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INTRODUCTION
Share Market
A share market is where shares are either issued or traded in a stock market is similar to a
share market. The key difference is that a stock market helps you trade financial instruments like
bonds, mutual funds, derivatives as well as shares of companies. A share market only allows
trading of shares.
The key factor is the stock exchange – the basic platform that provides the facilities used
to trade company stocks and other securities. A stock may be bought or sold only if it is listed on
an exchange. Thus, it is the meeting place of the stock buyers and sellers. India's premier stock
exchanges are the Bombay Stock Exchange and the National Stock Exchange.
Primary Market
This where a company gets registered to issue a certain amount of shares and raise
money. This is also called getting listed in a stock exchange. A company enters primary markets
to raise capital. If the company is selling shares for the first time, it is called an Initial Public
Offering (IPO). The company thus becomes public.
Secondary Market
Once new securities have been sold in the primary market, these shares are traded in the
secondary market. This is to offer a chance for investors to exit an investment and sell the shares.
Secondary market transactions are referred to trades where one investor buys shares from
another investor at the prevailing market price or at whatever price the two parties agree upon.
Financial market
The financial market is a broad term describing any marketplace where trading of
securities including equities, bonds, currencies and derivatives occurs. Financial market prices
may not indicate the true intrinsic value of a stock due to macroeconomic forces like taxes. In
addition, the prices of securities are heavily reliant on informational transparency by the issuing
company to ensure efficient and appropriate prices are set by the market.
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Over-The-Counter Market
The over-the-counter (OTC) market is an example of a secondary market. An OTC

market handles the exchanging of public stocks not listed on the NASDAQ, New York Stock
Exchange, or American Stock Exchange. Companies with stocks trading on the OTC market are
usually smaller organizations as this financial market require less regulation is less expensive to
be traded on.
Bond Markets
A bond is a security in which an investor loans money for a defined period of time at a
pre-established rate of interest. Bonds are not only issued by corporations but may also be issued
by municipalities, states and federal governments from around the world. Also, referred to as the
debt, credit or fixed-income market, the bond market also sells securities such as notes and bills
issued from the United States Treasury.
Money Market
A money market is a portion of the financial market that trades highly liquid and short-
term maturities. The intention of the money market is for short-term borrowing and lending of
securities with a maturity typically less than one year. This financial market trades derivatives
including forward contracts, futures, options, swaps and contracts-for-difference
Derivatives Market
The derivatives market is a financial market that trades securities that derive its value
from its underlying asset. The value of a derivative contract is determined by the market price of
the underlying item. This financial market trades derivatives including forward contracts, futures,
options, swaps and contracts-for-difference.
Forex Market
The forex market is a financial market where currencies are traded. This financial market
is the most liquid market in the world as cash is the most liquid of assets. The inter-bank market
is the financial system that trades currency between banks.
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Trend Market
A market that is trending in one direction or another. A bull market is trending upward,
while a bear market is trending downward. A trending market can be classified as such for either
the short, mid or long term.
Factors Affecting the Share Prices
Share prices are affected by the following factors. The major factors are :
 Inflation
 Deflation
 Interest Rates
 Exchange Rates
 Inflation
An increase in the cost of goods and services over a period of time. Decreases the
purchasing power of the dollar. It is usually measured by the consumer price index.
 Interest Rates
The fee paid to a leader to borrow its money or a penalty charged for late payments usually
shown as annual percentage rate.
 Deflation
The drop in the cost of goods and services over a period of time. Usually caused by a
shrinking supply of money or credit, or reduced spending by consumers or government. Boosts
Purchasing power of the dollar. 
 Exchange Rates
The price of one country's currency expressed in another country's currency. In other words,
the rate at which one currency can be exchanged for another.

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Technical Analysis
Technical analysis is a trading tool employed to evaluate securities and attempt to
forecast their future movement by analyzing statistics gathered from trading activity, such as
price movement and volume. Unlike fundamental analysts who attempt to evaluate a security's
intrinsic value, technical analysts focus on charts of price movement and various analytical tools
to evaluate a security's strength or weakness and forecast future price changes.
Capital Market Equity Analysis
Financial trading is a type of trading that is changing all the time. This is good news for
the participants in this form of trading because according to many experts, they can expect better
user experience compared to the situation that they could’ve expected a few years ago. The role
of modern technology is crucial for modern-day financial trading. But just like financial trading,
technology is changing too. It looks like this is one of the fastest changing industries in the
world. All these changes have an impact on financial trading and ultimately on the capital
market. Those who want to witness success must analyze the latest capital market trends.
A greater role for the social media networks: 
What many people don’t know is that social media networks like Instagram, Twitter and
Facebook are already playing a significant role in the trading process. The reason is simple –
traders and companies are using social media to share and obtain information fast. It is a good
idea to increase the number of followers and the number of people you are following on these
networks.
Additional electronic trading options:

Thanks to the efficient electronic trading options, modern investors don’t need the
assistance of traders and brokers. Truth be told, most of them are still using their services, but the
level of help and assistance they need is not as high as before. Technology has provided
additional independence in the decision-making process. Even though these trends were
noticeable in well-developed countries like the USA, Canada, the UK and others, developing
countries have just started implementing this approach.
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Open-source platforms:
The capital market includes more than one reliable technological platform. What is
interesting is that all these platforms come with more or less the same features. As a result of
that, the capital market is witnessing a rapid growth in the last few years and this growth is
expected in the near future too. The platforms can use open-source technology and come up with
technological solutions for the future financial market thanks to the unique open-source concept.
To put it simply, developing such platforms is cheaper than ever before.
Enhanced connectivity and interactivity:
An increased number of people are going mobile these days. In addition, more and more
individuals are relying on cloud technology. Mobile devices like smartphones and tablets as well
as cloud technology can definitely enhance connectivity and interactivity. Users can rely on any
device when they want to trade or conduct other forms of financial transactions. This means that
they can trade at any time and from any place they want.
Share Market Analysis for Business Improvement Of Electrical Companies

It is the process of comparing business data over time to identify any consistent results or
trends. You can then develop a strategy to respond to these trends in line with your business
goals. Equity share price movement analysis helps you understand how your business has
performed and predict where current business operations and practices will take you. Done well,
it will give you ideas about how you might change things to move your business in the right
direction.
You can use equity share price movement analysis to help improve your business by:
 Identifying areas where your business is performing well so you can duplicate success
 Identifying areas where your business is underperforming
 Providing evidence to inform your decision making.
It explains how we can use historical data to analyse trends and improve your business.
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Return
A return is the gain or loss of a security in a particular period. The return consists of the
income and the capital gains relative on an investment, and it is usually quoted as a percentage.
The general rule is that the more the risk, the greater the potential for higher returns and losses.
The most common return measure, also referred to as the Return on Investment (ROI) is
calculated by dividing the difference between the cost of the investment and the gain on the
investment by the cost of the investment. It is the most generic way to calculate return and is the
basic formula used to calculate other return measures. Returns are the gains or losses from a
security in a particular period and are usually quoted as a percentage . A return is the gain or loss
of a security in a particular period. The return consists of the income and the capital gains
relative on an investment, and it is usually quoted as a percentage.
Advantages of Technical Analysis
 Market news reflects the stock prices

The stock price is a reflection of all fundamental news. The crowd market psychology is
identified using the patterns. It’s used for price forecasting. This helps investors make informed
investment decisions.
 Trend identification
The direction of the stock market trend is identified using technical analysis. The stock
may be in an uptrend, a downtrend, or a sideways trend. The trend direction is useful when
you’re investing and trading in stock markets.
 Entry and exit recommendations

Entry and exit strategy is recommended for short and long-term trading in technical
analysis. Fundamental analysis is used for the long-term entry and exit point. When fundamental
news is available in the market, the stock price already changed. Some traders use a combination
of trend indicators, patterns, volume, and moving averages to determine the entry and exit point.
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Disadvantages of Technical Analysis
 Technical indicators mixed signals
In some cases, one of the technical indicators will show a buy signal and another
indicator will show a sell signal. This causes confusion in trading decisions. This is one of the
disadvantages of technical analysis. So, some traders use a combination of technical indicators,
patterns, volume, and moving averages to determine the entry and exit point.
 Accuracy
Technical analysis is used to forecast stocks. All of the technical indicators give possible
entry and exit points. The forecasting accuracy isn’t 100%. For example, when a possible entry
or exit point for a stock is suggested, it doesn’t guarantee a successful trade. Stock may
decrease after the entry. Stock can also rise after the exit.
 Biased opinion
One technical analyst’s opinion may contradict another analyst’s opinion for the same
stock. The technical methods that are used to analyze stocks can vary from one analyst to
another.
Objective of The Study
 To analyse the changes in Share Price movements of selected electrical companies.(Bajaj,

BHEL, Havells and Siemens electricals)
 To Enhance the public awareness of all segments of society, while devoting especial
attention to trader of shares.
 To predict the day to day Fluctuations in the share prices of electrical companies using
Technical Analysis.
 To provide an attractive, safe, competitive, transparent and credible investment
environment to the investors
 To provide an idea to investor for better investment by determining the movement share
prices in respective of change in trade.
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Scope of the Study
 In this study we are mainly analyzing the equity share price analysis of selected electricity
companies such as Bajaj electrical, Bharat Heavy Electricals Limited (BHEL), Havells
electrical and Siemens electrical
 We are analyzing with the tools of moving average method by applying to the companies
past years data whether a profitable analysis.
 Other than that we also suggesting whether investors has preferential in making an
investment in those companies. In this study we also determine the data analysis of Bajaj
electrical, Bharat Heavy Electrical Limited (BHEL), Havells electrical and Siemens
electrical for the year 2015-2017.
 In this Equity Share price analysis we collect the secondary data and by using the data we
interpret the better investment opportunities of the Electrical companies.
Limitations of the Study

 The data analysed in the study is secondary so it will affect the internal affairs of the
company.
 One of the technical indicators will show a buy signal and another indicator will show a
sell signal. This causes confusion in trading decisions.
Research Methodology
A research methodology is a systematic plan for conducting research. Sociologists draw
on a variety of both qualitative and quantitative research methods, including experiments, survey
research, participant observation, and secondary data. Quantitative methods aim to classify
features, count them, and create statistical models to test hypotheses and explain observations.
Qualitative methods aim for a complete, detailed description of observations, including the
context of events and circumstances.
 Primary Data :
Primary data is information that you collect specifically for the purpose of your research
project. An advantage of primary data is that it is specifically tailored to your research needs. A
disadvantage is that it is expensive to obtain.
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 Secondary Data :
Secondary data refers to data that was collected by someone other than the user. Common
sources of secondary data for social science include censuses, information collected by
government departments, organisational records and data that was originally collected for other
research purposes.
Data Collection
Historical data of four electrical companies for the year 2015-2017.
Companies
1. Bajaj electricals (BAJAJELEC)

2. Bharat Heavy Electricals Limited (BHEL)
3. Havells India Limited
4. Siemens
All the companies are listed in BSE.
Statistical Tool
Analysing the historical share prices using
 Moving Averages in Theory and Practice
In technical analysis the moving average is one of key trend lines that are plot on a chart
reflecting the closing prices over weeks. They smooth a data series and make it easier to spot
trends, something that is especially helpful in volatile markets. They also form the building
blocks for many other technical indicators and overlays. When the moving average moves above
or below the daily chart, it may generate a buy or sell signal.
A moving average is an indicator that shows the average value a security's price over a
period of time. When calculating a moving average, a mathematical analysis of the security's
average value over a pre-determined time period is made.
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Buy Signal : When the security's price rises above its moving average.
Sell Signal : When the security' price falls below its moving average.
Simple Moving Average Analysis is the tool used to study the data of the present
research work. The Share Prices of the selected electrical companies are put under a moving
average scale and the actual share prices are examined relatively.
Despite many innovations in trend analysis over the years, the moving average in all its
forms remains one of the most powerful methods available for analyzing, trading and profiting
from financial market movements. Moving averages can be put to a wide diversity of uses from
assessing the major trend of the market within any timeframe, right through to detecting short-
term overbought/oversold conditions. As a consequence, moving averages form a critical
component in many high qualities fixed rules trading systems.
There has been a lot of innovation in moving averages over the years. However, the basic
concept is that of smoothing out short-term price fluctuations in order to gain a better picture of
the overall trend. The specific calculation for achieving this may differ according to the type of
average used, but once this smoothing has been achieved, one or more such averages of different
timeframes may then be compared with each other to gain additional information about market
movements and resulting trading opportunities.
Although the calculations used to obtain moving averages may be somewhat intricate,
their use is rather more simple and immediate. One may use a single moving average to both
determine the general direction of the trend, as well to find support and resistance zones in
exactly the same manner as you would for a standard trend line. When price is above the single
moving average and the latter is pointing upward, then this is a clear indication of an uptrend.
Conversely when price is below the average and the latter is pointing down, then this is clear
indication of a downtrend. However, note that since the moving average is a lagging indicator, it
therefore indicates what the trend has been up to this point, but not necessarily into the future.
The two-moving average combination is probably the most commonly used because it is very
effective as well as quick to interpret and understand. It also readily lends itself to being
incorporated into fixed rules trading systems.
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With two moving averages, the shorter average tracks the shorter-term trend while the
longer average tracks the longer-term trend. Consequently, when the shorter average crosses
above or below the longer-term average, this signifies a possible trend change. If the shorter
average crosses below the longer-term average, it means that the market may be commencing a
short-term move to the downside, and vice-versa.
 Cumulative Moving Average
In a cumulative moving average, the data arrive in an ordered datum stream, and the user
would like to get the average of all of the data up until the current datum point. For example, an
investor may want the average price of all of the stock transactions for a particular stock up until
the current time. As each new transaction occurs, the average price at the time of the transaction
can be calculated for all of the transactions up to that point using the cumulative average.
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LITERATURE REVIEW
Definition:
A Literature Review is "a systematic, explicit, and reproducible method for identifying,
evaluating, and synthesizing the existing body of completed and recorded work produced by
researchers, scholars, and practitioners."
Meaning of Literature Review:

 Provides an overview and a critical evaluation of a body of literature relating to a
research topic or a research problem.
 Analyzes a body of literature in order to classify it by themes or categories, rather
than simply discussing individual works one after another.
 Presents the research and ideas of the field rather than each individual work or
author by itself.
 A literature review often forms part of a larger research project, such as within a
thesis (or major research paper), or it may be an independent written work, such as a
synthesis paper.
Purpose of a Literature Review:

 A literature review situates your topic in relation to previous research and illuminates
a spot for your research. It accomplishes several goals.
 It provides background for your topic using previous research.
 It shows you are familiar with previous, relevant research.
 It evaluates the depth and breadth of the research in regards to your topic.
 It determines remaining questions or aspects of your topic in need of research
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 TOPIC: Forecasting dynamic market share relationships
Author: Nobuhiko Terui

Abstract: In market share analysis, it is fully recognized that we have often inadmissibly
predicted market share, which means that some of predictors take the values outside the
range [0, 1] and the total sum of predicted shares is not always one, so‐called “logical
inconsistency”. Based on the Bayesian VAR model, proposes a dynamic market share model
with logical consistency. The proposed method makes it possible to forecast not only the
values of market share themselves, but also various dynamic market share relations across
different brands or companies. The daily scanner data from the Nikkei POS information
system are analyzed by the proposed method.
 TOPIC: Market share, profits and business strategy

Author: Kevin J. Laverty
Abstract: Research into the correlation between market share and profitability has led to
debate over whether the observed association is direct or spurious. The fundamental
question remains whether the pursuit of market share is an appropriate strategy. This paper
reports the results of a structural equations model which provides the clearest test to date of
the competing viewpoints. The direct association between market share and profitability
depends upon restrictive statistical assumptions. When these assumptions are relaxed, the
results show that there is no direct association between market share and profitability.
 TOPIC: Measuring delayed and long‐term effects of pricing decisions on market

share
Author: Nobuhiko Terui

Abstract: Market‐share analysis focuses on the competitive interrelations between
products or brands. Marketing activity may affect the performance of a company's own
product and that of its competitors not only within a single time horizon but also over
several extended periods. Starting from a static market‐share analysis model, the dynamic
relationships of market shares between competitive brands are described by multiplicative
competitive interaction (MCI) time‐series models, in which the problem of logical
consistency for estimated shares is resolved. A Bayesian shrinkage estimator solution is
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applied to the further problem of model‐induced collinearity in cross‐differential MCI
models. Dynamic elasticity is defined and used to measure the delayed and long‐term effects
of marketing mix variables on market shares. The dynamic relationships of future market
shares are predicted by means of predictive density. Strategic simulations are conducted
under several scenarios for marketing planning. It is argued that the new dynamic model
proposed here, applied to daily national or store tracking data, provides useful insights into
dynamic competitive relationships in the marketplace, to the benefit of corporate planners,
marketing directors, brand managers and retail strategists.
 TOPIC: Technical analysis is the evaluation of securities/assets by means of studying

statistics generated by market activity, such as past prices and volume.
Author: Talati & Venkatesh
Abstract: Technical analysts do not attempt to measure a security's intrinsic value but instead
use charts to identify patterns and trends that may suggest what the security will do in the future.
 TOPIC: Same are the uses of any other type of technical analysis tool.
Author: Murphy
Abstract: In other words, Technical analysis focuses exclusively on the study of market action
while fundamental analysis focuses on the underlying economic forces of supply and demand
that cause prices to move up or down or stay the same. In accepting the premise of technical
analysis, one can see why technicians believe their approach is superior to the fundamentalists. If
the fundamentals are reflected in market price, then the study of those fundamentals becomes
unnecessary.
 TOPIC: Detecting new trends early using mechanical trading rules

Author: Azizan.
Abstract: Detecting new trends early using mechanical trading rules in technical analysis is
one of the techniques that professional traders use to make abnormal returns above the
benchmark return of the passive buy-and-hold policy.
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 TOPIC: Transactions costs or risk
Author: Okunev
Abstract: The results of the study conducted in 2003 indicates that the potential exists for
investors to generate excess returns in foreign exchange markets by adopting a momentum
strategy using the moving average rules identified in this paper. In an efficient manner that
returns are determined entirely by fundamental information. In fact, very simple technical rules
can generate quite significant returns beyond those that can be explained by transactions costs or
risk.
 TOPIC: One type of technical Analysis
Author: Darmaraj
Abstract: Elliott Wave Theory claims that the movement of the stock market could be
predicted by observing and identifying a repetitive pattern of waves thus helping the trader and
investor to reduce risk and maximize profit.
 TOPIC OF THE STUDY: Inferred that at shorter horizons there exists a skew
towards reliance on Technical Analysis
Author: Venkatesh
Abstract: while the skewness moves towards fundamental analysis for long term Investments.
 TOPIC: Technical Analysis
Author: John Murphy

Abstract: Most technical chartists concur that much of what we call Technical Analysis today
has its origins in theories first proposed by Dow around the turn of the century. Dow Theory still
forms the cornerstone of the study of technical analysis, even in the face of today’s sophisticated
computer technology, and the proliferation of newer and supposedly better technical indicators.
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 TOPIC: Econometric analysis of the market share attraction model
Authors: Dennis Fok, Philip Hans Franses, Richard Paap

Abstract: Market share attraction models are useful tools for analyzing competitive
structures. The models can be used to infer cross-effects of marketing-mix variables, but
also the own effects can be adequately estimated while conditioning on competitive
reactions. Important features of attraction models are that they incorporate that market
shares sum to unity and that the market shares of individual brands ake in between 0 and 1.
Next to analyzing competitive structures, attraction models are also often considered for
forecasting market shares.The econometric analysis of the market share attraction mo del has
not received much attention. Topics as specification, diagnostics, estimation and forecasting
have not been thoroughly discussed in the academic marketing literature. In this chapter we
go through a range of these topics, and, along the lines, we indicate that there are ample
opportunities to improve upon present-day practice. We also discuss an alternative approach
to the log-centering method of linearizing the attraction model. This approach leads to
easier inference and interpretation of the model.
 TOPIC: The impact of new, renewal and termination sponsorship announcements

on share price returns
Author: Thomas S Kruger
Abstract: What impact do sports sponsorship announcements have on
the share price returns of sponsoring firms. This research examines the impact of new,
renewal and termination sponsorship announcements on returns, employing event study
methodology to analyse 118 announcements made by 19 firms over more than 11 year s. The
mixed findings across all three announcement types indicate the lack of consideration given
to sponsorship investment by investors. The findings suggest that, although firms may
position their sponsorships so that they contribute towards a competitive advantage,
announcements of sports sponsorships are not always taken into account by the market.
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 TOPIC: Share prices and accounting variables: a hierarchical Bayesian analysis
Authors : Jose L. Gallizo
Abstract: The purpose of this paper is to examine the relevance of accounting variables to
explain the evolution of a company's share price ; and more specifically, we analyse the
influence of cash flow and book value on the evolution of the share price, taking into
account certain covariates which have traditionally been regarded as helping explain this
effect.
 TOPIC: Short- and Long-Term Share Price Reaction to Announcements of

Financial Restatements
Author: Vijay Gondhalekar
Abstract: This study examines both the short- and long-term share price reaction to
announcements of financial restatements cited in the U.S. General Accounting Office (2006)
database.
 TOPIC: Speed of share price adjustment to information
Author: Dennis Chan

Abstract: Builds on the work of Damodaran (1993) and Brisley and Theobald (19967) on
measuring the speed with which stock markets convert information into price changes by
using a simpler model of the price adjustment coefficient and applying it to 1988‐1966 data
from the Hong Kong, US and Japanese markets and the Morgan Stanley Capital
International indexes. Explains the methodology and presents the detailed results, which
show that the Hong Kong adjustment is similar to the US and Japan for systematic and for
all information; although the range of adjustment speeds depends on the sector and
composition of the indexes. Makes many comparisons between the three markets and
suggests that this method of describing market efficiency could provide a more consistent
and objective ranking of worlds capital markets.
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 TOPIC: The Efficient Market Theory of Share Price Behaviour
Author: Michael Firth

Abstract: Over the past fifteen years there has been a lot of research into the behaviour
of share prices. This has largely involved investigating whether share prices were
predictable by mechanical means and whether any class of investors has had consistent and
substantial success in investment matters. The main researchers involved in these studies
have been (a)academics, who were interested in determining the efficiency of stockmarkets
in socio‐economic terms and
(b) practising investors and investment advisory firms, who sought to derive profitable
investment strategies. Perhaps not surprisingly the published results of the two categories of
researchers tended to clash with investors claiming success for their methods whilst the
academics have in general refuted their claims. Greater reliance can be placed on the
academic investigations however as apart from their disinterested positions and their
generally superior research methodologies, they have tested all the publicised “profitable”
investment strategies.
 TOPIC: Are Share Price Reactions To Rights Offerings Sensitive To Different

Economic Conditions
Author: M. Ariff
Abstract: This study examines short‐term stock price reactions to announcements of
equity rights offerings in Singapore between 1983 and 2003 and investigates whether
economic factors lead to different price reactions. The results show that the cumulative
abnormal returns (CARs) associated with rights issues differ significantly across economic
conditions at the time of issuance. Rights issues typically result in significantly large
positive CARs during periods of economic growth but small positive but insignificant CARs
during economic downturns.
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 TOPIC:Changes in corporate management: do they have an impact
on share prices and company earnings
Author: J. Dahyaa
Abstract:Reviews previous research on share price response to annoucements of changes
in top management and the accounting policies/reported earnings around such changes. Uses
1989‐1992 UK data for a sample of 420 announcements of changes in top management,
divided into routine departures, non‐routine departures and appointments, to
analyse share price reaction and accounting performance. Finds insignificant price reactions
but identifies consistent patterns in operating profit in the years before and after the change,
according to the type of change involved. Considers consistency with other research, the
underlying reasons for the findings and the limitations of the study. Promises further
research to explore changes in industry‐adjusted gearing, liquidity and activity ratios when
senior executives come and go.
 TOPIC: Underpricing, share retention, and the IPO aftermarket liquidity
Author: Mingsheng Li
Abstract: To test the effects of underpricing and share retention (i.e. the proportion of
shares retained by the pre‐initial‐public‐offering (IPO) owners) on IPO aftermarket
liquidity. Uses both percentage spread and turnover ratio to measure liquidity. The
percentage spread is the quoted bid‐ask spread divided by the quoted midpoint and measures
the trading cost relative to share price. Turnover ratio is the daily trading volume divided by
the number of shares are offered and measures the speed of transaction. Both
non‐parametric analyses and multiple regressions are conducted to investigate the effects of
underpricing and share retention on liquidity.
 TOPIC:Perceptions of share price: long‐term or short‐term oriented
Author: Terhi Chakhovich

Abstract: One stream of research has claimed share price to be long‐term oriented, whereas, in
contrast, another has found it to be short‐term oriented. Through in‐depth analysis, this study aims
to reveal the grounds for each of these two claims by studying the time‐related constructs of two
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parties: executives of a company and outsider commentators of that company.The study employs a
social constructionist approach and incorporates the sociology of time in the analysis of case data
focused on a publicly quoted company. Data drawn from outsider commentators provide additional
focus.The executives studied in the publicly‐quoted company construct share price as long‐term
oriented through three processes: linguistic, practice‐oriented functional, and morality‐related
functional. However, these executives construct time through a present‐based rationality, which
means that effective and efficient present actions are assumed to form the basis for a successful
future.
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COMPANY PROFILE
BAJAJ ELECTICALS
COMPANY INTRODUCTION
Bajaj Electricals (BEL) incorporated in 1938 is engaged in business appliances, fans,
lighting, luminaries and engineering and projects
On 1 October 1960 it was renamed to Bajaj Electrical Limited. In 1964, Matchwell
Electricals (India) Limited, ("Matchwell"), a manufacturer of electric fans became a subsidiary
of the Company and subsequently, with effect from July 1, 1984, the business and undertaking of
Matchwell was amalgamated with the Company. In the financial year 1993-1994, Bajaj
Electricals entered a joint venture with Black & Decker Corporation, United States, for the
manufacture and marketing of power tools, household appliances, and related accessories,
through a separate company named Black & Decker Bajaj Private Limited, ("Black & Decker
Bajaj"). During the financial year 1999-2000 Black & Decker Bajaj became a 100% subsidiary
of the Company upon the Company acquiring a further 50% of the shareholding thereof from
Black & Decker Corporation, pursuant to which Black & Decker Bajaj was renamed as Bajaj
Ventures Limited. However, in the financial year 2002-2003, the Company divested 50% of its
shareholding in Bajaj Ventures Limited and Bajaj Ventures Limited ceased to be a subsidiary of
the Company. In January 1998, the Company established a new manufacturing unit at Chakan
near Pune and commenced operations of manufacturing of fans and die-cast components. The
production of fans at the manufacturing activities of the Matchwell unit also was gradually
shifted to the Chakan unit. In September 1999, Bajaj established and commissioned a wind
energy generation unit with an installed capacity of 2.8 megawatts at Village Vankusawade, Tal.
Patan, District Satara, Maharashra. The facility continues to run profitably till date.
In the year 2000-2001 the Company set-up manufacturing facilities including a fabrication unit
and a galvanising plant at Ranjangaon, near Pune for the manufacture of high masts, lattice
towers, and related products, and the said manufacturing facilities commenced commercial
production with effect from April 1, 2001.
In November 2002, the Company entered into a technical collaboration and brand
licensing agreement with Morphy Richards, United Kingdom, for the sales and marketing of
electrical appliances under the brand name of "Morphy Richards" in India.
21
In the year 2005, the company entered into a Distribution agreement with TriluxLenze of
Germany for high end technical lighting.
In the year 2007, the company acquired 32% of the share capital of Starlite Lighting
Limited, a company engaged in the manufacture of Compact Fluorescent Lamps ("CFLs").
In 2012-2013, they have completely divested the stake and association with Black &
Decker Corporation, USA.
In 2015 Bajaj Electricals appointed On Ads Communications (a part of on ads group ) as
their sole creative partner. BEL is a part of the Rs. 20000 crore Bajaj Group.
In India company has 19 branch offices spread across in Ahmedabad, Bangalore,
Bhubaneshwar, Chandigarh, Chennai, Cochin, Delhi, Guwahati, Hyderabad, Indore, Jaipur,
Kolkata, Lucknow, Mumbai, Nagpur, Noida, Patna, Pune and Raipur.
Company’s depots are located at Daman, Dehradun, Faridabad, Goa, Parwanoo, Ranchi and
Zirakhpur.
In India, Bajaj Electricals has network of 600 distributors, 3000 authorised dealers, over
2,50,000 retail outlets and over 230 service franchises.
Company also operates 2.8 MW Wind Farm situated at Village Vankusawade in Maharashtra.
In 2003, Bajaj Electricals entered into a licensing and sourcing agreement with UK–
based home appliance company Morphy Richards. This agreement makes the Bajaj Electricals a
global supplier of select domestic home appliances.
In 2010 Bajaj Electricals Partnered with Vector Consulting Group to revamp its Supply
Chain.
BAJAJ GROUP (PARENT COMPANY)

Bajaj Group started its journey in 1931 by establishing sugar manufacturing factory.
Today it has grown to be major conglomerate that owns 25 companies and has a workforce of
over 25000 employees. Besides Bajaj Electricals the group owns companies namely Mukand
International, Bajaj Auto, Mukand Engineers, Mukand, Mukand Global Finance, Bajaj
Hindustan, Bachhraj Factories, Maharashtra Scooters, Bajaj Consumer Care, Bajaj Auto Finance,
Bajaj Auto Holdings, Bajaj Auto Finance, Hercules Hoists, Bajaj Allianz General Insurance
Company, Bombay Forgings and many more.
22
VISION
 Enhancing quality of life and bringing happiness with sustainability
Our vision has always been to be the leader in the industry and a consumer’s original
choice. We strive to fulfil this everyday by being open to change and constantly improving
ourselves. We, at Bajaj Electricals, also believe in enhancing the quality of life of our customers,
stakeholders and of course our employees through everything that we do. We also understand the
significance of sustainable growth, and hence endeavour to be a responsible company. Our core
business strategy has sustainability embedded into it right from the beginning. We believe in
giving back to the community and are attuned to the importance of being socially and
environmentally conscious in all that we do.
MISSION
 Integrity
Having complete integrity alignment in what we feel, we speak and what we do, therby
demonstrating honesty and having strong moral principles.
 Team work
Believing in ‘One for all and all for One’ thereby working together to exceed our
expectations in achieving organisational objectives.
 Empowerment
Creating conditions and enabling people to take responsibility for enhanced contribution
towards personal and organisational objectives.
 Customer delight
Proactively anticipating internal and external customer needs and relentlessly working
towards exceeding their expectations.
 Innovation
To continuously explore, develop, create and implement new technology, processes,
ideas and products.
23
 Trust
Having firm belief in the reliability, truth and ability of all associates and company
processes.
PRODUCTS
Appliances– Under this company manufactures products such as water heaters, mixers,
micro ovens, room air coolers, irons, room heaters, gas stoves and electric kettles.
Company manufactures a wide range of electric fans.
Lighting– Under this company manufactures lamps, torches, tubes and wide range of luminaries.
Engineering and Projects– The company has been awarded with majors lighting projects from
NTPC, Reliance Infocom, Sports Authority of Andhra Pradesh, Tamil Nadu State Electricity
Board / Power Grid Corporation, Jaipur VidyutVitran Nigam to name few.
In order to expand its product portfolio, the company has tie up with Nardi electro domestic Spa
of Italy for Gas Appliances, Securition of Switzerland for fire alarms and Security Products.
AWARDS AND RECOGNITION

Bajaj Electricals received ‘Mera Brand’ Awards for water heaters and fans at Consumer
World Awards held by FMCG Federation of India in 2008.
Company’s manufacturing unit have accredited with ISO 9001 / 9002 and ISO 14001
certifications for its quality management.
Morphy Richards Irons and Blenders print Ads are awarded with the Silver Abby held at
Goa Fest 2008.Bajaj Electricals won the prestigious Master Brand title conferred by CMO USA
& CMO Asia in November 2010 for leadership and continuous innovation.
Bajaj Lighting won the Gold Award in the Reader's Digest Trusted Brand 2011 Survey, India.
In 2013 Bajaj Electricals won 50 Most Talented Brand Leaders of India.
DIVERSIFIED ACTIVITIES
In its 75th year, Bajaj Electricals Ltd under its CSR initiatives has launched an
‘employment enhancing vocational skills and livelihood’ program. The program is named
“Project Disha” and is in the conjuncture with the company’s Customer Care department. The
execution partner is Labour Net, a Bangalore-based social enterprise, who have worked with the
National Skills Development Corporation on various projects in the past.
24
This is the first such endeavor in which the company will be training 1000 after sales
repair technicians across 7 locations in India over a period of 15 months. Project Disha will
encompass all our efforts in the area of skills upgradation and vocational skills training to
youth. The tagline for the project “empowering youth towards self-sufficiency” indicates the
vision to create skilled workforce.
The Customer Care department of Bajaj Electricals will help with the technical
expertise required in terms of conducting Training of the Trainers (TOT), aiding procurement
of the tools and training content finalization.
The 7 locations where the project will be executed are Bangalore, Siliguri, Durgapur,
Pune, Nashik, Coimbatore and Kolkata. Labour net, our training partner, will be sourcing the
students at the above mentioned 7 locations, training and certifying them under CSR team’s
supervision.In the first phase of the project, the youth at three locations – Bangalore, Nashik
and Kolkata will be trained in after sales services.
On this occasion, Chairman & Managing Director of Bajaj Electricals Ltd. Shekhar
Bajaj says “With more than 50 percent of the Indian population below the age of 25 years, a
major problem we are facing is, in getting some gainful employment for the youth. Bajaj
Electricals as part of its CSR, through Project Disha will reach out to the youth for vocational
guidance and skills enhancement. With the expansion for the consumer durables market the
need for good service and repair technicians will be on the rise. Once we succeed in this
project we will expand our activities further in this direction”.
 Industry Electrical equipment

 Founded 14 July 1938
 Founder Kamalnayan Bajaj
 Headquarters Mumbai, Maharashtra, India
 Key people Shekhar Bajaj, Chairman & MD, Mr Anant Bajaj, JMD
 Products Home Appliances, Fans, Lighting & Engineering and Products
 Revenue 27.7 billion (US$410 million)
 Parent Bajaj Group
 Subsidiaries Starlite Lighting.
25
BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
BHEL was established in 1964 Heavy Electricals (India) Limited was merged with
BHEL in 1974In 1982, it entered power equipment, to reduce its dependence on the power
sector. It developed the capability to produce a variety of electrical, electronic and mechanical
equipment for all sectors, including transmission, transportation, oil and gas and other allied
industries. In 1991, it was converted into a public limited company. By the end of 1996, the
company had handed over 100 Electric Locomotives to Indian Railway and installed 250 Hydro-
sets across India.
OPERATIONS
BHEL is engaged in the design, engineering, manufacturing, construction, testing,
commissioning and servicing of a wide range of products, systems and services for the core
sectors of the economy, viz. power, transmission, industry, transportation, renewable energy, oil
& gas and defence.
It has a network of 17 manufacturing units, 2 repair units, 4 regional offices, 8 service

centres, 8 overseas offices, 15 regional centres, 7 joint ventures, and infrastructure allowing it to
execute more than 150 projects at sites across India and abroad. The company has established the
capability to deliver 20,000 MW p.a. of power equipment to address the growing demand for
power generation equipment.
BHEL has retained its market leadership position during 2015-16 with 74% market share
in the Power Sector. An improved focus on project execution enabled BHEL record its highest
ever commissioning/synchronization of 15059 MW of power plants in domestic and
international markets in 2015-16, marking a 59% increase over 2014-15. With the all-time high
commissioning of 15000 MW in a single year FY2015-16, BHEL has exceeded 170 GW
installed base of power generating equipment.
It also has been exporting its power and industry segment products and services for over
40 years. BHEL's global references are spread across over 76 countries across all the six
26
continents of the world. The cumulative overseas installed capacity of BHEL manufactured
power plants exceeds 9,000 MW across 21 countries including Malaysia, Oman, Iraq, UAE,
Bhutan, Egypt and New Zealand. Their physical exports range from turnkey projects to after
sales services.
VISION
A global engineering enterprise providing solutions for a better tomorrow.
MISSION
Providing sustainable business solutions in the fields of Energy, Industry and
infrastructure.
VALUES
 Governance :We are stewards of our shareholders’ investments and we take that
responsibility very seriously. We are accountable and responsible for delivering superior results
that make a difference in the lives of the people we touch.
 Respect :We value the unique contribution of each individual. We believe in respect for
human dignity and we respect the need to preserve the environment around us.
 Excellence : We are committed to deliver and demonstrate excellence in what we do.
 Loyalty :We are loyal to our customers, to our company and to each other.
 Integrity :We work with highest ethical standards and demonstrate a behaviour that is
honest, decent and fair. We are dedicataed to highest levels of personal and institutional
integrity.
 Commitment :We set high performance standards for ourselves as individuals and our
teams. We honour our commitments in a timely manner.
 Innovation :We constantly support development of newer technologies, products,
improved processes, better services and management practices.
 Team work :We work together as a team to provide best solutions and services to our
customers, thorough quality relationships with all stakeholders we deliver value to our
customers.
27
PRODUCTS AND SERVICES
 Thermal power Plants
 Nuclear power Plants
 Gas based power Plants
 Hydro power Plants
 DG power Plants
 Boilers (steam generator)
 Boiler Auxiliaries
 Gas generator
 Hydro generator
 Steam turbine
 Gas turbine
 Hydro turbine
 Transformer
 Switchgear
 Oil field equipment
 Boiler drum
 Piping System
 Soot Blowers
 Valves
 Seamless Steel Tubes
 Condenser s and Heat exchangers
 Pumps
 Desalination and Water treatment plants
 Automation and Control systems
 Power electronics
 Transmission system control
 Semiconductor devices
 Solar photo voltaic
 Software system solutions
28
 Bus ducts
 Insulators
 Control panels
 Capacitors
 Bushings
 Electrical machines
 DC, AC heavy duty Motors
 Compressors
 Control gears
 Traction motors
AWARDS AND RECOGNITIONS

 Appreciation shield (June 2016) by the External Affairs Minister SushmaSwaraj and the
Union Minister of Water Resources, River Development and Ganga Rejuvenation Uma
Bharati for successful commissioning of Salma Dam project in Afghanistan.
 BHEL wins India Pride Award 2015-16 for Excellence in Heavy Industries.
 It is the 7th largest power equipment manufacturer in the world.
 BHEL received the National Intellectual Property Award 2014 and WIPO Award for
Innovative Enterprises
 In 2014, BHEL won ICAI National Award for Excellence in Cost Management for the
ninth consecutive year.
 BHEL received two awards in CII-ITC Sustainability Awards 2012 from the President of
India.
 In the year 2011, it was ranked ninth most innovative company in the world by US
business magazine Forbes.
 The company won the prestigious ‘Golden Peacock Award for Occupational Health &
Safety 2011’ for significant achievements in the field of Occupational Health & Safety.
 It is also placed at 4th place in Forbes Asia's Fabulous 50 List of 2010.
 BHEL wins MOU Excellence Award for the year 2006–07 for the highest growth rate in
Market Capitalization.
29
DIVERSIFIED ACTIVITIES
The turnover and profits of Bharat Heavy Electricals Limited (BHEL) have steadily
increased over the years. Giving this information in written reply to a question in LokSabha
today, Praful Patel, Minister of Heavy Industries and Public Enterprises said that a number of
steps have been taken by BHEL for enhancing its performance which, inter-alia, include:
Introduction of upgraded modules – 270 MW, 525 MW and 600 MW thermal units and
also the super-critical thermal sets of 660 MW, 700 MW and 800 MW ratings suiting the local
conditions.
Scaled up the capacity to deliver 20,000 MW of power equipment (main plant &
machinery) per annum.
Increased R&D focus : The Company spent nearly Rs. 1,199 crore i.e. 2.42% of
Turnover during 2011-12 on R&D and filed 351 patents/ copyrights making BHEL one of the
highest patent filers in the Country after CSIR.
MAIN MANUFACTURING FACILITIES

 Centralised Stamping Unit & Fabrication Plant (CSU & FP), Jagdishpur
 Insulator Plant (IP), Jagdishpur
 Electronics Division (EDN), Bangalore
 Electronic System Division (ESD), Bangalore
 Electro-Porcelains Division (EPD), Bangalore
 Heavy Electrical Plant (HEP), Bhopal
 Industrial Valves Plant (IVP), Goindwal
 Heavy Electrical Equipment Plant (HEEP), Ranipur (Haridwar)
 Central Foundry Forge Plant (CFFP), Ranipur (Haridwar)
 Heavy Power Equipment Plant (HPEP), Hyderabad
 Transformer Plant (TP), Jhansi
 Boiler Auxiliaries Plant (BAP), Ranipet
 Component Fabrication Plant (CFP), Rudrapur
30
 High Pressure Boiler Plant (HPBP), Tiruchirappalli
 Seamless Steel Tube Plant (SSTP), Tiruchirappalli
 Power Plant Piping Unit (PPPU), Thirumayam
 Heavy Plates & Vessels Plant (HPVP), Visakhapatnam
 Heavy Equipment Repair Plant (HERP), Varanasi
The company is also setting up a new Greenfield Power Equipment Fabrication Plant
(GPEFP) at Bhandara, Maharashtra, the foundation stone for which was laid on 14 May 2013.
Further, BHEL is planning to enter solar manufacturing in a big scale, as it has announced its
plans for a 600 MW Solar Module Factory
RESEARCH AND DEVELOPMENT

BHEL's investment in R&D is amongst the largest in the corporate sector in India.
During the year 2012-13, the company invested about ₹1,252 crores on R&D efforts, which
corresponds to nearly 2.50% of the turnover of the company, focusing on new product and
system developments and improvements in existing products for cost competitiveness, higher
reliability, efficiency, availability and quality etc. To meet customer expectations, the company
has upgraded its products to contemporary levels through continuous in-house efforts as well as
through acquisition of new technologies from leading engineering organizations of the world.
The IPR (Intellectual Property Rights) capital of BHEL grew by 21.5% in the year, taking the
total to 2170.
The Corporate R&D division at Hyderabad leads BHEL’s research efforts in several
areas of importance to BHEL’s product range. Research & product development (RPD) Groups
for each product group at the manufacturing divisions play a complementary role. BHEL has
established Centres of Excellence for Simulators, Computational Fluid Dynamics, Permanent
Magnet Machines, Surface Engineering, Machine Dynamics, Centre for Intelligent Machines and
Robotics, Compressors & Pumps, Centre for Nano Technology, Ultra High Voltage Laboratory
at Corporate R&D; Centre of Excellence for Hydro Machines at Bhopal; Power Electronics and
IGBT & Controller Technology at Electronics Division, Bengaluru, and Advanced Fabrication
Technology and Coal Research Centre at Tiruchirappalli.
31
BHEL has established four specialized institutes, viz., Welding Research Institute (WRI)
at Tiruchirappalli, Ceramic Technological Institute (CTI) at Bangalore, Centre for Electric
Traction (CET) at Bhopal and Pollution Control Research Institute (PCRI) at Haridwar.
Amorphous Silicon Solar Cell plant at Gurgaon pursues R&D in Photo Voltaic applications.
Significantly, BHEL is one of the only four Indian companies and the only Indian Public
Sector Enterprise figuring in 'The Global Innovation 1000' of Booz & Co., a list of 1,000
publicly traded companies which are the biggest spenders on R&D in the world.
 Type Public
 Founded 1964
 Founder Government of India
 Headquarters New Delhi, India
 Area served Worldwide
 Key people Atul Sobti, (Chairman & MD)
 Products Gas and Steam Turbines, Boilers, Electric Motors, Generators, Heat
Exchangers, Pumps, Switchgears, Sensors, Automation and Control Systems, Power
electronics, Transmission systems etc.
 Revenue 26,350.60 crore (US$3.9 billion) (2016)
 Net income 897.39 crore (US$130 million) (profit) (2016)
 Total assets 75,242.57 crores (US$11 billion)
 Total equity 33,156.87 crores (US$4.9 billion)
 Owner Government of India.
32
HAVELLS ELECTRICALS
Havells India Ltd is one of the largest electrical equipment companies in India. Founded
in 1983, the company has products ranging from home and kitchen appliances, lighting for
domestic, commercial and industrial applications, LED lighting, fans, modular switches and
wiring accessories, water heaters, industrial and domestic circuit protection switchgear, industrial
and domestic cables and wires, induction motors, and capacitors among others.
Havells India owns some of the most prestigious Indian brands like Havells, LLoyd,
Crabtree, Standard Electric, and Promptech. The company has 23 branches / representative
offices with over 6,000 professionals in over 50 countries
VISION
"To be a globally recognized corporation that provides best electrical & lighting
solutions, delivered by best-in-class people."
MISSION
To achieve our vision through fairness, business ethics, global reach, technological
expertise, building long term relationships with all our associates, customers, partners, and
employees
VALUES
 Customer Delight: A commitment to surpassing our customer expectations.
 Leadership by example: A commitment to set standards in our business and transactions
based on mutual trust.
 Integrity and Transparency: A commitment to be ethical, sincere and open in our
dealing.
 Pursuit of Excellence: A commitment to strive relentlessly, to constantly improve
ourselves, our teams, our services and products so as to become the best in class.
33
 Household Appliances
 Water Heaters
 Personal Grooming
 Professional Luminaries
 Consumer LED Lighting
 Switches
 Fabio Switches
 Consumer Switchgear & Industrial Switchgear
 Domestic Pumps
 Consumer Cables
 LT/HT Power & Control Cables
 Motor
 Air Cooler
 Resident Roof Top Solar Solution
 Building Circuit Protection
 Miniature Circuit Breaker
 Industrial Circuit Protection
 Professional and Consumer Lighting
 Small Domestic Appliances
 Air Purifiers
 Capacitors
 Ceiling Fans, Table Fans, Pedestal Fans, Wall Fans, Exhaust Fans
 Domestic Water Pumps
AWARDS AND RECOGNITIONS

 Reader’s Digest Trusted Brands In 2015
 Corporate Excellence Award In 2015
 Entrepreneur Of The Year-Consumer Electrical Category In 2014
 Innovative IT Implementation In 2012
34
Havells focuses on innovation as one of the main pillars for growth. An on going research
based on new ideas, inventions gives our work force a new direction towards technical progress.
We have always worked towards making a difference with our products. All of our innovations
focus on making a valuable difference to our customer's lives. Our products like wires – that
don't catch fire, or water heaters – that keep water hot for 24 hours and use little electricity and
more are all made with attention to detail- enabling us to fulfill their responsibility towards our
end user.
Our teams are also focused on providing best products with zero defect services to enable
them to be comfortable and secure in usage of electricity. Havells has dedicated R&d centers in
all its plants and at head office. The centers closely co-operates and work with various
department to provide the best and the latest in the term of technology and design.
QUALITY CONTROL
We are conscious of good quality products manufactured at our plants. Various quality
control measures are taken to deliver products that are safer, faster and simply better. Our teams
realise and respect the basic requirement of our customers for a secure appliance and so we have
committed ourselves to create world-class products in India to maintain the quality globally. All
our products are as per IEC standards. QRG has a simple rule on quality- If it doesn't exceed
customer expectation, it's not quality performance.
 Type Public
 Founded 1964
 Founder Government of India
 Headquarters Noida, India
 Key people Anil Rai Gupta, (Chairman & MD)
 Products Fast Moving Electrical Goods
 Revenue 6,720.24 crore(US$1.0 billion) (2017)
 Net income 539.04 crore(US$83 million) (2017)
 Total assets 4,959.99 crore(US$760 million) (2017)
35
SIEMENS
Siemens AG is a German conglomerate company headquartered in Berlin and Munich

and the largest industrial manufacturing company in Europe company in Europe with branch
offices abroad.
The principal divisions of the company are Industry, Energy, Healthcare (Siemens
Healthineers), and Infrastructure & Cities, which represent the main activities of the
company. The company is a prominent maker of medical diagnostics equipment and its medical
health-care division, which generates about 12 percent of the company's total sales, is its second-
most profitable unit, after the industrial automation division.
VISION
We strive to fulfil this everyday by being open to change and constantly improving
ourselves. We, at SIEMENS, also believe in enhancing the quality of life of our customers,
stakeholders and of course our employees through everything that we do. We also understand the
significance of sustainable growth, and hence endeavour to be a responsible company. Our core
business strategy has sustainability embedded into it right from the beginning. We believe in
giving back to the community and are attuned to the importance of being socially and
environmentally conscious in all that we do.
MISSION
Providing sustainable business solutions in the fields of Energy, Industry and
infrastructure.
 Automation
 Building technologies
 Drive technology
 Energy
 Healthcare
36
 Financing
 Consumer products
OPERATIONS
 Power and Gas

 Wind Power and Renewables
 Energy Management
 Building Technologies
 Mobility
 Digital Factory
 Process Industries and Drives
 Financial Services
 Automation and drive system for steel Mills
In 2011, Siemens invested a total of €3.925 billion in research and development,

equivalent to 5.3% of revenues.As of 30 September 2011, Siemens had approximately 11,800
Germany-based employees engaged in research and development and approximately 16,000 in
the rest of the world, of whom the majority were based in either Austria, China, Croatia,
Denmark, France, India, Japan, Mexico.
 Industry Conglomerate
 Founded 1847
 Headquarters Berlin and Munich, Germany
 Key people Joe Kaeser (CEO)
 Products Power generation technology, industrial and
buildings automation, medical technology, railway vehicles.
 Revenue €83.049 billion (2017)
 Net income €8.309 billion (2017)
 Total assets €43.089 billion
37
DATA ANALYSIS AND INTERPRETATION
MOVING AVERAGE METHOD
1. BAJAJ ELECATRICALS
Table 1.1 BAJAJ ELECTRICALS FOR THE YEAR 2015
SHARE 3 MONTHS MOVING CUMULATIVE MOVING
MONTH PRICE AVERAGE AVERAGE
Jan-15 232.75 0 0
Feb-15 215.2 226.37 0
Mar-15 231.15 227.32 453.68
Apr-15 235.6 247.70 475.02
May-15 276.35 261.63 509.33
Jun-15 272.95 269.25 530.88
Jul-15 258.45 261.92 531.17
Aug-15 254.35 254.35 516.27
Sep-15 250.25 250.08 504.43
Oct-15 245.65 238.27 488.35
Nov-15 218.9 224.85 463.12
Dec-15 210 214.45 439.30
Chart 1.1 BAJAJ ELECTRICALS FOR THE YEAR 2015
600
500 SHARE PRICE
400
300
200 3 MONTHS MOVING
100 AVERAGE
0 CUMULATIVE MOVING
AVERAGE
INTERPRETATION
The share prices of BAJAJ electricals showed significant rise during the first year of
study. Yet, there was an Bullish Trend in the value of shares from Rs.235.6 to Rs.276.3, from
April. There was an Bearish Trend in the value of shares from 245.6 to 218.9, from October.
38
Jan-16 181.6 0 0
Feb-16 157.95 176.52 0
Mar-16 190 192.28 368.80
Apr-16 228.9 218.10 410.38
May-16 235.4 233.97 452.07
Jun-16 237.6 246.85 480.82
Jul-16 267.55 257.28 504.13
Aug-16 266.7 263.05 520.33
Sep-16 254.9 262.72 525.77
Oct-16 266.55 248.13 510.85
Nov-16 222.95 235.53 483.67
Dec-16 217.1 220.03 455.56
600
500
400 SHARE PRICE
300
200 3 MONTHS MOVING
AVERAGE
100
0 CUMULATIVE MOVING
AVERAGE
Aug/16
Oct/16
Feb/16
Sep/16
Nov/16
Dec/16
Mar/16
May/16
Apr/16
Jul/16
Jan/16
Jun/16
INTERPRETATION
The share prices of BAJAJ electricals showed significant rise during the second year of
study. Yet, there was an Bullish Trend in the value of shares from Rs.190 to Rs.228.90, from
March. There was an Bearish Trend in the value of shares from 266.5 to 222.95, from October.
39
Jan-17 241.1 0 0
Feb-17 260.25 271.47 0
Mar-17 313.05 308.37 579.83
Apr-17 351.8 335.63 644.00
May-17 342.05 340.20 675.83
Jun-17 326.75 332.17 672.37
Jul-17 327.7 334.18 666.35
Aug-17 348.1 342.95 677.13
Sep-17 353.05 363.05 706.00
Oct-17 388 402.68 765.73
Nov-17 467 450.90 853.58
Dec-17 497.7 482.35 933.25
1000
800
SHARE PRICE
600
400 3 MONTHS MOVING

AVERAGE
200
CUMULATIVE MOVING
0 AVERAGE
Apr/17
Oct/17
Nov/17
Feb/17
Sep/17
Aug/17
Mar/17
Dec/17
May/17
Jul/17
Jan/17
Jun/17
INTERPRETATION
The share prices of BAJAJ Electricals did not show any significant rise during the third
year of study. Yet, there was an Bullish Trend in the value of shares from Rs.260.2 to Rs.313,
from February. There was an Bearish Trend in the value of shares from Rs.342 to Rs.326, from
May. There was an Bullish Trend in the value of shares from Rs.388 to Rs.467, from October.
40
2. BHEL ELECTRICALS
Table 2.1 BHEL ELECTRICALS FOR THE YEAR 2015
SHARE 3 MONTH MOVING CUMULATIVE MOVING

MONTH PRICE AVERAGE AVAERAGE
Jan-15 191.94 0.00 0
Feb-15 174.78 174.54 0
Mar-15 156.91 163.47 338.01
Apr-15 158.71 161.13 324.60
May-15 167.78 154.51 315.64
Jun-15 137.04 163.47 317.98
Jul-15 185.58 157.86 321.33
Aug-15 150.97 157.86 315.73
Sep-15 137.04 140.19 298.06
Oct-15 132.57 128.77 268.97
Nov-15 116.71 120.68 249.46
Dec-15 112.77 114.74 235.42
Chart 2.1 BHEL ELECTRICALS FOR THE YEAR 2015
400
350
300
SHARE PRICE
250
200
150 3 MONTH MOVING
AVERAGE
100
50 CUMULATIVE MOVING
0 AVAERAGE
Aug/15
Oct/15
Feb/15
Sep/15
Nov/15
Dec/15
Mar/15
May/15
Apr/15
Jul/15
Jan/15
Jun/15
INTERPRETATION
The share prices of BHEL Electricals did not show any significant rise during the first year of
study. Yet, There was an Bullish Trend in the value of shares from Rs.137.04 to Rs.185.58, From
June. There was an Bearish Trend in the value of shares from Rs.167.78 to Rs.137.04, from May,
and was an Bearish Trend in the value of shares from Rs.132.57 to Rs.116.71, from October.
41

Jan-16 92.47 0 0
Feb-16 60.57 76.31 0
Mar-16 75.9 73.36 149.67
Apr-16 83.6 79.94 153.30
May-16 80.33 83.02 162.96
Jun-16 85.13 87.58 170.60
Jul-16 97.27 91.71 179.29
Aug-16 92.73 93.30 185.01
Sep-16 89.9 91.77 185.07
Oct-16 92.67 89.78 181.55
Nov-16 86.77 86.75 176.53
Dec-16 80.8 83.79 170.53
200
150 SHARE PRICE

100
3 MONTH MOVING AVERAGE
50
0 CUMULATIVE MOVING
Dec/16
Mar/16
May/16
Aug/16
Apr/16
Jul/16
Jan/16
Jun/16
Oct/16
Feb/16
Sep/16
Nov/16
AVAERAGE
INTERPRETATION
The share prices of BHEL Electricals did not show any significant rise during the second
year of study. Yet, There was an Bearish Trend in the value of shares from Rs.92.47 to Rs.60.57,
From January. There was an Bullish Trend in the value of shares from Rs.85.13 to Rs.97.27, from
June, and was an Bearish Trend in the value of shares from Rs.92.73 to Rs.89.9, from August,
and Bullish Trend from Rs.89.9 to 92.67, from September.
42

Jan-17 91.37 0 0
Feb-17 108.3 102.75 0
Mar-17 108.57 111.33 214.08
Apr-17 117.13 105.94 217.28
May-17 92.13 99.82 205.76
Jun-17 90.2 93.02 192.84
Jul-17 96.73 90.95 183.97
Aug-17 85.93 88.87 179.82
Sep-17 83.95 89.29 178.16
Oct-17 98 91.32 180.61
Nov-17 92 94.17 185.48
Dec-17 92.5 92.25 186.42
250
200
SHARE PRICE
150
100 3 MONTH MOVING
50 AVERAGE
0 CUMULATIVE MOVING
AVAERAGE
INTERPRETATION
The share prices of BHEL Electricals did not show any significant rise during the third year
of study. Yet, There was an Bullish Trend in the value of shares from Rs.91.37 to Rs.108.3, From
January. There was an Bearish Trend in the value of shares from Rs.117.13 to Rs.92.13, from
April, and was an Bearish Trend in the value of shares from Rs.96.73 to Rs.85.93, from July,
and Bullish Trend from Rs.83.95 to 98, from September.
43
3. HAVELLS ELECTRICALS
Table 3.1 HAVELLS ELECTRICALS FOR THE YEAR 2015

Jan-15 259.3 0 0
Feb-15 269.05 277.83 0.00
Mar-15 305.15 284.72 562.55
Apr-15 279.95 286.97 571.68
May-15 275.8 279.28 566.25
Jun-15 282.1 278.88 558.17
Jul-15 278.75 275.27 554.15
Aug-15 264.95 265.33 540.60
Sep-15 252.3 256.82 522.15
Oct-15 253.2 263.70 520.52
Nov-15 285.6 281.18 544.88
Dec-15 304.75 295.18 576.36
Chart 3.1 HAVELLSELECTRICALS FOR THE YEAR 2015
700
600
500 SHARE PRICE
400
300
3 MONTH MOVING
200
100 AVERAGE
0 CUMULATIVE MOVING
Feb/15
Sep/15
Oct/15
Dec/15
Jul/15
Nov/15
Aug/15
Mar/15
May/15
Apr/15
Jan/15
Jun/15
AVAERAGE
INTERPRETATION
The share prices of HAVELLS Electricals did not show any significant rise during the first
year of study. Yet, There was an Bullish Trend in the value of shares from Rs.269.05 to Rs.305.15,
From February. There was an Bearish Trend in the value of shares from Rs.305.15 to Rs.279.95,
from March, and was an Bearish Trend in the value of shares from Rs.278.75 to Rs.264.95, from
July, and Bullish Trend from Rs.285.6 to 304.75, from November.
44

Jan-16 296.15 0 0
Feb-16 272.2 296.87 0
Mar-16 322.25 309.15 606.02
Apr-16 333 339.92 649.07
May-16 364.5 352.25 692.17
Jun-16 359.25 370.75 723.00
Jul-16 388.5 388.65 759.40
Aug-16 418.2 408.23 796.88
Sep-16 418 414.60 822.83
Oct-16 407.6 389.83 804.43
Nov-16 343.9 364.77 754.60
Dec-16 342.8 343.35 708.12
Chart 3.2 HAVELLS ELECTRICALS FOR THE YEAR 2016

1000
800
SHARE PRICE
600
400 3 MONTH MOVING
200 AVERAGE
0 CUMULATIVE MOVING
AVAERAGE
INTERPRETATION
The share prices of HAVELLS Electricals did not show any significant rise during the second
From January. There was an Bullish Trend in the value of shares from Rs.272.20 to Rs.322.25,
from February, and was an Bearish Trend in the value of shares from Rs.333 to Rs.364.5, from
April, and Bullish Trend from Rs.388.5 to 418.2, from August.
45

Jan-17 418.9 0 0
Feb-17 405.05 430.70 0
Mar-17 468.15 452.20 882.90
Apr-17 483.4 479.97 932.17
May-17 488.35 477.18 957.15
Jun-17 459.8 475.50 952.68
Jul-17 478.35 475.50 951.00
Aug-17 488.35 483.18 958.68
Sep-17 482.85 485.30 968.48
Oct-17 484.7 492.65 977.95
Nov-17 510.4 519.08 1011.73
Dec-17 562.15 536.28 1055.36
Chart 3.3 HAVELLS ELECTRICALS FOR THE YEAR 2017
1200
1000
SHARE PRICE
800
600
400 3 MONTH MOVING
AVERAGE
200
0 CUMULATIVE MOVING
AVAERAGE
INTERPRETATION
The share prices of HAVELLS Electricals did not show any significant rise during the third
From February. There was an Bullish Trend in the value of shares from Rs.488.35 to Rs.459.8,
from May, and was an Bearish Trend in the value of shares from Rs.459.8 to Rs.478.35, from
June and Onwards.
46
4. SIEMENS ELECTRICALS
Table 4.1 SIEMENS ELECTRICALS FOR THE YEAR 2015

Jan-15 1039.85 0 0
Feb-15 1333.85 1256.17 0
Mar-15 1394.8 1362.55 2618.72
Apr-15 1359 1374.00 2736.55
May-15 1368.2 1359.27 2733.27
Jun-15 1350.6 1391.20 2750.47
Jul-15 1454.8 1357.92 2749.12
Aug-15 1268.35 1348.82 2706.73
Sep-15 1323.3 1306.32 2655.13
Oct-15 1327.3 1296.87 2603.18
Nov-15 1240 1256.03 2552.90
Dec-15 1200.8 1220.40 2476.43
Chart 4.1 SIEMENS ELECTRICALS FOR THE YEAR 2015
3000
SHARE PRICE
2000
1000 3 MONTH MOVING

AVERAGE
0
CUMULATIVE MOVING
Nov/15
Oct/15
Aug/15
Feb/15
Sep/15
Dec/15
Mar/15
May/15
Apr/15
Jun/15
Jul/15
Jan/15
AVAERAGE
INTERPRETATION
The share prices of SIEMENS Electricals did not show any significant rise during the first
From February. There was an Bullish Trend in the value of shares from Rs.1394.8 to Rs.1359,
from March, and was an Bearish Trend in the value of shares from Rs.1350.6 to Rs.1454.8, from
June and Bullish Trend from Rs.1454.8 to 1268.35, from July.
47

Jan-16 1022.8 0 0
Feb-16 988.55 1036.68 0
Mar-16 1098.7 1075.78 2112.47
Apr-16 1140.1 1148.70 2224.48
May-16 1207.3 1219.38 2368.08
Jun-16 1310.75 1279.65 2499.03
Jul-16 1320.9 1300.03 2579.68
Aug-16 1268.45 1276.63 2576.67
Sep-16 1240.55 1232.70 2509.33
Oct-16 1189.1 1172.42 2405.12
Nov-16 1087.6 1129.83 2302.25
Dec-16 1112.8 1100.20 2230.03

3000
2500
2000 SHARE PRICE
1500
3 MONTH MOVING
1000
AVERAGE
500
CUMULATIVE MOVING
0 AVAERAGE
Oct/16
Nov/16
Feb/16
Sep/16
Aug/16
Dec/16
Jan/16
Mar/16
May/16
Jul/16
Apr/16
Jun/16
INTERPRETATION
The share prices of SIEMENS Electricals did not show any significant rise during the second
From January. There was an Bearish Trend in the value of shares from Rs.1320.9 to Rs.1268.45,
from July, and was an Bearish Trend in the value of shares from Rs.1240.55 to Rs.1189.1, from
September.
48

Jan-17 1148.85 0 0
Feb-17 1206.25 1204.30 0
Mar-17 1257.8 1258.60 2462.90
Apr-17 1311.75 1314.37 2572.97
May-17 1373.55 1339.75 2654.12
Jun-17 1333.95 1386.45 2726.20
Jul-17 1451.85 1357.03 2743.48
Aug-17 1285.3 1312.12 2669.15
Sep-17 1199.2 1252.45 2564.57
Oct-17 1272.85 1222.55 2475.00
Nov-17 1195.6 1235.08 2457.63
Dec-17 1236.8 1216.20 2451.28

3000
2500
2000 SHARE PRICE
1500
1000 3 MONTH MOVING
AVERAGE
500
0 CUMULATIVE MOVING
AVAERAGE
Oct/17
Apr/17
Nov/17
Feb/17
Aug/17
Sep/17
Mar/17
Dec/17
Jan/17
May/17
Jul/17
Jun/17
INTERPRETATION
The share prices of SIEMENS Electricals did not show any significant rise during the third
From March. There was an Bearish Trend in the value of shares from Rs.1451.85 to Rs.1285.3,
from August.
49
FINDINGS, SUGGESTIONS& CONCLUSION
FINDINGS
BAJAJ ELECTRICALS
 In the year 2015, the value of share prices was higher between the months of May and
June. Hence, the Investors will decide to buy shares during such months and later sell them
at a higher share price. Investors will not buy the shares of Bajaj electircals in the months
of November and December as the share prices were constantly fluctuating.
 In the year 2016, the value share prices of Bajaj electrical was fluctuating in the months of
January, February and March. The best time to buy share were in the months of May, June,
July and August. The share prices were constantly in Bullish Trend.
 In the year 2017, the value of share prices was higher between the months of April, May,
September, November and December. Hence the investors opted to buy shares during such
months and sell them at a higher price. Investors will not opt to buy the shares of Bajaj
electricals in the month of January and February.
 The moving average method on Bajaj Electricals shows the share price moved on the
direction of moving average curve.
BHEL ELECTRICALS
 In the year 2015, the value of share prices was higher in the months of January, February
and July. Hence, the Investors will decide to buy shares during such months and later sell
them at a higher share price. Investors will not buy the shares of BHEL electircals in the
months of November and December as the share prices were constantly fluctuating.
 In the year 2016, the value of share prices was higher in the months of July and August.
Hence, the Investors will decide to buy shares during such months and later sell them at a
higher share price. Investors will not buy the shares of BHEL electircals in the month of
February as the share prices were constantly fluctuating. In this year the share prices were
fluctuating constantly.
 In the year 2017, the value of share prices was constant and did not show any significant
changes in the Trend. Hence, the Investors will opt to buy shares in the months of March
50
and April. The share prices was at a Bearish Trend in the months of August and September.
BHEL company has a downward falling moving average curve
 The close price of BHEL company closely moves with the moving average curve even
though it faces a downward curve due to fall in share prices.
 BHEL recovering from the fall of share prices as it can be visually seen in the chart as the
close prices moving upwards as the trend line is moving less to the downward direction.
HAVELLS ELECTRICALS
 In the year 2015, the value of share prices was higher in the months of March and
December. Hence, the Investors will decide to buy shares during such months and later sell
them at a higher share price. Investors will not buy the shares of Havellselectircals in the
months of September and October as the share prices were in Bearish Trend.
 In the year 2016, the value of share prices was higher in the months of August and
September. Hence, the Investors will decide to buy shares during such months and later sell
them at a higher share price. Investors will not buy the shares of Havellselectircals in the
months of January and February as the share prices were constantly fluctuating.
changes in the Trend. Hence, the Investors will opt to buy shares in the months of July to
December. The share price was at a Bearish Trend in the month of January.
SIEMENS ELECTRICALS
 In the year 2015, the value of share prices was higher in the months of April and May.
higher share price. Investors will not buy the shares of Siemens electircals in the months of
November and December as the share prices were in Bearish Trend.
 In the year 2016, the value of share prices was higher in the months of June and July.
higher share price. Investors will not buy the shares of Siemens electircals in the month of
November as the share price were constantly fluctuating.
51
changes in the Trend. Hence, the Investors will opt to buy shares in the months of May and
July. The share prices was at a Bearish Trend in the month of January and February.
52
SUGGESTIONS
While comparing the data of the selected electrical companies, the shares prices of
Havells Electricals is the most preferred investment choice as the return is constant. From the
study, Investors are suggested to invest their shares in Havells Electricals in the year coming
years as the primary trend of the Havells Electricals share prices is on an increasing scale. It is
also good for long term Investment
The share prices are falling down of Bhel Electricals and BAJAJ Electricals but steadily
rising in primary trend and good for short term investments. But share prices do not show
promising returns.
The share prices of Siemens Electricals are also moving towards Bullish Trend who are
looking to make quick profits. Since Siemens has major market share holding over the decade in
India they are able to provide the constant returns to the investors.
From this study we suggest to the investors to invest in Havells Electricals since it is able
to provide constant returns with low risk involved in the shares but in the shares prices of Bhel
Electrricals and Bajaj Electricals, there is a Bullish Trend involved. The shares of Siemens
Electricals are performing at a mediocre rate with minimal risks and marginal returns.
Volatile markets are characterized by wide price fluctuations and heavy trading. They
often result from an imbalance of trade orders is one direction, wide price fluctuations are a daily
occurrence on the world's stock markets as investors react to economic business and political
events. Market watchers see high volatility as a sign of investor nervousness which, in the
counter-intiative world of market, is of course bullishThe present study on the simple moving
average model applied on selected company's scripts would help the investors to take investment
decision. It is suggested that the investors can invest in the shares that shows a definitive signal
of buy or sell decisions. The investors can invest in the companies which are recovering out of
either over brought or oversold condition since there might be a definite trend reversal in those
stocks. It is also advised for the investors to hold the stock which keep fluctuating unless until
the stock follows definite bearish or bullish trend.
53
CONCLUSION
The downward movement of trend line is moved along with the Share price, when there
are intensive movements due to varying demand it is restored eventually in a long run, when the
close price is falling constantly the trend lines moves along with it. Comparing Bhel with Bajaj
Electricals, Havells Electricals and Siemens, Bhel faced a drastic fall in share price constantly
after in long run from the month September 2017 it shows a positive stock price movement, On
the other side Havells Electricals share prices moved gradually in the direction of moving
average curve. With the boom in the market there are many investors who are willing to take
more risk and able to make better returns in the market as all the selected electrical companies
are performing well to boast about a positive primary trend in the long run.
After analysing and interpreting the share price movement of electrical companies,
Wecame to know in the assumption point of view that share prices may fluctuate through
varying in demand but in long run it always tends to move in the direction of trend. Intensive
movements of stock price can be revived in long run.
54
BIBLIOGRAPHY
JOURNALS
 Marketing intelligence and Planning

 Managerial Finance
 Advances in Econometrics
 International Journal of Sports Marketing and Sponsorship
 Review of Accounting and Finance
 Advances in Financial Economics
 Journal of Asia Business Studies
 International Journal of Managerial Finance
 Accounting, Auditing & Accountability Journal
WEBSITES
 WWW.Investopedia.com
 WWW.Wikipedia.com
 WWW.Emraldinsight.com
 WWW.BSE.com
 WWW’Bajajelectricals.com
 WWW.BHEL.com
 WWW.Havellselectrical.com
 WWW.Siemens.com
55
ANNEXURE
BAJAJ ELECTRICALS 2015-2017
DATE OPEN PRICE HIGH PRICE LOW PRICE LAST PRICE

Jan’15 236.25 238.7 231.5 233.25
Feb’15 221.7 225.9 211.8 215.2
Mar’15 230.25 234.5 230.25 231.15
Apr'15 229.95 238.7 227.1 235.6
May'15 270.8 280 270.25 276.35
Jun'15 265 274.9 265 272.95
Jul'15 258.3 263.8 255.6 258.45
Aug'15 248.9 255.9 248.85 254.35
Sep'15 249.7 251.8 248.8 250.25
Oct'15 248.05 251.85 244.5 245.65
Nov'15 225.1 225.55 218.1 218.9
Dec'15 211 212.95 207.9 210
Jan'16 182 183.75 180.3 181.6
Feb'16 157.45 159.9 155 157.95
Mar'16 192.5 192.5 188.4 190
Apr'16 222.05 235 225 228.9
May'16 232 240.05 231 235.4
Jun'16 232 239.7 232 237.6
Jul'16 267.15 270.8 266 267.55
Aug'16 265 271.75 261.25 266.7
Sep'16 250.1 260.3 246.9 254.9
Oct'16 261.4 268.8 261.4 266.5
Nov'16 217.8 226.5 216.5 222.95
Dec'16 211.5 222.9 211.5 217.1
Jan'17 238.8 243.9 238.8 241.1
Feb'17 260 262.5 257 260.25
Mar'17 322.8 322.8 311.35 313.05
Apr'17 347.65 352.5 347.05 351.8
May'17 342.85 359.9 338.45 342.05
Jun'17 331 331 325.05 326.75
Jul'17 336 338 323.7 327.7
Aug'17 343.8 353.9 340 348.1
Sep'17 358.9 362.45 350.3 353.05
Oct'17 387.5 393.75 386.05 388
Nov'17 477.75 484.8 455.3 467
Dec'17 496 501.7 492 497.7
56
BHEL ELECTRICALS 2015-2017
Jan’15 192.68 198.54 190.34 194.51
Feb’15 183.34 186.34 168.01 174.78
Mar’15 159.97 161.34 155.34 156.91
Apr'15 154.34 162.14 150.41 158.71
May'15 167.01 172.01 164.97 167.78
Jun'15 164.57 167.18 164.04 165.27
Jul'15 191.34 193.11 184.84 185.58
Aug'15 154.67 155.21 150.31 150.97
Sep'15 132.81 137.84 132.07 137.04
Oct'15 135.67 136.27 131.87 132.57
Nov'15 117.87 118.87 116.44 116.71
Dec'15 113.14 113.51 111.61 112.77
Jan'16 91.84 93.1 91 92.47
Feb'16 63.87 64.34 60.1 60.57
Mar'16 76.07 77.14 75.34 75.9
Apr'16 83.34 84.54 82.1 83.6
May'16 80.67 82.2 79.67 80.34
Jun'16 82.57 85.47 82.14 85.14
Jul'16 98.67 99.27 96.67 97.27
Aug'16 93.4 94.44 92.1 92.74
Sep'16 88.67 90.24 87.94 89.8
Oct'16 93.34 93.47 92.34 92.67
Nov'16 86.64 87.64 86.07 86.77
Dec'16 79.67 81.07 79.34 80.8
Jan'17 92 94.07 90.8 91.37
Feb'17 101.54 109.21 101.54 108.31
Mar'17 109.34 110.64 108.27 108.57
Apr'17 117.67 118.54 116.27 117.14
May'17 93.47 94.67 91.77 92.14
Jun'17 90.6 91.44 89.6 90.2
Jul'17 96.34 97 96 96.74
Aug'17 85.34 86.17 84.9 85.94
Sep'17 84 84.9 83.05 83.95
Oct'17 96.35 99 95.5 98
Nov'17 93 93.4 91.5 92
Dec'17 92.5 93.6 92.25 92.5
57
HAVELLS ELECTRICALS 2015-2017
Jan-15 265 265.35 258.3 259.3
Feb-15 274 277.15 263.2 269.05
Mar-15 311 311 302.1 305.15
Apr-15 283 283 276.95 279.95
May-15 271.95 277 271 275.8
Jun-15 283 285 272.75 282.1
Jul-15 279.5 283.35 277.15 278.75
Aug-15 268 270 263.15 264.95
Sep-15 251.05 253.65 248.7 252.3
Oct-15 250.05 256.4 250.05 253.2
Nov-15 289.1 289.2 284.85 285.6
Dec-15 300.7 305.25 298.1 304.75
Jan-16 297 297.9 292.1 296.15
Feb-16 274 275 267.55 272.2
Mar-16 315 324.7 313.5 322.25
Apr-16 336.85 229.5 330.5 333
May-16 372.2 378 358 364.5
Jun-16 358 360.35 355 359.25
Jul-16 381.1 391.8 380.8 388.5
Aug-16 421.6 425.25 416.25 418.2
Sep-16 407 420 406.25 418
Oct-16 408 408.45 406 407.6
Nov-16 347.5 348.15 339.7 343.9
Dec-16 332 343.85 330 342.8
Jan-17 421 423 415.35 418.9
Feb-17 402.4 407 396.4 405.05
Mar-17 475 475 463.35 468.15
Apr-17 478.4 488.4 473.6 483.4
May-17 483.8 491.45 474.3 488.35
Jun-17 449 461.75 441.3 459.8
Jul-17 460 480 459.75 478.35
Aug-17 485.55 491 483.1 488.35
Sep-17 479 488.95 472.55 482.85
Oct-17 491.7 495.5 483.25 484.7
Nov-17 518 522.1 508.4 510.4
Dec-17 552 573 550 562.15
58
SIEMENS 2015-2017
Jan-15 900.8 1083.25 876.75 1039.85
Feb-15 1048 1368.8 1041.2 1333.85
Mar-15 1340 1499.55 1318.3 1394.8
Apr-15 1390.15 1488.5 1216.4 1359
May-15 1371 1417 1230.5 1368.2
Jun-15 1362 1407 1275 1350.6
Jul-15 1352.15 1508.1 1352.15 1454.8
Aug-15 1450 1558 1109.25 1268.35
Sep-15 1264.55 1340 1135.65 1323.3
Oct-15 1339 1395 1316 1327.3
Nov-15 1327 1359.2 1201.95 1240
Dec-15 1244 1249.4 1120.1 1200.8
Jan-16 1200 1225.9 969 1022.8
Feb-16 1024 1067 970 988.55
Mar-16 992 1105.05 990 1098.7
Apr-16 1094.85 1198.5 1094.25 1140.1
May-16 1148 1235 1120 1207.3
Jun-16 1213 1320 1197.25 1310.75
Jul-16 1307 1355.4 1271.05 1320.9
Aug-16 1335 1349.8 1234 1268.45
Sep-16 1269.9 1318 1210 1240.55
Oct-16 1250 1269.8 1154 1189.1
Nov-16 1187 1191 1011 1087.6
Dec-16 1081.9 1151 1045 1112.8
Jan-17 1147 1199.55 1107 1148.85
Feb-17 1141 1258.85 1135 1206.25
Mar-17 1216.05 1272.75 1184 1257.8
Apr-17 1255 1358.5 1255 1311.75
May-17 1323.55 1470 1317.65 1373.55
Jun-17 1372 1412 1278.1 1333.95
Jul-17 1336.6 1470 1328.5 1451.85
Aug-17 1425.05 1450 1245.15 1285.3
Sep-17 1292.05 1450.4 1179.95 1199.2
Oct-17 1208 1293.4 1185.65 1272.85
Nov-17 1277.55 1289.4 1165 1195.6
Dec-17 1204.15 1270.5 1123.3 1236.8
59

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INTRODUCTION

The over-the-counter (OTC) market is an example of a secondary market. An OTC

Factors Affecting the Share Prices

Capital Market Equity Analysis

A greater role for the social media networks: 

Additional electronic trading options:

Enhanced connectivity and interactivity:

Share Market Analysis for Business Improvement Of Electrical Companies

 Identifying areas where your business is underperforming

 Providing evidence to inform your decision making.

Advantages of Technical Analysis

 Market news reflects the stock prices

 Entry and exit recommendations

 Technical indicators mixed signals

Objective of The Study

 To analyse the changes in Share Price movements of selected electrical companies.(Bajaj,

Limitations of the Study

Historical data of four electrical companies for the year 2015-2017.

1. Bajaj electricals (BAJAJELEC)

All the companies are listed in BSE.

Analysing the historical share prices using

 Moving Averages in Theory and Practice

 Cumulative Moving Average

Meaning of Literature Review:

Purpose of a Literature Review:

Author: Nobuhiko Terui

 TOPIC: Market share, profits and business strategy

 TOPIC: Measuring delayed and long‐term effects of pricing decisions on market

Author: Nobuhiko Terui

 TOPIC: Technical analysis is the evaluation of securities/assets by means of studying

 TOPIC: Detecting new trends early using mechanical trading rules

 TOPIC: One type of technical Analysis

 TOPIC: Technical Analysis

Author: John Murphy

Authors: Dennis Fok, Philip Hans Franses, Richard Paap

 TOPIC: The impact of new, renewal and termination sponsorship announcements

 TOPIC: Short- and Long-Term Share Price Reaction to Announcements of

 TOPIC: Speed of share price adjustment to information

Author: Dennis Chan

Author: Michael Firth

 TOPIC: Are Share Price Reactions To Rights Offerings Sensitive To Different

 TOPIC: Underpricing, share retention, and the IPO aftermarket liquidity

 TOPIC:Perceptions of share price: long‐term or short‐term oriented

Author: Terhi Chakhovich

BAJAJ GROUP (PARENT COMPANY)

 Enhancing quality of life and bringing happiness with sustainability

AWARDS AND RECOGNITION

 Industry Electrical equipment

It has a network of 17 manufacturing units, 2 repair units, 4 regional offices, 8 service

AWARDS AND RECOGNITIONS

MAIN MANUFACTURING FACILITIES

RESEARCH AND DEVELOPMENT

AWARDS AND RECOGNITIONS

Siemens AG is a German conglomerate company headquartered in Berlin and Munich

PRODUCTS AND SERVICES

 Power and Gas

RESEARCH AND DEVELOPMENT

In 2011, Siemens invested a total of €3.925 billion in research and development,

MOVING AVERAGE METHOD

Chart 1.1 BAJAJ ELECTRICALS FOR THE YEAR 2015

Chart 1.2 BAJAJ ELECTRICALS FOR THE YEAR 2016

Chart 1.3 BAJAJ ELECTRICALS FOR THE YEAR 2017

400 3 MONTHS MOVING