Deepa - Project Final

A STUDY ON HEDGING STRATEGY USING CALL OPTION OF SELECTED
COMPANIES LISTED ON INDIAN STOCK EXCHANGE.
ABSTRACT
Risk management assumes great importance in today’s dynamic world. Investors
want to maximize their profit with minimum risk and derivatives play an important
role in maximizing the return to the investors. Forwards, Futures and Options are
three important types of derivatives emerged to reduce the risk of investors. The
investor can use different strategies to get maximum return. The research is carried
on to find out whether the investor’s risk is minimized through call option when
he has taken short and long position in shares. This study throws light on using call
options to minimize the risk and how he can use hedging strategies to maximize
return from his investments.
Canara Bank School of Management studies, JB Campus 1

CHAPTER-01
INTRODUTION

1.1 INTRODUCTION
A financial derivative is derived from the price of an asset (or a number of

assets),one can therefore see a role for a financial institution that offer to project
a party against a set of future scenarios-for a price of course.Derivatives are
instruments in respect of which trading is carried out as a right on an underlying
asset. In normal trading, an asset is acquired or sold. When we deal with
derivatives, the asset itself is not traded, but the right to buy or sell the asset is
traded. Thus, a derivative instrument does not directly result in a trade but gives
a right to a person which may ultimately result in trade. A buyer of a derivative
gets a right over the asset which, after or during a particular period of time, might
result in the buyer buying or selling the asset. A derivative instrument is based on
an underlying asset. The asset may be a commodity, a stock or a foreign currency.
A right is bought either to buy or sell the underlying asset after or during a
specified time. The price at which the transaction is to be carried out is also spelt
out in the beginning itself. The emergence of the market for derivative products,
most notably forwards, futures and options, can be traced back to the willingness
of risk-averse economic agents to guard themselves against uncertainties arising
out of fluctuations in asset price. By their very nature, the financial markets are
marked by a very high degree of volatility. Through the use of derivative
products, it is possible to transfer partially or fully price risks by locking-in asset
prices. As instruments of risk management, these generally do not influence the
underlying asset prices. However, by locking-in asset prices, derivative products
minimise the impact of fluctuations in asset prices on the profitability and cash
flow situation of risk averse investors.
1.1.1Definition of Financial Derivatives
Derivative is a product whose value is derived from the value of an

underlying asset in a contractual manner. The underlying asset can be equity,
forex, commodity or any other asset.
Derivative is a product whose value is derived from the value of one or more
basic variables, called bases (underlying asset, index, or reference rate), in a
contractual manner. The underlying asset can be equity, forex, commodity or
any other asset. For example, wheat farmers may wish to sell their harvest at a

future date to eliminate the risk of a change in prices by that date. Such a
transaction is an example of a derivative. The price of this derivative is driven
by the spot price of wheat which is the “underlying”. Financial Derivatives in
the Indian context the securities contracts (Regulation) Act, 1956 (SC(R)A)
defines "derivative" to include
1.1.2 Participants in Derivatives Market
1. Hedgers: They use derivatives markets to reduce or eliminate the risk

associated with price of an asset. Majority of the participants in derivatives
market belongs to this category.
2. Speculators: They transact futures and options contracts to get extra
leverage in betting on future movements in the price of an asset. They can
increase both the potential gains and potential losses by usage of derivatives in a
speculative venture.
3. Arbitrageurs: Their behaviour is guided by the desire to take advantage
of a discrepancy between prices of more or less the same assets or competing
assets in different markets. If, for example, they see the futures price of an asset
getting out of line with the cash price, they will take offsetting positions in the
two markets to lock in a profit.
1.1.3 Classification of Derivatives

Broadly derivatives can be classified in to two categories as shown in Fig.1:
Commodity derivatives and financial derivatives. In case of commodity
derivatives, underlying asset can be commodities like wheat, gold, silver etc.,
whereas in case of financial derivatives underlying assets are stocks, currencies,
bonds and other interest rates bearing securities etc. Since, the scope of this case
study is limited to only financial derivatives so we will confine our discussion
to financial derivatives only.
Forward Contract
A forward contract is an agreement between two parties to buy or sell an asset at
a specified point of time in the future. In case of a forward contract the price

which is paid/ received by the parties is decided at the time of entering into
contract. It is the simplest form of derivative contract mostly entered by
individuals in day to day’s life.
Future Contract
Futures is a standardized forward contact to buy (long) or sell (short) the
underlying asset at a specified price at a specified future date through a
specified exchange. Futures contracts are traded on exchanges that work as a
buyer or seller for the counterparty. Exchange sets the standardized terms in
term of Quality, quantity, Price quotation, Date and Delivery place (in case of
commodity).
Futures contracts being traded on organized exchanges impart liquidity to the
transaction. The clearinghouse, being the counter party to both sides of a
transaction, provides a mechanism that guarantees the honouring of the
contract and ensuring very low level of default (Hirani, 2007). Following are
the important types of financial futures contract:- i Stock Future or equity
futures, ii Stock Index futures, iii Currency futures,
Options Contract
In case of futures contact, both parties are under obligation to perform their
respective obligations out of a contract. But an options contract, as the name
suggests, is in some sense, an optional contract. An option is the right, but not
the obligation, to buy or sell something at a stated date at a stated price. A “call
option” gives one the right to buy; a “put option” gives one the right to sell.
Options are the standardized financial contract that allows the buyer (holder) of
the option, i.e. the right at the cost of option premium, not the obligation, to buy
(call options) or sell (put options) a specified asset at a set price on or before a
specified date through exchanges.
Options contracts are of two types: call options and put options. Apart from
this, options can also be classified as OTC (Over the Counter) options and
exchange traded options. In case of exchange traded options contract, contracts
are standardized and traded on recognized exchanges,
Whereas OTC options are customized contracts traded privately between the
parties. A call options gives the holder (buyer/one who is long call), the right to
buy specified quantity of the underlying asset at the strike price on or before

expiration date. The seller (one who is short call) however, has the obligation to
sell the underlying asset if the buyer of the call option decides to exercise his
option to buy.
1.2 Types of Traders in Derivatives

There are three types of traders in the derivatives market:
1.Hedger
2.Speculator
3. Arbitrageur
1.Hedger:
A hedge is a position taken in order to offset the risk associated with some other
position. A hedger is someone who faces risk associated with price movement
of an asset and who uses derivatives as a means of reducing that risk. A hedger
is a trader who enters the futures market to reduce a pre-existing risk.
2.Speculators:
While hedgers are interested in reducing or eliminating risk, speculators buy
and sell derivatives to make profit and not to reduce risk. Speculators willingly
take increased risks. Speculators wish to take a position in the market by betting
on the future price movements of an asset. Futures and options contracts can
increase both the potential gains and losses in a speculative venture. Speculators
are important to derivatives markets as they facilitate hedging provide liquidity
ensure accurate pricing, and help to maintain price stability. It is the speculators
who keep the market going because they bear risks which no one else is willing
to bear.
3. Arbitrageur:
An arbitrageur is a person who simultaneously enters into transactions in two or
more markets to take advantage of discrepancy between prices in these markets
For example, if the futures price of an asset is very high relative to the cash
price, an arbitrageur will make profit by buying the asset and simultaneously

selling futures. Hence, arbitrage involves making profits from relative

mispricing. Arbitrageurs also help to make markets liquid, ensure accurate and
uniform pricing, and enhance price stability.
1.3 INTRODUCTION TO OPTIONS

Definition
Option is a type of contract between two persons where one grants the other the
right to buy a specific asset at a specific price within a specific time period.
Alternatively the contract may grant the other person the right to sell a specific
asset at a specific price within a specific time period. In order to have this right.
The option buyer has to pay the seller of the option premium
The assets on which option can be derived are stocks, commodities, indexes
etc. If the underlying asset is the financial asset, then the option are financial
option like stock options, currency options, index options etc, and if options like
commodity option.
PROPERTIES OF OPTION
Options have several unique properties that set them apart from other securities.
The following are the properties of option:
• Limited Loss
• High leverages potential
• Limited Life
1.3.1PARTIES IN AN OPTION CONTRACT

Buyer of the Option
The buyer of an option is one who by paying option premium buys the right but
not the obligation to exercise his option on seller/writer.
Writer/Seller of the Option The writer of the call /put options is the one who
receives the option premium and is there by obligated to sell/buy the asset if the
buyer exercises the option on him

1.4On the Basis of the Market Movements

On the basis of the market movements the option are divided into two types.
They are:
1.4.1 CALL OPTION

A call option is bought by an investor when he seems that the stock price
moves upwards. A call option gives the holder of the option the right but not the
obligation to buy an asset by a certain date for a certain price.
1.4.2 PUT OPTION

A put option is bought by an investor when he seems that the stock price moves
downwards. A put options gives the holder of the option right but not the
obligation to sell an asset by a certain date for a certain price.
On the Basis of Exercise of Option

On the basis of the exercising of the option, the options are classified into two
categories.
• American Option
American options are options that can be exercised at any time up to the
expiration date, all stock options at NSE are American.
• European Option
European options are options that can be exercised only on the expiration date
itself. European options are easier to analyse than American options. All index
options at NSE are European.

1.5 PAY-OFF PROFILE FOR BUYER OF A CALL OPTION

The pay-off of a buyer options depends on a spot price of a underlying asset.
The following graph shows the pay-off of buyer of a call option.
S - Strike Price OTM - Out of the money

SP - Premium/ Loss ATM - At the money
E1 - Spot price 1 ITM - In the money
E2- Spot price 2
SR- profit at spot price E1

1.6 PAY-OFF PROFILE FOR SELLER OF A CALL OPTION

The pay-off of seller of the call option depends on the spot price of the
underlying asset. The following graph shows the pay-off of seller of a call
option:
S - Strike price ITM - In the money

SP - Premium /profit ATM - At the money E1
- Spot price 1 OTM - Out of the money
E2 - Spot price 2
SR - Loss at spot price E2

CHAPTER - 2
RESEARCH DESIGN

2.0 Statement of the Study

Derivatives are important tools for risk management in the financial market.
Futures and options are traded in the stock market and call option payoff for
buyer is maximum. In this study we have analysed the payoff for investor from
five companies like TATA, WIPRO, CIPLA, HDFC Bank and Reliance
Industries. This study is also intended to attract the investors towards derivative
market segment. The derivatives can not only act as an investment option but
can be used an effective tool to manage financial risk.
2.1 Scope of the Study

A study cannot be said as totally perfect any alteration may come. The study has
only made humble attempt on call option payoff and net profit or loss to the
investor based on long or short position in shares of particular companies. The
study throws light on risk minimization through call options.
2.2 Objectives
• To analyse the relationship between the risk and returns from Options
trading to an investor in call options
• To analyse the position of option holder with respect to profit/loss
• To find the net payoff, net profit/loss, net profit/net loss on share and net
profit/loss.
• To find the relationship between long position in option with long/short
position in shares of particular companies.
2.3 Research Methodology

The present study is descriptive in nature and the data is collected for 5 years
from 2015-2020. The study mainly focuses on calculation of payoffs from call
option to the option holder only and how he can maximize his return by taking a
long or short position in shares of selected companies. The companies from five
sectors are chosen for the study. TATA from automobile sector, CIPLA from
Pharma sector, HDFC from Banking sector, Wipro from IT sector and Reliance
from manufacturing sector are selected for the study.

2.4 Source of Data

Data collected for this project report from NSE website and Money control
website. Data is also collected from company’s corporate website, annual reports
and director’s report.
2.5 Tools Used for Data Analysis

The data’s collected will be analyzed by using Microsoft excel by applying
following tools: -
• net payoff
• net profit/net loss on share
• net profit/loss
2.6 Limitation
• Due to size and time constraint quarterly data instead of daily data is
included.
• Analysis of only five companies is done.
• Study is limited only to the payoffs from call option and does not include
payoffs to call option writer.

CHAPTER-3
COMPANY PROFIL

Reliance Industries
Reliance Industries Limited (RIL) is an Indian multinational
conglomerate company headquartered in Mumbai, Maharashtra,
India. Reliance owns businesses across India engaged in energy,
petrochemicals, textiles, natural resources, retail, and
telecommunications. Reliance is one of the most profitable companies
in India, e most profitable companies in India, the largest publicly
traded company in India by market capitalization, and the largest
company in India as measured by revenue after recently surpassing
the government controlled Indian Oil Corporation. On 22 June 2020,
Reliance Industries became the first Indian company to exceed
US$150 billion in market capitalization after its market capitalization
hit ₹11,43,667 crore on the BSE. History
1960–1980 The company was co-founded by Dhirubhai Ambani and
ChampaklalDamani in 1960's as Reliance Commercial Corporation. In 1965,
the partnership ended and Dhirubhai continued the History polyester business of
the firm.In 1966, Reliance Textiles Engineers Pvt. Ltd. was incorporated in
Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in
Gujarat.On 8 May 1973, it became Reliance Industries Limited. In 1975, the
company expanded its business into textiles, with "Vimal" becoming its major
brand in later years. The company held its Initial public offering (IPO) in
1977.The issue was oversubscribed by seven times. In1979, a textiles company
Sidhpur Mills was amalgamated with the company. In 1980, the company
expanded its polyester yarn business by setting up a Polyester Filament Yarn
Plant in Patalganga, Raigad, Maharashtra with financial and technical

collaboration with E. I. du Pont de Nemours & Co., U.S.1981–2000 In 1985, the

name of the company was changed from Reliance Textiles Industries Ltd. to
Reliance Industries Ltd. During the years 1985 to 1992, the company expanded
its installed capacity for producing polyester yarn by over 1,45,000 tonnes per
annum.The Hazira petrochemical plant was commissioned in 1991–92. In 1993,
Reliance turned to the overseas capital markets for funds through a global
depository issue of Reliance Petroleum. In 1996, it became the first private
sector company in India to be rated by international credit rating agencies. S&P
rated Reliance "BB+, stable outlook, constrained by the sovereign ceiling".
Moody's rated "Baa3, Investment grade, constrained by the sovereign ceiling".
In 1995/96, the company entered the telecom industry through a joint venture
with NYNEX, USA and promoted Reliance Telecom Private Limited in India.
In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand
name Reliance Gas. The years 1998–2000 saw the construction of the integrated
petrochemical complex at Jamnagar in Gujarat, the largest refinery in the world.
Reliance Industries Limited

Type Public
Traded as BSE: 500325
NSE: RELIANCE
LSE: RIGD
BSE SENSEX
Constituent
NSE NIFTY 50
Constituent
ISIN INE002A01018
Industry Conglomerate
Founded 8 May 1973
Founder Dhirubhai Ambani
Headquarters Mumbai,
Maharashtra, India

Area served Worldwide

Key people Mukesh Ambani
(Chairman & MD)
• Products Petroleum, Natural gas,

Petrochemicals,
Textiles. Retail,
Telecommunications,
Media, Television,
Entertainment,
Music, Banking,
Software
Revenue ₹6,59,205 crore
(US$92 billion)
[1](2020)
Operating income ₹1,02,280 crore
(US$14 billion)
[1] (2020)
Net income ₹44,324 crore
(US$6.2
billion)
[1] (2020)
Total assets ₹11,65,915 crore
(US$160
billion)
Total equity ₹4,46,992 crore
(US$63

billion) [1]
(2020)
Owner Mukesh Ambani
(47.35%)
[2]
Number of employees 195,618 (2020)
[1]
Subsidiaries Jio Platforms
(67.03%)
Jio Payments Bank
(70%)
Reliance Retail
Reliance Petroleum
The company is ranked 96th
on the
Fortune Global 500 list
of the world's biggest
corporations as of
2020.[8] It is
ranked 8th among the Top
250 Global
Energy Companies by Platts
as of 2016.
Reliance continues to be
India's largest exporter,
accounting for 8% of
India's total merchandise
exports with a value of
Network18 Group

(64%)
Football Sports
Development Limited
Mumbai Indians
Alok Industries
Website www.ril.com
HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company
headquartered in Mumbai, Maharashtra. It has a base of 1,04,154 permanent
employees as of 30 June 2019. HDFC Bank is India’s largest private sector
bank by assets. It is the largest bank in India by market capitalisation as of
March 2020.
History
A subsidiary of the Housing Development Finance Corporation, HDFC Bank
was incorporated in 1994, with its registered office in Mumbai, Maharashtra,
India. Its first corporate office and a full-service branch at Sandoz House, Worli
were inaugurated by the then Union Finance Minister, Manmohan Singh. As of
June 30, 2019, the Bank's distribution network was at 5500 branches across

2,764 cities. The bank also installed 430,000 POS terminals and issued
23570,000 debit cards and 12 million credit cards in FY 2017. HDFC Bank
provides a number of products and services including wholesale banking, retail
banking, treasury, auto loans, twowheeler loans, personal loans, loans against
property, consumer durable loan, lifestyle loan and credit cards. Along with this
various digital products are Payzapp and Smart BUY.
Investments
A HDFC Bank branch in Hyderabad

In March 2020, HDFC (parent company of HDFC BANK) made an investment
of ₹1,000 crores in Yes bank. As per the scheme of reconstruction of Yes Bank,
75% of the total investment by the corporation would be locked in for three
years. On March 14, Yes Bank allotted 100 crore shares of the face value of ₹2
each for consideration of ₹10 per share (including ₹8 premium) to the
Corporation aggregating to 7.97 percent of the post issue equity share capital of
Yes bank.


TATA STEEL
Tata Steel is an Indian multinationalSteel making company headquartered in
Kolkata, west Bengal, India, steel company compendia synergic national
launched a counter offer for Corus at 475affected workers, such as individual
sessions with workers to update CVS, highlight job Maharashtra, India, and a
subsidiary of the Tata Group. It was the 11th largest Steelproducing company in
the world in2013, with an annual crude steel capacity of27.5millionTonnes, and
the second largest private-sector steel company in India with an annual capacity
of 13millionTonnes, after SAIL. Tata steel has manufacturing operations in 26
countries, including Australia, china, India the Netherlands, Singapore,
Thailand and the United Kingdom, and employs around 80500 people. Its
largest plant is located in Jamshedpur, Jharkhand. In 2007, Tata Steel acquired
the UK-based steel maker Corus. Which was the largest international
acquisition by an Indian company till that date. It was ranked 486th in the 2014
fortune global 500 ranking of world’s biggest corporations. It was the seventh
most valuable Indian brand of 2013 as per brand finance, on February 2012 Tata
steel completed 100 years of making in India.Tata Steel is currently the world’s
second-most geographically diversified steel producer. It is one of the few steel
operations that are fully integrated – from mining to the manufacturing and
marketing of finished products.
Continuous improvement in their product and service portfolio, along with
success in value creating initiatives for customers, allows them to serve global
growth markets. Today, they operate in 26 countries and have a commercial

presence in over 50 countries with employees across five continents. And the
numbers are growing.
Their Raw Material operations are spread across India and Canada which help
them to be self-sufficient in steel production. Key manufacturing functions are
performed by the raw materials and iron-making groups, while Shared Services
provides maintenance support for a smooth production. In India, their
downstream business activities are structured into strategic business units such
as Ferro-alloys and Minerals, Tubes, Wires, Bearings, Agrico, Industrial
Byproducts Management& Tata Growth Shop
History
Tata iron and Steel company was established by Dorabji Tata on 25 august
1907, as part of his father Jamshedji’s Tata Group. By 1939 it operated the
largest steel plant in the British empire. The company launched a major

modernization and expansion program in 1951. Later in 1958, the program was
upgraded to 2 million metric tonnes per annum project. By 1970, the company
employed around 40000 people at Jamshedpur, with a further 20000 in the
neighboring coal mines. In 1971 and 1979, there were unsuccessful to
nationalize the company. In 1990, it started expansion plan and established its
subsidiary Tata Inc. in New York. The company changed its name from TISCO
to Tata steel in 2005.Tata Steel on Thursday, 12 February 2015 announced
buying three strip product service centers in Sweden, Finland and Norway from
SSAB to strengthen its offering in Nordic region. The company, however, did
not disclose the value of the transaction. In September 2017, ThyssenKrupp of
Germany and Tata Steel announced plans to combine their European
steelmaking businesses. The deal will structure the European assets as
ThyssenKrupp Tata Steel, an equal joint venture. The company would be
Europe’s second largest steelmaker, and listed future headquarters in
Amsterdam. INDIA
Tata Steel was established in India as Asia’s first integrated private steel
company in 1907. With this, we also
developed India’s first industrial city at
Jamshedpur. Today, they are among the
leading global steel companies. The annual
crude steel capacity across Indian operations
is nearly 13 MnTPA and the company
registered a turnover of US $7889 Mn in FY
2017. The Company also set up their second
greenfield steel plant in the eastern state of Odisha; commissioning the first
phase (3 MnTPA) of 6 MnTPA capacity in 2016. The company possess and
operate captive mines that help them to maintain cost-competitiveness and
production efficiencies through an uninterrupted supply of raw material. This is
how the organisation ensures that they remain the lowest cost producer of steel
in Asia.

EUROPE
Tata Steel is the second largest steel producer in Europe with a crude steel
production capacity of over 12.1 MnTPA. Tata Steel established the presence in
the European continent after acquiring Corus in 2007. The manufacturing
facilities in Europe comprise hubs (Strip Products Mainland Europe, Strip
Products UK and Downstream Operations) and integrated businesses (Plating
and Cogent Power). The company has
two integrated (blast furnace-based)
steel-making sites in Ijmuiden, the
Netherlands and Port Talbot, South
Wales respectively. Other facilities
across Europe produce a variety of
special steels, ultra-pure re-melted
steels and various rolling and coating
lines.
SOUTH EAST ASIA

Tata Steel’s operations in South-East Asia began
in 2004 with the acquisition of NatSteel,
Singapore. The operations are run by NatSteel
Holdings Pte Ltd., a wholly-owned subsidiary of
Tata Steel. In 2015, the company acquired a
majority stake in Thailand-based steelmaker
Millennium Steel, to strengthen the South-East
Asian operations. The company is concentrating their efforts in the region to
grow value-added products and services portfolio, while strengthening the key
steel operations in Singapore, Thailand and China.
Acquisitions
NatSteel in 2004: in august 2004,Tata Steel agreed to acquire the steel making
operations of the Singapore based NatSteel for $486.4 million in cash. NatSteel
had ended 2003 with turnover of $1.4 billion and a profit before tax of $47
million. The steel businesses of NatSteel would be run by the company through
a wholly owned subsidiary called NatSteel Asia Pte ltd. The acquisition was
completed in February 2005. At the time of acquisition, NatSteel had a capacity
of about 2 million tonnes per annum of finished steel.

Operation
The Tata Centre in Kolkata, India Tata Steel is headquartered in Mumbai,

Maharashtra, India and has its marketing headquarters at the Tata centre in
Kolkata, west Bengal. It has a presence in around 50 countries with
manufacturing operations in 26 countries including: India, Malaysia, Vietnam,
Thailand, UAE, ivory coast, Mozambique, south Africa, Australia, United
Kingdom, the Netherlands, France and Canada.
Tata Steel primarily serves customers in the automotive, construction, consumer
goods, engineering, packaging, lifting and excavating, energy and power,
aerospace, shipbuilding, rail and defence and securety sectors.

Wipro
Wipro Limited is an Indian multinational corporation that provides information
technology, consulting and business process services. It is headquartered in
Bangalore, Karnataka, India. In 2013, Wipro separated its non-IT businesses
and formed the privately owned Wipro Enterprises.
The company was incorporated on 29 December 1945 in Amalner, Maharashtra
by Mohamed Premji as "Western India Palm Refined Oil Limited", later
abbreviated to "Wipro". It was initially set up as a manufacturer of vegetable
and (US$7.8 billion) [2] (2020) Owner Azim Premji (73.85%) [3] Number of
employees 175,000 (2020) [4] Website www.wipro.com History E… refined
oils in Amalner, Maharashtra, British India, under the trade names of Kisan,
Sunflower, and Camel.[7][8][9] In 1966, after Mohamed Premji's death, his son
Azim Premji took over Wipro as its chairman at the age of 21.[10][11] During
the 1970s and 1980s, the company shifted its focus to new opportunities in the
IT and computing industry, which was at a nascent stage in India at the time. On
7 June 1977, the name of the company changed from Western India Vegetable
Products Limited, to Wipro Products Limited.[8] In 1982, the name was
changed again, from Wipro Products Limited to Wipro Limited.[12] Wipro
continued to expand in the consumer products domain with the launch of
"Ralak" a Tulsi based family soap and "Wipro Jasmine", a toilet soap.

Shareholding:
The table provides the share holding pattern as of 30-Sep-2018.
Awards and recognitions

• Wipro won Gold Award for ‘Integrated Security Assurance Service
(iSAS)’ under the ‘Vulnerability Assessment, Remediation and
Management’ category of the 11th Annual 2015 Info Security PG's
Global Excellence Awards.[89]
• Wipro won 7 awards, including Best Managed IT Services and Best
System Integrator in the CIO Choice Awards 2015, India[90]
• In 2014, Wipro was ranked 52nd among India's most trusted brands
according to the Brand Trust Report, a study conducted by Trust
Research Advisory. [91]
• Wipro was ranked 2nd in the Newsweek 2012 Global 500 Green
companies.[92]
• Wipro received the 'NASSCOM Corporate Award for Excellence in
Diversity and Inclusion, 2012', in the category 'Most Effective
Implementation of Practices & Technology for Persons with
Disabilities'.[93]
• In 2012, it was awarded the highest rating of Stakeholder Value and
Corporate Rating 1 (SVG 1) by ICRA Limited. [94]
• Wipro honored as 2010 Microsoft Country Partner of the Year Award for
India.[95]
• It received National award for excellence in Corporate Governance from
the Institute of Company Secretaries of India during the year 2004.
• In 2018, Wipro received ATD's Best of the BEST Award.[83]




CHAPTER – 4
DATA ANALYSIS

Table 4.1 showing net payoff, net profit/net loss on share and net profit/loss
of reliance industry in 2015-16
OPTION EXPIRY SPOT SPOT STRIKE PREMIUM
DATE DATE [RICE PRICE ON PRICE
(So) MATURITY
(S1)
01-04- 25-06- 836.05 1004.55 700 148.22
2015 2015
01-07- 24-09- 1005.65 837.35 720 300.35
2015 2015
01-10- 31-12- 864.7 1014.6 780 106.8
2015 2015
01-01- 31-03- 1015.35 1045.2 760 269.25
2016 2016
Payoff net payoff Net profit/Net net profit/loss

loss on shares
304.55 78946.65 (85092.5) (61145.85)
117.35 (92415) 84991.5 (7423.5)
234.6 64539 (75699.5) (11160.5)
285.2 8054.75 (15150) (7095.25)
Interpretation:
 from the above table investor has lost (61145.85)for the 1st quarter on 505
share.
 Investor has earned 84991.5 for the 2nd quarter on 505 shares.
 For the 3rd quarter the loss from shares is Rs 75699.5 and he recovered of
Rs 64539 from options contract.

4.1Graph showing net payoff, net profit/net loss on shares and net profit /net
loss of Reliance industry in 2015-16
RELIANCE INDUSTRY 2015-16

100000 78946.65 84991.5
80000 64539
60000
40000
20000 8054.75
-7423.5 -11160.5 -7095.25
0 -15150
-20000 25-06-2015 24-09-2015 31-12-2015 31-03-2016
-40000 -61145.85
01-04-2015 01-07-2015 01-10-2015 01-01-2016
-60000 -75699.5
-85092.5
-80000 -92415
-100000
-120000
net payoff Net profit/Net loss on shares net proft/loss
Inference:
 As it shown in the above graph the net payoff was highest in the 1tst
quarter and lowest in the 2nd quarter.
 The net profit on share was highest in 2nd quarter and net loss on
shares in the 1st quarter.
 The net profit was highest in 4th quarter and net loss in the 1st quarter.

Table 4.2 showing net payoff, net profit/loss on share and net profit/net loss
of reliance industry ltd in 2016-17
OPTION EXPIRY SPOT PRICE SPOT PRICE STRIKE PREMIUM
DATE DATE (So) ON PRICE
MATURITY
(S1)
01-04-2016 30-06-2016 1034.45 969.15 980 107.55
01-07-2016 29-09-2016 1009.5 1072.45 860 128.4
03-10-2016 29-12-2016 1090.7 1065.45 920 172.1
02-01-2017 30-03-2017 1085.1 1267.6 780 298.3
payoff net payoff Net profit/Net loss on net p/l

shares
0 (54312.75) (32976.5) (87289.25)
212.45 42445.25 31789.75 74235
145.45 (13458.25) (12751.25) (26209.5)
487.6 95596.5 92162.5 187759
Interpretation:
 From the above table has lost (87289.25) for the 1st quarter on 505
share.
 Investor has earned 95596.5 for the 4th quarter on 505 shares.
 For the 1stquarter the loss from option is (32976.5) and long position in
shares has increased his loss by Rs 32976.50

4.2Graph showing net payoff, net profit/net loss on shares and net profit
/net loss of Reliance industry in 2016-17
RELIANCE INDUSTY 2016-17

250000
187759
200000
150000
95596.5
92162.5
100000 74235
42445.25
50000 31789.75
-12751.25
34 8
0 -32976.5 -26209.5
30-06-2016
-54312.75 29-09-2016 29-12-2016 30-03-2017
-50000
-87289.25
01-04-2016 01-07-2016 03-10-2016 02-01-2017
-100000
-150000
net payoff Net profit/Net loss on shares net proft/loss
Inference:
 As it shown in the above graph the net payoff was highest in the 4th
quarter and lowest in the 1rst quarter.
 The net profit on share was highest in 4th quarter and net loss on
 The net profit was highest in 4th quarter and net loss in the 1st
quarter.

Table 4.3 showing net payoff, net profit/loss on share and net
profit/net loss of reliance industry ltd in 2017-18
OPTION DATE EXPIRY DATE SPOT [RICE (So) SPOT PRICE ON STRIKE PRICE PREMIUM
MATURITY (S1)
02-04-2017 29-06-2017 1374.65 1392.7 940 348.65
03-07-2017 28-09-2017 1381.05 786.45 1260 169.65
03-10-2017 28-12-2017 798.35 924.2 660 140.1
01-01-2018 28-03-2018 909.75 882.7 960 26.8

shares
452.7 52545.25 (9115.25) (43430)
-0 (85673.25) 300273 (214599.75)
264.2 62670.5 (63554.25) (883075)
0 13534 13660.25 126.25
Interpretation:
 From the above table has lost (214599.75) for the 2nd quarter on 505
share.
 Investor has earned 62670.5 for the 3rdquarter on 505 shares.
 For the 3rd quarter the loss is Rs 883075 and he has taken short position
he minimised his loss by Rs 62670.50

4.3 Graph showing net payoff, net profit/net loss on shares and net profit

400000 300273
200000
52545.25 62670.5
-9115.25 13660.25
13534
126.25
-43430 -63554.25
0 -85673.25
29-06-2017 28-09-2017
-214599.75 28-12-2017 28-03-2018
-200000 02-04-2017 03-07-2017 03-10-2017 01-01-2018
-400000
-600000
-800000 -883075
-1000000
net payoff Net profit/Net loss on shares net p/l
Inference:
 As it shown in the above graph the net payoff was highest in the 2nd
quarter and lowest in the 3rd quarter.
shares in the 2nd quarter.
 The net profit was highest in 4th quarter and net loss in the 3rd
quarter.

OPTION DATE EXPIRY DATE SPOT [RICE (So) SPOT PRICE STRIKE PRICE PREMIUM
ON MATURITY
(S1)
02-04-2018 28-06-2018 982.95 944.95 800 107
02-07-2018 27-09-2018 960.6 1253.75 640 316.7
01-10-2018 27-12-2018 1231.7 1125.55 1040 237.55
01-01-2019 28-03-2019 1121 1363.25 880 258.5

shares
144.95 19164.75 (19190) (25.25)
613.75 150010.25 148040.75 1969.5
85.55 (76760) (53605.75) (23154.25)
483.25 113498.75 122336.25 8837.5
Interpretation:
 From the above table has lost (53605.75)for the 3rd quarter on 505
shares.
 Investor has earned 122336.25 for the 4th quarter on 505 shares.
 For the 1st quarter the loss is (25.25) and he has taken long position he
minimised his loss by Rs 19164.75

RELIANCE INDUSTR 2018-19

200000
150010.25
148040.75
150000
122336.25
113498.75
100000
50000
19164.75
8837.5
-25.25 1969.5
0 -19190 -23154.25
28-06-2018 27-09-2018 27-12-2018 28-03-2019
-53605.75
-50000 02-04-2018 02-07-2018 01-10-2018 01-01-2019
-76760
-100000
net payoff Net profit/Net loss on shares net p/l
Inference:
 As it shown in the above graph the net payoff was highest in the
2ndquarter and lowest in the 3rd quarter.
 The net profit on share was highest in 2ndquarter and net loss on
shares in the 3rdquarter.
quarter.

OPTION DATE EXPIRY DATE SPOT [RICE (So) SPOT PRICE ON STRIKE PRICE PREMIUM
MATURITY (S1)
01-04-2019 27-06-2019 1391.85 1274.15 1000 379.8
02-07-2019 26-09-2019 1278.5 1296.8 1020 276.75
01-10-2019 26-12-2019 1304.9 1515.4 960 359.45
01-01-2020 26-03-2020 1509.6 1066.2 1220 314.85
Payoff net payoff Net profit/Net loss on net profit/loss

shares
274.15 (53353.25) 59438.5 (6085.25)
276.8 25.25 (9241.5) (9216.25)
555.4 98954.75 (106302.5) (7347.75)
0 (158999.25) 223917 (64917.75)
Interpretation:
 From the above table has lost (158999.25) for the 4thquarter on
505shares.
 Investor has earned 223917for the 4thquarter on 500share.
 For the 3rd quarter the loss is Rs7347.75 as he has taken short position
he minimised his loss by Rs 98954.75


250000 223917
200000
150000
98954.75
100000
59438.5
50000
-6085.25 25.25 -7347.75
--9216.25
9241.5
0
27-06-2019
-53353.25 26-09-2019 26-12-2019 26-03-2020
-50000 -64917.75
01-04-2019 02-07-2019 01-10-2019 01-01-2020
-106302.5
-100000
-158999.25
-150000
-200000
net payoff Net profit/Net loss on shares net profit/loss
Inference:
 As it shown in the above graph the net payoff was highest in the 3rd
quarter and lowest in the 4th quarter.
 The net profit was highest in 2nd quarter and net loss in the
4thquarter.

Table 4.6 showing net payoff, net profit/loss on share and net profit/net loss
of HDFC BANK in 2015-16
OPTION EXPIRY SPOT [RICE SPOT STRIKE PREMIUM
DATE DATE (So) PRICE PRICE
ON
MATURITY
(S1)
01-04-2015 25-06-2015 1067.15 1065.00 840 186.85
01-07-2015 24-09-2015 1072.35 1051.4 1020 56.6
01-10-2015 24-12-2015 1067.65 1074.1 860 211
01-01-2016 31-03-2015 1088.75 1071.8 760 336.1
payoff net payoff Net profit/Net loss on net profit/loss

shares
225.00 20982.5 1182.5 19800
31.4 (13860) 11522.5 (2337.5)
214.1 1705 (3547.5) (1842.5)
311.8 (13365) 9322.5 (4042.5)
Interpretation:
 From the above table has lost Rs 2337.5for the 2nd quarter on 550 share.
 Investor has earned 20982.5 for the 1st quarter on 550 shares.
 For the 4th quarter the loss from option is Rs13365 and he has taken short
position he minimised his loss by 9322.5

/net loss of HDFC BANK in 2015-16
HDFC BANK 2015-16

25000
20982.5
19800
20000
15000 11522.5
9322.5
10000
5000 1705
1182.5
0 -2337.5 -1842.5
-3547.5 -4042.5
25-06-2015 24-09-2015 24-12-2015 31-03-2015
-5000
01-04-2015 01-07-2015 01-10-2015 01-01-2016
-10000 -13365
-13860
-15000
-20000
Inference:
 As it shown in the above graph the net payoff was highest in the 1st
 The net profit was highest in 1st quarter and net loss in the
4thquarter.

Table 4.7 showing net payoff, net profit/loss on share and net profit/net
loss of HDFC BANK in 2016-17
ON
MATURITY
(S1)
01-04-2016 31/6/2016 1064.45 1176.45 1040 71.75
01-07-2016 29-09-2016 1174.5 1277.5 1130 83.15
03-10-2016 29-12-2016 1287.2 1205.2 1100 197.2
02-01-2017 30-03-2017 1197.1 1466.2 960 260.6
Payoff net payoff Net profit/Net loss net profit/loss

on shares
136.45 313995 61600 375595
147.5 35392.5 56650 92042.5
105.2 (50600) (45100) (95700)
506.2 135080 148005 283085
Interpretation:
 From the above table has lost (95700) for the 3rd quarter on 550 shares.
 For the 3rd quarter the loss from option is (50600) and he has taken long
position he has incurred maximum loss of Rs 95700.

HDFC BANK 2016-17

400000 375595
313995
283085
300000
200000
148005
135080
92042.5
100000 61600 56650
35392.5
0
--45100
50600
31/6/2016 29-09-2016 29-12-2016 30-03-2017
01-04-2016 01-07-2016 -95700
03-10-2016 02-01-2017
-100000
-200000
Inference:
quarter.

profit/net loss of HDFC BANK in 2017-18
ON
MATURITY
(S1)
03-04-2017 29-06-2017 1433.2 1663.05 1220.00 233.65
03-07-2017 28-09-2017 1658.60 1805.70 1300.00 384.50
03-10-2017 28-12-2017 1808.85 1878.05 1440.00 377.75
01-01-2018 28-03-2018 1854.50 1886.10 1520.00 382.25
payoff net payoff Net profit/Net loss on net profit/loss

shares
443.05 115170 (126417.5) (11247.5)
505.70 66687.5 (80905) (14217.5)
438.05 33165 (38060) (4895)
366.10 (8882.5) (17380) (26262.5)
Interpretation:
 from the above table has lost (26262.5)for the 4th quarter on 550 shares.
 For the 4th quarter the loss from option is Rs 8882.5 and he has taken
short position his total loss is Rs 26262.5.

HDFC BANK 2017-18

150000
115170
100000
66687.5
50000 33165
-4895 -8882.5
0 -11247.5 -14217.5 -17380
29-06-2017 28-09-2017 28-12-2017 -26262.5
28-03-2018
-38060
03-04-2017 03-07-2017 03-10-2017 01-01-2018
-50000
-80905
-100000
-126417.5
-150000
Inference:
 The net profit on share was highest in 3rd quarter and net loss on
shares in the 4thquarter.
 The net profit was highest in 4th quarter and net loss in the 1st
quarter.


ON
MATURITY
(S1)
02-04-2018 28-6-2018 2130.85 1700.00 225.70 430.85
02-07-2018 27-9-2018 1976.15 1780.00 385.80 196.15
01-10-2018 227-12-2018 2105.05 1900.00 143.80 205.05
01-01-2019 28-3-2019 2302.80 1780.00 361.15 522.80
payoff net payoff Net profit/Net loss net profit/loss

on shares
1474.3 573897.5 236967.5 810865
1394.2 658927.5 1,07,882.5 766810
1756.2 853132.5 112777.5 965910
1418.85 492827.5 287540 780367.5
Interpretation:
 from the above table has profit 965910for the 3rd quarter on 550 share.
 Investor has earned 810865 for the 2nd quarter on 550 share.
 For the 3rd quarter the profit from option is 853132.5 and he has taken
long position he increased his profit by 112777.5

HDFC BANK 2018-19

1200000
1000000
800000
600000
400000
200000
0
28-06-2018 27-09-2018 27-12-2018 28-03-2019
02-04-2018 02-07-2018 01-10-2018 01-01-2019
Inference:
quarter and lowest in the 4thquarter.
 The net profit on share was highest in4th quarter and net loss on
shares in the 2nd quarter.
 The net profit was highest in 3rdquarter and net loss in the
2ndquarter.

Table 4.11showing net payoff, net profit/loss on share and net


ON
MATURITY
(S1)
01-04-2019 27-06-2019 2311.80 2462.30 1940.00 400.35
01-07-2017 26-09-2019 2485.55 1242.50 2060.00 437.80
01-10-2019 26-12-2019 1248.80 1270.45 980.00 295.65
01-01-2020 26-03-2020 1278.60 901.10 980.00 304.40

on shares
522.30 67072.5 82775 149847.5
0 (240790) (683677.5) (924467.5)
290.45 (2860) 11907.5 (9047.5)
0 (167420) (207625) (375045)
Interpretation:
 from the above table has lost (924467.5)for the 2nd quarter on 550 share.
 Investor has earned 149847.5for the 1st quarter on 550 share.
 For the 4thquarter the loss from option is (375045) and he has taken
short position he minimised his loss by 207625

HDFC BANK 2019-20

400000
200000 149847.5
82775
67072.5
11907.5
-2860
-9047.5
0
27-06-2019 26-09-2019 26-12-2019 26-03-2020
-167420
01-04-2019 01-07-2017 01-10-2019 -207625
01-01-2020
-200000 -240790
-375045
-400000
-600000 -683677.5
-800000
-924467.5
-1000000
Inference:
 The net profit on share was highest in 1st quarter and net loss on
shares in the2nd quarter.
 The net profit was highest in 1st quarter and net loss in the 2nd
quarter.

profit/net loss CIPLA in 2015-16
OPTION EXPIRY SPOT PRICE SPOT PRICE STRIKE PREMIUM

DATE DATE (So) ON PRICE
MATURITY
(S1)
01-04-2015 25-06-2015 709.6 660.2 680 62.1
01-07-2015 24-09-2015 634.9 643.1 620 46
01-10-2015 30-12-2015 633.55 653.2 560 105.15
01-01-2016 31-03-2016 655.35 512.35 500 158.95

shares
0 (80730) 64220 (16510)
23.1 (29770) (10660) (40430)
93.2 (15535) (25545) (41080)
12.35 (190580) 185900 (4680)
Interpretation:
 from the above table has lost (190580)for the 4th quarter on 1300 share.
 Investor has earned 185900 for the 4th quarter on 1300 share.
 For the 3rd quarter the loss from option is (41080) and he has taken

4.12Graph showing net payoff, net profit/net loss on shares and net profit
CIPLA 2015-16
250000
185900
200000
150000
100000 64220
50000
-16510 -10660 --15535 -4680
0 --29770 25545
40430 -41080
25-06-2015 24-09-2015 30-12-2015 31-03-2016
-50000 -80730
01-04-2015 01-07-2015 01-10-2015 01-01-2016
-100000
-150000 -190580
-200000
-250000
Inference:
 The net profit on share was highest in 4thquarter and net loss on
shares in the1st quarter.
 The net profit was highest in 4th quarter and net loss in the 2nd
quarter.

DATE DATE PRICE (So) PRICE on PRICE
maturity (S1)
01-04-2016 30-06-2016 514.55 501 430 94.2
01-07-2016 29-09-2016 508.6 602.85 390 118.3
03-10-2016 29-12-2016 588.85 564.85 570 54.45
02-01-2017 30-03-2017 566 598.35 660 8.6

shares
71 (30160) 17615 (12545)
212.85 122915 122525 390
0 (64090) (31200) (95290)
0 (11180) 42055 (30875)
Interpretation:
 from the above table has lost (95290)for the 3rd quarter on 1300 share.
 Investor has earned 122915for the 2nd quarter on 1300share.
 For the 4th quarter the loss from option is (30875) and he has taken long
position he minimised his loss by 31200

/net loss of CIPLA in 2016-17
CIPLA 2016-17
150000
91
122525
100000
824
42055
50000
17615
390
0 -12545
-30160
30-06-2016 29-09-2016 -31200
29-12-2016 -30875
30-03-2017
-50000 01-04-2016 01-07-2016 03-10-2016

-64090 02-01-2017
-95290
-100000
-150000
Inference:
quarter and lowest in the 3rdquarter.
shares in the3rd quarter.
 The net profit was highest in 2nd quarter and net loss in the 3rd
quarter.

DATE DATE PRICE (So) PRICE PRICE
ON
MATURITY
(S1)
03-04-2017 29-06-2017 592.65 534.65 420 185.3
03-07-2017 28-09-2017 551.85 570 410 140.75
03-10-2017 28-12-2017 578.9 611.75 550 58.7
01-01-2018 28-03-2018 611.5 545.45 430 183.05

on shares
114.65 (91845) 75400 (16445)
160 25025 (23595) (1430)
61.75 3965 (42705) (38740)
115.45 (87880) 85865 (2015)
Interpretation:
 from the above table has lost (91845)for the 1stquarter on 1300 share.
 Investor has earned 85565 for the 4thquarter on 1300 share.
 For the 3rd quarter the loss from option is (38740) and he has taken short

CIPLA 2017-18
100000 85865
75400
80000
60000
40000 25025
20000 3965
-1430 -2015
0 -16445
29-06-2017 -23595
28-09-2017 28-12-2017 28-03-2018
-20000
03-04-2017 03-07-2017 --38740
42705
03-10-2017 01-01-2018
-40000
-60000
-80000 -91845 -87880
-100000
-120000
Inference:
 As it shown in the above graph the net payoff was highest in the
2ndquarter and lowest in the 1st quarter.
 The net profit was highest in 4thquarter and net loss in the 3rdquarter.

DATE DATE PRICE (So) PRICE ON PRICE
MATURITY
(S1)
02-04-2018 28-06-2018 576.25 600.9 440 113.85
02-07-2018 27-09-2018 617 659.35 620 33.35
01-10-2018 27-12-2018 654.15 517.9 480 188.5
01-01-2019 28-03-2019 523.05 525.6 490 52.2

shares
160.9 61165 32045 93210
39.35 1300 55055 56355
37.9 (195780) (6695) (102475)
35.6 (21580) 3315 (18265)
Interpretation:
 from the above table has lost (195780)for the 2nd quarter on 1300 share.
 Investor has earned 93210 for the 1st quarter on 1300 share.
 For the 4th quarter the loss from option is (18265) and he has taken long

CIPLA 2018-19
150000
93210
100000
61165 56355
55055
50000 32045
1300 3315
-6695
0 --18265
21580
28-06-2018 27-09-2018 27-12-2018 28-03-2019
-50000 02-04-2018 02-07-2018 01-10-2018 01-01-2019
-102475
-100000
-150000
-195780
-200000
-250000
Inference:
 The net profit was highest in 1st quarter and net loss in the 3rd
quarter.

MATURITY
(S1)
01-04-2019 27-06-2019 525.65 551.95 425 108.55
01-07-2019 26-09-2019 555.8 438.45 450 110.8
01-10-2019 26-12-2019 412.65 474.15 340 104.9
01-01-2020 26-03-2020 475.9 386.15 330 148.9

shares
126.95 23920 (34190) (10270)
0 144040 152555 296595
134.15 38025 (79950) (41925)
56.15 (120575) 116675 (3900)
Interpretation:

CIPLA 2019-20
350000
296595
300000
250000
200000
152555
144040
150000 116675
100000
38025
50000 23920
-10270 -3900
0 -34190 -41925
27-06-2019 26-09-2019 26-12-2019 26-03-2020
-50000 -79950
01-04-2019 01-07-2019 01-10-2019 01-01-2020
-100000 -120575
-150000
Inference:
 The net profit was highest in 2ndquarter and net loss in the 3rd
quarter.

Table 4.17 showing net payoff, net profit/loss

on share and net profit/net loss TATA
STEEL LTD in 2015-16
MATURITY
(S1)
01-04-2015 25-06-2015 323.65 302.7 270 55
01-07-2015 24-09-2015 306.95 215.15 320 17.5
01-10-2015 31-12-2015 212.25 259.8 150 71.95
01-01-2016 31-03-2016 257.4 319.7 250 28.9

shares
102.4 80580 35615 44965
0 (29750) 156060 126310
109.8 64345 (80835) (16490)
69.7 69360 (105910) (36550)
Interpretation:
 from the above table has lost (105910)for the 4thquarter on 1700 share.
 Investor has earned 156060 for the 2ndquarter on 1700 share.
 For the 3rd quarter the loss from option is (16490) and he has taken short

/net loss of TATA STEEL LTD in 2015-16
TATA STEEL 2015-16

200000
156060
150000 126310
100000 80580
64345 69360
44965
50000 35615
0 -16490
-29750 -36550
25-06-2015 24-09-2015 31-12-2015 31-03-2016
-50000 01-04-2015 01-07-2015 01-10-2015 01-01-2016

-80835
-105910
-100000
-150000
Inference:
shares in the4thquarter.
 The net profit was highest in 2nd quarter and net loss in the 3rd
quarter.

profit/net loss TATA STEEL LTD in 2016-17
OPTION EXPIRY SPOT SPOT PRICE STRIKE PREMIUM
DATE DATE PRICE (So) on maturity PRICE
(S1)
01-04-2016 30-06-2016 317.75 321.95 310 45.35
01-07-2016 29-09-2016 328.1 373.75 240 88.05
03-10-2016 29-12-2016 382.85 392.35 260 114.05
02-01-2017 30-03-2017 406.75 477.5 370 47.15

shares
11.95 (56780) 7140 (49640)
133.75 77690 77605 155295
132.35 31110 16150 47260
107.5 102595 120275 222870
Interpretation:
 from the above table has lost (56780)for the 1stquarter on 1700share.
 For the 1stquarter the loss from option is (49640) and he has taken long

TATA STEEL 2016-17

250000
222870
200000
155295
150000
120275
102595
100000 90
77605
47260
50000 31110
16150
7140
0
30-06-2016 29-09-2016 29-12-2016 30-03-2017
-49640
-56780
01-04-2016 01-07-2016 03-10-2016 02-01-2017
-50000
-100000
Inference:
quarter and lowest in the 1stquarter.
shares in the1st quarter.
 The net profit was highest in 4thquarter and net loss in the 1stquarter.


maturity (S1)
03-04-2017 29-06-2017 485.85 535.05 330 5.05
03-07-2017 28-09-2017 550.6 649.7 640 181.05
03-10-2017 28-12-2017 660.8 736.25 700 27.15
01-01-2018 28-03-2018 722.2 571.05 540 204.95

on shares
205.05 340000 (83640) (256360)
9.7 (297295) (68470) (465765)
36.25 15470 (128265) (112795)
31.05 (295630) 256955 (38675)
Interpretation:
 Investor has earned 340000 for the 1st quarter on 1700 share.
 For the 1st quarter the loss from option is (256360) and he has taken short

TATA STEEL 2017-18

400000 340000
300000 256955
200000
100000
15470
0 -38675
-83640
29-06-2017 28-09-2017 --128265
112795
28-12-2017 28-03-2018
-100000 -168470
03-04-2017 03-07-2017 03-10-2017 01-01-2018
-200000 -256360
-297295 -295630
-300000
-400000 -465765
-500000
-600000
Inference:
 The net profit was highest in 4thquarter and net loss in the 2nd
quarter.

02-04-2018 28-06-2018 578.8 567.75 460 128.4
02-07-2018 27-09-2018 560.5 611.55 420 137.4
01-10-2018 27-12-2018 583.2 506.5 410 203.85
01-01-2019 28-03-2019 515.75 506.3 400 115.25

shares
107.75 (35105) (18785) (53890)
191.55 92055 86785 178840
96.5 (181900) (130390) (312290)
106.3 (15215) (16065) 31280
Interpretation:
 from the above table has lost (312290)for the 3rdquarter on 1700share.
 For the 1stquarter the loss from option is (53890) and he has taken
longposition he minimised his loss by 18785

TATA STEEL 2018-19

300000
178840
200000
92055
86785
100000
31280
-18785 521
-16065
0 -35105
-53890
28-06-2018 27-09-2018 27-12-2018 28-03-2019
-100000 02-04-2018 02-07-2018 -130390

01-10-2018 01-01-2019
-181900
-200000
-312290
-300000
-400000
Inference:
 The net profit was highest in 2nd quarter and net loss in the 2nd
quarter.

MATURITY
(S1)
01-04-2019 27-06-2019 535.15 510.7 360 153.3
01-07-2019 26-09-2019 506.95 375.75 350 168.25
01-10-2019 26-12-2019 351.55 467.9 250 132.65
01-01-2020 26-03-2020 468.75 284.45 290 182.4

shares
150.7 (4420) 41565 (37145)
25.75 (242250) 223040 (19210)
217.9 144925 (258995) (114070)
0 (310080) 313310 (3230)
Interpretation:
 from the above table has lost (258995)for the 3rd quarter on 1700share.
 For the 1stquarter the loss from option is (37145) and he has taken

TATA STEEL 2019-20

400000
313310
300000
223040
200000
100000 41565
-4420 85.25 -3230
-19210
0 -37145
27-06-2019 26-09-2019 26-12-2019 26-03-2020
-114070
-100000 01-04-2019 01-07-2019 01-10-2019 01-01-2020
-200000 -242250
-258995
-310080
-300000
-400000
Inference:
quarter and lowest in the 4thquarter.
 The net profit was highest in4th quarter and net loss in the 3rd
quarter.

profit/net loss WIPRO in 2015-16
01-04-2015 25-06-2015 633.2 552.15 460 182.4
01-07-2015 24-09-2015 552.75 603.05 440 122.4
01-10-2015 31-12-2015 599.75 559.9 420 191.65
01-01-2016 31-03-2016 556.45 545.45 430 137.8

shares
92.15 (288800) 259360 (29440)
163.05 130080 (160960) (30880)
139.9 (165600) 127520 (38080)
115.45 (71520) 35200 (36320)
Interpretation:
 from the above table has lost (288800)for the 1stquarter on 3200 share.
 Investor has earned 259360 for the 2nd quarter on 3200share.
 For the 2ndquarter the loss from option is (30880) and he has taken short

/net loss of WIPRO in 2015-16
WIPRO 2015-16
300000 259360
200000
130080 127520
100000
35200
0 -29440 -30880 -38080 -36320

25-06-2015 24-09-2015 31-12-2015 -71520
31-03-2016
-100000 01-04-2015 01-07-2015 01-10-2015 01-01-2016

-160960 -165600
-200000
-288800
-300000
-400000
Inference:
quarter and lowest in the 1st quarter.
 The net profit on share was highest in 1st quarter and net loss on
 The net profit was highest in 2nd quarter and net loss in the 1st
quarter.

maturity (S1)
01-04-2016 30-06-2016 562.15 557.95 480 94.85
01-07-2016 29-09-2016 558.9 472.2 440 125.85
03-10-2016 29-12-2016 478.95 472.35 440 45.45
02-01-2017 30-03-2017 471.55 515.95 360 118.15

shares
77.95 (54080) (13440) (67520)
32.2 (299680) (277440) (577120)
32.35 (41920) (21120) (63040)
155.95 120960 142080 263040
Interpretation:
 Investor has earned 263040 for the 4thquarter on 3200share.
long position he minimised his loss by 21120

WIPRO 2016-17
400000
263040
300000
200000 142080
120960
100000
-13440 --21120
0 --67520
54080 -41920
63040
30-06-2016 29-09-2016 29-12-2016 30-03-2017
-100000
01-04-2016 01-07-2016 03-10-2016 02-01-2017
-200000 --277440
299680
-300000
-400000
-500000 -577120
-600000
-700000
Inference:
quarter.

MATURITY
(S1)
03-04-2017 29-06-2017 507.1 259.3 360 161.9
03-07-2017 28-09-2017 259.6 285.9 180 82.25
03-10-2017 28-12-2017 282.95 308 215 74.3
01-01-2018 28-03-2018 316.55 281.15 220 91.5

shares
0 -518080 792960 -274880
105.9 75680 -84160 -8480
93 59840 -80160 -20320
61.05 -97440 113280 -15840
Interpretation:
 Investor has earned 84991.5 for the 2nd quarter on 550 share.
short position he minimised his loss by 11907.5

WIPRO 2017-18
1000000
792960
800000
600000
400000
200000 113280
75680 59840
-8480 -20320 -15840
0 -84160 -80160 -97440
29-06-2017 28-09-2017 28-12-2017 28-03-2018
-200000 -274880
03-04-2017 03-07-2017 03-10-2017 01-01-2018
-400000 -518080
-600000
Inference:
quarter.

MATURITY
(S1)
02-04-2018 28-06-2018 289.65 257.1 210 75.2
02-07-2018 27-09-2018 260.6 318.95 215 46.2
01-10-2018 27-12-2018 330.15 327.45 300 29.2
01-01-2019 28-03-2019 326.65 254.75 235 97.1

shares
47.1 -89920 -104760 -194680
103.95 184800 186720 371520
27.45 -5600 -8640 -14240
19.75 -247520 -230080 -477600
Interpretation:

WIPRO 2018-19
500000
371520
400000
300000
186720
480
200000
100000
5 0
--14240
8640
0
--104760
89920
28-06-2018 27-09-2018 27-12-2018 28-03-2019
-100000
-194680
02-04-2018 02-07-2018 01-10-2018 01-01-2019
--230080
247520
-200000
-300000
-400000 -477600
-500000
-600000
Inference:
quarter.

MATURITY
(S1)
01-04-2019 27-06-2019 261.65 282.1 220 41.8
01-07-2019 26-09-2019 282 237.1 235 51.25
01-10-2019 26-12-2019 233.5 250.3 215 28.5
01-01-2020 26-03-2020 247.7 182.6 210 43.5

shares
62.1 64960 -65440 -480
2.1 -157280 143680 -13600
35.3 21760 -53760 -32000
0 139200 208320 347520
Interpretation:

WIPRO 2019-20
400000
347520
300000
208320
200000
143680 139200
100000 64960
21760
-480
-13600
0 -32000
27-06-2019
-65440 26-09-2019 -53760
26-12-2019 26-03-2020
01-04-2019 01-07-2019 01-10-2019 01-01-2020
-100000
-157280
-200000
Inference:
quarter.

CHAPTER 5:
FINDINGS,
CONCLUSIONS AND SUGGESTIONS

SUMMARY OF FINDINGS
1. Reliance Industries
• In 2015-16 the investor’s net loss is Rs 86825.10
• In 2016-17 investor’s net profit was Rs 148495.25
• In 2017-18 investor has lost 1140978.50
• In 2018-19 investor has suffered loss of Rs 12372.50
• In 2019-20 investor’s loss was Rs 87567
• In five years investor incurred loss of Rs 1179247.85 in this
company call options.
2. HDFC Bank
• In 2015-16 the investor’s net profit is Rs 11577.5
• In 2016-17 investor’s net profit was Rs 655022.5
• In 2017-18 investor has lost Rs 56622
• In 2018-19 investor has gained profit of Rs 3323952.5
• In 2019-20 investor’s loss was Rs 1158712.50
• In five years investor made profit of Rs 2775218 in this
3. CIPLA
• In 2015-16 the investor’s net loss is Rs 102700
• In 2016-17 investor’s net loss was Rs 138320
• In 2018-19 investor has gained profit of Rs 28825
• In five years investor incurred loss of Rs 30325 in this

4. TATA
• In 2015-16 the investor’s net profit is Rs 118235
• In 2016-17 investor’s net profit was Rs 375785
company call options
5. WIPRO
• In 2015-16 the investor’s net loss is Rs 134720
• In 2018-19 investor’s net loss was Rs315000
• In 2019-20 investor has made Rs 301440 profit.
Suggestions:
As the investor hedged his position with the help of call
options it is suggested to go for various option strategies like
spreads and combinations.
Risk minimisation should be done with utmost care and
continuous monitoring of same is advised.

Taking long position in put option will help the investors in

hedging his position in a better way.
Box strategies, butterfly spread, strangle and straddle
should be used to minimize risk instead of taking long
position in call options.
CONCLUSION
The derivatives market is emerging in India as investors have taken keen
interest. The market is witnessing highest turnover in this segment.
Derivatives help the investor in hedging his portfolio. The investor can
achieve minimum risk if the appropriate strategy is employed. The study
found that it is not possible to minimize risk by taking long position in call
options. Various strategies should be adopted to “maximise return with
minimum risk”.

BIBLIOGRAPHY

REFERENCES
1. Asanna Chandra, (2008), “nancial management”, Tata Mc Grew-hill publishing company ltd. New
Delhi.
2. Derivatives dealers’module work book-Ncfm, 2017 India ltd.
3. Gifford Gomez, (2008) “nancial markets, institutions and nancial services”, prentice hall India ltd.
New Delhi.
4. Vohra B R Badri, (2007), “futures and options”, Tata Mc Grew-hill publishing company ltd. New
Delhi.
5. Prakash Yalavatti. (2015, October) A Study on Strategic Growth in Indian Financial Derivatives
Market. International Journal of Recent Scientics Research, 6(10)
Website:-
WWW.nseindia.com www.bseindia.com
www.derivatives.com

ANNEXURE

reliance 2015-16
OPTION EXPIRY SPOT [RICE (So) SPOT PRICE ON MATURITY (S1) STRIKE PRICE PREMIUM payoff net payoff Net profit/Net loss o net p/l
DAT DATE
01-04-2015 25-06-2015 836.05 1004.55 700 148.22 304.55 78946.7 -85092.5 -61145.85
01-07-2015 24-09-2015 1005.65 837.35 720 300.35 117.35 -92415 84991.5 -7423.5
01-10-2015 31-12-2015 864.7 1014.6 780 106.8 234.6 64539 -75699.5 -11160.5
01-01-2016 31-03-2016 1015.35 1045.2 760 269.25 285.2 8054.75 -15150 -7095.25
reliance 2016-17
DAT DATE
01-04-2016 30-06-2016 1034.45 969.15 980 107.55 -10.85 5586.8 -521428.1 527014.9
01-07-2016 29-09-2016 1009.5 1072.45 860 128.4 212.45 -107159 -508725.05 -615883.9
03-10-2016 29-12-2016 1090.7 1065.45 920 172.1 145.45 -73280.2 -549738.05 -623018.2
02-01-2017 30-03-2017 1085.1 1267.6 780 298.3 487.6 -245940 -546707.9 -792647.6
reliance 2017-18
DAT DATE
02-04-2017 29-06-2017 1374.65 1392.7 940 348.65 452.7 52545.25 -9115.25 -43430
03-07-2017 28-09-2017 1381.05 786.45 1260 169.65 -473.55 -85673.3 300273 -214599.75
03-10-2017 28-12-2017 798.35 924.2 660 140.1 264.2 62670.5 -63554.25 -883075
01-01-2018 28-03-2018 909.75 882.7 960 26.8 -77.3 13534 13660.25 126.25
reliance 2018-19
DAT DATE
02-04-2018 28-06-2018 982.95 944.95 800 107 144.95 19164.75 -19190 -25.25
02-07-2018 27-09-2018 960.6 1253.75 640 316.7 613.75 150010.3 148040.75 1969.5
01-10-2018 27-12-2018 1231.7 1125.55 1040 237.55 85.55 -76760 -53605.75 -23154.25
01-01-2019 28-03-2019 1121 1363.25 880 258.5 483.25 113498.8 122336.25 8837.5
reliance 2019-20
DAT DATE
01-04-2019 27-06-2019 1391.85 1274.15 1000 379.8 274.15 -53353.3 59438.5 -6085.25
02-07-2019 26-09-2019 1278.5 1296.8 1020 276.75 276.8 25.25 -9241.5 -9216.25
01-10-2019 26-12-2019 1304.9 1515.4 960 359.45 555.4 98954.75 -106302.5 -7347.75
01-01-2020 26-03-2020 1509.6 1066.2 1220 314.85 -153.8 -158999 223917 -64917.75
HDFC Bank 2015-16
OPTION DATE EXPIRY DATE SPOT [RICE (So) SPOT PRICE ON MATU STRIKE PRICE PREMIUM payoff net payoff Net profit/Net net profit/los
01-04-2015 25-06-2015 1067.15 1065.00 840 186.85 225.00 20982.5 1182.50 19800

01-07-2015 24-09-2015 1072.35 1051.4 1020 56.6 31.4 -13860 11522.5 -2337.5
01-10-2015 24-12-2015 1067.65 1074.1 860 211 214.1 1705 -3547.5 -1842.5
01-01-2016 31-03-2015 1088.75 1071.8 760 336.1 311.8 -13365 9322.5 -4042.5
HDFC Bank 2016-17
01-04-2016 31/6/2016 1064.45 1176.45 1040 71.75 -112 313995 61600 375595
01-07-2016 29-09-2016 1174.5 1277.5 1130 83.15 -103 35392.5 56650 92042.5
03-10-2016 29-12-2016 1287.2 1205.2 1100 197.2 82 -50600 -45100 -95700
02-01-2017 30-03-2017 1197.1 1466.2 960 260.6 -269.1 135080 148005 283085
HDFC BANK 2017-18
03-04-2017 29-06-2017 1433.2 1663.05 1220.00 233.65 443.05 115170 -126417.5 -11247.5
03-07-2017 28-09-2017 1658.60 1805.70 1300.00 384.50 505.70 66687.5 -80905 -14217.5
03-10-2017 28-12-2017 1808.85 1878.05 1440.00 377.75 438.05 33165 -38060 -4895
01-01-2018 28-03-2018 1854.50 1886.10 1520.00 382.25 366.10 -8882.5 -17380 -26262.5
HDFC BANK 2018-19
02-04-2018 28-06-2018 2130.85 1700.00 225.70 430.85 430.85 573897.5 236967.5 810865
02-07-2018 27-09-2018 1976.15 1780.00 385.80 196.15 196.15 658927.5 1,07,882.50 766810
01-10-2018 27-12-2018 2105.05 1900.00 143.80 205.05 205.05 853132.5 112777.5 965910
01-01-2019 28-03-2019 2302.80 1780.00 361.15 522.80 522.80 492827.5 287540 780367.5
HDFC BANK 2019-20
01-04-2019 27-06-2019 2311.80 2462.30 1940.00 400.35 522.30 67072.5 82775 149847.5
01-07-2017 26-09-2019 2485.55 1242.50 2060.00 437.80 -817.50 -240790 -683677.5 -924467.5
01-10-2019 26-12-2019 1248.80 1270.45 980.00 295.65 290.45 -2860 11907.5 -9047.5
01-01-2020 26-03-2020 1278.60 901.10 980.00 304.40 -78.90 -167420 -207625 -375045
s

CIPLA 2016-17
OPTION EXPIRY SPOT PRICE SPOT PRICE STRIKE PRICE PREMIUM payoff net payoff Net profit/Net losnet profit/loss
DATE DATE (So
01-04-2016 30-06-2016 514.55 501 430 94.2 71 -30160 17615 -12545
01-07-2016 29-09-2016 508.6 602.85 390 118.3 212.85 122915 122525 390
03-10-2016 29-12-2016 588.85 564.85 570 54.45 0 -64090 -31200 -95290
02-01-2017 30-03-2017 566 598.35 660 8.6 0 -11180 42055 -30875
CIPLA 2017-18
DATE DATE (So
03-04-2017 29-06-2017 592.65 534.65 420 185.3 114.65 -91845 75400 -16445
03-07-2017 28-09-2017 551.85 570 410 140.75 160 25025 -23595 -1430
03-10-2017 28-12-2017 578.9 611.75 550 58.7 61.75 3965 -42705 -38740
01-01-2018 28-03-2018 611.5 545.45 430 183.05 115.45 -87880 85865 -2015
CIPLA 2018-19
DATE DATE (So
02-04-2018 28-06-2018 576.25 600.9 440 113.85 160.9 61165 32045 93210
02-07-2018 27-09-2018 617 659.35 620 33.35 39.35 1300 55055 56355
01-10-2018 27-12-2018 654.15 517.9 480 188.5 37.9 -195780 -6695 -102475
01-01-2019 28-03-2019 523.05 525.6 490 52.2 35.6 -21580 3315 -18265
CIPLA 2019-20
DATE DATE (So
01-04-2019 27-06-2019 525.65 551.95 425 108.55 126.95 23920 -34190 -10270
01-07-2019 26-09-2019 555.8 438.45 450 110.8 0 144040 152555 296595
01-10-2019 26-12-2019 412.65 474.15 340 104.9 134.15 38025 -79950 -41925
01-01-2020 26-03-2020 475.9 386.15 330 148.9 56.15 -120575 116675 -3900
TATA STEEL 2015-16 1700
OPTION DATE EXPIRY DATE SPOT PRICE (So )SPOT PRICE STRIKE PRICE PREMIUM payoff net payoff Net profit/ net profit/l
01-04-2015 25-06-2015 323.65 302.7 270 55 102.4 80580 35615 44965
01-07-2015 24-09-2015 306.95 215.15 320 17.5 0 -29750 156060 126310
01-10-2015 31-12-2015 212.25 259.8 150 71.95 109.8 64345 -80835 -16490
01-01-2016 31-03-2016 257.4 319.7 250 28.9 69.7 69360 -105910 -36550
TATA STEEL 2016-17 1700
01-04-2016 30-06-2016 317.75 321.95 310 45.35 11.95 -56780 7140 -49640
01-07-2016 29-09-2016 328.1 373.75 240 88.05 133.75 77690 77605 155295

03-10-2016 29-12-2016 382.85 392.35 260 114.05 132.35 31110 16150 47260
02-01-2017 30-03-2017 406.75 477.5 370 47.15 107.5 102595 120275 222870
TATA STEEL 2017-18
03-04-2017 29-06-2017 485.85 535.05 330 5.05 205.05 340000 -83640 -256360
03-07-2017 28-09-2017 550.6 649.7 640 181.05 9.7 -297295 -168470 -465765
03-10-2017 28-12-2017 660.8 736.25 700 27.15 36.25 15470 -128265 -112795
01-01-2018 28-03-2018 722.2 571.05 540 204.95 31.05 -295630 256955 -38675
TATA STEEL 2018-19
02-04-2018 28-06-2018 578.8 567.75 460 128.4 107.75 -35105 -18785 -53890
02-07-2018 27-09-2018 560.5 611.55 420 137.4 191.55 92055 86785 178840
01-10-2018 27-12-2018 583.2 506.5 410 203.85 96.5 -181900 -130390 -312290
01-01-2019 28-03-2019 515.75 506.3 400 115.25 106.3 -15215 -16065 31280
TATA STEEL 2019-20
01-04-2019 27-06-2019 535.15 510.7 360 153.3 150.7 -4420 41565 -37145
01-07-2019 26-09-2019 506.95 375.75 350 168.25 25.75 -242250 223040 -19210
01-10-2019 26-12-2019 351.55 467.9 250 132.65 217.9 144925 -258995 -114070
01-01-2020 26-03-2020 468.75 284.45 290 182.4 0 -310080 313310 -3230
WIPRO 2015-16 3200
OPTION DAT EEXPIRY DATE SPOT PRICE (S SPOT PRICE STRIKE PRICE PREMIUM payoff net payoff Net profit/ net profit/l
01-04-2015 25-06-2015 633.2 552.15 460 182.4 92.15 -288800 259360 -29440
01-07-2015 24-09-2015 552.75 603.05 440 122.4 163.05 130080 -160960 -30880
01-10-2015 31-12-2015 599.75 559.9 420 191.65 139.9 -165600 127520 -38080
01-01-2016 31-03-2016 556.45 545.45 430 137.8 115.45 -71520 35200 -36320
WIPRO 2016-17
01-04-2016 30-06-2016 562.15 557.95 480 94.85 77.95 -54080 -13440 -67520
01-07-2016 29-09-2016 558.9 472.2 440 125.85 32.2 -299680 -277440 -577120
03-10-2016 29-12-2016 478.95 472.35 440 45.45 32.35 -41920 -21120 -63040
02-01-2017 30-03-2017 471.55 515.95 360 118.15 155.95 120960 142080 263040

WIPRO 2017-18
03-04-2017 29-06-2017 507.1 259.3 360 161.9 0 -518080 792960 -274880
03-07-2017 28-09-2017 259.6 285.9 180 82.25 105.9 75680 -84160 -8480
03-10-2017 28-12-2017 282.95 308 215 74.3 93 59840 -80160 -20320
01-01-2018 28-03-2018 316.55 281.15 220 91.5 61.05 -97440 113280 -15840
WIPRO 2018-19
02-04-2018 28-06-2018 289.65 257.1 210 75.2 47.1 -89920 -104760 -194680
02-07-2018 27-09-2018 260.6 318.95 215 46.2 103.95 184800 186720 371520
01-10-2018 27-12-2018 330.15 327.45 300 29.2 27.45 -5600 -8640 -14240
01-01-2019 28-03-2019 326.65 254.75 235 97.1 19.75 -247520 -230080 -477600
WIPRO 2019-20
01-04-2019 27-06-2019 261.65 282.1 220 41.8 62.1 64960 -65440 -480
01-07-2019 26-09-2019 282 237.1 235 51.25 2.1 -157280 143680 -13600
01-10-2019 26-12-2019 233.5 250.3 215 28.5 35.3 21760 -53760 -32000
01-01-2020 26-03-2020 247.7 182.6 210 43.5 0 139200 208320 347520

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A STUDY ON HEDGING STRATEGY USING CALL OPTION OF SELECTED

COMPANIES LISTED ON INDIAN STOCK EXCHANGE.

Canara Bank School of Management studies, JB Campus 1

Canara Bank School of Management studies, JB Campus 2

A financial derivative is derived from the price of an asset (or a number of

1.1.1Definition of Financial Derivatives

Derivative is a product whose value is derived from the value of an

Canara Bank School of Management studies, JB Campus 3

1.1.2 Participants in Derivatives Market

1. Hedgers: They use derivatives markets to reduce or eliminate the risk

1.1.3 Classification of Derivatives

Canara Bank School of Management studies, JB Campus 4

Canara Bank School of Management studies, JB Campus 5

1.2 Types of Traders in Derivatives

Canara Bank School of Management studies, JB Campus 6

selling futures. Hence, arbitrage involves making profits from relative

1.3 INTRODUCTION TO OPTIONS

1.3.1PARTIES IN AN OPTION CONTRACT

Canara Bank School of Management studies, JB Campus 7

1.4On the Basis of the Market Movements

1.4.1 CALL OPTION

1.4.2 PUT OPTION

On the Basis of Exercise of Option

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1.5 PAY-OFF PROFILE FOR BUYER OF A CALL OPTION

S - Strike Price OTM - Out of the money

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1.6 PAY-OFF PROFILE FOR SELLER OF A CALL OPTION

S - Strike price ITM - In the money

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2.0 Statement of the Study

2.1 Scope of the Study

2.3 Research Methodology

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2.4 Source of Data

2.5 Tools Used for Data Analysis

• net profit/net loss on share

• Analysis of only five companies is done.

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collaboration with E. I. du Pont de Nemours & Co., U.S.1981–2000 In 1985, the

Reliance Industries Limited

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Area served Worldwide

• Products Petroleum, Natural gas,

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A HDFC Bank branch in Hyderabad

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SOUTH EAST ASIA

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The Tata Centre in Kolkata, India Tata Steel is headquartered in Mumbai,

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Awards and recognitions

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