STUDY ON EQUITY ANALYSIS OF AUTOMOBILE SECTOR

A Project Report Submited in Partial Fulfilment of the Requirement For the Award of the
Degree of

BACHELOR OF BUSINESS ADMINISTRATION

in
FINANCE

by
SHIV SHARMA(200207007)

Submited to :
(HOD Management BGU Kotdwar)

BHAGWANT GLOBAL UNIVERSITY

DEPARTMENT OF MANAGEMENT
Approved by UGC & Established by Govt. of Uttarakhand) Under Act. No. 39 of
2016
Uttri Jhandi Chaur, Kotdwar
Fab,2022
 BHAGWANT GLOBAL UNIVERSITY
UTTRI JHANDI CHAUR, KOTDWAR-246149

CERTIFICATE

This is to certify that this project report titled ‘STUDY ON EQUITY ANALYSIS OF
AUTOMOBILE SECTOR’ is a bonafide work of SHIV SHARMA Enroll No.
2002072007 who carried out the project work under my supervision.

Head of the Department

Bhagwant Global University

Department of Management
 DECLARATION

I SHIV SHARMA hereby declare that the Project Report titled ‘STUDY ON
EQUITY ANALYSIS OF AUTOMOBILE SECTOR’ is the original work done by
me and submitted to the Bhagwant Global University,kotdwar in partial
fulfilment of requirement for thr award of Bachelor of Business Administration.

Enroll No.- 2002072007

Date-

Signature of the Student

(Shiv Sharma)
 ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to my project guide Gurjant

Singh sir as well as our chancellor Anil Singh sir who gave me the golden
opportunity to do this wonderful project on the topic ‘Study on Equity Analysis of
Automobile Sector’, which also helped me in doing a lot of researech and i came to
know about so many new things, I am really thankfull to them.

Secondly I would also like to thank my parents and member of my family, who
have always supported me morally as well as economicaly.

At last gratitude goes to all my friends who helped me a lot in finalizing this projet
within the limited time and also to me my self for always being motivated and
contineously acquiring knowledge.

Thank You

(Shiv Sharma)
 CONTENTS
CERTIFICATE
DECLARATION
ACKNOWLEDGEMENT
CONTENTS
LIST OF FIGURES
PROJECT PREFACE
CHAPTER: 1 INTRODUCTION
1.1 Introduction to Indian Automobile sector
1.2 Indian financial markets
1.2.1 Money market
1.2.2 Capital market
1.3 Equity Analysis
CHAPTER: 2 LITERATURE RIVIEW
2.2 Objective of study
2.3 Scope of study
2.4 Limitation of study
2.5 Research methodology
2.5.1 Descriptive Study

CHAPTER: 3 THEORITICAL BACKGROUND

3.1 Fundamental Analysis
3.2 Technical Analysis
CHAPTER: 4 INDUSTRY ANALYSIS
4.1 Indian Automobile sector analysis
4.2 SW0T Analysis
CHAPTER: 5 Data Analysis & Interpritation
5.1 Company Analysis
5.2 Comparative ratio analysis
SUGGESTIONS
REFERENCE
 LIST OF FIGURES.

Fig-1.2: Financial market in Jan,2022

Fig-3.1 Tata moters long term chart

Fig-3.2 Mahindra & Mahindra long term chart

Fig-3.3 Eicher motor long term chart

Fig-3.4 Line chart

Fig-3.5 Bar chart

Fig-3.4 Japanese Candilstick chart

Fig-4.1 chart

Fig-3.4 Indian Automobile sector analysis

Fig-3.4 Passenger & commercial vechile data

Fig-3.4 Two & Three wheeler data

Fig-3.4 Tata motors 30 days line chart

Fig-3.4 Mahindra & Mahindra ltd 30 days line chart

PROJECT PREFACE

Whenever a person grows up and got introduced about stock market(Equities) the very first
thing he/she think is: I whish i had bought these stocks in my childhood and or my ancestors had
bought them, I would have been in Riches today. Quite I had also thought the same, and from
here the question arises, what to do if we haven’t held ancestors stocks I would answer this
question as it’s never too late and we can fill the gap by some practicies like fundamental
analysis, technical analysis pridicting, analysing and the most important perseverance.

Among the various schemes of investment the equity markt is considered to be one of the most
rewarding avenues even though involves more risk. Since the risk is very high in equity
investment the investors need o make equity analysis that help them to know about risk-return
characteristics of those equity shares and those industries in which he/she wishes to park the
savings. In the outlook, a study has been undertaken to analyse the equity shares of companies
in the automobile industry. So the study on equity analysis of this industry will help the
potential investors in taking informed and rational investment decision.

This research starts with fundamental analysis and ends with technical analysis, Fundamental
analysis is done by considering financial report of the compny, balance sheets, economic factor,
performance and industry analysis, The technical analysis is done by pridicting future paterns
through past by charts and
technical techniques.
 CHAPTER 1

Introduction to Indian Automobile Sector:

India is expected to be the world's third-largest automotive market in terms of volume by 2026.
The Automobile industry of India, currently manufactures 26 mn vehicles including Passenger
Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and quadricycles in April-March
2020, of which 4.7 mn are exported. India holds a strong position in the international heavy
vehicles arena as it is the largest tractor manufacturer, second-largest bus manufacturer, and
third largest heavy trucks manufacturer in the world.
• The EV market is expected to grow at CAGR of 44% between 2020-2027 and is expected
to hit 6.34 million-unit annual sales by 2027. The EV industry will create five crore direct
and indirect jobs by 2030.
• A market size of $50 bn for the financing of EVs in 2030 has been identified—about 80%
of the current size of India’s retail vehicle finance industry, worth $60 bn today
• India's passenger vehicle industry is expected to post a growth of 22% - 25% in FY22
100% FDI allowed under automatic route

7.1% 35mn 40%

Share in India's GDP Employment generated Share in global R&D

4.3%
Share in indian export
Industry Scenario
The $118 bn Automobile industry is expected to reach $300 bn by 2026.
India’s annual production in FY 2020 was 26.36 Mn vehicles.
In the Automobile market in India, Two-wheelers and passenger cars accounted for 80.8% and
12.9% market share, respectively, accounting for a combined sale of over 20.1 mn vehicles in
FY20. Passenger car sales are dominated by small and midsized cars.
Overall, Indian automobile export reached 4.77 million vehicles in FY20, implying a CAGR of
6.94% between FY16-FY20. Two-wheelers constituted 73.9% of the

total vehicles exported, followed by passenger vehicles at 14.2%, three-wheelers at

10.5%, and commercial vehicles at 1.3%.

Talking about historic roots of car market in India, the first time that a vechile
came on road was in 1897. Till 1930, India did not have any manufacturing facility
and cars were imported directly from other countries. The landmark decade in the
manufacturing process was that of 1940s, in which indian companies like Hindustan
motors and premier started to manufacture cars of other firms. During the same decade,
Mahindra & Mahindraalso started to produce utility vechiles.
Soon after independence 1947. Government of india tried to crete an automotive component
manufacturing industry in order to supplement the automobile fraternity. From 1960 to 1980s,
the Indian market was dominated by hindustan motors, which gathered a large amount of share
due to its ambassdor model. However during1950s till 1960s, the overall industry moved at alow
pace due to trade restrictions st on imports. Soon after this demand surged but to a smaller
extent, which was mainly seen in the tractor and commercial vechicles segment.

It was in 1980s that the two firms, Hindustan Motors and Premier, were challenged by a new
entrant, Maruti Udyog Limited. Soon after liberalisation period, car makers that were previously
not allowed to invest in Indian market due to stringent policies arrived in the country. Post
liberalisation, the alliance between Maruti and Suzuki was the first joint venture between an
Indian company and foreign one. Slowly and steadily, the economic reforms brought in the led to
the entry of major foreign companies like Hyundai and Honda, which expanded their bases to
the country. From 2000 to 2010, almost every major car company expanded its presence to India
by establishing manufacturing facilities across different parts of the country.
 INDIAN FINANCIAL MARKETS

The Indian financial market can be understood as a place where financial products and services
are bought and sold on a regular basis. It deals in the purchace and sale of different types of
investments, financial services, loans etc. Financial market in india can be divided into the
Money market and the Capital market

Indian Financial Market helps in promoting the savings of the economy - helping to adopt an
effective channel to transmit various financial policies. The Indian financial sector is well-
developed, competitive, efficient and integrated to face all shocks. In the India financial market
there are various types of financial products whose prices are determined by the numerous
buyers and sellers in the market. The other determinant factor of the prices of the financial
products is the market forces of demand and supply. The various other types of Indian markets
help in the functioning of the wide India financial sector. It consists of individual investors,
financial institutions and other intermediaries who are linked by a formal trading rules and
communication network for trading the various financial assets and credit instruments.

List of Stock Exchange in India

• Bombay Stock Exchange
• National Stock Exchange

Fig-1.2: Financial market in Jan,2022

 FINANCIAL
MARKET

CAPITAL MONEY
MARKET MARKET

Money market-
Money market basically refers to a section of the financial market where financial instruments
with high liquidity and short-term maturities are traded. Money market has become a
component of the financial market for buying and selling of securities of short-term maturities, of
one year or less, such as treasury bills and commercial papers.

Capital Market-
Capital market is a market where buyers and sellers engage in trade of financial securities like
bonds, stocks, etc. The buying/selling is undertaken by participants such as individuals and
institutions. Capital market consists of primary markets and secondary markets. Primary
markets deal with trade of new issues of stocks and other securities, whereas secondary market
deals with the exchange of existing or previously-issued securities.

Primary Market- The primary market is concerned with the floatation of new issues
of shares or bonds. The firms floating new issues to raise funds may be new companies or existing
companies planning expansions. The Merchant Banking Division of a commercial bank is asked
by the company to advice on the viability Of floatation of an issue before an issue is actually
floated in the market.

Secondary Market- Secondary Market deals in existing securities. This market

provides both liquidity and marketability to such securities. It implies that it is a market where
a security can be bought or sold at small transaction cost. Although the Secondary Market deals
with the purchase and sale of old securities, the firms issuing new securities get themselves
registered on a Stock Exchange by applying for listing of shares. Listing offers the investor a
‘market’ for the sale of his stock.
 EQUITY ANALYSIS

Equity Analysis is the process of analysing sectors and companies, to give advice to professional
fund managers and private clients on which shares to buy. Sell-side analysts work for brokers
who sell shares to the investors (mainly fund management firms and private clients). Equity
Analysis Fundamental Analysis Economic Analysis Industry Analysis Company Analysis
Technical Analysis

EQUITY ANALYSIS

TECHNICAL ANALYSIS FUNDAMENTAL

ANALYSIS

PAST PATERN PRIDICTIONS ECONOMIC ANALYSIS

USING MEACHINE LEARNING

INDUSTRY ANALYSIS

USING AI COMANY'S
FINANCIAL'S ANALYSIS
 CHAPTER 2

Literature Review

T. Mallikarjunappa and Shaini Naveen (2016) conducted a study on Comparative Analysis of Risk
and Return with Reference to Stocks of CNX Bank Nifty. This study analyzes the risk and
returns in the banking sector. They compare the performance of the 12 listed banks in the Nifty
Bank Index. The study also analyses the performance of banking stocks mainly to understand
the required rate of return and risk of a particular stock based on different risk elements
prevailing in the market and other economic factors.

Dr. S. Krishnaprabha and Mr. M. Vijayakumar (2015) conducted a study on Risk and Return
Analysis of Selected Stocks in India. Risk and return analysis play an important role in the
decision-making process of most of the investors. Long term investors were able to take
advantage of the market as it less volatile. As there is less fluctuation in the shares when
compared to the market as well as its prices, the long-term investors are able to predict when the
share will raise. The majority of Information Technology, Fast Moving Consumer Goods,
Pharmaceutical Sectors give more return while compared to Banking and Automobile sector.

Dr. Anubha Srivastava (2014) conducted a comprehensive study of Performance of Indian

Automobile Industry. In that study the Researcher analyses 3 major automobile companies in
India that are Maruti, Mahindra, and Tata. The study found that the performance of the auto
sector is directly related to the country’s economic trend. It is also found that Mahindra and
Mahindra and Tata motors are the most correlated to the auto index than the other companies.
The increasing demands and sales numbers of Indian auto bring many opportunities for these
players.

Dr. M. Muthu Gopalakrisnan and Dr. K. V. Ramanathan (2013) conducted a Study on Volatility
in Indian Stock Market – A Study of Post and Prerecession Period. In this study, the
Researchers try to analyse price fluctuation in Indian stock market. Estimating the volatility in
the market will help the investors in estimating or calculating their risk. They analyse the
volatility of sectoral index listed in Nifty as on 28-03-2013 using daily opening price, closing
price, high and low prices of 31 selected companies. This study helps in identifying volatility
relationship during Pre-Recession and Post-Recession period.
S.Nagarajan and K.Prabhakaran (2013) conducted a study on Equity Analysis of
Selected FMCG Companies Listed on NSE. They had used standard deviation, co-
efficient of variation and beta for analysing the shares of various selected FMCG
companies. They found that the Nestle India Ltd share price has 53% relationship
with nifty index. It was much lower than other companies selected from the FMCG
sector.

Dr. P Vikkreaman and P Varadharajan (2009) analysed the equity of selected

companies in the automobile industry for the period of 2004 to 2007. They use Beta
and Alpha techniques for analysing risk and return of the automobile companies.
The calculation of the return indicator and systematic risk provide a clear
understanding regarding the investment decisions on these companies.

OBJECTIVE OF THE STUDY

The objective of this study is to deeply analyse our Indian Automobile Industry for investment
purpose by monitoring the growth rate and performance on the basis of historical data.
1.Detailed analysis of Automobile industry which is gearing towards international standards
2.To analyses risk and return of equity shares of automobile industry in India.
3.To compare the risk and return characteristics of selected automobile companies in Indian
stock market.
4.Analyze the impact of qualitative factors on industries.
5.Suggesting as to which company’s shares would be best for an investor to invest.

SCOPE OF THE STUDY

The scope of the study is identified after and during the study is conducted. The study is based
on tools like fundamental analysis and technical analysis.

LIMITATIONS OF THE STUDY

1.This study has been conducted purely to understand Equity analysis for investors.
2.The study is restricted to three companies based on Fundamental analysis.
3.The study is limited to the companies having equities.
4.Detailed study of the topic was not possible due to limited size of the project.
5.Suggestions and conclusions are based on mix of the past, current & limited data.
 RESEARCH METHODOLOGY

Descriptive Study: The present study is descriptive study. Stock market has been the focus of
study for many of the researches and this research based on the secondary data would try and
find out the trends prevailing in the automobile industries. The companies taken into
consideration for the research are:
• Tata Motors
• Mahindra & Mahindra Limited
The data analysis has been done using the top down approach and following are the subheadings
used for the data analysis.

Economic analysis: Following annual indicators have been used for year 2015 to 2017.
• GDP Analysis
• Inflation rate Analysis
• Tax rate
• Interest rate

Industry analysis: Following indicators have been used:

• FDI Inflow in automobile sector and sub sectors
• Annual Automobile Sales
• Annual growth rate

Company analysis: Research using the calculation of financial ratios and/or complex forecasting
of profits, cash flows and dividends. Analysis gives a basis for the valuation of shares and
decisions on when to buy, sell, and hold shares. The main tools used for company analysis is the
ratio analysis.

Technical analysis: A method of evaluating securities by analysing statistics generated by market

activity, such as past prices and volume. Technical analysts do not attempt to measure a
security's intrinsic value, but instead use charts and other tools to identify patterns that can
suggest future activity. Technical analysts believe that the historical performance of stocks and
markets are indications of future performance.

Data Collection: The Secondary data is collected from the annual reports of the company,
relevant text books on the subject matter and company’s official website. The analysis is based
on Secondary data collected from various organizational databases, websites, newspapers and
other necessary official records, books & magazines.
 CHAPTER 3

Theoritical background

Fundamental Analysis
(FA) is a holistic approach to study a business. When an investor wishes to invest in a business
for the long term (say 3 – 5 years) it becomes extremely essential to understand the business from
various perspectives. It is critical for an investor to separate the daily short term noise in the
stock prices and concentrate on the underlying business performance. Over the long term, the
stock prices of a fundamentally strong company tend to appreciate, thereby creating wealth for
its investors.
We have many such examples in the Indian market. To name a few, one can think of companies
such as Infosys Limited, TCS Limited, Page Industries, Eicher Motors, Bosch India, Nestle
India, TTK Prestige etc. Each of these companies have delivered on an average over 20%
compounded annual growth return (CAGR) year on year for over 10 years. To give you a
perspective, at a 20% CAGR the investor would double his money in roughly about 3.5 years.
Higher the CAGR faster is the wealth creation process. Some companies such as Bosch India
Limited have delivered close to 30% CAGR. Therefore, you can imagine the magnitude, and the
speed at which wealth is created if one would invest in fundamentally strong companies
Tools of Fundamental Analysis:

• Annual report of the company

• Industry related data
• Access to news
• Ms Excel
With just these four tools, one can develop fundamental analysis that can rival institution
research.

Here are long term charts of Tata motors, Mahindra & Mahindra, and Eicher Motors that can set
us thinking about long term wealth creation. remember these are just 3 examples amongst the
many that we may find in Indian markets.

While Tata Motors’ consolidated sales grew at a compounded annual growth rate (CAGR)
of 17.7% in the last five years
 Fig-3.1 Tata moters long term chart

Compound Annual Growth Rate of Mahindra & Mahindra Ltd. 1 year. Revenue. -9.11%. Net
Income. -98%. EPS Basic. -98%.

Fig-3.2 Mahindra & Mahindra long term chart

At the end of fiscal year 2019, the growth rate of Eicher Motors Limited in India was over 9% This
was forecast to reach over eleven percent by the end of fiscal year 2022.
 Fig-3.3 Eicher motor long term chart

Economy Analysis:
Indian Economy: The economy of India is the sixth-largest in the world measured by nominal
GDP and the third-largest by purchasing power parity (PPP). The country is classified as a
newly industrialised country, and one of the G-20 major economies. Maharashtra is the
wealthiest Indian state with an annual nominal GDP of US$330 billion. It has emerged as the
fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and
International Monetary Fund (IMF).
The Government of India has forecasted that the Indian economy will grow by 7.1 per cent in
FY 2016-17. As per the Economic Survey 2016-17, the Indian economy should grow between
6.75 and 7.5 per cent in FY 2017-18. The improvement in India’s economic fundamentals has
accelerated in the year 2015 with the combined impact of strong government reforms, Reserve
Bank of India's (RBI) inflation focus supported by benign global commodity prices. India's two
largest stock exchanges, Bombay Stock Exchange and National Stock Exchange of India, had a
market capitalisation of US$1.83 trillion and US$1.68 trillion as on 2017, which rank 11th and
12th in the world according to the World Federation of Exchanges.
India has emerged as the fastest growing major economy in the world and is expected to be one of the
top three economic powers in the world over the next 10-15 years, backed by its robust democracy and
strong partnerships
Gross Domestic Product
India’s gross domestic product (GDP) at current prices stood at Rs. 51.23 lakh crore (US$ 694.93
billion) in the first quarter of FY22, as per the provisional estimates of gross domestic product
for the first quarter of 2021-22.
India is the fourth-largest unicorn base in the world with over 21 unicorns collectively valued at
US$ 73.2 billion, as per the Hurun Global Unicorn List. By 2025, India is expected to have ~100
unicorns by 2025 and will create ~1.1 million direct jobs according to the Nasscom-Zinnov report
‘Indian Tech Start-up’.
India needs to increase its rate of employment growth and create 90 million non-farm jobs
between 2023 and 2030's, for productivity and economic growth according to McKinsey Global
Institute. Net employment rate needs to grow by 1.5% per year from 2023 to 2030 to achieve 8-
8.5% GDP growth between 2023 and 2030.
According to data from the Department of Economic Affairs, as of August 27, 2021, foreign
exchange reserves in India reached US$ 633.5 billion mark.

Inflation Rate
Annual inflation rate in India edged up to 4.91% in November of 2021 from 4.48% in October,
below forecasts of 5.1%, staying within the RBI's target range of 2%-6% for a 5th straight month.
Food inflation jumped to a 3-month high of 1.87%, with oil and fats recording the biggest price
increase (29.67%) while prices of vegetables declined (-13.62%). Cost also accelerated for housing
(3.66% vs 3.54% in October) but slowed for fuel and light (13.35% vs 14.35%), namely transport
and communication (10.02% vs 10.9%) and health (7.33% vs 7.57%)

Fig- 2.4 Inflation rate Historic data

Interest Rate:
Interest rate affects the cost of financing and decrease in interest implies lower cost of finance for
firm and more profitability. Availability of cheap fund encourages speculation and rise in the
price of shares. High rate of interest discourages investment and stock market is negatively
affected. The current RBI Bank rates are as follow:
New Policy Rates by RBI in Indian Banking (as on December 08, 2021):
• SLR Rate : 18.00%
• CRR : 4.00%
• MSF : 4.25%
• Repo Rate : 4.00%
• Reverse Repo Rate : 3.35%
• Bank Rate : 4.25%
New Lending/ Deposit Rates By RBI (as on December 08, 2021):
• Base Rate : 7.30% - 8.80%
• MCLR (Overnight) : 6.50% - 7.00%
• Savings Deposit Rate : 2.70% - 3.00%
• Term Deposit Rate > 1 Year : 4.90% - 5.50%

The Qualitative aspect

The qual aspect mainly involves understanding the non numeric aspects of the business. This
includes many factors such as:
1. Management’s background – Who are they, their background, experience, education, do
they have the merit to run the business, any criminal cases against the promoters etc
2. Business ethics – is the management involved in scams, bribery, unfair business practices
3. Corporate governance – Appointment of directors, organization structure, transparency etc
4. Minority shareholders – How does the management treat minority shareholders, do they
consider their interest while taking corporate actions
5. Share transactions – Is the management buying/selling shares of the company through
clandestine promoter groups
6. Related party transactions – Is the company tendering financial favours to known entities
such as promoter’s relatives, friends, vendors etc at the cost of the shareholders funds?
7. Salaries paid to promoters – Is the management paying themselves a hefty salary, usually a
percentage of profits
8. Operator activity in stocks – Does the stock price display unusual price behaviour
especially at a time when the promoter is transacting in the shares 11 9. Shareholders – Who
are the significant shareholders in the firm, who are the people with above 1% of the
outstanding shares of the company
10. Political affiliation – Is the company or its promoters too close to a political party? Does
the business require constant political support?
11. Promoter lifestyle – Are the promoters too flamboyant and loud about their lifestyle? Do
they like to display their wealth? A red flag is raised when any of the factors mentioned
above do not fall in the right place. For example, if a company undertakes too many related
party transactions then it would send a signal of favouritism and malpractice by the
company. This is not good in the long run.
 Technical Analysis
Technical Analysis is a research technique to identify trading opportunities in market based
on the actions of market participants. The actions of markets participants can be visualized
by means of a stock chart. Over time, patterns are formed within these charts and each
pattern conveys a certain message. The job of a technical analyst is to identify these patterns
and develop a point of view.
One can apply TA on any asset class as long as the asset type has historical time series data.
Time series data in technical analysis context is information pertaining to the price variables
namely – open high, low, close, volume etc.
Here is an analogy that may help. Think about learning how to drive a car. Once you learn
how to drive a car, you can literally drive any type of car. Likewise you only need to learn
technical analysis once. Once you do so, you can apply the concept of TA on any asset class –
equities, commodities, foreign exchange, fixed income etc.
This is also probably one of the biggest advantages of TA when compared to the other fields
of study. For example when it comes to fundamental analysis of equity, one has to study the
profit and loss, balance sheet, and cash flow statements. However fundamental analysis for
commodities is completely different

Assumption in Technical Analysis:

• Markets discount everything
• The ‘how’ is more important than ‘why’
• Price moves in trend
• History tends to repeat itself

The Trade Summary

By tracking the Open, high, low and close we can draw a summary of the price action.
The open – When the markets open for trading, the first price at which a trade executes is called
the opening Price.
The high – This represents the highest price at which the market participants were willing to
transact for the given day.
The Low – This represents the lowest level at which the market participants were willing to
transact for the given day.
The close – The Close price is the most important price because it is the final price at which the
market closed for a particular period of time. The close serves as an indicator for the intraday
strength. If the close is higher than the open, then it is 7 considered a positive day else negative.
Of course we will deal with this in a greater detail as we progress through the module.
Types of Charts
1. Line chart
The line chart is the most basic chart type and it uses only one data point to form the chart.
When it comes to technical analysis, a line chart is formed by plotting the closing prices of a
stock or an index. A dot is placed for each closing price and the various dots are then connected
by a line. If we are looking 60 day data then the line chart is formed by connecting the dots of
the closing prices for 60 days.

2. Bar Chart
The bar chart on the other hand is a bit more versatile. A bar chart displays all the four price
variables namely open, high, low, and close. A bar has three components.
1. The central line – The top of the bar indicates the highest price the security has reached. The
bottom end of the bar indicates the lowest price for the same period.
2. The left mark/tick – indicates the open
3. The right mark/tick – indicates the close
 3. Japanese Candlestick
Candlestick patterns are a form of technical analysis and charting used in the stock market, forex
market and all other markets. And they can be used in all time frames, from those looking for
long term investments to those who use swing trading or day trading.
 CHAPTER 4

Industry Analysis

Indian Automobile sector analysis

The automobile industry in India is the world’s fifth largest. India was the world's fifth largest
manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2019. Indian
automotive industry (including component manufacturing) is expected to reach Rs. 16.16-18.18
trillion (US$ 251.4-282.8 billion) by 2026. The industry attracted Foreign Direct Investment
(FDI) worth US$ 30.51 billion between April 2000 and June 2021 accounting for ~5.5% of the
total FDI during the period according to the data released by Department for Promotion of
Industry and Internal Trade (DPIIT).
The Indian automotive industry is expected to reach US$ 300 billion by 2026.
Domestic automobile production increased at 2.36% CAGR between FY16-FY20 with 26.36
million vehicles being manufactured in the country in FY20. Overall, domestic automobiles sales
increased at 1.29% CAGR between FY16-FY20 with 21.55 million vehicles being sold in FY20.
Two wheelers and passenger vehicles dominate the domestic Indian auto market. Passenger car
sales are dominated by small and mid-sized cars. Two wheelers and passenger cars accounted for
80.8% and 12.9% market share, respectively, accounting for a combined sale of over 20.1 million
vehicles in FY20.
In September 2021, the total production volume of passenger vehicles (except for BMW,
Mercedes, Tata Motors & Volvo Auto), three wheelers, two wheelers and quadricycles reached
2,125,304 units.
In July-September 2021 quarter, the luxury car market registered sales of 8,500 units.
Overall, automobile export reached 4.77 million vehicles in FY20, growing at a CAGR of 6.94%
during FY16-FY20. Two wheelers made up 73.9% of the vehicles exported, followed by
passenger vehicles at 14.2%, three wheelers at 10.5% and commercial vehicles at 1.3%.
Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to
436,500 units in April 2020 to June 2020.
Being one of the largest automotive sectors, India had over 295 million registered vehicles since
2019. It was the largest producer of two-wheelers across the globe in 2019. The market within the
country was dominated by this segment also. In 2020, over 17 million units of two-wheelers were
sold domestically across the south Asian country. A drop in the sales volume of two-wheelers was
witnessed in the past year.

Hero MotoCorp

Hero MotoCorp had the maximum share in the two-wheeler segment in India. The company was
the worldwide leader in two-wheeler manufacturing. The company has taken up the initiative of
manufacturing electric scooters and bikes. However, the high battery costs are likely to create a
significant cost difference between the petrol and the clean energy variants.

Two-wheeler market outlook

The Indian government has set a target to electrify a major proportion of the two-wheelers
within the nation. However, the manufacturers have encouraged the government to adopt more
‘realistic’ expectations, as the former’s scheme would mean the electrification of over two million
vehicles. With the two-wheeler industry estimated to grow at over nine percent in the next few
years, more investments in the clean energy sector could pave a way for the domestic market.
India production of vechile(domestic)
Pasenger & Commercial Vehicles

Three & Tow Wheelers

India Automobile Sales(excluding export sales)

Company Dec. 2021 Dec. 2020 Y-o-Y
Maruti Suzuki 126,031 146,408 -14.0%
Tata 66,307 53,430 24.1%
Mahindra & 33,076 29,571 11.9%
Mahindra
Hyundai 32,312 47,400 -13.8%
Toyota 10,832 7,487 44.7%
Honda 7,973 8,638 -7.7%
Kia 7,797 11,818 -34.0%
Source: Release by each company
Indian passenger vehicle sales decrease by 18.6% in November 2021
Indian passenger vehicle sales in November 2021 (excluding BMW, Mercedes-Benz and Volvo
Cars) were down 18.6% y/y to 215,626 units.
Based on the release of carmakers in November PVs and CVs, the available results are as follows:
Maruti-Suzuki sales of 113,017 units decreased 18.7% in November compared to the same month
in 2020.
Tata sales of 58,073 units increased 21.3% from last year.
Mahindra sales of 33,916 units decreased 7.8% from last year.
Hyundai sales of 37,001 units decreased 24.2% from last year.
Toyota sales of 13,003 units increased 52.8% from last year.
Honda sales of 5,457 units decreased 45.4% from the same month last year.
Kia sales of 14,214 units decreased 32.4% in November compared to the same month in 2020.

SWOT Analysis
Strength of Automobile Industry

• The industry is evolving

• Increasing demand for vehicles that VFM
• The demand for luxurious commercial vehicles
• Manufacturing facilities located in Asian cuntries to manage cost
Weaknesses of Automobile Industry

• Recalls of cars
• Barganing power of the costumer
• The rate of growth of automobile industry
Opportunities of Automobile Industry

• Introduction to fuel-efficient vechiles

• Stratigic Alliances
• Changes in lifestyle and customer groups
• Expanding markets
Threats of Automobile Industry

• Intense Competition
• The volatility of prices of fuel
• Sluggish Economy
• High investmentts
 CHAPTER 5

Data Analysis & Interpritation

Company Analysis
A company analysis incorporates basic info about the company, like the mission statement and
apparition and the goals and values. During the process of company analysis, an investor also
considers the company’s history, focusing on events which have contributed in shaping the
company. Company Analysis can be done by taking into consideration:
1. Profit and Loss Account
2. Balance Sheet
3. Ratio Analysis

TATA MOTORS LTD

Tata Motors Limited is an Indian multinational automotive manufacturing company,
headquartered in the city of Mumbai, India which is part of Tata Group. The company produces
passenger cars, trucks, vans, coaches, buses, luxury cars, sports cars, construction equipment.
Formerly known as Tata Engineering and Locomotive Company (TELCO), the company was
founded in 1945 as a manufacturer of locomotives. The company manufactured its first
commercial vehicle in 1954 in a collaboration with Daimler-Benz AG, which ended in 1969. Tata
Motors entered the passenger vehicle market in 1988 with the launch of the TataMobile followed
by the Tata Sierra in 1991, becoming the first Indian manufacturer to achieve the capability of
developing a competitive indigenous automobile. In 1998, Tata launched the first fully
indigenous Indian passenger car, the Indica, and in 2008 launched the Tata Nano, the world's
most affordable car. Tata Motors acquired the South Korean truck manufacturer Daewoo
Commercial Vehicles Company in 2004 and purchased Jaguar Land Rover from Ford in 2008.
Tata Motors' principal subsidiaries include British premium car maker Jaguar Land Rover (the
maker of Jaguar and Land Rover cars) and the South Korean commercial vehicle manufacturer
Tata Daewoo. Tata Motors has a construction-equipment manufacturing joint venture with
Hitachi (Tata Hitachi Construction Machinery), and a joint venture with Fiat Chrysler which
manufactures automotive components and Fiat Chrysler and Tata branded vehicles. On Oct 12,
2021 private equity firm TPG invested $1 billion in Tata Motors' electric vehicle subsidiary.
 Tata Motors has auto manufacturing and vehicle plants in Jamshedpur, Pantnagar, Lucknow,
Sanand, Dharwad, and Pune in India, as well as in Argentina, South Africa, the United
Kingdom, and Thailand. It has research and development centres in Pune, Jamshedpur,
Lucknow, and Dharwad, India and South Korea, the United Kingdom, and Spain. Tata Motors
is listed on the BSE (Bombay Stock Exchange), where it is a constituent of the BSE SENSEX
index, the National Stock Exchange of India, and the New York Stock Exchange. The company
is ranked 265th on the Fortune Global 500 list of the world's biggest corporations as of 2019.
On 17 January 2017, Natarajan Chandrasekaran was appointed chairman of the company Tata
Group. Tata Motors increased its UV market share to over 8% in FY2019.

MAHINDRA & MAHINDRA LTD

Mahindra & Mahindra Limited is an Indian multinational automotive manufacturing
corporation headquartered in Mumbai, Maharashtra, India. It was established in 1945 as
Muhammad & Mahindra and later renamed as Mahindra and Mahindra. It is one of the largest
vehicle manufacturers by production in India. Its subsidiary Mahindra Tractors is the largest
manufacturer of tractors in the world by volume. It is a part of the Mahindra Group, an Indian
conglomerate. It was ranked 17th on a list of top companies in India by Fortune India 500 in
2018. Its major competitors in the Indian market include Maruti Suzuki and Tata Motors.
Mahindra & Mahindra was founded as a steel trading company on 2 October 1945 in Ludhiana as
Mahindra & Muhammed by brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra
along with Malik Ghulam Muhammad (1895-1956). Anand Mahindra, the present Chairman of
Mahindra Group, is the grandson of Jagdish Chandra Mahindra. After India gained
independence and Pakistan was formed, Muhammad emigrated to Pakistan. He acquired
Pakistani citizenship and became the first finance minister of Pakistan. He served as Governor-
General of Pakistan from 1951 to 1956.
In 1948, the company changed its name to Mahindra & Mahindra. They eventually saw a
business opportunity in expanding into manufacturing and selling larger MUVs and started
assembling under license of the Willys Jeep in India. Soon, M&M was established as the Jeep
manufacturer in India, later commenced manufacturing light commercial vehicles (LCVs) and
agricultural tractors. In 1999, Mahindra purchased 100% of Gujarat Tractors from the
Government of Gujarat and in 2017 Mahindra renamed it as Gromax Agri Equipment Limited,
as part of new brand strategy and the models continue to be sold as Trakstar. In 2007, M&M
acquired Punjab Tractor Limited (PTL) making it the world's largest tractor manufacturer.
Subsequent to this take-over, the former PTL was merged into M&M and transformed as Swaraj
division of Mahindra & Mahindra in the year 2009. Over the past few years, the company has
taken interest in new industries and in foreign markets. In 2008, they entered the two-wheeler
industry by taking over Kinetic Motors in India.
In 2010, M&M took a 55% stake in the REVA Electric Car Company and in 2016, they renamed
it Mahindra Electric Mobility Ltd after taking 100% ownership. In 2011 Mahindra and
Mahindra acquired South Korea's SsangYong Motor Company. In 2010–11 M&M entered into
micro drip irrigation with the takeover of EPC Industries Ltd in Nashik.
 In October 2014, Mahindra and Mahindra acquired a 51% controlling stake in Peugeot
Motocycles and progressed to acquire a 100% controlling stake in October 2019. In May 2015
Mahindra acquired a 33.33% stake in Japanese tractor manufacturer Mitsubishi Agricultural
Machinery (MAM), a subsidiary of the Mitsubishi Heavy Industries. In December 2015,
Mahindra and Mahindra Ltd and affiliate Tech Mahindra Ltd, through a special purpose vehicle
(SPV), have agreed to buy a 76.06% stake in Italian car designer Pininfarina SpA, for €25.3
million (around Rs.186.7 crore).
In March 2016, Mahindra acquired 35% in Finland-based Sampo Rosenlew, entering the
combine harvester business, subsequently increasing its stake in the company to 49.04% in
December 2019. In January 2017, Mahindra and Mahindra Ltd acquired a 75.1 equity stake in
Hisarlar Makina Sanayi ve Ticaret Anonym Şirketi (Hisarlar), a farm equipment company,
marking its entry into Turkey and in September 2017 acquired another Turkish tractor and
foundry business Erkunt Traktor Sanayii AS for ₹800 crore. In November 2017, Mahindra signed
a memorandum of understanding (MOU) agreement with Belgium-based Dewulf, a supplier of a
full line of potato and root crop machinery.[24] Under the agreement, Mahindra will
manufacture and market potato planting equipment in India, for which the co-branded planter
is developed. In January 2018, Mahindra announced its foray into the sprayers business through
the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd, a Maharashtra-
based AgTech company (MITRA).[26][27] In March 2020, Mahindra further increased its stake
in the company to 39%.
In February 2018, Mahindra acquired a minority stake of 22.9% percent in Carnot Technologies.
Carnot Technologies owns and operates smart car solutions firm CarSense. In May 2018,
Mahindra signed a share subscription agreement to acquire up to 10% share capital of Canada's
IT firm Resson Aerospace Corporation. Resson is focussed on providing technology solutions for
agriculture. It has developed a system that captures and interprets images to give farmers
information about the state of their fields and crops. In June 2019, Mahindra purchased an
11.25% stake in Switzerland-based agro technology firm Gamaya SA.[33] The acquisition
enabled Mahindra to further develop and deploy next-generation farming capabilities such as
precision agriculture and digital farming technologies.
In October 2019, Mahindra entered into a joint venture with Ford by establishing Ford India in
which Mahindra & Mahindra acquired a controlling 51% stake. In April 2020, the company
ended its joint venture with Renault, with Mahindra & Mahindra buying out Renault's stake.
Renault continues to license and supply key components such as engines and transmissions to
Mahindra & Mahindra.
Tata Motors Income statement
Tata Motors Ltd. | BSE 490.45 1.55 (0.32%) | NSE 490.60 1.75 (0.36%) |

PROFIT & LOSS ACCOUNT OF TATA MOTORS

MAR 21 MAR 20 MAR 19 MAR 18 MAR 17
(in Rs. Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

REVENUE FROM OPERATIONS [GROSS] 46,559.39 43,485.76 68,764.88 58,234.33 48,078.77

Less: Excise/Service Tax/Other Levies 0.00 0.00 0.00 793.28 4,738.15

REVENUE FROM OPERATIONS [NET] 46,559.39 43,485.76 68,764.88 57,441.05 43,340.62

TOTAL OPERATING REVENUES 47,031.47 43,928.17 69,202.76 58,831.41 44,316.34

Other Income 842.96 1,383.05 2,554.66 1,557.60 981.06

TOTAL REVENUE 47,874.43 45,311.22 71,757.42 60,389.01 45,297.40

EXPENSES

Cost Of Materials Consumed 30,010.61 26,171.85 43,748.77 37,080.45 27,651.65

Purchase Of Stock-In Trade 5,490.67 5,679.98 6,722.32 4,762.41 3,945.97

Operating And Direct Expenses 907.64 830.24 571.76 474.98 454.48

Changes In Inventories Of FG,WIP And Stock-In

-69.02 722.68 144.69 842.05 -252.14
Trade

Employee Benefit Expenses 4,212.99 4,384.31 4,273.10 3,966.73 3,764.35

Finance Costs 2,358.54 1,973.00 1,793.57 1,744.43 1,569.01

Depreciation And Amortisation Expenses 3,681.61 3,375.29 3,098.64 3,101.89 3,037.12

Other Expenses 5,803.57 7,959.75 9,895.68 9,251.41 8,083.12

TOTAL EXPENSES 51,579.08 49,927.64 69,155.42 60,369.27 47,311.96

PROFIT/LOSS BEFORE EXCEPTIONAL,

-3,704.65 -4,616.42 2,602.00 19.74 -2,014.56
EXTRAORDINARY ITEMS AND TAX

Exceptional Items 1,392.08 -2,510.92 -203.07 -966.66 -338.71

PROFIT/LOSS BEFORE TAX -2,312.57 -7,127.34 2,398.93 -946.92 -2,353.27

TAX EXPENSES-CONTINUED OPERATIONS

Current Tax 82.31 33.05 294.66 92.63 57.06

Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00

Deferred Tax 0.56 129.24 83.67 -4.70 19.27

Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00

TOTAL TAX EXPENSES 82.87 162.29 378.33 87.93 76.33

PROFIT/LOSS FROM CONTINUING

-2,395.44 -7,289.63 2,020.60 -1,034.85 -2,429.60
OPERATIONS

PROFIT/LOSS FOR THE PERIOD -2,395.44 -7,289.63 2,020.60 -1,034.85 -2,429.60

• By analysing Profit and loss statement of Tata motors it is clear that the company had
increased in revenue from operations(gross) ₹3,073.63 Cr IN FY 2021
• Company had decreased their losses then previous FY.
• Tax paid increased by 49.0 Cr from 33.0 to 82.Cr
• Tata motors equity close at ₹490.45 and day gain is 0.32% in BSE

Mahindra & Mahindra Income statement

Mahindra and Mahindra Ltd. | BSE 828.95 -11.00 (-1.31%) | NSE 829.00 -10.85 (-1.29%)

PROFIT & LOSS ACCOUNT OF MAHINDRA AND

MAR 21 MAR 20 MAR 19 MAR 18 MAR 17
MAHINDRA (in Rs. Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

REVENUE FROM OPERATIONS [GROSS] 44,296.95 44,897.93 52,960.80 48,871.76 46,709.17

Less: Excise/Service Tax/Other Levies 0.00 0.00 0.00 759.44 3,330.24

REVENUE FROM OPERATIONS [NET] 44,296.95 44,897.93 52,960.80 48,112.32 43,378.93

TOTAL OPERATING REVENUES 45,040.98 45,487.78 53,614.00 48,685.55 44,053.50

Other Income 1,221.31 1,667.81 1,688.97 1,036.36 1,345.46

TOTAL REVENUE 46,262.29 47,155.59 55,302.97 49,721.91 45,398.96

EXPENSES

Cost Of Materials Consumed 25,035.89 22,873.74 27,095.07 23,265.31 21,129.65

Purchase Of Stock-In Trade 6,817.12 8,349.36 12,111.61 10,674.47 10,893.63

Operating And Direct Expenses 0.00 0.00 0.00 0.00 0.00

Changes In Inventories Of FG,WIP And Stock-In

-240.00 409.49 -950.19 194.87 57.87
Trade

Employee Benefit Expenses 2,858.80 2,880.08 2,980.22 2,840.89 2,714.43

Finance Costs 370.88 113.23 113.39 112.20 159.59

Depreciation And Amortisation Expenses 2,232.99 2,222.63 1,860.40 1,479.42 1,526.38

PROFIT/LOSS BEFORE EXCEPTIONAL,
5,123.55 5,130.01 6,354.74 5,668.76 4,174.15
EXTRAORDINARY ITEMS AND TAX

Exceptional Items -3,663.27 -2,013.98 -29.73 433.61 548.46

PROFIT/LOSS BEFORE TAX 1,460.28 3,116.03 6,325.01 6,102.37 4,722.61

TAX EXPENSES-CONTINUED OPERATIONS

Current Tax 1,235.63 996.98 1,179.12 1,211.23 973.67

Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00

Deferred Tax -44.01 788.50 349.85 535.13 105.55

Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00

TOTAL TAX EXPENSES 1,191.62 1,785.48 1,528.97 1,746.36 1,079.22

PROFIT/LOSS AFTER TAX AND BEFORE

268.66 1,330.55 4,796.04 4,356.01 3,643.39
EXTRAORDINARY ITEMS

PROFIT/LOSS FROM CONTINUING

268.66 1,330.55 4,796.04 4,356.01 3,643.39
OPERATIONS

PROFIT/LOSS FOR THE PERIOD 268.66 1,330.55 4,796.04 4,356.01 3,643.39

• By analysing Profit and loss statement of M&M it is clear that the company had A quite
increase in revenue from operations(gross) ₹601.71 Cr IN FY 2021
• Company had decreased their losses then previous FY.
• Tax paid increased by ₹238 Cr from ₹996.98 to ₹1235.63 Cr
• Tata motors equity close at ₹828.95 and day loss is -1.31% in BSE
Comparative Ratio Analysis
Current ratio: current ratio is a liquidity ratio that measure a company’s ability to pay short-term
and long term obligations.
Formula- current assets/current liabilities
Tata motors-0.96 M&M- 1.36

CURRENT RATIO
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Tata morors Mahindra&M

LIQUIDITY

Quick ratio: The quick ratio is an indicator of a company’s short term liquidity. This ratio
measures a company’s ability to meet its short term obligation.
Formula: Liquid Assets/Current Liabilities
Tata motors-0.72 M&M- 1.22

QUICK RATIO
1.4

1.2

0.8

0.6

0.4

0.2

0
Tata morors Mahindra&M

QUICK RATIO
Net profit ratio: Net profit ratio shows how much of each rupee collected by a company as
revenue translates into profit.
Formula: EAT/Sales

NET PROFIT RATIO

1

0
Tata morors Mahindra&M
-1

-2

-3

-4

-5

-6

NET PROFIT RATIO

Return on Assets: This ratio indicates how profitable a company is relative to its total assets.
Return on Assets ratio shows how well management is employing the company’s total assets to
make a profit.
Formula: Net profit/Average total Assets

RETURN ON ASSET RATIO

1
0.5
0
-0.5 Tata morors Mahindra&M
-1
-1.5
-2
-2.5
-3
-3.5
-4

RETURN ON ASSET RATIO

Return on capital employed: Return on capital employed is a profitability ratio that measures
how efficiently a company can generate profits from its capital employed.
Formula: Net profit / Capital employed

RETURN ON CAPITAL EMPLOYED

14
12
10
8
6
4
2
0
-2 Tata morors Mahindra&M

-4

RETURN ON CE

Return on Equity: The return on equity ratio is a profitability ratio that measures
the ability of a firm to generate profits from its shareholders’s investments in the
company.
Formula: Net income/shareholder’s equity

RETURN ON EQUITY RATIO

2
0
Tata morors Mahindra&M
-2
-4
-6
-8
-10
-12
-14

RETURN ON EQUITY
Earning Per Share: Earning per share measures the amount of net income earned per share of
stock outstanding.
Formula: Net income-preferred dividend/No. of outstanding share in market

EARNING PER SHARE RATIO

3
2
1
0
-1 Tata morors Mahindra&M
-2
-3
-4
-5
-6
-7
-8

EPS

Dividend payout ratio: This is the amount of dividend paid to its shareholders
relative to the net income of the company.
Formula: Total dividend available for shareholders/Net income

Price Earning Ratio: The price earning ratio shows what the market is willing to pay for a stock
based on its current earnings.
Formula: Current Price of share/Earning per share.
Technical Analysis of 30 days
Tata motors 30 days basic chart Analysis

Mahindra & Mahindra 30 days basic chart

 SUGGESTIONS
It would be profitable to buy and hold the stocks of tata motors as it is fundamentaly stable
Buying m&m shares for short term hold and and making margin would be profitab;e

REFERENCES
BOOKS
[1]. S. Kevin, Security Analysis, and Portfolio
Management, 2011, PHI Learning Private Ltd.
[2]. I M. Pandey, Financial Management, 10th
Edition, 2010, Vikas Publishing House.
JOURNALS
[3]. Dr. S. Krishnaprabha and Mr. M Vijayakumar
(2015), “A study on Risk and Return Analysis of
Selected Stocks in India”, International Journal
of Scientific Research and Management, Vol. /3,
Issue/4, Page/2550-2554
[4]. John William And T. Vimala, (2015), “A Study
On Equity Share Price Volatility Of Selected
Private Banks In (NSE) Stock Exchange”,
International Journal of Research in Applied,
Natural, and Social Sciences.
[5]. S. Nagarajan and K. Prabhakaran (2013), “A
Study on Equity Analysis of Selected FMCG
Companies Listed on NSE: International Journal
of Management Focus.
[6]. Dr. M. Muthu Gopalakrisnan and Dr. K. V. Ramanathan (2013), “Volatility in Indian Stock
Market – A Study of Post and Pre-Recession
Period”, Name x International Journal of
Management Research 138 Vol. 3, Issue 1, Jan –June 2013. ISSN 2250 -2076.
[7]. Kirti Arekar and Rinku Jain (2011), “Financial
Analysis on Indian Stock Market- Volatility
during Recession”- Advances in Management &
Applied Economics, vol.1, no.3, 2011, 127-133.

WEBSITES
[8]. https://www.nseindia.com/
[9]. www.moneycontrol.com
[10]. www.investopedia.com
[11]. www.economictimes.com
[12]. http://www.sebi.gov.in/investor/recog.html
[13]. https://www.macrotrends.net

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