INTRODUCTION

An outstanding reputation, a track record of solid fundamentals, a sizable market

capitalization, and the payment of consistent dividends to shareholders are all

characteristics of a blue chip stock. They are less affected by unfavorable market

conditions since they are less volatile than other mid-cap and small-cap equities. Blue

chip businesses sell high-quality goods and services across the country and have a

broad distribution network that makes them instantly identifiable.

Characteristics of Blue Chip Stocks

Blue Chip Stocks Provide Consistent Returns.

Long-term and cautious investors favour blue chip stocks since they are the most

dependable when it comes to solid returns. Blue chip stocks offer stable returns and

comparatively lower returns than other equities, even though they may not offer as

large of a return as small- and mid-cap enterprises.

Regular Dividends are Offered by Blue Chip Companies

Blue chip firms regularly distribute quarterly or annual dividends to their

shareholders. Even though they might not always pay dividends, they might

occasionally do so in order to fund the company's expansion or growth instead of

reducing the dividend payout. They reward the shareholders for their investments and

faith in them by paying dividends from the profit they had achieved.

Blue Chip Stocks with a Big Market Cap

1
A blue chip stock has a market value of more than 20,000 crores, making them pricey

due to their high valuation. The State Bank of India, Bharti Airtel, Tata Consultancy

Services, Reliance Industries, Coal India, HDFC, ITC, Infosys, ICICI Bank, ONGC,

GAIL, and Coal India are among India's top blue chip firms based on market value.

The best stocks to buy for the long term are blue chip stocks.

Given that blue chip firms see moderate but consistent growth over time, investing in

them makes more sense if you have a longer time horizon. Investors would do best to

include blue chip companies in their portfolios in order to generate a sizable return on

their retirement savings.

Blue Chip Stocks Possess Relatively Fewer Risks.

Due to their strong financial standing, superior management, and reduced debt, blue

chip stocks are often less risky than mid-cap and small-cap stocks. Blue chip firms are

typically debt-free or have reduced debt because they always have the money to pay

off their debt, so they only have a limited impact during market volatility or market

corrections.

Blue Chip Businesses Employ Experienced Management

Management is the backbone of every company's growth and is essential to the

development and operation of a firm. The board of directors, CFO, and CEO of blue-

chip businesses are well-known for their industry knowledge and extensive

experience.

Benefits of Investing in Indian Blue Chip Stocks

2
Blue chip firms consistently pay dividends to their owners, regardless of the state of

the market. This is one of the best ways to generate passive income.

The least amount of work is required from you because blue chip stocks don't

fluctuate as much as other types of securities and because you don't need to routinely

monitor the stock price.

Portfolio diversification: To create a diverse portfolio, you must include blue chip

stocks with solid fundamentals and potential for future growth. Your asset allocation

in the portfolio depends on how much risk you are willing to accept; if you are a

conservative investor, you can put the majority of your funds to blue-chip stocks.

Important Considerations Before Buying Blue Chip Stocks in India 2022

Costly: Due to their strong market position and the rarity of blue chip companies with

low P/E ratios, blue chip stocks are generally more expensive than other types of

securities. As a result, blue chip stock share prices can be prohibitive for novice

investors.

Low returns: Blue chip firms have been around for a while and have already grown to

their full potential. Therefore, while stock prices won't increase exponentially in the

near future, they will deliver exceptional returns over the course of years or decades.

Growth: Blue chip corporations might not expand as quickly as comparable small-

and mid-cap firms. They occasionally provide a smaller they occasionally offer a

lower return than the benchmark index. For instance, ITC has a reputation for

exhibiting moderate and consistent growth on the stock market; nonetheless, the

company's CAGR is a relatively low -3%.

3
Although long-term investments are undoubtedly superior to other types of

investments, you shouldn't overspend your investment budget hastily. Instead, pick a

specific sum and spread it among several reputable stocks. Spend your money evenly

across several high-performing stocks and shares rather than just one stock.

Shares of very large, well-known corporations with a track record of reliable financial

performance are known as "blue chip stocks." These stocks have a reputation for

being able to withstand challenging market situations and deliver strong returns

during favourable market conditions. Blue chip companies typically have high stock

prices since they have a solid reputation and frequently dominate their respective

markets.

4
NEED FOR THE STUDY

Common characteristics of blue-chip stocks include strong balance sheets, consistent

cash flows, tested business strategies, and a track record of rising dividends. Due to

their track records and performance histories, investors typically view blue-chip

stocks as among the safest stock investments. The notion is that blue-chips will be

less volatile than smaller growth businesses and will also be the first to rebound when

the market eventually recovers, even though they are not immune to losses if the

larger stock market enters a gloomy phase.

5
SCOPE OF THE STUDY

Five carefully chosen Blue-chip companies that are listed on the stock exchange were

required to submit to the inspection. The goal of the examination is to understand the

critical analysis of several Blue-chip Companies. Data for this project was only

gathered from five blue-chip associations between 2017 and 2022.

6
OBJECTIVES OF THE STUDY

1.To determine the five blue-chip shares that performed the best overall on the Indian

stock market.

2. To research the market trends of the Indian stock market's selected blue-chip

shares.

3. To calculate the risk returns of selected blue-chip stocks.

4. To examine the systematic risk of selected blue-chip stocks.

5. To suggest the investor, if any

7
RESEARCH METHODOLOGY

The analysis is based on secondary information gathered on the five blue-chip NSE

equities over a five years’ time period, from apr 2017 to the march 2022.

https://in.finance.yahoo.com/ and https://www.nseindia.com are the sources of the

data.

Information has been gathered regarding shares traded on the National Stock

Exchange as well as the open, high, low, and close values of each share. To examine

the data, a descriptive study has been conducted. Systematic risk and coefficient of

variation are the methods for data analysis. Five Blue-Chip associations are the test

measure.

Timeframe: 2017 through 2022

Data collection Secondary data has been compiled for the seasons of 2016 to 2020

from NSE India.com.

TOOLS FOR ANALYSIS

Return = (close value – open value )/ Open value *100

Risk = √∑(d-D)2 /n-1

CoV = Risk /Normal Return

Systematic Risk= β = ∑(D1*D2) ÷ ∑(D2*D2)

8
LIMITATIONS OF THE STUDY

 On 5 Blue Chip firms at a specific time, the analysis is based.

 There is no particular specific parameters about blue-chip companies

 To filter out the Blue Chip stocks, various parameters are provided on various

websites.

9
 REVIEW OF LITERATURE

Narayanan B (2013)

A blue chip stock is the stock of a reputable business with consistent earnings and

little liabilities. The phrase comes from casinos, where the highest-valued counters are

represented by blue chips. Even when business is performing worse than usual, the

majority of blue chip stocks continue to pay monthly dividends. Despite their

typically high share prices, they are coveted by investors wanting a certain level of

stability and safety. Such equities are frequently seen as providing steady returns, a

low yield, and low risk. The NSE archives were used to gather the data. The

fundamental study is used to identify short-term investment opportunities for

shareholders of the chosen blue chip companies listed on the NSE and to forecast

share price variations.

Dr.R.C.Nagaraja(2021)

When compared to the commercial sectors of other countries, the Indian cash-related

market is considered to be a young market. Profitable stock exchange components are

a result of the strong budgetary marketplaces. The experts highlighted to build the

financial market along the lines of distant markets are given the prescription here,

which means it should be followed. The aim of this study is to conduct a thorough

analysis of the top ten blue chip companies operating in India in terms of market

capitalization, earnings per share, yearly profit payout, cash flows, and total trailing

returns. With the help of his scholarships, the scientist had enhanced his theoretical

knowledge, but this work helped him put it into practical perspective. In addition, the

specialist had increased his theoretical knowledge while keeping it realistic

10
information on the offer market and the activities carried out in an offer brokerage

business. In order to explore the net return and fundamental analysis of Blue-chip

businesses in India.

Shuaipeng Li (2019)

Blue-chip stocks, red-chip stocks, and blue-chip stocks have all emerged on the stock

market as a result of the domestic stock market's ongoing development and progress.

This study uses the Shanghai-Shenzhen 300 Index's blue-chip stocks as the research

sample and the A-share market's blue-chip stocks as the research object to examine

the factors that affect the blue-chip stock yield in the A-share market. The empirical

findings indicate that the market interest rate, firm size, net asset growth rate,

ownership structure, and valuation are the characteristics that have the greatest impact

on the yield of blue-chip stocks in the A-share market.

Nisha Tokas (2020)

High-valued, superior, less volatile, and long-term investments are regarded as blue-

chip equities. These are well-established equities with a number of features that

provide investors with reliable earnings over the long term.

These businesses are often big corporations that have been around for a long time and

are regarded as being very solid.

The current analysis is based on secondary data that was gathered from numerous

financial reports on the official websites of particular blue chip businesses.

In order to determine the top 25 Indian blue chip businesses' market capitalization,

return on capital employed, and interest coverage ratio, this study will analyse these

11
metrics. This paper discusses many characteristics and screening standards for the

finest Blue chip stocks. According to the studies, blue chip stocks are the greatest for

long-term returns and portfolio diversity, albeit having some drawbacks. These

equities have performed remarkably well during the current economic crisis.

Sruti Saria (2020)

The Indian stock market has a similar history to the global stock market in terms of

crashes and recoveries. Due to the "Harshad Mehta Scam," the Sensex fell 53% in

1992, yet it quickly rose 127%. It decreased by 40% over four years due to the "Asian

Crisis" of 1996 before rising by 115% in just one year. During the "Tech Bubble" of

2000, it fell by 56% in just over a year before rising by 138% over the following two

and a half years. In less than three months, the current market has lost about 30% of

its value. It is impossible to forecast when the economy will resume its normal course

because of COVID-19. Even some analysts draw comparisons between the current

economic collapse and the "Great Depression" of the 20th century. The goal of this

research is to determine the three blue-chip equities that performed the best on the

Indian stock market during the COVID-19 crisis and to discuss the factors that

contributed to that performance. Regression analysis is used in the descriptive and

correlated nature of the research. All the companies listed on the National Stock

Exchange (NSE) in 2020 make up the statistical population of the study, and the most

reliable blue-chip stocks from the population have been selected via systematic

elimination. The appropriate industries have been assigned to a few chosen stocks.

According to hypothesis 1's findings, the NSE's open value influences the close value

by 90%. According to the findings of hypothesis 2 and 3, there is a connection

between the high value.

12
 COMPANY PROFILE

ZEN SECURITIES LTD., which was founded in 1992, has established itself as one of

India's leading service suppliers. The list of recognized businesses offering a variety

of etc. includes ZEN SECURITIES LTD. For in Hyderabad, Telangana, contact this.

One of the top companies offering financial and investment-related services and

products is Zen Securities Limited (ZSL).

The company was founded in 1986 as a private company owned by M/s K. Ravindra

Babu and changed its status to a limited company in February 1995 to become Zen

Securities Ltd. Zen holds the distinction of being both the first A.P.-based broking

firm and the first corporate member from Hyderabad to begin trading on the National

Stock Exchange.

ZEN is a registered participant on the NSE and BSE's Capital Market and Futures &

Options segments.

ZEN is a Depository Participant (DP) with both Central Depositories Services Ltd.

and National Securities Depository Ltd. (CDSL). ZEN offers clients portfolio

management services as a registered portfolio manager with SEBI.

Zen Comtrade Pvt. Limited, a 100% subsidiary of ZSL, is a participant in the Multi

Commodity Exchange and the National Commodities & Derivatives Exchange

Limited (NCDEX) (MCX).

ZEN has offices and affiliates across Andhra Pradesh, Tamil Nadu, Maharashtra,

Karnataka, West Bengal, and Orissa. Its headquarters are in Hyderabad. The company

has more than 500 trading terminals and operates out of more than 140 locations.

13
Zen Securities Limited provides the following services: investment advising services.

Trading on the cash markets of the NSE and BSE; Trading on the futures and options

exchanges of the NSE and BSE; Internet trading on the cash markets of the NSE and

BSE; Advisory services for mutual funds; Depository services provided by the NSDL

and CDSL; Trading on the commodities exchanges of the MCX and NCDEX;

Portfolio management services.

New Pension System (NPS) | Fixed Income Securities | Fixed Deposits | RBI Bonds |

Tax Saving Bonds | NRI Investor Services | PAN Application Service | Mutual Fund

KYC Registration Service

India's ZEN Securities LTD is a non-governmental organisation. It is a "corporation

limited by shares" and is a public firm.

The company has a Rs 243.0 lakhs in paid-up capital, which is 60.75 percent of its Rs

400.0 lakhs in authorised capital.

The primary line of business for ZEN Securities LTD is finance, and the company is

currently operating.

The operating revenue range for Zen Securities Ltd. for the fiscal year that ended on

March 31, 2015, is INR 1 crore to INR 100 crore. Its EBITDA has increased from the

prior year by 362.22%. Its book net value has risen by 37.74% at the same time. Here

you can find other performance and liquidity ratios.

The organisation conducts business as a provider of financial services. It provides

depository, portfolio management, online trading, and stock broking services.

14
Products and Services: Fixed Income Securities, Fixed Deposits, RBI Bonds, Tax

Saving Bonds, Mutual Fund KYC Registration Service, NRI Investor Services, etc.

Service provider category

Zen Securities Ltd. is now in an active state.

According to our data, Zen Securities Ltd.'s most recent recorded AGM (Annual

General Meeting) took place on September 17,2016.

Additionally, according to our data, its most recent balance sheet was made for the

period ending on March 31, 2016.

Eight directors make up Zen Securities Ltd, including Satish Kantheti and Venkata

Reddy Kovvuri.

Zen Securities Ltd's corporate identification number (CIN) is

U67120AP1994PLC017525. Zen Securities Ltd.'s registered office is located at

Vamsee Estates, 3rd floor, 6-3-788/32, Ameerpet, Hyderabad, Telangana.

15
 DATA ANALYSIS AND INTERPRETATION

4.1 The Statements Showing Calculation of Risk and Returns of

Selected Securities for the Period of 5 Financial Years (April

17-18 to March 21- 22)

Table-4.1.1: Returns of Infosys Ltd

Previous
Close Avg
DATE Close Returns Difference D*D
Price Returns
Price

Apr-17 596.03 599.93 -0.6501 1.6397985 -2.289874 5.2435

May-17 617.04 596.03 3.35722 1.6397985 1.7184151 2.9495

Jun-17 577.63 617.04 -6.235 1.6397985 -7.874783 62.012

Jul-17 529.8 577.63 -8.2804 1.6397985 -9.920196 98.41

Aug-17 511.05 529.8 -3.5391 1.6397985 -5.18887 26.822

Sep-17 511.15 511.05 0.02057 1.6397985 -1.620231 2.6251

Oct-17 494.4 511.15 -3.2769 1.6397985 -4.917723 24.184

Nov-17 481.3 494.4 -2.6497 1.6397985 -4.289475 19.4

Dec-17 498.6 481.3 3.59443 1.6397985 1.9546332 3.8217

Jan-18 458.14 498.6 -8.1147 1.6397985 -9.75452 95.151

Feb-18 499.48 458.14 9.02344 1.6397985 7.3836441 54.519

Mar-18 504.34 499.48 0.97301 1.6397985 -0.666787 0.4446

Apr-18 453.38 504.34 -10.104 1.6397985 -11.74409 137.92

May-18 482.04 453.38 6.32241 1.6397985 4.6817096 22.918

16
Jun-18 461.57 482.04 -4.2465 1.6397985 -5.886334 34.649

Jul-18 498.89 461.57 8.08545 1.6397985 6.445649 41.546

Aug-18 451.4 498.89 -9.5201 1.6397985 -11.15893 124.52

Sep-18 443.98 451.4 -1.6438 1.6397985 -3.283573 10.782

Oct-18 454.81 443.98 2.4393 1.6397985 0.7995006 0.6392

Nov-18 481.57 454.81 5.88378 1.6397985 4.2439771 19.011

Dec-18 514.11 481.57 6.75707 1.6397985 5.1182669 26.196

Jan-19 567.49 514.11 10.383 1.6397985 8.7432035 76.443

Feb-19 578.52 567.49 1.94365 1.6397985 0.3038481 0.0923

Mar-19 558.39 578.52 -3.4796 1.6397985 -5.120367 26.219

Apr-19 591.79 558.39 5.98148 1.6397985 4.341784 19.85

May-19 607.73 591.79 2.69352 1.6397985 1.0537245 1.1103

Jun-19 650.03 607.73 6.96033 1.6397985 5.3215293 28.308

Jul-19 678.82 650.03 4.42903 1.6397985 2.7892279 7.7798

Aug-19 717.61 678.82 5.56701 1.6397985 3.9272248 15.423

Sep-19 726.06 717.61 1.31971 1.6397985 -0.32220 0.1031

Oct-19 682.65 726.06 -5.9788 1.6397985 -7.619643 58.044

Nov-19 663.8 682.65 -2.7613 1.6397985 -4.401096 20.37

Dec-19 655.35 663.8 -1.273 1.6397985 -2.912772 8.4842

Jan-20 749.55 655.35 14.374 1.6397985 12.7342 172.17

Feb-20 734.3 749.55 -2.0346 1.6397985 -3.674353 13.501

Mar-20 743.85 734.3 1.30056 1.6397985 -0.33924 0.1151

Apr-20 751.35 743.85 1.00827 1.6397985 -0.631531 0.3988

May-20 737.75 751.35 -1.8101 1.6397985 -3.449874 11.902

17
 Jun-20 732 737.75 -0.7794 1.6397985 -2.420205 5.8525

Jul-20 793.65 732 8.42223 1.6397985 6.7823326 46

Aug-20 814.9 793.65 2.6775 1.6397985 1.0377042 1.0768

Sep-20 805.65 814.9 -1.1351 1.6397985 -2.774907 7.7001

Oct-20 685.6 805.65 -14.901 1.6397985 -17.54081 273.6

Nov-20 696.35 685.6 1.56797 1.6397985 -0.071929 0.0052

Dec-20 731.15 696.35 4.99749 1.6397985 3.3576884 11.274

Jan-21 775.95 731.15 6.12733 1.6397985 4.4875352 21.138

Feb-21 731.7 775.95 -5.7027 1.6397985 -7.342486 53.912

Mar-21 641.5 731.7 -12.327 1.6397985 -13.96726 205.08

Apr-21 715.5 641.5 11.5355 1.6397985 9.8956653 97.924

May-21 691 715.5 -3.4242 1.6397985 -5.063977 25.644

Jun-21 735.95 691 6.50507 1.6397985 4.8652666 23.671

Jul-21 966 735.95 31.2589 1.6397985 29.620120 877.29

Aug-21 928.6 966 -3.8717 1.6397985 -5.511434 30.376

Sep-21 1,008.25 928.6 8.57743 1.6397985 6.9376299 48.131

Oct-21 1,060.60 1,008.25 5.20226 1.6397985 3.5523661 12.620

Nov-21 1,100.00 1,060.60 3.71488 1.6397985 2.0750799 4.306

Dec-21 1,255.80 1,100.00 14.1736 1.6397985 12.523838 156.85

Jan-22 1,239.05 1,255.80 -1.3338 1.6397985 -2.97361 8.8424

Feb-22 1,253.30 1,239.05 1.15007 1.6397985 -0.489724 0.2398

Mar-22 1,368.05 1,253.30 9.15583 1.6397985 7.5170301 56.491

summary 3226.1

Average returns
18
 =1.6397985
2
Variance = ∑ 𝐷
𝑛−1

= 54.51

Risk = √𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒
=7.3830

Coefficient of Variance = Average returns/ risk

= 1.6397985/7.3830

= 0.222

Graph-4.1.1: Returns of Infosys ltd

40

Returns
30

21
Returns

10
Oct-17

Oct-18

Oct-19

Oct-20

Oct-21
Apr-17
Jul-17

Jan-18
Apr-18
Jul-18

Jan-19
Apr-19
Jul-19

Jan-20
Apr-20
Jul-20

Jan-21
Apr-21
Jul-21

Jan-22

-10

-21 Months- Years

Interpretation

From the above Analysis on Risk and Returns of Infosys Ltd, The Equity

Shares of Infosys Ltd Started with The Negative Returns and Eventually

Showed Positive Returns. Infosys Ltd had the Average Returns of 1.639

and risk of 7.3830 for the period of 5years. The Company had a Highest

Positive Returns of 31.2 in July2021

19
Table-4.1.2: Returns of Aurobindo Pharma Ltd

Date Close Previous Returns Avg Diff D*D

Prices Close Returns

Prices

Apr-17 759.95 731.8 3.846679 0.874196 2.97249 8.8357

May-17 785.3 759.95 3.335746 0.874196 2.46156 6.0593

Jun-17 742.5 785.3 -5.45015 0.874196 -6.3243 39.997

Jul-17 791.45 742.5 6.592593 0.874196 5.71941 32.7

Aug-17 790.85 791.45 -0.07581 0.874196 -0.95 0.9025

Sep-17 855.45 790.85 8.178426 0.874196 7.29424 53.217

Oct-17 819.05 855.45 -4.37207 0.874196 -5.2462 27.522

Nov-17 740.8 819.05 -9.44320 0.874196 -10.318 106.45

Dec-17 669.3 740.8 -9.65183 0.874196 -10.526 110.79

Jan-18 681.8 669.3 1.867623 0.874196 0.99344 0.9869

Feb-18 677.2 681.8 -0.67468 0.874196 -1.5489 2.399

Mar-18 675.2 677.2 -0.29533 0.874196 -1.1795 1.3678

Apr-18 606.75 675.2 -10.1377 0.874196 -11.012 122.26

May-18 574.15 606.75 -5.37289 0.874196 -6.2471 39.026

Jun-18 684.6 574.15 20.23713 0.874196 19.3629 337.2

Jul-18 719.6 684.6 4.966404 0.874196 4.09222 17.746

Aug-18 725.25 719.6 0.925411 0.874196 0.05122 0.0026

Sep-18 691.65 725.25 -4.63289 0.874196 -5.5071 30.328

Oct-18 760 691.65 9.882266 0.874196 9.00798 81.144

Nov-18 692.85 760 -8.83553 0.874196 -9.7097 94.279

20
Dec-18 687.95 692.85 -0.70722 0.874196 -1.5814 2.5009

Jan-19 629.55 687.95 -8.48899 0.874196 -9.3632 87.669

Feb-19 613.9 629.55 -2.4859 0.874196 -3.3601 11.29

Mar-19 557.85 613.9 -9.13015 0.874196 -10.004 100.09

Apr-19 642 557.85 15.0847 0.874196 14.2215 201.94

May-19 556.3 642 -13.3489 0.874196 -14.223 202.3

Jun-19 607.1 556.3 9.131863 0.874196 8.25758 68.198

Jul-19 591.55 607.1 -2.56136 0.874196 -3.4355 11.803

Aug-19 712.75 591.55 21.48855 0.874196 20.6144 384.72

Sep-19 744.45 712.75 4.447562 0.874196 3.57338 12.769

Oct-19 791.55 744.45 6.326819 0.874196 5.45263 29.731

Nov-19 810.7 791.55 2.420304 0.874196 1.54512 2.3874

Dec-19 732.95 810.7 -9.59048 0.874196 -10.465 109.51

Jan-20 787.8 732.95 7.483457 0.874196 6.60927 43.682

Feb-20 712.05 787.8 -9.61538 0.874196 -10.49 110.03

Mar-20 784.25 712.05 10.13974 0.874196 9.26555 85.85

Apr-20 820.05 784.25 4.437361 0.874196 3.56318 12.696

May-20 672.4 820.05 -18.9049 0.874196 -19.779 352.65

Jun-20 608.05 672.4 -9.5702 0.874196 -10.444 109.09

Jul-20 571.25 608.05 -6.05223 0.874196 -6.9263 47.974

Aug-20 600.7 571.25 5.155361 0.874196 4.28119 19.328

Sep-20 589 600.7 -1.94773 0.874196 -2.8229 7.9632

Oct-20 469.85 589 -21.2292 0.874196 -22.103 445.35

Nov-20 449.9 469.85 -4.24604 0.874196 -5.1202 26.227

21
Dec-20 456.85 449.9 1.544788 0.874196 0.6706 0.4497

Jan-21 481.4 456.85 5.373755 0.874196 4.49957 21.246

Feb-21 505.5 481.4 5.006232 0.874196 4.13215 18.074

Mar-21 413.15 505.5 -19.269 0.874196 -20.143 366.46

Apr-21 625.85 413.15 51.48251 0.874196 50.6083 2561.2

May-21 745.65 625.85 20.14207 0.874196 19.2678 333.71

Jun-21 771.7 745.65 3.493596 0.874196 2.62041 6.8613

Jul-21 874.6 771.7 13.3342 0.874196 12.46 155.25

Aug-21 808.9 874.6 -7.51201 0.874196 -8.3862 70.328

Sep-21 796.5 808.9 -1.53295 0.874196 -2.4071 5.7943

Oct-21 772.65 796.5 -2.99435 0.874196 -3.8685 14.966

Nov-21 868.55 772.65 12.41193 0.874196 11.5376 133.12

Dec-21 922.3 868.55 6.073341 0.874196 5.20915 27.031

Jan-22 905.25 922.3 -1.7422 0.874196 -2.6173 6.845

Feb-22 855.2 905.25 -5.52886 0.874196 -6.403 40.999

Mar-22 881.3 855.2 3.052019 0.874196 2.18773 4.7425

Total 7361

Average returns = 0.874196

2
Variance = ∑ 𝐷
𝑛−1

=
124.
763

Risk = √𝑉ar𝑖𝑎𝑛𝑐𝑒

= 11.179

22
 Coefficient of Variance = Average returns/ risk
= 0.874196/ 11.179

= 0.0782

Graph-4.1.2: Returns of Aurobindo Pharma Ltd

60

return
50
s
30
returns

21
Jul-17

Oct-17

Jul-18

Oct-18

Jul-19

Oct-19

Jul-20

Oct-20

Jul-21

Oct-21
Apr-17

Jan-18

Apr-18

Jan-19

Apr-19

Jan-20

Apr-20

Jan-21

Apr-21

Jan-22
10

Interpretation

From the above Analysis on Risk and Returns of Aurobindo Pharma Ltd,

The Company started with a moderate-returns in the beginning. The

Company had Average Returns for the Period are 0.874 whereas the risk

is calculated as 11.179. The Company had Highest Returns of 51.48 In

the Month of Apr 2021.

23
Table-4.1.3: Returns of State Bank of India

Date Close Previous Returns Avg Diff D*D

Price Close Returns

Price

Apr-17 199 203.7 -2.42643 1.70318 -4.1296 18.0536

May-17 214.95 199 8.43915 1.70318 6.73599 45.3735

Jun-17 228.8 214.95 6.75775 1.70318 5.05458 25.5488

Jul-17 229.4 228.8 4.84461 1.70318 3.14144 9.86864

Aug-17 252.5 229.4 10.0697 1.70318 8.36658 69.9997

Sep-17 251.25 252.5 -0.49505 1.70318 -2.2082 4.83226

Oct-17 257.6 251.25 2.52736 1.70318 0.8242 0.6793

Nov-17 258.35 257.6 0.29115 1.70318 -1.412 1.99379

Dec-17 250.2 258.35 -3.15464 1.70318 -4.8578 23.5982

Jan-18 260.35 250.2 4.05675 1.70318 2.35359 5.53937

Feb-18 269.2 260.35 3.39927 1.70318 1.6961 2.87677

Mar-18 293.4 269.2 8.9896 1.70318 7.28643 53.0922

Apr-18 289.75 293.4 -1.24404 1.70318 -2.9472 8.686

May-18 288.3 289.75 -0.50043 1.70318 -2.2136 4.85585

Jun-18 273.65 288.3 -5.08151 1.70318 -6.7847 46.0320

Jul-18 312.5 273.65 14.207 1.70318 12.4938 156.095

Aug-18 277.75 312.5 -11.12 1.70318 -12.823 174.434

Sep-18 253.85 277.75 -8.60486 1.70318 -10.308 106.255

24
Oct-18 305.8 253.85 21.4648 1.70318 19.7618 352

Nov-18 321.35 305.8 4.75801 1.70318 3.05484 9.33219

Dec-18 309.9 321.35 -3.26217 1.70318 -4.9652 24.6535

Jan-19 313.25 309.9 1.08099 1.70318 -0.6222 0.3871

Feb-19 268 313.25 -14.4453 1.70318 -17.148 260.774

Mar-19 249.9 268 -6.75373 1.70318 -8.4569 71.5201

Apr-19 246.4 249.9 -1.40056 1.70318 -3.1037 9.63312

May-19 269.55 246.4 9.39529 1.70318 7.69223 59.1788

Jun-19 259.35 269.55 -3.78408 1.70318 -5.4873 30.1099

Jul-19 293.5 259.35 13.1775 1.70318 11.4644 131.432

Aug-19 309.6 293.5 5.48552 1.70318 3.78235 14.3062

Sep-19 265.5 309.6 -14.2442 1.70318 -15.947 254.319

Oct-19 281.4 265.5 5.9887 1.70318 4.28553 19.3658

Nov-19 284.65 281.4 1.15494 1.70318 -0.5482 0.30055

Dec-19 295.9 284.65 3.95222 1.70318 2.24905 5.05825

Jan-20 293.65 295.9 -0.76039 1.70318 -2.4636 6.06912

Feb 20 E 269.05 293.65 -8.37732 1.70318 -10.08 101.617

Mar-20 321.75 269.05 20.2258 1.70318 18.5126 306.691

Apr-20 309.95 321.75 -3.36711 1.70318 -5.0703 25.7077

May-20 352.5 309.95 13.728 1.70318 12.0249 144.597

Jun-20 361.25 352.5 2.48227 1.70318 0.7791 0.607

Jul-20 332.2 361.25 -8.04152 1.70318 -9.7447 94.959

Aug-20 273.85 332.2 -18.5647 1.70318 -20.268 371.251

Sep-20 270.8 273.85 -1.11375 1.70318 -2.8179 7.93501

25
Oct-20 312.4 270.8 15.3620 1.70318 13.6587 196.561

Nov-20 341.85 312.4 9.42702 1.70318 7.72385 59.6579

Dec-20 333.75 341.85 -2.36946 1.70318 -4.0726 17.5863

Jan-21 319.45 333.75 -4.58427 1.70318 -6.2874 39.5320

Feb-21 303 319.45 -4.85173 1.70318 -6.5548 42.9653

Mar-21 206.85 303 -35.033 1.70318 -36.736 1349.55

Apr-21 200.5 206.85 -3.22581 1.70318 -4.929 24.2948

May-21 171.3 200.5 -15.3281 1.70318 -18.031 290.064

Jun-21 188.45 171.3 10.6324 1.70318 8.92920 79.7305

Jul-21 201.45 188.45 7.28495 1.70318 5.58189 31.1563

Aug-21 222 201.45 10.7339 1.70318 9.03071 81.5537

Sep-21 195.4 222 -12.5472 1.70318 -14.25 213.072

Oct-21 199.25 195.4 2.07659 1.70318 0.37342 0.13945

Nov-21 244.25 199.25 29.0622 1.70318 27.3589 748.511

Dec-21 274.95 244.25 12.5691 1.70318 10.8659 119.068

Jan-22 282.1 274.95 2.60047 1.70318 0.89731 0.80517

Feb-22 390.15 282.1 38.302 1.70318 36.5989 1339.48

Mar-22 364.3 390.15 -6.62566 1.70318 -8.3288 69.3693

Total 7728.69

Average returns = 1.70318

2
Variance = ∑ 𝐷
𝑛−1

= 130.995

Risk = √Variance
26
 = 11.44

Coefficient of Variance = Average returns/ risk

= 1.70318/11.44

= 0.1488

Graph-4.1.3: Returns of State Bank of India

Returns
50

40

30

21
returns

10

0
Apr-17

Jun-17
Aug-17

Aug-18

Aug-19

Apr-20

Aug-20

Aug-21
Feb 2020 E
Dec-17

Dec-18

Dec-19

Dec-20

Dec-21
Feb-18

Feb-19

Feb-21

Feb-22
Apr-18

Apr-19

Apr-21
Oct-17

Oct-18

Oct-19

Oct-20

Oct-21
Jun-18

Jun-19

Jun-20

Jun-21
-10

-21

-30 Months-Years

Interpretation

From the above Analysis on Risk and Returns of State Bank of India,

SBI has Moderate-Returns for the Considered Period. The average

Returns of SBI is 1.70 with a Risk of 11.44. SBI had a Highest Positive

Returns of 29.06 In the Month of Nov 2021 and Experienced great fall in

month of march 2021 with a negative return of -35.05.

27
Table-4.1.4: Returns of Hindustan Unilever Ltd

Previous
Close
Date Close Avg
Price
Price Returns Returns Diff D*D

Apr-17 864.2 863.41 0.091498 1.88159 -1.79009 3.21443

May-17 844.59 864.2 -2.269151 1.88159 -4.15074 18.2287

Jun-17 894.72 844.59 5.935424 1.88159 4.05383 17.4336

Jul-17 919.62 894.72 2.671227 1.88159 0.78964 0.62352

Aug-17 913.15 919.62 -0.595458 1.88159 -2.47705 6.13577

Sep-17 864.17 913.15 -5.364946 1.88159 -7.24654 52.5123

Oct-17 835.58 864.17 -3.307258 1.88159 -5.19885 26.9242

Nov-17 D 840.41 835.58 0.578042 1.88159 -1.30355 1.69924

Dec-17 822.83 840.41 -2.091936 1.88159 -3.97343 15.7881

Jan-18 851.76 822.83 3.515915 1.88159 1.63432 2.67101

Feb-18 862.22 851.76 1.226871 1.88159 -0.65472 0.42866

Mar-18 907.87 862.22 5.295694 1.88159 3.4141 11.6561

Apr-18 930.97 907.87 2.544418 1.88159 0.66283 0.43934

May-18 1,062.46 930.97 14.12398 1.88159 12.2424 149.876

Jun-18 1,075.00 1,062.46 1.19028 1.88159 -0.70131 0.49194

Jul-18 1,150.83 1,075.00 7.053953 1.88159 5.18236 26.7533

Aug-18 1,224.56 1,150.83 5.537742 1.88159 3.65615 13.3674

Sep-18 1,178.90 1,224.56 -3.759386 1.88159 -5.64098 31.8217

Oct-18 1,232.19 1,178.90 5.413637 1.88159 3.53215 12.4753

Nov-18 1,267.03 1,232.19 2.828322 1.88159 0.94673 0.8963

28
Dec-18 1,362.03 1,267.03 7.497849 1.88159 5.61726 31.5424

Jan-19 1,363.52 1,362.03 0.109396 1.88159 -1.7722 3.14068

Feb-19 1,312.14 1,363.52 -3.768198 1.88159 -5.64978 31.92

Mar-19 1,327.67 1,312.14 1.193563 1.88159 -0.69803 0.48724

Apr-19 1,502.47 1,327.67 13.17592 1.88159 11.2843 127.336

May-19 1,604.59 1,502.47 6.796808 1.88159 4.91522 24.1594

Jun-19 1,634.17 1,604.59 1.842838 1.88159 -0.03875 0.0015

Jul-19 1,724.28 1,634.17 5.51476 1.88159 3.63318 13.2099

Aug-19 1,772.52 1,724.28 2.797689 1.88159 0.9171 0.83924

Sep-19 1,601.55 1,772.52 -9.645589 1.88159 -11.5272 132.876

Oct-19 1,614.80 1,601.55 0.827324 1.88159 -1.05427 1.11148

Nov-19 1,746.53 1,614.80 8.157667 1.88159 6.27608 39.3891

Dec-19 1,811.90 1,746.53 3.74285 1.88159 1.86126 3.46429

Jan-20 1,755.74 1,811.90 -3.099509 1.88159 -4.9811 24.8114

Feb-20 1,725.27 1,755.74 -1.735451 1.88159 -3.61804 13.083

Mar-20 1,699.53 1,725.27 -1.49204 1.88159 -3.37353 11.3807

Apr-20 1,750.22 1,699.53 2.982589 1.88159 1.101 1.2222

May-20 1,780.89 1,750.22 1.752351 1.88159 -0.12924 0.0177

Jun-20 1,779.99 1,780.89 -0.050537 1.88159 -1.93223 3.73312

Jul-20 1,720.30 1,779.99 -3.40957 1.88159 -5.29117 27.9964

Aug-20 1,873.89 1,720.30 8.99145 1.88159 7.10986 50.5501

Sep-20 1,973.51 1,873.89 5.317224 1.88159 3.43462 11.7966

Oct-20 2,176.09 1,973.51 9.758248 1.88159 7.87666 62.0418

Nov-20 2,026.63 2,176.09 -6.438329 1.88159 -8.32092 69.2221

29
Dec-20 1,914.81 2,026.63 -5.518534 1.88159 -7.39913 54.7471

Jan-21 2,025.59 1,914.81 5.78543 1.88159 3.90384 15.24

Feb-21 2,175.49 2,025.59 6.90663 1.88159 5.02504 25.251

Mar-21 2,288.71 2,175.49 5.690177 1.88159 3.80858 14.5053

Apr-21 2,195.65 2,288.71 -4.502973 1.88159 -6.38456 40.7627

May-21 2,048.59 2,195.65 -6.270903 1.88159 -8.15249 66.4632

Jun-21 2,180.72 2,048.59 5.961761 1.88159 4.08007 17.647

Jul-21 2,220.90 2,180.72 1.804931 1.88159 -0.07666 0.00588

Aug-21 2,118.35 2,220.90 -4.197972 1.88159 -6.06956 36.8396

Sep-21 2,068.25 2,118.35 -2.319936 1.88159 -4.21053 18.6444

Oct-21 2,071.30 2,068.25 0.147468 1.88159 -1.73412 3.00719

Nov-21 2,138.21 2,071.30 3.229856 1.88159 1.34826 1.81882

Dec-21 2,395.40 2,138.21 12.02881 1.88159 10.1472 102.966

Jan-22 2,263.90 2,395.40 -5.489689 1.88159 -7.37128 54.3358

Feb-22 2,132.05 2,263.90 -5.82402 1.88159 -7.70561 59.3764

Mar-22 2,431.50 2,132.05 14.04518 1.88159 12.1736 147.953

Total 1834.3

Average returns = 1.88159

2
Variance = ∑ 𝐷
𝑛−1

= 29.39

Risk = √Variance

= 5.42

30
 Coefficient of Variance = Average returns/ risk
= 1.88159/5.42

= 0.347

Graph-4.1.4: Returns Hindustan Unilever Ltd

21
Returns
15

10
Returns

5
Apr-17

Jun-17
Aug-17

Aug-18

Aug-19

Aug-20

Aug-21
Dec-17

Dec-18

Dec-19

Dec-20

Dec-21
Feb-18

Feb-19

Feb-20

Feb-21

Feb-22
Apr-18

Apr-19

Apr-20

Apr-21
Oct-17

Oct-18

Oct-19

Oct-20

Oct-21
Jun-18

Jun-19

Jun-20

Jun-21
0
Months-Years

Interpretation

From the above analysis on risk and returns of Hindustan Unilever Ltd,

HUL had positive returns in the considered period. The company had

Average returns of 1.8815 whereas risk experienced was 5.42. The

company got a highest positive return of 14.04 in the month of march

2022.

31
Table-4.1.5: Returns of AMBUJA Cement Ltd

Previous
Close
Date close Avg
Price
price Returns Returns Diff D*D

Apr-17 222 231.9 -4.7003 0.80635 -5.50665 30.323

May-17 228.4 222 3.348417 0.80635 2.542176 6.4622

Jun-17 254.8 228.4 11.55867 0.80635 10.75232 115.61

Jul-17 271.25 254.8 6.456044 0.80635 5.649693 31.920

Aug-17 277.95 271.25 2.470046 0.80635 1.663696 2.7679

Sep-17 251.75 277.95 -9.42617 0.80635 -10.2325 104.7

Oct-17 240.2 251.75 -4.58788 0.80635 -5.39424 29.098

Nov-17 221.8 240.2 -12.2398 0.80635 -13.0462 180.2

Dec-17 217.3 221.8 -2.13472 0.80635 -2.94108 8.6499

Jan-18 229.05 217.3 11.02763 0.80635 10.22228 104.47

Feb-18 229.35 229.05 0.130976 0.80635 -0.67537 0.4561

Mar-18 236.65 229.35 3.192908 0.80635 2.376558 5.648

Apr-18 245.9 236.65 3.908726 0.80635 3.102375 9.6247

May-18 241.25 245.9 -1.89101 0.80635 -2.69736 7.2758

Jun-18 246.55 241.25 2.206891 0.80635 1.390541 1.9336

Jul-18 263.15 246.55 6.732914 0.80635 5.926564 35.124

Aug-18 280.35 263.15 6.536206 0.80635 5.729846 32.831

Sep-18 266.45 280.35 -4.95809 0.80635 -5.76444 33.229

Oct-18 281.5 266.45 5.648339 0.80635 4.842089 23.445

Nov-18 262.5 281.5 -6.74956 0.80635 -7.55591 57.092

32
Dec-18 272.05 262.5 3.638095 0.80635 2.831845 8.0198

Jan-19 261.8 272.05 -3.76769 0.80635 -4.57404 21.922

Feb-19 252.35 261.8 -3.60963 0.80635 -4.41598 20.501

Mar-19 232.95 252.35 -7.68774 0.80635 -8.49409 72.149

Apr-19 250.65 232.95 7.598207 0.80635 6.791947 46.129

May-19 215.4 250.65 -19.0531 0.80635 -19.8594 355.68

Jun-19 218.45 215.4 0.998053 0.80635 0.201802 0.0367

Jul-19 230.7 218.45 11.21852 0.80635 10.40118 108.19

Aug-19 241.35 230.7 4.617385 0.80635 3.810034 14.517

Sep-19 223.55 241.35 -7.37519 0.80635 -8.19153 66.937

Oct-19 207.15 223.55 -11.8094 0.80635 -12.6158 159.17

Nov-19 227.45 207.15 10.29673 0.80635 9.490378 90.067

Dec-19 225.1 227.45 3.51905 0.80635 2.7118 7.3533

Jan-20 220.9 225.1 -6.75255 0.80635 -7.5589 57.137

Feb-20 222.05 220.9 1.024297 0.80635 0.227947 0.0475

Mar-20 235.3 222.05 10.9644 0.80635 10.15804 103.20

Apr-20 221.5 235.3 -6.28984 0.80635 -7.09620 50.356

May-20 230.6 221.5 4.580499 0.80635 3.774148 14.244

Jun-20 222.85 230.6 -7.69731 0.80635 -8.50366 72.312

Jul-20 201.9 222.85 -5.14447 0.80635 -5.95082 35.412

Aug-20 202.35 201.9 0.222883 0.80635 -0.58347 0.3404

Sep-20 213.95 202.35 0.790709 0.80635 -0.01564 0.0002

Oct-20 202.3 213.95 -0.80902 0.80635 -1.61537 2.6094

Nov-20 214.65 202.3 1.171741 0.80635 0.355291 0.1262

33
 Dec-20 206.25 214.65 -4.10457 0.80635 -4.91092 24.118

Jan-21 214.5 206.25 4.213822 0.80635 3.397471 11.543

Feb-21 215.05 214.5 0.268949 0.80635 -0.5374 0.2888

Mar-21 155.7 215.05 -24.0673 0.80635 -24.8737 619.7

Apr-21 181.65 155.7 10.24406 0.80635 9.437709 89.07

May-21 201.55 181.65 11.59336 0.80635 10.78701 117.36

Jun-21 203.6 201.55 1.070227 0.80635 0.263866 0.0696

Jul-21 221.1 203.6 13.68802 0.80635 12.88177 175.94

Aug-21 221.55 221.1 -4.33894 0.80635 -5.14529 26.474

Sep-21 227 221.55 3.063405 0.80635 2.257055 5.0943

Oct-21 259.7 227 20.67742 0.80635 19.87107 356.12

Nov-21 261.05 259.7 0.520831 0.80635 -0.28652 0.0822

Dec-21 248.85 261.05 -4.67343 0.80635 -5.47978 30.028

Jan-22 243.35 248.85 -2.22018 0.80635 -3.01752 9.0994

Feb-22 273.5 243.35 12.38956 0.80635 11.58322 134.18

Mar-22 308.85 273.5 12.92505 0.80635 12.1197 146.86

Total 3849.3

Average returns = 0.80635

2
Variance = ∑ 𝐷
𝑛−1

= 65.24

Risk = √Variance

= 8.077

34
 Coefficient of Variance = Average returns/ risk
= 0.80635/8.077

= 0.0998

Graph-4.1.5: Returns of Ambuja Cement Ltd

25 Retuens
21

15

10
Returns

5
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
0

-5

-10

-15
Months-Years

Interpretation

From the above analysis on risk and returns of Ambuja Cement Ltd,

the company had low returns in considered period. The company had

average returns of 0.8063 with a risk of 8.077. Ambuja Cement Ltd

experienced higher negative returns of -

24.06 in the month of march 2021 and highest positive returns of 20.67 in

month of oct 2021.

35
4.2 Statements Representing Analysis of Systematic Risk of

Selected Securities with Reference to Nifty 50 for the

Period of 5 Financial Years (April 17-18 to March 21-22)

Table-4.2.1: Analysis of Systematic Risk of Infosys Ltd

Infosys Ltd Nifty

Date D2*D2
diff (d1) DIFF(d2) D1*D2

Apr-17 -2.28987 0.4836 0.2339 -1.10744

May-17 1.718415 2.7296 7.4505 4.687777

Jun-17 -7.87478 0.3409 0.1172 -2.68456

Jul-17 -9.92020 3.0087 9.0525 -29.8472

Aug-17 -5.18887 0.4864 0.2366 -2.51987

Sep-17 -1.62023 -3.2257 10.3410 5.220244

Oct-17 -4.91772 -1.0544 1.1120 5.194420

Nov-17 -4.28947 -5.8746 34.5113 25.20908

Dec-17 1.954633 -1.6940 2.8695 -3.31107

Jan-18 -9.75452 3.3638 11.3151 -32.8122

Feb-18 7.383644 2.4945 6.2224 19.41936

Mar-18 -0.66679 2.0892 4.3649 -1.39307

Apr-18 -11.7441 0.2069 0.0388 -2.31293

May-18 4.68171 2.1959 4.7780 10.23332

Jun-18 -5.88633 -2.2664 5.1366 13.34089

Jul-18 6.445649 4.6195 22.3303 29.76905

36
Aug-18 -11.1589 -2.8032 7.8581 31.28108

Sep-18 -3.28357 -2.5271 6.3863 8.297972

Oct-18 0.799501 4.3618 20.0240 3.487146

Nov-18 4.243977 -2.2756 5.1885 -9.65773

Dec-18 5.118267 1.7507 3.0650 8.958842

Jan-19 8.743203 3.4961 12.2229 30.56727

Feb-19 0.303848 -6.0735 36.8871 -1.84541

Mar-19 -5.12037 -4.8368 23.3949 24.76149

Apr-19 4.341784 4.9628 24.6289 22.54669

May-19 1.053725 -1.2532 1.5705 -1.32154

Jun-19 5.321529 -1.4269 2.0361 -7.59213

Jul-19 2.789228 4.7704 22.7572 13.30586

Aug-19 3.927225 1.6296 2.6555 6.399706

Sep-19 -0.32220 -7.6448 58.4430 2.454665

Oct-19 -7.61964 -6.2090 38.4271 47.22769

Nov-19 -4.4011 3.4956 12.2296 -15.3847

Dec-19 -2.91277 -1.3540 1.8332 3.943797

Jan-20 12.7342 -1.5143 2.2932 -20.2837

Feb-20 -3.67435 -1.5784 2.4914 5.79965

Mar-20 -0.33924 6.4801 41.9915 -2.2083

Apr-20 -0.63153 -0.1545 0.0239 0.097568

May-20 -3.44987 0.2632 0.0693 -0.90802

Jun-20 -2.4202 -2.3469 5.5079 5.677587

Jul-20 6.782333 -6.9140 47.8028 -46.8928

37
Aug-20 1.037704 -2.0756 4.3083 -2.15389

Sep-20 -2.77491 2.8698 8.2355 -7.9633

Oct-20 -17.5408 2.2887 5.2383 -37.8576

Nov-20 -0.07193 0.2803 0.0786 -0.02013

Dec-20 3.357688 -0.2911 0.0847 -0.97743

Jan-21 4.487535 -2.9202 8.5227 -13.1

Feb-21 -7.34249 -7.5797 57.4524 55.65412

Mar-21 -13.9673 -24.4698 598.7702 341.7757

Apr-21 9.895665 13.4566 191.0798 133.1720

May-21 -5.06398 -4.0591 17.4766 21.5554

Jun-21 4.865267 6.3108 39.8262 30.70371

Jul-21 29.62012 6.2639 39.2364 195.5311

Aug-21 -5.51143 1.6126 2.6006 -8.88801

Sep-21 6.93763 -2.4524 6.0142 -18.0138

Oct-21 3.552366 2.2871 5.2310 8.124722

Nov-21 2.07508 10.1807 103.4435 22.10505

Dec-21 12.52384 6.5860 43.3755 82.48221

Jan-22 -2.97361 -3.7063 13.7366 11.02218

Feb-22 -0.48972 5.3375 28.4886 -2.61389

Mar-22 7.51703 -0.1115 0.0124 -0.83812

TOTAL 1760.0883 943.4683

β = ∑(D1*D2) ÷ ∑(D2*D2)

= 943.4683/1760.0883

= 0.5683
38
Table-4.2.2: Analysis of Systematic Risk of Aurobindo Pharma Ltd

Aurobindo
Nifty
Date pharma Ltd D2*D2
DIFF(d2)
diff (D1) D1*D2

Apr-17 2.9725 0.4836 0.2339 1.43757

May-17 2.4617 2.7296 7.4505 6.71996

Jun-17 -6.3243 0.3409 0.1172 -2.156

Jul-17 5.7194 3.0087 9.0525 18.2152

Aug-17 -0.9500 0.4864 0.2366 -0.4622

Sep-17 7.2942 -3.2257 10.3410 -23.456

Oct-17 -5.2462 -1.0544 1.1120 5.53189

Nov-17 -10.3184 -5.8746 34.5113 60.6108

Dec-17 -10.5259 -1.6940 2.8695 18.8305

Jan-18 0.9934 3.3638 11.3151 3.34182

Feb-18 -1.5489 2.4945 6.2224 -3.8636

Mar-18 -1.1795 2.0892 4.3649 -2.4434

Apr-18 -11.0120 0.2069 0.0388 -2.1787

May-18 -6.2471 2.1959 4.7780 -13.655

Jun-18 19.3629 -2.2664 5.1366 -41.619

Jul-18 4.0922 4.6195 22.3303 19.8998

Aug-18 0.0512 -2.8032 7.8581 -0.1436

Sep-18 -5.5071 -2.5271 6.3863 13.918

Oct-18 9.0080 4.3618 20.0240 39.2897

Nov-18 -9.7097 -2.2756 5.1885 22.0957

39
Dec-18 -1.5814 1.7507 3.0650 -2.7686

Jan-19 -9.3632 3.4961 12.2229 -32.735

Feb-19 -3.3601 -6.0735 36.8871 21.4074

Mar-19 -10.0043 -4.8368 23.3949 48.3892

Apr-19 14.2215 4.9628 24.6289 70.5232

May-19 -14.2231 -1.2532 1.5705 18.8245

Jun-19 8.2576 -1.4269 2.0361 -11.783

Jul-19 -3.4355 4.7704 22.7572 -17.389

Aug-19 20.6144 1.6296 2.6555 31.9631

Sep-19 3.5734 -7.6448 58.4430 -27.319

Oct-19 5.4526 -6.2090 38.4271 -33.801

Nov-19 1.5451 3.4956 12.2296 5.40120

Dec-19 -10.4647 -1.3540 1.8332 14.1788

Jan-20 6.6093 -1.5143 2.2932 -10.009

Feb-20 -10.4896 -1.5784 2.4914 17.5569

Mar-20 9.2656 6.4801 41.9915 60.0417

Apr-20 3.5632 -0.1545 0.0239 -0.5505

May-20 -19.7791 0.2632 0.0693 -4.9427

Jun-20 -10.4444 -2.3469 5.5079 24.5119

Jul-20 -6.9263 -6.9140 47.8028 47.8883

Aug-20 4.2812 -2.0756 4.3083 -8.8862

Sep-20 -2.8229 2.8698 8.2355 -8.0982

Oct-20 -22.1034 2.2887 5.2383 -48.3

Nov-20 -5.1202 0.2803 0.0786 -1.4351

40
Dec-20 0.6706 -0.2911 0.0847 -0.2052

Jan-21 4.4996 -2.9202 8.5227 -13.135

Feb-21 4.1321 -7.5797 57.4524 -31.32

Mar-21 -20.1432 -24.4698 598.7702 468.431

Apr-21 50.6083 13.4566 191.0798 681.017

May-21 19.2678 -4.0591 17.4766 -74.152

Jun-21 2.6204 6.3108 39.8262 17.5306

Jul-21 12.4600 6.2639 39.2364 78.0482

Aug-21 -8.3862 1.6126 2.6006 -13.524

Sep-21 -2.4071 -2.4524 6.0142 5.90323

Oct-21 -3.8685 2.2871 5.2310 -8.8478

Nov-21 11.5376 10.1807 103.4435 118.346

Dec-21 5.2092 6.5860 43.3755 34.2418

Jan-22 -2.6173 -3.7063 13.7366 9.69673

Feb-22 -6.4030 5.3375 28.4886 -34.186

Mar-22 2.1877 -0.1115 0.0124 -0.2428

Total 1760.0883 1503.2027

β = ∑(D1*D2)
÷ ∑(D2*D2)

=
1503.2027/1760.
0883

= 0.9054

41
Table-4.2.3: Analysis of Systematic Risk of State Bank of India

State bank of Nifty

Date D2*D2
India diff (D1) DIFF(d2) D1*D2

Apr-17 -4.1296 0.4836 0.2339 -1.9972

May-17 6.7360 2.7296 7.4505 19.3862

Jun-17 5.0546 0.3409 0.1172 1.7231

Jul-17 3.1414 3.0087 9.0525 9.4519

Aug-17 8.3666 0.4864 0.2366 4.0693

Sep-17 -2.2082 -3.2257 10.3410 7.0689

Oct-17 0.8242 -1.0544 1.1120 -0.8691

Nov-17 -1.4121 -5.8746 34.5113 8.2951

Dec-17 -4.8578 -1.6940 2.8695 8.2289

Jan-18 2.3536 3.3638 11.3151 7.9180

Feb-18 1.6961 2.4945 6.2224 4.2309

Mar-18 7.2864 2.0892 4.3649 15.2231

Apr-18 -2.9472 0.2069 0.0388 -0.5804

May-18 -2.2136 2.1959 4.7780 -4.8177

Jun-18 -6.7847 -2.2664 5.1366 15.3769

Jul-18 12.4938 4.6195 22.3303 57.7023

Aug-18 -12.8232 -2.8032 7.8581 35.9463

Sep-18 -10.3080 -2.5271 6.3863 26.0496

Oct-18 19.7618 4.3618 20.0240 81.8321

Nov-18 3.0548 -2.2756 5.1885 -6.9518

Dec-18 -4.9652 1.7507 3.0650 -8.6927

42
Jan-19 -0.6222 3.4961 12.2229 -2.1852

Feb-19 -17.1485 -6.0735 36.8871 98.0775

Mar-19 -8.4569 -4.8368 23.3949 40.9045

Apr-19 -3.1037 4.9628 24.6289 -15.4030

May-19 7.6922 -1.2532 1.5705 -9.6398

Jun-19 -5.4873 -1.4269 2.0361 7.8299

Jul-19 11.4644 4.7704 22.7572 54.6901

Aug-19 3.7824 1.6296 2.6555 6.1736

Sep-19 -15.9474 -7.6448 58.4430 122.9143

Oct-19 4.2855 -6.2090 38.4271 -26.5659

Nov-19 -0.5482 3.4956 12.2296 -1.9174

Dec-19 2.2491 -1.3540 1.8332 -3.0451

Jan-20 -2.4636 -1.5143 2.2932 3.7306

Feb-20 -10.0805 -1.5784 2.4914 15.9112

Mar-20 18.5126 6.4801 41.9915 113.4831

Apr-20 -5.0703 -0.1545 0.0239 0.7833

May-20 12.0249 0.2632 0.0693 3.1750

Jun-20 0.7791 -2.3469 5.5079 -1.8285

Jul-20 -9.7447 -6.9140 47.8028 67.3744

Aug-20 -20.2679 -2.0756 4.3083 39.9931

Sep-20 -2.8179 2.8698 8.2355 -8.0839

Oct-20 13.6587 2.2887 5.2383 31.2612

Nov-20 7.7238 0.2803 0.0786 2.1748

Dec-20 -4.0726 -0.2911 0.0847 1.1955

43
Jan-21 -6.2874 -2.9202 8.5227 19.3542

Feb-21 -6.5548 -7.5797 57.4524 49.6836

Mar-21 -36.7362 -24.4698 598.7702 898.9260

Apr-21 -4.9290 13.4566 191.0798 -66.3272

May-21 -18.0313 -4.0591 17.4766 69.1323

Jun-21 8.9292 6.3108 39.8262 56.3503

Jul-21 5.5819 6.2639 39.2364 34.9637

Aug-21 9.0307 1.6126 2.6006 14.5634

Sep-21 -14.2503 -2.4524 6.0142 34.9474

Oct-21 0.3734 2.2871 5.2310 0.8541

Nov-21 27.3589 10.1807 103.4435 278.2598

Dec-21 10.8659 6.5860 43.3755 71.5631

Jan-22 0.8973 -3.7063 13.7366 -3.3257

Feb-22 36.5989 5.3375 28.4886 205.3452

Mar-22 -8.3288 -0.1115 0.0124 0.9288

Total 1760.0883 2471.7871

β = ∑(D1*D2)
÷ ∑(D2*D2)

=
2471.7871/1760.
0883

= 1.4889

44
Table-4.2.4: Analysis Calculation of Systematic Risk of Hindustan Unilever
Ltd

Hindustan
Nifty
Date Unilever Ltd D2*D2
DIFF(d2)
DIFF (D1) D1*D2

Apr-17 -1.7901 0.4836 0.2339 -0.8657

May-17 -4.1507 2.7296 7.4505 -11.3297

Jun-17 4.0538 0.3409 0.1172 1.3821

Jul-17 0.7896 3.0087 9.0525 2.3758

Aug-17 -2.4770 0.4864 0.2366 -1.2148

Sep-17 -7.2465 -3.2257 10.3410 23.3030

Oct-17 -5.1988 -1.0544 1.1120 5.4714

Nov-17 -1.3035 -5.8746 34.5113 7.6579

Dec-17 -3.9734 -1.6940 2.8695 6.7308

Jan-18 1.6343 3.3638 11.3151 5.4975

Feb-18 -0.6547 2.4945 6.2224 -1.6332

Mar-18 3.4141 2.0892 4.3649 7.1329

Apr-18 0.6628 0.2069 0.0388 0.1305

May-18 12.2424 2.1959 4.7780 26.7601

Jun-18 -0.7013 -2.2664 5.1366 1.5895

Jul-18 5.1824 4.6195 22.3303 23.8884

Aug-18 3.6562 -2.8032 7.8581 -10.2490

Sep-18 -5.6410 -2.5271 6.3863 14.2554

Oct-18 3.5321 4.3618 20.0240 15.4056

Nov-18 0.9467 -2.2756 5.1885 -2.1544

45
Dec-18 5.6173 1.7507 3.0650 9.8324

Jan-19 -1.7722 3.4961 12.2229 -6.2058

Feb-19 -5.6498 -6.0735 36.8871 34.3138

Mar-19 -0.6980 -4.8368 23.3949 3.3762

Apr-19 11.2843 4.9628 24.6289 56.0013

May-19 4.9152 -1.2532 1.5705 -6.1598

Jun-19 -0.0388 -1.4269 2.0361 0.0553

Jul-19 3.6332 4.7704 22.7572 18.3319

Aug-19 0.9171 1.6296 2.6555 1.4929

Sep-19 -11.5272 -7.6448 58.4430 88.1230

Oct-19 -1.0543 -6.2090 38.4271 6.5354

Nov-19 6.2761 3.4956 12.2296 22.9390

Dec-19 1.8613 -1.3540 1.8332 -2.5201

Jan-20 -4.9811 -1.5143 2.2932 7.5430

Feb-20 -3.6180 -1.5784 2.4914 5.7092

Mar-20 -3.3735 6.4801 41.9915 -22.8608

Apr-20 1.1010 -0.1545 0.0239 -0.1801

May-20 -0.1292 0.2632 0.0693 -0.0340

Jun-20 -1.9322 -2.3469 5.5079 4.5345

Jul-20 -5.2912 -6.9140 47.8028 36.5829

Aug-20 7.1099 -2.0756 4.3083 -14.7575

Sep-20 3.4346 2.8698 8.2355 9.8565

Oct-20 7.8767 2.2887 5.2383 19.0276

Nov-20 -8.3209 0.2803 0.0786 -2.3320

46
Dec-20 -7.3991 -0.2911 0.0847 2.1539

Jan-21 3.9038 -2.9202 8.5227 -11.3961

Feb-21 5.0250 -7.5797 57.4524 -38.0885

Mar-21 3.8086 -24.4698 598.7702 -93.2050

Apr-21 -6.3846 13.4566 191.0798 -85.9145

May-21 -8.1525 -4.0591 17.4766 33.0922

Jun-21 4.0801 6.3108 39.8262 25.7485

Jul-21 -0.0767 6.2639 39.2364 -0.4802

Aug-21 -6.0696 1.6126 2.6006 -9.7881

Sep-21 -4.2105 -2.4524 6.0142 10.3013

Oct-21 -1.7341 2.2871 5.2310 -3.9662

Nov-21 1.3483 10.1807 103.4435 13.7128

Dec-21 10.1472 6.5860 43.3755 66.8297

Jan-22 -7.3713 -3.7063 13.7366 27.3201

Feb-22 -7.7056 5.3375 28.4886 -41.1285

Mar-22 12.1736 -0.1115 0.0124 -1.3564

Total 1760.0883 275.2238

β = ∑(D1*D2) ÷ ∑(D2*D2)

= 275.2238/1760.0883

= 0.1757

47
Table-4.2.5: Analysis of Systematic Risk of Ambuja Cement Ltd

Ambuja Cement
Date Nifty Diff(d2) D2*D2
Ltd Diff (D1) D1*D2

Apr-17 -5.5067 0.4836 0.2339 -2.6632

May-17 2.5422 2.7296 7.4505 6.9387

Jun-17 10.7523 0.3409 0.1172 3.6655

Jul-17 5.6497 3.0087 9.0525 17.9984

Aug-17 1.6637 0.4864 0.2366 0.8092

Sep-17 -10.2325 -3.2257 10.3410 32.9051

Oct-17 -5.3942 -1.0544 1.1120 5.6879

Nov-17 -13.0462 -5.8746 34.5113 76.6413

Dec-17 -2.9411 -1.6940 2.8695 4.9822

Jan-18 10.2223 3.3638 11.3151 34.3823

Feb-18 -0.6754 2.4945 6.2224 -1.6847

Mar-18 2.3766 2.0892 4.3649 4.9652

Apr-18 3.1024 0.2069 0.0388 0.6110

May-18 -2.6974 2.1959 4.7780 -5.8960

Jun-18 1.3905 -2.2664 5.1366 -3.1515

Jul-18 5.9266 4.6195 22.3303 27.3718

Aug-18 5.7298 -2.8032 7.8581 -17.0622

Sep-18 -5.7644 -2.5271 6.3863 14.5674

Oct-18 4.8421 4.3618 20.0240 22.1201

Nov-18 -7.5559 -2.2756 5.1885 18.2045

48
Dec-18 2.8318 1.7507 3.0650 4.9576

Jan-19 -4.5740 3.4961 12.2229 -15.9914

Feb-19 -4.4170 -6.0735 36.8871 26.8213

Mar-19 -8.4941 -4.8368 23.3949 41.0844

Apr-19 6.7919 4.9628 24.6289 33.7062

May-19 -19.8594 -1.2532 1.5705 23.6348

Jun-19 0.2018 -1.4269 2.0361 -0.2735

Jul-19 10.4012 4.7704 22.7572 49.6192

Aug-19 3.8100 1.6296 2.6555 6.2198

Sep-19 -8.1915 -7.6448 58.4430 62.5462

Oct-19 -12.6158 -6.2090 38.4271 78.2148

Nov-19 9.4904 3.4956 12.2296 33.1850

Dec-19 2.7118 -1.3540 1.8332 -3.6717

Jan-20 -7.5589 -1.5143 2.2932 11.4466

Feb-20 0.2279 -1.5784 2.4914 -0.3440

Mar-20 10.1580 6.4801 41.9915 65.8250

Apr-20 -7.0962 -0.1545 0.0239 1.0963

May-20 3.7741 0.2632 0.0693 0.9934

Jun-20 -8.5037 -2.3469 5.5079 20.9572

Jul-20 -5.9508 -6.9140 47.8028 41.1437

Aug-20 -0.5835 -2.0756 4.3083 1.2201

Sep-20 -0.0156 2.8698 8.2355 -0.0449

Oct-20 -1.6154 2.2887 5.2383 -3.6972

Nov-20 0.3553 0.2803 0.0786 0.0996

49
Dec-20 -4.9109 -0.2911 0.0847 1.4296

Jan-21 3.3975 -2.9202 8.5227 -9.9189

Feb-21 -0.5374 -7.5797 57.4524 4.0734

Mar-21 -24.8737 -24.4698 598.7702 608.6528

Apr-21 9.4377 13.4566 191.0798 126.9994

May-21 10.7870 -4.0591 17.4766 -43.7860

Jun-21 0.2639 6.3108 39.8262 1.6652

Jul-21 12.8818 6.2639 39.2364 80.6894

Aug-21 -5.1453 1.6126 2.6006 -8.2975

Sep-21 2.2571 -2.4524 6.0142 -5.5352

Oct-21 19.8711 2.2871 5.2310 43.1706

Nov-21 -0.2865 10.1807 103.4435 -2.9141

Dec-21 -5.4798 6.5860 43.3755 -36.0899

Jan-22 -3.0175 -3.7063 13.7366 11.1901

Feb-22 11.5832 5.3375 28.4886 61.8250

Mar-22 12.1197 -0.1115 0.0124 -1.3514

Total 1760.0883 1548.8719

β = ∑(D1*D2)
÷ ∑(D2*D2)

=
1548.8719/1760.
0883

= 0.9330

50
Interpretation

From the above analysis on systematic risk of different securities with

reference to Nifty 50 for the period of 5 financial years i.e April 2017-18

to March 2021-2, it is observed that systematic risk of 0.1757 of

Hindustan Unilever Ltd is the lowest. The systematic risk of State Bank

of India i.e 1.4889 is the highest value.

51
 4.3 Comparative Statement on Risk, Returns and

Coefficient ofVariance of Selected Securities

Table-4.3: Analysis on Risk, Returns and Coefficient of Variance

Particulars Returns Risk Coefficient of Variance

Infosys ltd 1.639799 7.383 0.222

Aurobindo Pharma Ltd 0.874196 11.179 0.0782

State Bank of India 1.70318 11.44 0.1488

Hindustan Unilever Ltd 1.88159 5.42 0.347

Ambuja Cement Ltd 0.80635 8.077 0.0998

Graph-4.3.1: Analysis on Returns in Selected Securities

1.8 Returns

1.6
returns

1.4

1.2

0.8 Infosys ltd Aurobindo State Bank of Hindustan Ambuja Cement

Pharma Ltd India Unilever Ltd Ltd

Interpretation

From the above analysis, securities of HUL, SBI, INFOSYS have

experienced high returns comparative to other securities like Aurobindo

pharma ltd, Ambuja cement ltd. Here, it is observed that HUL

securities have received higher returns of 1.881 and securities of

Ambuja cements ltd had low returns i.e 0.806.

52
 Graph-4.3.2: Analysis on Risk in Selected Securities

risk
14

12

10
risk

2 Infosys ltd Aurobindo State Bank of Hindustan Ambuja Cement

Pharma Ltd India Unilever Ltd Ltd

Interpretation

From the above analysis, Securities of SBI and Aurobindo pharma Ltd

had more riskcompare to other securities. Here, it is observed that SBI

securities have more risk i.e 11.44 and securities of HUL have low risk

i.e 5.42.

53
 Graph-4.3.3: Analysis on Coefficient of variance in Selected Securities

Coeff of Variance
0.4

0.35
COEFFICIENT OF VARIANCE

0.3

0.25

0.2

0.15

0.1

0.05
Infosys ltd Aurobindo State Bank of Hindustan Ambuja Cement

Pharma Ltd India Unilever Ltd Ltd

Interpretation

From the above analysis, securities of HUL and INFOSYS LTD had

more coefficient of variance compare to other securities. Here, it is

observed that HUL securities have more co variance of 0.347 and

Aurobindo pharma ltd Securities has low co variance of 0.0782.

54
 5.1 FINDINGS

 It is observed in analysis of securities, Hindustan Unilever Ltd

securities had higher returns of 1.881 with lowest risk of 5.42 and

highest coefficient of variance i.e 0.347.

 State Bank of India has the highest risk of 11.44 with second highest

returns of 1.70.

 Ambuja Cements Ltd has lowest returns of 0.8063 with higher risk of
80.77

 Aurobindo Pharma Ltd has second highest risk of 11.169 and lowest

co variance of 0.078

 Infosys ltd has a moderate risk of 7.3830 and returns of 1.639.

 In the analysis on Systematic risk with reference to Nifty 50,

Hindustan Unilever Ltd has lowest risk of 0.1657

 The systematic risk of Infosys Ltd has the second lowest risk value of
0.5683

 The highest systematic risk of 1.4889 is for securities of State Bank of

India.



55
 5.2 SUGGESTIONS

From the analysis following suggestions can be given

 The investors will be beneficial if invested in Hindustan Unilever Ltd

securities asthey carry higher returns with low risk.

 If the investor is risk taker, we can suggest State Bank of India

securities as givehigher returns with higher risk

 The securities of Infosys ltd are suggestible as the carry lower

systematic riskwhich means low volatility and are flexible in nature.

 Investors should avoid the securities of Ambuja Cement Ltd has

possess higher risk with low returns.

 The securities of Aurobindo Pharma Ltd are flexible as its volatility

is low. Thesecurities had a moderate-returns in considered period.

56
 5.3 CONCLUSION

The study that was done on particular securities gave us information about trading on

an internet platform. The comparison analysis was conducted at NSE, and the

research largely focused on securities there. The value of the Nifty 50 index was used

to evaluate systematic risk in particular assets. It has been noted that Hindustan

Unilever Limited's securities offer larger returns at reduced risks, which is

advantageous to investors and is strongly recommended by the study. The danger in

the stock market fluctuates constantly and varies depending on the situation. Investors

should exercise caution when choosing a security for trading or investing. Investors

will benefit from the study's explanation of the characteristics and trading of

particular securities with reference to the NSE India.

57
 BIBLIOGRAPHY

Text Books

 McGraw-Hill, “Security Analysis”, 2008, 6th edition, published

by WhittleseyHouse, McGraw-Hill Book Co.

 Robert Hagstrom, “The Warren Buffett Way”, 2004, 2nd edition,

published byJohn Wiley & Sons, Inc also known as WILEY

publishers.

 V.A. Avadhani, “Securities Analysis and Portfolio

Management”, 2016, Published by Himalaya Publishing House.

 V. K. Bhalla, “Investment Management (Security Analysis and

Portfolio Management)”, 2008, 19th Edition, Published by S.

Chand.

JOURNALS

 Q. Khan, Sana Ikram & Mariyam Mehtab, 2011. “Testing

Weak Form Market Efficiency of Indian Capital Market: A Case of

National Stock Exchange (NSE) And Bombay Stock Exchange

(BSE)”, African journal of marketing market, Finance, Accounts

and International Business, Department of Commerce, Aligarh

Muslim University (AMU), 3(6), Pp115-127,

https://doi.org/10.5897/AJMM.9000069.

 S.M.H. Wallman, 1997. “Technology Takes to Securities

Trading”, U.S. Securities and Exchange Commission, USA, IEEE

Spectrum, 34(2), https://doi.org/ 10.1109/6.570832.

 Sandra Renfro Callaghan & Christopher B. Barry, 2003. “Tax-

Induced Trading of Equity Securities: Evidence from The ADR

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 Market”, The Journal of finance, The Journal of American finance

association, 58(4), Pp15-16, Doi: https://doi.org/10.1111/1540-

6261.00578.

 Yasushi Hamao, Joel Hasbrouck, 1995. “Securities Trading in The

Absence of Dealers: Trades and Quotes on The Tokyo Stock

Exchange”, The review of financial studies 8(3), Pp849-878.

https://doi.org/10.1093/rfs/8.3.849.

Websites

 https://www.nseindia.com

 https://www.sebi.gov.in

 https://www.sharekhan.com

 https://en.wikipedia.org

https://www.sciencedirect.com

59