A Study on “Stock Analysis and Evaluation” With Reference To Banking Sector Stocks

Submitted in Partial Fulfilment of the Requirements of Bangalore University for the Award of the Degree of MASTER OF BUSINESS ADMINISTRATION BY
0100090000036646000000004146000000000400000003010800050000000b02000 00000050000000c0267007600030000001e00040000000701040041460000410b20 00cc006600750000000000660075000000000028000000750000006600000001001 80000000000408c000000000000000000000000000000000000ffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffff7fff7f7fff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f ffff7fffff7fffffffffffff7f7f7f7f7f7fffffffff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fff7ffffffffffffeff7effffffff7fff7f ffffff7fff7fffffffffffffffffffffffffffffff7f7fffffffffffffffffffff7f7fff7fffff7f7fffffffffffffffffffffffffffffffff7f7fff7f ffff7f7fffffffffffffff7f7fffffffffffffffffffffffffffffff7ffffffffffffffffffeff7effffffffffffffffffffffffff7f7fffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffff7fffff7f7fff7f7fffffffffffffffffffff7fffffffffffffffffffffffffffff7f7fff7f7fffffffffffffffffffffffffff ffffffffffffffffff7f7ffefefffefeffff7f7fff7f7fffffffffffffffffffffffffffffffffffffffffffff7f7fff7f7fffffffffffffffffffff

I

7fffffffffff7f7f7f7ffffffffffe7e7f7fffffffffffffff7fffffffffffffff7f7f7fffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffe7e7f7ffffffffffffffffffffffffeff7f7f ffffffffffff7ffffeff7ffefefffffffffffffffffffffffffffd6d6efb5b5c684849c5a5a734a4a63424252424 25a42425252526b42425a39395231394a4a4a5a5a63738484948c94a5cec6e7e7def fffffffffffffffffffefefffffffffffffffefeff7ffffffffffffffffffffffffefefffe7defff7f7ffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefefffffffffc6c 6de636b7b4a4a63c6c6d6f7ffffe7e7f7f7fffffffffff7ffffffffffe7e7ffb5b5ce6b6b843939523 9425a5a5a737b7b94a5adbdc6c6dededef7e7e7ffefefffd6deefe7e7ffe7e7ffe7e7ffcec ee7adadc6848c9c7b7394524a6b39395a42395a7b7b9cbdbdd6efeffffffffffffffff7f7fffffff fefefffffffffd6ceef42426331294a5a5a73bdbdc6efefeffffffffffffff7f7f7fffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefefff8484ad212142a5a5c6 8c94b529314ad6d6f7f7ffffffffffe7efffadb5c663637b39425a52526b9c9cb5d6d6eff7f7f ff7fffffffffff7f7ffe7e7ffcecee7c6cee7bdc6deefefffe7e7ffe7e7ffe7e7ffefefffefeffffffffffffffff fffffe7e7ffc6c6e78c8ca54a526331394a737384b5b5cef7f7fffff7ffffffffd6d6f74242635a 5a84ffffffadadce42424a9c949cf7eff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffff6b6b94293163e7effff7f7ff9c9cce39396b39396bc ecef7848cad39395a4a526b9ca5b5dee7f7fffffff7ffffe7efffa5b5c6e7efff8c9cb55a6384 eff7ff848cad8c94b59494b5cecef7a5a5ce9c94bd948cb5cec6f7c6bde7bdb5e79494b 5e7efff8c9cadefffffc6d6dec6cedeeff7ff949cad42425a39395a7b7ba5ceceff52528463 6394424273cecefff7ffffb5b5ce42394aefe7f7efeff7fffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffd6d6ff393973adade7efefff31316bb5b5

II

ef52528418184a63638cced6f7ffffffe7efffffffff8c9ca5f7fffff7ffff8c9caddeefff8c9cb54a5 a73c6d6ef949cb5737b9c636384adadd67b7ba59c94bd63638cbdb5de8c84ada59cc 6737394e7f7ff9cadbdd6e7f77b8c9ca5adbde7effff7f7ffffffffcecef76b6b94393163393 96bc6c6f78c8cbd4a4a84b5bde731314ab5adc6ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffb5bde739426b31396329295 a4a4a7b5a5a84e7e7ffefeffff7ffff9494b5e7e7ff7b84947b8494c6cedeeff7ff525a6b8c9 cad7b8c9c7b8c9c949cadb5bdcebdc6deb5bdcebdc6dec6c6deb5b5c6bdbdcea5a5b 59c9cb57b7b8c6b73847b8c9c73849c9ca5c68c8cadcecef7dedeffb5b5d6bdbdd6d6d 6e7f7ffffe7efff8c94ad393963424a7b42428439316ba5a5c6fffffff7f7fffffffff7f7fffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffdee7ff4a526 b3942636b6b94bdbde7ffffffadadd69c9cc6bdbde7a5a5cececeefa5a5c68c8ca5848c a5f7f7ff848ca5adb5cebdc6e7d6def7f7fffff7f7ffe7effffffffff7f7ffeff7ffffffffffffffffffffffffffffffff ffffff7b849cadadcea5adce5252738484adb5add6a5a5c67b7394ffffffced6e7efefffced 6e7c6ceef7b84ad4a4a7b101042847b9ce7deeffffffff7f7fffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffe7efff637384313952b5bdd6f7fffff 7ffffd6d6f7848ca5737b9c8484a59c9cbd736b8cb5b5d6bdbddec6c6defffffff7f7ffbdb5 e7ded6fffff7ffdedeffd6ceffbdbde7a59cc6ada5ceadadceadadceb5adcec6c6e7ded6f7 efefffffffffcecef7c6bde7c6c6dededeffe7e7ffada5c67b7394635a84ded6ff524a847b7b ad9c9cc6e7effff7ffffdef7f794a5ad212129a59cadfffffffffffff7eff7ffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7b84945a6373eff7ffffffffe7e fffffffffd6d6ef7b73948c8ca5c6c6e7fff7fffffffffffffff7f7ffded6ffbdb5e78c84b56b6394393 15a4a42734239634a4a735a5a7b6363846363844a4a6b635a7b42425a5a5a734242 5a4a4263948cb5c6bddef7effffff7ffffffffffffffffffffded6f7847bad847bad7b73a5d6defffffff

III

fe7f7fff7ffffadb5b563636bfffffffff7fff7eff7ffffffffffffeff7efffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00 ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffe7eff7424252bdc6d6efefffffffffefefffb5b5ced 6d6effffffffff7fffff7fffff7ff9c94b55a52734a4a63525263737384b5b5c6e7e7f7f7f7ffffffffff fffffffffffffffffffffffffffff7ffffffffffdee7e7d6e7dec6c6ce73738c524a7339315a6b6384b5adc 6f7effffffffffffffff7f7ffe7eff7848c94eff7ffdeefffefffffdee7ff292942b5b5c6fffffff7f7f7fffffff7f 7f7f7f7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7 ffffffffc6c6d6313142f7f7fff7f7fff7f7fffffffffffffff7f7ffe7e7ff847b943931525a5a73b5b5ce dedeeffffffffffffffffffffffffffffffff7fff7fffff7fffff7fffffff7fff7fffffffffffffffffffffffffffffff7ffffffffffffffffe7de f79c9cad635a73393952737384dedeeffffffffffffff7fffff7ffffffffffe7efff5a637b848ca5ffffffe feff7fffffffffffffffffffffffffffffff7fff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffff7f7ff737384737384fffffff7f7ffffffffdedeef8c8c9c39394a737384e7e7f7 ffffffe7e7fffffffff7f7f7fffffff7fff7ffffffffffffeff7effffffffffffffffffff7fff7f7fff7fffffffffffff7ffffeff7fffffffff ffff7f7ffefffffffffffffefefffded6f78484a5393152635a7bc6cedeeff7ffeff7fff7ffffadb5bd4a5 a63eff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffff7f7ffffffffefefff39314ad6d6e7f7f7ff8484944242526b737bdede effffffff7f7ffffffffffffffefeffffffffffffffffffffff7fff7ffffffffffffffffffe7efe7ffffffffffffffffffeff7fff7f7fff7f7ff ffffffffffffeff7effffff7fffffffffffffffffff7ffffffffffdedeff8c8cad424a6373738cd6deefe7efff21293 1c6cecefffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffe7e7f7f7f7ffefefffffffffa5a5b542425242425273737be7e7f7fffffff 7f7ffe7e7f7f7f7fff7ffffefefffffffffeff7fffffffffffffff7ffffeff7f7fffffff7fffffffffff7fffffffffffffffffffffffffffff ffffff7f7ffffffffffffffffffffeff7f7fffffff7ffffefffeff7fffffffffff7fffff7f7ff8484a53131524a4a6b8c8ca IV .

5eff7fffffffffffffffffffffffffffffffffffffffffffffff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffffffff7b7b84bdbdcef7f7ffffffffeff7fffffffffffffffffffff7ff ffffffffffffffffffffe7e7fffffffff7f7ffffffffdedeef9494ad7b7b94adadc6d6d6efefefffded6ffb5ad d6736b9c8c84b5d6d6fff7effff7f7fff7f7fff7fffffffffff7ffffeffffff7fffff7ffffe7efffffffffefefff6b6b 84efefffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffff7f7fff7f7fff7fffff7f7ffeff7fffffffffffffffffffffffffff7ffffe7e7ffa5a5 bd73738c4a526b42426b847bbdc6bdfff7effff7effff7efffefe7ff8c84bd42397329215a31 296321185229185a3121634229737363a5d6c6fff7fffffffffff7ffffceceef9494c65a63943 1396b636394949cbdf7ffffeff7fff7fffffffffffffffff7f7fff7f7fffffffffffffffffffffffffffffffffffffffffffffff7fff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fffffffffffffffffffffff 7ffffe7efeff7ffffffffffe7eff7ffffffeff7ff6b6b8c18214239396342427321186b18106b4239 94635aad5a5a9c21216321185a5a5a8c6b639ca59ccec6bdefad9cd68c7bb55a4a84 42317342396b31395a6b73947b7ba521296310105231317b39398429296329295ae 7efffffffffe7eff7fffffff7fffffffffff7f7ffffffffffffffffffffffffffffffffffffffffffffceced6fff7fffff7fffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fff7ffffffffffffe7efe7eff7effffffff7fffff 7ffffffffffefefffffffffefefff9c9cc631316b21215a31317342428429296b31396b737ba5c6 cef7eff7ffeff7fff7f7ffffffffffffffffffffffffffffffffe7e7f7c6bdde9c94d64a4a9408004a3939843 9397b10185a424a846b73adeff7ffeff7ffe7e7fffffffff7f7fff7fffff7f7f7fffffffffff7fffffffffffffffffff ffffffffffff7efff8c8c94d6d6dee7e7eff7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffff7fffffff7fff7fffffffffffff7ffffeff7ffc6cede737b944a4a6b4a527b52528463639cad adefd6d6ff8c8cce31316b21215a3131639494bdeff7ffeffffffffffff7fffffffffff7fff7ffffffffffffffff V .

ffffffffffffffffffffefefffbdb5ff29296b21216339397b5a5a9cd6deffadb5f77373b552528c42 427b4a527b6b6b8cb5bdcefffffff7fffffffffffffffffffffffffffffffffffffffff7efff5a5a6bbdb5c6c6c6d 6e7eff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffff7fffffffffffffffffffffffff7fffffffffffffffff7f7fffffffff7f7fffffffffffff7fffffffffff7fffffff7f7fffffffff7f fffdee7f75a638c18214a21295221295221216331317b21216b10105a948ce7313184 31297318104a73739cf7f7fff7ffffeffffff7ffffe7f7efeff7efffffffffffffffffffffffffffffffefefefffffffeff 7fff7ffff8c94b529315a3131732118639c94e729217b29218421217b18186b31397b21 2963001039425273deeff7f7fffff7ffeff7f7f7fffffffff7ffffffff94849c4a425a737b8c949ca5d eefeffffffff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffefefffffffffe7e7f7fffffffffffffffffffffffffffffffffff7ffffffffffffefeffff 7ffffdedeff8484c65a63944a5284292973212173182163636bb56363b51810634a427 b8c8cb5efe7ffffffffeff7fff7fffffffffffffffffffffffffffffff7fffffffffffffffffffffffffffffffffffffff7fffff7ffff949cb d4a4a7b181052524a9c7b73ce18107331319429298429317b4a5a9c8494cec6d6ffd 6efffe7ffffffffffffffffffffffffffffd6c6de84738cfff7fff7ffffefffff5a6b73c6d6d6fffffffffffffff7f7fff7f 7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffef f7f7eff7ffcecedea5adb5f7f7ffffffffe7e7efffffffffffffffffffefefeffffffff7effff7f7ffcecef7949cce 6b6bb57b7bce6b6badc6ceff42428c29297329316ba5adde525a8c8c8cbdc6c6e7ffffff fffffff7fffff7ffffffffffe7e7eff7f7ffefeffffffffff7f7ffffffffefeff7ffffffffffffffffffffffffe7efeff7ffffffffffc6c 6e7adadd66b639cb5adef42398421216b292973d6deff5a63a5636bb57b84c67b8cbd adbdd6f7ffffe7eff7fffffffffffffffffffff7fff7effff7fffff7ffff84949c31424adee7e7e7e7e7ffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffdedee7737384adadbdd6d6defffffff7f7f7ffffffffffffffffffffffffcecef77373a531316318 185a29217b18106b39397bced6ff31397b31316b39426beff7fff7ffffefffffffffffffffffffffffffff fffffffffffffffffffffffffff7efff948ca59494adefe7fffffffffffffffffffff7f7f7fffffffffffff7f7fffffffffffffff7ffff dee7fff7f7ff52528442427b181852bdc6ff6b73bd29297300085221296b293163424a7 3d6d6effffffffff7fffffffffffffffff7ffe7e7ff52526b737b8cc6cedeadadb5fffffffffffffffff7fffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffff VI .

ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffdedee7949ca 594949ca5adb5ffffffe7eff7525a5af7ffffefefeffffffff7f7ffeff7ffced6ef4a528408084a2931 6b31317b21187b3129946363adbdbdff08084a4a4a7bbdc6d6effffff7fffff7fff7f7fff7efff e7f7fff7fffffff7fffff7f7ffffffffcecee73931526b63846b638439314acec6d6fffffff7f7f7fffffff7 f7fffffffff7f7f7f7fffff7fffffffffff7fffff7fffff7ffff525a7b18214a7b7bb5949cde10106331318c2 9298418216b21316b1818429ca5bdffffffffffffffffffffffff636373bdbdd6f7f7ffefefffb5b5ce adadb5fffffffffff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffd6d6de7b84846b6b73e7efefdee7ef84848c94949cffffffeff7f7efeff7f7fffff7ffff5 25a8c424a84636bad6b6bb542429431298c10086b8c8cd663639c63639ccecef7ffffff e7f7effffff7fffff7fffff7fffff7fffffffffffff7ffffffffffdedef74a4263a59cc6fff7fffff7ffcecee729293 9e7e7efffffffefeff7fffffff7fffffffffff7ffffffffffffffffeffff7e7f7eff7ffffdee7f7848cad424a7ba5a5 de29216b29217b312984636bc64a5aa5525a9463638cdedef7ffffffe7e7e7ffffffffffffffffff e7deff6b6b846b6b84dedeefe7e7efffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffff7ffffffffffffffe7e7efffffffb5bdbd8c949c7b8484ffffffe7eff7fffffff7 ffffffffffeff7ffb5bdff949ce7737bc6adb5f79c9ce729298429297b9c9cdededefff7f7fff7f7 fff7ffffffffffe7f7deffffefe7f7defffff7ffffffffffffefeff7f7ffff84849c7b7b9cfff7ffe7e7ffffffffefefff adadbd6b6b7bf7f7fffffffffffffff7f7ffffffffffffffe7efeffffffff7fff7fffffff7fffff7ffffe7e7fff7f7ffd6d6 ff39397b29216b7b7bcec6ceff737bd6848cd6bdc6f7e7effff7fffffffffffff7fffff7ffefefff3939 52b5b5ceefefffb5bdce949cadefeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffff7f7ffffffffefeff7a5a5b5adb5bdefeff7a5adadd6dee7f7fffff7fffff7ffffff ffffa5adce31397b21317b182173000852adbdefa5ade7181863424284eff7fff7fffff7f7ff ffffffeff7f7fffffffffff7ffffffffffffffffffeff7f7ffffffffffffefefff424252e7e7f7fffffffffffff7f7fffffffff7f7ff4 24252c6c6d6fffffffffffffff7fffff7ffffffffffffffffffffffffffdee7e7fffffff7ffffffffffeff7ffffffff525284292 9637373b5cedeff08186b18216b18216339396b9c9cbdf7f7fffffffffffffff7f7ffffffff9c9cad 42425abdc6de9c9cbd949cb5fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffeff7f7ffffffffffffefeff7cecede5a5a6bffffff848c94f7fffff7ffffeff7ffefffffffffff8c94b521 295a29317321297b29317b1021639cb5d6a5b5d610184abdc6efeff7ffffffffefefffada5c VII .

6636b73636b6b7b7b7bceced6efeff7fffffff7f7ffeff7ffffffff9494ad6b6b7bfffffffffffff7fffffffff ff7ffffffffff9ca5b563637bf7f7fff7f7fffffffffffffff7efffb5adbd6b6b7b39394a4a4a5a313142 a59cb5f7f7fff7f7ffffffffd6d6ef42425a636b8cbdceff18297321317b18216b31317b3129 6b635a8cfffffff7f7ffffffffeff7ef636363d6d6e74a4a6b73739c73739cf7f7fffffffff7efffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffffffffd6d6e79c9cadc6c6ce 4a525af7ffffe7efeff7ffffeff7ffadb5d629315a29316b29317b39429429297b18295aadb dd6bdcedea5b5ceeff7fff7ffffffffff948cad3931529c94adc6c6ce9c9cad52526b524a6b 9c9cb5f7effffff7fffff7ff52526bb5b5c6fffffff7fff7fffffff7fff7fffffff7fffff7f7ff39395aefe7fffffffff 7efffa59cb54a425a635a7bb5adceefe7fffff7ffc6c6de31314acecedeffffffefefffffffffdede e79ca5b5e7f7ff10215a29317b39398c29297b31317b2929638c8cb5ffffffefefefffffff7b 7b7b8c949cced6efa5a5d6d6d6fff7efffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffeff7f7ffffffefeff7ffffff6b6b7bded6eff7f7ffadb5c6ced6d6ffffffefffffeff7ffefffffc6cef 7a5a5de6b6bb54a4a9ca5adf729317331396bbdd6dedeefeff7fffffffffff7fffff7f7f752526 bada5cefff7fffffffff7efffffffffded6ff5a527b39315abdb5e7cec6ef212139fffffffffffff7ffffffffff f7fff7eff7f7f7ffffe7efff42426bb5add6bdbdd65a4a635a526bd6cee7fff7fffff7fffff7ffffeffff 7efff6b63849c94adefefffffffffffffffeff7efffffffcedef710214a1821639c9cef5a5ab56b6bc 67b7bc6c6c6f7f7f7ffffffffeff7eff7fff7adadb5d6d6f7b5b5e7636394635a7bfffffffffffff7f7ff fffffffffffff7f7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7f7ffffffd6d6ef4a425abdb5d6525 2639494a5fffffff7ffffeffffff7ffffced6f752528c10105a29297b29297bceceff18185a3942 63e7f7f7f7fff7ffffffffffffffffffffffff4a4a63efe7fff7f7ffe7e7fff7effffff7fffffffffff7ffcec6f739316 35a527b948cb5f7f7fff7ffffeff7f7f7fff7fffffff7ffffe7eff7f7ffffada5d62921524a425abdbdc efffffffffffffffffff7effffff7fffff7ffffffff84849c9c9cadfffffff7fffff7fff7fffffffffffff7ffff6b739408104 2b5b5ff39429c08086b39398c525294c6c6efffffffffffffffffffc6c6d64a4a6b524a7b9c9cc eada5c6b5adc6fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7eff7ffffceced65 25263a5a5bdfffffffff7ffefefffeff7ffeffffff7ffffadbdd621295a31397b39398c3129841008 5aceceff39396b8c94adf7fffffffffff7f7f7ffffffefefefffffff525273cec6efefefffffffffffffffffffffefe ffffffffffff7fffff7ff42426b31315a9c94bdf7fffff7fffff7fffff7fffff7fffff7ffffbdbde73931633931 VIII .

63efe7fff7f7ffffffffffffffdedeefefeffffff7fffff7ffffffff525263b5b5c6ffffffeff7efffffffffffffe7efe7 ffffffc6c6d631315ab5bdf739428c18217b21298421296b18184a9494b5e7e7f7fffffffffff ff7f7ffe7e7ff63638c7b7394736b84efeffffffffff7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffff7ffffdedee7b5b5ceded6f7635a7bc6c6dededef7f7f7fff7ffffc6cede2931523942 7321297308086b292984312973d6ceffb5addeffffffffffffffffffffffffffffffffffffffffff948cb58c8 4a5ffffffeff7f7eff7f7fffffffffffff7ffffefeffff7f7ff52527b8c84b552527b8484a5f7f7fff7ffffe7f 7fff7ffff9c9cbd21214aada5de393163dedeeffffffffff7fffffffffffffffffffffff7fff7f7fff7f7ff42424 af7f7ffeff7f7fffffffffffff7ffffffffffffffffffffffb5b5cec6ceff29397b29398c1018732129733939 7b313163adadcef7efffffffffd6deef4a526b63637bb5b5ceefe7fffffffffffffffffffffffffffffffff7f7 efffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffeff7f7b5b5c6948ca5a5a5bdefe7ffa59cbdffffffefefffff ffff5a6b7b29315208104a6b6bbd4a42ad31298c21185acec6efe7defffffffff7fff7ffffffffffff fffffffff7ffffffffcec6ef423963f7f7fffffffff7fff7efffefefffe7ffffffeff7f7dedef739315af7efffe7de ff42396b52527bd6d6f7f7ffff6b6b84212142dedefff7f7ff5a5284b5b5c6f7f7f7f7f7f7ffffff ffffffeff7f7ffffffffffffb5b5b55a6363ffffffffffffeff7f7f7fffffffffffffffffff7f7ffffffffffffe7efff1829631 829732131846b7bc629317b18185a312963efe7fff7f7fff7f7ffc6ced6f7f7ffefefffd6ceef 948ca5fff7ffefeff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7f7ffffffbdbdcececee7635 a7bf7effffff7ffefefffffffffbdc6de424a6b9ca5cee7efffceceff8c8cef211873312963efe7ffff ffffefeffffffffffffffffffffffffffffffffff7efffffffff5a5273c6ced6effff7f7fffff7fffffffff7f7ffefffffffc6c6d6 4a4a73ffeffff7effffff7ff6b6b9452527b5a5a7b525273ffffffdedeffffffff5a5a84848c9cfffffff fffffe7efefffffffffffffffffffffffff636363adb5b5f7fffffffffffffffffffffffffffff7f7f7fffffffffff7efeff7f7f7ff 3942731021636b7bc6c6ceffd6d6ffadadf7635a949c9cc6efefffffffff84848cdedeef736b 84efe7ff6b6b84fffffffffffff7f7fff7f7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffd6dedeced6d6424 a5affffff6b6384847b9cfff7fff7f7fff7ffffeff7ffe7efffc6ceff4a529c313184bdbdff2121634a 4263fffffff7f7fff7eff7ffffffffffffffffffffffffffffffffffffe7eff7a5adb55a636bf7ffffeff7fff7fffff7ffffeff 7f7ffffff9c9cad525273ffffffefe7fff7efffdedeff31315a29294ac6c6def7f7ffefe7fff7f7ff8c8 ca55a6b73ffffffe7f7f7fffffff7fffff7f7fffff7ffcecede524a5aefeffffffffffffffffffffffffffffffffffffffffffff 7ffffffe7e7efffffff7373a521185aa59cef52529c313984bdc6ffeff7fff7ffffeff7ffffffff9c9cad IX .

a5a5bdb5b5d67b7ba54a4a6be7e7ffeff7fffffffff7f7f7fffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7 ffff7b8c8cc6cede9c94ade7def7f7effff7effffffffff7ffffe7f7ff9ca5de21216b18217329297 bb5b5ff29295ac6bdd6f7f7f7fffffffffffffffffffffffff7f7f7ffffffffffffffffffffffffeff7f7424a5ab5bdd 6ffffffeff7ffffffffeff7ffffffff7373948c8cadf7f7ffefe7ffded6ff42426b9494bda5a5ce21214a dedefff7f7ffe7deffbdbdde39425ae7effff7fffff7f7ffe7e7fffffffffff7ff52526ba59cbdfffffffffff ffff7ffffffffffffffffffffffffffffffffefefe7fffffff7efffded6ff4a427bbdb5f739398431397b10185a6 b7badd6e7ffeff7fffffffff7f7ff42425252527b63638cadadcef7fffffffffff7f7ffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffeffff7f7fffff7fffffff7ffada5bdf7effffffffff7f7ffefefffa5add6101052212 97339398c1010638484c6c6c6f7ffffffffffffffffffffffffe7e7effffffffffffffffffff7ffffffffffeff7ffffffff8 c94ad525273f7f7fff7f7ffdee7ffced6f7a5a5ce5a5a9442427b7b7bbd6b63ad31297318 185a4a428452528c31316b18185252528c6b6bad5a5a9442427b9c9ccec6bdefded6 fff7f7ffe7deffbdb5de524a6bfff7fffffffff7f7fffffffffffffffffff7fffff7f7fff7fffffff7f7fffffffff7f7ffffffff bdb5d69c94c621216331318421297318216b6363a5eff7fff7f7fff7ffffd6d6deefeffff7f7ff a5a5c684849cffffffffffffe7efe7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00 fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffe7f7f7c6c6d6efe7ff 4a4263fff7ffffffffffffffbdc6d610184239427b21297339398c21216b313973eff7fffffffffffff 7f7f7f7fffffffffffff7effffffffff7f7ffefeff7ffffffffffffe7e7ffceceef423963524a7b42426b31395a 213152525a8c212163524a9c5252a518106b6b6bb5a5a5ef9494d6adade79494d67b 7bbd212163524a94736bb518185a5a5a9c31296329215a31295a5a528442395a6b6 384e7e7f7fff7ffffffffffffffffffffeff7efffffffffffffffffffffffffffffffffffffffffffffffff63639429296318186 b29317b29317b18185a9c9cceeff7fff7fff7ffffffcecef752527b6b7394dee7f7f7ffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffe7f7f7636b73b5b5cea59cbdbdb5ceffffffe7e7f7ffffff6 b738c3139631018524a4a9431398431397b29316bd6deffeff7f7fffffff7f7f7f7fffffffffffffff ff7f7ffffffffffffffa5a5b56b637b39395242395a73739421184ab5b5dec6ceefefffffced6ff3 13973adadf73939845a63addee7ffadb5f77b84bd7b84bd8c94c6e7f7ff9ca5de293173 9ca5e7393973ceceffefeffff7f7ffd6d6ff5a527b5a52737b738c39394a4242526b6b7bc ec6d6f7f7fffffffffffffff7f7fff7f7f7fffffffffffffffffffff7fff7efff4239733939734a4a944a5294212 96b18215a39426bf7ffffefeff7c6c6d61818427b7ba5c6c6e7d6d6efdee7effffffffffffffffffff X .

fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffdee7ef5a6373ceceef9c94b5ded6f7efe7ffffffffdedeef2129 424a527bc6c6ffefefff8c94de21296321295adee7ffffffffeff7e7ffffffffffffefefffffffffe7e7ff8 4849c4a4a634a4a639c94ade7e7fffffffffff7ff847ba55a5a7bf7ffffd6efffd6e7ff31426b18 215a5a639ceff7ff525a9c3139736b7bad7384b531427321295aa5ade78c9cce29316 b313973b5bdeff7f7fff7f7ffadadd631314aefefffffffffffffffded6ef9494a54a42634a4a639 c9cbdf7effffffffffffffffffffffffffffffffffffffff7efff4239732121635a63a5e7f7ffbdc6ff6b739c101 839c6c6deffffffefefffd6d6f7adadd68484a563637bf7f7fffffffff7fffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffeff7ff848c9ca5a5c684849c847b9cffffffffffffdedeef8c94adf7ffff8c94ce31317 be7efff39427b313963e7efffe7efeffffffff7ffffefefffffffffa5a5bd3939527b7394cec6deffffff fffffffffffff7f7fff7f7fffff7ff39395a94a5bde7f7ffdef7ff21315252638cefffff394a730010425 26394adbdefadb5ef5a6b9c2939632131639cb5d694a5c6101842c6c6f7f7f7ffd6d6ff4 a4a6bb5b5ceffffffefefffffffffefeffff7f7ffffffffc6bdde635a84635a84bdb5d6fffffffffffff7f7f7ff fffffff7fffff7ff635a9429296bd6deff7b8cc65a6b9cdeefffadb5d6bdbdd6efefffffffffdedeffe 7e7ffdedeffadadc6e7e7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffdedef7ded 6f7ffffffffffffefeffff7fffff7ffffadb5de18216329317b8c94d69ca5de737ba5f7fffffffffff7ffffffff ffffffff9494ad42395aded6f7ffffffffffffefe7fff7f7ffffffffefeff7ffffffffffffc6cede102142ced6ff6 3739c18294ad6e7ffadbdde18294a6b7ba55a639c31397b081052424a8c6b73ad394 a734a5a7be7efff29316352528ceff7ff4a4a73737b94eff7ffffffffffffffeff7f7ffffffffffffefefffff fffffff7ffa59cc642395ad6dedef7f7f7fffffffff7fffffffff7f7ffa5a5d663639cc6ceff18296b182 9638c94c6eff7ffffffffefefffffffff6b638c525a846363848c8ca5cecedefffffff7fffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffff9494a5a5a5bdada5c6adadc6fffffff7f7ffffffffeff7ffd6def718214a3 1317b29317b21216bceceffdee7fff7fffff7ffffffffffffffffe7efff292942ded6f7efe7fff7f7ffffffff e7e7f7fffffff7ffffffffffffffffffffffffffff8484bd31317b31396b29315acedef7ced6f7212952b5 bdefbdbdff3931846b63bd524aa5d6d6ff636ba5394263e7f7ff42428431297331316b5 25284dedefffffffff7f7fffffffffffffffffffff7fff7ffffffeff7f7fffffff7ffff9c9cad424252fffffffffffffffffffffff fffffffe7efffe7e7ff31397b29318421297b292973a5addeefefffffffffffffffe7e7fff7ffffe7e7fff 7fffff7ffffeff7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffff XI .

ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7b7b8cadadc6ffffff6b637bcecedefff ffff7fffff7ffff5a638431427318216b21297331317b5a639cf7fffff7fffff7fffff7ffffffffffcecede 423952fffffffffffffffffffffffffffffffffffffffffffffffff7fff7efefe7ffffffc6bdff21186b63639c31395ad6 def7dee7ffbdc6e742427329216b2118734a39a5312184423984a5a5dee7efffe7efff3 9397b6363ad39397b7373a5fffffff7fffffffffff7fffffffffff7fff7ffffffffffffffffffffffffffffffc6c6ce4a4 a5af7effff7f7f7f7fff7fffffffffffff7f7ff7b84b531317b18187318187329297b424a7bfffffff7ff f7f7ffff73739431315a5a5a845a63738c949cfffffffffffff7fff7fffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7f7ef eff75a5a6bcecee7efe7ff5a5a6be7deeff7f7ffffffffcedee721314a2931636b6bbd8c8cd e21216b292963e7efffe7f7fffffffff7f7fffffffff7f7ff181831cecee7efe7ffe7e7f7ffffffffffffe7ef e7ffffffffffffffffffffffffe7e7f7393173847bc642427339425adee7f7f7fffff7ffffffffff4a428473 63b5bdadff31217b8c84c6f7f7ffe7effff7ffff29296331316b7373ad39396bc6c6e7dedef 7f7ffffffffffe7efeffffffffffffff7fff7eff7f7ffffffe7e7ef94949c636373fff7fffffffffffffff7f7f7f7fffff7f fff525a840810527b7bce9c9cf708085a21215abdbddefffffff7f7ffefefff8484ad737394d 6def7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefefefd6d6de7b7b8cded6ef8c849ca59cb5ff fffff7f7ffeff7ffdeeff7394a6bb5bdf7a5adf77b7bceadadf7000031b5bdd6fffffff7f7fffffffffff 7fff7f7ffc6bdd6313142bdbdcefffffffffffffffffff7ffffffffffffffffeff7f7ffffff636b7b636394f7f7ffd 6cef71010319ca5b5f7ffffdedef7f7ffff5a5a8ca5a5ded6c6ff181052d6ceffdee7ffffffffc6c ee73139638c94c6f7ffff848cad4a4a6beff7ffffffffeff7f7f7fffffffffffffffff7f7fffffffff7f7ff9ca5b 531314adedee7fffffff7f7f7fffffffffffff7f7ffd6def718184a7b84c68c94de7b84cedee7ff39 396badadc6ffffffffffffc6c6e7a5a5ce9494b5424a638c949cfffffff7ffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffff7f7f7efeff7bdbdceefeffff7f7ff737384efeff7ffffffe7efefe7f7ffd6e7ffdee7ff2121731 0106badadf7a5a5dea5adbdf7fffffffffff7f7f7ffffffffffffffffffded6e739394a525263adb5bdf ffffffffffff7ffffe7eff7ffffffa5a5c631315ad6d6fff7ffffced6f75a637b212942adb5cef7ffffeff7 ff9ca5bd424a6b73739c737b9cf7f7fff7ffffeff7ff4a526b102139bdceefeff7ffdee7ff5a63 73737b8cf7fffffffffffffffff7f7ffffffffffffffa5a5c64242635a5a7be7e7ffffffffffffffefefeff7ffffffffff ffffffced6f76b739cced6ff293973081052b5bdeff7f7ffe7e7ffffffffefefffa59cc68484ad8c 8cad84849cc6ced6ffffffdee7e7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff 00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff9494a59494a5f7f7ff4 XII .

2394ae7e7eff7fffffffffff7fffff7ffff4a529431318421298408085abdbdf7eff7fffffffffffffffffffff ffffffffffff7effff7f7ffffffff9c9ca55a5a6b39424a737384ced6eff7f7ffdedeff42396bc6c6f7ff ffffe7efffeff7ff31315a8484b521295aadb5deeff7ffeff7ff5a637b29394af7ffffeff7ffdee7ff 2129525a5a8c313963ced6f7efffffefffffeff7ff29294abdc6def7ffffefefffbdbdd66b6b842 929425a5a7bc6c6e7f7f7fffffffffff7fffffff7fffffffffffffffffffffffff7ffffced6ff3139732931733942 84313973f7ffffffffffe7e7efffffffdedeffb5b5e79c9cbda5adc6d6d6def7fffffffffff7f7f7fffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffff7f7ffd6d6e7bdb5c6f7f7fffffffff7f7f7d6dedef7ffffa5b5d618215a 31318c29298c29297b42427bf7fffff7ffffffffffffffffe7e7e7ffffffffffffffffffe7e7f7ffffffffffffcece e7847b9c4239633129634a42843129739c94d6b5bde7ced6f7eff7ff29296bc6bdffbdb 5ff21186bb5b5f7eff7fff7ffffbdcededeefffeff7ff525a8c736bb5dedeff29296bceceffd6d6 ffceceffa5adde6b6b9439395a52527329294a4a4a639c9cb5e7e7f7f7ffffffffffefeffffffffff ffffffffffffffffffffff7fffff7ffffffdee7f76b739c21296318216b21297b21216b848cbdffffffeff7f7 f7ffff7373946b739c9c9cbd8c94adadadb5ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffff7ffffffffffffffffffffeff7ff737b9c21295a3939846b6bbd2929732931639ca5bdffffff fffffff7f7f7ffffffefe7effffffffffffff7f7fffffffffffffffffffffffffff7f7ffc6c6f72921638c7bc65a529442 4a6b29315231316329216b39318c4a429c31297b29296b737bad5a6b8c7b84a57b8 4a539426b21296342428c4a429429296b39397339397321295a4a4a7b6b63945252 736b6b8cffffffefeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffe7efff21294a21296 b6b73bd42429431317b424273efefffffffffffffff5a5a7be7e7ffffffffeff7ffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffefeff7ffffffefefffd6d6e7fff7fff7efffffffffffffff424a5a42426bbdb5 f7f7efffadadef31316b737b94f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffffffffffffff4a4 a63a59cb5fff7fffffffff7f7fff7ffffced6e7525273636384a5a5d67b7bad7b7bad21185242 427b5a5a942121524a52848c8cbd7373a58484ad293152ced6f7ceceefefeffff7f7fffffff fd6d6e739394ae7e7f7fffffffffffffffffffffffffffffff7fff7fffffffffffffffffff7f7f7ffffffffffffffffff9494bd2 129528c94c6e7f7ffc6d6ff5a6b94182142efe7fffff7fffff7ffadadc652526b636373424a5 2bdbdbdfffff7fffff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffa59cb59c94b59c94adfffffffff fffeff7f7737b84efe7fffff7ff4a42847373b5ced6ff848cadefffffffffffffffffffffffffffffffffffffffffffffff XIII .

fffffff7fffffffffff7f7ffc6c6d65a5263efeff7fffffff7f7fff7ffffe7eff7f7f7ff949ca573738ce7effffff ffff7efffada5de524a8c42397b736bade7defff7f7fff7ffffadb5ce525a6be7efffffffffffffffe7e 7f7f7ffffffffff7b7b84949ca5ffffffffffffffffffffffffffffffffffffffffffefffeffffffffffffffffffff7effff7efffa59c ceb5b5e79ca5d6394a7bd6e7ffd6e7ff7b7b9ce7def7fffffffff7fffff7ffffffffd6d6e7f7ffffeff7f 7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff636363e7e7efefefff6b6384cec6e7fff7fffffffffff fffffffffefefff7b7bad4a428418185a8c94ceeff7fff7fffff7fffffffffffffffffffffffffff7fffffffffffffffffff7f 7fffffffff7f7ff636373a5a5b5fffffffffffff7f7ffffffffffffffeff7ff8c94a563637bf7f7ffefeffff7efffde d6ff39316b18104a9c9ccef7f7ffe7e7ffe7e7ff8c8cad73738cffffffefeffffffffffffffffffffff7f7ff d6dee7424252efeff7f7fffffffffff7fffffffffffffff7fffffffffffffffffff7f7f7fffffffffffffff7fff7f7ffb5bdef2 12963081852425284effffff7f7fffffffffff7fffffffffff7ffeff7ffffffffe7efeffffffffffffffffff7ffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffff6b7373dee7efffffffd6ceef6b6b84fffffff7f7fffffffff7fffff7f7ff313163 31296b39397b2121638c9cc6eff7fffffffffffffffffffffffffffffffffffff7ffffffffffffffffffefefffe7e7f739 394affffffefeffffffffff7ffffeff7ffe7e7f7ffffffcecee7424263f7f7ffefefffc6bde721214a9494b dd6d6ff21214a6b6b94f7f7fff7f7ff6b6b8c73738cffffffffffffe7eff7fffffff7fffff7f7ffffffff5a5a6 3b5bdc6ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefe7ffd6d6ff21215231397339428 4182163b5bdf7f7f7fff7f7ffffffffd6c6cec6bdd6efeffffffffffffffffffffff7f7effffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffdee7e7b5bdc6d6d6efc6bdde736b8cf7efffefefffffffffeff7ff7b7ba5393 97318185229216b313173292963dee7fff7f7fffffffffffffffffffffffff7fffffffffff7fffffffffffff7f7ff94 94a584849cfffffff7f7fff7ffffffffffffffffffffffffffffceceef312952fff7ff8c8cb5212142adadceef effff7ffffe7efff5a5a7b393963ceceff42426bbdbddefffffff7f7fffffffff7f7fffffffff7f7ffffffffa5a5 b5737384fffffffffffffffffffffffff7f7f7fffffff7f7f7fffffff7f7f7fff7f7fff7ffffffff4a4a7339397318186 321217329317b4a4a8cf7f7ffffffffffffff9c9c9cc6bdd69c9cbdb5b5c69494a5f7fffff7ffffffff ffefefefffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffe7e7efd6d6efdedef7adadc6fffffffffffff7ffffffffff7 b7b9c2121524a4a847373b542428c2931736b739cfff7ffffffffffffffffffffffffffffffffffffffffffffffff ffffffff636373bdbdd6fffffff7f7fffffffff7fffff7f7ffe7eff7fffffff7f7ff42426b4a4a7b4a4a73d6d 6f7ffffffe7eff7fffffff7ffffe7e7ff848cad525284424273e7e7fff7f7fff7fffffffffffffffffffffff7f7fff7 f7fff7f7ff424252f7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffadadc610103929316b73 XIV .

73c6424294212173525294efefffefefffffffff525a5ad6d6ef737394e7e7ff737384fffffff7f 7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7f7c6ced69c9cb5ced6ef636b8484849cf7fff fadadc6848ca5848cad18184ab5b5f7adadf7636bad8c94d64a528cefeffffff7fffffffffffffff ffffffffffffffffffffffff7f7ffffffff525263d6cee7fffffff7f7fff7fffff7fffff7ffffffffffefefffbdbde731215a 5a5284efe7fffffffff7fffffffffff7ffffe7f7f7f7fffff7ffff847bb521184a7b7394dedeeffffffff7f7ffd 6d6efffffffffffffffffffffffff424252e7e7effffffffffffffffffffffffffffffffffffff7f7f7fffffff7f7ffe7e7ff6363 84948cc6a59cde7b7bced6d6ff1818634a4a84eff7ffffffffffffffa5adad4a4a6b4a4a6b52 4a6b9c9cadf7fffffffffffffffff7efefffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffc6ced6525a6badb5c6d 6d6ef525273ffffffcecee79c9cbda5a5ce949cc6eff7ff7b84bd18216b31398c949cdeefe ffff7f7fffffffffffffffffffffffffffffffffffffffffffff7f7ff424252dedef7ffffffffffffefefffffffffffffffceced65a5 a73524a738c84b56b6394ffffffefeffffffffff7fffff7fffff7fffff7ffffeff7ff9c9cce6b63948c8ca5 4242529494a5fffffffffffffffffffffffff7f7fffff7ff525263e7deefffffffffffffffffffffffffffffffffffffffffffffffff efefffffffffada5d65a52941008525a5a9cefefffbdc6f7848cbdf7ffffeff7ffbdc6ce636373ef efffcecef7d6ceefdedeeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffffffff525a6ba 5a5b57b8494c6c6deefefff8c8cad949cb5a5adc6dee7fff7f7ff5a639c10185a29298421 2173636394f7f7ffefeffffffffff7f7f7fffffffffffffffffff7f7f7ffffff5a5a6b848494efeffff7fffff7ffffad adc66b737b393942a5a5bdf7efffd6ceff524a73ded6fffffffff7fffff7fff7f7fff7effff7f7ffffffffff 424273b5addeffffffc6c6d66b6b7b5252638c8c9ce7deeffffffffff7ffa59cad524a5ae7e7 effffffffffffffffffff7f7f7fffffffffffffffffffffffffff7ff847bb521186331297b31297b39397be7efffeff 7fff7fffff7ffffe7effff7ffffa5a5bd424263524a73b5adcefffffffffffff7f7ffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffe7eff7737b84dee7f7d6d6ef949cb5adadceadadcececeefe7effff7ff ffeff7ff394a7b29317329298418106b3129636b6b94fffffff7f7fff7fffffffffffffff7ffffffffffffffffff b5b5c65a5a6b5252634a4a6342425a525a639ca5a5fffffffffffffff7ffffffff423963b5b5d6ff fffffffffffffffffffffff7fffff7ffffd6d6ef4a4a73dedeffffffffffffffffffffcecede8c8c945a5a634a4a5a 424252524a5a9c9cadfffffffff7ffffffffffffffffffffffffffffffffefefeff7f7ffa5a5d621186339318c2 9217321216b393973efefffe7efffeff7ffeff7ffe7e7ff949cb5b5b5d69c9cc6bdbde78c84a 5fffffff7f7fffffffffffffffff7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffff XV .

fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffd6d6dedee7efffffffadb5c6c6c 6de524a6bf7f7fff7f7fff7ffffdee7f7eff7ff29395a212963313184635ab529297329295ad 6defffffffff7ffffffffffffffffffffffffffffffffffffffffd6d6debdbdcededeefcecedefffffffffffffffffffffffffff7ff f7efff9494b5737394efefffe7eff7ffffffeff7effffffff7ffff949cad5a5a7bfffffffffffff7ffffefeff7f7f 7ffffffffffffffe7e7f7d6d6dee7e7effffffffffffff7eff7fffffffffffffffffffffffffffff7fffffff7f7ff393173292 17b4a42a539399431317b212152dedeffeff7ffffffffeff7ffe7efff8c94b539396363638c73 7394d6d6effffffffffffff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffdee7e77b7b84ffff ffd6d6e7636384e7e7ffe7e7fff7fffff7ffffefffff42527321295a6b6bc6524aa542428c3131 73949ccef7f7fffffffff7fffffffffff7f7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7f7fffffff7f7ffffffff f7efff393952e7e7f7fffffff7ffffffffffeff7ffffffff39394ac6cedefffffff7f7fffffffffffffffffffffffffff7f7fff ffffffffffffffffffffffff7eff7ffffffffffffffffffffffffffffffffffffefefffd6ceff31317331318c31298c9c9cf72 1216b313163cecee7ffffffe7efefffffffdedeefadadd6eff7ffd6d6f7636384ffffffe7e7f7ffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7ffceced66b6b73efefffffffffb5adce6b638 4fffffffffffff7ffffefffff737b941821528c8cde29298c29297b39428c424284c6ceffe7efffffff fffffffff7fff7fffffffffffff7eff7fffffffffffffffffffffffffffffff7ffffffffffffffffffffffffffffffffff8c8c9c636373ffffff dedeefdee7efffffff848c9c6b737bf7fffffffffffffffffffffff7f7ffffffffffffffffffffffffffffffffefeff7fff7ffffff fffffffff7eff7ffffffffffffffffffffffffdedeff5a5a9431317b31318c2929846b6bbd3131734a4a7 3fffffffff7ffffffff9494a563637b73739442426beff7fff7f7ffeff7fffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffff7ffffd6dedeb5b5bdd6cee79c9cb5efe7ffffffffeff7ffe7f7eff 7ffffc6d6e7525a84a5a5f721187b29318c08106329317331316bc6ceeff7f7fffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffeff7effffffffffffff7fffff7ffffffffff4a4a6384849cffffffffffffadb 5c6212931e7eff7ffffffeff7effffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7eff7ffffffffffffffff f7ffffffefe7ff4a4a8429296b29297b10186b1821737b84ce636ba59494bdfffffffff7fffff7ff 736b7bffffffffffffadadce636384fffffff7f7fffffffffffffffffffffffff7fffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffff7f7fffffffffffffffffffff7f7fff7f7fffff7ff6b6b847b7b8cf7f7fff7ffffffffffefffffd6e7ffa5a5ef0000 5a10187b31399c10106331397331315af7ffffe7e7effffffffffffff7efeffffffffffffffffffffffffff7f7f 7fffffff7f7f7ffffffffffffeff7f7fffffff7f7fffffffff7f7ff4a4a633931524a426339395ad6d6e7fffffff XVI .

7fffffffffffffffffffffffffffffffffffffffffffffffffffffff7fff7eff7fffffffffffffffffffffffffffffff7f7efffffff635a94100 85231317b21297321317318296b6b7bb5dee7fff7f7fff7efffffefffffffff736b7b9c9cade7e fffa5adc684849cf7ffffffffffefeff7fffffffffffff7f7effffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffff9c9cadada5bdf7f7ff6b6b7bfffffff7fff7f7ffffeff7fff7ffff8484c631297b21217b63 6bc6bdbdff424a8c5a5a8c9494b5fffffff7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffff7f7ffffffffbdb5d6b5adcee7e7ffffffffe7eff7fffffff7ffeffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffff7ffffffffffffefeff7ffffffffffffbdbdde5a4a946b5ab5948cde9ca5e729316b1 8295a5a6b94f7fffff7f7fff7efffffffff7b7384efefff6b6b7b5a636b636b7bf7fffff7f7ffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefe7efffffff9c9ca56b6b7bffffffb 5b5c6525a63eff7fff7fffff7ffffe7efffd6d6ff293163182163a5a5efadb5ff10105a21296b3 139735a6394ced6fff7ffffe7effffffffffffffffffff7fffffffff7efffffffffefffffffffffffeffffff7fffff7f7fff7fffff fffffffffffffffffffffeffffff7ffffeffffff7fffffff7fffff7f7f7f7fffffffffffffffffffffffffffffff7e7e7ffffffffffeffffff7fff ff7eff7f7f7fffff7f7ff6363a529217342319410006b7b73c6efefff18214a21294a949cb5f7 fffff7f7ffffffff9c9cb58c8c9cf7f7ffffffffeff7efffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffff7ffffffffffffff5a5263b5bdc6e7e7f76b6b7beff7ffeff7ffffffff f7ffffbdbdde525a7b313163c6ceff9ca5e7313984313984101863212973182163adb5e 7eff7fffffffff7f7fffffffffff7f7fffffffff7f7ffffffffeff7fffffff7ffe7f7ffefffffffeff7fffffffff7f7fffff7fffff7fffff 7fffff7fff7efffffffffe7f7e7fffffffffffffffffffffffffff7fffffffffffffffffff7fffffff7f7efffffffffffffd6d6ff52528 c18186b292984211884312184847bceefe7ff3942634a5263f7ffffe7efffefeffff7f7ff5252 739c9cb5ffffffffffffdee7def7ffeffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffff7ffffffffffffffffffffb5b5bd63636bc6c6d6dedeefb5bdcebdc6d6e7e7ff949cb5 848ca5c6ceef52527bf7f7ff9ca5d618185a21217329297b4242945252a55a5a9ce7eff ff7f7ffefeffffffffffffffffffffffffffffffffffff7fffffff7fffffff7ffffeff7ffefeffff7f7ffefeffffffffffff7fffff7fff7efff f7f7fff7fffff7ffffeff7fffffffff7fffffffffff7f7f7f7f7efffffffffffffeff7f7fffffff7ffffd6deff7b84b531317 339428c39398c39318c31297b6b6ba5e7e7ff737b94b5bdcee7effffffffff7f7ff6b6b8cc6 c6e78c8cad5a5a6bd6d6defffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff XVII .

ffffffffffffffffffff7efefffffffffffffffffffefeff7ffffff7b7b8cadadbdf7f7ff848c9c84849ce7e7ffa5a5 bdb5bdd6e7e7ffe7efffe7efffced6ff2929631818637b73ce8484de3931945252a53939 7b5252848c8cadeff7ffffffffefefeffffffffffffffff7ffffffffa5b5b56b73848494ad7b84b5848cb 5737b947b7b947373946b63945a5a8c5a5a8c6b73945a637b4a4a63efeffffffffff7ffffffff ffffffffffffffeff7ffffffff949cbd4a52844a4a845a5a9c525a9c737bc68c8cd629297308084 2a5a5d6f7ffffeff7fff7fffff7fffff7fffff7f7ff7b739c5a527bf7f7ffcecee76b6b7bfffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffefeff7efef ff5a5a6b9ca5b5dedeefbdc6d6b5b5ceb5bdd6e7effffffffff7ffffffffffefefff5a5a8c1818639 48ce75252b521187b21187b29217329296b081042424263e7effff7fffffffffffffffffffffff7fff fb5bdce525a7b3942733942844a528c4a527b5a637b525a7b5a5a8c525294525a9c5 a63944a527b636b84f7ffffeff7f7f7fffff7ffffeffff7e7f7fff7ffff5a639418215a10105a29297 b18216b18186321296ba5ade710184a424a73eff7fff7fffff7ffffdee7eff7ffffa5adbd6b6b 8c8c84ad948cb5ada5cefff7ffefefffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffff7fffffffffffffffffffffff7ffffffffffffffc6c6cececedeefeffffffffff7fffffffffff7f ffff7ffffeff7f7ffffffd6d6f721185a8c84d6948cef21187b31298c313184636bad7b7bb59c a5cedee7fff7ffffe7eff7f7f7ffffffffe7eff7dee7ff8c94c6424a8c848cd66b73bd949cc6949 cbd8c94b58c8cbd7b7bc66b6bbd737bc6636ba5c6cee7fffffff7fffff7ffffefffffe7ffffefffffe7 f7ff949cd66b73bd7373ce3131841010633942846b6ba5bdc6f7293152a5adc6f7ffffde eff7fffffff7ffffced6e7b5b5ceada5c65a527b7b739c423963f7f7ffffffffffffffe7efe7fffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7f7ffffffffffffefefefffffffeff7f ff7f7fffffffff7f7fff7ffffbdc6ce7b84948c8c9cfffffff7fff7ffffffeff7ffffffffb5b5ded6ceffb5adff2 9297b21216b52529cadb5f7636ba55a6b94848cb5bdc6e7f7fffff7fffffffffff7ffff848cad2 121636363b56363bd5a5aad4a5a8452637b525a7b636b9c52529c5252a5636bbd73 73b55a5a73dedee7ffffffeff7f7e7f7fff7ffffc6def77b8cb56b73b5636badadb5ff7373bd2 1296b2129639c9cc6dee7ff8c94adeff7fff7ffffeff7fff7ffffb5bdc652526b4a4a63dedefff7 efffcec6efceceeff7f7ffffffffeff7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffff7fffffffffffffffffffffffffffffffff7ffffffffffd6d6e7b5b5c6f7ffff7b7b8c7b7b8 XVIII .

4ffffffefefe7ffffffffffffffffffefeffff7f7ff6363a531397329316bbdc6f718215231396321315 a1821528c94b5ffffffeff7f7ffffffbdc6e74a4a9429217b31318c3939848c94bd8c94ad94 9cb58c94bd6b63ad31298431318c31317b9c94adfffffffffffff7fffff7ffffadb5d629315a18 295a29316b10185a8c94d65a639c313163393963ffffffefeffffffffff7ffffffffffefffffeff7ff4a5 263f7ffff63637bb5b5d6f7effffff7fff7f7fffffffff7f7f7fffffffffff7ffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffadadb552526 3ceced6ffffff6b6b73fffff7fffffffffffff7f7ffffffffffffffeff7ffdee7ff39426321314ac6ceef9cadc e10184239427329316b212952b5bdbdfffffff7fffff7f7ff847bc639318c10086b5a5aadeff 7fff7fffff7fffff7f7ff9c94de39318442399c31317bfff7fffffffffff7ffffffffceceef39396321295a 39397331316b4a5a84deefff31395a4a4a63b5bdcefffffff7f7ffeff7fff7ffffeff7ffdee7f7e7 e7f75a6373e7e7ffffffff6b6b84c6c6defff7fffffffffffffffffffffffff7ffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffe7e7f7e 7e7f7f7f7ffefe7f7a5a5adefefefadadadc6c6ceffffffffffffe7eff7ffffffefffffcedee752636bb5 c6d6eff7ff7b84a529316321295a2929526b6b6bfffff7fffffff7f7ff736bb5211873312184 524a9cf7f7ffe7effff7f7ffefefff9c9cde291873524aad4a4284ffffffffffffffffffefdeff948cb52 1215229215a31315a525a84eff7fff7ffff4a5263bdbdc6fffffffffffff7f7ffefeffff7ffffdee7ff29 2942ced6ef8c8ca55a5a739494ad8c8ca5cecedefffffffffffffffffffffff7fffff7ffffefffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fffffff fefeff7ffffffefe7f78c8c949c9ca5ffffffb5b5bdbdbdc65a5a63f7ffffffffffeff7f7f7fffff7ffffeffff 7f7ffffe7f7f7efffffefffffd6deffb5bdefd6d6ffefeff7ffffffdee7e7ffffff948cce21187339318c6 363adf7f7fff7f7fff7fffff7f7ffa59cde1810634a429c42397bffffffefe7e7ffffffffffffefe7ffe7d6 ffded6ffcecef7f7fffff7f7ffeff7f7f7fff7f7ffffffffffefe7f7fffffff7f7ff8c94adefefff5a5a7b5a5a7 bf7f7ffb5b5ceada5bddedeeffffffffffffffffffffffff7fffff7fffff7fffff7fffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7fffffffffffffffffff ff7f7ffc6bdc6d6d6def7f7ff9494a563636b7b7b84fffffff7fffffffffff7ffeffffff7effff7efffffffffffef f7fffffffffffffffffffffffffffffffff7ffff8c8cc618106329217b424284efefffe7e7fffffffff7f7ffb5adef2 921735a52a542397bfffffff7f7f7ffffffffffffffffffffefffffffffffffffefeffff7ffffffffffffffffffffffffffffffffffc XIX .

ec6deadadc6636b8c9ca5bd8c8cad9c9cbd4a4263fffffffffffffffffffffffffffffffffff7fffffffffff7ffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff 00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffe7e7e7fffffffffffffffffff7eff7ffffffffffffc6c6ce313142adadbdefefffffffff6363739c9c a5bdbdbdf7fff7fffffff7fff7fffffffffffffffffff7f7ffefeffffffffffffffff7eff7ffffffeff7ff8c8cc621216321 21737373b5eff7fff7f7fff7f7ffdedeff9c94de31297b39398c292963d6deefffffffefeff7f7f7f fffffffffffffffffffefeff7ffffffffffffe7e7e7eff7f7ffffffd6d6effff7ff9c94b57b7b9cefefff4a4a63525 273ffffffb5bdceefeffffffffff7f7f7fffffffffffffffffffffffffffffffffff7ffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7f7fffffffffffff7f 7ffffffffffffffffffffc6c6d69c9cadbdbdceb5b5cececede52525afffffff7f7f7ffffffffffffefefe7fffff fffffffffffffffffffffffffffffffeff7ff52637329316331317b31398421216b394273424a6b5a5a8 44a4a7b42398418186b21296b313973313152e7eff7fffffffffffffffffff7f7effffffffffffffffffff7f 7f7ffffffffffffefe7ff7b7b9c5a5a7b8484ad525a73e7e7ffeff7ff42425aefeffffffffffffffff7f7fff 7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7f7e7eff7ffffff5a5a73 a5a5bdefefffffffffada5bdf7f7ffffffffefefeffffffffffffff7f7effffffffffffffffffffff7ffffffffeff7ff8c9cb56 373a529317318216b29317b21295a29315a31316329316b31317b4242942129736b 7bad637394deeffff7fffffffffffffff7fffff7ffffeffffff7fffffffff7ff9c94b55a527b5a5a84c6c6f76b 6b9c7b84ad5a637bf7ffffe7efffdedef7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00ffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffff7ffffffffffffffffffffeff7f7a5adb5ffffff6b6b847b738cf7effffff7fff7effff ffffffffffffffffffffffffffff7fffff7ffffffffffffffffffffffffeff7ffefffff6b7bad6b73ad7b84bd949cce7b8cb d848cc68484c6949cdea5adef6b7badced6fff7fffff7fffff7ffffffffffffffeffffff7ffffefffffffffffffb5 adc6524a6bfff7ff5a5284a5a5ceffffff949cbd42425acecedeffffffffffffefefffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffffffffeff7ff949cad4a5a7ba5add694 XX .

9cd69494d6adadf79c94de9494d69ca5ce394a63eff7fff7fffffffffff7ffffffffffffffffffffffffffffffff fffffffffff7ff736b846b637b9c94b54a4263efe7fffffffff7f7fffffffff7f7ffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fff7ffffffcedede6373844a5273737 3ad5a5aa5635aa58484c67373a54a4a6bbdc6d6fffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffff7efffd6cee75a5263a59cad948c9cf7e7fffff7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fff7ffffffffffffb5bdce848cad1821526363 9c5a5a9c31316b525284dee7ffe7e7f7fffffffffffffffffffffffffffffffffffffffffffffffffffffffff7ffffffffffffff 8c8c9cbdb5c6e7def7fff7fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff f00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffeff7ffd6deff4a4a847b73b58c84bdf7f7fff7ff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fffffffffffffff7effff7effffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7fffffffffffffffffff7f fffe7efff39426b5a5a8c7b7bad4242736b6b8cfffffff7f7fffffffffffffffffffffffffffffffffffffffffffffffffff fffffffffffffffffefefeffffffffffffffffffff7f7ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffff00ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffd6deef8484a59494bdb5b5de4a4a 6bbdbdd6ffffffeff7effffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff XXI .

RAMESH. B.S. NO: 08SKCM6047 Under the Guidance of PROF. hereby declare that this dissertation titled.” is based on the original project study conducted by me under the guidance of PROF.M Acharya Institute of Management & Sciences 1st Cross.fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff00fffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff7f7fffffffffffffff fffffffffffffffffffffffffffffffff8c8cad393152e7e7fffffffffffffffffffff7f7effffffffffffffffffffffffffffffffffffffffff ffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff VISHWANATH. Bangalore – 560 058 2008 – 2010 DECLARATION I. RAMESH . M.S REG. XXII . “Stock Analysis and Evaluation With Reference To Banking Sector Stocks Bangalore. B. VISHWANATH. Peenya Industrial Area. 1st Stage.

This has not been submitted earlier for the award of any other degree/ diploma to Bangalore University or any other University. Place: Bangalore Date: VISHWANATH B S (08SKCM6047) CERTIFICATE FROM THE GUIDE XXIII .

Place: Bangalore Date: M) ( PROF.RAMESH.Certified that this dissertation titled. VISHWANATH B S of IV Semester MBA under my guidance. XXIV . This dissertation has not formed the basis for the award of any other degree / diploma by Bangalore University or any other University. “Stock Analysis and Evaluation With Reference To Banking Sector Stocks in Bangalore” is based on an original project study conducted by Mr.

RAMESH. Place: Bangalore Date: DR. Of MBA AIMS. VISHWANATH B S of IV Semester MBA under the guidance of PROF. “An Stock Analysis and Evaluation With Reference To Banking Sector Stocks in Bangalore.RAMESH. Dept.” is based on the study conducted by Mr. M. KERRON.CERTIFICATE FROM THE COLLEGE Certified that this dissertation titled. Place: Bangalore Date: XXV . REDDY Faculty. AIMS. G. Principal. M. PROF. This dissertation is based on the original project study undergone and has not formed the basis for the award of any other degree / diploma by Bangalore University or any other University.

G.. I am thankful to DR.S. which has enabled me to complete this report in accord with Bengalore University norms. REDDY. VISHWANATH B S. for his valuable guidance imparted. I would also like to express grateful thank to all the respondents who helped me to proceed at every step of a perfect destined life and favoured me with their valuable feedback about the survey and cooperation.BHARATH K A. I am thankful to DR. M B A Dept.I. A. who had XXVI .ACKNOWLEDGEMENT I.I.M. CEO and Principal of A.M. would like to convey my deep gratitude to my guide Prof. who had provided all the required facilities to carry out the report work and nurturing my skills to execute the requirement.S..KERRON..

provided all the required facilities to carry out the report work and nurturing my skills to execute the requirement. (VISHWAN ATH BS) TABLE OF CONTENT XXVII . towards successful completion of this report. who showered upon me their best of good wishes and help. my gratitude goes to my family members and friends. Last but not least.

1 OVERVIEW Of THE DISSERTATION 5.CHAPTER NO PARTICULARS PAGE NO.2 BSE BANEX 3.1 INDUSTRY OVERVIEW 3.6 RESEARCH METHODOLOGY 2.8 LIMITATION OF THE STUDY 2. INTRODUCTION 1 1.2 NEED OF THE STUDY 2.3 SUGGESTIONS 6 21-32 21 20-24 25-32 DATA ANALYSIS AND INTERPRETATION FINDINGS AND SUGGESTIONS 33-70 71-73 71 72 73 CONCLUSIONS BIBLIOGRAPHY ANNEXURE 74-74 XXVIII .4 FINANCIAL ANALYSIS 1-13 1-3 4-7 8-11 11-13 RESEARCH DESIGN 14-20 2 2.5 REVIEW OF LITERATURE 2.3 OBJECTIVES OF THE STUDY 2.9 CHAPTER SCHEME 14 14-15 16 16 17 18 19 20 20 PROFILE OF INDUSTRY 3 3.7 TOOLS FOR DATA COLLECTION 2.3 COMPANY PROFILE 4 5 5.3 FUNDAMENTAL ANALYSIS 1.4 SCOPE OF THE STUDY 2.2 FINDINGS 5.1 STATEMENT OF THE PROBLEM 2.1 INTRODUCTION TO STOCK MARKET 1.2 HISTORY OF STOCK EXCHANGE 1.

22 4.8 4.12 4.15 4.11 4.21 4.2 4.10 4.6 4.23 Financial analysis Gross Domestic Product Inflation Comparison of EPS Comparison PE ratio Comparison of Net Profit Growth Rate (%) Comparison of Net Profit Comparison of Equity share Capital Comparison of five Bank performance Share Price Performance of SBI Comparison Price Performance of SBI Relation b/w Net Profit and P/E Ratio of SBI Share Price Performance of HDFC Comparison Price Performance of HDFC Relation b/w Net Profit and P/E Ratio of HDFC Share Price Performance of CANARA BANK Comparison Price Performance of CANARA BANK Relation b/w Net Profit and P/E Ratio of CANARA BANK Share Price Performance of CORPORATION BANK Comparison Price Performance of CORPORATION BANK Relation b/w Net Profit and P/E Ratio of CORPORATION BANK Share Price Performance of ICICI BANK Comparison Price Performance of ICICI BANK Relation b/w Net Profit and P/E Ratio of ICICI BANK PARTICULARS PAGE NO.1 4.20 4.7 4.16 4. 1.5 4.13 4.4 4.17 4.1 4.14 4.LIST OF TABLES TABLE NO. 12 34 39 43 44 45 46 47 48 51 51 52 55 55 56 59 59 60 64 64 65 68 68 69 XXIX .9 4.18 4.19 4.3 4.

4.8 4.15 4.14 4.7 4.4 4.LIST OF GRAPHS FIGURE NO.5 4.2 4.17 PARTICULARS PAGE NO.1 4.9 4.10 4.16 4.6 4.11 4.13 4.3 4. 34 39 43 44 45 46 47 52 53 56 57 60 62 65 66 69 70 Gross Domestic Product Inflation Comparison of EPS Comparison PE ratio Comparison of Net Profit Growth Rate (%) Comparison of Net Profit Comparison of Equity share Capital Relation b/w Net Profit and P/E Ratio of SBI Price Movement of SBI in Stock Market Relation b/w Net Profit and P/E Ratio of HDFC Price Movement of HDFC in Stock Market Relation b/w Net Profit and P/E Ratio of CANARA BANK Price Movement of CANARA BANK in Stock Market Relation b/w Net Profit and P/E Ratio of CORPORATION BANK Price Movement of CORPORATION BANK in Stock Market Relation b/w Net Profit and P/E Ratio of ICICI BANK Price Movement of ICICI BANK in Stock Market XXX .12 4.

Chapter 1 XXXI .

over-the-counter market known as the bond market. they can be based anywhere. like bonds. The size of the 'stock market' is estimated as about half that. 1.2 TRADING The purpose of a stock market is exchanges facilitate the exchange of securities between buyers and sellers. Banks alone are said to account for about $100 trillion. Bonds are still traditionally traded in an informal.S. thus providing a market place. The size of the worldwide 'bond market' is estimated at $45 trillion. which refers to actual value. Their orders usually end up with a professional at a stock exchange. It must be noted though that the derivatives market. The world derivatives market has been estimated at about $300 trillion. because it is stated in terms of notional outstanding amounts. mostly 'over-the-counter'). cannot be directly compared to a stock or fixed income market. The major U. XXXII . facilitating price discovery Participants in the stock market range from small individual stock investors to large hedge fund traders. other securities. and derivatives. who executes the order.1. and derivatives are traded in a variety of markets (but. The exchanges provide real-time trading information on the listed securities.1 INTRODUCTION OF STOCK MARKET The term 'the stock market' is a concept for the mechanism that enables the trading of company stocks (collective shares). Commodities are traded in commodities markets.

This type of auction is used in stock exchanges and commodity exchanges where traders may enter "verbal" bids and offers simultaneously.g. Similar tendencies are to be found in other industrialized countries. has been an important component of this process. a sale takes place on a first come first served basis if there are multiple bidders or askers at a given price. the United States. permitting a higher proportion of converting into shares to bonds.. A portion of the funds involved in saving and financing flows directly to the financial markets instead of being routed via banks' traditional lending and deposit operations The major part of this adjustment in financial portfolios has gone directly to shares but a good deal now takes the form of various kinds of institutional investment for groups of individuals. pension funds. 1.Some exchanges are physical locations where transactions are carried out on a trading floor. the general public's heightened interest in investing in the stock market. The other type of exchange is a virtual kind. the trend has been the same: saving has moved away from government insured bank deposits to more risky securities of one sort or another. e. composed of a network of computers where trades are made electronically via traders at computer terminals. The trend towards forms of saving with a higher risk has been accentuated by new rules for most funds and insurance. Actual trades are buying or selling at market means you will accept any bid price or ask price for the stock. When the bid and ask prices match. In all developed economic systems. XXXIII . Japan and other developed nations. mutual funds. either directly or mutual funds.3Relation of the stock market to the modern financial system The financial system in most western countries has undergone a remarkable transformation. Statistics show that in recent decades shares have made up an increasingly large proportion of households' financial assets in many countries. such as the European Union. hedge funds.

and financial risk In the stock and capital markets. depending upon the maturity period Another component of the stock exchange deals with trading in corporate shares.the securities of the government sector include those guaranteed by the central and state government. medium and long dated government securities. there are again three types. Any rations investor XXXIV . called gilt-edged market . But a minimum amount of cash is always kept in hand for transactions and contingencies. individual investors. equities. all-India state financial corporations and finance companies and development corporations. which deal in money and debt claims.short. and preference shares which are forms of raising funds of an ownership category. when these equities are floated to the public for the first time by the companies as shares. These securities may have a maturity running up to 25 to 30 years. The individual investor has various alternatives avenues investment for his savings to flow in accordance with his preferences. there are various types of term-lending institutions. the trading in debt claims of a medium and long term nature can be classified into those of the government sector and of the private sector the securities of government are traded in the stock market as a separate component. In this markets. they constitute the new issues market. Saving are invested in assets depending on their risk and return characteristics. local bodies.1. semi-government bodies and those guaranteed by the government. which is a component of the capital market. Saving flow into investment for a return. but savings kept as cash are barren and do not earn anything.4The stock market.

6 History of stock Exchanges The only stock exchanges operation in the 19th century were those of Mumbai set in 1875 and Ahmadabad set up in1894. then the return should be 10% or above to induce saving to flow into investment. The bargains that are struck in the trading ring by the members of the stocks exchanges are at the fairest prices determined by the basic laws of supply and demand. As the risk of money is almost negligible in such risk or uncertainty. In the stock market. then he rate of interest is around 8% to 10%. if inflation is at an average annual rate of 10% . XXXV . If money lent cannot earn as much as rise in prices or inflation. Before the control on securities trading became a central subject under the constitution in 1950.5The behavior of the stock market Stock exchanges are the most perfect type of market for securities whether of government and semi-government bodies or other public bodies as also for shares and debentures issued by the joint-stock companies. purchases and sales of shares are made in conditions of free competition. These were organized as voluntary non –profit making association of brokers to regulate and protect their interests.knows that money is losing its values by the extent of the rise in prices. 1. Thus if an investment is made in short term deposit with banks or in securities of government. Thus. Government securities are traded outside the trading ring in the form of over-the-counter sales or purchases. the real rate of return in negative. The objective of the investor is the minimize the risk involved in investment and maximize the return 1.

1956. XXXVI . the government. Gorwala went into bill for securities regulation. Ministry of Finance.D. Under this Act. Soon after it became a central subject. the Bombay stock exchanges was recognized even in Mumbai. Stock exchanges are given monopoly in certain areas under section 19 of the above. Brokers for the purpose of self-regulation and protecting the interest of its members. On the basis of the committee’s recommendations and public discussion. The recognition is granted under section 3 of the Act by the central government. With the stock exchanges becoming corporate bodies with demutualization the control and ownership will be in different hands. regulation or controlling the business of buying. Regulation of stock exchanges The securities contracts (regulation) Act are the basis for operations of the stock exchanges in India. central legislation was proposed and a committee headed by A. constituted for the purpose of assisting. It can operate only if it is recognized by the securities contracts (regulation) Act.it was a state subject and the Bombay securities contracts (control) Act of 1925 used to regulate trading I in securities. The above definition will change accordingly. No exchanges can operation legally without the government permission or recognition. the securities contracts (regulation) Act became law in 1956. Ahmadabad and other centers. Recognition can be granted to a stock exchanges. selling or dealing I securities” it is an association of members. What is a stock exchange? “stock exchange means any body or individuals whether incorporated or not. Act to ensure that the control and regulation are facilitated. but they were not organized.

which are SRO s. these contracts are called derivative instruments Leveraged Strategies The stock that a trader was borrowed funds or. With some contracts. Where there are no stock exchanges. The price of any such contracts derives its values from the values of the underlying financial assets. financial index. if it is owned by the public profit motive and the return on investment become paramount concerns which are not good for regulation. under Article 226 of the constitution. Consequently. derivatives may be used to control large blocks of stocks for a much smaller amount of money than would be required XXXVII . Sometimes the volume go down and the capacity utilization of the stock exchange infrastructure will be poor return on investment lastly. the government can license some of the broker (licensed dealers) to perform the function of a stock exchanges in its absence Disadvantages Firstly. in India demutualization may not be needed as the competition from the ATS and ECNs (Alternative trading system and electronic trading) would not be there as the matching of buy and sell orders in the broker firms is not allowed by SBEI.Recognition can also be withdrawn. Secondly. or interest rate. if necessary. the contract holder has either the obligation or the choice to buy or sell a financial assets at some future time. Derivative instruments So far we have focused on the cash market for financial assets. it dilutes the regulatory authority given to stock exchanges.

To cover their short position. The shares borrowed from Mr. Yats . Thus. and (2) arrange to borrow 100 share of the stock for $20 per share and borrow the stokes from Mr. Stokes is said to be “ short 100 shares” now lets suppose one week later the price of Wilson steel stock declines to $15per shares. The proceeds from the sale (ignoring commissions) will be $2000. stokes may instruct her brokers to buy 100 shares of Wilson steel the cost XXXVIII . Ms. indicating that she wants to sell 100 shares of Wilson steel Mr. Ms. Suppose Ms. Jordan will be delivered to the buyer of the 100 shares. Stokes call her broker. However. Yats will do thing . Ms. the investor must subsequently purchase the stock and return it to the party that lent the stock Les t us look at an example of how this is done in the stock market.. The investor can arrange to have their broker borrow the stock from someone else.by outright purchase or sale. Mr. (1) sell 100 share to Wilson steel On behalf of Ms. Stokes because she has not given her broker the 100 shares. Short selling The short selling involves the sale of a security not owned by the investor at the time of sale. the proceeds do not to Ms. and the borrowed stock is delivered to implement the sale. Jordan. Stokes believes that Wilson steel common stock is overpriced at $20 per share and wants to be in a position to benefit if her assessment is correct. stokes.

In the United States. Investment strategies As referred to earlier investment refers to acquisition of some assets. stokes has sold 100 shares and brought 100 shares. She hold the stock for $2000 and bought it for $1500. The share purchased are then delivered to Mr. Before that. speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Jordan. Thus. Margin buying The traders are borrow from money from other party at rate of interest then buy stocks and theh hopes for rise it Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright. From this amount. Jordan: she has covered her short position.of the buying the shares (onec again ignoring commissions) is $1500. It also means the conversion of money into claims on money and use of funds for productive and XXXIX . she no longer has any obligation to her broker or to Mr. commissions are subtracted. she realizes a profit before commissions of $500 . who lent 100 shares to Ms. She is entitled to the funds in her account that were generated by the selling and buying activity.. Ms. Stokes. At this points. large amount will be invested in stokes value. the margin requirements have been 50% for many years the margin call means the total value of investor amount account not doing loss in trade the regulation of margin getting was implemented after the Crash of 1929. So.

Fundamental analysis refers to analyzing companies by their financial statements and Technical analysis studies price actions in markets through the use of charts and quantitative techniques to attempt to forecast price trends regardless of the company's financial prospects. or for further productive of goods and services with the objective of securing profits. This is done by studying the various aspects to the company (Company Analysis) in the background of the performance of industry to which the company belongs and the general economic and socio-political scenario of the country.income earning assets.7 Fundamental Analysis This relates to an examination of the intrinsic worth of the company. for securing some objective like income. the fundamental analysis of the share price involves three major steps. Thus. overpriced or underpriced. they ready to give an estimate of their fair value. Stock valuation We have various methods used to value companies and then stocks. The many people thing stock market means ‘who do I make money investing “ in this time we have many option to earning the money or There are many different approaches. to find out whether the current market price is fair. 1. In means the use of funds for productive purposes. XL . as the final purpose is to value potential market prices of the stocks. appreciation or capital gains. This statistics valuation has to be perfect with stock market criteria. by using the fundamental analysis criteria. two basic methods are classified as either fundamental analysis or technical analysis.

In The economy. relative to others in the industry and the sentiment in the market. No company can work in vacuum. a breakdown is presented below in the order an investor might proceed. b) Industry Analysis c) Company Analysis The logic of this three tier analysis is that the company performance depends not only on its own efforts and working but on the general industry and economic factors. As referred to earlier. companies are compared XLI . As part of the analysis process. choose the scripts undervalued as judged by his study and analysis. which depends on the socio-economic and political forces operating on the market. as it is important to remember that all information is relative. Industry groups are compared against other industry groups and companies against other companies. namely. depending on the demand and market conditions.a) Economic Factors and their Analysis. This investors has to choose the growth industry and in that industry. This method employs a top-down approach that starts with the overall economy and then works down from industry groups to specific companies. It is a part of the industry and the economy and its performance depends on these forces which are external to the company. Usually. General Steps to Fundamental Evaluation: Even though there is no one clear-cut method. studies have shown that a company’s share price depends on the intrinsic or internal factors only to the extent of about onehalf of the total forces and the rest is contributed by the external forces. This reflects the dictum that Stock Market is window of the economy and the totality of forces operating on the economy would influence the Stock Market. psychological and expectational factors regarding the company. some industries are expanding while others are stagnant and some contracting. which influence its performance.

with others in the same group.

Economic Forecast:
The top-down approach would be an overall evaluation of the general economy. The economy is like the tide and the several industry groups and individual companies are like boats. When the economy expands, most industry groups and companies benefit and growing. When the economy declines, automatically most sectors and companies usually loss. Many economists link economic expansion and contraction to the level of interest rates. Interest rates are seen as a leading indicator for the stock market as well. Once a scenario for the overall economy has been developed, an investor can break down the economy into its various industry groups.

Group Selection:
In the prognosis is for an expanding economy, then certain groups are likely to benefit more than others. An investor can narrow the field to those groups that are best suited to benefit from the current or future economic environment. If most companies are expected to benefit from an expansion, then risk in equities would be relatively low and an aggressive growth-oriented strategy might be advisable. A growth strategy might involve the purchase of technology, biotech, semiconductor and cyclical stocks. If the economy is forecast to contract, an investor may opt for a more conservative strategy and seek out stable income-oriented companies. A defensive strategy might involve the purchase of consumer staples, utilities and energy-related stocks.

To assess a industry group's potential, an investor would want to consider the overall growth rate, market size, and importance to the economy. While the individual
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company is still important, its industry group is likely to exert just as much, or more, influence on the stock price.

Narrow Within the Group:
Once the investor can chose the industry group before proceeding to a more detailed analysis, an investor would need to narrow the list of companies. Investors are usually interested in finding the leaders and the innovators within a group. The important to identify the current business and then competitive environment within a group as well as the future trends. How do the companies rank according to market share, product position and competitive advantage? Who is the current leader and how will changes within the sector affect the current balance of power? What are the barriers to entry? Success depends on an edge, be it marketing, technology, market share or innovation. A comparative analysis of the competition within a sector will help identify those companies with an edge and those most likely to keep it.

Company Analysis:

With a alternative of companies, an investor might collection information about the resources and capabilities within each company to identify those companies that are capacity of creating and maintaining a competitive advantage. The analysis could focus on selecting companies with a sensible business plan, solid management and sound financials.

Business Plan:
The business plan, concept forms the bedrock upon which all else is built. If the plan, concepts stink, there is little hope for the business. For the new business, the questions may be comes in mind: Does its business make successful are not? Is it successful? In the a market? Can a profit be made? For an new business, the questions may be: Is the company's direction clearly defined? Is the company a

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leader in the market? Can the company maintain leadership?

Management:
In the business plan, a company wants top-quality management. Investors focus on management to assess their capabilities, strengths and weaknesses. Even the best-laid plans in the most important or dynamic industries can go to waste with bad management. other face, even strong management can make for extraordinary success in a mature industry . Some of the questions to ask might include: How much talented and intelligent is required the management team? Do they have a track record? How long have they worked together (team)? Can management deliver on its promises? If management is a problem, it is sometimes best to move on.

1.8 Financial Analysis
The following factors are looked into for judging the company’s performances.

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XLV .

Accounts Payable Goodwill Accounts Receivable Gross Profit Margin Acid Ratio Table No: 1.1 Assets – Current Depreciation Derivatives-Hedging Assets – Fixed Discounted Cash Flow Book Value Dividend Capital Expenses Dividend Cover Cash Flow Depreciation Cash on hand Derivatives-Hedging Current Ratio Days Payable Discounted Cash Flow Dividend Days Receivable Dividend Cover Debt Earnings Debt Structure Ebitda Debt: Equity Ratio Economic Growth Equity Price/Earnings XLVI Equity Risk Premium Interest Cover Price/Sales Revenues .

Over the course of the analysis process. while those at the low end may constitute relatively good value. An investor may rank companies based on these valuation ratios. The fundamental analysis of a shares price which the analysis and investors should undertake as part of their research for indentifying the shares to buy and the shares to sell XLVII . The final step of the fundamental analysis process is to synthesize all data.This methodology using the company will sell at a specific multiple of its earnings. Putting it All Together: The investor will be left with a several companies that stand out from the pack. analysis and understanding into actual picks. other companies would be considered laggards and unpredictable. an understanding will develop of which companies stand out as potential leaders and innovators. Those at the high end may be considered overvalued. In addition. growth.

Chapter 2 XLVIII .

greater long-term return. XLIX . 2. Investors will be observe the market which is best and which is after for is portfolio management strategy today we see in stock market which bank will be earning more then the other for is investing. Commonly. Depending on the goals of the specific investment portfolio or mutual fund.2NEED OF THE STUDY: ACTIVE INVESTING in the stocks markets refers to a portfolio management strategy. the manager are exploits market inefficiencies by purchasing securities that are undervalued and short selling securities that are overvalued. which plays a crucial role with the decision of investors on selecting a effective and high yielding stock. the manager have specific objective of the investments with the goal of outperforming a benchmark index in stock exchange market. active management may also strive to achieve a goal of less volatility or risk than benchmark index instead of.1 STATEMENT OF THE PROBLEMs To determine the key focus area from a group of influencing factors to the share price and yielding.CHAPTER-2 RESEARCH DESIGN 2. or in addition to.

that some market segments are less efficient than others. sector bets that attempt to anticipate long-term macroeconomic trends (such as housing stocks). L . if it was not for active management. • They may be skeptical of the efficient market theory. Importance of investment in stocks: The primary attraction of investment in stock is that it allows selection of investments that do not allows those of the market as a whole. In reality. many investors find active management an attractive strategy within market segments that are less likely to be fully efficient. the majority of actively managed collective investment schemes rarely outperform their index counterparts over long periods of time.Active management is the opposite of passive management. such as investments in small cap stocks. When all expenses are taken into account one might actually see underperformance even if the securities outperform the market. and purchasing stocks of companies that are temporarily selling at a discount to their intrinsic value. short positions. These include quantitative measures such as P/E ratios and PEG ratios. Some actively managed funds also pursue strategies such as merger arbitrage. The investors may have a variety of motivations for following such a strategy. The effectiveness of an actively-managed investment portfolio obviously depends on the intelligent or skill of the manager and research staff. Active portfolio managers may use a variety of strategies for picking equities. In addition. and assets allocation. where the manager does not seek to outperform the benchmark index. the passive management will always exist. However. option writing.

• They may want to manage volatility by investing in less-risky. an employees of a high-technology growth company who receives company stock as a benefit might prefer not to tie up their other assets in the same industry) 2. • The investors may want to take an additional risk for the chance of higherthan-market returns. Stock performance and there market valuation. high. Canara Bank. • • • • Analysis of stock of various selected Banks. Recommending the better performing Bank stock. Technical analysis and fundamental Analysis.quality of companies rather than in the market as a whole. And with this project we can also know the importance of the fundamental and Technical analysis used to analyze the Shares of the Banks in the market.3 OBJECTIVES: The objective of the study is to analyze the market valuation of the stocks of ICICI Bank. • Some investors may wish to follow a strategy that avoids certain industries compared to the market as a whole.(for instance. LI . Corporation Bank and SBI Bank by Considering the resent earnings and historical earnings of all the companies. • Investments that are not highly correlated to the market are useful as a portfolio diversifier. even at the cost of slightly lower returns. HDFC Bank. and may find an actively-managed fund more in line with their particular investment goals.

greater customer demands and changing banking reforms.  The study consist the Economic aspects.5 REVIEW OF LITERATURE Performance evaluation of the banking sector in India has assumed primal importance due to intense competition. related to reports of the company and the economy indicators. This study attempts to measure the relative performance of Indian banks over the period 1997–2009 using the output-oriented CRR DEA model. but it includes the whole Indian economy 2.  Data is secondary data in related to fundamental analysis and from secondary sources. it cannot be generalized.2. The analysis uses nine input variables and seven output variables.4 Scope of the study: The study is limited to the particular banks mentioned below ♦ ICICI BANK LTD ♦ HDFC BANK LTD ♦ CANARA BANK LTD ♦ CORPORATION BANK LTD ♦ STATE BANK OF INDIA LTD  Since the study covers the overview of particular banks. Segmentation of the LII . it cannot be restricted to particular area.

this study finds evidence of concentration of efficiency parameters among peer bank groups.6 METHODOLOGY: Sources of data collection: LIII . savings. ownership status and years of operation. In terms of size. literacy rate etc. there has been significant progress in growth. factor productivity. the analysis supports the conclusion that foreign owned banks were on average most efficient and that new banks are more efficient that old ones. FDI. Traditional growth determinants include stock such as financial development. the smaller banks are globally efficient. The relationship between growth and these variables are well-established empirical facts. 2. Since recently. Overall. this section is dedicated to the review of available literature on this relationship. Moreover.banking sector in India was done along the following basis: bank assets size. inflation rate. Most of the recent explanations of economic growth focus on achieving growth through increases in factor productivity and/or factor utilization. which are often burdened with old debts. Most of the developments are concerned with the estimation of cross country and the methodology used is based on standard growth. investment. A more recent approach is concerned with estimating growth equations using panel data. Since the main focus of this study is to examine the relationship between of five banks stock market development and economic growth. but large banks are locally efficient.

Interviews – it is the method of collecting the data by interviewing the people. sarcastic expressions that add further meaning to spoken words. LIV . fidgeting. They also show non-verbal communication such as face-pulling. shrugging. SECONDARY DATA is collected from external sources such as: • • • • Internet Magazines. accuracy and integrity of the data is uncertain.There are generally two main kinds of Data collecting Methods those are Primary Data and Secondary Method. hand gestures. The primary sources are given as follows: • • Direct observation – data collected directly by observation. The problem is that often the reliability. but they allow in-depth questioning and follow-up questions.  Often secondary data has been pre-processed to give totals or averages and the original details are lost so you can't verify it by replicating the methods used by the original data collectors. Newspapers Journals  There's a lot more secondary data than primary data. Here the interviewer may sometimes take people away from their regular jobs. PRIMARY DATA is a data that can be collected from primary sources for the first time. and secondary data is a whole lot cheaper and easier to acquire than primary data.

the equity valuation was high when earnings growth was more than last year and the equity valuation was low when earnings growth was less compared to previous year. If earnings growth was more than last year then we took higher equity valuation compared to last year and we took less equity valuation if the growth was less than last year. In short. reports of CMIE and also used the Annual Reports of the related companies. The study includes three steps. we multiplied with the EPS of the FY 2008-09 earnings.bseindia.com. Actual collection of Data The data has been collected through various web sites.cmieonline. NEWS papers and Reports of India Info line. And found the relationship between equity valuation and next year earnings. and secondary data’s of India Info line such as Magazines.bb. Then we get the expected share price. And also used the database of CMIE products such as www. LV . P/E ratio has been calculated by taking monthly closing stock price and historical net profits prevailing in the financial statements. news papers and magazines. Firstly. Economic analysis. primary data is expensive and difficult to acquire. The relation was. Secondary data is cheap and easy to collect. but must be treated with caution. Industrial’s analyses and Companies’ analyses. we saw past equity valuation with the next year earnings. but it's trustworthy. For the past financial statements and stock prices we have used www. After getting equity valuation.com.

9 CHAPTER SCHEME: 1. 2. • not considered.7 LIMITATIONS OF THE STUDY: • The Fundamental analysis is based on the current data. as such this data will lose its relevance in the future. • • Not much information is available about these Banks. Introduction LVI . Because of time constraint the data collected and analyzed and the Some of the factors may affect the performance of the Banks which are results of the research cannot be generalized.The important formulas to analyze the share referred by the India Info line were as follows for both sensex projection and stock analyses were: Sensex = Expected free float market capitalization *100 Base year free float market capitalization 2.

Data Analysis and Interpretation 5.2. Conclusion LVII . Research Design 3. Findings and Suggestions 6. Industrial Profile 4.

Chapter 3 CHAPTER-3 LVIII .

UCO Bank. which are the foundation of the Indian Banking system account for more than 78 per cent of total banking industry assets. Some other Private Sector Banks are IDBI. In 1969 there was nationalization of 14 major banks During the first phase of financial reforms). ING Vyasa Bank. and the Public Sector banks include Punjab National bank.000 branches in India. mobile banking. as shown a decrease of 20 percent. phone banking and ATMs. LIX . On the other side the Private Sector Banks in India are witnessing immense progress. Bank of Rajasthan Ltd etc. This crucial step led to a shift from Class banking to Mass banking. As far as foreign banks are concerned they are likely to succeed in India. The employee strength of the private sector in the wake of the Voluntary Retirement Schemes (VRS). In the present scenario the banking industry is in a transition phase. commercial banks and co-operative banks comes under Scheduled banks. SBI Commercial and International Bank Ltd. Indus in land Bank was the first private bank to be set up in India. The Public Sector Banks are still facing the problem of unhappy employees on other side. Vijaya Bank.INDUSTRY PROFILE 3.1 INDUSTRY OVERVIEW: In India the banks can be categorized into non-scheduled banks and scheduled banks. Dhanalakshmi Bank Ltd. They are leaders in Internet banking. massive manpower and lack of modern technology. The PSBs are unfortunately burdened with excessive Non Performing assets (NPAs). Since then the growth of the banking industry in India has been a continuous process. Karur Vysya Bank Ltd. Scheduled banks consists of 67. The Public Sector Banks (PSBs).

its first free float index on TMT stocks LX . Allahabad Bank. BSE considered it important to design an index exclusively for bank stocks. Since bank stocks are emerging as a major segment in the equity markets. 8301 crores in FY 02. Was earlier launched by BSE. are ANZ Grindlays Bank.8 of Thailand and 12. ABN-AMRO Bank. On the basis of the globally accepted free float methodology the index can be computized. These developments have shown a significant impact on the performance of bank stocks.2 BSE BANKEX: Introduction: The strength and soundness of Indian banking is riding on a major recovery.Oriental Bank. 3749 crores taking their net profits to an all time high of Rs.5 of Japan. Major policy actions that led to sharp fall in the interest rates enabled banks to post significant rise in operational profits.5. 15. Citibank etc 3. This year too banks are showing sizeable gains in their profitability. American Express Bank Ltd. India is making sizeable gains in expanding into consumer credit with tightening of credit administration procedures to experience similar to other rapidly growing countries. The enactment of Securitization Bill offered great opportunities to step up loan recoveries that could further enhance the scope of greater profitability. Andhra Bank etc. Now the popularly known as the BSE TECk Index. the return on assets in Indian banking was higher in the year 2002 as compared to many emerging economies and the Moody’s Bank Financial Strength Index (2002) placed India at 27. Some foreign banks operating in India. For instance trading profits of the public sector banks shot up by Rs. which is much better than 16.7 of Korea.

(which represent 12 stocks). 2003 • Stocks forming part of the BANKEX along with the particulars of their free float Adjusted market capitalization is listed below. • time Basis terminals from 23rd June. the Index was disseminated on a real- Performance of the BANKEX: LXI . Through BSE Online Trading (BOLT). • 90 percent of the total market capitalization of all banking sector stocks listed on BSE are included in the Index. The base value for BANKEX is 1000 points BSE has calculated the historical index values of BANKEX since 1st January 2002.Features: A few important features of the BANKEX are given below: • The performance of the leading banking sector stocks listed on the BSE will be Tracked by BANKEX • BANKEX is based on the free float methodology of index construction • • • 1st January 2002 is considered as the base date for BANKEX .

LXII .24% for BSE TECK and 1. Stocks forming part of the BANKEX along with the particulars of their free float adjusted market capitalization are listed below. BANKEX rose by 62 percent showing impressive gains among other major indices. and that of FMCG Index stocks from 87637 cr. The average daily volatility of BANKEX from its inception to date has been 1. The total market capitalization of BANKEX stocks has increased from 22970 cr. BANKEX. BANKEX will track the performance of the leading banking sector stocks listed on the BSE. to 75947 cr. Bankex Index includes 12 selected major stocks which represent total 90% market capitalization of all the banking sector stocks listed on the BSE.06% for BSE FMCG Index for the same period. to 80787 cr. during the period between 1 Jan 2002 and 13 June 2003. to 55283 cr. while the total market capitalization of BSE TECK index stocks has fallen from 105956 cr. During this period. 12 stocks which represent 90 percent of the total market capitalization of all banking sector stocks listed on BSE are included in the Index.To track the performance of the leading banking sectors the Bankex was launched by BSE. As the BANKEX. 1st January 2002 and 1000 points are considered as the base point and base value respectively for. is the new entrant in BSE’s current portfolio and adds value to BSE’s ability in reflecting both the broad market and specific sector movements in the Indian Equity Markets.38% as compared to 2. as bank stocks are emerging as a major segment of the stock market.

A Company can be included in the index only if it falls within 88% coverage and an existing index constituent cannot be excluded unless it falls above 92% coverage. However. 3. Buffers: To minimize the movements in and out of the index a buffer of 2% both for inclusion and exclusion in the index is considered . The corp Bank has a great history of 100 years of LXIII .3 COMPANIES PROFILES: 1. Market Capitalization: Scrip’s with a minimum of 90% market capitalization coverage in each sector based on free-float final rank will form the index. E. Trading Frequency: Scrip’s should have a minimum of 90% trading frequency in preceding six months.g. CORPORATION BANK PROFILE: The Corporation bank was established in the year of 1906. Corp Bank is regarded as one of the well-run (successful) banks in the comity of Public Sector Banks in the country. Corporation Bank is an organization based on the traditional Indian values of service to the community.Eligible universe: The present constituents of BSE-500 index would form the eligible universe of the Scrip’s classification under banking sector that are. the above buffer criterion is applied only after the minimum 90% market coverage is satisfied.

Excellence in performance and uniqueness in customer service form the central core of the Bank’s organizational culture. varied and versatile services with a personal touch. Now. The Bank has a network of about 573 LXIV . 2.07. its good customer service. The Bank is a Public Sector Unit with 57.2007. Corporation Bank is the first Public Sector Bank to publish the results under US GAAP.03. 350. which is the key factor of the Bank’s success.17% of Share Capital held by the Government of India. the Bank has a highly dedicated team of 11. The Bank’s Net Worth stood at Rs. 435. As on 31.03. The net profit of the Bank and its subsidiaries under US GAAP for the year 2004-05 stood at Rs. The Bank came out with its Initial Public Offer (IPO) in October 1997. offering vast. consistent profitability and adoption of modern technology for betterment of customer service have earned the Bank a place of pride in the Banking Community.880 employees who have made the encouraging performance of the Bank possible by extending exemplary services to its customers. dynamic and efficient manpower. 765. The Bank has been publishing the results under the US GAAP since 1998-99.successful Banking and has stood the test of time by growing steadily. The Bank has been richly endowed with a relatively young. pre-eminent track record in House Keeping.3.45 crore as on 31. The growing confidence of its clientele is well reflected in the Bank’s performance in all critical areas of its operations all through the years. adherence to Prudential Accounting norms.69 crore registered under Indian GAAP method. ICICI BANK PROFILE: ICICI Bank as second-largest bank in India. The Bank has better productivity levels than many of its peers in the Public Sector. The Bank will continue its endeavors in the development of human capital so as to provide unmatched services to its clientele. The details of the manpower position and the productivity are given below.89 crore against consolidated net profit of Rs.

ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services. United Arab Emirates. branches in Singapore and Bahrain and representative offices in the United States. The objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.branches and extension counters and over 2. Today. In the 1990s. ICICI Bank set up its international banking group in fiscal 2002 to cater to the cross border needs of clients and leverage on its domestic banking strengths to offer products internationally. In 1999. and was its wholly-owned subsidiary. ICICI Bank was originally promoted in 1994 by ICICI Limited. LXV . an Indian financial institution. the Government of India and representatives of Indian industry. ICICI was formed in 1955 at the initiative of the World Bank. China. ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. ICICI bank acquired Bank of Madura Limited. Bangladesh and South Africa. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking. both directly and through a number of subsidiaries and affiliates like ICICI Bank. Canada and Russia. ICICI Bank currently has subsidiaries in the United Kingdom. venture capital and asset management. In 2001. life and non-life insurance.000 ATMs.

the decision to allow the Bank of Bengal to issue notes. Primarily Anglo-Indian creations. A unique institution. the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernise India's economy. The establishment of the Bank of Bengal marked the advent of limited liability. viz. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921. STATE BANK OF INDIA PROFILE The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806.3. the Banks of Bombay and Madras. a capital on which the proprietors did not have to pay any interest. jointstock banking in India. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). It meant an accretion to the capital of the banks. So was the associated innovation in banking. This right of note issue was very valuable not only for the Bank of Bengal but also its two siblings. however. and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework. Their evolution was. shaped by ideas culled from similar developments in Europe and England. The concept of deposit LXVI . which would be accepted for payment of public revenues within a restricted geographical area. it was the first joint-stock bank of British India sponsored by the Government of Bengal.

the controlling interest in the Imperial Bank of India was acquired by the Reserve Bank of India and the State Bank of India (SBI) came into existence by an act of LXVII . invariably civil servants. State Bank of India (SBI) is largest commercial bank in India. for a long time. and especially upto the time that the three presidency banks had a right of note issue. In 1955. were mostly proprietary directors representing the large European managing agency houses in India. four-fifth of which were privately subscribed and the rest owned by the provincial government. Each charter provided for a share capital. The State Bank Group includes a network of eight banking subsidiaries and several non-banking subsidiaries offering merchant banking services. factoring services. fund management. But. The three banks were governed by royal charters. which managed the affairs of each bank. which were revised from time to time. primary dealership in government securities.banking was also an innovation because the practice of accepting money for safekeeping (and in some cases. The Bank of Bengal and two other Presidency banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. bank notes and government balances made up the bulk of the investible resources of the banks. even investment on behalf of the clients) by the indigenous bankers had not spread as a general habit in most parts of India. The rest were government nominees. SBI has a vast domestic network of over 10000 branches (approximately 16% of all bank branches) and commands one-fifth of deposits and loans of all scheduled commercial banks in India. The members of the board of directors. credit cards and insurance. one of whom was elected as the president of the board.

the Domestic division.Parliament as successor to the Imperial Bank of India. SBI's International Banking Group delivers the full range of crossborder finance solutions through its four wings . the Foreign Department and the International Services division. In June 2006. especially after nationalization in the year 1969. Canara Bank was founded by Shri Ammembal Subba Rao Pai. The Bank has undergone various phases in its growth path over the last one hundred years. the Foreign Offices division. Eighties was characterized by business diversification for the Bank. State Bank of India (SBI) has spread its arms around the world and has a network of branches spanning all time zones. The growth of Canara Bank was phenomenal. Today. in July 1906. attaining the status of a national level player in terms of geographical reach and clientele segments. The eight banking subsidiaries are: 1-State Bank of Bikaner and Jaipur (SBBJ) 2-State Bank of Hyderabad (SBH) 3-State Bank of India (SBI) 4-State Bank of Indore (SBIR) 5-State Bank of Mysore (SBM) 6-State Bank of Patiala (SBP) 7-State Bank of Saurashtra (SBS) 8-State Bank of Travancore (SBT) 4. at a small port in Mangalore. CANARA BANK PROFILE: Widely known for its customer centricity. a great visionary and philanthropist. The eventful LXVIII . the Bank completed a century of existence in the Indian banking industry.

In view of the centrality of customer convenience. Now more than 1500 branches of the Bank offer advanced payment and settlement system under Real Time Gross Settlement (RTGS) and LXIX . Today. with over 2600 branches across all geographical segments. These include:      Launching of Inter-City ATM Network Obtaining ISO Certification for a Branch Articulation of ‘Good Banking’ – Bank’s Citizen Charter Commissioning of Exclusive Mahila Banking Branch Launching of Exclusive Subsidiary for IT Consultancy Over the years. emerging as the largest nationalized bank in India in terms of aggregate business volume for 2006-07. Canara Bank occupies a premier position in the comity of Indian banks.journey of the Bank was strewn with many memorable milestones. the Bank provides a wide array of alternative delivery channels. It he an unbroken record of profits since its inception. Canara Bank has several firsts to its credit. over 1100 branches providing Internet and Mobile Banking (IMB) services and more than 1700 branches offering 'Anywhere Banking' services. The Bank has a pan India presence. including over 1600 ATMs. covering 590 centers. the Bank has been improving its market position to emerge as a major ‘Financial Conglomerate’ with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad.

enlightened leadership and a family like work culture. committed staff and uncanny leadership ability demonstrated by its leaders at the helm of affairs. which forms the basic plank of national policy agenda today. Promoting an inclusive growth strategy. is in fact deeply rooted in the Bank's founding principles. serving national priorities. This justifiable belief is founded on strong fundamentals. namely. "A good bank is not only the financial heart of the community. spearheading financial inclusion objective etc. but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people". among others. The growth story of Canara Bank in its first century was due. Canara Bank has made a distinctive mark in various corporate social responsibilities. Founding Principles LXX . customer centricity. We strongly believe that the next century is going to be equally rewarding and eventful not only in service of the nation but also in helping the Bank emerge as a "Global Bank with Best Practices ". to the continued patronage of its valued customers. enhancing rural self-employment through several training institutes. These insightful words of our founder continue to resonate even today in serving the society with a purpose. stakeholders.National Electronic Funds Transfer (NEFT). promoting rural development.

To work with sense of service and dedication. LXXI . Sound founding principles. Notched up the highest ever net profits since its inception. To inculcate the habit of thrift and savings. 2. To assist the needy. 5.1. 3. It retained number one position in Aggregate Business among Nationalized Banks and it signed MOUs for commissioning Two Joint Ventures in Insurance and Asset management with international majors. To transform the financial institution not only as the financial heart of the community but the social heart as well. To spread education among all to sub-serve the first principle. Entered 100th year in banking service launched core banking solution in selected branches. 7. 4. 6. To remove Superstition and ignorance. To develop a concern for fellow human being and sensitivity to the surroundings with a view to make changes/remove hardships and sufferings. Number one position in aggregate business among nationalized banks. unique work culture and remarkable adaptability to changing banking environment have enabled Canara Bank to be a frontline banking institution of global standards. enlightened leadership.

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive Headquartered in Mumbai. The Bank also has a network of about over 1054 networked ATMs across these cities. India. Plus / Cirrus and American Express Credit / Charge cardholders. has a network of over 531 branches spread over 228 cities across India.5. Visa Electron / Maestro. HDFC Bank's ATM network can be accessed by all domestic and international Visa / MasterCard. Customers in over 120 locations are serviced through Telephone Banking. Major among them are "Best Bank in India" by Hong Kong-based Finance Asia magazine in 2005 and "Company of the Year" Award for Corporate Excellence 2004-05. with its registered office in Mumbai. LXXII . HDFC BANK PROFILE: HDFC Bank was incorporated in August 1994 in the name of 'HDFC Bank Limited'. All branches are linked on an online real-time basis. HDFC Bank. The Bank commenced operations as a Scheduled Commercial Bank in January 1995. HDFC Bank has won many awards for its excellent service.

Chapter 4 LXXIII .

fiscal deficit. inflation rate. So the macroeconomic analysis cannot be neglected when we think of equity investment. So when macroeconomic factors are favorable firms earnings go up and that will positively effect on equity market and equity market will get affected when firms earnings comes down because of unfavorable macroeconomic factors.2 GROSS DOMESTIC PRODUCT: The Indian economy has undergone vast changes since planned development was initiated in 1951.1 MACRO ECONOMIC ANALYSIS The macroeconomic analysis is very important because the investment and earnings of the firms is also depend on macroeconomic factors such as gross domestic product (GDP). In this way all the firms operate in the macroeconomic environment. Early in the fifties total domestic saving as a percentage of gross LXXIV . interest rate. exchange rate. The growth of economy can seen in the equity market. 4.CHAPTER-4 ANALYSIS AND INTERPRETATION OF DATA 4. etc.

real GDP accelerated from 5. Fig No: 4.domestic product (GDP) Was hardly 5% and rate of growth of GDP was around 3%. Sustained manufacturing activity and impressive performance of the services sector with reasonable support from the recovery in agricultural activity have added greater momentum to this growth process. After recording some slowdown in the last year real gross domestic product (GDP) registered a sharp increase in this year. Thus the Indian economy is growing very fast as compare to other countries of the world. According to the revised estimates released by the Central Statistical Organization (CSO) in Feb.20 GDP LXXV . industry and services.7 per cent in 2009 December to 6.1 Years in time of March 2010 7.7 per cent during Feb 2010. the Indian economy has registered a highly impressive growth during fiscal 2008-09. benefiting from a pick-up in almost all segments of agriculture. 2010.

1% while the service sector had a LXXVI .30% and agricultural growth of 4%. It is estimated that India's GDP will grow by 6. communication.70 9. India's GDP is $1. secondary sectors tertiary sectors were 56%. but now the Indian economy has undergone tremendous changes.17% and 27% respectively. the slowdown that has been witnessed this year in the estimates is largely due to the slowdown witnessed by the agriculture and the industrial sectors.1 6. industry contributed 29. finance real estate and other services. High production and high Demand increases the earnings of the firms.20% and industrial growth of 9. A look at the India GDP composition sector wise throws up some interesting figures.2%. The central bank has predicted the 9% GDP growth rate for the year 2011-12 and the confederation of India has predicted GDP growth rate of 9.209 trillion and this is slated to make improvement in the coming times.10%. the secondary sector manufacturing. In 2008 the country's GDP was 9%.20 9. forestry fishing mining. services sector growth of 9. trade. the primary sectors consisted of agriculture. And high GDP growth rate brings new opportunities to the firms to make new investment for the expansion and development and there by increases the earnings of the firms. contraction electricity etc the tertiary sector consists of transport. The agriculture sector contributed 17.70 The structure in India economy in 1951-52 showed that the shares primary sectors. GDP Composition Sector Wise The Gross Domestic Product or GDP is the indicator of the performance of an economy.2009 2008 2007 Table No: 4. According to the estimates of 2008.5% in the year 2009. The rapid growth of gross domestic product (GDP) indicates that increase in the production of goods and services in the economy because of high demand in the market.

employing more than 50% of the population. The global economic slowdown is showing very slow but some sure signs of recovery. chemicals. steel. mining. Sectors contributing to India's GDP India is a vast country.7% according to 2008 estimates. Now is the time for all the sectors to undertake measures to ensure that these sectors contribute appropriately to the GDP of the country. It has been seen in the last few years that the input of the agriculture sector has been declining. The service sector accounts for employing more than 25% while the industrial sector accounts for more than 10%. Share of sector wise contribution to GDP Agriculture makes the highest contribution to India's GDP. machinery.contribution of 52. Various sectors falling under the India GDP composition includes food processing. which saw less rain this year. Contributions from the manufacturing sector in the country's GDP have been largely along expected lines. but it is still the biggest contributor. agriculture. transportation equipment. Agriculture is the pre dominant occupation in India. This decline in growth has been largely attributed to the irregular climatic condition. The reasons attributed for this are the global economic recession. software. textiles. changing pattern of consumer consumption and a stringent liquidity policy. so the sectors contributing to the country's GDP is also big in numbers. petroleum. though it was slightly down. cement and many others. The service and the industrial sector have performed much better compared to the contribution from the other sectors. Liberal LXXVII .

4% during the rest of the decade as against 16.7% between 1994-95 and 2002-03. People will rely more on borrowed funds. INDUSTRY SECTOR Vision of Banks in India The banking scenario in India has already gained all the momentum. Post the banking reforms. Previously. Focus of banks in India The banking industry is slated for growth in future with a more qualitative rather than quantitative approach. The bank's assets are estimated to grow at an annual composite rate of growth of 13. banks focused on the 'revenue' model which is equal to cost plus profit. with the domestic and international banks gathering pace. it is essential to focus on cost saving. determined by revenue minus profit.governmental policies will also ensure that India GDP composition sector wise registers a significant improvement. Barring the asset side. there will be huge additions to the capital base and reserves. which meant that banks aimed at higher profit maximization.90. This means that all the resources should be used efficiently to better the productivity and ensure a win-win situation. The total assets of all scheduled commercial banks by endMarch 2010 is projected to touch Rs 40. The focus of all banks in India has shifted their approach to 'cost'. banks shifted their approach to the 'profit' model. This is going to comprise around 65% of GDP at current market prices as compared to 67% in 2002-03.000 crore. on the liability perspective. pace of deposit LXXVIII . To survive in the long run.

As a result of this. The financial services penetration in India continues to be healthy. Thus. This would lead to higher competition in the banking frontier and ensure greater efficiency. technology. Credit cards. However. One might also see mergers between public sector banks or public sector banks and private banks. insurance are the next best strategic places where alliances can be formed. a consolidation phase in the banking industry in India is expected in the near future with mergers and acquisitions gathering more pace. Consolidation of Banks in India Would the banking industry in India get opened up for more international competition? India would see a large number of global banks controlling huge stakes of the banking entities in the country. advances and investments would not see a healthy growth rate. The FDI norms in the banking sector would give more leverage to the Indian banks. thus the banking industry is also not far behind. the profit for the Indian banking industry will surely surge ahead. and management skills. The profit pool of the Indian banking industry is probable to augment from LXXIX .growth slowing down side by side. The overseas banking units would bring along with it capital. Future challenges of Banks in India The Indian banks are hopeful of becoming a global brand as they are the major source of financial sector revenue and profit growth.

4 INFLATION: The rate at which the prices of goods and services are increasing in the economy is LXXX . Revenue earning freight of the railways continued to record strong growth. real estate and business services’. insurance. 4.3 SERVICES SECTOR Today. The economies of other developing countries are also dominated by services. The service sector dominates the Indian economy today. Services sector with double-digit growth (its contribution to GDP is 62. Healthy growth in bank deposits and non-food credit. There was a sharp rise in new cell phone connections.8 billion in 2005 to US$ 20 billion in 2010 and further to US$ 40 billion by 2015.US$ 4. increased business process outsourcing-information technology enabled services exports are expected to buoy up the sub-sector ‘financing. the domestic credit market of India.7%) has further strengthened its place as the leading sector of the Indian economy. The increase in the number of private banks. and. This growth and expansion pace would be driven by the chunk of middle class population. Substantial activity was witnessed in cargo handled by civil aviation and passengers handled at domestic and international airports. Services sector now accounts for more than 60 per cent of overall GDP. This trend as been so strong that some people termed it as the second industrial revolution. contributing more than half of our national income. the fastest growing segment in the Indian economy is services. more sophisticated service companies. The large and rapidly growing service sector in Indian economy as resulted in the emergence of a new breed of larger. 4.

8% in the year 2008. High inflation rate weakens the economy. The increase in the inflation rate was mainly because of high crude oil prices and some other food items.72 LXXXI .87 6. For the last year the inflation rate is 11% as against 7.2 Years in time of March 2010 2009 2008 2007 ---- Inflation 8. High crude oil prices can threat the global economy.called as inflation. However controlling the inflation rate is big challenge for the central bank and even for other central bank of the world because of high crude oil prices. Fig No: 4.03 7.

Table No: 4. It controls and regulates the supply of money through bank rate.5 LIQUIDITY MANAGEMENT: BANK RATE: Bank rate is the rate at which central bank buys or rediscounts the bills of exchange and other commercial papers. Now the inflation rate is around 4% . In the high inflation rate goods and services are become more costly and that reduces the demand and consumption in the economy. Bank rate has declined from 11% in the year 1991 to 6% in the year 2003.2 The inflation rate and equity market is having inverse relationship. statutory liquidity ratio and cash reserve ratio. Changes in the money supply lead to changes in the economic growth and equity market. Presently bank rate is the lowest in the last 30 years. 4. LXXXII . During high economic growth adequate money supply is necessary for the consumption and investment.Low bank rate enables the commercial banks and other private banks to lend the money at low rate of interest for consumption and investment and that brings positive effect on equity market.Since 2003 Central bank has maintained the bank rate at 6%. But thanks to the central bank which has been trying to maintain the inflation rate. MONETARY POLICY OPERATIONS: Monetary policy is the policy of the central bank to regulate and control the money supply in the economy. High inflation rate is negative for the equity market. High inflation rate reduces the earnings of the firms because of increases in the cost of production and decreases in the demand for goods and services.

Low cash reserve ratio increases the money supply in the economy which is need for growing economy. Since October 1997 statutory liquidity ratio is 25% which is low as compared to 38.STATUTARY LIQUIDITY RATIO: Every commercial bank and private bank has to maintain a certain percentage of liquidity on time and demand liabilities. This has created intense competition in the market to lend money to the borrowers. LXXXIII .25-10. In the year 2004 cash reserve has been increased from 4.75% which is very low as compared to last decade. CASH RESERVE RATIO: Every banking company has to maintain a minimum cash balance with the reserve bank of India on time and demand liabilities to ensure liquidity and solvency of the banks. INTEREST RATE POLICY: Interest rate is one more key factor that influences on the firms earnings. For the last three years equity market has seen upward trend because of low interest rate in the economy.50% to 5% in order to remove the excess liquidity from the economy.25% in the year 1993. However Cash reserve ratio is low as compared to cash reserve ration of 15% in the last decade. Now both commercial and private banks have been allowed to fix the prime lending rate for its customer taking into account the cost of funds. Presently lending rate is around 10. Low statutory liquidity ratio indicates the more money is available with the banks to lend for consumption and investment in the economy. operating expenses and a profit margin.

For the last three years fiscal deficit is declining because of strict control over the non planned expenditure.10% of GDP.FISCAL DEFICIT: Fiscal deficit is the excess of total expenditure over total revenue receipt and capital receipt excluding borrowings.50% but the actual fiscal deficit came down to 4.6 Stock analysis. These banks are operating with the same nature of the business and within the same industry. which is less than the 4.Chidambaram has promised to keep the fiscal deficit to less than 4. These are the different Banks listed in the stock market. This would keep the confidence among the investors for there risky investment 4.10%.50% of GDP.This year fiscal deficit is budgeted at 4. Above economic analysis indicates that Indian equity market is fundamentally strong. During 2005-06 fiscal deficit has been targeted at 4.80% during the year 2004-05.. comparison and evaluation with reference to stock banking sector. however Finance Minister P. The analysis of the shares prices and the bank’s performance will help to recommend the share’s which should given priority for investment by the investors. LXXXIV . High fiscal deficit increases the borrowings of the government and that increases the interest rate in the economy and brings negative impact on the equity market.

NO 1 2 NAME OF BANKS STATE BANK OF INDIA CANARA BANK RUPEES 143. A P/E ratio refers to the ratio between the market price of a stock and its earning per share. . SL. A common factor considered for taking an investment decision is the price earnings ratio (P/E ratio). and which will give him more ROI.67 73.7 The comparison of Earnings per share (EPS) of the banks as on 31/3/2010. It is a valuation ratio of a company’s current share price compared to its per-share earnings.The following banks has are taken up.69 LXXXV .  State Bank of India ltd  HDFC Bank ltd  Canara Bank ltd  Corporation Bank ltd  ICICI Bank ltd Today we can see that every investor is not investing the money easily and blindly He is thinking that where to invest and why to invest. It is computed by dividing the market value per share by the earning per share. 4.

So from the above figure it is clear that SBI has earned the highest EPS as compared to the other banks followed by HDFC and Canara banks.3 The above figure shows the EPS of different banks. 4.3 4 5 CORPORATION BANK HOUSING DEVELOPMENT FINANCE CORPORATION LTD INDUTRIAL CREDIT INVESTMENT 81.8 The comparison of the price earning ratios (P/E RATIO) of the banks as on March 2010.59 98.3 Fig No: 4. LXXXVI .10 CORPORATION OF INDIA Table No: 4.45 36.

4 After comparing the P/E ratios of different banks it is clear that HDFC bank has more P/E ratio as compared to the other banks. followed by ICICI bank and SBI bank.85 438.SL.25 902.NO NAME OF BANKS MARKET PRICE EPS P/E RATIO 1 2 3 4 5 SBI BANK CANARA BANK CORPORATION BANK HDFC BANK ICICI BANK 2.00 Table No: 4.59 98.45 36.90 538.90 2. If the P/E ratio is high then it indicates that the market is more willing to pay for each rupee of annual earnings. If a bank LXXXVII .309. Favorable P/E ratio for a company means that the company has market confidence in its earning capacity.10 16.95 6.07 5.60 28.758.67 73.01 25. This ratio shows the kind of price that the investors are willing to pay for each rupee of earnings of the company.70 143.69 81.4 Fig No: 4.

17 -9.NO 1 2 3 4 5 NAME OF BANKS STATE BANK OF INDIA CANARA BANK CORPORATION BANK HOUSING DEVELOPMENT FINANCE CORPORATION LTD INDUTRIAL CREDIT INVESTMENT N/P GROWTH RATE % 35.has low P/E ratio there is scope for the management to emulate practices of bank with high P/E ratio. 4. SL.46 41.42 21.54 32.21 CORPORATION OF INDIA Table No: 4.9 The comparison of the N/P growth rate % of the banks as on 2008-09. so their P/E ratio improves.5 LXXXVIII .

N/P GROWTH RATE % 50 40 30 20 10 0 CORPORATION BANK CANARA BANK -10 -20 HDFC BANK ICICI BANK SBI BANK N/P GROWTH RATE % Fig No: 4.024 Table No: 4. SL.6 LXXXIX .021 892 2.121 3.948 4.NO 1 2 3 4 5 NAME OF BANKS STATE BANK OF INDIA CANARA BANK CORPORATION BANK HOUSING DEVELOPMENT FINANCE CORPORATION LTD INDUTRIAL CREDIT INVESTMENT CORPORATION OF INDIA NET PROFITS (cr) 9. 4.5 After comparing N/P growth rate it is clearer that HDFC s N/P growth rate is higher then other banks followed by SBI and Canara bank.10 The comparison of the Net profits of the banks as on 31/3/2009.

On other banks also showed good performance.N TP O IT (c E R F S r) S A EB N O IN IA TT AK F D CNR B N A AA AK C R O A IO B N OP RT N A K H U IN OS G DVL P ET E EO MN F AC IN N E C R O A IO L D OP RT N T IN U R LC E IT D T IA R D IN E T E T V SMN C R O A IO O OP RT N F IN IA D Fig No: 4.7 XC .NO 1 2 3 4 5 NAME OF BANKS STATE BANK OF INDIA CANARA BANK CORPORATION BANK HOUSING DEVELOPMENT FIANCÉ CORPORATION LTD INDUTRIAL CREDIT INVESTMENT EQUITY SHARE CAPITAL (cr) 634 410 143 425 1.113 CORPORATION OF INDIA Table No: 4. it is cleared that SBI has gained more much profit as compared to other banks. 4.11 The comparison of the Equity share capitals of the banks as on 31/3/2009 SL.6 After comparing the profit after tax of all these banks (in a common situation factor).

4. it is clear that ICICI bank has showed the better performance as compared to the other banks followed by SBI and HDFC banks. 4 4 4.29 RESERVED & SURPLUS (CR) 57.12 The comparison of different banks performances in the market valuation on the basis of their share prices as on 31/3/2009.88 CANAR A ICICI HDFC 425.Fig No: 4. 1 4 3 .312 9. NAMES EQUITY SHARE CAPITAL (CR) SBI 634.629 48.753 410 1.419 14.7 After comparing the equity share capitals of the above banks.38 CORP.226 XCI .113.

73 7.250 65.06 10 11 444.78 5.770 54.8 275.817 .03.5 341.40 10 12.953 .937 .704 22.INVESTMENT (CR) CURRENT RATION QUICK RATIO OPERATING INCOME (CR) OPM (%) NPM (%) FACE VALUE DIVIDEND PER SHARE BOOK VALUE PER SHARE FIXED ASSETS TURNOVER RATIO NET PROFIT (CR) Table No: 4.948 24.74 63.94 38.64 892 Table Analysis The comparison of the performance of these companies refers to comparison of some important ratios and rates of growth over a time period of few years.36 8.reserves and surplus .08 3.43 9.09 23.94 5.53 6.87 4.12 12.book value etc XCII .29 18.44 5.44 10 10 344.dividend per share .14 4.024 58.776 1.00 2.23 19.03 10 29 912.97 10.04 5.20 9.62 16.058 .121 57.021 .30 11.67 10 8 244.27 5.788 18. The trends in equity share capital .16 11.120 73.

Each ratio plays its part in this interpretation. In other words.are used to study the comparison of these banks. Thus the trends of the results. what should the future indicate for the company. by competition. Finally it should be realized that ratios are only preliminary step in interpretation and must be supplemented by rigorous investigators into all aspects of operation of company before safe conclusion can be drawn from them. are important.13 COMPANIES SHARE ANALYSES AND VALUATION: XCIII . rather than the actual ration and percentages. and local factors relating to company. Investor wants to know how well the business is operating in comparison with planned performance and if actual results are not good enough. The financial results of all businesses are affected by general economic conditions. Trend analysis should be supplement the ratio analysis to asses the good and bad aspects of working of a company. Structural relationship taken from the financial statement of the year only are of limited value and the trends of these structural relationship established from statement over a number of the years may be more significance that absolute ratios. . It should be particularly emphasized that one particular ratio used without reference to other ratios may be very misleading. 4. the combined effect of the various ratios must be considered in arriving at a correct diagnosis which will be of assistance in interpreting the financial condition and earning performance of the business.

The business of the banks was initially confined to discounting of bills of exchange or other negotiable private securities. All commodities. Lending against shares of the banks or on the mortgage of houses.STATE BANK OF INDIA IS SHARE ANALYSES AND VALUATION On 1st July 1995 State Bank of India was constituted under the State Bank of India Act 1955. qhowever. merchant banking and mutual funds. forbidden. treasure. land or other real property was. State Bank of Mysore. State Bank of Jaipur. On October State Bank of Hyderabad become the first subsidiary of SBI. State Bank of Travancore. Demand promissory notes were signed by the borrower in favour of the guarantor. was to help the latter raise loans from time to time and also provide a degree of stability to the prices of government XCIV . The security for such loans was public securities. State Bank of Bikaner. 1959 On September State Bank of India (Subsidiary Bank) Act was passed. State Bank of Indore. while the business of as far as the government was concerned. bullion. foreign exchange. Indians were the principal borrowers against deposit of Company's paper. sugar and jute. which was in turn endorsed to the bank. or goods cash credits gained momentum only from the third decade of the nineteenth century. which began to be financed later. State Bank Patiala and State Bank of Saurashtra became subsidiaries of the bank. keeping cash accounts and receiving deposits and issuing and circulating cash notes. including tea. commonly called Company's Paper. plate. During this period. Loans were restricted and the period of accommodation confined to three months only. The Imperial Bank of India was founded in 1921 under the Imperial Bank of India Act 1920. The Bank transacts general banking business of every description including. for the purpose of taking over the undertaking and business of the Imperial Bank of India. jewels. were either pledged or hypothecated to the bank.

36 21. Face value (Rs) Beta P/E (times) P/B (times) Mkt Capitalization 31-Dec-09 SCRIP CODE- 10 1.88 Total Assets (Rs.cr) 53.13 1.67 912.24 14.121.74 13.947.9 Comparison share price performance years Ends OPM (%) NPM (%) Reported EPS Return on Net worth debt/Equity Fin. 68 Sales (Rs.56 XCV .03 143.4 3 9. Cr) Net worth Equity cap Borrowing GFA Out standing (Cr) 2008-09 Trading Date 1598.38 2.65 106.67 15.80 PAT/Sales (%) Table No: 4.400.37 2008 Annual 17.73 63.85 143.56 1.cr) 9261.securities.788.72 20.78 57. 08 63.85 144.Cr) 634.76 11.92 PAT(Rs.05 14.cr) shares 6348. 28 964.432. SHARE PRICE PERFORMANCE: BSE 500112 Financial Year Market Price EPS(Rs) BV per share Turnover (Rs.30 70 (Rs. charges coverage Ratio 2009 Annual 18.12 12.713.

The bank posted a net profit growth of 35.94 crore to Rs XCVI .54 % from Rs 6729.16% and deposits registered a growth of 38.07 21.93 2. rose by 30.55 16.10 0.20 crore to Rs 542503.44 18.24 crore.78 13. Its advances have increased from Rs 416768.12 crore to Rs 9121.37 3.52 14.20 crore.08% from Rs 537403.8 Analysis: The over all operating and financial performance remained healthy.Current Ratio Dividend per share Table No: 4.5 RELATIONSHIP BETWEEN N/P AND P/E: YEARS 2005 2006 2007 2008 2009 Table No: 4.92 7.04 29 0.05 35.38 Fig No: 4.11 N/P GROWTH (%) 18.53 P/E RATIO (%) 7.

It is very good script for all the investors i. The Blue marked line indicates the share performance of SBI Bank Ltd. The return on assets has increased from 0. PRICE MOVEMENT OF SBI SHARE: Fig No: 4. XCVII . 2010.742073.94% to 1%.13 crore. Compared to the last year the fluctuation in share price is quite stable and high. Net interest income went up mainly because of increase in the interest income from advances.20 crore to Rs 542503.e. It has declared the dividend of 140% on the face value of Rs10.66%. The investors have large expectations on the share price.20 rose by 24.49 on 31 Dec.73 and started raising day by day reached the high price of Rs 2396. Net interest income increased from Rs 416768.9 Chart Analysis: The share price from last 12 months is going on raising as we can see in the chart on Jan 2010 the share price in the market stood at Rs 912. for short term and long term investors.

XCVIII . a premier housing finance company. the promoter of the bank has entered into an agreement with National Westminister Bank Pc.For the FY 2008-09 the EPS has increased from Rs 106 to Rs 143. and its subsidiaries (Natwest Group) for subscribing 20% of the banks issued capital and providing technical assistance in relation to the banks proposed banking business. As we estimated net profit growth for the FY 2008-09 is 3. (HDFC). If we see the below graph. The Bank transacts both traditional commercial banking as well as investment banking.05% which is slightly higher than previous year. 4. it indicates that valuation of the stock is linked with the net profit growth of the bank. Certificate of Commencement of Business was received on 10th October 1994 from RBI. The bank is the first of its kind to receive an in-principle approval from the RBI for establishment of a bank in the private sector. HDFC. A new private sector Bank promoted by housing Development Corporation Ltd. which is not a good sign in short period of time.14 HDFC Bank Share Analyses And Valuation: The Bank was incorporated on 30th August 1994.

11 Face value (Rs) Beta P/E (times) P/B (times) Mkt Capitalization 09 10 0.8 PAT (Rs.95 52.SHARE PRICE PERFORMANCE: BSE 500180 SCRIPT CODE- 31-DecFinancial Year Market Price EPS(Rs) BV per share Turnover (Rs.13 45. 46 23647.cr) 34584.1 1 836.Cr) 425.5 6967.41 PAT/Sales (%) XCIX .62 18.72 5.8 2 45053.87 30. Cr) Net worth Equity cap Borrowing GFA Out standing (Lacs) 2008-09 Trading Date 1567.88 Total Assets 69897.61 909584.15 (Rs.78 470.cr) shares 3429.8 Sales (Rs.

78 19.62 1.29 13.68 P/E RATIO (%) 22.9 C . charges coverage Ratio Current Ratio Dividend per share Table No: 4.14 25.12 Comparison of share price performances years Ends OPM (%) NPM (%) Reported EPS Return on Net worth debt/Equity Fin.61 20.Table No: 4.87 17.9 0.57 44.5 0.74 10.26 7 RELATIONSHIP BETWEEN N/P AND P/E: YEARS 2005 2006 N/P GROWTH (%) 31.96 14.56 1.44 30.64 52.30 9 2008 48.13 2009 Annual Annual 54.

2007 2008 2009 Table No: 4.17% from Rs 1590. PRICE MOVEMENT OF HDFC BANK SHARE: CI .18 to in the FY 2008-09.10 Analysis: HDFC BANK has reported an impressive net profit growth of 41.72 Fig No: 4.08 41.83 29. HDFC Bank has been growing rapidly and this will bring good revenue to the next year.The bank has declared a dividend of 80% on the face value of Rs10.87 to Rs 52. The equity valuation is linked with the net profit growth for the year.17 36.04 31.14 30.9 30.18 crore to Rs 2244. The EPS has increased from Rs 44.95 crore in the in the FY 2008-09.

Fig No: 4. in March 2010. It is very good script for all the investors i.e. Then came down to 1991. Compared to the last year the fluctuation in share price is quite stable and high.11 Chart Analysis: The share price from last 12 months is going on raising as we can see in the chart on April 10 the share price in the market stood at Rs 1143 and started raising day by day reached the high price of Rs 2009. CANARA BANK Share Analyses and Valuation The ‘Canara Bank founded is Hindu Permanent Found’ in 1906.The investors have large expectations on the share price. for short term and long term investors. by the founder of CII . The Blue marked line indicates the share performance of HDFC Bank Ltd.

late Sri. Ammembal Subba Rao Pai, is one of the philanthropist, this small firm into a limited company as ‘Canara Bank Ltd’ in 1910 and became Canara Bank in 1969 after nationalization. "A the canara bank was good bank is not only the financial heart of the community, but also one with an obligation of helping in every possible manner to improve the economic conditions of the common leaving people" - A. Subba Rao Pai.

Vision To emerge as a ‘Best Practices Bank’ by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management and expanding the global reach.

Mission To provide quality banking services with enhanced customer orientation, higher value creation for stakeholders and to continue as a responsive corporate social citizen by effectively blending commercial pursuits with social banking.

As a premier commercial bank in India, Canara Bank has a distinct track record in the service of the nation for over 100 years. Today, Canara Bank has a strong pan India presence with 3043 branches and over 2000 ATMs, catering to all segments of an ever growing clientele base of over 37 million. We are recognized as a leading financial conglomerate in India, with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. As we step into the second century, we aspire to emerge as a Global Bank with Best Practices.

SHARE PRICE PERFORMANCE:

BSE

SCRIPT

CODE-

532483

CIII

31-DecFinancial Year Market Price EPS(Rs) BV per share Turnover (Rs. Cr) Net worth Equity cap Borrowing GFA Out (Cr) 2008-09 Trading Date 350 50.55 305.83 40.56 85611.1 Face value (Rs) Beta P/E (times) P/B (times) Mkt Capitalization 09 10 0.98 5.83 1.20 16707.5 0 38587.3 4796.62 503.10 4.8

1 (Rs.Cr) 410 Total Assets 142381. 5 Sales 45825.5 4 PAT shares 1100.00 PAT/Sales (%)

standing

Table No: 4.15

Comparison of share price performance years Ends OPM (%) NPM (%) Reported EPS Return on Net worth debt/Equity Fin. charges coverage Ratio Table No: 4.16 2009 Annual Annual 73.97 20.40 11.6 34.6 50.55 15.96 16.56 17.55 1.12 1.28 5 17.51 11.74 2008

RELATIONSHIP BETWEEN N/P AND P/E:
CIV

YEARS 2005 2006 2007 2008 2009 Table No: 4.17

N/P GROWTH (%) 31.32 -17.07 7.41 21.06 5.77 22.2

P/E RATIO (%) 4.43

7.07 5.62 5.83

Fig No: 4.12

CV

01 to reach Rs. signifying a 28% growth. PRICE MOVEMENT OF CANARA BANK SHARE: CVI . compared to Rs.072.1 crore. Bank's net advances were of the order of Rs. Canara ably stuck to its Number One position among nationalized banks under aggregate business. Like in the previous year. out of which growth in agriculture and industries worked out to 35% and 45%respectively.55 to Rs.65.03% between March 2008 and March 2009.34.83 from Rs.50.197. The year featured major gains in productivity as Business Per employee moved up by 34% to reach Rs.42 crore as at March 2009.65 crore a year ago.83 a year ago.8.14238.5. SME. year on year. The Bank's credit to deposit ratio improved from 70% to 72.305. 75% of the incremental credit during the year was deployed in productive sectors like agriculture.Analysis: Public sector major Canara Bank's global business clocked a 23% growth during 2008-09 from Rs 1565. Earnings per Share (EPS) improved from Rs. While overall credit growth has been 24%.55 crore. While aggregate deposits grew by 32% to move up to Rs. industries.2. Reflecting healthier returns for shareholders.98506 crore. Book value registered healthy gains to reach Rs. infrastructure and services sectors. growth in credit to productive sectors worked out to over 33%.

Banking CVII .55 in March 2010 and then came down to Rs 285 on 27 March 2009.83 and then it raising day by day reached the high Rs 429.13 Chart Analysis: The share price from last 12 months is going on raising as we can see in the chart on April 10 the share price in the market stood at Rs 305. was taken over by Government by an Ordinance promulgated on 15th April..Fig No: 4. The undertaking of the Corporation Bank Ltd. Corporation Bank Share Analyses and Valuation 1906-The Company was Incorporated at Udipi.. The movement of share price clearly indicates that the prices are fluctuating according to market movements. The Bank transacts banking business of every description. 1980 viz. It is advisable for the long term investors considering their portfolio and it is not advisable for short term investors because it is going according to market and at present market is under correction.

2007 for assigning credit rating to SME units and also Bank loan rating to existing / prospective customers of the Bank. Vision To emerge as the most preferred Bank with global standards in financials. Small Scale Industries (SSIs) and Facility Rating of corporates as required under BASEL II. technology. products and services Mission  To become a provider of World . Corporation Bank has entered into Memorandum of Understanding (MOU) with CRISIL Ltd for Rating of Small & Medium Enterprises (SMEs).Companies (Acquisition and Transfer of Undertakings) Ordinary.Class Financial Services  To meet Customer expectations through Innovation and Technological Initiatives  To emerge as a Role Model with distinct culture identity. 1980 and vested in a new bank under the name "Corporation Bank". Corporation Bank has signed a Memorandum of Understanding with Credit Analysis & Research Ltd (CARE) on December 20. Corporation Bank has joined hands with Mumbai's dabbawallas to source clients for offering banking services. intellectually satisfying and professionally rewarding to the employees SHARE PRICE PERFORMANCE: CVIII . efficiency. ethical values and Good Corporate Governance  To enhance Shareholder's Wealth by sustained. profitable and financially sound growth with prudent risk management systems  To fulfill national and social obligations as a responsible Corporate citizen  To create an environment.

56 Face value (Rs) Beta P/E (times) P/B (times) Mkt Capitalization 09 10 0. charges coverage Ratio Current Ratio Dividend per share Table No: 4. Cr) Net worth Equity cap Borrowing GFA Out standing shares (Cr) 2008-09 Trading Date 295.18 Comparison share price performance years Ends OPM (%) NPM (%) Reported EPS Return on Net worth debt/Equity Fin.24 402.40 59.43 12. 4.90 62.11 1.5 Sales 14525.37 9 RELATIONSHIP BETWEEN N/P AND P/E: YEARS N/P GROWTH (%) P/E RATIO (%) CIX .33 16.Cr) 143.72 14.40 PAT/Sales (%) Table No.01 37.23 11.33 0.92 6.38 14.BSE 532179 SCRIPT CODE- 31-DecFinancial Year Market Price EPS(Rs) BV per share Turnover (Rs.5 4 PAT 1434.25 1.62 16.77 1.44 Total Assets 45381.76 14.19 14474.21 312.24 4611.56 15.41 0.19 2009 Annual Annual 22.5 1922.60 30.5 2008 18.25 7922.11 (Rs.

19 7.14 Analysis: Corporation Bank has reported an impressive net profit growth of 16. The equity valuation is linked with the net profit growth for the year.9 12.51 20.2005 2006 2007 2008 2009 Table No.99 crore in the in the FY 2008-09. The EPS has increased from Rs 37.24% from Rs 892. PRICE MOVEMENT OF CORPORATION BANK SHARE: CX . Corp Bank has been growing rapidly and this will bring good revenue to the next year.38 to Rs 62. 4.77 crore to Rs 734.20 21.79 -20.24 to in the FY 2008-09.51 28.32 7.63 6.22 10.77 Fig No: 4. The bank has declared a dividend of 165% on the face value of Rs10.43 12.

15 Chart Analysis: The share price from last 12 months is going up and down and it is more volatile. because it went very high when market gained small percentage and it came down very low when market undergone little correction.Fig No: 4. The share price in the market stood at Rs 402. CXI .60 and gradually it started raising day by day reached the high price Rs 538 in Jan 2010 and then it came back to low price of Rs 230 on in the year of Jan 2009. The movement of share price shows that it is very volatile script. It is not advisable for investors whose risk bearing capacity is very low.

loans. trade finances and cash management services. Forward Rate Agreements. Forward Contracts etc. The Investment products comprise of Bonds. namely treasury.V. etc. investments. This ICICI Group as is one of the flagship companies. The Risk Management products comprise of Rupee Interest Rates Swaps.4. K . venture capital and asset management. Commercial Papers. It also facilitates Internet banking. This ICIC Bank offers a several of banking products and financial services to its corporate and retail customers in the areas of investment banking. capital markets. while the public hold above 6% of the stakes in the bank. At present the banks Chairman is Mr. CXII . Debentures. The bank has subsidiaries in the UK. ICICI Bank have 573 branches all over and extension counters and over 2000 ATM's. NRI services. ICICI Bank Ltd. mobile banking and online services. Institutional investors hold above 61% of the total equity. cash management. insurance. demat. Kamath. ICICI Bank also offers services to the Agricultural sectors particularly to the food processing and seed sector. Canada and Russia. Under retail banking the bank offers various deposits. In January 2006. Rupee-Dollar Interest Rate and Currency Swaps. and treasury and investment solutions to corporate.17 ICICI BANK Share Analyses and Valuation In the year of 1994 ICICI Bank launched. The ICICI Bank it head office in Mumbai. syndicated loans. Certificate of Deposit. The bank has entered life insurance sector through ICICI Prudential and general insurance through ICICI Lombard. and the German bank BayernLB have signed a co-operation arrangement across various areas.

34 105345.21 Comparison share price performance years Ends OPM (%) NPM (%) Reported EPS Return on Net worth CXIII 2009 Annual Annual 65.91 P/B (times) 21267.56 2008 13. Cr) Net worth Equity cap Borrowing GFA Out standing shares (Cr) 2008-09 Trading Date 420 Face value (Rs) 33.03 Sales 6468.56 PAT 11132.11 5826.98 1005.SHARE PRICE PERFORMANCE: BSE SCRIPT CODE.36 Mkt Capitalization (Rs.51 PAT/Sales (%) 31-Dec-08 10 1.09 9.33 10.20 26.76 10.532174 Financial Year Market Price EPS(Rs) BV per share Turnover (Rs.79 .96 362458.29 Total Assets 54456.57 17.5 9 12.76 Beta 350 P/E (times) 13.25 Table No: 4.81 34.Cr) 1113.34 3.71 33.

23 N/P GROWTH (%) 35.48 16.5 1.67 29.55 11 9. charges coverage Ratio Current Ratio Dividend per share Table No: 4.78 16.16 CXIV .25 11.25 0.61 10 RELATIONSHIP BETWEEN N/P AND P/E: YEARS 2005 2006 2007 2008 2009 Table No: 4.73 11.88 26.27 0.debt/Equity Fin.67 22.45 17.5 1.34 P/E RATIO (%) Fig No: 4.03 22.22 8.

ICICI Bank reported a net profit growth of 17.17 Chart Analysis: CXV .76.25% to Rs 3758.73 crore.13 crore from Rs 4157.59 to Rs 33. The bank has declared a dividend of 125% on the face value of Rs10. In the year 2008-09 the EPS has decreased from Rs 34. But for the ICICI Bank scrip. we did not find the relationship between net profit growth and P/E ratio. PRICE MOVEMENT OF ICICI BANK SHARE: Fig No: 4.55%. the net profit growth for the FY 2008-09 is 17. In the equity market investors value the stock on the basis of net profit growth for the financial year. As we predicted.Analysis: The country’s largest private sector bank.

Chapter 5 CXVI . The investors have large expectations on the share price. It is very good script for all the investors i.The share price from last 12 months is going on decaling and the slow raising as we can see in the chart on April 09 the share price in the market stood at Rs 420 and it came down to Rs 475 during the month of Aug and started raising day by day reached the high price of Rs 952 on 31 Jan. The Blue marked line indicates the share performance of ICICI Bank Ltd.e for short term and long term investors. Compared to the last year the fluctuation in share price is quite stable and high. 2010.

or selling.CHAPTER-5 FINDINGS AND SUGGESTIONS 5. Canara Bank Ltd and Corporation Bank Ltd. Hence these different Banks are emerging in the present market. In determining whether a security is worth buying. These decisions will be taken after employing the fundamental Analysis and Technical Analysis. SBI Bank Ltd.1 Overview of the Dissertation: As a Financial analyst needs to analyses securities and make Recommendations thereon. Such as ICICI Bank Ltd. The dissertation is concerned with Fundamental analysis and technical analysis of equity share of different Banks which are same industry. whereas Technical Analysis involves a study of past price and volume to determine the direction of price movements. Fundamental Analysis looks at matters like Future Earnings and dividends to assess intrinsic value. HDFC Bank Ltd. holding. These shares are yielding good returns and small investors and large investors can also invest in these stocks where the risk level is very low compared to other stock with irrespective of the CXVII .

of the company’s presentation situation and prospects and quality of its management.There are three main obstacles in the way of successful Fundament analysis: Inadequacies or incorrectness of the data. 5.Shift in demand and supply are gradual rather than instantaneous. III. mostly of qualitative nature.In Fundamental analysis the analysis of the financial statistics must be supplemented with an appraisal.2 Findings: I. II. future uncertainties. and irrational market behavior.market uncertainties. Technical analysis helps in detecting these shifts rather early and hence provides clues CXVIII .

IV. 5. V.The management of these companies is fundamentally strong and can take these companies to new highs.to future price movement. This is good sign for equity investment in the suggested companies. so it should be avoided. relationship between volume and trade.3 Suggestions:  Since 2010 the sensex has gone up without rise in the P/E ratio. VI. CXIX .But the strong economy and rising interest of FII’s gives an indication that holding these stocks will definitely lead to significant capital appreciation.  The companies needs to provide more adequate data for the analyst and inclusion of the non recurring incomes will effects the PAT of the company.  The usage of Technical analysis for the picking of shares should increase and proper measures should be taken to overcome the critics.The basic concepts underlying technical analysis are persistence of trend. it indicates that earnings are high as compared to 2008 and 2009. and resistance and support level.

 But SBI bank and HDFC Bank shares are highly suggested to buy because of high return in long term with less risk. SBI Bank Ltd HDFC Bank Ltd Canara Bank Corporation Bank ICICI Bank Ltd Buy and hold Buy and hold Sell Sell Buy and hold  Canara Bank shares and Corporation Bank shares are not suggested because of high risk and volatile. so it is the right time to invest in suggested shares Chapter 6 CXX . 4. 2. The Fundamentals of the companies are strong. 5. 3. 1. As by looking it into the Technical’s it can be suggested in the following way.  At present market is under correction and it will affect only traders and not investors.

CHAPTER-6 CXXI .

as investment in security generated momentum. CXXII . only recently security analysis has emerged as a separate academic discipline in India. This has undergone a sea change during the last two decades. the investment decisions were more often made by the fancies of the investor’s analysis. Over the year.6. In India.1 CONCLUSION Economic liberalization has accelerated the price of development in the securities market. an investor cannot consistently earn abnormal returns by undertaking the analysis. according to effective market hypothesis it is possible for an investor to earn normal return by randomly choosing securities of a given risk level. As we analyzed the securities from different sectors there effective market hypothesis is a direct repudiation of fundamental analysis and technical analysis. the role of securities market is mobilizing and channelizing private capital for the economic development of the country and it has increased over the years and the securities market itself has undergone structural transformation with the introduction of computerized online trading and interconnected market system.

CXXIII .

BIBLIOGRAPHY

BOOKS  Investment Analysis and Portfolio Management, PRASSANNA CHANDRA  Investment Management – V.A.AVADHANI  Financial Market and Institutions- FRANCO MODIGLIANI  Security Analysis and Portfolio Management, author S.KEVIN.

NEWS PAPERS AND MAGAZINES • • Economic Times Business Today

WEB SITES VISITED • • • • www.bseindia.com www.nseindia.com www.indiastat.com www.moneycontrol.com

CXXIV

CXXV

ANNEXURE
Stock Indicators: Earnings per Share - EPS The EPS, or earnings per share as of a date, is defined as the ratio of the profit after tax net of non-recurring transactions (NNRT) of the company in the most recent 12 month period to the number of shares outstanding as on that date. Price to Earnings - PE Using the definition of EPS given above, the P/E ratio is defined as P/E = closing price / EPS Market Capitalisation - market cap The market capitalisation of a company as on a given date is defined as the product of the closing price on that date and the number of outstanding equity shares as on the same date. Current ratio - current_ratio This datafield is a measure of the short-term liquidity position of a company. This ratio is calculated using the following formula: current_assets/current_liab_prov Quick ratio - quick_ratio

CXXVI

14 367.538.526.3 526.09 39.43 631.432.47 0 0 48.362.13 53.17 493.94 51.3 526.545.81 0 57.24 410.3 526.073.641.88 0 634.57 964.224.34 475.3 0 0 30.703.31 386.046.35 742.06 30.882.032.84 0 24.47 631.947.184.786.644.56 435.41 589.697.82 0 57.3 0 0 27.565.26 0 31.713.70 634.66 537.403.3 0 0 23.53 19.25 83.84 526.042.772.117.88 Mar '06 12 mths Mar '07 12 mths Mar '08 12 mths Mar '09 12 mths CXXVII .687.87 55.401.131.298.09 380.578.072.26 566. This ratio is calculated using the following formula: quick_assets/ current_liab_prov Return on networth This datafield is a measure of the profitability of a company.56 60.89 459.68 795.869.19 0 49.08 526.30 721.727.79 0 27.30 526.This datafield is a measure of the short term liquidity position of a company.047.31 110.312.231. It is a calculated datafield and is arrived at using the following formula: (100*pat_nnrt/avg_net_worth) Balance sheet of State Bank of India following of the five years Mar '05 12 mths Capital and Liabilities: Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Net Worth Deposits Borrowings Total Debt Other Liabilities Provisions Total Liabilities Assets & 49.521.

810.69 721.77 202.17 459.13 3.67 2.15 594.30 261.380.849.48 964.618.114.652.73 CXXVIII .06 912.06 6.44 525.691.03 48.292.24 259.01 2.869.63 542.673.82 22.32 736.536.27 21.336.33 Balance with Banks.43 51.676.534.08 614.061.09 4.931.087.565.576.953.892.31 15.91 141.10 457.95 25.424.86 Contingent Liabilities Bills for collection Book Value (Rs) 131.20 189.390.42 121.92 5.652.65 3.432.148.88 8.53 162.24 7.139.41 263.34 57.84 22.22 234.964.84 4.20 275.574.44 37.794.26 44.374.35 5.57 70.45 197.503.418.603.49 149.325.768.076.641.385.546.828.534.96 10.857.70 29.733. Money at Call Advances Investments Gross Block Accumulated Depreciation Net Block Capital Work In Progress Other Assets Total Assets 22.54 191.Cash & Balances with RBI 16.27 8.988.819.27 18.751.40 44.47 152.27 337.73 2.501.71 22.72 416.511.882.89 776.59 93.91 6.417.11 79.907.39 493.097.25 566.526.62 55.403.

393.09 Mar ' 06 313.25 40.864.137.32 19.874.290.91 -12.88 0.393.58 1.57.46 -3.175.356.029.48 13.33 1.47 734.386.9 1.Balance sheet HDFC Bank following of five years Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets.73 58.14.12.811.56 950.65 3098.13 49.79 44. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding (lacs) Mar ' 09 425.265.706.796.89 966.00.49 4.24 89.720.89 16.42.55 6.083.431.986.43 11.86 1.42 Mar ' 05 309.40 23.338.84 2.45 5.605.402.54 4.49 -5.849.57 5.69 16.297.39 55.38 400.124.768.211.689.564.39 855.08 28.90 1.82 61.63 2.99.80 1.533.264.13 -10.589.43 1.07 4.14 0.76 68.82 2.447.43 4.86 3131.160.209.096.83 Mar ' 07 319.80 3.44.64 1.09.113.65 21.51 582.226.42 - 1.928.97 36.22 38.933.60 1.572.928.956.53 3.676.67 30.39 6.330.09 7.917.539.75 CXXIX .92 14.83 22.79 3544.19 708.354.363.93 4253.61 3193.731.277.99 1.81 1.349.249.817.62 -16.96 2.94 74.142.31 Mar ' 08 354.

27 256.75 363.73 21900.94 298.65 271.35 9458.04 14417.53 2337.02 42356.91 78880.71 12474.02 13689.14 -1047.96 - 723.85 10652 1547.77 2617.44 143.99 -3335.14 -3095.11 - 692.42 59652.45 2911.75 16512.48 9860.89 46122.93 3622.49 1353.38 1712.07 55424.2 10261.44 143.29 -2223.44 143.88 -1058.Balance Sheet of Corporation Bank following five Years Sources of funds Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Owner's fund Equity share capital 143.86 476.82 - 619.4 281.53 27233.44 411.07 73983.4 451.12 4807.48 - 32876.96 - CXXX .92 24937.16 36251.47 315.08 775.58 3577.38 - 571. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments 4753.26 5952.44 143.Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-inprogress Investments Net current assets Current assets.66 2595.42 4085.42 30288.35 3231.11 1279.9 255.44 Share application money .

26 1434.4 26691.4 29303.18082.4 14352.Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding 43640 1434.63 1434.4 Balance sheet of ICICI Bank for five years CXXXI .39 1434.4 .44 1434.

57 1.923.71 147.75 7.280.34 6.03.311.42 189.62 4.26 Mar ' 07 899.818.20 99.84 Mar ' 08 1.00 2.384.61 4.968.79 25.91 11126.65.112.927.419.16 CXXXII .746.987.64 -14.12.497.525.85 38.91.230.11.487.642.413.78 1.694.115.62 1.34 350 23.375.02 350 11.82 2.56 2.83 350 21.52 1.16 -10.Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets.813.3 50.06 43.90 1.31 7.94 71.84 5.24 11.15 1.771.65 1.718.670.73 2.87 23.17 44.431.454.362.341.66 91.96 1.45 Mar ' 06 889.99 21.43 -9.801.058.87.44.05 2.16 1.487.114.40.63 11132.07.585.85 3.173.88 -9.895.55.129.083.71 3.51 31.09 66.30.68 350 45.547.298.38 -11.53 2.257.639.090.11 4.29 350 48.642.036. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding (Lacs) Mar ' 09 1.46 7367.108.39 5.228.676.99 8898.347.251.77 42.04 96.35 34.34.19 2.14 3.510.18.03.68.227.01.75 0.17 1.92 2.396.37 97.56 8.765.113.797.443.357.551.67 15.316.920.99.980.78 80.41 8992.09 3.038.62 1.16 Mar ' 05 736.

09 Mar ' 05 410 5.187.62.900.90 4.168.892.46 712.53 116.09 36.822.368.42.769.438.87 1.488.885.25 -8.53 11.488.96.61 1.38 39.55 - 2.54.924.55 -10.21 - 2.33 2.34 7.04 618.428.Balance Sheet of CANARA Bank for five years Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-inprogress Investments Net current assets Current assets.225.26 13.86 1.66 49.254.11 1.06 Mar ' 07 410 7.01 49.994.030.23 1.92 904.629.577.651.30 - 2.776.04 96.02.908.5 7 Mar ' 06 410 6.381.66 - 2.57 4.72 555.12 Mar ' 08 410 7.63 1.204.4 5 1.50.51 1.46 4.54 1.16 1.62 31.9 38.195.701.608.72 37.109.974.39 2.42 1.909. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted CXXXIII Mar ' 09 410 9.13 575.07 2.3 57.60 113.811.685.42 1.16.582.86 1.38 1.18 1.060.48 45.17 13.88 4.95 8.684.803.242.053.63 -4.510.492.932.86.57 -5.860.29 33.656.598.072.61 761.718.337.173.23.440.91 -9.950.754.48 - .056.

811.62.98 4100 CXXXIV .15 4100 1.327.16 4100 59.29 4100 61.323.49 4100 67.564.010.21.investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding 1.