Indian Stock Broking Industry Overview

CHAPTER-1
INTRODUCTION
INDUSTRY PROFILE
About financial services
Financial services are the economic services provided by the finance industry to do the
business by common people in the financial market there the people can do the transactions
in the banking sectors making investments and in stock broking agency and insurance
companies.
SECURITIES EXCHANGES
A stock exchange is a place where the shares of various companies are traded to exchange
where the buying and selling of shares takes place. In this exchange they only exchange the
shares they do not involve in the settlement of transaction amount.
INDIAN STOCK BROKING INDUSTRY
Indian stock broking agency is one of the oldest stock broking agencies in India it was
established in the year 1875. Afterwards it has made several changes in the industries to
attain a sustainable growth.
PRE-INDEPENDENCE SCENARIO
In 1875 they have established the Bombay stock exchange in Bombay.
In 1894 they have established Ahmadabad stock broking association.
In 1908 they formed a Calcutta stock exchange.
In 1920 they established madras stock exchange.
In 1944 they established the Hyderabad stock exchange.
In 1947 Delhi stock exchange was established.

POST INDEPENDENCE SCENARIO
In 1947 after India got independence the nation went into the depression which leads to the
closure of many stock exchanges in the country. During that period Lahore stock exchange
was closed down after the partition of India and Pakistan but later on it merged with Delhi
stock exchange.
In 1957 they established the Bangalore stock exchange but it came into existence in 1963.
THE EXCHANGES THAT WERE RECOGNIZED UNDER THE ACT WERE:
1. Bombay
2. Calcutta
3. Madras
4. Ahmadabad
5. Delhi
6. Hyderabad
7. Bangalore
8. Indore
MAJOR PLAYERS IN THE REGION:
1. Religare Securities
2. ICICI Direct
3. India Info line Security Pvt. Ltd.
4. HDFC Securities
5. India bulls
6. Kotak securities
7. BMA Wealth Creators Ltd.
8. Share khan Securities
9. Motilal Oswal
10. Anand Rathi Securities
FINANCIAL MARKETS
In general there is no significant meaning for financial market where ever the financial
transaction takes place it is assumed as a financial market, hence financial market are
pervasive in nature financial transactions are pervasive throughout the economic system.
However, the financial market is referred to those centers and arrangements which facilitates
the buying and selling of the financial assets, claims and services.
CAPITAL MARKET
Capital market is a market where the shares are traded for a long period of time. It generally
deals with the long term securities where it will get maturity only after one year.
It is further classified as:
 Industrial securities market

 Government securities market
 Long terms loan market
MONEY MARKET
Money market is the market where only short term securities are traded. The securities that
are traded here will get mature within one year. The securities that are traded in money
market are purely a short term funds.
Money markets are sub classified into:
 Call money market

 Commercial bills market
 Treasury bills market
 Short term loans market
COMPANY PROFILE
BACKGROUND OF THE COMPANY
BMA is purely finance based company which was being established with a motive of
extending financial services to the corporate sector and is working accordingly.
Its main headquarter is at Kolkata and has 100 strategically located branches across India; the
company makes its presence felt through 8000 business outlets.
It also houses an employee base of over 14000 across its branches which worked towards a
better financial tomorrow.
BMA guides to gain moderate return over long term through investments in the capital
market.
BMA is incorporated in 2000, and become BMA wealth creators limited as a private limited
company in 2004. at the moment it enjoys a most important position in finance and insurance
broking in India. Currently it includes around 8000+ business outlets.
PROMOTERS OF BMA WEALTH CREATORS LTD
ANUBHAV BHATTER-MD AND CEO
AVINASH AGARWAL-DIRECTOR
SARAT MURARKA-NATIONAL HEAD
SHIVKUMAR DAMINI-DIRECTOR
SAIKAT GANGULY-CEO
COMPANY’S VISION AND MISSION STATEMENT:
VISION STATEMENT:
To provide integrated financial services building investor wealth and confidence.
MISSION STATEMENT:
To be a premier financial supermarket providing integrated investment services.
PRODUCTS /SERVICES PROFILE:
The products and services that are accessible include securities, credit services;Demat
account for share trading, fast loans, money control services, mutual fund news,
commodity and realty retail and review along with technical analysis of the market.
BMA offers the efficient, dependable and accurate research-based analysis of the
stock market as an equity research forms. These help you in deciding which stock or
share to invest in India. Bulls also provide commodity brokerage services under BMA
commodities private limited. It deals in research work and formation of reports on
agri-commodities and metals. ICPL has one of the largest retail branch networks in
the country.
The security offering at BMA include equity research, commodities, internet trading
and online IPO (Initial Public Offering). BMA Consumer Finance services cover
personal loans, auto loan, commercial vehicle loans and mortgage services include
homes loans and loans against property.
THE PRODUCT OFFERINGS:

 Equity broking
 Derivatives broking
 Commodity broking
 Depository broking
 Investment advisory
 Mutual funds
 Bonds
 IPOs
 Global market trading
 General insurance
 Life insurance
AREA OF OPERATION
BMA wealth creators being private financial services provider and brokerage firm operates
well in national market. With more than 8000+ business outlets across India, the company
provides services all over country.
OWNERSHIP PATTERN:
BMA wealth creators ltd is a private limited company is fully owned by Mr. ANUBHAV
BHATTER
COMPETITOR’S INFORMATION
THE MAJOR COMPETITORS ARE:
 ICICI Securities Ltd

 Share Khan Ltd
 Motilal Oswal Securities Ltd
 Reliance Money Ltd
 Religare Ltd
 Kotak Mahindra Securities Ltd
 Angel Broking Ltd
INFRASTRUCTURAL FACILITIES:
BMA Wealth Creators Ltd has good infrastructure facilities towards the technical and
fundamental activities to customer and employees.
 Single screen interface for cash and derivatives.

 They provide online trading account to invest in equities and derivatives.
 Transfer of cash to the investors account after buying and selling of shares.
 Integration of online trading + Bank + Demat account.
 Excellent back office software.
 Quick and efficient client support.
 Client support through remote control.
 Good network
 Proper accommodation for their employees.
SWOT ANALYSIS
BRIEF ABOUT SWOT ANALYSIS
A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses,
opportunities and threats of an organization.
A SWOT analysis is developed by Albert S Humphrey in 1960s, the tool is very useful and it
can be used in 2 ways it helps to implement the strategies in a right way.
A SWOT analysis is done for analyzing for a product, place, industry or person. It specifies
the goals of the business venture or project and identifying the factors that are favorable and
unfavorable to reach thegoal.
STRENGTHS:
 Decades of experience by maintaining the trust and credibility in Indian Stock market.
 There are 8000+ business outlets in various parts of India.
 They have a strong, innovative, and strategic advisory services
 They have a huge knowledge on Indian mid market corporate clients
 Comprehensive range of financial services for HNIs and retail investors.
 They have a experienced team of technical and fundamental analysis.
 A well equipped customer team, which will assist a new comer in the matters relating
to transactions, billing, De-mat and other technical queries.
WEAKNESS
 Slight entry level of investors.

 Highly risk oriented business.
 They don’t more focus on advertisement.
 The competitors like ICICI and KOTAK will not provide complete information about
financial services.
OPPORTUNITIES:
 BMA has tied up by way of other third party companies to sell their products.
 Well-built thrust in license in the last two years.
 Booming financial market both country wide and worldwide.
 Market expansion i.e. opening branches at untapped areas.
 Critical mass and experience across the globe.
 BMA is registered with Luxembourg stock exchange and so can target other stock
exchanges.
 Increase in varied domestic assignments- follow on issues, buyback program, open
offers, IPOs.
THREATS
 Making more changes in capital market such as rules and regulations etc.
 Mounting opposition in the industry.
 Banks with Demat facility jockeying for position.
 Fast changing in technology.
 Increasing number in the defaulters and threat of security in terminals.
FUTURE GROWTH AND PROSPECTS:
The company has a good network of franchisee and offices in south India and is planning
to open more offices in north India. Also, the company is launching its IPO in the year
2018 and hence a good growth is expected.
FINANCIAL STATEMENT ANALYSIS
BALANCE SHEET
Mar ' 2020 Mar ' 2019

Sources of funds
Equity share capital 23.34 23.34
Preference share capital
Reserves & Surplus 49.59 58.66
Loan Funds
Secured loans 6.1
Unsecured loans 6.44
Total Debt 85.47 82
Uses funds
Gross block 31.43 31.58
less: Revaluation reserve
less Accumulated depreciation 23.62 18.29
Net block 7.81 13.29
Capital work-in-progress 0.08 0.12
Investments 36.74 37.24
Net Current Assets
Current assets, loans & advances 55.3 62.4
less : current liabilities & provisions 15.02 30.6
Total net current assets 40.28 31.8
Total 84.91 82.45
Notes:
Book value of unquoted investment 36.74 37.33
Market value of quoted investments 14.16 9.89

contingent liabilities 233.58 233.11
Number of equity shares outstanding 233.58
RATIO ANALYSIS:
Ratio 2020 2019

Current Ratio 3.68 2.04
Debt Equity Ratio 3.66 3.51
Proprietary ratio 0.92 0.82
GRAPH SHOWING ANALYSIS OF THE COMPANY’S RATIO
Ratio Analysis
4
3.5
2.5
1.5
0.5
0
Current Ratio Debt Equity Ratio Proprietory ratio
Chapter-2
Theoretical background of the study

RISK
Risk refers to the possibility of genuine return of an investment made will be deviate from its
expected return. When investment is made there will be a possibility of loss in the market
mean the while there will be the variability while earning the returns.
To analyze the return on investment standard deviation is calculated to avail the risk of the
return
Components of risk:
 Systematic risk
 Unsystematic risk
SYSTEMATIC RISK:
Systematic risk is a risk caused due to the external factors in the organization. Such risks are
uncontrollable by the organization.
 MARKET RISK:
Market risk is caused due to the fluctuations in the stock market that take place in
particular shares and securities that occurs when there is a raise and fall in the trading
price.
 INTEREST RATE RISK:

Interest rate risk is occurred when there is variability in the interest rates. It affects
only the debt securities which carries fixed rate of interest.
 PURCHASING POWER RISK:

Purchasing power risk is also known as inflation risk. it occurs from where the
purchaser purchases the shares at his own risk. it is not advisable to trade during the
inflationary period.
 DEFAULT RISK:
Default risk is a risk in which the company or individual will be unable to make
payments for debt obligations. Lenders and investors are uncovered to default risk in
nearly all forms of credit extensions.
UNSYSTEMATIC RISK:
Unsystematic risk is the risk averse by the organization which occurs inside the
organization which can be controllable from the organization point of view.
Unsystematic risk
Controllable by an organization
Micro in nature
Business risk/ liquidity Financial risk/ Operational risk

risk
Credit risk
 BUSINESS OR LIQUIDITY RISK:

Business risk is also known as liquidity risk. it is a risk where it occurs by selling and
purchasing of securities by changes in technologies and business cycles.
 FINANCIAL CREDIT RISK:

Financial risk is also known as credit risk. Financial risk is arises due to the changes
in the organization that are made.
The funds are sourced by following sources:
 Owned funds. For e.g. share capital.
 Borrowed funds. For e.g. loan funds.
 Retained earnings. For e.g. reserve and surplus.
 OPERATIONAL RISK:
Operational risks are occurred due to the errors occurred due to human errors.
This type of risk will be varied from business to business.
STATISTICAL TOOLS USED FOR MEASURING RISK AND RETURN:
 RATE OF RETURN:
The rate of return for the automobile stock is calculated using monthly closing price
for each company for the period of one year
Today’s price - yesterday’s price

RI= * 100
Yesterday’s price
 BETA:
Beta indicates the systematic risk where it shows the volatility of the market. It is
used in a CAPM model. The Beta of more than 1 indicates the aggressiveness in
nature and the Beta less than 1 indicates that it is defensive in nature.
N ∑Rxy-(∑Rx*∑Ry)
β=
N∑Rx2-(∑Rx)2
 ALPHA:
Alpha is used to measure the volatility of the market along with the Beta. Alpha is
used to measure the return that has been invested in the market the positive Alpha
indicates the positive return and the negative alpha indicate the negative return.
α = (Rx) – β * (Ry)
 STANDARD DEVIATION:
Standard deviation is a measure of dispersion of a set of data from its mean. it is
calculated is the square root of variance and it is applied to the annual rate of return.
∑ (Ri – R mean)2
S.D =
N–1
 CO-EFFICIENT OF VARIATION:
Coefficient of variation represents the ratio of standard deviation to the mean; it is
useful to compare the degree of variation from the series of data. Coefficient of
variation helps to know the variations to determine the volatility of the amount o0f
return from the investment.
Standard deviation
CV= * 100
Rmean
LITERATURE REVIEW
1. Pamane, Kolani, Vikpossi, AnaniEkoue (2019) Studied on an analysis of the

relationship between risk and return in BMRV Stock Exchange: to analyse the risk
and return he used a important concept called CAPM model in investment theory. The
study conducted in WAEMU space stock market called Bourse
RigionaleDesvaleursecorMobiliers using the returns of selected sectors in a stock
exchange by using the methods of CAPM model. The results of the study conducted
show the relationship of linearity and the non-linearity between the return and betas.
The hypothesis showed that the relationship between return and beta is linear.
2. Rao, D Tripati, Mandia, Jasdeep, Anand, Abhishek, (2017) studied on Risk and
Return analysis of sectorial portfolios of stocks. .awell organized frontline signifies
the minimum risk is achieved through diversification. i.e., systematic risk .that can be
taken for any other value for expected return using modern portfolio theory of mean
portfolio theory. It was used for the comparison between selected portfolios based on
the monthly returns using R-statistical tool computing tool. As a result he found that
the selected portfolios of stock follow MPT in general risk connected with increasing
in anticipated rate of return but organized frontline decreases.
3. Adedokun, O A; Ogunsemi, DR; Aie, I O; Awodele, O A; Dairo, D O (2018)studied

on evaluation of qualitative risk analysis techniques in selected large construction
companies in Nigeria.
The study is conducted to assess the acceptance of qualitative risk analysis techniques
on structured projects in Nigeria. They make use of the method of questionnaire
survey and a depth interview was employed in gather data for the study.
From the study they assess the intensity of knowledge, awareness, utilization success
and the factors affecting the utilization success and the factors affecting the utilization
of qualitative risk analysis techniques.
From the above study they found that there was low level adoption of QRAT by
taking full advantage of QRAT the analysis made by researcher of risks are inherent
in construction projects.
4. Rashid, Abdul, Hamid, Faiza (2015) Risk analysis of returns on Karachi stock
exchange.
The study was conducted for evaluation of the mean variance capital asset pricing
model (CAPM) and downside risk based CAPM (DR-CAPM) developed by Bawa
and Lindenberg (1977), Harlow and Rao (1989) and Estrada (2002)to review which
problem beta better explain expected return.
They adopted the methodology by using the closing prices of monthly data of stocks
in (KSE). They collected the data of 2 years for the study The average, weakness, and
upside betas are expected for in various means of time and to assess the risk involved
in that. from the study that found that the result shows that mean variance CAPM is
showing a negative premium in selected stocks. As a result investors will be helpful to
identify risk and to construct well diversified portfolio.
5. Kushalappas, Kundar, Sharmila (2019) study on the risk management through

efficient portfolio.
Risk management is a process of classification, analysis and either acceptance or
improvement of indecision in investment decision making. Inadequate risk
management can result in severe consequences for companies as well as individuals.
It is the process of analyzing the risk exposure and attempting to minimize it through
various means, including diversification of portfolio. Portfolio constructed in this
study includes only stocks and no other investment avenues are included. The sectors
selected for study are best 5 sectors for investment at present. Here an attempt is made
by authors to analyze the risk and return of various portfolios by using Markowitz
model and William Sharpe model.
The purpose of the study is to find out the efficient portfolios which help the investors
to maximize their return for given level of risk.
6. Al Janabi, MazinA M (2012) study on risk analysis, reporting and control of equity
trading exposure. The study provides the real techniques applied to equity trading
portfolios. The market risk management is used for methods and procedures in
entities and adopts the specific needs of rising countries. The study aims to fill the gap
in trading risk management literature in prospects of emerging and liquid markets.
7. Henry, Wayne Saint Aubyn (2016) studied on Capital structure, Business risk and
investor returns for Agri Business.
The agribusiness industry is undergoing transition to a more competitive environment
where efficiency is becoming increasingly important. This research examines the
relationship between investor’s returns, capital structure, and business risk.
The analysis of the study was conducted in three phases: a regression utilizing the 10
years averages of each variable, a longitudinal study looking at the cross sectional
data over time, and a simultaneous equation approach, examining the simultaneous
interaction among the variables included.
They found that business risk is indicated to be significant to investor returns in the
mean regression. Also, the simultaneous equation approach suggests that business risk
is straightly relevant to liquidity and debt, which in turn straightly impact investor
returns. Business risk seems to interrelate with capital structure to affect investor
returns.
8. Ahmad Raja Bilal, Noraini Bt.Abu Talib, Mohd Noor Azli Ali Khan (2013) studied
on the Remodeling of risk management in banking. the study was conducted for the
remodeling of risk management it gave a mechanism and the importance of BASAL-
III framework to cope up with the challenges in global crisis. They used the method of
understanding the data collection techniques through the distribution of data
collection techniques and by interviews. Based on the study they found that banking
sectors of study must bear a huge risk challenges and they are in a continuous process
to improve the risk management with latest regulatory obligations.
9. NopgateAneptcharpong (2010): studied risk analysis, rate of return and how to invest
in communication group securities by using CAPM technique.
This research started on 18 September. It aimed to study only common stockholders
of communication groups that register in the stock exchange of Thailand and there are
10 securities.
The result found that the most security that has giving average return is upcoming
each return of securities is changing in the same way with the change of return ratio in
market and the highest securities in shin.
10. Romklaochainuvong (2008): studied risks and return ratio of entertainment securities
in the stock exchange of Thailand.
The objective aimed to study the risks and use in price assessment on each security in
3 entertainment securities which are BEC world public company limited. This
researcher used data information per week since February2000 to January 2001. The
research selected CAMP theory by using securities market data information to
calculate return market ratio and using 3 month deposit interest rate.
The result found that the relation of securities return ratio with market return ratio. In
UBC securities has changing in the same way. Others mean the relation of securities
return ratio with market return ratio have changing in the opposite way.
Chapter 3
RESEARCH DESIGN
TITLE OF STUDY:
“AN ANALYTICAL STUDY OF RISK AND RETURN OF

EQUITY FUNDS IN SELECTED SECTORS AT BMA
WEALTH CREATORS”
NEED FOR THE STUDY
 To suggest investors who are risk averse to trade in equity.
 Awareness about the various uses of equity can help investors to reduce the risk and
minimize the losses.
OBJECTIVES OF THE STUDY
 To analyze the share price movement of various sectors in BSE index.
 To analyze the relative movement of share prices with BSE Sensex.
 To evaluate the average return and the standard deviation of selected sectors.
 To comparative evaluation of selected sector.

SCOPE OF THE STUDY
 The area of the study was only restricted to equity diversified funds of selected sectors
in BSE.
 The beta calculated about each funds is maximum for 2 years
METHODOLOGY ADOPTED
Primary data:
The data had been collected through BMA Wealth Creators Ltd.
Calculation of data is done using the following formulas
 RATE OF RETURN:
Today’s price - yesterday’s price

RI= * 100
Yesterday’s price
 BETA:
N ∑Rxy-(∑Rx*∑Ry)
β=
N∑Rx2-(∑Rx)2
 ALPHA:
α = (Rx) – β * (Ry)
 STANDARD DEVIATION:
∑ (Ri – R mean)2
S.D =
N-1
 CO-EFFICIENT OF VARIATION:
Standard deviation
CV= * 100
Rmean
Hypothesis Test:
H0 :- indicates that there is no significant relationship between index return and market return.
H1 :- indicates that there is significant relationship between index return and market return.
Secondary data:
The data had been collected through
 Journals
 Magazines
 Newspapers
 Books
CHAPTER-4
ANALYSIS AND INTERPRETATION
Sector-Automobile
1. Maruthi Suzuki
Table 4.1a: tabulation of monthly data of Maruthi Suzuki from Jan 2019- Feb 2021
DATE SENSEX INDEX STOCK RETURN Rx Ry

1 Jan, 2019 20,513.85 1635.35
3 Feb, 2019 21,120.12 1586.3 2.955417925 -2.999357936
3 Mar, 2019 22,386.27 1971.4 5.994994347 24.27661855
1 Apr, 2019 22,417.80 1918 0.140845259 -2.708734909
2 May, 2019 24,217.34 2269.5 8.027281892 18.32638165
2 Jun, 2019 25,413.78 2438.35 4.940426983 7.43996475
1 Jul, 2019 25,894.97 2524.5 1.8934216 3.53312691
1 Aug, 2019 26,638.11 2784.35 2.869823753 10.29312735
1 Sep, 2019 26,630.51 3064.35 -0.028530553 10.05620701
1 Oct, 2019 27,865.83 3338.35 4.638739551 8.941537357
3 Nov, 2019 28,693.99 3336.1 2.971955258 -0.067398565
1 Dec, 2019 27,499.42 3328.3 -4.163136601 -0.233805941
2 Jan, 2020 29,182.95 3645.25 6.122056392 9.522879548
2 Feb, 2020 29,220.12 3618.25 0.127368892 -0.740689939
2 Mar, 2020 27,957.49 3699.25 -4.321097928 2.238651282
1 Apr, 2020 27,011.31 3732.05 -3.384352458 0.886666216
1 May, 2020 27,828.44 3785.45 3.02514021 1.430848997
1 Jun, 2020 27,780.83 4022.7 -0.17108397 6.267418669
1 Jul, 2020 28,114.56 4330.4 1.201296002 7.649091406
3 Aug, 2020 26,283.09 4167.5 -6.514311446 -3.761777203
1 Sep, 2020 26,154.83 4689.3 -0.487994372 12.52069586
1 Oct, 2020 26,656.83 4448.65 1.919339564 -5.131896019
2 Nov, 2020 26,145.67 4576.7 -1.917557339 2.878401313
1 Dec, 2020 26,117.54 4615.35 -0.107589517 0.844494942
4 Jan, 2021 24,870.69 4097.45 -4.773994794 -11.22125083
1 Feb, 2021 24,223.32 3828.7 -2.602943465 -6.5589574
30
25
20
15
10
Rx
Ry
5
-5
-10
-15
Graph 4.1a: yearly volatility of Maruti Suzuki from Jan 2019 to Feb 2021
Chart 4.1a: Calculated value of Maruti Suzuki Company
TOOLS VALUES
Average Return 3.747289723
Beta 0.303877
Alpha -0.40449
Standard Deviation 7.790942
coefficient of variation 10.61117
Correlation 0.644419
2. Ashok Leyland
Table 4.1b: tabulation of monthly data of Ashok Leyland from Jan 2019- Feb 2020

1 Jan, 2019 20,513.85 16.45
3 Feb, 2019 21,120.12 15.65 2.955417925 -4.863221884
3 Mar, 2019 22,386.27 23.7 5.994994347 51.43769968
1 Apr, 2019 22,417.80 22.25 0.140845259 -6.11814346
2 May, 2019 24,217.34 32.3 8.027281892 45.16853933
2 Jun, 2019 25,413.78 36.5 4.940426983 13.00309598
1 Jul, 2019 25,894.97 34.1 1.8934216 -6.575342466
1 Aug, 2019 26,638.11 36.55 2.869823753 7.184750733
1 Sep, 2019 26,630.51 41.1 -0.028530553 12.44870041
1 Oct, 2019 27,865.83 46.35 4.638739551 12.77372263
3 Nov, 2019 28,693.99 52.35 2.971955258 12.94498382
1 Dec, 2019 27,499.42 51.35 -4.163136601 -1.910219675
2 Jan, 2019 29,182.95 65.7 6.122056392 27.94547225
2 Feb, 2020 29,220.12 69.75 0.127368892 6.164383562
2 Mar, 2020 27,957.49 73.55 -4.321097928 5.448028674
1 Apr, 2020 27,011.31 69.55 -3.384352458 -5.438477226
1 May, 2020 27,828.44 71.45 3.02514021 2.731847592
1 Jun, 2020 27,780.83 72.5 -0.17108397 1.469559132
1 Jul, 2020 28,114.56 84.5 1.201296002 16.55172414
3 Aug, 2020 26,283.09 90.55 -6.514311446 7.159763314
1 Sep, 2020 26,154.83 92.2 -0.487994372 1.822197681
1 Oct, 2020 26,656.83 93.65 1.919339564 1.572668113
2 Nov, 2020 26,145.67 94.5 -1.917557339 0.90763481
1 Dec, 2020 26,117.54 87.95 -0.107589517 -6.931216931
4 Jan, 2021 24,870.69 89.35 -4.773994794 1.59181353
1 Feb, 2021 24,223.32 86.9 -2.602943465 -2.742025741
60
50
40
30
Rx
Ry
20
10
-10
Graph 4.1b: yearly volatility of Ashok Leyland from Jan 2019 to Feb 2021
Chart 4.1b: Calculated value of Ashok Leyland Company
TOOLS VALUES
Beta 0.159165
Alpha -0.49929
3. Bajaj Auto
Table 4.1c: tabulation of monthly data of Bajaj Auto from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 1902.8
3 Feb, 2019 21,120.12 1942.7 2.955417925 2.096909817
3 Mar, 2019 22,386.27 2078.3 5.994994347 6.979976322
1 Apr, 2019 22,417.80 1913.45 0.140845259 -7.931963624
2 May, 2019 24,217.34 1953.15 8.027281892 2.074786381
2 Jun, 2019 25,413.78 2313.2 4.940426983 18.43432404
1 Jul, 2019 25,894.97 2078.2 1.8934216 -10.15908698
1 Aug, 2019 26,638.11 2259.75 2.869823753 8.73592532
1 Sep, 2019 26,630.51 2348.95 -0.028530553 3.947339307
1 Oct, 2019 27,865.83 2609.05 4.638739551 11.07303263
3 Nov, 2019 28,693.99 2639.6 2.971955258 1.170924283
1 Dec, 2019 27,499.42 2438.45 -4.163136601 -7.620472799
2 Jan, 2020 29,182.95 2389.35 6.122056392 -2.013574197
2 Feb, 2020 29,220.12 2161.8 0.127368892 -9.523510578
2 Mar, 2020 27,957.49 2017.35 -4.321097928 -6.681931724
1 Apr, 2020 27,011.31 1949.4 -3.384352458 -3.36828017
1 May, 2020 27,828.44 2315 3.02514021 18.75448856
1 Jun, 2020 27,780.83 2535.65 -0.17108397 9.531317495
1 Jul, 2020 28,114.56 2519.15 1.201296002 -0.650720722
3 Aug, 2020 26,283.09 2254.9 -6.514311446 -10.48964929
1 Sep, 2020 26,154.83 2309.75 -0.487994372 2.432480376
1 Oct, 2020 26,656.83 2549.6 1.919339564 10.38424072
2 Nov, 2020 26,145.67 2481.55 -1.917557339 -2.669046125
1 Dec, 2020 26,117.54 2484.8 -0.107589517 0.130966533
4 Jan, 2021 24,870.69 2341.9 -4.773994794 -5.750965873
1 Feb, 2021 24,223.32 2348.05 -2.602943465 0.262607285
Graph 4.1c: yearly volatility of Bajaj Auto from Jan 2019 to Feb 2021
25
20
15
10
Rx
5
Ry
-5
-10
-15
Chart 4.1c: Calculated value of Bajaj Auto Company
TOOLS VALUES
Beta 0.256179
Alpha 0.435515
4. Eicher motors
Table 4.1d: tabulation of monthly data of Eicher motors from Jan 2019- Feb 2021
1 Jan, 2019 20,513.85 4643.5
3 Feb, 2019 21,120.12 5107.4 2.955417925 9.990309034
3 Mar, 2019 22,386.27 5955.5 5.994994347 16.60531777
1 Apr, 2019 22,417.80 6184.75 0.140845259 3.849382923
2 May, 2019 24,217.34 6677.5 8.027281892 7.967177331
2 Jun, 2019 25,413.78 7986.75 4.940426983 19.60688881
1 Jul, 2019 25,894.97 8478.95 1.8934216 6.162706983
1 Aug, 2019 26,638.11 9751.6 2.869823753 15.00952358
1 Sep, 2019 26,630.51 11987.4 -0.028530553 22.92751959
1 Oct, 2019 27,865.83 12769.5 4.638739551 6.524350568
3 Nov, 2019 28,693.99 14516.8 2.971955258 13.68338619
1 Dec, 2019 27,499.42 15103.5 -4.163136601 4.041524303
2 Jan, 2020 29,182.95 16303.5 6.122056392 7.94517827
2 Feb, 2020 29,220.12 16226.6 0.127368892 -0.471677861
2 Mar, 2020 27,957.49 15890.2 -4.321097928 -2.073139167
1 Apr, 2020 27,011.31 15217.85 -3.384352458 -4.231224277
1 May, 2020 27,828.44 18713.8 3.02514021 22.97269325
1 Jun, 2020 27,780.83 19578.15 -0.17108397 4.618783999
1 Jul, 2020 28,114.56 19070.05 1.201296002 -2.595240102
3 Aug, 2020 26,283.09 18993.35 -6.514311446 -0.402201358
1 Sep, 2020 26,154.83 17791.2 -0.487994372 -6.329320525
1 Oct, 2020 26,656.83 17761.9 1.919339564 -0.16468816
2 Nov, 2020 26,145.67 16723.4 -1.917557339 -5.846784409
1 Dec, 2020 26,117.54 16855.2 -0.107589517 0.788117249
4 Jan, 2021 24,870.69 16546.75 -4.773994794 -1.829999051
1 Feb, 2021 24,223.32 16773.6 -2.602943465 1.370964087
Graph 4.1d: yearly volatility of Eicher Motors from Jan 2019 to Feb 2021
25
20
15
10
Rx
Ry
5
-5
-10
Chart 4.1d: Calculated value of Eicher Motors Company
TOOLS VALUES
Beta 0.251369
Alpha -0.67465
5. Hero Moto Corp

Table 4.1e: tabulation of monthly data of Hero Moto Corp from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 1970.45
3 Feb, 2019 21,120.12 1965.1 2.955417925 -0.271511584
3 Mar, 2019 22,386.27 2272.85 5.994994347 15.66078062
1 Apr, 2019 22,417.80 2193.85 0.140845259 -3.475812306
2 May, 2019 24,217.34 2343.75 8.027281892 6.832736969
2 Jun, 2019 25,413.78 2627.2 4.940426983 12.09386667
1 Jul, 2019 25,894.97 2596.05 1.8934216 -1.18567296
1 Aug, 2019 26,638.11 2608.15 2.869823753 0.466092718
1 Sep, 2019 26,630.51 2842.05 -0.028530553 8.968042482
1 Oct, 2019 27,865.83 3061.6 4.638739551 7.725057617
3 Nov, 2019 28,693.99 3142.2 2.971955258 2.6326104
1 Dec, 2019 27,499.42 3103.4 -4.163136601 -1.234803641
2 Jan, 2020 29,182.95 2869.55 6.122056392 -7.535283882
2 Feb, 2020 29,220.12 2682.65 0.127368892 -6.513216358
2 Mar, 2020 27,957.49 2642.6 -4.321097928 -1.49292677
1 Apr, 2020 27,011.31 2329.45 -3.384352458 -11.8500719
1 May, 2020 27,828.44 2696 3.02514021 15.73547404
1 Jun, 2020 27,780.83 2524.3 -0.17108397 -6.368694362
1 Jul, 2020 28,114.56 2674.45 1.201296002 5.948183655
3 Aug, 2020 26,283.09 2397.35 -6.514311446 -10.36100881
1 Sep, 2020 26,154.83 2395.65 -0.487994372 -0.070911632
1 Oct, 2020 26,656.83 2585 1.919339564 7.903909169
2 Nov, 2020 26,145.67 2702.65 -1.917557339 4.551257253
1 Dec, 2020 26,117.54 2689.7 -0.107589517 -0.479159344
4 Jan, 2021 24,870.69 2562.8 -4.773994794 -4.71799829
1 Feb, 2021 24,223.32 2484.7 -2.602943465 -3.047448104
Graph 4.1e: yearly volatility of Hero Moto Corp from Jan 2019 to Feb 2021
20
15
10
5
Rx
Ry
0
-5
-10
-15
Chart 4.1d: Calculated value of Hero Moto Corp Company
TOOLS VALUES
Beta 0.256179
Alpha 0.427692
Analysis and Interpretation
From the analysis made between the various companies of automobile and its index we can
infer the following:
 Ashok Leyland has a standard deviation of 14.5281 when compared to other

company’s Standard deviation which means investors has to bear more risk when
compared to other automobile companies.
 Average return is also high with Ashok Leyland with return of 7.749917519 where
when compared to other companies it shows the high return.
 Beta of Maruti Suzuki 0.303877 is more compared other selected companies and the
change in the market return 0.734220607 indicates it is less volatile compared to the
market.
 The Alpha of Eicher motors stock is -0.67465 which tells the stock is not showing the
healthy Sign, Negative alpha value will not yield the profitable return.
SECTOR-AGRO CHEMICALS
1. Bharat Rasayan
Table 4.2a: tabulation of monthly data of Bharat Rasayan from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 250
3 Feb, 2019 21,120.12 300.35 2.955417925 20.14
3 Mar, 2019 22,386.27 322.95 5.994994347 7.524554686
1 Apr, 2019 22,417.80 323.2 0.140845259 0.077411364
2 May, 2019 24,217.34 345.65 8.027281892 6.946163366
2 Jun, 2019 25,413.78 373.05 4.940426983 7.927093881
1 Jul, 2019 25,894.97 463.9 1.8934216 24.35330385
1 Aug, 2019 26,638.11 677.15 2.869823753 45.96895883
1 Sep, 2019 26,630.51 630 -0.028530553 -6.963006719
1 Oct, 2019 27,865.83 705.6 4.638739551 12
3 Nov, 2019 28,693.99 919 2.971955258 30.24376417
1 Dec, 2019 27,499.42 930.95 -4.163136601 1.300326442
2 Jan, 2020 29,182.95 1114.95 6.122056392 19.76475643
2 Feb, 2020 29,220.12 976.75 0.127368892 -12.39517467
2 Mar, 2020 27,957.49 850 -4.321097928 -12.97670847
1 Apr, 2020 27,011.31 825 -3.384352458 -2.941176471
1 May, 2020 27,828.44 828.75 3.02514021 0.454545455
1 Jun, 2020 27,780.83 985.25 -0.17108397 18.88386124
1 Jul, 2020 28,114.56 1200 1.201296002 21.79649835
3 Aug, 2020 26,283.09 942.5 -6.514311446 -21.45833333
1 Sep, 2020 26,154.83 888.5 -0.487994372 -5.729442971
1 Oct, 2020 26,656.83 925 1.919339564 4.108047271
2 Nov, 2020 26,145.67 1145.25 -1.917557339 23.81081081
1 Dec, 2020 26,117.54 1085.75 -0.107589517 -5.195372189
4 Jan, 2021 24,870.69 1010 -4.773994794 -6.976744186
1 Feb, 2021 24,223.32 1005.5 -2.602943465 -0.445544554
Graph 4.2a: yearly volatility of Bharat Rasayan from Jan 2019 to Feb 2020
50
40
30
20
Rx
10
Ry
-10
-20
-30
Chart 4.2a: Calculated value of Bharat Rasayan Company

TOOLS VALUES
Beta 0.125103
Alpha -0.11757
2. Excel Crop Care

Table 4.2b: tabulation of monthly data of Excel Crop Care from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 453.1
3 Feb, 2019 21,120.12 537.7 2.955417925 18.67137497
3 Mar, 2019 22,386.27 500.95 5.994994347 -6.834666171
1 Apr, 2019 22,417.80 527.15 0.140845259 5.230062881
2 May, 2019 24,217.34 620.95 8.027281892 17.79379683
2 Jun, 2019 25,413.78 615 4.940426983 -0.958209196
1 Jul, 2019 25,894.97 911.3 1.8934216 48.17886179
1 Aug, 2019 26,638.11 978.2 2.869823753 7.341160979
1 Sep, 2019 26,630.51 1058.45 -0.028530553 8.203843795
1 Oct, 2019 27,865.83 1117.55 4.638739551 5.58363645
3 Nov, 2019 28,693.99 1291.6 2.971955258 15.57424724
1 Dec, 2019 27,499.42 1146.45 -4.163136601 -11.23799938
2 Jan, 2020 29,182.95 917.9 6.122056392 -19.93545292
2 Feb, 2020 29,220.12 876.5 0.127368892 -4.510295239
2 Mar, 2020 27,957.49 824.5 -4.321097928 -5.932686823
1 Apr, 2020 27,011.31 820.5 -3.384352458 -0.485142511
1 May, 2020 27,828.44 793.25 3.02514021 -3.321145643
1 Jun, 2020 27,780.83 956.75 -0.17108397 20.61140876
1 Jul, 2020 28,114.56 868 1.201296002 -9.276195453
3 Aug, 2020 26,283.09 890 -6.514311446 2.534562212
1 Sep, 2020 26,154.83 782.25 -0.487994372 -12.10674157
1 Oct, 2020 26,656.83 807 1.919339564 3.163950144
2 Nov, 2020 26,145.67 1032.75 -1.917557339 27.9739777
1 Dec, 2020 26,117.54 1139.5 -0.107589517 10.33648027
4 Jan, 2021 24,870.69 1119.75 -4.773994794 -1.733216323
1 Feb, 2021 24,223.32 1095.5 -2.602943465 -2.165661978
Graph 4.2b: yearly volatility of Excel Crop Care from Jan 2019 to Feb 2021
60
50
40
30
20
Rx
Ry
10
-10
-20
-30
Chart 4.2b: Calculated value of Excel Crop Care Company
TOOLS VALUES
Beta 0.026595
Alpha 0.614329

3. Monsanto India
Table 4.2c: tabulation of monthly data of Monsanto India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 942.7
3 Feb, 2019 21,120.12 1466.6 2.955417925 55.57441392
3 Mar, 2019 22,386.27 1498.75 5.994994347 2.192145098
1 Apr, 2019 22,417.80 1733.4 0.140845259 15.65638032
2 May, 2019 24,217.34 1818.8 8.027281892 4.926733587
2 Jun, 2019 25,413.78 2240.85 4.940426983 23.20486035
1 Jul, 2019 25,894.97 1990.9 1.8934216 -11.1542495
1 Aug, 2019 26,638.11 2206.2 2.869823753 10.81420463
1 Sep, 2019 26,630.51 3035.8 -0.028530553 37.60311848
1 Oct, 2019 27,865.83 2981.05 4.638739551 -1.80347849
3 Nov, 2019 28,693.99 2792.45 2.971955258 -6.326629879
1 Dec, 2019 27,499.42 2841.45 -4.163136601 1.754731508
2 Jan, 2020 29,182.95 3167.4 6.122056392 11.47125587
2 Feb, 2020 29,220.12 3266.05 0.127368892 3.114541896
2 Mar, 2020 27,957.49 2861.75 -4.321097928 -12.37886744
1 Apr, 2020 27,011.31 2862.2 -3.384352458 0.015724644
1 May, 2020 27,828.44 2923.3 3.02514021 2.134721543
1 Jun, 2020 27,780.83 2818.25 -0.17108397 -3.593541546
1 Jul, 2020 28,114.56 3259 1.201296002 15.63913776
3 Aug, 2020 26,283.09 2607 -6.514311446 -20.00613685
1 Sep, 2020 26,154.83 2602.6 -0.487994372 -0.168776371
1 Oct, 2020 26,656.83 2370.85 1.919339564 -8.904556981
2 Nov, 2020 26,145.67 2314.1 -1.917557339 -2.393656284
1 Dec, 2020 26,117.54 2200.7 -0.107589517 -4.900393241
4 Jan, 2021 24,870.69 2213.55 -4.773994794 0.583905121
1 Feb, 2021 24,223.32 2053.6 -2.602943465 -7.225949267
Graph 4.2c: yearly volatility of Monsanto India from Jan 2019 to Feb 2021
60
50
40
30
20
Rx
Ry
10
-10
-20
-30
Chart 4.2c: Calculated value of Monsanto Company
TOOLS VALUES
Beta 0.082066
Alpha 0.386821
4. Paushak
Table 4.2d: tabulation of monthly data of Paushak India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 184.05
3 Feb, 2019 21,120.12 166.6 2.955417925 -9.481119261
3 Mar, 2019 22,386.27 156.45 5.994994347 -6.092436975
1 Apr, 2019 22,417.80 173 0.140845259 10.57845957
2 May, 2019 24,217.34 140.1 8.027281892 -19.01734104
2 Jun, 2019 25,413.78 163.3 4.940426983 16.55960029
1 Jul, 2019 25,894.97 173.8 1.8934216 6.42988365
1 Aug, 2019 26,638.11 223.65 2.869823753 28.68239356
1 Sep, 2019 26,630.51 307.8 -0.028530553 37.62575453
1 Oct, 2019 27,865.83 275.65 4.638739551 -10.44509422
3 Nov, 2019 28,693.99 289.75 2.971955258 5.115182296
1 Dec, 2019 27,499.42 276.55 -4.163136601 -4.555651424
2 Jan, 2020 29,182.95 356.8 6.122056392 29.01826071
2 Feb, 2020 29,220.12 400.7 0.127368892 12.30381166
2 Mar, 2020 27,957.49 366.1 -4.321097928 -8.634888944
1 Apr, 2020 27,011.31 492.8 -3.384352458 34.60803059
1 May, 2020 27,828.44 550.5 3.02514021 11.7086039
1 Jun, 2020 27,780.83 605.75 -0.17108397 10.03633061
1 Jul, 2020 28,114.56 935.5 1.201296002 54.43664878
3 Aug, 2020 26,283.09 877 -6.514311446 -6.25334046
1 Sep, 2020 26,154.83 895 -0.487994372 2.052451539
1 Oct, 2020 26,656.83 1009 1.919339564 12.73743017
2 Nov, 2020 26,145.67 903.25 -1.917557339 -10.48067393
1 Dec, 2020 26,117.54 912.75 -0.107589517 1.051757542
4 Jan, 2021 24,870.69 672.5 -4.773994794 -26.32155574
1 Feb, 2021 24,223.32 667.25 -2.602943465 -0.780669145
Graph 4.2d: yearly volatility of Paushak India from Jan 2019 to Feb 2021
60
50
40
30
20
Rx
10
Ry
0
-10
-20
-30
-40
Chart 4.2d: Calculated value of Paushak Company
TOOLS VALUES
Beta 0.026699
Alpha 0.551728
5. Bayer Crop Sci

Table 4.2e: tabulation of monthly data of Bayer Crop Sci India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 1629.95
3 Feb, 2019 21,120.12 1477 2.955417925 -9.383723427
3 Mar, 2019 22,386.27 1507.15 5.994994347 2.041299932
1 Apr, 2019 22,417.80 1415.85 0.140845259 -6.057791195
2 May, 2019 24,217.34 1518.05 8.027281892 7.218278772
2 Jun, 2019 25,413.78 1824.15 4.940426983 20.16402622
1 Jul, 2019 25,894.97 2018.9 1.8934216 10.67620536
1 Aug, 2019 26,638.11 2392.75 2.869823753 18.51750953
1 Sep, 2019 26,630.51 2404.6 -0.028530553 0.495246056
1 Oct, 2019 27,865.83 2321.5 4.638739551 -3.455876237
3 Nov, 2019 28,693.99 2870.15 2.971955258 23.63342666
1 Dec, 2019 27,499.42 3183.15 -4.163136601 10.90535338
2 Jan, 2020 29,182.95 3597.2 6.122056392 13.00755541
2 Feb, 2020 29,220.12 3419.3 0.127368892 -4.945513177
2 Mar, 2020 27,957.49 3326.05 -4.321097928 -2.727166379
1 Apr, 2020 27,011.31 3773.55 -3.384352458 13.45439786
1 May, 2020 27,828.44 3608.4 3.02514021 -4.376515483
1 Jun, 2020 27,780.83 3948.9 -0.17108397 9.436315264
1 Jul, 2020 28,114.56 3993.15 1.201296002 1.120565221
3 Aug, 2020 26,283.09 3851.5 -6.514311446 -3.547324794
1 Sep, 2020 26,154.83 3641.55 -0.487994372 -5.451122939
1 Oct, 2020 26,656.83 3481.65 1.919339564 -4.390987354
2 Nov, 2020 26,145.67 3372.75 -1.917557339 -3.127827323
1 Dec, 2020 26,117.54 3462.1 -0.107589517 2.649173523
4 Jan, 2021 24,870.69 3384.4 -4.773994794 -2.244302591
1 Feb, 2021 24,223.32 3337.4 -2.602943465 -1.388724737
Graph 4.2e: yearly volatility of Bayer Crop Sci India from Jan 2019 to Feb 2021
30
25
20
15
10
Rx
Ry
5
-5
-10
-15
Chart 4.2e: Calculated value of Bayer Crop Sci Company
TOOLS VALUES
Beta 0.113749
Alpha 0.360111
Analysis and Interpretation

From the analysis made between the various companies of agro chemicals and its index we
can infer the following:
 Paushak has a standard deviation of 18.56808 when compared to other company’s

Standard deviation which means investors has to bear more risk when compared to
other Agro chemicals sectors.
 Average return is also high with Paushak with return of 6.83527313 where when
compared to other companies it shows the high return.
 Beta of Bayer Crop Sci is 0.113749 is more compared other selected companies and
the change in the market return 0.734220607 indicates it is less volatile compared to
the market.
 Alpha of Bharath Rasayan stock is -0.11757 which tells the stock is not showing the
healthy Sign, Negative alpha value will not yield the profitable return.
SECTOR-FMCG
1. BRITANNIA INDS
Table 4.3a: tabulation of monthly data of BRITANNIA INDS from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 883.05
3 Feb, 2019 21,120.12 887.2 2.955417925 0.469962063
3 Mar, 2019 22,386.27 843.35 5.994994347 -4.94251578
1 Apr, 2019 22,417.80 862.9 0.140845259 2.318136005
2 May, 2019 24,217.34 879.75 8.027281892 1.95271758
2 Jun, 2019 25,413.78 1006.85 4.940426983 14.44728616
1 Jul, 2019 25,894.97 1144.05 1.8934216 13.6266574
1 Aug, 2019 26,638.11 1246.15 2.869823753 8.924435121
1 Sep, 2019 26,630.51 1396.85 -0.028530553 12.0932472
1 Oct, 2019 27,865.83 1531.05 4.638739551 9.60733078
3 Nov, 2019 28,693.99 1649.4 2.971955258 7.729989223
1 Dec, 2019 27,499.42 1840.2 -4.163136601 11.56784285
2 Jan, 2020 29,182.95 1888.6 6.122056392 2.630148897
2 Feb, 2020 29,220.12 2093.8 0.127368892 10.86519115
2 Mar, 2020 27,957.49 2158.5 -4.321097928 3.090075461
1 Apr, 2020 27,011.31 2193.2 -3.384352458 1.607597869
1 May, 2020 27,828.44 2548.9 3.02514021 16.21831114
1 Jun, 2020 27,780.83 2763.35 -0.17108397 8.413433246
1 Jul, 2020 28,114.56 3156.35 1.201296002 14.22186838
3 Aug, 2020 26,283.09 2928.95 -6.514311446 -7.204524213
1 Sep, 2020 26,154.83 3082.9 -0.487994372 5.256149815
1 Oct, 2020 26,656.83 3227.05 1.919339564 4.675792274
2 Nov, 2020 26,145.67 2923.95 -1.917557339 -9.392479199
1 Dec, 2020 26,117.54 2963.7 -0.107589517 1.359462371
4 Jan, 2021 24,870.69 2682.85 -4.773994794 -9.476330263
1 Feb, 2021 24,223.32 2828.25 -2.602943465 5.419609743
Graph 4.3a: yearly volatility of Britannia Inds India from Jan 2019 to Feb 2021
20
15
10
5
Rx
Ry
0
-5
-10
-15
Chart 4.3a: Calculated value of Britannia Inds Company
TOOLS VALUES
Beta 0.157025
Alpha -0.05392
2. EMAMI
Table 4.3b: tabulation of monthly data of .EMAMI from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 456.05
3 Feb, 2019 21,120.12 463.1 2.955417925 1.545883127
3 Mar, 2019 22,386.27 435.1 5.994994347 -6.046210322
1 Apr, 2019 22,417.80 475.55 0.140845259 9.296713399
2 May, 2019 24,217.34 464.1 8.027281892 -2.407738408
2 Jun, 2019 25,413.78 507.45 4.940426983 9.340659341
1 Jul, 2019 25,894.97 541.1 1.8934216 6.631195192
1 Aug, 2019 26,638.11 653.3 2.869823753 20.73553872
1 Sep, 2019 26,630.51 697.4 -0.028530553 6.750344405
1 Oct, 2019 27,865.83 810.1 4.638739551 16.16002294
3 Nov, 2019 28,693.99 772.6 2.971955258 -4.629058141
1 Dec, 2019 27,499.42 788.75 -4.163136601 2.090344292
2 Jan, 2020 29,182.95 919.25 6.122056392 16.5451664
2 Feb, 2020 29,220.12 967.25 0.127368892 5.221648083
2 Mar, 2020 27,957.49 1005.45 -4.321097928 3.949340915
1 Apr, 2020 27,011.31 926.6 -3.384352458 -7.842259685
1 May, 2020 27,828.44 1117.6 3.02514021 20.61299374
1 Jun, 2020 27,780.83 1159.85 -0.17108397 3.780422334
1 Jul, 2020 28,114.56 1310.3 1.201296002 12.97150494
3 Aug, 2020 26,283.09 1193.1 -6.514311446 -8.944516523
1 Sep, 2020 26,154.83 1152.8 -0.487994372 -3.377755427
1 Oct, 2020 26,656.83 1070.5 1.919339564 -7.139139486
2 Nov, 2020 26,145.67 929.2 -1.917557339 -13.19943951
1 Dec, 2020 26,117.54 998.15 -0.107589517 7.420361601
4 Jan, 2021 24,870.69 1006.5 -4.773994794 0.836547613
1 Feb, 2021 24,223.32 1031.5 -2.602943465 2.483854943
Graph 4.3b: yearly volatility of Emami India from Jan 2019 to Feb 2021
25
20
15
10
Rx
5
Ry
-5
-10
-15
Chart 4.3b: Calculated value of Emami Company
TOOLS VALUES
Beta 0.147555
Alpha 0.186578

3. GILLETTE INDIA
Table 4.3c: tabulation of monthly data of Gillette India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 2046.7
3 Feb, 2019 21,120.12 1943.45 2.955417925 -5.044706112
3 Mar, 2019 22,386.27 1972.35 5.994994347 1.487046232
1 Apr, 2019 22,417.80 1903.25 0.140845259 -3.503434989
2 May, 2019 24,217.34 1970.75 8.027281892 3.546565086
2 Jun, 2019 25,413.78 2136.95 4.940426983 8.433337562
1 Jul, 2019 25,894.97 2303.3 1.8934216 7.784459159
1 Aug, 2019 26,638.11 2576.75 2.869823753 11.87209656
1 Sep, 2019 26,630.51 2778.55 -0.028530553 7.831570777
1 Oct, 2019 27,865.83 2811.15 4.638739551 1.17327383
3 Nov, 2019 28,693.99 3180.35 2.971955258 13.13341515
1 Dec, 2019 27,499.42 3283.6 -4.163136601 3.246498027
2 Jan, 2020 29,182.95 3424.7 6.122056392 4.297112925
2 Feb, 2020 29,220.12 4146.45 0.127368892 21.07483867
2 Mar, 2020 27,957.49 4808.55 -4.321097928 15.96787614
1 Apr, 2020 27,011.31 4318.4 -3.384352458 -10.19330152
1 May, 2020 27,828.44 4521.9 3.02514021 4.712393479
1 Jun, 2020 27,780.83 4565.4 -0.17108397 0.961985006
1 Jul, 2020 28,114.56 5126.55 1.201296002 12.29136549
3 Aug, 2020 26,283.09 4981.8 -6.514311446 -2.823536296
1 Sep, 2020 26,154.83 4840.9 -0.487994372 -2.828294994
1 Oct, 2020 26,656.83 4842.5 1.919339564 0.033051705
2 Nov, 2020 26,145.67 4683.95 -1.917557339 -3.274135261
1 Dec, 2020 26,117.54 4651.05 -0.107589517 -0.702398617
4 Jan, 2021 24,870.69 4463.45 -4.773994794 -4.033497812
1 Feb, 2021 24,223.32 4401.25 -2.602943465 -1.393540871
Graph 4.3c: yearly volatility of Gillette India from Jan 2019 to Feb 2021
25
20
15
10
Rx
5
Ry
-5
-10
-15
Chart 4.3c: Calculated value of Gillette India Company
TOOLS VALUES
Beta 0.115764
Alpha 0.345021
4. NESTLE INDIA
Table 4.3d: tabulation of monthly data of Gillette India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 5044.3
3 Feb, 2019 21,120.12 4849.8 2.955417925 -3.855837282
3 Mar, 2019 22,386.27 5008.15 5.994994347 3.265083096
1 Apr, 2019 22,417.80 4772 0.140845259 -4.715314038
2 May, 2019 24,217.34 4938.7 8.027281892 3.493294216
2 Jun, 2019 25,413.78 4946 4.940426983 0.147812177
1 Jul, 2019 25,894.97 5125.05 1.8934216 3.620097048
1 Aug, 2019 26,638.11 5998.45 2.869823753 17.04178496
1 Sep, 2019 26,630.51 5979.55 -0.028530553 -0.315081396
1 Oct, 2019 27,865.83 6237.45 4.638739551 4.313033589
3 Nov, 2019 28,693.99 6226.1 2.971955258 -0.181965386
1 Dec, 2019 27,499.42 6379.8 -4.163136601 2.46864008
2 Jan, 2020 29,182.95 7109.1 6.122056392 11.43139283
2 Feb, 2020 29,220.12 7001.6 0.127368892 -1.512146404
2 Mar, 2020 27,957.49 6941.9 -4.321097928 -0.852662249
1 Apr, 2020 27,011.31 6580.9 -3.384352458 -5.200305392
1 May, 2020 27,828.44 6857.1 3.02514021 4.196994332
1 Jun, 2020 27,780.83 6345.65 -0.17108397 -7.45869245
1 Jul, 2020 28,114.56 6343.05 1.201296002 -0.04097295
3 Aug, 2020 26,283.09 5976.1 -6.514311446 -5.78507185
1 Sep, 2020 26,154.83 6350.35 -0.487994372 6.262445408
1 Oct, 2020 26,656.83 6179.5 1.919339564 -2.690402891
2 Nov, 2020 26,145.67 5872.65 -1.917557339 -4.965612105
1 Dec, 2020 26,117.54 5779.05 -0.107589517 -1.593829021
4 Jan, 2021 24,870.69 5490.6 -4.773994794 -4.991304799
1 Feb, 2021 24,223.32 5412.15 -2.602943465 -1.428805595
Graph 4.3d: yearly volatility of Nestle India from Jan 2019 to Feb 2021
20
15
10
Rx
5
Ry
-5
-10
Chart 4.3d: Calculated value of Nestle India Company
TOOLS VALUES
Beta 0.35263
Alpha 0.583964
5. GODREJ CONSUMER
Table 4.3e: tabulation of monthly data of Godrej Consumer from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 751.1
3 Feb, 2019 21,120.12 789.25 2.955417925 5.079217148
3 Mar, 2019 22,386.27 851.7 5.994994347 7.91257523
1 Apr, 2019 22,417.80 797.8 0.140845259 -6.328519432
2 May, 2019 24,217.34 777.85 8.027281892 -2.500626723
2 Jun, 2019 25,413.78 824.3 4.940426983 5.971588353
1 Jul, 2019 25,894.97 841.55 1.8934216 2.092684702
1 Aug, 2019 26,638.11 985.95 2.869823753 17.15881409
1 Sep, 2019 26,630.51 985.15 -0.028530553 -0.081140017
1 Oct, 2019 27,865.83 967.75 4.638739551 -1.766228493
3 Nov, 2019 28,693.99 952.3 2.971955258 -1.596486696
1 Dec, 2019 27,499.42 970.1 -4.163136601 1.869158879
2 Jan, 2020 29,182.95 1061.6 6.122056392 9.432017318
2 Feb, 2020 29,220.12 1131 0.127368892 6.537302185
2 Mar, 2020 27,957.49 1040.8 -4.321097928 -7.975243148
1 Apr, 2020 27,011.31 1057.5 -3.384352458 1.604534973
1 May, 2020 27,828.44 1050.05 3.02514021 -0.704491726
1 Jun, 2020 27,780.83 1230.8 -0.17108397 17.21346603
1 Jul, 2020 28,114.56 1370.45 1.201296002 11.34627884
3 Aug, 2020 26,283.09 1335 -6.514311446 -2.586741581
1 Sep, 2020 26,154.83 1215.85 -0.487994372 -8.925093633
1 Oct, 2020 26,656.83 1263.9 1.919339564 3.951967759
2 Nov, 2020 26,145.67 1229.85 -1.917557339 -2.69404225
1 Dec, 2020 26,117.54 1281.3 -0.107589517 4.183437005
4 Jan, 2021 24,870.69 1224.25 -4.773994794 -4.45250917
1 Feb, 2021 24,223.32 1233.9 -2.602943465 0.788237697
Graph 4.3e: yearly volatility of Godrej Consumer from Jan 2019 to Feb 2021
20
15
10
5
Rx
Ry
0
-5
-10
-15
Chart 4.3e: Calculated value of Godrej Consumer Company

TOOLS VALUES
Beta 0.187968
Alpha 0.316704

From the analysis made between the various companies of FMCG and its index we can infer
the following:
 Emami has a standard deviation of 9.043417 when compared to other company’s

other FMCG selected companies.
 Average return is high with Britannia Inds with return of 5.019175811 where when
 Beta of Nestle is 0.35263 is more compared other selected companies and the change
in the market return 0.734220607 indicates it is less volatile compared to the market
and it is defensive in nature.
 Alpha of Britannia Inds stock is -0.05392 which also showing the negative sign tells
the stock is also showing the unhealthy Sign , Negative alpha value will not yield the
profitable return.
\
PHARMACEUTICALS
1. AARTI DRUGS
Table 4.4a: tabulation of monthly data of Aarti Drugs from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 224.05
3 Feb, 2019 21,120.12 257.05 2.955417925 14.72885517
3 Mar, 2019 22,386.27 263.4 5.994994347 2.47033651
1 Apr, 2019 22,417.80 355.85 0.140845259 35.09870919
2 May, 2019 24,217.34 401.6 8.027281892 12.85654068
2 Jun, 2019 25,413.78 528.85 4.940426983 31.68575697
1 Jul, 2019 25,894.97 623.45 1.8934216 17.88786991
1 Aug, 2019 26,638.11 744 2.869823753 19.33595316
1 Sep, 2019 26,630.51 771.45 -0.028530553 3.689516129
1 Oct, 2019 27,865.83 722.05 4.638739551 -6.403525828
3 Nov, 2019 28,693.99 798.35 2.971955258 10.56713524
1 Dec, 2019 27,499.42 852.55 -4.163136601 6.789002317
2 Jan, 2020 29,182.95 1200.6 6.122056392 40.82458507
2 Feb, 2020 29,220.12 1257 0.127368892 4.697651174
2 Mar, 2020 27,957.49 651.75 -4.321097928 -48.150358
1 Apr, 2020 27,011.31 659.25 -3.384352458 1.150747986
1 May, 2020 27,828.44 667.5 3.02514021 1.251422071
1 Jun, 2020 27,780.83 631.15 -0.17108397 -5.445692884
1 Jul, 2020 28,114.56 716.95 1.201296002 13.59423275
3 Aug, 2020 26,283.09 566.15 -6.514311446 -21.03354488
1 Sep, 2020 26,154.83 602.95 -0.487994372 6.500044158
1 Oct, 2020 26,656.83 555.8 1.919339564 -7.819885563
2 Nov, 2020 26,145.67 584.25 -1.917557339 5.118747751
1 Dec, 2020 26,117.54 562.85 -0.107589517 -3.662815576
4 Jan, 2021 24,870.69 524.5 -4.773994794 -6.813538243
1 Feb, 2021 24,223.32 521.85 -2.602943465 -0.505243089
Graph 4.4a: yearly volatility of Aarti Drugs from Jan 2019 to Feb 2021
60
40
20
Rx
0
Ry
-20
-40
-60
Chart 4.4a: Calculated value of Aarti Drugs Company
TOOLS VALUES
Beta 0.117818
Alpha 0.129048

1. ABBOTT INDIA
Table 4.4b: tabulation of monthly data of Abbot India from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 1637.85
3 Feb, 2019 21,120.12 1726.5 2.955417925 5.41258357
3 Mar, 2019 22,386.27 1752.75 5.994994347 1.520417029
1 Apr, 2019 22,417.80 1809.7 0.140845259 3.24917986
2 May, 2019 24,217.34 1743.65 8.027281892 -3.649776206
2 Jun, 2019 25,413.78 2173.1 4.940426983 24.62936943
1 Jul, 2019 25,894.97 2101.2 1.8934216 -3.30863743
1 Aug, 2019 26,638.11 2582.35 2.869823753 22.89881972
1 Sep, 2019 26,630.51 3164.15 -0.028530553 22.52986621
1 Oct, 2019 27,865.83 3095 4.638739551 -2.185421045
3 Nov, 2019 28,693.99 3540.1 2.971955258 14.3812601
1 Dec, 2019 27,499.42 3794.1 -4.163136601 7.174938561
2 Jan, 2020 29,182.95 3977.5 6.122056392 4.833820933
2 Feb, 2020 29,220.12 3782.05 0.127368892 -4.913890635
2 Mar, 2020 27,957.49 3948.4 -4.321097928 4.398408271
1 Apr, 2020 27,011.31 3940.7 -3.384352458 -0.195015703
1 May, 2020 27,828.44 4026.6 3.02514021 2.179815769
1 Jun, 2020 27,780.83 3896 -0.17108397 -3.243431183
1 Jul, 2020 28,114.56 4456.9 1.201296002 14.39681725
3 Aug, 2020 26,283.09 4786 -6.514311446 7.384056183
1 Sep, 2020 26,154.83 5702.65 -0.487994372 19.15273715
1 Oct, 2020 26,656.83 5569.6 1.919339564 -2.333125827
2 Nov, 2020 26,145.67 5206.95 -1.917557339 -6.511239586
1 Dec, 2020 26,117.54 6012.25 -0.107589517 15.46586773
4 Jan, 2021 24,870.69 5048.15 -4.773994794 -16.035594
1 Feb, 2021 24,223.32 5020.2 -2.602943465 -0.553668175
Graph 4.4b: yearly volatility of Abbott India from Jan 2019 to Feb 2021
30
25
20
15
10
Rx
5
Ry
0
-5
-10
-15
-20
Chart 4.4b: Calculated value of Abbott India Company
TOOLS VALUES
Beta 0.057502
Alpha 0.442852
2. BIOCON
Table 4.4c: tabulation of monthly data of Biocon from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 435.95
3 Feb, 2019 21,120.12 458.55 2.955417925 5.184080743
3 Mar, 2019 22,386.27 424.05 5.994994347 -7.523716061
1 Apr, 2019 22,417.80 470.4 0.140845259 10.93031482
2 May, 2019 24,217.34 437.6 8.027281892 -6.972789116
2 Jun, 2019 25,413.78 529.95 4.940426983 21.10374771
1 Jul, 2019 25,894.97 469.95 1.8934216 -11.32182281
1 Aug, 2019 26,638.11 464.75 2.869823753 -1.106500692
1 Sep, 2019 26,630.51 498 -0.028530553 7.154384077
1 Oct, 2019 27,865.83 448 4.638739551 -10.04016064
3 Nov, 2019 28,693.99 455.55 2.971955258 1.685267857
1 Dec, 2019 27,499.42 425.2 -4.163136601 -6.662276369
2 Jan, 2020 29,182.95 414.15 6.122056392 -2.598777046
2 Feb, 2020 29,220.12 427.5 0.127368892 3.223469757
2 Mar, 2020 27,957.49 469.5 -4.321097928 9.824561404
1 Apr, 2020 27,011.31 452.9 -3.384352458 -3.535676251
1 May, 2020 27,828.44 451.35 3.02514021 -0.342238905
1 Jun, 2020 27,780.83 461.35 -0.17108397 2.215575496
1 Jul, 2020 28,114.56 457.6 1.201296002 -0.812831906
3 Aug, 2020 26,283.09 444.1 -6.514311446 -2.950174825
1 Sep, 2020 26,154.83 443.6 -0.487994372 -0.112587255
1 Oct, 2020 26,656.83 454.65 1.919339564 2.490982867
2 Nov, 2020 26,145.67 461.65 -1.917557339 1.539645881
1 Dec, 2020 26,117.54 518.05 -0.107589517 12.21704755
4 Jan, 2021 24,870.69 490.6 -4.773994794 -5.29871634
1 Feb, 2021 24,223.32 462.3 -2.602943465 -5.7684468
Graph 4.4c: yearly volatility of Biocon from Jan 2019 to Feb 2021
25
20
15
10
Rx
5
Ry
-5
-10
-15
Chart 4.4c: Calculated value of Biocon Company
TOOLS VALUES
Beta -0.01166
Alpha 0.740059
Correlation -0.02356
3. CIPLA
Table 4.4d: tabulation of monthly data of Cipla from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 410.65
3 Feb, 2019 21,120.12 384.35 2.955417925 -6.404480701
3 Mar, 2019 22,386.27 383.7 5.994994347 -0.169116691
1 Apr, 2019 22,417.80 398 0.140845259 3.72686995
2 May, 2019 24,217.34 384.15 8.027281892 -3.479899497
2 Jun, 2019 25,413.78 437.95 4.940426983 14.00494598
1 Jul, 2019 25,894.97 456.3 1.8934216 4.189976025
1 Aug, 2019 26,638.11 514.3 2.869823753 12.71093579
1 Sep, 2019 26,630.51 625.7 -0.028530553 21.66050943
1 Oct, 2019 27,865.83 667.1 4.638739551 6.61658942
3 Nov, 2019 28,693.99 634.95 2.971955258 -4.819367411
1 Dec, 2019 27,499.42 625.8 -4.163136601 -1.441058351
2 Jan, 2020 29,182.95 696.05 6.122056392 11.22563119
2 Feb, 2020 29,220.12 681.5 0.127368892 -2.090367071
2 Mar, 2020 27,957.49 711.2 -4.321097928 4.358033749
1 Apr, 2020 27,011.31 637.05 -3.384352458 -10.42604049
1 May, 2020 27,828.44 650.45 3.02514021 2.103445569
1 Jun, 2020 27,780.83 616.3 -0.17108397 -5.250211392
1 Jul, 2020 28,114.56 709.2 1.201296002 15.07382768
3 Aug, 2020 26,283.09 681.5 -6.514311446 -3.905809363
1 Sep, 2020 26,154.83 637.8 -0.487994372 -6.412325752
1 Oct, 2020 26,656.83 689.85 1.919339564 8.160865475
2 Nov, 2020 26,145.67 644 -1.917557339 -6.6463724
1 Dec, 2020 26,117.54 648.25 -0.107589517 0.659937888
4 Jan, 2021 24,870.69 585.7 -4.773994794 -9.649055148
1 Feb, 2021 24,223.32 561.35 -2.602943465 -4.157418474
Graph 4.4d: yearly volatility of Cipla from Jan 2019 to Feb 2021
25
20
15
10
Rx
5
Ry
-5
-10
-15
Chart 4.4d: Calculated value of Cipla Company
TOOLS VALUES
Beta 0.165195
Alpha 0.472287
3. AJANTA PHARMA
Table 4.4e: tabulation of monthly data of Ajanta Pharma from Jan 2019- Feb 2021

1 Jan, 2019 20,513.85 943.25
3 Feb, 2019 21,120.12 1039.8 2.955417925 10.23588656
3 Mar, 2019 22,386.27 1001.4 5.994994347 -3.693017888
1 Apr, 2019 22,417.80 992.7 0.140845259 -0.868783703
2 May, 2019 24,217.34 1074.4 8.027281892 8.230079581
2 Jun, 2019 25,413.78 1638.85 4.940426983 52.53629933
1 Jul, 2019 25,894.97 1623.25 1.8934216 -0.951886994
1 Aug, 2019 26,638.11 1586.9 2.869823753 -2.239334668
1 Sep, 2019 26,630.51 1725.2 -0.028530553 8.715104922
1 Oct, 2019 27,865.83 1900.05 4.638739551 10.13505681
3 Nov, 2019 28,693.99 2355.3 2.971955258 23.95989579
1 Dec, 2019 27,499.42 2329.45 -4.163136601 -1.097524731
2 Jan, 2020 29,182.95 2558.15 6.122056392 9.817768143
2 Feb, 2020 29,220.12 2793.55 0.127368892 9.201962356
2 Mar, 2020 27,957.49 1225.45 -4.321097928 -56.13287752
1 Apr, 2020 27,011.31 1265.7 -3.384352458 3.284507732
1 May, 2020 27,828.44 1579.35 3.02514021 24.78075373
1 Jun, 2020 27,780.83 1569.65 -0.17108397 -0.614176718
1 Jul, 2020 28,114.56 1563.3 1.201296002 -0.404548785
3 Aug, 2020 26,283.09 1498.95 -6.514311446 -4.116292458
1 Sep, 2020 26,154.83 1478.6 -0.487994372 -1.357616999
1 Oct, 2020 26,656.83 1547.9 1.919339564 4.686865954
2 Nov, 2020 26,145.67 1327.75 -1.917557339 -14.22249499
1 Dec, 2020 26,117.54 1336.6 -0.107589517 0.666541141
4 Jan, 2021 24,870.69 1271.5 -4.773994794 -4.870567111
1 Feb, 2021 24,223.32 1291.05 -2.602943465 1.53755407
Graph 4.4e: yearly volatility of Ajanta Pharma India from Jan 2019 to Feb 2021
60
40
20
0
Rx
Ry
-20
-40
-60
-80
Chart 4.4e: Calculated value of Ajanta Pharma Company
TOOLS VALUES
Beta 0.109346
Alpha 0.396476

From the analysis made between the various companies of Pharmaceutical industry and its
index we can infer the following:
 Aarti Drugs has a standard deviation of 17.58125 when compared to other companies’
other Pharmaceutical selected companies.
 Average return is also high with Aarti Drugs with return of 5.136500087 where when
 Beta of Cipla is 0.165195 is more compared other selected companies and the change
in the market return causes 0.734220607 indicates it is less volatile compared to the
market and it is defensive in nature.
 Alpha of Biocon stock is 0.740059 which tells the stock is showing the healthy Sign ,
positive alpha value will yield the profitable return.
COMPARATIVE ANALYSIS
AUTO MOBILE
Graph 4.5: comparative analysis of selected stocks of Automobile Sector with respect to
Sensex index based on Returns and Standard Deviation.
Maruti Ashok Bajaj Eachier Hero Moto

Suzuki Layland Auto Motors Corp
Returns 3.747289723 7.749917519 1.16600468 5.604781961 1.196539666
S.D 7.790942 14.5281 8.151427 8.507985 7.355189
16
14
12
10
8
Return
6 Column1
0
Maruti Suzuki Ashok Layland Bajaj Auto Eicher MotorsHero Moto Corp
 Ashok Leyland is the most preferred stock compared to the other companies because
it has a moderate risk i.e. as of the index and also high return comparatively.
 Eachier motors would be the second preference stock to invest comparatively.
 Maruti Suzuki has an average risk with average return.
AGRO CHEMICALS
Graph 4.6: comparative analysis of selected stocks of Agro Chemicals with respect to Sensex
index based on Returns and Standard Deviation.
Bharat Excel Crop Monsanto Paushak Bayer Crop

Rasayan Care India Sci
Returns 6.808743703 4.507998032 4.233185555 6.83527313 3.288899102
S.D 15.40864 14.29656 15.84089 18.56808 9.034675
20
18
16
14
12
10 Returns
Column1
8
0
Bharat Rasayan Excel Crop Care Monsanto India Paushak Bayer Crop Sci
 paushak is the most preferred stock compared to the other companies because it has a
moderate risk i.e. as of the index and also high return comparatively.
 Bharath Rasayan would be the second preference stock to invest comparatively.
 Excel crop care has an average risk with average return.
FMCG
Graph 4.7: comparative analysis of selected stocks of FMCG with respect to Sensex index
based on Returns and Standard Deviation.
Britannia Inds Emami Gillette India Nestle India Godrej
Consumer
Return 5.019175811 3.711456979 3.362001573 0.426102957 2.221206294
S.D 7.194506 9.043417 7.292285 5.484022 6.709954
10
5 Returns
Column1
4
0
Britannia Inds Emami Gillette India Nestle India Godrej Consumer
 Britannia Inds is the most preferred stock compared to the other companies because it
has a moderate risk i.e. as of the index and also high return comparatively.
 Gillette India would be the second preference stock to invest comparatively.
 Emami has an average risk with average return.
 Nestle have underperformed the most compared to other companies with low return
and high risk.
PHARMACEUTICAL
Graph 4.8: comparative analysis of selected stocks of pharmaceutical with respect to Sensex
index based on Returns and Standard Deviation.
Aarti Drugs Abbott Biocon Cipla Ajanta

India Pharma
Returns 5.136500087 5.067126319 0.500894526 1.585601816 3.088766142
S.D 17.58125 10.16157 7.427101 8.277618 17.54454

20
18
16
14
12
10
8 Returns
Column1
6
4
2
0
Aarti Drugs Abbott India Biocon Cipla Ajantha Pharma
 Abbott India is the most preferred stock compared to the other companies because it
has a moderate risk i.e. as of the index and also high return comparatively.
 Aarti drugs would be the second preference stock to invest comparatively.
 Ajanta Pharma has an average risk with average return.
 Biocon have underperformed the most compared to other companies with low return
and high risk.
Hypothesis: t-Test
A statistical examination of two population means. A two-sample t-test examines weather

two samples are different and id commonly used when the variance of two normal
distribution are known and when an experience uses a small sample size.
t-Test: Paired Two Sample for Means

Column 1 Column 2 Column 3
Variable 1 Variable 2
Mean 0.734220607 3.762873279
Variance 1.16772E-31 4.57963079
Observations 20 20
Pearson Correlation 6.70662E-16
Hypothesized Mean Difference 0
df 19
t Stat -6.329206064
P(T<=t) one-tail 2.24757E-06
t Critical one-tail 1.729132792
P(T<=t) two-tail 4.49514E-06
t Critical two-tail 2.09302405
Ho: There is a significance difference between Index Return (Rx) and the Stock Return (Ry)
H1: There is a significance difference between Index Return (Rx) and the Stock Return (Ry)
Based on the above t-Test value is greater than 0.05 hence it is proved that the null hypothesis
is accepted and the alternative hypothesis is rejected.
CHAPTER-5
FINDINGS, CONCLUSIONS AND

SUGGESTIONS/RECOMMENDATIONS
FINDINGS
AUTOMOBILE SECTOR
STOCKS RETURNS BETA ALPHA S.D C.V
3.747289723 0.303877 -0.40449 7.790942 10.61117

Maruti suzuki
Ashok 7.749917519 0.159165 -0.49929 14.5281 19.78711
Leyland
1.16600468 0.256179 0.435515 8.151427 11.10215

Bajaj Auto
5.604781961 0.251369 -0.67465 8.507985 11.58778

Eicher Motors
Hero Moto 1.196539666 0.256179 0.427692 7.355189 10.01768

Corp
 Return of Ashok Leyland is more when compared to other companies and Eicher
Motors is also having a good return.
 Beta of Maruti Suzuki is more when compared to other companies but it is less than 1
so it indicates it is defensive in nature.
 Alpha of Maruti Suzuki have is showing a negative value which is showing an
unhealthy sign the negative value will not yield more profit.
 Ashok Leyland has a highest risk and also yielding a good return.
 Bajaj auto having a lowest return other than any other companies.
FINDINGS
AGRO CHEMICALS SECTOR
Bharat
6.808743703 0.125103 -0.11757 15.40864 20.98639
Rasayan
Excel Crop
4.507998032 0.026595 0.614329 14.29656 19.47175
Care
Monsanto
4.233185555 0.082066 0.386821 15.84089 21.57511
India
Paushak 6.83527313 0.026699 0.551728 18.56808 25.28951
Bayer Crop
3.288899102 0.113749 0.360111 9.034675 12.30512
Sci
 The return of Paushak has a high return compared to other companies and Bayer Corp
Sci has a low return.
 The Beta of Excel Crop Care is having a low beta value where it is too defensive in
nature when compared to others.
 Alpha of Bharat Rasayan is showing a negative value which is showing a unhealthy
sign which does not yield more profit.
 Paushak is having a high risk and yielding a good return.
FINDINGS
FMCG SECTOR
Britannia Inds 5.019175811 0.157025 -0.05392 7.194506 9.798834
Emami 3.711456979 0.147555 0.186578 9.043417 12.31703

Gillette India 3.362001573 0.115764 0.345021 7.292285 9.932008
Nestle India 0.426102957 0.35263 0.583964 5.484022 7.469175
Godrej 2.221206294 0.187968

0.316704 6.709954 9.138881
Consumer
 The return of Britannia Inds is showing a high rate of return when compared to others
and Nestle India is having a low rate of return.
 The Beta of Nestle India is having a low rate and showing that it is defensive in nature
when compared to others.
 Britannia Inds having a high risk and also giving a good return compared to others.
 Even though alpha of Britannia Inds showing a negative sign it is yielding a good
return.
FINDINGS
PHARMACEUTICAL SECTOR
Aarti Drugs 5.136500087 0.117818 0.129048 17.58125 23.94545
Abbott India 5.067126319 0.057502 0.442852 10.16157 13.83994

Biocon 0.500894526 -0.01166 0.740059 7.427101 10.11563
Cipla 1.585601816 0.165195 0.472287 8.277618 11.27402
Ajantha
Pharma 3.088766142 0.109346 0.396476 17.54454 23.89546
 Return of Aarti Drugs has a higher return compared to others and the Biocon has the
lowest rate of return.
 Beta of Biocon Company is too defensive when compared with other companies.
 Even though the value of Alpha is low Aarti Drugs is yielding good return.
 Aarti Drugs and Abbott India is yielding more return even though the risk is high and
Biocon is yielding low returns even the risk is low.
CONCLUSION
The primary motive of the security analysis is to analyze the security from the view of their
price, risk and returns. The security analysis helps to forecast the nationwide financial
system, because financial activities affect the business profit, investor’s attitude and hope as
well as eventually security prices. It establishes linkages between activities band stock
market, because the overall economic manifest itself is the behavior of in general.
However from the data analysis and interpretation it can be concluded that, the investors
should analyze the market before investing in the various sectors since the risk is high in
various sectors and the return is moderate.
The investors must have knowledge of stock market to invest into the market where the
market will always will not in constant it goes on fluctuating each and every second during
the trading period so that the investors must look after the market and must invest in a
profitable sector.
There are too many sectors in the stock market in BSE as well as NSE so they must aware of
the market carefully before investing into the market they must know the market risk and
gain able sectors to earn profit.
SUGGESTIONS/RECOMMENDATIONS
AUTOMOBILE SECTOR
 In Automobile sector the investors are advised to buy more shares from Ashok
Leyland because it is yielding more returns and they have to bear high risk has well
by expecting a better performance.
 Maruti Suzuki and Eicher Motors are also doing well in the market and they need a
little improvement for future so the investors hold the stock for the future.
 Hero Moto Corp and Bajaj Auto are yielding less return so the investors has to wait
for the good performance by the companies.
AGRO CHEMICALS
 In this sector investors are advised to buy more shares of Paushak and bharath rasayan
because it is yielding more returns and they have to bear high risk has well by
expecting better performance.
 Excel Corp Care and Monsanto India are also doing well in the market and they also
need little improvement for future so the investors hold the stock for future.
 Bayer crop sci have a low return so the investor has to wait for the better performance
by these companies.
FMCG
 In this sector investors are advised to buy more shares of Britannia Inds because it is
yielding more returns and they have to bear high risk has well by expecting better
performance.
 Emami and Gillette India are also doing well in the market and they also need little
improvement for future so the investors hold the stock for future.
 Nestle India and Godrej have a low return so the investors have to wait for the better
performance by these companies.
PHARMACEUTICAL
 In this sector investors are advised to buy more shares of Aarti Drugs and Abbott
India, because it is yielding more returns and they have to bear high risk has well by
expecting better performance.
 Ajanta Pharma is also doing well in the market and they also need little improvement
for future so the investors hold the stock for future.
 Cipla and Biocon have a low return so the investors have to wait for the better
performance by these companies.

Indian Stock Broking Industry Overview

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Indian Stock Broking Industry Overview

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CHAPTER-1

About financial services

INDIAN STOCK BROKING INDUSTRY

In 1875 they have established the Bombay stock exchange in Bombay.

In 1894 they have established Ahmadabad stock broking association.

In 1908 they formed a Calcutta stock exchange.

In 1920 they established madras stock exchange.

In 1944 they established the Hyderabad stock exchange.

In 1947 Delhi stock exchange was established.

THE EXCHANGES THAT WERE RECOGNIZED UNDER THE ACT WERE:

MAJOR PLAYERS IN THE REGION:

It is further classified as:

 Industrial securities market

Money markets are sub classified into:

 Call money market

BACKGROUND OF THE COMPANY

PROMOTERS OF BMA WEALTH CREATORS LTD

ANUBHAV BHATTER-MD AND CEO

SARAT MURARKA-NATIONAL HEAD

To provide integrated financial services building investor wealth and confidence.

To be a premier financial supermarket providing integrated investment services.

PRODUCTS /SERVICES PROFILE:

THE PRODUCT OFFERINGS:

THE MAJOR COMPETITORS ARE:

 ICICI Securities Ltd

 Single screen interface for cash and derivatives.

BRIEF ABOUT SWOT ANALYSIS

 Slight entry level of investors.

FUTURE GROWTH AND PROSPECTS:

Mar ' 2020 Mar ' 2019

Market value of quoted investments 14.16 9.89

Ratio 2020 2019

Debt Equity Ratio 3.66 3.51

Proprietary ratio 0.92 0.82

GRAPH SHOWING ANALYSIS OF THE COMPANY’S RATIO

Theoretical background of the study

 INTEREST RATE RISK:

 PURCHASING POWER RISK:

Business risk/ liquidity Financial risk/ Operational risk

 BUSINESS OR LIQUIDITY RISK:

 FINANCIAL CREDIT RISK:

STATISTICAL TOOLS USED FOR MEASURING RISK AND RETURN:

Today’s price - yesterday’s price

1. Pamane, Kolani, Vikpossi, AnaniEkoue (2019) Studied on an analysis of the

3. Adedokun, O A; Ogunsemi, DR; Aie, I O; Awodele, O A; Dairo, D O (2018)studied

5. Kushalappas, Kundar, Sharmila (2019) study on the risk management through

“AN ANALYTICAL STUDY OF RISK AND RETURN OF

NEED FOR THE STUDY

 To suggest investors who are risk averse to trade in equity.

OBJECTIVES OF THE STUDY

 To analyze the share price movement of various sectors in BSE index.

 To analyze the relative movement of share prices with BSE Sensex.

 To comparative evaluation of selected sector.

Calculation of data is done using the following formulas

Today’s price - yesterday’s price

The data had been collected through

DATE SENSEX INDEX STOCK RETURN Rx Ry

Standard Deviation 7.790942

coefficient of variation 10.61117

DATE SENSEX INDEX STOCK RETURN Rx Ry

Chart 4.1b: Calculated value of Ashok Leyland Company

coefficient of variation 19.78711

DATE SENSEX INDEX STOCK RETURN Rx Ry