“A STUDY ON RISK RETURN ANALYSIS OF SELECTED TELECOM COMPANIES AT HEDGE EQUITIES PVT. LTD.

, ERNAKULAM”

SUMMER PLACEMENT REPORT
Submitted to

MAHATMA GANDHI UNIVERSITY, KOTTAYAM
In partial fulfillment of the requirement for the award of the

MASTER‟S DEGREE IN BUSINESS ADMINISTRATION (2011-2013)

BY AKASH V Registration No: 36095

RAJAGIRI SCHOOL OF SOCIAL SCIENCES RAJAGIRI P.O KOCHI-683104

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DECLARATION
I, Akash V, Student of Rajagiri College of Social Sciences, Kochi, hereby declare that this project report titled “A study on risk return analysis of selected telecom companies at Hedge Equities Pvt. Ltd., Ernakulam” is an original work carried out by me for the partial fulfilment of the requirement for the award of Masters of Business Administration degree of Mahatma Gandhi University, Kottayam.

I also declare that this project is original and has not been previously submitted for the award of any degree, diploma or any other similar title of Mahatma Gandhi University or any other University or Institute.

Date: Place:

Akash

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ACKNOWLEDGEMENT
I wish to express my sincere gratitude to the management and staff of the RAJAGIRI COLLEGE OF SOCIAL SCIENCES for providing me a wonderful opportunity to gain practical knowledge by including this project as a part of MBA curriculum.

I wish to thank Dr. Minimol.M.C for helping me by correcting and assisting in completing the project successfully.

Also reserved on priority are my special wishes and gratefulness to management and staff of Hedge Equities Ltd, Ernakulam for permitting and assisting me in the project. I would like to thank Mr. Benil Dani Alexander of Hedge Equities Ltd, Ernakulam, without his guidance this project would not have been possible.

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SECTION I 4 .

PROFILE OF ORGANISATION 5 .

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the idea of mobile communication did not take-off until the first National Telecom Policy (NTP). The total revenue of the Telecom Services Sector went up from US$ 31. The Supply Chain of the Telecom Industry in India is fairly linear. indicating a growth of 8. The industry has been profitable and the revenue has never been better. when the then Prime Minister of India Indira Gandhi. The „flow of orders‟ in the Supply Chain is bottom/top .597 million ( 157.95 billion in investments and the market will cross the US$ 100 billion revenue mark in the next 5 years.719 crore) in 2010-11.Executive Summary Imagine being a part of an industry that has grown over twenty times in just ten years.37% and 79. A New National Telecom Policy was implemented in the year 2011 and licenses for a new fourth generation (4G) spectrum are expected to be rolled by out by the year 2013. the „flow of services‟ is top/bottom . but only 33% of the rural India.69%. Apart from the telecom operators. The sector is expected to witness up to US$ 55.985 crore) in 2009-10 to US$ 34.344 million ( 171. which was released in the year 1994. the other key players in the industry are tower providers. type of services and price. The revenue contribution from the public sector telecom companies in the year 2010-11 was 20.66% from private sector companies. The Telecom Industry of India has grown from under 37 million subscribers in the year 2001 to over 846 million subscribers in the year 2011. The total telecom density of the country is about 71%. with only traces of these being felt by rural India. A detailed telecom timeline is illustrated in the report. joined hands with authorities in France to merge with the state owned telecom company. with telecom operators defining the quality. The beginning of the Indian Telecom Industry can be marked with the introduction of the Posts and Telegraphs Department in the year 1851. equipment 7 . has realized the access and benefits of the industry. whereas.coming from the customers and going through the operators. This portentous growth of the Indian Telecom sector in the past ten years has opened up numerous opportunities. which occupies over 70% of the country‟s population. The first mobile telephone service started on a non-commercial basis in Delhi in the year 1985 however. Real liberalization of the Telecom Industry started in the year 1981. in an effort to set up five million lines per year in the country.coming through operators and going to the customers.

other parts are struggling to make ends meet. Vodafone and Idea occupying almost an equal share of the pie and BNSL continuing to dominate the wireline market. The report provides an analysis of the competition and the market share of the telecom operators. with penetration in the rural areas being one of the major areas of opportunity for the next five years. and retailers. the industry concentration in the wireless segment is medium. Rural competition mirrors the overall segment. States such as Punjab and Tamil Nadu are leveraging with a tele-density of over 80% whereas. telecom operators. On the other hand. The Cost Structure analysis identifies high profit margins and major costs such as depreciation and network operations expense incurred by the operators. The wireless segment has a healthy mix of competition. all the major telecom operators will be focusing on leveraging the opportunities that lie thereabouts.86% which has increased to 33. A comprehensive Supply Chain analysis of the Industry has been detailed in this report. This report provides a state-wise breakdown of the Geographical Segmentation of Telecom Industry of India. Barriers to Entry in the telecom industry are high and steady and the level of tax burden is medium and stable. The wireline segment of the industry has a high level of concentration. This further justifies the high Capital Intensity of the telecom industry. The industry is highly regulated and the recent spectrum scam has only lead to an increased scrutiny. with players such as Bharti (Airtel). The report 8 . while some parts of the country are competing with the world. the rural tele-density of the Indian telecom sector was just 1.79% in March 2011. A reflection of this diversity can be seen in the telecom segmentation of the nation. In the next five years. India is a diverse nation. states such as Chhattisgarh Jharkhand and some parts of North East India are perverted with a tele-density of less than 8%. with the top four companies in the segment sharing 68% of the revenue. with BSNL accounting for over 72% of revenue. In a nutshell. There is also a considerable amount of assistance provided to the industry and the trend has been increasing. Until March 2006. Reliance.distributors. with Bharti leading the rural wireless segment and BSNL dominating the wireline market. The telecom sector is going through the growth stage of its life cycle. the competition in the industry is moderate and the trend is increasing.

The real question to ask is. 9 . has the Telecom Industry of India realised its complete potential? If it has not.provides us an analysis on such factors which gives us an insight into the conditions of the telecom industry of India. then what is to unfold will not only change the great nation but also the world we live in.

1. The money market is a subsection of the fixed income market. Money market Money market facilitates short term debt financing and capital. In primary market newly issued stocks are exchanged and in secondary market buying and selling of already existing bonds and stocks takes place.So .As a whole.Bond market provides financing by bond issuance and bond trading.capital market facilitates raising of capital. Securities include stocks and bonds. One of the main differences between the money market and the stock market is that most money market securities trade in very high denominations. This limits access for the 10 . These instruments are very liquid and considered extraordinarily safe. and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Financial markets facilitate:       The raising of capital (in the capital markets) The transfer of risk (in the derivatives markets) Price discovery Global transactions with integration of financial markets The transfer of liquidity (in the money markets) International trade (in the currency markets Capital market Capital market consists of primary market and secondary market . financial institutions and large corporations. commodities.Stock market provides financing by shares or stock issuance and by share trading. and commodities include precious metals or agricultural goods. Because they are extremely conservative.1 INDUSTRY PROFILE A financial market is a market in which people and entities can trade financial securities. There are both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded).the capital market can be divided into bond market and stock market. Money market securities are essentially IOUs issued by governments. money market securities offer significantly lower returns than most other securities.

The most common underlying assets include stocks. Furthermore. option or any other hybrid contract of pre determined fixed duration. Derivatives market Derivatives market provides instruments which help in controlling financial risk. Its value is determined by fluctuations in the underlying asset. Derivatives markets broadly can be classified into two categories. Deals are transacted over the phone or through electronic systems. linked for the purpose of contract fulfillment to the value of a specified real or financial asset or to an index of securities. 11 .e.individual investor. the largest derivative exchange in the world. Compare this to the stock market where a broker receives commission to acts as an agent. was established. commodities. live stock or anything else. commodities. The underlying asset can be securities. while the investor takes the risk of holding the stock. The first leap towards an organized derivatives market came in 1848. the money market is a dealer market. currencies. currency. bonds. i. Derivative means a forward. future. The derivative itself is merely a contract between two or more parties. when the Chicago Board of trade. those that are traded on the exchange and the those traded one to one or 'over the counter'. bullion. Most derivatives are characterized by high leverage. at their own risk. its value is entirely "derived" from the value of the underlying asset. which means that firms buy and sell securities in their own accounts. interest rates and market indexes. Another characteristic of a dealer market is the lack of a central trading floor or exchange. In other words. They are hence known as:    Exchange Traded Derivatives OTC Derivatives (Over The Counter) OTC Equity Derivatives The term "Derivative" indicates that it has no independent value.

a party purchases a quantity of one currency by paying a quantity of another currency. The foreign exchange market (forex. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. from one entity to another. Insurance market Insurance market helps in relocation of various risk. when countries gradually switched to floating exchange rates from the previous exchange rate regime. Insurance is defined as the equitable transfer of the risk of a loss. or currency market) is a form of exchange for the global decentralized trading of international currencies. Risk management. the practice of appraising and controlling risk. in exchange for payment.Foreign exchange market Foreign exchange market facilitates the foreign exchange trading. with the exception of weekends In a typical foreign exchange transaction. 12 . called the insurance policy. has evolved as a discrete field of study and practice. the insured. FX. The insured receives a contract. An insurer is a company selling the insurance. Insurance is a form of risk management primarily used to hedge against the risk of a contingent. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II). or policyholder. which remained fixed as per the Bretton Woods system. uncertain loss. The amount to be charged for a certain amount of insurance coverage is called the premium. is the person or entity buying the insurance policy. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock. which details the conditions and circumstances under which the insured will be financially compensated.

on the other hand. Forward market A forward contract is an agreement between two parties to exchange at some fixed future date a given quantity of a commodity for a price defined today. Although more complex today. Exchange traded commodities have seen an upturn in the volume of trading since the start of the decade. in which they are bought and sold in . being centrally located. require the existence of agreed standards so that trades can be made without visual inspection. and is carried out in markets such as wholesale markets. Commodity markets. emerged as the hub between Midwestern farmers and producers and the east coast consumer population centers. These raw commodities are traded on regulated commodities standardized contracts. were used for rice in seventeenth century Japan. with the appearance of the railroads. early forward contracts for example. This was largely a result of the growing attraction of commodities as an asset class and a proliferation of investment options which has made it easier to access this market. or futures agreements. Futures contracts Futures contract has the same general features as a forward contract but is standardized and transacted through a futures exchange. Early on these forward contracts were used as a way of getting products from producer to the consumer. Spot trading normally involves visual inspection of the commodity or a sample of the commodity. Modern forward. 13 exchanges. or with a minimum lag between the trade and delivery due to technical constraints. Commodity trading Spot trading is any transaction where delivery either takes place immediately. Commodity markets are markets where raw or primary products are exchanged. The trading of commodities consists of direct physical trading and derivatives trading. These typically were only for food and agricultural products. began in Chicago in the 1840s. Chicago.Commodity market Commodity market organizes trading of commodities. The fixed price today is known as theforward price.

Stock exchange market A stock exchange is a form of exchange which provides services for stock brokers and traders to trade stocks. and capital events including the payment of income and dividends. During the early 14th century they came to be known as the Brugse Beurse. History of stock market It has been suggested by Braudal about the History of Stock Market that during the 11th century in Cairo. which were known to be an informal meeting until then. During the end of 13th century traders of Bruges commodity accumulated inside the house of a native named Van der Beurse. since the overall supply of the crop is short everywhere that suffered the same conditions. trading must end two (or more) business days prior to the delivery day. the Jewish and Muslim merchants already had the notion of trade association and had setup all the methods of credit as well as payments. Delivery and condition guarantees In addition. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments. Typically. delivery day. If the cooperative has significantly less of its product to sell due to weather or insects. As these men use to deal with debts they can also be called as originators of brokerage business in the History of Stock Market. If we fall back upon the 12th century France it can be seen that the courtier change was worried about handling and regulating the debts on the bank‟s behalf of the agricultural professions. and payment can be settled when the contract arrives at any delivery point. bonds. it makes up for that loss with a profit on the markets. This concept did spread 14 . insures against a poor harvest by purchasing futures contracts in the same commodity. Securities traded on a stock exchange include shares issued by companies. and other securities. so that the routing of the shipment can be finalized via ship or rail. a common practice of farming cooperatives. method of settlement and delivery point must all be specified.Hedging Hedging. These people institutionalized their gatherings. derivatives. This claim though destroys the calls that the History of Stock Market originates with Italy. pooled investment products and bonds. unit trusts.

At this very time the government of Venice outlawed airing bruits which were intentionally used to lessen the price of governmental funds. India. It were the Dutch‟s in the History of Stock Market who inaugurated the concept of joint stock exchanges which led the people to buy shares and become share holders and invest money in various businesses and get their part of profit and loss. Major stock exchanges in various countries over the world are as follows: o American Stock Exchange o Australian Stock Exchange o Colombo Stock Exchange o Chicago Stock Exchange o Dhaka Stock Exchange o Hong Kong Stock Exchange o Jakarta Stock Exchange o Jamaica Stock Exchange o Kuwait Stock Exchange o London Stock Exchange o Nigerian Stock Exchange o New York Stock Exchange o Philippines Stock Exchange o Singapore Stock Exchange o The National Stock Exchange of India o Toronto Stock Exchange 15 . Verona. China etc. United Kingdom. There are Stock Markets in virtually every part of the world at this moment. The Stock Exchange of Amsterdam is also known to be the first stock exchange in the History of Stock Market to inaugurate continuous trade during the early part of 17th century. In the countries like Amsterdam and Ghent its branches known as Beurzen opened.at a rapid pace around the European nations and neighbouring countries. During the middle of 13th century the bankers of Venice started trading in government securities. Some of the important stock markets are located in United States. The bankers from Florence. Genova during the 14th century also started trading with government securities. The Dutch East India Company in the year 1602 brought out first shares on the Stock Exchange of Amsterdam and it was also the first Stock Exchange to bring out bonds and shares in the history of Stock Market.

It crossed 2000. In 1990 the BSE crossed the 1000 mark for the first time. He played with 270 million shares of about 90 companies. It is a market where stocks. regulating and controlling the business of buying. also known as the big bull of Indian stock market diverted huge funds from banks through fraudulent means. The Sensex is compiled based on the performance of the stocks of 30 financially sound benchmark companies.1. consolidated for the purpose of assisting.1 Indian Stock Exchanges – An Umbrella Growth “Stock Exchange means anybody of individuals whether incorporated or not. BSE got permanent recognition from the Government of India. selling and dealing in securities. In general. 3000 and 4000 figures in 1992. Millions of small scale investors became victims to the fraud as the Sensex fell flat shedding 570 points. In 1965. National Stock Exchange comes second to BSE in terms of popularity. The history of Indian stock trading starts with 318 persons taking membership in Native Share and Stock Brokers Association. Mehta. Money Market and Capital Market. Securities market can be divided into primary market and secondary market. BSE and NSE represent themselves as synonyms of Indian Stock Market. Securities market is an important. It came to public knowledge that Mr. 16 . The working of stock exchanges in India started in 1875. It is an essential component of the economy and indispensable for the proper functioning of corporate enterprises. BSE is the oldest stock market in India. which we now know by the name Bombay Stock Exchange or BSE in short.1. The history of Indian Stock Market is almost the same as the history of BSE. shares and other securities are bought and sold and also to provide avenue for disposal of securities when the owners feel like. The up-boat mood of the market was suddenly lost with Harshad Mehta scam. The 30 stock sensitive index or Sensex was first compiled in 1986. the financial market is divided into two parts. organised capital market where transaction of capital is facilitated by means of direct financing using securities as a commodity.

sub-brokers. portfolio managers.To prevent such fraud the Government formed The Securities and Exchange Board of India. stock market now appeals to middle class Indians also. large potential of growth in the fields of telecommunication. The factors that affected the market in the past were good monsoon. The liberal economic policies pursued by successive Governments attracted Foreign Institutional Investors to a large scale. SEBI is the statutory body that controls and regulates the functioning of stock exchanges. India. The bullish run of the stock market can be associated with a steady growth of around 6% in GDP. Many Foreign Institutional Investors (FII) are investing in Indian stock markets on a very large scale. during 2004 public elections unsuccessfully tried to ride on the market sentiments to power. after United States hosts the largest number of listed companies. Later Prime Minister Man Mohan Singh‟s assurance of reforms with a human face cast off the fears and market reacted sharply to touch the mark of 8500. The time factor also works for the NRIs. through an act in 1992. the growth of Indian companies to MNCs. Bharatiya Janatha Party‟s rise to power etc. Many Indian working in foreign countries now divert their savings to stocks. investment advisors etc. Sensex crossed the 5000 mark in 1999 and the 6000 mark in 2000. The result of a cricket match between India and Pakistan also affected the movements in Indian stock markets. The 7000 mark was crossed in June and the 8000 mark in September 8 in 2005. This recent phenomenon is the result of opening up of online trading and diminished interest rates from banks. SEBI oblige several rigid measures to protect the interest of investors. Global investors now ardently seek India as their preferred location for investment. The National Democratic Alliance led by BJP. They can buy or sell stocks online after returning from their work places. The unpredictable behaviour of the market gave it a tag – „a volatile market‟. mass media. tourism and IT sectors backed by economic reforms ensure that Indian stock market continues its bull run. The stock brokers based in India are opening offices in different countries mainly to cater the needs of Non Resident Indians. says top officials of SEBI. Experts now believe that the Sensex can soar past 20000 marks very soon. NDA was voted out of power and the Sensex recorded the biggest fall in a day amidst fears that the CongressCommunist coalition would stall economic reforms. Now with the inception of online trading and daily settlements the chances for a fraud is nil. education. 17 . brokers. Once viewed with scepticism.

This is typically done through a syndicate of securities dealers. This primary market is the market where the securities are sold for the first time. Features of primary market:  This is the market for new long term equity capital. the securities are issued by the company directly to investors. governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. Companies. this sale is an Initial Public offering (IPO).  The financial assets sold can only be redeemed by the original holder. The process of selling new issue to investors is called underwriting. The primary market performs the crucial function of facilitating capital formation in the economy. The new issue market does not include certain other sources of new long term external finance. In the case of a new stock issue. Borrowers in the new issue market may be raising capital for converting private capital into public capital. Primary market creates long term instruments through which corporate entities borrow from capital market. such as loan from financial institutions.Primary Market The primary market is that part of the capital market that deals with the issue of new securities. Methods of issuing securities in the primary market are:    Initial public offering Right issue ( for existing companies) Preferential Issue Secondary Market 18 . though it can be found in the prospectus. Dealers earn a commission that is built into the price of the security offering. Primary issue are used by companies for the purpose of setting up new business or for expanding or modernising the existing business. The company receives the money and issue new security certificates to investors. this is known as “gong public”. Therefore it is also called the new issue market (NIM)      In a primary issue.

1. which is equipped and organised with a place. a specified traditional organisation in accordance with the rules and regulations established by the exchanges. NSE was the first stock exchange to introduce screen based trading. National Stock Exchange (NSE) started operations in 1994. facilities and other resources required for trading securities after their initial offering. Then there are the retail investors and speculators. The old methods of trading in BSE were people assembling on what was called a ring in the BSE building. The last ones are the ones who follow the market from morning till evening. 1. They had a unique language to communicate apart from all the shouting. With the introduction of depository and mandatory dematerialisation of shares chances of fraud reduced further. A typical trading day starts at 10 and ends at 3:30 during week days. The trading screen gives top 3 buy and sell quotes on every scrip. With regard to the history of stock exchanges. The shares were in physical form and prone to duplication and fraud. Contrary to popular belief the scam was more of a banking scam than a stock market scam. banks.The secondary market is an ongoing market. the exchanges. i. It refers to a specific place where securities transaction among many and unspecified persons is carried out through intermediation of the securities firms. It same as a result of Harshad Mehta scam of 1992. FIIs. The present day trading platform is transparent and gives investors prices on a real time basis. a licensed broker. However for all practical purposes. the real beginning 19 . BSE has 30 stocks which makes the Sensex. BSE was forced to follow suit.e. NSE was floated by major banks and financial institutions. Bombay Stock Exchange (BSE) was the major exchanges in India till 1994.2 Origin of Indian Stock Market The origin of stock market in India goes back to the eighteenth century when long term negotiable securities were first issued. NSE has 50 stocks in its index called Nifty. financial institutions and mutual funds are biggest players in the market. they say it was under a tree when it was started back in the year 1875. Investors were not allowed access and the system was opaque and misused by brokers. Market can be very addictive like blogging through stakes are higher in the former.

But as business and industry expanded and the economy assumed more complex nature. Stock exchanges are intricacy inter-woven in the fabric of a nation‟s economic life. The answer was a ready market for investments and this was how the stock exchanges came into being. The NSE and BSE are equal in size in terms of daily traded volume. bonds. debentures stock or other marketable securities of a like nature in or of any incorporated company or other body corporate. stocks. Shares. and c. the saving of the community – the sinews of economic progress and productive efficiency would remain underutilised. scrip. constituted for the purpose of regulating or controlling the business of buying. Entrepreneurs needed money for long term whereas investors demanded liquidity – the facility to convert their investment into cash at any given time. An important early event in the development of stock markets in India was the formation of the Native Share and Stock Brokers Association at Bombay in 1875. Rights or interest in securities The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are the two primary exchanges in India. The task of mobilisation and allocation of savings could be attempted in the old days by a much less specialised institution than the stock exchanges. the need for permanent finance arose. whether incorporated or not. This was followed by the formation of associations/exchanges in Ahmedabad (1894). 851 crore in 1997-98 and further to Rs. the precursor of the present day Bombay Stock Exchange. In addition. which introduced the features of limited liability and generated investor interest in corporate securities. Stock exchange means any body of individuals. The average daily turnover at the exchanges has increased form Rs. Without a stock exchange. 2273 crore in 1990-2000 (April – August 1999). In addition there are 22 Regional Stock Exchanges. b. 20 .occurred in the middle of nineteenth century after the enactment of the Companies Act in 1850. a large number of ephemeral exchanges merged mainly in buoyant periods to recede into oblivion during depressing times subsequently. However the BSE and NSE have established themselves as the two leading exchanges and account for about 80 percent of the equity volume traded in India. Government securities. These securities include: a. Calcutta (1908) and Madras (1937). selling or dealing in securities.

Most key stocks are traded on both the stock exchanges and hence the investor could buy them on either exchange. Both exchanges have a different settlement cycle. The key regulator governing Stock Exchanges. The „F‟ group represents the debt market (fixed income securities) segment. and we also hear about it daily in statem ents like „The BSE sensitive Index rose 5% today‟. stocks and stock markets are important. „F‟ and „Z‟ groups. Mutual Funds. „C‟. Depository participants. New York Stock Exchange (NYSE). Brokers. 21. „B1‟ & „B2‟ groups and rights renunciations.000 crore. The „A‟ share represents those.3 Brief History of Stock Exchanges The world‟s foremost marketplace. The markets are closed on Saturdays and Sundays. 68. The „C‟ group covers the odd lot securities in „A‟. We hear about it every time it reaches a new high or new low. Obviously.500 crore. which allows investors to shift their positions on the bourses. Both the exchanges have switched over from the open outcry trading system to a fully automated computerised mode of trading known as BOLT (BSE Online Trading) and NEAT ( National Exchange Automated Trading) system.1. Both these indices are calculated on the basis of market capitalization and contain the heavily traded shares from key sectors. a stock exchange is an organised 21 . But what really are stock exchanges? Known also as the stock market or bourse. automatic order matching. 9. The „Z‟ group scrips are the blacklisted companies. The primary index of BSE is BSE Sensex comprising 30 stocks. 9. The BSE has over 6000 stock listed and has a market capitalization of around Rs. The BSE Sensex is the older and more widely followed index. It facilitates more efficient processing. FIIs and other participants in Indian secondary and primary market is the Securities and Exchange Board of India (SEBI) Ltd. India‟s premier stock exchange Bombay stock Exchange (BSE) can also trace back its origin to as far as 125 years when it started as a voluntary non-profit making association. faster execution of trades and transparency. Stocks of public limited companies are bought and sold at a stock exchange. NSE has the S&P NSE 50 index (Nifty) which consists of fifty stocks. „B1‟. „B2‟. the scrips traded on BSE have been classified into „A‟. which are in the carried forward system (Badla). News on the stock market appears in different media every day. 1. started its trading under a tree ( now known as 68 Wall Street) over 200 years ago. Similarly.NSE has around 1500 shares listed with a total market capitalization of around Rs.

22 .market place for securities (like stock. say. Trading Pattern of the Indian Stock Market Trading in Indian Stock Exchange is limited is limited to listed securities of public limited companies.  Forward Transaction Delivery and payment can be extended further by a period of 14 days each so that the overall period does not exceed 90 days from the contract. 100 million and having more than 20. They are basically developed into two categories namely. Two types of transactions can be carried out on the Indian Stock Exchanges  Spot delivery Transaction For delivery and payment within the time or on the date stipulated when entering into the contract which shall not be more than 14 days following the date of the contract. For example. The exchange makes buying and selling easy. who does business with the BSE. we do not have to really go to an exchange. BSE – we can contact a broker. The recommendations of Pherwani committee led to the beginning of NSE. growth oriented companies with a paid up capital of at least Rs. The latter is permitted only in the case of specified shares.000 shares are normally put in the specified group and balance in non-specified group. 50 million and market capitalization of at least Rs. Stock Exchanges in India National Stock Exchange (NSE) National Stock Exchange (NSE) of India commenced its operation in the Indian Capital Market on 3rd November 1994 in Mumbai. and he or she will buy or sell his stock on our behalf. bonds. for institutional and individual investors. options) featured by the centralization of supply and demand for the transaction of orders by member brokers. specified securities (forward list) and non specified securities (cash list). Equity shares of dividend paying.

It is a ring less. sable and efficient market. LIC. Canara Bank. Indian Bank. ICICI. electronic. SBI. When the price match the transaction will be completed and a confirmation slip will be printed at the office of the trading member. Participants include trading member and large players like bank who take direct settlement responsibility. GIC. OTCEI was promoted by a consortium of financial institutions sated its operations in 1992. Orient Bank of Commerce. OTC Exchange of India (OTCEI) The OTC e of India (OTCEI) has been setup to provide a cost effective and convenient plat forms for raising finance from the capital market. nation wider stock exchange committed to providing entrepreneurs with a smooth economical vehicle for going public and investors with a fair. Union Bank of India. It is oldest one in 1875 as “The Native Share and sock Brokers Associations of People (AOP) and is engaged in the process 23 . Mumbai is popularly known as „BSE‟. Infrastructure leasing and financial services and SBI. Corporation Bank. Bombay Stock exchange (BSE) The stock exchange. Trading system of NSE The software used in the NSE trading system is known as National Exchange for Advanced Trading. Promoters of NSE IDBI. Punjab National Bank.Players in NSE  Trading members  Participants The recognised members of NSE are called trading members who trade on behalf of themselves and their clients. Thus the OTCEI brings investors and promoters closer together. The trading member‟s computer is connected with the central computers at the NSE through leased lines and VSAT. The price at which the buyer and the seller are willing to transact will appear on the screen. The trade takes place through computers.

The growth of the Internet-based trading as a mass trading technique in the country is unstoppable. we can presume the country has roughly 5-7. Motilal Oswal securities 24 . of India under the securities contracts (Regulation) Act. The only way to manage this kind of potential growth is to adopt state-of-the-art trading techniques. the biggest beneficiary will be the investor. growing derivatives market.5 lakh active investors now. Market Size and Characteristics: The Indian retail brokerage is showing phenomenal growth. Considering various investor combinations that are holding accounts. Today. as per NSDL statistics. decline in brokerage fees etc. Kotak Securities Ltd Indiabulls Financial Services Limited India Infoline IL&FS investmart Limited SSKLI Ltd. Major players in Indian share broking industry are follows        ICIC Securities Ltd. which is anything between 200 million and 250 million. going by the indicators available and the signals for the future.1 billion in 2005. there will be a massive surge in the number of investors and also in volumes.of converting itself into demutualised and corporate entity. When we take into consideration the way transaction risk and cost in the Indian capital market is coming down. 1956.7 billion by 2015. When it ultimately gathers momentum. and is expected to reach US$6535. we have only 2. Permanent recognition in 1956 from the Govt. and at lower costs. Some of the main characteristics of the brokerage industry include growth in e-broking. This figure is unbelievably small compared to the potential number of investors.4million investors with demat account in the country. who will be able to trade with greater speed and transparency. The total trading volume of brokerage companies has increased fromUS$1239. It has evolved over the years into its present status as the premier Stock Exchange in the country to have obtained.1 billion in 2004 to US$1492.

       Fortis Securities Karya securities Geojit BNP Paribas HDFC Securities Hedge equities JRG Securities India Infoline 25 .

Known for its jargon-free. SM Hedge (CFO. Smart financial. Thakker Developers. The board comprises of six power houses in their respective fields. they have spanned their presence all over India through their Meticulous Research. Hedge offers its customers a wide range of equity related services including trade execution on BSE. investor friendly language and high quality research. The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. Baby Marine Exports. Ever since their inception. Hedge equities have initiated operations iin Middle East to cater to the vast Non Resident Indian (NRI) population in that region. FedEx is a SEBI registered category I merchant banker. depository services. Videocon Industries) and Padmasree Mohan Lal. Team Hedge is a balanced mix of more than 15 years experience cutting across various industries with a strong background in the financial markets. The firm has online trading and investment site- www. The company concentrates on non fund based activities like structuring. Hedge believe in creating a new breed of investors who take judicious decisions through them.hedgeequities. specialized in offering a wide range of financial products. The content rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. High Brand awareness.FedEx Securities. financial restructuring. investment banking. The site gives access to superior content and transaction facility to retail customers across the country. tailor made to suit individual needs.1.com. As a first step to make their presence Global. online trading. derivatives. Hedge equities have always believed in investing in technology to build business.2 COMPANY PROFILE Hedge equities ltd is one of the leading retail stock broking house which is running successfully in the country. tie up of project financing. Intellectual Management and Extensive Industry knowledge. investment advice etc.NSE. corporate and advisory services. About Hedge Equities Hedge equities is one of the leading Financial services company in India. the site has registered base of over thousands of customers. The core management team consists of bankers with rich experience of decades and exposure to 26 . FedEx Securities Managed by a team of ex-bankers.

Due to constant upgrading of machinery. It offers complete range of every sphere of life. A Thakker developer is the flagship company of the group. started its operations in 1977 from Kozhikode and through innovation and hard work has grown into three units and related industries spanning both the west and east coast of Indian. commercial construction and land development. statement of the art infrastructural facilities. and Baby Marine (Eastern) Exports are efficiently aided by pre processing units. It was established as private limited in 1987 and later went on to become the only public limited company in North Maharashtra engaged in housing. and an established network of purchasers have obviously made Baby Marine Group a leading Exporter of processed marine products to various international markets.volatile situations in commercial and investment banking. They have provided shelter to more than 40000 families by offering residential plots and premises. Smart Financial Smart Financial entered the financial market only in 1992 but over this brief span has covered a niche for itself by becoming leading financial service provider.M products. FedEx Securities envisages phenomenal growth in this sector of clients. Thacker‟s group diversified into commercial production of agricultural and horticultural products. commodities. state of the art infrastructure and qualified manpower to conduct the business. Thakker Group Starting of as a land developer and builder in 1962. portfolio management services and insurance. Baby Marine Exports. housing real estate marketing. With offices at Nariman point and Vile Parle East. Baby Marine Exports Baby Marine Group. ice factories and a fleet of insulated and refrigerated trucks for sea food transportation. The company offers guidance to investors as to equities. financial solutions that encompasses 27 . mutual funds. Mumbai. better links with raw materials suppliers. B. plantations etc.

Vision Ever since its inception. With the breathy and depth of knowledge of modern day business that the board of hedge brings to the table. a Kozhikode based major Seafood Export Company. This aptly articulates our vision of „Evolving into a financial supermarket which will be a one stop shop for all financial solutions‟. A multifaced personality. Hedge Mr S. to provide employees with meaningful work.S. Versatility and a natural flair for donning complex characters have won him numerous accodales not to speak of some unforgettable films contributed by him. college for dubbing artists at the Kinfra fil and video park. a chartered accountant by profession is the Chief Finance Officer of the Indian Multinational Videocon International and has been at the helm of affairs for the last 20 years. 28 . selfdevelopment and progression. and to achieve a consistent and competitive growth in profit and earnings for our shareholders and staff. The same holds true for the financial markets. Mission To create an ethical and sustainable financial services platform for our customers and partner them to build business. a brand and cultural ambassador owing to various factors. the south Indian movie superstar has become a legend. you can be rest assured that some of the business minds in the business are taking care of your investments. Hedge. M. He is also the director of Uni Royal Marine Exports. Hedge equities has been a household name among the masses owing our success to timely Professional financial assistance to our clients. Trivandrum. Padmashree Bharat Mohanlal Mohanlal. M. Intelllectual and knowledge arbitrage is the face of modern day business. he has some business ventures also which include Vismaya Max Film Post production studio.

which focuses on educating the masses about Stock Market.1. The clients are assured of prompt order execution through dedicated phones and expert dealers at our offices. they facilitate the students.2. The dedicated IT 29 . It is infact a company itself floated by Hedge Equities with the parent holding cent percent stake. Hedge equities has initiated a non-profit movement. anywhere in the world.1 Hedge School of Applied Economics Hedge Equities initiates Hedge School of Applied Economics with the sole objective of moulding highly qualified investment professionals in the state. “Hedge Yuva”. One can trade through the internet from the comforts of your office or home. Services Offered Online trading Hedge equities has a large network of branches with online terminals of NSE and BSE in the capital market and Derivative segments. Courses Offered:  Financial market Participant Module(FMPM)  FMPM New  Investors Module  NCFM Preparatory  Project Study Guidance Social Corporate Responsibility Being a responsible corporate citizen. It offers a set of structured courses which enables the incumbents to build a better career in the financial industry and take informed investment decisions. It is a knowledge initiative of hedge Equities. youths and new investors who wish to explore career as well as investment opportunities in the sector. The movement has also formulated various scholarship programs for young and dynamic youth. Internet Trading Hedge equities offers internet trading through their site. The initiative has now developed into a movement imparting financial freedom at individual and organisational level and thus building a financially strong India. Through the various activities of Hedge School.

The research department is broadly divided into two divisions. Additionally. Using the easiest facility provided by NSDL. Depository Services Hedge offers trading in the futures and options segment of the National Stock Exchange (NSE). and wealth management advisory service which provides complete investment solutions to investments through knowledge based personalized services. Timing the market has always been the most difficult task for all analysts and our Technical Analysis Group has merged to predict the market movements well in advance using complex analytical methods including Elliot Wave Theory. Through the present derivative trading an investor can take a short term view on the market for up to a three months‟ perspective by paying a small margin on the futures segment and a small premium in the options segment. We are equipped with cutting-edge technologies for technical charting which assist our technical 30 . the training center. Knowledge Centre Knowledge centre activities are intended to provide systematic and structured services mainly to new investors and also to young aspirant aiming for a career in financial markets. if the trade goes in the opposite direction the maximum loss will be limited to the premium paid. making internet broking through Hedge equities hassle-free.Fundamental Analysis Group (FAG) and Technical Analysis Group (TAG) . Equity Research Hedge equities constantly strive to deliver insightful research to enable pro-active investment decisions. In the case of options. A good fundamental analysis team has the capability to identify emerging businesses before such businesses become the talk of the street and we are proud to say we have one such fundamental analysis team. Our fundamental analysts are continuously scanning the entire economy for discovering what they call the hidden gems in stock market terminology and present it to our clients for profitable investments. digitally signed contract notes can be sent to clients through E-mail. our clients can transfer the shares sold by them online without delivery instruction slips. The centre has three functional areas: the publication division.systems ensure service up time and speed.

the currency amounts. silver. An upfront premium is payable for buying a derivative. bonus. Hedge equities‟ portfolio management team keeps track of the markets on a daily basis and is exposed to a lot of information and analytic tools which an investor would not normally have access to. One can select from a wide range of Mutual funds and bonds available in the market today. Competitors 31 . rights. Mutual Funds. rubber etc and take advantage of the extended trading hours (10 am to 11 pm) in commodities trading. Commodity Trading One can trade in futures like gold. These are basically risk management tools in force and money markets used for hedging risks and act as insurance against unforeseen and unpredictable currency and interest rate movements. Any individual or corporate expecting to receive or pay certain amounts in foreign currencies at future date can use these products to opt for a fixed rate. Maximize your returns by opting for our PMS scheme. Portfolio Management Services (PMS) Hedge equity is a SEBI-approved portfolio manager offering discretionary and nondiscretionary schemes to its clients. Mergers and Acquisitions and are also taken care of by us.at which the currencies can exchanged now itself.analysts to predict both upside and downside movements efficiently for the benefit of our clients. whose values are to be derived from the underlying assets. Bonds etc Hedge equities also offer Mutual funds and bonds. Currency6 futures will bring in more transparency and efficiency in price discovery. Other technicalities pertaining to shares like dividends. Currency derivatives serve the purpose of financial risk management encompassing various market risks. Currency Trading Currency derivatives can be described as contracts between the sellers and buyers. buy-back. offer standardized products and provide transparent trading platform. provide access to all types of market participants. eliminate counterparty credit risk. crude oil.

They are: Finance Department Thus a department.        Geojit BNP Paribas JRG Securities Religare Karvy Stock Brokers Muthoot Securities Sharewealth Motilal Oswal Anandrathi 1. Marketing Department The major functions of marketing department are: a) Business associate development: the company takes up the marketing activities of the various branches . Hedge equities do it through the different promotional activities. A client has to open two types of accounts to trade and own securities in the NSE & BSE. b) Brand promotion: An important function of marketing department is to promote the name of the company.2. The company encourages better relations in its branches and promotes for the development of various marketing strategies. to organize financial activities may be created under the direct control of the board of directors. Finance manager will decide the major financial policy methods. Lower levels can delegate the other routine activities. It ensures an efficient marketing arena at its various branches.2 Functional departments Client relation Department The client relation department assists the client or customer to open an account in Hedge equities. 32 . This department is also known as the front office. The name of Hedge equities as a stock broking firm is made known to the outside world.

Systems Department The systems department is playing a vital role in the day to day operations of the company. It is through the systems department that the clients can avail the facilities of Internet trading. making transfers and taking disciplinary actions if needed. There will also be classroom induction also within three months. b) Wages and Salary Administration The wages and salaries of the employees were fixed and granted by the HR department with consent of the finance department c) Performance appraisal It was human resources department which gives the promotions to all employees. 33 . The presence of an excellent HR department increases the efficiency of an organization considerably. d) Delivery promotion: Intraday trading is not always profitable and might involve a lot of risk hence Hedge equities promotes for delivery where the shares are kept to be sold for a later date after analyzing the profitability factors. Since virtual organizations are not very much popular in our part of the world. a) Training & Induction The selected employees will undergo three days continuous induction. For the purpose of trading they have made use of two software namely ODIN (Open Dealers Integrated Network) Human resource Department Human resource is often considered as the back of an organization even in this age of advanced automation & mechanization. During this period. it is very important to any organization to have a HR department. a dedicated server and back-up ISDN connections were maintained directly by the systems department. Human resource management is defined as asset of practices. Hence the marketing department tries to capture as many as possible to encourage them to invest. he will undergo training with all the department of Hedge equities. Optic fibre cables and high bandwidth connections from the Hedge equities office to the ISP.c) Investment promotion: The main clients of Hedge equities were its investors. policies and programmes designed to maximize both personal and organizational goals.

The each computer of the department is termed as trading terminal. The trading refers to the buying & selling of shares. Delivery & Depository Department Delivery refers to the shares that bought on a particular day are not sold on that day itself and holding of the shares for an appreciation in the value of the security and to trade it on a future date. cancellation of the order. The client can also place his through written request or through the telephone. They are: a)Online Trading These are the trading terminal of the organization. The HR department will make as per the rules and regulations of the company. The terminal is managed by either NEAT (National Exchange for automated trading) software or ODIN (Open Dealers Integrated Network) software. who is in charge of each portal will do the trade according to the client request.e. the order will be placed by the client itself. through the particular department heads. in this the order will be placed by the dealer.D) Grievance Handling The grievances of the employees were received only through proper channels i. b) Internet Trading The internet trading is a facility provides by the company in order to trade the securities from his convenient place like his office. a)Power of attorney 34 . This department is the most important part of the Organization. There are two procedures to move the shares namely. Deliver instruction slip: it is a slip the client should fill and gave to the dealer regarding the purchase of the share. home etc. and he can make changes before the trade is done for changing the price. There are two types of trading. The each terminal is assigned with NCFM certified dealers. Trading Department The department deals with the trading related activities of the company.

b) Easiest It is secured internet enabled service which means „Electronic Access to Securities information and Execution of Secured Transaction‟. Timing the market has always been the most difficult task for all analysts and their Technical Analysis Group has emerged to predict the market movements well in advance using complex Analytical methods. HEDGE EQUITIES (P) LTD will have the power to transact the clients stocks without pay-in slips. If the client has given the power of attorney. They are equipped with cutting-edge technologies for technical charting which assist the technical analysts to predict both upside and downside movements efficiently for the benefits of clients. The fundamental analysts are continuously scanning the entire economy for discovering what they call the “hidden gems” in stock markets terminology and present it to the clients for profitable investments.    Depository function Dematerialization Pledging Equity Research Department The function of the department is to study the details regarding the share or security and to make predictions regarding the future performance of the company. This is facility where in the clients can give delivery instructions via internet. 35 . Easiest is a facility provided by CDSL. The types of approaches done in the department a) Fundamental analysis b) Equity Analysis There are five analysts in the department.This is which the client signs at the time of opening a trading account and depository participant account. The activities related with the depository department.

1.2.for track and reports query handling 36 .3 Research Department Structure and Functions (Head Research (Sr.Company results Company results Company video and tracking news and tracking news snippets (prep/updates) Intraday futures calls Data mining Research presentations Derivative reports Fundamental analysis report and Position calls Customer Company Research presentations Research presentations Daily report technical portfolio review snippets on request (prep/updates) Mentoring team Marketing members reports of Company snippets (prep/updates) Daily economic Investor meets & report branch visits Attending management meetings MISperformance calls Marketing of reports of Economic news Chat system. & Strategies) Fundamental Analyst) (Fundamental Analyst) (Economic Fundamental Analyst) & (Sr. Technical Analyst) Controlling Department the Fundamental analysis report Fundamental and analysis report Company results Intraday and & news tracking calls stock Morning report.

Daily commodity report Newspapers.Presentation group circles to Auto monthly Daily (oversight) report Daily report currency investor sales report Articles in Ohari magazine Investor meets & Tracking branch visits international markets Articles and data input to medias (TV Channels. Magazines) Investor meets & branch visits Tracking international commodity markets Preparing special commodity reports 37 .

SECTION II PROBLEM CENTERED STUDY 38 .

CHAPTER I PROBLEM FORMULATION 39 .

40 . India‟s teledensit y has improved from under 4% in March 2001 to around 73. Statement of the problem: The Indian telecom sector has achieved a phenomenal growth during the last few years. educational Institutions. and more. Ltd.Title of the study: A study on risk return analysis of selected Telecom companies at Hedge Equities Pvt.15 million at the end of January 2013.3% of the Indian GDP. In this situation. Most investors however are largely guided by the pecuniary motive of earning a return on their investment. Need of the study: Investment decisions are influenced by various motives. not-for-profit. this study aims to analyze risk – return and financial performance of companies in telecom services sector is suitable for investment. contributing to nearly 2. however. telecom sector has continued to emerge as the prime engine of economic growth. The mobile subscriber base has growth from under 41 million at the end of March 2000 to touch 893.07% by the end of January 2013. There are variations in how they define value. Some people invest in expensive yachts and famous villas to display their wealth. government agencies. Some people invest in a business to acquire control and enjoy the prestige associated with it. Relevance of the study: ROE is important to every organization: for-profit. Ernakulam. And provide suggestion based on this analysis.. 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.

CHAPTER II RESEARCH PROCESS 41 .

To make suggestions and recommendations based on analysis. To analyze risk return relation of selected companies of telecom service sector. To suggest/recommend the best company out of selected companies. MTNL. Ltd Articles Tools for data collection: The tools used for analysing the risk and return of five companies are as follows:      Capital yield Current yield Rate of return Beta Standard deviation 42 . Research Methodology: 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.Objectives of the study: 1. RCOM and TATA Communications Ltd. The various sources include:     Internet Share prices of different NSE index companies Information provided by Hedge Equities Pvt. 2. Scope of the study: The scope of the study is confined to only five selected companies viz. 3. of telecom service sector of India. Bharti Airtel.. Idea cellular.

CHAPTER III PRESENTATION AND ANALYSIS OF DATA INTRODUCTION Most of the telecommunications forms in India are as prevalent or as advanced as those in modern Western countries. and the system includes some of the most sophisticated 43 .

Key developments Telecom Regulatory Authority of India (TRAI) has revealed that the country's mobile subscriber base has increased from 893. the mobile phone industry is also experiencing a parallel upward surge. With the liberalization of the Indian economy. I. India has the world's second largest mobile phone users with over 903 million as of January 2012. India.57 per cent Broadband subscriber base increased from 13. It has the world's third largest Internet users with over 121 million as of December 2011. the company ranks 44 . India has become the world's most competitive and one of the fastest growing telecom markets. and a parallel enhancement in technologies used. Headquartered in New Delhi.42 million at the end of January 2012 Telecom users in rural areas have grown at a faster pace compared to their urban counterparts in the last five years. said a report by Ericsson The Indian telecom sector is a very capital intensive sector and involves high value investments.technology in the world and constitutes a foundation for further development of a modern network. Telecom Regularity Authority of India (TRAI) is the sole authority empowered to take binding decisions on fixation of tariffs for provision of telecommunication services. BHARTI AIRTEL Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa. the telecom sector has become very attractive for mergers and acquisitions latest being SingTel increasing its stake in Bharti telecom.30 million at the end of December 2011 to 13.88 million mobile subscribers in January 2012 The overall tele-density reached 77.73 million in January 2012      Telecom operators added 9.84 million in December 2011 to 903. a CAG report said India added around 20 million subscriptions of the estimated 140 million net additions in mobile subscriptions across the world during the April-June quarter in 2012. Correspondingly.

Bharti Airtel had over 269 million customers across its operations at the end of March 2013. fixed line services. and has its own NLD and ILD operations.amongst the top 4 mobile service providers globally in terms of subscribers. mobile commerce. and subscriber base of over 121 million in FY 2013. Idea is a pan-India integrated GSM operator offering 2G and 3G services. With revenue in excess of $4 billion.000 call centre seats. spread across over 55. 1986 by the Government of India to upgrade the quality of telecom services. Faridabad & Gaziabad and the Mumbai city along with the areas 45 . high speed DSL broadband. and ISP license. enterprise services including national & international long distance services to carriers. India's first truly multinational corporation.000 2G and 3G cell sites. expand the telecom network. DTH. and over 7. making it the only operator in the country to have this standard certification for all 22 service areas and the corporate office. Idea is India‟s 3rd largest mobile operator. II. Gurgaon. In the rest of the geographies. 3G wireless services and mobile commerce. Idea‟s robust pan-India coverage is built on a network of over 100.500 exclusive Idea outlets. Idea ranks among the Top 10 country operators in the world with a traffic of over 1. MTNL MTNL was setup on 1st April. the company's product offerings include 2G. Idea is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India. Idea‟s customer service delivery platform is ISO 9001:2008 certified. it offers 2G.000 towns in India.5 billion minutes a day. IDEA CELLULAR Idea Cellular is an Aditya Birla Group Company. Using the latest in technology. MTNL is the principal provider of fixed-line telecommunication service in the two Metropolitan Cities of Delhi and Mumbai. In India. revenue market share of nearly 15%. IPTV. comprising of nearly 4. Idea provides world-class service delivery through the most extensive network of customer touch points. III. 3G and 4G wireless services. introduce new services and to raise revenue for telecom development needs of India is key metro cities of Delhi & Mumbai. It offers mobile services in the city of Delhi including four peripheral towns Noida.

Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises. 630 crores divided into 63 crore share of Rs. MTNL has been given Navratna status in 1997 and was listed in New York Stock Exchange in 2001. RCOM is the world‟s 15th largest mobile phone operator with over 150 million subscribers and India‟s one of the largest telecom operator in India. 800 crores. India. V.25% equity shares are held by President of India & her nominees and remaining 43. leadership in global international voice. Mutual Funds and others including individual investors. Tata Communications' depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services. IV. The Tata Global Network includes one of the most advanced and largest submarine cable networks. Global segment include national 46 .falling under the Mumbai Municipal Corporation. The Paid up Share Capital is Rs. Established on 2004. TATA Communications LTD Tata Communications is a leading global provider of a new world of communications. Financial Institutions. New Mumbai Corporation and Thane Municipal Corporation. 10 each. broadband segment includes broadband operations of the company.75% shares are held by FIIs. The authorized capital of the Company is Rs. Banks. 56. With a leadership position in emerging markets. and nearly 1 million square feet of data centre and collocation space worldwide. with connectivity to more than 200 countries and territories across 400 PoPs. a Tier-1 IP network. service providers and Indian consumers. only after Bharti Airtel and Vodafone India. and strategic investments in South Africa (Neotel). a subsidiary of the Reliance Group. The company has five segments: Wireless segment includes wireless operations of the company. RELIANCE Communications RCOM is an Indian broadband and telecommunications company headquartered in Mumbai. At present. Sri Lanka (Tata Communications Lanka Limited) and Nepal (United Telecom Limited) Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India and its ADRs are listed on the New York Stock Exchange (NYSE: TCL).

long distance and international long distance operations of the company and the wholesale operations of its subsidiaries. 47 . and Other segments consists of the customer care activities and direct-to-home (DTH) activities. Investment segment include investments activities of the Group companies.

and Russian-backed Sistema. Longterm Profitability . some of which are in the hands of Mukesh Ambani.Is the industry attractive in terms of long term potential? Short term profitability (based on demand & supply) . It is also unclear whether nonvoice 4G licences. the terms on which old licences are renewed and corruptly awarded ones relinquished (if at all). to grow again. Firms have become leaner. but by allowing unviable firms and their spectrum to be acquired. Is it a Fragmented or concentrated one? . are thought to be bleeding badly. From Brazil to America. operators and regional licences have cleaned themselves up. Together they lost almost $2 billion of cashflow last year. Most companies share radio towers and have learned how to compress traffic.If the market is too fragmented. says one boss. originally intended for data only. banks cut off credit to the industry. Middle-sized operators. too. a scarce resource could be allocated more efficiently and customers could be saved the annoyance of having their carrier go bust. Of the small fry. India's richest man. Most executives expect a cull. consolidation is the only plausible cure. places with mosaics of technologies. allowing industry revenues. A roundtable with the new telecoms minister and mobile-phone executives in March revealed a fog of confusion about vital issues: the fees on existing spectrum. Only one of the big four firms was close to recouping its cost of capital last year (see chart 1). run by Telenor. In India this process may not correct past injustices. creating even more new entrants into the mobile market. only two disclose figures: Uninor. 48 . Both say they are in India for the long haul. Bharti outsources furiously. After the scandal erupted last year. Long-term growth seems certain. meanwhile. new spectrum grants and the rules on mergers and acquisitions. The big operators have stepped back from price cuts. making life hardest for the small firms that have yet to break even. which had stalled despite the boom in customers. of course: prices have fallen to a level the poor can afford. is now an embarrassment. Vodafone has a rich parent company but the others are now uncomfortably indebted.Weak returns are bearable if the market grows and the rules are clear.Hyper-competition is good for natterers. will have their terms tweaked to allow voice services. as the price war hit margins and an expensive 3G spectrum auction in 2010 bloated balance-sheets. a Norwegian firm. Yet the industry is right to fret about returns. once admired. but India's spectrum regime.

with only traces of these being felt by rural India. In the next five years. The report provides us an analysis on such factors which gives us an insight into the conditions of the telecom industry of India. Life Cycle . The total telecom density of the country is about 71%. There is also a considerable amount of assistance provided to the industry and the trend has been increasing.This portentous growth of the Indian Telecom sector in the past ten years has opened up numerous opportunities. The industry is highly regulated and the recent spectrum scam has only lead to an increased scrutiny. The Cost Structure analysis identifies high profit margins and major costs such as depreciation and network operations expense incurred by the operators. all the major telecom operators will be focusing on leveraging the opportunities that lie there about.The telecom sector is going through the growth stage of its life cycle.86% which has increased to 33. has realized the access and benefits of the industry. with penetration in the rural areas being one of the major areas of opportunity for the next five years. Opportunities .79% in March 2011. which occupies over 70% of the country‟s population. Until March 2006.Entry Barriers .Barriers to Entry in the telecom industry are high and steady and the level of tax burden is medium and stable. 49 . This further justifies the high Capital Intensity of the telecom industry. but only 33% of the rural India. the rural tele-density of the Indian telecom sector was just 1.

The capital gains yield formula uses the rate of change formula.1. Calculating the capital gains yield is effectively calculating the rate of change of the stock price. The capital gains yield and dividend yield is combined to calculate the total stock return. Formula: ROR = [Annual Income + (End price – Beginning price)]/ Beginning Price *100 50 . expressed as a percentage increase over the initial investment cost. The earnings yield (which is the inverse of the P/E ratio) shows the percentage of each dollar invested in the stock that was earned by the company. It is usually quoted as a percentage.The earnings per share for the most recent 12-month period divided by the current market price per share. which can be found using the dividend yield. RETURN ANALYSIS Return : The gain or loss of a security in a particular period.The formula for the capital gains yield is used to calculate the return on a stock based solely on the appreciation of the stock. Gains on investments are considered to be any income received from the security plus realized capital gains.3. The rate of change can be found by subtracting an ending amount from the original amount then divided by the original amount Formula : Capitl Yield= End Price – Beginning Price/Beginning Price Rate of Return . The formula for capital gains yield does not include dividends paid on the stock. The return consists of the income and the capital gains relative on an investment.The gain or loss on an investment over a specified period. Formula: Current yield= Annual EPS/ Beginning price *100 Capital Yield . Tools Used: Current Yield . The earnings yield is used by many investment managers to determine optimal asset allocations.

90 Closing Price 625.75 312.82 20.90 291.1 .915 3.09 13.82 21334.55 357.047 -0.00 626.44 3734.com website) Table 3. Capital Yield and Rate of Return of Bharti Airtel for following years: Current Yield 2009 2010 2011 2012 2013 4.Current Yield.143 -0.76 29900.55 3355.1.246 -0.1.80 24.60 354.32 15.75 EPS 40. BHARTI AIRTEL Beginning Price Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 830.01 (Data obtained from nseindia.42 Income (lakhs) 33076.40 312.82 9579.139 ROR 3960.255 3.05 3824.40 337.500 4.53 13269.16 13007.959 Capital Yield -0.60 338.501 0.962 6.09 51 .

Capital Yield and Rate of Return of Bharti Airtel for following years 52 .CURRENT YIELD 8 6 4 2 0 2009 2010 2011 2012 2013 CURRENT YIELD CAPITAL YIELD 0.4 -0.1 – Current Yield.6 2009 2010 2011 2012 2013 CAPITAL YIELD ROR 12000 10000 8000 6000 4000 2000 0 2009 2010 2011 2012 2013 ROR Chart 3.2 -0.1.2 0 -0.

23 -84.80 410.735 -0.63 117.20 45.76 Table 3.382 621.00 73.72 2011 -60.02 53 .97 0.5 2013 -307.50 73.47 -65.50 46.80 2012 -141.57 2010 -69.67 -48.35 27.40 880.40 EPS 2.18 423.46 Income (lakhs) 409.053 595. Capital Yield and Rate of Return of MTNL for following years: Current Yield Capital Yield ROR 2009 2.40 18.33 485. MTNL Beginning Price 2009 2010 2011 2012 2013 97.45 Closing Price 69.Current Yield.80 -0.60 69.63 -44.686 -0.2.1.50 -0.00 27.329 396.29 390.2 .

2 .CURRENT YIELD 50 0 -50 -100 -150 -200 -250 -300 -350 CURRENT YIELD 2009 2010 2011 2012 2013 CAPITAL YIELD 0.2 -0.1.1 -0. Capital Yield and Rate of Return of MNL for following years 54 .3 -0.1 0 -0.5 2009 2010 2011 2012 2013 CAPITAL YIELD ROR 1000 800 600 400 200 0 2009 2010 2011 2012 2013 ROR Chart 3.4 -0.Current Yield.

49 Capital Yield -0.82 2013 50.21 0.16 3485.02 0.74 2321.83 2743.83 67.10 3.3 .90 2.15 ROR 3496.70 2009 50.50 2010 66.19 1738.11 6. Capital Yield and Rate of Return of Idea Cellular for following years: Current Yield 2009 2010 2011 2012 2013 3.23 3679.56 2723.68 65.80 98.70 3472.11 Table 3.50 3.1.00 2011 67.51 0.46 0.50 2012 98. IDEA CELLULAR Beginning Price Closing Price EPS Income(lakhs) 103.Current Yield.3.56 55 .80 1.45 2.93 4129.31 3.47 2696.87 2.57 2.64 113.

1 2009 2010 2011 2012 2013 CAPITAL YIELD ROR 5000 4000 3000 2000 1000 0 2009 2010 2011 2012 2013 ROR Chart 3.3 .1 0 -0.4 0.1.5 0.2 0.CURRENT YIELD 8 6 4 2 0 2009 2010 2011 2012 2013 CURRENT YIELD CAPITAL YIELD 0.3 0. Capital Yield and Rate of Return of Idea Cellular for following years 56 .Current Yield.

34 -0.85 169.30 EPS 23.544 -0.95 110.05 55.32 -3. Capital Yield and Rate of Return of RCOM following years: Current Yield Capital Yield ROR for 2009 4. RCOM Beginning Price March „09 March „10 March „11 March „12 March „13 512 176.1.4 .28 8585.63 Table 3.67 0.00 170.4.75 8008.98 6687.40 84.76 3.27 2.Current Yield.95 107.96 9776.37 4985.23 6034.14 -0.58 -0.68 -0.02 2010 1.48 2012 0.35 Closing Price 174.02 Income(lakhs) 16869.06 2013 3.65 3229.34 11556.11 57 .65 84.72 2011 -2.03 4546.

5 -0.7 CAPITAL YIELD 2009 2010 2011 2012 2013 ROR 14000 12000 10000 8000 6000 4000 2000 0 2009 2010 2011 2012 2013 ROR Chart 3.3 -0.2 -0.1 -0.4 -0.6 -0.1. Capital Yield and Rate of Return of RCOM for following years 58 .4 – Current Yield.CURRENT YIELD 5 4 3 2 1 0 -1 -2 -3 2009 2010 2011 2012 2013 CURRENT YIELD CAPITAL YIELD 0 -0.

90 233.46 104. TATA COMMUNICATIONS LTD Beginning Price Mar „09 Mar ‟10 Mar „11 Mar „12 Mar „13 513.90 225.001 295.33 2010 3.52 -0.95 6.05 207.70 1119.70 EPS 18.15 381.Current Yield.02 -0.10 16.01 16.00 523.52 -0.5.95 224.72 2013 7.41 0.24 59 .5 .23 -0.35 280. Capital Yield and Rate of Return of TATA Communications Ltd for following years: Current Yield Capital Yield ROR 2009 3.75 Closing Price 518.59 237.76 2012 2.64 2011 2.32 1437.04 643.95 Income (Lakhs) 1509.00 239.1.68 506.12 282.73 791.61 Table 3.00 5.

CURRENT YIELD 8 6 4 2 0 2009 2010 2011 2012 2013 CURRENT YIELD Capital Yield 0.1.5 2009 2010 2011 2012 2013 Capital Yield ROR 700 600 500 400 300 200 100 0 2009 2010 2011 2012 2013 ROR Chart 3. for following years: 60 .1 0 -0.5 – Current Yield.4 -0.3 -0. Capital Yield and Rate of Return of TATA communications ltd.1 -0.2 -0.

6. TATA Communications Ltd shows same trend for the 5 years showing positive indication in 2011 as the peak growth but in case of MTNL the yield actually declines drastically over the 5 years which shows that companies poor performance. RCOM.Current representation: Yield of 5 companies with Graphical Inference: The Current yield for companies like Bharti Airtel. Idea Cellular. 61 .1.Current Yield 50 0 2009 2010 2011 2012 2013 -50 -100 -150 -200 -250 -300 -350 Bharti Airtel MTNL Idea RCOM TATACOM Chart 3.

4 0.Capital representation: Yield of 5 companies with Graphical Capital yield actually shows a positive growth for the stakeholders for Idea Cellular and TATA Communications. Bharti airtel shows the moderate performance since it showed good growth in 2011 but went low for 2013.7.6 0.2 Bharti Airtel 0 2009 -0.8 Chart 3.1. RCOM and MTNL shows negative trend for the past 5 years.6 -0.Capital Yield 0.4 -0.2 2010 2011 2012 2013 MTNL Idea Rcom TATA COM -0. 62 .

Bharti Airtel showed is peak rate during 2011 but it touched down low during 2013.Rate of return of 5 companies with Graphical representation: Rate of Return with comparison to 5 companies RCOM showed the highest return rate by the end of 2013.Rate Of Return 14000 12000 10000 Bharti Airtel 8000 MTNL Idea 6000 RCOM TATA COM 4000 2000 0 2009 2010 2011 2012 2013 Chart 3. Rest other 3 companies showed a steady growth. 63 .8.1.

2. In finance. if a stock‟s beta is 1. systematic risk. Formula for Standard deviation = 64 . standard deviation is applied as the annual rate of return of an investment to measure the investment‟s volatility. and one can think of beta as the tendency of a security‟s return to respond to swings in the market. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility. A beta of less than 1 means that the security will be less volatile than the market.A measure of volatility. A beta of 1 indicates that the security‟s price will move with the market. Risk includes the possibility of losing some or all of the original investment. Formula Beta = n( Where. A low standard deviation indicates that the data points tend to be very close to the mean. x= benchmark return y= stock return Standard Deviation .2. Tools Used Beta . the higher the deviation. high standard deviation indicates that the data points are spread out over a large range of values. it‟s theoretically 20% more volatile than the market. For example. Standard deviation is calculated as the square root of variance. of a security or a portfolio in comparison to the market as a whole. The more spread apart the data. A beta of greater than 1 indicates that the security‟s price will be more volatile than the market. Standard deviation is a statistical measurement that sheds light on historical volatility.3. RISK ANALYSIS Risk: The chance that an investment's actual return will be different than expected.A measure of the dispersion of a set of data from its a mean. Beta is calculated using regression analysis. A high standard deviation indicates a high degree of risk. Different versions of risk are usually measured by calculating the standard deviation of the historical returns or average returns of a specific investment.

1. Bharti Airtel Table 3.2.1- Index and Stock return of Bharti Airtel
INDEX YEAR RETURN (X) STOCK RETURN (Y) X2 Y2 XY

2009

0.7358996

-0.5432699

0.541548221

0.29514218

-0.39979

2010

0.1135983

0.08606061

0.012904574

0.00740643

0.009776

2011

-0.09245073

-0.04324777

0.008547137

0.00187037

0.003998

2012

0.07291814

-0.08439306

0.005317055

0.00712219

-0.00615

2013

0.02434465
∑x=0.85430996

0.02434465
∑y=-0.56050547

0.000592662
∑x2= 0.56890965

0.00059266
∑y2=0.31213383

0.000593
∑xy=0.39158

65

Performance measurement:
  Beta = 0.68646 Standard Deviation = 0.223293778

Beta: It describes the relationship between stock return and index return, in the above case, Beta of Bharti Airtel Ltd is 0.68646, which means that Bharti Airtel share is very sensitive than the market index. Investing in this share will have low risk and the return may also be likely to be very low. Standard Deviation: Standard deviation is a statistical term that measures the amount of variability or dispersion or volatility around an average return. It is a popular risk measurement tool. Generally speaking, dispersion is the difference between the actual value and the average value. In the case of Bharti Airtel Standard Deviation was 0.223293778, which means there is some variation from the average return during the past 5 years. Risk of the stock is higher. Generally speaking higher the standard deviation higher the risk, lower the standard deviation lower the risk. Investing in this share will have risk and the return may also be likely to be higher.

66

2. MTNL Table 3.2.2: Index and Stock return of MTNL
INDEX RETURN YEAR (X) STOCK RETURN (Y) X2 Y2 XY

2009

0.7359

-0.06051

0.541548

0.003661

-0.04453

2010

0.113598

-0.25222

0.012905

0.063613

-0.02865

2011

-0.09246

-0.59099

0.008548

0.34927

0.054641

2012

0.072918

0.142857

0.005317

0.020408

0.010417

2013

0.024345

-0.44828

0.000593

0.200951

-0.01091

SUM

0.854303

-1.20913

0.568911

0.637904

-0.01904

67

Investing in this share will have risk and the return may also be likely to be higher. Risk of the stock is comparatively higher. Standard Deviation: in the case of MTNL standard deviation was . which means return pattern was similar to the market index.Performance Measurements   Beta = 0. Beta of MTNL is 0.26287.26287 Beta: in the above case. 68 . But it is less sensitive than the market index.44346. which means there is some variation from the average return during the past 5 years. Investing in this share will have risk and the return very low.44346 Standard deviation =0.

037033 0.854303 1.573826 0.2.103318 0.Index and Stock return of Idea Cellular INDEX RETURN YEAR (X) STOCK RETURN (Y) X2 Y2 XY 2009 0.012905 0.113598 0.068412 0.021861 2011 -0.472004 0.019072 2013 0.261557 0.09246 0.026608 -0.072918 0.294261 0.000593 0.01397 SUM 0.076031 2010 0.115852 69 .3 .01508 2012 0.19244 0.163121 0.568911 0.008548 0.329276 0. Idea Cellular Table 3.024345 0.3.541548 0.005317 0.010675 0.7359 0.

the means that the stock is inversely correlated with the market. which means there is some variation from the average return during the past 5 years. dispersion is the difference between the actual value and the average value. Generally speaking higher the standard deviation higher the risk. Standard Deviation: Standard deviation is a statistical term that measures the amount of variability or dispersion or volatility around an average return. 70 . Generally speaking. lower the standard deviation lower the risk.24894.165518 Beta: The beta for Idea Cellular is -0. In the case of Idea Cellular Standard Deviation was 0. Investing in this share will have risk and the return both moderately.24894 Standard deviation = 0. Risk of the stock is bit higher.165518. This also means that the stocks are less aggressive. It is a popular risk measurement tool.Performance Measurements:   Beta = -0.

05253 0.024345 0.005317 0.113598 -0.012905 0.019515 SUM 0.072918 0.008548 0.541548 0.854303 0.384342 0.16957 71 .1751 0.4.Index and Stock return of RCOM INDEX RETURN Year (X) STOCK RETURN (Y) X2 Y2 XY 2009 0.2.642576 0.4.003794 2013 0.00276 0.17784 2010 0.052031 0.801609 0.002707 0.03066 -0.7359 -0.24167 0.09246 -0.000593 0. RCOM Table 3.01989 2011 -0.737106 -0.058403 -0.004857 2012 0.568911 0.

376181. But it is less sensitive than the market index. 72 .55619 Standard deviation=0. which means return pattern was similar to the market index.376181 Beta: in the above case. which means there is some variation from the average return during the past 5 years. Investing in this share will have risk and the return may also be likely to be higher.Performance Measurement   Beta = 0. Beta of RCOM is 0.55619. Investing in this share will have risk and the return very low. Standard Deviation: in the case of MTNL standard deviation was . Risk of the stock is comparatively higher.

5.000593 0. TATA Communications Ltd Table 3.24757 0.321083 -0.061292 -0.09246 -0.568911 0.012905 0.007991 SUM 0.24435 2010 0.024345 0.33204 0.110251 -0.008548 0.2.17341 0.24056 73 .005317 0.854303 -0.108235 0.02812 2011 -0.5.030072 0.7359 -0.Index and Stock return of TATA Communications Ltd INDEX RETURN YEAR (X) STOCK RETURN (Y) X2 Y2 XY 2009 0.541548 0.31653 0.072918 0.328257 0.107753 0.016033 2012 0.113598 -0.007892 2013 0.011715 0.

74 . This also means that the stocks are less aggressive. standard deviation was .245375 Beta: The beta for TATA Communications Ltd. Risk of the stock is comparatively higher. Standard deviation: in the case of TATA Communications Ltd. Investing in this share will have risk and the return may also be likely to be higher. this means that the stock is inversely correlated with the market.44089.44089 Standard deviation = 0.245375. which means there is some variation from the average return during the past 5 years.Performance Measurement   Beta = -0. is -0.

SUGGESTIONS AND CONCLUSION 75 .CHAPTER IV FINDINGS.

Idea Cellular. Bharti airtel shows the moderate performance since it showed good growth in 2011 but went low for 2013. +0.  Standard deviation for Bharti Airtel. Investing in this share will have risk and the return very low. 0. Bharti Airtel showed is peak rate during 2011 but it touched down low during 2013. RCOM.26287.223293778. Investing in this share will have risk and the return may also be likely to be higher 76 .4434 and +0. which also indicates that the stocks are inversely correlated to the market and very less aggressive. RCOM and TATA Communications Ltd shows the value like 0. 0.55619 respectively.245375 respectively which means that risk of the stock is comparatively higher. which means that return pattern was similar to the market index. Risk  Beta for Idea Cellular and TATA Communications Ltd shows negative beta value for respective stocks of -0.  Beta for Bharti Airtel.165518. TATA Communications Ltd shows same trend for the 5 years showing positive indication in 2011 as the peak growth but in case of MTNL the yield actually declines drastically over the 5 years which shows that companies poor performance  Capital yield actually shows a positive growth for the stakeholders for Idea Cellular and TATA Communications. Rest other 3 companies showed a steady growth.376181 and 0. But it is less sensitive than the market index. RCOM and MTNL shows negative trend for the past 5 years  Rate of Return with comparison to 5 companies RCOM showed the highest return rate by the end of 2013.Findings Returns  The Current yield for companies like Bharti Airtel. MTNL. Idea Cellular.44089 respectively.24894 and -0. 0.6868466. MTNL and RCOM shows positive beta value of +0.

Don‟t mix investments with trading It is always better to hold good stocks than to engage in rapid-fire trading for quick returns. investment in Bharti Airtel and Idea cellular will be more feasible option since the risk is very high. In this context hedging is suggested. investment in RCOM can fetch them high return on the equity. For short term investors. i. The investor hould stick on one strategy in the whole time he should range his strategies according to the market. Investing in multiple and diversified securities reduces the risk and provides a stable returns.Suggestions      Higher the beta. Idea Cellular and RCOM as their shares‟ prices have a tendency to increase in the future. you only make money if you sell a stock for more than you paid for it. higher will be the risk. 77 . For long term investors. It is very risky and may incur huge losses. This is a basic rule. Investing in one security alone is not recommended as returns may not be favourable always. Every investor is suggested to make a detailed analysis of the share market.       It is suggested to buy and hold the undervalued stocks. Buy low sell high. Stock market fluctuates from time to time. whatever approach you choose. therefore it is advised to check the market conditions each time before investing.e.. about the company and industry before making investment decisions.

It also revealed that some shares are profitable to invested. to know about them before taking a proper investment decision. It cannot be expected that layman interested in investing in securities. 78 . But it is always an effective tool in the hands of stock broker or a portfolio manager to be applied in planning different portfolios. it never conclusive in nature. majority of the stockbrokers use this techniques along with the others to advice clients on investment matters. The exercise proved fruitful as it opened my eyes the reality of stock market and the stocks under study. the risk associated with some stocks was really pointed out through some of the techniques used in this study. but also guides the prospective investor in making good decisions.Conclusion The risk return analysis of five major telecom companies was a very relevant topic on account of the increased investors in stock markets and therefore rational investments behaviour. there is an increased need on the part of the investor or the portfolio manager to study the associated risk. T not only helps to predict how the return will be. At the same time. the calculations are based on the past figures which had already happened and became the part of a history. Now a days. There is always a need to study and analyse a stock before investing in to the share. Though the study reveals certain insights about the stock markets. Though the return from shares will be satisfactory. As well as the prospective return of each share under study. The economy is uncertain and a rational investor should incorporate several other aspects before taking an investment decision.

investopedia.com Www.K.com Www.Avadhani d) Marketing of Financial Services V. ICICIdirect.Bibliography Websites: Www.A.Khan e) Indian Financial System 79 .com BOOKS: a) b) c) Investment management Investment management V. google.com Www.com www. bseindia.Bhalla Preethi Singh Security Analysis And Portfolio Management V.com Www. moneycontrol.Avadhani M. capitalmarket.A.Y.com Www.nseindia.com Www capitalline.