SUMMER INTERNSHIP REPORT

ON

EQUITY RESEARCH
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS OF MBA
PROGRAM OF SCHOOL OF MANAGEMENT, GD GOENKA UNIVERSITY,
GURGAON

ACADEMIC SESSION
2022-24

UNDER THE GUIDANCE OF:

DR. SYED HAMEEDUR ZAINI

SUBMITTED BY:

ABHISHEK SETH
ENROLMENT NO: 220010301056

GD GOENKA UNIVERSITY
SOHNA ROAD, GURGAON – 122103, HARYANA, INDIA
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DECLARATION

I hereby declare that the report entitled “Equity Research” submitted under the partial
fulfilment of the requirements of Master of Business Administration in Finance Major and
Marketing Minor at G D Goenka University, Sohna, Haryana includes the original work done
by me under the guidance of Mr. Saraunsh Chawda (Reporting Manager and Mentor),
Millenium Money Finance and Dr. Syed Hameedur Zaini (Faculty Guide) School of
Management, G D Goenka University, for the “Summer Internship Project” part of MBA
curriculum of Batch 2021-2023.

Name : Abhishek Seth

Enrol. No : 220010301056
Place : Gurugram
Date :
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CERTIFICATE FROM FACULTY GUIDE

This is to certify that the Summer Internship Project Work titled _______________________

____________________________________________ is a bonified work carried out by

_Abhishek Seth_, Enrolment No. _220010301056_, student of MBA Batch (2022 – 24) of
School of Management, G D Goenka University, Gurgaon under my guidance and direction.

Signature of Guide :

Name :

Designation :

Address :

Date :

Place :
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CERTIFICATE FROM INDUSTRY GUIDE

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ACKNOWLEDGEMENT

I am using this opportunity to express my gratitude to everyone who supported me throughout

the course of this internship. I am thankful for their aspiring guidance, time, experience
invaluably constructive criticism and friendly advice during the project work. I am sincerely
grateful to them for sharing their truthful and illuminating views on a number of issues related
to the project.

I would like to convey my heartfelt gratitude to Mr. Saraunsh Chawda (Reporting Manager
and Mentor), for his support and guidance at Millenium Money Finance.

I would also like to thank my faculty mentor Dr. Syed Hameedur Zaini (Faculty Guide)
School of Management, G D Goenka University for guiding me throughout my project and
keep on providing me with her inputs in the project making. Your useful advice and
suggestions were really helpful to me during the project’s completion.

It gives me immense pleasure to thank a large number of individuals for their cordial
cooperation and encouragement which has contributed directly or indirectly in preparing this
report.

I would like to acknowledge that this project was completed entirely by me and not by someone
else.
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EXECUTIVE SUMMARY
This report provides a concise overview of the internship report focused on Equity Research in
Millenium Money Finance. During my internship from 13-06-2023 to 13-08-2023, I worked
under the guidance of Mr. Saraunsh Chawda (Reporting Manager and Mentor).

The primary objective of this internship was to gain practical experience and exposure in the
field of Finance, applying my theoretical knowledge gained during academic studies to real-
world scenarios. Throughout the internship, I actively participated in the various Trading
Activity and I was also assigned with a project to explore the various stocks in the market.

During the internship period, I was not only exposed to the marketing activity but also to the
corporate working culture and environment. Relationship among the superiors and staff, the
harmony between the management and employees was something which was prioritize every
time. The safety norms were strict in order to secure lives of each and every person inside the
premises.

The report focuses on how financial market works is the economy. The report also describes
the practical exposure of trading. Report includes concise study of basic as well as some major
terms related to finance which will be benefitting me in my career. Discipline, whether it’s
related to finance or in general was something which I learnt. I have mentioned whatever I have
learned in this internship period.
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TABLE OF CONTENTS
DECLARATION

CERTIFICATE

ACKNOWLEDGEMENT

EXECUTIVE SUMMARY

CHAPTER PARTICULARS PAGE NO.

1 INTRODUCTION

1.1 Introduction to Industry

1.2 About Millenium Money Finance.

2 Job profile/ Responsibility

3 Activity Performed

4 Key learnings drawn

5 Contribution to the organization

6 Corporate Experience

7 KEY LEARNINGS

8 REFERENCES

9 APPENDICES
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CHAPTER 1 - INTRODUCTION

1.1 INDUSTRY OVERVIEW

Who we are

A small-scale financial services company called Millennium Finance Limited was founded in
December 1995. The business was established to serve NRI clients' needs and assist in
managing their investments across various asset classes in India. We have developed
throughout the years to provide a variety of financial services to people and businesses both
domestically and abroad.
We are a portfolio manager registered with SEBI (Registration No. INP000001447) The
Association of Mutual Funds in India (AMFI) has registered us as a mutual fund distributor,
and our ARN Number is 4193.

What we do
We offer services for long-term wealth management. A rigorous approach becomes essential
for being able to create a clear strategy, put it into action, and carefully monitor the solutions
we give. We use tax planning, strategic asset allocation, periodic rebalancing, and
diversification to create investment portfolios with prospective returns that are sufficient to
offset their inherent risks. Profit Mart Securities & Angel Broking is a sub-broker of
Millennium Money Finance. We offer trading, advice, financial services, stock trading, and
income tax services. Internshala activity. Since September 2021, hiring. 28 job openings were
listed. hired 54 candidates. Concerning the internship or work from home position. daily
obligations of chosen intern.

A finance company called Millennium Money Finance provides complete financial solutions
to both people and enterprises. Our business wants to assist customers in achieving the target.
Your partner in financial success is Millennium Money Finance. Utilize Millennium Money
Finance to reach your financial objectives.

The wise choice in financial solutions is Millennium Money Finance. Millennium Money
Finance is here to help you get the most out of your money. Where your financial fantasies
come true: Millennium Money Finance.
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Job Profile
It appears that Millennium Money Finance offers trading, advice, stocks, financial services,
and income tax services as a sub-broker of Profit Mart Securities & Angel Broking.

The following are some potential work responsibilities:

Finding people who are interested in the stock market, onboarding them with a brokerage firm
that is a partner of the business, helping them open a Demat account, managing executed buy
and sell orders for stocks and securities on behalf of clients, and ensuring accurate and timely
trade execution. Millennium Money Finance in Mumbai is offering a post for a business
development (sales) intern. The business, a subsidiary of Profit Mart Securities & Angel
Broking, offers stock trading, financial services, tax preparation services, and advisory
services.

You can submit an application for the internship through Internshala 12 or the company's
official website. Freshmen with an MBA or graduates with 3-6 months of prior internship
experience are eligible for the position 34. The chosen intern will be in charge of generating
leads and offering consumers investment possibilities.

Money Management Finance A sub broker of Profit Mart Securities & Angel Broking is
Millennium Money Finance. We offer trading, advice, financial services, stock trading, and
income tax services. It appears that you are seeking for details on the job description of
Millennium Money Finance, a subsidiary of Profit Mart Securities & Angel Broking that offers
trading, financial advice, stock trading, and income tax services.
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2 Activity Performed
Basics of Commodity:
Trading in commodities entails purchasing, selling, or exchanging raw materials like coffee,
gold, or oil.
Soft commodities, such as cattle or agricultural products, contrast with hard commodities,
which are typically natural resource. The exchange of various assets, often futures contracts,
depending on the value of an underlying physical commodity is known as commodity trading.
Investors place wagers on the anticipated future value of a specific commodity by purchasing
or selling these futures contracts.

GLOBAL MARKET – TRADE TIMINGS

One can now participate in a variety of stock exchanges around the world thanks to how
accessible the markets have developed to be. The market where shares of corporations are
bought and sold is called a stock exchange.

Indian financial markets, as is common knowledge, open at 9:15 am and end at 3:30 pm (IST).
Now let's look at the times of the global financial markets in relation to Indian Standard Time.

One of the biggest stock exchanges in the world is the New York Stock Exchange (NYSE),
which is situated in New York City. As of 2019, the NYSE's trading hours are 9:30 a.m. to 4
p.m.

Option in detail –

A list or table of all the available option contracts is called an option chain. For a certain
security, it comprises stocks and indexes with put and call options. The table contains details
on an option contract's open interest, volume, premium, etc. for a specific expiration date.

Forex Market----Currency exchange takes place on the foreign exchange market. The lack
of a central marketplace is the feature is distinguishing this global market most.
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WEEK ACTIVITY

1 Basics of Fundamental Analysis

2 Basics of Commodity

3 Analysis of The Cash Flow Statement

4 What is option detail?

How to create wealth in Stock Market.

5

6
Hurdles in Achieving Higher Return
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2.1 Basics of Fundamental Analysis:

Fundamental analysis is a methodical approach to determining the intrinsic value of a stock. It
is accomplished by the use of both qualitative and quantitative criteria.

The father of 'basic analysis' is Benjamin Graham. He coined the phrase in 1928. He noticed
that the worth of a stock and its market price were not the same.

Approaches to investment

Bottom-up approach- seek strong companies with good prospectus irrespective of micro
economic factors.

Top-down investing- involve analysing the big picture which industry generate the best return.

Fundamental Pointers in company analysis

Financial statement analysis

During the company analysis process, major financial data about the company is gathered from
its financial statements. The following are examples of financial statements.

Income Statement and Balance Sheet

Flow of Funds Statement

Balance Sheet The balance sheet displays a company's portfolio of assets and obligations, as
well as its owner's equity, at a given point in time. The amounts at which things are carried on
the balance sheets are determined by accounting conventions. Cash is an actual cash quantity,
whereas marketable securities might be at cost or at market value.

Income Statement Investors typically utilize income statements in the company analysis
process to evaluate management's present performance and anticipate the company's future
profitability. The income statement represents the flows for a specific time period.

Flow of Funds Statement - The cash flow statement is the company's third financial statement,
which comprises the balance sheet, income statement, and other elements. It depicts the
movement of cash in and out of the company.
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2.2 Basics of Commodity

Types of asset classes-

Equities or stocks are ownership shares in a publicly traded corporation.

Fixed-income securities, sometimes known as bonds, are loans made to a firm or government
at a fixed interest rate. Money market funds, treasury bills, and certificates of deposit are
examples of cash and cash equivalents, which are highly liquid and low-risk investments.
Marketable commodities, such as gold, oil, or wheat, are physical goods that can be traded on
a market. Real estate is a type of property that includes land, buildings, and dwellings.

Exchange for trading

BSE (Bombay Stock Exchange)

The BSE is Asia's oldest stock exchange. It is also the first exchange. It was founded in 1875
and was previously known as -The Native Share & Stock Brokers Association. The BSE,
headquartered on Dalal Street in Mumbai, is one of the country's two major stock exchanges.
Mr Premchand Roychand, also known as the Cotton King, the Bullion King, and the Big Bull,
founded in Mumbai.

NSE, or the national stock exchange

Even though NSE is a younger exchange than BSE, it is still one of the biggest in the nation.
1992 saw the introduction of NSE, whose CEO was Vikram Limaye. In 1993, SEBI recognized
it as a stock exchange, and it started operating in 1994. The wholesale debt market was
introduced first, and the cash market segment was introduced shortly.

MCX, or Multi-Commodity Exchange

One of the biggest commodity exchanges in the nation is MCX. As the name implies, this
market only deals in commodities, encompassing both agricultural and non-agricultural goods.
Cotton, unrefined palm oil, rubber, and cardamom are a few of these. Base metals like lead,
aluminium, nickel, zinc, and copper, bullion like gold and silver, and energy like crude oil and
natural gas are all considered non-agricultural.

NCDEX is the National Commodity and Derivates Exchange. Around the same time that MCX
began operations, another of the main commodity exchanges in the nation, NCDEX, also began
operating.
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Analysis of The Cash Flow Statement

Cash flow analysis is a crucial component of a company's financial management because it

highlights the cash available to pay bills and make purchases—in general, the money required
to run and develop the firm.

Flow of Funds Statement

A corporation must first compile a cash flow statement that displays all cash inflows from
continuing operations and external investment sources, as well as all cash outflows that pay for
business activities and investments within a particular quarter, before it can analyse cash flow.

CFFO (Cash Flow from Operations)

This part reports the amount of cash reported on an accrual basis from the income statement.
Accounts receivable, accounts payable, and income taxes payable are just a few of the things
mentioned in this section.

Income From Investing

This part keeps track of the cash flow from long-term investments such fixed assets relating to
plant, property, and equipment as well as sales of long-term investments. The specific items
could be land, buildings, furnishings, or vehicles. The acquisition of a firm and the purchase of
investment securities are two additional expenses that could result in cash outflows. The selling
of assets, enterprises, and securities generates cash inflows.

Cash Flow from Financing

This section contains information on debt and equity transactions. Cash flows from finance
activities include dividend payments, stock repurchases and sales, and bond repurchases and
sales. Cash received from a loan or cash used to pay down long-term debt would be listed here
as well.
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3 What is option detail?

Options are a sort of derivative hence the value of an underlying instrument determines the
value of an option. A stock is one type of underlying instrument, but others include an index, a
currency, a commodity, or any other kind of security.

Features of an option contract

Premium or down payment: The holder of this sort of contract must pay a fee known as the
'premium' in order to exercise an option transaction. If the holder does not exercise it, the
premium sum is forfeited.

Strike price: This is the price at which the owner of the option can purchase or sell the
underlying securities if the contract is exercised:

Contract size:

The contract size is the deliverable quantity of an underlying asset in an options contract. These

quantities are fixed for an asset.

No obligation to buy or sell:

In case of option contracts, the investor has the option to buy or sell the underlying asset by the

expiration date. But he is under no obligation to purchase or sell.

Options Contracts

An option is a contract which gives the right but not an obligation to buy or sell the underlying
a stated date and at a sight price.

Types of options

• Call
• Put
• Bullish
• Bearish
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Call option: Financial contracts known as call options grant the buyer the right, but not the
duty, to purchase a stock, bond, commodity, or other asset or instrument at a particular price
within a predetermined time frame. If the buyer exercises the call, the call seller must sell the
asset. When the value of the underlying asset rises, the call buyer makes money. Because the
buyer often does not exercise the option, the seller makes money if the price falls below the
strike price at expiration.

In contrast to a put option, which grants the holder the right to sell the asset at a predetermined
price on or before expiration, a call option allows the holder to force the buyer to purchase the
asset.
Put option: A put option is a contract that grants the option buyer the right, but not the
responsibility, to sell a predetermined amount of an underlying securities at a predetermined
price within a predetermined time frame. The striking price is the predetermined price at which
the buyer of the put option can sell the underlying security.

Put options are traded on a wide range of underlying assets, such as stocks, currencies, bonds,
commodities, futures, and indices. A put option differs from a call option in that the holder has
the right to buy the underlying security at a defined price on or before the option contract's
expiration date.

Put options offer option holders the right, but not the responsibility, to sell a certain quantity of
an underlying securities at a certain price within a certain time frame.

Put options can be purchased on a variety of assets, including equities, indices, commodities,
and currencies.

Changes in the underlying asset's price, the option strike price, time decay, interest rates, and
volatility all have an impact on put option prices.

Put options gain value as the underlying asset's price declines, volatility of the underlying asset
price rises, and interest rates fall.

Put options lose value as the underlying asset's price rises, volatility of the underlying asset
price falls, interest rates rise, and the time to expiration approaches.
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Bullish: Traders use bullish options techniques when they predict an asset's price to rise.
Buying call options is a straightforward strategy for capitalizing on rising market prices, but
doing so without covering your position for any unexpected price drop increases your risks
significantly. Furthermore, it is not a wise policy to implement while the market is just mildly
positive. Rather, traders employ a bull call spread technique.

A bull call spread is a trading method used by traders when the market's price rise is moderate.
It creates a range by using two call options, one with a lower strike price and one with a higher
strike price. This method may reduce your earnings, but it also protects you from accumulating
losses.

Bullish Option Strategies: Types

You can use various options techniques for a bullish market depending on how strong the
bullish pull is. We have included a list of popular bullish options strategies below for your
convenience.

Long call: Purchasing a call option entail making a single purchase of a call option with an up-
front premium. While giving you the ability to use your resources to maximize your profit, it
marginalizes your debt. Frequently a wise course of action to take while beginning.

Short put: You consent to purchase the underlying asset at a predetermined price at a later
period. When asset prices increase, you gain. However, because this technique calls for
purchasing the actual item, it also raises your overall risk level.

Bull call spread: This entails selling one call with the same expiration date and buying another
with the same date. The premium paid for the long call is countered by the premium received
from selling a call option. There are two transactions involved.

Bull put spread: Although the bull put spread requires two transactions due to the huge stakes,
it is not advised for novices as it is a hard technique. It involves two transactions: the
simultaneous purchase of one put and sale of another.

Bearish: A bearish spread is an options strategy that is utilized when a trader is somewhat
bearish and seeks to maximize profit while limiting losses. The idea is for the investor to profit
when the underlying security's price falls. The method entails buying and selling puts or calls
for the same underlying contract with the same expiration date but different strike prices at the
same time.
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Bearish Trading Strategies

The following is a list of the most commonly employed strategies for when you have a bearish
perspective. There's also some basic information about each one, such as the amount of
transactions required, whether it's a debit spread or a credit spread, and whether it's suitable for
beginners.

You may find out more about each of these by clicking on the appropriate link. If you need
help deciding on a strategy, you can use our strategy selection tool, which you can find here.

Long Put

This is a single position strategy with a single transaction. It is appropriate for beginners and
has an initial fee.

Quick Call

This requires only one transaction.

Options Risk Metrics: The Greeks

The term "Greeks" is used in the options market to represent the various aspects of risk
associated in taking an options position, either in a specific option or a portfolio.

DELTA: The rate of change between the option's price and a $1 change in the value of the
underlying asset is shown by the Greek letter delta (). Alternatively put, the option's price
sensitivity in relation to the underlying. The delta of a call option ranges from 0 to 1, while the
delta of a put option ranges from 0 to negative 1.

Theta: (Θ) represents the rate of change between the option price and time, or time sensitivity
sometimes known as an option's time decay. Theta indicates the amount an option's price would
decrease as the time to expiration decreases, all else equal.

For example, assume an investor is long an option with a theta of -0.50. The option's price
would decrease by 50 cents every day that passes, all else being equal. If three trading days
pass, the option's value would theoretically decrease by $1.50

Gamma: The difference in speed between an option's delta and the price of the underlying
asset is represented by gamma (). Second-order (second-derivative) price sensitivity is what is
meant by this. Gamma represents how much the delta would alter if the underlying security
moved by $1.
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Assume that an investor owns one call option on the fictitious stock XYZ. Delta for the call
option is 0.50, while gamma is 0.10. Consequently, the call option's delta would rise or fall by
0.10 if stock XYZ increased or decreased by $1.

Example of an Option

Assume Microsoft (MFST) shares are trading at $108 a share and you feel they will rise in
value. You decide to purchase a call option in order to profit on a rise in the stock price. For 37
cents per contract, you buy one call option with a strike price of $115 for one month in the
future. Your total cash outlay for the position, including fees and commissions, is $37 (0.37 x
100 = $37).

If the price climbs to $116, your option is worth $1 since you may exercise the option to buy
the stock for $115 and immediately sell it for $116. Because you paid 37 cents and got $1, your
profit on the option position would be 170.3%.
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5 How to create wealth in Stock Market

Various security across asset class

An asset class is a grouping of investments that exhibit similar characteristics and are subject
to the same laws and regulations. Asset classes are thus made up of instruments that often
behave similarly to one another in the marketplace.

Method of investing in Equity

Equity investment is the purchase of shares directly from businesses or other investors with the
goal of receiving dividends or reselling the shares at a profit when the market is strong. In line

with the rising value of equity investments, investors can raise their profits.

6 Hurdles in Achieving Higher Return

A hurdle rate is the minimal required rate of return or target rate that investors anticipate to
obtain on an investment, commonly referred to as the minimum acceptable rate of return
(MARR). The rate is established by evaluating the cost of capital, risks present, existing
business expansion potential, rates of return for comparable projects, and additional variables
that could significantly affect an investment.

Risk premium - Assigning a risk value to the project's projected risk. Riskier assets typically
have higher hurdle rates than less risky investments.
Inflation rate - If the economy is undergoing low inflation, the final rate may be influenced
by 1%-2%. In other cases, inflation may be the most important element to consider.
Interest rate - Because interest rates represent a cost that may be earned on another investment,
any hurdle rate must be compared to real interest rates.
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Contribution to the organization

• You must make enough of a contribution to every organisation for them to recognise your
value. In my time with millennium money finance, I had evaluated a lot bills, arranged
various bills and files, also cross-checked amount of the bills. I was asked to explore
various terms relatedfinance and accounting.
• Got appreciated for my work and reporting and also got appreciated for being aquick
learner.
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Corporate Experience

• The corporate experience was very good. Though it was online internship still with whom
I got connected they were very friendly and had so much patience. They teach me with so
much patience and it was a friendly atmosphere.
• Millenium money finance helped me to learn about the corporate, how things work. They
not only guided me but also help me build up my confidence.
• How to talk to each person involved in company, everything from minor to major details
everything was explained so deeply.
• The superiors, industry mentor and office mentor were cooperative and supported me a lot
throughout my internship.
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Key Learning

• The summer internship gave me an excellent opportunity to gain new skills, especially
when it comes to working and communicating with people from different countries and
cultures.
• Mainly I have developed professional skills and analytical as well while working
• Maintain professional responses and interactions with employees
• Direct employees to relevant resources available to them
• Maintain good relationships with employees.
• Clearly understand and respond to employee needs and questions.
• Maintain confidentiality.
• Accountability & Transparency- learned how we can be accountable for a particular
responsibility and how we can handle work with pressure. And there should be
transparency in the work
• Being open to ask any question to the superior.
• Proper utilization of company’s resources
• Maintaining the discipline
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REFRENCES

• Millennium Money Finance | LinkedIn

• Millennium Management Global Investment (mlp.com)
• USDINR 83.0100 ▲ +0.18% (tradingview.com)
• NSE - National Stock Exchange of India Ltd: Live Share/Stock Market News & Updates, Quotes-
Nseindia.com
• YouTube
• Business Opportunities in India: Investment Ideas, Industry Research, Reports | IBEF