Neha Shah

Pratibha Institute of Business Management
Chinchwad, Pune
Department of MBA
Ay 2020-21
Project Outline Report for Summer Internship Project
• Name of the student- Neha Rakesh Shah
• Trainee Organization- ( If Any)
Name- Biscon Consultants

Address- Fremount Hills. 13 Ambegaon BK, Pune, Maharashtra
Email- bisconconsultants.weebly.com
Contact No.- 9673459667
• Internal Company Guide-
Name- Ravi Phadke

Designation – Owner
Email- bisconconsultants.weebly.com
Contact No.- 9673459667
• Beginning date of the SIP: 1st June 2020
• Completion ( Projected) date of SIP: 31st July 2020.
• Specialization- Finance
Title of the project- Fundamental and Technical Analysis of Selected Stocks and
Strategies of Investment
1. Introduction
• In trading of stocks, it is mandatory to carry out certain analysis so as to find out
whether the investment in that share is profitable in short term or long term.
Traders need to be very efficient while conducting this analysis as stock market is
unstable and in order to predict whether the stock will be bullish or bearish in near
future. Analysis helps an investor to take appropriate decision whether to buy or
sell the share.
• At a broad level, there are two disciplines to conduct the stock analysis.
1. Fundamental Analysis - This analysis is conducted through evaluation of
company’s financial data such as Balance Sheet, Cash Flow Statement, Income
Statement, Financial ratios and many more. Analysing is done on qualitative and
quantitative parameters.
2. Technical Analysis- Traders who carry out the Technical analysis feel that to
analyse the stock there is no need to go in deep data of fundamentals of the
company. How stock will perform in the near future can be derived only from the
price change of stocks everyday. They study the everyday price change pattern of
the stock to analyse or predict about the price in future. Technical analyst consider
the price and the volume of the stock for conducting the Technical Analysis. They
are of the opinion that the trend in the price of the stock tends to repeat over time
and investors react in the similar pattern.
• Objectives set for the project study
• To conduct fundamental analysis of companies related to Automobiles sector to

determine the fair value of a company by carefully analysing the past and present
performance of the company.
• To conduct technical analysis of companies related to Automobiles sector to

evaluate investments and identify trading opportunities for investors.
• To conduct a detailed study of the companies related to the sector in order to assess
the risk and provide a comparative picture on the risk parameters.
• To find out kind of strategy of investment which investors look while

investing in a company.
2. Rationale/ Significance if the Study

• This study is useful for the investors to analysis which stocks are better to invest for a
short term or long term.
• This study is useful to analysis the performance of the stock in near future by analysis its
past performance.
• This study is done by carefully examining the performance of the stock in past 1 year.
3. Research Methodology and Design
NEED OF THE PRESENT STUDY:
Capital market has always been susceptible to the variety of variables pertaining the prices,
trading, behavior, settlement, liquidity, economy and listed companies. Every time one kind
of formula or principle does not work that's why the I have planned to conduct the research
work on the present topic.
Technical and fundamental analyses are the important tools for the security analysis. If we
think about security analysis then it is easy to predict the future stock price trend on the
basis of technical analysis and show the profitability position on the basis of fundamental
analysis. All stake holders (investors, brokers, management, merchant bankers, regulatory
agencies, Government and researchers etc.) of the stock market have benefited by taking the
use of technical and fundamental analysis.
SCOPE AND AREA OF THE STUDY:

There are thousands of companies listed on the Bombay Stock Exchange and National
Stock Exchange. There are many indices for both the stock exchange. It is very difficult to
conduct technical and fundamental analysis of all listed companies on BSE or NSE. So, I
have studied the 4 companies of Automobile industry.
RESEARCH DESIGN
The present study is empirical-cum-analytical in nature. It is based on tools of technical
analysis on the basis of observation or experience and fundamental analysis is conducted on
the secondary data collected from the company’s annual report. So, it is empirical by
nature. It has examined the profitability of companies with the help of suitable statistical
tools. So, it is analytical by nature.
SAMPLING DESIGN
4 companies listed on Bombay Stock Exchange and National Stock Exchange related
automobile industry is the population. Non-probability sampling technique was used
for the study.
NATURE, SOURCES AND COLLECTION OF DATA
It has based on secondary data collected from financials of the companies from their
Annual report and stock price and stock volume is calculated through the live charts of
the stocks.
.
Photo
Kamala Education Society's

PRATIBHA INSTITUTE OF BUSINESS MANAGEMENT
Block D- III, Plot No. 3, Behind Mehta Hospital, off Pune Mumbai
Road, Chinchwad Station, Pune, Maharashtra - 411019.
PROGRESS REPORT: - 20 )
(202202220
Name: Neha Rakesh Shah
Course: MBA Specialization : Finance Roll Number : 58
Address: Yayati Society Pimpri Pune -18
Email-Id : neharshah061097@gmail.com
ContactNumber : 9579076077
Duration of theProject : 2 Months
Name of the Company:Biscon Consultants
Company Address: Fremount Hills. 13 Ambegaon BK, Pune, Maharashtra
Name of the external guide & email id : Ravi Phadke

(bisconconsultants.weebly.com)
Telephone No. : 9673459667
Project commencement date: 1st June 2020
Project completion date: 31st July 2020

Project Title: Fundamental and Technical Analysis of Selected Stocks and their
Investment decisions
Internal Faculty Guide Discussion
Date Points Discussed Progress Report Sign

St
1 SESSION / WEEK
7th June 2020 Finalised Topic Completed
10th June 2020 Objectives Set Completed
2ndSESSION / WEEK
13th June 2020 Scope of the study Completed
3rdSESSION / WEEK
20ndJune 2020 Industry profile Completed
rd
23 June 2020 Company profile Completed
th
4 SESSION / WEEK
th
27 June 2020 Theoretical Background Completed
5thSESSION / WEEK
30st June 2020 Research Methodology Completed
6thSESSION / WEEK
5th July 2020 Data analysis and Interpretation Completed
7thSESSION / WEEK
23stJuly 2020 Findings from the project Completed
th
26 July 2020 Learning from the project Completed
8thSESSION / WEEK
28th July Conclusion Completed
31st July Bibliography Completed
Company Guide Discussion (If Any)

Week Discussion
1 Start reading a little about Income Tax, Heads of Incomes, Calculation of
Total Income.
• Finance interns are expected to watch CNBC Away from 9:00 to 9:30 am
regularly.
• Note the terms from the news and try to find the meaning.
• Read about Financial Markets, Financial and Economic Aspects in our
economy.
• Submit two page report on “The effect of Covid on Indian Stock Markets”
• Identify 5 star rated Mutual Funds. Prepare a comparative table for the
returns provided to the investors in last 1 year.
• Identify top 10 private sector banks, top 5 public sector banks and top 5
co- operative banks and compare on the interest rates provided on FD/
Saving/ Current/ Recurring deposits.
• Find information about Post Office FD scheme. What is the minimum and
maximum amount that can be deposited under Post Office FD.
• Make a report on History of Stock Markets, Stock Exchanges in India, Stock
Exchanges in the world, Various important world stock indices and their
impact on World Economy, How are stock Indices derived, Deriving SENSEX
and NIFTY, role of SEBI, Types of Market- Primary and Secondary.
• Make a report on Fundamental analysis- meaning and definition, Why it is
done, Type of analysis involved, Steps involved, Example of fundamental
analysis of 1 company.
• Make a detailed report on “ 20 lakh crore package by central government.
It’s division, how it will be passed on to public, monitoring mechanism,
benefits etc. Refer to Finance Minister speeches”
2 Study the website ‘ibef.org' . Download few industry reports and write what
you have understood in 1 page.
• What is Technical Analysis- need and importance, methods, tools of
analysis, chart analysis with examples.
• Conduct chart analysis for Short term, Medium term and Long term on
any 2 stocks of your choice. Identify support and resistance levels.
• Same chart analysis to conduct everyday on 2 different stocks everyday.
3 Submit Fundamental and Technical analysis of 2 companies of your choice
everyday. New 2 companieseveryday for the whole week.
4 • Download the annual report of any one listed company everyday and
conduct fundamental on the basis of data from the annual report and
Technical analysis from the Live stock prices. Submit annual report along
with the word document. Give presentation on the annual report and
record the same video and share the video link on the group. This has to be
done whole week.
5 • Select any two sectors of your choice and study both the sectors.
6 and 7 Submit fundamental and technical analysis of 2 companieseveryday.
• This same thing is to be done for 2 weeks.
8 • The two sectors which are selected for the final report submit the report
on sector performance last year.
• Conduct fundamental and Technical analysis of 10 companies from each
sector which means total 20 companies. Give a comparative picture of the
company’s performance, stock prices, liquidity, profitability positions,
investment position. Also suggest what kind of strategy of investment
should an investor look while investing these companies. Which stocks can
be hold for long term/ short term, when can he buy/ sell the stock. Assess
the risks and provide a comparative picture on the risk parameters. Arrange
the stocks in ascending order in the level of risk involved in buying/ selling/
holding a particular stock.
• Study the 2 options of filing Income Tax return for FY 2020- 21. Make a ppt
on comparison of both the options and which option will be suitable for
which kind of people.
REMARKS
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Signature of student Signature of Internal Guide

SUMMER INTERNSHIP PROJECT REPORT
ON
FUNDAMENTAL AND TECHNICAL ANALYSIS OFSELECTED
STOCKS AND STRATEGIES OF INVESTMENT
At
BISCON CONSULTANTS
SUBMITTED TO
“SAVITRIBAI PHULE PUNE UNIVERSITY”
IN PARTIAL FULFILMENT FOR THE AWARD OF MASTER IN BUSINESS

ADMINISTRATION (MBA)
SUBMITTED BY
NEHA RAKESH SHAH
BATCH (2019-21)
UNDER THE GUIDANCE OF
DR. SHWETA JAIN

THROUGH
Pratibha Institute of Business Management

Chinchwad, Pune- 411019
DECLARATION
I NEHA RAKESH SHAH studying in MBA (2019-21) at PRATIBHA

INSTITUTE OF BUSINESS MANAGEMENT, Declare that the information I have
gathered during the period of field work Report I have collected all these information is
correctly in this particular period, which is to be completed as per rules of the Savitribai
Phule Pune University .
I honestly express that the formation is not collected with any commercial
intention and motivation. Thus the sole object of collecting information is of academic
purpose and I sure that collected information is of academic purpose shall be only for
fieldwork Report and Nothing else.
Name.
Sign.
ACKNOWLEDGEMENT
I own a great deal to PRATIBHA INSTITUTE OF BUSINESS MANAGEMENT for

laying the building blocks of logic and pragmatism in my life. This report, in a way is a
reflection of these values. The organisation traineeship segment (OTS) provided us with a
unique opportunity of working with an organisation. I would like to express my earnest
gratitude and thanks to Dr. SACHIN BORGAVE Director of PRATIBHA
INSTITUTE OF BUSINESS MANAGEMENT for his support and kind blessings.
I like to thank my project guide Dr. Shweta Jain for constant follow-up and valuable
suggestions provided throughout. She has always been an everlasting source of
inspiration and guidance. Also, thank to for helping me to find these nice company for
project.
I also thank to BISCON CONSULTANTS who have given their valuable time, views
and authentic information for this project.
I am also grateful to all of them who are directly or indirectly involved in driving this project to a
success. I would like to thank my friends, and colleagues for their continuous support.
INDEX
Chapter Title Page

no. Number
Executive Summary 1
1 Introduction 3
→Outline of the problem
→Objectives, scope & Limitations of the study
2 Industry Profile 7
3 Company Profile 11
4 Theoretical Background 13
5 Literature Review 19
6 Research Methodology 22
7 Data Analysis and Interpretation 27
8 • Findings 44
• Suggestions
9 Learning through the project 46
10 Conclusion of the Project 47
Bibliography 49
Annexure 50
BISCON
CONSULTANTS
Date: 20-08-2020

TO WHOMSOEVER IT MAY CONCERN

CERTIFICATE OF INTERNSHIP

This is to certify that MS. NEHA SHAH has undertaken Summer Internship with BISCON
CONSULTANTS and has successfully completed the project titled “FUNDAMENTAL AND
TECHNICAL ANALYSIS OF SELECT STOCKS AND STRATEGIES FOR INVESTMENT” during
1st June 2020 to 31st July 2020.

I congratulate her for putting best efforts during the course of her work with BISCON
CONSULTANTS and would like to extend my best wishes for all her future endeavours.

Dr. Ravi Phadke
Consultant and Promoter
BISCON CONSULTANTS
BISCON CONSULTANTS, (+91) 9673459667| bisconconsultants@gmail.com |

bisconconsultants.weebly.com | Skype: raviskype1985 | 5, Fremount Hills, Ambegaon (Bk.), Pune
411046
EXECUTIVE SUMMARY
1
EXECUTIVE SUMMARY
Fundamental analysis is used in stock selection for equity portfolio management. To

find out the intrinsic value on the basis of fundamentals and compares value with the
current market price to determine if the security is underpriced or overpriced
fundamental analysis is done. Technical analysis, which comes in the form of
different charts so also known as ―charting, has been a part of financial studies for
many decades. Initially Technical analysis has not received the same level of
acceptance as fundamental analysis. One of the greatest challenge between academic
finance and industry practice is the separation that exists between technical analysts
and their academic critics. Investors would like to categorize the stocks into value and
growth. Value investors invest for the stocks that are trading at less than their
apparent worth, but on the other hand growth investors focus on the future potential
of the firm and buy companies that are trading higher than their current intrinsic
worth with the belief that the companies‘ intrinsic worth will grow and go beyond
their current valuation
The important feature of capital market instruments forces investors to depend
strongly on fundamental factors in their investment decisions. Fundamental research
focuses on finding and analyzing the factors that influence security prices whereas
technical analysis is exclusively alarmed with analyzing market behaviour. Given the
quick differences, it is easy to understand why proponents tend to favor one over the
other. In current scenario, if the investors are mainly depends on fundamental
analysis, broker‘s advice, news paper articles or business channels for investing/
trading decisions, at which investor get painful experience in the stock market .then it
will not give correct decision. So Technical analysis is also needful. It is all about
learning the Art of Making Profits in all market situations whether going up or
declining Knowledge of the stock markets is key ingredient to the success and
emphasis should be on managing trading risk while technical analysis can help the
investors‘ to control. There is only one side to the stock market and it is not the bull
side or bear side but the right side technical analysis can be used, when to buy and
when to sell the shares.
2
CHAPTER 1
INTRODUCTION
3
INTRODUCTION
In trading of stocks, it is mandatory to carry out certain analysis so as to find out
whether the investment in that share is profitable in short run or long run. Traders
need to be very efficient while conducting this analysis as stock market is unstable
and in order to predict whether the stock will be bullish or bearish in near future.
Analysis helps an investor to take appropriate decision whether to buy or sell the
share.
At the broad level, there are two disciplines to conduct the stock analysis.
• Fundamental Analysis
• Technical Analysis
Both the analysis can be carried only after thorough study of the stocks. Both
type of analysis vary completely depending upon the market participants,
financial profiles and time horizons.
FUNDAMENTAL ANALYSIS OF STOCK

This analysis is conducted through evaluation of company’s financial data such
as Balance Sheet, Cash Flow Statement, Income Statement, Financial ratios and
many more. Analysing is done on qualitative and quantitative parameters.
• Quantitative Parameters involve ratio analysis and earnings
projections by analysing key financial indicators. For this, analysts
need to go through company’s past years financials like the balance
sheet, income statement, cash flow statement and provided
disclosures.
• Qualitative Parameters requires analyzing non- financial aspects of
the company like management quality, corporate governance,
treatment of minority shareholders, general business practices and
competitive strategy.
Within fundamental analysis, investors can choose to adopt either of the following
ways:
• Top- Down Approach - This approach starts with the analysis of broader
economic levels and than it identifies key sectors that will benefit in the
4
current economic and business environment. It also involves to identify the
best company of the sector for the actual investment.
• Bottom – Up Approach – In this approach, a reverse path is followed as the
analyst first starts with the company and analyze qualitative and quantitative
factors, before moving up to broader variables like industry and economy.
TECHNICAL ANALYSIS OF THE STOCK

Traders who carry out the Technical analysis feel that to analyze the stock there is no
need to go in deep data of fundamentals of the company. How stock will perform in
the near future can be derived only from the price change of stocks everyday. They
study the everyday price change pattern of the stock to analyze or predict about the
price in future. Technical analyst consider the price and the volume of the stock for
conducting the Technical Analysis. They are of the opinion that the trend in the price
of the stock tends to repeat over time and investors react in the similar pattern.
This kind of analysis are carried out by the analyst with the use of
• Charts ( showing price and volume trends)

• Moving averages
• Other momentum indicators
Technical Analysis are mostly conducted for short periods which range from
hours, days, weeks and months. Where else , Fundamentals analysis use data of
many past years to arrive at the conclusion.
Both the Analysis aims at earning higher returns but the path which both use to
carry out the analysis are completely different. Which path they want to select
depends upon the time horizon and many other factors.
OBJECTIVE OF THE STUDY:-

• To conduct fundamental analysis of companies related to Automobiles sector
to determine the fair value of a company by carefully analyzing the past and
present performance of the company.
• To conduct technical analysis of companies related to Automobiles sector to
evaluate investments and identify trading opportunities for investors.
• To conduct a detailed study of the companies related to the sector in order to
assess the risk and provide a comparative picture on the risk parameters.
5
• To find out kind of strategy of investment which investors look while
investing in a company.
SCOPE OF THE STUDY:

• 4 companies of Automobile sector has been conducted.
• Fundamental analysis of 4 companies has been done with the help of Balance
Sheet, Profit and Loss Statement, Cash Flow Statement and Ratio.
• Technical Analysis has been conducted of the 4 companies by studying
candlestick chart patterns.
LIMITATIONS OF THE STUDY:-

• The study is based on few techniques only out of all indicators/techniques and
tools of Technical Analysis.
• The time limit for the study was less.
• The data has been collected from the official websites of the company and no
company is visited personally.
• No interaction is done with any personnel of the companies selected.
6
CHAPTER – 2
INDUSTRY PROFILE
7
INDUSTRY PROFILE
AUTOMOBILE INDUSTRY
Introduction
India became the fifth largest auto market in 2019 with sales reaching to 3.81 million
units. It was the seventh largest manufacturer of commercial vehicles in 2019.
The two wheelers segment dominate the market in terms of volume owing to a
growing middle class and a young population. Moreover, the growing interest of the
companies in exploring the rural markets further aided the growth of the sector.
Market Size
Domestic automobiles production increased at 2.36 per cent CAGR between FY16-20
with 26.36 million vehicles being manufactured in the country in FY20. Overall,
domestic automobiles sales increased at 1.29 per cent CAGR between FY16-FY20
with 21.55 million vehicles being sold in FY20.
Two wheelers and passenger vehicles dominate the domestic Indian auto market.
Passenger car sales are dominated by small and mid-sized cars. Two wheelers and
passenger cars accounted for 80.8 per cent and 12.9 per cent market share,
respectively, accounting for a combined sale of over 20.1 million vehicles in FY20.
Overall, automobile export reached 4.77 million vehicles in FY20, growing at a

CAGR of 6.94 per cent during FY16-FY20. Two wheelers made up 73.9 per cent of
the vehicles exported, followed by passenger vehicles at 14.2 per cent, three wheelers
at 10.5 per cent and commercial vehicles at 1.3 per cent.
EV sales, excluding E-rickshaws, in India witnessed a growth of 20 per cent and

reached 1.56 lakh units in FY20 driven by two wheelers.
Premium motorbike sales in India recorded seven-fold jump in domestic sales,

reaching 13,982 units during April-September 2019. The sale of luxury cars stood
between 15,000 to 17,000 in the first six months of 2019.
Investments
In order to keep up with the growing demand, several auto makers have started
investing heavily in various segments of the industry during the last few months. The
industry has attracted Foreign Direct Investment (FDI) worth US$ 24.21 billion
between April 2000 and March 2020, according to the data released by Department
for Promotion of Industry and Internal Trade(DPIIT).
8
Some of the recent/ planned investments and developments in the automobile sector
in India are as follows:
➢ In April 2020, TVS Motor Company bought UK’s iconic sporting motorcycle
brand, Norton, for a sum of about Rs 153 crore (US$ 21.89 million), making
its entry into the top end (above 850cc) segment of the super bike market.
➢ As of May 2019, Jaguar Land Rover (JLR) launched its locally assembled
Range Rover Velar, making JLR cars more affordable by quite some margin.
➢ In March 2020, Lithium Urban Technologies partnered with renewable energy
solutions provider, Fourth Partner Energy, to build charging infrastructure
across the country.
➢ In January 2020, Tata AutoComp Systems, the auto-components arm of Tata
Group entered a joint venture with Beijing-based Prestolite Electric to enter
the electric vehicle (EV) components market.
➢ In December 2019, Force Motors planned to invest Rs 600 crore (US$ 85.85
million) in order to develop two new models over the next two years.
➢ In December 2019, Morris Garages (MG), a British automobile brand,
announced plans to invest an additional Rs 3,000 crore (US$ 429.25 million)
in India.
➢ Audi India planned to launch nine all-new models including Sedans and SUVs
along with futuristic E-tron EV by end of 2019.
Government Initiatives
The Government of India encourages foreign investment in the automobile sector
and has allowed 100 per cent foreign direct investment (FDI) under the automatic
route.
Some of the recent initiatives taken by the Government of India are –
➢ Under Union Budget 2019-20, the Government announced to provide
additional income tax deduction of Rs 1.5 lakh (US$ 2,146) on the interest
paid on the loans taken to purchase EVs.
➢ Under NATRiP, the Government of India is planning to set up R&D centre at
a total cost of US$ 388.5 million to enable the industry to be on par with
global standards
➢ The Ministry of Heavy Industries, Government of India has shortlisted 11
cities in the country for introduction of EVs in their public transport systems
9
under the FAME (Faster Adoption and Manufacturing of (Hybrid) and
Electric Vehicles in India) scheme. The Government will also set up
incubation centre for start-ups working in the EVs space.
Achievements
Following are the achievements of the Government in the last four years:
➢ In H12019, automobile manufacturers invested US$ 501 million in India’s
autotech start-ups according to Venture intelligence.
➢ Investment flow into EV start-ups in 2019 (till end of November) increased
nearly 170 per cent to reach US$ 397 million.
➢ NATRiP’s proposal for “Grant-In-Aid for test facility infrastructure for EV
performance Certification from NATRIP Implementation Society” under the
FAME Scheme was approved by Project Implementation and Sanctioning
Committee (PISC) on 3rd January 2019.
➢ Under NATRiP, following testing and research centre have been established
in the country since2015o International Centre for Automotive Technology
(ICAT), Manesaro National Institute for Automotive Inspection.
➢ SAMARTH Udyog – Industry 4.0 centres: ‘Demo cum experience’ centres
are being set up in the country for promoting smart and advanced
manufacturing helping SMEs to implement Industry 4.0 (automation and data
exchange in manufacturing technology).
Road Ahead
The automobile industry is supported by various factors such as availability of skilled
labour at low cost, robust R&D centres, and low-cost steel production. The industry
also provides great opportunities for investment and direct and indirect employment
to skilled and unskilled labour.
Indian automotive industry (including component manufacturing) is expected to reach
Rs 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026.
10
CHAPTER-3
COMPANY PROFILE
11
COMPANY PROFILE
BISCON CONSULTANT
ABOUT US: BISCON CONSULTANTS is team of young & dynamic professionals,

working in the field of Finance since more than a decade. Major focus of our
activities is helping entrepreneurs grow and simultaneously offer them a bunch of
values that will help them achieve their goals. We believe in educating our clients
about their financial goals and responsibilities. We not only provide you with
business solutions under one roof but also regularly and timely upgrade knowledge
and increase awareness. This philosophy is backed by a strong team of highly
committed and experienced team that we have. BISCON CONSULTANTS creates
value for our clients, people and communities in a changing world. In FY18, BISCON
CONSULTANTS firms provided services to some of the reputed Global companies
and entrepreneurial and private businesses and individuals. Everything we do and
achieve is only possible because of our people -working together to achieve a
common purpose: to build trust in society and solve important problems. Our values -
act with integrity, make a difference, care, work together and reimagine the possible -
underpin everything we do. From the world's leading multinational companies to start
ups, from family businesses and private individuals, our clients come in all shapes
and sizes. To build trusted relationships and work with them to create the value
they're looking for. Our most significant societal impact comes from the work we do
every day supporting our clients across the globe. We believe in sharing BISCON
CONSULTANTS’s greatest asset –the skills, knowledge and talent of our people –to
drive change and build trust. We also seek to be responsive and responsible for the
impact our work has on people and the planet and have announced a new global
commitment to tackle carbon emissions. Delivering audits of the highest quality is
core to our purpose.
12
CHAPTER- 4
THEORETICAL
BACKGROUND
13
THEORETICAL BACKGROUND
FUNDAMENTAL ANALYSIS
All stock analysis tries to determine whether a security is correctly valued within the
broader market. Fundamental analysis is usually done from a macro to micro
perspective in order to identify securities that are not correctly priced by the market.
Analysts typically study, in order, the overall state of the economy and then the
strength of the specific industry before concentrating on individual company
performance to arrive at a fair market value for the stock.
Fundamental analysis uses public data to evaluate the value of a stock or any other
type of security. For example, an investor can perform fundamental analysis on a
bond's value by looking at economic factors such as interest rates and the overall state
of the economy, then studying information about the bond issuer, such as potential
changes in its credit rating.
For stocks, fundamental analysis uses revenues, earnings, future growth, return on
equity, profit margins, and other data to determine a company's underlying value and
potential for future growth. All of this data is available in a company's financial
statements.
Some of the Financial statements that we can analyse of different companies while
conducting Fundamental analysis are as follows:
The Balance Sheet

The balance sheet represents a record of a company's assets, liabilities and equity
at a particular point in time. The balance sheet is named by the fact that a
business's financial structure balances in the following manner:
Assets = Liabilities + Shareholders' Equity
Assets represent the resources that the business owns or controls at a given point in
time. This includes items such as cash, inventory, machinery and buildings. The other
side of the equation represents the total value of the financing the company has used
to acquire those assets. Financing comes as a result of liabilities or equity. Liabilities
represent debt (which of course must be paid back), while equity represents the total
value of money that the owners have contributed to the business - including retained
earnings, which is the profit made in previous years.
14
The Income Statement
While the balance sheet takes a snapshot approach in examining a business, the
income statement measures a company's performance over a specific time frame.
Technically, you could have a balance sheet for a month or even a day, but you'll only
see public companies report quarterly and annually.
The income statement presents information about revenues, expenses and profit
that was generated as a result of the business' operations for that period.
Statement of Cash Flows

The statement of cash flows represents a record of a business' cash inflows and
outflows over a period of time. Typically, a statement of cash flows focuses on the
following cash-related activities:
➢ Cash from investing (CFI): Cash used for investing in assets, as well as the
proceeds from the sale of other businesses, equipment or long-term assets
➢ Cash from financing (CFF): Cash paid or received from the issuing and
borrowing of funds
➢ Operating Cash Flow (OCF): Cash generated from day-to-day business
operations
The cash flow statement is important because it's very difficult for a business to
manipulate its cash situation. There is plenty that aggressive accountants can do to
manipulate earnings, but it's tough to fake cash in the bank. For this reason, some
investors use the cash flow statement as a more conservative measure of a company's
performance.
TECHNICAL ANALYSIS:
Technical analysis operates from the assumption that past trading activity and price
changes of a security can be valuable indicators of the security's future price
movements when paired with appropriate investing or trading rules. Professional
analysts often use technical analysis in conjunction with other forms of research.
Retail traders may make decisions based solely on the price charts of a security and
similar statistics, but practicing equity analysts rarely limit their research to
fundamental or technical analysis alone.
Today the field of technical analysis builds on Dow's work. Professional analysts
typically accept three general assumptions for the discipline:
15
1. The market discounts everything
Technical analysts believe that everything from a company's fundamentals to broad

market factors to market psychology are already priced into the stock. This point of
view is congruent with the Efficient Market Hypothesis (EMH) which assumes a
similar conclusion about prices. The only thing remaining is the analysis of price
movements, which technical analysts view as the product of supply and demand for a
particular stock in the market.
2. Price moves in trends

Technical analysts expect that prices, even in random market movements, will
exhibit trends regardless of the time frame being observed. In other words, a stock
price is more likely to continue a past trend than move erratically. Most technical
trading strategies are based on this assumption.
3. History tends to repeat itself

Technical analysts believe that history tends to repeat itself. The repetitive nature of
price movements is often attributed to market psychology, which tends to be very
predictable based on emotions like fear or excitement. Technical analysis uses chart
patterns to analyse these emotions and subsequent market movements to understand
trends. While many forms of technical analysis have been used for more than
100years, they are still believed to be relevant because they illustrate patterns in price
movements that often repeat themselves.
How Technical Analysis Is Used

Technical analysis attempts to forecast the price movement of virtually any tradable
instrument that is generally subject to forces of supply and demand, including stocks,
bonds, futures and currency pairs. In fact, some view technical analysis as simply the
study of supply and demand forces as reflected in the market price movements of a
security. Technical analysis most commonly applies to price changes, but some
analysts track numbers other than just price, such as trading volume or open interest
figures.
Across the industry there are hundreds of patterns and signals that have been
developed by researchers to support technical analysis trading. Technical analysts
have also developed numerous types of trading systems to help them forecast and
16
trade on price movements. Some indicators are focused primarily on identifying the
current market trend, including support and resistance areas, while others are focused
on determining the strength of a trend and the likelihood of its continuation.
Commonly used technical indicators and charting patterns include trend lines,
channels, moving averages and momentum indicators. In general, technical analysts
look at the following broad types of indicators:
➢ Price trends
➢ Chart patterns
➢ Volume and momentum indicators
➢ Oscillators
➢ Moving Averages
➢ Support and resistance levels
In Technical Analysis, I have conducted Candlestick Chart Analysis.
Candlestick Chart Analysis

Candlestick analysis focuses on individual candles, pairs or at most triplets, to read
signs on where the market is going. The underlying assumption is that all known
information is already reflected in the price. The technique is usually combined with
support & resistance. Each candle contains information about 4 prices: the high, the
low, the open and the close. A candle body reflects the net price movement between
open and close while the wicks show reversals that occurred within the timeframe of
the candle.
Each candlestick, therefore, provides an easy-to-decipher picture of the price action.
The length of the wicks versus the length of the body in combination with whether a
candle is bullish or bearish, can be used to determine a signal for the price action to
come. Common candlesticks that are used in this analysis are dojis, spinning tops,
hammers, engulfing candles, pinbars and inside bars.
Support level
Support, or a support level, refers to the price level that an asset does not fall below
for period of time. An asset's support level is created by buyers entering the market
whenever the asset dips to a lower price. In technical analysis, the simple support
level can be charted by drawing a line along the lowest lows for the time period being
17
considered. The support line can be flat or slanted up or down with the overall price
trend.
Resistance level
Resistance, or a resistance level, is the price at which the the price of an asset meets
pressure on its way up by the emergence of a growing number of sellers who wish to
sell at that price. Resistance levels can be short-lived if new information comes to
light that changes the overall market’s attitude toward the asset, or they can be long-
lasting. In terms of technical analysis, the simple resistance level can be charted by
drawing a line along the highest highs for the time period being considered.
Bearish
Bears think things are going to get worse (i.e. bearish) and therefore enter the market
with a sell. After entering a bearish position in the market, you’re what is called
‘short’. Price movement from this point up or down will change a bear’s account
value in increments of the chosen market. When the opening price is higher than the
closing price of the stock than it is said as Bearish stock. It is shown with a red candle
stick.
Bullish
Bulls are the opposite–they think the prices are going up (bullish), and therefore enter
the market with a buy. After entering a bullish position in the market, naturally, you
are what is called ‘long’. Once again, price movement from this point up or down will
change a bull’s account value in increments of the chosen market. When the closing
price is higher than the opening price than it is considered as Bullish. It is shown with
the help of Green Candlestick.
18
CHAPTER- 5
LITERATURE REVIEW
19
LITERATURE REVIEW
REVIEW ON FUNDAMENTAL ANALYSIS

The fundamental analysis approach assumes that each security has an intrinsic value
that can be decided on the basis of such information like accounting earnings,
dividends, gross factors and debt/ equity ratios etc. Technical experts determines the
intrinsic value on the basis of these fundamentals and compares this value with the
current market price to determine if the security is under priced or over priced [Preeti,
2009] examines whether fundamental analysis involving two types of approaches like
traditional and growth. Fundamentally powerful firms earn excess mean returns in
comparison to fundamentally work firms.
It helps in differentiating between the over valued firms and firms with growth
potential.
(Mishra 2016) Stated the extent to which trading profitability using technical
analysis indicators explains the ‘risk premium’ or ‘risk compensation’ for investing in
equity markets as against the assets which are relatively risk free using multiple
regression analysis. It is advised that traders , retail investors and fund managers,
while evaluating portfolios, can rely on technical indicators based trading strategies
other than fundamental analysis.
(Pandya, 2013) Conducted study for information technology sector companies and
technical analysis is done for them. He carried out retail research for technical
analysis of the securities of the selected companies from the information technology
sector and to assist portfolio decisions in this sector, since information technology
sector is one of the most upcoming and booming sectors in the Indian Market. It has
proven to be one of the most important and fastest growing sectors of the Indian
Economy.
(Boobalan, 2014) carried out Technical Analysis of the securities of the selected
companies from industry and to assist investment decisions in the Indian market.
Technical Analysis through this study does not result in absolute predictions about the
future with regard to forecasting.
(Roy,2015) done fundamental analysis and stated that one should examine the
economic environment, industry performance and company performance before
20
making an investment decision. One of the livelier and long- lasting debates in
securities research is the relative merits of fundamental research and technical
research.
(Mutswenje, 2014) tested the tenets of the behavioural finance theory on the factors
that influence investment decisions under conditions of uncertainty.
(Venkatesh, 2011) reports the result of a questionnaire survey in June/ July 2010 on
the use of Fundamental and Technical analysis by brokers/ fund managers in Indian
stock market to form their forecasts of share price movements. Fundamental analysis
is a method of finding out the future price of a stock which an investor decides to buy.
It relates to examination of the intrinsic worth of the company to find out whether the
current market price is fair or not, whether it is overpriced or underpriced.
(Peachavanish, 2016) proposes a method using cluster analysis to identify the group
of stocks that has the best trend and momentum characteristics at a given time, and
therefore are most likely to outperform the market during a short time period.
(Bhupesh, 2013), proposes a method of stock pricing and finding access point of
investment in stocks using a hybrid method consisting of self- organizing maps and
selected technical indicators.
(Hon- Snir, 2011) studied that investors use financial statements and support and
resistance lines together as a primary tool for the investment behaviour. For many
years investors used various tools to support of their buying and selling stock
decisions. Two sets of tools are commonly used by investors... Fundamental and
technical analysis.
21
CHAPTER-6
RESEARCH METHODOLOGY
22
RESEARCH METHODOLOGY
INTRODUCTION:
A research methodology or involves specific techniques that are adopted in research
process to collect, assemble and evaluate data. It defines those tools that are used to
gather relevant information in a specific research study. Surveys, questionnaires and
interviews are the common tools of research.
NEED OF THE PRESENT STUDY:
Capital market has always been susceptible to the variety of variables pertaining the
prices, trading, behaviour, settlement, liquidity, economy and listed companies. Every
time one kind of formula or principle does not work that's why the I have planned to
conduct the research work on the present topic.
Technical and fundamental analyses are the important tools for the security analysis.
If we think about security analysis then it is easy to predict the future stock price
trend on the basis of technical analysis and show the profitability position on the basis
of fundamental analysis. All stake holders (investors, brokers, management, merchant
bankers, regulatory agencies, Government and researchers etc.) of the stock market
have benefited by taking the use of technical and fundamental analysis.
SCOPE AND AREA OF THE STUDY:
There are thousands of companies listed on the Bombay Stock Exchange and
National Stock Exchange. There are many indices for both the stock exchange. It is
very difficult to conduct technical and fundamental analysis of all listed companies on
BSE or NSE. So, I have studied the 4 companies Automobile industry.
PROFILE OF THE COMPANIES:
The 4 Company’s profile which I have selected to conduct fundamental and
Technical analysis are as follow:
23
TATA MOTORSLTD
It is listed on the BSE with a BSE Code of 570001 and the NSE with an NSE Code of
TATAMTRDVR. Tata Motors Limited, formerly Tata Engineering and Locomotive
Company (TELCO) , is an Indian multinational automotive manufacturing company
headquartered in Mumbai, Maharashtra, India. It is a part of Tata Group, an Indian
conglomerate. Its products include passenger cars, trucks, vans, coaches, buses, sports
cars, construction equipment and military vehicles.
MAHINDRA & MAHINDRALTD
M&M. Mahindra & Mahindra Limited operates in nine segments. The automotive
segment includes sales of automobiles, spare parts and related services. Farm
equipment segment includes sales of tractors, spare parts and related services;
information technology (IT) services, which consists of services rendered for IT and
telecom; financial services includes services relating to financing, leasing and hire
purchase of automobiles and tractors etc.
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MARUTI SUZUKI INDIALTD
MARUTI. Maruti Suzuki India Limited (MSIL) is engaged in the business of
manufacture, purchase and sale of motor vehicles, automobile components and
spareparts(automobiles).TheotheractivitiesoftheCompanyconsistoffacilitation of pre-
owned car sales, fleet management and car financing.
HERO MOTOCORPLTD
HEROMOTOCO. Hero MotoCorp is the World`s single largest two- wheeler
motorcycle company. Hero Honda became the first company in the country to
introduce four-stroke motorcycles and set the standards for fuel efficiency, pollution
control and quality. They have an excellent distribution and service network spread
throughout the country.
RESEARCH DESIGN
The present study is empirical-cum-analytical in nature. It is based on tools of
technical analysis on the basis of observation or experience and fundamental analysis
is conducted on the secondary data collected from the company’s annual report. So, it
is empirical by nature. It has examined the profitability of companies with the help of
suitable statistical tools. So, it is analytical by nature.
25
SAMPLING DESIGN
4 companies listed on Bombay Stock Exchange and National Stock Exchange
related to automobile industry is the population. Non-probability sampling
technique was used for the study.
NATURE, SOURCES AND COLLECTION OF DATA

It has based on secondary data collected from financials of the companies from their
Annual report and stock price and stock volume is calculated through the live charts
of the stocks.
VARIABLES STUDIED
The profitability position have been calculated on the basis of some fundamental
analysis tools like, return on capital employed, return on net worth, gross profit ratio,
net profit ratio, earning per share and dividend per share. The valuation of companies
has been calculated on price-earning ratio and price to book ratio. It involves
investment, investment process, security analysis, technical analysis, fundamental
analysis. It gives an overview of Capital Market, risk-return analysis. This study
involves how stock prices fluctuate in short term, medium term and long term
analysis.
STATISTICAL TECHNIQUES/ TOOLS USED:
To analyze the stocks of the company Candle Stick Chart Analysis is done for short
term, Medium term and Long term. Support and Resistance and marked on the basis
of price and volume of the share.
26
CHAPTER- 7
DATA ANALYSIS
AND
INTERPRETATION
27
DATA ANALYSIS AND INTERPRETATION
FUNDAMENTAL ANALYSIS OF TATA MOTORS LTD
BALANCE SHEET
• Total share capital has been diluted much in this period of 5 years which is not good
for the health of the company.
• Reserves and Surplus has decreased this year which is not a good indicator for the
progress of the company.
• Total debt has also decreased which is good sign for the company.
• Total current assets and total current liabilities has increased making an unstable
current ratio.
PROFIT AND LOSS STATEMENT
• Total Revenue has decreased this year which is not a good indicator for the
financial health of the company.
• Total expenses has also decreased which is not a good sign for the company.
• Company has suffered Net Loss this year which means company has not performed
financially well this year.
CASH FLOW STATEMENT
• There has been a Net decrease in the Cash Equivalents which is not a good sign for
the company.
• Cash Reserves at the end of the year has decreased which is not good for the
company.
FINANCIAL RATIOS
• Book Value has decreased this year which means the worth of the shares has
decreased this year.
• Company has faced loss before interest and taxes per share which is not good for
the company.
• Company is facing Net loss per share.
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• Company has suffered negative return on capital employed which indicates a
negative impact on the company.
• Current Ratio has decreased which is not good for that company.
• Financials clearly indicate that company is running in loss this year.
FUNDAMENTAL ANALYSIS OF MAHINDRA AND MAHINDRA LTD

BALANCE SHEET
• Total Share Capital has diluted only little in this 5 years which is good for the
• Limited Growth has been seen in the reserves and surplus of the funds which means
no enough growth is seen in the reserves.
• Non- current liabilities has increased which is not a good sign for the company.
• Total Non- Current Assets has increased but not at a high pace which is not good
for the company.
PROFIT AND LOSS STATEMENT
• Total Revenue has decreased this year which is not good for the financial health of
the company.
• Total expense has also decreased which is not good for the financial health of the
company.
• Company’s profit has decreased this year which is not good for the financial health
of the company.
• Total Tax expenses has also increased which is not good for the company.
CASH FLOW STATEMENT
• Net increase in Cash equivalents has decreased this year which is not good for the
company.
• Cash reserves has increased and company has enough reserves to maintain liquidity
of the company.
FINANCIAL RATIOS
• Book Value has increased this year which means the worth of the share has
increased.
29
• The profit before interest and taxes has decreased this year which is not good for
the health of the company.
• Net profit per share has also decreased this year which is not good for the financial
health of the company.
• Return on Assets employed has decreased which is not good for the health of the
company.
FUNDAMENTAL ANALYSIS OF MARUTI SUZUKI INDIA LTD
• BALANCE SHEET
• The share capital has not diluted in this period of 5 years which is very good for the
• Total Reserves have increased in this 5 years which is good for the financial health
of the company.
• Debt has also increased which is not good for the financial health of the company.
• PROFIT AND LOSS STATEMENT
• Total Revenue has decreased this year which is not good for the financial health of
the company.
• Along with Total revenue, total expense has also increased which is not good for
the financial health of the company.
• Profit before tax has decreased this year which is not good for the financial health of
the company.
• Total Tax has decreased this year which is good for the company.
• CASH FLOW STATEMENT
• There has been increase in the cash equivalents which is good for the company’s
financial performance.
• Company has enough cash reserves to maintain the liquidity position.
• FINANCIAL RATIOS
• Book value has increased each year which means the worth of the share has
increased each year.
• Profit before Interest and Tax has decreased this year which is not good for the
company.
30
• Net profit margin percentage has decreased this year which is not good for the
• Return on Assets has also decreased.
• This shows that there has been decrease in the financial year 2019-20 which means
company has not performed financially well this year only.
FUNDAMENTAL ANALYSIS OF HERO MOTOCORP LTD
• BALANCE SHEET
• Share Capital has not diluted in this 5 years which is good for the financial health of
the company.
• Reserves and Surplus has increased in this 5 years which is a good sign for the
growth of the company.
• Total debt has increased but at a low rate which is good for the financial health of
the company.
• This clearly shows an example of Good Balance Sheet.
• PROFIT AND LOSS STATEMENT
• Total Revenue has decreased this year which is not a good sign for the financial
• Along with the total revenue, total expense has decreased which is good for the
• Profit before tax has decreased this year which is not a good sign for the company.
• Total Tax expense has decreased which is good for the financial health of the
company.
• CASH FLOW STATEMENT
• Net cash equivalents has decreased this is not good for the financial health of the
company.
• Cash reserves at the end of the year has increased which is good for the financial
• FINANCIAL RATIOS
31
• Book Value of the share has increased which means the worth of the share has
increased.
• Profit before interest and tax has decreased this year which is not good for the
• Net Profit Margin percent has increased each year which is good for the financial
• Return on Capital employed has decreased as compared to previous year which is
not good for the financial health of the company.
• Current and Quick Ratio has increased each year which is good for the financial
health of the company and company’s liquidity position in improving each year.
32
TECHNICAL ANALYSIS OF TATA MOTORS LTD
Short Term Candle Stick Chart Analysis of Tata Motors Ltd
Medium Term Candle Stick Chart Analysis of Tata Motors Ltd
Long Term Candle Stick Chart Analysis of Tata Motors Ltd
33
ANALYSIS OF CHART OF TATA MOTORS LTD:
• SHORT TERM
• A short term candlestick chart analysis was conducted for a period of 1 week
ranging from 11th September 2020 to 18th September 2020.
• In this period of 1 week, the stocks are mostly seen bullish which means the closing
price was higher than the opening price.
• On two days, the stocks are seen to be bearish which means the opening price is
higher than the closing price.
• Short Term analysis shows that the stocks are performing well in this period of 1
week.
• Support level was drawn at Rs 141.67 and Resistance level was drawn at Rs 154.30
considering the highest and lowest price of the stock.
• MEDIUM TERM
• A medium term candlestick chart analysis was conducted for a period of 3 months
ranging from 18th June 2020 to 18th September 2020.
• In this period of 3 months, on most of the days the stocks were seen to be bullish as
the closing price was higher than the opening price.
• However, on some days, the stocks were bearish as the opening price was higher
than the closing price.
• This stocks creates a confusion for the investor whether to buy or sell the share.
34
considering the highest and lowest price of the stock.
• LONG TERM
• A Long term candlestick chart analysis was conducted for a period of 1 year
• In this period of 1 year, the stocks are seen to be bullish which means the closing
price is higher than the opening price.
• This company is performing well in this period of 1 year and is good chance for the
investors who wish to invest in the stock for a long period.
• Some days the stocks were bearish as the opening price was higher than the closing
price.
considering the highest and lowest price of the stock in this period of 1 year.
TECHNICAL ANALYSIS OF MAHINDRA AND MAHINDRA LTD
Short Term Candle Stick Chart Analysis of Mahindra and Mahindra Ltd
35
Medium Term Candle Stick Chart Analysis of Mahindra and Mahindra
Ltd
Long Term Candle Stick Chart Analysis of Mahindra and Mahindra

Ltd
36
CHART ANALYSIS OF MAHINDRA AND MAHINDRA LTD
• SHORT TERM
• A Short term candlestick chart analysis was conducted for a period of 1 week
• In this period of 1 week, the stocks have mostly remained bullish which means the
closing price is higher than the opening price which is good for the company.
• On 2 days, the stocks were seen to be bearish which means the opening stock is
higher than the closing stock.
considering the highest and lowest price of the stock in this period of 1 week.
• MEDIUM TERM
• A Medium term candle stick chart analysis was conducted for a period of 3 months
• In this period of 3 months, the stocks have mostly stayed bullish which means the
closing price is higher than the opening price.
• This stocks are good for the investment purpose.
• The investors who are looking for media term investment can invest in this stocks.
considering the highest and lowest price of the stock in this period of 3 months.
• LONG TERM
• Long term candlestick chart analysis was conducted for a period of 1 year ranging
from 18th September 2019 to 18th September 2020.
• In this period of 1 year, the stocks have mostly seen to be bullish which means the
• This stocks are good for investment purpose.
• Investors who are looking for long term investment can invest in this stocks.
considering the highest and lowest price of the stocks in this period of 1 year.
37
TECHNICAL ANALYSIS OF MARUTI SUZUKI INDIA LTD
Short Term Candle Stick Chart Analysis of Maruti Suzuki India Ltd
Medium Term Candle Stick Chart Analysis of Maruti Suzuki India

Ltd
38
Long Term Candle Stick Chart Analysis of Maruti Suzuki India Ltd
ANALYSIS OF CHART OF MARUTI SUZUKI INDIA LTD

• SHORT TERM
• A Short term candle stick chart analysis was conducted for a period of 1 week
• In this period of 1 week the stocks were mostly seen to be bearish which means the
opening price is higher than the closing price.
• This stock is not good for the short term investment purpose.
• Support level was drawn at Rs 6961.65 and Resistance level was drawn at Rs
7350.74 considering the highest and lowest price of the stock in this period of 1
week.
• MEDIUM TERM
• A Medium term candlestick chart analysis was conducted for a period of 3 months
ranging 18th June 2020 to 18th September 2020.
• In this period of 3 months, the stocks have fluctuated much.
• It is difficult to predict the future price of the stocks.
39
• On most of the days, the stocks have been bullish which means the closing price is
higher than the opening price.
• And on some days the stocks were seen to be bearish which means the opening
price is higher than the closing price.
• It is a risky investment and investors who like to take risk can invest in this stock.
months.
• LONG TERM
• Long term candle stick chart analysis was conducted for a period of 1 year ranging
from 18th September 2019 to 18th September 2020.
• In this period of 1 year, the stocks were mostly seen to be bullish which means the
• This stock is good for the long term investment purpose.
• Although on some days the stocks were bearish, as the opening price is higher than
the closing price.
• Support level is drawn at Rs 4023.28 and Resistance level was drawn at Rs 7757.16
40
TECHNICAL ANALYSIS OF HERO MOTOCORP LTD
Short Term Candle Stick Chart Analysis of Hero MotoCorp Ltd
Medium Term Candle Stick Chart Analysis of Hero MotoCorp Ltd
41
Long Term Candlestick Chart Analysis of Hero MotoCorp Ltd
CHART ANALYSIS OF HERO MOTOCORP LTD
• SHORT TERM
• A Short term candle stick chart analysis was conducted for a period of 1 week
• In this period of 1 week the stocks were completely bullish which means the
• This stocks are best source of investment for a short term.
• Investors who do not wish to take risk and want to earn good returns in short term
can invest in this stock.
week.
• MEDIUM TERM
• A medium term candlestick chart analysis was drawn for a period of 3 months
42
• In this period of 3 months, mostly the stocks are seen to be bullish as the closing
price was higher than the opening price.
• However, on some days the stocks were seen bearish which means the opening
price is higher than the closing price.
• Support level is drawn at Rs 2316.67 and Resistance level was drawn at 3105.00
considering the highest and the lowest price of the stock in this period of 3 months.
• LONG TERM
• A Long term candle stick chart analysis for a period of 1 year ranging from 18th
September 2019 to 18th September 2020.
• In this period of 1 year, the stocks are mostly seen to be bullish as the closing price
is higher than the opening price.
• On some days, the stocks were also bearish.
• Support level is drawn at Rs 1,489.03 and Resistance level is drawn at Rs 3181.35

43
FINDINGS
1. COMPARATIVE PICTURE OF THE COMPANIES PERFORMANCE

When Technical Analysis is taken into consideration, Mahindra and Mahindra Ltd
and Hero MotoCorp are performing better than TATA Motors Ltd and Maruti
Suzuki Ltd.
When Fundamental Analysis is taken into consideration, Hero MotoCorp Ltd is
performing well as compared to other three companies.
2. INVESTMENT POSITION
For the investment position on the basis of Technical Analysis, I can conclude that
Mahindra and Mahindra Ltd is the best option for investment followed by Hero
MotoCorp Ltd, TATA Motors Ltd in the automobile sector.
3. LIQUIDITY POSITION
On the basis of Fundamental Analysis, the liquidity position of Hero MotoCorp Ltd
is better than the other companies.
4. PROFITABILITY POSITION
On the basis of the analysis, Hero MotoCorp Ltd has better profitability position as
compared to others.
5. STOCKS PERFORMANCE
All stocks are performing well when medium term and long term performance is
taken into consideration.
6. RISKY STOCKS
Maruti Suzuki stock is more risky as compared to other as lot of fluctuation is seen
in the stock and there is no stability.
7. RISK PARAMETERS
Economic Risk is the main parameter in the Automobile industry.
8. STOCKS ARRANGED IN ASCENDING ORDER OF THE RISK

Hero MotoCorp Ltd < Mahindra and Mahindra Ltd < TATA Motors Ltd <Maruti
Suzuki India Ltd
44
SUGGESTIONS
1. WHICH STOCK CAN BE HOLD FOR SHORT TERM
According to the Technical Analysis, the stocks of Hero MotoCorp Ltd, Mahindra
and Mahindra Ltd and TATA Motors Ltd can be hold for the short term.
2. WHICH STOCK CAN BE HOLD FOR THE LONG TERM
According to the Technical Analysis, stocks of all the companies are performing
well. So all the stocks are suitable for the long term investment.
3. WHAT KIND OF STRATEGY OF INVESTMENT SHOULD AN
INVESTOR LOOK WHILE INVESTING IN THE COMPANY
While investing in the Automobile industry, the first preference that the investors
give is safety of the investment and they try to select a stock which has overall less
risk and more returns.
Before investing in any company they need to conduct proper research on the past
performance of the stocks of the company or any new changes the company will
bring in the near future.
Management Selection is also an important criteria which an investor looks into as a
good management team can only bring profits to the company.
45
LEARNING THROUGH THE PROJECT
• I have learned about Technical Analysis through this project.
• I have learned about different websites related to finance.
• I have learned how to read the Annual report of any company and what important
points in the Annual report has to be taken into consideration.
• Candlestick Chart Analysis was completely a new concept for me and this project
help me to know about it.
• I learnt how to keep a track of the stocks and how they are performing the market.
• I have learnt that how different factors affect the price of the stock and how price
keeps fluctuating.
• I have learnt about automobile industry and many other industries.
• I have learnt that fundamental analysis comprises of company analysis, industry
analysis and economy analysis.
46
CONCLUSION
47
CONCLUSION
It was really a great pleasure for me that I got an opportunity to work at Biscon
Consultants and to do my research project in their company. It was all together a very
new and exhilarating experience for me and I will cherish this for years to come.
It helped me to upgrade my skills and gave a overall exposure about how to work
professionally in my life ahead.
After completing the research on the companies of Automobile sector I can see that
automobile sector is booming at a accelerated rate and it there are many competitors
in this sector. Knowledge sessions were conducted every week by the owner of the
organisation where he used to give us tips of how to keep good knowledge of the
stocks and how to keep a regulate updates of the stocks in the market.
Many people are still confused as which option they need to choose when they want
to find which stocks are better to invest. On the basis of the research I can conclude
that if the investor is looking to invest for a short term than Technical Analysis is the
best option and it can be conducted on regular basis. But if the investor is looking to
invest for a longer term than they must rely on the Fundamental Analysis of the
company and they need to thoroughly study the past performance of the company.
Both, Fundamental and Technical Analysis are important and have their own pros and
cons. So knowledge of both type of analysis is beneficial for a person who is looking
to invest in the stock.
48
BIBLIOGRAPHY
• www.moneycontol.com
• www.ibef.org
• m.heromotocorp.com
• www.mahindra.com
• www.marutisuzuki.com
• www.tatamotorsltd.com
49
ANNEXURE:
BALANCE SHEET OF TATA MOTORS LTD
BALANCE SHEET OF TATA MAR 20 MAR 19 MAR 18 MAR 17 MAR

MOTORS (in Rs. Cr.) 16
12 mths 12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 719.54 679.22 679.22 679.22 679.18
TOTAL SHARE CAPITAL 719.54 679.22 679.22 679.22 679.18
Reserves and Surplus 16,800.61 21,483.30 19,491.76 20,483.39 22,582.93
TOTAL RESERVES AND SURPLUS 16,800.61 21,483.30 19,491.76 20,483.39 22,582.93
TOTAL SHAREHOLDERS FUNDS 18,387.65 22,162.52 20,170.98 21,162.61 23,262.11
NON-CURRENT LIABILITIES
Long Term Borrowings 14,776.51 13,914.74 13,155.91 13,686.09 10,599.96
Deferred Tax Liabilities [Net] 198.59 205.86 154.61 147.58 71.39
Other Long Term Liabilities 1,646.56 404.11 502.37 1,451.47 3,289.91
Long Term Provisions 1,769.74 1,281.59 1,009.48 892.18 750.89
TOTAL NON-CURRENT 18,391.40 15,806.30 14,822.37 16,177.32 14,712.15

LIABILITIES
CURRENT LIABILITIES
Short Term Borrowings 6,121.36 3,617.72 3,099.87 5,158.52 3,654.72
Trade Payables 8,102.25 10,408.83 14,225.63 11,462.24 5,141.17
Other Current Liabilities 10,180.46 7,765.57 6,030.53 4,440.42 9,455.58
Short Term Provisions 1,406.75 1,148.69 862.92 477.17 450.27
TOTAL CURRENT LIABILITIES 25,810.82 22,940.81 24,218.95 21,538.35 18,701.74
TOTAL CAPITAL AND 62,589.87 60,909.63 59,212.30 58,878.28 56,676.00

LIABILITIES
ASSETS
NON-CURRENT ASSETS
Tangible Assets 19,540.25 18,316.61 18,192.52 17,897.13 17,573.25
50
Intangible Assets 5,667.73 3,970.22 3,411.23 2,875.80 3,502.56
Capital Work-In-Progress 1,755.51 2,146.96 1,371.45 1,902.61 1,557.95
Other Assets 0.00 0.0 0.00 0.00 0.00
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted 140.96 270.17 -- 218.18 144.34

Market Value
Non-Current Investments Unquoted 407.61 393.21 310.19 310.19 310.19

Book Value
CURRENT INVESTMENTS
Current Investments Quoted Market -- 0.91 303.84 -- --

Value
Current Investments Unquoted Book 885.31 1,174.46 1,517.03 2,437.42 1,745.84

Value
PROFIT AND LOSS STATEMENT OF TATA MOTORS LTD
PROFIT & LOSS ACCOUNT OF MAR 20 MAR 19 MAR 18 MAR 17 MAR

TATA MOTORS (in Rs. Cr.) 16
INCOME
43,485.76 68,764.88 58,234.33 48,078.77

REVENUE FROM OPERATIONS 46,883.53
[GROSS]
Less: Excise/Sevice Tax/Other 0.00 0.00 793.28 4,738.15 4,538.14

Levies
REVENUE FROM OPERATIONS 43,485.76 68,764.88 57,441.05 43,340.62 42,345.39

[NET]
TOTAL OPERATING REVENUES 43,928.17 69,202.76 58,831.41 44,316.34 42,845.47
Other Income 1,383.05 2,554.66 1,557.60 981.06 1,402.31
TOTAL REVENUE 45,311.22 71,757.42 60,389.01 45,297.40

44,247.78
51
EXPENSES
Cost Of Materials Consumed 26,171.85 43,748.77 37,080.45 27,651.65 24,997.40
Operating And Direct Expenses 830.24 571.76 474.98 454.48 418.27
Changes In Inventories Of FG,WIP 722.68 144.69 842.05 -252.14 10.05

And Stock-In Trade
Employee Benefit Expenses 4,384.31 4,273.10 3,966.73 3,764.35 3,188.97
Finance Costs 1,973.00 1,793.57 1,744.43 1,569.01 1,592.00
Depreciation And Amortisation 3,375.29 3,098.64 3,101.89 3,037.12 2,329.22

Expenses
Other Expenses 7,959.75 9,895.68 9,251.41 8,083.12 8,216.65
TOTAL EXPENSES 49,927.64 69,155.42 60,369.27 47,311.96 43,820.13
PROFIT/LOSS BEFORE -4,616.42 2,602.00 19.74 -2,014.56 427.65

EXCEPTIONAL,
EXTRAORDINARY ITEMS AND
TAX
Exceptional Items -2,510.92 -203.07 -966.66 -338.71 -271.84
PROFIT/LOSS BEFORE TAX -7,127.34 2,398.93 -946.92 -2,353.27 155.81
TAX EXPENSES-CONTINUED
OPERATIONS
Current Tax 33.05 294.66 92.63 57.06 -7.34
Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00
Deferred Tax 129.24 83.67 -4.70 19.27 2.54
Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00
TOTAL TAX EXPENSES 162.29 378.33 87.93 76.33 -4.80
52
PROFIT/LOSS AFTER TAX AND -7,289.63 2,020.60 -1,034.85 -2,429.60 160.61
BEFORE EXTRAORDINARY
ITEMS
PROFIT/LOSS FROM -7,289.63 2,020.60 -1,034.85 -2,429.60 -62.30

CONTINUING OPERATIONS
PROFIT/LOSS FOR THE PERIOD -7,289.63 2,020.60 -1,034.85 -2,429.60 -62.30
OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) -21.06 5.94 -3.05 -7.15 -0.18
Diluted EPS (Rs.) -21.06 5.94 -3.05 -7.15 -0.18
VALUE OF IMPORTED AND

INDIGENIOUS RAW
MATERIALS STORES, SPARES
AND LOOSE TOOLS
Imported Raw Materials 0.00 0.00 0.00 0.00 0.00
Indigenous Raw Materials 0.00 0.00 0.00 0.00 0.00
STORES, SPARES AND LOOSE

TOOLS
Imported Stores And Spares 0.00 0.00 0.00 0.00 0.00
Indigenous Stores And Spares 0.00 0.00 0.00 0.00 0.00
DIVIDEND AND DIVIDEND

PERCENTAGE
Equity Share Dividend 0.00 0.00 0.00 73.00 0.00
Tax On Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend Rate (%) 0.00 0.00 0.00 0.00 10.00
CASH FLOW STATEMENT OF TATA MOTORS LTD

CASH FLOW OF TATA MAR 20 MAR 19 MAR 18 MAR 17 MAR 16
MOTORS (in Rs. Cr.)
-
2,429.60
53
Net CashFlow From Operating -1,454.59 6,292.63 4,133.94 1,453.45 2,702.98
Activities
Net Cash Used In Investing -4,718.86 -3,820.55 -710.27 - -3,264.22

Activities 2,859.00
Net Cash Used From Financing 7,749.21 -2,529.70 -3,105.63 1,208.80 -78.87
Activities
Foreign Exchange Gains / Losses 82.14 -1.80 -0.16 -1.38 0.71
Adjustments On Amalgamation 0.00 0.00 0.00 0.00 0.00

Merger Demerger Others
NET INC/DEC IN CASH AND 1,657.90 -59.42 317.88 -198.13 -639.40

CASH EQUIVALENTS
Cash And Cash Equivalents Begin 487.40 546.82 228.94 427.07 1,066.47
of Year
Cash And Cash Equivalents End Of 2,145.30 487.40 546.82 228.94 427.07
Year
RATIO OF TATA MOTORS LTD
KEY FINANCIAL RATIOS MAR 20 MAR 19 MAR 18 MAR 17 MAR 16

OF TATA MOTORS (in Rs.
Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) -21.06 5.94 -3.05 -7.15 -0.18
Diluted EPS (Rs.) -21.06 5.94 -3.05 -7.15 -0.18
Cash EPS (Rs.) -10.88 15.07 6.09 1.79 6.68
Book Value 51.11 65.26 59.39 62.31 68.50

[ExclRevalReserve]/Share (Rs.)
Book Value 51.11 65.26 59.39 62.31 68.50

[InclRevalReserve]/Share (Rs.)
54
Dividend / Share(Rs.) 0.00 0.00 0.00 0.00 0.20
Revenue from Operations/Share 122.10 203.77 173.23 130.49 126.17

(Rs.)
PBDIT/Share (Rs.) 2.03 22.07 14.33 7.63 12.81
PBIT/Share (Rs.) -7.35 12.94 5.19 -1.31 5.95
PBT/Share (Rs.) -19.81 7.06 -2.79 -6.93 0.46
Net Profit/Share (Rs.) -20.26 5.95 -3.05 -7.15 -0.18
PROFITABILITY RATIOS
PBDIT Margin (%) 1.66 10.82 8.27 5.84 10.15
PBIT Margin (%) -6.01 6.35 2.99 -1.00 4.71
PBT Margin (%) -16.22 3.46 -1.60 -5.31 0.36
Net Profit Margin (%) -16.59 2.91 -1.75 -5.48 -0.14
Return on Networth / Equity -39.64 9.11 -5.13 -11.48 -0.26

(%)
Return on Capital Employed -7.18 11.57 5.04 -1.19 5.31

(%)
Return on Assets (%) -11.64 3.31 -1.74 -4.12 -0.10
Total Debt/Equity (X) 1.14 0.79 0.81 0.89 0.61
Asset Turnover Ratio (%) 70.18 113.61 99.35 75.26 75.59
LIQUIDITY RATIOS
Current Ratio (X) 0.53 0.58 0.62 0.59 0.63
Quick Ratio (X) 0.38 0.37 0.38 0.33 0.36
Inventory Turnover Ratio (X) 11.46 14.84 10.38 7.98 8.37
55
Dividend Payout Ratio (NP) 0.00 0.00 0.00 0.00 0.00
(%)
Dividend Payout Ratio (CP) 0.00 0.00 0.00 0.00 0.00

(%)
Earnings Retention Ratio (%) 0.00 0.00 0.00 0.00 0.00
Cash Earnings Retention Ratio 0.00 0.00 0.00 0.00 0.00

(%)
VALUATION RATIOS
Enterprise Value (Cr.) 42,927.34 75,419.87 126,665.6 5 176,759.28 144,649.88
EV/Net Operating Revenue (X) 0.98 1.09 2.15 3.99 3.38
EV/EBITDA (X) 58.65 10.06 26.03 68.21 33.26
MarketCap/Net Operating 0.58 0.86 1.89 3.57 3.06

Revenue (X)
Retention Ratios (%) 0.00 0.00 0.00 0.00 0.00
Price/BV (X) 1.39 2.67 5.51 7.48 5.64
Price/Net Operating Revenue 0.58 0.86 1.89 3.57 3.06
Earnings Yield -0.29 0.03 -0.01 -0.02 0.00
BALANCE SHEET OF MAHINDRA AND MAHINDRA LTD
BALANCE SHEET OF MAHINDRA MAR MAR 19 MAR 18 MAR 17 MAR 16

AND MAHINDRA (in Rs. Cr.) 20
SHAREHOLDER'S FUNDS
TOTAL RESERVES AND SURPLUS 33,613.43 29,699.07 26,488.56 22,126.85
56
33,871.32
Long Term Borrowings 2,032.03 2,031.78 2,195.90 2,233.99 1,495.42
Deferred Tax Liabilities [Net] 1,408.17 634.13 277.24 0.00 460.08
Other Long Term Liabilities 698.22 604.92 464.55 490.21 620.34
Long Term Provisions 922.98 882.93 861.81 824.45 656.24

LIABILITIES
CURRENT LIABILITIES
Short Term Borrowings 900.00 448.54 668.47 538.88 348.13
Trade Payables 6,785.83 9,678.15 8,603.40 6,881.08 6,674.71
Short Term Provisions 595.56 688.67 667.39 565.48 408.54
TOTAL CAPITAL AND LIABILITIES 50,502.06 52,697.06 47,416.75 39,968.32 35,499.57
ASSETS
NON-CURRENT ASSETS
Tangible Assets 7,980.76 7,614.71 6,507.95 6,536.72 6,545.73
Intangible Assets 2,413.83 2,467.04 1,351.46 1,234.32 1,050.26
Capital Work-In-Progress 1,196.68 706.77 1,079.72 409.78 231.53
Other Assets 0.00 0.00 0.00 0.00 0.00
57
FIXED ASSETS 14,404.05 12,501.54 10,988.12 9,811.44 9,158.14
Non-Current Investments 17,748.48 19,032.07 16,645.48 14,301.70 11,161.42
Deferred Tax Assets [Net] 0.00 0.00 0.00 254.84 0.00
Long Term Loans And Advances 138.86 37.55 43.01 34.12 1,223.55
Other Non-Current Assets 3,069.18 3,054.84 3,265.67 2,958.22 2,320.78
TOTAL NON-CURRENT ASSETS 35,360.57 34,626.00 30,942.28 27,360.32 23,863.89
CURRENT ASSETS
Current Investments 2,189.65 2,983.96 3,937.49 3,606.70 2,385.98
Inventories 3,400.91 3,839.27 2,701.69 2,758.01 2,687.93
Trade Receivables 2,998.98 3,946.30 3,172.98 2,938.84 2,511.64
Cash And Cash Equivalents 4,236.51 3,731.66 2,893.73 1,687.48 2,287.03
Short Term Loans And Advances 512.02 673.40 975.16 506.51 486.76
Other Current Assets 1,803.42 2,896.47 2,793.42 1,110.46 1,276.34
TOTAL CURRENT ASSETS 15,141.49 18,071.06 16,474.47 12,608.00 11,635.68
TOTAL ASSETS 50,502.06 52,697.06 47,416.75 39,968.32 35,499.57
OTHER ADDITIONAL
INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 5,233.59 5,622.13 4,124.73 5,268.73 4,475.89
58
CIF VALUE OF IMPORTS
Raw Materials 0.00 0.00 0.00 0.00 0.00
Stores, Spares And Loose Tools 0.00 0.00 0.00 0.00 0.00
Trade/Other Goods 0.00 0.00 0.00 0.00 0.00
Capital Goods 0.00 0.00 0.00 0.00 0.00
EXPENDITURE IN FOREIGN
EXCHANGE
Expenditure In Foreign Currency 1,096.90 1,005.75 823.62 794.20 838.15
REMITTANCES IN FOREIGN
CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign -- -- -- -- --

Currency
EARNINGS IN FOREIGN
EXCHANGE
FOB Value Of Goods -- -- -- -- 2,427.92
Other Earnings 2,237.45 3,063.06 2,504.98 2,455.87 --
BONUS DETAILS
Bonus Equity Share Capital 481.41 481.41 481.41 170.61 170.61
42,340.50 40,819.79 29,769.04 4,801.44

Non-Current Investments Quoted
23,044.04
Market Value
14,591.94 12,034.50 10,977.76 7,612.90

Non-Current Investments Unquoted
16,635.21
Book Value
CURRENT INVESTMENTS
Current Investments Quoted Market 1,718.34 2,194.69 2,802.26 2,297.92 44.68

Value
Current Investments Unquoted Book 471.31 789.27 1,135.23 1,308.78 2,341.30

Value
PROFIT AND LOSS STATEMENT OF MAHINDRA AND MAHINDRA LTD
59
PROFIT & LOSS ACCOUNT OF MAR 20 MAR 19 MAR MAR 17 MAR 16
MAHINDRA AND MAHINDRA (in 18
Rs. Cr.)
INCOME
44,897.93 52,960.80 46,709.17 43,150.58

REVENUE FROM OPERATIONS
48,871.76
[GROSS]
Less: Excise/Sevice Tax/Other 0.00 0.00 759.44 3,330.24 2,763.83

Levies
44,897.93 52,960.80 43,378.93 40,386.75

48,112.32
[NET]
Other Income 1,667.81 1,688.97 1,036.36 1,345.46 849.93
TOTAL REVENUE
47,155.59 55,302.97 49,721.91 45,398.96 41,725.00
EXPENSES
Changes In Inventories Of FG,WIP 409.49 -950.19 194.87 57.87 -257.97

And Stock-In Trade
Finance Costs 113.23 113.39 112.20 159.59 186.05

Expenses
60
Other Expenses 5,384.59 5,867.23 5,614.45 4,880.33 4,469.50
TOTAL EXPENSES 42,025.58 48,948.23 44,053.15 41,224.81 37,509.28
PROFIT/LOSS BEFORE 5,130.01 6,354.74 5,668.76 4,174.15 4,215.72

EXCEPTIONAL,
TAX
Exceptional Items -2,013.98 -29.73 433.61 548.46 68.74
PROFIT/LOSS BEFORE TAX 3,116.03 6,325.01 6,102.37 4,722.61 4,284.46
OPERATIONS
Current Tax 996.98 1,179.12 1,211.23 973.67 857.65
Deferred Tax 788.50 349.85 535.13 105.55 222.24
TOTAL TAX EXPENSES 1,785.48 1,528.97 1,746.36 1,079.22 1,079.89
PROFIT/LOSS AFTER TAX AND 1,330.55 4,796.04 4,356.01 3,643.39 3,204.57

ITEMS
PROFIT/LOSS FROM 1,330.55 4,796.04 4,356.01 3,643.39 3,204.57

PROFIT/LOSS FOR THE PERIOD 1,330.55 4,796.04 4,356.01 3,643.39 3,204.57
OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 11.16 40.29 36.64 30.69 53.05
Diluted EPS (Rs.) 11.12 40.13 36.47 30.54 52.80

INDIGENIOUS RAW MATERIALS
61
TOOLS
Indigenous Raw Materials 0.00 0.00 0.00 0.00 0.00

TOOLS

PERCENTAGE
Equity Share Dividend 1,187.33 932.00 925.25 841.12 846.95
Tax On Dividend 0.00 79.92 0.00 0.00 0.00
Equity Dividend Rate (%) 47.00 170.00 150.00 260.00 240.00
CASH FLOW STATEMENT OF MAHINDRA AND MAHINDRA LTD

MAR 20 MAR MAR MAR MAR
CASH FLOW OF MAHINDRA AND
MAHINDRA (in Rs. Cr.) 19 18 17 16
NET PROFIT/LOSS BEFORE 5,130.01 6,354.74 5,668.76 4,174.15 4,215.72

TAX
Net CashFlow From Operating 3,677.83 4,923.87 7,027.08 3,710.00 5,470.50

Activities
- - -
Net Cash Used In Investing Activities -2,575.72 -2,548.71
5,110.42 2,781.83 3,537.93
-1,015.46 -1,555.22
Net Cash Used From Financing - - -

Activities 1,033.31 1,161.49 2,007.20
Foreign Exchange Gains / Losses -0.72 -0.31 0.71 0.09 -0.17
62
Adjustments On Amalgamation Merger 0.00 0.00 0.00 -75.19 0.00
Demerger Others
NET INC/DEC IN CASH AND CASH 85.93 819.63 884.06 -308.42 -74.80
EQUIVALENTS
Cash And Cash Equivalents Begin of 2,237.58 1,417.95 533.89 842.31 917.11
Year
Cash And Cash Equivalents End Of 2,323.51 2,237.58 1,417.95 533.89 842.31
Year
RATIO OF MAHINDRA AND MAHINDRA LTD
KEY FINANCIAL RATIOS OF MAR MAR 19 MAR MAR 17 MAR 16

MAHINDRA AND MAHINDRA 20 18
(in
Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 11.16 40.29 36.64 30.69 53.05
Diluted EPS (Rs.) 11.12 40.13 36.47 30.54 52.80
Cash EPS (Rs.) 29.78 55.86 49.04 87.09 72.10
Book Value [ExclRevalReserve]/ 288.91 287.09 254.58 451.22 378.36

Share (Rs.)
Book Value [InclRevalReserve]/ 288.91 287.09 254.58 451.22 378.36

Share (Rs.)
Revenue from Operations/Share (Rs.) 381.28 449.93 409.14 742.12 689.71
PBDIT/Share (Rs.) 62.58 69.89 61.01 98.72 92.30
PBIT/Share (Rs.) 43.95 54.28 48.58 73.01 74.27
PBT/Share (Rs.) 26.12 53.08 51.28 79.56 72.29
63
Net Profit/Share (Rs.) 11.15 40.25 36.61 61.38 54.07
PBDIT Margin (%) 16.41 15.53 14.91 13.30 13.38
PBIT Margin (%) 11.52 12.06 11.87 9.83 10.76
PBT Margin (%) 6.85 11.79 12.53 10.72 10.48
Net Profit Margin (%) 2.92 8.94 8.94 8.27 7.83
Return on Networth / Equity (%) 3.86 14.01 14.37 13.60 14.29
Return on Capital Employed (%) 13.26 16.86 16.95 14.28 12.49
Return on Assets (%) 2.63 9.10 9.18 9.11 9.02
LIQUIDITY RATIOS
Current Ratio (X) 1.38 1.26 1.24 1.31 1.18
Quick Ratio (X) 1.07 0.99 1.03 1.02 0.91
Dividend Payout Ratio (NP) (%) 89.23 19.43 21.24 23.08 26.42
Dividend Payout Ratio (CP) (%) 33.41 14.00 15.85 16.26 19.82
Cash Earnings Retention Ratio (%) 66.59 86.00 84.15 83.74 80.18
VALUATION RATIOS
Enterprise Value (Cr.) 32,697.16 78,800.35 88,050.00 77,347.75 71,245.22
EV/EBITDA (X) 4.38 9.46 12.13 13.20 13.03
64
MarketCap/Net Operating Revenue 0.75 1.49 1.81 1.73 1.75
(X)
Price/BV (X) 0.99 2.34 2.91 2.85 3.20
Earnings Yield 0.04 0.06 0.05 0.05 0.04
BALANCE SHEET OF MARUTI SUZUKI INDIA LTD
BALANCE SHEET OF MARUTI MAR 20 MAR 19 MAR 18 MAR 17 MAR

SUZUKI INDIA (in Rs. Cr.) 16
SHAREHOLDER'S FUNDS
48,286.00 45,990.50 41,606.30 36,280.10

TOTAL RESERVES AND
29,733.20
SURPLUS
Long Term Borrowings 0.00 0.00 0.00 0.00 0.00
Other Long Term Liabilities 2,170.30 2,036.50 1,585.30 1,105.00 807.50

LIABILITIES
65
CURRENT LIABILITIES
Trade Payables 7,494.10 9,633.00 10,497.00 8,367.30 7,407.30
62,552.10 62,931.80 59,370.10 51,250.60

TOTAL CAPITAL AND
41,940.00
LIABILITIES
ASSETS
NON-CURRENT ASSETS
Tangible Assets 15,374.50 14,956.70 13,047.30 12,919.70 12,163.10
Intangible Assets 406.70 451.10 311.70 373.00 346.90
Capital Work-In-Progress 1,337.40 1,600.10 2,125.90 1,252.30 1,006.90
Other Assets 0.00 0.00 0.00 0.00 0.00
FIXED ASSETS 17,118.60 17,007.90 15,484.90 14,545.00 13,516.90
Long Term Loans And Advances 0.20 0.20 0.20 0.30 0.40
Other Non-Current Assets 1,757.10 2,092.60 1,890.70 1,626.90 1,701.30
TOTAL NON-CURRENT ASSETS 54,124.70 50,570.20 51,448.70 42,474.40
66
34,094.00
CURRENT ASSETS
CURRENT ASSETS
Inventories 3,214.90 3,325.70 3,160.80 3,262.20 3,132.10
Cash And Cash Equivalents 21.10 178.90 71.10 13.80 42.20
Other Current Assets 1,828.70 1,485.10 2,007.40 2,119.70 2,144.90
TOTAL ASSETS 62,552.10 62,931.80 59,370.10 51,250.60 41,940.00
OTHER ADDITIONAL
INFORMATION
COMMITMENTS
Contingent Liabilities 12,955.50 12,090.30 10,181.20 9,642.10 9,368.70
Raw Materials 2,487.60 4,396.90 3,887.90 3,725.40 3,363.20
Stores, Spares And Loose Tools 64.00 58.50 66.10 20.10 62.90
Trade/Other Goods 64.00 58.50 66.10 20.10 62.90
Capital Goods 917.30 1,331.20 648.30 1,481.80 738.30
EXCHANGE
Expenditure In Foreign Currency 9,099.00 12,802.70 3,872.50 0.00 3,792.60
67
Dividend Remittance In Foreign -- -- -- -- 424.50
Currency
EARNINGS IN FOREIGN
EXCHANGE
FOB Value Of Goods -- -- -- -- 4,735.30
Other Earnings 5,424.60 5,218.60 5,455.90 -- 57.00
BONUS DETAILS
Bonus Equity Share Capital -- -- -- -- --
Non-Current Investments Quoted 84.30 1,077.30 337.60 329.00 583.90

Market Value
34,775.70 30,609.10 33,041.90 25,606.20

Non-Current Investments Unquoted
18,404.60
Book Value
CURRENT INVESTMENTS
Current Investments Quoted Market -- -- -- -- --

Value
Current Investments Unquoted Book 1,218.80 5,045.50 1,217.30 2,178.80 1,056.80

Value
PROFIT AND LOSS STATEMENT OF MARUTI SUZUKI INDIA LTD

PROFIT & LOSS ACCOUNT OF MAR 20 MAR 19 MAR 18 MAR MAR 16
MARUTI SUZUKI INDIA (in Rs. 17
Cr.)
INCOME
71,690.40 83,026.50 80,336.50 63,957.70

76,140.80
[GROSS]
Less: Excise/Sevice Tax/Other Levies 0.00 0.00 2,231.70 9,231.40 7,516.50
71,690.40 83,026.50 78,104.80 56,441.20

66,909.40
[NET]
68
Other Income 3,420.80 2,561.00 2,045.50 2,300.10 1,461.00
TOTAL REVENUE 79,031.40 88,581.30 81,808.20 70,334.90 58,999.10
EXPENSES
Changes In Inventories Of FG,WIP -238.10 210.80 40.70 -380.10 6.90

And Stock-In Trade
Finance Costs 132.90 75.80 345.70 89.40 81.50

Expenses
Other Expenses 11,889.20 11,634.00 9,991.50 8,724.10 8,037.70
TOTAL EXPENSES 71,966.60 78,115.70 70,804.80 60,374.60 51,555.40

EXCEPTIONAL,
TAX
Exceptional Items 0.00 0.00 0.00 0.00 0.00
OPERATIONS
69
Current Tax 1,374.80 2,932.30 3,349.50 2,335.60 2,041.40
Deferred Tax 39.40 32.70 -67.90 274.50 38.00
TOTAL TAX EXPENSES 1,414.20 2,965.00 3,281.60 2,610.10 2,079.40

ITEMS
PROFIT/LOSS FROM 5,650.60 7,500.60 7,721.80 7,350.20 5,364.30

OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 187.06 248.30 255.62 243.32 177.58
Diluted EPS (Rs.) 187.06 248.30 255.62 242.91 177.58

INDIGENIOUS RAW MATERIALS
TOOLS
Imported Raw Materials 2,019.30 2,948.90 2,996.50 3,322.10 2,615.80
Indigenous Raw Materials 32,617.30 42,075.00 41,944.80 39,307.50 32,868.10

TOOLS

PERCENTAGE
Equity Share Dividend 2,416.60 2,416.60 2,265.60 1,057.30 755.20
70
Tax On Dividend 496.80 496.80 461.20 215.20 153.80
Equity Dividend Rate (%) 1,200.00 1,600.00 1,600.00 1,500.00 700.00
CASH FLOW STATEMENT OF MARUTI SUZUKI INDIA LTD
CASH FLOW OF MARUTI MAR 20 MAR 19 MAR MAR 17 MAR 16

SUZUKI INDIA (in Rs. Cr.) 18

TAX
Net CashFlow From Operating 3,405.10 6,593.20 11,785.00 10,279.30 8,484.50

Activities
Net Cash Used In Investing -463.90 -3,538.30 -8,282.10 -9,177.90 -7,227.40

Activities
Net Cash Used From Financing -3,100.00 -2,947.80 -3,446.00 -1,129.30 -1,236.40
Activities
Foreign Exchange Gains / Losses 0.00 0.00 0.00 0.00 0.00

NET INC/DEC IN CASH AND -158.80 107.10 56.90 -25.40 20.70

CASH EQUIVALENTS
Cash And Cash Equivalents Begin of 177.00 69.90 13.00 38.40 17.70
Year
Cash And Cash Equivalents End Of 18.20 177.00 69.90 13.00 38.40
Year
RATIO OF MARUTI SUZUKI INDIA LTD
KEY FINANCIAL RATIOS OF MAR 20 MAR 19 MAR 18 MAR 17 MAR 16

MARUTI SUZUKI INDIA (in Rs.
71
Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 187.06 248.30 255.62 243.32 177.58
Diluted EPS (Rs.) 187.06 248.30 255.62 243.32 177.58
Cash EPS (Rs.) 303.85 348.33 347.01 329.55 271.01
Book Value [ExclRevalReserve]/ 1,603.87 1,527.86 1,382.69 1,206.33 989.54

Share (Rs.)
Book Value [InclRevalReserve]/ 1,603.87 1,527.86 1,382.69 1,206.33 989.54

Share (Rs.)
Revenue from Operations/Share 2,503.66 2,848.35 2,641.15 2,252.81 1,905.24

(Rs.)
PBDIT/Share (Rs.) 355.08 449.02 467.12 418.93 342.56
PBIT/Share (Rs.) 238.33 349.05 375.80 332.77 249.18
PBT/Share (Rs.) 233.93 346.54 364.35 329.81 246.48
PBDIT Margin (%) 14.18 15.76 17.68 18.59 17.98
PBIT Margin (%) 9.51 12.25 14.22 14.77 13.07
PBT Margin (%) 9.34 12.16 13.79 14.64 12.93
72
Return on Assets (%) 9.03 11.91 13.00 14.34 12.79
LIQUIDITY RATIOS
Current Ratio (X) 0.75 0.87 0.51 0.66 0.71
Quick Ratio (X) 0.46 0.64 0.31 0.42 0.43
VALUATION RATIOS
112,352.
Enterprise Value (Cr.) 129,575.25 201,456.04 267,706.83 182,403.66
02
EV/EBITDA (X) 12.08 14.86 18.98 14.42 10.86
MarketCap/Net Operating Revenue 1.71 2.34 3.36 2.67 1.95

(X)
Price/BV (X) 2.67 4.37 6.41 4.99 3.76
Earnings Yield 0.04 0.04 0.03 0.04 0.05
BALANCE SHEET OF HERO MOTOCORP LTD
MAR 20 MAR MAR MAR 17 MAR

BALANCE SHEET OF HERO
MOTOCORP (in Rs. Cr.) 19 18 16
73
SHAREHOLDER'S FUNDS
11,728.94
TOTAL RESERVES AND SURPLUS 14,081.01 12,807.58 10,071.35 7,904.81
11,768.88
Long Term Borrowings 0.00 0.00 0.00 0.00 0.00
Other Long Term Liabilities 121.67 0.00 0.00 0.00 34.89
TOTAL NON-CURRENT LIABILITIES 636.87 653.71 626.60 489.64 347.12
CURRENT LIABILITIES
Trade Payables 3,030.51 3,355.28 3,318.81 3,247.27 2,766.88
Other Current Liabilities 798.99 716.05 964.72 807.05 483.19
74
TOTAL CAPITAL AND LIABILITIES 18,749.33 17,641.19 16,738.80 14,694.26 12,340.69
ASSETS
NON-CURRENT ASSETS
Tangible Assets 5,976.99 4,477.53 4,485.89 4,310.73 3,717.85
Intangible Assets 140.09 141.05 168.65 84.86 118.89
Capital Work-In-Progress 160.25 360.67 203.78 270.72 288.34
Other Assets 0.00 0.00 0.00 0.00 0.00
FIXED ASSETS 6,458.35 5,160.44 4,972.93 4,860.64 4,442.14
Long Term Loans And Advances 67.27 59.96 45.68 48.36 870.42
Other Non-Current Assets 406.98 1,503.64 937.93 983.08 73.68
TOTAL NON-CURRENT ASSETS 10,460.77 9,525.55 7,890.62 7,241.08 6,405.60
CURRENT ASSETS
Inventories 1,091.97 1,072.37 823.58 656.31 672.98
Cash And Cash Equivalents 241.86 136.46 141.34 136.73 131.36
Other Current Assets 634.75 893.11 744.40 533.24 79.48
TOTAL ASSETS 18,749.33 17,641.19 16,738.80 14,694.26 12,340.69
OTHER ADDITIONAL
INFORMATION
75
COMMITMENTS
Contingent Liabilities 249.43 821.50 437.86 480.68 650.44
Raw Materials 0.00 0.00 0.00 0.00 0.62
Stores, Spares And Loose Tools 1,001.45 1,620.58 1,011.15 992.82 0.00
Trade/Other Goods 1,001.45 1,620.58 1,011.15 992.82 0.00
Capital Goods 0.00 0.00 0.00 0.00 162.04
EXCHANGE
Expenditure In Foreign Currency 233.32 228.27 252.19 215.23 272.30
Dividend Remittance In Foreign -- -- -- -- --

Currency
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods -- -- -- -- 776.74
Other Earnings 761.77 832.01 737.64 581.35 1.42
BONUS DETAILS
Bonus Equity Share Capital 23.96 23.96 23.96 23.96 23.96
Non-Current Investments Quoted Market 214.87 257.60 279.02 288.11 486.06

Value
Non-Current Investments Unquoted Book 3,320.36 2,698.28 1,816.40 1,229.43 748.73

Value
CURRENT INVESTMENTS
Current Investments Quoted Market Value 135.71 20.70 -- 123.08 303.23
Current Investments Unquoted Book Value 4,559.92 3,146.42 5,591.12 4,419.80 2,987.22
PROFIT AND LOSS STATEMENT OF HERO MOTOCORP LTD
PROFIT & LOSS ACCOUNT OF MAR 20 MAR 19 MAR 18 MAR 17 MAR 16

HERO MOTOCORP (in Rs. Cr.)
76
INCOME

[GROSS]
Less: Excise/Service Tax/Other 0.00 0.00 641.33 2,371.13 2,258.18

Levies

[NET]
Other Income 778.34 691.25 525.82 522.43 391.12
TOTAL REVENUE 29,614.43 34,341.79 32,756.31 29,022.89 28,990.42
EXPENSES
77
Changes In Inventories Of FG,WIP -169.78 -28.38 -23.15 63.17 -6.82

And Stock-In Trade
Finance Costs 22.02 8.60 6.25 6.05 2.15
Depreciation And Amortisation 817.96 602.01 555.60 492.73 441.40

Expenses
Other Expenses 3,339.02 3,672.49 3,575.53 3,432.36 3,517.83
TOTAL EXPENSES 25,718.11 29,331.06 27,512.15 24,364.43 24,595.84

EXCEPTIONAL,
TAX
Exceptional Items 677.37 0.00 0.00 0.00 0.00
OPERATIONS
Current Tax 1,084.11 1,601.02 1,446.95 1,082.08 960.88
Deferred Tax -143.68 24.84 99.85 199.26 301.33
78
TOTAL TAX EXPENSES 940.43 1,625.86 1,546.80 1,281.34 1,262.21

ITEMS
PROFIT/LOSS FROM 3,633.26 3,384.87 3,697.36 3,377.12 3,132.37

OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 181.91 169.48 185.14 169.12 156.86
Diluted EPS (Rs.) 181.91 169.47 185.13 169.12 156.86

INDIGENIOUS RAW
MATERIALS STORES, SPARES
AND LOOSE TOOLS
Indigenous Raw Materials 0.00 0.00 0.00 0.00 18,434.78

TOOLS
79

PERCENTAGE
Equity Share Dividend 1,937.44 1,897.35 1,697.50 1,737.34 1,437.75
Tax On Dividend 395.03 390.01 345.57 353.69 292.69
Equity Dividend Rate (%) 4,500.00 4,350.00 4,750.00 4,250.00 3,600.00
CASH FLOW STATEMENT OF HERO MOTOCORP LTD
CASH FLOW OF HERO MAR 20 MAR 19 MAR 18 MAR 17 MAR 16

MOTOCORP (in Rs. Cr.)

TAX
Net CashFlow From Operating 5,410.10 979.05 3,980.86 4,028.02 3,913.79

Activities
Net Cash Used In Investing -2,883.10 1,321.23 -1,915.22 -1,943.94 -2,271.34

Activities
Net Cash Used From Financing -2,419.77 -2,293.98 -2,046.66 -2,095.63 -1,683.95
Activities
Foreign Exchange Gains / Losses 0.00 0.00 0.00 0.00 0.00

80
NET INC/DEC IN CASH AND 107.23 6.30 18.98 -11.55 -41.50
CASH EQUIVALENTS
Cash And Cash Equivalents Begin 40.68 34.38 15.40 26.95 97.97
of Year
Cash And Cash Equivalents End Of 147.91 40.68 34.38 15.40 56.47
Year
RATIO OF HERO MOTOCORP LTD
KEY FINANCIAL RATIOS OF HERO MAR MAR MAR MAR MAR

MOTOCORP (in Rs. Cr.) 20 19 18 17 16
PER SHARE RATIOS
Basic EPS (Rs.) 181.91 169.48 185.14 169.12 156.86
Diluted EPS (Rs.) 181.91 169.47 185.13 169.12 156.86
Cash EPS (Rs.) 222.84 199.59 212.97 193.78 178.96
Book Value [ExclRevalReserve]/Share (Rs.) 707.70 643.66 589.33 506.32 397.83
Book Value [InclRevalReserve]/Share (Rs.) 707.70 643.66 589.33 506.32 397.83
Revenue from Operations/Share (Rs.) 1,443.61 1,684.63 1,613.95 1,427.16 1,432.11
PBDIT/Share (Rs.) 237.11 281.42 290.74 258.25 242.27
PBIT/Share (Rs.) 196.16 251.28 262.91 233.58 220.17
PBT/Share (Rs.) 228.97 250.85 262.60 233.27 220.06
PBDIT Margin (%) 16.42 16.70 18.01 18.09 16.91
PBIT Margin (%) 13.58 14.91 16.29 16.36 15.37
PBT Margin (%) 15.86 14.89 16.27 16.34 15.36
81
Return on Assets (%) 19.37 19.18 22.08 22.98 25.38
LIQUIDITY RATIOS
Current Ratio (X) 2.08 1.96 2.04 1.82 1.47
Quick Ratio (X) 1.81 1.71 1.85 1.66 1.30
VALUATION RATIOS
Enterprise Value (Cr.) 31,602.29 50,904.66 70,662.30 64,243.55 58,648.34
EV/EBITDA (X) 6.67 9.06 12.17 12.46 12.12
MarketCap/Net Operating Revenue (X) 1.10 1.52 2.20 2.26 2.06
Price/BV (X) 2.25 3.97 6.02 6.37 7.40
Earnings Yield 0.11 0.07 0.05 0.05 0.05
82

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Pratibha Institute of Business Management

• Name of the student- Neha Rakesh Shah

• Trainee Organization- ( If Any)

Name- Biscon Consultants

Name- Ravi Phadke

• Completion ( Projected) date of SIP: 31st July 2020.

• Objectives set for the project study

• To conduct fundamental analysis of companies related to Automobiles sector to

• To conduct technical analysis of companies related to Automobiles sector to

• To find out kind of strategy of investment which investors look while

2. Rationale/ Significance if the Study

SCOPE AND AREA OF THE STUDY:

Kamala Education Society's

Name: Neha Rakesh Shah

Course: MBA Specialization : Finance Roll Number : 58

Address: Yayati Society Pimpri Pune -18

Duration of theProject : 2 Months

Name of the Company:Biscon Consultants

Company Address: Fremount Hills. 13 Ambegaon BK, Pune, Maharashtra

Name of the external guide & email id : Ravi Phadke

Telephone No. : 9673459667

Project commencement date: 1st June 2020

Project completion date: 31st July 2020

Date Points Discussed Progress Report Sign

Company Guide Discussion (If Any)

SPECIFIC INSTRUCTIONS/ REMARKS BY EXTERNAL EXAMINAR

Signature of student Signature of Internal Guide

IN PARTIAL FULFILMENT FOR THE AWARD OF MASTER IN BUSINESS

UNDER THE GUIDANCE OF

DR. SHWETA JAIN

Pratibha Institute of Business Management

I NEHA RAKESH SHAH studying in MBA (2019-21) at PRATIBHA

I own a great deal to PRATIBHA INSTITUTE OF BUSINESS MANAGEMENT for

Chapter Title Page

→Outline of the problem

→Objectives, scope & Limitations of the study

7 Data Analysis and Interpretation 27

9 Learning through the project 46

10 Conclusion of the Project 47

BISCON CONSULTANTS, (+91) 9673459667| bisconconsultants@gmail.com |

Fundamental analysis is used in stock selection for equity portfolio management. To

FUNDAMENTAL ANALYSIS OF STOCK

TECHNICAL ANALYSIS OF THE STOCK

• Charts ( showing price and volume trends)

OBJECTIVE OF THE STUDY:-

SCOPE OF THE STUDY:

LIMITATIONS OF THE STUDY:-

Overall, automobile export reached 4.77 million vehicles in FY20, growing at a

EV sales, excluding E-rickshaws, in India witnessed a growth of 20 per cent and

Premium motorbike sales in India recorded seven-fold jump in domestic sales,

ABOUT US: BISCON CONSULTANTS is team of young & dynamic professionals,

The Balance Sheet

Statement of Cash Flows

Technical analysts believe that everything from a company's fundamentals to broad

2. Price moves in trends

3. History tends to repeat itself

How Technical Analysis Is Used

Candlestick Chart Analysis

REVIEW ON FUNDAMENTAL ANALYSIS

MAHINDRA & MAHINDRALTD

NATURE, SOURCES AND COLLECTION OF DATA

FUNDAMENTAL ANALYSIS OF TATA MOTORS LTD

PROFIT AND LOSS STATEMENT