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INTRODUCTION

Investment has different meanings in finance and economics.


In economics, investment is related to saving and deferring consumption. Investment
is involved in many areas of the economy, such as business management
and finance whether for households, firms, or governments.
In finance, investment is putting money into something with the expectation of gain,
usually over a longer term. This may or may not be backed by research and analysis.
Most or all forms of investment involve some form of risk, such as investment in
equities, property, and even fixed interest securities which are subject, inter alia,
to inflation risk.
In contrast putting money into something with a hope of short-term gain, with or
without thorough analysis, is gambling or speculation. This category would include
most forms of derivatives, which incorporate a risk element without being long-term
homes for money, and betting on horses. It would also include purchase of e.g. a
company share in the hope of a short-term gain without any intention of holding it for
the long term. Under the efficient market hypothesis, all investments with equal risk
should have the same expected rate of return: that is to say there is a trade-off between
risk and expected return. But that does not prevent one from investing in risky assets
over the long term in the hope of benefiting from this trade-off. The common usage
of investment to describe speculation has had a effect in real life as well: it reduced
investor capacity to discern investment from speculation, reduced investor awareness
of risk associated with speculation, increased capital available to speculation, and
decreased capital available to investment.
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RISK:
In the investing world, the dictionary definition of risk is the chance that an
investments actual return will be different than expected.

Technically, this is

measured in statistics by standard deviation. Risk means you have the possibility of
losing some, or even all, of our original investment.
Risk in investment exists because of the inability to make perfect or accurate
forecasts. Risk in investment is defined as the variability that is likely to occur in
future cash flows from an investment. The greater variability of these cash flows
indicates greater risk.

Variance or standard deviation measures the deviation about expected cash flows of
each of the possible cash flows and is known as the absolute measure of risk; while
co-efficient of variation is a relative measure of risk.

For carrying out risk analysis, following methods are used

Payback [How long will it take to recover the investment]

Certainty equivalent [The amount that will certainly come to you]

Risk adjusted discount rate [Present value i.e. PV of future inflows


with discount rate]

However in practice, sensitivity analysis and conservative forecast techniques being


simpler and easier to handle, are used for risk analysis. Sensitivity analysis [a
variation of break even analysis] allows estimating the impact of change in the

behavior of critical variables on the investment cash flows. Conservative forecasts


include using short payback or higher discount rates for discounting cash flows.

Investment Risks

Investment risk is related to the probability of earning a low or negative actual returns
compared t the return that is estimated. There are 2 types of investments risks:

1. Stand-alone risk

This risk is associated with a single asset, meaning that the risk will cease to
exist if that particular asset is not held. The impact of stand alone risk can be
mitigated by diversifying the portfolio.

Stand-alone risk = Market risk + Firm specific risk

Where,

Market risk is a portion of the security's stand-alone risk that cannot be


eliminated trough diversification and it is measured by beta

Firm risk is a portion of a security's stand-alone risk that can be


eliminated through proper diversification

2. Portfolio risk

This is the risk involved in a certain combination of assets in a portfolio which


fails to deliver the overall objective of the portfolio. Risk can be minimized
but cannot be eliminated, whether the portfolio is balanced or not. A balanced
portfolio reduces risk while a non-balanced portfolio increases risk.

Sources of risks

Inflation

Business cycle

Interest rates

Management

Business risk

Financial risk

RETURNS:
Return

expresses

the

amount

which

an

investor

actually

earned

on

an investment during a certain period. Return includes the interest, dividend and
capital gains; while risk represents the uncertainty associated with a particular task. In
financial terms, risk is the chance or probability that a certain investment may or may
not deliver the actual/expected returns.

A major purpose of investment is to set a return of income on the funds invested. On


a bond an investor expects to receive interest.

On a stock, dividends may be

anticipated. The investor may expect capital gains from some investments and rental
income from house property.
An investment is the current commitment of funds done in the expectation of earning
greater amount in future. Returns are subject to uncertainty or variance Longer the
period of investment, greater will be the returns sought. An investor will also like to
ensure that the returns are greater than the rate of inflation.
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An investor will look forward to getting compensated by way of an expected return


based on 3 factors

Risk involved

Duration of investment [Time value of money]

Expected price levels [Inflation]

The basic rate or time value of money is the real risk free rate [RRFR] which is free of
any risk premium and inflation. This rate generally remains stable; but in the long run
there could be gradual changes in the RRFR depending upon factors such as
consumption trends, economic growth and openness of the economy.

If we include the component of inflation into the RRFR without the risk premium,
such a return will be known as nominal risk free rate [NRFR]
NRFR = ( 1 + RRFR ) * ( 1 + expected rate of inflation ) 1

Third component is the risk premium that represents all kinds of uncertainties and is
calculated as follows -

Expected return = NRFR + Risk premium

RISK AND RETURN TRADE OFF


Investors make investment with the objective of earning some tangible benefit. This
benefit in financial terminology is termed as return and is a reward for taking a
specified amount of risk.

The risk and return trade off says that the potential return rises with an increase in
risk. It is important for an investor to decide on a balance between the desire for the
lowest possible risk and highest possible return.

Risk is defined as the possibility of the actual return being different from the expected
return on an investment over the period of investment. Low risk leads to low returns.
For instance, incase of government securities, while the rate of return is low, the risk
of defaulting is also low. High risks lead to higher potential returns, but may also lead
to higher losses. Long-term returns on stocks are much higher than the returns on
Government securities, but the risk of losing money is also higher.

Rate of return on an investment cal be calculated using the following formula-

Return = (Amount received - Amount invested) / Amount invested

He risk and return trade off says that the potential rises with an increase in risk. An
investor must decide a balance between the desire for the lowest possible risk and
highest possible return.

The risk/return tradeoff could easily be called the "ability-to-sleep-at-night test."


While some people can handle the equivalent of financial skydiving without batting
an eye, others are terrified to climb the financial ladder without a secure harness.
Deciding what amount of risk you can take while remaining comfortable with your
investments is very important.
In the investing world, the dictionary definition of risk is the chance that an
investment's actual return will be different than expected. Technically, this is

measured in statistics by standard deviation. Risk means you have the possibility of
losing some, or even all, of our original investment.
Low levels of uncertainty (low risk) are associated with low potential returns. High
levels of uncertainty (high risk) are associated with high potential returns.
The risk/return tradeoff is the balance between the desire for the lowest possible risk
and the highest possible return. This is demonstrated graphically in the chart below. A
higher standard deviation means a higher risk and higher possible return.
Risk return analysis
The concept of risk and return analysis is integral to the process of investing and
finance. All financial decisions invlove some risk. You may expect to get a return of
15% per annum in your investment but the risk of "not able to achieve 15% return"
will always be there. Return is simply a reward for investing as all investing involves
some risk. The greater the risk, the greater the return expected.
The objective of risk and return analysis is to maximize the return by creating a
balance of risk. For example, in case of working capital management, the less
inventory you keep, the higher the expected return as less of your money is locked as
asset.; but you also have a increased risk of running out of raw material when you
actually need it for production or maintenance. Which means you loose sale. Thus all
companies tries very hard to maintain an minimum investory as possible without
effecting smooth production. This is a very commong expample of risk return tradeoff. In case of an investment in shares/stocks, I as an investor accept to get a better
return than fixed deposits but I am also ready to take risk of loosing my money in
stock market.

NEED OF THE STUDY:


Investment decisions are influenced by various motives. Some people invest in a
business to acquire control and enjoy the prestige associated with it. Some people
invest in expensive yachts and famous villas to display their wealth. Most investors
however are largely guided by the pecuniary motive of earning a return on their
investment.

Return is the primary motivating force that drives investment. It represents the reward
for undertaking investment. Since the game of investing is about returns (after
allowing for risk), measurement of realized (historical) returns is necessary to access
how well the investment manager has done. In addition, historical returns are often
used as an important input in estimating future (prospective) returns.

OBJECTIVES OF THE STUDY


1. To calculate the risk return of selected companies to estimate whether the
company is reliable for the investor to invest in the shares of the company.
2. To analyze the various risks and returns patterns in shares.
3. To know the risk involved with invests in equities.
4. To know the price fluctuations of the shares in the stock market for a
particular period.
5. To know the importance of the risk analysis in trading.
6. To know risk level of various companies selected for the study.

SCOPE OF THE STUDY:


The present study has been undertaken to observe the risk and returns associated with
selected companies and to know the price fluctuations of the shares in the stock
market.

The study also aims at knowing the shares yielding highest return from the
companies selected for the study and to know risk level of various companies selected
for the study. This will helpful to the investors while investing in the securities.

IMPORTANCE OF THE STUDY:


ROE is important to every organization: for-profit, not-for-profit, educational
Institutions, government agencies, and more. There are variations in how they define
value, however, all organizations want value for the investments they make. What
makes ROE important is it provides leaders with an important way of deciding in
which programs to invest and which programs to delay or reject. The modern market
place of stock markets, having well developed risk management, transparent rules for
entry and stringent regulation, is faceless. That the old type system had to transform
into a new is definitely clear they have played a very important role in the past. In is
merely that had to modern markets to keep up with the demand of the times.

RESEARCH METHODOLOGY
RESEARCH DESIGN

This project is based on exploratory research with both qualitative analysis as well as
quantitative analysis. The research methodology adopted is based on secondary data.
The various sources of secondary data include

Internet

Share prices of different NSE Sensex companies.

Information provide by Steel City Securities Limited

Magazine

SOURCES OF DATA
PRIMARY SOURCE
Primary data is the data or information collected directly from the respondents and
concerned officials. It mainly includes questionnaire and interviews.
For this study, no primary data is used.
SECONDARY SOURCE
To fulfill the information need of the study, the data is collected from secondary
sources. The secondary data was collected on the basis of organizational file, official
records, news papers, magazines, management books, preserved information in the
companys database and website of the company.

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LIMITATIONS OF THE STUDY


The present project work has been undertaken to provide information regarding risk
return on equities. The following are the limitations of the study.

Any rational investor, before investing his or her investible wealth in the
stock, analysis the risk associated with the particular stock. The actual return
he receives from a stock may vary from his expected return and the risk is
expressed in terms of variability of return.

The study is based on the secondary data which is available from various.

The study is limited to only four companies.

The time taken to undertaken the project work is very short; hence only four
companies were chosen for the study.

The study is confined for 3 years only (i.e., 2009 to 2012).

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RISK AND RETURN


Investment decisions are influenced by various motives. some people invest in a
business to acquire control and enjoy the prestige associated with it. some people
invest in expensive yatchs and famous villas to display their wealth. Most investors,
however , are largely guided by the pecuniary motive of earning a return on their
investment.
For earning returns investors have to almost invariably bear some risk. In general ,
risk and return go hand in hand, while investors like returns they abhor risk.

RETURN:
Return is the primary motivating force that drives investment. It represents the reward
for undertaking investment. Since the game of investing is about returns ,
measurement of realised returns is necessary to assess how well the investment
manager has done . In addition , historical returns are often used as an important input
in , such as dividend estimating future returns.
CURRENT RETURN:
The first component that often comes to mind when one is thinking about return is the
periodic cash flow , such as dividend or interest, generated by the investment, current
return is measured as the periodic income in relation to the beginning price of the
investment.

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CAPITAL RETURN:
The second component of return is reflected in the price changes called the capital
return-it is simply the price appreciation divided by the beginning price of the asset.
For assets like equity stocks, the capital returns predominates.
Thus , the total return for any security is defined as :
Total return= current return+ capital return.
The current return can be zero or positive , whereas the capital return can be negative,
zero, or positive.

RISK:
We cannot talk about investment return without talking about risk because investment
decisions invariably involve a trade-off between the two.risk refers to the possibility
that actual outcome of an investment will differ from its expected outcome.More
specifically, most investors are concerned about the actual outcome being less than
the expected outcome.The wider the range of possible outcomes ,the greater the risk.
Risk emanates from from several sources.The three major ones are business risk ,
interest rate risk ,and market risk. They are in detail:
BUSINESS RISK:
As a holder of corporate securities, you are exposed to the risk of poor business
performance. This may be caused by a variety of factors like heightened competition
,emergence of new technologies development of substitute products, shifts in
consumer preferences , inadequate supply of essential inputs , changes in
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governmental policies.
INTEREST RATE RISK:
The changes in interest rate have a bearing on the welfare of investors. As the interest
rate goes up , the market prices of existing fixed income securities fall , and vice
versa. This happens because the buyer of a fixed income securities fall , and vice
versa.This happens because the buyer of a fixed income security would not buy it at
its par value or face value if its fixed income security would not buy it at its par value
or face value if its fixed interest rate is lower than the prevailing interest rate on a
similar security.
MARKET RISK:
Even if the earning power of the corporate sector and the interest rate structure remain
more or less unchanged, prices of securities, equity shares in particular, tend to
fluctuate. While there can be several reasons for this fluctuation , a major cause
appears to be the changing sentiment of the investors. There are periods when
investors become bullish and their investment horizons lengthen.

TYPES OF RISK:
Modern portfolio theory looks at risk from a different perspective. It divides total risk
as follows.
Total risk=unique risk+ market risk.
The unique risk represents that portion of its total risk which stems from firm-specific
factors like the development of a new product, a labour strike, or the emergence of a
new competitor. In a diversified portfolio, unique risks of different stocks tend to
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cancel each other-a favourable development in one firm may offset an adverse
happening in another and viceversa. Hence, unique risk is also referred to as
diversifiable risk or unsystematic risk.
The market risk of a security represents that portion of its risk which is attributable to
economy-wide factors like the growth rate of GDP, the level of government spending
money ,interest rate structure, and inflation rate, since these factors affect all firms to
a greater or lesser degree, investors cannot avoid the risk arising from them, however
diversified their portfolios may be.

MEASURING HISTORICAL RETURN:


The total return on an investment for a given period is:
Total return =cash payment received during the period + price change over the period/
price of the investment at the beginning.
All items are measured in rupees. The rupee cash payment received during the period
may be positive or zero. The rupee price change over the period is simply the
difference between the ending price and the beginning price. This can be positive or
zero or negative.
In formal terms,
R=C+(PE-PB)/PB
Where R is the total return over the period , C is the cash payment received during the
period , PE the ending price of the investment, the PB is the beginning price.

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RETURN RELATIVE:
Often it is necessary to measure returns in a slightly different manner. This is
particularly true when a cumulative wealth index or a geometric mean has to be
calculated, because in such calculations negative returns cannot be used. The concept
of return relative is used in such cases.
The return relative is defined as:
Return relative=C+PE/PB.
Put differently
Return relative = 1+ total return in decimals.

CUMULATIVE WEALTH INDEX:


A return measure like total return reflects changes in the level of wealth .For some
purpose it is more useful to measure the level of wealth rather than the change in the
levels of wealth. To do this, we must measure the cumulative effect of returns of
returns over time, given some initial amount, which is typically one rupee. The
cumulative wealth index captures the cumulative effect of total returns. It is
calculated as follows:
CWI=WI0(1+R1)(1+R2) .....(1+Rn)
Where CWI is the cumulative wealth index at the end of n years.WIO is the beginning
index value which is typically one rupee and Rj is the total return of year I (i=l,.. .n)

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REAL RETURN:
The returns so far discussed are nominal returns , or money returns. To convert
nominal returns into real returns , an adjustment has to be made for the factor of
inflator:
Real return=l+nominal return/1+inflation rate-1.
GLOBAL EQUITY RETURNS:
A study titled triumph of the optimists:
101 years of global investment returns authored by P.Marsh and M.Staunton and
published by Princeton university press in 2002 found that in the first half of the 20th
century the arithmetic average annual real return on the world equity index was 5.1 %
whereas it was 8.4 % over the period 1950-2002.
What explains larger equity returns in the second half of the 20th century
compared to the first half P.Marsh and M.Staunton attribute it to the following
factors:
1

Unpredicted growth in productivity and efficiency, thanks to rapid


technological changes.

Enhancement in the quality of management and corporate governance.

Reduced transaction and monitoring costs.

Decline in inflation rates...

Fall in the required rate of return , thanks to diminished business and


investment risks.

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Risk refers to the possibility that actual outcome of an investment will differ from the
expected outcome. Put differently, risk refers to variability or dispersion. If an asset's
return has no variability, it is riskless.
Suppose you are analyzing the total return of an equity stock over a period of time.
Apart from knowing the mean return, you would also like to know about the
variability in returns.

VARIANCE AND STANDARD DEVIATION:


The most commonly used measure of risk in finance is variance or its square root the
standard deviation. The variance and the standard deviation of a historical return
series are defined as follows:
2= [(Ri-R)2/n-l]
0 is the variance of return, sigma is the standard deviation of return, RI is the return
from the stock in period I, R is the arithmetic return, and n is the number of periods.
CRITICISM OF VARIANCE (AND STANDARD DEVIATION) AS A
MEASURE OF RISK:
Though widely used in finance , there are two conditions of the variance as a measure
of risk.
1 .Variance considers all deviations, negative as well as positive, investors , however,
do not view positive deviations unfavorably -infact ,they welcome it. However some
researchers have argued that only negative deviations should be considered while
measuring risk.

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SUMMARY STATISTICS:
while total return , return relative and wealth index are useful measures of return for a
given period of time, in investment analysis we also need statistics are arithmetic
mean and geometric mean.
ARITHMETIC MEAN: The most popular summary statistic is the arithmetic mean.
Hence the word mean refers to the arithmetic mean, unless otherwise specified. The
arithmetic mean of a series of total returns is defined as;
R= i=1 Ri/n
Where R is the arithmetic mean, Ri is the value of total return(i=l, ........ n) and n is the
number of total returns.
GEOMETRIC MEAN:
It represents the typical performance for a single period. However when you want to
know the average compound rate of growth that has actually occurred over multiple
periods , the arithmetic mean is not appropriate.
The Geometric mean is defined as follows:
GM=[(1+R1)(1+R2) .... (l+Rn)]1/n-l
2.When the probability distribution is not symmetrical around its expected value,
variance alone does not suffice. In addition to variance, the skewness of the
distribution should also be used. Markowitz does not consider skewness in
developing portfolio theory. Proponents of the Markowitz model rely only on
variance on the grounds that the historical returns of stocks have been approximately

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symmetrical.
RATIONALE FOR STANDARD DEVIATION:
Notwithstanding the above criticism, standard deviation is commonly employed in
finance as a measure of risk. Why? The principal reasons for using standard deviation
appear to be as follows:
l.If a variable is normally distributed , its mean and standard deviation contain all the
information about its probability distribution.
2. If the utility of money is represented by a quadratic function (a function commonly
suggested to represent diminishing marginal utility of wealth), then the expected
utility is a function of mean and standard deviation.
3. Standard deviation is analytically more easily tractable.
MEASURING EXPECT EP (EX ANTE) RETURN AND RISK:
So far we looked at the historical(ex post facto) return and risk. We now discuss
expected (ex ante) return and risk.
PROBABILITY DISTRIBUTION: when you invest in a stock you know that the
return from it can take various possible values. For example, it may be -5 percent, or
15percent,or 35 percent.

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Further the likelihood of these possible returns can vary. Hence, you should think in
terms of a probability distribution.
The probability of an event represents the likelihood of its occurrence. Suppose you
say that there is a 4 to 1 chance that the market price of a stock A will increase and
a 20percent chance that it will not increase during the next fortnight. Your
judgment can be represented in the form of a probability distribution as follows
OUTCOME

PROBABILITY

Stock price will rise

0.80

Stock price will not rise

0.20

When you define the probability distribution of rate of returns(or for that matter any
other variable) remember that:

The possible outcomes must be mutually exclusive and collectively

exhaustive.

The probability assigned to an outcome may vary between o and l(an


impossible event is assigned a probability 0, a certain event a probability of
1, and an uncertain event a probability somewhere between 0 and 1).

The some of the probabilities assigned to various possible outcomes is 1.

EXPECTED RATE OF RETURN:


The expected rate of return is the weighted average of all possible returns multiplied
by their respective probabilities, In symbols,

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E(R) = RiPi
Where E(R) is the expected return from the stock Rl is the return from stock under
state I, pi is the probability that state I occurs, and n is the number of possible states
of the world.
STANDARD DEVIATION OF RETURN:
Risk refers to the dispersion of a variable. It is commonly measured by the variance or
the standard deviation. The variance of a probability distribution is the sumof the
squares of the deviations of actual returns from the expected return , weighted by the
associated probabilities. In symbols,
2 = pi (Ri-E(R)2
Where a = is the variance, Rj is the return for the Ith possible outcome, pi is the
probability associated with the I th possible outcome, and E(R) is the expected return.
Since variance is expressed as squared returns , it is somewhat difficult to grasp. So
its square root, the standard deviation, is employed as an equivalent measure.
2=(2)
Where sigma is the standard deviation.
Continuous probability distribution:
The probability distribution of returns on bharat foods stock is a discrete distribution
because probabilities have been assigned to a finite number of specific values. In
finance , however , probability distributions are commonly regarded as continuous ,
even though they may actually be discrete. In a continuously probability distribution ,
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probabilities are not assigned to individual points as in case of a discrete distribution.


Instead , probabilities are assigned to intervals between two points on a continuous
curve. Hence,, when a continuous probability distribution is used , the following kinds
of questions are answered. What is the probability that the rate of the return will fall
between , say , 10% and 20% ? What is the probability that the rate of return will be
less than 0% or more than 25% ?

THE NORMAL DISTRIBUTION:


The normal distribution , a continuous probability distribution, is the most commonly
used probability distribution in finance. The normal distribution resembles a bell
shaped curve. It appears that stock returns, atleast over short time intervals, are
approximately normally distributed.
The following features of normal distribution may be noted:
l.It is completely characterized by just two parameters , viz.,expected return and
standard deviation of return
2.A bell-shaped distribution, it is perfectly symmetric around the expected return.
3.The probability for values lying within certain bands are as follows:
Band probability
-one standard deviation

68.3%

-two standard deviation

95.4%

-three standard deviation

99.7%

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INTRODUCTION
Introduction
Since 1995 Steel City Securities Limited is leading in retail stock broking in Southern
India. They are the pioneers and prime leaders in introducing the Franchisee model to
extend their business potential in urban and rural areas of Andhra Pradesh. They also
have business operations in Tamil Nadu, Karnataka and Orissa. In 1998 the company
has achieved phenomenal growth in all aspects. The workforce has been given top
priority to meet and enhance their endless support and services. In 2004 Steel City
Commodities (P) Ltd. has become the subsidiary of parent company to provide a
business platform to trade in Commodity market segment. The working nature of this
company is with full of dedication and trustworthy.
Strength
Steel City is having memberships in national level Exchanges of NSE, BSE, MCX,
NCDEX and MCX-SX for both Stock and Commodity segments. They are recognized
as POP by PFRDA (Pension Fund Regulatory and Development Authority, Govt, of
India) to promote pension schemes for the well-being of Indian citizens. They have
high-end risk management tools for all market segments to maintain a healthy
business relationship with all our valuable investors and clients. As of today the
company is having very high-end reputation, goodwill and confidence in the market.
They have their own Software development team to develop application and
implement for the Back-office operations of all Segments of different Exchanges.
Their strong base line of this business tempo is they have high-end management
solutions for the business promotion and expansion. They have the best track record

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of in-time clearing of funds and securities to our valuable customers everywhere


every time. Since six years they are ISO 9001:2008 certified company to maintain the
quality and services to the customer satisfaction. The brand "Steel City" means
"confidence as strong as steel".

COMPANY PROFILE
The Company extensively uses technology for supporting monitoring of the positions
of traders, impact of volatility, concentration of positions in few scripts. Mark to
Market positions of the clients are monitored on a real-time basis, and appropriate
decisions such as margin calls, square offs are taken. The branches have also been
provided access to all the necessary data to allow for timely decisions in this regard.
Calls for fresh or additional margins are made when client Mark to Market (MTM)
losses reach the stipulated level. This ensures that client's exposure is completely
covered, and any potential loss to the Company is mitigated at the earliest. For ease of
operations, and tighter real time risk management, we are maintaining their DP
accounts, being Depository Participant of CDSL and NSDL to be used exclusively for
its registered clients.
At the end of the trading day, the trades downloaded from the exchanges are
reconciled with in house data. Thereafter, these trades are processed for generating
contract notes and bills. Funds Obligations and Securities Obligations are calculated
after which the branches can access the relevant information for the purpose of
interacting with customers for issuing contract notes, collection of pay-in obligations,
securities obligation, pay-out of funds and securities and also statement of accounts.
Receivables of the clients are closely monitored to ensure timely collection. Branches

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ensure that client cheques are deposited into the designated account after making an
entry in the system. The deposit details are accessible to Accounts Department, and
the RM Cell at HO. The accounts are reconciled at periodic intervals and cases of any
late payments, bounced cheques are tracked closely, and viewed very seriously, and
appropriate action is taken, including suspension of client code. In order to facilitate
easy flow of funds, and also gear itself for a T+l environment, Centralized Collection
Management system is being implemented. In order to improve timeliness and
operational efficiency of payments, the Company has opted for remote issuance of
cheques and pay orders. Pay-in, payout of funds and securities are carried out in a
time bound manner.
The Company pro-actively reviews its existing procedures to enhance their
effectiveness, usefulness, and timeliness. Further, all operational activities are subject
to audits at frequent intervals. The Audit Committee, having independent directors
reviews all these reports, and appropriate corrective and preventive steps are initiated.
Business Model
The products / services covered provide a wide range of financial products catering to
different segments. In the retail segment, the focus is to cater to middle and upper
segments of clients by advising them and offering a complete range of products
available with the company. The focus to target retail and institutional customers by
providing quality and cost effective services backed by strong knowledge and
research capabilities together with technology integration. The Company embarked
upon setting up an integrated brokerage house providing all the related and ancillary
services using its existing centres, networks and client relationships to address the
requirement of its clients for all the services and products.
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The Company started its operations in 1995 with an objective of focusing on the retail
broking of equity and distribution of financial products such as mutual funds, fixed
income and insurance products. As a strategy, we have started with one branch in
1995 and as on November. 2005 we have 225 centres and now further decided to
expand the reach to achieve the objective of servicing retails customers.
SWOT ANALYSIS
Strengths

Weaknesses

Integrated online trading in terms of

brokerage services in equities,

Insignificant presence in overseas


and institutional segment

derivatives, commodities and


depository services

Awareness about our e-broking


portal is yet to be created among
masses

Presence at 97 Cities/Towns as on

date through 225 centres with plans

for developing into brand

of opening 100 additional centres

Strong brokerage and depository


services clientele base created over

the
past 10developed
years of operations
In-house
back-office
I

software, own communication


network, economic model of

Our
first e-broking
portal is ready to
operations
etc.
launch shortly.

27

Yet to obtain approval of Trademark

Opportunities

Threats

Additional centres will increase the

clientle base and in-turn will

entrants

increase revenue

Retail sector is expected to grow due

Downturn or volatility of securities


and commodities market

to reduction in interest rate and

Slowdown of Indian and global


economy

opting for new opportunities in

equity and related instruments

Competition from existing and new

Change in government and economic


policies including personal taxation

Rapid penetration of Internet and

Board of Directors

Mr. G. Sree Rama Murthy


Managing Director
Mr. G. Raja Gopala Reddy
Executive Director
Mr. K. Satyanarayana
Executive Director(S)
Mr. Satish Kumar Arya
Director Operations

28

Mr. G Satya Ram Prasad


Director
Mr. Ch. Murali Krishna
Mr. M.H.Jagannadha Rao
Mr. M.Raghuram
Year wise milestones
Year

Activity / Milestone

1995

The company was incorporated


Obtained the Membership in National Stock Exchange of India Limited in
October and commenced equity broking

Installed 1st VSAT and Started the Operations in Hyderabad in December

1996

The company has become successful in starting its operations at


Visakhapatnam installing the 2nd VSAT in April

Changed the registered office of company on April 15, 1996

1999

Foray in distribution of financial products

29

Set up 10th centre during the year

2000

SEBI's Approval as Depository Participant of National Securities


Depository Limited

Own In-house back office software developed named "STEEL PACK"

2001

Obtained Membership of BSE by Steel City Capital services Pvt. Limited

Maintained 3,353 DP client accounts

2002

SEBI's Approval as Depository Participant of Central Depository Services


(I) Limited

Started the operations of Futures & Options segment in May

Incorporated Steel City Insurance Agencies Private Limited in August

Maintained 7,617 DP client accounts

Set up the 50th Centre

2003

Commenced distribution of insurance products

Maintained 22,678 DP client accounts

30

2004

Membership of Multi commodity exchange of India Limited and National


Commodity &Derivatives Exchange Limited

Started the operations of Mutual Funds in February

Maintained 37,497 DP client accounts


Set up the 100th Centre
Services
They are providing a trading platform of Capital Market, Futures & Options,
Commodities and Currency Derivatives. They are also a depository participant of
NDSL and CDSL having their own trading clients more than 1.25 lacs to serve more
transparently. They have distribution of Mutual funds and IPO with smart advisory
team members to reach every potential investor and to encourage their investments
and growth plans. They promote pension schemes through PFRDA for the retirement
benefits of both employees and business people. Their Research and Analysis team to
focus on market movements for investment opportunities towards business growth
and also to minimize the risk. Their online Back-office application is available on
24/7 basis to get the required information instantly.
Business Network
They have foot print of 61branches and 245 sub-broker locations across India with
1600+ terminal licenses being connected to the Central Location. Their business is
being extended to the remote locations where, they have created awareness for all
categories of business people to plan their investments in these growing financial
31

markets of Equity, Derivatives and Commodities. Apart from this they also have web
clients from both Equity and Commodity market segments. They have well
experienced team to market their products and capture more clients of respective
business segments.
Research and Advisory
They have very competitive analysts to focus on the market trends of all
Exchanges/Segments in both fundamental and technical. Since they have very large
scale of retail investors, they understand their portfolios, investment plans and return
of investments (ROI). Their Advisory team will keep posting the analysis reports to
the respective clients based on their requirements. They also post regular news,
reports and other important financial statements of companies as required by the
investors.
Future Plans
They are planning to start their business operations in North and western parts of
India to spread their brand and services. They also wanted to come out with more
financial products like wealth Management and Merchant Banking Services. They are
in the outlook of strategic Investors to expand business and to reach successful goals.
Their aim is to attract more retail business to gain substantial growth in the upcoming
years.

32

Present Infrastructure and Facilities - key drivers


V SAT Network
We have country wide VSAT Based Trading Terminals installed to access and trade
in all segments like Capital Market, Future & Options, and Commodity of NSE, BSE,
MCX and NCDEX. We also have facility for remote user to trade via dial-up and
Leased Line to access CTCL servers installed at nearest Branch locations. All
Exchanges have provided tree Trading software (NEAT, BOLT and TWS) to trade
via VSAT. incase of remote users, client has to buy CTCL software license to access
Trading Screen. The CTCL software Vendor (Financial Technologies) has been
empanelled by the respective Exchanges and it is mandatory.
Technology
In order to maintain a high-end technology as per Indian climate conditions, we have
opted for Extended- C band VSAT equipment to ensure zero downtime in Network
Connectivity at all our remote locations. As a part of Hardware, we have procured all
our servers from IBM, No. 1 brand in Server range with better support and warranty.
All our Trading TWS (Trading Work Station) maintain branded machines only to
ensure better performance and uptime.
Office Environment
We have adequate office space at our branch locations for having a better and healthy
Trading environment. We have taken every step to facilitate like Centrally Airconditioned rooms, comfortable seating. Bigger display Monitors for Market-watch
screen. TV outlets. Daily News Papers and periodicals. Telephones, Free Internet,
Reuters Market watch, Ready access for Technical package, UPS (60 nos.) with more
33

backup hours. Inverters (5 nos.). Generators (15 nos.) etc. The standard of ambience is
being maintained at corporate office as well as branch locations.
Office space
Our business and all centres across the country are controlled from our offices at
Visakhapatnam. As of now. we are having multiple offices for our trading, back
office, accounts, research and customer services. The details of office premises
presently:
Corporate Office at Visakhapatnam 3271 sit.
Trading Floor at Visakhapatnam 3271 sft.
Depository Floor at Visakhapatnam 3258 sft.
Commodity Floor at Visakhapatnam 4000 sft.
Own office at Secundrabad 3000 sft.
Centres location ranging from 400 1000 ft.
Research and Development
To meet the challenges in Market and business promotion, we have Research and
Development wing to give analytical reports on the market. Fundamental and
Technical on Segment/Industry/Scrip wise reports for the benefit of our client's Longterm & Short-term investments. To derive these analysis reports, we have bought
support softwares like Capital Line 2000, Technical Package and Mumbai based
daily Trend-watch.

34

Apart from these, we are very keen to provide Trading tolls like (Reuters, Mumbai Leaders in Worldwide news agency) Latest Worldwide News, Instant charts.
Quotes, International Indicies, Bullion Markets, History of specific instruments etc.
This support is being extended to all our locations at the same time.
Business Promotion
To market our products, we conduct Road Shows, Workshops, awareness
programmes. Interactive sessions, and Training Sessions on a regular basis at different
locations. We also conduct training programmes on NCFM (NSE's Certification in
Financial Markets) for our staff to comply with the SEBI and Exchange guidelines.
Service Providers
We have implemented Virtual Private Network with the support of HCL Comnet
Ltd.. who is the No. 1 service provider in the country for VSAT and Bandwidth
solutions. We have tied-up with BSNL and BHARTI service providers for Bandwidth
usage to maintain zero downtime. In this Network all remote users are connecting to
CTCL Server, where mandatory validations will be done in regards to their User
Identity. Margin. Turn Over, and Exposure limits. Having this Network, the Risk
Management is covering all stages and no abnormal deals can be taken place. This
network is really giving us a great opportunity to improve our business potential and
having the advantage of all trading segments under one-roof.
Manpower
We have experienced and well-qualified personnel, handling greater responsibilities,
work flow, communication, compliance, correspondence, implementation, auditing,
maintenance, documentation etc. As per Exchange guidelines we keep NCFM
35

qualified persons in the trading operations. We also conduct functional training


programs for newly joined employees before commencement of branch operations.
We have developed extensive in-house training package. The Company has an
excellent reward policy by offering performance based incentives in addition to
salary. At present we are having total manpower strength of 343 inclusive of 292
permanent employees and 51 on probation.
Back-office
We have our own Back-office software to meet our post trading reports and
statements and available to all our remote locations via Internet and FTP (File
Transfer Protocol). To maintain this ongoing development of Back-office software,
we have high-end professionals at all levels.
Software Development
We have in-house developed software "Steelpack" for complete back office
centralised operations. The ongoing software development is to integrate our service
support towards branch and franchisees. We have following responsibilities to
maintain the automation of our office Revisions as per new features Web
development Mock Testing Parallel Testing Evaluations Database Tuning
Performance Tuning Network Auditors.
We have appointed Network Auditors from NCG (Network Consultancy Group),
Mumbai to evaluate performance, safeguard our setup from the insecure zone, future
expandability, technology up gradation, better suggestions, timely validations etc. All
these will be audited on half-yearly basis to certify the Systems integrity and
performance.
36

On-site Network Support


We have also appointed on-site Network Engineer on 24/7 basis to monitor Network
Traffic, Bandwidth utilization, virus protection, router functioning, firewall behavior,
security, identifying the bad network traffic, regular backups, housekeeping etc.
Risk Management
Risk is an integral part of financial services business. During the last decade the
Exchanges and SEBI have introduced sweeping measures to enhance integrity levels
in the capital markets. Recognizing the fact that there is no substitute for internal
discipline and control, the Company, in addition to adapting to the changes driven by
regulator and exchanges, has built-in additional safety measures to mitigate risks.
A) System
To control our Risk Management, we have bought Software "DERIWATCH" to
monitor the risk parameters based on the market volatility and volumes. With this
software support, we are able to identify the risky positions of the clients and their
percentage of the risk is evaluated to take immediate decision to stop/suspend the
particular client further trading. The same has also implemented for Commodity
segment with "COMMOWATCH".
Bi Process and procedure
The Company has well laid down policies and guidelines for compliance and risk
management and constituted a Risk Management Committee comprising of senior
level personnel who constantly review the risk management mechanism of the
Company vis-a-vis changing dynamics of risk in the business. The Committee focuses

37

extensively on mitigation of trade risk, settlement risk, compliance risk, financial risk,
technology risk etc. Risk policies are regularly updated to keep in line with changing
market dynamics. The Company, having recognized technology as its key business
enabler, has implemented state of the art technology to meet its operational and
business needs. It has also created a high-end private network with the capability to
provide for well controlled, centralized, and scalable business operations. The
Company was amongst the first to introduce and deploy centralized order
management and risk surveillance system for all business that emanates from its
network of terminals spread throughout the country.
The Client Registration is the first step in the operational cycle, and this process
commences with the formal registration of each client. The Central Processing Cell
(CPC) at HO handles client registration. On receipt of completed applications along
with necessary documents, client code is generated from the system. A systemgenerated notification of account opening is automatically sent to the client on
generation of a client code, and concerned branches have the facility to view the
status of client registration with respect to all the forms sent by them. Post generation
of a Client Code, the Risk Management cell ensures that judicious exposure limits are
set-up in line with the deposits and margins collected from the client in various
acceptable forms. The Company has in place an effective real time On-line Risk
Management System (RMS), which facilitates decisions, like additional margin calls,
square off, close out etc. These are constantly reviewed to keep abreast of the
changing needs of the market scenario. Every order of a client goes through an
automatic validation process against the available limits and order gets routed to
exchange only if the order is within the predefined limits.

38

BANK INTRODUCTION
Finance is the life blood of trade, commerce and industry. Now-a-days, banking
sector acts as the backbone of modern business. Development of any country mainly
depends upon the banking system.
The term bank is either derived from old Italian word banca or from a French
word banque both mean a Bench or money exchange table. In olden days, European
money lenders or money changers used to display (show) coins of different countries
in big heaps (quantity) on benches or tables for the purpose of lending or exchanging.
A bank is a financial institution and a financial intermediary that accepts deposits and
channels those deposits into lending activities, either directly by loaning or indirectly
through capital markets. A bank is the connection between customers that have capital
deficits and customers with capital surpluses. In other words, it is an establishment
authorized by a government to accept deposits, pay interest, clear checks, make loans,
act as an intermediary in financial transactions, and provide other financial services to
its customers.
Due to their influence within a financial system and an economy, banks are
generally highly regulated in most countries. Most banks operate under a system
known as fractional reserve banking where they hold only a small reserve of the funds
deposited and lend out the rest for profit. They are generally subject to minimum
capital requirements which are based on an international set of capital standards,
known as the Basel Accords.

39

BANK OF BARODA
Bank of Baroda (BoB) (BSE: 532134) is the highest profit-making public sector
undertaking (PSU) bank in India and the second largest PSU bank in terms of number
of total business in India. Based in Vadodara, India,it is the country's first largest
public sector lender in terms of annual profit.[4][5][5][6] BoB is ranked 715 on Forbes
Global 2000 list. BoB has total assets in excess of Rs. 3.58 trillion (short scale), or Rs.
3,583 billion, a network of 4261 branches (out of which 4168 branches are in India)
and offices, and over 2000 ATMs. It plans to open 400 new branches in the coming
year. It offers a wide range of banking products and financial services to corporate
and retail customers through its delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, credit cards and asset
management. Its total global business was Rs. 7,003.30 billion as of 30 Sep 2012. Its
headquarter

is

in Vadodara and

corporate

headquarter

is

in Bandra

Kurla

Complex Mumbai.
The Maharaja of Baroda, H. H. Sir Sayajirao Gaekwad III, one of the knights of
the Maratha Kingdom, founded the bank on 20 July 1908 in thePrincely
State of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of
India, was nationalised on 19 July 1969, by theGovernment of India. S S Mundhra
was appointed as the bank's chairman and MD in january 2013. He was an executive
director in Union Bank of India prior to the appointment.
International presence
In its international expansion, the Bank of Baroda followed the Indian diaspora,
especially that of Gujaratis. The Bank has 97 branches/offices in 24 countries

40

including 59 branches/offices of the bank, 38 branches of its 8 subsidiaries and 2


representative offices in Thailand and Australia. The Bank of Baroda has a joint
venture in Zambia with 16 branches.
Among the Bank of Barodas overseas branches are ones in the worlds major
financial centers (e.g., New York, London, Dubai, Hong Kong, Brussels and
Singapore), as well as a number in other countries. The bank is engaged in retail
banking via the branches of subsidiaries in Botswana, Guyana, Kenya, Tanzania, and
Uganda. The bank plans to upgrade its representative office in Australia to a branch
and set up a joint venture commercial bank in Malaysia. It has a large presence in
Mauritius with about nine branches spread out in the country.
The Bank of Baroda has received permission or in-principle approval from host
country regulators to open new offices in Trinidad and Tobago and Ghana, where it
seeks to establish joint ventures or subsidiaries. The bank has received Reserve Bank
of India approval to open offices in the Maldives, and New Zealand. It is seeking
approval for operations in Bahrain, South Africa, Kuwait, Mozambique, and Qatar,
and is establishing offices in Canada, New Zealand, Sri Lanka, Bahrain, Saudi Arabia,
and Russia. It also has plans to extend its existing operations in the United Kingdom,
the United Arab Emirates, and Botswana.
The tagline of Bank of Baroda is "India's International Bank". Bank of Baroda

41

UNION BANK OF INDIA


A Glorious Past - A Brighter Future
Union Bank of India was established on 11th November 1919 with its headquarters in
the city of Bombay now known as Mumbai.
The Head Office building of the Bank in Mumbai was inaugurated by Mahatma
Gandhi, the Father of the nation in the year 1921, and he said on the occasion:
"We should have the ability to carry on a big bank, to manage efficiently crores of
rupees in the course of our national activities. Though we have not many banks
amongst us, it does not follow that we are not capable of efficiently managing crores
and tens of crores of rupees."
His prescient words anticipated the growth of the bank that has taken place in the
decades that followed. The Bank now operates through over 2800 branches across the
country. The Bank's core values of prudent management without ignoring
opportunities is reflected in the fact that the Bank has shown uninterrupted profit
during all 90 years of its operations.
Union Bank has been playing a very proactive role in the economic growth of India
and it extends credit for the requirements of different sectors of economy. Industries,
exports, trading, agriculture, infrastructure and the individual segments are sectors in
which the bank has deployed credit to spur economic growth and to earn from a well
diversified portfolio of assets.

42

Resources are mobilised through Current, Savings and Term Deposits and through
refinance and borrowings from abroad. The Bank has a large clientele base of over 24
million.
On the technology front the Bank has taken early initiatives and 100% of its branches
are computerised. The Bank has also introduced Core Banking Solution with
connectivity between branches. 100% of the business of the Bank is under Core
Banking Solution making it a leader among its peers in infusion of technology. Many
innovative products are developed using the technology platform to offer an array of
choices to customers, adding speed and convenience to transactions. Technology will
also enable the Bank to derive substantial cost reduction while creating the requisite
capacity to handle the ever increasing volume of business in a competitive
environment that offers immense opportunities.
At the end of September 2011 the Bank achieved total business level of Rs.3,42,856
crore (Rupees Three Lakh Forty two thousand Eight hundred fifty six crore)
Behind all these achievements is a dedicated team of staff, which is truly
cosmopolitan in its composition. Many generations of members of staff have
contributed in building up the strong edifice of the Bank. The present team of over
29000 members of staff distinguishes itself with its customer centricity, willingness to
learn and adherence to values enabling us to be recognised as a caring organisation
where people enjoy their work and relationship with customers.
VISION
To become the bank of first choice in our chosen areas by building beneficial and
lasting relationships with customers through a process of continuous improvement
43

MISSION

To be a customer centric organization known for its differentiated customer


service

To offer a comprehensive range of products to meet all financial needs of


customers

To be a top creator of shareholder wealth through focus on profitable growth

To be a young organization leveraging on technology & an experienced


workforce

To be the most trusted brand, admired by all stakeholders

To be a leader in the area of Financial Inclusion

AWARDS
Union Bank of India has been the proud recipient of many awards and
commendations. It is an honor to be appreciated for the work we do in serving the
customer and society.

The Dale Carnegie Leadership Award was conferred on Union Bank of India
on 28th October 2010 by Dale Carnegie Training for the Bank's
transformation initiatives undertaken through project Nav Nirman.

Our Bank has been the winner of Association of Business Communicators of


India (ABCI) Gold Award for marketing and Brand Communications, 2010.
The award is in recognition of the transformation process undertaken by the
Bank.
44

Our Bank was ranked as the 275th most valuable global banking brand for
calendar year 2009, up from 351st rank in 2008.

The ranking is carried by Brand Finance Plc, an independent intangible asset


valuation and brand strategy global firm

The brand value rating for Union Bank is A+ (A means strong) compared to
BB (BB means Average) in previous year

Bank's brand value increased by 148% during the calendar year 2009.

The Asian Banker ranked Union Bank of India the 7th Strongest Bank in AsiaPacific Region in 2009. The Bank was ranked at No. 3 amongst banks in
India.

Our Bank has participated in the prestigious Banking Technology Awards


2009 conducted by IBA-TFCI award and bagged the Best User of Business
Intelligence award.

Union Bank of India was awarded the prestigious Skoch Challenger Award
2009 for excellence in capacity building through innovative concept of
'Village Knowledge Centre' as part of financial inclusion initiatives

45

FMCG (FAST MOVING CONSUMER GOODS) INDUSTRY


Fast-moving consumer goods (FMCG) or consumer packaged goods (CPG) are
products that are sold quickly and at relatively low cost. Examples include nondurable goods such as soft drinks, toiletries, and grocery items.[1][2] Though the
absolute profit made on FMCG products is relatively small, they are generally sold in
large quantities, and so the cumulative profit on such products can be substantial.
Fast-moving consumer electronics are a type of FMCG and are typically low priced
generic or easily substitutable consumer electronics, including lower end mobile
phones, MP3 players, game players, and digital cameras, which have a short usage
life, typically a year or less, and as such are disposable. Cheap FMCG electronics are
often retained even after immediate failure, as the purchaser rationalizes the decision
to not return the goods on the basis that the goods were cheap to begin with, and that
the cost of return relative to the low cost of purchase is high. Thus low-quality
electronic FMCG goods can be highly profitable for the vendors.
The term FMCGs refers to those retail goods that are generally replaced or fully used
up over a short period of days, weeks, or months, and within one year. This contrasts
with durable goods ormajor appliances such as kitchen appliances, which are
generally replaced over a period of several years.
FMCG have a short shelf life, either as a result of high consumer demand or because
the product deteriorates rapidly. Some FMCGssuch as meat, fruits and vegetables,
dairy products, and baked goodsare highly perishable. Other goods such as alcohol,
toiletries,

pre-packaged

foods, soft

drinks,

and

cleaning

products

have

high turnover rates. An excellent example is anewspaperevery day's newspaper

46

carries different content, making one useless just one day later, necessitating a new
purchase every day.
The following are the main characteristics of FMCGs:

From the consumers' perspective:

Frequent purchase

Low involvement (little or no effort to choose the item products with


strong brand loyalty are exceptions to this rule)

Low price

From the marketers' angle:

High volumes

Low contribution margins

Extensive distribution networks

High stock turnover

FMCG, otherwise known as CPG, is one of the biggest industries in the world and
there are a lot of facts that stand the FMCG industry apart as a career choice:
FMCG companies are behind the biggest brands in the world. FMCG is all about
names, the products which everyone recognises from trips to the supermarket or from
ads on television. The brands that make up this sector are the high profile ones, the
ones everybody knows and loves. Think Coca-Cola, Dettol and Dove. This is an
industry that puts you in living rooms, kitchens and bathrooms across the globe.
47

The FMCG industry changes fast and is constantly evolving. It's fair to say there is
never a dull moment in FMCG. From the pace at which goods leave the shelves to the
rate of product innovation and career progression, things move quickly. And it doesn't
end there. The brands themselves are changing just as quickly. 40% of brands on the
top 100 list twenty years ago have already been replaced by new names today.
FMCG firms thrive on employee and customer retention. Employee investment is a
big part of the ethos of the FMCG world. Perhaps it's because we understand the
importance of loyalty. Customer loyalty can make or break a brand. Take Twinings,
for example a century after they entered the top 100 brand list, they are still there
and going strong. So it makes sense for FMCG companies to encourage the loyalty of
their employees too.
FMCG companies can beat the recession.This is an industry that has proved itself
very resilient to recession with the majority of companies in the sector weathering
the financial storm in a way that very few others have managed. Why? Well,
consumers will always need to buy the products created by FMCG companies. They
may not buy big items like refrigerators or cars in a recession, but floors still need to
be cleaned, clothes need to be laundered and aches and pains still need to be soothed.

48

ITC
ITC Limited (BSE: 500875) or ITC is an Indian public conglomerate company
(25.4% owned by British corporation, British American Tobacco)headquartered
in Kolkata, West Bengal, India.[2] Its diversified business includes four segments: Fast
Moving Consumer Goods (FMCG), Hotels, Paperboards, Paper & Packaging and
Agri Business. ITC's annual turnover stood at $7 billion and market capitalization of
over $34 billion. The company has its registered office in Kolkata. It started off as the
Imperial Tobacco Company, and shares ancestry with Imperial Tobacco of the United
Kingdom, but it is now fully independent, and was rechristened to India Tobacco
Company in 1970 and then to I.T.C. Limited in 1974.
The company is currently headed by Yogesh Chander Deveshwar. It employs over
29,000 people at more than 60 locations across India and is listed on Forbes 2000.
ITC Limited completed 100 years on 24 August 2010.
ITC has a diversified presence in FMCG (Fast Moving Consumer Goods), Hotels,
Paperboards & Specialty Papers, Packaging, Agri-Business and Information
Technology. While ITC is an outstanding market leader in its traditional businesses of
Hotels, Paperboards, Packaging, Agri-Exports and Cigarettes, it is rapidly gaining
market share even in its nascent businesses of Packaged Foods & Confectionery,
Branded Apparel, Personal Care and Stationery. Meera Shankar joined the board of
ITC Ltd as the first women director in its history. She is an additional non-executive
director of the cigarettes-FMCG-hotel major.
TC was formed on August 24, 1910 under the name Imperial Tobacco Company of
India Limited. Later the name of the Company was changed from Imperial Tobacco

49

Company of India Limited to India Tobacco Company Limited in 1970 and then to
I.T.C. Limited in 1974. ITC contains a wide range of businesses - Cigarettes &
Tobacco, Hotels, Information Technology, Packaging, Paperboards & Specialty
Papers, Agri-business, Foods, Lifestyle Retailing, Education & Stationery and
Personal Care . Finally the company changed its name to 'ITC Limited on September
2001.
The earlier decades of the Company's existence were mainly depending on growth
and consolidation of the Cigarettes and Leaf Tobacco businesses, In the Seventies it
started to transform into a corporate. In 1975 the Company launched its Hotels
business with the acquisition of a hotel in Chennai which was rechristened 'ITCWelcomgroup Hotel Chola'. The objective of ITC's entry into the hotels business was
rooted in the concept of creating value for the nation In 1979, ITC entered the
Paperboard business by promoting ITC Bhadrachalam Paperboards Limited, which
today has become the market leader in India.
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint
venture. Since inception, its shares have been held by ITC, British American Tobacco
and various independent shareholders in Nepal. In August 2002, Surya Tobacco
became a subsidiary of ITC Limited and its name was changed to Surya Nepal Private
Limited (Surya Nepal). Also in 1990, leveraging its tends to 10 states covering over 4
million farmers. ITC's first rural mall, christened 'Choupal Saagar' was inaugurated in
August 2004 at Sehore. On the rural retail front, 24 'Choupal Saagars' are now
operational in the 3 states of Madhya Pradesh, Maharashtra and Uttar Pradesh.

50

Corporate philanthropy
ITC e-choupal creatively leverages information technology to set up a meta-market in
favour of India's small and poor farmers, who would otherwise continue to operate
and transact in 'un-evolved' markets.
As of July 2010, services through 6500 Echoupal across 10 states, reach more than 4
million farmers in about 40,000 villages. Free access to Internet is also opening
windows of rural India to the world at large.
ITC e-choupal is now being regarded as a reliable delivery mechanism for resource
development initiatives. Its potential is being tested through pilot projects
in healthcare, educational services,water management and cattle health management
with the help of several service providers including non-governmental organizations.
Classmate notebooks were launched with the initiative of contributing 1 rupee
towards the education of poor children,from every four notebooks it sold.

51

HUL (HINDUSTAN UNILEVER)


Hindustan Unilever Limited (HUL) (BSE: 500696) is India's largest consumer
goods company based in Mumbai, Maharashtra. It is owned by the British-Dutch
company Unilever which controls 52% majority stake in HUL. Its products include
foods, beverages, cleaning agents and personal care products.
HUL was formed in 1933 as Lever Brothers India Limited and came into being in
1956 as Hindustan Lever Limited through a merger of Lever Brothers, Hindustan
Vanaspati Mfg. Co. Ltd. and United Traders Ltd. It is headquartered
in Mumbai, India and has an employee strength of over 16,500 employees [2] and
contributes to indirect employment of over 65,000 people. The company was renamed
in June 2007 as Hindustan Unilever Limited.
Lever Brothers started its actual operations in India in the summer of 1888, when
crates full of Sunlight soap bars, embossed with the words "Made in England by
Lever Brothers" were shipped to the Kolkata harbour and it began an era of marketing
branded Fast Moving Consumer Goods (FMCG).
Hindustan Unilever's distribution covers over 2 million retail outlets across India
directly and its products are available in over 6.4 million outlets in the country. As per
Nielsen market research data, two out of three Indians use HUL products.
Brands
HUL is the market leader in Indian consumer products with presence in over 20
consumer categories such as soaps, tea, detergents and shampoos amongst others with
over 700 million Indian consumers using its products. Eighteen of HULs brands

52

featured in the ACNielsen Brand Equity list of 100 Most Trusted Brands Annual
Survey (2012).
The company has a distribution channel of 6.3 million outlets and owns 35 major
Indian brands. Its brands include:
Leadership
HUL has produced many business leaders for corporate India, including Harish
Manwani, the non-executive chairman of HUL and currently the Chief Operating
Officer of Unilever. He is also a member of Unilever Leadership Executive team
(ULE), which comprises the companys top management and is responsible for
managing Unilevers profit and loss, and delivering growth across its regions,
categories and functions. Nitin Paranjpe [15] has been the Managing Director and
Chief Executive Officer of the company since April 2008. He is also Executive Vice
President, South Asia, Unilever and is also the executive head of the South Asia
cluster for Unilever.
HUL's leadership-building potential was recognized when it was ranked 4th in
the Hewitt Global Leadership Survey 2007 with only GE, P&G and Nokia ranking
ahead of HUL in the ability to produce leaders with such regularity. A study
conducted by Aon Hewitt, The RBL Group and Fortune in 2011, ranked the company
number six in the list of Top Companies for Leaders 2011 Study Results. The
company was awarded the CII- Prize for Leadership in HR Excellence at the 2nd CII
National HR Conclave 2011 held on October 2011.

53

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST APRIL 2009 TO 30TH JUNE 2009
TABLE NO. 1
DATE

BANK OF
BARODA

1/4/09
2/4/09
6/4/09
8/4/09
9/4/09
13/04/09
15/04/09
16/04/09
17/04/09
20/04/09
21/04/09
22/04/09
23/04/09
24/04/09
27/04/09
28/04/09
29/04/09
4/5/09
5/5/09
6/5/09
7/5/09
8/5/09
11/5/09
12/5/09
13/05/09
14/05/09
15/05/09
18/05/09
19/05/09
20/05/09
21/05/09
22/05/09
25/05/09
26/05/09
27/05/09

ITC

HUL

PRICE

RETU
RN

PRICE

140.9
142.9
150.35
141
154.6
155.25
150.55
160.25
152
156.25

1.419
5.213
-6.219
9.645
0.420
-3.027
6.443
-5.148
2.796

185.1
186.5
186.8
178.85
192
189
188
185.55
192.5
189.9

241.55
294.9
283.25
294.1
304.75
316
314
329.9
327.9
324
321.45
332
328.3
332.4
337
337.75
341
404.95
402.15
442.1
410.1

5.281
2.085
-2.609
0.768
9.623
2.350
4.242
3.594
5.102
21.828
22.087
-3.950
3.831
3.621
3.692
-0.633
5.064
-0.606
-1.189
-0.787
3.282
-1.114
1.249
1.384
0.223
0.962
18.754
-0.691
9.934
-7.238

156
158.25
161.5
174
168
172
162.5
162.95
170.1
170.2
170.25
156.1
162
151
160.1
151
171.25
198.4
181.35
202.15
212.8

181.8
186.4
190
190.9
190.8
192.85
188.15
190.1
205
198
194.95
190
189.95
188.35
191.35
186.15
187.2
193.85
206.85
190
187

-4.265
2.530
1.931
0.474
-0.052
1.074
-2.437
1.036
7.838
-3.415
-1.540
-2.539
-0.026
-0.842
1.593
-2.718
0.564
3.552
6.706
-8.146
-1.579

429.9
429.85
449.9
444

4.828
-0.012
4.664
-1.311

191
192
186
198.65

-0.160
1.442
2.054
7.740
-3.448
2.381
-5.523
0.277
4.388
0.059
0.029
-8.311
3.780
-6.790
6.026
-5.684
13.411
15.854
-8.594
11.470
5.268
10.244
0.524
-3.125
6.801

182.15
184.4
191.5
185.5

-2.594
1.235
3.850
-3.133

PRICE

230.05
242.2
247.25
240.8
242.65
266
272.25
283.8
294
309

RETU
RN

UNION BANK

54

RETUR
N

NIFTY

RETURN

INDEX

RETU
RN

- 235
0.756 235.1
0.161 234.9
-4.256 225.2
7.353 242.9
-1.563 235.05
-0.529 230
-1.303 235.45
3.746 241
-1.351 240

0
0.0426
-0.0851
-4.1294
7.8597
-3.2318
-2.1485
2.3696
2.3572
-0.4149

3023.9
3061.1
3211.4
3255.4
3346
3342.2
3381.5
3484.4
3369.5
3384.8

1.230
4.910
1.370
2.783
-0.114
1.176
3.043
-3.298
0.454

237.65

-0.9792

3376.9

-0.233

243.1
240.6
241
239
230.55
226
236
240
239.9
234.5
230.75
235.25
227.6
225.1
222
226
244.95
245
234.9
233.2

2.2933
-1.0284
0.1663
-0.8299
-3.5356
-1.9735
4.4248
1.6949
-0.0417
-2.2509
-1.5991
1.9502
-3.2519
-1.0984
-1.3772
1.8018
8.3850
0.0204
-4.1224
-0.7237

3364.6
3330.5
3423.6
3481.3
3469.5
3371.7
3478.7
3664.5
3662
3617.2
3681.8
3615.8
3554.7
3668.8
3631.9
3597.9
3673.2
4325
4318.8
4270.4

-0.364
-1.013
2.795
1.685
-0.339
-2.819
3.173
5.341
-0.068
-1.223
1.786
-1.793
-1.690
3.210
-1.006
-0.936
2.093
17.745
-0.143
-1.121

231

-0.9434

4211.9

-1.370

231
238.7
233.3

0.0000
3.3333
-2.2623

4238.1
4239.6
4117.3

0.622
0.035
-2.885

PRICE

28/05/09
29/05/09
1/6/09
2/6/09
3/6/09
4/6/09
5/6/09
8/6/09
9/6/09
10/6/09
11/6/09
12/6/09
15/06/09
16/06/09
17/06/09
18/06/09
19/06/09
22/06/09
23/06/09
24/06/09
25/06/09
26/06/09
29/06/09
30/06/09
Avg.
Return

436
443.4
447
441.7
436.6
433.2
410.55
411.15
400
432
450
485

188.25
191
196
196
210.05
190.55
215.5
214
212.2
210.05
212.75
216

-5.235
1.461
2.618
0.000
7.168
-9.284
13.094
-0.696
-0.841
-1.013
1.285
1.528

186.5
184.8
185
195
194.8
203
203
202.95
181.85
191
196
198.8

422.1
415
447.85
418
440
430.55
420
436.8
452.5
437.9
444
454

-1.802
1.697
0.812
-1.186
-1.155
-0.779
-5.229
0.146
-2.712
8.000
4.167
7.778
12.969
-1.682
7.916
-6.665
5.263
-2.148
-2.450
4.000
3.594
-3.227
1.393
2.252

228.7
223.6
220.05
205.15
212
217.1
211.1
220
230
229
233.9
246

5.880
-2.230
-1.588
-6.771
3.339
2.406
-2.764
4.216
4.545
-0.435
2.140
5.173

195
194.5
198
194
193.5
204.7
202.5
198
203.7
195
197
194.5

1.374

1.123

55

0.539 232
-0.912 232
0.108 228.55
5.405 233.1
-0.103 235
4.209 236.5
0.000 250.25
-0.025 252
-10.397 252
5.032 257
2.618 264
1.429 257

-0.5572
0.0000
-1.4871
1.9908
0.8151
0.6383
5.8140
0.6993
0.0000
1.9841
2.7237
-2.6515

4276.2
4340.8
4450.4
4530.5
4525.5
4530.3
4573.3
4582.4
4427.8
4551.7
4657.4
4637.6

3.859
1.511
2.525
1.800
-0.110
0.106
0.949
0.199
-3.374
2.798
2.322
-0.425

257.9

0.3502

4584.7

-1.141

258
267
261.25
260.5
260.55
259.25
261
262.05
259.65
266
265

0.0388
3.4884
-2.1536
-0.2871
0.0192
-0.4989
0.6750
0.4023
-0.9159
2.4456
-0.3759

4478.1
4515.4
4353
4251.1
4314.2
4223.3
4247.3
4293.9
4243.95
4375.4
4391.5

-2.325
0.833
-3.597
-2.341
1.484
-2.107
0.568
1.097
-1.163
3.097
0.368

0.234

0.677

-1.911
-0.256
1.799
-2.020
-0.258
5.788
-1.075
-2.222
2.879
-4.271
1.026
-1.269
0.142

25
20
15

5
0
-5
-10

1/4/2009
6/4/2009
9/4/2009
15/04/2009
17/04/2009
21/04/2009
23/04/2009
27/04/2009
29/04/2009
5/5/2009
7/5/2009
11/5/2009
13/05/2009
15/05/2009
19/05/2009
21/05/2009
25/05/2009
27/05/2009
29/05/2009
2/6/2009
4/6/2009
8/6/2009
10/6/2009
12/6/2009
16/06/2009
18/06/2009
22/06/2009
24/06/2009
26/06/2009
30/06/2009

RETURNS

10

-15
-20
-25

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

1.374

1.123

0.142

0.234

0.677

6.284

5.719

3.379

2.516

3.077

INTERPRETATION:
From the above analysis, it is clear that the average return is more for Bank of Baroda
i.e., 1.374 followed by 1.123, 0.234 and 0.142. ITC has low returns when compared to
other companies. Standard deviation (Risk) is more for Bank of Baroda i.e., 6.284
HUL has less risk when compared to other companies i.e., 2.516.

56

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JULY 2009 TO 30TH SEPTEMBER 2009
TABLE NO. 2

DATE
1/7/09
2/7/09
3/7/09
6/7/09
7/7/09
8/7/09
9/7/09
10/7/09
13/07/09
14/07/09
15/07/09
16/07/09
17/07/09
20/07/09
21/07/09
22/07/09
23/07/09
24/07/09
27/07/09
28/07/09
29/07/09
30/07/09
31/07/09
3/8/09
4/8/09
5/8/09
6/8/09
7/8/09
10/8/09
11/8/09
12/8/09
13/08/09
14/08/09
17/08/09
18/08/09
19/08/09

BANK OF
BARODA
RETU
PRICE
RN
452
462
2.212
431
-6.710
441.25
2.378
418.85 -5.076
391.05 -6.637
385.1
-1.522
396
2.830
375
-5.303
399.9
6.640
409.85
2.488
427.4
4.282
409.7
-4.141
425.5
3.856
440
3.408
429.85 -2.307
438.7
2.059
440
0.296
445
1.136
427
-4.045
424.2
-0.656
429.2
1.179
433.2
0.932
442.8
2.216
445
0.497
433.1
-2.674
434
0.208
402.75 -7.200
427
6.021
415
-2.810
424.85
2.373
440
3.566
448
1.818
437
-2.455
424.8
-2.792
427
0.518

UNION
BANK
PRIC RET
E
URN
243
249
2.469
245 -1.606
258
5.306
237 -8.140
227 -4.219
226.5 -0.220
226 -0.221
221.8 -1.858
224
0.992
236
5.357
234 -0.847
232.3 -0.726
241
3.745
258
7.054
260
0.775
263
1.154
250 -4.943
235 -6.000
236
0.426
234 -0.847
225 -3.846
235
4.444
234 -0.426
235
0.427
234.1 -0.383
232.9 -0.513
228.5 -1.889
228 -0.219
221.95 -2.654
218.8 -1.419
216.1 -1.234
214.8 -0.602
208 -3.166
214.95 3.341
210.1 -2.256

ITC
PRIC
E
190.3
192.85
191
192.5
199.05
210.5
202.5
214.4
207.7
212
212.8
217.8
219.8
232
228.25
223.7
220.05
231
234
238
238
236
247.8
253
248.15
247.5
241
234.5
231.95
221.1
223
230.3
240
233
222
220.8
57

RET
URN
1.340
-0.959
0.785
3.403
5.752
-3.800
5.877
-3.125
2.070
0.377
2.350
0.918
5.551
-1.616
-1.993
-1.632
4.976
1.299
1.709
0.000
-0.840
5.000
2.098
-1.917
-0.262
-2.626
-2.697
-1.087
-4.678
0.859
3.274
4.212
-2.917
-4.721
-0.541

HUL
PRIC
E
266.15
273.05
271.9
273.5
277
273
268.8
266.3
266.5
266
269.55
269.85
268.45
267.3
266.8
271.1
269.5
278.5
284
302
278
270
283
291
285.3
298
289
276.9
272
260.2
263
259.85
264.9
256.9
247.6
259

RET
URN
2.593
-0.421
0.588
1.280
-1.444
-1.538
-0.930
0.075
-0.188
1.335
0.111
-0.519
-0.428
-0.187
1.612
-0.590
3.340
1.975
6.338
-7.947
-2.878
4.815
2.827
-1.959
4.451
-3.020
-4.187
-1.770
-4.338
1.076
-1.198
1.943
-3.020
-3.620
4.604

NIFTY
INDEX
4292.3
4373.5
4347.3
4429.6
4166
4201.9
4078.8
4081.4
4003.4
3974.1
4120.8
4223.5
4231.5
4377.9
4501.5
4469.3
4409.7
4524.8
4568.7
4572.8
4565.8
4513.1
4571.6
4633.8
4706.3
4681
4694.4
4591.9
4486.5
4435
4473.8
4458.6
4605.2
4578.8
4389.5
4457.8

RETU
RN
1.892
-0.599
1.893
-5.951
0.861
-2.930
0.065
-1.911
-0.732
3.691
2.492
0.188
3.461
2.823
-0.715
-1.334
2.610
0.969
0.091
-0.153
-1.154
1.296
1.361
1.564
-0.538
0.286
-2.182
-2.295
-1.148
0.875
-0.341
3.288
-0.572
-4.134
1.555

20/08/09
21/08/09
24/08/09
25/08/09
26/08/09
27/08/09
28/08/09
31/08/09
1/9/09
2/9/09
3/9/09
4/9/09
7/9/09
8/9/09
9/9/09
10/9/09
11/9/09
14/09/09
15/09/09
16/09/09
17/09/09
18/09/09
22/09/09
23/09/09
24/09/09
25/09/09
29/09/09
30/09/09
AVG.
RETUR
N

418.9
429.9
437.9
433.95
427.2
425
425.9
425.45
434
442.7
431
430.2
434.7
433
432.6
457.9
456.2
456.45
474.9
487.7
490
476.25
465.55
470
467.9
481.35
472.35
483

-1.897
2.626
1.861
-0.902
-1.555
-0.515
0.212
-0.106
2.010
2.005
-2.643
-0.186
1.046
-0.391
-0.092
5.848
-0.371
0.055
4.042
2.695
0.472
-2.806
-2.247
0.956
-0.447
2.875
-1.870
2.255

205.1
205
211
211.8
214
210
211
212.8
215.8
212
217
218
224
220.25
217.55
224.25
227.1
223.15
226.1
240
247.3
250
248.8
247.1
245.65
246.2
248
235.5

0.151

-2.380 225.5 2.129 259.95


-0.049 226.9 0.621 256.5
2.927 231.5 2.027
262
0.379
237
2.376 267.65
1.039
241
1.688
271
-1.869 230.3 -4.440 261
0.476 240.5 4.429 257.5
0.853 235.85 -1.933 259.95
1.410
233 -1.208 260
-1.761 228.25 -2.039 261
2.358
229
0.329
269
0.461
228 -0.437 267
2.752 236.9 3.904 274.15
-1.674 232 -2.068 275.45
-1.226 228 -1.724 266.3
3.080 228.5 0.219 267.9
1.271 231.1 1.138
263
-1.739 224.2 -2.986 256.45
1.322
225
0.357 260.6
6.148
232
3.111
261
3.042 232.9 0.388
259
1.092
228 -2.104 261.5
-0.480 228
0.000 264.3
-0.683 235
3.070 264.65
-0.587 229 -2.553 258
0.224 231.9 1.266 259.5
0.731 236.8 2.113 256.2
-5.040 234 -1.182 265

0.367
-1.327
2.144
2.156
1.252
-3.690
-1.341
0.951
0.019
0.385
3.065
-0.743
2.678
0.474
-3.322
0.601
-1.829
-2.490
1.618
0.153
-0.766
0.965
1.071
0.132
-2.513
0.581
-1.272
3.435

4394.4
4453.5
4537
4641.7
4659.5
4679
4688.4
4730.9
4662.2
4624
4608.8
4608.7
4682.4
4782.9
4804.9
4814.4
4819.4
4830.4
4808.4
4894.7
4958.6
4964
4977.1
5020
4977.2
4985.1
4959.2
5007.7

-1.422
1.345
1.875
2.308
0.383
0.420
0.201
0.905
-1.451
-0.819
-0.330
-0.001
1.599
2.145
0.461
0.197
0.105
0.227
-0.455
1.795
1.306
0.109
0.265
0.861
-0.853
0.160
-0.521
0.978

-0.011

0.024

0.259

58

0.364

8.000
6.000
4.000

25/09/2009

22/09/2009

16/09/2009

11/9/2009

8/9/2009

3/9/2009

31/08/2009

26/08/2009

21/08/2009

18/08/2009

13/08/2009

10/8/2009

5/8/2009

31/07/2009

28/07/2009

23/07/2009

20/07/2009

15/07/2009

-4.000

10/7/2009

-2.000

7/7/2009

0.000
2/7/2009

RETURN

2.000

-6.000
-8.000
-10.000

DATE

BANK OF BARODA -

AVERAGE
RETURN
RISK

UNION BANK -

ITC -

HUL -

NIFTY -

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.151

-0.011

0.364

0.024

0.259

3.036

2.818

2.685

2.515

1.726

INTERPRETATION:
From the above study, Return is more for ITC i.e., 0.364 followed by 0.151 for Bank
of Baroda, 0.024 for HUL and -0.011 for Union Bank of India. Risk is more for Bank
of baroda with 3.036. for union bank, risk is 2.818, for ITC 2.685 and for HUL the
risk is 2.515.

59

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST OCTOBER 2009 TO 31TH DECEMBER 2009
TABLE NO. 3
DATE

BANK OF
BARODA

UNION
BANK

ITC
RETU
RN

HUL

PRICE

RETU
RN

PRIC
E

RETU
RN

PRICE

1/10/09
5/10/09

476.1
480

0.819

0.167

232.7
262
232.25 -0.193 264.95

6/10/09

471.35

-1.802

7/10/09
8/10/09
9/10/09
12/10/09

489
465.3
492.1
488

3.745
-4.847
5.760
-0.833

14/10/09

496

1.639

15/10/09
16/10/09
17/10/09
20/10/09

501.95
528.35
541.9
548.85

1.200
5.259
2.565
1.283

21/10/09

507.95

-7.452

22/10/09
23/10/09

505
494.9

-0.581
-2.000

26/10/09

485

-2.000

27/10/09
28/10/09
29/10/09
30/10/09
3/11/09
4/11/09
5/11/09

476.2
476.2
485.55
517.85
490.2
519.9
501.95

-1.814
0.000
1.963
6.652
-5.339
6.059
-3.453

6/11/09

528

5.190

9/11/09
10/11/09
11/11/09
12/11/09
13/11/09
16/11/09
17/11/09
18/11/09

526
515.55
520.65
554.05
540
542
552.8
531

-0.379
-1.987
0.989
6.415
-2.536
0.370
1.993
-3.944

240
240.4
238.4
5
239.3
245
240
243.6
249.0
5
250.1
262
278
275.8
275.6
5
265
274
266.2
5
248
257
264
263
257
251
248
249.7
5
256.1
268.5
265
270
264
264
265
261.6

PRICE

NIFTY

RETUR
N

INDEX

RETU
RN

1.126

5087.2
5076.1

-0.219

-0.811

240

3.337

268

1.151

5003.7

-1.426

0.356
2.382
-2.041
1.500

249.5
247.9
251.7
254.4

3.958
-0.641
1.533
1.073

280
280.2
285
285

4.478
0.071
1.713
0.000

5031.7
5011.3
4993
4945.5

0.561
-0.406
-0.364
-0.952

2.237

257.8

1.336

291

2.105

5054.4

2.202

0.422
4.758
6.107
-0.791

260
257
254.5
252

0.853 295.9
-1.154 289.25
-0.973 286
-0.982 286.3

1.684
-2.247
-1.124
0.105

5118.6
5108.7
5159.4
5145.6

1.270
-0.193
0.992
-0.267

-0.054

252.5

0.198

-1.502

5114.9

-0.598

-3.864
3.396

245
250.8

-2.970 272
2.367 282.25

-3.546
3.768

5063.4
4986.6

-1.007
-1.517

-2.828

263.5

5.064

-0.089

4997.2

0.213

-6.854
3.629
2.724
-0.379
-2.281
-2.335
-1.195

262
259.8
254.5
262.5
252.35
247
254

-0.569 276.5
-0.840 281
-2.040 277.6
3.143 285.05
-3.867 279
-2.120 273.85
2.834 275.6

-1.950
1.627
-1.210
2.684
-2.122
-1.846
0.639

4970.6
4846.6
4826.1
4751.1
4712.3
4567.3
4711.7

-0.532
-2.495
-0.422
-1.554
-0.818
-3.076
3.161

0.706

253

-0.394 279.95

1.578

4767.5

1.185

2.543
4.842
-1.304
1.887
-2.222
0.000
0.379
-1.283

253
258
255.05
258
255.8
255.5
255.5
255

0.000 273.25
1.976 272.2
-1.143 266.9
1.157 267.1
-0.853 265
-0.117 271.45
0.000 274.6
-0.196 277

-2.393
-0.384
-1.947
0.075
-0.786
2.434
1.160
0.874

4796.2
4898.9
4882.3
5004.4
4952.4
4996.5
5059
5061.5

0.601
2.142
-0.339
2.501
-1.040
0.891
1.250
0.050

60

282

282

19/11/09
20/11/09
23/11/09

532
540
530.15

0.188
1.504
-1.824

24/11/09

544.7

2.745

25/11/09
26/11/09

542.2
550

-0.459
1.439

27/11/09

530

-3.636

30/11/09
1/12/09
2/12/09
3/12/09

529.4
529.9
536.4
541.8

-0.113
0.094
1.227
1.007

4/12/09

510.75

-5.731

7/12/09
8/12/09

527
505.55

3.182
-4.070

9/12/09

520

2.858

10/12/09
11/12/09
14/12/09
15/12/09
16/12/09
17/12/09

513.15
524
489.9
509.6
495
510

-1.317
2.114
-6.508
4.021
-2.865
3.030

18/12/09

490.15

-3.892

21/12/09
22/12/09
23/12/09
24/12/09
29/12/09
30/12/09

509.8
507
507
513.9
524.1
505

4.009
-0.549
0.000
1.361
1.985
-3.644

31/12/09

514.5

1.881

AVG.
RETURN

0.183

270
256.5
275.8
277.5
5
285.5
280
271.5
5
272
279
287
280
274.8
5
277
270
269.9
5
269
272
266
266.3
255
262.5
263.9
5
258
263
268.5
274.7
269
269.5
265.2
5

3.211
-5.000
7.524

259
254.4
261.8

1.569 275.5
-1.776 276.5
2.909 278.65

-0.542
0.363
0.778

5044
4988.8
5053

-0.347
-1.094
1.287

0.635

270

3.132

280.85

0.790

5105

1.030

2.864
-1.926

264
270

-2.222
2.273

278
284.5

-1.015
2.338

5091.6
5116.5

-0.263
0.489

-3.018

258.55 -4.241 282.35

-0.756

5005.1

-2.177

0.166
2.574
2.867
-2.439

258.35 -0.077
258 -0.135
259.85 0.717
257.1 -1.058

286
286
280
275

1.293
0.000
-2.098
-1.786

4942.3
5039.7
5122.8
5124.6

-1.255
1.972
1.648
0.035

-1.839

255.5

-0.622

270.8

-1.527

5131.7

0.140

0.782
-2.527

257.1
255.1

0.626
-0.778

273.3
271

0.923
-0.842

5108.9
5068.6

-0.445
-0.789

-0.019

258

1.137

276.5

2.030

5147.7

1.561

-0.352
1.115
-2.206
0.113
-4.243
2.941

256.8
255.8
253.5
252
251.7
250.5

-0.465 277
-0.389 274.75
-0.899 273.9
-0.592 268.75
-0.119 267.1
-0.477 263.5

0.181
-0.812
-0.309
-1.880
-0.614
-1.348

5112.4
5136.1
5117.5
5105.8
5033
5046.7

-0.685
0.463
-0.362
-0.229
-1.426
0.272

0.552

250.1

-0.160

1.708

5042

-0.092

-2.254
1.938
2.091
2.309
-2.075
0.186

247 -1.240 263.1


245.7 -0.526 263.75
247
0.529 261.85
255
3.239 269.8
254.35 -0.255 269.75
255.8 0.570 266.95

-1.828
0.247
-0.720
3.036
-0.019
-1.038

4983.7
4953.4
4990.1
5144.8
5180.8
5188.8

-1.157
-0.608
0.741
3.101
0.699
0.154

-1.577

251.7

-1.603

267.5

0.206

5171.2

-0.338

0.203

0.147

0.048

0.035

61

268

10
8
6
2

-8
-10

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNIN BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.183

0.203

0.147

0.048

0.035

3.294

2.718

1.836

1.657

1.277

INTERPRETATION
From the above table, it is clear that Union bank has high returns when compared to
other companies i.e., 0.203. ITC returns are 0.147, bank of baroda returns are 0.183.
HUL has the return of 0.048. the risk is more for Bank of Baroda i.e., 3.294. the risk
for Union bank of india is 2.718. ITCs risk is 1.836. HUL has the risk of 1.657.

62

31/12/2009

24/12/2009

21/12/2009

16/12/2009

11/12/2009

8/12/2009

3/12/2009

30/11/2009

25/11/2009

20/11/2009

17/11/2009

12/11/2009

9/11/2009

4/11/2009

29/10/2009

26/10/2009

21/10/2009

-6

16/10/2009

-4

12/10/2009

-2

7/10/2009

0
1/10/2009

RETURN

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JANUARY 2010 TO 31TH MARCH 2010
TABLE NO. 4
DATE

4/1/10
5/1/10
6/1/10
7/1/10
8/1/10
11/1/10
12/1/10
13/01/10
14/01/10
15/01/10
18/01/10
19/01/10
20/01/10
21/01/10
22/01/10
25/01/10
27/01/10
28/01/10
29/01/10
1/2/10
2/2/10
3/2/10
4/2/10
5/2/10
6/2/10
8/2/10
9/2/10
10/2/10
11/2/10
15/02/10
16/02/10
17/02/10
18/02/10
19/02/10
22/02/10
23/02/10
24/02/10

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETUR
N

PRICE

RETUR
N

PRICE

RETU
RN

INDEX

RETU
RN

505.55
534.85
544.85
515.55
535
525.55
545.55
525.55
525.55
545.2
525.55
548.9
551.2
560
525.55
540
515.35
505.55
539
576
585.35
537.7
556.15
545.15
544.5
560.6
560.9
568.05
548.9
560
562.8
575
579.85
580.8
575
568.3
571

5.796
1.870
-5.378
3.773
-1.766
3.806
-3.666
0.000
3.739
-3.604
4.443
0.419
1.597
-6.152
2.750
-4.565
-1.902
6.617
6.865
1.623
-8.140
3.431
-1.978
-0.119
2.957
0.054
1.275
-3.371
2.022
0.500
2.168
0.843
0.164
-0.999
-1.165
0.475

259.2
269
276
273.3
269.9
273.45
269
265
268
264
269.1
266.85
272
265.8
259.7
257.9
260.1
265
253
251.8
263.9
258
257
246.75
243
243.5
245
252.5
251.45
249.55
246.55
251
251
242.75
242.05
244.75
245

3.781
2.602
-0.978
-1.244
1.315
-1.627
-1.487
1.132
-1.493
1.932
-0.836
1.930
-2.279
-2.295
-0.693
0.853
1.884
-4.528
-0.474
4.805
-2.236
-0.388
-3.988
-1.520
0.206
0.616
3.061
-0.416
-0.756
-1.202
1.805
0.000
-3.287
-0.288
1.115
0.102

253
254.8
258.7
257
255.35
257.5
256.75
249
250.5
250.05
252.8
251.4
250
247.5
243
250
253.5
256.7
253.5
250
250.05
245
252
252
248
248
245.4
244.7
245.05
248.5
250.75
250.5
252.2
249.3
249.75
247.6
248.35

0.711
1.531
-0.657
-0.642
0.842
-0.291
-3.019
0.602
-0.180
1.100
-0.554
-0.557
-1.000
-1.818
2.881
1.400
1.262
-1.247
-1.381
0.020
-2.020
2.857
0.000
-1.587
0.000
-1.048
-0.285
0.143
1.408
0.905
-0.100
0.679
-1.150
0.181
-0.861
0.303

264.8
265.75
264.75
265.1
265.1
266.6
266
262
262.6
257.75
256.5
257.75
256
258
253
258.7
263
258.2
251.55
243.8
238.5
237.75
237.1
229.5
230.05
231
238
233.5
230.5
233.4
230
238.5
240.6
242
244
244
244

0.359
-0.376
0.132
0.000
0.566
-0.225
-1.504
0.229
-1.847
-0.485
0.487
-0.679
0.781
-1.938
2.253
1.662
-1.825
-2.576
-3.081
-2.174
-0.314
-0.273
-3.205
0.240
0.413
3.030
-1.891
-1.285
1.258
-1.457
3.696
0.881
0.582
0.826
0.000
0.000

5200.9
5277.2
5278.2
5281.8
5264.3
5263.8
5251.1
5212.6
5234.5
5259.9
5253.7
5274.2
5226.1
5220.2
5094.2
5034.6
5008.5
4863
4866.2
4882.1
4907.9
4831
4931.3
4819.7
4712.8
4755.4
4760.6
4793
4757.3
4827.9
4801.8
4858.7
4915.1
4887.3
4849.4
4856.6
4869.6

1.466
0.019
0.069
-0.332
-0.009
-0.241
-0.733
0.420
0.485
-0.119
0.391
-0.912
-0.113
-2.415
-1.170
-0.517
-2.905
0.065
0.327
0.528
-1.566
2.076
-2.264
-2.218
0.904
0.109
0.682
-0.746
1.485
-0.541
1.184
1.162
-0.566
-0.777
0.150
0.267

63

25/02/10
26/02/10

567
573.1

-0.701
1.076

246
250

0.408
1.626

248.9
248.5

0.221
-0.161

2/3/10

589.9

2.931

258

3.200

235.1

-5.392

3/3/10
4/3/10
5/3/10
8/3/10
9/3/10
10/3/10
11/3/10
12/3/10
15/03/10
16/03/10
17/03/10
18/03/10
19/03/10
22/03/10
23/03/10
25/03/10
26/03/10
29/03/10
30/03/10
31/03/10
AVG.
RETUR
N

608
614.8
610
598.1
602
610
609.5
618.95
608.6
603.6
608.2
610.1
610.1
601.25
630
620
625
640
639.9
643.2

3.068
1.118
-0.781
-1.951
0.652
1.329
-0.082
1.550
-1.672
-0.822
0.762
0.312
0.000
-1.451
4.782
-1.587
0.806
2.400
-0.016
0.516

263
269.7
275
279.9
268.3
267.1
266.9
264.95
258.15
257
262
266.7
272
269.4
278
279
285.5
285.5
292.8
296.9

1.938
2.548
1.965
1.782
-4.144
-0.447
-0.075
-0.731
-2.567
-0.445
1.946
1.794
1.987
-0.956
3.192
0.360
2.330
0.000
2.557
1.400

242.5
246.9
247
245.75
251.75
252.75
254
257
258.35
260.2
259.8
263
260.5
259.35
260.5
261.05
264.75
264.4
269.3
269.8

3.148
1.814
0.041
-0.506
2.442
0.397
0.495
1.181
0.525
0.716
-0.154
1.232
-0.951
-0.441
0.443
0.211
1.417
-0.132
1.853
0.186

0.451

0.251

0.119

64

241.15 -1.168 4859


239.85 -0.539 4858.5
234
4935.6
2.439
235 0.427 5015.8
239.1 1.745 5097
242.1 1.255 5080.6
243 0.372 5092.2
238 -2.058 5121.1
235.4 -1.092 5101.6
236.35 0.404 5116.4
228.8 -3.194 5131.8
221.4 -3.234 5134.5
226.15 2.145 5129
227.5 0.597 5198.5
224 -1.538 5232.6
224.85 0.379 5246.8
228 1.401 5261
228.75 0.329 5205.9
226 -1.202 5225.3
233.8 3.451 5260.6
238.8 2.139 5283.9
240 0.503 5303
241.1 0.458 5260.4
-

-0.146

-0.217
-0.010
1.587
1.625
1.618
-0.322
0.228
0.568
-0.380
0.289
0.302
0.052
-0.107
1.355
0.656
0.272
0.270
-1.047
0.374
0.675
0.444
0.361
-0.802
0.024

8
6
4

RETURNS

-2
-4

4/1/2010
6/1/2010
8/1/2010
12/1/2010
14/01/2010
18/01/2010
20/01/2010
22/01/2010
27/01/2010
29/01/2010
2/2/2010
4/2/2010
6/2/2010
9/2/2010
11/2/2010
16/02/2010
18/02/2010
22/02/2010
24/02/2010
26/02/2010
3/3/2010
5/3/2010
9/3/2010
11/3/2010
15/03/2010
17/03/2010
19/03/2010
23/03/2010
26/03/2010
30/03/2010

-6
-8
-10

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.451

0.251

0.119

-0.146

0.024

2.925

2.030

1.411

1.626

1.010

INTERPRETATION
From the above table, it is clear that Bank of Baroda has the highest return than the
other companies i.e., 0.451. Union bank of india has the return of 0.251. ITCs return
is 0.119. HUL has negative returns i.e., -0.146. Risk is more for Bank of baroda with
2.925. For Union bank of india the risk is 2.030. ITCs risk is 1.411. HULs return is
1.626.

65

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST APRIL 2010 TO 30TH JUNE 2010
TABLE NO. 5
DATE

BANK OF
BARODA

UNION BANK

PRICE

RETUR
N

PRICE

1/4/10
5/4/10
6/4/10
7/4/10
8/4/10
9/4/10
12/4/10
13/04/10
15/04/10
16/04/10
19/04/10
20/04/10
21/04/10
22/04/10
23/04/10
26/04/10
27/04/10
28/04/10
29/04/10
30/04/10
3/5/10
4/5/10
5/5/10
6/5/10
7/5/10
10/5/10
11/5/10
12/5/10
13/05/10

702
702.6
694.9
690
703
712.9
710.8
700.1
711
729
730
730
731.55
735.55
729.9
740.9
739.55
735
739.5
717
705.55
705.5
695.6
700
683.5
690
684.85
682
670.75

0.085
-1.096
-0.705
1.884
1.408
-0.295
-1.505
1.557
2.532
0.137
0.000
0.212
0.547
-0.768
1.507
-0.182
-0.615
0.612
-3.043
-1.597
-0.007
-1.403
0.633
-2.357
0.951
-0.746
-0.416
-1.650

310
311.95
301.2
311.95
313
315
318
320.05
310.5
306.5
314.95
311.75
311
312
308
307
309
304.3
314
296.05
284
294.5
287.5
295
283
285
291
295
294

14/05/10

676

0.783

348.8

17/05/10

681

0.740

295

18/05/10
19/05/10
20/05/10

680
686
701

-0.147
0.882
2.187

295
296.1
303

RETU
RN

0.629
-3.446
3.569
0.337
0.639
0.952
0.645
-2.984
-1.288
2.757
-1.016
-0.241
0.322
-1.282
-0.325
0.651
-1.521
3.188
-5.717
-4.070
3.697
-2.377
2.609
-4.068
0.707
2.105
1.375
-0.339
18.63
9
15.42
4
0.000
0.373
2.330

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

293
298.6
301
305.65
303
300
298
296.7
295
291
294.7
286
282.7
289
279
287.4
290.7
285
288.85
283
284
285.4
287.7
278
269.5
262.05
267.5
275
260

1.911
0.804
1.545
-0.867
-0.990
-0.667
-0.436
-0.573
-1.356
1.271
-2.952
-1.154
2.229
-3.460
3.011
1.148
-1.961
1.351
-2.025
0.353
0.493
0.806
-3.372
-3.058
-2.764
2.080
2.804
-5.455

240.4
231.1
229.7
230
224.35
222.75
221.5
225
224.7
225.45
226
226.5
228.2
231.9
236.9
239.5
242.6
240.85
242.2
240.85
240.9
236.8
242
227
236.7
257
237.35
239
243.35

-3.869
-0.606
0.131
-2.457
-0.713
-0.561
1.580
-0.133
0.334
0.244
0.221
0.751
1.621
2.156
1.098
1.294
-0.721
0.561
-0.557
0.021
-1.702
2.196
-6.198
4.273
8.576
-7.646
0.695
1.820

5249.2
5291.4
5369.65
5365.7
5376.3
5302.4
5354.15
5340.85
5323.3
5273.4
5279.05
5208.3
5230.3
5248.6
5269.65
5299.35
5322.1
5308.2
5215.25
5254.2
5278.4
5223.9
5148.35
5124.4
5072.3
5026.6
5189.75
5133.75
5157.55

0.804
1.479
-0.074
0.198
-1.375
0.976
-0.248
-0.329
-0.937
0.107
-1.340
0.422
0.350
0.401
0.564
0.429
-0.261
-1.751
0.747
0.461
-1.033
-1.446
-0.465
-1.017
-0.901
3.246
-1.079
0.464

258.35

-0.635

242.75

-0.247

5180.55

0.446

268.45

3.909

237.1

-2.327

5093.9

-1.673

265.05
266
263

-1.267
0.358
-1.128

239.25
246
233.5

0.907
2.821
-5.081

5059.55
5065.1
4924.3

-0.674
0.110
-2.780

66

21/05/10
24/05/10
25/05/10
26/05/10
27/05/10
28/05/10
31/05/10
1/6/10
2/6/10
3/6/10
4/6/10
7/6/10
8/6/10
9/6/10
10/6/10
11/6/10
14/06/10
15/06/10
16/06/10
17/06/10
18/06/10
21/06/10
22/06/10
23/06/10
24/06/10
25/06/10
28/06/10
29/06/10
30/06/10

705
698.2
696.1
699
702
698
678.6
710
688.25
697
685
660
680
651.15
649.5
625.25
639.1
640
624
629
645.5
645
665
661.2
664.25
667.25
676
645
642

0.571
-0.965
-0.301
0.417
0.429
-0.570
-2.779
4.627
-3.063
1.271
-1.722
-3.650
3.030
-4.243
-0.253
-3.734
2.215
0.141
-2.500
0.801
2.623
-0.077
3.101
-0.571
0.461
0.452
1.311
-4.586
-0.465

303.7
292.9
299
295
294
304
292.65
304.5
310.25
318.5
313.5
304.15
311.7
307
308
310
306.3
305
301
306
300
302.85
300
295.35
302.1
304.6
304
305
294.9

0.231
-3.556
2.083
-1.338
-0.339
3.401
-3.734
4.049
1.888
2.659
-1.570
-2.982
2.482
-1.508
0.326
0.649
-1.194
-0.424
-1.311
1.661
-1.961
0.950
-0.941
-1.550
2.285
0.828
-0.197
0.329
-3.311

267
252.5
257.55
254.9
254
245
250
262.2
261.25
268
271.4
267.1
268
266
264.7
261.5
264
266.5
268
260.1
270.05
273.6
270
267.8
268
265.35
264.8
267.7
264

1.521
-5.431
2.000
-1.029
-0.353
-3.543
2.041
4.880
-0.362
2.584
1.269
-1.584
0.337
-0.746
-0.489
-1.209
0.956
0.947
0.563
-2.948
3.825
1.315
-1.316
-0.815
0.075
-0.989
-0.207
1.095
-1.382

238.1
236.9
230.9
232
232
239.8
237
237.95
233.9
238.1
252.75
234
245
245
247
255
255
256.4
260
255
255
259.85
258.15
260
266.6
267.2
266.25
266.75
263.75

1.970
-0.504
-2.533
0.476
0.000
3.362
-1.168
0.401
-1.702
1.796
6.153
-7.418
4.701
0.000
0.816
3.239
0.000
0.549
1.404
-1.923
0.000
1.902
-0.654
0.717
2.538
0.225
-0.356
0.188
-1.125

AVG.
RETURN

-0.127

-0.011

-0.146

0.186

67

4946.7
4944.3
4945.3
4807.3
4915.15
5005.6
5076.1
5086.25
4970.75
5020.15
5112.6
5132.95
5036.7
4985.05
4999.6
5078.75
5120.15
5201.3
5225.05
5233.65
5274.95
5266.5
5353.95
5316.15
5323.25
5320.5
5271.1
5333.6
5254.3

0.455
-0.049
0.020
-2.791
2.243
1.840
1.408
0.200
-2.271
0.994
1.842
0.398
-1.875
-1.025
0.292
1.583
0.815
1.585
0.457
0.165
0.789
-0.160
1.660
-0.706
0.134
-0.052
-0.928
1.185
-1.487
0.009

25
20
15

RETURN

10
5
0
-5
-10
-15
-20

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

-0.127

-0.011

-0.146

0.186

0.009

1.828

3.784

2.116

2.714

1.207

INTERPRETATION
From the above table, it is clear that Bank of india, Union Bank of India and ITC have
negative returns. HUL has the return of 0.186. the risk is more for Union bank of
india i.e., 3.784. HUL has the return of 2.714, ITC has the return of 2.116 and the
return for Bank of baroda is 1.828.

68

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JULY 2010 TO 30TH SEPTEMBER 2010
TABLE NO. 6
DATE

BANK OF
BARODA

UNION BANK

ITC

PRICE

RETU
RN

PRICE

RETUR
N

PRICE

1/7/10
2/7/10
5/7/10
6/7/10
7/7/10
8/7/10
9/7/10
12/7/10
13/07/10
14/07/10
15/07/10
16/07/10
19/07/10
20/07/10
21/07/10
22/07/10
23/07/10
26/07/10
27/07/10
28/07/10
29/07/10
30/07/10
2/8/10

690.8
720
710
715.35
714
718.9
715.1
708.6
715
716.35
708.2
717
725.05
725.1
730
720
715.6
723.3
722
711.6
712.1
733.5
755.1

311.9
4.227
314
-1.389 314.95
0.754
312
-0.189 315
0.686
314
-0.529 315
-0.909 314.95
0.903 312.4
0.189
313
-1.138 313.1
1.243
328
1.123
326
0.007
330
0.676
326
-1.370 325.9
-0.611 325
1.076
328
-0.180 322
-1.440 321.25
0.070
321
3.005
315
2.945
322

0.673
0.303
-0.937
0.962
-0.317
0.318
-0.016
-0.810
0.192
0.032
4.759
-0.610
1.227
-1.212
-0.031
-0.276
0.923
-1.829
-0.233
-0.078
-1.869
2.222

304.8
305
302.4
302.2
303.1
304
303.15
302
299.95
300.15
298.5
300.5
297.4
292
292.85
266.4
300
302
307
305.5
307
309.75
309.1

3/8/10

778

3.033

324.95

0.916

158.7

4/8/10
5/8/10
6/8/10
9/8/10
10/8/10
11/8/10
12/8/10
13/08/10
16/08/10
17/08/10

778
758.6
772.15
764.5
768.45
763
755.25
770
766.6
751.1

0.000 323.8
-2.494 320.45
1.786
320
-0.991 320
0.517 325.6
-0.709 321
-1.016 320
1.953 330.75
-0.442 335.9
-2.022 341
10.64
831.05
347.55
4

-0.354
-1.035
-0.140
0.000
1.750
-1.413
-0.312
3.359
1.557
1.518
1.921

18/08/10

NIFTY

PRICE

RETU
RN

INDEX

RETU
RN

267
272.5
269.2
267.7
268.8
266.6
267
264.75
262.15
260
258.75
263.1
265.2
264.6
262.65
261.9
262.4
262.95
263.2
260.75
253.2
257
250

2.060
-1.211
-0.557
0.411
-0.818
0.150
-0.843
-0.982
-0.820
-0.481
1.681
0.798
-0.226
-0.737
-0.286
0.191
0.210
0.095
-0.931
-2.895
1.501
-2.724

5312.1
5251.3
5237
5236.1
5293.1
5242
5297.2
5352.3
5370.2
5402
5387.1
5376.7
5392.7
5387
5368.9
5399.2
5441.9
5446.6
5420.2
5436.1
5397.9
5408.4
5369.6

-1.145
-0.271
-0.017
1.089
-0.965
1.053
1.039
0.335
0.592
-0.276
-0.194
0.299
-0.106
-0.337
0.564
0.792
0.085
-0.484
0.293
-0.704
0.195
-0.718

253.45

1.380

5432.5

1.172

154
155.7
156
159
159.45
156
152.5
153
157.6
159

0.066
-0.852
-0.066
0.298
0.297
-0.280
-0.379
-0.679
0.067
-0.550
0.670
-1.032
-1.816
0.291
-9.032
12.613
0.667
1.656
-0.489
0.491
0.896
-0.210
48.657
-2.962
1.104
0.193
1.923
0.283
-2.164
-2.244
0.328
3.007
0.888

253.35
256.65
257
255.4
256.5
260.2
261.5
266
266.9
270

-0.039
1.303
0.136
-0.623
0.431
1.442
0.500
1.721
0.338
1.161

5441.4
5470.2
5448.3
5439.8
5486.8
5460.7
5418.7
5420.7
5452.1
5422.2

0.163
0.529
-0.400
-0.155
0.864
-0.476
-0.769
0.036
0.580
-0.549

161.5

1.572

265.65

-1.611

5416.3 -0.109

69

RETU
RN

HUL

19/08/10
20/08/10
23/08/10
24/08/10
25/08/10
26/08/10
27/08/10
30/08/10
31/08/10
1/9/10
2/9/10
3/9/10
6/9/10
7/9/10
8/9/10
9/9/10
13/09/10
14/09/10
15/09/10
16/09/10
17/09/10
20/09/10
21/09/10
22/09/10
23/09/10
24/09/10
27/09/10
28/09/10
29/09/10
30/09/10

837
830
825
826
806
818
831
814
797
806
821
833
829
820.6
821
839
846
869
876.05
863
889
870
883
871.55
875
863.5
878
878
881
880

0.716
-0.836
-0.602
0.121
-2.421
1.489
1.589
-2.046
-2.088
1.129
1.861
1.462
-0.480
-1.013
0.049
2.192
0.834
2.719
0.811
-1.490
3.013
-2.137
1.494
-1.297
0.396
-1.314
1.679
0.000
0.342
-0.114

353.6
363
362
356
340
344.9
350
345.2
338
332.5
339.65
347.5
351.7
347.95
342
347.45
359.2
372
372
368.75
370.05
376.55
385.7
385.55
382.9
379.8
387.3
385
385
383.45

1.741
2.658
-0.275
-1.657
-4.494
1.441
1.479
-1.371
-2.086
-1.627
2.150
2.311
1.209
-1.066
-1.710
1.594
3.382
3.563
0.000
-0.874
0.353
1.757
2.430
-0.039
-0.687
-0.810
1.975
-0.594
0.000
-0.403

162.5
165.1
162
159.55
159.9
161
164.1
163
160.3
164.25
163.8
165.7
164.85
166
165.15
165.6
163.35
162.9
164.35
167
167.85
169
177.85
171.35
174.95
177.75
180.4
178.9
178.5
173.8

0.619
1.600
-1.878
-1.512
0.219
0.688
1.925
-0.670
-1.656
2.464
-0.274
1.160
-0.513
0.698
-0.512
0.272
-1.359
-0.275
0.890
1.612
0.509
0.685
5.237
-3.655
2.101
1.600
1.491
-0.831
-0.224
-2.633

270.85
275
268
267.25
270
268.15
265
265
263.2
264.5
267.85
270
274.2
272.5
269.5
275.25
280
279
278.35
281
278.1
282.75
294
295
298
304
318
309
307.8
306

1.957
1.532
-2.545
-0.280
1.029
-0.685
-1.175
0.000
-0.679
0.494
1.267
0.803
1.556
-0.620
-1.101
2.134
1.726
-0.357
-0.233
0.952
-1.032
1.672
3.979
0.340
1.017
2.013
4.605
-2.830
-0.388
-0.585

5478.3
5540.8
5531.2
5541.1
5505.3
5462.1
5489.6
5408.9
5413.6
5403.1
5471.9
5486.3
5479.6
5575.9
5604.3
5608.3
5639.2
5760.3
5795.3
5861.1
5828.7
5885.1
5980.5
6008.4
5991.1
5959.5
6018.3
6036.1
6029.2
5991.4

1.145
1.142
-0.174
0.180
-0.646
-0.785
0.503
-1.470
0.086
-0.194
1.274
0.263
-0.123
1.758
0.508
0.072
0.551
2.147
0.607
1.136
-0.553
0.967
1.622
0.467
-0.289
-0.527
0.988
0.295
-0.114
-0.627

AVG.
RETURN

0.398

0.336

-0.568

0.223

0.191

70

20
10

-10
-20
-30

1/7/2010
6/7/2010
9/7/2010
14/07/2010
19/07/2010
22/07/2010
27/07/2010
30/07/2010
4/8/2010
9/8/2010
12/8/2010
17/08/2010
20/08/2010
25/08/2010
30/08/2010
2/9/2010
7/9/2010
13/09/2010
16/09/2010
21/09/2010
24/09/2010
29/09/2010

RETURN

-40
-50
-60

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.398

0.336

-0.568

0.223

0.191

1.993

1.621

6.575

1.429

0.737

INTERPRETATION
From the above table, it is clear that ITC has negative return i.e., -0.568. the return for
Bank of Baroda is 1.993. Union bank has the return of 1.621. ITCs return is -0.568.
The risk for ITC is 6.575. Bank of baroda has the risk of 1.993. Union banks risk is
1.621.

71

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST OCTOBER 2010 TO 31TH DECEMBER 2010
TABLE NO. 7
DATE
1/10/10
4/10/10
5/10/10
6/10/10
7/10/10
8/10/10
11/10/10
12/10/10
13/10/10
14/10/10
15/10/10
18/10/10
19/10/10
20/10/10
21/10/10
22/10/10
25/10/10
26/10/10
27/10/10
29/10/10
1/11/10
2/11/10
3/11/10
4/11/10
5/11/10
8/11/10
9/11/10
10/11/10
11/11/10
12/11/10
15/11/10
16/11/10
18/11/10
19/11/10
22/11/10
23/11/10
24/11/10

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

872.6
890
909.9
922
918.2
925.15
945
968.8
902
966.15
979.7
963.8
999.75
964
970.55
995.05
985.7
994.9
979.8
1,017.50
1,022.00
1,018.50
1,035.95
1,037.55
1,041.00
1,038.00
1,023.95
1,014.00
1,023.00
998
984.65
990
976
961.1
944.1
945
966

1.994
2.236
1.330
-0.412
0.757
2.146
2.519
-6.895
7.112
1.402
-1.623
3.730
-3.576
0.679
2.524
-0.940
0.933
-1.518
3.848
0.442
-0.342
1.713
0.154
0.333
-0.288
-1.354
-0.972
0.888
-2.444
-1.338
0.543
-1.414
-1.527
-1.769
0.095
2.222

390.9
395.15
397.1
401
404
395
391
387.05
389.9
399.05
398.95
388.3
402.5
399.95
394.7
405
419
414
418
379
384.9
379
386.2
391
390
384
384.8
383
390
393
385.4
384.45
378
380.45
371.6
371.75
374

1.087
0.493
0.982
0.748
-2.228
-1.013
-1.010
0.736
2.347
-0.025
-2.670
3.657
-0.634
-1.313
2.610
3.457
-1.193
0.966
-9.330
1.557
-1.533
1.900
1.243
-0.256
-1.538
0.208
-0.468
1.828
0.769
-1.934
-0.246
-1.678
0.648
-2.326
0.040
0.605

178.9
180
176
176.15
173.8
172
173.85
171.9
173
176.7
176
172
171.7
169.25
169.85
174.1
173.25
170.35
171.75
169.1
172.5
172.2
174
177.35
178
179.4
176
177.5
177.5
175.9
173.4
175.95
175.75
172.25
171.25
175.25
173.95

0.615
-2.222
0.085
-1.334
-1.036
1.076
-1.122
0.640
2.139
-0.396
-2.273
-0.174
-1.427
0.355
2.502
-0.488
-1.674
0.822
-1.543
2.011
-0.174
1.045
1.925
0.367
0.787
-1.895
0.852
0.000
-0.901
-1.421
1.471
-0.114
-1.991
-0.581
2.336
-0.742

309
311.7
308.55
306.65
301.9
298.6
296.4
295.9
294
304.6
299.85
305
298
293.5
295.7
307
303.2
307.2
299.9
294.85
296
294.85
294.75
297
300
305
308
318.9
314.6
310
303
304
304
299
300.25
299
300.05

0.874
-1.011
-0.616
-1.549
-1.093
-0.737
-0.169
-0.642
3.605
-1.559
1.718
-2.295
-1.510
0.750
3.821
-1.238
1.319
-2.376
-1.684
0.390
-0.389
-0.034
0.763
1.010
1.667
0.984
3.539
-1.348
-1.462
-2.258
0.330
0.000
-1.645
0.418
-0.416
0.351

6030.3
6144.7
6159.5
6151
6186.9
6121.4
6106
6136
6091.5
6234.3
6175.9
6112.8
6114.5
6003
6008.9
6113.4
6101.3
6116.3
6075.5
6021.2
6092.3
6127.6
6150.6
6209.6
6321.9
6335.3
6281
6303.2
6286.4
6182.3
6079.9
6143.5
6076
6011.3
5920.9
5971.6
5946.8

1.897
0.240
-0.138
0.584
-1.058
-0.252
0.491
-0.725
2.345
-0.937
-1.023
0.028
-1.824
0.099
1.739
-0.199
0.247
-0.668
-0.894
1.182
0.579
0.376
0.959
1.808
0.212
-0.856
0.353
-0.267
-1.655
-1.656
1.045
-1.099
-1.064
-1.504
0.855
-0.414

72

-3.209
-3.904
-0.946
1.798
5.298
1.132
3.027
-3.385
-4.514
-2.917
0.365
-1.371
0.034
1.753
1.293
-2.597
0.960
-0.476
0.978
-0.774
-0.561
0.056
-1.500
1.695
0.225
1.348

363.05
343.6
343.25
348.2
350.15
379.55
379
369
350.2
329
323.25
312
322
333.5
335
327
334.85
321.35
328.5
324.25
326.75
325.05
326
328.6
337.9
345

-2.928
-5.357
-0.102
1.442
0.560
8.396
-0.145
-2.639
-5.095
-6.054
-1.748
-3.480
3.205
3.571
0.450
-2.388
2.401
-4.032
2.225
-1.294
0.771
-0.520
0.292
0.798
2.830
2.101

172.6
170.25
168
167.55
172.5
172.15
167.5
171
168.6
168
167.45
167.9
170.75
168
166.7
168.45
168.25
167
168.7
168.4
165.7
169.75
169.75
171.2
173.3
173.85

-0.776
-1.362
-1.322
-0.268
2.954
-0.203
-2.701
2.090
-1.404
-0.356
-0.327
0.269
1.697
-1.611
-0.774
1.050
-0.119
-0.743
1.018
-0.178
-1.603
2.444
0.000
0.854
1.227
0.317

299
299.7
296
295.15
297
299.15
299
302.4
300.3
296.2
297.8
290
297.4
300
298.3
299.95
294.1
295.15
293
294.75
291.05
294.3
297
295.7
304
310

-0.350
0.234
-1.235
-0.287
0.627
0.724
-0.050
1.137
-0.694
-1.365
0.540
-2.619
2.552
0.874
-0.567
0.553
-1.950
0.357
-0.728
0.597
-1.255
1.117
0.917
-0.438
2.807
1.974

5884
5828.6
5790
5811.6
5871
6023.1
6013.4
6033.7
5995.1
5954.4
5924.3
5761
5882.7
5928.7
5931.2
5910.6
5926.9
5960.4
6019
6005.9
5940.3
6013.3
6005.4
6005.2
6062.4
6105.1

-1.057
-0.942
-0.662
0.374
1.022
2.590
-0.161
0.338
-0.640
-0.678
-0.506
-2.756
2.112
0.783
0.041
-0.347
0.276
0.566
0.983
-0.218
-1.093
1.230
-0.132
-0.003
0.953
0.705

AVG.
RETURN

0.081

-0.165

-0.037

0.0158

0.025

10
8
6
4
2
0
-2
-4
-6
-8
-10
-12

1/10/2010
6/10/2010
11/10/2010
14/10/2010
19/10/2010
22/10/2010
27/10/2010
2/11/2010
5/11/2010
10/11/2010
15/11/2010
19/11/2010
24/11/2010
29/11/2010
2/12/2010
7/12/2010
10/12/2010
15/12/2010
21/12/2010
24/12/2010
29/12/2010

935
898.5
890
906
954
964.8
994
960.35
917
890.25
893.5
881.25
881.55
897
908.6
885
893.5
889.25
897.95
891
886
886.5
873.2
888
890
902

RETURN

25/11/10
26/11/10
29/11/10
30/11/10
1/12/10
2/12/10
3/12/10
6/12/10
7/12/10
8/12/10
9/12/10
10/12/10
13/12/10
14/12/10
15/12/10
16/12/10
20/12/10
21/12/10
22/12/10
23/12/10
24/12/10
27/12/10
28/12/10
29/12/10
30/12/10
31/12/10

DATE
BANK OF BARODA

UNION BANK

73

ITC

AVERAGE
RETURN
RISK

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.081

-0.165

-0.037

0.0158

0.025

2.349

2.688

1.350

1.471

1.072

INTERPRETATION:
The return for Union bank of india and ITC are in negative i.e., -0.165 and -0.037
respectively. For bank of baroda, the return is 0.081 and for HUL is 0.0158. Union
bank has high risk i.e., 2.688 and ITC has less risk i.e., 1.350.

74

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JANURAY 2011 TO 31TH MARCH 2011
TABLE NO. 8
DATE

3/1/11
4/1/11
5/1/11
6/1/11
7/1/11
10/1/11
11/1/11
12/1/11
13/01/11
14/01/11
17/01/11
18/01/11
19/01/11
20/01/11
21/01/11
24/01/11
25/01/11
27/01/11
28/01/11
31/01/11
1/2/11
2/2/11
3/2/11
4/2/11
7/2/11
8/2/11
9/2/11
10/2/11
11/2/11
14/02/11
15/02/11
16/02/11
17/02/11
18/02/11
21/02/11
22/02/11
24/02/11

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETUR
N

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

897.2
871.7
878
878.05
838.55
850
845.5
852
837.2
815.3
827
831.05
816
830
829
838
889.9
855.5
847.75
817.6
875
855.1
843.6
845.3
825
849.8
820
818
795.25
869
902
924.8
907.9
925
903
900
877.3

-2.842
0.723
0.006
-4.499
1.365
-0.529
0.769
-1.737
-2.616
1.435
0.490
-1.811
1.716
-0.120
1.086
6.193
-3.866
-0.906
-3.556
7.021
-2.274
-1.345
0.202
-2.402
3.006
-3.507
-0.244
-2.781
9.274
3.797
2.528
-1.827
1.883
-2.378
-0.332
-2.522

351.4
342.9
331
324.25
318
321.5
309.4
320
332
320.95
311
316
318
312.8
321.45
327
339
337.5
321.9
315
333.6
326.75
324.05
331
327.5
323
319.75
317.25
310.65
328
339.8
343
347.5
352.1
339.95
333.1
324

-2.419
-3.470
-2.039
-1.928
1.101
-3.764
3.426
3.750
-3.328
-3.100
1.608
0.633
-1.635
2.765
1.727
3.670
-0.442
-4.622
-2.144
5.905
-2.053
-0.826
2.145
-1.057
-1.374
-1.006
-0.782
-2.080
5.585
3.598
0.942
1.312
1.324
-3.451
-2.015
-2.732

175.95
175
177.4
180.35
178.05
172.2
170.2
172.15
173.05
172.6
170.1
172.4
176.5
174.35
171.2
169.95
169.2
168.85
168.85
167.1
163.65
160.75
158.4
159.6
155.8
157.5
156
154.2
156.85
154.7
158.65
156.2
157.5
158.35
155.75
157.9
154.35

-0.540
1.371
1.663
-1.275
-3.286
-1.161
1.146
0.523
-0.260
-1.448
1.352
2.378
-1.218
-1.807
-0.730
-0.441
-0.207
0.000
-1.036
-2.065
-1.772
-1.462
0.758
-2.381
1.091
-0.952
-1.154
1.719
-1.371
2.553
-1.544
0.832
0.540
-1.642
1.380
-2.248

310.05
314
320.7
327.55
321.9
312
309.5
309.6
306
303.5
302.8
302
303.75
296.35
300
297.8
299.9
282
270
270
271.15
271.25
272.5
279
277
276.7
271.65
272.5
272.7
272
273.9
272.15
275.5
273.1
280
279.35
277.1

1.274
2.134
2.136
-1.725
-3.075
-0.801
0.032
-1.163
-0.817
-0.231
-0.264
0.579
-2.436
1.232
-0.733
0.705
-5.969
-4.255
0.000
0.426
0.037
0.461
2.385
-0.717
-0.108
-1.825
0.313
0.073
-0.257
0.699
-0.639
1.231
-0.871
2.527
-0.232
-0.805

6177.5
6172.8
6141.4
6107
6030.9
5901.3
5768
5800.1
5850.8
5752.1
5648.8
5682.6
5737.4
5656
5692.1
5717.1
5763.3
5725.3
5614
5452.6
5537.3
5469.6
5430.5
5519.9
5430.2
5432.4
5293.1
5246.1
5219.7
5340.3
5467.8
5467.6
5501.7
5557.6
5456.6
5504.4
5408.8

-0.076
-0.509
-0.559
-1.246
-2.149
-2.260
0.557
0.874
-1.686
-1.796
0.597
0.964
-1.418
0.637
0.440
0.808
-0.659
-1.944
-2.876
1.554
-1.224
-0.715
1.647
-1.626
0.041
-2.564
-0.888
-0.503
2.310
2.388
-0.003
0.624
1.015
-1.816
0.876
-1.738

75

25/02/11
28/02/11
1/3/11
3/3/11
4/3/11
7/3/11
8/3/11
9/3/11
10/3/11
11/3/11
14/03/11
15/03/11
16/03/11
17/03/11
18/03/11
21/03/11
22/03/11
23/03/11
24/03/11
25/03/11
28/03/11
29/03/11
30/03/11
31/03/11

847.85
969
879.9
890
860.4
885
895.15
912.4
904.05
903.85
883.1
896
902
902.4
892.2
898.05
882.2
886
891
905
928.5
943
941.95
967.05

-3.357
14.289
-9.195
1.148
-3.326
2.859
1.147
1.927
-0.915
-0.022
-2.296
1.461
0.670
0.044
-1.130
0.656
-1.765
0.431
0.564
1.571
2.597
1.562
-0.111
2.665

310
318.35
315
321.05
327
333.1
325.35
334.95
330
328.25
323.5
330.5
333.7
338.95
336.05
332.8
334.4
330
329
336.05
339.5
339.95
344.15
345

-4.321
2.694
-1.052
1.921
1.853
1.865
-2.327
2.951
-1.478
-0.530
-1.447
2.164
0.968
1.573
-0.856
-0.967
0.481
-1.316
-0.303
2.143
1.027
0.133
1.235
0.247

152.7
156.05
170.8
172
174.55
171.25
173.7
172.4
171.45
170.75
171.75
171.05
170.65
169.5
169.6
168.65
168.6
170
173
175
176.5
179.5
179.9
178.25

-1.069
2.194
9.452
0.703
1.483
-1.891
1.431
-0.748
-0.551
-0.408
0.586
-0.408
-0.234
-0.674
0.059
-0.560
-0.030
0.830
1.765
1.156
0.857
1.700
0.223
-0.917

277.75
279.85
283.5
287
290
286
281
283.4
278.9
275.15
277.35
275.55
276.1
270.35
272.1
269.5
268
267.4
269.9
270
271.75
276.8
275
278.5

0.235
0.756
1.304
1.235
1.045
-1.379
-1.748
0.854
-1.588
-1.345
0.800
-0.649
0.200
-2.083
0.647
-0.956
-0.557
-0.224
0.935
0.037
0.648
1.858
-0.650
1.273

5321.1
5330.2
5382
5478.5
5586.2
5490.1
5466.1
5542.4
5516.1
5456.2
5436.5
5420
5476
5455.4
5475.4
5408.8
5390.9
5411.4
5501.8
5588.7
5645.3
5686.5
5755.8
5803.1

-1.621
0.171
0.973
1.792
1.967
-1.721
-0.436
1.396
-0.475
-1.087
-0.360
-0.304
1.032
-0.375
0.366
-1.216
-0.331
0.381
1.671
1.579
1.013
0.731
1.219
0.821

AVG.
RETURN

0.181

-0.002

0.038

-0.167

-0.096

20
15

-15

Title
BANK OF BARODA

UNION BANK

76

ITC

31/03/2011

28/03/2011

23/03/2011

18/03/2011

15/03/2011

10/3/2011

7/3/2011

1/3/2011

24/02/2011

18/02/2011

15/02/2011

10/2/2011

7/2/2011

2/2/2011

28/01/2011

24/01/2011

19/01/2011

14/01/2011

-10

11/1/2011

-5

6/1/2011

0
3/1/2011

Title

10

AVERAGE
RETURN
RISK

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.181

-0.002

0.038

-0.167

-0.096

3.423

2.415

1.821

1.519

1.314

INTERPRETATION:
From the above table, it is clear that the returns for Union bank and HUL are negative.
Risk for HUL is low i.e., 1.519 and it is higher 3.423 for Bank of Baroda.

77

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST APRIL 2011 TO 30TH JUNE 2011
TABLE NO. 9
DATE

1/4/11
4/4/11
5/4/11
6/4/11
7/4/11
8/4/11
11/4/11
13/04/11
15/04/11
18/04/11
19/04/11
20/04/11
21/04/11
25/04/11
26/04/11
27/04/11
28/04/11
29/04/11
2/5/11
3/5/11
4/5/11
5/5/11
6/5/11
9/5/11
10/5/11
11/5/11
12/5/11
13/05/11
16/05/11
17/05/11
18/05/11
19/05/11
20/05/11
23/05/11
24/05/11
25/05/11
26/05/11

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETUR
N

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

955.35
950.9
941.75
962
950.5
989.7
960.15
959
976
985.65
976
980.5
992
980.05
985.05
990.05
994
945
905.1
889
863
850.65
855.35
873.85
886.05
892.2
876.5
884.9
882
901.7
859.95
845.5
835.2
838
809
822.6
824

-0.466
-0.962
2.150
-1.195
4.124
-2.986
-0.120
1.773
0.989
-0.979
0.461
1.173
-1.205
0.510
0.508
0.399
-4.930
-4.222
-1.779
-2.925
-1.431
0.553
2.163
1.396
0.694
-1.760
0.958
-0.328
2.234
-4.630
-1.680
-1.218
0.335
-3.461
1.681
0.170

349.5
347.75
355.05
354.95
348.9
351.1
342.85
339.7
344
343.2
338.2
338.95
336.3
334.55
340.8
342.75
343
338.5
320.55
307.95
302
295
291.05
318
320
319.9
319
316
324
325.5
318.4
321
318.55
317.9
309
313.5
311.35

-0.501
2.099
-0.028
-1.704
0.631
-2.350
-0.919
1.266
-0.233
-1.457
0.222
-0.782
-0.520
1.868
0.572
0.073
-1.312
-5.303
-3.931
-1.932
-2.318
-1.339
9.260
0.629
-0.031
-0.281
-0.940
2.532
0.463
-2.181
0.817
-0.763
-0.204
-2.800
1.456
-0.686

182.05
183.45
184.75
183.35
183
182.9
184.1
185
190.1
191.65
189
188.75
192.95
190
190.55
192
194.3
190.35
193
190.5
187.8
187
183
183.95
185
185.6
185.35
183.75
190
186.5
187.8
190.1
190.45
186.95
190.65
186.65
189

0.769
0.709
-0.758
-0.191
-0.055
0.656
0.489
2.757
0.815
-1.383
-0.132
2.225
-1.529
0.289
0.761
1.198
-2.033
1.392
-1.295
-1.417
-0.426
-2.139
0.519
0.571
0.324
-0.135
-0.863
3.401
-1.842
0.697
1.225
0.184
-1.838
1.979
-2.098
1.259

286
283.1
279
276
277.6
276.5
275.9
273.35
281.65
276
280.55
278.95
285.85
289.8
288.95
284
284
280.75
286.8
281.6
272.55
275
269.9
275.15
286.7
297
298
299.3
306
304
309
308.95
309
309.95
304.05
301.55
300.05

-1.014
-1.448
-1.075
0.580
-0.396
-0.217
-0.924
3.036
-2.006
1.649
-0.570
2.474
1.382
-0.293
-1.713
0.000
-1.144
2.155
-1.813
-3.214
0.899
-1.855
1.945
4.198
3.593
0.337
0.436
2.239
-0.654
1.645
-0.016
0.016
0.307
-1.904
-0.822
-0.497

5835
5842
5923.9
5908
5888.6
5886.8
5805.4
5748
5898.8
5824.4
5716
5786.1
5882.9
5859.6
5876.9
5884.2
5851.4
5782.5
5766.9
5689.7
5567.7
5531.6
5477.7
5575.2
5555.6
5547.2
5537.8
5492.4
5541.7
5496.1
5448.2
5448.2
5450.7
5456.7
5385.1
5389.1
5372.8

0.120
1.401
-0.268
-0.329
-0.031
-1.383
-0.989
2.624
-1.261
-1.860
1.226
1.673
-0.395
0.294
0.125
-0.558
-1.177
-0.270
-1.339
-2.144
-0.648
-0.975
1.781
-0.352
-0.150
-0.169
-0.821
0.899
-0.823
-0.872
-0.001
0.046
0.111
-1.312
0.074
-0.303

78

27/05/11
30/05/11
31/05/11
1/6/11
2/6/11
3/6/11
6/6/11
7/6/11
8/6/11
9/6/11
10/6/11
13/06/11
14/06/11
15/06/11
16/06/11
17/06/11
20/06/11
21/06/11
22/06/11
23/06/11
24/06/11
27/06/11
28/06/11
29/06/11
30/06/11

816.5
841
842.7
865
858.4
855.65
850.1
850.1
861.75
869.85
880
870.1
867.6
867.3
853
851.1
860
864.4
860.6
852.25
843.4
860
887.05
881.6
864.25

-0.910
3.001
0.202
2.646
-0.763
-0.320
-0.649
0.000
1.370
0.940
1.167
-1.125
-0.287
-0.035
-1.649
-0.223
1.046
0.512
-0.440
-0.970
-1.038
1.968
3.145
-0.614
-1.968

306.5
309.85
314.6
318.15
320.25
321.7
316.35
322.45
322
324.6
310.2
319.1
323.75
323.6
311.95
310
308.85
305.65
298.05
292.9
292.1
306
319
307.05
300

-1.558
1.093
1.533
1.128
0.660
0.453
-1.663
1.928
-0.140
0.807
-4.436
2.869
1.457
-0.046
-3.600
-0.625
-0.371
-1.036
-2.487
-1.728
-0.273
4.759
4.248
-3.746
-2.296

187.5
188.95
188
195
192.75
195.3
193.5
192
193.5
194.5
191.5
191.3
190.9
193.95
194.5
194.1
192.9
187.5
185.4
185.6
191.75
193.1
194.2
194.25
199.65

-0.794
0.773
-0.503
3.723
-1.154
1.323
-0.922
-0.775
0.781
0.517
-1.542
-0.104
-0.209
1.598
0.284
-0.206
-0.618
-2.799
-1.120
0.108
3.314
0.704
0.570
0.026
2.780

306.1
302.1
302.1
304.85
311.4
320.9
318.65
311.95
306.8
315.7
313
308.4
313.6
314.95
318
317.25
320
322
323
310
318.05
321
322.4
324.7
334

2.016
-1.307
0.000
0.910
2.149
3.051
-0.701
-2.103
-1.651
2.901
-0.855
-1.470
1.686
0.430
0.968
-0.236
0.867
0.625
0.311
-4.025
2.597
0.928
0.436
0.713
2.864

5413.7
5493.8
5492
5561.1
5529.9
5565.7
5504.3
5509.2
5535.3
5523.6
5518.1
5469.9
5485.6
5494.5
5419.7
5412.5
5372.2
5280.8
5304.7
5269.1
5343.4
5441.2
5548.9
5566.5
5614.5

0.762
1.479
-0.032
1.257
-0.560
0.647
-1.103
0.088
0.474
-0.211
-0.100
-0.873
0.288
0.161
-1.361
-0.132
-0.745
-1.701
0.452
-0.670
1.410
1.830
1.978
0.318
0.862

AVG.
RETURN

-0.145

-0.224

0.161

0.269

-0.058

79

10
8
6

2
29/06/2011

24/06/2011

21/06/2011

16/06/2011

13/06/2011

8/6/2011

3/6/2011

31/05/2011

26/05/2011

23/05/2011

18/05/2011

13/05/2011

10/5/2011

5/5/2011

2/5/2011

27/04/2011

21/04/2011

18/04/2011

-4

11/4/2011

-2

6/4/2011

0
1/4/2011

RETURNS

-6
-8

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

-0.145

-0.224

0.161

0.269

-0.058

1.832

2.291

1.422

1.719

1.020

INTERPRETATION:
From the above table, it is clear that the returns for Bank of baroda and Union bank of
india are negative. ITC and HUL have positive returns i.e., 0.161 and 0.269
respectively. Risk is more for Union bank of india i.e., 2.291. ITC has less risk when
compared to other companies i.e., 1.422.

80

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JULY 2011 TO 30TH SEPTEMBER 2011
TABLE NO. 10
DATE

1/7/11
4/7/11
5/7/11
6/7/11
7/7/11
8/7/11
11/7/11
12/7/11
13/07/11
14/07/11
15/07/11
18/07/11
19/07/11
20/07/11
21/07/11
22/07/11
25/07/11
26/07/11
27/07/11
28/07/11
29/07/11
1/8/11
2/8/11
3/8/11
4/8/11
5/8/11
8/8/11
9/8/11
10/8/11
11/8/11
12/8/11
16/08/11
17/08/11
18/08/11
19/08/11
22/08/11
23/08/11

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

878
879.95
906
896
892.85
909.95
896.6
873.95
882
875.45
887
882
880.2
893.95
896
895
902
914.15
901
858.55
870
897.95
875
860
876
868
853
832
877.8
856.9
845.8
833.75
800.1
801.9
750
745.1
732

0.222
2.960
-1.104
-0.352
1.915
-1.467
-2.526
0.921
-0.743
1.319
-0.564
-0.204
1.562
0.229
-0.112
0.782
1.347
-1.438
-4.711
1.334
3.213
-2.556
-1.714
1.860
-0.913
-1.728
-2.462
5.505
-2.381
-1.295
-1.425
-4.036
0.225
-6.472
-0.653
-1.758

293.15
299.95
300.75
297
296
300.55
300.05
297.85
298.4
299
304.15
304.8
306
301.15
299.8
297.75
311
305.55
304
295.9
290
290.65
280.4
277.8
281
275.1
275.55
275
282
281.6
285.85
264.2
265.95
263.5
250
251.65
252

2.320
0.267
-1.247
-0.337
1.537
-0.166
-0.733
0.185
0.201
1.722
0.214
0.394
-1.585
-0.448
-0.684
4.450
-1.752
-0.507
-2.664
-1.994
0.224
-3.527
-0.927
1.152
-2.100
0.164
-0.200
2.545
-0.142
1.509
-7.574
0.662
-0.921
-5.123
0.660
0.139

206.5
203.1
199.85
195.5
197.1
203.75
200.85
201.5
201.9
203.95
202.55
202.5
202.5
204
204.5
208.5
207
205
202.25
198.35
205.5
210
207.7
203.35
204.9
195
193.9
190.25
202
196
199.7
201.25
200
204.5
202
198.3
202

-1.646
-1.600
-2.177
0.818
3.374
-1.423
0.324
0.199
1.015
-0.686
-0.025
0.000
0.741
0.245
1.956
-0.719
-0.966
-1.341
-1.928
3.605
2.190
-1.095
-2.094
0.762
-4.832
-0.564
-1.882
6.176
-2.970
1.888
0.776
-0.621
2.250
-1.222
-1.832
1.866

342.4
341
336.05
330.65
330.95
334
332
331.55
332.45
331
331.2
330
331.75
331.65
332.75
335.2
333.25
331.7
329.3
325.85
325.7
325.5
323.85
320.5
322.65
315
311.25
314
318
317.4
319
316
311
317.85
313.55
315.95
314

-0.409
-1.452
-1.607
0.091
0.922
-0.599
-0.136
0.271
-0.436
0.060
-0.362
0.530
-0.030
0.332
0.736
-0.582
-0.465
-0.724
-1.048
-0.046
-0.061
-0.507
-1.034
0.671
-2.371
-1.190
0.884
1.274
-0.189
0.504
-0.940
-1.582
2.203
-1.353
0.765
-0.617

5705.8
5679.6
5659.9
5622.7
5633.4
5734.7
5648.1
5556.9
5542.1
5569
5603
5581.8
5569.9
5642.1
5554.6
5577
5633.8
5688.5
5588.6
5492.4
5479
5527.5
5493.2
5402
5412.4
5204.4
5083.9
4947.9
5196.6
5128
5194.4
5125.8
5030.3
5078
4859.3
4843.7
4925.2

-0.459
-0.347
-0.656
0.189
1.798
-1.510
-1.614
-0.267
0.486
0.610
-0.378
-0.213
1.296
-1.550
0.402
1.019
0.970
-1.756
-1.720
-0.244
0.885
-0.621
-1.660
0.193
-3.844
-2.315
-2.674
5.025
-1.319
1.295
-1.322
-1.862
0.947
-4.306
-0.321
1.682

81

24/08/11
25/08/11
26/08/11
29/08/11
30/08/11
2/9/11
5/9/11
6/9/11
7/9/11
8/9/11
9/9/11
12/9/11
13/09/11
14/09/11
15/09/11
16/09/11
19/09/11
20/09/11
21/09/11
22/09/11
23/09/11
26/09/11
27/09/11
28/09/11
29/09/11
30/09/11

740
725.8
710
702.2
732
730
720
736.7
743
765
759
751.25
756.95
740
751.05
769
766.7
755.9
767.95
780.3
757.95
770
801.2
811.9
786.05
785

1.093
-1.919
-2.177
-1.099
4.244
-0.273
-1.370
2.319
0.855
2.961
-0.784
-1.021
0.759
-2.239
1.493
2.390
-0.299
-1.409
1.594
1.608
-2.864
1.590
4.052
1.335
-3.184
-0.134

247.5
245
242.25
234.55
236.4
245
234.1
232.1
231.5
242.05
244.9
239.95
227
229
230.05
227.4
238
229
247.55
240.15
233.95
245
252.3
253.2
241.6
248

-1.786
-1.010
-1.122
-3.179
0.789
3.638
-4.449
-0.854
-0.259
4.557
1.177
-2.021
-5.397
0.881
0.459
-1.152
4.661
-3.782
8.100
-2.989
-2.582
4.723
2.980
0.357
-4.581
2.649

202.85
202.15
202.9
198
204
206
203
202
203
200.35
199.7
196.2
196.65
197.4
201.85
200
198
195.8
198.95
196.35
190.1
192.9
190
193.9
195.75
202

0.421
-0.345
0.371
-2.415
3.030
0.980
-1.456
-0.493
0.495
-1.305
-0.324
-1.753
0.229
0.381
2.254
-0.917
-1.000
-1.111
1.609
-1.307
-3.183
1.473
-1.503
2.053
0.954
3.193

318.3
320.55
320
320
320.6
330
321.4
319.85
320
320.35
325.15
329.6
346.75
342.85
354.5
347.25
339.5
338.8
342.25
336
330.1
331.9
330.55
339.9
334
339.55

1.369
0.707
-0.172
0.000
0.188
2.932
-2.606
-0.482
0.047
0.109
1.498
1.369
5.203
-1.125
3.398
-2.045
-2.232
-0.206
1.018
-1.826
-1.756
0.545
-0.407
2.829
-1.736
1.662

4934.4
4914.7
4839.3
4806.2
4973.3
5109.8
4998.9
4993.4
5080.2
5139.2
5161.3
4981.7
4977.8
4965.1
5062.4
5123.4
5068.4
5042.6
5153.8
5054.5
4873.8
4878.6
4905.2
5005.5
4924.2
4990.2

0.187
-0.399
-1.534
-0.683
3.476
2.746
-2.170
-0.111
1.738
1.162
0.430
-3.480
-0.078
-0.256
1.960
1.205
-1.073
-0.510
2.205
-1.927
-3.575
0.100
0.544
2.046
-1.624
1.339

AVG.
RETURN

-0.156

-0.233

-0.018

-0.003

-0.201

82

10
8
6
2
28/09/2011

23/09/2011

20/09/2011

15/09/2011

12/9/2011

7/9/2011

2/9/2011

26/08/2011

23/08/2011

18/08/2011

12/8/2011

9/8/2011

4/8/2011

1/8/2011

27/07/2011

22/07/2011

19/07/2011

-6

14/07/2011

-4

11/7/2011

-2

6/7/2011

0
1/7/2011

RETURNS

-8
-10

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

-0.156

-0.233

-0.018

-0.003

-0.201

2.206

2.700

1.897

1.432

1.756

INTERPRETATION:
From the above table, it is clear that the returns all the companies is negative. Risk is
more for Union bank of india i.e., 2.700. HUL has less risk when compared to other
companies i.e., 1.432.

83

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST OCTOBER 2011 TO 31TH DECEMBER 2011
TABLE NO. 11
DATE

BANK OF
BARODA

UNION BANK

PRICE

RETUR
N

PRICE

3/10/11
4/10/11
5/10/11
7/10/11
10/10/11
11/10/11
12/10/11
13/10/11
14/10/11
17/10/11
18/10/11
19/10/11
20/10/11
21/10/11
24/10/11

746.15
741.3
739
740
743.8
749
745
761
760.35
779.5
752.35
750.05
745
750
747.05

-0.650
-0.310
0.135
0.514
0.699
-0.534
2.148
-0.085
2.519
-3.483
-0.306
-0.673
0.671
-0.393

241.95
239
232.45
227.35
230.95
238.5
243.65
247.9
251.85
255.9
247.5
252.45
249.15
252.15
241

25/10/11

735

-1.613

210

26/10/11
28/10/11
31/10/11
1/11/11
2/11/11
3/11/11
4/11/11
8/11/11
9/11/11
11/11/11
14/11/11
15/11/11
16/11/11
17/11/11
18/11/11
21/11/11
22/11/11
23/11/11
24/11/11

731.1
729.2
742
771
795.6
775
824
817.85
820.6
794.2
785.15
778.25
765.9
743
737.05
704
704
699.75
694.8

-0.531
-0.260
1.755
3.908
3.191
-2.589
6.323
-0.746
0.336
-3.217
-1.140
-0.879
-1.587
-2.990
-0.801
-4.484
0.000
-0.604
-0.707

214
217.85
216.2
224.8
221
219.6
229.95
221.1
231.1
219.95
223
218.1
216.9
216
204.15
203.2
200.1
200.65
207.95

RETU
RN

-1.219
-2.741
-2.194
1.583
3.269
2.159
1.744
1.593
1.608
-3.283
2.000
-1.307
1.204
-4.422
12.86
3
1.905
1.799
-0.757
3.978
-1.690
-0.633
4.713
-3.849
4.523
-4.825
1.387
-2.197
-0.550
-0.415
-5.486
-0.465
-1.526
0.275
3.638

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

195.3
193.75
192.1
197.75
198
201.5
200
202.5
201.35
204.65
204.35
205.2
205.75
205.75
204

-0.794
-0.852
2.941
0.126
1.768
-0.744
1.250
-0.568
1.639
-0.147
0.416
0.268
0.000
-0.851

338
333
325.1
328
329.35
334
326.35
329.1
326.75
333.8
331.15
330.15
331
331.9
330

-1.479
-2.372
0.892
0.412
1.412
-2.290
0.843
-0.714
2.158
-0.794
-0.302
0.257
0.272
-0.572

4874.4
4823.5
4791.3
4883.7
4886.9
5019.9
5011.2
5130.8
5057.4
5156.2
5049.5
5080.5
5086.6
5106.6
5114.7

-1.044
-0.668
1.927
0.066
2.723
-0.173
2.387
-1.432
1.955
-2.070
0.614
0.120
0.394
0.159

207.9

1.912

339.35

2.833

5137.9

0.454

212
214.7
215.35
211.5
208
208.35
211.25
210.1
210.65
211.6
213.35
210.8
210
212.25
206.25
200.65
202.35
196.2
193.45

1.972
1.274
0.303
-1.788
-1.655
0.168
1.392
-0.544
0.262
0.451
0.827
-1.195
-0.380
1.071
-2.827
-2.715
0.847
-3.039
-1.402

342.9
347
351
371.4
384.5
387.55
382
377.6
381.5
390.25
396.5
399
391.3
392.75
388.95
389
390.95
383.75
383.7

1.046
1.196
1.153
5.812
3.527
0.793
-1.432
-1.152
1.033
2.294
1.602
0.631
-1.930
0.371
-0.968
0.013
0.501
-1.842
-0.013

5215
5341.9
5358.9
5278.6
5216.8
5241.6
5325.4
5292.3
5309.7
5159.8
5217.4
5131.2
5059.1
5027.1
4899.2
4873.8
4794.9
4779.5
4707.6

1.500
2.434
0.318
-1.498
-1.172
0.475
1.600
-0.622
0.330
-2.824
1.116
-1.651
-1.405
-0.633
-2.545
-0.517
-1.620
-0.320
-1.505

84

25/11/11
28/11/11
29/11/11
30/11/11
1/12/11
2/12/11
5/12/11
7/12/11
8/12/11
9/12/11
12/12/11
13/12/11
14/12/11
15/12/11
16/12/11
19/12/11
20/12/11
21/12/11
22/12/11
23/12/11
26/12/11
27/12/11
28/12/11
29/12/11
30/12/11

692
739.9
741.85
714
720
714
732.9
742
730
728
735
712
721.1
713.25
723.6
704.3
685
648.8
671
675
672.1
679.05
676
655
683.95

-0.403
6.922
0.264
-3.754
0.840
-0.833
2.647
1.242
-1.617
-0.274
0.962
-3.129
1.278
-1.089
1.451
-2.667
-2.740
-5.285
3.422
0.596
-0.430
1.034
-0.449
-3.107
4.420

211
222.5
220.9
212.2
219.55
217.95
221.45
225.95
224.95
220
214.1
205.5
197.65
195.6
198
185.4
176
177
174
176.1
172
167
162.7
158.2
166.85

1.467
5.450
-0.719
-3.938
3.464
-0.729
1.606
2.032
-0.443
-2.200
-2.682
-4.017
-3.820
-1.037
1.227
-6.364
-5.070
0.568
-1.695
1.207
-2.328
-2.907
-2.575
-2.766
5.468

191.8
194.95
197.5
197.05
204
203.55
206
205
204.95
197.1
198.85
195.5
197.35
199
199.05
194.7
199
201.3
200.9
204.4
203.4
204.9
205.6
201.25
200.65

-0.853
1.642
1.308
-0.228
3.527
-0.221
1.204
-0.485
-0.024
-3.830
0.888
-1.685
0.946
0.836
0.025
-2.185
2.209
1.156
-0.199
1.742
-0.489
0.737
0.342
-2.116
-0.298

384.55
376.75
382.95
387.8
403
393.4
395.35
395
394.55
390.4
386.15
385
385.05
384
395.5
393.5
396.6
402
401
410
411.95
419
416.95
411.75
414.9

0.222
-2.028
1.646
1.266
3.920
-2.382
0.496
-0.089
-0.114
-1.052
-1.089
-0.298
0.013
-0.273
2.995
-0.506
0.788
1.362
-0.249
2.244
0.476
1.711
-0.489
-1.247
0.765

4731.3
4769.3
4864.2
4766.2
4970.9
4940.9
5036.5
5050.1
5037.4
4870.8
4906.9
4733.6
4788.7
4712.8
4752.5
4623.2
4635.8
4636.5
4636.9
4763.2
4718.2
4780.2
4756.2
4681.2
4660

0.505
0.803
1.990
-2.016
4.295
-0.604
1.936
0.270
-0.251
-3.308
0.741
-3.531
1.164
-1.585
0.842
-2.722
0.274
0.014
0.010
2.724
-0.946
1.315
-0.502
-1.578
-0.453

AVG.
RETURN

-0.120

-0.574

0.0565

0.361

-0.063

85

10

RETURN

-5

-10

-15

DATE
BANK OF BARODA

AVERAGE
RETURN
RISK

UNION BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

-0.120

-0.574

0.0565

0.361

-0.063

2.367

3.284

1.475

1.607

1.613

INTERPRETATION:
From the above table, it is clear that the returns for Bank of baroda and Union bank of
india are negative. Risk is more for Union bank of india i.e., 3.284. ITC has less risk
when compared to other companies i.e., 1.475.

86

PRICE AND RETURNS OF BANK OF BARODA, UNION BANK,


ITC LTD, HUL AND NIFTY FOR THE QUARTER STARTING
FROM 1ST JANUARY 2012 TO 31TH MARCH 2012
TABLE NO. 12
DATE

2/1/12
3/1/12
4/1/12
5/1/12
6/1/12
7/1/12
9/1/12
10/1/12
11/1/12
12/1/12
13/01/12
16/01/12
17/01/12
18/01/12
19/01/12
20/01/12
23/01/12
24/01/12
25/01/12
27/01/12
30/01/12
31/01/12
1/2/12
2/2/12
3/2/12
6/2/12
7/2/12
8/2/12
9/2/12
10/2/12
13/02/12
14/02/12
15/02/12
16/02/12
17/02/12
21/02/12
22/02/12

BANK OF
BARODA

UNION BANK

ITC

HUL

NIFTY

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

PRICE

RETU
RN

INDEX

RETU
RN

670.1
671.95
704.9
702
685
703
703.85
699.85
717
722.9
731.1
722.2
734
764
755
753
782
782.7
805
789
757
751.9
744.4
758.9
755
769.65
790
785.3
800
806
828.95
821.15
839.7
852
870
863
875.95

0.276
4.904
-0.411
-2.422
2.628
0.121
-0.568
2.451
0.823
1.134
-1.217
1.634
4.087
-1.178
-0.265
3.851
0.090
2.849
-1.988
-4.056
-0.674
-0.997
1.948
-0.514
1.940
2.644
-0.595
1.872
0.750
2.847
-0.941
2.259
1.465
2.113
-0.805
1.501

170.5
172.8
175.1
174
171.15
169.95
170.85
171.15
179
185.95
194
189
186.1
190.05
187.5
190
195
205.95
214
205
214
216
228.8
242
239.9
232.9
242.05
239.7
237.9
260
253.65
253
259.5
262
259.7
261.35
269

1.349
1.331
-0.628
-1.638
-0.701
0.530
0.176
4.587
3.883
4.329
-2.577
-1.534
2.123
-1.342
1.333
2.632
5.615
3.909
-4.206
4.390
0.935
5.926
5.769
-0.868
-2.918
3.929
-0.971
-0.751
9.290
-2.442
-0.256
2.569
0.963
-0.878
0.635
2.927

201.85
199.85
201.5
199.05
199.05
202.5
201.65
202.2
205.15
203
204.9
206.85
209
207.35
210.35
209.95
201.65
205.1
206.5
207.5
202
202.9
203.35
202.05
199
202
204.4
205.95
203.55
203.85
203.8
202.6
203.1
203.5
204.15
205.45
207

-0.991
0.826
-1.216
0.000
1.733
-0.420
0.273
1.459
-1.048
0.936
0.952
1.039
-0.789
1.447
-0.190
-3.953
1.711
0.683
0.484
-2.651
0.446
0.222
-0.639
-1.510
1.508
1.188
0.758
-1.165
0.147
-0.025
-0.589
0.247
0.197
0.319
0.637
0.754

408.15
405.25
407.6
394.9
393.75
396.85
394.3
393.5
396.85
393.75
393.9
391
387.6
399.5
394
392
391.15
399.4
393.5
399.95
388
384
379.75
386
392.25
405.9
388
383
385.3
393
388.4
391.2
393.75
389
385.55
386.8
381

-0.711
0.580
-3.116
-0.291
0.787
-0.643
-0.203
0.851
-0.781
0.038
-0.736
-0.870
3.070
-1.377
-0.508
-0.217
2.109
-1.477
1.639
-2.988
-1.031
-1.107
1.646
1.619
3.480
-4.410
-1.289
0.601
1.998
-1.170
0.721
0.652
-1.206
-0.887
0.324
-1.499

4640.2
4675.8
4775
4749
4724.2
4755.6
4747.6
4771.9
4863.2
4841
4862
4844
4904.5
4977.8
4995
5044.9
5025.4
5064.8
5151.5
5216.8
5163.6
5125.3
5198.2
5272.1
5276.1
5379.5
5413
5343.8
5343.1
5399.8
5382.1
5380.8
5460.6
5513.8
5574.2
5561.9
5609.8

0.767
2.120
-0.543
-0.523
0.666
-0.169
0.512
1.913
-0.456
0.434
-0.369
1.249
1.494
0.347
0.998
-0.387
0.785
1.712
1.267
-1.020
-0.742
1.422
1.423
0.076
1.959
0.623
-1.277
-0.014
1.062
-0.328
-0.024
1.483
0.973
1.096
-0.221
0.860

87

23/02/12
24/02/12
27/02/12
28/02/12
29/02/12
1/3/12
2/3/12
3/3/12
5/3/12
6/3/12
7/3/12
9/3/12
12/3/12
13/03/12
14/03/12
15/03/12
16/03/12
19/03/12
20/03/12
21/03/12
22/03/12
23/03/12
26/03/12
27/03/12
28/03/12
29/03/12
30/03/12

819.9
817.95
804.95
762
814.4
804.45
839
832.95
820.45
810
801.75
798.9
823
831
838.95
860
844
812.05
794
795
812
790
804.9
795.1
789.95
779
771.95

-6.399
-0.238
-1.589
-5.336
6.877
-1.222
4.295
-0.721
-1.501
-1.274
-1.019
-0.355
3.017
0.972
0.957
2.509
-1.860
-3.786
-2.223
0.126
2.138
-2.709
1.886
-1.218
-0.648
-1.386
-0.905

245.45
252.9
244.9
227
239.95
233
230
232.5
231.65
226.95
229.55
232.55
241.05
242
240.95
247.6
245
234.95
220
219.3
225.9
216
221
217
216.3
217.7
229.75

-8.755
3.035
-3.163
-7.309
5.705
-2.896
-1.288
1.087
-0.366
-2.029
1.146
1.307
3.655
0.394
-0.434
2.760
-1.050
-4.102
-6.363
-0.318
3.010
-4.382
2.315
-1.810
-0.323
0.647
5.535

208.85
208.6
210
212.15
211
207.6
207.1
205.05
205.1
206.65
210
211.15
210.4
207
210
212
208.25
217
220.45
223.6
223.7
221.4
223
223.85
226
224
224.6

0.894
-0.120
0.671
1.024
-0.542
-1.611
-0.241
-0.990
0.024
0.756
1.621
0.548
-0.355
-1.616
1.449
0.952
-1.769
4.202
1.590
1.429
0.045
-1.028
0.723
0.381
0.960
-0.885
0.268

377.15
389.75
388.85
380.65
382.15
379.5
379.65
381.05
380
380.1
381.25
387.85
383.5
381
384.8
383.7
389.9
391
395.1
395.2
404
396.5
403
404.8
415.55
411
409.2

-1.010
3.341
-0.231
-2.109
0.394
-0.693
0.040
0.369
-0.276
0.026
0.303
1.731
-1.122
-0.652
0.997
-0.286
1.616
0.282
1.049
0.025
2.227
-1.856
1.639
0.447
2.656
-1.095
-0.438

5490.1
5479.2
5448.1
5310.5
5425
5366
5369.5
5360.1
5342.6
5266
5207.1
5294.1
5420.1
5391.1
5490.6
5462.5
5380.4
5337.4
5257.2
5267.2
5361.1
5255.7
5274.4
5243
5231.7
5146
5206.6

-2.134
-0.199
-0.567
-2.526
2.155
-1.087
0.064
-0.175
-0.326
-1.433
-1.119
1.672
2.380
-0.536
1.846
-0.511
-1.504
-0.799
-1.503
0.191
1.783
-1.967
0.356
-0.595
-0.215
-1.639
1.179

AVG.
RETURN

0.253

0.530

0.177

0.015

0.190

88

12
10
8
6

2
30/03/2012

27/03/2012

22/03/2012

19/03/2012

14/03/2012

9/3/2012

5/3/2012

1/3/2012

27/02/2012

22/02/2012

16/02/2012

13/02/2012

8/2/2012

3/2/2012

31/01/2012

25/01/2012

20/01/2012

17/01/2012

-6

12/1/2012

-4

9/1/2012

-2

5/1/2012

0
2/1/2012

RETURNS

-8
-10

DATE
BANK OF INDIA

AVERAGE
RETURN
RISK

UNIN BANK

ITC

BANK
OF
BARODA

UNION
BANK OF
INDIA

ITC

HUL

NIFTY

0.253

0.530

0.177

0.015

0.190

2.397

3.373

1.231

1.519

1.179

INTERPRETATION:
From the above table, it is clear that the return for Bank of baroda is 0.253, for union
bank 0.530 for ITC 0.177 and for HUL the return is 0.015. risk is more for Union
bank of India i.e., 3.373 and it is less for ITC i.e., 1.231.

89

FINDINGS
From the analysis of the stock of Bank of Baroda, Union Bank, ITC and HUL, the
following findings have been drawn.
1. During the first year of the study i.e., from 1st April 2009 to 31st March 2010,
the return and risk is high for Bank of Baroda i.e., 2.159 and risk is 15.539.
2. During the year 1st April to 31st March 2011, Bank of Baroda has highest
return i.e., 0.533 and ITC has highest risk i.e., 11.862.
3. During the year 1st April 2011 to 31st March 2012, return is high for HUL i.e.,
0.642 and the risk is high for Union Bank of India i.e., 11.648.
4. All the companies have negative returns in some quarters.
5. Union Bank of India has more negative returns when compared to the other
companies.

90

CONCLUSIONS
1. During the study period of the three years from 1st April 2009 31st March 2012
Bank of Baroda is performing well i.e., its return is high when compared to
the other companies.
2. Return is less for ITC during the study period.
3. Risk is high for Union Bank of India and it is low for HUL.
4. Banking industry is performing well than the FMCG industry during the study
period. Returns of banking industry are more.
5. Risk is also high in case of Banking industry. FMCG sector has less risk and
less returns.

91

SUGGESTIONS
1. The investment should be done in the bench mark indexes to get an efficient
portfolio in such a way that no other combination of these indexes would
result in a portfolio with a higher return for a given level of risk.
2. It should be emphasized, however, that this is not a fully efficient portfolio
because information about correlations among individual securities within an
index and across the indexes is lost in the transition from individual securities
to the benchmarks that represent them.
3. When the investor is investing in the different commodities, its marginal
contribution to the portfolios risk and return is more important than its
individual security characteristics.
4. It is not advisable to apply just procedure or approach for all situations at least
when it comes to investments though the used measures are highly reliable in
the studies done on similar veins. Even at this juncture, it would still be
recommended that instead of going ahead only on the basis of risk and return,
other indicators like new projects, sector impact, individual sentiments about
companies etc besides common sense and intuition may also be looked into.

92

BIBLIOGRAPHY
Books:
1. Security Analysis and Portfolio Management (sixth Edition 1995) by
Donald E. Fisher and Ronald J. Jordan. Publication: Pearson education.
2. The Indian Financial System (second edition) by Bharati V. Pathak.
Published by Dorling Kindersley (India) Pvt. Ltd., licensees of Pearson
Education in South Asia.
3. Security Analysis and Portfolio Management by Khan and Jain.
Websites

www.economictimes.indiatimes.com

www.moneycontrol.com

www.nseindia.com

www.valueresearch.com

www.in.finance.yahoo.com

www.businessline.com

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