Professional Documents
Culture Documents
OF
On
Mahindra Satyam
Fundamental and technical analysis
Submitted By Submitted To
Dinesh Kumar Mr.krishan gopal
Roll no :- RT1901B50
Regd. No :- 10901690
Section :- T1901
Lovely Professional University’
Punjab’
Acknowledgement
Dinesh Kumar
MBA-3nd Sem
Introduction of sat yam computer service
On 24th June company was incorporated as a Private Limited Co. for providing Software
Development and Consultancy Services to large corporations. The company was promoted by B
Rama Raju and B Ramalinga Raju. The company has set up two software Technology
Parks,one at Mayfair Centre, Secunderabad and other at Qutuballapur of Ranga Reddy Dist. of
A.P. The company also developed a software Development center in Bangalore. The company is
a 100% EOU under the STP scheme of the Dpt. of Electronics Government of India and exports
software to USA, Canada, Sweden and Germany etc. 1991 - On 26th August it was converted
into a Public Limited Company. 1992 - The Company went in for a Public Issue of Equity
shares. The company has set up facilities at Secunderabad, Hyderabad and Bangalore. The
Company has created infrastructural facilities consisting of workstations with modern
communication and networking equipment. Satyam went in for a public issue of equity shares
with the main objective of setting up a software technology park and a 100 percent export
oriented unit for software development with a dedicated 64 KBPS satellite link.1993 - During the
year company has entered into a joint venture agreement with Dun & Bradstrret Corp., U.S.A.
for development of softwares.1994 - On January 26th a joint venture company called Dun &
Bradstreet Satyam Software (P) Ltd. was incorporated. 1995- During the year company issued
37,17,000 12% unsecured fully convertible debentures part A of Rs.100 each on right basis for
the shareholders in proportion of 1 FCD for every 5 shares held. The company also issued
37,17,000-12% FCD's-part `B' Rs.60 per debentures in August which can be converted into
equity shares of Rs.10 each at premium of Rs.50 per share on August 1996. During the year
Two offices were set up, one in USA and other in Japan. And the company has added new
business partners in Australia, Canada, Japan and Europe. During the year company promoted 4
subsidiaries. Viz Stayam Renaissance Consulting Ltd., Satyam Enterprise Solutions Pvt. Ltd.,
Stayam Infoway Pvt. Ltd and Satyam Infoway Pvt. Ltd.
1997 - During the year company has added additional space in Secunderabad and Bangalore.
And new software development centers were opened in Hyderabad, Pune, Chennai and
Bhubaneswar during the year. The company has established a school at Indian Institute of
Information Technology at Hyderabad, joining a select band of global corporations like IBM,
Microsoft and oracle who are also participating in IIIT's activities. Satyam Computer Services
Ltd. (SCSL), the Hyderabad-based software company, setting up three more new software
development centres at Chennai, Pune and Bhubaneshwar. Satyam Infoway (P) Ltd. (SIL), a
subsidiary of Satyam Computers, has signed an agreement with Sterling Commerce,
International Group of the U.S. to provide electronic data interchange (EDI) and other value
added electronic commerce solutions throughout India.
Two new offices have already been set up in the US, and another in Japan. New business
partners have been added in Australia, Canada, Japan and Europe.nSatyam Infoway is a 100 per
cent subsidiary of the Hyderabad-based software major, Satyam Computer Services Ltd. Dun &
Bradstreet Corp. USA (D&B), is likely to buy out the 24 per cent stake of joint venture partner
Satyam Computers Services and gain majority control, 76 per cent of the stake is held by D&B.
The joint venture was set up to provide software services to D&B clients world wide. Dun and
Bradstreet Satyam Software is the largest single location software unit for D&B in the world.
Satyam Computer has four subsidiaries: Satyam Spark Solutions, Satyam Infoways, Satyam
enterprise Solutions and Satyam Renaissance, Consulting, Spark solutions focuses on software
products, Infoways operates in the field of electronic commerce and electronic data interchange.
Satyam Computer Services Ltd announced that it had divested its 24 per cent ownership of Dun
& Bradstreet Satyam Software Pvt Ltd (DBSS) in favour of Cognizant Software Solutions
Corporation, a subsidiary of Cognizant Corporation, US. Satyam Computer Services Ltd., has
been selected by the Switzerland-based World Economic Forum and World Link magazine as
one of India's most remarkable and rapidly growing entrepreneurial companies.
2007 Satyam Computer Services Ltd has on March 15, 2007 has announced that it has
implemented an organization-wide, virtual learning environment called Satyam Learning World.
Satyam Computer signs multi-year deal with Applied Materials. Satyam Computer Services Ltd
on June 04, 2007 has announced that it recently won Computer Associates Vision, Impact,
Progress (VIP) Award for an internal implementation and optimization of CA's service desk
platform. Satyam Computer Services Ltd on June 11, 2007 has announced that it has forged an
alliance with US-based JDA Software Group Inc., the leading provider of supply and demand
chain solutions to 5,500 of the world's top retailers, manufacturers, and suppliers.Satyam
partners in developing Hera FxV-India's first Digital Car launched at CII Conclave.
2008-Satyam Computer Services Ltd has informed that Satyam BPO, the business process
outsourcing arm of Satyam, a leading global business and information technology services
Company, on April 10, 2008 announced that it has won two prestigious Shared Services
Excellence awards from the International Quality and Productivity Council.-Satyam Computer
has announced it has inked a pact with Infospectrum to give third-party maintenance, repair and
overhaul (MRO) and component repair services for the global aviation industry.
2009 - Tech Mahindra has announced the name change of scam hit Satyam Computers as
Mahindra Satyam. This rebranding exercise symbolises an amalgamation of the values of
Mahindra Group with Satyam's fabled expertise, even as it retains that part of Satyam's identity
which signifies commitment, purpose and proficiency of the organisation and its people,
according to Anand Mahindra, vice-chairman and managing director of the Mahindra Group. -
Mahindra Satyam stated that it has secured contracts worth Rs 38 crore in the middle east and
north america region (MENA) in Q2 of FY 2009-10. Mahindra Satyam appointed Deloitte as
auditors.
2010 - Mahindra Satyam has inked a new 4 year offshore contract which is worth about mill
INTRODUCTION TO FUNDAMENTAL ANALYSIS
An investor can make more money if his investment decisions are based on actual movement
of share price measured both in money and percentage terms. It is also very important to predict
the future movements and also the true value of the securities.
Equity analysis is used in order to find the true value of the securities and also to know where
the prices are moving. It covers many aspects including the calculating various financial ratios
and charts to extremely sophisticated indicators.
EQUITY
ANALYSIS
FUNDAMENTAL TECHNICAL
ANALYSIS ANALYSIS
Equity Analysis is broadly divided into fundamental and technical analysis. Technical
analysis looks at the price movement of a security and uses this data to predict its future price
movements. Fundamental analysis, on the other hand, looks at economic factors, known as
fundamentals.
The following are the major differences between fundamental and technical analysis:
Fundamental Analysis
Fundamental analysis is the study of a company’s financial strength, based on historical data;
sector and industry position; management; dividend history; capitalization; and potential for
future growth. It is a stock valuation method that uses financial and economic analysis to predict
the movement of stock prices. The analysis attempts to find the intrinsic value of a security that
helps investors to make decisions.
The fundamental information that is analyzed can include a company's financial reports, and
non-financial information such as estimates of the growth of demand for products sold by the
company, industry comparisons, and economy-wide changes, changes in government policies
etc.
The approach to fundamental analysis is often referred to as E-I-C Approach. The E-I-C denotes
the three parts of the fundamental analysis. The three distinctive parts of fundamental analysis
are:
1. Economic Analysis
2. Industry Analysis and
3. Company Analysis
ECONOMIC ANALYSIS:-
Economic analysis is the analysis of forces operating the overall economy a country. It is a
process whereby strengths and weaknesses of an economy are analyzed and is important in order
to understand exact condition of an economy.
Government Policy
The duty cuts on telecom hardware and fiber will have a minimum impact.
The new fringe benefits tax has been introduced at the rate of 30 % of a specified portion of
various benefits. It’s an irritant as it’s parable by the employer.
NASSCOM, MAIT and other research firms such as IDC that suggest that the industry could
grow at CAGR of 40 % between now and 2008.
It is estimated that by March 2005 the IT industry will be worth a cool $ 28.2 billion (RS 12080
crore) and the industry is expected to by 25- 30 % annually over the next year.
IT companies are happy at the importance given to the infrastructure development by the
government and the announcement that 7 million jobs will be created by the IT sector 2009.
GDP
India Gross Domestic Product (GDP) expanded 8.80% in the second quarter
of 2010 from a year earlier. The India Gross Domestic Product is worth 1217
billion dollars or 1.96% of the world economy. The economy has posted an
average growth rate of more than 7% in the decade since 1997, reducing
poverty by about 10 percentage points.
INFLATION
The Reserve Bank Of India has stated that it had seen an annual growth of 8.5%
steadily. The main priority of the Reserve Bank is to curb the ongoing inflation,
which peaked at 11% last month. Interest rates have been increased by the banks to
contain the inflation, but it could slow down the growth of the Indian economy in
the coming months. But even thought there has been a rise in the interest rates
there hasn’t been much change in the distribution of loans, the Indian customer is
hardly affected with the hiked interest rates.
FDI
The huge size of the market in the power sector in India and high returns on
investment are important factors in boosting FDI inflows to power. 100% FDI is
permitted to this sector under automatic route in almost all the power sectors in
India except the Atomic energy. There are huge opportunities of FDI in power
sector in India.
Economic Analysis:-
The export of the company is good. They receiving huge export orders.
The value of Rs. is increase as compare to previous.
The Govt. taking more steps to manipulate the economy. They providing tax
assumptions to grow of industry. Many schemes have been launched by the
govt. to increase the GDP of india.
The GDP of India increases from last year . it is the good indication for
investing in Indian market.
The FDI in IT sector is 100% . so it can be good option for investment.
INDUSTRY ANALYSIS OF IT
The importance of industry analysis is now dawning on the Indian investor as never
before. It is very important to analyze the health of an industry because no company is
operating in isolation.
AN-OVERVIEW
The Indian software industry has grown rapidly since the 1980s, with revenues increasing
from less than $ 100 million in 1985-86 to nearly $ 8.4 billion by 2000-01. During this
period, exports grew even faster, with their share increasing from less than a third to
nearly three quarters of revenues. This essay will analyze the domestic conditions under
which this export led industry has grown. Although global demand for software,
sustained by the PC, networking and internet revolutions of the 1970s, the 1980s and the
1990s respectively, played an important role in facilitating the growth of the Indian
industry, it was also available to other countries. India’s main software market, India is
hardly unique in possessing such labor force characteristics. Indeed, global demand and
the availability of high skill, low wage workface are necessary, but not sufficient
condition. If they were sufficient conditions, one must explain why India failed to take
similar advantage, unlike her East Asian counterparts such as Taiwan, South Korea and
increasingly China, of the globalization of semiconductor design and manufacturing since
the 1960s. In other words, the growth of India’s software industry must be explained in
terms of how shifting domestic policy conditions allowed her to take advantage of global
demand and her labor force characteristics to become, along with Israel, the leading
software
exporter by the end of the millennium.
Important large software players such as Infosys Wipro, satyam Computer Services
managed to beat the market expectation and continuously grow. The important thing is
stay in top of the computer software company’s current ranking. Other big fishes Patni
Computer Systems, Emphasis BFL try to improve its position in industry and win the
confidence of investors.
Through the 107 large and small software companies managed to see an improved sales
growth in compare to just 34 companies are under expectation and it’s near about 32%.
Out of all the 8 large computer software companies managed to see an improved sales
growth and reach to Rs. 15363.1 crore. Their OPM have just increase from 26.2 % to
27.0 %. Budget 2006 has all the ingredients for growing the domestic IT market faster,
the government focus on rationalization of custom duty is positive step to stimulate
domestic demand. The government decision to hike teledensity across all villages by
2007 will positively impact connectively, helping rural Indians to be part of the digital
revolution.
Industry Structure
The Indian software industry, a high growth sector, is fragmented, with the top 10 Players
accounting for less than 20 percent of the total industry size in 2001. The IT Services
industry is characterized by players of varying sizes, providing solutions to Myriad
verticals, the Indian software and services industry had around 2,810 companies
Operating within its domain.
IT industry by the year 2008 IT export 35 % of India’s Total Export in 2008 from
21.3 % during 2003-04 Share of IT Software & Services Industry in GDP IT
Export Likely to be 7 % of GDP in 2008 From 2.64 % of GDP during 2003-04
Company Analysis
Company analysis is the final stage of fundamental analysis. The economy analysis provides
the investor a broad outline of the prospects of growth in the economy. The industry analysis
helps the investor to select the industry in which investment would be rewarding. Now he has to
decide in which company he has to invest. Company analysis provides the answer to this
question.
In company analysis the investor tries to predict the future earnings of the company because
there is strong evidence that the earnings have a strong effect on the share prices. The level, trend
and safety of earnings of a company, however depend upon a number of factors concerning the
operations of the company.
The Management
The Company
The Annual Report
Ratios
Cash flow
INTERPRETATION
With customer IT Budgets expected to grow at a rate higher than last year, the
company believes that they are in a strong position to garner a larger share of their
IT spending . In light of the improved prospects and better-than-expected
performance for the current year . Company revising revenue guidance upwards
for fiscal 2005. Company expectes revenue between Rs 3429 crore and Rs 3433
crore , implying an annual growth of Rs 34.9% to 35.1%.
Financial analysis
Directors Report Year End : Mar '08
The directors are pleased to present their report for the financial year 2007-08.
Financial highlights
Rs. in crores
Particulars 2007-08 2006-07 Growth%
Dividend rate
(Interim plus Final) (%) 175 175
Overview
For the financial year ended March 31, 2008, your Company reported a total income of Rs.
8,394.48 crores, comprising income from software services of Rs. 8,137.28 crores, and other
income of Rs. 257.20 crores. Total revenues grew by 30.65% over the previous financial year. The
company recorded an operating profit of Rs. 2,085.74 crores, and a net profit of Rs. 1,715.74
crores, representing a growth of 21.92% and 20.55% respectively, over the previous financial year.
North America,
Europe and rest of the world accounted for 60.35%, 20.58% and 19.07% of the revenues,
respectively. Offshore revenue during the year was 51.84%, while onsite was 48.16%.
Dividend
Directors recommended a final dividend of Rs.2.50 per share for your approval. This, coupled
with the interim dividend of Re.l per share already paid, raises the total dividend for the year to Rs.
3.50 per share.
During the year under review, the paid-up share capital of the Company increased from Rs.
133.44 crores divided into 667,196,009 equity shares of Rs. 2 each to Rs.134.10 crores divided
into 670,479,293 equity shares of Rs. 2 each, consequent to issue of 3,283,284 equity shares of Rs.
2 each to Associates upon exercise of options under the stock option plans of the Company
Listing on Euronext
In a path-setting initiative, your Company listed its existing ADSs with Euronext Stock Exchange
(NYSEs European trading platform). With this move, Satyam became the first Indian company to
list on three major trading platforms around the world, making it a truly globally-tradeable entity.
The listing was also the first of its kind globally, under the fast-track mechanism. Europe is a
dynamic and growing market for your Company and our listing will demonstrate our continued
and growing commitment to the region.
Human resources
The total number of Associates on March 31, 2008 was 45,969, against 35,670 on March 31,
2007. The attrition rate for the year 2007-08 was 13.09%.
12
12 mths 12 mths 12 mths 12 mths
mths
Sources Of Funds
Total Share Capital 63.25 63.85 64.89 133.44 134.10
Equity Share Capital 63.25 63.85 64.89 133.44 134.10
Share Application Money 0.19 0.45 1.78 7.85 1.83
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
2,517.5
Reserves 3,153.17 4,268.75 5,648.07 7,221.71
2
Revaluation Reserves 0.00 0.00 0.00 0.00 0.00
2,580.9
Networth 3,217.47 4,335.42 5,789.36 7,357.64
6
Secured Loans 7.30 9.87 12.57 13.79 23.67
Unsecured Loans 0.00 0.00 0.00 0.00 0.00
Total Debt 7.30 9.87 12.57 13.79 23.67
2,588.2
Total Liabilities 3,227.34 4,347.99 5,803.15 7,381.31
6
Mar '04 Mar '05 Mar '06 Mar '07 Mar '08
EPS-
Earnings Per Share 17.57 23.50 38.21 21.33 25.59
The earning per share is show the amount per share which a investor gets on its
invested money .company is able to provide increasing rate of per share return every
year. It measures the investor’s confidence in the firm’s future. The higher the ratio,
the larger is the investor’s confidence in the firm’s future.
Intrinsic value
The actual value of a company or an asset based on an underlying perception of its true value
including all aspects of the business, in terms of both tangible and intangible factors. This value
may or may not be the same as the current market value. Value investors use a variety of
analytical techniques in order to estimate the intrinsic value of securities in hopes of finding
investments where the true value of the investment exceeds its current market value.
INTRODUCTION TO TECHNICAL ANALYSIS
Line Charts
Bar Charts and
Candlestick Charts
Line Chart:
Line Chart is the most common and simple charts as it considers only the closing prices of the
stocks and ignores other values such as open, close, etc. The line chart is drawn by connecting
the closing prices of a stock over a period of time. The above figure shows the line chart for the
satyam computer Limited for 2 year period (April to June 2010)
Bar Chart:
The chart is made up of a series of vertical lines and two small horizontal lines, one to the left
and another to the right. The vertical line represents the high and low for the trading period,
along with the small horizontal line on the left to show the open price and another on the right
side to show the closing price. The above figure shows the bar chart for sat yam computer
service limited for 3 months period (April- June 2010).
Candlestick Chart:
Similar to a bar chart the candlestick chart also shows all the information like high, low, open
and close prices of the stock the only difference being the way it is visually constructed. Usually
traders feel that candlestick charts are easy to read because it clearly shows the relationship
between the opening and closing prices of a security. If the closing price is more than the
opening price the candle is shaded white. Conversely the candle is shaded black if the closing
price is less than the opening price. The above figure shows the Candlestick price chart of
satyam Industries Limited for a period of 2year(2008-2010) and also the patterns of candle
sticks.
V – SHAPE:-
Volume is simply the number of shares or contracts that trade over a given period of time,
usually a day. The higher the volume, the more active the security. To determine the movement
of the volume (up or down), chartists look at the volume bars that can usually be found at the
Bottom of any chart. Volume bars illustrate how many shares have traded per period and show
trends in the same way that prices do
Volume:
Volume refers to the number of shares or contracts that are traded over a given period of time.
Usually a price chart is presented along with the volume which is represented by volume bars.
The higher the volume, the more active the security is. Volume is an important aspect of
technical analysis because it is used to confirm trends and chart patterns. Any price movement up
or down with relatively higher volume is seen as stronger and more relevant move than a similar
move with weak volume.
Technical indicators:
Technical indicators are mathematical formulas that, when applied to security prices, clearly
flash either buy or sell signals. Price data includes any combination of the open, high, low or
close over a period of time and most of the indicators use only the closing prices. For analysis
purposes, technical indicators are usually shown in a graphical form above or below a security's
price chart. Once shown in graphical form, an indicator can then be compared with the
corresponding price chart of the security. Sometimes indicators are plotted on top of the price
plot for a more direct comparison. A technical indicator offers a different perspective from which
to analyze the price action.
Some, such as moving averages, are derived from simple formulas and are relatively easy to
understand while some such as MACD uses complex formulas and are difficult to understand.
Technical indicators offer many uses such as:
To confirm the trends
To generate Buy/Sell Signals
To predict the direction of future prices.
The technical indicators can be broadly classified into leading indicators and lagging indicators.
The leading indicators are those indicators which are designed to lead price movements. The
most common leading indicators are RSI and ROC. Lagging indicators are those indicators
which follow price action and are commonly referred to as trend following indicators. Some of
the most common lagging indicators are Moving Averages and MACD.
Some of the most common technical indicators that are used in this project are:
1. Moving Averages
2. Moving Average Convergence Divergence (MACD)
3. Relative Strength Index (RSI)
4. Rate of Change (ROC)
1. Moving Averages:
The moving averages are the most common and widely used technical indicators because of their
simplicity. Moving averages are formed by calculating the average price of a security over a
period of time. Moving averages smooth the price data to form a trend following indicator. They
do not predict price direction, but rather define the current direction with a lag. Moving averages
form the building blocks for many other technical indicators including MACD.
The most popular moving averages are:
i. Simple Moving Average (SMA)
ii. Exponential Moving Average (EMA)
Simple Moving Average (SMA): A simple moving average is formed by computing the average
price of a security over a specific number of periods. Most moving averages are based on the
closing prices. A 2year simple moving average is the 2 year sum of closing prices divided by
five. As its name implies, a moving average is an average that moves. Old data is dropped as
new data comes available. This causes the average to move along the time scale.
Exponential moving Average (EMA): Exponential Moving Average is the moving average that
is formed by applying weight to the recent price changes. This reduces the timem lag. This
makes the EMA to respond faster to the price changes than SMA. There are three steps to
calculating an exponential moving average. First, calculate the simple moving average. An EMA
has to start somewhere so a simple moving average is used as the previous period's EMA in the
first calculation. Second, calculate the weighting multiplier. Third, calculate the exponential
moving average. The formula for calculating EMA is In the above diagram the SMA (15) and
EMA (15) are plotted where we can see that the EMA responds faster to recent price changes
than SMA. The length of the moving average depends on the analytical objectives. Short moving
averages (5-20 periods) are best suited for short-term trends and trading. Chartists interested in
medium-term trends would opt for 20-60 period moving averages. Long-term investors
will prefer moving averages with 100 or more periods.
The closing prcice of satyam computer service show a falling trend in price of its share .up
3. Relative Strength Index (RSI):
J. Welles Wilder developed the Relative Strength Index (RSI) and introduced it in the June 1978
article for Commodities magazine. RSI is an extremely popular momentum indicator.
RSI is a momentum oscillator that measures the speed and change of price movements. RSI
oscillates between zero and 100. The most popular is the 14 days RSI where the RSI is calculated
based on 14 days values. Traditionally the stock is considered to be overbought when RSI is
above 70 and oversold when RSI is below 30. Signals can also be generated by looking for
divergences and centerline crossovers.
Calculation:
The very first calculations for average gain and average loss are simple 14 period averages.
· First Average Gain = Total of Gains during the past 14 periods / 14.
· First Average Loss = Total of Losses during the past 14 periods / 14
The second, and subsequent, calculations are based on the prior averages and the current gain
loss:
· Average Gain = [(previous Average Gain) x 13 + current Gain] / 14.
· Average Loss = [(previous Average Loss) x 13 + current Loss] / 14.
RSI Signals:
The stock is considered to be overbought if RSI goes above 70. Since the stock is
overvalued, it is the right time to sell the stock and make profits
Conversely, a stock is considered to be oversold if RSI falls below 30. Since the stock
is undervalued, it is the right time to buy the stock.
A RSI reading above 50 is bullish as the average gains are more than the average
losses. On the other hand a reading below 50 is considered to be bearish.
A bearish divergence occurs when stock makes a higher high and the RSI makes a
lower high
A bullish divergence occurs when stocks makes a lower low while RSI makes a
higher low.
Calculation of RSI of satyam computer
Avg loss/month(10.99)
RS= O.3776
. Rate of Change:
The Rate-of-Change (ROC) indicator, which is also referred to as simply Momentum, is a
pure momentum oscillator that measures the percent change in price from one period to the
next. The value of ROC oscillates around a central zero-point level. To calculate ROC a set
period is used to compare with today’s price. The most popular periods used are 10, 12 and
25 days.
The figure above shows the prices and Rate of Change for a period of 7 months.
Calculation:
ROC = [(Close - Close n periods ago) / (Close n periods ago)] * 100
Where n=10, 12 or 25 days.
ROC Indicators:
ROC indicator which is at a high peak and starting to move down is an indication of a
sell signal, whereas an ROC at a low peak, but staring to move upward, is a buy
signal.
A movement toward the zero line indicates that the existing trend is losing
momentum.
ROC moving from above zero to below zero level is an indication of sell while ROC
moving from below zero to above zero level is an indication of buy.
RUNS TEST
Runs test is used to find out whether the series of price movements have occurred by chance. A
run is an uninterrupted sequence of the same observation. When the sequence of the observations
change we count it as a run.
R = (n1 + n2) / 2
N1=10 ,n2=14
R = (10 + 14) / 2
= 12
X = (2*10*14/ 24) + 1
= 12.67
Correlation formula:-
a = Y – bx
DATE 2008-2002009-10
correlation value
30-11 243 101.65 0.204325
31-12 170.15 96.45
31-1 54.05 99.55
28-2 41.5 95.55
31-3 38.5 92.6
30-4 46.6 94.5
31-5 53.4 86.5
30-6 70.9 91.5
31-7 103.7 86.4
30-8 113.85 80.85
31-9 119.05 90.1
30-10 102.2 78.9
10. REFERENCES
KHAN M Y, JAIN P K., 2010. Management Accounting. New Delhi: Tata McGraw Hill
Education Private Limited.
GREWAL T S., 2005. Analysis of Financial Statements. New Delhi: Sultan Chand & Sons (P)
Ltd.
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2010]
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2010]
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Available from http://nseindia.com/historicaldata [Accessed between 1st July and 10th July]
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www.satyam commuter.in