 #& 6S% >&RR%LA#I&": &i..eren( ()1e o. s(a(is(ical (ool are availa<le <u( m) main mo(ive is (o .in/ ou( (he rela(ionshi1 <e(=een reali() in/e4 =i(h Sense4, Ni.() (ha(Gs =h) + use (his Par(icular ()1e o. (ool onl).
'6L#I L% R%:R%SSI&"
!7
&2F+N+*+EN EF R2HR2SS+EN PRe$ression is (he measure o. (he avera$e rela(ionshi1 <e(=een (=o or more varia<les.Q M M.M. B3A+R
In 6ultiple regression$ &e stu!" t ree or more variables an! &e consi!er variable as in!epen!ent variable an! ot ers as !epen!ent variables% 6ultiple regression anal"sis is use! to estimate t e most probable value of t e !epen!ent variable for given values of t e in!epen!ent variables% 3fter P73 I &ill fin! out most important factor%
$9 &#$%SIS #%S#I":
Chi-SDuare is use.ul (o .in/ ou( =he(her (here is si$ni.ican( /i..erence <e(=een (he (=o varia<les or no(..6ere + =ill use (he null h)1o(hesis( 6") (ha( (here is no si$ni.ican( /i..erence <e(=een share 1rice movemen( o. com1anies un/er s(u/) an/ <se in/e4. +( is an im1or(an( s(a(is(ical (ool (o .in/ ou( im1or(an( in/e1en/en( .ac(ors .or m) s(u/). Fac(ors (o <e use/ P/2, RE+, S)s(ema(ic(<e(a) an/ #ns)s(ema(ic ris0(al1ha). &e1en/en( .ac(or =ill <e s(oc0 re(urn.
*-*es(
*-(es( is a small sam1le (es(. +( =as /evelo1e/ <) ;illiam Hosse( in 19"A. 6e 1u<lishe/ (his (es( un/er (he 1en name o. PS(u/en(Q. *here.ore, i( is 0no=n as S(u/en(Gs (-(es(.
A11lica(ions o. (-(es(:
*es( o. h)1o(hesis a<ou( (he 1o1ula(ion mean. *es( o. h)1o(hesis a<ou( (he /i..erence <e(=een (he (=o means in case o. in/e1en/en( sam1les. *es( o. h)1o(hesis a<ou( (he /i..erence <e(=een (he (=o means in case o. /e1en/en( sam1les. *es( o. h)1o(hesis a<ou( an o<serve/ coe..icien( o. correla(ion.
*-(es( =ill <e use.ul (o .in/ ou( =he(her (here is si$ni.ican( /i..erence <e(=een (he (=o varia<les or no( i.e. <e(=een Mar0e( in/e4 an/ S(oc0 1rice o. 1ar(icular s(oc0.
!%
Null 6)1o(hesis: *here is no si$ni.ican( /i..erence <e(=een Mar0e( +n/e4 an/ S(oc0 1rice. &e1en/en( varia<le: S(oc0 Price +n/e1en/en( >aria<le: Mar0e( in/e4.
ANE>A
ANE>A is essen(iall) a 1roce/ure .or (es(in$ (he /i..erence amon$ /i..eren( $rou1s o. /a(a .or homo$enei(). Null 6)1o(hesis: 3e( us (a0e (he null h)1o(hesis (ha( (here is no si$ni.ican( /i..erence <e(=een (he varia<les i.e. Mar0e( Ca1i(aliCa(ion an/ S(oc0 Price. &e1en/en( varia<le: Mar0e( Ca1i(aliCa(ion +n/e1en/en( >aria<le: S(oc0 Price
!!
Analytical #ools72
1) M2AS#R2 FER S6ARP2BS PER*FE3+ES P2RFERMANC2

*he Shar1eBs in/e4 measures (he ris0 1remium o. (he 1or(.olio rela(ive (o (he (o(al amoun( o. ris0 in 1or(.olio. *he Shar1eBs in/e4 is measure/ as S K RP M R. /1 =here, S K Shar1eBs +n/e4 r1 K avera$e mon(hl) re(urn o. .un/. r. K ris0 .ree re(urn T. T ris0 .ree re(urn (r.) is (a0en as . %I 1er annum i W
7) *R2-NERBS P2RFERMANC2 M2AS#R2S FER PER*FE3+ES

Oac0 *re) nor, as measures <) 1or(.olio <e(a coe..icien(s 1u( an in/e4 o. 1or(.olio 1er.ormance (ha( is <ase/ on s)s(ema(ic ris0, .or=ar/. +( is use/ (o ran0 (he in(eres( 1er.ormance o. /i..eren( asse(s. +( is a ris0 - a/'us(e/ ra(e o. re(urn measure (han is calcula(e/ <) /ivi/in$ (he asse(s ris0 1remium <) (heir <e(a coe..icien(. *n K rP M r. /1 =here *n K *re)norBs in/e4 r1 K avera$e re(urn on 1or(.olio r. K ris0 .ree re(urn 1 K <e(a coe..icien( o. 1or(.olio. S(an/ar/ &evia(ion: +( is use/ (o measure (he varia(ion in (he in/ivi/ual re(urn .rom (he avera$e e41ec(e/ re(urn over a cer(ain 1erio/. S(an/ar/ /evia(ion is use/ in (he conce1( o. ris0 o. a 1or(.olio o. inves(men(. 6i$her (he S(an/ar/ &evia(ion means a $rea(er .luc(ua(ion in e41ec(e/ re(urn. U K V (-- -) N !5
;here, - K .un/ re(urn Be(a: Be(a measures (he s)s(ema(ic ris0 an/ sho= ho= 1rice o. securi() res1on/ (o (he mar0e( .oresees. +( is calcula(e/ <) rela(in$ (he re(urn on securi() =i(h re(urn .or mar0e(.
J P n MQ L '
;here, L Kin/e4 re(urn - K .un/ re(urn
0 y) 1 n 0 L '0)N
Al1ha: +( measures (he s(oc0 uns)s(ema(ic re(urn an/ i( is avera$e re(urn in/e1en/en( o. mar0e( re(urn. +( is calcula(e/ <) com1arin$ (he .un/s ac(ual 1er.ormance =i(h (he ris0 a/'us(e/ e41ec(e/ re(urn. K --JL ;here, L Kin/e4 re(urn - K .un/ re(urn
!@
Analysis of Liquidity of Stocks &f Real %state >ompanies &n ,asis of volume and >oefficient of elasticity of tradin.@
Dates 0323H23I 0/2/<23I
>ompany DLF
!olume /04HG<H G<0<=AI
'arket price of Stock Rs@04H@<3 Rs@<I/@43
Determination of coefficient of %lasticity of tradin.7
>%# F&R DLF S#&>8M >$A":% I" !&L6'% &F S$AR%S #RAD%D (E) FR&'
0323H23I #& 0/2/<23I 22222222222222222222222222222222222222222222222222222222222222222222222222222222 >$A":% I" 'AR8%# RI>% &F S#&>8(E) FR&' 0323H23I #& 0/2/<23I
M 2<=A@= <I@IG M 2 4@G<<
Dates 0323H23I 0/2/<23I
>ompany &'A(%
!olume AG<3A //I300
'arket price of Stock Rs@/0/@G3 Rs@HA
>%# F&R &'A(% S#&>8 M 2/H/@/ompany ARS!"A#$ D%!%L& %RS
!olume 0AA<GA <<GI=G
'arket price of Stock Rs@/</@I3 Rs@A=@<G
>%# F&R ARS!"A#$ S#&>8 M 0A@04 H/@</ M @GH<
I"#%R R%#A#I&"7 It sho*s that %lasticity is less and liquidity is hence more and in &'A(% and parsvnath also is less than /@
S& in case of DLF >%#N/,
It sho*s that elasticity is less and liquidity is more@
!A
%RF&R'A">% %!AL6A#I&" &F DLF
%ense0 @*1+*1<++I <B1+<1<++I @*1+@1<++I @+1+A1<++I @*1+,1<++I @+1+H1<++I @*1+?1<++I @*1+I1<++B @+1+B1<++I @*1*+1<++I @+1**1<++I @*1*<1<++I @*1+*1<++B *?,HAI.?* *?,,?I.?< *,,HAA.AA *?,<I?.@* *H,A*,.,? *@,AH*.H+ *A,@,,.?, *A,,HA.,@ *<,IH+.A@ B,?II.+H B,+B<.?< B,HA?.@* B,A<A.<A #otal
Inde0 !eturn 'M) $+.@B $**.+* *+.,+ $,.+A $*?.BB H.HA *.A, $**.?+ $<@.IB $?.*+ H.+B $<.@* L P $,A.?,
M< +.*, *<*.<< **+.<, <,.A+ @<@.HA AA.+B <.** *@H.IB ,?+.?@ ,+.A* @?.+B ,.@A (L) NK *,A<B.@<
DFF I*<.,, ?I+.,, HAH.,+ ?+,.<, ,I?.A, @BH.<+ ,+B.@+ AB@.@+ @,<.A+ <<+.<, *BI.<, <I*.B+ *HI
%toc8 !eturn'Q) $@.BA $*?.*I B.+B $*H.*? $@<.@@ <I.<B $@.*A $<I.,H $@?., $B.BB A<.*B $A+.A+ (-) K $*+B.HA
Q< *,.,< <B,.*, I<.H@ <H*.A? *,+A,.<@ I++.@< B.IH I*,.H? *A+H.<, BB.I+ *??B.BB *H@<.*H (-) NK I,<AA.+,
MQ *.,A *IB.*H B,.A, I*., ,I*.H< *I?.I, $A.,, @@A.< IB,.B ?+.B< <,H.BA B@.@< L- K <,?I@.I,
W L K -!.5@ - K -9.1! B2*A J K nX L--XL.XnXL7 - ( XL )7 K7 !"%.!1/1!15!.7A K 1.9% S(an/ar/ &evia(ion UK V )N N K VA7!!."5/17 K 7@.71 !9
Al1ha M --JL K -9.1! - 1.9%(-!.5@) K -".%! S6ARP2BS +N&2L S K R1 M R. /U1 R. K @.5I U1 K 7@.71 R1 K - K -9.1! S K (-9.1!-"."@5)/7@.71 SK -".%5 *R2-NER *n K R1 M R. /<1 J1 K 1.9% K (-9.1!-"."@5)/1.9% K -!. @9 O2NS2N Y1 K (R1-R.)- J 1(Rm - R. ) Rm K -!.5@ Y1 K (-9.1!-"."@5) M 1.9%(-!.5@-"."@5) Y1 K -9.7"58A.97@ Y1 K -".7 9
5"
%RF&R'A">% %!AL6A#I&" &F ARS!"A#$
#%" Inde0 @*1+*1<++I <B1+<1<++I @*1+@1<++I @+1+A1<++I @*1+,1<++I @+1+H1<++I @*1+?1<++I @*1+I1<++B @+1+B1<++I @*1*+1<++I @+1**1<++I @*1*<1<++I @*1+*1<++B *?,HAI.?* *?,,?I.?< *,,HAA.AA *?,<I?.@* *H,A*,.,? *@,AH*.H+ *A,@,,.?, *A,,HA.,@ *<,IH+.A@ B,?II.+H B,+B<.?< B,HA?.@* B,A<A.<A #otal
9arsvnath !eturn <?<.@, <HI.?+ <+B.?, <@< *BH.?, *<*.I+ ***.?, **,.B B+.B A+.,, @,.@ A?.<, @H.?+
%toc8 !eturn'Q) $*.@A $<*.BA *+.H+ $*,.*B $@I.+B $I.< @.?* $<*.,? $,,.@B $*<.BA @@.I, $<<.@@ (-) K $*AI.I@
Q< *.I AI*.@ **<.@H <@+.?@ *,A,+.I H?.<A *@.?H AH,.<H @,+HI.+, *H?.AA **A,.I< ABI.H (-) NK ?,?+@.*H
MQ +.,< <A*.,H ***.@ ?H.,, HI,.<A $,A.A, ,.@? <,<.@H *@<@.<H B*.I? <+H.*A ,*.,I L- K <,BB*.@
L K -!.5@ -K -17.! B2*A J K nX L--XL.XnXL7-(XL)7 K7 K 1.9@ S(an/ar/ &evia(ion U K O yP ! .1B1!15!.7!
"
KV "%.1@/17 K 75.%!
51
Al1ha K --JL K -17.! M 1.9@(-!.5@) K -%.!@ Shar1eBs in/e4 S K R1 M R. /U1 R. K @.5I U1 K 75.%! R1 K - K -17.! S K (-17.!-."@5)/75.%! S K -".!9 *R2-NER *n K RP M R. /<1 J1 K 1.9@ K (-17.!-."@5)/1.9@ K -@.%5 O2NS2N Y1 K (R1-R.)- J 1(Rm - R. ) Rm K -!.5@ Y1 K -17.!@5-1.9@ (-!.5@-."@5 ) Y1 K -17.!@589."@5 Y1 K -%.!
57
%RF&R'A">% %!AL6A#I&" &F 3'A(%
Date @*1+*1<++I <B1+<1<++I @*1+@1<++I @+1+A1<++I @*1+,1<++I @+1+H1<++I @*1+?1<++I @*1+I1<++B @+1+B1<++I @*1*+1<++I @+1**1<++I @*1*<1<++I @*1+*1<++B
#%" Inde0 *?,HAI.?* *?,,?I.?< *,,HAA.AA *?,<I?.@* *H,A*,.,? *@,AH*.H+ *A,@,,.?, *A,,HA.,@ *<,IH+.A@ B,?II.+H B,+B<.?< B,HA?.@* B,A<A.<A #otal
;ma0e !eturn <I@.I, <,,.*+ <+?.+, <@B.A, <+@.B, *@*.,+ **B.+, *<<.*, BH.H+ ,?.I, A?.?+ HA ,<.A
%toc8 !eturn'Q) $*+.*@ $*I.IA *,.H, $*A.I@ $@,.,< $B.A? <.H+ $<+.B $A+.** $*?., @A.*? $*I.* (-) K $*@<.BI
Q< *+<.H @,A.B, <AA.B <*B.B@ *,<H*.? IB.? H.?H A@H.I *,H+I.I @+H.<, **H?.,I @<?.H* (-) NK H,*<?.,I
MQ @.B, <+?.A@ *HA.@< ?A.? H@B $H<.II @.?? <AA.,@ B,I.<@ *<A.<, <+I.+B A*.I* L- K <,H+?.<
L K -!.5@ -K -11."A B2*A J K nX L--XL.XnXL7-(XL)7 K 7!""5.AB1!15!.7! K 1.@9 S(an/ar/ &evia(ion U K O yP
"
K V@17 .5A/17 K 77.59
5%
Al1ha K --JL K -11."A M 1.@9(-!.5@) K -%.% Shar1eBs in/e4 S K R1 M R. /U1 R. K @.5I U1 K 77.59 R1 K - K -11."A S K (-11."A-."@5)/77.59 S K -".!9 *R2-NER *n K RP M R. /<1 J1 K 1.@9 K (-11."A-."@5)/1.@9 K -@.59 O2NS2N Y1 K (R1-R.)- J 1(Rm - R. ) Rm K -!.5@ Y1 K -11.1!5-1.@9 (-!.5@-."@5 ) Y1 K -11.1!58 .A1@ Y1 K -%.%%
5!
Anal)sis o. re(urn (hrou$h shar1e Ra(io Real estate stocks DLF &'A(% ARS!"A#$ S$AR % I"D%( 23@0G 23@A4 23@A4
S$AR % I"D%(
+ $+.* $+.< $+.@ $+.A $+., DFF ;=2M" 92!%6:2TH
%H2!9" I:D"M
Interpretation72 *he Shar1e Ra(io is a measure o. (he ris0-a/'us(e/ re(urn o. an inves(men(. Ma(hema(icall) (he Shar1e ra(io is (he re(urns $enera(e/ over (he ris0 .ree ra(e, 1er uni( o. ris0. Ris0 in (his case is (a0en (o <e (he .un/Bs s(an/ar/ /evia(ion. +( is (hus one sin$le num<er, =hich re1resen(s (he (ra/e o.. <e(=een ris0s an/ re(urns. A hi$her Shar1e ra(io is (here.ore <e((er as i( re1resen(s a hi$her re(urn $enera(e/ 1er uni( o. ris0. As 1er (his &3F has hi$hes( Shar1e Ra(io (his in/ica(e &3FGs s(oc0 $enera(e hi$hes( re(urn 1er uni( o. ris0.
55
Anal)sis o. re(urn (hrou$h *re)nor Ra(io Real estate stocks DLF &'A(% ARS!"A#$ #R%9"&R I"D%( 2A@=H 2H@G4 2H@0G
T!"Q:;! I:D"M
+ $* $< $@ $A $, $H $? DFF ;=2M" 92!%6:2TH T!"Q:;! I:D"M
Interpretation72 *he *re)nor ra(io is a measuremen( o. (he re(urns earne/ in e4cess o. (ha( =hich coul/ have <een earne/ on a ris0 less inves(men( (i.e. *reasur) Bill) (1er each uni( o. mar0e( ris0 assume/). *he *re)nor ra(io (some(imes calle/ re=ar/-(o-vola(ili() ra(io) rela(es e4cess re(urn over (he ris0-.ree ra(e (o (he a//i(ional ris0 (a0enR ho=ever s)s(ema(ic ris0 ins(ea/ o. (o(al ris0 is use/. 6i$her (he *re)nor ra(io <e((ers (he 1er.ormance un/er anal)sis. So as 1er our anal)sis =e can conclu/e (ha( as &3F has hi$hes( *re)nor ra(io so i( $enera(es e4cess re(urn over (he ris0-.ree ra(e (o (he a//i(ional ris0 (a0en.
5@
Anal)sis o. re(urn (hrou$h Oensen Ra(io Real estate stocks DLF &'A(% ARS!"A#$ 1%"S%" I"D%( 23@<=4 20@00 20@A
5":%": I:D"M
+ $+., $* $*., $< $<., $@ $@., DFF ;=2M " 92!%6:2TH 5":%": I:D"M
Interpretation72
1ensenQs alpha (or 1ensenQs erformance Inde-, e-2post alpha) is use/ (o /e(ermine (he e4cess re(urn o. a securi() or 1or(.olio o. securi(ies over (he securi()Bs (heore(ical e41ec(e/ re(urn. All, ris0ier asse(s =ill have hi$her e41ec(e/ re(urns (han less ris0) asse(s. +. an asse(Bs re(urn is even hi$her (han (he ris0 a/'us(e/ re(urn, (ha( asse( is sai/ (o have Z1osi(ive al1haZ or Ze4cess re(urnsZ. +nves(ors are cons(an(l) see0in$ inves(men(s (ha( have hi$her al1ha. OensenBs measure is one o. (he =a)s (o hel1 /e(ermine i. a s(oc0 is earnin$ (he 1ro1er re(urn .or i(s level o. ris0. As al1ha o. &3F is hi$hes( i( is earnin$ hi$hes( re(urn over an/ a<ove ris0 .ree in(eres( ra(e an/ o(her com1anies s(oc0.
#R%"D A"AL9SIS
*o a11l) (he s(a(is(ical (ool in (his 1ro'ec( *R2N& ANA3-S+S is (he mos( e..ec(ive (ool =hich is a11lie/ here. ;hen es(ima(es o. .u(ure con/i(ions are ma/e on a s)s(ema(ic <asis, (he 1rocess is re.erre/ as P.orecas(in$Q an/ (he .i$ure or s(a(emen( o<(aine/ is 0no=n as P.orecas(Q. +n (his =orl/ o. uncer(ainness, economic /ecision res( u1on a .orecas( o. .u(ure con/i(ion. Forecas(in$ is concerne/ =i(h mainl) (=o (as0s:- (he /e(ermina(ion o. <es( <asis availa<le .or .orma(ion o. in(elli$en( mana$erial e41ec(a(ions, an/ secon/ han/lin$ o. uncer(ain() a<ou( .u(ure.
6#ILI#9 &F #R%"D A"AL9SIS72

*o s(u/) (he 1as( <ehavior o. /a(a. *o .orecas( (he .u(ure <ehavior. 2s(ima(ion o. *ra/e C)cles. Com1arison =i(h o(her *ime Series. S(u/) o. 1resen( varia(ions.
5A
#R%"D A"AL9SIS &F DLF

Trend Values
A4170< ><>7E1 =517: =E>7=A :A17A= :1A74< <>E711 <0A7< E=E7:A E4A7>= 1:E75< 055701 0<<7E
Date E09409144A 159419144A E094E9144A E494<9144A E094:9144A E494=9144A E094>9144A E094A91445 E49459144A E09049144A E49009144A E09019144A E094091445
'arket rice I I*<.,, ?I+.,, HAH.,+ ?+,.<, ,I?.A, @BH.<+ ,+B.@+ AB@.@+ @,<.A+ <<+.<, *BI.<, <I*.B+ *HI 9 M H/G/@4
Deviation (() 3= 3: 3< 3E 31 30 4 0 1 E < : = ( J 4
(I 3<A>:7E 3E544 31:A= 3100:7>: 300><75 3E5=714 4 <5E7E4 >4<7A ==47>: >5E 0<457: 044A (9M 244=I@I
E= 1: 0= 5 < 0 4 0 < 5 0< 1: E= (() PM/I<
*he eDua(ion o. (he s(rai$h( line (ren/ is -K a 8 <L Since LK", a K -B N, < K L-B 47 Su<s(i(u(in$ values, =e $e( a K @151.9/1% K ! %.77 *hus (he s(rai$h( line (ren/ is -K ! %.77 8 (-5!.A7) (L), Eri$in K Oul)7""A , L uni( K 1 mon(h < K -99 A.A/1A7 K -5!.A7
59
Trend value of DLF STOCK

900 800 700 600 500 400 300 200 100 0
trend
Stock price
I"#%R R%#A#I&"72
*ren/ is (he /irec(ion o. movemen(. *he share 1rice can ei(her increase or .all or remain .la(. *he /irec(ion o. (he share 1rice movemen(s are calle/ as risin$ , .allin$ an/ .la( (ren/s. *he /irec(ion o. (he &3FGs share 1rice movemen(s is .allin$ <u( in (he /ec.7""A ac(ual share 1rice is more (han (he e41ec(e/ share 1rice. &3F share value is accor/in$ (o <ear mar0e( =hich have .allin$ (ren/ line an/ reverse is (rue =i(h (he <ear mar0e(.
@"
*R2N& ANA3-S+S EF PARS>NA*6

Trend Values
1>070: 1<5701 11>745 14:74= 0AE74E 0<E700 0EA75> 00=75< 5<750 >17AA :47A: 1A7A1 =7>5
'arket rice I <?<.@, <HI.?+ <+B.?, <@< *BH.?, *<*.I+ ***.?, **,.B B+.B A+.,, @,.@ A?.<, @H.?+ 9 M /I3H@=
Deviation (() 3= 3: 3< 3E 31 30 4 0 1 E < : = ( J 4
(I 30=E<70 30E<E7: 3AE5 3=5= 3E5E7: 30107A4 4 00:75 0A07A 0107=: 0<071 1E=71: 11471 (9M 2A3/3@4
E= 1: 0= 5 < 0 4 0 < 5 0< 1: E= (() PM/I<
*he eDua(ion o. (he s(rai$h( line (ren/ is -K a 8 <L Since LK", a K -B N, < K L-B 47 Su<s(i(u(in$ values, =e $e( a K 1A"@. /1% K 1%A.9 *hus (he s(rai$h( line (ren/ is -K 1%A.9 8 (-77."%) (L), Eri$in K Oul)7""A , L uni( K 1 mon(h @1 < K -!"1".9/1A7 K -77."%
*R2N& >A3#2 EF PARS>NA*6
300 250 200 150 100 50 0 Trend Values Stock price
I"#%R R%#A#I&"72
*ren/ is (he /irec(ion o. movemen(. *he share 1rice can ei(her increase or .all or remain .la(. *he /irec(ion o. (he share 1rice movemen(s are calle/ as risin$, .allin$ an/ .la( (ren/s. *he /irec(ion o. (he Parsvna(hGs share 1rice movemen(s is .allin$ <u( in (he /ec.7""A ac(ual share 1rice is more (han (he e41ec(e/ share 1rice. No= sense4 a$ain crosse/ 1",""" in mar, 7""9 an/ 1arsvna(hGshare value also increase/.
@7
*R2N& ANA3-S+S EF EMAL2
'arket rice I <I@.I, <,,.*+ <+?.+, <@B.A, <+@.B, *@*.,+ **B.+, *<<.*, BH.H+ ,?.I, A?.?+ HA ,<.A 9 M /II3@GG
Deviation (() 3= 3: 3< 3E 31 30 4 0 1 E < : = ( J 4
(I 30<EE70 301>:7: 3A1A71 3>0A7E: 3<4>75 30E07:4 4 01170: 05E71 0>E7:: 0547A E14 E0<7< (9M 20AI3@AG
Trend Values
1:57E> 1<471: 11070E 141740 0A17A5 0:47=1 0<<7=: 01:7:E 04=7<0 A>715 =A70> <574: 157>E
E= 1: 0= 5 < 0 4 0 < 5 0< 1: E= (() PM/I<
*he eDua(ion o. (he s(rai$h( line (ren/ is -K a 8 <L Since LK", a K -B N, < K L-B 47 Su<s(i(u(in$ values, =e $e( a K 1AA".55/1% K 1!!.@5 *hus (he s(rai$h( line (ren/ is -K 1!!.@5 8 (-19.17) (L), Eri$in K Oul)7""A , L uni( K 1 mon(h < K -%!A".!5/1A7 K -19.17
@%
300 250 200 150 100 50 0 T rend Values Stock price
I"#%R R%#A#I&"72
*ren/ is (he /irec(ion o. movemen(. *he share 1rice can ei(her increase or .all or remain .la(. *he /irec(ion o. (he share 1rice movemen(s are calle/ as risin$ , .allin$ an/ .la( (ren/s. *he /irec(ion o. (he EMAL2Gs share 1rice movemen(s is .allin$ <u( in (he /ec.7""A ac(ual share 1rice is more (han (he e41ec(e/ share 1rice.
>$I LSR6AR% #%S# 3" DLF

@!
#n/er (his (es( =e (r) (o .in/ ou( ho= .or (he o<serve/ values o. a $iven 1henomenon are si$ni.ican(l) /i..eren( .rom (he e41ec(e/ values. Set up the null hypothesis that there is no si.nificant difference in the o,served Stock price and e-pected market value of DLF@
Applyin. SP #est on the values of stock7

;bserved Date value ';)
E09409144A 159419144A E094E9144A E494<9144A E094:9144A E494=9144A E094>9144A E094A91445 E49459144A E09049144A E49009144A E09019144A E094091445 I*<.,, ?I+.,, HAH.,+ ?+,.<, ,I?.A, @BH.<+ ,+B.@+ AB@.@+ @,<.A+ <<+.<, *BI.<, <I*.B+ *HI ><>7E1 =517: =E>7=A :A17A= :1A74< <>E711 <0A7< E=E7:A E4A7>= 1:E75< 055701 0<<7E
"0pected value '")

A4170<
';$") *+.A* @@.<@ $AH H?.,? A.,B $*@*.IA @H.+I ?A.B $**.*I $II.,* $,,.HB I<.?I <@.?
';$")R *+I.@H **+A.<@ <**H A,H,.? <*.+H *?@I*.?I *@+*.?H ,H*+.+* *<A.BB ?I@A.+< @*+*.@ HI,<.,< ,H*.HB
';$")R1" +.*@ +.++* @.+, ?.*, +.+@ @<.B* <.?, *@.A +.@A <,.@? *<.<* @A.A* @.IB S ';$")R1" P*@,.H*
So, [N K X (E-2)N/2K1%5.@1 &e$ree o. .ree/om K K 1%-1K17 *he (a<ula(e/ value o., [N a( 5I level o. si$ni.icance .or 17 /. .. K 71."7
Result7
Since (he calcula(e/ value o., [N is $rea(er (han (he (a<le value, so =e re'ec( (he null h)1o(hesis an/ conclu/e (ha( (here is si$ni.ican( /i..erence <e(=een (he o<serve/ value an/ e41ec(e/ value o. &3F.
@5
>$I LSR6AR% #%S# 3" &'A(%

. Set up the null hypothesis that there is no si.nificant difference in the o,served Stock price and e-pected market value of &'A(%@

E09409144A 159419144A E094E9144A E494<9144A E094:9144A E494=9144A E094>9144A E094A91445 E49459144A E09049144A E49009144A E09019144A E094091445 <I@.I, <,,.*+ <+?.+, <@B.A, <+@.B, *@*.,+ **B.+, *<<.*, BH.H+ ,?.I, A?.?+ HA ,<.A 1<471:
"0pected value '")

1:57E>
';$") <A.AI
';$")R ,BB.<? <<+.,< *BI.<A *A@B.AA AA@.,< @H,.,? H,,.@H **.A< BH.<@ IHH.?* A*B.+< <<@.,+ ,*@.B<
';$")R1" <.@* +.B* +.IB ?.*< <.A< <.A< A.,@ +.+B +.B+ B.B@ H.*A A.,, *?.715 =A70> <574: 157>E
@?.BA <*.+H $*B.*< $<,.H $@.@I $B.I* $<B.AA $<+.A? *A.B, <<.H?
So, [N K X (E-2)N/2K59.!9 &e$ree o. .ree/om K K 1%-1K17 *he (a<ula(e/ value o., [N a( 5I level o. si$ni.icance .or 17 /. .. K 71."7
Result7
Since (he calcula(e/ value o., [N is $rea(er (han (he (a<le value, so =e re'ec( (he null h)1o(hesis an/ conclu/e (ha( (here is si$ni.ican( /i..erence <e(=een (he o<serve/ value an/ e41ec(e/ value o. EMAL2 3(/.
>$I LSR6AR% #%S# 3" ARS!"A#$

@@
. Set up the null hypothesis that there is no si.nificant difference in the o,served Stock price and e-pected market value of arsvnath Developers Ltd@

E09409144A 159419144A E094E9144A E494<9144A E094:9144A E494=9144A E094>9144A E094A91445 E49459144A E09049144A E49009144A E09019144A E094091445 <?<.@, <HI.?+ <+B.?, <@< *BH.?, *<*.I+ ***.?, **,.B B+.B A+.,, @,.@ A?.<, @H.?+
"0pected value '")

1>070:
';$")
';$")R *.AA @I@.@? @++.H? HBH.BH *II.<@ A,A.** ?A+.B *.+I* *H.+I *+@?.?B <@,.H @@B.HH B++
';$")R1" +.++, *., *.@< @.@ *.+< @.* ,.@@ +.++B +.*H *A.<@ A.H@ **.?I *@A.@< S ';$")R1" P*I+.?A
*.< 1<5701 *B.,I 11>745 $*?.@A

14:74= 0AE74E 0<E700 0EA75> 00=75< 5<750 >17AA :47A: 1A7A1 =7>
<H.A *@.?< $<*.@* $<?.<< $*.+A $A.+* $@<.*H $*,.@ *I.A@ @+
So, [N K X (E-2)N/2K1A". ! &e$ree o. .ree/om K K 1%-1K17 *he (a<ula(e/ value o., [N a( 5I level o. si$ni.icance .or 17 /. .. K 71."7
Result7
Since (he calcula(e/ value o., [N is $rea(er (han (he (a<le value, so =e re'ec( (he null h)1o(hesis an/ conclu/e (ha( (here is si$ni.ican( /i..erence <e(=een (he o<serve/ value an/ e41ec(e/ value o. Parsvna(h &evelo1ers 3(/.
8orrelations of market inde. and Stock +rice (DLF)

@
8orrelations =2!G"T I:D"M =2!G"T I:D"M 9earson orrelation %ig. '<$tailed) : %T+ G9!I " 9earson orrelation %ig. '<$tailed) : TT U orrelation is significant at the +.+* level '<$tailed). * . *@ .B?@'TT) .+++ *@
%T+ G9!I " .B?@'TT) .+++ *@ * . *@
I++.++
H++.++
% I R H 8 4 # S
A++.++
<++.++
I+++.++
*++++.++
*<+++.++
*A+++.++
*H+++.++
*I+++.++
'ARH%# I"D%(
8orrelations of market inde. and Stock rice (&'A(%)

@A
8orrelations =2!G"T I:D"M =2!G"T I:D"M 9earson orrelation %ig. '<$tailed) : %T; G9!I " 9earson orrelation %ig. '<$tailed) : TT orrelation is significant at the +.+* level '<$tailed). * . *@ .B,@'TT) .+++ *@
%T; G9!I " .B,@'TT) .+++ *@ * . *@
@++.++
<,+.++
<++.++
*,+.++
% I R H 8 & # S
*++.++ ,+.++ +.++ I+++.++ *++++.++ *<+++.++ *A+++.++ *H+++.++ *I+++.++
'ARH%# I"D%(
8orrelations &F 'arket Inde. and Stock rice ( arsvnath)

8orrelations
@9
=2!G"T I:D"M =2!G"T I:D"M 9earson orrelation %ig. '<$tailed) : %T; G9!I " 9earson orrelation %ig. '<$tailed) : TT orrelation is significant at the +.+* level '<$tailed). * . *@ .B,I'TT) .+++ *@
%T; G9!I " .B,I'TT) .+++ *@ * . *@
@++.++
<,+.++
<++.++
*,+.++
% I R H 8 & # S
*++.++ ,+.++ +.++ I+++.++ *++++.++ *<+++.++ *A+++.++ *H+++.++ *I+++.++
'ARH%# I"D%(
"
Re/ression -et*een market inde. and stock +rice (DLF)

!aria-les %ntered9Removed(a) 6ariables "ntered =2!G"T I:D"M 6ariables !emoved .
=odel *
=ethod %tepwise ' riteria: 9robability$of$F$to$enter VP .+,+, 9robability$of$F$to$remove WP . *++).
a Dependent 6ariable: %T+ G9!I " 'odel Summary 2djusted ! ! ! %-uare %-uare .B?@'a) .BA? .BA< a 9redictors: ' onstant), =2!G"T I:D"M =odel * %td. "rror of the "stimate ,@.HHA,H
A"&!A(-) %um of %-uares !egressio ,HHA<B.HA n B !esidual @*H?I.?@B Total ,BI*+I.@I I a 9redictors: ' onstant), =2!G"T I:D"M b Dependent 6ariable: %T+ G9!I " =odel *
df * ** *<
=ean %-uare ,HHA<B.HAB <I?B.II,
F *BH.HI,
%ig. .+++'a)
8oefficients(a) Enstandardi3ed oefficients # ' onstant) $A@?.+,@ =2!G"T .+H? I:D"M a Dependent 6ariable: %T+ G9!I " =odel * %td. "rror HH.,B* .++, %tandardi3ed oefficients #eta .B?@ t $H.,H@ *A.+<A %ig. .+++ .+++
$isto/ram
De+endent !aria-leC S#48H RI8%
@.+
<.,
<.+
*.,
y c n u q e r F
*.+ +., =ean P $<.AA"$*, %td. Dev. P +.B,? : P *@ $*., $*.+ $+., +.+ +., *.+ *., +.+
Re/ression Standardi?ed Residual
"ormal 3
lot of Re/ression Standardi?ed Residual

*.+
+.I
+.H
+.A
o r m u 8 d t c e + . %
+.< +.+ +.+ +.< +.A +.H +.I *.+
&-served 8um ro-
Scatter+lot

*++
,+
$,+
a u ) ( d t l D n o i s r / e R
$*++ $*., $*.+ $+., +.+ +., *.+ *.,
Re/ression Standardi?ed redicted !alue
Re/ression -et*een market inde. and stock +rice (&'A(%)

!aria-les %ntered9Removed(a) 6ariables 6ariables "ntered !emoved =2!G"T . I:D"M a Dependent 6ariable: %T; G9!I " =odel *
=ethod %tepwise ' riteria: 9robability$of$F$to$enter VP .+,+, 9robability$of$F$to$remove WP .*++).
'odel Summary 2djusted ! ! ! %-uare %-uare .B,@'a) .B+B .B++ a 9redictors: ' onstant), =2!G"T I:D"M =odel * %td. "rror of the "stimate <H.@,B@+
A"&!A(-) %um of %-uares !egressio n !esidual Total ?,B<*.,,< ?HA<.BA+
=odel *
df * ** *<
=ean %-uare ?,B<*.,,< HBA.I*@
F *+B.<HB
%ig. .+++'a)
I@,HA.AB< a 9redictors: ' onstant), =2!G"T I:D"M b Dependent 6ariable: %T; G9!I "
8oefficients(a) Enstandardi3ed oefficients # ' onstant) $*II.,BA =2!G"T .+<A I:D"M a Dependent 6ariable: %T; G9!I " =odel * %td. "rror @<.?+B .++< %tandardi3ed oefficients #eta .B,@ t $,.?HH *+.A,@ %ig. .+++ .+++
8harts
$isto/ram
De+endent !aria-leC S#&8H RI8%
<
y c n u q e r F
*
+ $< $* + * <
=ean P $*.?*"$*, %td. Dev. P +.B,? : P *@
"ormal 3

*.+
+.I
+.H
+.A
o r m u 8 d t c e + . %
+.< +.+ +.+ +.< +.A +.H +.I *.+
&-served 8um ro-
Scatter+lot

@++.++
<,+.++
<++.++
*,+.++
% I R H 8 & # S
*++.++
,+.++
+.++ $*., $*.+ $+., +.+ +., *.+ *.,
Re/ression -et*een market inde. and stock +rice ( arsvnath)
!aria-les %ntered9Removed(-) 6ariables 6ariables "ntered !emoved =2!G"T . I:D"M'a) a 2ll re-uested variables entered. b Dependent 6ariable: %T; G9!I " =odel *
=ethod "nter
'odel Summary(-) 2djusted ! ! ! %-uare %-uare .B,I'a) .B*B .B** a 9redictors: ' onstant), =2!G"T I:D"M b Dependent 6ariable: %T; G9!I " =odel * %td. "rror of the "stimate <H.AH@IB
A"&!A(-) %um of %-uares !egressio n !esidual Total I?+A?.BH* ??+@.?*A
=odel *
df * ** *<
=ean %-uare I?+A?.BH* ?++.@@I
F *<A.<BA
%ig. .+++'a)
BA?,*.H?, a 9redictors: ' onstant), =2!G"T I:D"M b Dependent 6ariable: %T; G9!I "
8harts
$isto/ram
@.+
<.,
<.+
*.,
y c n u q e r F
*.+ +., =ean P $*.BA"$*, %td. Dev. P +.B,? : P *@ $< $* + * < +.+
A"
"ormal 3

*.+
+.I
+.H
+.A
o r m u 8 d t c e + . %
+.< +.+ +.+ +.< +.A +.H +.I *.+
&-served 8um ro-
A1
Scatter+lot

@++.++
<,+.++
<++.++
*,+.++
% I R H 8 & # S
*++.++
,+.++
+.++ $*., $*.+ $+., +.+ +., *.+ *.,
Re/ression -et*een market inde. and Stock +rice ( ARS!"A#$)
!aria-les %ntered9Removed(a) 6ariables 6ariables "ntered !emoved =2!G"T . I:D"M a Dependent 6ariable: %T; G9!I " =odel *
=ethod %tepwise ' riteria: 9robability$of$F$to$enter VP .+,+, 9robability$of$F$to$ remove WP .*++).
'odel Summary 2djusted ! ! ! %-uare %-uare .B,I'a) .B*B .B** a 9redictors: ' onstant), =2!G"T I:D"M =odel * %td. "rror of the "stimate <H.AH@IB
A7
A"&!A(-) %um of %-uares !egressio n !esidual Total I?+A?.BH* ??+@.?*A
=odel *
df * ** *<
=ean %-uare I?+A?.BH* ?++.@@I
F *<A.<BA
%ig. .+++'a)
BA?,*.H?, a 9redictors: ' onstant), =2!G"T I:D"M b Dependent 6ariable: %T; G9!I "
8oefficients(a) Enstandardi3ed oefficients # ' onstant) $<*B.BA, =2!G"T .+<H I:D"M a Dependent 6ariable: %T; G9!I " =odel * %td. "rror @<.I@I .++< %tandardi3ed oefficients #eta .B,I t $H.HBI **.*AB %ig. .+++ .+++
A%

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A Dissertation Report

R2A3 2S*A*2 +N +N&+A

'evelopment of IT and ITE2 industry.

@hy invest in Indian Real %state

Forei/n Investment (FDI) in Real %state Sectors in India

8onditions for Forei/n Investment in Real %state Sector in India

FDI in Real %state in India

Real %state La*s in India

Indian #ransfer of ro+erty Act

Indian Re/istration Act, 054A

Indian Br-an Land (8eilin/ And Re/ulation) Act, 05>=

Rent 8ontrol Acts

!ISI&", 'ISSI&" & !ALB%S

rofit loss account

Indian 9romoters Su- total

9romoter(s holding *,+<I<@*<+ II.<H 0:41A1E014 AA71=

"on +romoterDs holdin/

(Rs crore) 'ar D 4=

BI.B* $ $ *+<.<A <@,.I, $ <E>744

AA.H, $ B.+< @,.H@ *?.<? A.<+ IB<.,A ,*<.HA @?B.B+ $

rofit loss account

(Rs crore) 'ar D 4= HA@.I@

(Rs ror e) 'ar D 4=

*?@.,? +.?, $ *,+<<.B@ *,,IH.@I *B<.?, 1,5>=7E>

*,A.B, $ $ *HH.@< II@.@+ @+.?? 0,1E:7E<

??.AI $ $ *@<.*@ @?*.+B +.AI :A070A

9rofit loss account

Indian 9romoters Su- total

16S#IFI>A#I&" &F S#6D9

&+1%>#I!% &F #$% S#6D9

com1anies com1anies associa(e/ o. various

>onstructs of the Study

L K+n/e4 re(urn - KS(oc0 re(urn

+ariables of the study

7) Be(a %) Shar1e Ra(io !) *re)nor Ra(io 5) Oenson

Research Desi.n can ,e cate.oriFed as7

A"AL9SIS A"D I"#%R R%#A#I&" &F DA#A

1) M2AS#R2 FER S6ARP2BS PER*FE3+ES P2RFERMANC2

7) *R2-NERBS P2RFERMANC2 M2AS#R2S FER PER*FE3+ES

Dates 0323H23I 0/2/<23I

!olume /04HG<H G<0<=AI

'arket price of Stock Rs@04H@<3 Rs@<I/@43

Determination of coefficient of %lasticity of tradin.7

M 2<=A@= <I@IG M 2 4@G<<

Dates 0323H23I 0/2/<23I

!olume AG<3A //I300

'arket price of Stock Rs@/0/@G3 Rs@HA

>%# F&R &'A(% S#&>8 M 2/H/@/<

Dates 0323H23I 0/2/<23I

>ompany ARS!"A#$ D%!%L& %RS

!olume 0AA<GA <<GI=G

'arket price of Stock Rs@/</@I3 Rs@A=@<G

>%# F&R ARS!"A#$ S#&>8 M 0A@04 H/@</ M @GH<

It sho*s that elasticity is less and liquidity is more@

%RF&R'A">% %!AL6A#I&" &F DLF

%RF&R'A">% %!AL6A#I&" &F ARS!"A#$

L K -!.5@ -K -17.! B2*A J K nX L--XL.XnXL7-(XL)7 K7 K 1.9@ S(an/ar/ &evia(ion U K O yP ! .1B1!15!.7!

%RF&R'A">% %!AL6A#I&" &F 3'A(%

L K -!.5@ -K -11."A B2*A J K nX L--XL.XnXL7-(XL)7 K 7!""5.AB1!15!.7! K 1.@9 S(an/ar/ &evia(ion U K O yP

+ $+.* $+.< $+.@ $+.A $+., DFF ;=2M" 92!%6:2TH

+ $* $< $@ $A $, $H $? DFF ;=2M" 92!%6:2TH T!"Q:;! I:D"M

6#ILI#9 &F #R%"D A"AL9SIS72

#R%"D A"AL9SIS &F DLF

Deviation (() 3= 3: 3< 3E 31 30 4 0 1 E < : = ( J 4

R2A3 2SA2 +N +N&+A

9romoter(s holding ,+<I<@<+ II.<H 0:41A1E014 AA71=

AA.H, $ B.+< @,.H@ ?.<? A.<+ IB<.,A ,<.HA @?B.B+ $

?@.,? +.?, $ ,+<<.B@ ,,IH.@I B<.?, 1,5>=7E>

,A.B, $ $ HH.@< II@.@+ @+.?? 0,1E:7E<

??.AI $ $ @<.@ @?*.+B +.AI :A070A

7) R2-NERBS P2RFERMANC2 M2AS#R2S FER PERFE3+ES

R2N& ANA3-S+S EF PARS>NA6

R2N& >A3#2 EF PARS>NA6

A.I, 11070E $A.+I

.< 1<5701 B.,I 11>745 $*?.@A

<H.A @.?< $<.@* $<?.<< $.+A $A.+ $@<.H $,.@ *I.A@ @+

%T+ G9!I " .B?@'TT) .+++ @ . *@

%T; G9!I " .B,@'TT) .+++ @ . *@

%T; G9!I " .B,I'TT) .+++ @ . *@

$++ $., $.+ $+., +.+ +., .+ *.,

=ean %-uare ?,B<.,,< HBA.I@

=ean P $.?"$, %td. Dev. P +.B,? : P @

+.++ $., $.+ $+., +.+ +., .+ .,

+.++ $., $.+ $+., +.+ +., .+ .,