Final Report PDF

A SUMMER INTERNSHIP PROJECT REPORT
(YEAR : 2016)
TITLE: EQUITY RESEARCH IN ONE OF THE SECTOR (CEMENT SECTOR)
IN PARTIAL FULFILLMENT OF SUMMER INTERNSHIP PROJECT FOR
PGDM- II
SUBMITTED BY:
Yash.S.Altekar
(Batch 2015-2017)
Roll No 04
Under the guidance of:
Faculty Mentor: Company Mentor:

Prof. Parikshit Mahankal Mr. Jitendra Bafna
IMDR, Pune (Senior Business Mentor)
Birla Sunlife Company
Deccan Education Societys

Institute Of Management Development and
Research, Pune
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CHAPTER PAGE
ACKNOWLEDGEMENT ................................................................................................................................... 3
EXECUTIVE SUMMARY .................................................................................................................................. 4
INDUSTRY OVERVIEW ................................................................................................................................... 5
INTRODUCTION ............................................................................................................................................. 8
MY ROLES AND RESPONSIBILITIES .............................................................................................................. 10
RESEARCH METHODOLOGY ........................................................................................................................ 12
DATA ANALYSIS,INTERPRETATION AND RESULTS ....................................................................................... 23
LEARNING .................................................................................................................................................... 32
BIBLIOGRAPHY ............................................................................................................................................ 43
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ACKNOWLEDGEMENT
I chose this platform to thank everyone without whose help this project would not have been a
success. First of all I would like to convey my gratitude towards my Company Mentor Mr.
Jitendra Bapna (Senior Business Mentor, Birla Sun Life Insurance). Their training and guidance
was crucial to even start with this project.
Jitendra Sirs guidance and constant supervision as well as he provided necessary information
regarding the project & also for his support in completing the project. They have added a value
to my path of knowledge through which the project has been a reality.
I also want to thank staff of Birla SunLife for providing a professional conducive environment
for me to work .I would also like to express my gratitude towards my SIP College Mentor Prof.
Parikshit Mahankal for enlightening me with process and format for submission of report. The
acknowledgement would never end as there has been a lot of support from many other ends such
as parents, friends etc. Thank you to all who supported me motivated me for completion of this
project.
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EXECUTIVE SUMMARY
The project Fundamental Analysis and equity research of Cement Sector is based on the EIC
model. The Economic analysis includes a countrys economic analysis. The Industry analysis
includes sector analysis based on different aspects such as porter 5 forces, government initiatives
for the particular sector. The company analysis focuses on companys management team, its
vision, financial analysis.
More over a statistical model has been prepared for predicting the future share prices of the
various companies in the cement sectors. The cement sector giant players like Ultratech, Ambuja
and ACC cement has been studied for this purpose.
The financial analysis includes comparing data in terms of ratio analysis. Various types of ratios
have been tested such as liquidity ratio, profitability ratio and leverage ratios. The ratios of last 5
years have been collected from companys Annual reports. The data is compared on the basis of
last 5 years and inferences are drawn on it.
On the basis of financial and statistical analysis the findings of the study is that Ambuja Cement
seems to be a good option for investment. On the financial analysis part Ambuja cement is good
in terms of liquidity, profitability and also in leverage. Even at boom period the stock is close to
Ultratech which is best option.
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INDUSTRY OVERVIEW
1.1 COMPANY OVERVIEW
What is Insurance?
Birla Sun life Insurance Company Limited is a joint venture between Aditya Birla group, a well
know Indian conglomerate and Sun Life Financial Inc, one of the leading International financial
services organization from Canada. With an experience of over a decade (BSLI) has contributed
to the growth and development of the Indian life insurance industry and currently is one of the
leading life insurance companies in the country. A contract (policy) in which an individual or
entity receives financial protection or reimbursement against losses from an insurance company.
The company pools clients' risks to make payments more affordable for the insured.
Insurance industry is very vast in India and has gained much popularity now a days. Insurance
industry has come up with various innovative products which serves customers purpose as never
before. Insurance has now emerged as both a protection and investment option. Also it helps one
in tax planning.
Types of Insurance:
There are generally two types of insurance:
1. Life Insurance: A protection against the loss of income that would result if the insured passed
away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial
impact of the death of the insured.
Life insurance is an insurance coverage that pays out a certain amount of money to the insured
or their specified beneficiaries upon a certain event such as death of the individual who is
insured. The coverage period for life insurance is usually more than a year. So this requires
periodic premium payments, either monthly, quarterly or annually
2. General Insurance: General insurance or non-life insurance policies, including automobile and
homeowners policies, provide payments depending on the loss from a particular financial event.
General insurance is typically defined as any insurance that is not determined to be life
insurance.
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General insurance may cover various insurance such as:
Vehicle insurance
Fire insurance
Medical insurance
Home insurance etc

1.2 COMPANY ANALYSIS
Birla Sun Life Insurance
Birla Sun Life Insurance provides various solutions to its customers based on demand. Some of
these are:
1. Protection Solution: BSLI Protection Solutions are term life insurance plans that help one
meet their need of financial security for their loved ones. They provide life cover based on
customers requirements and that too, at a reasonable premium.
Few protection plans are:
BSLI Protector Plus Plan

BSLI Easy Protector Plan
2. Retirement Solution: Birla Sun Life Insurance Retirement Solutions ensure that you enjoy a
secure and happy retired life. Retirement plans help in building a corpus that will last throughout
retired life. So, whether one wishes to retire early and start his own business or lead a leisurely
retired life, he can be sure of the funds that make it the best years of your life.
Few Retirement plans are:
BSLI Empower Pension Plan

BSLI Immediate Annuity Plan
3. Savings with protection: This is where BSLI Savings with Protection solutions come to your
aid. By helping you make small savings in a disciplined manner, they help to create a corpus for
fulfill ones family's wishes in the future. Since the amount is small, customers can continue
enjoying your current lifestyle without compromises.
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Few Savings with Protection plans are:
BSLI Vision Life Income Plan

BSLI Income Assured Plan
BSLI Vision Endowment Plan
BSLI Savings Plan
BSLI Vision Regular Returns Plan
4. Childrens Future Plan: Birla Sun Life Insurance Childrens Future Solutions are designed
to help build a corpus that allows customers to meet the major expenses of their child in future.
Besides providing them life cover to ensure that childs dream is secured, they also offer
customers the choice of guaranteed returns or the flexibility to manage your fund options to
make your money grow as per your needs.
5. Wealth with Protection Solutions: With Birla Sun Life Insurance Wealth with Protection
Solutions, dream is secure. Besides providing a life cover, these solutions encourage customers
to save regularly, by offering flexible plans suited to their goals.
Few Wealth with Protection Plans are:
BSLI Wealth Max Plan

BSLI Wealth Secure Plan
BSLI Wealth Assure Plan
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INTRODUCTION
The project studies the fundamental analysis of cement sector. The Cement sector is one of the
major sectors in contribution to Index of Industrial Production. A fundamental analysis of the
cement sector will first analyze the economic scenario in the country, sector analysis and the
company analysis for choosing the right company to invest.
Cement is one of the core industries and plays a vital role in the growth and development of a
nation. The cement industry has been expanding on the back of increasing infrastructure
activities and demand from the housing sector over the past many years. Investment in
infrastructure is the main growth driver for the cement industry. And with new government and
new promises it seems that the infrastructure development will be governments first priority.
The reason for choosing cement sector for analysis is scope of immense growth in this sector.
Investment in infrastructure is the main growth driver for the cement industry. And with new
government and new promises it seems that the infrastructure development will be governments
first priority. Housing sector is the major driver which contributes to 64% of cement
consumption. With governments promise of investing Rs2250 crores in Rural Infrastructure
Development and Rs. 8000 crores in smart cities, cement will be the most impacted sector in the
economy.
PURPOSE OF PROJECT:
The project was undertaken with a purpose to ensure that the investment decision on stocks can
be fruitful. Stock market is not easy to predict. The number of factors which are considered may
never be enough. The fluctuation in stock market may also run on sentiments. But the study
involves fundamental analysis which is basis for predicting stock market for investment in
stocks. The project involves three step EIC analysis backed with regression analysis.
The study will give a brief analysis of countrys economy and its relative position in terms of
investment opportunities. After the country analysis is over the study is then focused on cement
sector. The sector analysis includes analysis of the sector in terms of sector growth prospects,
government initiatives, drivers in that sectors etc. The third step is to do company analysis to find
out which companys prospects for growth is more and is worth investing.
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3) Scope of the Project:
The scope of the project is limited to only one country, one sector and 4 companies. For
Economic analysis only India has been taken into consideration. The reason is the growth aspects
of the country due to political changes. With new government and promises for good days ahead
something good is expected. The sector analysis is limited to the extent of cement sector which is
again selected on the basis of growth opportunities in it. Last 2 years have not been the best for
this sector but with governments new initiatives and investment in infrastructure the sector is
expected to grow at pace. The company analysis is limited to the Top 4 companies in the cement
sector based on the Net Profit for the FY 2013.
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MY ROLES AND RESPONSIBILITIES
1)Behavioral learning:
There is a very friendly atmosphere at the office while working, among the employees and with
the company mentor also. I have to follow the time, working hours discipline when I come to
office and read some financial articles before reaching office. Company Mentor has made
training session in two batches 1st one is a morning batch and 2nd one is an afternoon batch. I can
discuss with my colleagues regarding work in office. I can also discuss and ask my queries to my
Company Mentor whenever am stuck in the work. There is always a sense of cooperation and
understanding among everyone in this office.
2)Tasks Assigned:
To sell an insurance policy of at least amounting Rs. 50,000 within 2 weeks.

To select one of the sector for doing Equity Research.
To collect information related to my chosen sector and companies related to that sector.
3)Role:
When case study is given of any company from the market suggest if as an
investor is it beneficial to invest or not and in which company.
To sell an insurance policy and major role in the company is that to select a
sector which has a growth in future and to study that sector by Equity Research.
4)Basic Learning:
In the first 15 days of internship I could study and came to know about details of basic concepts
in investment like:
RD(Recurring deposits)
EMI payment
Life insurance and its right cover
Mutual Fund and its types
Net Asset Value
Various investment options like ELSS(Equity Linked saving scheme), FD(Fixed
deposits), PPF(Public Provident fund), NSC(National Saving Certificate), SCSS(Senior
citizen scheme) with their possible return on investment and other details
Importance of financial planning and investment
Difference between saving and investing
After this basic learning I started to work on actual project
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OBJECTIVES
To study fundamental analysis of cement sector
To study how fundamental analysis can help one take decisions about investing in stocks
To find out which stock is good for investment based on the fundamental analysis
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RESEARCH METHODOLOGY
4.1 Research Design
Research Design is the framework or plan for a study, which is used as a guide in collecting and
analyzing the data collected. It is the blueprint that is followed in completing the study. The basic
objective of research cannot be attained without a proper research design. It specifies the
methods and procedures for acquiring the information needed to conduct the research effectively.
It is the overall operational pattern of the project that stipulates what information needs to be
collected, from which sources and by what methods.
4.2 Type of Research
The research that has been carried out is a combined research of analytical and fundamental
research. Analytical research is based on collecting data mostly of historical nature and then
analyzing it various tools. Here, the financial data of different cement companies have been used
to calculate the important financial ratios used for decision making. Also, the stock prices of
cement companies and some important economic indicators like Sensex, GDP, CPI and Realty
index have been used to develop a model for price prediction.
4.3 Data Collection:
Data has been collected through secondary sources.. Most of the data are historical in nature.
Previous five years data has been collected for this project. The data has been collected from
company financial report, historical data from NSE India, companys websites and various
broking sites etc. The ratios of the companies have been calculated with help of balance sheets
and P&L account.
4.4 Data Analysis:
Data has been analyzed with the help of ratios and percentages. For financial analysis companys
financial statements have been studied and ratios are computed out of it. Statistical tools like
averages, standard deviation, and correlation and regression equation are also used. Microsoft
Excel has been used for data analysis tools.
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4.5 Research Sample:
Data of four companies have been used for study. The regression model is also developed using
the stock price data of these three companies. The three companies have been selected based on
its Net Profit of 2012-13. Following cement companies were selected:
a) Ultratech Cement
b) b) Ambuja Cement
c) c) ACC Cement
d) Shree Cement
4.6 Scope of study:
Though there are 22 cement companies listed on the NSE and BSE, the scope is limited to only
four listed companies. Major 4 Economic indicators have been used to develop the regression
model:
a) Sensex,
b) CPI,
c) Realty Index
d) CPI
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FUNDAMENTAL ANALYSIS (EIC MODEL)
CEMENT SECTOR
5.1 ECONOMIC ANALYSIS
The economy of India is the eleventh largest economy in the world by nominal GDP.
The fourth largest by Purchasing Power Parity (PPP)
India has established itself as the worlds second fastest growing economy.
Some of the key data about Indian Economy:
INDIAN ECONOMY (Table no. 1)
Particulars Data Units
Gross Domestic Product (in 2014) 1.8768 Trillion USD
Index of Industrial Production (in June 2014) 170.5 Index Points
Unemployment Rate (June 2014) 8.8 Percent
Inflation Rate (July 2014) 7.23 Percent
Consumer Price Index (July 2014) 252 Index Points
Consumer Confidence Index (July 2014) 128 Index Points
Business Confidence Index (July 2014) 49.9 Index Points
FDI/FII Investment 2390 Million USD
Gross Domestic Product:
The GDP of India is 1.87 trillion dollars. India is a developing country. And its growth in GDP
has been phenomenal. It has been recognized with 2nd fastest growing economy on planet. Still
there are certain factors which are constraints to GDP growth and in last few years they have
affected the growth rate in India. The first factor is the governments policies lacking due
diligence. The Indian political system is the most cumbersome as compared to other countries.
But still with new government, something new is expected. After the new government has taken
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charge the investment in India has been phenomenal contributing to GDP. The GDP growth of
the quarter in April-June stood at 5.7%.
Index of Industrial Production (IIP)
IIP data stood at 3.4% in for the month of June. The index has reached to 170.5 in the month of
June 2014. The index is calculated on the base year of 2004-05. The cement sector contribution
to IIP is vast which makes it important component for growth.
Unemployment Rate
The unemployment has been the problem for every economy. And the impact of increasing
unemployment could be on the economy easily. The unemployment rate in India stood at 8.8%
as compared to Brazil with 6.9% and South Africa with 25.2%. So in comparison to other
developing countries India holds a grip on controlling unemployment rate.
Inflation
The biggest challenge India is facing today is controlling the inflation. RBI Governor Mr.
Raghuram Rajan has his goals cleared of controlling the inflation rate in the country. RBI has
stressed to bring down inflation below 6% till January 2016. The RBI announced the steps to
free up resources for banks to lend, a priority for Prime Minister Mr. Narendra Modi's
government as it seeks to encourage investment in order to put momentum back in sluggish
economic growth. Following a weak start to the monsoon rains, food price inflation remains one
of the biggest challenges for India.
Consumer Confidence Index (CCI)
It is a survey by the Conference Board that measures how optimistic or pessimistic consumers
are with respect to the economy in the near future. The idea is that if the consumers are
optimistic, they will tend to purchase more goods and services. This increase in spending will
inevitably stimulate the whole economy. India CCI is 128 points as compared to other
developing nations such as Brazil with 108.3 index points and South Africa with only 4 index
points.
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Business Confidence Index (BCI)
The NAB Business Confidence Index is a component of the business survey, which covers
companies to assess business conditions in the nation. The index is closely watched to gauge the
overall condition of the economy. The Business Confidence Index of India stood at 49.9 index
points as compared developing nation South Africa with 46 index points and developed nation
Australia with only 8 index points
Political Environment
With the new government taking charge of Indian politics, things are likely to change and that
too in favour of the economy. The new government with new promises had improved the
confidence of the investors even the foreign investors. The Budget 2014 reflected all the actions
which government is going to undertake in future for economic growth and stability. But growth
will not come suddenly; it will take time to heal the previous cracks. The governments focus is
on 3 years of repairing and 2 years of growth. The governments new slogan Good days ahead
is likely to come soon with a set of policies of the government. The crucial goal for India right
now is the creation of enough jobs to absorb its rapidly increasing workforce and growth in the
economy. However India is also getting rid of the Current Account Deficit which stood now at
1.7% only in comparison to 4.2% in the corresponding period of 2013-14.
5.2 INDUSTRY ANALYSIS
Cement is one of the core industries and plays a vital role in the growth and development of a
nation. The cement industry of India is the second largest producer in the world. India's potential
in infrastructure is huge. It had a total capacity of about 347 m tonnes (MT) as of financial year
ended 2012-13.
Cement is a cyclical commodity with a high correlation with GDP. Cement, being a bulk
commodity, is a freight intensive industry and transporting it over long distances can prove to be
uneconomical.
This has resulted in cement being largely a regional play with the industry divided into five main
regions viz. north, south, west, east and the central region. The Southern region of India has the
highest installed capacity, accounting for about one-third of the country's total installed cement
capacity.
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The cement industry has been expanding on the back of increasing infrastructure activities and
demand from the housing sector over the past many years. Investment in infrastructure is the
main growth driver for the cement industry. Demand for cement is highly correlated with
cyclical activities like construction and development. The cement is a product which cannot be
easily differentiated. So it depends on availability and cost for any customer.
Given the high potential for growth, quite a few foreign transnational companies have ventured
into the Indian markets. Already companies like Lafarge, Italicementi have made a couple of
acquisitions. Holcim has increased the stake in domestic companies Ambuja Cement and ACC to
over 50% to gain controlling interest. Consolidation has taken place with the top two cement
groups controlling nearly one-third of the domestic capacity. However the balance capacity still
remains quite fragmented.
NOTABLE TRENDS IN THE CEMENT SECTOR
Presence of small and mid size cement players across regions is increasing, which helps
to diminish market concentration of industry leaders
Small and mid-size players have been constantly increasing their installed capacity to
cater to increasing cement demand.
Major cement manufacturers in India are increasingly using alternative fuels, especially
bioenergy to fire their kilns.
This is not only helping to reduce production costs of cement companies, but is also
proving effective in reducing emissions.
CONSUMPTION PATTERN OF CEMENT SECTOR
The cement has been driven by housing and infrastructure development in the country.
Demand for cement is highly correlated with cyclical activities like construction and
development.
Housing sector accounts for 64 percent of the total cement demand.
The rapidly increasing real estate industry in India is expected to push the demand for
cement.
Residential real estate demand is driven by rising population and growing urbanization.
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Commercial real estate demand will be driven by growth in IT/ITES sector and organized
retail.
Major Cement Drivers

(Figure 1)
6%
13%
Housing Sector
17%
Infrastructure
64%
Commercial & Institutional
Industrial
PRODUCTION CAPACITY OF CEMENT IN INDIA (IN MILLION TONNES)
The cement sector has seen a continuous growth in the production. The cement industry of
India is the second largest producer in the world.
The production of cement has increased at a compound annual growth rate (CAGR) of 9.7
per cent to reach 272 million tonnes (MT) during FY 0613. Currently, India has 185 large
cement plants spread across all states.
Andhra Pradesh is the leading state with 37 large cement plants, followed by Rajasthan and
Tamil Nadu with 21 and 19 plants, respectively.
The Government of India is focusing on infrastructure development to boost economic
growth.
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Production of Cement (Million Tonnes)
350 332
300
300 272
247
250 229
207
200 182
168
156
142
150
100
50
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15E
5.3 COMPANY ANALYSIS
Once the industry analysis is done, an investor would need to narrow the list of companies in that
sector. Investors are usually interested in finding the market leaders and innovators within an
industry. The first task is to identify the current business and competitive environment within the
industry. How do companies rank according to market share, product position and competitive
advantage? Who is the current leader and how will the changes within the sector affect the
current balance of power?
Success depends on edge, be it marketing, technology, market share or innovation. A

comparative analysis of the companies within a sector will help identify the company with an
edge and those most likely to keep it.
ULTRATECH CEMENT
UltraTech Cement 'The

Engineer's Choice' is India's largest and
amongst the World's top
manufacturers of cement with an installed capacity of 62 Million Tonnes Per Annum. UltraTech
is part of the US $40 billion Aditya Birla Group. UltraTech Cement has 12 composite plants, 1
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white cement plant, 2 wall care putty plants, 1 clinkerisation plant in the UAE, 16 grinding units
(12 in India, 2 in the UAE and 1 each in Bahrain and Bangladesh), six bulk terminals (5 in India
and 1 in Sri Lanka) and 101 RMC plants spanning India, UAE, Bahrain, Bangladesh and Sri
Lanka. UltraTech Cement is also India's largest exporter of cement reaching out to meet the
demand in countries around the Indian Ocean and the Middle East. UltraTech Cement provides a
range of products that cater to all the needs from laying the foundation to delivering the final
touches.
UltraTech Cement is also the largest manufacturer of White Cement in India. White cement is
manufactured under the brand name of Birla White, ready mix concretes under the name of
UltraTech Concrete and new age building products under the name of UltraTech Building
Products Division. The retail outlets of UltraTech operate under the name of UltraTech
Building Solutions.
Vision of the company
UltraTech believes that in order for a business to be successful, it must fulfill its commitment
towards sustainability.In its endeavour to do so, UltraTech's focus has been on sustainable
initiatives that address environmental issues, contributing to business performance and its
responsibility towards the society.
AMBHUJA CEMENT
Ambuja Cements Limited,

formerly known as Gujarat
Ambuja Cement Limited, is a
major cement producing company in
India. The Group's principal
activity is to manufacture and market cement and clinker for both domestic and export markets.
Ambuja Cements Ltd, a part of a global conglomerate Holcim, is one of Indias leading cement
manufacturers and has completed over 25 years of operations. The cement industry is literally
the building block of a nation. In that context Ambuja plays a key role in Indias development
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and its blueprint for the future. It has always stayed on the fast track to growth and has gone on
to become a major player in the countrys cement sector.
Ambuja has grown dynamically over the past decade. Its current cement capacity is 27.25
million tons. The Company has five integrated cement manufacturing plants and eight cement
grinding units across the country.
Today, the Company has established itself as one of the most efficient cement manufacturers in
the world. Its environment protection measures are on par with the finest in the country. It is one
of the most profitable and innovative cement companies in India.
Its focus has been consistent on two major building blocks that are resonated through its daily
operations Quality (of the product) and Safety (of the human resources involved in the creation
of the product).
To be the most sustainable and competitive company in our industry.
ACC CEMENT
ACC Limited is Indias foremost

manufacturer of cement and ready
mixed concrete with a countrywide
network of factories and sales
offices. Established in 1936, ACC is acknowledged as a pioneer and trendsetter in cement and
concrete technology. Among the first companies in India to include environment protection as a
corporate commitment, ACC regularly wins accolades for best practices in environment
management at its plants and mines, and for demonstrating good corporate citizenship. The
quality of its products and customer services make ACC the most preferred brand in the Indian
cement industry. ACC Limited is part of the worldwide Holcim Group.
In 2013 ACC ranked as India's Most Admired Company in the cement sector by Fortune India
and Hay Group India.
ACC's brand name is synonymous with cement and enjoys a high level of equity in the Indian
market. The range of cements and blended cements is marketed through a countrywide network
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of Sales Units, Area Offices, and warehouses. This is backed by a vast distribution network of
over 9,000 dealer who, in turn, are assisted by their sub-dealers.
To be one of the most respected companies in India; recognized for challenging

conventions and delivering on our promise.
SHREE CEMENT
Shree Cement is a cement

manufacturer in India. It was
founded in the Beawar in district
Ajmer of Rajasthan and now one of the
biggest cement in Northern India. It also produces and sells power under the name Shree Power
and Shree Mega Power.
Lead in creating prosperity & happiness for all stakeholders through innovation &
sustainable practices
Mission: Guiding Principles:
Enforce good corporate governance practices

Encourage integrity of conduct
Ensure clarity and un-ambiguity in communication
Remain accountable to all stakeholders
Encourage socially responsible behavior
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DATA ANALYSIS, INTERPRETATION & RESULTS
RATIO ANALYSIS
The term ratio refers to the numerical and quantitative relationship between two items or
variables.
Ratio Analysis is defined as the systematic use of ratio to interpret the financial statements. So
the strengths and weaknesses of a firm, as well as its historical performance and current financial
condition can be determined.

=
LIQUIDITY RATIO

=
LEVERAGE RATIO
&
=

ACTIVITY RATIO . =

PROFITABILITY RATIO =

=

Note: ICR= Interest Coverage Ratio , EPS= Earning Per Share
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6.1.1 CURRENT RATIO
CURRENT RATIO (Table no. 2)

2009 2010 2011 2012 2013
Ultratech 0.88 0.99 0.94 1.49 1.25
Ambuja 1.14 1.31 1.54 1.82 1.95
ACC 1.15 0.94 1.36 1.39 1.35
Shree 0.99 1.40 1.13 1.31 1.44
Figure 2
2.50
2.00
Ultratech
1.50
Ambuja
1.00 ACC
0.50 Shree
0.00
2009 2010 2011 2012 2013
Interpretation:
The current ratio signifies the firms ability to pay its short term debts.
In the table above (Table no.2) Ambuja cement has the highest current ratio as compared
to its competitors
The figure 2 also indicates that the current ratio of Ambuja cement is rising by 15% to
20% every year which is good sign.
Although the ideal current ratio is 2:1 but may vary for different industries.
ACC cement in the year 2010 has 0.94:1 which was not at all good sign for investment at
that point of time but it then improved to maintain it at 1.35:1.
Ultratech cement also lost its grip after 2012 and slip to 1.25:1 in 2013.
Shree cement has been stable with maintaining its current ratio.
So Ambuja Cement clearly dominates other players in terms of Short term paying ability.
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6.1.2 NET PROFIT RATIO
NET PROFIT RATIO (Table no. 3)

2009 2010 2011 2012 2013
Ultratech 15.31 15.51 10.63 13.36 13.16
Ambuja 17.22 17.10 14.45 13.41 14.25
ACC 20.02 14.51 13.72 9.34 9.81
Shree 21.32 18.62 6.07 10.66 17.96
Figure 3
25.00
20.00
Ultratech
15.00
Ambuja
10.00 ACC
Shree
5.00
0.00
2009 2010 2011 2012 2013
Interpretation:
Net Profit is the profit residual after deducting all expenses, financing costs and taxes.
A higher net profit indicates either to be distributed to shareholders or to utilize it for
growth and expansion of business.
In table 3, we can see that the Net Profit of all the companies has slipped.
The reason for the same is delay in infrastructure projects from 2011.
But when we compare the players in the cement sector. Shree cement is ahead of the
other three.
The Shree cement lost its grip during 2011 and 2012 but still holds position at the top of
the table in 2013
6.1.3 Operating Profit Ratio
OPERATING PROFIT RATIO (Table no. 4)
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2009 2010 2011 2012 2013
Ultratech 28.36 29.70 21.42 24.68 24.69
Ambuja 30.00 28.03 26.16 29.17 22.50
ACC 33.89 24.76 21.87 21.66 16.59
Shree 36.62 38.54 29.24 31.18 31.29
Figure 4
45.00
40.00
35.00
30.00 Ultratech
25.00 Ambuja
20.00
15.00 ACC
10.00 Shree
5.00
0.00
2009 2010 2011 2012 2013
Interpretation:
The operating profit ratio shows the firms efficiency of performing operations.
It shows how effectively firm manages its operating costs.
A operational efficiency is mainly important for manufacturing industries.
In Figure 4 it is clearly seen that all the firms are losing its operational efficiency.
The table no. 4 shows that Shree Cement has been on top for maintaining its operational
efficiency at 31.29%.
ACC cement has been continuously losing its operational efficiency, its operational profit
has decresed from 33.89% to 16.59%.
Losing operational efficiency has been the problem but still Shree cement seems to losing
a nominal percent when compared to others.
6.1.4 DEBT- EQUITY RATIO
DEBT EQUITY RATIO (Table no. 5)

2009 2010 2011 2012 2013
26
Ultratech 0.80 0.53 0.55 0.43 0.39
Ambuja 0.10 0.08 0.09 0.07 0.07
ACC 0.15 0.14 0.21 0.15 0.13
Shree 1.24 0.94 0.93 0.44 0.23
Figure 5
1.40
1.20
1.00
Ultratech
0.80
Ambuja
0.60
ACC
0.40
Shree
0.20
0.00
2009 2010 2011 2012 2013
Interpretations:
The Debt-Equity ratio is the long term borrowings of the firm in comparison with own
funds.
The borrowings of the firm should always be less than its own funds.
In table no. 5 it is clear that Ambuja cement has the least debt as compared to its equity.
From figure 5 it is seen other companies have been reducing its debt ratio from last 5
years.
Ambuja cement has been more over stable in maintaining its debt equity ratio
Cement industry is a capital intensive industry so the firms having least debt equity ratio
should be preferred. In this case Ambuja Cement has least ratio.
6.1.5 INTEREST COVERAGE RATIO
27
INTEREST COVERAGE RATIO (Table no. 6)
2009 2010 2011 2012 2013
Ultratech 11.85 14.51 7.45 16.16 19.24
Ambuja 81.40 34.59 33.82 29.83 23.88
ACC 28.22 26.74 16.90 16.59 24.75
Shree 22.64 5.55 1.91 2.97 5.80
Figure 6
90.00
80.00
70.00
60.00 Ultratech
50.00 Ambuja
40.00
30.00 ACC
20.00 Shree
10.00
0.00
2009 2010 2011 2012 2013
Interpretation:
The interest coverage ratio of the firm indicates its ability to pay off interest on long term
debts.
The firm having debts needs to pay off its interest liability.
Hence firms should earn adequate to pay off its interest liability effectively.
The Figure shows that Ambuja cement has been losing its efficiency in terms of paying
its interest.
The ACC cement has the highest Interest coverage ratio in 2013 little above than Ambuja
cement
So for Interest Coverage Ratio Ambuja cement and ACC cement holds the grip on
interest paying efficiency.
6.1.6 FIXED ASSETS TURNOVER RATIO
28
FIXED ASSETS TURNOVER RATIO (Table no. 7)
2009 2010 2011 2012 2013
Ultratech 1.20 1.36 1.06 1.35 1.21
Ambuja 1.15 1.13 1.27 1.52 1.34
ACC 1.27 1.16 1.28 1.60 1.46
Shree 1.39 1.10 0.99 1.80 1.44
Figure 7
2.00
1.50
Ultratech
1.00 Ambuja
ACC
0.50 Shree
0.00
2009 2010 2011 2012 2013
Interpretation:
The Fixed Assets turnover ratio shows the relationship between Sales and Fixed Assets of
the firm.
It measures a company's ability to generate net sales from fixed-asset investments.
A higher fixed-asset turnover ratio shows that the company has been more effective in
using the investment in fixed assets to generate revenues.
From Figure 7 it is can be seen that the companies are shifting its position from last 5
years
But looking at the year 2013, the ACC cement has been at high in comparison to other
three players in the industry.
29
6.1.7 EARNING PER SHARE
EARNING PER SHARE (Table no.8)

2009 2010 2011 2012 2013
Ultratech 78.48 87.82 62.74 89.26 96.87
Ambuja 8.00 8.28 8.02 8.43 8.39
ACC 67.94 47.36 70.59 56.52 58.36
Shree 165.91 194.07 60.19 177.54 288.19
Figure 8
350.00
300.00
250.00
Ultratech
200.00
Ambuja
150.00
ACC
100.00
Shree
50.00
0.00
2009 2010 2011 2012 2013
Interpretation:
The Earning per share measures the profit available to the equity shareholders on a per
share basis.
The EPS shows how much amount per share a shareholder can earn.
In table no. 8 it is clear that Shree Cement has the highest EPS.
Ambuja Cement has stable EPS right from 2009.
6.1.8 PRICE EARNING RATIO
PRICE EARNING RATIO (Table no. 9)

2009 2010 2011 2012 2013
Ultratech 7.02 13.17 18.07 16.88 19.28
Ambuja 12.96 17.28 19.38 23.84 21.78
ACC 8.49 21.93 15.23 23.30 27.61
Shree 4.28 11.85 34.50 18.00 14.08
30
Figure 9
40.00
35.00
30.00
25.00 Ultratech
20.00 Ambuja
15.00 ACC
10.00 Shree
5.00
0.00
2009 2010 2011 2012 2013
Interpretation:
Lower the P/E ratio of a company as compared to its peers, the cheaper it is.
Although Ultratech was priced competitively initially, in the mid stage it became
expensive.
In the latest stages ACC cement is the most expensive.
All the three companies have shown a steady increase in their P/E ratio with time.
31
ANNEXURE AND LEARNINGS
RATIOS OF 4 COMPANIES OVER 5 YEARS
ULTRATECH CEMENT RATIOS

(in Crores)
Particulars 2009 2010 2011 2012 2013
Current Assets 982.64 1121.26 2704.82 6804.23 7816.09
Current Liablity 1120.92 1138.08 2880.41 4576.44 6238.27
Current Ratio 0.8766 0.9852 0.9390 1.4868 1.2529
Net Profit 977.02 1093.24 1404.23 2446.19 2655.43
Net Sales 6383.08 7049.68 13209.91 18309.85 20174.94
Net Profit 15.3064 15.5077 10.6301 13.3600 13.1620
Operating Profit 1809.97 2093.76 2829.03 4519.29 4980.48
Net Sales 6383.08 7049.68 13209.91 18309.85 20174.94
Operating Profit Ratio 28.3557 29.7001 21.4160 24.6823 24.6865
Shareholder's Fund 3602.1 4608.65 10666.04 12859.82 15234.82
Long Term Debt 2864.56 2435.25 5874.65 5508.93 5935.67
Debt-Equity Ratio 0.7952 0.5284 0.5508 0.4284 0.3896
Interest on Long Term Debt 125.51 117.52 277.11 223.86 209.71
Earnings Before Interest & Tax 1486.97 1705.68 2063.3 3616.73 4035.11
Interest Coverage Ratio 11.8474 14.5140 7.4458 16.1562 19.2414
Fixed Assets 5312.97 5201.05 12505.57 13530.81 16627.73
Net Sales 6383.08 7049.68 13209.91 18309.85 20174.94
Fixed Assets Turnover Ratio 1.2014 1.3554 1.0563 1.3532 1.2133
Net Profit for the Year 977.02 1093.24 1719.23 2446.19 2655.43
No. of Shares 12.4486 12.4486 27.4025 27.4052 27.4109
Earning Per Share 78.4843 87.8203 62.7399 89.2601 96.8749
32
Market Price of Share 551 1156.3 1133.8 1506.95 1868
Price Earning Ratio 7.0209 13.1667 18.0743 16.8827 19.2836
AMBUJA CEMENT RATIOS
(in Crores)
Particulars 2009 2010 2011 2012 2013
Current Assets 1979.34 3135.33 4264.28 5276.42 5537.04
Current Ratio 1.13684 1.30956 1.54264 1.81987 1.94747
Net Profit 1218.37 1263.61 1228.86 1297.06 1294.57
Net Sales 7076.87 7390.21 8504.32 9674.94 9086.84
Net Profit 17.21623 17.09843 14.44983 13.40639 14.24665
Net Sales 7076.87 7390.21 8504.32 9674.94 9086.84
Long Term Debt 651.54 585.91 708.13 608.68 635.85
Fixed Assets 6154.47 6558.45 6673.28 6382.49 6757.41
Net Sales 7076.87 7390.21 8504.32 9674.94 9086.84
No. of Shares 152.2874 152.5268 153.1527 153.7900 154.3838
33
Earning Per Share 8 8.28 8.02 8.43 8.39
Market Price of Share 103.7 143.05 155.4 200.95 182.75
ACC CEMENT RATIO ANALYSIS
(in Crores)
Particulars 2009 2010 2011 2012 2013
Current Assets 2256.16 2111.41 4467.01 4826.35 4418.14
Current Ratio 1.14881 0.93818 1.36303 1.39167 1.35292
Net Profit 1606.73 1120.1 1325.26 1061.19 1095.76
Net Sales 8027.2 7717.33 9660.29 11357.96 11168.94
Net Profit 20.01607 14.51409 13.71864 9.34314 9.81078
Net Sales 8027.2 7717.33 9660.29 11357.96 11168.94
Long Term Debt 916.17 885.35 1519.76 1075.4 1003.11
Fixed Assets 6314.5 6645.24 7522.28 7099.88 7675.45
Net Sales 8027.2 7717.33 9660.29 11357.96 11168.94
34
No. of Shares 23.65 23.65 18.7745356 18.7745356 18.7745356
SHREE CEMENT RATIO ANALYSIS
(in Crores)
Particulars 2009 2010 2011 2012 2013
Current Assets 1429.37 1582.17 1467.1 2655.9 2271.73
Current Liablity 684.17 966.71 1109.58 1945.16 1417
Current Ratio 2.08920 1.63665 1.32221 1.36539 1.60320
Net Profit 577.96 676.12 209.7 618.5 1003.97
Net Sales 2710.63 3632.12 3453.53 5799.52 5590.05
Net Profit 21.32198 18.61502 6.07205 10.66468 17.95995
Net Sales 2710.63 3632.12 3453.53 5799.52 5590.05
Long Term Debt 1496.51 1952.91 1844.62 1204.84 899.47
Fixed Assets 1954.17 3311.6 3473.28 3228.03 3888.39
Net Sales 2710.63 3632.12 3453.53 5799.52 5590.05
No. of Shares 3.48358 3.48390 3.48397 3.48372 3.48372
35
MONTHLY CLOSING SHARE PRICE/INDEX PRICE OF LAST 5 YEARS
ULTRATECH CEMENT:
ULTRATECH
Month CEMENT SENSEX CPI IIP Data Realty Index
Aug-09 760.60 15666.64 162 149.4 4413.59
Sep-09 798.10 17126.84 163 151.0 4509.66
Oct-09 768.75 15896.28 165 149.6 3827.13
Nov-09 836.50 16926.22 168 148.5 3660.45
Dec-09 915.10 17464.81 169 162.4 3855.78
Jan-10 929.40 16357.96 172 163.6 3500.22
Feb-10 1038.10 16429.55 170 157.5 3236.69
Mar-10 1156.30 17527.77 170 176.5 3273.56
Apr-10 972.35 17558.71 170 157.8 3491.18
May-10 922.90 16944.63 172 156.5 3097.92
Jun-10 878.10 17700.90 174 156.6 3196.82
Jul-10 864.35 17868.29 178 161.3 3372.93
Aug-10 904.30 17971.12 178 156.1 3331.76
Sep-10 1066.90 20069.12 179 160.3 3726.86
Oct-10 1096.05 20032.34 181 166.6 3635.12
Nov-10 1125.90 19521.25 182 158.0 2925.4
Dec-10 1082.15 20509.09 185 175.6 2856.22
Jan-11 999.00 18327.76 188 175.9 2228.72
Feb-11 929.70 17823.40 185 168.0 1981.65
Mar-11 1133.80 19445.22 185 193.1 2337.01
Apr-11 1086.80 19135.96 186 166.2 2180.1
May-11 1026.20 18503.28 187 166.2 2177.97
Jun-11 933.50 18845.87 189 171.4 2019.84
Jul-11 1028.80 18197.20 193 167.2 2041.4
Aug-11 1070.40 16676.75 194 161.4 1739.58
36
Sep-11 1137.60 16453.76 197 164.3 1762.96
Oct-11 1152.45 17705.01 198 158.3 1919.68
Nov-11 1143.90 16123.46 199 167.5 1571.16
Dec-11 1160.45 15454.92 197 180.3 1375.65
Jan-12 1211.25 17193.55 198 177.6 1708.05
Feb-12 1404.10 17752.68 199 175.2 1955.6
Mar-12 1506.95 17404.20 201 187.6 1776.96
Apr-12 1423.10 17318.81 205 164.1 1692.57
May-12 1416.50 16218.53 206 170.3 1578.9
Jun-12 1511.25 17429.98 208 168.0 1667.87
Jul-12 1635.95 17236.18 212 167.1 1637.64
Aug-12 1693.40 17429.56 214 164.7 1510.91
Sep-12 1967.55 18762.74 215 163.1 1847
Oct-12 1994.75 18505.38 217 171.6 1771.62
Nov-12 1954.50 19339.90 218 165.8 1998.36
Dec-12 1982.15 19426.71 219 179.3 2110.8
Jan-13 1902.15 19894.98 221 182.0 2238.57
Feb-13 1870.15 18861.54 223 176.2 2010.35
Mar-13 1868.00 18835.77 224 194.2 1780.09
Apr-13 1901.10 19504.18 226 166.5 1901.32
May-13 1889.15 19760.30 228 166.0 1684.92
Jun-13 1875.95 19395.81 231 164.9 1511.02
Jul-13 1832.70 19345.70 235 171.4 1316.95
Aug-13 1471.65 18619.72 237 165.4 1173.67
Sep-13 1809.55 19379.77 238 167.5 1170.33
Oct-13 1966.05 21164.52 241 169.6 1343.47
Nov-13 1905.30 20791.93 243 163.6 1355.92
Dec-13 1763.35 21170.68 239 179.5 1433.41
Jan-14 1707.20 20513.85 237 184.0 1211.6
Feb-14 1839.85 21120.12 238 172.7 1203.5
Mar-14 2188.90 22386.27 239 193.3 1468.4
Apr-14 2027.90 22417.80 242 172.2 1396.79
May-14 2384.75 24217.34 244 174.3 1894.34
Jun-14 2599.45 25413.78 246 170.5 2077.13
Jul-14 2421.85 25894.97 252 181.2 1893.03
37
AMBUJA CEMENT
Month AMBUJA CEMENT SENSEX IIP Data CPI Realty Index

Aug-09 99.20 15666.64 149.4 162 4413.59
Sep-09 99.65 17126.84 151.0 163 4509.66
Oct-09 88.95 15896.28 149.6 165 3827.13
Nov-09 92.15 16926.22 148.5 168 3660.45
Dec-09 103.70 17464.81 162.4 169 3855.78
Jan-10 102.30 16357.96 163.6 172 3500.22
Feb-10 106.90 16429.55 157.5 170 3236.69
Mar-10 119.65 17527.77 176.5 170 3273.56
Apr-10 121.15 17558.71 157.8 170 3491.18
May-10 108.80 16944.63 156.5 172 3097.92
Jun-10 114.55 17700.90 156.6 174 3196.82
Jul-10 117.50 17868.29 161.3 178 3372.93
Aug-10 125.15 17971.12 156.1 178 3331.76
Sep-10 140.70 20069.12 160.3 179 3726.86
Oct-10 139.75 20032.34 166.6 181 3635.12
Nov-10 140.50 19521.25 158.0 182 2925.4
Dec-10 143.05 20509.09 175.6 185 2856.22
Jan-11 126.55 18327.76 175.9 188 2228.72
Feb-11 118.00 17823.40 168.0 185 1981.65
Mar-11 147.05 19445.22 193.1 185 2337.01
Apr-11 155.40 19135.96 166.2 186 2180.1
May-11 138.70 18503.28 166.2 187 2177.97
Jun-11 133.10 18845.87 171.4 189 2019.84
Jul-11 129.30 18197.20 167.2 193 2041.4
Aug-11 133.10 16676.75 161.4 194 1739.58
Sep-11 148.60 16453.76 164.3 197 1762.96
Oct-11 155.40 17705.01 158.3 198 1919.68
Nov-11 148.40 16123.46 167.5 199 1571.16
Dec-11 155.40 15454.92 180.3 197 1375.65
Jan-12 160.70 17193.55 177.6 198 1708.05
Feb-12 160.05 17752.68 175.2 199 1955.6
Mar-12 171.25 17404.20 187.6 201 1776.96
Apr-12 150.90 17318.81 164.1 205 1692.57
May-12 151.05 16218.53 170.3 206 1578.9
Jun-12 173.95 17429.98 168.0 208 1667.87
38
Jul-12 180.25 17236.18 167.1 212 1637.64
Aug-12 185.45 17429.56 164.7 214 1510.91
Sep-12 201.95 18762.74 163.1 215 1847
Oct-12 202.70 18505.38 171.6 217 1771.62
Nov-12 207.70 19339.90 165.8 218 1998.36
Dec-12 200.95 19426.71 179.3 219 2110.8
Jan-13 202.30 19894.98 182.0 221 2238.57
Feb-13 191.85 18861.54 176.2 223 2010.35
Mar-13 173.45 18835.77 194.2 224 1780.09
Apr-13 186.45 19504.18 166.5 226 1901.32
May-13 183.25 19760.30 166.0 228 1684.92
Jun-13 186.70 19395.81 164.9 231 1511.02
Jul-13 167.30 19345.70 171.4 235 1316.95
Aug-13 170.80 18619.72 165.4 237 1173.67
Sep-13 183.15 19379.77 167.5 238 1170.33
Oct-13 188.45 21164.52 169.6 241 1343.47
Nov-13 185.35 20791.93 163.6 243 1355.92
Dec-13 182.75 21170.68 179.5 239 1433.41
Jan-14 159.30 20513.85 184.0 237 1211.6
Feb-14 167.35 21120.12 172.7 238 1203.5
Mar-14 201.15 22386.27 193.3 239 1468.4
Apr-14 197.45 22417.80 172.2 242 1396.79
May-14 217.30 24217.34 174.3 244 1894.34
Jun-14 220.70 25413.78 170.5 246 2077.13
Jul-14 206.45 25894.97 181.2 252 1893.03
ACC CEMENT:
Month ACC CEMENT SENSEX IIP Data CPI Realty Index

Aug-09 808.70 15666.64 149.4 162 4413.59
Sep-09 819.30 17126.84 151.0 163 4509.66
Oct-09 747.65 15896.28 149.6 165 3827.13
Nov-09 796.60 16926.22 148.5 168 3660.45
Dec-09 871.50 17464.81 162.4 169 3855.78
Jan-10 870.75 16357.96 163.6 172 3500.22
Feb-10 922.95 16429.55 157.5 170 3236.69
39
Mar-10 950.45 17527.77 176.5 170 3273.56
Apr-10 906.15 17558.71 157.8 170 3491.18
May-10 817.00 16944.63 156.5 172 3097.92
Jun-10 874.50 17700.90 156.6 174 3196.82
Jul-10 831.45 17868.29 161.3 178 3372.93
Aug-10 871.80 17971.12 156.1 178 3331.76
Sep-10 990.75 20069.12 160.3 179 3726.86
Oct-10 984.20 20032.34 166.6 181 3635.12
Nov-10 987.45 19521.25 158.0 182 2925.4
Dec-10 1075.60 20509.09 175.6 185 2856.22
Jan-11 988.15 18327.76 175.9 188 2228.72
Feb-11 971.05 17823.40 168.0 185 1981.65
Mar-11 1075.20 19445.22 193.1 185 2337.01
Apr-11 1108.25 19135.96 166.2 186 2180.1
May-11 1026.60 18503.28 166.2 187 2177.97
Jun-11 949.25 18845.87 171.4 189 2019.84
Jul-11 1012.05 18197.20 167.2 193 2041.4
Aug-11 1002.55 16676.75 161.4 194 1739.58
Sep-11 1098.15 16453.76 164.3 197 1762.96
Oct-11 1195.25 17705.01 158.3 198 1919.68
Nov-11 1145.05 16123.46 167.5 199 1571.16
Dec-11 1136.35 15454.92 180.3 197 1375.65
Jan-12 1189.90 17193.55 177.6 198 1708.05
Feb-12 1304.90 17752.68 175.2 199 1955.6
Mar-12 1356.35 17404.20 187.6 201 1776.96
Apr-12 1234.65 17318.81 164.1 205 1692.57
May-12 1140.20 16218.53 170.3 206 1578.9
Jun-12 1267.55 17429.98 168.0 208 1667.87
Jul-12 1319.60 17236.18 167.1 212 1637.64
Aug-12 1312.45 17429.56 164.7 214 1510.91
Sep-12 1469.20 18762.74 163.1 215 1847
Oct-12 1379.30 18505.38 171.6 217 1771.62
Nov-12 1383.95 19339.90 165.8 218 1998.36
Dec-12 1429.40 19426.71 179.3 219 2110.8
Jan-13 1322.55 19894.98 182.0 221 2238.57
Feb-13 1271.10 18861.54 176.2 223 2010.35
Mar-13 1161.25 18835.77 194.2 224 1780.09
Apr-13 1237.10 19504.18 166.5 226 1901.32
May-13 1218.85 19760.30 166.0 228 1684.92
Jun-13 1223.45 19395.81 164.9 231 1511.02
40
Jul-13 1171.35 19345.70 171.4 235 1316.95
Aug-13 961.80 18619.72 165.4 237 1173.67
Sep-13 1112.45 19379.77 167.5 238 1170.33
Oct-13 1136.70 21164.52 169.6 241 1343.47
Nov-13 1096.55 20791.93 163.6 243 1355.92
Dec-13 1108.20 21170.68 179.5 239 1433.41
Jan-14 1010.85 20513.85 184.0 237 1211.6
Feb-14 1103.45 21120.12 172.7 238 1203.5
Mar-14 1391.55 22386.27 193.3 239 1468.4
Apr-14 1291.70 22417.80 172.2 242 1396.79
May-14 1339.50 24217.34 174.3 244 1894.34
Jun-14 1468.05 25413.78 170.5 246 2077.13
Jul-14 1394.50 25894.97 181.2 252 1893.03
SHREE CEMENT:
Month SHREE CEMENT SENSEX IIP Data CPI Realty Index

Aug-09 1531.80 15666.64 149.4 162 4413.59
Sep-09 1647.15 17126.84 151.0 163 4509.66
Oct-09 1577.00 15896.28 149.6 165 3827.13
Nov-09 1798.85 16926.22 148.5 168 3660.45
Dec-09 1926.10 17464.81 162.4 169 3855.78
Jan-10 1983.75 16357.96 163.6 172 3500.22
Feb-10 2145.50 16429.55 157.5 170 3236.69
Mar-10 2300.05 17527.77 176.5 170 3273.56
Apr-10 2162.00 17558.71 157.8 170 3491.18
May-10 1968.20 16944.63 156.5 172 3097.92
Jun-10 2023.35 17700.90 156.6 174 3196.82
Jul-10 1801.10 17868.29 161.3 178 3372.93
Aug-10 1859.65 17971.12 156.1 178 3331.76
Sep-10 2113.20 20069.12 160.3 179 3726.86
Oct-10 2082.50 20032.34 166.6 181 3635.12
Nov-10 2066.50 19521.25 158.0 182 2925.4
Dec-10 2003.70 20509.09 175.6 185 2856.22
Jan-11 1659.60 18327.76 175.9 188 2228.72
Feb-11 1729.70 17823.40 168.0 185 1981.65
41
Mar-11 2076.55 19445.22 193.1 185 2337.01
Apr-11 2006.80 19135.96 166.2 186 2180.1
May-11 1822.50 18503.28 166.2 187 2177.97
Jun-11 1755.80 18845.87 171.4 189 2019.84
Jul-11 1778.60 18197.20 167.2 193 2041.4
Aug-11 1664.80 16676.75 161.4 194 1739.58
Sep-11 1833.35 16453.76 164.3 197 1762.96
Oct-11 1896.65 17705.01 158.3 198 1919.68
Nov-11 2085.40 16123.46 167.5 199 1571.16
Dec-11 2167.40 15454.92 180.3 197 1375.65
Jan-12 2255.40 17193.55 177.6 198 1708.05
Feb-12 2791.25 17752.68 175.2 199 1955.6
Mar-12 3196.55 17404.20 187.6 201 1776.96
Apr-12 2812.55 17318.81 164.1 205 1692.57
May-12 2420.75 16218.53 170.3 206 1578.9
Jun-12 3016.30 17429.98 168.0 208 1667.87
Jul-12 3122.85 17236.18 167.1 212 1637.64
Aug-12 3385.00 17429.56 164.7 214 1510.91
Sep-12 3953.95 18762.74 163.1 215 1847
Oct-12 4203.50 18505.38 171.6 217 1771.62
Nov-12 4374.75 19339.90 165.8 218 1998.36
Dec-12 4651.45 19426.71 179.3 219 2110.8
Jan-13 4470.55 19894.98 182.0 221 2238.57
Feb-13 4357.55 18861.54 176.2 223 2010.35
Mar-13 4057.95 18835.77 194.2 224 1780.09
Apr-13 4490.45 19504.18 166.5 226 1901.32
May-13 4892.90 19760.30 166.0 228 1684.92
Jun-13 4667.90 19395.81 164.9 231 1511.02
Jul-13 4366.20 19345.70 171.4 235 1316.95
Aug-13 3583.40 18619.72 165.4 237 1173.67
Sep-13 4110.45 19379.77 167.5 238 1170.33
Oct-13 4430.00 21164.52 169.6 241 1343.47
Nov-13 4387.05 20791.93 163.6 243 1355.92
Dec-13 4330.45 21170.68 179.5 239 1433.41
Jan-14 4419.35 20513.85 184.0 237 1211.6
Feb-14 4678.80 21120.12 172.7 238 1203.5
Mar-14 5638.40 22386.27 193.3 239 1468.4
Apr-14 5681.90 22417.80 172.2 242 1396.79
May-14 6803.40 24217.34 174.3 244 1894.34
Jun-14 7246.45 25413.78 170.5 246 2077.13
Jul-14 7360.00 25894.97 181.2 252 1893.03
42
BIBLIOGRAPHY
BOOKS:
Fundamental analysis by NCFM curriculum
Security Analysis by S. Kevin
WEBSITES:
www.bse.com
www.nse.com
www.equitymaster.com
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ANNUAL REPORTS OF LAST 5 YEARS :
Ultratech Cement
Ambuja Cement
ACC Cement
Shree Cement
43

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A SUMMER INTERNSHIP PROJECT REPORT

TITLE: EQUITY RESEARCH IN ONE OF THE SECTOR (CEMENT SECTOR)

IN PARTIAL FULFILLMENT OF SUMMER INTERNSHIP PROJECT FOR

Faculty Mentor: Company Mentor:

Deccan Education Societys

EXECUTIVE SUMMARY .................................................................................................................................. 4

INDUSTRY OVERVIEW ................................................................................................................................... 5

MY ROLES AND RESPONSIBILITIES .............................................................................................................. 10

RESEARCH METHODOLOGY ........................................................................................................................ 12

DATA ANALYSIS,INTERPRETATION AND RESULTS ....................................................................................... 23

1.1 COMPANY OVERVIEW

There are generally two types of insurance:

1.2 COMPANY ANALYSIS

Birla Sun Life Insurance

Few protection plans are:

BSLI Protector Plus Plan

Few Retirement plans are:

BSLI Empower Pension Plan

BSLI Vision Life Income Plan

Few Wealth with Protection Plans are:

BSLI Wealth Max Plan

To sell an insurance policy of at least amounting Rs. 50,000 within 2 weeks.

To study fundamental analysis of cement sector

4.1 Research Design

4.2 Type of Research

4.3 Data Collection:

4.4 Data Analysis:

4.6 Scope of study:

5.1 ECONOMIC ANALYSIS

The fourth largest by Purchasing Power Parity (PPP)

Some of the key data about Indian Economy:

INDIAN ECONOMY (Table no. 1)

Particulars Data Units

Gross Domestic Product (in 2014) 1.8768 Trillion USD

Index of Industrial Production (in June 2014) 170.5 Index Points

Unemployment Rate (June 2014) 8.8 Percent

Inflation Rate (July 2014) 7.23 Percent

Consumer Price Index (July 2014) 252 Index Points

Consumer Confidence Index (July 2014) 128 Index Points

Business Confidence Index (July 2014) 49.9 Index Points

FDI/FII Investment 2390 Million USD

Gross Domestic Product:

Index of Industrial Production (IIP)

Consumer Confidence Index (CCI)

5.2 INDUSTRY ANALYSIS

NOTABLE TRENDS IN THE CEMENT SECTOR

CONSUMPTION PATTERN OF CEMENT SECTOR

Major Cement Drivers

PRODUCTION CAPACITY OF CEMENT IN INDIA (IN MILLION TONNES)

5.3 COMPANY ANALYSIS

Success depends on edge, be it marketing, technology, market share or innovation. A

UltraTech Cement 'The

Vision of the company

Ambuja Cements Limited,

Vision of the company

To be the most sustainable and competitive company in our industry.

ACC Limited is Indias foremost

Vision of the company

To be one of the most respected companies in India; recognized for challenging

Shree Cement is a cement

Vision of the company

Mission: Guiding Principles:

Enforce good corporate governance practices