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Equity and Portfolio Management

Equity and Portfolio Management

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A PROJECT REPORT

ON
EQUITIES AND PORTFOLIO MANAGEMENT
Submitted in the partial fulfillment for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
BY
A.INDU
ROLL NO: 0640-60-121
Under !e "#$d%n&e '(
Mr.M%!ender
B)A*AN+S *I*E,ANANDA COLLEGE
S%$n$-.#r$/ Se&#nder%0%d
1AFFILAITED TO OSMANIA UNI*ERSIT23
2006-2004
1
DECLARATION
I hereby declare that this ro!ect Report titled "#$I%I"S &N'
OR%(OLIO )&N&*")"N% submitted by me to the 'epartment of Business
)anagement+ O,$,+ -yderabad+ is a bonafide wor. underta.en by me and it
is not submitted to any other $ni/ersity or Institution for the award of any
degree diploma 0 certificate or published any time before,
Name of the Student Signature of the Student
IN'$
1
&23NO4L"'*)"N%
It plunge me in e5hilaration in ta.ing pri/ilege in e5pressing our heart felt
gratitude to all those who helped+ encouraged and foreseeing successful completion of
my pro!ect, "cstasy to wor. under gregarious guidance of )r, ),S,)&-"N'R&+ to
whom e5tremely in debited for her /aluable and timely suggestions,
I con/ey my sincere than.s to Pr'(.ANAND REDD2 BAVANS VIVEKANANDA
College, SAINIKPURI and all those who directly or indirectly contributed their
assistance in finishing out this pro!ect,
6
I INTRODUCTION
1
N""' 7 S2O" 1
OB8"2%I9"S 1
)"%-O'OL*Y 6
LI)I%&%IONS :
SO$R2" :
%OOLS &N' %"2-NI#$"S :
II
LITERATURE RE*IE5
;
IN%RO'$2%ION %O IN9"S%)"N% <
"#$I%Y S-&R"S =
OR%(OLIO 1>
RIS3 11
-&S"S O( OR%(OLIO )&N&*")"N% 11
III COMPAN2 PROFILE
1:
I9 ANAL2SIS AND INFERENCE
1?
)O'"LS 1=
B"%& 11
I2I2I B&N3 1@
&N&LYSIS (RO) 1>>6A1>>< 1<A61
2&L2$L&%ION O( B"%& 6:
SBI B&N3 6@
&N&LYSIS (RO) 1>>6A1>>< 6;A:>
2&L2$L&%ION O( B"%& :6
B"%& 2O)&RISION ::
9 CONCLUSIONS 6 SUGGESTIONS
:;
BIBLIOGRAP)2
:<
:
@
NEED FOR T)E STUD27
• %he purpose of the study is to .now the fluctuations in the share price of
sample companies,
• %he purpose of the study is to help the un.nown in/estors for in/esting in
securities,
• %o update the portfolio re/iewed and ad!usted from time to time in tune with
mar.et condition,
• %o analyse the ris. and return on securities,
• %o test portfolio strategies before ta.ing decisions,
OBJECTI*ES OF T)E STUD2
%he ob!ecti/es of "Buities and in/estment 0portfolio management can be categorised as
follows:
• %o obser/e the rate of fluctuations of selected companies,
• %he amount of ris. in/ol/ed in the securities of the sample companies,
• %o ma.e comparati/e study of ris. and return of the sample companies,
SCOPE OF T)E STUD2
%he study co/ers all the information related to the "Buity fund and the ortfolio
management it also co/ers the in/estor ris. in the in/estment in /arious securities,
• Identification of the in/estorCs ob!ecti/es+ constraints and preferences,
• Strategies are to be de/eloped and implemented in tune with in/estment policy
formulated,
• %o reduce the future ris. in ad/ance,
• %o earn ma5imum profit in the securities,
• Re/iew and monitoring of the performance of the portfolio,
• (inally the e/aluation of the portfolio,
;
MET)ODOLOG2 OF T)E STUD2
Primary Data:
%he data pro/ided by the firm was been analyDes by using )ar.owitD model
determines an efficient asset of portfolio return i,e,+
1, Return
1, Standard de/iation
6, 2oefficient of correlation
Secondary Data:
%he data that is used in this pro!ect is of secondary nature, %he data is to
be collected from secondary sources such as /arious websites+ !ournals+ newspapers+
boo.s+ etc,+ the analysis used in this pro!ect has been done using selecti/e technical tools,
In "Buity mar.et+ ris. is analyDed and trading decisions are ta.en on basis of technical
analysis,It is collecting share prices of selected companies for a period of fi/e years,
PERIOD OF T)E STUD27
%he study of "Buity /alue and portfolio management for a period of fi/e years
E1>>6A1>><F,
<
LIMITATIONS7
• %he companies are selected on the basis of the performance
• "5pand or contract the siDe of the portfolio reflect the changes in in/estor ris.
disposition,
SOURCE 7
N2"+ %he standards set by NS" in terms of mar.et practices and technologies ha/e
become industry benchmar.s and are being emulated by other mar.et participants, NS"
is more than a mere mar.et facilitator, ItGs that force which is guiding the industry
towards new horiDons and greater opportunities,
TOOLS 6 TEC)NIQUES7
%he following statistical techniBues were used for measuring the performance of the
companyCs funds,
1, R%e '( Re#rn 1ROR3
N1AN1
ROR H
N1
4here+ N1 is 2lose period at period1
N1 is 2lose period at period
1, S%nd%rd De8$%$'n 1SD3
I JRA&9*ERFK
S' H
N
4here+ R is rate of return
N is total number of months
6, Be%
n I5y L I5 M Iy
Beta H
n I5
1
L EI5F
1
?
:, A9.!%
&lpha H &/g EyF L EbetaM&/g E5FF
@, C'e(($&$en '( C'rre9%$'n
n I5y L I5 M Iy
2oefficient of 2orrelation H
JEn Iy
1
L EIyF
1
F En I5
1
L EI5F
1
FK
N
;, C'e(($&$en '( C'rre9%$'n
2oefficient of determination H E2oefficient of 2orrelationF
1
=
1>
INTRODUCTION TO IN*ESTMENT
In/estment may be defined as an acti/ity that commits funds in any financial
form in the present with an e5pectation of recei/ing additional return in the
future, %he e5pectations bring with it a probability that the Buantum of
return may /ary from a minimum to a ma5imum, %his possibility of
/ariation in the actual return is .nown as in/estment ris., %hus e/ery
in/estment in/ol/es a return and ris.,
In/estment is an acti/ity that is underta.en by those who ha/e
sa/ings, Sa/ings can be defined as the e5cess of income o/er e5penditure,
&n in/estor earns0e5pects to earn additional monetary /alue from the mode
of in/estment that could be in the form of financial assets,
%he three important characteristics of any financial asset are:
• ReturnAthe potential return possible from an asset,
• Ris.Athe /ariability in returns of the asset form the chances of its
/alue going down0up,
• LiBuidityAthe ease with which an asset can be con/erted into cash,
In/estors tend to loo. at these three characteristics while deciding on
their indi/idual preference pattern of in/estments, "ach financial asset will
ha/e a certain le/el of each of these characteristics,
11
In8e:;en %8en#e:
%here are a large number of in/estment a/enues for sa/ers in India,
Some of them are mar.etable and liBuid+ while others are nonAmar.etable,
Some of them are highly ris.y while some others are almost ris. less,
In/estment a/enues can be broadly categoriDed under the following heads:
2orporate securities
• "Buity shares,
• reference shares,
• 'ebentures0Bonds,
• 'eri/ati/es,
• Others,
C'r.'r%e Se&#r$$e:
8oint stoc. companies in the pri/ate sector issue corporate securities, %hese
include eBuity shares+ preference shares+ and debentures, "Buity shares ha/e
/ariable di/idend and hence belong to the high ris.Ahigh return categoryO
preference shares and debentures ha/e fi5ed returns with lower ris.,
%he classification of corporate securities that can be chosen as in/estment
a/enues can be depicted as shown below:
11
"Buity
Shares
reference
shares
Bonds 4arrants 'eri/ati/es
Equity shares
By in/esting in shares+ in/estors basically buy the ownership right to
the company, 4hen the company ma.es profits+ shareholders recei/e their
share of the profits in the form of di/idends, In addition+ when company
performs well and the future e5pectation from the company is /ery high+ the
price of the companyCs shares goes up in the mar.et, %his allows
shareholders to sell shares at a profit+ leading to capital gains,
In/estors can in/est in shares either through primary mar.et offerings
or in the secondary mar.et,
%he primary mar.et has shown abnormal returns to in/estors who
subscribed for the public issue and were allotted shares,
S'&- E<&!%n"e :
In a stoc. e5change a person who wishes to sell his security is called a
seller+ and a person who is willing to buy the particular stoc. is called as the
buyer, %he rate of stoc. depends on the simple law of demand and supply, If
the demand of shares of company 5 is greater than its supply then its price of
its security increases,
In Online "5change the trading is done on a computer networ., %he
sellers and buyers log on to the networ. and propose their bids, %he system
is designed in such ways that at any gi/en instance+ the buyers0sellers are
bidding at the best prices,
16
%he transaction cycle for purchasing and selling shares online is
depicted below:
PORTFOLIO
& portfolio is an appropriate mi5 of or collection of in/estments held by an institution or
a pri/ate indi/idual, It is a collection of securities+ since it is rarely desirable to in/est the
entire funds of an indi/idual or an institution in a single security,
• ortfolio analysis considers the determination of future ris. and return in holding
/arious blends of indi/idual securities,
• ortfolio e5pected return is a weighted a/erage of the e5pected return of
indi/idual securities but portfolio /ariance+ in short contrast+ can be something
less than a weighted a/erage of security /ariances,
1:
C9$en
Me;0er=
Br'-$n"
($r;. S'&- E<&!%n"e
1BSE = NSE3
Me;0er=
Br'-$n"
($r;.
C9$en
Tr%n:%&
$'n C>&9e
• &s a result an in/estor can sometimes reduce portfolio ris. by adding security
with greater indi/idual ris. than any other security in the portfolio, %his is
because ris. depends greatly on the coA/ariance among return of indi/idual
securities,
• Since portfolios e5pected return is a weighted a/erage of the e5pected return of its
securities+ the contribution of each security to the portfolioCs e5pected returns
depends on its e5pected returns and its proportionate share of the initial portfolioCs
mar.et /alue,
RIS,
Ris. is a concept that denotes a potential negati/e impact to an asset or some
characteristic of /alue that may arise from some present process or future e/ent, In
e/eryday usage+ risk is often used synonymously with the probability of a .nown loss,
Ris. is uncertainty of the income 0 capital appreciation or loss of the both,
%he total ris. of an indi/idual security comprises two components+ the mar.et related ris.
called systematic risk also .nown as undi/ersifiable ris. and the uniBue ris. of that
particular security called nsystematic risk or di/ersifiable ris.,
Types of risk
Systematic ris. Emar.etF $nsystematic ris. Ecompany ris.F
E!am"les:
• Interest rate ris.
• )ar.et ris.
• Inflation ris.
• 'emand
• *o/ernment policy
• International factors
E!am"les:
• Labor troubles
• LiBuidity problems
• Raw materials ris.s
• (inancial ris.s
• )anagement problems
1@
PHASES OF PORTFOLIO MANAGEMENT
Five phases can be identified in this process:
1. Security analysis
2. Portfolio analysis
3. Portfolio selection
4. Portfolio revision
5. Portfolio evaluation
SECURITY ANALYSIS
An exaination and evaluation of the various factors affectin! the value of a
security. Security Analysis stands for the proposition that a "ell#disciplined
investor can deterine a rou!h value for a copany fro all of its financial
stateents$ a%e purchases "hen the ar%et inevitably under#prices soe of
the$ earn a satisfactory return$ and never be in real dan!er of peranent loss.
PORTFOLIO ANALYSIS
Analysis phase of portfolio ana!eent consists of identifyin! the ran!e of
possible portfolios that can be constituted fro a !iven set of securities and
calculatin! their return and ris% for further analysis.
PORTFOLIO SELECTION
&he proper !oal of portfolio construction is to !enerate a portfolio that provides
the hi!hest returns at a !iven level of ris%. A portfolio havin! this characteristic is
%no"n as an efficient portfolio. &he inputs fro portfolio analysis can be used to
identify the set of efficient portfolios. Fro this set of efficient portfolios$ the
1;
optial portfolio has to be selected for investent. 'arry (ar%o"it) portfolio
theory provides both the conceptual frae"or% and analytical tools for
deterinin! the optial portfolio in a disciplined and ob*ective "ay.
PORTFOLIO REVISION
'avin! constructed the optial portfolio$ the investor has to constantly onitor
the portfolio to ensure that it continues to be optial. Portfolio revision is as
iportant as portfolio analysis and selection.
PORTFOLIO EVALUATION
+t is the process$ "hich is concerned "ith assessin! the perforance of the
portfolio over a selected period of tie in ters of returns and ris%. &his involves
,uantitative easureent of actual return reali)ed and the ris% born by the
portfolio over the period of investent. +t provides a feedbac% echanis for
iprovin! the entire portfolio ana!eent process.
1<
1?
ICICI Se&#r$$e: L$;$ed
I2I2I Securities Ltd is a premier Indian In/estment Ban.+ with a dominant position in its
core segments of its operations A 2orporate (inance including "Buity 2apital )ar.ets
&d/isory Ser/ices+ Institutional "Buities+ Retail and (inancial roduct 'istribution,
I2I2I Securities Limited assists global institutional in/estors to ma.e the right decisions
through insightful research co/erage and a client focused Sales and 'ealing team,
I2I2I Securities has the largest reach to the retail segment through its two pioneering bra
4inning is a habit that is assiduously culti/ated at I2I2I Securities Limited EIASecF, Be it
deals+ mandates or awards+ we manage them all in our Buite and efficient way,
(or us winning awards is a matter of pride and honour, "ach new award is a
manifestation of our hard wor. and commitment to our clients
1=
Since inception+ IASecGs e5pertise has been time and again widely recogniDed by both
domestic and international agencies,
IASec ' has been recogniDed as the PBest 'omestic Bond -ouse in IndiaC by &siamoney
for 1>>1+ 1>>6+ 1>>:+ 1>>@ and 1>><, IASec ' has been awarded the prestigious PBest
Bond -ouseC by (inanceasia,com for the years A 1>>1+ nds L I2I2Idirect,com and
I2I2Idirect1>>:+ 1>>@+ 1>>; and 1>><, %hese awards are a strong testimony of our
capabilities and continuing dominant position in the mar.et, %he eBuities team was
ad!udged the PBest Indian Bro.erage -ouseA1>>6C by &siamoney, %he 2orporate (inance
group also was awarded a runnerAup Best )erchant Ban.er by Outloo. )oney in 1>><,
I2I2I Securities EIASecF topped the rime 'atabase League %ables 1>>< for money raised
through IOs0(Os,
4ith a fullAser/ice portfolio+ a roster of blueAchip clients and performance second to
none+ we ha/e a formidable reputation within the industry, %oday I2I2I Securities is
among the leading (inancial Institutions both on the institutional as well as retail side,
%he 2orporate (inance team regularly ran.s highest among the leading capital mar.ets
league tables and recently topped the rime 'atabase League tables for funds mobiliDed
through eBuity instruments in the first half of 2Y ><,
-eadBuartered in )umbai+ IASec operates out of se/eral locations in India,
I2I2I Securities Inc,+ the stepAdown wholly owned $S subsidiary of the company is a
member of the National &ssociation of Securities 'ealers+ Inc, EN&S'F, &s a result of
this membership+ I2I2I Securities Inc, can engage in permitted acti/ities in the $,S,
securities mar.ets, %hese acti/ities include 'ealing in Securities and 2orporate &d/isory
Ser/ices in the $nited States and pro/iding research and in/estment ad/ice to $S
in/estors,
1>
I2I2I Securities Inc, is also registered with the (inancial Ser/ices &uthority+ $3 E(S&F
and the )onetary &uthority of Singapore E)&SF to carry out 2orporate &d/isory
Ser/ices and 'ealing in Securities,
ICICI Se&#r$$e: ? Ind$%+: Le%d$n" In8e:;en B%n-
& subsidiary of I2I2I Ban. A the largest and most recogniDed pri/ate ban. in India L
I2I2I Securities Ltd is premier Indian In/estment Ban.+ with a dominant position in its
core segments of its operations A 2orporate (inance including "Buity 2apital )ar.ets
&d/isory Ser/ices+ Institutional "Buities+ Retail and (inancial roduct 'istribution 4ith
a fullAser/ice portfolio+ a roster of blueAchip clients and performance second to none+ we
ha/e a formidable reputation within the industry, I
11
I
11
MODELS
Some of the financial models used in the process of 9aluation+ stoc. selection+ and
management of portfolios include:
• )a5imiDing return+ gi/en an acceptable le/el of ris.,
• )odern portfolio theoryQa model proposed by -arry )ar.owitD among others,
• %he singleAinde5 model of portfolio /ariance,
• 2apital asset pricing model,
• &rbitrage pricing theory,
• %he 8ensen Inde5,
• %he %reynor Inde5,
• %he Sharpe 'iagonal Eor Inde5F model,
• 9alue at ris. model,
MAR,O5IT@7 PORTFOLIO SELECTION MODEL
%he basic portfolio model+ de/eloped by -arry )ar.owitD+ deri/ed the e5pected rate of
return for a portfolio of assets and an e5pected ris. measure, )ar.owitD showed that the
/ariance of the rate of return was meaning full measure of ris. under a reasonable set of
assumptions and deri/es the formulas for computing the /ariance of the portfolio, %his
portfolio /ariance formulation indicated the importance of di/ersification for reducing
ris.+ and showed how to properly di/ersify,
PARAMETERS OF MAR,O5IT@7 T)E MEAN *ARIANCE CRITERION
Based on his research+ for building up the efficient set of portfolio+ as laid down by
)ar.owitD+ we need to loo. into these important parameters,
1, "5pected return
1, 9ariability of returns as measured by standard de/iation from the mean,
16
6, 2o/ariance or /ariance of one asset return to other asset returns,
ASSUMPTIONS OF MAR,O55IT@ MODEL:
1, In/estors consider each in/estment alternati/e as being represented by a
probability distribution of e5pected returns o/er some holding period,
1, In/estors ma5imiDe one period e5pected utility and possess utility cur/es that
demonstrate diminishing marginal utility of wealth,
6, Indi/iduals estimate ris. on the basis of the /ariability of e5pected returns,
:, In/estors base decisions solely on e5pected return and ris.O i,e+ their utility cur/es
are a function of e5pected return and /ariance Eor standard de/iationF of returns
only,
@, (or a gi/en ris. le/el+ in/estors prefer higher returns to lower returns, Similarly+
for a gi/en le/el of e5pected return+ in/estors prefer less ris. to more ris.,
EAPECTED RIS, CALCULATION:
PORTFOLIORIS, B SQRT C11AA
2
DSDA
2
3E1A2
2
DSD2
2
3E12DAADA2D1rA2DSDA
2
DSD2
2
333F
#$ERE
A
</
A
>
H proportion of total portfolio in/ested in security R7 Y respecti/ely
:d
<
/ :d
>
H standard de/iation of stoc. R 7 stoc. Y respecti/ely
r
<>
H correlation coefficient of 5 7 y
EAPECTED RETURN OF A PORTFOLIO CALCULATION:
PORTFOLIO RETURN BC1AADRA3E1A2DR23F
#$ERE
1:
AA H proportion of total portfolio in/ested in security R
A2 H proportion of total portfolio in/ested in security Y
RA H e5pected return to security R
R2 H e5pected return to security Y
FORMULAS USED IN MAR,O5IT@ MODEL
Arithmetic return
4here
• V
i
is the initial in/estment /alue and
• V
%
is the final in/estment /alue
%his return has the following characteristics:
• ROI
&rith
H S 1,>> H S 1>>T when the final /alue is twice the initial /alue
• ROI
&rith
U > when the in/estment is profitable
• ROI
&rith
V > when the in/estment is at a loss
• ROI
&rith
H W 1,>> H W 1>>T when in/estment can no longer be reco/ered
STANDARD DE*IATION
σ H SBuare root EE∑mean return Ae5pected returnFX10NF
1@
CO*ARIANCE
2O9 ER+ YFH10N∑JER
R
AR
R
FER
Y
AR
Y
F
BETA7
%he Be% &'e(($&$en+ in terms of finance and in/esting+ is a measure of a stoc. Eor
portfolioFCs /olatility in relation to the rest of the mar.et, Beta is calculated for indi/idual
companies using regression analysis,
%he beta coefficient is a .ey parameter in the capital asset pricing model E2&)F, It
measures the part of the assetGs statistical /ariance that cannot be mitigated by the
di/ersification pro/ided by the portfolio of many ris.y assets+ because it is correlated
with the return of the other assets that are in the portfolio,
(or e5ample+ if e/ery stoc. in the New Yor. Stoc. "5change was uncorrelated with
e/ery other stoc.+ then e/ery stoc. would ha/e a Beta of Dero+ and it would be possible to
create a portfolio that was nearly ris. free+ simply by di/ersifying it sufficiently so that
the /ariations in the indi/idual stoc.sG prices a/eraged out, In reality+ in/estments tend to
be correlated+ more so within an industry+ or when considering a single asset class Esuch
as eBuitiesF, %his correlated ris.+ measured by Beta+ is what actually creates almost all of
the ris. in a di/ersified portfolio,
%he formula for the Beta of an asset within a portfolio is
4here
r
a
measures the rate of return of the asset+
r
"
measures the rate of return of the portfolio of which the asset is a part
1;
&nd 2o/ Er
a
+ r"F is the co/ariance between the rates of return,
In the 2&) formulation+ the portfolio is the mar.et portfolio that contains all ris.y
assets+ and so the r
"
terms in the formula are replaced by r
m
+ the rate of return of the
mar.et,
%he beta mo/ement should be distinguished from the actual returns of the stoc.s, (or
e5ample+ a sector may be performing well and may ha/e good prospects+ but the fact that
its mo/ement does not correlate well with the broader mar.et inde5 may decrease its
beta, Beta is a measure of ris. and not to be confused with the attracti/eness of the
in/estment,
T)E SECURIT2 MAR,ET LINE
%he Security )ar.et Line ES)LF is the graphical representation of the 2apital &sset
ricing )odel, It displays the e5pected rate of return for an o/erall mar.et as a function
of systematic EnonAdi/ersifiableF ris. EbetaF,
%he !Aa5is represents the ris. EbetaF+ and the yAa5is represents the e5pected return, %he
mar.et ris. premium is determined from the slope of the S)L,
%he securities mar.et line can be regarded as representing a singleAfactor model of the
asset price+ where Beta is e5posure to changes in /alue of the )ar.et, %he eBuation of the
S)L is thus:
1<
I)LI2&%IONS (OR IN9"S%ORS (RO) %-" )"&S$R")"N% O( OR%(OLIO
RIS3
If the in/estor conser/ati/e and interested in low /ariability of portfolio returns from the
e5pected return Eactual realiDable return not from e5pectedF+ he should:
1, In/est his funds in securities with low standard de/iations+ and
1, "nsure that the securities chosen for his portfolio ha/e relati/ely low coefficients
of correlation with one another,
%heoretically+ if it is possible+ he should include some securities with negati/e
coefficients of correlation with other securities in the portfolio,
1?
ICICI BAN,
B#:$ne:: Pr'($9e
I2I2I Ban. was promoted in 1==: by I2I2I Ltd,+ an Indian
de/elopment financial instituition, %he two entities subseBuently merged to
become the largest comercial ban. in the pri/ate sector,
& new generation ban.+ I2I2I Ban. started with all the latest
technologies to hit the Indian ban.ing industry in the second half of the
ninties, &ll its branches are fully computerised with the stateAofAtheAart
technology and systems+ networ.ed through 9S&% technology, %he ban. is
connected to the S4I(% International networ.,
In 1>>@+ it e5panded its networ. to @;1 branches and 1+=1> &%)s, It
continued to e5pand its electronic channels+ namely internet ban.ing+ mobile
ban.ing+ call centres and &%)s+ and migrate customer transaction /olumes
to these channels, O/er <>T of customer induced transactions ta.e place
through these electronic channels,
It has acBuired a small Russian ban.ing entity+ In/estitsionnoA
3reditny Ban. EI3BF+ which will help boost its corporate business and
deposit franchise o/erseas, %he ban. has also built se/eral strategic alliances
with ban.s li.e 4ells (argo in $S&+ Lloyds %SB in $3 and 'BS in
Singapore,
I2I2I has entered into strategic alliance with rudential plc, of $3 for
its mutual find buisness, %he duo ha/e been fairly aggressi/e through their
companies+ rudential I2I2I &sset )anagement 2ompany Limited and
rudential I2I2I %rust Limited,
1=
%he ban. is also .een to offer its ser/ices to the Indian agricultural
sector, O/er 1+>>> Internet .ios.s and <> agriAdes.s ha/e been established in
locations with large agricultural mar.ets,
Re&en De8e9'.;en:
I2I2I Ban. launched Y)utual (und Sweep &ccountY A an automatic
sweeping facility which allows current account holders to par. their shortA
term surpluses into liBuid mutual funds and earn higher returns, Initially+
I2I2I Ban. current account customers will ha/e the facility to in/est their
account surpluses in the liBuid fund schemes of rudential I2I2I &sset
)anagement 2ompany and *I2 )utual (und,
%he ban. is in the process of the re/erse merger of I2I2I with I2I2I
Ban., %he merger of two whollyAowned subsidiaries of I2I2I+ I2I2I
ersonal (inancial Ser/ices Limited and I2I2I 2apital Ser/ices Limited+
with I2I2I Ban. is also underway,
I2R& has assigned an &1S rating+ indicating highest safety in the
shortAterm+ to the Rs @>> crore certificates of deposit E2'F programme of
I2I2I Ban. Ltd EIBLF, %he rating agency said in its report that the rating
ta.es into consideration IBLYs strategic importance to its parent I2I2I+ IBLYs
comfortable profitability and capital adeBuacy+ good control on asset Buality,
6>
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98 Feb 2-5 303 2/0 2-. 2-5.3 21---2. 1450.50053/
98 (ar 2.3.. 2/3.05 2.1.1 2/1.35 2/1.. 1441/21 400-.0555.1
98 Apr 2-/.. 302.-5 2-1.5 301.55 300.-5 12/.142 3/54..40134
98 (ay 314.5 31-.3 310.5 315 314./ 242.301 .134.3/-0.2
98 3un 22- 23-.5 22- 23/./ 231..5 145001 1525.12//14
98 3ul 245.1 24/./ 242.1 24..-5 24../ 1.0/151 420-.053305
98 Au! 21. 2.. 21. 2.5.15 2.5.- 115/1.1 3111.130/.2
98 Sep 2.3 2.3 21/.1 2.0.5 2.0.- 3/2-50 103..411155
98 4ct 2/- 2-4 2/..5 2-0.1 2/-.3 ..0131 2231././42-
98 5ov 2--.1 300./ 2-5.1 2-1.25 2-1.3 331132 --/.5-54-1
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98 3an 3.1.35 3.5 3.5 3.0.15 3.3.5 3.1.35 41225/ 153..4-3.31
98 Feb 310.- 313 31/ 35/.15 310.5 311./ 504522 1/21.4--/43
98 (ar 3/0.- 3/1.5 3/2 31-.05 3.3.- 3.2.25 3//.4/ 1452.2311/5
98 Apr 3-2./ 3-3 40..45 3-3 40. 401.05 -22-/. 3.05.51233
98 (ay 35-.-5 31/ 3.3.-5 35..55 310.45 310.35 .1135- 25-..-/1122
98 3un 3-2.05 3-3.-5 401 3-3 401 3--.4 2./0.0 1105./1---2
98 3ul 425..5 42. 42-.25 41-.2 41-.55 421.25 4315.1 1/32.331435
98 Au! 534.45 532.5 54-.- 525 535./ 53/.4 145-511 ..-4.02210-
98 Sep 4/1./ 4/2.25 4-5.25 4/1.2 4/4 4/3./5 52102. 2542.511--4
98 4ct 101.. 104.4 114 5/..15 5/- 5-3.4 511-54 3421.112-11
98 5ov 4-/.1 501 510 4-3.. 4-1 4-/.15 122530 114.5/5.4.5
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98 3an 5/5.05 5/... 10-.- 5/... 5-3.-5 5-. 10240/-/ 113-5.2.
98 Feb 10-.25 11-.- 11-.- 5//.1 5-2 5-0.2 /.14./ 520/.205
98 (ar 115.25 100 120 510 114.4 111.55 111013/ .115.23-
98 Apr 5/-.05 5-- 111.-5 5-2 103.- 104 /0-../ 4//-.214
98 (ay 5-1..5 100.1 125./5 100.1 11/.. 121.-5 1121-11 --/1.1.4
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98 Sep 5-..45 5-4.- 111.- 5//.5 10-.5 10-.1 1.115/1 103-/.-/
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98 3an /-1.5 /-2 -01.5 /// /-5.25 /-..45 345131 310-./111
98 Feb -41.1 -51 -5. -42.35 -52.- -52.55 /1154. ..10.424.
98 (ar /2-.5 /40 /5/.5 /24 /5. /55.35 10/1/1. -101.0205
98 Apr /53.35 /20.1 /2-.. /00.05 /05.3 /03.-5 1/2--3- 14/10.4-3
98 (ay /15./5 /-/ /-/ /14.15 /11 /1-.- 2223103 1-3.1.31.
98 3un -1-.15 -25 -3/./ -22.1 -2..15 -30.45 1233/13 114/-.425
98 3ul -55.45 -/1.5 -/1.5 -45 -52 -50.2 144010 111-.1214
98 Au! -2..45 -20 -20 //5.1 /-0 /-1 411-..4 41/0/.2.5
98 Sep ///.4 /-0.1 -11 /-0.1 -10 -0..- 2-2-141 21451.3-1
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98 5ov 1254.05 12.0 131/ 1240 12-/ 12-/.3 50.1//1 1544-.3./
98 2ec 11./.4 11/0 11// 1151.25 1113 1112 353/453 41222.-45
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98 3an 11/..40 11-0 1131 114. 114. 111-.01 5525/05 14100.01
98 Feb 1105./5 1100 1045.45 10...15 10//.50 10.-.42 3115-04 3-5.0.53
98 (ar /35.50 /4/./5 .15 .1- .1-.40 ./5.02 504/21. 3-12-.35
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98 3ul 131.1 13/ 121.15 133 13..3 132.02 533302. 33.05.111
98 Au! 132.55 144.5 142.15 1.0.15 1.1.- 1.1.55 /1333.- 5.-...132
98 Sep 4-3.3 4/5.- 410.05 540 535.55 51..-5 21452/1/ 111113.//3
98 4ct 345.35 3.0.55 313 3--.5 3-/..5 3/4./- 14134-/2 54403.101
98 5ov 350./5 340 311.35 354 351.15 34/.13 1232-153 42-23.30
98 2ec 45/.1 4.2./ 444 44..1 44/.1 452.42 ..-4.40 35214...4
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Year( M'nth
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ROR
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4ct 204.5 1..0.0/ 0.03/4 0.1213 0.0015 0.014. 0.00415 0.0212 0.1401 4.59#04 2.09#02
5ov 24. 1/3..-/ 0.1143 0.1.21 0.02.0 0.02-1 0.02/2. 0.14.1 0.1-14 0.02114 0.03114
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4ct 2/1.25 201-.3- 0.0-15 0.05.5 0.00-3 0.0033 0.00554 0.0.-3 0.0.1/ 0.0012- 0.005-0
5ov 2--.05 221/.-- 0.0111 0.042/ 0.0044 0.001/ 0.002/3 0.04/- 0.0122 0.0023- 0.003/1
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Apr 3-2./ 2214.-1 0.0-// 0.0303 0.00-/ 0.000- 0.002-- 0.0/11 0.04-1 0.00111 0.00241
(ay 35-.-5 2433..3 0.01/3
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3un 3-2.05 25--.-3 0.042/ 0.0/1- 0.001/ 0.001. 0.00351 0.0251 0.1012 0.00011 0.01025
3uly 425..5 2.11.24 0.0335 0.0.-2 0.0011 0.0013 0.00215 0.0113 0.0-/5 2..9#04 0.00-.0
Au! 534.45 2/01.-- 0.0-43 0.2034 0.00/- 0.0414 0.01-1. 0.0..1 0.222. 0.005-5 0.04-11
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3un 53..5 3.21..1 0.0014
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4ct 1--.1 44.1.5 0.0514 0.1410 0.0032 0.0213 0.00/24 0.03-3 0.1154 0.00154 0.02.34
5ov ....15 4.2-.13 0.0012 0.0--/ 3./9#05 0.0100 0.00012 #0.0110 0.11-1 0.00012 0.0141-
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(ay /15./5 51/5.-5 0.00.3 0.0144 0.0001 0.0002 0.00011 #0.00-- 0.033/ 0.00010 0.00114
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3uly -55.45 54/3.25
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Au! -2..45 5411.2- 0.1212
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1 0.10-0 #0.010/ 0.011/- 0.00012
Sep ///.4 10-4.11 0.1.54
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1 0.15/3 #0.0241 0.02505 0.00011
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5ov 1254.05 1--..1 0.0113 0.152/ 0.0044 0.0234 0.01013 0.04-1 0.1.22 0.00241 0.02-14
2ec 11./.4 .411.4/
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2-/54.3 1.02-/ 1./15- 1.33/5 3.2-.5 1.01213/4 1./3524- 1.320/0 3.31/14
SUM !3)$#42 54"!3) 54"!3) 54!$3 5422)$ 24!3&$" "4)!$2% 54"5!% 54&)$% 542!")" 245))#3
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6=
STATE BAN, OF INDIA
%he Ban. is acti/ely in/ol/ed since 1=<6 in nonAprofit acti/ity called 2ommunity
Ser/ices Ban.ing, &ll our branches and administrati/e offices throughout the country
sponsor and participate in large number of welfare acti/ities and social causes, Our
business is more than ban.ing because we touch the li/es of people anywhere in many
ways,
%here commitment to nationAbuilding is complete 7 comprehensi/e,
:>
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Series 2ate
Prev
6lose
4pen
Price
'i!h
Price
7o"
Price
7ast
Price
6lose
Price
&otal &raded
8uantity
&urnover in
7acs
98 3A5 53..55 540.5 51/.45 540.1 511.-5 514.15 5-41130 330.5.//-3/
98 F9: 5-/.05 5--.- 5--.- 55..2 5.1 51..3 .3/105- 42312.1/4-/
98 (A; 5/4.5 5/1.55 102.5 5/1.1 102 100.25 4005101 231.1.23/11
98 AP; 105./5 10..5 121.35 101 111.. 11/.3 424215. 210/1.501/4
98 (A< 142.25 135 135./ 105.45 11/.5 11-.05 4/2/115 2-/51./2-1
98 3=5 415.15 4.0 4/2 411.55 41/.4 41-.3 500/010 23/11.401/.
98 3=7 430.1 434./ 444.35 434 441.- 442.- 12/2111 2.100..40-/
98 A=> 442.1 443.1 444.- 431.4 443.1 442.3 214.03. 1115/.11253
98 S9P 442./5 44..5 452 443.15 450.- 450.. 311323/ 1120-.3-5.5
98 46& 41/.1 41..5 4/1.2 412.. 4./ 4././5 1-11-13 -021./3/501
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9ear( M'nth
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NIFTY
ROR
,+- PRICE ROR,Y- +.+ Y.Y +.Y
R/+
Av0,+-
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Feb 11./..2
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/ 2-0.15 0.0014 0.0013. 0.00000 #0.00011 #0.0-.0 #0.0235 0.00-40 0.00055
(ar 10/4.14
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Apr 103/ 0.0/12 2.3.5 0.02-4 0.00110 0.000/. 0.0023- 0.0141 0.0041 0.00410 0.00002
(ay 1122.32 0.1331 2/1.55 0.22.0 0.01./4 0.05151 0.03031 0.1114 0.2021 0.01355 0.040/5
3un 12.2.21 0.0511 345.45 0.10.3 0.00211 0.01150 0.00553 0.0344 0.0/24 0.0011- 0.001.-
3uly 133../1 0.14-. 3/2.5 0.0-41 0.02240 0.00//1 0.0140- 0.1325 0.01-3 0.01.55 0.004/0
Au! 153/.0/ 0.041- 41/.5 0.041/ 0.00220 0.0021- 0.00220 0.02-. 0.0220 0.000// 0.0004/
Sep 1110.21 0.0--3 43/.1 0.01/0 0.00-/1 0.00033 0.001.- 0.0/21 #0.001/ 0.001.4 0.00005
4ct 1..0.0/ 0.03/4 441 0.01.0 0.0014. 0.0044- 0.0025. 0.0212 0.0422 0.00045 0.001./
5ov 1/3..-/ 0.1143 4.5.- #0.0111 0.021-- 0.00013
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2ec 213-.-3
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!""# 3an 2012.42
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Feb 2052.4
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1 #0.032/ 0.0332 0.0010/ 0.00110
(ar 2020.25 0.013/ 100.25 0.0301 0.0001- 0.000-0 0.00042 #0.0033 0.0052 0.00001 0.00003
Apr 204/.22
#0.1.0
- 11/.3 0.0012 0.02-21 0.00000
#0.0002
1 #0.1//1 #0.0231 0.0353. 0.00051
(ay 11-/.11 0.01.5 11-.05 #0.241- 0.00031 0.05/52
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4 0.0004 #0.211/ 0.00000 0.0.111
3un 1.2..-3 0.0/.2 41-.3 #0.0513 0.00.11 0.00311
#0.004-
1 0.0.00 #0.0/11 0.004-1 0.0015/
3uly 1/./.12 0.001/ 442.- #0.0014 3.49#01 0.00000 #2.59#01 #0.0153 #0.0212 2.39#04 0.0001-
Au! 1//2.0- 0.0.31 442.3 0.01-0 0.00542 0.00031 0.00140 0.0514 #0.005- 0.0031- 0.00003
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Sep 2020.12 0.0241 450.. 0.0125 0.0005/ 0.003-0 0.00151 0.00.0 0.03.1 0.00005 0.00141
4ct 201-.3- 0.0-15 4././5 #0.0213 0.00-30 0.00045
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5ov 221/.-- 0.0111 41/.15 0.1544 0.00431 0.023/3 0.01020 0.04/- 0.12-5 0.0023- 0.011./
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(ar 231-.1- #0.0153 1-5.1
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(ay 2433..3 0.01/3 5/-.35 0.1202 0.00411 0.01445 0.00/21 0.0511 0.0-54 0.00211 0.00-0-
3un 25--.-3 0.042/ 110.2 0.01-/ 0.001/3 0.004/. 0.002-- 0.0251 0.044- 0.00011 0.00202
3uly 2.11.24 0.0335 .01.25 0.11/5 0.00112 0.01405 0.003-. 0.0113 0.0-3. 0.0002. 0.00/..
Au! 2/01.-- 0.0-43 ./-.-5 0.0122 0.00//- 0.00015 0.00115 0.0..1 #0.0121 0.005-5 0.00011
Sep 3011.15 #0.0//1 .--.1 0.1/23 0.00... 0.03323 #0.0110. #0.1053 0.15.4 0.0110- 0.024./
4ct 2.-5./- 0.11/. -45.35
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5ov 312../ 0.0.21 /3/./5 0.0/// 0.00520 0.00./- 0.00140 0.0550 0.0140 0.00302 0.0040-
2ec 3353.3. 0.05/1 -13.35
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3 0.00344 0.0000- #0.00054 0.0414 #0.0341 0.001.2 0.00111
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#0.03-
4 0.00014 0.00155 #0.000-- 0.00/1 #0.0142 0.00001 0.00413
Feb 313-.43 0.10.0 /1-.25 0.013. 0.01145 0.0001- 0.0014. 0.0/-/ #0.0111 0.00/0. 0.00012
(ar 402/./2 0.045- //1.2 0.115- 0.00211 0.01344 0.00532 0.02// 0.0-11 0.000/3 0.00/2-
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3un 3.21..1 0.0014 /1/..5
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3uly 3.45.41 0.0/.1 .42.1 0.0-31 0.00.1. 0.00/1. 0.00/11 0.0.04 0.01/3 0.004-1 0.00411
Au! 40.3.55 0.052- /11..5 0.14.2 0.002/0 0.0211. 0.00../ 0.035. 0.1224 0.0012/ 0.014-.
Sep 42//.-. 0.043. -31.25 0.10-1 0.001-1 0.01202 0.004.- 0.0211 0.0/4/ 0.000.1 0.00.1-
4ct 44.1.5 0.0514 1033.35 0.0..- 0.0031/ 0.00101 0.0043- 0.03-3 0.0530 0.00154 0.002/1
5ov 4.2-.13 0.0012 1113./ 0.2234 3./9#05 5.09#02 1.49#03 #0.0110 0.1-/1 1.29#04 3.-9#02
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Feb 4504..3 0.0225 1203
#0.122
5 0.00050 0.01500 #0.002.5 0.0053 #0.14.3 0.00003 0.021.1
(ar 4105./- 0.0.13 1055.15
#0.11/
1 0.0050- 0.01405 #0.00/41 0.0542 #0.1434 0.002-3 0.02051
Apr 4-34.41 0.0510 -30.5 0.4/1- 0.00210 0.23222 0.02451 0.033/ 0.45.0 0.00114 0.20///
(ay 51/5.-5 0.00.3 13./.- 0.1101 5.39#05 1.29#02 /.09#04 #0.00-- 0.0/53 -..9#05 ..39#03
3un 5223./2 0.04-. 1530..5 0.0113 0.0024. 0.00013 0.00051 0.0325 #0.0131 0.00101 0.0001/
3uly 54/3.25 #0.0131 154/.05 0.03.- 0.0001. 0.00143 #0.00050 #0.0303 0.0130 0.000-2 0.0001.
Au! 5411.2- 0.1212 1101.15 0.1.-2 0.015-2 0.03212 0.02212 0.10-0 0.1544 0.011/- 0.023/3
Sep 10-4.11 0.1.54 1/-4.1 0.0-54 0.030./ 0.00-10 0.011.4 0.15/3 0.0.01 0.02505 0.004-/
4ct .113.3 #0.0231 20.5.35 0.1202 0.00054 0.01444 #0.002./ #0.0403 0.0-53 0.00112 0.00-0-
5ov 1--..1 0.0113 2324..5 0.0000 0.0043- 0.00000 0.00000 0.04-1 #0.024- 0.00241 0.00012
2ec .411.4/ #1.0000 2324..5
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0 1.00000 1.00000 1.00000 #1.01.2 #1.024- 1.03412 1.05032
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AVERAGE "4"5&! "4"!#3 542!")! 54)!2$2
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1 :eta

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< "4"5"&!&!
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"4%#"#&
#
C'e= '=
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"4#5"!
:=
% Variance

V8 "4""$55$
V9 "4"2#%%

$
Stan?ar?
>eviti'n

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@>
6ETA VALUE
0.10/5
0./24
0
0.1
0.2
0.3
0.4
0.5
0.1
0..
0./
0.-
+6+6+ :A5@ S:+ :A5@
BETA *ALUES
@1
CONCLUSION AND SUGGESTIONS
@1
C'n&9#:$'n:
• &/erage rate of return of the 1 different companies are lesser than that of its
mar.et returns, So+ the returns are better than the mar.et returns,
• Since standard de/iation of SBI eBuity and I2I2I eBuity is less than its mar.et+
the ris. is li.ely less compared to that of mar.et,
• Lower the beta and higher the funds performance is the better eBuity for
in/estment, One might e5pect the best performance by funds with low
di/ersification because they apparently are attempting to beat the mar.et by
being uniBue in their selection or timing,
• Since Beta 10.604G3 of I2I2I Ban. is less than that of mar.ets beta + the fund
reacts less than the mar.et reaction, &lso beta indicates that the funds returns
would increase or decease by 0.6H for e/ery 1 H increase or decrease in the
mar.et returns, %his also means that the mutual fund fluctuates 4H less than the
mar.et inde5,
• 2onsidering only the rate of return+ all the eBuities outperformed the mar.et,
@6
BIBLIO*R&-Y
@:
444,NS"IN'I&,2O)
www,google,co,in
Security &nalysis &nd rotfolio )anagement
AAA'onald ',(ischer
AAARonald 8,8ordan
@@
@;

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