Analysis of Stock Market: Project ON

Analysis of Stock Market
PROJECT ON
Analysis of stock market
Submitted To-
Prof. V.P Kakkar
Submitted By- Manali Somani

1 Amity Business School
A1802010170
Acknowledgements
I pay my sincere regards to Mr. Arun Chopra, Area Sales Manager,Anand Rathi for guiding me throughout the project with his valuable insights, and giving me the opportunity to work on this wonderful project, which helped me to analyze and interpret the performance of various companies in terms of fundamental attributes and market sentiments, hone my thinking ability and gain a deeper insight into their business model. I acknowledge, with due respect, the continuous guidance he provided without which, the completion of this project work would not have been possible. Second most importand person who had helped me completing this project is Prof. V.P Kakkar who devoted his precious time in guiding me and timely instructing me.
I am also grateful to the HOD, Finance, Amity Business School, Amity University, Noida and my faculty guide Prof. S. K. Malhotra, who not only guided me throughout the project but also provided the much needed inspiration and motivation.
Abstract
The aim of this project work is to analyze and present the findings about financial performance of some Indian companies both on their internal business front and the stock markets. The objective is to judge their performance and chart out future projections and potentials which in turn would help to recommend the investors whether to sell, hold or accumulate the stocks of these companies. The project included the collection of daily turnover and trading of the companies on the largest two bourses of India NSE and BSE. The information from these was used to do the Technical Analysis i.e.to calculate and judge the market sentiment about the companies. The Balance sheets, P&l accounts and Income statements of the companies were used to do the Fundamental Analysis to find out the internal story and performance of the company. Corporate News and other information helped in judging the future growth prospects of the companies and their prospective effects on the overall market sentiment.

Overall the project was an excellent opportunity to look into the unseen and to gain a lot of information and knowledge about valuations, business trends, performance and to get a glimpse of what is to come in the future. Based on the current scenario, an attempt has been made using modern techniques to forecast the future earnings and value creation of the researched companies.
Introduction
Introduction
In general, the financial market divided into two parts, Money market and capital market. Securities market is an important, organized capital market where transaction of capital is facilitated by means of direct financing using securities as a commodity. Securities market can be divided into a primary market and secondary market. PRIMARY MARKET The primary market is an intermittent and discrete market where the initially listed shares are traded first time, changing hands from the listed company to the investors. It refers to the process through which the companies, the issuers of stocks, acquire capital by offering their stocks to investors who supply the capital. In other words primary market is that part of the capital markets that deals with the issuance of new securities. Companies, 4 Amity Business School
Analysis of Stock Market governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new stock issue, this sale is called an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus. SECONDARY MARKET The secondary market is an on-going market, which is equipped and organized with a place, facilities and other resources required for trading securities after their initial offering. It refers to a specific place where securities transaction among many and unspecified persons is carried out through intermediation of the securities firms, i.e., a licensed broker, and the exchanges, a specialized trading organization, in accordance with the rules and regulations established by the exchanges. A bit about history of stock exchange they say it was under a tree that it all started in 1875.Bombay Stock Exchange (BSE) was the major exchange in India till 1994.National Stock Exchange (NSE) started operations in 1994. NSE was floated by major banks and financial institutions. It came as a result of Harshad Mehta scam of 1992. Contrary to popular belief the scam was more of a banking scam than a stock market scam. The old methods of trading in BSE were people assembling on what as called a ring in the BSE building. They had a unique sign language to communicate apart from all the shouting. Investors weren't allowed access and the system was opaque and misused by brokers. The shares were in physical form and prone to duplication and fraud. NSE was the first to introduce electronic screen based trading. BSE was forced to follow suit. The present day trading platform is transparent and gives investors prices on a real time basis. With the introduction of depository and mandatory dematerialization of shares 5 Amity Business School
Analysis of Stock Market chances of fraud reduced further. The trading screen gives you top 5 buy and sell quotes on every scrip. A typical trading day starts at 10 ending at 3.30. Monday to Friday. BSE has 30 stocks which make up the Sensex .NSE has 50 stocks in its index called Nifty. FII s Banks, financial institutions mutual funds are biggest players in the market. Then there are the retail investors and speculators. The last ones are the ones who follow the market morning to evening; Market can be very addictive like blogging though stakes are higher in the former. History of Indian Stock Exchange: The Bombay Stock Exchange (BSE) is known as the oldest exchange in Asia. It traces its history to the 1850s, when stockbrokers would gather under banyan trees in front of Mumbais Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875 became an official organization known as The Native Share & Stock Brokers Association. In 1956, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act. The Bombay Stock Exchange developed the BSE Sensex in 1986, giving the BSE a means to measure overall performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading Sensex futures contracts. The development of Sensex options along with equity derivatives followed in 2001 and 2002, expanding the BSEs trading platform. Historically an open-cry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system in 1995. It took the exchange only fifty days to make this transition.
Analysis of Stock Market Capital market reforms in India and the launch of the Securities and Exchange Board of India (SEBI) accelerated the integration of the second Indian stock exchange called the National Stock Exchange (NSE) in 1992. After a few years of operations, the NSE has become the largest stock exchange in India. Three segments of the NSE trading platform were established one after another. The Wholesale Debt Market (WDM) commenced operations in June 1994 and the Capital Market (CM) segment was opened at the end of 1994. Finally, the Futures and Options segment began operating in 2000. Today the NSE takes the 14th position in the top 40 futures exchanges in the world. In 1996, the National Stock Exchange of India launched S&P CNX Nifty and CNX Junior Indices that make up 100 most liquid stocks in India. CNX Nifty is a diversified index of 50 stocks from 25 different economy sectors. The Indices are owned and managed by India Index Services and Products Ltd (IISL) that has a consulting and licensing agreement with Standard & Poors. In 1998, the National Stock Exchange of India launched its web-site and was the first exchange in India that started trading stock on the Internet in 2000. The NSE has also proved its leadership in the Indian financial market by gaining many awards such as Best IT Usage Award by Computer Society in India (in 1996 and 1997) and CHIP Web Award by CHIP magazine (1999).
ORIGIN OF INDIAN STOCK MARKET The origin of the stock market in India goes back to the end of the eighteenth century when long-term negotiable securities were first issued. However, for all practical purposes, the real beginning occurred in the middle of the nineteenth century after the
Analysis of Stock Market enactment of the companies Act in 1850, which introduced the features of limited liability and generated investor interest in corporate securities. An important early event in the development of the stock market in India was the formation of the native share and stock brokers 'Association at Bombay in 1875, the precursor of the present day Bombay Stock Exchange. This was followed by the formation of associations/exchanges in Ahmedabad (1894), Calcutta (1908), and Madras (1937). In addition, a large number of ephemeral exchanges emerged mainly in buoyant periods to recede into oblivion during depressing times subsequently. Stock exchanges are intricacy inter-woven in the fabric of a nation's economic life. Without a stock exchange, the saving of the community- the sinews of economic progress and productive efficiency- would remain underutilized. The task of mobilization and allocation of savings could be attempted in the old days by a much less specialized institution than the stock exchanges. But as business and industry expanded and the economy assumed more complex nature, the need for 'permanent finance' arose. Entrepreneurs needed money for long term whereas investors demanded liquidity the facility to convert their investment into cash at any given time. The answer was a ready market for investments and this was how the stock exchange came into being. Stock exchange means any body of individuals, whether incorporated or not, constituted for the purpose of regulating or controlling the business of buying, selling or dealing in securities. These securities include: (i) Shares, scrip, stocks, bonds, debentures stock or other marketable securities of a like nature in or of any incorporated company or other body corporate; (ii) Government securities; and (iii) Rights or interest in securities.
Analysis of Stock Market The Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) are the two primary exchanges in India. In addition, there are 22 Regional Stock Exchanges. However, the BSE and NSE have established themselves as the two leading exchanges and account for about 80 per cent of the equity volume traded in India. The NSE and BSE are equal in size in terms of daily traded volume. The average daily turnover at the exchanges has increased from Rs 851 crore in 1997-98 to Rs 1,284 crore in 1998-99 and further to Rs 2,273 crore in 1999-2000 (April - August 1999). NSE has around 1500 shares listed with a total market capitalization of around Rs 9, 21,500 crore. The BSE has over 6000 stocks listed and has a market capitalization of around Rs 9, 68,000 crore. Most key stocks are traded on both the exchanges and hence the investor could buy them on either exchange. Both exchanges have a different settlement cycle, which allows investors to shift their positions on the bourses. The primary index of BSE is BSE Sensex comprising 30 stocks. NSE has the S&P NSE 50 Index (Nifty) which consists of fifty stocks. The BSE Sensex is the older and more widely followed index. Both these indices are calculated on the basis of market capitalization and contain the heavily traded shares from key sectors. The markets are closed on Saturdays and Sundays. Both the exchanges have switched over from the open outcry trading system to a fully automated computerized mode of trading known as BOLT (BSE on Line Trading) and NEAT (National Exchange Automated Trading) System. It facilitates more efficient processing, automatic order matching, faster execution of trades and transparency; the scrip's traded on the BSE have been classified into 'A', 'B1', 'B2', 'C', 'F' and 'Z' groups. The 'A' group shares represent those, which are in the carry forward system (Badla). The 'F' group represents the debt market (fixed income securities) segment. The 'Z' group scrip's are the blacklisted companies. The 'C' group covers the odd lot securities in 'A', 'B1' & 'B2' groups and Rights renunciations. The key regulator governing Stock Exchanges, Brokers, Depositories, Depository participants, Mutual Funds, FIIs and other participants in Indian secondary and primary market is the Securities and Exchange Board of India (SEBI) Ltd. 9 Amity Business School
Analysis of Stock Market Brief History of Stock Exchanges Do you know that the world's foremost marketplace New York Stock Exchange (NYSE), started its trading under a tree (now known as 68 Wall Street) over 200 years ago? Similarly, India's premier stock exchange Bombay Stock Exchange (BSE) can also trace back its origin to as far as 125 years when it started as a voluntary non-profit making association. News on the stock market appears in different media every day. You hear about it any time it reaches a new high or a new low, and you also hear about it daily in statements like 'The BSE Sensitive Index rose 5% today'. Obviously, stocks and stock markets are important. Stocks of public limited companies are bought and sold at a stock exchange. But what really are stock exchanges? Known also as the stock market or bourse, a stock exchange is an organized marketplace for securities (like stocks, bonds, options) featured by the centralization of supply and demand for the transaction of orders by member brokers, for institutional and individual investors. The exchange makes buying and selling easy. For example, you don't have to actually go to a stock exchange, say, BSE - you can contact a broker, who does business with the BSE, and he or she will buy or sell your stock on your behalf.
Market Basics Electronic trading Electronic trading eliminates the need for physical trading floors. Brokers can trade from their offices, using fully automated screen-based processes. Their workstations are connected to a Stock Exchange's central computer via satellite using Very Small Aperture Terminus (VSATs). The orders placed by brokers reach the Exchange's central computer and are matched electronically. Exchanges in India 10 Amity Business School
Analysis of Stock Market The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the country's two leading Exchanges. There are 20 other regional Exchanges, connected via the Inter-Connected Stock Exchange(ICSE). The BSE and NSE allow nationwide trading via their VSAT systems. Index An Index is a comprehensive measure of market trends, intended for investors who are concerned with general stock market price movements. An Index comprises stocks that have large liquidity and market capitalization. Each stock is given a weight age in the Index equivalent to its market capitalization. At the NSE, the capitalization of NIFTY (fifty selected stocks) is taken as a base capitalization, with the value set at 1000. Similarly, BSE Sensitive Index or Sensex comprises 30 selected stocks. The Index value compares the day's market capitalization vis--vis base capitalization and indicates how prices in general have moved over a period of time. Execute an order Select a broker of your choice and enter into a broker-client agreement and fill in the client registration form. Place your order with your broker preferably in writing. Get a trade confirmation slip on the day the trade is executed and ask for the contract note at the end of the trade date. Need a broker As per SEBI (Securities and Exchange Board of India.) regulations, only registered members can operate in the stock market. One can trade by executing a deal only through a registered broker of a recognized Stock Exchange or through a SEBI-registered subbroker. Contract note A contract note describes the rate, date, time at which the trade was transacted and the brokerage rate. A contract note issued in the prescribed format establishes a legally 11 Amity Business School
Analysis of Stock Market enforceable relationship between the client and the member in respect of trades stated in the contract note. These are made in duplicate and the member and the client both keep a copy each. A client should receive the contract note within 24 hours of the executed trade. Corporate Benefits/Action. Split A Split is book entry wherein the face value of the share is altered to create a greater number of shares outstanding without calling for fresh capital or altering the share capital account. For example, if a company announces a two-way split, it means that a share of the face value of Rs 10 is split into two shares of face value of Rs 5 each and a person holding one share now holds two shares. Buy Back As the name suggests, it is a process by which a company can buy back its shares from shareholders. A company may buy back its shares in various ways: from existing shareholders on a proportionate basis; through a tender offer from open market; through a book-building process; from the Stock Exchange; or from odd lot holders. A company cannot buy back through negotiated deals on or off the Stock Exchange, through spot transactions or through any private arrangement. Settlement cycle The accounting period for the securities traded on the Exchange. On the NSE, the cycle begins on Wednesday and ends on the following Tuesday, and on the BSE the cycle commences on Monday and ends on Friday. At the end of this period, the obligations of each broker are calculated and the brokers settle their respective obligations as per the rules, bye-laws and regulations of the Clearing Corporation. If a transaction is entered on the first day of the settlement, the same will be settled on the eighth working day excluding the day of transaction. However, if the same is done on the last day of the settlement, it will be settled on the fourth working day excluding the day of transaction.
Analysis of Stock Market Rolling settlement The rolling settlement ensures that each day's trade is settled by keeping a fixed gap of a specified number of working days between a trade and its settlement. At present, this gap is five working days after the trading day. The waiting period is uniform for all trades. In a Rolling Settlement, all trades outstanding at end of the day have to be settled, which means that the buyer has to make payments for securities purchased and seller has to deliver the securities sold. In India, we have adopted the T+5 settlement cycle, which means that a transaction entered into on Day 1 has to be settled on the Day 1 + 5 working days, when funds pay in or securities pay out takes place.
Stock & Exchange Board of India REGULATION OF BUSINESS IN THE STOCK EXCHANGES Under the SEBI Act, 1992, the SEBI has been empowered to conduct inspection of stock exchanges. The SEBI has been inspecting the stock exchanges once every year since 1995-96. During these inspections, a review of the market operations, organizational structure and administrative control of the exchange is made to ascertain whether: the exchange provides a fair, equitable and growing market to investors the exchange's organization, systems and practices are in accordance with the Securities Contracts (Regulation) Act (SC(R) Act), 1956 and rules framed there under the exchange has implemented the directions, guidelines and instructions issued by the SEBI from time to time The exchange has complied with the conditions, if any, imposed on it at the time of renewal/ grant of its recognition under section 4 of the SC(R) Act, 1956. 13 Amity Business School
Analysis of Stock Market During the year 1997-98, inspection of stock exchanges was carried out with a special focus on the measures taken by the stock exchanges for investor's protection. Stock exchanges were, through inspection reports, advised to effectively follow-up and redress the investors' complaints against members/listed companies. The stock exchanges were also advised to expedite the disposal of arbitration cases within four months from the date of filing. During the earlier years' inspections, common deficiencies observed in the functioning of the exchanges were delays in post trading settlement, frequent clubbing of settlements, delay in conducting auctions, inadequate monitoring of payment of margins by brokers, non-adherence to Capital Adequacy Norms etc. It was observed during the inspections conducted in 1997-98 that there has been considerable improvement in most of the areas, especially in trading, settlement, collection of margins etc. FACTORS AFFECTING STOCK MARKET: Stock market is something where you can never foretell what is going to happen in the market. You might get huge gain or incur losses when the stock market crashes. There are many factors affecting share prices. It is very hard to say just one or two factors affect the share prices. So, let us have a look at the factors that affect share prices. Demand and Supply This is the first factor that affects share prices. When you get to see that more people are buying stocks, then there is an increase in the price of that particular stock. On the other hand price of stock falls when more people are selling their stocks. So it is very difficult to predict the Indian stock market. This is the main reason why you need to get in touch with a good stock market consultant. There is consultancy for you which can help you a lot on choosing the right stocks for you. Market cap It is a very big mistake when you try to guess a companys worth from the price of a stock. You should know that the more important is the market capitalization of the 14 Amity Business School
Analysis of Stock Market particular company. This helps to determine the worth of a company. So market cap serves as an important use to determine share prices. Earning per share Now when it comes to the term, earning per share, it means the profit that a particular company has made per share and that too on the last quarter. If you need to know the health of the company then this is the most important factor. Whats more earning per share also influences the buying tendency in the market that results in the increase of the particular stock price. This is the reason why it is very important for every public company to bring out the quarterly report. So when you wish to make a profitable investment, then the best thing for you would be to keep a good watch on the quarterly reports of different companies. This is very important before you wish to invest your hard earned money in the share market. Impact of news News is another factor that affects the share price. When there is positive news about a particular stock or company, people try to invest all their money in that particular stock or market. This leads to increase in the interest of buying the stock. But there are many circumstances where news could also bring a negative effect where it could ruin the prospect of the particular stock. So it is very important to know the overall news of a stock or company where you can invest your money so that it grows within a very short period of time. There are many things that you need to consider when you go for investing your hard earned money in the stock market. You should never be in a haste to invest your money in the stock market. You should always get in touch with a good stock market consultancy where it can give you some share tips. They are the one who can give you advice where to invest your money and where not to. They know to distinguish the good stock from the bad ones.
INDIAN STOCK MARKET AND ECONOMIC GROWTH: Growth Prospects The performance of the Indian economy in 2009/10 greatly exceeded expectations. The farm sector which was expected to contract showed resilience, growing by 0.2 per cent despite the weak South West monsoon. The non farm sector also did well. It is the assessment of the Council that the Indian economy would grow at 8.5 per cent in 2010/11 and 9.0 per cent in 2011/12. In the current fiscal year, agriculture will grow at 4.5 per cent, industry at 9.7 per cent and services at 8.9 per cent. Global Prospects
Analysis of Stock Market The global economic and financial situation is recovering slowly. The large fiscal deficits and high debt ratios coupled with slow economic growth have created unsettling conditions for business and have potential for causing great volatility in financial markets. It is hard to visualize strong economic growth in the advanced economies in 2010 and to a large extent in 2011. The implications of this, for Indias strategy to return to the 9.0 per cent growth trajectory, are that public policy must promote business confidence and facilitate increased investment. Structural Factors In 2008/09 the investment rate fell on account of the drawdown of inventories. This trend has reversed and the Council expects the investment rate to be higher at 36 per cent (of GDP) in 2009/10, rising to 37 per cent in 2010/11 and 38.4 per cent in 2011/12. Similarly we expect the domestic savings rate to pick up and reach 33.4 per cent in 2009/10, 34.3 per cent in 2010/11 and 35.5 per cent in 2011/12. These rates should enable the economy to grow in a sustained manner at 9.0 per cent. Private corporate investment and total investment in fixed assets is expected to recover strongly but will not reach the previous high levels. Government Final Consumption Expenditure to GDP which hit a peak of 12.3 per cent in 2009/10 is expected to fall to 10.3 per cent in 2011/12. On the contrary, Private Final Consumption Expenditure which declined in 2008/09 and 2009/10 is expected to increase in the current and next fiscal year. Since 2001-02 the progressive decline in the Private Final Consumption Expenditure has been accompanied by a matching increase in the investment expenditure component of GDP. Sectoral Growth Projections In the backdrop of a weak South West (SW) monsoon in 2009, the Council had expected the farm sector GDP to decline by 2 per cent. However, the actual loss in farm sector output was less. The strength in horticulture, animal husbandry and fisheries, as well as
Analysis of Stock Market higher cotton output, helped farm sector GDP to ultimately register a marginally positive growth of 0.2 per cent. On the basis of a normal SW monsoon forecast by the Meteorological Department, one may reasonably expect a strong rebound in crop output in Kharif and Rabi in 2010/11. The better seed and fertilizer availability and the construction of a large number of water harvesting structures through the MNREGA lend strength to these expectations. Moreover, the expansion in horticulture and animal husbandry and a low base effect should generate a farm sector GDP growth of around 4.5 per cent in the current fiscal. Industrial sector recovery became evident in June 2009 and by August 2009 the General Index of Industrial Production (IIP) registered double digit growth rate driven by similar growth rates in output in the manufacturing and mining sector. The service sector has also shown strong recovery with GDP originating in the important sub-sector of trade, hotels, restaurant, transport & communication surging in the second half of 2009/10. The impact of the civil service pay hike and the arrears lifted growth of the community personal services sub-sector in the first half, but eased up in the second. Export related service activity (software and Business Process Outsourcing) was sluggish throughout 2009/10 but was more than offset by the recovery in domestic-oriented service activity. Overall, non-farm sector GDP grew by 8.8 per cent in 2009/10. In 2009/10 the mining sector output grew at 10 per cent but a slowdown is expected in 2010/11 with a projected growth of 8.0 per cent in both output and GDP arising in the sector. Manufacturing output growth in 2009/10 was strong in all the quarters, especially in the case of capital goods and durable consumer goods. The only exception to this was non-durable consumer goods which were impacted by poor export growth and a lower output of sugar. Even though the manufacturing sector has recorded strong growth rate in April and May 2010, we expect this to ease as the base effect wears off. The projected growth rate in the manufacturing sector and the general index (IIP) is expected at 10 per cent in 2010/11.
Analysis of Stock Market The expected expansion of investment in physical infrastructure, including housing will drive the construction sector. Accordingly, the GDP arising in the construction sub-sector would rise by 10 per cent in 2010/11, which is likely to inch up to 11 per cent in 2011/12. In the trade, hotel, restaurants, transport & communication sub sector, growth picked up in the last two quarters of the year. We expect this trend to be reinforced with 10 per cent growth in both 2010/11 as well as 2011/12. There will be no contribution to expansion from civil service pay in the current year but the private sector component of the sub-sector community and personnel services will continue to register strong expansion in line with the rest of the economy. Software and BPO activity is expected to expand significantly in 2010/11, both in the domestic and export sectors. Alongwith steady expansion in the financial industry we expect this sub-sector to record growth of 9.5 per cent in 2010/11 which will rise further in 2011/12. Overall, we expect GDP arising in the industrial sector to expand 9.6 per cent in 2010/11, rising to 10.3 per cent in 2011/12. The expansion in the services sector is expected to approach 9 per cent in 2010/11 and inch up to 9.6 per cent in 2011/12. Over all, the nonfarm sector is expected to grow by 9.2 per cent in 2010/11 and 9.8 per cent in 2011/12. Trade & External Sector According to the DGCI&S report the merchandise trade exports touched $176.6 billion in 2009/10 which was 4.7 per cent less than 2008/09. Engineering and electronic goods were the hardest hit declining by more than 20 per cent. Because of currency fluctuations, the rupee value of exports showed practically no decline in 2009/10. The value of merchandise imports in 2009/10 in dollar terms was 8.2 per cent lower at $278.7 billion and 4 per cent lower in rupee terms.
Research Model - CANSLIM
CANSLIM
model is a method for selecting and analyzing the performance
of a company over various parameters. This model has been used for the purpose of research. The full form of the model is as follows:
C Current quarterly earnings. A Annual earning increases over the last years. N New products, management, new highs and lows. S Small supply and large demand i.e. future profitability. L Leaders and laggard stocks. (using relative index as a guide). I Institutional support and sponsorship. M Determining market direction by reviewing market averages daily.
Research Methodology
The research has been done by selecting the companies which are the representative of a particular sector on the basis of overall market capitalization, stocks having the highest liquidity and turnover both on the NSE and BSE. A caution was thus taken and by thorough approach the best companies were selected so as to portray a genuine picture of the sector. With the help of SPSS Package and using the quantitative techniques, the statistical analysis has been done.
The following analysis has been done for all the 8 companies:
1. Fundamental analysis. 2. Ratio analysis. 3. Future growth and earnings analysis. 4. Statistical analysis. 5. Technical analysis.
Companies and Respective Sector
The 8 companies from the most important sectors which form the foundation of the economy have been studied and analyzed. They are:
1. Bharti Airtel Telecommunications. 2. DLF- Realty. 3. HUL FMCG. 4. ICICI Bank Banking. 5. Infosys Technologies IT. 6. Larsen &Toubro Capital Goods & Engineering. 7. Reliance Infrastructure Power and Energy. 8. RIL Oil and Gas.
Company analysis
The analysis of each company has been done in the following heads and sequence:
1. Score card. 2. Stock price movements. 3. Company profile. 4. Business. 5. Shareholding pattern. 6. Financials. 7. Future growth potential. 8. Mutual funds invested in the company. 9. Valuations and risks.
10.
Rating.
Bharti Airtel Limited
SECTOR: TELECOMMUNICATIONS
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week - high 52 week - low Face value (Rs.) Holding
37.5 29.56 0.25 19.83 1530404.63 747.95 (400.10) (260.85) 10.00
STOCK PRICE MOVEMENTS (16TH MAY TO 4th JULY):
BHARTI AIRTEL
COMPANY PROFILE:
Airtel comes from Bharti Airtel Limited, Indias largest integrated and the first private telecom services provider with a footprint in all the 23 telecom circles. It was established as a Public Limited Company on July 07, 1995.
Bharti Airtel since its inception has been at the forefront of technology and has steered the course of the telecom sector in the country with its world class products and services. It is having a Customer Base comprising of 64,370,434 GSM mobile and 2,319,509 telemedia customers (Status as at month ended April 30, 2008). The businesses at Bharti Airtel have been structured into three individual strategic business units (SBUs) Mobile Services, Airtel Telemedia Services & Enterprise Services. The mobile business provides mobile & fixed wireless services using GSM technology across 23 telecom circles while the Airtel Telemedia Services business offers broadband & telephone services in 94 cities. The Enterprise services provide end-to-end telecom solutions to corporate customers and national & international long distance services to carriers. All these services are provided under the Airtel brand. The group focuses on delivering 27 Amity Business School
Analysis of Stock Market telecommunications services as an integrated offering including mobile, broadband & telephone, national and international long distance and data connectivity services to corporate, small and medium scale enterprises.
BUSINESS: The company is having a Customer Base comprising of 64,370,434 GSM mobile and 2,319,509 telemedia customers (Status as at month ended April 30, 2008).The mobile business provides mobile & fixed wireless services using GSM technology across 23 telecom circles while the Airtel Telemedia Services business offers broadband & telephone services in 94 cities. The Company compliments its mobile and broadband & telephone services with national and international long distance services. It has over 35,016 route kilometers of optic fibre on its national long distance network. For international connectivity to east, it has a submarine cable landing station at. For international connectivity to the west, the Company is a member of the South East AsiaMiddle East-Western Europe 4 (SEA-ME-WE-4) consortium along with 15 other global telecom operators.
SHAREHOLDING PATTERN:
No. of Shares(Mn) 2,593.41 0.00 330.61 663.93 140.76 68.82 % Holding s 68.3 0.0 8.7 17.5 3.7 1.8
Particulars
Total Promoter Holdings Total Govt Holding (Promoter + Non Promoter) Total Domestic Institutions (Banks/ FI + MF / UTI) Total Foreign Holdings (FII+NRI holdings) Total Non Promoter Corporate Holdings Total Public & Others (Individuals + HUF + Clearing members)

Total
3,797.53
100
FINANCIALS:
(Rs. in Million) Particulars No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation -147.86 351.08 22650.03 14072.38 60867.79 52952.84 24049.06 42870.82 0 217666.15 138429.26 12287.27 150716.53 2744.84 147971.70 40979.21 -1126.91 1250.96 21732.94 14045.45 65400.53 45176.27 21763.99 57409.04 0 225652.27 114490.63 5251.35 119741.98 4275.62 115466.36 33850.99 -1214.47 1552.97 10451.67 13065.71 55421.83 20974.18 18135.26 34362.71 0 152749.86 104285.24 3599.07 107884.31 3832.36 104051.96 34326.53 -318.65 539.50 6587.87 11020.21 41693.00 13160.94 10691.66 22552.28 0 105926.80 72017.54 1484.91 73502.46 2804.04 70698.42 24684.70 129.85 544.19 3259.43 7550.50 28390.96 8441.64 8013.61 16291.19 0 72621.36 39665.45 940.73 40606.18 2278.01 38328.17 15470.21 Mar 2010 12 356095.41 0 0 0 356095.41 Mar 2009 12 340142.90 0 0 0 340142.90 Mar 2008 12 257035.10 0 0 0 257035.10 Mar 2007 12 177944.34 0 0 0 177944.34 Mar 2006 12 112286.81 0 0 0 112286.81

Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.)
106992.49 0 106992.49 12730.94 94261.55 0 185028.29 279289.84 20.00 24.82 96.24
81615.37 0 81615.37 4176.98 77438.39 55.03 117972.16 195465.57 20.00 40.79 145.01
69725.42 0 69725.42 7283.50 62441.92 -222.64 55339.25 117558.54 0 32.90 106.34
46013.71 0 46013.71 5681.45 40332.27 -59.13 14563.81 54836.94 0.00 21.27 60.17
22857.96 0 22857.96 2737.16 20120.79 0 -7864.33 12256.46 0.00 10.62 38.67
FUTURE GROWTH POTENTIAL: The growing population of the country along with the betterment in earnings of the people has resulted in a boom for the telecommunications industry as there is widespread need and application of these services. The company has been growing at an unabated pace for the last three years and hopes to carry on the momentum. The company was recently in talks with the MTN Group of South Africa for a possible merger but the talks fell through as there was the offer of reverse merger and acquisition by MTN which was not acceptable to the company. The company is however open to alliances and has a strategic alliance with SingTel. The investment made by SingTel is one of the largest investments made in the world outside Singapore, in the company. The companys mobile network equipment partners include Ericsson and Nokia. In the case of the broadband and telephone services and enterprise services (carriers), equipment suppliers include Siemens, Nortel, Corning, among others. The Company also has an information technology alliance with IBM for its group-wide information technology requirements and with Nortel for call center technology requirements. The call center operations for 30 Amity Business School
Analysis of Stock Market the mobile services have been outsourced to IBM Daksh, Hinduja TMT, Teletech & Mphasis.
MUTUAL FUNDS INVESTED IN THE COMPANY:
Infosys Technologies Limited
SECTOR: INFORMATION TECHNOLOGY
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week high 52 week low Face Value (Rs.) Holding
65.28 40.49 2.07 25.76 1659872.16 1705.45 (3493.95) (2660.55) 5.00
COMPANY PROFILE:
Infosys Technologies Ltd. (NASDAQ: INFY) was started in 1981 by seven people with US$ 250. Today, it is a global leader in the "next generation" of IT and consulting with revenues of over US$ 4 billion. Infosys has a global footprint with over 40 offices and development centers in India, China, Australia, the Czech Republic, Poland, the UK, Canada and Japan. Infosys has over 91,000 employees. Infosys takes pride in building strategic long-term client relationships. Over 97% of their revenues come from existing customers. Fortune ranked Infosys as 10th among Top Companies for Leaders 2007. Infosys defines designs and delivers technology-enabled business solutions that help Global 2000 companies win in a Flat World. Infosys also provides a complete range of services by leveraging the domain and business expertise and strategic alliances with leading technology providers.
BUSINESS:
Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, reengineering, independent testing and validation services, IT infrastructure services and business process outsourcing.The refreshing approach of the company to consulting has been recognized by the industry and leading business publications. In July 2007, Consulting Magazine named Romil Bahl, managing director and co-founder of Infosys 34 Amity Business School
Analysis of Stock Market Consulting, Inc., among its list of 2007 Annual Top 25 Consultants. In January 2006, Forrester Research named Infosys among the leading Indian IT Services companies offering consulting services. The report said: "Infosys is best positioned to offer highvalue management consulting skills."
Particulars
Total Promoter Holdings Total Govt Holding (Promoter + Non Promoter) Total Domestic Institutions (Banks/ FI + MF / UTI) Total Foreign Holdings (FII+NRI holdings) Total Non Promoter Corporate Holdings Total Public & Others (Individuals + HUF + Clearing members) Total
No. of Shares(Mn) 92.09 0.00 51.63 313.39 38.47 78.58 574.15
% Holding s 16.0 0.0 9.0 54.6 6.7 13.7 100
FINANCIALS:
(Rs. in Million) Particulars No of Months Operating Income Less :Inter divisional transfers Less: Excise Net Sales EXPENDITURE : Mar 2011 12 253850.00 0 0 253850.00 Mar 2010 12 211400.00 0 0 211400.00 Mar 2009 12 202640.00 0 0 202640.00 Mar 2008 12 156480.00 0 0 156480.00 Mar 2007 12 131490.00 0 0 131490.00

Stock Adjustments Raw Materials Consumed Power & Fuel Cost Employee Cost Cost of Software developments Operating Expenses General and Administration Expenses Selling and Marketing Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) 0 0 1420.00 124480.00 25030.00 8400.00 9300.00 1030.00 40.00 0 169700.00 84150.00 11470.00 95620.00 10.00 95610.00 7400.00 88210.00 0 88210.00 23780.00 64430.00 0 138060.00 202490.00 1200.00 112.25 0 0 1220.00 103400.00 18050.00 6260.00 7580.00 870.00 430.00 0 137810.00 73590.00 9220.00 82810.00 20.00 82790.00 8070.00 74720.00 0 74720.00 17170.00 57550.00 0 103050.00 161080.00 500.00 100.26 0 0 1250.00 98150.00 14810.00 9120.00 8170.00 1060.00 4740.00 0 137300.00 65340.00 8760.00 74100.00 20.00 74080.00 6940.00 67140.00 0 67140.00 8950.00 58190.00 -10.00 66420.00 124600.00 470.00 101.73 0 0 1060.00 77600.00 12130.00 7080.00 7360.00 980.00 650.00 0 106860.00 49620.00 6850.00 56470.00 10.00 56460.00 5460.00 51000.00 0 51000.00 6300.00 44700.00 0 48440.00 93140.00 665.00 78.15 0 0 880.00 62060.00 10820.00 7130.00 6510.00 1320.00 530.00 0 89250.00 42240.00 3750.00 45990.00 10.00 45980.00 4690.00 41290.00 0 41290.00 3520.00 37770.00 -50.00 21950.00 59730.00 230.00 66.03

Book Value (Rs.) 426.85 383.90 311.35 235.84 195.14
FUTURE GROWTH POTENTIAL: Infosys' services and business solutions are strengthened by alliances with leading technology partners. It recommends technologies to the client based on what is best for the client. In a marketing alliance, Infosys and the alliance partner jointly deliver business solutions which leverage Infosys' industry, functional and technical expertise, Infosys' Global Delivery Model and the alliance partner's technology and services. In a technology alliance, Infosys works with an alliance partner to build business and technical competency in the alliance partner's technology through training, engagement with the alliance partner's technical support and development teams and the development of tools and methodologies at Infosys' Centers of Excellence.
Scheme Name
Market Val (In Crs.)
AUM(In Crs.) 10644. 84 9419.2 7 3904.0 5 6199.8 6 2002.9
Hold Percentage
HDFC Top 200(G)
576.95
HDFC Equity(G)
343.80
Franklin India Bluechip(G)
293.14
HDFC Prudence(G)
220.09
Franklin India Flexi Cap(G)
180.28

1 1543.8 9 3117.5 4 1744.3 2 1310.2 2 9728.6 2 130.24 929.36 902.57 828.81 720.73 862.02 756.27 925.19 538.03 417.01
Morgan Stanley Growth(G)
139.10
HDFC TaxSaver(G)
129.38
Franklin India Prima Plus(G)
120.05
HDFC Growth(G)
100.23
HDFC MIP-LTP(G)
89.50
Franklin Infotech(G) HDFC Long Term Adv(G) HSBC Equity(G) Franklin India Taxshield(G) Axis Equity Fund(G) Kotak 50(G) HDFC Long Term Equity(G) Kotak Opportunities(G) Nifty BeES HDFC Core & Satellite(G)
60.02 59.57 57.66 57.30 52.18 48.79 47.34 43.21 43.20 36.20
VALUATIONS AND RISKS: RATING:
Hindustan Unilever Limited

SECTOR: FAST MOVING CONSUMER GOODS
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week - high 52 week low Face Value (Rs.) Holding
10.26 30.35 1.93 31.58 728150.39 208.55 (329.45) (249.90) 1.00
STOCK PRICE
MOVEMENTS (5TH MAY TO 27TH JUNE):
COMPANY PROFILE:
Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods company, with leadership in Home & Personal Care Products and Foods & Beverages. HUL's brands, spread across 20 distinct consumer categories, touch the lives of two out of three Indians. With 35 Power Brands, HUL meets everyday needs for nutrition, hygiene, and personal care. HUL is
also one of the country's largest exporters; it has been recognized as a Golden Super Star Trading House by the Government of India. The Parent company, Unilever, holds
52.10% of the equity. It is a Fortune 500 transnational which sells Foods and Home and Personal Care brands in about 100 countries worldwide.
HUL has traditionally been a company, which incorporates latest technology in all its operations.
BUSINESS:
HUL's brands - like Lifebuoy, Lux, Surf Excel, Rin, Wheel, Fair & Lovely, Pond's, Sunsilk, Clinic, Pepsodent, Close-up, Lakme, Brooke Bond, Kissan, Knorr-Annapurna, Kwality Wall's are household names across the country and span many categories soaps, detergents, personal products, tea, coffee, branded staples, ice cream and culinary 42 Amity Business School
Analysis of Stock Market products. They are manufactured over 40 factories across India. The operations involve over 2,000 suppliers and associates. HUL's distribution network comprises about 4,000 redistribution stockists, covering 6.3 million retail outlets reaching the entire urban population, and about 250 million rural consumers.
Major Brands of HUL:

Personal wash: Lux, Breeze, Lifebuoy, Dove, Liril, Pears, Hamam, Rexona. Laundry: Surf Excel, Rin, Wheel Skin Care: Fair &Lovely, Ponds, Vaseline Hair Care: Sunsilk Naturals, Clinic Oral Care: Pepsodent, Closeup Deodorants: Axe, Rexona Colour Cosmetics: Lakme Ayurvedic: Ayush Tea: Brooke Bond, Lipton Coffee: Brooke Bond Bru Foods: Kissan, Annapurna, Knorr Ice Cream: Kwality Walls
No. of Shares(Mn) % Holding s
Particulars

1,134.85 0.00 266.70 379.99 55.60 322.33 2,159.47
52.6 0.0 12.4 17.6 2.6 14.9 100
(Rs. in Million) Particulars No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income -227.20 75440.00 2443.40 9203.70 18100.50 3977.00 32621.20 8620.90 0 150179.50 25058.50 3922.30 -4215.60 95424.40 3013.70 11387.00 22054.00 5074.10 32777.40 10359.30 0 175874.30 26519.00 5938.40 -1444.01 62572.67 1988.85 7579.13 15176.54 3400.21 21776.96 6925.83 0 117976.17 18778.16 4323.69 -1159.69 55652.23 1807.94 6326.01 13647.83 3701.99 19293.60 5445.04 0 104714.94 16318.92 3706.86 481.22 51686.71 1687.44 5853.92 12608.80 3713.57 15852.93 4392.32 0 96276.91 14328.55 3152.63 Mar 2010 12 182202.70 0 0 6964.70 175238.00 Mar 2009 15 216495.10 0 0 14101.80 202393.30 Dec 2007 12 147150.97 0 0 10396.64 136754.33 Dec 2006 12 130350.63 0 0 9316.77 121033.86 Dec 2005 12 119755.27 0 0 9149.81 110605.46

Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.) 28980.80 69.80 28911.00 1840.30 27070.70 0 27070.70 6043.90 21026.80 0 4763.30 26783.60 650.00 9.64 11.82 32457.40 253.20 32204.20 1953.00 30251.20 0 30251.20 5244.10 25007.10 0 1975.00 26939.50 750.00 11.47 9.44 23101.85 254.97 22846.88 1383.59 21463.29 0 21463.29 4032.10 17431.20 0 8036.54 27291.24 900.00 8.01 6.58 20025.78 107.34 19918.44 1301.64 18616.81 0 18616.81 3220.10 15396.71 0 6506.57 25060.31 600.00 6.98 12.31 17481.18 191.93 17289.25 1244.53 16044.71 0 16044.71 2499.63 13545.08 0 6447.99 20529.04 500.00 6.15 10.45
FUTURE GROWTH POTENTIAL:
Home to over 700 million people, rural India comprises not only over 70% of India's billion-strong population, but also over 12% of the world's population. The rural population already accounts for substantial consumption of Fast Moving Consumer Goods and also consumer durables. About 50% of the sales of soaps & detergents are generated in rural India. Similarly, almost half the demand for black & white television sets, pressure cookers, table fans, sewing machines also comes from there. But the potential is even larger, both in terms of consumption and penetration. The fact that 70% of the population accounts for only 50% of

even relatively well-penetrated categories, like soaps & detergents, indicates the enormous scope of consumption-led growth in these categories. Therefore such categories will derive growth out of increased usage. In categories, which are relatively less penetrated, like personal products, rural Hindustan Unilever's distribution network is recognized as one of its key strengths. Its focus is not only to enable easy access to our brands, but also to touch consumers with a three-way convergence - of product availability, brand communication, and higher levels of brand experience. HUL's products, manufactured across the country, are distributed through a network of about 7,000 redistribution stockists covering about one million retail outlets. The distribution network directly covers the entire urban population.
Scheme Name
Market Val AUM(In (In Crs.) Crs.) 10644. 84 3020.6 7 3904.0 5 2555.6
Hold Percentage
HDFC Top 200(G)
140.51
DSPBR Top 100 Equity-Reg(G)
94.85
85.36
DSPBR Equity-Reg(D)
29.65

5 Tata Pure Equity(G) Tata Equity Opportunities(G) Tata Equity P/E(G) DSPBR Focus 25(G) Tata Balanced(G) Nifty BeES Tata Dividend Yield(G) 24.09 17.07 13.99 12.34 11.09 10.06 7.62 613.01 336.66 732.48 697.17 314.22 538.03 206.38 1543.8 9 744.30 147.24 187.26 191.11 510.19 720.73 271.84 148.28
7.57
DSPBR Balanced(G) Tata Equity Mgmt(G) Sundaram Growth Fund(G) Sundaram-Select Thematic Funds-Rural India(G) Kotak Tax Saver(G) Axis Equity Fund(G) LIC Nomura MF Top 100(G) Sundaram India Leadership Fund(G)
6.55 6.10 6.09 6.09 6.07 5.98 4.73 4.57

VALUATIONS AND RISKS:
RATING:
ICICI Bank Limited
SECTOR: BANKING
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week high 52 week low Face Value (Rs.) Holding
81.48 57.43 1.28 24.49 1261802.92 652.15 (1277.00) (829.80) 10.00

STOCK PRICE
MOVEMENTS (16TH MAY TO 4th JULY):
ICICI BANK

COMPANY PROFILE:
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. BUSINESS: The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

Particulars
No. of Shares(Mn) 0.00 0.01 276.91 765.57 45.42 63.86 1,151.77
% Holding s 0.0 0.0 24.0 66.5 3.9 5.6 100
FINANCIALS:
(Rs. in Million) Particulars No of Months Mar 2011 12 Mar 2010 12 Mar 2009 12 Mar 2008 12 Mar 2007 12

I. INCOME Interest Earned Other Income Total Income II. EXPENDITURE Interest Expended Operating Expenses PBIDT Provisions and Contingencies Profit Before Tax Taxes Total III. Profit & Loss PAT Profit brought forward Adjusted Net Profit Total Profit & Loss IV. Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.) 51513.76 34643.81 0 51513.76 86157.57 140.00 44.73 478.32 40249.83 28096.51 0 40249.83 68346.34 120.00 36.10 463.02 37581.33 24363.16 0 37581.33 61944.49 110.00 33.76 444.95 41577.28 9982.74 0 41577.28 51560.02 110.00 37.37 417.67 31102.20 2934.42 0 31102.20 34036.62 100.00 34.59 270.37 169571.52 66172.49 90475.45 22868.38 67607.06 16093.30 274705.69 175925.70 58598.33 97321.80 43868.57 53453.23 13203.40 291596.00 227259.34 70451.14 89252.28 38082.58 51169.69 13588.36 349381.42 234842.42 81541.82 79606.82 29045.84 50560.98 8983.70 354413.78 163584.98 66905.56 58744.05 22263.66 36480.39 5378.19 258132.40 259740.53 66478.93 326219.45 257069.33 74776.50 331845.83 310925.48 76037.27 386962.76 307883.43 88107.63 395991.06 219955.88 69278.73 289234.60

The company is moving ahead strongly and the future of the company is indeed bright. The growing middle class of the country is a major prospective client category which seems to speed up the business turnover and base.
Scheme Name
Market Val AUM(In (In Crs.) 651.46 Crs.) 10644. 84 9419.2 7 992.98 3904.0 5 6199.8 6 2002.9 1 9728.6 2 3020.6 7 3117.5 4 1744.3 2
Hold Percentage
HDFC Top 200(G)
HDFC Equity(G) Bank BeES Franklin India Bluechip(G)
620.73 324.80 260.64
HDFC Prudence(G)
239.93
Franklin India Flexi Cap(G)
133.51
HDFC MIP-LTP(G)
129.39
123.24
HDFC TaxSaver(G)
114.41
Franklin India Prima Plus(G)
114.03

1543.8 9 2144.5 3 1310.2 2 2555.6 5 1051.7 0 929.36 1522.7 1 902.57 756.27 828.81
108.07
DSPBR India T.I.G.E.R-Reg(G)
89.86
HDFC Growth(G)
85.03
DSPBR Equity-Reg(D)
82.55
HDFC Infrastructure(G) HDFC Long Term Adv(G) Tata Infrastructure(G) HSBC Equity(G) HDFC Long Term Equity(G) Franklin India Taxshield(G)
79.82 70.63 65.17 63.54 62.85 59.19
RATING:
Larsen &Toubro
SECTOR: CAPITAL GOODS AND ENGINEERING
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week - high 52 week - low Face Value (Rs.) Holding
219.02 54.30 0.80 28.41 1104172.53 2265.80 (2212.00) (1463.05) 2.00
COMPANY PROFILE:
Larsen & Toubro (L&T) is a technology-driven USD 7 billion company that infuses engineering with imagination. It offers a wide range of advanced solutions, services and products. L&T's in-house capabilities in technology development are complemented by tie-ups with world leaders. It provides state-of-the-art products & solutions to a large and diverse customer base. L&T was founded in Bombay (Mumbai) in 1938 by two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro. Both of them were strongly committed to developing India's engineering capabilities to meet the demands of industry. Beginning with the import of machinery from Europe, L&T rapidly took on engineering and construction assignments of increasing sophistication. Today, the company sets global engineering benchmarks in terms of scale and complexity.
BUSINESS:
Larsen & Toubro (L&T) is a technology-driven USD 7 billion company that infuses engineering with imagination. It offers a wide range of advanced solutions, services and products. Larsen & Toubro Limited (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector. Seven decades of a strong, customer-focused approach and the continuous quest for world-class quality have enabled it to attain and sustain leadership in all its major lines of business.
Particulars
No. of Shares(Mn) 0.00 0.00 228.33 119.28 41.75 219.49 608.85
% Holding s 0.0 0.0 37.5 19.6 6.9 36.0 100
FINANCIALS:

(Rs. in Million) Particulars No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses 3990.70 158544.00 3653.60 23104.90 104577.90 19544.20 3062.20 5066.70 0 321544.20 48803.80 20525.60 69329.40 6376.70 62952.70 4146.00 58806.70 0 -1102.70 161771.70 4833.00 19180.00 86363.00 17545.70 3121.00 8555.90 0 300267.60 39117.80 8123.00 47240.80 4776.80 42464.00 3059.90 39404.10 0 -7445.70 130095.10 3652.50 14974.30 59096.70 14142.80 1384.70 3990.70 0 219891.10 30203.20 5203.70 35406.90 1736.20 33670.70 2116.00 31554.70 0 -1171.70 84345.10 3081.30 12319.90 43357.10 12173.00 1130.50 3507.90 33.00 158710.10 17337.90 5787.70 23125.60 1376.60 21749.00 1700.10 20048.90 0 1363.40 70262.40 2347.50 8753.60 41835.40 7853.70 984.90 3761.10 0 137162.00 10478.30 5526.80 16005.10 1723.70 14281.40 1144.90 13136.50 0 Mar 2010 12 373555.80 0 0 3207.80 370348.00 Mar 2009 12 343370.10 0 0 3984.70 339385.40 Mar 2008 12 253422.10 0 0 3327.80 250094.30 Mar 2007 12 179382.90 0 0 3334.90 176048.00 Mar 2006 12 149947.90 0 0 2307.60 147640.30

Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.) 58806.70 16408.70 42398.00 -23.90 1005.00 44736.30 625.00 70.41 298.56 39404.10 12312.10 27092.00 -3.30 1043.10 35856.40 525.00 46.26 208.28 31554.70 9820.50 21734.20 -7.70 782.40 22508.90 850.00 74.34 321.93 20048.90 6018.70 14030.20 -88.90 557.00 14498.30 650.00 49.53 200.50 13136.50 3712.60 9423.90 -44.20 556.20 10633.40 1100.00 68.59 331.43
FUTURE GROWTH POTENTIAL: With the economic progress of the country and the prospects of the other businesses looking good, the company hopes to continue with the current momentum. The following points illustrate its achievements and a glimpse of what is to come.
L&T-Paul Wurth Consortium Commissions Indias Largest Blast Furnace at Jamshedpur. L&T Bagged Electrical Project Orders worth Rs. 6,350 million in the Gulf Region. L&T and GE Energy entered Control System Partnership Agreement.
Scheme Name
Market Val (In Crs.)
AUM(In Crs.) 3020.6 7 10644. 84 3117.5 4 2144.5 3 3904.0 5 1522.7 1 2555.6 5 1543.8 9 902.57 697.17 1051.7 0
Hold Percentage
180.33
HDFC Top 200(G)
138.38
HDFC TaxSaver(G)
78.87
64.98
60.83
Tata Infrastructure(G)
60.76
DSPBR Equity-Reg(D)
60.31
58.05
HSBC Equity(G) DSPBR Focus 25(G)
48.78 46.92
HDFC Infrastructure(G)
34.50

HDFC Long Term Adv(G) Tata Indo-Global Infra(G) Axis Equity Fund(G) Sundaram Select Focus(G) Nifty BeES 34.48 31.26 30.78 29.45 28.30 929.36 833.49 720.73 852.55 538.03 1067.5 1 925.19 579.20 352.47
Sundaram-Select Thematic Funds-Energy Opp(G)
27.41
Kotak Opportunities(G) Principal Personal Tax saver Sundaram-Select Thematic Funds-CAPEX Oppor(G)
26.28 20.69 20.47
RATING:
Reliance Infrastructure Limited

(formerly Reliance Energy)
SECTOR: POWER AND ENERGY SCORE CARD: Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP (Rs) 52 week - high 52 week - low Face Value (Rs.) Holding 188.80 41.75 1.33 13.34 144162.71 886.55 (1225.00) (492.85) 10.00
Reliance Infrastructure
COMPANY PROFILE:
Reliance Energy Limited, now Reliance infrastructure limited incorporated in 1929, is a fully integrated utility engaged in the generation, transmission and distribution of electricity. It ranks among Indias top listed private companies on all major financial parameters, including assets, sales, profits and market capitalization. The companys Vision is to be amongst the most admired and most trusted integrated utility companies in the world, delivering reliable and quality products and services to all customers at competitive costs, with international standards of customer care thereby creating superior value for all stakeholders and also to set new benchmarks in standards of corporate performance and governance through the pursuit of operational and financial excellence, responsible citizenship and profitable growth.
BUSINESS:
Analysis of Stock Market A constituent of the Reliance Anil Dhirubhai Ambani Group, Reliance Energy is India s foremost private sector utility with aggregate estimated revenues of Rs 9,500 crore (US$2.1 billion)and total assets of Rs 10,700 crore (US$2.4 billion). Reliance Energy distributes more than 21 billion units of electricity to over 25 million consumers in Mumbai, Delhi, Orissa and Goa, across an area that spans 1,24,300 sq.kms. It generates 941 MW of electricity, through its power stations located in Maharashtra, Andhra Pradesh, Kerala, Karnataka and Goa.Reliance Energy companies currently pursue several gas, coal, wind and hydro-based power generation projects in Maharashtra, Uttar Pradesh, Arunachal Pradesh and Uttaranchal with aggregate capacity of over 13,510 MW. These projects are at various stages of development.
Particulars
No. of Shares(Mn) 127.63 0.08 58.45 44.80 7.17 29.29 267.42
% Holding s 47.7 0.0 21.9 16.8 2.7 11.0 100
FINANCIALS:
(Rs. in Million) Particulars No of Months Gross Sales Mar 2010 12 96898.50 Mar 2009 12 97394.80 Mar 2008 12 60827.30 Mar 2007 12 57434.10 Mar 2006 12 39350.60

Less: Excise Duty Net Sales EXPENDITURE : Increase/Decrease in Stock Power Generation & Distribution Cost Employee Cost Operation Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) -927.60 45425.00 6502.30 31115.40 1397.50 1541.30 4009.20 0 89063.10 7835.40 11254.50 19089.90 2922.10 16167.80 3198.40 12969.40 0 12969.40 1452.50 11516.90 0 6832.00 18348.90 71.00 47.03 1196.20 54218.70 5330.20 21771.60 1455.80 1529.60 7593.90 0 93096.00 4298.80 13389.30 17688.10 3305.00 14383.10 2448.80 11934.30 0 11934.30 545.50 11388.80 711.00 7037.60 19137.40 70.00 50.39 -2304.40 35040.70 3833.80 13901.30 1033.90 1315.80 3052.50 0 55873.60 4953.70 11880.30 16834.00 3087.60 13746.40 2229.40 11517.00 0 11517.00 670.70 10846.30 0 3592.80 14439.10 63.00 46.04 504.60 24545.10 2851.40 20290.70 1009.70 1246.20 2181.20 0 52628.90 4804.90 8822.60 13627.50 2503.20 11124.30 2400.60 8723.70 0 8723.70 709.20 8014.50 0 2759.30 10773.80 53.00 35.07 -652.30 19003.70 2078.30 8109.60 403.30 1140.00 2124.20 0 32206.80 7140.90 6078.90 13219.80 1918.80 11301.00 3486.30 7814.70 0 7814.70 1311.30 6503.40 0 2003.10 8506.50 50.00 30.63 0 96898.50 0 97394.80 0 60827.30 0.30 57433.80 2.90 39347.70

Book Value (Rs.) 574.78 466.05 435.51 378.12 331.24
FUTURE GROWTH POTENTIAL: The company has a number of projects in the hand and is poised to become a giant in the times to come. This was evident from the IPO issue of the company of approx.3 billion which was Indias largest IPO so far. The IPO was oversubscribed by about 89 times. Though due to the overall market correction, the price could not be maintained and the promoter offered a bonus issue of 3:5 shares to the shareholders to remain invested and be confident of the fundamentals of the company. The real power of the company will be unleashed after a few years when the projects are completed and start generating much more revenue for the company.
Scheme Name Templeton India Growth(D) HDFC Top 200(G) MOSt Shares M50 - MOS ETF HSBC Progressive Themes(G) HDFC Arbitrage-Ret(G) Kotak Equity Arbitrage(G) Nifty BeES LIC Nomura MF Top 100(G) JM Arbitrage Adv(G) LIC Nomura MF Equity(G)
Market Val (In Crs.) 42.25 12.77 7.76 5.12 4.49 3.88 2.53 1.44 1.08 0.93
AUM(In Crs.) 869.84 10644.84 173.91 211.72 73.55 95.45 538.03 271.84 59.19 94.82
Hold Percentage

Infra BeES IDBI Nifty Index Fund-(G) Franklin India Index-NSE Nifty(G) Franklin India Index-BSE Sensex(G) HDFC Index-Sensex Plus(G) HDFC Index-Sensex(G) HDFC Index-Nifty(G) ING OptiMix Multi-Mgr Equity-Reg(G) Baroda Pioneer Growth(G) LIC Nomura MF Index-Nifty(G) 0.84 0.65 0.62 0.35 0.30 0.26 0.24 0.21 0.18 0.15 34.32 137.99 130.95 61.90 65.98 51.08 55.18 67.59 63.24 33.42
RATING:
Reliance Industries Limited
SECTOR: OIL & GAS
SCORE CARD:
Standard Deviation Institutional (%) Dividend Yield P/E Market Capitalization(Rs Cr) CMP(Rs.) 52 week - high 52 week - low Face Value (Rs.) Holding
198.83 26.42 0.90 14.39 2918766.79 2182.65 (1187.00) (829.00) 10.00
COMPANY PROFILE: The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of US$ 34 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.Backward vertical integration has been the cornerstone of the evolution and growth of Reliance. Starting with textiles in the late seventies, Reliance pursued a strategy of backward vertical integration - in polyester, fibre intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and production - to be fully integrated along the materials and energy value chain.The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles and retail.
BUSINESS:
The company is a significant contributor to India's economic growth:

Revenues equivalent to 3% of Indias GDP 13.4% of Indias total exports 4.9% of the Government of Indias indirect tax revenues 6.7% of the total market capitalization in India Weightage of 16.5% in the BSE Sensex Weightage of 12.5% in the Nifty Index
Particulars
No. of Shares(Mn) 1,463.92 3.20 349.81 725.19 148.27 582.97 3,273.37
% Holding s 44.7 0.1 10.7 22.2 4.5 17.8 100
FINANCIALS:
(Rs. in Million) Particulars No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses -32091.10 1946981.90 22550.70 25818.20 63233.10 -35787.40 1509150.30 27067.10 23077.30 49556.10 -5390.90 1070103.20 33559.80 23574.00 35038.30 15043.80 963115.60 20528.40 20499.50 38208.20 -6609.10 786929.40 22616.90 20459.50 33818.30 Mar 2011 12 2586511.50 0 0 104811.50 2481700.00 Mar 2010 12 2003997.90 0 0 79387.70 1924610.20 Mar 2009 12 1463280.70 0 0 44806.00 1418474.70 Mar 2008 12 1392694.60 0 0 58264.60 1334430.00 Mar 2007 12 1183537.10 0 0 66609.90 1116927.20

General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax PAT Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.)
22386.40
21933.60
25067.00
21954.30
20002.10
53531.00 2009.10 302.60 2104116.70 377583.30 34191.10 411774.40 23276.20 388498.20 136075.80 252422.40
41237.70 1510.30 12179.20 1625565.80 299044.40 31367.40 330411.80 19972.10 310439.70 104965.30 205474.40
30952.70 5973.60 32656.50 1186221.20 232253.50 21484.00 253737.50 17452.30 236285.20 51952.90 184332.30
32295.90 1348.70 1754.60 1111239.80 223190.20 66156.20 289346.40 10773.60 278572.80 48471.40 230101.40
36614.50 3745.40 1112.10 916464.90 200462.30 4782.80 205245.10 11888.90 193356.20 48151.50 145204.70
0 252422.40 49559.40 202863.00 0 49994.50 252857.50 80.00 61.97 446.25
0 205474.40 43117.70 162356.70 0 53841.90 216198.60 70.00 49.64 392.51
0 184332.30 31239.10 153093.20 0 43632.90 196726.10 130.00 97.29 727.78
0 230101.40 35518.50 194582.90 481.00 27653.70 222717.60 130.00 133.88 542.83
0 145204.70 25770.70 119434.00 5.10 30290.90 149730.00 110.00 85.73 439.67
The company has made various oil and gas discoveries in the recent times and these are considered to drive the success of the company in the times to come.
Credit Ratings of the company clearly reflect the confidence the world has in the companys prospects.
Rating Agency CRISIL Fitch CRISIL CRISIL Moody's S&P Fitch Instrument Long Term Debt Long Term Debt Short Term Debt Working Capital Debt International Debt International Debt International Debt Rating AAA Ind AAA P1+ AAA Baa2 BBB BBB -
Scheme Name
Market Val AUM(In (In Crs.) 483.28 Crs.) 10644. 84 9419.2 7 3904.0 5 1543.8 9 2144.5 3 1310.2 2 3020.6 7 6199.8 6 1522.7 1 1744.3 2 833.49 1067.5 1
Hold Percentage
HDFC Top 200(G)
HDFC Equity(G)
299.53
233.18
120.73
99.29
HDFC Growth(G)
97.74
96.36
HDFC Prudence(G)
95.48
Tata Infrastructure(G)
93.34
Franklin India Prima Plus(G) Tata Indo-Global Infra(G) Sundaram-Select Thematic Funds-Energy Opp(G)
76.14 61.85 59.80

HDFC Long Term Equity(G) HDFC Long Term Adv(G) HSBC Equity(G) Nifty BeES Sundaram Select Focus(G) HDFC TaxSaver(G) Kotak 50(G) Franklin India Taxshield(G) 58.23 55.20 53.11 51.65 50.15 49.88 47.58 42.92 756.27 929.36 902.57 538.03 852.55 3117.5 4 862.02 828.81
RATING:

Analysis of Stock Market: Project ON

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