A PROJECT REPORT ON

INVESTMENT IN PRUDENTIAL ICICI MUTUAL FUNDS WITH SPECIAL REFERNCE TO BSE RETURNS

*****************************
A project report submitted for the partial fulfillment of

the requirements for the award of the degree

MASTER OF BUSINESS ADMINISTRATION SUBMITTED BY
VIKRAM KUMAR REGONDA H.T.NO:10QN1E00

KBR ENGINEERING COLLEGE

(Affiliated to JNTU) Pagidipally, Bhongir, Nalgonda District. 2009-2011
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Declaration I here by declare that this Project Report titled INVESTMENT IN PRUDENTIAL ICICI MUTUAL FUNDS WITH SPECIAL REFERNCE TO BES RETURNS submitted by me to the Department Of Business Management is a bonafide work undertaken by me, done for the partial fulfillment for the award of the degree in MASTER OF BUSINESS ADMINISTRATION, JNT

UNIVERSITY,HYDERABAD is not submitted to any other university or institution to the best of my knowledge.

Name & Address of the Student Student Vikram kumar regonda H.T.O:10QN1E00, M.B.A. Final year, KBR ENGINEERING COLLEGE, PAGIDIPALLY.

Signature of the

ACKNOWLEDGEMENT

I would like to thank Mr.ASHUTHOSH DASH for giving me an opportunity to undergo a project study in this organization. My honest thanks to SRI.S.RAMACHANDRA REDDY, HR Manager who inspire of their busy schedule could always spent time for giving me in doing project study in PRUDENTIAL ICICI MUTUAL FUNDS. A special thanks to Mr.BAYYAPU REDDY (Principal) K B R ENGINEERING COLLEGE, Pagidipally and Sri.J. CHANDRA SEKHAR (HOD) and my Faculty and also I would like to thank my friends and other who have helped me to complete my project.

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FACULTY GUIDE CERTIFICATE

This is to certify that K.Pushpa Latha, a student of K B R ENGINEERING and WITH COLLEGE, on his PAGIDIPALLY Work entitled BSE pursuing his MBA (Finance) has worked under my guidance FUNDS supervision SPECIAL INVESTMENT IN PRUDENTIAL ICICI MUTUAL REFERNCE TO RETURNS. To the best of my knowledge this is an original piece of work.

(******************) Faculty (Finance)

ABSTRACT

ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Fixed Maturity Plan - Series 61 - 18 Months Plan B, a close ended debt scheme. The tenure of the scheme is 550 days. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue will be open for subscription from 3 January and close on 9 January 2012. The investment objective of the scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the scheme. Presently, two options are available under the scheme viz. cumulative and dividend option. Dividend Payout is the only facility available under dividend option. The cumulative option shall be default option under the scheme. The scheme will allocate upto 100% of assets in short term and medium term debt securities / debt instruments and securitized debt with low to medium risk profile. Entry load and exit load charge are not applicable for the scheme. The scheme is proposed to be listed on BSE. The minimum application amount is Rs. 5000 and in multiples of Rs. 10 thereafter. The fund seeks to collect a minimum subscription amount of Rs. 20 crore under the scheme during the NFO period. The scheme's performance will be benchmarked against Crisil Short Term Bond Fund Index.

# 214 MIG, KPHB Colony,Road No. 1, 24142005, 2 31 28 00 0 Mail id lifeline@iciciprulife Kukatpally,

COMPANY CERTIFICATE

TO WHOM SO EVER IT MAY CONCERN

This is to certify that Ms. K.Pushpa Latha has under gone a project as well as training program for two months from---------------- to ------------------------ in our company under my supervision. In the tenure of the program his efforts are excellent and appreciated. We wish him all the best for his successful career.

K. Satish Raj (Sr.Manager HR)

ICICI Prudential Life Insurance Company Ltd., Vinod Silk Mills Compound, Chakravarthy Ashok Nagar, Ashok Road, Kandivali ( E ), Mumbai 400 101. S

CHAPTERS `1 2 3 4 5 6 7 8 9 10 11 12 13

TITLE INTRODUCTION LITARETURE REVIEW INDUSTRY PROFILE COMPANY PROFILE OBJECTIVES SCOPE OF THE STUDY METHODOLOGY LIMITATIONS DATA ANALYSIS & INTERPRETATION FINDINGS SUGGESTIONS CONCLUSION BIBLOGRAPHY

CHAPTER I

INTRODUCTION

LITARETURE REVIEW

INDUSTRY PROFILE

COMPANY PROFILE

INTRODUCTION
A mutual fund is a professionally managed investment company that combines the money of many individuals and invests this "pooled" money in a wide variety of different securities. It is by pooling the money of many individuals that mutual funds are able to provide the diversification and money management (along with many other advantages) that were once reserved only for the wealthy. Professional money managers take this pool of money and invest it in a wide variety of stocks, bonds, or other securities depending on the investment objective, or goal, of the particular fund. It is the investment objective of the fund that guides the manager in selecting the various securities for the fund. It is the investment objective of the fund that also guides the investor on which funds to invest in. Since different investors have different objectives, there are a number of different kinds of mutual funds, i.e., some funds may provide monthly income while others seek long-term capital appreciation. Mutual funds can be classified according to their investment objective. Some of the classifications include money market funds, growth funds, balanced funds, income funds, and many others. We will discuss the many different types of funds and their characteristics in a later chapter. When you invest in a fund you hope that the value will rise and you can eventually sell your shares for a profit. This is one of the ways you can profit with mutual funds. Another way is through capital gains. When a fund sells a security for a higher price than it originally paid for it, it is known as a capital gain. Most funds distribute their capital gains to shareholders at least annually, some more often. The last way to profit with mutual funds is with dividends or interest. If the fund has invested in bonds or dividend-paying stocks, it must pass the dividends or interest earned on to its shareholders. Like capital gains, this is done at least annually. When you invest your money in a mutual fund, you buy shares in that fund. To determine the price of those shares, each day the fund adds up the total value of the securities held in its portfolio. This total is divided by the number of shares outstanding. The resulting figure is known as the Net Asset Value or NAV.

LITERATURE REVIEW
A mutual fund is a professionally managed investment company that combines the money of many individuals and invests this "pooled" money in a wide variety of different securities. Each fund has a predetermined investment objective that tailors the fund's assets, regions of investments and investment strategies. At the fundamental level, there are three varieties of mutual funds: 1) Equity funds (stocks) 2) Fixed-income funds (bonds) 3) Money market funds All mutual funds are variations of these three asset classes. For example, while equity funds that invest in fast-growing companies are known as growth funds, equity funds that invest only in companies of the same sector or region are known as specialty funds.

History of the Indian Mutual Fund Industry :

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank the. The history of mutual funds in India can be broadly divided into four distinct phases First Phase 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under management.

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Second Phase 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), PunjabNational Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). Third Phase 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets undermanagement was way ahead of other mutual funds. Fourth Phase since February 2003 n February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of assets under management and with the setting up of a UTI Mutual Fund, 11

conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September,2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

INDUSTRY PROFILE BOMBAY STOCK EXCHANGE This stock exchange, Mumbai, popularly known as BSE was established in 1857 as The Native share and stock brokers association as a voluntary non profit making association. It has an evolved over the years into its present status as the premiere stock exchanged in the country. It may be note that the stock exchanges the oldest one in Asia, even older than the Tokyo Stock Exchange, which was founded in 1878. The exchange, while providing an efficient and transparent market for trading in securities, upholds the interests of the investors and ensures redressed of their grievances, whether against the companies or its own member brokers. It also strives to educate and enlighten the investors by making available necessary informative inputs and conducting investor education programs. A governing board comprising of 9 elected directors, 2 SEBI nominees, 7 public representatives and an executive director is the apex body, which decides the policies and regulates the affairs of the exchange. BSE INDICES In order to enable the market participants etc., to track the various ups and downs in the Indian stock market, the Exchange has introduced in 1986 an equity stock index called BSE-SENSEX that subsequently became the barometer of the moments of the share prices in the Indian Stock market. It is a Market capitalization weighted index of 30 component stocks representing a sample of large, well established and leading companies. The base year of Sensex is 1978-79. The Sensex is widely reported in both domestic and international markets through print as well as electronic media.

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COMPANY PROFILE Overview ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 29.32 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI began its operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, its nation-wide team comprises of over 735 offices, over 243,000 advisors, and 22 banc assurance partners. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As it grow its distribution, product range and customer base, it continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.. We will help you determine which types of funds you need to meet your investment goals. This may include the following types of funds ICICI PROVIDE THIS: SCHEMES 1. 2. 3. 4. 5. 6. 7. 8. 9. Debt: Liquid schemes, Income schemes, G-sec schemes, Monthly Income Schemes Equity: Diversified Equity Schemes, Sector Schemes, Index Schemes Hybrid Funds: Balanced Schemes, Special Schemes Pension Schemes, Child education Schemes etc.

At ICICI Bank we will help you identify an appropriate mix of Mutual Fund schemes for your portfolio using asset allocation strategies.

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Through ICICI Bank you can invest in various schemes of multiple mutual funds with decent performance record. You can take the aid of our various research reports on mutual funds and their schemes before choosing a scheme for investment. ICICI Bank offers investment in Mutual Funds through Multiple Channels. With ICICI Bank, you can invest in Mutual Funds through following channelsICICI Bank Branches, ICICIdirect.com.

CHAPTER II

OBJECTIVES

SCOPE OF THE STUDY

METHODOLOGY

LIMITATIONS

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OBJECTIVES OF THE STUDY

The most important primary objective of study is to know the awareness of Mutual Funds and the investors perception towards investing in Mutual Funds as important segment. This study has been carried out to know the marketing activities undertaken under the financial products for Mutual Funds in offering the financial services to the investors & also to other Financial Institutions.

To know the schemes available in Prudential ICICI Mutual Funds. To calculate the risk and returns of the growth & dividend funds of ICICI mutual funds. To know the concept of Net Asset Value (NAV) which forms apart of Mutual Fund evaluation in determining the returns. Comparing selected schemes of Prudential ICICI Mutual Funds to with BSE Sensex. To find the fund that is giving satisfaction and constant returns

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SCOPE OF STUDY

The scope of the study is confined to only Prudential ICICI Asset Management Company Ltd. This study has been conducted purely to understand portfolio management for individual investor. Construction of portfolio is restricted to one company based on effective statistical tools like returns, varience & risk factors.

RESEARCH METHODOLOGY Research design or research methodology is the procedure of collecting, analyzing and interpreting the data to diagnose the problem and react to the opportunity in such a way where the costs can be minimized and the desired level of accuracy can be achieved to arrive at a particular conclusion. The methodology used in the study for the completion of the project and the fulfillment of the project objectives, is as follows:

DATA COLLECTION

In order to study the objectives mentioned, necessary primary and secondary data were collected.

PRIMARY DATA

Data is collected from the personnel discussions with employees of the company. SECONDARY DATA

It is also collected from the books, journals, magazines, past records and all other types of published data and fact sheet, offer documents. 16

CORRELATION: It is the statistical tool with the help of which the relationships between two or more than two variables if it exists, is studied. Correlation is an analysis of covariation between two or more variables. Analysis involves various methods and techniques which are helpful in studying and measuring the extent of the relationship between two or more variables.

FORMULAS Used for the purpose of analysis (N* xy) (y* x) 1. Correlation Coefficient = [(N* y) (y) ]* [N* x) ( x) ]

2. Returns = (Current Price-Previous Price) X 100 Previous Price 3. Variance = (X- mean) 2 n 4. Standard deviation: variance

LIMITATIONS OF THE STUDY

Study has limited characteristics There was a time limitation for carrying out the study for more than two schemes in Mutual Funds. Suggestions are suggestive in nature. The study is limited to two different OPEN-ENDED Schemes. Comparison made only based on the risk and return of the two selected funds. 17

CHAPTER III
DATA ANALYSIS & INTERPRETATION BALANCE GROWTH PLAN

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH JUL 10

Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Date 2-Jul-10 3-Jul-10 4-Jul-10 5-Jul-10 6-Jul-10 9-Jul-10 10-Jul-10 11-Jul-10 12-Jul-10 13-Jul-10 16-Jul-10 17-Jul-10 18-Jul-10 19-Jul-10 20-Jul-10 23-Jul-10 24-Jul-10 25-Jul-10

NAV 36.65 36.98 36.9 36.87 36.92 37.13 37.02 37.13 37.49 37.71 37.63 37.57 37.51 37.88 37.91 38.17 38.25 37.9 TOTAL MEAN

Returns (RI) 0.91 0.90 -0.22 -0.08 0.14 0.57 -0.30 0.30 0.97 0.59 -0.21 -0.16 -0.16 0.99 0.08 0.69 0.21 -0.92 4.301 0.24 18

X-Mean 0.67 0.66 -0.46 -0.32 -0.10 0.33 -0.54 -0.06 0.73 0.35 -0.45 -0.40 -0.40 0.75 -0.16 0.45 -0.03 -1.16 VARIANCE

(X-Mean)2 0.45 0.44 0.21 0.10 0.01 0.11 0.29 0.01 0.53 0.12 0.20 0.16 0.16 0.56 0.03 0.20 0.09 1.35 5.02 0.28

Return =

(Current Price - Previous Price) x 100 Current Price

MEAN = RI Variance = (X- mean) 2 N

where Ri = 1 to 18, n = 18

Standard deviation =Variance =0.28 =0.5

DESCIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Return Maximum Return 0.24 0.17 0.53 1.90 -0.92 0.99

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.24 with a price variation of 0.41 and risk factor being 0.64 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. 19

GRAPHICAL REPRESENTATION;

Returns

Graphical Represention of returns of Balanced growth fund for the month of July-2010

. Returns (RI)

. Dates

INTERPRETATION: The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

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RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH AUG 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Date 1-Aug-10 2-Aug-10 3-Aug-10 6-Aug-10 7-Aug-10 8-Aug-10 9-Aug-10 10-Aug-10 13-Aug-10 14-Aug-10 16-Aug-10 17-Aug-10 20-Aug-10 21-Aug-10 22-Aug-10 23-Aug-10 24-Aug-10 27-Aug-10 NAV 36 36.22 36.52 36.32 36.34 36.92 36.52 36.15 36.36 36.35 35.21 34.97 35.57 34.71 35.14 34.91 35.2 35.89 TOTAL MEAN Returns -5.01 0.61 0.83 -0.55 0.06 1.60 -1.08 -1.01 0.58 -0.03 -3.14 -0.68 1.72 -2.42 1.24 -0.65 0.83 1.96 - 5.14 -0.29 X-Mean -4.73 0.90 1.11 -0.26 0.34 1.88 -0.80 -0.73 0.87 0.26 -2.85 -0.40 2.00 -2.13 1.53 -0.37 1.12 2.25 VARIANCE (X-Mean)2 22.34 0.81 1.24 0.07 0.12 3.54 0.63 0.53 0.75 0.07 8.12 0.16 4.01 4.54 2.33 0.14 1.25 5.05 55.70 3.09

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance = 3.09 = 1.76 21

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is -0.29 with a price variation of 3.09 and risk factor being 1.76 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value GRAPHICAL REPRESENTATION -0.29 0.01 1.76 6.97 -5.01 1.96

Returns

Graphical representation of returns of balancecd growth fund for the month of August 2010

Returns

Dates

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INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the mark. RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH SEP -10 Slno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Date 3-Sep-10 4-Sep-10 5-Sep-10 6-Sep-10 7-Sep-10 10-Sep-10 11-Sep-10 12-Sep-10 13-Sep-10 14-Sep-10 17-Sep-10 18-Sep-10 19-Sep-10 20-Sep-10 21-Sep-10 24-Sep-10 25-Sep-10 26-Sep-10 NAV 37.15 37.29 37.34 37.6 37.41 37.43 37.39 37.45 37.65 37.44 37.35 37.72 38.67 38.87 39.26 39.63 39.55 39.51 TOTAL MEAN Returns 3.51 0.38 0.13 0.70 -0.51 0.05 -0.11 0.16 0.53 -0.56 -0.24 0.99 2.52 0.52 1.00 0.94 -0.20 -0.10 9.71 0.54 X-Mean 2.97 -0.16 -0.41 0.16 -1.05 -0.49 -0.65 -0.38 -0.01 -1.10 -0.78 0.45 1.98 -0.02 0.46 0.40 -0.74 -0.64 VARIANCE (X-Mean)2 8.82 0.03 0.16 0.02 1.09 0.24 0.42 0.14 0.00 1.21 0.61 0.20 3.91 0.00 0.21 0.16 0.55 0.41 17.81 1.01

MEAN = RI

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n Variance: mean of (X- mean) 2

Standard deviation: variance DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum

= 1.01 = 1.01

0.54 0.27 1.01 4.07 -0.56 3.51

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.54 with a price variation of 1.01 and risk factor being 1.01 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION

Returns

Graphical representation of balanced growth fund for the month of sep-2010

Returns

Dates

INTERPRETATION: 24

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH OCT - 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Date 1-Oct-10 3-Oct-10 4-Oct-10 5-Oct-10 8-Oct-10 9-Oct-10 10-Oct-10 11-Oct-10 12-Oct-10 15-Oct-10 16-Oct-10 17-Oct-10 18-Oct-10 19-Oct-10 22-Oct-10 23-Oct-10 24-Oct-10 25-Oct-10 NAV 40.35 40.86 40.92 40.74 39.99 41.27 41.77 42.33 41.74 43.04 42.91 42.46 41.45 40.55 40.49 42.1 42.21 42.85 TOTAL MEAN Returns 2.13 1.26 0.15 -0.44 -1.84 3.20 1.21 1.34 -1.39 3.11 -0.30 -1.05 -2.38 -2.17 -0.15 3.98 0.26 1.52 8.44 0.47 X-Mean 1.66 0.80 -0.32 -0.91 -2.31 2.73 0.74 0.87 -1.86 2.65 -0.77 -1.52 -2.85 -2.64 -0.62 3.51 -0.21 1.05 VARIANCE (X-Mean)2 2.75 0.63 0.10 0.83 5.33 7.46 0.55 0.76 3.47 7.00 0.59 2.30 8.11 6.97 0.38 12.30 0.04 1.10 60.67 3.37

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance 3.37 25

= 1.84

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 0.47 0.20 1.84 6.35 -2.38 3.98

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.47 with a price variation of 3.37 and risk factor being 1.84 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION:

Returns

Graphical representation of returns of balanced growth fund for the month of Oct-2010

Returns

Dates

INTERPRETATION:

26

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH NOV- 10

Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Date 1-Nov-10 2-Nov-10 5-Nov-10 6-Nov-10 7-Nov-10 8-Nov-10 12-Nov-10 13-Nov-10 14-Nov-10 15-Nov-10 16-Nov-10 19-Nov-10 20-Nov-10 21-Nov-10 22-Nov-10 23-Nov-10 26-Nov-10 27-Nov-10

NAV 43.86 44.15 43.86 43.73 43.91 43.29 42.85 43.44 44.6 44.59 44.71 44.98 44.34 43.04 42.96 43.42 44.07 43.97 TOTAL MEAN

Returns 2.36 0.66 -0.66 -0.30 0.41 -1.41 -1.02 1.38 2.67 -0.02 0.27 0.60 -1.42 -2.93 -0.19 1.07 1.50 -0.23 2.74 0.15

X-Mean 2.20 0.51 -0.81 -0.45 0.26 -1.56 -1.17 1.22 2.52 -0.17 0.12 0.45 -1.58 -3.08 -0.34 0.92 1.34 -0.38 VARIANCE

(X-Mean)2 4.86 0.26 0.66 0.20 0.07 2.45 1.37 1.50 6.34 0.03 0.01 0.20 2.48 9.51 0.11 0.84 1.81 0.14 32.84 1.82

MEAN = RI n Variance: mean of (X- mean) 2

Standard deviation: variance 27

= 1.82

= 1.35

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 0.15 0.12 1.35 5.60 -2.93 2.67

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.15 with a price variation of 1.82 and risk factor being 1.35 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION :

28

Returns

Graphical representation of returns of balanced growth fund for the month of Nov-2010

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market. RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE GROWTH PLAN FOR THE MONTH DEC - 10

Sno 1 2 3 4 5 6 7 8 9 10 11 12 13

Date 3-Dec-10 4-Dec-10 5-Dec-10 6-Dec-10 7-Dec-10 10-Dec-10 11-Dec-10 12-Dec-10 13-Dec-10 14-Dec-10 17-Dec-10 18-Dec-10 19-Dec-10

NAV 45.19 45.51 45.91 45.77 45.74 45.57 46 46.31 45.95 46.08 44.53 44.41 44.45

Returns 2.77 0.71 0.88 -0.30 -0.07 -0.37 0.94 0.67 -0.78 0.28 -3.36 -0.27 0.09 29

X-Mean 2.42 0.35 0.52 -0.66 -0.42 -0.73 0.59 0.32 -1.14 -0.07 -3.72 -0.63 -0.27

(X-Mean)2 5.84 0.12 0.27 0.44 0.18 0.53 0.34 0.10 1.29 0.01 13.85 0.39 0.07

14 15 16 17 18

20-Dec-10 24-Dec-10 26-Dec-10 27-Dec-10 28-Dec-10

44.5 45.57 46.31 46.51 46.82 TOTAL MEAN

0.11 2.40 1.62 0.43 0.67 6.42 0.36

-0.25 2.05 1.27 0.07 0.31 VARIANCE

0.06 4.19 1.60 0.01 0.10 29.29 1.63

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance 1.63 = 1.28

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 0.36 0.36 1.28 6.14 -3.36 2.77

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.36 with a price variation of 1.63 and risk factor being 1.28 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION 30

Returns

Graphical representation of returns of balanced growth fund for the month of Dec-2010

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

CORRELATION OF RETURNS BETWEEN BSE SENSEX AND ICICI BALANCE GROWTH FOR THE PERIOD JUL - 10 TO DEC-10 MONTH JUL AUG SEP OCT NOV DEC MEAN BSE(X) 0.44 -0.29 0.74 0.61 0.16 0.28 0.32 ICICI-B-G(Y) 0.24 -0.29 0.54 0.47 0.15 0.36 0.25 X=X-MEAN 0.12 -0.61 0.41 0.28 -0.16 -0.04 Y=Y-MEAN -0.01 -0.53 0.30 0.22 -0.09 0.11 SUM X2 0.20 0.08 0.55 0.37 0.03 0.08 0.22 Y2 0.00 0.28 0.09 0.05 0.01 0.01 0.07 XY 0.00 0.33 0.12 0.06 0.02 0.00 0.09

CORRELATION OF RETURNS 31

XY X2*Y2 X2*Y2 CORRELATION( r ) \ Correlation Coefficient INTERPRETATION: = [(N* xy) (y* x)] [(N* y) (y) ]* [N* x) ( x) ]

0.09 0.02 0.13 0.69

The above table and graph represents the correlation of returns between BSE Sensex and ICICI balance growth fund for the second half of the year, it reveals that there exists a positive correlation and the correlation is less than 1 which represents that there is a strong correlation between fund and the market.

Balance Plan Dividend

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH JUL - 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Date 2-Jul-10 3-Jul-10 4-Jul-10 5-Jul-10 6-Jul-10 9-Jul-10 10-Jul-10 11-Jul-10 12-Jul-10 13-Jul-10 16-Jul-10 17-Jul-10 18-Jul-10 19-Jul-10 20-Jul-10 23-Jul-10 24-Jul-10 25-Jul-10 NAV 17.98 18.14 18.11 18.09 18.11 18.22 18.16 18.21 18.39 18.5 18.46 18.43 18.4 18.58 18.6 18.73 18.76 18.6 TOTAL MEAN Returns 1.18 2.14 1.63 0.61 -0.17 0.61 0.39 0.55 0.93 1.87 1.37 0.22 -0.54 0.65 0.92 1.79 0.97 0.00 15.12 0.84 32 X-Mean 0.34 1.30 0.79 -0.23 -1.01 -0.23 -0.45 -0.29 0.09 1.03 0.53 -0.62 -1.38 -0.19 0.08 0.95 0.13 -0.84 VARIANCE (X-Mean)2 0.12 1.69 0.62 0.05 1.01 0.05 0.21 0.08 0.01 1.06 0.28 0.39 1.91 0.04 0.01 0.91 0.02 0.71 9.17 0.51

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance = 0.51 = 0.71

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 0.84 0.79 0.71 2.68 -0.54 2.14

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.84 with a price variation of 0.51 and risk factor being 0.71 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION

33

Returns

Graphical representation of returns of dividend fund for the month of July-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH AUG 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Date 1-Aug-10 2-Aug-10 3-Aug-10 6-Aug-10 7-Aug-10 8-Aug-10 9-Aug-10 10-Aug-10 13-Aug-10 14-Aug-10 16-Aug-10 17-Aug-10 20-Aug-10 21-Aug-10 22-Aug-10 23-Aug-10 24-Aug-10 NAV 17.66 17.77 17.92 17.82 17.83 18.12 17.92 17.74 17.84 17.83 17.28 17.16 17.45 17.03 17.24 17.13 17.27 Returns -5.71 -5.28 -3.66 0.91 0.34 1.12 0.56 -0.50 -1.55 -0.50 -2.59 -3.81 -2.13 -1.45 0.47 -1.83 1.41 34 X-Mean -4.49 -4.05 -2.43 2.13 1.56 2.34 1.79 0.72 -0.32 0.72 -1.37 -2.59 -0.91 -0.22 1.69 -0.61 2.64 (X-Mean)2 20.13 16.41 5.90 4.55 2.45 5.49 3.19 0.52 0.10 0.52 1.87 6.68 0.82 0.05 2.86 0.37 6.95

18

27-Aug-10

17.61 TOTAL MEAN

2.15 -22.05 -1.23

3.37 VARIANCE

11.37 90.23 5.01

MEAN = RI n Variance: mean of (X- mean) 2

Standard deviation: variance SD = 5.01 = 2.24

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum -1.23 -0.98 2.24 7.86 -5.71 2.15

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is -1.23 with a price variation of 5.01 and risk factor being 2.24 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. 35

GRAPHICAL REPRESENTATION

Graphical representation of returns of dividend fund for the month of Aug-208

Returns

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market. RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH SEP - 10 MEAN = RI n Sno Date 1 2 3 4 5 6 7 8 9 10 3-Sep-10 4-Sep-10 5-Sep-10 6-Sep-10 7-Sep-10 10-Sep-10 11-Sep-10 12-Sep-10 13-Sep-10 14-Sep-10

NAV 18.22 18.3 18.32 18.45 18.35 18.37 18.34 18.38 18.47 18.37

Returns 6.36 5.96 4.03 1.26 0.27 0.27 -0.60 0.16 0.54 0.16 36

X-Mean 5.35 4.95 3.02 0.25 -0.74 -0.74 -1.61 -0.85 -0.47 -0.85

(X-Mean)2 28.66 24.55 9.13 0.06 0.54 0.54 2.58 0.72 0.22 0.72

11 12 13 14 15 16 17 18

17-Sep-10 18-Sep-10 19-Sep-10 20-Sep-10 21-Sep-10 24-Sep-10 25-Sep-10 26-Sep-10

17.33 17.5 17.94 18.03 18.21 18.39 18.35 18.33 TOTAL MEAN

-5.71 -5.25 -2.34 4.04 4.06 2.51 1.77 0.66 18.15 1.01

-6.72 -6.26 -3.35 3.03 3.05 1.50 0.77 -0.35 VARIANCE

45.19 39.21 11.23 9.18 9.29 2.25 0.59 0.12 184.78 10.26

Variance: mean of (X- mean) 2 Standard deviation: variance 10.26 = 3.20

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 1.01 0.60 3.20 12.08 -5.71 6.36

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 1.01 with a price variation of 10.26 and risk factor being 3.20 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION

37

Graphical representation of returns of dividend fund for the month of Sep-2010

Returns

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market. RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH OCT - 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 Date 1-Oct-10 3-Oct-10 4-Oct-10 5-Oct-10 8-Oct-10 9-Oct-10 10-Oct-10 11-Oct-10 12-Oct-10 15-Oct-10 16-Oct-10 17-Oct-10 NAV 18.72 18.96 18.98 18.9 18.55 19.14 19.38 19.64 19.37 19.97 19.91 19.7 Returns 1.79 3.32 3.55 0.96 -2.16 0.84 2.54 5.88 1.20 3.04 1.37 1.70 38 X-Mean 0.59 2.12 2.34 -0.24 -3.37 -0.36 1.34 4.67 0.00 1.84 0.17 0.50 (X-Mean)2 0.35 4.50 5.49 0.06 11.33 0.13 1.79 21.84 0.00 3.39 0.03 0.25

13 14 15 16 17 18

18-Oct-10 19-Oct-10 22-Oct-10 23-Oct-10 24-Oct-10 25-Oct-10

19.23 18.81 18.78 19.53 19.58 19.88 TOTAL MEAN

-3.71 -5.52 -4.67 1.56 4.09 5.86 21.64 1.20

-4.91 -6.73 -5.87 0.36 2.89 4.65 VARIANCE

24.10 45.27 34.50 0.13 8.35 21.66 183.17 10.17

MEAN = RI n Variance: mean of (X- mean) 2

Standard deviation: variance SD = 3.19 DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum 1.20 1.63 3.19 11.40 -5.52 5.88

INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 1.20 with a price variation of 10.17 and risk factor being 3.19 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value.

39

GRAPHICAL REPRESENTATION

Returns

Graphical representation of returns of dividend fund for the month of Oct-2010

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market. RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH NOV-10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Date 1-Nov10 2-Nov-10 5-Nov-10 6-Nov-10 7-Nov-10 8-Nov-10 12-Nov-10 13-Nov-10 14-Nov-10 15-Nov-10 16-Nov-10 19-Nov-10 20-Nov-10 21-Nov-10 NAV 20.35 20.48 20.35 20.29 20.37 20.09 19.88 20.15 20.69 20.69 20.74 20.87 20.57 19.97 Returns 4.20 4.60 2.36 -0.29 -0.54 -1.28 -2.02 -1.08 2.99 4.07 2.93 0.87 -0.58 -3.71 40 X-Mean 3.61 4.01 1.77 -0.89 -1.13 -1.87 -2.61 -1.67 2.40 3.48 2.34 0.28 -1.17 -4.30 (X-Mean)2 13.02 16.05 3.15 0.78 1.27 3.49 6.82 2.79 5.74 12.14 5.46 0.08 1.37 18.52

15 16 17 18

22-Nov-10 23-Nov-10 26-Nov-10 27-Nov-10

19.93 20.14 20.44 20.4 TOTAL MEAN

-4.50 -2.09 2.35 2.36 10.64 0.59

-5.09 -2.68 1.76 1.77 VARIANCE

25.96 7.19 3.11 3.12 130.26 7.23

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 2.69

DESCRIPTIVE STATICTICS Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum INTERPRETATION: 0.59 0.29 2.69 9.10 -4.50 4.60

The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 0.59 with a price variation of 7.23 and risk factor being 2.69 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION

41

Returns

Graphical representation of returns of dividend fund for the month of Nov-2010

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market.

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE PLAN DIVIDEND FOR THE MONTH DEC - 10 Sno 1 2 3 4 5 6 7 8 9 10 11 12 Date 3-Dec-10 4-Dec-10 5-Dec-10 6-Dec-10 7-Dec-10 10-Dec-10 11-Dec-10 12-Dec-10 13-Dec-10 14-Dec-10 17-Dec-10 18-Dec-10 NAV 20.96 21.11 21.3 21.24 21.22 21.14 21.34 21.49 21.32 21.38 20.66 20.6 Returns 4.07 3.28 4.41 1.34 0.52 -0.75 0.47 1.27 0.85 0.19 -3.86 -3.38 42 X-Mean 3.02 2.23 3.36 0.29 -0.53 -1.80 -0.58 0.22 -0.20 -0.86 -4.91 -4.43 (X-Mean)2 9.13 4.96 11.30 0.08 0.28 3.24 0.34 0.05 0.04 0.74 24.13 19.60

13 14 15 16 17 18

19-Dec-10 20-Dec-10 24-Dec-10 26-Dec-10 27-Dec-10 28-Dec-10

20.62 20.65 21.14 21.49 21.58 21.72 TOTAL MEAN

-3.55 -0.05 2.62 4.22 4.50 2.74 18.89 1.05

-4.60 -1.10 1.57 3.17 3.45 1.69 VARIANCE

21.20 1.21 2.47 10.05 11.93 2.87 123.62 6.87

Variance: mean of (X- mean) 2

Standard deviation: variance SD = 2.62

DESCRIPTIVE STATICTICS

Descriptive Statistics Mean Median Standard Deviation Range Minimum Maximum INTERPRETATION: The above table represents the daily returns on net asset value and descriptive statistics of ICICI balance growth fund, it reveals that the monthly mean is 1.05 with a 43 1.05 1.06 2.62 8.37 -3.86 4.50

price variation of 6.87 and risk factor being 2.62 which is very low when compared to monthly mean. Thus in this particular month investors can expect returns or increase in net asset value. GRAPHICAL REPRESENTATION

Returns

Graphical representation of returns of dividend for the month of Dec-2010

Returns

Dates

INTERPRETATION : The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value thus it can be said that the asset value of ICICI balance growth fund were going according to market conditions. Here investors can expect positive returns from the market. CORRELATION OF RETURNS BETWEEN BSE SENSEX AND ICICI BALANCE PLAN DIVIDEND FOR THE PERIOD JUL - 10 TO DEC-10 MONTH JUL AUG SEP OCT NOV DEC BSE(X) 0.44 -0.29 0.74 0.61 0.16 0.28 ICICI-B-D(Y) 0.84 -1.23 1.01 1.20 0.59 1.05 X=X-MEAN 0.12 -0.61 0.41 0.28 -0.16 -0.04 44 Y=Y-MEAN 0.26 -1.80 0.43 0.63 0.01 0.47 X2 0.20 0.08 0.55 0.37 0.03 0.08 Y2 0.07 3.26 0.19 0.39 0.00 0.22 XY 0.03 1.10 0.18 0.18 0.00 -0.02

MEAN

0.32

0.58

SUM

0.22

0.69

0.24

CORRELATION OF RETURNS XY X2*Y2 X2*Y2 CORRELATION( r ) 0.24 0.15 0.39 0.63

[(N* xy) (y* x)] Correlation Coefficient = [(N* y) (y) ]* [N* x) ( x) ]

GRAPHICAL REPRESENTATION Graphical representation of returns of BSE & ICICI dividend fund
1.5 1 Returns 0.5 0 -0.5 -1 -1.5 Months JUL AUG SEP OCT NOV DEC BSE(X) ICICI-B-D(Y)

INTERPRETATION: 45

The above table and graph represents the correlation of returns between BSE Sensex and ICICI balance dividend fund for the second half of the year, it reveals that there exists a positive correlation and the correlation is less than 1 which represents that there is a strong correlation between fund and the market.

RETURNS VARIANCE & STANDARD DEVIATION OF BSE THE MONTH OF JUL-10

Sno 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Date 7/2/2010 7/3/2010 7/4/2010 7/5/2010 7/6/2010 7/9/2010 7/10/2010 7/11/2010 7/12/2010 7/13/2010 7/16/2010 7/17/2010 7/18/2010 7/19/2010

Close 14664.26 14806.51 14880.24 14861.89 14964.12 15045.73 15009.88 14910.62 15092.04 15272.72 15311.22 15289.82 15301.17 15550.13

Returns 1.13 0.97 0.50 -0.12 0.69 0.55 -0.24 -0.66 1.22 1.20 0.25 -0.14 0.07 1.63 46

X-Mean 0.68 0.53 0.05 -0.57 0.24 0.10 -0.68 -1.11 0.77 0.75 -0.19 -0.58 -0.37 1.18

(X-Mean)2 0.46 0.28 0.00 0.32 0.06 0.01 0.47 1.22 0.60 0.57 0.04 0.34 0.14 1.40

15 16 17 18

7/20/2010 7/23/2010 7/24/2010 7/25/2010

15565.55 15732.2 15794.92 15699.33 TOTAL Mean

0.10 1.07 0.40 -0.61 8.01 0.44

-0.34 0.63 -0.05 -1.05 Variance

0.12 0.39 0.00 1.10 7.52 0.42

MEAN = RI
&

Variance: mean of (X- mean) 2 Standard deviation: variance SD = 0.65

DESCRIPTIVE STATICTICS Jul-08 Mean Median Standard Deviation Range Minimum Maximum 0.44 0.45 0.65 2.29 -0.66 1.63

GRAPHICAL REPRESENTATION

47

Returns

Graphical representation of BSE for the month of july-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value .

Slno 1 2 3 4 5 6 7 8 9 10 11 12

Date 8/1/2010 8/2/2010 8/3/2010 8/6/2010 8/7/2010 8/8/2010 8/9/2010 8/10/2010 8/13/2010 8/14/2010 8/16/2010 8/17/2010

Close 14935.77 14985.7 15138.4 14903.03 14932.77 15307.98 15100.15 14868.25 15017.21 15000.91 14358.21 14141.52

Returns -4.86 0.33 1.02 -1.55 0.20 2.51 -1.36 -1.54 1.00 -0.11 -4.28 -1.51 48

X-Mean -4.58 0.62 1.31 -1.27 0.49 2.80 -1.07 -1.25 1.29 0.18 -4.00 -1.22

(X-Mean)2 20.95 0.39 1.71 1.61 0.24 7.84 1.15 1.56 1.66 0.03 15.98 1.49

13 14 15 16 17 18

8/20/2010 8/21/2010 8/22/2010 8/23/2010 8/24/2010 8/27/2010

14427.55 13989.11 14248.66 14163.98 14424.87 14842.38 Mean

2.02 -3.04 1.86 -0.59 1.84 2.89 -0.29

2.31 -2.75 2.14 -0.31 2.13 3.18 Variance

5.33 7.57 4.59 0.09 4.53 10.12 4.82

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 2.20

DESCRIPTIVE STATICTICS

Aug-08 Mean Median Standard Deviation Range Minimum Maximum GRAPHICAL REPRESENTATION 49 -0.29 0.05 2.20 7.76 -4.86 2.89

Returns

Graphical representation of returns of BSE month of Aug-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value.

Sno 1 2 3 4 5 6 7 8 9

Date 9/3/2010 9/4/2010 9/5/2010 9/6/2010 9/7/2010 9/10/2010 9/11/2010 9/12/2010 9/13/2010

Close 15422.05 15465.4 15446.15 15616.31 15590.42 15596.83 15542.77 15505.36 15614.44

Returns 3.91 0.28 -0.12 1.10 -0.17 0.04 -0.35 -0.24 0.70 50

X-Mean 3.17 -0.46 -0.86 0.36 -0.91 -0.70 -1.09 -0.98 -0.04

(X-Mean)2 10.02 0.21 0.75 0.13 0.82 0.49 1.18 0.96 0.00

10 11 12 13 14 15 16 17 18

9/14/2010 9/17/2010 9/18/2010 9/19/2010 9/20/2010 9/21/2010 9/24/2010 9/25/2010 9/26/2010

15603.8 15504.43 15669.12 16322.75 16347.95 16564.23 16845.83 16899.54 16921.39 TOTAL Mean

-0.07 -0.64 1.06 4.17 0.15 1.32 1.70 0.32 0.13 13.29 0.74

-0.81 -1.38 0.32 3.43 -0.59 0.58 0.96 -0.42 -0.61 Variance

0.65 1.89 0.10 11.78 0.34 0.34 0.92 0.18 0.37 31.13 1.73

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 1.32

DESCRIPTIVE STATICTICS Sep-08 Mean Median Standard Deviation Range Minimum Maximum 0.74 0.22 1.32 4.81 -0.64 4.17

51

GRAPHICAL REPRESENTATION

Graphical representation of returns os BSE for the month of sep-2010

Returns

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value.

Sno 1 2 3 4 5 6 7 8 9

Date 10/1/2010 10/3/2010 10/4/2010 10/5/2010 10/8/2010 10/9/2010 10/10/2010 10/11/2010 10/12/2010

Close 17328.62 17847.04 17777.14 17773.36 17491.39 18280.24 18658.25 18814.07 18419.04

Returns 2.41 2.99 -0.39 -0.02 -1.59 4.51 2.07 0.84 -2.10 52

X-Mean 1.80 2.39 -1.00 -0.63 -2.19 3.90 1.46 0.23 -2.71

(X-Mean)2 3.24 5.69 1.00 0.39 4.81 15.24 2.14 0.05 7.32

10 11 12 13 14 15 16 17 18

10/15/2010 10/16/2010 10/17/2010 10/18/2010 10/19/2010 10/22/2010 10/23/2010 10/24/2010 10/25/2010

19058.67 19051.86 18715.82 17998.39 17559.98 17613.99 18492.84 18512.91 18770.89 TOTAL Mean

3.47 -0.04 -1.76 -3.83 -2.44 0.31 4.99 0.11 1.39 10.92 0.61

2.87 -0.64 -2.37 -4.44 -3.04 -0.30 4.38 -0.50 0.79 Variance

8.22 0.41 5.62 19.71 9.26 0.09 19.21 0.25 0.62 103.27 5.74

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 2.40

DESCRIPTIVE STATICTICS Oct-08 Mean Median Standard Deviation Range Minimum 53 0.61 0.21 2.40 8.82 -3.83

Maximum

4.99

GRAPHICAL REPRESENTATION

Returns

Graphical representation of returns of BSE for the month of Oct-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value.

Sno 1 2 3 4 5 6

Date 11/1/2010 11/2/2010 11/5/2010 11/6/2010 11/7/2010 11/8/2010

Close 19724.35 19976.23 19590.78 19400.67 19289.83 19058.93

Returns 5.08 1.28 -1.93 -0.97 -0.57 -1.20 54

X-Mean 4.92 1.11 -2.09 -1.13 -0.73 -1.36

(X-Mean)2 24.18 1.24 4.38 1.28 0.54 1.85

7 8 9 10 11 12 13 14 15 16 17 18

11/9/2010 11/12/2010 11/13/2010 11/14/2010 11/15/2010 11/16/2010 11/19/2010 11/20/2010 11/21/2010 11/22/2010 11/23/2010 11/26/2010

18907.6 18737.27 19035.48 19929.06 19784.89 19698.36 19633.36 19280.8 18602.62 18526.32 18852.87 19247.54 TOTAL Mean

-0.79 -0.90 1.59 4.69 -0.72 -0.44 -0.33 -1.80 -3.52 -0.41 1.76 2.09 2.91 0.16

-0.96 -1.06 1.43 4.53 -0.89 -0.60 -0.49 -1.96 -3.68 -0.57 1.60 1.93 Variance

0.91 1.13 2.04 20.54 0.78 0.36 0.24 3.83 13.54 0.33 2.56 3.73 83.46 4.64

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 2.15

DESCRIPTIVE STATICTICS Nov-08 Mean Median Standard Deviation Range Minimum Maximum GRAPHICAL REPRESENTATION 55 0.16 -0.50 2.15 8.60 -3.52 5.08

Returns

Graphical representation of returns of BSE for the month of Nov-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value.

Sno 1 2 3 4 5 6 7 8 9 10 11

Date 12/3/2010 12/4/2010 12/5/2010 12/6/2010 12/7/2010 12/10/2010 12/11/2010 12/12/2010 12/13/2010 12/14/2010 12/17/2010

Close 19603.41 19529.5 19738.07 19795.87 19966 19930.68 20290.89 20375.87 20104.39 20030.83 19261.35

Returns 1.85 -0.38 1.07 0.29 0.86 -0.18 1.81 0.42 -1.33 -0.37 -3.84 56

X-Mean 1.57 -0.66 0.79 0.01 0.58 -0.46 1.53 0.14 -1.61 -0.65 -4.12

(X-Mean)2 2.45 0.43 0.62 0.00 0.33 0.21 2.33 0.02 2.61 0.42 17.00

12 13 14 15 16 17 18

12/18/2010 12/19/2010 12/20/2010 12/24/2010 12/26/2010 12/27/2010 12/28/2010

19079.64 19091.96 19162.57 19854.12 20192.52 20216.72 20206.95 TOTAL Mean

-0.94 0.06 0.37 3.61 1.70 0.12 -0.05 5.07 0.28

-1.23 -0.22 0.09 3.33 1.42 -0.16 -0.33 Variance

1.50 0.05 0.01 11.07 2.02 0.03 0.11 41.21 2.29

MEAN = RI n Variance: mean of (X- mean) 2 Standard deviation: variance SD = 1.51

DESCRIPTIVE STATICTICS Dec-08 Mean Median Standard Deviation Range Minimum Maximum 0.28 0.21 1.51 7.45 -3.84 3.61

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GRAPHICAL REPRESENTATION

Returns

Graphical representation of returns of BSE for the minth of Dec-2010

Returns

Dates

The above graph represents the daily returns, it shows the volatility in returns, and thus it reveals that there is increase and decrease in net asset value.

Standard deviations of growth, dividend& BSE from the month of July - December
Month July August September October Growth funds 0.53 1.76 1.01 1.84 Dividend funds 0.71 2.24 3.2 3.19 58 BSE 0.65 2.2 1.32 2.4

November December

1.35 1.28

2.69 2.62

2.15 1.51

Graphical Representation
Graphical representation of standard deviations of Growth,Dividend & BSE
Standard dieviations 8 6 4 2 0
be r Ju ly au gu st O ct ob er Se pt em No ve m De ce m be r be r

BSE Dividend funds Growth funds

Months

INTERPRETATION: The above graph represents the risk factor of growth fund is greater than the dividend fund and BSE in each and every month..

CHAPTER IV
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FINDINGS

SUGGESTIONS

FINDINGS :
1. The average returns and standard deviation of growth fund and dividend fund in the month of July are (0.24, 0.53), (0.84, 0.71) respectively. It shows that the risk and returns of the dividend fund are more than growth fund. 2. The average returns and standard deviation of growth fund and dividend fund in the month of august are (-0.29, 1.76), (-1.23, 2.24) respectively. it shows that the risk is more and no returns for both the funds.

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3.The average returns and standard deviation of growth fund and dividend fund in the month of September are (0.54,1.01), (1.01,3.20) respectively. it shows that the risk is less for the growth fund compare to dividend fund. 4.The average returns and standard deviation of growth fund and dividend fund in the month of October are (0.47, 1.84), (1.20, 3.29) respectively. it shows that the risk is less for the growth fund compare to dividend fund. 5. The average returns and standard deviation of growth fund and dividend fund in the month of November are (0.15, 1.35), (0.59, 2.69) respectively. It shows that the risk is less for the growth fund compare to dividend fund. But the returns are very low. 6. The average returns and standard deviation of growth fund and dividend fund in the risk returns of the growth fund are less than the dividend fund. 7. The correlation of the Growth fund and BSE is 0.69. 8.The correlation of the Dividend fund and BSE is 0.63 SUGGETIONS: 1. It is better to choose the growth fund since the dividend fund is having more risk and returns in all the months .but the the growth fund is having normal returns with less risk. 2. When the market value of ICICI is in increasing stage it is better to choose the growth fund. 3. The correlation of the growth fund and BSE is 0.69, which is more than the correlation of dividend fund and BSE (0.63). So it says that the growth fund is highlcorrelatedwithBSEthandividendfund.

CHAPTER V
CONCLUSION If we analyze Growth and Dividend funds the Return on Growth funds are very high when we compare with Dividend funds for a long term period. The return on Dividend funds is not more than 14% on an Average. As we know the concept of Inflation 61

which is increasing 8- 10% every year. And if we are getting maximum return on Dividend fund i.e. (14% return - 10% inflation) = 5% return. Whereas in growth Funds there are many fluctuations even then the returns are high if we are keeping our investments for a longer period. There are two types of Investors 1. Risk Takers 2. Risk Averse. Risk Takers: Is a person who would like to take the risk? The liquidity is high but we cannot take the investment whenever we require but we can take back or redeem our investments when the NAV is high. Because these are totally depend on market risks. They are not bothered about the principle amount. Only they look for higher returns. For the risk takers the Equity schemes are very good for investment, because they can keep the investments for a longer period and get good returns. Risk Averse: Is a person who doesnt like to take the risk? They are bothered about the principle amount. They don't want high returns. They are content with low returns. They look for high liquidity and whenever they want they can take back their investments but the returns are very low. BIBILIOGRAPHY BOOKS 1. Donald.e.fisher and ronald. J. Jordan , the security analysis and portfolio management,edn, publishe, yer 2. Fundamentals of stasticts - S.c Gupta

3. WEBSITES 1. Www.bseindia.com 2. Www.yahoofinance.com 3. Www.amfiindia.com

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4. Www.msgfindia.com

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