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JAI NARAIN VYAS UNIVERSITY
JODHPUR
DEPARTMENT OF BUSINESS FINANCE AND ECONOMICS

FACULTY OF COMMERCE AND MANAGEMENT STUDIES

PROJECT REPORT
ON
EQUITY AND PORTFOLIO
MANAGEMENT

Submitted in the partial fulfillment of the course of
Master of Financial Analysis & Control 4th semester
2009

SUBMITED BY:-

ANKITA JAIN

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DECLARATION

I hereby declare that this Project Report titled EQUITIES AND
PORTFOLIO MANAGEMENT submitted by me to the Department of Business

Finance and Economics, JNVU Jodhpur, is a bonafide work undertaken by
me and it is not submitted to any other University or Institution for the
award of any degree diploma / certificate or published any time before.

Name of the Student
ANKITA

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ACKNOWLEDGMENT It plunge me in exhilaration in taking privilege in expressing our heart felt gratitude to all those who helped. I convey my sincere thanks to who directly or indirectly contributed their assistance in finishing out this project. encouraged and foreseeing successful completion of my project. 4 .

INTRODUCTION I 1 NEED & SCOPE 2 OBJECTIVES 2 METHODOLGY 3 LIMITATIONS 4 SOURCE 4 TOOLS AND TECHNIQUES 4 LITERATURE REVIEW II 6 INTRODUCTION TO INVESTMENT 7 EQUITY SHARES 9 PORTFOLIO 10 RISK 11 PHASES OF PORTFOLIO MANAGEMENT 12 COMPANY PROFILE III 14 IV ANALYSIS AND INFERENCE 18 MODELS 19 BETA 22 ICICI BANK 25 ANALYSIS FROM 2003-2007 CALCULATION OF BETA 34 SBI BANK 35 ANALYSIS FROM 2003-2007 V 27-31 36-40 CALCULATION OF BETA 43 BETA COMPARISION 44 CONCLUSIONS & SUGGESTIONS 46 BIBLIOGRAPHY 47 5 .

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• The amount of risk involved in the securities of the sample companies. • To make comparative study of risk and return of the sample companies. • To earn maximum profit in the securities. constraints and preferences.NEED FOR THE STUDY: • The purpose of the study is to know the fluctuations in the share price of sample companies. • Review and monitoring of the performance of the portfolio. • Strategies are to be developed and implemented in tune with investment policy formulated. • Finally the evaluation of the portfolio. • To reduce the future risk in advance. • To update the portfolio reviewed and adjusted from time to time in tune with market condition. • The purpose of the study is to help the unknown investors for investing in securities. • To analyse the risk and return on securities. • Identification of the investor’s objectives. 7 . OBJECTIVES OF THE STUDY The objectives of Equities and investment /portfolio management can be categorised as follows: • To observe the rate of fluctuations of selected companies. • To test portfolio strategies before taking decisions. SCOPE OF THE STUDY The study covers all the information related to the Equity fund and the Portfolio management it also covers the investor risk in the investment in various securities.

In Equity market. newspapers.METHODOLOGY OF THE STUDY Primary Data: The data provided by the firm was been analyzes by using Markowitz model determines an efficient asset of portfolio return i. 1. Coefficient of correlation Secondary Data: The data that is used in this project is of secondary nature.e. etc.. the analysis used in this project has been done using selective technical tools. risk is analyzed and trading decisions are taken on basis of technical analysis. journals.It is collecting share prices of selected companies for a period of five years. Standard deviation 3. Return 2. PERIOD OF THE STUDY: The study of Equity value and portfolio management for a period of five years (2003-2007). books.. The data is to be collected from secondary sources such as various websites. 8 .

The standards set by NSE in terms of market practices and technologies have become industry benchmarks and are being emulated by other market participants. SOURCE : NCE. NSE is more than a mere market facilitator. Beta n Σxy – Σx * Σy Beta = n Σx2 – (Σx)2 9 . TOOLS & TECHNIQUES: The following statistical techniques were used for measuring the performance of the company’s funds. R is rate of return N is total number of months 3. It's that force which is guiding the industry towards new horizons and greater opportunities. N1 is Close period at period1 N2 is Close period at period 2. 1. Standard Deviation (SD) Σ [R-AVG(R)] SD = N Where.LIMITATIONS: • The companies are selected on the basis of the performance • Expand or contract the size of the portfolio reflect the changes in investor risk disposition. Rate of Return (ROR) N2-N1 ROR = N1 Where.

Alpha Alpha = Avg (y) – (beta*Avg (x)) 5. Coefficient of Correlation n Σxy – Σx * Σy Coefficient of Correlation = [(n Σy2 – (Σy) 2) (n Σx2 – (Σx) 2)] ½ 6. Coefficient of Correlation Coefficient of determination = (Coefficient of Correlation) 2 10 .4.

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• Liquidity-the ease with which an asset can be converted into cash. Savings can be defined as the excess of income over expenditure. The three important characteristics of any financial asset are: • Return-the potential return possible from an asset. Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Thus every investment involves a return and risk. 12 . Each financial asset will have a certain level of each of these characteristics.INTRODUCTION TO INVESTMENT Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. This possibility of variation in the actual return is known as investment risk. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. • Risk-the variability in returns of the asset form the chances of its value going down/up. Investment is an activity that is undertaken by those who have savings.

• Others. • Preference shares. Equity shares have variable dividend and hence belong to the high risk-high return category. • Debentures/Bonds. preference shares and debentures have fixed returns with lower risk.Investment avenues There are a large number of investment avenues for savers in India. These include equity shares. Investment avenues can be broadly categorized under the following heads: Corporate securities • Equity shares. preference shares. while others are non-marketable. The classification of corporate securities that can be chosen as investment avenues can be depicted as shown below: Equity Shares Preference shares Bonds Warrants 13 Derivatives . Corporate Securities Joint stock companies in the private sector issue corporate securities. Some of them are highly risky while some others are almost risk less. • Derivatives. and debentures. Some of them are marketable and liquid.

The primary market has shown abnormal returns to investors who subscribed for the public issue and were allotted shares. The system 14 . leading to capital gains. investors basically buy the ownership right to the company. If the demand of shares of company x is greater than its supply then its price of its security increases.Equity shares By investing in shares. the price of the company’s shares goes up in the market. In addition. This allows shareholders to sell shares at a profit. In Online Exchange the trading is done on a computer network. When the company makes profits. The rate of stock depends on the simple law of demand and supply. shareholders receive their share of the profits in the form of dividends. and a person who is willing to buy the particular stock is called as the buyer. when company performs well and the future expectation from the company is very high. Investors can invest in shares either through primary market offerings or in the secondary market. Stock Exchange: In a stock exchange a person who wishes to sell his security is called a seller. The sellers and buyers log on to the network and propose their bids.

• Portfolio analysis considers the determination of future risk and return in holding various blends of individual securities. 15 . the buyers/sellers are bidding at the best prices. (BSE / NSE) Client Client PORTFOLIO A portfolio is an appropriate mix of or collection of investments held by an institution or a private individual.is designed in such ways that at any given instance. The transaction cycle for purchasing and selling shares online is depicted below: Transaction Cycle Member/ Broking firm. Stock Exchange Member/ Broking firm. since it is rarely desirable to invest the entire funds of an individual or an institution in a single security. It is a collection of securities.

Risk is uncertainty of the income / capital appreciation or loss of the both. risk is often used synonymously with the probability of a known loss. RISK Risk is a concept that denotes a potential negative impact to an asset or some characteristic of value that may arise from some present process or future event. the contribution of each security to the portfolio’s expected returns depends on its expected returns and its proportionate share of the initial portfolio’s market value. Types of risk Systematic risk (market) Unsystematic risk (company risk) 16 . The total risk of an individual security comprises two components. In everyday usage. in short contrast. can be something less than a weighted average of security variances. • Since portfolios expected return is a weighted average of the expected return of its securities. • As a result an investor can sometimes reduce portfolio risk by adding security with greater individual risk than any other security in the portfolio. the market related risk called systematic risk also known as undiversifiable risk and the unique risk of that particular security called unsystematic risk or diversifiable risk. This is because risk depends greatly on the co-variance among return of individual securities.• Portfolio expected return is a weighted average of the expected return of individual securities but portfolio variance.

Examples:

Interest rate risk

Market risk

Inflation risk

Demand

Government policy

International factors

Examples:

Labor troubles

Liquidity problems

Raw materials risks

Financial risks

Management problems

PHASES OF PORTFOLIO MANAGEMENT
Five phases can be identified in this process:
1. Security analysis
2. Portfolio analysis
3. Portfolio selection
4. Portfolio revision
5. Portfolio evaluation
SECURITY ANALYSIS
An examination and evaluation of the various factors affecting the value of a
security. Security Analysis stands for the proposition that a welldisciplined investor can determine a rough value for a company from all of
its financial statements, make purchases when the market inevitably
under-prices some of them, earn a satisfactory return, and never be in
real danger of permanent loss.

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PORTFOLIO ANALYSIS
Analysis phase of portfolio management consists of identifying the range of
possible portfolios that can be constituted from a given set of securities
and calculating their return and risk for further analysis.
PORTFOLIO SELECTION
The proper goal of portfolio construction is to generate a portfolio that provides
the highest returns at a given level of risk. A portfolio having this
characteristic is known as an efficient portfolio. The inputs from portfolio
analysis can be used to identify the set of efficient portfolios. From this set
of efficient portfolios, the optimal portfolio has to be selected for
investment. Harry Markowitz portfolio theory provides both the conceptual
framework and analytical tools for determining the optimal portfolio in a
disciplined and objective way.
PORTFOLIO REVISION
Having constructed the optimal portfolio, the investor has to constantly monitor
the portfolio to ensure that it continues to be optimal. Portfolio revision is
as important as portfolio analysis and selection.
PORTFOLIO EVALUATION
It is the process, which is concerned with assessing the performance of the
portfolio over a selected period of time in terms of returns and risk. This
involves quantitative measurement of actual return realized and the risk
born by the portfolio over the period of investment. It provides a feedback
mechanism for improving the entire portfolio management process.

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we manage them all in our quite and efficient way. Each new award is a manifestation of our hard work and commitment to our clients 21 . with a dominant position in its core segments of its operations . ICICI Securities has the largest reach to the retail segment through its two pioneering bra Winning is a habit that is assiduously cultivated at ICICI Securities Limited (I-Sec). Institutional Equities. Be it deals.Corporate Finance including Equity Capital Markets Advisory Services.ICICI Securities Limited ICICI Securities Ltd is a premier Indian Investment Bank. mandates or awards. ICICI Securities Limited assists global institutional investors to make the right decisions through insightful research coverage and a client focused Sales and Dealing team. For us winning awards is a matter of pride and honour. Retail and Financial Product Distribution.

Since inception. (NASD). Inc.2001. I-Sec's expertise has been time and again widely recognized by both domestic and international agencies. can engage in permitted activities in the U.com for the years . nds – ICICIdirect. I-Sec PD has been awarded the prestigious ‘Best Bond House’ by Financeasia. 2005. 2004. I-Sec PD has been recognized as the ‘Best Domestic Bond House in India’ by Asiamoney for 2002. 22 .. I-Sec operates out of several locations in India. securities markets.S. the step-down wholly owned US subsidiary of the company is a member of the National Association of Securities Dealers. The equities team was adjudged the ‘Best Indian Brokerage House-2003’ by Asiamoney. ICICI Securities (I-Sec) topped the Prime Database League Tables 2007 for money raised through IPOs/FPOs. 2005 and 2007. 2003. Headquartered in Mumbai. The Corporate Finance team regularly ranks highest among the leading capital markets league tables and recently topped the Prime Database League tables for funds mobilized through equity instruments in the first half of CY 07. ICICI Securities Inc. These activities include Dealing in Securities and Corporate Advisory Services in the United States and providing research and investment advice to US investors. As a result of this membership. The Corporate Finance group also was awarded a runner-up Best Merchant Banker by Outlook Money in 2007. ICICI Securities Inc. With a full-service portfolio. These awards are a strong testimony of our capabilities and continuing dominant position in the market. a roster of blue-chip clients and performance second to none. Today ICICI Securities is among the leading Financial Institutions both on the institutional as well as retail side. we have a formidable reputation within the industry. 2006 and 2007.com and ICICIdirect2004.

with a dominant position in its core segments of its operations . Retail and Financial Product Distribution With a full-service portfolio. I 23 .the largest and most recognized private bank in India – ICICI Securities Ltd is premier Indian Investment Bank. we have a formidable reputation within the industry. ICICI Securities – India’s Leading Investment Bank A subsidiary of ICICI Bank . a roster of blue-chip clients and performance second to none. is also registered with the Financial Services Authority.ICICI Securities Inc. UK (FSA) and the Monetary Authority of Singapore (MAS) to carry out Corporate Advisory Services and Dealing in Securities.Corporate Finance including Equity Capital Markets Advisory Services. Institutional Equities.

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PARAMETERS OF MARKOWITZ: THE MEAN VARIANCE CRITERION Based on his research. derived the expected rate of return for a portfolio of assets and an expected risk measure. and management of portfolios include: • Maximizing return. 1. • The Jensen Index. • Arbitrage pricing theory. developed by Harry Markowitz. • Capital asset pricing model. This portfolio variance formulation indicated the importance of diversification for reducing risk. stock selection. for building up the efficient set of portfolio. • The Treynor Index. we need to look into these important parameters. given an acceptable level of risk. MARKOWITZ: PORTFOLIO SELECTION MODEL The basic portfolio model. as laid down by Markowitz. • Modern portfolio theory—a model proposed by Harry Markowitz among others. • The single-index model of portfolio variance. Markowitz showed that the variance of the rate of return was meaning full measure of risk under a reasonable set of assumptions and derives the formulas for computing the variance of the portfolio. • The Sharpe Diagonal (or Index) model. Expected return 25 . and showed how to properly diversify.MODELS Some of the financial models used in the process of Valuation. • Value at risk model.

3. EXPECTED RISK CALCULATION: PORTFOLIORISK = SQRT [((XX2*SDX2)+(XY2*SDY2)+(2*XX*XY*(rXY*SDX2*SDY2)))] WHERE Xx. investors prefer less risk to more risk. for a given level of expected return. 2. Individuals estimate risk on the basis of the variability of expected returns. investors prefer higher returns to lower returns.2. Investors consider each investment alternative as being represented by a probability distribution of expected returns over some holding period. For a given risk level. their utility curves are a function of expected return and variance (or standard deviation) of returns only. 5. i. Covariance or variance of one asset return to other asset returns. ASSUMPTIONS OF MARKOWWITZ MODEL: 1. 3. Similarly. Variability of returns as measured by standard deviation from the mean. Xy = proportion of total portfolio invested in security X& Y respectively sdx. 4. Investors maximize one period expected utility and possess utility curves that demonstrate diminishing marginal utility of wealth.e. sdy = standard deviation of stock X & stock Y respectively rxy = correlation coefficient of x & y EXPECTED RETURN OF A PORTFOLIO CALCULATION: 26 . Investors base decisions solely on expected return and risk.

PORTFOLIO RETURN =[(XX*RX)+(XY*RY)] WHERE XX = proportion of total portfolio invested in security X XY = proportion of total portfolio invested in security Y RX = expected return to security X RY = expected return to security Y FORMULAS USED IN MARKOWITZ MODEL Arithmetic return Where • Vi is the initial investment value and • Vf is the final investment value This return has the following characteristics: • ROIArith = + 1.00 = + 100% when the final value is twice the initial value • ROIArith > 0 when the investment is profitable • ROIArith < 0 when the investment is at a loss • ROIArith = − 1.00 = − 100% when investment can no longer be recovered STANDARD DEVIATION 27 .

σ = Square root ((∑mean return -expected return)^2/N) 28 .

Y)=1/N∑[(RX-RX)(RY-RY) BETA: The Beta coefficient. if every stock in the New York Stock Exchange was uncorrelated with every other stock. The formula for the Beta of an asset within a portfolio is Where ra measures the rate of return of the asset. measured by Beta.COVARIANCE COV (X. is a measure of a stock (or portfolio)’s volatility in relation to the rest of the market. or when considering a single asset class (such as equities). in terms of finance and investing. is what actually creates almost all of the risk in a diversified portfolio. In reality. Beta is calculated for individual companies using regression analysis. rp measures the rate of return of the portfolio of which the asset is a part 29 . simply by diversifying it sufficiently so that the variations in the individual stocks' prices averaged out. investments tend to be correlated. and it would be possible to create a portfolio that was nearly risk free. This correlated risk. then every stock would have a Beta of zero. because it is correlated with the return of the other assets that are in the portfolio. For example. The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be mitigated by the diversification provided by the portfolio of many risky assets. more so within an industry.

Beta is a measure of risk and not to be confused with the attractiveness of the investment. the portfolio is the market portfolio that contains all risky assets. The securities market line can be regarded as representing a single-factor model of the asset price. a sector may be performing well and may have good prospects. In the CAPM formulation. It displays the expected rate of return for an overall market as a function of systematic (non-diversifiable) risk (beta). The market risk premium is determined from the slope of the SML. rp) is the covariance between the rates of return. and so the rp terms in the formula are replaced by rm. The x-axis represents the risk (beta). THE SECURITY MARKET LINE The Security Market Line (SML) is the graphical representation of the Capital Asset Pricing Model. The equation of the SML is thus: 30 . but the fact that its movement does not correlate well with the broader market index may decrease its beta. and the y-axis represents the expected return.And Cov (ra. For example. The beta movement should be distinguished from the actual returns of the stocks. where Beta is exposure to changes in value of the Market. the rate of return of the market.

he should: 1. he should include some securities with negative coefficients of correlation with other securities in the portfolio.IMPLICATIONS FOR INVESTORS FROM THE MEASUREMENT OF PORTFOLIO RISK If the investor conservative and interested in low variability of portfolio returns from the expected return (actual realizable return not from expected). if it is possible. Invest his funds in securities with low standard deviations. and 2. 31 . Ensure that the securities chosen for his portfolio have relatively low coefficients of correlation with one another. Theoretically.

Lloyds TSB in UK and DBS in Singapore. ICICI has entered into strategic alliance with Prudential plc.. call centres and ATMs. The bank is connected to the SWIFT International network. and migrate customer transaction volumes to these channels. of UK for its mutual find buisness. ICICI Bank started with all the latest technologies to hit the Indian banking industry in the second half of the ninties. All its branches are fully computerised with the state-of-the-art technology and systems. A new generation bank. which will help boost its corporate business and deposit franchise overseas. The two entities subsequently merged to become the largest comercial bank in the private sector. InvestitsionnoKreditny Bank (IKB). namely internet banking. It has acquired a small Russian banking entity. mobile banking. it expanded its network to 562 branches and 1. an Indian development financial instituition. Over 70% of customer induced transactions take place through these electronic channels. Prudential ICICI Asset Management Company Limited and Prudential ICICI Trust Limited.ICICI BANK Business Profile ICICI Bank was promoted in 1994 by ICICI Ltd. networked through VSAT technology. 32 . In 2005. The bank has also built several strategic alliances with banks like Wells Fargo in USA. The duo have been fairly aggressive through their companies. It continued to expand its electronic channels.910 ATMs.

IBL`s comfortable profitability and capital adequacy. Initially. ICICI Personal Financial Services Limited and ICICI Capital Services Limited.an automatic sweeping facility which allows current account holders to park their shortterm surpluses into liquid mutual funds and earn higher returns. good control on asset quality. Over 2. ICICI Bank current account customers will have the facility to invest their account surpluses in the liquid fund schemes of Prudential ICICI Asset Management Company and GIC Mutual Fund. The merger of two wholly-owned subsidiaries of ICICI.000 Internet kiosks and 70 agri-desks have been established in locations with large agricultural markets. 33 . indicating highest safety in the short-term. with ICICI Bank is also underway. Recent Developments ICICI Bank launched `Mutual Fund Sweep Account` . The bank is in the process of the reverse merger of ICICI with ICICI Bank. The rating agency said in its report that the rating takes into consideration IBL`s strategic importance to its parent ICICI.The bank is also keen to offer its services to the Indian agricultural sector. ICRA has assigned an A1+ rating. to the Rs 500 crore certificates of deposit (CD) programme of ICICI Bank Ltd (IBL).

7 1446826 4009.95 247.5 301.8 295.5 315 314.8 236.3 2199927 6450.1 281.5 319.1 289.75 270.75 M ar Ap r M ay 400 350 300 250 D SHARE VALUE ICICI-2004 MONTHS 34 Close Price .95 236.5 229 238.055571 EQ Apr 298.6 296.3 295.8 1708651 4209.424768 Ju n Ju l Au g Se p O ct N ov 314.3 770631 2236.595491 EQ Dec 340.75 302.5 297 301.8 302.1 247.630872 EQ Sep 273 273 268.5 270.2004 Open Price High Price Low Price Last Price Close Price Total Traded Quantity Turnover in Lacs Series Date EQ Jan 297.1 300.500538 EQ Mar 273.05 271.3 336132 998.9 247.55 300.878429 EQ Nov 299.740634 EQ May 314.25 296.7 275.7 283.389072 EQ Jun 229 239.8 2427306 7634.1 342.8 at e Ja n Fe b 200 150 100 50 0 339.416655 EQ Oct 289 294 287.332617 EQ Feb 295 303 280 297 295.35 281.95 1287142 3854.1 270.6 248.3 300.9 382950 1037.95 296.8 334 339 339.3 281.75 836789 2840.128864 EQ Jul 245.5 290.75 1475607 4463.7 302.3 310.9 305.053305 EQ Aug 267 277 267 275.8 289.8 242.65 275.9 296.75 645001 1525.9 1158676 3166.

4 614 587.25 406.65 Series1 200 100 MONTHS 35 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 0 Jan SHARE PRICE 600 .85 540.2005 Series Date Prev Close Open Price High Price Low Price Last Price Close Price Total Traded Quantity Turnover in Lacs EQ Jan 371.112911 EQ Nov 498.9 363 368 358.35421.35 412258 1537.65 589 593.493731 EQ Feb 360.8 482.55 498.05 922987 3705.05 373.2 484 483.35 375 375 370.4 371.9 381.9 525 535.15 373.4 566954 3421.65 122530 614.05 399.4 361.95 401 393 401 399.45 360.7 604.45 393 407 406.95 368 373.477188 ICICI-2005 700 500 400 300 538.4 1459516 7794.25 431571 1832.5 361.45 532.95 357.4 483.5 382 369.56233 EQ May 359.55 360.511994 EQ Oct 601.869992 EQ Jul 425.499843 EQ Mar 380.25 481.15 360.5 549.7 496 498.25 419.022609 EQ Sep 481.8 393 407.331435 EQ Aug 534.25 495.231185 EQ Apr 392.8 593.05 393.55 421.5857475 EQ Dec 538.55 799196 4318.25 360.4 278070 1105.35 716359 2597.8 504522 1826.5 371.986122 EQ Jun 392.8 538.35372.75 427 429.05 540 544.85 521027 2542.6 501 510 493.25 388748 1452.2 419.8 537 539 540.9 372.

95 592 603.65 876 878.1 490577 2401.15 936459 7276.75 760505 5330.9 EQ Sep 597.214 600.55 597 534.15 778.25 619.15 532 534.174 592 551 531.624 609.65 636281 3488.2 871478 5208.65 616.95 697.9 771.205 560 614.3 791136 4277.2006 Series Date Prev Close Open Price High Price Low Price Last Price EQ Jan 585.75 600 549.27 590.15 784.239 599 611.7 593.659 550 549.903 1236189 10872.9 588.9 611.3489.6 700 708 691.9 604 809778 4889.5 EQ Nov 777.35 EQ Aug 553.85 554 554 541.1 625.45 883 Close Price Total Traded Quantity Turnover in Lacs 597 10240898 61395.4 616.5 542 EQ Jul 487.9 EQ Dec 872.9 588.15 ICICI-2006 878.7 621.1 618.98 692.9 587.15 777.9 499 518.05 587.1 697.6 EQ Mar 615.15 800 609.05 EQ May 591.6 590.45 594.85 600.95 1621966 9981.5 EQ Oct 699.95 EQ Feb 609.5 609.55 1160638 7115.25 778.9 619.1 400 200 MONTHS 36 Oc t No v De c Ju l Au g Se p 0 Ja n Fe b M ar Ap r M ay Ju n SHARE VALUE 1000 Seri es1 .45 489.5 865.6 1711581 10398.2 604 621.941 784.02 884.75 EQ Jun 537.7 609.25 600 620 EQ Apr 589.888 485 488.

396 EQ Oct 1062.05 1270 1318 1240 1298 1298.25 1163 1162 3538453 41222.2 644010 6119.45 1233813 11489.9 Series1 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Months 37 .7 800.25 897.3 1400 Share Price 1200 1000 800 600 952.35 897.6264 EQ Aug 927.5 945 952 950.5 981.4 890.2007 Prev Close Open Price High Price Low Price Last Price Close Price 888 895.268 EQ Nov 1254.2 869.5 EQ Apr EQ Total Traded Quantity Turnover in Lacs ICICI-2007 1298.5 892 906.1 890 891 4669774 41808.0205 853.55 855.1 927.15 930.1 911 890.4 1068 1068 1035 1058 1057.8 1162 907.45 981.15 925 938.1 951 EQ Mar 829.9 891 1057.493 May 865.8611 957 942.4 1180 1188 1156.6 829.95 930.8 3191887 33560.35 952.45 950.85 898 898 864.1 910 907.3 5076881 65449.9 952.9 2223603 19376.9 2929146 26456.35 820.55 811547 7710.65 866 869.4247 840 858.3 803.45 803.35 1081867 9106.5 824 857 855.45 920 920 885.8 922.05 805.945 Series Date EQ Jan 891.378 EQ Dec 1178.275 EQ Sep 888.45 345636 3109.367 EQ Jun 919.5 EQ Feb 941.95 1829939 14810.425 EQ Jul 955.

30 35264.75 351.89 348.883 54403.06 39570.13 452.9 535.1 632.601 42923.15 636.8 42153.95 384.50 796.40 879.632 111113.55 635 633 670.55 340 472.81 787.2008 Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Prev Close 1187.611 57977.02 671.15 642.774 .53 39629.85 458.3 671.65 460.02 886.2 611.79 632.1 Close Price 1169.35 444 Low Price 1147 1077.60 788.40 1105.09 33705.35 621.85 835.09 626.5 354 447.06 1079.42 785.50 902.25 652.6 630.2 637.50 769.65 448.65 540 399.35 39431.25 664.6 Open Price 1190 1100 848.8 638 644.42 Total Traded Quantity 5525805 3665904 5048217 4446390 6852195 6725234 5333027 8633379 21452818 14134982 12329653 7794740 Turnover in Lacs 64600.35 350.85 918 795.3 345.55 398.55 493.05 363 316.6 38 Last Price 1147 1088.8 High Price 1131 1045.45 765 872 778.55 517.65 769 881 786.5 485.9 370.01 53932.

4 1727.0178 0.0054 0.00484 0.0292 0.88 0.0018 0.1336 0.0000 0.0212 0.4E-05 0.0070 0.3478 0.1325 0.0079 0.0821 0.0044 0.00053 0.0489 0.0516 0.72 Mar 149.00576 Sep 179.25 0.00108 Mar 0.1721 0.5 1154.0066 0.00629 0.00465 0.03202 0.0534 0.0736 0.00201 0.0224 0.0768 0.12099 2004 ROR (X) R= XAvg(X) Prev Close 0.1728 0.67 Feb 149.0022 0.1164 0.00940 0.1163 0.1391 0.75 0.62 0.95 2020.0049 0.0220 0.00944 0.02987 Feb 295.0153 0.03664 2139.0317 0.0602 0.3 1084.0175 Jun 230.0793 0.01216 0.0135 T= YAvg(Y) R^2 T^2 0.0027 0.0860 0.0000 0.0104 0.9E-05 7.00590 Nov 299.00088 0.0073 0.08 0.1881 0.0787 0.0344 0.0074 0.0241 0.5 1878.0018 0.00101 Jan 295.05 2052.0039 0.00319 0.21 0.0002 0.0018 0.00491 0.0180 0.S&P CNX NIFTY ROR (Y) X*X Y*Y X*Y 0.0002 0.0153 0.00045 0.0033 0.1914 Dec 0.00386 2418.8E-04 Oct 286.00011 0.0147 0.00119 0.01788 Oct 204.0032 0.4E-06 0.0622 Dec 0.0148 0.45 2062.64 0.0428 0.0641 Apr 296.00002 0.1040 0.0064 0.00501 0.1218 0.93 0.22 0.0076 0.0798 0.1198 0.00674 0.0594 0.1406 4.00000 0.0362 0.0970 0.00633 0.39 0.1471 0.0812 May 121.3 2048.0001 0.0004 6.00717 Jun 137.0813 0.0255 0.3672 July 244.00362 2.0040 0.00123 0.02164 250.0770 0.01135 0.0014 0.0847 0.0124 0.0275 0.00058 0.0821 0.00021 0.0856 0.1709 May 315 1698.21 0.00628 0.0577 3.01755 0.4 0.01462 0.0208 0.0033 0.0965 0.0661 0.01936 39 .86 0.62 0.0469 0.42 2.0003 0.00000 0.00283 0.0093 0.0993 0.5E-04 2.0157 0.0E-02 Nov 247 1837.0085 0.1497 0.32 0.01389 0.0328 0.2E-03 0.1 0.00032 270.0564 0.00124 0.0270 0.0138 0.01109 Sep 269.0099 0.5 1770.01012 Aug 159.1053 0.1348 0.75 1038 0.00673 0.1049 0.00554 0.00011 0.01355 0.0969 0.0627 0.00075 0.9 1178.0035 0.8 2020.0696 0.00076 0.08 0.05 2268.1411 0.0013 0.0066 0.0889 0.0566 0.95 1272.00410 0.09 0.1006 0.00939 Years Month 2003 Jan 140.1535 0.00000 0.0297 0.00001 0.00239 339.00265 0.0004 0.15 1538.15 1337.25 2069.0131 0.00104 0.1213 0.0700 0.03537 0.16 0.0384 0.0236 0.0448 0.5 1882.00023 5.01992 July 150.1337 0.9E-03 Aug 267.0033 0.0002 0.0872 0.0430 Apr 133.4E-04 0.0759 0.99 0.00285 0.0279 4.00017 0.01100 0.1144 0.0015 0.0108 0.0296 0.7 1610.0144 0.93 0.00048 0.0575 0.15 1122.1643 0.98 0.02827 0.

00083 0.00960 0.0009 0.3385 3.15 5223.0251 0.45 4758.00516 2214.0298 0.25 0.0055 0.0009 0.0923 0.32080 3.0527 0.02366 0.15 0.8 0.0719 0.00265 0.0428 0.00351 0.01327 0.0773 0.835249 1.00057 4.0126384 1.00010 0.0876 0.00807 0.00261 0.32080 3.0823 0.00324 0.01091 0.0437 0.00062 -0.0098 0.2005 2006 2007 Jan 371.01189 0.0234 0.00680 0.1191 0.0005 0.0988 0.0943 0.00003 0.0268 0.0803 0.0114 0.0977 0.0053 0.7E-04 0.0052 0.0256 0.93 0.4 6094.00319 0.0525 0.00288 0.0497 0.3 SUM AVERAGE 29854.2186 0.43 0.00166 0.1009 0.0226 0.1092 0.46 0.5 0.05 2599.0028 Mar 829.0044 0.5 3721.0011 0.04961 481.0005 0.1345 0.0006 0.0099 0.00162 0.96 0.00496 0.00994 Feb 609.0683 0.0325 0.0131 Aug 927.48 Dec 29854.0098 0.95 0.4 7163.0279 0.76 0.00299 0.3 1.0246 0.0580 0.0473 0.1722 0.0298 0.0414 0.18849 .45 0.0997 0.01013 1.00063 0.00955 0.01916 Sep 597.25 4028.0172 -0.00891 0.0303 0.00623 0.0719 0.01109 0.35 4934.0103 0.0721 0.1528 0.29 0.0713 0.0792 0.00050 0.0100 0.0001 0.0053 0.82 0.0586 0.00329 0.00430 0.0266 0.03513 Dec 538.13 0.55E04 Feb 941.1528 -0.00349 Mar 615.00666 0.00172 0.92 0.00379 0.0213 0.82 July 955.0019 0.0008 0.0393 0.1 4504.1831 0.0014 -0.0231 Nov 1254.8159 1.0851 0.0005 0.00106 6.0445 0.0338 0.00678 Apr 589.8 3066.0899 0.00006 0.0733 0.0771 0.00012 0.0730 0.1090 -0.0308 0.00009 0.0008 -0.0089 Sep 0.00002 0.45 5411.0184 0.0002 0.0913 May Jun 0.00114 0.0096 0.0110 0.01031 0.0193 1.0414 0.9 Apr 392.05 6997.29750 40 0.0000 0.0026 May 865.0102 -0.95 0.00012 0.00172 0.0564 0.00519 0.73 0.1262 Sep 888.00114 0.37 0.00085 0.0077 0.0819 0.05 3353.0225 0.9 2447.75 2711.0335 0.0064 July 487.00630 0.88 0.0298 1.0043 0.0020 0.0126 1.0721 0.1012 0.8E-05 0.0320 0.1754 0.0214 0.0144 Jun 919.00203 0.0239 0.0141 0.0063 0.0051 Apr 853.00011 -0.1654 0.1016 0.25 3639.01419 Dec 872.00595 0.00241 0.0591 0.1191 0.0046 0.7856 1.00142 0.00293 0.0985 2.0806 0.02964 0.0296 0.9 3745.00963 -0.39 0.00003 0.0252 0.3385 3.15 4729.00603 -0.2068 0.2034 0.0025 0.0016 0.00128 0.00241 0.01025 July 425.1356 May 591.5 4605.71 0.00809 Oct 601.0288 0.1152 0.0403 0.00302 0.00193 0.00517 392.1070 0.1017 Aug 553.0440 0.0032 0.0510 0.0000 0.0511 -0.0542 -0.0491 0.0448 1.0021 0.0642 0.02335 0.00852 Oct 699.03354 0.0159 0.0302 0.45 5483.0054 0.0046 0.1053 -0.75 3642.0108 -0.0573 0.4896 1.0357 0.7 2795.0047 0.35 2393.0704 -0.0459 0.11 Oct 1062.0303 0.0407 0.0083 0.00970 Aug 534.05 4213.45 4288.0009 0.0397 0.04779 Nov 498.0998 3.85 4073.0078 0.89 0.7E-02 -0.0218 Jun 537.2975 1.97 0.0172 1.0125 Jan 0.0816 359.0028 0.00048 0.82536 -1.00246 2433.0881 0.0018 0.01491 0.0072 0.0073 0.0380 0.0825 0.0108 0.85 5185.00425 0.94 Mar 380.05 3549.00824 0.0291 0.1384 0.0062 0.01917 0.0001 0.8 -0.06420 1.0010 0.00064 0.0041 0.0163 0.4 7461.0142 0.02505 0.1286 891.0663 1.2227 0.0898 0.1583 -0.0181 0.6 3127.6 4476.00666 0.73 0.0816 0.1874 0.6 1178.0081 0.46 0.0927 0.31 0.00071 0.0065 0.69 0.1E-05 0.45 2801.0529 0.00154 0.0397 0.1044 0.5 4899.0067 0.00066 0.0000 0.00061 -0.00224 0.00343 -0.0002 0.0005 0.0019 0.0496 0.89 0.0E-03 0.0491 2369.36814 1.259 0.3 0.1993 0.24 0.99 0.0550 -0.00093 0.00012 1.0119 0.00771 0.00118 0.55 0.0034 0.03462 0.1093 0.1187 0.1638 0.0653 Feb 360.0428 0.00010 0.00201 1.0338 0.0290 0.00092 0.0119 0.1460 0.02734 Nov 777.0065 0.00381 0.00045 0.00859 Jan 585.0034 0.0028 0.

906 α 0.002053 41 .1.825 1.2776 3 0.216 1.02026 Avg(Y) β 0. Beta Σxy Σx Σy Σx2 n Σy2 β 0.4896 0.045 4 Coef of Determination 0.298 Coef.03 1.Correlation 0.6085 2 Alpha Avg(X) -0.339 60 3.

1483 0.05313 .2305 Variance Vx Vy 42 0.02199 0.5 Standard Devition SDx SDy 6 0.

STATE BANK OF INDIA The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Our business is more than banking because we touch the lives of people anywhere in many ways. There commitment to nation-building is complete & comprehensive. 43 .

5 468.45 618.7 618.95 544 541 4569314 24421.5 447.65 5941630 33075.1 443.85 447.55 540.3 5008010 23811.5 586.3 4242657 26081.2004 Prev Close Open Price High Price Low Price Last Price Close Price Total Traded Quantity Turnover in Lacs Series Date EQ JAN 537.2 544 520.3 600.7 478 478.5 581.3 619.9 300 200 100 0 44 442.4 469.50684 EQ MAY 642.85 468.05 541 469.9 442.4 448.2 571 567.95 564.05 599.2 462.5 621.8 444.25 4005601 23676.5 481.55 602.11253 EQ SEP 442.40687 EQ JUL 430.9 557.85 607.65 3287171 15152.6 434.9 599.57067 SBI 2004 700 618.1 444.7 442.25 600 500 400 564.1 467.3 478.74098 EQ AUG 442.7 3613238 16209.5 471.65 567.45 540.05 4828665 29851.55 468.3 2647037 11658.3 450.65 .5 619.7 530.35 606 616.5 452 443.8 605.23811 EQ APR 605.1 566.55 471.9 436.35 434 441.3 7381059 42362.9 450.15 450.8291 EQ JUN 465.45108 EQ DEC 529.68498 EQ MAR 584.25 635 635.39575 EQ OCT 468.1 442.85 1911963 9026.5 568.1 602 600.88938 EQ FEB 598.9 6282161 27600.4 443.838506 EQ NOV 447.15 470 482 466.

25 799 804.85 523113 4403.9 650.65 671.17176 EQ JUL 681.9 658.8 652.95 785.5 913.1 789.9 682 708.2526 EQ NOV 839.75 869.1 834.57473 EQ MAR 714.6 589.2 634 634.5 674.35 2420620 21869.33291 45 Turnover in Lacs .1 660.1 660.65 903 915.99636 EQ SEP 796.39639 EQ AUG 800.50891 EQ FEB 643 640 646 631.4 891.65 711 716.2005 Prev Close Open Price High Price Low Price Last Price Close Price Total Traded Quantity Series Date EQ JAN 652 654.8 670.35 2738218 15989.574651 EQ DEC 896.65 695.9 692.2 2072014 13802.6 1168582 9357.85 588 592.8 655 672.75 832.25 4867582 34202.25 799 799.35 1607862 15210.1 657 655.1 869.5 795.05 585.9 662.570853 EQ OCT 938.6 5128658 36067.05 2467277 15694.79179 EQ JUN 670.15 705 706.1 2785374 18473.09788 EQ MAY 584.95 1980985 15663.2 938 953 938 944 945.7 838.5 662.75 2131452 13998.45 669.3 801 805.25 913.5 695.55 789.6012 EQ APR 654.8 576.

15 881.15 912.452 EQ FEB 886.1 817 818.1 634.25 660.75 1444939 12005.003 EQ APR 968.15 956 961.35 889 891.7 2610414 24914.15 814.55 742.6 706.35 500 400 300 200 100 0 JAN FEB Prev Close MAR Open Price APR MAY High Price JUN Low Price JUL AUG Last Price SEP Close Price OCT NOV DEC Date EQ JAN 908.75 600 838.9 2004095 18237.85 799.35 900 913.5 917.65 940 971 935.05 589.6 869.331 EQ AUG 810.65 840 846.75 1982509 15930.25 2223458 19522.821 EQ MAY 937.285 EQ JUN 832.5 970 990 964 988.35 789.15 903.25 802 819 794.5 730.2 670.791 EQ MAR 877.75 902.95 800 700 695.743 EQ JUL 727.SBI-2005 1000 945.5 878.5 904.2 880.05 873.9 983.2 1546930 13613.5 866 868.6 655.6 1418037 10441.05 741.35 1059091 10339.4 818 811.75 735 746.42 46 Total Traded Quantity Turnover in Lacs Series .1 888.

2621 EQ NOV 1095.35 961.9 881.75 811.7 931.692 SBI-2006 1600 1362.2 800 1113.15 1366 1362.1 931.65 1400 1200 1000 904.65 1612467 21785.EQ SEP 931.05 1315 1370 1313.35 874932 9024.25 742.65 1256.25 818.3 1089 1119 1113.25 932 935.25 887349 8266.727 EQ DEC 1317.8 1033.71 EQ OCT 1028.75 869.8 1035588 11462.4 931.1 1033.65 1029 1037.8 1023.7 925.3 1256.35 983.6 600 400 200 0 JAN FEB MAR APR MAY JUN 47 JUL AUG SEP OCT NOV DEC .1 1030.

4 922.44 EQ MAY 1353.9 2075.9 2307.35 1619 1623 1602.75 1746382 26860.915 EQ SEP 1945.55 408144 5112.2 2167 2167 2052.35 937 930.2 1550.35 1606.35 2143188 45181.1 1203 2491197 29698.635 EQ DEC 2302.65 1364 1385 1356 1380 1378.05 1055.35 1894.64 SBI2007 2324.Prev Close Open Price High Price Low Price Last Price Close Price Total Traded Quantity Turnover in Lacs Series Date EQ JAN 1245.3453 EQ FEB 1140.65 930.05 2715856 42709.35 1528 1530.45 979.8 1530 1551 1523.6 1250 1260 1243 1253 1253.9 2324 2324.9 2324 2324.5 1133049 10583.129 EQ JUN 1525.4 979.2 1548.6 1905 1894.9 1548.75 2500 2000 1606.939 EQ JUL 1623.1 1606.497 EQ NOV 2302.978 EQ APR 994.85 1610 1610 1540.85 1042 1061 1016 1051 1055.604 EQ MAR 1041.177 EQ OCT 2068.75 2075.6 1919363 36639.45 1158 1230 1135.9 2307.65 1108823 11522.5 500 0 JAN FEB MAR APR MAY JUN 48 JUL AUG SEP OCT NOV DEC .85 1952 1965 1882.75 955082 22217.6 1253.5 2073.65 901942 14539.75 955082 22217.452 EQ AUG 1600.75 1500 2324.4 2330 2345.7 1203.9 1908666 26147.4 2330 2345.55 1203 1000 1378.65 1530.

0014 0.55 345.00252 0.00553 -0.35 1336 1409.7 2.0344 -0.945.135.00660 0.00055 0.0037 T=YAvg(Y) -0.600.821.00087 0.18 EQ DEC years 2003 Month Jan S&P CNX NIFTY 1154.3 0 0 0 0 5 2.795.91 EQ JUL 1309.0587 0.01150 0.0 1.0235 0.0 1.00239 0.7 4293292 48015.0 2.55 1403.03031 0.0052 R^2 0.25 1885052 26136.55 273.33 EQ OCT 1105 1065 1109.55 1461.00185 0.1336 0.04085 0.0 2.00002 0.00344 0.45 1385 1485 1355 1472 1463.677.590.111.0970 -0.088.0516 2401205 48.18 867328 12613.674.247.0 1.76 EQ NOV 1291.0824 0.347.01355 0.7 1308 1308 1270 1290 1288.05151 0.223.9 1055 1085.35 2229762 32255.00011 -0.167.00410 0.2 0 0 0 0 5 1.48 1036121 16.44 .8 2.95 1194.0 1.8 1336 1404.0602 0.136.0 1.0835 0.6 787863 8940.Series Date Prev Close Open Price High Price Low Price Last Price Close Price Total Traded Quantity Turnover in Lacs EQ JAN 2.00001 T^2 0.00679 PRICE 284.08 EQ AUG 1405.00362 0.781.2270 0.05 1489 1435.80 EQ APR 1.55 ROR(Y) 0.608.0798 0.774.039.00039 290.72 Mar Apr May Jun 1084.67 Feb 1178.0 1.155.70 R=XAvg(X) 0.05 1088.00041 0.01784 0.695.0197 X*X 0.55 4321864 46965.95 1177 1065.55 1149.0 2.89 839999 14.95 1390 1430.15 2.15 0.0208 0.00637 290.0430 0.85 2661636 36957.0 2.95 EQ FEB 2.730.712.0641 0.64 1038 1122.5 281.00000 X*Y 0.00119 0.0294 0.6 0 0 0 0 5 1465.987.0046 0.010.00940 0.00266 49 1159043 25.2 1194.1164 0.00698 0.799.35 1445 1445 EQ MAY 1161.0 1.21 ROR (X) 0.8 2704078 34799.00043 Y*Y 0.32 1272.1073 0.95 1101 1107 1111.5 1114 1109.45 -0.0 1.0812 0.9 1343 1406 1417.2021 0.20 EQ JUN 1387.10 EQ MAR 1.0 2.165.6 0 0 0 0 5 1.00003 0.660.0 1.34 EQ SEP 1099.

00147 0.01755 0.00001 0.00033 0.0241 469.00480 0.9 442.00019 0.00056 0.00178 0.1325 0.0301 0.05852 Jun July Aug Sep 1727.0941 0.00090 Apr 2048.00285 0.0116 0.3 442.00045 0.1295 0.22 0.00151 0.00629 0.00091 0.2004 July Aug Sep Oct 1337.00219 0.1873 0.0068 0.00239 0.4 2020.04499 50 0.00000 May 1698.00319 0.00133 -0.0012 0.00031 0.98 475.0462 0.1709 618.2004 0.00131 0.0489 -0.16 0.3E-05 0.0236 0.05 -0.0534 0.00213 0.00045 0.93 470.00005 0.09 2020.1881 -0.00000 0.0014 0.00436 0.0212 0.7 -0.08 0.00220 0.0175 619.0220 -0.21 1770.00003 0.0220 -0.0564 0.1643 0.0190 0.0563 -0.00179 0.00886 0.1E-04 -0.00220 0.0581 0.9 -0.03537 0.39 2268.02921 0.0332 0.00140 0.00021 0.00658 0.0736 0.0811 -0.25 567.00491 -2.8E-04 4.00003 -0.0070 -0.0059 0.0153 0.3 450.00542 0.5E-06 0.5 438.00316 0.01020 0.00761 3.00449 Nov 1837.2121 0.3E-04 0.42 564.04014 Jan 2062.00076 0.00491 2.00930 0.08 1610.02699 0.00190 0.00674 0.01678 -0.00025 0.00424 0.0033 0.0213 0.00257 0.03506 .86 1538.0104 541 0.0376 0.99 478.3 600.0700 -0.65 -0.4E-05 2.5 418.1471 -0.4E-06 0.00000 0.00011 0.00726 -2.0364 0.0468 0.02383 Dec 2418.2668 0.00005 0.62 1882.00986 0.0993 0.00108 0.0138 0.0661 0.62 0.0422 0.88 0.02240 0.0328 -0.0793 0.0047 2.0275 0.1755 0.2419 0.1544 0.0202 4.00088 0.00048 0.3 0.00337 0.1 446 0.93 1878.02164 0.0965 0.0157 0.0052 0.0180 0.65 0.0469 0.85 468.0049 0.00110 0.0004 -0.2E-05 Feb Mar 2052.0297 0.00390 Oct Nov 2069.00013 Dec 2139.03080 -0.00205 0.07116 0.0670 0.00036 0.00058 0.0625 0.4 0.00042 0.0384 382.00141 0.25 0.1497 0.0693 0.0362 0.00069 0.00220 0.01409 0.0262 -0.0872 0.0821 0.0018 0.

51 .

2234 0.0943 789.00498 Oct 7163.5 0.0953 0.03323 -0.1E-05 0.0000 2324.35 Jan 3549.0721 838.00409 0.75 0.01202 0.1262 1606.0331 0.0653 695.00092 0.11 0.02478 0.3E-03 Jun 5223.0586 913.05 0.00336 0.01189 0.94 -0.01405 -0.00000 1.85 Dec 3353.00009 -0.01145 0.0367 0.25 0.9E-02 Dec 4758.3385 2.0249 1.0977 -0.00909 Jun 2599.6 0.39 -0.0000 1.08004 AVERAGE 0.00083 0.00275 0.1205 0.00520 0.89 0.6 0.46 0.73 0.0459 881.01344 0.00821 0.00310 -0.1528 -0.00016 Sep 3066.0954 0.00102 0.0249 1.75 0.00018 July 5483.1486 0.00162 0.0320 634.23222 0.00211 0.00134 0.00114 0.0816 -0.02383 Sep 6094.99 0.00051 0.0298 1.00466 Aug 4073.2 0.05 Mar 2369.71 0.0801 0.0564 1033.01109 0.1574 0.00955 0.25 0.0394 Feb 3639.55 0.0848 0.0225 1203 0.4570 0.00054 0.97 0.1179 1.00112 0.0256 0.02262 0.2E-04 0.82 0.0357 0.0642 0.00017 0.00344 0.1434 0.01840 0.1 0.05032 1.00281 Nov 4729.93 0.0713 1055.00241 0.0403 0.1735 0.1090 0.00241 0.00777 0.02209 -0.75 0.9 0.65 0.00116 0.00877 Aug 2801.29 0.00066 0.00000 2.00522 0.00000 -1.1583 0.00807 0.00220 May 3642.0683 0.00056 0.1127 0.0683 589.00867 0.37 0.1823 0.0530 0.0469 0.73 0.3E-05 1.1473 0.0000 1.0E-02 1.1053 0.1186 0.0073 1378.00767 0.00439 0.00239 -0.0806 1253.0062 1113.46 0.0937 0.00015 0.9E-04 -0.55 0.0652 0.6 0.30697 2.00000 0.0579 0.1792 0.01101 Jan 4899.00202 July 2711.0393 0.00299 0.00143 -0.8 0.00000 0.01500 -0.35 0.00606 0.7E-05 7.0640 0.2 0.4E-03 -0.00247 0.25 0.82 0.0053 -0.00278 -0.00909 Nov 6997.8 3.1544 0.0303 0.0288 0.00075 0.0881 799.0511 0.01891 0.69 -0.01389 July 3745.00099 0.01190 0.00509 0.00002 0.00260 0.0110 0.2E-04 3.01444 -0.00191 0.14996 SUM 1.03078 0.0971 0.00017 Aug 5411.00496 0.00237 0.6 0.0266 0.01269 -0.00003 0.02505 0.1224 0.0542 -0.0252 904.0130 0.00013 0.00479 0.1101 5.1356 983.13 0.00293 0.0510 930.11404 0.00000 1.00110 -0.0081 -0.65 0.1225 0.5 0.00680 0.0491 -0.0226 655.0000 1.95 0.0249 0.0172 -1.6 0.75 Feb 2447.15 -0.200 5 200 6 200 7 Jan 2393.0954 0.0491 0.01409 0.00106 0.89 0.01405 0.0876 742.00789 0.00397 0.00487 0.1472 0.0898 -0.0325 -0.20888 May 5185.1140 0.82353 52 .00183 0.00846 0.4819 0.75 0.00062 Dec 7461.00532 0.0428 660.00154 0.01031 0.00054 0.02167 0.0093 0.0111 0.00413 Oct 2795.00280 0.7 0.00163 0.24 0.223455 1.0704 0.1375 0.00012 Mar 4028.1454 0.00318 0.00050 0.0131 1548.00641 -0.1986 1.03010 Jun 3721.65 0.0125 -0.0930 4.0615 0.0825 -0.1202 0.0779 0.01445 0.01607 -0.00649 0.9 0.0099 0.1070 869.00064 0.00324 0.0911 0.01452 -0.00016 0.00889 0.0126 0.45 0.1016 -0.0055 -0.02456 0.48 -1.1202 0.00115 0.00425 Feb 4504.95 0.0437 931.0706 0.00128 0.1754 1894.0338 0.0698 0.00439 0.00147 0.0163 0.1049 0.03462 1.02335 0.00378 Apr 2214.33849 2.25 -0.00325 -0.00261 0.03212 0.0341 0.00172 0.00666 0.35 0.0296 1362.00048 0.3 -0.0122 0.00027 0.35 Nov 3127.0046 -0.0E-04 -0.2235 1.0497 1530.88 -0.76 0.0663 2324.0064 818.0403 0.00640 0.0108 -0.01497 Sep 4288.00426 0.0853 9.00019 0.0218 961.0113 0.4422 0.0771 -0.0136 0.0414 -0.1096 0.00719 Oct 4476.0172 0.01592 0.0379 0.00088 0.1187 945.00865 -5.01674 0.0449 0.0931 0.00006 0.00003 0.00942 -0.1185 0.02056 Apr 4934.0335 706.75 0.00466 0.0722 0.02171 Mar 4605.35 0.0231 2075.32082 1.8E-05 5.00595 0.00302 0.0529 811.0220 0.43 0.00976 0.92 0.00048 0.96 0.0000 1.0888 0.00829 Apr 4213.0550 0.35 0.4911 1.02113 May 2433.00816 0.4911 1.00071 0.2E-02 8.01337 0.0137 0.31 0.466273324 0.00778 0.1159 0.00050 -0.00155 -0.00910 0.00299 -0.0988 670.

114 1.0107272 Coef.Correlation 0.824 α 0.4911 1.1 Beta Σxy Σx 1.64047 4 Coef of Determination 0.0249 β 0.2235 β 2 3 0.824 Alpha Avg(X) Avg(Y) 0.0298 Σy Σx2 n Σy2 1.3385 60 2.0172 0.4102 53 .

005115 0.07152 0.03466 54 .18619 Variance Vx Vy 0.5 Standard Devition SDx SDy 6 0.

6 0.6085 0.BETA VALUES BETA VALUE 0.4 0.5 0.3 0.1 0 ICICI BANK SBI BANK 55 .2 0.824 0.8 0.9 0.7 0.

CONCLUSION AND SUGGESTIONS 56 .

Conclusions • Average rate of return of the 2 different companies are lesser than that of its market returns.6% for every 1 % increase or decrease in the market returns. One might expect the best performance by funds with low diversification because they apparently are attempting to beat the market by being unique in their selection or timing. 57 .6085) of ICICI Bank is less than that of markets beta . So. • Since standard deviation of SBI equity and ICICI equity is less than its market. the risk is likely less compared to that of market. all the equities outperformed the market. • Considering only the rate of return. This also means that the mutual fund fluctuates 4% less than the market index. the fund reacts less than the market reaction. • Since Beta (0. Also beta indicates that the funds returns would increase or decease by 0. the returns are better than the market returns. • Lower the beta and higher the funds performance is the better equity for investment.

BIBLIOGRAPHY 58 .

WWW.co.Jordan 59 .NSEINDIA.Fischer ---Ronald J.in Security Analysis And Protfolio Management ---Donald D.COM www.google.

60 .