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A Comprehensive Project Report On "A study on Investor Behaviour on

Fundamental Analysis"
Research · July 2022
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A
Comprehensive Project Report
On
“A study on Investor Behaviour on Fundamental Analysis”
Submitted to:
SAL INSTITUTE OF MANAGEMENT
Institute Code: 807
Under the guidance of

Dhara Padiya
In partial fulfilment of the requirement of the award of the degree of

master of business administration (MBA)
Offered by:
Gujarat Technological University
Ahmedabad
Prepared by:
Kajal Patadiya (208070592102)
Anuj Jani (208070592056)
MBA (Semester 4)
June 2022
1
STUDENT’S DECLARATION
I hereby declare that the Comprehensive Project Report titled On A study on Investor
Behaviour on Fundamental Analysis is a result of my own work and my gratitude to other
work publications, references, if any, have been appropriately acknowledged. If I am found
guilty of copying from any other report or published information and showing as my original
work, or extending plagiarism limit, I understand that I shall be liable and punishable by the
university, which may include ‘Fail’ in examination or any other punishment that university
may decide.
Enrolment No: Name Signature
208070592102 Patadiya Kajal
208070592056 Anuj Jani
Place: Ahmedabad Date: 21/6/2022
2
Institute Certificate
Date:21/6/2022
Institute Certificate “This is to Certify that this COMPREHENSIVE Project Report Titled
“A study on Investor Behaviour on Fundamental Analysis” bonafide work of Patadiya
Kajal (208070592102) Anuj Jani (208070592056) and who has/have carried out their project
under my supervision. I also certify further, that to the best of my knowledge the work reported
herein does not form part of any other project report or dissertation on the basis of which a
degree or award was conferred on an earlier occasion on this or any other candidate. I have
also checked the plagiarism extent of this report which is 18.4% and it is below the
prescribed limit of 30%. The separate plagiarism report in the form of html /pdf file is
enclosed with this.
Rating of Project Report [A/B/C/D/E]: _________________

(A=Excellent; B=Good; C=Average; D=Poor; E=Worst)
(By Faculty Guide)
Signature of the Faculty Guide/s

(Name and Designation of Guide/s
Signature of Principal/Director with Stamp of Institute

(Name of Principal / Director)
3
CERTIFICATE OF EXAMINER
This is to certify that project work embodied in this report entitled “A study on Investor
Behaviour on Fundamental Analysis” was carried out by Kajal Patadiya (208070592102) of
SAL INSTITUTE OF MANAGEMENT, INSTITUTE CODE: 807 The report is
approved / not approved. Comments of External Examiner:
This report is for the partial fulfilment of the requirement of the award of the degree of
Master of Business Administration offered by Gujarat Technological University.
_______________________________ (Examiner’s Sign)
Name of Examiner:
Institute Name: Sal institute of management
Institute Code: 807
Date: 21/6/2022
Place: Ahmedabad
4
CERTIFICATE OF EXAMINER
This is to certify that project work embodied in this report entitled “A study on Investor
Behaviour on Fundamental Analysis” was carried out by Anuj Jani (208070592056) of SAL
INSTITUTE OF MANAGEMENT, INSTITUTE CODE: 807 The report is approved / not
approved. Comments of External Examiner:
This report is for the partial fulfilment of the requirement of the award of the degree of
Master of Business Administration offered by Gujarat Technological University.
_______________________________ (Examiner’s Sign)
Name of Examiner:
Institute Name: Sal institute of management
Institute Code: 807
Date: 21/6/2022
Place: Ahmedabad
5
PREFACE
As a part of the MBA curriculum and in order to gain practical knowledge in the field of
management, we are required to make a report on study of “A study on Investor Behaviour
Fundamental Analysis” The basic objective behind doing this project report is to get knowledge
tools of different tools of Finance services.
In this project report we have included the various concept, effects and implications regarding
the retail banking. This is not only about the report, this help us to get some practical knowledge
towards the field with some theoretical knowledge & concepts. Doing this project report this
helped us to enhance our knowledge regarding the uncertainty towards banking. The
knowledge and experience we gained through this report will be so much helpful in our future.
6
PLAGIARISM REPORT
7
ACKNOWLEDGEMENT
I would like to articulate my profound gratitude and indebtedness to my report guide Dhara
Padiya Who has always been a constant motivation and guiding factor throughout the thesis
time in and out as well. It has been a great pleasure for me to get an opportunity to work under
her and complete the project successfully.
We express our profound gratitude to Dr. Viral Bhatt, principal for his outstanding cooperation
to provide all required facilities and proper guidance.
8
EXCLUSIVE SUMMARY
A part of the syllabus in the second year MBA student we are required to prepare a project
report on the COMPREHENSIVE PROJECT. The aim of this project is the practical
application of the managerial knowledge and skill learnt during the course work of this
program.
The report presents the facts, findings and recommendations resulting from a study on Investor
Behaviour on Fundamental Analysis with special reference to Ahmedabad city. The scope of
the project report is limited to the study on the basis of the primary data collected by structured
questionnaire and the secondary data collected from information received from written and
published documents, websites.
9
TABLE OF CONTENTS
No. Chapter Page no
1. Introduction 12
1.1 Overview of fundamental analysis 13
1.2 History and Evaluation 15
1.3 Fundamental Analysis tools 23
1.4 Investing and Fundamental Analysis 24
1.5 Swot analysis 28
1.6 Definition of fundamental analysis 30
1.7 Need of study of fundamental Analysis 33
1.8 Research Questions 34
2. Literature review 35
2.1 Review of Literature 36
2.2 Research Gap 41
2.3 Conceptual Development Based on LR 41
2.4 Measurement Model 42
3. Research Methodology 43
3.1 Research Objective 44
3.2 Research Design 44
3.3 Data Collection 44
3.4 Sampling Design 45
4. Data Analysis 46
4.1 Demographic Factor 47
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4.2 Cross Tabs and Chi square 57
4.3 T-Test 68
4.4 Multiple Comparison 71
4.5 Regression 86
5. Findings theatricals practical implementation 91
5.1 Result 92
5.2 Practical Implication 94
6. Recommendation, Limitation, Future scope 95
6.1 Recommendation 96
6.2 Limitation 97
6.2 Future Scope 97
7. Bibliography 98
8. Annexure 102
11
CHAPTER-1
INTRODUCTION
12
1.1 overview of Fundamental Analysis:
1.1.1 Analysis meaning:
Analysis is the process of breaking down complex subjects and entities into smaller pieces and
better understanding them. (Bhatt V. &., 2020) This technique was used in the study of
mathematics and logic before Aristotle (384-322 BC), but analysis as a formal concept is a
relatively recent development. (Banker, 2020) The definition of analysis is the process of
breaking down something into its parts and learning what they do and how they relate to each
other. Examining blood in the laboratory to discover all its components is an example of
analysis.
Corporate financial managers, securities regulators and investors are inherently biased in their
behaviour and their decisions tend to make emotional choices (Ramiah, 2014). Such behaviours
include overconfidence, optimism, involvement, and risk behaviours (Iqbal s. & Butt, 2015).
This is (Farsi, 2014) We conclude that overconfidence in their research has important
implications for business decisions. (Bao, 2014) also found that such behaviour adversely
affects capacity generation. In their study, (Iqbal s. & Butt, 2015)found such behavioural
heuristics, Self-interest behaviour regarding overconfidence, optimism, commitment, loss
avoidance and risk-taking has a significant impact on working capital management in the
Pakistani situation. In addition, (Chaffi, 2014)concluded that such behaviour is highly
correlated with stock market performance. However, this kind of correlation with the stock
market can be divided into two streams: basic-oriented and technology-oriented. And the
analysis for this is characterized as fundamental analysis and technical analysis. Therefore,
starting with Denial Kahenamen & Mark Tversky's prospect theory, it can be concluded that
financial professionals are human beings and have different emotional and cognitive traits
psychologically. Therefore, financial markets, including the stock market, are primarily
affected by behaviours that show a significant correlation with stock market fundamentals.
Therefore, fundamental analysis is chosen to test the relationship with behavioural bias due to
investor behaviour or cognition.
1.1.2 Types of Analysis:
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1. Fundamental analysis:
Basic accounting and financial analysis is the analysis of a company's financial statements
(usually to analyse the company's assets, liabilities, and income) health and competitors and
markets. (HiralBorikar, 2020)It also takes into account the overall health of the economy and
factors such as interest rates, production, income, employment, GDP, housing, manufacturing
and government. (Prajapati K. &., 2019)There are two basic approaches that can be used:
bottom-up analysis and top-down analysis. These terms are used to distinguish such analysis
from other types of investment analysis, such as: Quantitative and technical.
Investors can use either or both of these complementary stock selection methods. For example,
many fundamental investors use technical indicators to determine entry and exit (Bhatt H.
R.)Similarly, the vast majority of tech investors use basic indicators to narrow their pool of
potential stocks to "good" companies.
2. Technical analysis: Technical analysis is a means of investigating and predicting price

fluctuations in financial markets using historical price charts and market statistics (Sheth, 2019)
. This is based on the idea that if traders can identify previous market patterns, they can predict
future price trends fairly accurately.
Unlike fundamental analysis, which seeks to value a security based on business outcomes such
as sales and profits, technical analysis focuses on price and volume research (Nagvadia).
Technical analysis tools are used to study how the supply and demand of securities affects
14
changes in price, volume and implied volatility (Joshi D. &.). Technical analysis is commonly
used to generate short-term trading signals from various charting tools, but it also helps to
improve the assessment of securities strengths or weaknesses compared to one of the broader
markets or sectors (Bhatt H. R., 2020). This information helps analysts improve their overall
rating estimates. Technical analysis can be used on any securities using historical transaction
data. This includes stocks, futures, commodities, bonds, currencies and other securities (Bhatt
V. G.). This tutorial usually analyses stocks by example, but keep in mind that these concepts
apply to all types of security.
1.2 History and evaluation:

Technical analysis is a means of investigating and predicting price fluctuations in financial
markets using historical price charts and market statistics (Prajapati K. &., 2019). This is based
on the idea that if traders can identify previous market patterns, they can predict future price
trends fairly accurately (Bhatt V. G.).
Unlike fundamental analysis, which seeks to value a security based on business outcomes such
as sales and profits, technical analysis focuses on price and volume research (Bhatt V. , 2021).
Technical analysis tools are used to study how the supply and demand of securities affects
changes in price, volume and implied volatility (Bhatt V. &., 2015). Technical analysis is
commonly used to generate short-term trading signals from various charting tools, but it also
helps to improve the assessment of securities strengths or weaknesses compared to one of the
broader markets or sectors. This information helps analysts improve their overall rating
estimates.
Technical Analysis can be used for any security using historical transaction data. This includes
stocks, futures, commodities, bonds, currencies and other securities (Vora, 2020). This tutorial
typically uses an example to analyse stocks, but keep in mind that these concepts apply to all
types of securities.
15
In accounting and finance, fundamental analysis is a way to assess the intrinsic value of a
security by analysing various macroeconomic and microeconomic factors. The ultimate goal
of fundamental analysis is to quantify the intrinsic value of a security (Bhatt V. &., 2019). You
can then compare its intrinsic value to the current market price to help you make an investment
decision.
The essence of fundamental analysis is the method used to measure the intrinsic value of a
stock or security. It depends primarily on the economic factors that affect the company and its
finances.
This process is not limited to, but goes beyond, the financial structure of the company.
Describes common economic scenarios, industry growth and decline, and the company's
organizational structure, management, and finance Therefore, (Raval H. P., 2021)analysing the
actual value and then measuring the intrinsic value of the stock is a complete understanding of
the company. It also takes into account macroeconomic and microeconomic factors. The idea
behind this is to compare the actual price with the prevailing market price.
Fundamental analysis is a very comprehensive approach that requires in-depth knowledge of

accounting, finance and economics. For example, fundamental analysis requires the ability to
read financial statements, understand macroeconomic factors, and have knowledge of valuation
techniques. This mainly relies on public data such as: The Company’s past profits and rates of
return for predicting future growth.
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Fundamental Analysis (FA) is a holistic approach to studying business. If an investor wants to
invest in a company over the long term (3-5 years), it is essential to understand the company
from different perspectives. It is important for investors to isolate the daily short-term noise of
stock prices and focus on the underlying performance (Raval H. P., 2021). In the long run, the
stock prices of fundamentally strong companies tend to rise, bringing wealth to investors.
All stock analysis attempts to determine if a security is priced correctly in a wider market.
Fundamental analysis is usually performed from a macro to micro perspective to identify
securities that are not properly valued in the market. Analysts usually look at the overall state
of the economy in turn, then the strength of each industry, and then focus on the performance
of the individual company to determine the fair market value of the stock.
Fundamental analysis uses public data to assess the value of stocks and other types of
securities. For example, investors can perform a fundamental analysis of bond value by
examining economic factors such as interest rates and general economic conditions.
Quantitative and Qualitative Fundamental Analysis:
The problem with defining the term "fundamentals" is that it can cover everything related to a
company's financial position. Of course, this includes everything from a company's market
share to quality of management, not just numbers such as sales and profits.
The various basic factors fall into two categories: quantitative and qualitative. The monetary
meaning of these terms does not differ significantly from the standard definition. Here's how
to define a term in a dictionary:
Quantitative-"Relates to information that can be expressed in numbers and quantities."
Qualitative-"Refers to a property or criterion, not a quantity."
Quantitative base is in this context. They are a measurable feature of the company. For this
reason, financial statements are the largest source of quantitative data. You can measure sales,
profits, assets, etc. very accurately. The qualitative basis is not very specific. This includes
quality, brand awareness, patents, and proprietary technologies for key executives within the
company.
Neither qualitative analysis nor quantitative analysis is basically good. Many analysts consider
them together.
17
Qualitative Fundamentals to Consider
Qualitative research is defined as a market research method that focuses on acquiring data
through open and conversational communication.
This method considers not only "what" people are thinking, but also "why" Introduction. Take,
for example, a grocery store that seeks to expand its customer base. From systematic
observations, it can be concluded that the number of men visiting this store is large. A good
way to identify why a woman didn't come to the store is to do a detailed interview with potential
customers in that category (Malek, 2020). As a result of visiting nearby stores and shopping
malls and conducting a survey of randomly selected female customers, it was found that the
number of female customers visiting stores is decreasing due to the shortage of products for
women. There were more men than women, so you can see why they didn't come to the store.
Qualitative research utilizes areas of social science such as psychology, sociology, and
anthropology (Bhatt V. &., 2018). Therefore, the qualitative research method enables detailed
surveys and questions based on the answers of the respondents, and the interviewer /
investigator also tries to understand the motives and feelings of the respondents. Understanding
how your target audience makes decisions can help you draw conclusions in market research.
Types of qualitative research methods with examples
Qualitative research methods should help clarify the behaviour and perceptions of the target
group on a particular topic. Various types of qualitative research methods are commonly used,
including in-depth interviews, focus groups, ethnographic surveys, content analysis, and case
studies. The results of the qualitative method are more meaningful and it is very easy to draw
conclusions from the data obtained.
Qualitative research methods have roots in the social and behavioural sciences. Today, our
world is becoming more and more complex, making it difficult to understand what people are
thinking and recognizing. Online qualitative research methods are easier to understand because
they are more communicative and descriptive.
There are four important basics that analysts always consider when looking at a company.
Everything is qualitative, not quantitative. They include:
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Business model: What exactly is the company doing? This is not as easy as it sounds. If your
company's business model is based on selling fast food chicken, how profitable is it? Or is it
just royalties and franchise fees?
Competitive Advantage: The long-term success of a company depends heavily on its ability
to gain and maintain a competitive advantage. Strong competitive advantages, such as the
Coca-Cola brand name and Microsoft's advantage in PC operating systems, allow us to create
a moat around the enterprise, keep competitors in check, and enjoy growth and profits gain.
When a company gains a competitive advantage, its shareholders will be well paid for decades.
Management: Some consider it to be the most important criterion for management to invest
in a company. That makes sense. Even the best business models are destined to fail if
management does not implement the plan consistently. It is difficult for individual investors to
meet and evaluate managers, but you can see the resumes of executives and directors on the
company's website. How well have you been doing in your previous job? Have you thrown
away a lot of stock lately?
Corporate Governance: Corporate governance represents a policy within an organization that

establishes relationships and responsibilities between management, directors, and stakeholders.
These policies are stipulated in the Articles of Incorporation and Articles of Incorporation of
the Company, as well as the Companies Act and Regulations. You want to do business with an
ethical, fair, transparent and efficient company. Pay particular attention to whether
management respects the rights and interests of shareholders. Make sure that communication
with shareholders is transparent, clear and easy to understand. If you don't receive it, it's
probably because they don't want it. It is also important to consider the industry of the company.
By learning how the industry works, investors can gain a deeper understanding of a company's
financial position.
Financial Statements: Quantitative Basis for Consideration Financial statements are a

medium for companies to disclose information about their financial performance. Supporters
of fundamental analysis use quantitative information from financial statements to make
investment decisions. The three most important financial statements are the income statement,
the balance sheet, and the cash flow statement.
Balance Sheet: A balance sheet is a record of a company's assets, liabilities, and capital at a
particular point in time. The balance sheet is named after the fact that the company's financial
structure is balanced as follows:
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Assets = Liabilities + Equity shareholders
An asset represents a resource that a company owns or manages at a particular point in time.
This includes items such as cash, inventory, machinery and buildings. The other side of the
equation represents the total amount of money the company has used to acquire those assets.
Funds come from debt or capital. Debt represents debt (which, of course, must be repaid), and
capital represents the total amount of money the owner has invested in the business. This
includes retained earnings, or profits from the previous year.
The Income Statement: The balance sheet takes a snapshot approach when investigating a
company and the income statement measures the company's performance over a period of time.
Technically, you can also create a one-month or one-day balance sheet, but only the quarterly
and annual reports of listed companies are displayed. The income statement contains
information about the income, expenses, and profits you earned as a result of your business
during this period.
Cash Flow Statement: A cash flow statement shows a record of a company's cash inflows and
outflows over a specified period of time. Cash flow statements typically focus on the following
payment-related activities:
Income from the sale of cash and other businesses, equipment or long-term assets used to
invest in assets
Cash from Financing (CFF): Cash paid or received from issuance and borrowing of funds.
The cash flow statement shows a record of a company's cash inflows and outflows over a period
of a cash flow statement is important because it is very difficult for a company to manipulate
its liquidity position. There are many things an active accountant can do to make a profit, but
it is difficult to forge cash at a bank. For this reason, some investors use cash flow statements
to more conservatively measure a company's performance.
Fundamental analysis consists of deriving the value and outlook of a company using financial
indicators extracted from the data of the company's financial statements.
The Concept of Intrinsic Value:
20
One of the most important prerequisites for fundamental analysis is that current stock prices
often do not fully reflect the value of a company based on publicly available data. The second
assumption is that the values reflected in the company's fundamentals tend to be close to the
true value of the stock. Analysts often refer to this conceptual true value as the intrinsic value.
However, keep in mind that this use of the term "intrinsic value" in equity valuation is different
from its use in other contexts such as options trading. Option prices use a standard calculation
of intrinsic value, but analysts use a variety of complex models to determine the intrinsic value
of a stock. There is no universally accepted formula for determining the intrinsic value of a
stock (Bhatt V. , 2021). Suppose a company's stock is trading for $ 20, and after an analyst's
thorough investigation of the company, it is determined to be worth $ 24. Another analyst looks
it up and says it should be worth $ 26. Many investors take the average of such estimates and
assume that the intrinsic value of a stock can be around $ 25. Investors often want to buy stocks
that are traded well below their intrinsic value, so these estimates are often very relevant
information. This leads to the third important assumption of fundamental analysis. In the long
run, the stock market reflects fundamentals. The problem is that no one knows how long it will
actually take "in the long run". It can be days or years.
This is a fundamental analysis. By focusing on a particular business, investors can measure

the intrinsic value of the company and find opportunities to buy at a discounted price. If the
market catches up with the fundamentals, the investment will pay off (Joshi D. &., 2021). One
of the most famous and most successful fundamental analysts is Warren Buffett, the so-called
"Omaha Oracle" who defended the stock selection approach.
Criticisms of Fundamental Analysis:
The main criticisms of fundamental analysis come from two groups: supporters of technical
analysis and supporters of the efficient market hypothesis.
Technical Analysis:
Technical analysis is another important form of security analysis. Simply put, technical
analysts make investments (more accurately, trades) based solely on stock and volume
movements. Use charts and other tools to exchange momentum and ignore fundamentals. One
of the core beliefs in technical analysis is that the market discounts everything. All news about
the company is already priced at the stock price. As such, stock price movements provide more
insight than the underlying fundamentals of the company itself.
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The Efficient Market Hypothesis:
However, supporters of the Efficient Market Hypothesis (EMH) tend to disagree with both
fundamental and technical analysts. The
Efficient Market Hypothesis argues that it is essentially impossible to beat the market through
fundamental or technical analysis. As the market continuously and efficiently evaluates all
stocks, many market participants can almost immediately kill the opportunity to outperform
the market and significantly outperform the market in the long run. You will not be able to.
Examples of Fundamental Analysis:
Take the Coca-Cola Company as an example. Analysts need to consider the stock's annual
dividend, profit per share, price-earnings ratio, and many other quantitative factors when
investigating the stock. However, Coca-Cola's analysis cannot be completed without
considering brand awareness. Anyone can start a business selling sugar and water, but few are
known to billions of people. It's difficult to pinpoint the value of the Coke brand, but rest
assured that it's an integral part of your company's continued success.
Pros of Fundamental analysis:
Fundamental analysis helps traders and investors gather the right information and make rational
decisions about which position to take. These decisions are based on financial data, so personal
damage is limited. Fundamental analysis aims to understand the value of an asset rather than
set entry and exit, providing traders with a longer view of the market. Once a trader has
determined the value of an asset, it can compare it to the current market price to assess whether
the asset is overvalued or undervalued. The purpose in this case is to profit from changes in the
market.
Cons of fundamental analysis:
Fundamental analysis can be time consuming and requires multiple areas of analysis, which
can make the process very complex. The results of the insights do not help make quick
decisions, as fundamental analysis gives a much longer-term view of the market. Traders
looking to develop short-term trading start and closing methods may be better suited for
technical analysis.
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It is also important to consider the best and worst-case scenarios. Fundamental analysis
provides a broader view of the market, but negative economic, political or regulatory changes
can surprise the market.
Fundamental analysis examples:
There are various tools and methods that can be used for fundamental analysis, but they fall
into two types of fundamental analysis: top-down analysis and bottom-up analysis. Top-down
analysis provides a broader view of the economy, starting with the entire market and ending
with sectors, industries, and finally specific companies. Conversely, bottom-up analysis starts
with a particular stock and extends to all factors that affect its price. The most basic analysis is
used to evaluate stock prices, but it can be used for many asset classes such as bonds.
The tools traders can choose for fundamental analysis depends on the assets being traded. For
example, a stock trader may display revenue, earnings per share (EPS), expected growth rate,
profit margin, and other figures in a company's earnings report.
1.3 Fundamental Analysis Tools:
Earnings per share (EPS): We can't know much about a company by revenue or number of
shares alone, but when you combine them, one of the most common key figures is used for
company analysis. EPS shows how much of a company's earnings come from one share. EPS
is calculated by dividing net income (after dividends of preferred stock) by the number of
issued shares.
Price-to-earnings ratio (P/E): This ratio compares the current selling price of a company's
stock to profit per share.
Projected earnings growth (PEG): PEG forecasts the annual profit growth rate of stocks.
Price-to-sales ratio (P/S): The price-to-sales ratio values a company's stock price as compared
to its revenues. It's also sometimes called the PSR, revenue multiple, or sales multiple.
Price-to-book ratio (P/B): This ratio, also known as the price-to-equity ratio, compares a
stock's book value to its market value. You can arrive at it by dividing the stock's most recent
closing price by last quarter's book value per share. Book value is the value of an asset, as it
appears in the company's books. This is equal to the cost of each asset minus the accumulated
depreciation.
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Dividend pay-out ratio: This compares the dividend paid to shareholders to the company's
total net income. This describes retained earnings, that is, profits that have not been paid but
are reserved for potential growth.
Dividend Yield: Annual dividend and stock price expressed as a percentage dividend per share
for one year divided by the value per share.
Return on equity: Divide the company's net income by the rate of return on equity to obtain
the return on equity. This is sometimes expressed as the rate of return on the company's net
worth.
1.4 Investing and Fundamental Analysis:
Analysts work to create a version to determine the estimated cost of a company's percentage
charges, primarily based on publicly available facts. This cost is an estimate at best, and
analysts are informed that the company's percentage fees should actually be worth it compared
to the current market fees for buying and selling. Some analysts can also talk about the
company's own costs at the expected rates.
If the analyst calculates that the cost of the inventory must be significantly higher than the
latest market price of the inventory, the analyst assigns the inventory a purchase or obesity
rating. This will serve as an advice to traders looking at this analyst. If an analyst calculates an
inherent cost that is lower than modern market fees, the stock is considered overvalued and an
increase or undervalue recommendation is issued.
Investors who pay attention to these clues will find that they need to buy stocks with favourable
clues. Such strains should be more likely to grow over time. Similarly, stocks with a poor
ranking are expected to be more likely to have lower fees. Such stocks are required to be
removed from the current portfolio or delivered as "short" positions.
This inventory analysis method corresponds to a technical analysis that predicts the course of
fees by analysing old market data such as fees and volumes.
Fundamental analysis includes:
1. Economic analysis
2. Industry analysis
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3. Company analysis
4. Future profit outlook
1. Economic analysis:
All common stocks are exposed to market risk. This feature of almost all types of common
stock shows movements in combination with fluctuations in economic conditions towards
improvement or deterioration. Stock prices have responded positively to low inflation, profit
growth, improved trade balances, rising gross domestic product and other positive
macroeconomic news. Signs of rising unemployment, recovery in inflation, or revised earnings
estimates are putting pressure on stock prices. This relationship is fairly credible, as the U.S.
economy is better represented by the Standard & Poor 500 stock index, a well-known market
indicator that correctly predicts the stock market ahead of the average person in a boom or
recession. The Federal Reserve Bank of New York conducted a survey stating that the slope of
the yield curve is a perfect indicator of economic growth beyond three months ahead. Drops
are shown with a negative gradient and positive gradients are considered good. The impact of
market risk should be obvious to investors. When the economy goes down, stock prices go
down. All companies, both high-performing and low-performing, are affected by the recession.
Stock prices are also affected by the boom.
2. Industry Analysis:
All stocks are exposed to market risk and it is clear that stock prices will fall during a recession.
Another thing to keep in mind is that defenders are less prone to recession. Industry analysis
highlights industries that often face adverse economic conditions.
In 1980, Michael Porter proposed a standard approach to industry analysis. He called this the
"Competitive Analysis Framework". New entrant threats assess the expected reaction of
current competitors to new entrants and barriers to entry into the industry. In certain industries,
it is very difficult for new companies to win the competition.
For example, in the automotive industry, new manufacturers find it difficult to compete with
existing companies such as General Motors and Ford. There are specific industries that are easy
to enter into new businesses, such as: B. Financial planning industry. No special effort is
required to start a new business in such an industry. Industry growth is hampered by current
competition among competitors. In the face of existing competition, the company must invest
most of its profits in this increase in market share, so trying to gain more market share will
25
reduce the company's profits. An industry where competition between competitors is friendly
or modest offers greater opportunities for product differentiation and higher profits. Fierce
competition is good for customers, but not good for product manufacturers. In the aviation
industry, there are collective tariff disputes among competitors. If one airline lowers the price,
the other airline will need to adjust the price accordingly in order to retain existing customers.
Another threat to companies in the industry is the handling of alternative products. This
prevents companies from raising the price of their products. When the price of a particular
product rises sharply, consumers simply switch to another cheaper alternative. For example,
there are two different video games, Sega and Nintendo. These games compete directly with
each other in the market. As Nintendo raises prices, new video game customers will switch to
relatively cheap sage. Investors doing industry analysis need to focus on the risk levels of
product substitution that will have a significant impact on the company's future growth.
Another aspect of industry analysis is the bargaining power of buyers. This can have a
significant impact on the seller's high sales. In this state, the return is low. The seller has to
make concessions because he can't afford to lose his customers. For example, we have a
shipbuilding company and our main customers are the US Navy. Since the company produces
only a few vessels each year, losing a contract with the Navy can be very damaging to the
company. On the other hand, in department stores, the number of customers is large, so the
bargaining power of customers is low. Losing one or two customers at this store does not have
a significant impact on retail sales or profitability.
You shouldn't just focus on capital-intensive industries. There are other industries that are not
capital intensive, such as B. Advisors needed at retail computer stores. You need to force
computer engineers to solve people's computer system problems. In recent years, consumers
have usually become more demanding when it comes to personal computers. Therefore, they
are better guided and try to make their own decisions regarding the requirements of the software
and hardware aspects. In fact, they have a great deal of power when contacting sales force. The
bargaining power of the supplier also has a great influence on the profitability of the company.
The supply to manufacture the product is required by the company and the cost cannot be
controlled well. Due to the strong group of buyers in the replacement product market, it is not
possible to raise the price of the finished product to cover the increased costs. Therefore, when
conducting industry analysis, the presence of strong suppliers should be considered negative to
the company.
26
Investors need to analyse the above industry structural considerations in order to assess future
industry trends in the light of economic conditions. Once the potential industry is identified,
the final step is EIC analysis, which is limited to enterprises only.
3. Company Analysis:
Corporate analysis reviews and evaluates different companies in selected industries to identify
the most attractive companies. Company analysis, also known as securities analysis, involves
stock selection. Different analysts have different approaches to doing company analysis, such
as
• Value Approach to Investment

• Growth Approach to Investment
In addition, Corporate Analysis analyses a company's finances and determines the category of
stocks as value stocks or growth stocks. These indicators include price-to-book value ratio and
price-earnings ratio. Other indicators, such as return on equity, can also be analysed to
determine potential companies for investment.
4. Future Earnings Outlook:
Future earnings forecasts are estimates of future financial results for a business or project and
are typically used for budgeting, capital budgeting, and / or valuation. In some situations, this
term may refer to a public company's (quarterly) revenue forecast. For country or economy,
see Economic Forecast. Future revenue forecasts using historical internal and revenue data and
external industry and economic indicators are usually analyst model forecasts of a company's
performance over time. In fundamental analysis, analysts often extend stock market analysis
with stock market information such as 52-week highs. For business modelling components /
steps, see the list of Stock Valuations below the Financing Overview.
Perhaps an important aspect of creating a financial forecast is sales forecast. Future fixed and
variable costs and capital can be estimated as a function of profit through a "common size
analysis" where the relationship is derived from past financial ratios and other accounting
relationships. At the same time, the resulting items need to impact the company's business. In
general, an increase in sales requires a corresponding increase in working capital, fixed assets,
and related funding. In the long run, profitability (and other financial indicators) tends towards
the industry average. For a detailed explanation and other considerations, see Valuation with
Discounted Cash Flows for Each Forecast Period.
27
1.5 SWOT ANALYSIS:
1. Strength:
The strengths of a company vary by industry. For example, Non-Performing Assets (NPAs)
can be a bank's strength. On the other hand, cheap suppliers and cost advantages can be
significant strengths for auto companies.
Other strengths of a company:
• Volunteer companies
• Effective management (people, employees, etc.)
• Recognition of the great brand
• Skilled labour
• Regulars
• Cost Benefits
• Scalable business model
• Loyalty
2. Weakness:
The opposite of everything discussed in the "Strengths" can be the weakness of a company.
For example, weak finances, inefficient management, poor brand recognition, an unskilled
workforce, non-repetitive customers, non-scalable businesses, and disloyal customers.
In addition, there are some other weaknesses that can affect the company:
28
• Obsolete technology.
• Lack of capital
• High debt
For example, many companies in the telecommunications industry have ceased operations
because they were using outdated 2G/3G technology. Similarly, in the energy sector, renewable
energy production is the technology of the future and companies that do not work on the new
technology could soon become obsolete. In short, outdated technology negatively affects most
of the industry.
3. Opportunity:
A company with many opportunities has many opportunities to succeed and make a profit in
the future.
• Organic growth opportunity - (New product, new market, etc.)

• External growth opportunity (Mergers and Acquisitions)
• Expansion (vertical or horizontal)
• Relaxation of government regulations
• New technologies (Research and Development)
4. Threats:
To survive (and for that matter remain profitable), it is really important for a company to
analyse its threats. Here are some of the biggest threats to a business:
• Competition
• Changing consumer preferences/new trends
• Adverse government regulations
Changing consumer preferences is one of the repetitive threats facing many industries. Here, if
proper measures are not taken to retain the customer, it could adversely affect the profitability
of the company.
29
For example, the new trend of health awareness among people may lead to a decline in sales
of beverage/soft drink companies. (These companies are fighting this threat by introducing
"DIET-COKE.")
Similarly, the preference for Ayurvedic products in India has already reduced sales by non-
Ayurvedic consumer goods companies (and an increase in PATANJALI).
1.6 Definition of Fundamental Analysis.
Fundamental analysis is a detailed study of the basic factors that affect economic, industrial
and business interests. It is a stock that measures economic, financial, and other factors (both
qualitative and quantitative) that are used to identify opportunities in which the value of a stock
deviates from the current market price. It is designed to measure true intrinsic value.
Fundamental analysis includes only financial statements, management, competition, business

concepts, and all factors called fundamentals that may affect the value of a security, including
macroeconomic and organizational factors. It will be evaluation. Fundamental analysis It is
based on the assumption that there is a certain delay in the impact of these fundamentals on
stock prices. Therefore, the stock price will not be equal to its value in the short term but will
be adjusted in the long term. This is a three-step analysis:
Economy: An analysis of the country's general economic situation and condition. It is analysed
using economic indicators.
Industry: Use industry competition analysis and industry lifecycle analysis to identify prospects
for different industry classifications.
Company: Determine whether you want to buy, sell, or hold a company's stock by determining
the financial and non-financial characteristics of the company. Sales, profitability, EPS,
management, corporate image, and product quality are analysed for this purpose.
Definition of Technical Analysis
Technical analysis is used to predict the price of a stock. This shows that the price of a
company's stock is based on the interaction of the supply and demand forces that are active in
the market. It is used to predict the future market price of a stock according to the stock's
historical performance statistics. To do this, first determine the fluctuation of the stock price in
30
order to know how the stock price will develop in the future. The price at which a buyer and
seller of a stock decides to complete a transaction is a value that combines, evaluates and
represents all the factors and is the only important value. In other words, technical analysis
provides a clear and comprehensive view of why stock price volatility is behind. Technical
analysis Stock prices are assumed to fluctuate in line with trends.
It goes up and down and depends on the trader's attitude, psychology and emotions.
Tools used for Technical Analysis
Prices: An extruder with a security price is represented by an extruder with an investor mindset
and the collection and delivery of securities.
Time: Measuring velocity movement is a characteristic of time. That is, the time elapsed within
the mode reversal determines the velocity extrusion.
Volume: The importance of rate adjustment can be seen in the transaction set that characterizes
the extrusion. It can be noted that if you have an extruder with a stock price and a small extruder
with a transaction amount, the extruder is not always very powerful.
Width: The level of extruder allocation is measured by determining whether the extruder
fashion is spread across many sectors or contains only up to three inventories. This shows how
much the price of the security has been adjusted in the market according to the general method.
Key Differences between Fundamental and Technical Analysis
The difference between fundamental and technical analysis can be drawn clearly on the
following grounds:
1. Fundamental analysis is a method of investigating a security to determine its intrinsic value

for long-term investment opportunities. In contrast, technical analysis is a method of valuing
and predicting the future price of a security based on price fluctuations and trading volume.
This shows what the stock will look like in the future.
2. Fundamental analysis uses a longer period of time to analyse stocks compared to technical
analysis. Therefore, fundamental analysis is used by investors who want to invest in stocks that
will increase in value within a few years. In contrast, technical analysis is used when the
transaction is short-term only.
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3. The time lag between the two analyses is clear not only in approach but also in purpose,
including transaction-related technical analysis and investment-related fundamental analysis.
Most investors use fundamental analysis to buy or hold shares in a company, so traders rely on
technical analysis to generate short-term profits.
4. While fundamental analysis aims at ascertaining the true intrinsic value of the stock,
technical analysis is used to identify the right time to enter or exit the market.
5. In fundamental analysis, decision making is based on the information available and statistic
evaluated. On the contrary, in technical analysis, decision making is based on market trends
and the stock price.
6. In fundamental analysis, both past and present data are considered, whereas, in technical
analysis, only past data is considered.
7. Fundamental Analysis is based on financial statements, whereas technical analysis is based

on charts with price movements.
8. Fundamental analysis allows you to determine the intrinsic value of a stock by analysing
the earnings statement, balance sheet, cash flow statement, return on equity, return on equity,
price-earnings ratio, and more. However, technical analysts use chart patterns (such as
continuation and reversal patterns), price actions, technical indicators, resistance, and support
to analyse future price trends. Resistance is where investors believe that prices have stopped
rising and are ready to sell. Support says investors have stopped going down and are ready to
buy. That is the point of belief.
9. In fundamental analysis, the future price of a security is determined based on the company's
past and present performance and profitability. In contrast, future prices in technical analysis
are based on charts and indicators.
10. Fundamental analysis is performed by long-term position traders and technical analysis is
performed by swing traders and short-term day traders.
Conclusion
In fundamental analysis, an investor buys a stock when the market price of the stock falls below
the intrinsic value of the stock. In contrast, in technical analysis, traders buy stock when they
expect to sell at a relatively high price.
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1.7 Need of Study of Fundamental Analysis:
Basic or intrinsic value is very important in an investment. The intrinsic value of a stock is not
the market value, but the natural value of the stock. Through fundamental analysis, you can
determine the basic value of a stock. This gives investors a better understanding of the various
stocks. The fundamental or intrinsic value is the actual value of a stock that can be derived
from fundamental analysis, and this value is very important when investing in order to make
reasonable decisions about investing in a stock. Fundamental analysis of stocks also includes
factors such as discounts. Future projected projects are discounted against the time value of
money to determine the true value of the stock. Investing in different stocks requires a clear
analysis, but without a clear and rational analysis, decision making becomes very complex and
simpler and more accurate fundamental analysis can be used.
To know the basis:
Fundamental analysis is a presentation of a company's portfolio. Core is the main theme of

every company that sets up a company profile, and an effective way to get better fundamentals,
add more assets, and bear less debt is best for the company. It means that there is. How much
profit does each company make, what is the current scenario for that company? Make a Better
Investment:
For a better Investment you always need to know your company's portfolio and profits. How
profitable is the company actually? The answers to your questions can definitely help you make
better investments that will give you the best profits. Capital valuation is usually a long-term
goal that helps people secure their economic future. For the money you earn to grow wealth,
you need to consider investment options that provide a significant return on the amount initially
invested in
To keep safe investment:
Whenever you do a fundamental analysis, you get most of the information about what really
helps you invest. A safe investment means knowing that the company is keeping its portfolio
well and increasing its profits. Conservation of capital is one of the main reasons people invest
money. Some investments help prevent hard-earned money from being eroded over time.
Parking money on these devices or systems can prevent permanent savings.
33
Comparison:
Comparisons are the best way to determine a company's market value. Whenever you compare
a company's market demand, one of the most effective ways to compare two companies is to
perform a ratio analysis of each company's financial statements. Ratio analysis looks at various
numbers in the financial statements. B. Establish relationships between net income and total
costs, and each number.
Awareness:
Raising investor awareness not only includes knowledge of the various financial products
available on the market, but also facilitates the decision-making of particularly poorly educated
people embarking on long-term financial decisions. Fundamental analysis helps clarify that
market value is not the result of an investment.
To earn a steady stream of income:
Investing also helps create a stable source of secondary (or primary) income. Examples of such
investments are time deposits that earn interest on a regular basis and stocks of companies that
pay dividends to investors on a regular basis. Income-generating investments help you pay for
your daily expenses after retirement. Alternatively, it can also serve as a good source of
additional income during employment by providing additional money to cover costs such as
tuition and EMI.
1.8 Research Question
• What investors think about investing?
• How knowledge enhances investment
• Why investment requires investment knowledge
• What is fundamental analysis?
• How does fundamental analysis affect your investment?
• How to make a better investment in fundamental analysis
34
CHAPTER-2
LITERATURE REVIEW
35
Literature Review:
Fundamental analysis (FA) is a holistic approach to studying a company. If an investor wants
to invest in a company over the long term (age 3-5 years), it is essential to understand the
company from different perspectives. It is important for investors to isolate the daily short-term
noise of stock prices and focus on the underlying performance. In the long run, the stock prices
of fundamentally strong companies tend to rise, creating wealth for investors.
Securities
(JevonsLee, 1987)Fundamental analysis of securities is the basic approach assumes that all
securities have intrinsic value that can be determine based on information such as accounting
profits, growth factor, and debt /equity ratio. Technical experts determine the intrinsic value
based on these fundamental and compare this value to the current market price to determine if
the security is undervalued or overvalued. (Boobalan, 2014)We conducted a technical analysis
of securities of companies selected from the industry and supported investment decisions in
the Indian market. The technical analysis provided by this study does not provide absolute
predictions about the future in terms of predictions.
H1: Fundamental analysis of securities can provide you positively to produce retunes
above market averages in the short term.
Working capital
(Khamrui, 2012) We conducted a survey on the impact of working capital management on the
profitability of the FMCG sector in India. This survey covers the 10 years from 2001 to 2010
and is based on a sample of 10 FMCG companies. The purpose of this study was to investigate
the impact of working capital and its components on profitability. After performing a normality
test, person correlation, and panel data regression, the study concludes that there was a
significant negative association between working capital management and corporate
profitability.(Selvaraj, 2012)We analysed the working capital management of38 selected
Indian steel companies from 2001 to 2010 by comparing selected small and medium sized and
large steel companies using various key figures. Duty cycles and cash conversion cycles were
used to measure the effective use of working capital. The Keswick model used to measure the
determinants of the cash conversion cycle. The study concludes that the size of a company
plays an important role in determining the efficiency of working capital management.
36
(Pasupathi, 2012)Managing the working capital of 17 major automotive industry units selected
in India during the 15 years from 1992-93 to 2006-07. It was conducted to validate working
capital based on the size of working capital in relation to monthly operating and sales
requirements. The construction of the discriminate function suggested that the size of net
working capital in terms of monthly operational requirements appears to be stronger than sale
requirements over the years.(Afeef, 2011)By posting a sample of 40 Pakistani SMEs on the
Karachi stock exchange, we investigated the potential impact of working capital management
on the profit performance of Pakistani SMEs. The results of the study showed that there is a
significant correlation between profitability variables and payable deferrals and corporate cash
conversion cycle.(Untwal, 2011)I tried to manage the working capital of Indian Tools Ltd. The
data needed for the survey was collected from the company annual report and public accounts,
and the primary data was obtained through personal interview with the company’s
management. The survey period was seven years from 2001-2006-2007. Working capital
analysis and key numerical analysis were used for data analysis. The results of the survey
showed that the company’s liquidity position was unsatisfactory. Indian Tools Ltd.’s
Warehouse Management satisfaction, the company tracked the effects of debt collection illness
and inefficient credit policies during the investigation period.
H2: Fundamental analysis of working capital can provide you positively to financial
strategy of a company.
Investment
(Roy, 2015)He states that it is necessary to consider the economic environment, industry
performance and corporate performance before making a fundamental analysis and making an
investment decision. One of the most active and long-running debates in securities research is
the relative benefits of basic and technical research. (Hon-Snir, 2011)Investors are studying the
use of financial statements and levels of support and resistance together as a primary tool for
investment behaviour. Over the years, investors have used a variety of tool to support their
buying and selling decisions. Investors commonly use two types of tools: fundamental analysis
and technical analysis. (Čaljkušić, 2011)Use different approaches and methodologies over time
to value stocks and study the right approach to predict when investors should trade.
(Reddy, 1995)We conducted a survey entitled financial performance case study of paper
industry. They found that the industry is improving its financial position year after year.
37
According to the survey, the company performed well in generating its own funds in the form
of reserves and surplus. The study concludes that the search position is stable because the
current debt fast ratio is better policy and standard ratio was the solvency since 1990-91. The
company’s earning was inadequate. The study also found that company’s ability to use assets
to increase profits has not improved, as shown by various employee turnover indicators.
H3: Fundamental analysis in investment can provide you positively analysis tools on the
effectiveness of their investment decisions.
Future earnings
(Venkatesh, 2011)We report the results of a June/July 2010 survey on the use of fundamental
and technical analysis in the preparation of stock price fluctuation forecasts by India stock
market brokers/ fund managers. Fundamental analysis is a way for investors to determine the
future price of the stock they want to buy. This refers to examining the intrinsic value of a
company to see if its current market price is fair, overvalue or undervalue.(JS Abarbanell,
1997)In the journals Fundamental analysis, Future Earnings, and Stock price, Abarbanell and
Bushee provide market participants with detailed year-end data.
H4: Fundamental analysis of future earnings can provide you positively achieve high
earnings growth in the future.
Dividend
(Sharma, 2009)Investigate whether fundamental analysis involves two approaches, such as

traditional and growth. A fundamentally strong company produces above average returns
compared to a fundamentally weak company. This helps distinguish between overvalued and
potentially growing companies.(MD Beneish, 2001)Most fundamental analysis studies include
estimates of large samples that cover the entire population of the enterprise with the available
data. However, the fundamental analysis practiced by professional analysis is generally
performed in a more limited context and usually involves comparing a subset of companies
with common characteristics, in the example of Contextual Fundamental Analysis with
Extreme return predictions, most sell-side financial analysis tend to focus on companies within
the same industry or economic sector. Similarly, many buy-side analysts and fund managers
specialize in either the “value” stock universe or the “growth” stock universe. Overall, this
demonstrates the usefulness of performing a fundamental analysis on a case-by-case basis.
38
H5: Fundamental analysis in dividend can provide you positively give information about
proportion of earning per share given to the shareholders in the form of dividends.
Assist portfolio
(Pandya, 2013)We conducted research and technical analysis of companies in the field of
information technology. He is support the technical analysis of securities of selected companies
in the information technology sector and portfolio decisions in this sector as the information
technology sector is one of the most emerging and booming sectors in the Indian market. We
conducted a detailed survey. It has proven to be one of the most important and fastest growing
sectors of the Indian economy. (Christina, 2011)) We conducted a survey on the financial
performance of Wheels India Limited Chennai. The study adopted an analytical study design
complemented by secondary data collection methods. To do this, researchers have taken data
from the last five years and validated and reliable the data before conducting the study.
Researchers used financial tools such as ratio analysis, comparative balance sheet, as well as
statistical tools such as trend analysis and correlation. Profitability indicators show lower levels
of profits, fixed asset use and working capital last year. In this way, the company was able to
take the necessary steps to increase sales and profits. Finally, the study concluded that the
financial performance was satisfactory.
H6: Fundamental analysis of Assist portfolio can provide you positively measuring a
stocks intrinsic value.
Financial statement
(Singla, 2013)We conducted a survey to assess Tata Steel Ltd.’s financial performance from
2008 to 2012 and the steel Department of India. Financial performance was investigated
through analysis of profitability, working capital and fixed assets. The author mentioned the
financial performance of Tata steel Ltd. Not only was Tata Steel Ltd.’s net profit better than
SALL. Greater than SAIL, but better than SALL in warehouse management.(Sarkar, 2011)I
studied Analysis of Tata steel’s financial performance case study. This study focuses on the
calculation of Tata Steel’s operating debt ratio, financial debt ratio, and overall debt ratio for
the period 2001 to 2009, and covers operational risk, financial risk, and overall risk. I measured
39
it. Their findings show that net sales need to be improved to cover the company fixed operating
cost. This allowed companies to keep operational risk within control over the next few years.
In their opinion, using more external funds can lead to short term bankruptcy, and to avoid this,
the company need to maintain a solid short-term debt repayment capacity in the future. (Paul,
2011)) Reported that the financial performance assessment is a comparative study of several
selected NBFCs. In this study, five publicities traded NBFCs were considered for comparative
financial performance analysis. Various statistical tools such as arithmetic mean, standard
deviation, correlation and analysis of variance have been widely used.
H7: Fundamental analysis in financial statement can provide you positively use
financial statement data to determine the intrinsic value of a security.
Profitability ratio
(Mishra, 2016)) Using technical analysis indicators, report the degree to which the profitability
of a transaction explains the risk premium or risk compensation of investing in the stock market
compared to relatively risk-free assets using multiple regression analysis. Traders, private
investors and fund managers are encouraged to rely on technical indicator-based trading
strategies other than fundamental analysis when valuing their portfolios.(Vuralet, 2012)His
research found that company’s profitability has nothing to do with working capital
management. There is no significant relationship between working capital and rate of
return.(etal, 2011)His study found no significant relationship between liquidity and
profitability.
H8: Fundamental analysis in financial statement can provide you positively effect to
measure the profitability of the company.
40
2.2 Research gap
In the survey, a total of 27 literature searches were conducted for the purpose of the survey. In
the course of this literature review, researchers have not collected much knowledge, primarily
in fundamental analysis and investor-related areas.
The above literature shows the geographical gaps in the study.
This study is being studied in Gujarat.
2.3 Conceptual development based on LR:
Based on the entire literature review, fundamental analysis is defined differently by different
authors. This makes the definitions look different from each other and has the same
fundamental meaning. This study provides knowledge about key factors that influence
fundamental analysis and influence investor behavior, and to create processes for men and
women, and different age groups in terms of marriage status. I am aiming for it. The study
found that fundamental analysis and the perception lever of investor behavior on personal
factors influence investment decisions and fundamental analysis.
Because you can find out the knowledge of the basic factors can be used to improve your
income source. Fundamental analysis states that the economic environment, industry
performance, and corporate performance need to be considered before making an investment
decision.
The fundamental analysis approach assumes that all securities have intrinsic value that can be
determined based on information such as accounting profits, dividends, growth factors, and
leverage ratios. Fundamentally strong companies achieve above average profits compared to
fundamentally weaker companies. Financial performance was investigated through analysis of
profitability, working capital and fixed assets. Cluster analysis identifies the group of stocks
that are most likely to outperform the market in a short period of time, showing the best trend
and momentum characteristics at any given time. Year-end data (basic signals) are reflected in
market participant decisions by checking whether current changes in the signal are beneficial
for subsequent changes in the outcome. Their approach is consistent with the stated view that
predicting book profits should be a central task of fundamental analysis, rather than explaining
41
equity returns. By examining the relationship between basic signals and future changes in
earnings, you can directly test the validity of the economic intuition that underlies the original
structure of the signal.
2.4 Measurement model:
Here, the research took independent and dependent variables.
The independent variable is the investor's behavior and the dependent variable is the basic
information.
Fundamental analysis directly affects investor behavior. In this regard, if the investor is better
aware of fundamental analysis, he will benefit more from his investment.
FUNDAMENTAL ANALYSIS
SECURITIES DIVIDEND
WORKING CAPITAL ASSIST PORTFOLIO
INVESTMENT FINANCIAL STATEMENT
FUTURE EARNINGS PROFITABILITY RATIO
42
CHAPTER-3
RESEARCH
METHODOLOGY
43
3.1 Research Objectives:
• Primary objectives:
The main purpose of this study is to evaluate individual investor patterns for
fundamental analysis.
• Secondary objectives:
• Identify the elements of the basic factors.
• Examine investor behavior patterns.
• Actions taken by investors to understand and evaluate fundamental analysis.
• To Use various fundamental analysis information available to investors to determine
pay call recognition.
3.2 Data Collection:

➢ Primary data
Questionnaire
➢ Secondary data
Web site
Reports
Literature review
3.3 Sampling Design:

➢ Sampling population
Investor
➢ Sampling unit
Ahmadabad city
➢ Sampling Element
Investor
44
➢ Sampling Method
Non-Probability and convenience sampling method
➢ Sample Size
416
➢ Software Support
Microsoft Excel and SPSS
45
CHAPTER-4
DATA
ANALYSIS & INTERPRETATION
46
4.1Demographic factor:
Gender:
Gender
Frequency Percent Valid Percent Cumulative

Percent
Valid Male 254 61.1 61.1 61.1
Female 162 38.9 38.9 100.0
Total 416 100.0 100.0
Here, the pie chart shows that the majority of men are 61.1% and 38.9% remain female.
47
AGE:
Age
Percent
Valid Below 25 129 31.0 31.0 31.0

25-35 172 41.3 41.3 72.4
35-45 72 17.3 17.3 89.7
above 45 43 10.3 10.3 100.0
Total 416 100.0 100.0
Respondents' ages are displayed above the graph. This means that 31.0% of respondents are
under the age of 25. And the majorities indicate 25-35 years old or older, the criteria are
41.3%, 35-45 years old 17.3%, marginal respondents 10.3%, 45 years old or older.
48
MARITAL STATUS:
Status

Percent
Valid Unmarried 192 46.2 46.2 46.2
Married 224 53.8 53.8 100.0
Total 416 100.0 100.0
This represents the marriage status of the respondents, with 46.2% unmarried and 53.8%
remaining unmarried.
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OCCUPATION:
Occupation
Percent
Valid Students 97 23.3 23.3 23.3
Job 189 45.4 45.4 68.8

Business 83 20.0 20.0 88.7
Other 47 11.3 11.3 100.0

Total 416 100.0 100.0
The majority of the surveyed professions are 45.4%, the second is students, and any branch
office is acceptable. 23.3% and 20.00 of the surveyed people have their own business, and
11.3% may be retired or unemployed.
50
EDUCATION:
Education
Frequency Percent Valid Cumulative
Percent Percent
Vali Undergraduate 43 10.3 10.3 10.3

d
Graduate 206 49.5 49.5 59.9
Post graduate 115 27.6 27.6 87.5
Other 52 12.5 12.5 100.0
Total 416 100.0 100.0
The education of half of the respondents surveyed is academic, which in one direction
represents 49.5 percent. And 27.6% are graduate students, and 10.3% are undergraduates who
can read or do half of the degree. And that leaves 12.5 percent, which is done any course.
51
What is the percentage of Investing from your Income:
Investing
Percent
Valid Less than to 10 78 18.8 18.8 18.8
10 to 20 124 29.8 29.8 48.6

20 to 30 121 29.1 29.1 77.6
30 to 40 64 15.4 15.4 93.0
Above 40 29 7.0 7.0 100.0
Total 416 100.0 100.0
Here the pie chart shows that the percentage of investment from income is 18.8%. Respondents
invest less than 10 percent of their money. 29.8% to 20-30% of the surveyed people invest their
income, and 15.4% of the surveyed people invest 30-40% of their income. And nowadays,
more than 40% have invested, only 7% of those surveyed.
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Which type of Investor you are:
Investor
Frequenc Percent Valid Cumulative
y Percent Percent
Vali Speculative (Short- 109 26.2 26.2 26.2

d term)
Capital (Long- term) 128 30.8 30.8 57.0
Both 179 43.0 43.0 100.0
Total 416 100.0 100.0
The pie chart shows that 26.2% of respondents are speculative (short-term) investors. In other
words, the investment period is less than one year. In addition, 30.8% of respondents invest in
capital (long-term). In other words, we have invested for over a year. And the majority of
respondents are 43.0 percent, both long-term and short-term.
53
How have you acquiring your investment Knowledge?
Knowledge
Frequen Percent Valid Cumulative
cy Percent Percent
Vali I have no Investment 144 34.6 34.6 34.6
d knowledge
When Investing my 171 41.1 41.1 75.7
own money and/or as a
By studying at a 81 19.5 19.5 95.2
specialized school or
In my past or present 20 4.8 4.8 100.0
job or occupation
Total 416 100.0 100.0
Of the respondents who have learned, 34.6% have no actual investment knowledge and 41.1%
have their own money or investment experience. 19.5% of the surveyed subjects acquired
knowledge through study at a vocational school or course, and the last 4.8% of the surveyed
subjects acquired knowledge in their previous or current job or occupation.
54
How frequently do you Trading in the stock market?
Trading
Percent
Valid Daily 90 21.6 21.6 21.6
Twice a week 96 23.1 23.1 44.7
Weekly 120 28.8 28.8 73.6

Monthly 110 26.4 26.4 100.0
Total 416 100.0 100.0
21.6% of respondents use exchange trading on a daily basis, which means they are daytime
traders. In addition, 23.1% of those surveyed use it for trading on the stock exchange twice a
week. Weekly trading on the stock market is 28.8% of respondents, and the last 26.4% of
respondents are, trading the stock market at each month.
55
How long have you been participant in the stock market?
Participant
Frequenc Percent Valid Cumulative
y Percent Percent
Vali Less Than 1 year 144 34.6 34.6 34.6
d
1-3 years 171 41.1 41.1 75.7
3-5 years 81 19.5 19.5 95.2
5-10 years 20 4.8 4.8 100.0
Total 416 100.0 100.0
We find that 34.6% of respondents are unfamiliar with the stock market within a year. And the
majority of respondents are involved in the stock market, at 41.1 percent. 19.5% of the
participants have 10 years of experience from 5. Very experienced, 4.8% of the surveyed
people entered the stock market after 5 to 10 years.
56
4.2 Cross tabs:
Investing * Age * Gender Cross tabulation

Count
Gender Age Total
Below 25-35 35-45 above
25 45
Male Investi Less than to 23 16 4 2 45
ng 10
10 to 20 24 34 10 3 71
20 to 30 13 36 17 7 73
30 to 40 6 10 15 11 42
Above 40 3 5 6 9 23
Total 69 101 52 32 254
Fema Investi Less than to 21 8 2 2 33
le ng 10
10 to 20 19 25 8 1 53
20 to 30 15 24 5 4 48
30 to 40 3 12 5 2 22
Above 40 2 2 0 2 6
Total 60 71 20 11 162
Total Investi Less than to 44 24 6 4 78
ng 10
10 to 20 43 59 18 4 124
20 to 30 28 60 22 11 121
30 to 40 9 22 20 13 64
Above 40 5 7 6 11 29
Total 129 172 72 43 416
Chi-Square Tests
Gender Value df Asymptotic
Significance (2-
sided)
Male Pearson Chi-Square 60.506b .000
12
Likelihood Ratio 56.524 12 .000
Linear-by-Linear 44.836 1 .000

Association
N of Valid Cases 254
57
Female Pearson Chi-Square 26.855c 12 .008

Association
Total Pearson Chi-Square 82.954a 12 .000

Association
a. 1 cell (5.0%) have expected count less than 5. The minimum expected
count is 3.00.
b. 2 cells (10.0%) have expected count less than 5. The minimum expected
count is 2.90.
c. 10 cells (50.0%) have expected count less than 5. The minimum expected
count is .41.
Directional Measures
Gender Value Asymptotic
Standard
Errora
Male Ordinal by Somers' d Symmetric .358 .049

Ordinal Investing .373 .051
Dependent
Age Dependent .343 .048
Fema Ordinal by Somers' d Symmetric .238 .067

le Ordinal Investing .255 .073
Dependent
Total Ordinal by Somers' d Symmetric .318 .040

Ordinal Investing .335 .042
Dependent
58
Symmetric Measures
Gender Value Approximate
Significance
Male Nominal by Nominal Phi .488 .000
Cramer's V .282 .000
Female Nominal by Nominal Phi .407 .008
Total Nominal by Nominal Phi .447 .000
H0: There is no significance association in terms of age group and investing with the
respect to male.
H1: There is significant association in the terms of age group and investing with respect
of male.
INTERPRETATION:
According to the Chi-square table of male the significance value is 0.000 which is less than
0.05 which means that there is significant association between different age group and their
investing for male in the terms of investing in the stock market, so (H1) Alternative Hypothesis
Accepted.
H0: There is no significant association in term of age group and investing with respect of
female.
H1: There is significant association in term of age group and income group with the
respect of female.
INTERPRETATION:
According to the Chi-square table of female the significant value is 0.012 which is less than
0.05 Which means that there is significant association between different age group and income
group for I term of investing in stock market, so (H1) Alternatives hypothesis is accepted.
59
This graph shows the relationship between male age and investment. That is, less than 10% of
investments are primarily from investments under the age of 25. Also, 10-20% of investment
is 25-35 years old. Also, 20-30% of investors are 35-45 years old. The last 45% or more
investors are over 45 years old.
This graph shows the relationship between female age and investment. Investment less than
10% is primarily due to investments under the age of 25. Investments between 10 and 20
60
percent come primarily from the age of 25 to 35. In addition, 20-30% of investors come from
groups aged 25-35. In addition, there are 30 to 40 percent of investors between the ages of 25
and 35. And the last 40% of investments are from the under 25, 25-35, and 45above age groups.
Education * Knowledge * Age Cross tabulation

Count
Age Knowledge
i have no When By studying
Investment Investing at a
knowledge my own specialized
money school or
and/or as a
Below Educati Undergradua 16 3 2
25 on te
Graduate 42 29 4
Post graduate 13 11 3
Other 2 1 1
Total 73 44 10
25-35 Educati Undergradua 9 8 0

on te
Graduate 22 54 9
Other 12 8 2
Total 55 89 27
35-45 Educati Undergradua 0 1 1
on te
Graduate 2 13 10
Other 5 6 4
Total 10 33 24
above 45 Educati Undergradua 0 0 3
on te
Graduate 2 2 10
Post graduate 2 2 4
61
Other 2 1 3
Total 6 5 20
Total Educati Undergradua 25 12 6
on te
Graduate 68 98 33
Other 21 16 10
Total 144 171 81
Chi-Square Tests
Age Value df Asymptotic
Significance
(2-sided)
Below 25 Pearson Chi-Square 19.259b 9 .023

Association
25-35 Pearson Chi-Square 29.078c 9 .001

Linear-by-Linear .696 1 .404
Association
35-45 Pearson Chi-Square 6.583d 9 .680
Association
N of Valid Cases 72
above 45 Pearson Chi-Square 6.057e 9 .734
Association
N of Valid Cases 43
Total Pearson Chi-Square 27.904a 9 .001
62
Association
a. 2 cells (12.5%) have expected count less than 5. The minimum

expected count is 2.07.
b. 9 cells (56.3%) have expected count less than 5. The minimum
expected count is .08.
c. 6 cells (37.5%) have expected count less than 5. The minimum
d. 10 cells (62.5%) have expected count less than 5. The minimum
e. 13 cells (81.3%) have expected count less than 5. The minimum
H0: There is no significance association in terms of education and knowledge with the
respect to age group
H1: There is significant association in the term of education and knowledge with respect
of age group
INTERPRETATION:
0.05
Which means that there is significant association between different education and knowledge
for below the age of 25 years in term of knowledge of stock market, so (H1) Alternatives
hypothesis is accepted?
H0: There is no significant association in terms of education and knowledge with the
respect to age group
63
H1: There is significant association in terms of education and knowledge with respect of
age group.
INTERPRETATION:
0.05 which means that there is significant association between different education and
knowledge for below the age of 25 years in terms of knowledge of stock market, so (H1)
Alternative hypothesis is accepted.
respect to age group.
H1: There is significant association in the terms of education and knowledge with respect
of Age group.
INTERPRETATION:
knowledge for between the ages of 25 to 35 years in term of knowledge of stock market, so
(H1) Alternative hypothesis is accepted.
H1: There is significant association in the terms of education and knowledge with the
respect of Age Group.
INTERPRETATION:
According to the Chi-square table of female the significant value is 0.680 which is more than
knowledge for below the age of 35 to 45 years in term of knowledge of stock market, so (H0)
Null hypothesis is accepted.
64
H1: There is significant association in the terms of education and knowledge with respect
of Age group.
INTERPRETATION:
knowledge for above the age of 45 years in terms of knowledge of stock market, so (H0) Null
hypothesis is accepted.
Symmetric Measures
Age Value Approxima
te
Significanc
e
Below Nominal by Phi .386 .023
25 Nominal Cramer's V .223 .023
Contingency .360 .023
Coefficient
25-35 Nominal by Phi .411 .001
Nominal Cramer's V .237 .001
Coefficient
35-45 Nominal by Phi .302 .680
Coefficient
N of Valid Cases 72
above Nominal by Phi .375 .734
45 Nominal Cramer's V .217 .734
Coefficient
N of Valid Cases 43
Total Nominal by Phi .259 .001
65
Coefficient
Here, graph is showing the ratio between the age of below the 25, education and their
knowledge about the investment. Most of the age below the 25 who’s undergraduate, graduate,
post graduate and other profile having no investment knowledge.
66
This graph shows us the ratio between the age of 25 to 35 year, their education and knowledge
of the investment. In this age undergraduate are having minorly having No investment
knowledge and investing their own money and /or as a graduate people mainly experience their
knowledge by investing their own money and/or as a knowledge. Pot graduate people also
experience their knowledge by investing their own money and/or as another educated people
having no investment knowledge.
67
This graph shows a ratio between age of 35 to 45, Education and their Knowledge of the
investment. The undergraduate educated people invest their own money as a when investing
their own money and/or as by studying at a specialized school. The graduate educated people
are experience their knowledge by investing their own money and or as a post graduate people
are investing their own money and/or as a and also other people are getting knowledge by
investing their own money or as a.
In this graph the showing the ratio between age of above 45 years, education and their
knowledge of investment. The undergraduate people have knowledge by studying at a
specialized school. Graduate also having their knowledge by studying at a specialized school
and the post graduate people having their knowledge by their past or present job or occupation
which shows their experience and the last one other educated people are in investing their own
money by studying at a specialized school.
4.3 T-Test:
OAN: Analysing
OPR: Prefer
OLI: Like
68
Group Statistics
Gender N Mean Std. Deviation Std. Error Mean
OAN Female 162 4.0885 1.37200 .10779
Male 254 4.6010 .93442 .05863

OPR Female 162 3.7479 1.47140 .11560
Male 254 4.3530 1.03456 .06491

OLIK Female 162 4.3025 .97819 .07685
Male 254 4.5354 .93183 .05847
Independent Samples Test

Levene’s Test for Equality of t-test for Equality
Variances of Means
F Sig. t df
OA Equal variances 16.875 .000 -4.531 414

N assumed
Equal variances not -4.177 256.089
assumed
OP Equal variances 20.600 .000 -4.920 414
R assumed
assumed
OLI Equal variances 3.263 .072 -2.439 414
K assumed
assumed
69
H0: There is no significance association in terms of group and analyzing the market.
H1: There is significant association in the terms of group and analyzing the market.
INTERPRETATION:
According to the Chi-square of female the significant value is 0.000 which is less than 0.05
which means that there is significant association between different group and analyzing in term
of analyzing the market, so (H1) Alternative hypothesis is accepted.
H0: There is no significance association in terms of group and analyzing the market.
INTERPRETATION:
0.05 which means that there is significant association between different group and analyzing
in term of analyzing the market, so (H1) Alternative hypothesis is accepted.
H0: There is no significant association in terms of group and analyzing the market.
INTERPRETATION:
0.05 which means that there is significant association between different group and analyzing
in terms of analyzing the market, so (H0) Null hypothesis is accepted.
70
4.4 One-way ANOVA:
When it is required to compare more than two variants at the same time need to be ANOVA is
useful for it. To examine the number of factors influencing the dependent variable with the
help of ANOVA, differences amongst category within the individual factors can also be
explored.
OAN: Analyzing
OPR: Prefer
OLIK: Like
Descriptive
N Mean Std. Std. 95%
Deviation Error Confidence
Interval for
Mean
Lower Bound
OA Student 97 4.4880 1.21722 .12359 4.2426

N s
Job 189 4.5203 .98468 .07162 4.3790
Busines 83 4.2651 1.25993 .13830 3.9899

s
Other 47 3.9858 1.33687 .19500 3.5933
Total 416 4.4014 1.15117 .05644 4.2905
OP Student 97 4.5241 1.12371 .11410 4.2976

R s
Job 189 4.1605 1.18144 .08594 3.9910
Busines 83 3.8373 1.30741 .14351 3.5519

s
71
Other 47 3.5993 1.44658 .21100 3.1746
Total 416 4.1174 1.25686 .06162 3.9963
INTERPRETATION:
In this Descriptive Table, it shows the variant OAN means Analyzing the market and we can
say that people whose profile is Student, Job, Business and other are completely agree with the
analyzing market. Variant OPR derived from the preference of the tool we can say that people
whose profile is Student, Job, Business and other are completely agree with the preference of
the most in fundamental analysis.
Test of Homogeneity of Variances

Levene df1 df2 Sig.
Statistic
OA Based on Mean 2.267 3 412 .080
N Based on Median 1.852 3 412 .137
Based on Median and 1.852 3 403.691 .137
with adjusted df
Based on trimmed mean 2.249 3 412 .082
OPR Based on Mean .851 3 412 .467

Based on Median .817 3 412 .485
Based on Median and .817 3 403.354 .485
with adjusted df
Based on trimmed mean .828 3 412 .479
H0: There is no significance difference between the variant.
H1: There is significant difference between the variant.
INTERPRETATION:
According to the table of test of Homogeneity of variant shows the significant value is mean
and median is more than 0.05 so we can say that we can’t reject the (H1) Null hypothesis of
72
the analysis to the market. And preference of any particular shows the significant value is mean
and median is more than 0.05 it shows that we can’t reject the (H1) Null hypothesis of
preference of the most in fundamental analysis.
ANOVA
Sum of Df Mean F Sig.
Squares Square
OA Between 13.058 3 4.353 3.340 .019
N Groups
Within 536.901 412 1.303
Groups
Total 549.959 415
OP Between 35.518 3 11.839 7.867 .000
R Groups
Within 620.055 412 1.505
Groups
Total 655.573 415
INTERPRETATION:
According to the ANOVA table there is significant value of OAN is 0.019 is less than the 0.05
which means there is no significant difference between the analyses of the market, so (H0)
Alternative hypothesis accepted.
INTERPRETATION:
According to the ANOVA table there is significant value of OPR is 0.000 is less than 0.5 which
means there is no significant difference between the preference tools for the fundamental
analysis, so (H0) Alternative Hypothesis Accepted.
73
Robust Tests of Equality of Means
Statistical df1 df2 Sig.
OAN Welch 2.780 3 143.011 .043
OPR Welch 7.366 3 148.008 .000
INTERPRETATION:
According to the Robust Tests of Equality of means table there is significant value of OAN is
0.043 is less than 0.05 which means there is no significant difference between the Analysis of
the market, so (H0) Alternative hypothesis accepted.
INTERPRETATION:
According to the Robust Tests of Equality of Means table there is significant value of OPR is
0.000 is less than 0.05 which means there is no significant difference between the preference
tools for the fundamental analysis, so (H0) Alternative Hypothesis accepted.
Post Hoc Tests:
Multiple Comparisons
Tukey HSD
Dependent (I) (J) Mean Std. Sig.
Variable Occupation Occupation Difference Error
(I-J)
OAN Students Job -.03231 .14258 .996
Business .22291 .17069 .560
74
Other .50216 .20288 .065
Job Students .03231 .14258 .996
Business .25522 .15032 .326
Other .53447* .18607 .022
Business Students -.22291 .17069 .560
Job -.25522 .15032 .326
Other .27924 .20839 .538
Other Students -.50216 .20288 .065
Job -.53447* .18607 .022
Business -.27924 .20839 .538
OPR Students Job .36356 .15323 .084
Business .68671* .18343 .001
Other .92476* .21803 .000
Job Students -.36356 .15323 .084
Business .32314 .16154 .189
Other .56120* .19996 .027
Business Students -.68671* .18343 .001
Job -.32314 .16154 .189
Other .23806 .22395 .712
Other Students -.92476* .21803 .000
Job -.56120* .19996 .027
Business -.23806 .22395 .712
75
Homogeneous Subsets:
OAN
a,b
Tukey HSD
Occupation N Subset for alpha = 0.05
1 2
Other 47 3.9858
Business 83 4.2651 4.2651
Students 97 4.4880
Job 189 4.5203
Sig. .400 .482
Means for groups in homogeneous subsets are displayed.

a. Uses Harmonic Mean Sample Size = 81.758.
b. The group sizes are unequal. The harmonic mean of the group sizes is used. Type I error
levels are not guaranteed.
INTERPRETATION:
According to the table of OAN there is significant value of based of profile is 0.400 is more
than 0.05 which means there is significant difference between profile base preference, so (H1)
Null hypothesis accepted.
OPR
a,b
Tukey HSD
Occupation N Subset for alpha = 0.05
1 2 3
Other 47 3.5993
Business 83 3.8373 3.8373
Job 189 4.1605 4.1605
Students 97 4.5241
Sig. .601 .333 .232
76
INTERPRETATION:
According to the table of OPR there is significant value of based of profile is 0.601 is more
Null Hypothesis accepted.
Means Plot:
77
INTERPRETATION:
Here this graph shows the occupation of respondents and their preference of OAN means
analysis. Job based profile are majority agree with that and other based profile lower base of
agedness.
INTERPRETATION:
This graph represents the occupation of respondents and mean of OPR means preference of
tool in fundamental analysis which shows the highly agree respondent’s majority are students
and lower agree with that is other based profile.
Descriptive
N Mean Std. Std. 95%
Deviation Error Confidence
Interval for
Mean
Lower
Bound
OA Undergraduat 43 4.2093 .93158 .14207 3.9226
N e
78
Graduate 206 4.5550 .95874 .06680 4.4233
Post graduate 115 4.3797 1.19607 .11153 4.1588
Other 52 4.0000 1.69839 .23552 3.5272
Total 416 4.4014 1.15117 .05644 4.2905
OP Undergraduat 43 3.9729 1.24612 .19003 3.5894

R e
Graduate 206 4.2492 1.21839 .08489 4.0818
Post graduate 115 4.1551 1.19039 .11100 3.9352
Other 52 3.6314 1.45234 .20140 3.2271
Total 416 4.1174 1.25686 .06162 3.9963
INTERPRETATION:
In this Descriptive Table shows the variant OAN means analysing the market and we can say
that people whose undergraduate, graduate, post graduate and other are completely agree with
the analysing the market. Variant OPR derived from the preference of the tool we can say that
people whose profile undergraduate, graduate, post graduate and other are completely agree
with the preference of the most in fundamental analysis.

Levene df1 df2 Sig.
Statistic
OA Based on Mean 1.343 4 411 .253
with adjusted df
OPR Based on Mean 2.164 4 411 .072

with adjusted df
79
ANOVA
Sum of df Mean F Sig.
Squares Square
OA Between 21.611 4 5.403 4.203 .002
N Groups
Within 528.348 411 1.286
Groups
Total 549.959 415
OP Between 28.497 4 7.124 4.669 .001
R Groups
Within 627.076 411 1.526
Groups
Total 655.573 415
Robust Tests of Equality of Means

Statistical df1 df2 Sig.
OAN Welch 4.806 4 134.566 .001
OPR Welch 6.254 4 140.703 .000
a. Asymptotically F distributed.

Levene df1 df2 Sig.
Statistic
OA Based on Mean 10.515 3 412 .000
with adjusted df
OPR Based on Mean .980 3 412 .402
with adjusted df
80
4.5 MULTIPLE COMPARISONS:
Multiple Comparisons
Tukey HSD
Dependent (I) (J) Mean Std. Sig. 95% Confidence
Variable Investin Investin Differe Erro Interval
g g nce (I- r Lower Upper
J) Bound Bound
OAN Less 10 to 20 - .163 .013 -.9712 -.0733
than to .52226* 85
10 20 to 30 -.02229 .164 1.00 -.4734 .4288
64 0
30 to 40 -.08040 .191 .993 -.6043 .4435
23
Above -.37386 .246 .553 - .3018
40 60 1.0495
10 to 20 Less .52226* .163 .013 .0733 .9712
than to 85
10
20 to 30 .49998* .144 .006 .1030 .8969
88
30 to 40 .44187 .174 .086 -.0363 .9200
51
Above .14841 .233 .969 -.4924 .7892
40 87
20 to 30 Less .02229 .164 1.00 -.4288 .4734
than to 64 0
10
10 to 20 - .144 .006 -.8969 -.1030
*
.49998 88
30 to 40 -.05811 .175 .997 -.5383 .4220
24
Above -.35157 .234 .563 -.9939 .2907
40 42
81
30 to 40 Less .08040 .191 .993 -.4435 .6043
than to 23
10
10 to 20 -.44187 .174 .086 -.9200 .0363
51
20 to 30 .05811 .175 .997 -.4220 .5383
24
Above -.29346 .253 .776 -.9889 .4019
40 80
Above Less .37386 .246 .553 -.3018 1.0495
40 than to 60
10
10 to 20 -.14841 .233 .969 -.7892 .4924
87
20 to 30 .35157 .234 .563 -.2907 .9939
42
30 to 40 .29346 .253 .776 -.4019 .9889
80
OPR Less 10 to 20 - .178 .001 - -.2281
*
than to .71719 51 1.2063
10 20 to 30 -.40572 .179 .160 -.8972 .0857
36
30 to 40 -.42401 .208 .251 -.9948 .1468
33
Above - .268 .025 - -.0649
*
40 .80099 65 1.5371
10 to 20 Less .71719* .178 .001 .2281 1.2063
than to 51
10
20 to 30 .31147 .157 .281 -.1210 .7439
84
30 to 40 .29318 .190 .536 -.2277 .8141
12
Above -.08380 .254 .997 -.7819 .6143
40 79
20 to 30 Less .40572 .179 .160 -.0857 .8972
than to 36
10
10 to 20 -.31147 .157 .281 -.7439 .1210
84
30 to 40 -.01829 .190 1.00 -.5414 .5048
92 0
82
Above -.39527 .255 .532 - .3045
40 38 1.0950
30 to 40 Less .42401 .208 .251 -.1468 .9948
than to 33
10
10 to 20 -.29318 .190 .536 -.8141 .2277
12
20 to 30 .01829 .190 1.00 -.5048 .5414
92 0
Above -.37698 .276 .651 - .3806
40 50 1.1346
Above Less .80099* .268 .025 .0649 1.5371
40 than to 65
10
10 to 20 .08380 .254 .997 -.6143 .7819
79
20 to 30 .39527 .255 .532 -.3045 1.0950
38
30 to 40 .37698 .276 .651 -.3806 1.1346
50
*. The mean difference is significant at the 0.05 level.
Homogeneous Subsets:
OAN
a,b
Tukey HSD
Investing N Subset for alpha = 0.05
1
Less than to 10 78 4.2009
20 to 30 121 4.2231
30 to 40 64 4.2813
Above 40 29 4.5747
10 to 20 124 4.7231
Sig. .075
83
H0: There is no significant difference between the variant.
INTERPRETATION:
According to table of OAN of there is significant value of based of profile is 0.075 is more
OPR
a,b
Tukey HSD
Investing N Subset for alpha = 0.05
1 2
Less than to 10 78 3.6645
20 to 30 121 4.0702 4.0702

30 to 40 64 4.0885 4.0885
10 to 20 124 4.3817
Above 40 29 4.4655
Sig. .304 .377

84
INTERPRETATION:
According to table of OPR of there is significant value of based of profile is 0.304 is more than
0.05 which means there is significance difference between profile base preference, so (H1)
Means Plots:
INTEREPRETATION:
Here this graph shows the investing in stock market of respondent and their preference of OAN
means Analysis. 10 to 20 percent investing based profile are majority agree with that. And 20
to 30 percent of investing based profile lower base of agedness.
85
INTERPRETATION:
This graph represents the investing in stock market of respondents and mean of OPR means
preference of tool in fundamental analysis. Which shows the highly agree respondent majority
is 10 to 20 percent investing and lower of agree with that is 20 to 30 and 30 to 40 percent of
investing based profile.
4.6 Regression:
Descriptive Statistics
Mean Std. Deviation N
OLIK 4.4447 .95577 416
OAN 4.4014 1.15117 416
OPR 4.1174 1.25686 416
86
Correlations
OLIK OAN OPR
Pearson Correlation OLIK 1.000 .379 .430
OAN .379 1.000 .567
OPR .430 .567 1.000
Sig. (1-tailed) OLIK . .000 .000
OAN .000 . .000
OPR .000 .000 .
N OLIK 416 416 416
OAN 416 416 416
OPR 416 416 416
Model Summary
Mod R R Adjusted R Std. Error Change Statistics

el Square Square of the
R Square F
Estimate
Change Change
1 .461a .212 .208 .85043 .212 55.592
INTERPRETATION:
According to model summary table show the co-relation (R) which is 0.461 it means there is
medium co-relation between the variable.
87
ANOVA
Model Sum of df Mean F Sig.

Squares Square
1 Regression 80.411 2 40.206 55.592 .000b
Residual 298.692 413 .723
Total 379.103 415
a. Dependent Variable: OLIK
b. Predictors: (Constant), OPR, OAN
INTERPRETATION:
According to the ANOVA table there is significant value of 0.000 is less than 0.05 which means
there is no significant difference between variables, so (H0) Alternative hypothesis accepted.
Coefficients
Model Unstandardized Standardize t Sig.

Coefficients d
Coefficients
B Std. Error Beta
1 (Constan 2.723 .174 15.622 .000

t)
88
OAN .166 .044 .200 3.767 .000
OPR .241 .040 .317 5.978 .000
INTERPRETATION:
According to the coefficients table shows the standardize coefficient which is OAN means
analysing the stock market 200 which is if dependent variable OLIK (Like) changes the effect
of the OAN by 0.200 and OPR which means preference changes than effect of the OLIK (Like)
affecting on the preference by 0.317.
Charts:
89
90
CHAPTER-5
FINDINGS
THEOTICALS
PRACTICAL
IMPLIMENTATION
91
5.1 Results:
Results from demographic factor:
• The 416 respondents, the largest number of respondents was mainly 254 males (61.1%)
and 162 females (38.9%).
• There are 129 respondents under the age of 25, 31%. The majority of respondents are
between the ages of 25 and 35, with 172 respondents which is 41.3%. Respondents
between the ages of 35 and 45 are 72 years old, or 17.3 percent of the respondents. And
the lowest respondents are over 45%, which is only 10.3% of the respondents.
• The status of unmarried respondents is 192. Respondents cover 46.2% and married
respondent’s cover 224, or 53.8%.
• The occupation of respondents is 97, and the number of students is 23.3%. The majority
of respondents are 45.4%, which means that 189 respondents are doing job. There are
83 respondents doing business, which is 20 percent. And the last low of the polled ones
is 47, which is 11.3 percent is another.
• There are 109 speculative (short-term) investors, which is 26.2% of the respondents.
This type of investor investing in capital has 126 respondents, which is 30.8 percent.
And both types of investors have 179 respondents, which is 43 percent.
• Undergraduate respondents have the lowest education level, 43 respondents, or 10.3
percent. Most respondents are graduate, which is 49.5 percent. There are 115
respondents are post graduated which 27.6% is and last other respondents are 52 which
is 12.5%.
• Respondents trade daily. This is 90 respondents, 21.6%. 96 respondents are twice a
week, or 23.1 percent. The most trader respondents trade weekly, with 120 respondents
which is 28.8%. And with a basic monthly transaction, there are 210 respondents, or
26.4 percent.
• The participant in stock market less than 1 year of respondents is 144 which is 34.6
percent. There are 13 years participated respondents are 171 which is highest criteria
by 41.1 percent. 35 years participated in stock market respondents are 19.5 percent
which are 81 respondents. And the lowest respondents are 4.8 percent which are 20
respondents of 510 years of participated.
• The knowledge of the Invest are getting from that they have no investment knowledge
respondents are 144 which 34.6 percent. At 171, 41.1% are the highest when investing
92
their own money and / or as respondents. Study at a vocational school or respondents
are 81, or 19.5 percent. In my past or present job or profession, there were 20
respondents, a minimum of 4.8%.
Chi-square table:
Investing * Age * Gender: According to the Chi-square table of male the significance
value is 0.000 which is less than 0.05 which means that there is significant association
between different age group and their investing for male in the terms of investing in the
stock market. Female the significant value is 0.012 which is less than 0.05 which means
that there is significant association between different age group and income group for
male I term of investing in stock market.
Education * Knowledge * Age: According to the Chi-square table of female the

significant value is 0.023 which is less than 0.05 which means that there is significant
association between different education and knowledge for below the age of 25 years
in term of knowledge of stock market. Female the significant value is 0.001 which is
Less than 0.05 which means that there is significant association between different
education and knowledge for between the age if 25to 35 years in terms of knowledge
of stock market. Female the significant value is 0.680 which is more than 0.05 which
means that there is significant association between different education and knowledge
for below the age of 35 to 45 years in term of knowledge of stock market. Female the
significant value is 0.734 which is more than 0.05 which means that there is significant
association between different education and knowledge for above the age of 45 years
in term of knowledge of stock market.
T-TEST:
• Female the significant value is 0.000 which is less than 0.05 which means that there is
significant association between different groups and analysing in term of analysing the
market. Female the significant value is 0.000 which is less than 0.05 which means that
there is significant association between different group and analysing in term of
analysing the market. Female the significant value is 0.072 which is more than 0.05
93
which means that there is significant association between different group and analysing
in term in term of analysing the market.
ANOVA:
• According to the ANOVA table is significant value of OAN is 0.010 is less than 0.05
which means there is no significant difference between the analysis of the market the
ANOVA table there is significant value of OPR is 0.013 is less than 0.05 which means
there is no significant difference between the preference tools for the fundamental
analysis.
Regression:
• According to Model Summary Table show the Co-relation ® which is 0.461 it means
there is medium co relation between the variable.
• According to the coefficients table shows the standardize coefficient which is OAN
Means Analysing the stock market .200 which is if dependent variable OLIK (Like)
Changes the effect of the OAN by 0.200 And OPR which means preference changes
the effect of the OLIK (Like) affecting on the preference by 0.317.
5.2 PRACTICAL IMPLICATION:
• This Study will help in understanding the importance aspects of the fundamental
analysis for the investor. Strategy formulators will be able to frame the strategies
according to get the benefit and retain the investor which will enhance their investing
power. This will help to know the investors perception toward the fundamental analysis.
• The entire consideration factor in correlation analysis i.e. Analysis, Preference and like
all are the strongly positive correlated.
94
CHAPTER-6:
RECOMMENDATION,
LIMITATION;
FUTURE SCOPE
95
6.1 RECMMANDATION:
FOR INVESTOR:
• Investor need to be focus on the all related factor of the fundamental analysis which is
concluding in the company`s Portfolio.
• Fundamental analysis is just a scenario of the Company that had been showing by
numbers but investor have find the Vision or mission of the company which is pick by
their self.
• Investor has to educate their self to analysing company by their self and aware about
the fake recommendation toward the market.
• If the fair market value is higher than the market price, the stock is deemed to be
undervalued and a buy recommendation is given.
• In contrast, technical analysts ignore the fundamentals in favour of studying the
historical price trends of the stock.
• Investor should know to how to find a better industry for future portfolio and analyse
with proper comparison.
FOR COMPANY:
• Companies need to publish their original value in markets that lead to an ethical
position in the industry.
• The company did not have to manipulate the actual value on the balance sheet or
income statement. The operation has been used by companies that do not have credit
in the market.
• Company fundamentals that really help you get the right information and market
value that leads to better growth methods.
96
6.2 LIMITATION:
• This study examined the model considering the stock market and investors' investment
in the stock market.
• The findings were conducted with the Indian portfolio in mind.
• Due to the pandemic, the survey was distributed in GOOGLEFORMS format via
Smartphone.
• The survey will be verified in the city of Ahmadabad. Others, or different dynamic
areas of the city.
6.3 FUTURE SCOPE:
• The basics of business must be flexible enough to understand everything. This is

convenient for investors
• Fundamental analysis helps investors invest in the stock market with minimum risk.
• Fundamental analysis includes a portfolio of companies that can help you get the most
out of your information using some tools.
• Fundamental analysis tools help you compare variables.
• The tools of fundamental analysis used for the only company’s preference which is
better to comparison with other company.
97
CHAPTER -7
BIBLIOGHRAPHY
98
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101
QUESTIONNAIRE
A Study on Fundamental Analysis Behaviour of investor
1. Name:
2. Gender:
Male
Female
3. Age in year:
Below 25
25-35
35-45
Above 45
4. Marital Status:
Married
Unmarried
5. Occupation:
Student
Job
Business
Other
6. Educational Qualification:
Undergraduate
Graduate
102
Postgraduate
Others
7. What is the percentage of Investing of your income:

Percentage of savings Frequency
Less than to 10 
10 to 20 
20 to 30 
30 to 40 
Above 40 
8. What kind of an investor you are:

• Speculative (short term)
• Capital (long term)
• Both
9. How frequently do you Trading in the stock market?
• Daily
• Twice a week
• Weekly
• Monthly
10. What sectors do you prefer to invest in?
• Banking
• Infrastructure
• IT
• FMCG
11. How long have you been participant in the stock market (in year)?
• Less than 1
• 1-3
• 3-5
• 5-10
103
• More than 10
12. What attracts you the most to equity market (Multiple choice):
• Dividend
• Capital appreciation
• Quick gain
• Tax benefit
• Diversification of asset holding
13. How have you acquiring your investment knowledge?
• I have no investment knowledge
• When investing my own money and/or as a
• By studying at a specialized school or
• In my past or present job or occupation
• Father as a mentor
(SD- Strongly disagree, D- Disagree, SWD- Somewhat disagree, N- Neutral, SWA-

Somewhat agree, A- Agree, SA- Strongly agree)
14. When analysing the market:
NO Particular SD D S N S A SA
W W
D A
15.1 I consider carefully the price

change of stock that intend to
invest in
15.2 Market information is the

important of my stock
investment
15.3 I put the past trends of stock

under my consideration of my
investment
104
15. What you prefer the most in fundamental Analysis?
W W
D A
16.1 Earnings per share
16.2 Price to Earning
16.3 Project earning growth
16.4 Dividend pay Out
16.5 Dividend Yield
16.6 Return on Equity
16. What you like the most in the Fundamental analysis?
W W
D A
17.1 Economic Analysis
17.2 Industry Analysis
17.3 Company Analysis
17.4 Profit Outlook
105
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A Comprehensive Project Report On "A study on Investor Behaviour on

Research · July 2022

Anuj J a Kajal Soni

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No. Chapter Page no

1.1 Overview of fundamental analysis 13

1.2 History and Evaluation 15

1.3 Fundamental Analysis tools 23

1.4 Investing and Fundamental Analysis 24

1.5 Swot analysis 28

1.6 Definition of fundamental analysis 30

1.7 Need of study of fundamental Analysis 33

1.8 Research Questions 34

2.1 Review of Literature 36

2.2 Research Gap 41

2.3 Conceptual Development Based on LR 41

2.4 Measurement Model 42

3.1 Research Objective 44

3.2 Research Design 44

3.3 Data Collection 44

3.4 Sampling Design 45

4.1 Demographic Factor 47

4.4 Multiple Comparison 71

5. Findings theatricals practical implementation 91

5.2 Practical Implication 94

6. Recommendation, Limitation, Future scope 95

6.2 Future Scope 97

1.1.1 Analysis meaning:

1.1.2 Types of Analysis:

2. Technical analysis: Technical analysis is a means of investigating and predicting price

1.2 History and evaluation:

Fundamental analysis is a very comprehensive approach that requires in-depth knowledge of

Quantitative and Qualitative Fundamental Analysis:

Quantitative-"Relates to information that can be expressed in numbers and quantities."

Qualitative-"Refers to a property or criterion, not a quantity."

Types of qualitative research methods with examples

Corporate Governance: Corporate governance represents a policy within an organization that

Financial Statements: Quantitative Basis for Consideration Financial statements are a

The Concept of Intrinsic Value:

This is a fundamental analysis. By focusing on a particular business, investors can measure

Criticisms of Fundamental Analysis:

Examples of Fundamental Analysis:

Pros of Fundamental analysis:

Cons of fundamental analysis:

Fundamental analysis examples: