A

PROJECT REPORT ON

“RISK AND RETURN ANALYSIS IN PHARMA”

At

DIVIS LABORATORIES
SUBMITTED TO

JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY, HYDERABAD

In Partial Fulfillment for the Award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

BY

Ms. SANNIBOINA NAVYA

(ROLL No. 18831E0032)

Under the guidance of

Dr. B MADHUSUDHAN REDDY

PROFESSOR
 DEPARTMENT OF MANAGEMENT STUDIES

GURU NANAK INSTITUTE OF TECHNOLOGY

(APPROVED BY AICTE, AFFILIATED TO JNTU HYDERABAD)

IBRAHIMPATNAM, RR DIST, HYDERABAD (2018 – 2020)

DECLARATION

I hereby declare that this project report entitled, “A STUDY ON RISK AND
RETURN ANALYSIS IN PHARMA SECTOR” at DIVIS LABORATORIES
Submitted by me in partial fulfillment of the requirement for the award of
“MASTER OF BUSINESS ADMINISTRATION” from “GURU NANAK
INSTITUTE OF TECHNOLOGY”, (V) KHANPUR, (M)
IBRAHIMPATNAM, RR DIST. Affiliated to JAWAHARLAL NEHRU
TECHNOLOGICAL UNIVERSITY, HYDERABAD and it has not been submitted
previously in part or full to any university or institute.

PLACE: IBRAHIMPATNAM (SANNIBOINA NAVYA)

DATE: H.T NO: 18831E0032
 ACKNOWLEDGEMENT

I take opportunity to express my sincere thanks to Dr .S. SRINATHA REDDY,

Principal of “GURU NANAK INSTITUTE OF TECHONOLOGY”, (V)
KHANAPUR, (M) IBRAHIMPATNAM, RR DIST. for his encouragement in
doing this project work.

I would like to thankful to Dr. B. MADHUSUDHAN REDDY, Head of the

Department of MBA for his valuable suggestions.

I would like to thankful to Dr. B. MADHUSUDHAN REDDY, Professor of

MBA Department in our college for his guidance, suggestions and motivation in
completing the project successful.

I am very much thankful to, Relationship Manager who had kindly permitted
me to do my project work at DIVIS LABORATORIES, Hyderabad.

I am also thankful to all those who have incidentally helped me, through their
valued guidance, co-operation and unstinted support during the course of my
project.
 ABSTRACT

The topic of the project is “A STUDY ON RISK AND RETURN ANALYSIS IN PHARMA
SECTOR”. Purchase and sale of listed securities happen in the organized market called as
stock exchange. Any investor, would analyze the risk associated with the stock which he
is concerned about before investing his investible wealth. One of potential industry
considered by the investors for investment in this decade is the Indian pharmaceuticals industry.
This market is the third largest in terms of volume and thirteenth largest in terms of value, as per
a report by Equity Master. Even in the global pharmaceuticals sector India enjoys an
important position which is a major factor to be considered by the investors. The objective of
the study is to analyse the risk and returns of investment made in the Indian pharmaceutical
industry. This study is done by selecting A group stock of the pharmaceutical sector listed in
BSE.Beta, Alpha and Returns are calculated for every stock over a period of 5 years by
taking the yearly opening price and closing price of these selected stocks. Based on the
analysis and interpretation derived from the calculations it can be concluded that the
investors should analyse the market on a continuous basis which will help him to pick the right
combination to construct the portfolio for investment. Higher the risk, higher the returns.
Even though the pharmaceutical industry is doing well, it doesn’t come up to the level of
market returns.
LIST OF CONTENTS/INDEX PAGE
CHAPTER – 1: 1-13
INTRODUCTION 1-9

SCOPE OF THE STUDY 10

OBJECTIVES OF THE STUDY 10

RESEARCH METHODOLOGY 11-13

CHAPTER – 2 14-43
COMPANY PROFILE 14-18

INDUSTRY PROFILE 19-43

CHAPTER - 3 44-46
REVIEW OF LITERATURE

CHAPTER – 4 47-63
DATA ANALYSIS AND INTERPRETATION

CHAPTER – 5 64-68
FINDINGS 65

SUGGESTIONS 66

CONCLUSIONS 67

BIBILOGRAPHY 68
 LIST OF TABLES

SN. NO NAME OF THE TABLE PAGENO

1. DR.REDDY’S RETURNS FOR THE YEAR 2019 48-49
2. AUROBINDO PHARMA RETURNS FOR THE YEAR 2019 49
3. LUPIN RETURNS FOR THE YEAR 2019 50-51
4. CIPLA RETURNS FOR THE YEAR 2019 51-52
5. SUN PHARMA FOR THE YEAR 2019 52-53
6. RANBAXY LABORATORIES FOR THE YEAR 2019 53-54
7. BIOCON PHARMA RETURNS FOR THE YEAR 2019 54-55
8. GLENMARK PHARMA RETURNS FOR THE YEAR 2019 55-56
9. IPCA LABORATORIES RETURNS FOR THE YEAR 2019 56-57
10. ASTRAZENECA RETURNS FOR THE YEAR 2019 57-58
11. SELECTED COMPANIES AVG RISK AND AVG RETURN FOR 58-59
THE YEAR-2015
12. SELECTED COMPANIES AVG RISK AND AVG RETURNS FOR 59-60
THE YEAR -2016
13. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR 60-61
THE YEAR-2017
14. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR THE 61-62
YEAR -2018
15. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR THE 62-63
YEAR -2019
16. NSE INDEX 64
 LIST OF FIGURES

SN. NO NAME OF THE FIGURES PAGENO

1. SELECTED COMPANIES AVG RISK AND AVG RETURN FOR 58
THE YEAR-2015
2. SELECTED COMPANIES AVG RISK AND AVG RETURNS FOR 59
THE YEAR -2016
3. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR 60
THE YEAR-2017
4. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR THE 61
YEAR -2018
5. SELECTED COMPANY AVG RISK AND AVG RETURNS FOR THE 62
YEAR -2019
6. NSE INDEX 63
 CHAPTER – 1

INTRODUCTION

1
Risk and Return
Almost all investments carry threat and yield return. Generally, better the chance better the go
back, lower the hazard decrease the go back. However, a popular understanding of this
phenomenon is not always sufficient to make suitable decisions regarding investments. An extra
quantifiable evaluation is required to understand investments higher. The quantifiable analysis is
finished by using the use of easy mathematics and records to analyze the connection.

Return: A go back from any investment may be calculated honestly by way of subtracting the
quantity invested from the very last quantity realized. The parent of return as a result received is
a relative figure.
Profit = (Final amount realized � Amount Invested)

Loss = (Amount Invested � Final Amount Realized)

Comparison of two such investments may be made by using taking out the absolute price of
returns from such investments. Absolutely the value of returns is the go back percent. The go
back acquired (profit or loss) increased through a hundred and divided by way of the quantity
invested.

Profit / Loss Percentage = Profit / Loss * 100 / Amount Invested

Returns may be calculated for either specific periods or an aggregate of durations collectively. As
an example, if one invested $50 in stock in the starting of 1st year and got a return of $10 as a
dividend at the quit of 1st year and eventually on promoting of his investments after the stop of
fifth 12 months were given $150 then we can constitute the above returns as follows:

Absolute Profit for 5 years = $10 (dividend) + ($150 - $50) = $110

Average Profit for 5 years = $110/5 = $22
Profit Percentage = $110 * 100 / $50 = 220% return
Average Profit Percentage annualized = 220%/5 = 44%

2
Of all of the above representations of returns the ultimate one, specifically, annualized average
earnings percentage is the maximum suitable to understand and examine returns. It's miles
extensively used in all economic and funding selection-making.

Risk: Chance refers to the dispersion or deviation of returns from the average return of such
investment. Hazard is measured with the aid of calculating widespread Deviation.

Threat and return are the most vital concepts in finance. Danger and go back ideas are
fundamental to the information of the valuation of assets or securities.

Go back expresses the amount which an investor simply earned on investment throughout a sure
length. Go back includes the hobby, dividend and capital profits; even as chance represents the
uncertainty related to a specific assignment. In financial phrases, the danger is the chance or
possibility that certain funding may also or may not supply the real/anticipated returns.

The chance and return trade-off say that the capacity return rises with a boom in risk. It's far
important for an investor to decide on stability among the preference for the bottom viable
threat and highest feasible go back.

The danger in funding exists due to the inability to make the best or correct forecasts. Risk in
investment is described as the range this is possible to occur in future coins flows from funding.
The greater variability of those coins flows shows greater hazard.

Variance or well-known deviation measures the deviation approximately predicted coins flow of
every of the viable cash flows and is called the absolute measure of danger; while the co-
efficient of variant is a relative measure of danger.

The term "risk and return" refers to the potential financial loss or benefit skilled through
investments in securities. An investor who has registered earnings is stated to have seen a "go
back" on his or her funding. The "risk" of the investment, in the meantime, denotes the
opportunity or likelihood that the investor ought to lose cash.

3
 If an investor decides to invest in safety that has an incredibly low risk, the capacity return on
that funding is generally fairly small. Conversely, funding in protection that has a high threat
factor additionally can garner higher returns.

RETURNS:

The first-rate reason for funding is to set a go back of profits at the finances invested. On a bond
an investor expects to get hold of interest. On an inventory, dividends can be expected. The
investor can also anticipate capital gains from some investments and condominium earnings
from house belongings.

RISK:

Within the investing international, the dictionary definition of risk is the chance that
fundings go back will be exclusive than predicted. Technically, this is measured in information
by fashionable Deviation. Hazard means you have the possibility of dropping some, or maybe
all, of our authentic investment.

Risk includes 2 additives:

1. Systematic risk (uncontrollable risk) non-diversifiable risk

2. Unsystematic risk (controllable danger) diversifiable risk

SYSTEMATIC RISK:

The risk that influences the complete marketplace, the elements are past the manipulate
of the corporate and the investor. They cannot be averted by using the investor. Its miles sub-
divided into.

a) Market risk

b) Hobby rate risk

c) Purchase power risk

4
UNSYSTEMATIC RISK OF DIVERSIFIABLE RISK:

Its far particular to the firm or industry. It stems from managerial inefficiency,
technological changes, consumer choices, labor issues and so on. The value and nature differ
from firm to company, industry to industry.

It can be categorized into 2 types

 Enterprise threat

• Internal danger

• Fluctuations in income

• Research and improvement

• Non-public control

• Outside threat (P, E, S, T elements)

 Monetary threat

It's far related to the capital shape of the employer.

RETURNS

A primary motive of funding is to set a go back of earnings on the price range invested. On a
bond an investor expects to receive interest. On a stock, dividends can be predicted. The
investor may additionally count on capital profits from a few investments and condo profits from
house belongings. The return may additionally take numerous bureaucracies.

Measurement of Returns

The motive of investment is to get a go back or earnings at the budget invested in different
economic belongings. The most vital traits of monetary belongings are the size and variability of
their destiny returns. Since the return on earnings varies, numerous statistical strategies are used

5
to measure it. Overtime, may additional methods be adopted for quantifying returns. These are
now labeled as traditional and modern-day techniques of measurement.

Measuring Returns – Improved Technique

The 'holding length yield' is one of the new strategies in measuring returns. The traditional
strategies did now not provide a nice returns measure. Some of the gaps that were recognized
had been: (a) that the traditional approach does now not distinguish between divided and profits
element that the conventional technique does no longer distinguish between divided and profits
portion that the corporation retains (profits Yield method), (b) Dividend Yield approach ignores
the possibility of fee appreciation on retained profits. It's far useful only for those shareholders
who want to keep shares always and are not interested in selling and assume that dividends
arenot going to change; (c) the yield to adulthood is useful only to the ones bondholders who will
keep it to maturity. All investors might not hold bonds to maturity for apparent motives. Those
methods are hence regarded to serve a restrained reason most effective. The higher approach
measures go back via the keeping duration yield. This measure appears extra rational and
genuinely defined. It serves functions: (a) It measures that generally go back per rupee of the
authentic investment, and (b) via this technique, comparisons may be drawn of any assets
expected return. An asset may be as compared with different each historically and for destiny
durations.

The holding period yield can be used for any asset. As an instance, returns from financial
savings debts, shares money, real estate and bonds may be as compared through this degree. The
formulation for the preserving length yield is:

Income payments received during the year in Rs. + Capital change for the period in Rs.

Price in rupees of original investment at the beginning of the period

Dividend + (Pt-Po)
= --------------------------
Po

6
 A examine this system indicates that the holding duration Yield (HPY) considers
everything the investor gets over the required period all through which the asset is held relative
to what becomes at first invested within the property. It additionally considers all profits bills;
and high-quality and bad capital adjustments for the duration of the length. Those are then
measured relative to the authentic investment in rupees. The HPY additionally measures beyond
receipts of payments as well as for an unknown destiny. Its miles useful for evaluating any term,
it can be used on both Bond and shares.
Measure of Dispersion

Dispersion methods assist to assess hazards in receiving praise or go back on investment.

The more the ability dispersion, the extra the hazard. 0ne of the best strategies in calculating
dispersion is range. The variety, however, has constrained importance. Its far beneficial while
there are small samples. It loses its effectiveness while the number of values in a pattern will
increase. The great and only method to discover how the statistics scattered around a frequency
distribution is to apply the standard deviation technique. This approach is associated with the
suggest deviation and implies in this case the approach as a factor of reference from which
deviation happens. The usual deviation is primarily based on suggest and it cannot show any
result without first finding out the suggestion. The standard deviation is recognized by the
following symbols. The same old deviation is also related to variance. Variance is the square of
fashionable deviation. In different words, the general deviation is the square root of the variance.
This courting indicates that they've comparable statistical characteristics. Consequently, standard
deviation and variance are considered equivalent to each difference as measures of chance. For a
security analyst they assist in depicting dispersion of HPYs around HPY.

There are 22 inventory exchanges in India, the first being the Bombay stock trade (BSE),
which started formal buying and selling in 1875, making it one of the oldest in Asia. Over a
previous couple of years, there has been a fast trade inside the Indian securities marketplace,
especially inside the secondary marketplace. Superior generation and online-based total
transactions have modernized the stock exchanges. In phrases of the wide variety of agencies
listed and general marketplace capitalization, the Indian fairness market is taken into
consideration huge relative to the use of As stage of financial development. The range of listed

7
agencies increased from 5968 in March 1990 to approximately 10000 through might also 1998
and market capitalization has grown almost 11 instances all through an equal duration.

The debt marketplace, but, is nearly non-existent in India even though there has
been a huge volume of presidency bonds traded. Banks and monetary establishments were
retaining a widespread part of these bonds as statutory liquidity requirements. The portfolio
regulations on financial establishments, statutory liquidity requirements are nonetheless in the
vicinity. A number one auction market for government securities has been created and a primary
supplier gadget changed into introduced in 1995. There are six authorized number one dealers.
Presently, there is 31 mutual budgets, out of which 21 are inside the private quarter. Mutual
budgets have been opened to the non-public region in 1992. Earlier, in 1987, banks have been
allowed to enter this business, breaking the monopoly of the Unit consider of India (UTI), which
maintains a dominant function. Before 1992, many elements obstructed the growth of equity
buying and selling. Sparkling capital problems were managed through the Capital problems
manage Act. Trading practices were not transparent, and there has been a huge quantity of insider
trading. Recognizing the significance of increasing investor safety, several measures were
enacted to enhance the fairness of the capital market. The Securities and Trade Board of India
(SEBI) changed into set up in 1988'. Regardless of the rules it set, problems persisted to exist,
which includes those referring to disclosure standards, lack of brokers, capital adequacy, and
negative regulation of service provider bankers and underwriters. There were considerable
reforms inside the regulation of the securities marketplace because of 1992 at the side of average
financial and financial reforms. In 1992, the SEBI Act turned into enacted giving SEBI statutory
fame as an apex regulatory frame. And a series of reforms were added to enhance investor safety,
automation of inventory buying and selling, integration of countrywide markets, and
performance of market operations. India has visible a first-rate change within the secondary
market for equity. Its fairness market will most in all likelihood be comparable with the sectors
most advanced secondary markets within an yr or two. The key ingredients that underlie
marketplace high-quality in Indias equity market are:

8
 • Exchanges based on open electronic restrict order e-book

• National incorporated market with a big wide variety of knowledgeable buyers

and fluency of short or long positions.

• No counterparty threats.

The various tactics which have already begun and are soon to be fully applied are
electronic settlement alternate and alternate-traded derivatives.

Earlier than 1995, markets in India used open outcry, a trading process wherein traders
shouted and hand signaled from inside a pit. One important coverage initiated by using SEBI
from 1993 concerned the shift of all exchanges to display screen-based buying and selling,
prompted commonly utilizing the need for greater transparency. The first trade to be based on an
open digital restrict order book became the countrywide inventory trade (NSE), which began
buying and selling debt gadgets in June 1994 and equity in November 1994. In March 1995, BSE
shifted from open outcry to a limit order e-book market. currently, 17 of India's inventory
exchanges have adopted open digital limit order. Earlier than 1994, India's inventory markets had
been dominated by using BSE in different parts of the country.

9
OBJECTIVES OF THE STUDY
 It goals at studying the equipment of technical evaluation used for forecasting inventory
costs and deciphering whether to buy or promote them.

 To interpret the actions of inventory prices.

 To investigate the employers performance and mission the returns the investor can get.

 To present suitable investment tips to an investor

SCOPE OF THE STUDY

The scope of the take a look at is constrained to best 5 corporations in the Pharmaceutical
area viz. sun Pharma, Lupin, Aurobindo Pharma, Cipla, Dr. reddy’s,

10
11
RESEARCH METHODOLOGY
The observe targets at extracting the fee actions and studying the rate movements of selected
agencies shares. A secondary technique has been used to collect information. The studys design
is descriptive and conclusive. For technical evaluation, each day rate moves of the selected
organizations were studied for the5 years i.e. 01.03.14 to 01.03.19. The final expenses of
proportion prices are taken and the future charge movements have analyzed the use of various
tools. The pinnacle agencies within the Indian Pharmaceutical industry have been assessed on the
idea of marketplace percentage. Statistics had been amassed from various web sites. Stocks
selected for analysis consists of:

 Dr. Reddy’s
 Aurobindo Pharma
 Lupin
 Cipla
 Sun Pharma
 Ranbaxy Laboratories
 Biocon Pharma
 Glenmark Pharma
 Ipca Laboratories
 AstraZeneca

RESEARCH METHODOLOGY

This has a look at is partly descriptive and partially evaluation. The main purpose of the
descriptive research is the outline of the state of affairs as it exists within the present. The
primary characteristic of the descriptive research is that the researcher has no manipulated over
the variables. This system is maximum suitable for a look at essential evaluation. the analysis is
carried out for the valuation of shares.
a) Data source
Secondary supply:
Facts become amassed from a secondary source. The records changed into commonly
accumulated from the once a year reports of companies, a few decided on websites and
corporation brochures

b) Sampling Plan

12
Sampling size
A total of five groups are selected from the Pharmaceutical zone that is listed in BSE and NSE
tor remaining 5 years from 1st April 2014 to thirty-first March 2019

Sampling manner
Comfort sampling is administrated by using the researcher. Below this technique the researcher
decided on a total of Eve corporations from the Pharmaceutical zone.

13
 CHAPTER – II
COMPANY PROFILE

14
Established within the 12 months 1990, with studies and improvement as its prime fundamental,
Divis Laboratories focused on developing new tactics for the manufacturing of lively Pharma
ingredients (APIs) & Intermediates. The enterprise in a rely of short time extended its breadth of
operations to offer entire turnkey answers to the domestic Indian pharmaceutical industry.

With five years of experience, know-how and a demonstrated music-report of assisting many
organizations with its flip-key and consulting strengths, Divis Laboratories established its first
manufacturing facility in 1995.

Constructed on a 500-acre web site at Hyderabad (Unit-I). The plant contains thirteen multi-
cause manufacturing blocks and has space for further growth and expansion.

Divis Laboratories installation its 2d manufacturing facility at Visakhapatnam (Unit-II). in the

yr 2002 on a 350-acre web site. The site has 14 multi motive manufacturing blocks.

Both the facilities are primarily engaged in the manufacture of:

Lively Pharmaceutical elements (APIs) & Intermediates for Generics
Custom Synthesis of API's and superior intermediates for discovery compounds for
Pharma giants
Constructing blocks for Peptides
Building blocks for Nucleotides
Carotenoids Chiral ligands

Whole CGMP pointers are complied with within both the flora. Our Unit-1 at Hyderabad become
efficiently inspected by using the united states FDA in September 2000, in April 2004, in
February 2008, in July 2011 and in June 2017. Our Unit-2 at Visakhapatnam become
successfully inspected through us FDA for November 2006, in April 2009, in July 2015 and in
June 2017. Divis also undertakes FTE/settlement studies on method improvement for
discovering new compounds for leading MNCs across the world and companions with them for

15
the supply of APIs. The corporation is international in its outlook and benchmarks its best
requirements to the quality within the world.

A Vision to Excel

To keep leadership in custom synthesis of APIs and Intermediates for the fitness care and
lifestyles sciences industry and to be one of the pinnacle agencies global to extensive in the
domain. To increase customary APIs for the late lifestyles cycle desires of the enterprise.

A Mission to Serve.

To be a good corporate citizen and not only add value in our core competency areas of Pharma
but also serve the community at large through social, educational and environmental initiatives
that would establish strong foundations for a better tomorrow.

Key people

Dr. Murali K Divi, Chairman, and Managing Director

Dr. Divi holds a doctorate diploma in Pharmaceutical Sciences from Kakatiya University,
Warangal. He's a member of the yank Institute of Chemical Engineers, American Chemical
Society, American cosmetic Society, and American Pharmaceutical Association. He has sizable
enjoyment of over 30 years within the active pharmaceutical ingredients enterprise.
Dr. Divi has large expertise in enforcing and dealing with bulk first-class chemical production
facilities conforming to GMP/ US-FDA standards. He has led R&D teams and evolved green
tactics for specialty chemical substances, pharmaceutical intermediates, herbicides and
rodenticides and custom synthesis.
Mr. N. V. Ramana, Executive Director

Mr. Ramana is a graduate in chemistry from Osmania University, Hyderabad and is a Member
of the American Chemical Society. Mr. Ramana has over 20 years of experience in the
Pharmaceutical industry and handled various functions within the lively pharmaceutical
ingredients enterprise inclusive of custom production and settlement research

16
Custom Synthesis

Divis undertakes custom manufacture of APIs and advanced Intermediates offering a

competitive benefit to its customers over the complete life cycle of the products.

Its miles a very not unusual practice to discover numerous MNC clients audit our centers
frequently in the direction of the custom manufacture in their products. This transparency in
operation has led to improved self-assurance, agree with and enterprise among Divis and its
customers.

With 4 R&D centers, Pilot vegetation, two massive scale production devices which include a
cGMP / ISO / FDA approved facility, Divis is a super companion for custom synthesis,
procedure improvement and mass production of the clients discovery product.

Divis undertakes complete and suitable validation of approaches. Divis additionally offers its
analytical and method knowledge for generating reliable facts for regulatory agencies [e.g.
stability studies as per ICH] and its documentation know-how for preparing draft DMFs, CoS
and so on. For regulatory submissions.

FTE / contract studies

Divis clients revel in an excellent enjoy the foundations on which the entire corporation was
built the Divis studies center.

With years of enjoyment, experimentation and application, the scientists at Divis studies middle
(DRC) are the proper people to be tapped for settlement studies initiatives.

17
Over the years many an innovator agency has leveraged the power of DRC on a complete Time
equal (FTE) basis.

The studies crew is specialized in method design for new drug candidates, improvement as
much as gram/kilo scale, structural elucidation, impurity profile research, manner validation,
system justification, method optimization, analytical strategies improvement, and validation,
surroundings impact analysis, safety research and time cycle studies and so forth.

An engagement with DRC gives our customers the advantage to pay attention to the real
invention and also offers them a team that can re-examine and supply a 2nd opinion at the
primary invention or discovery itself.

18
INDUSTRY PROFILE
PHARMA INTRODUCTION

The Indian Pharmaceutical industry has been witnessing exceptional growth in recent years,
pushed through rising consumption levels within the United States of America and a strong call
for from export markets. The pharmaceutical industry in India is estimated to be well worth
approximately US$ 10 bn, developing at an annual fee of nine%. In international rankings, the
domestic enterprise stands fourth in phrases of the extent and 13th in value phrases. The rating
in price phrases will also be a reflection of the low costs at which medicines are offered within
u. s.

The enterprise has seen remarkable progress in terms of infrastructure development, generation
base and the extensive range of products manufactured. Call for from the export marketplace
has been growing hastily because of the capability of Indian gamers to supply value-effective
capsules with international class production centers. Bulk capsules of all major therapeutic
businesses, requiring complicated production strategies are now being produced in India.
Pharma businesses have evolved exact production Practices (GMP) compliant facilities for the
production of different dosage bureaucracy.

Similarly, to having GMP, WHO, numerous Indian organizations have also been getting plant
approvals from international regulatory businesses like US FDA, MCA (United Kingdom),
TGA (Australia), MCC (South Africa). India possesses the best number of people FDA accepted
production facilities outside the United States and presently tops in filing the drug master
documents (DMF) with the USA FDA. This has also facilitated the domestic enterprise to attract
agreement manufacturing opportunities within the hastily growing generics market.

A paradigm shift befell within the Indian pharmaceutical enterprise with India becoming a
signatory to the WTO order, ushering inside the Product Patent Regime. In advance, with the
enactment of The Patent Act, 1970, the handiest manner patent became applicable for prescribed
drugs.

19
With the creation of the product patent starting 01-Jan-05, which has now made India journeys
compliant, the Indian market has become an appealing choice for the creation of research-based
products. As a result, the Indian businesses are now exploring new business models consisting
of agreement studies, for drug and discovery research & development, as well as settlement
manufacturing.

However, it poses an undertaking to the generics industry as it would not be capable of freely
continue with the manufacturing of generics of the brand-new patented molecules without
license/fee of royalty to the innovator corporation.

Industry Trends

A quite fragmented enterprise, the Indian pharmaceutical industry is estimated to have over
10000 manufacturing units, as given by way of the enterprise of Pharmaceutical manufacturers
of India. The prepared sector bills for just five% of the industry with around 300 players, even
as a big 95 % is in the unorganized sector. A large variety of players in the unorganized phase
are small and medium companies and this phase contributes 35% of the industry's turnover.

In calendar 12 months (CY) 2005, turnover of the prepared sector groups aggregated to Rs 302
bn, of which 19% came from MNCs at the same time as the last eighty-one% became
contributed by way of Indian groups. Turnover of players inside the unorganized segment,
though tough to evaluate, is estimated to be around Rs a hundred and sixty bn.

The Indian pharmaceutical enterprise includes manufacturers of bulk drugs and formulations.
Bulk capsules include the energetic pharmaceutical elements (APIs) that are used for the
manufacture of formulations. In step with estimates, the share of formulations and bulk capsules
is within the order of 75:25. There are believed to be over 60000 formulations manufactured in
India in more than 60 therapeutic segments. Greater than eighty-five % of the formulations
produced within us of a are offered within the domestic market. India is largely self-enough in
case of formulations, though some lifestyle saving, new-era-era-barrier formulations stay
imported.

20
A number of the therapeutic segments, the anti invectives pinnacle domestic production in
volumes. In 2005, the chronic therapy section accounted for around 26% of the home
formulation business, growing at a rate of 10%; quicker than the intense therapy section. The
continual therapy phase includes anti-diabetics, cardiac and neuro psychiatry formulations.

Bulk drug manufacturing is largely concentrated in Andhra Pradesh, which bills for more than
one-1/3 of us of a's total bulk drug production, accompanied by the aid of Gujarat. The Indian
bulk drug industry has these days been gaining significant presence inside the international
marketplace as overseas and multinational organizations are seeking to source APIs and
intermediates from Indian manufacturers. factors favoring the industry are a big useful resource
of technical humans, state of- the-artwork manufacturing centers, low prices and the gain of the
English language. As part of authorities help to boom exports, obligation unfastened zones were
installation and numerous manufacturers of bulk pills had been shifting their facilities to these
areas. As a result, the various spread has now begun getting consolidated and focused on
positive areas throughout the United States.

India has a widespread share in the worldwide generics marketplace and is ranked 1/3. In the
latest years, this section has been going through stiff competition which makes the size of
production crucial to improve profitability. India has predominantly been an established
participant and can benefit a global presence for the following key trends:

• Multiple branded drug patent expirations inside the quick period. According to IMS health, in
2006 and 2007 a total people$ 28 bn and US$ 20 bn, respectively, of branded sales had been
possible to end up susceptible to the access of conventional equivalents

• Increasing confidence of purchasers in generics inside the advanced markets

• A seasoned-generic sentiment from healthcare government pushed utilizing the stress of

containing rising healthcare expenses

• A growing older populace internationally, main to the growing demand for low-cost treatment
plans

21
• Worldwide healthcare disaster like AIDS in the growing international, necessitating low
priced medicine for the loads

General organizations in India are recognizing the significance of patent expiries and are
making massive incremental investments in research and drug improvement.

Production and Trade

The domestic bulk drug and formulation industry have been capable of largely meet the home
call for this merchandise. Except, it additionally exports to numerous regions, which includes
the EU and the US. Exports presently constitute almost 48% of the enterprises turnover and
have been growing at a mean 22% annually on account that 1994. In FY06, exports grew with
the aid of an excellent 21% touching Rs 215.eight bn.

The growing call for from the domestic market and elevated production sports has caused rising
imports at some point in the beyond few years. In FY06, imports have been well worth Rs 45.2
bn as in opposition to Rs 31.7 bn in FY05. The character of imports has undergone an enormous
trade through the years, from finished doses imported previous to the Nineteen Seventies, to in
large part bulk pills today.

Domestic call for has been displaying widespread boom; the upward thrust in intake is often
attributed to the growing population, rise in income stages and increasing health attention
among people. New product launches via the Indian and multinational organizations have also
catalyzed market demand. Moreover, the beneficial regulatory surroundings multiplied
expenditure on R&D and progressed technical talents within the field of chemical synthesis has
also performed a crucial role.

The growing alliances and tie-use of Indian businesses with global gamers have further given a
boost to Indian exports.

22
Key Drivers for the Pharmaceutical Industry

Growing orientation towards Research and Development (R&D)

The introduction of product patent in India has brought some essential modifications in
strategies of Indian pharmaceutical corporations, with consciousness shifting greater in the
direction of R&D.

The authentic Indian patent regulation, which recognized the handiest system patent, gave
Indian companies the possibility to supply merchandise underneath patent in remote places
markets, in particular regulated markets, with the aid of adopting new approaches. Therefore,
organizations have been in a superb position to produce pills through opposite engineering at
noticeably very low prices that helped the domestic enterprise to develop quicker all through the
preliminary ranges of improvement. However, this discouraged multinational organizations
from launching their new merchandise in India, fearing duplication of their new drug discovery
through reverse engineering. As a result, MNCs marketplace proportion declined from 70%
previous to 1972 to 20% at the gift.

The introduction of product patent has led the domestic industry in the direction of exploring
new avenues of drug improvement, which might require higher capital funding in R&D, and
extra thrust closer to innovation. Present-day traits indicate that R&D expenditure of pinnacle
domestic businesses has expanded from a mere 2% of general turnover in CY00 to nearly four%
in CY05. Though this is the average for the enterprise, pinnacle-line gamers have spent in the
range of eight-10% for the duration of FY06. This stage of expenditure is but low in comparison

23
with the spending of 12-16% of turnover on R&D by way of global leaders.

R&D via Indian pharmaceutical groups are backed by using a beneficial policy environment and
availability of surplus skilled technical people at low costs. This is to the benefit of the sector
and will see a tremendous thrust in the coming years.

Leveraging CRAMs opportunities

The global pharmaceutical industry is increasingly more facing fee pressures on various counts,
and R&D productivity of those gamers has long gone down extensively in recent years, beneath
rising manpower charges and higher regulatory hazards. In truth, the system of having the
approval of new products in a regulated marketplace calls for strict compliance of pleasant
norms, that is stringent and is also subject to high criminal hazard. This issue is forcing MNCs
to outsource part of their R&D and manufacturing activities to low-value destinations like India
and China.
India is emerging as the worldwide hub for contract research and production services (CRAMs)
due to its low-value advantage and global elegance first-rate standards. The Indian pharma
enterprise possesses global fashionable production centers according to the GMP norms which

24
can be authorized by diverse regulatory corporations throughout the globe. The numerous
disease profile and abundance of patients in India affords higher floor for clinical trials. India
has leveraged this advantage to draw medical trials process outsourced by the corporations
involved in innovation.
The majority of the settlement production deals relate to the manufacturing of lively
pharmaceutical elements (APIs) and intermediates, wherein India possesses competence.
Nicholas Piramal, Shasun chemical compounds, Divis Lab, Dishman Pharma, Cadila
Healthcare, Lupin, Matrix Lab and Aurobindo Pharma are a number of the corporations that
have witnessed an outstanding boom in revenues from their CRAMs enterprise under various
tie-united states with global pharmaceutical majors.
Growing exports
Exports had been the main increase enabler of the Indian pharmaceutical enterprise in the latest
years. India exports pharmaceutical products, APIs and intermediates to extra than 2 hundred
countries the world over. Historically, Russia, Germany, Nigeria and India's neighboring
international locations like Sri Lanka, Nepal, and the Middle East were the principal markets for
Indian pharmaceutical exports. Maximum of these markets is not tremendously regulated and
are taken into consideration to be low-fee markets.
Remarkably, the percentage of exports at home turnover has been growing over time,
notwithstanding the developing home demand. Presently, exports constitute forty-eight % of the
expected turnover of the enterprise as compared to almost 35% at some point of CY02.

Expanding presence in a regulated market

Through the years, India has proven higher regulatory awareness and advanced technical
capabilities, which has enabled Indian agencies to penetrate the high-fee markets like the US
and Europe. Exports of pharmaceutical merchandise (finished products as labeled underneath
heading 30 of ITC-HS code) to America grew by way of an impressive 33% to Rs 23 bn and via
a whopping sixty-two % to Rs 35 bn to the EU in the course of FY04-FY06. Regulated markets,
though tough to penetrate because of stringent rules, are acknowledged to present higher value
and margin to exporters
The increasing presence in excessive-price markets just like u.s.a. and Europe has strongly
boosted the overall increase in the Indian pharmaceutical industry. However, with competition

25
getting stiffer in the regulated markets and the consequent strain on margins, Indian players also
are increasing their geographical reach to high-increase areas such as the CIS and Latin
American nations. Even though considered as low-fee markets, these markets are witnessing
staggering increase and therefore it gives a super opportunity for Indian players.

The rise in new product launches

In the pharmaceutical industry, new product launches create new demand. After the creation of a
product patent in India, the domestic enterprise has witnessed a fresh spell of recent product
launches. New products released on account that 2005 accounted for around 12% of the overall
marketplace boom. These launches were achieved by way of both home and worldwide players
and a number of them are first time launch of the latest chemical entity (NCE).

The Regulatory Control of the Pharmaceutical Industry

Supply D&B research

The upward push in new launches of merchandise has emerged as one of the crucial factors,
which has pushed the boom in current beyond. In truth, the fee of launching new molecules had
come down for the duration of the method patent technology.

Key issues facing the Pharmaceutical Industry

Some of the troubles the home industry is dealing with areas beneath:

The increasing span of price control

The draft countrywide prescribed drugs policy, 2006, presently underway and awaiting approval
from the Parliament, intends to bring 354 capsules below price manipulate, which is further to
the seventy-four bulk capsules already notified below charge manipulate. The charge manages
as proposed inside the policy is possible to cover at the least 50-60% of the home marketplace
underneath rate manage. The proposed manage on fees is ready to impact the enterprise margin

26
significantly, especially those gamers having handiest neighborhood operations. However, to
secure the profitability, corporations will increase their scale of production.

The number of drugs under rate manage had come down from almost 400 inside the Seventies
to seventy-two in 1995, and also, decreased to 29 in 2002. This selection became but stalled
with the aid of the splendid court docket, asking the Department of Fertilizers and chemical
compounds, GoI, to perceive the crucial and lifestyles saving drugs that need to retain closing
below rate manage. The department indexed 354 items that it purchases for its hospitals called
the countrywide list of crucial medicines (NLEM). The new draft coverage is composed of
those 354 capsules that are possible to be below the fee-based charge control.

Price erosion in generics

Indian generics marketplace is witnessing a margin pressure in most of the product classes due
to two foremost reasons: the proposed charge manipulates in all likelihood to be imposed
utilizing the government and the stiff opposition among domestic gamers. India has witnessed a
quick upward push in the number of gamers over some time. Moreover, the growth of capacities
by sure Leading gamers has also fueled opposition in sure product classes, which restricts
margins of the smaller gamers.

The autumn in expenses of conventional pills is not restrained to India only. The united states,
which is the worlds biggest pharmaceutical marketplace, is also experiencing a pointy reduction
in fees of usual capsules because of stiff competition. Some different advanced international
locations like the UK and Germany have also witnessed an equal situation. The erosion in costs
is to the volume of ninety% in a few cases. Indian gamers, which have been running in those
markets, have additionally witnessed erosion in margins in positive therapeutic segments.

Low R&D productivity

Despite the increasing expenditure on R&D, the introduction of new molecules via Indian
gamers has been restrained. Its far, in truth, a success-and-omit scenario inside the field of

27
discovery and tendencies of recent chemical entity (NCEs), wherein misses are greater than hits.
Only a few discoveries reach the final levels of approvals, and in a maximum of the cases, the
claim for patent gets caught in legal battles.
No matter the growing expenditure in R&D, the level of funding in R&D continues to be low, at
average 4% as compared to the global practice of spending 12-sixteen% of sales on R&D.
The converting global pharmaceutical enterprise has transformed the potentialities of Indian
pharmaceutical agencies. The leading pharma businesses in India have been actively extending
the frontiers of medical knowledge and going global through mergers and acquisitions. In 2005,
acquisitions by the Indian pharmaceutical organizations had been the very best, with 20 buyouts
abroad. A similar fashion changed into finding all through 2006, which encompass Dr. Reddy's
buyout of Germanys Beta pharm and Ranbaxy's purchase of Romanias Terapia. Europe has
emerged because of the most preferred destination for acquisitions by Indian groups.
The EU generics market has emerged as a primary attraction for acquisitions by way of Indian
organizations. Inline with reports, margin erosion in Europe is much less as compared to the
USA whilst a drug or system becomes commonplace.
Consolidation is inevitable and is predicted to bring in economies of scale and provide access to
more modern geographies to nearby gamers. The authorities have predicted that through 12
months 2010, the industry has the potential to achieve a length of people$ 28 bn.

SELECTED COMPANY PROFILES

Dr.Reddy’s in India

28
 Accomplishing patients and knowledge their desires is what
drives us, as we work every day to enhance get admission to
drug treatments. Searching through the eyes of patients, we
create products that improve their great lifestyles and cope with
unmet needs.

The worldwide Generics – India enterprise becomes launched in 1986, with the brand Norilet
(norfloxacin). Its miles a $300 Mn franchise these days. Our merchandise throughout a balanced
portfolio of mass and specialty treatment options deliver our promise of excellent fitness to
patients. Protecting the whole spectrum of ailment areas, our product range spans throughout
gastroenterology, oncology, pain control, cardiovascular, dermatology, urology, nephrology,
rheumatology and diabetes. Seven of our legacy brands are in pinnacle-300 of the Indian Pharma
marketplace.

For the reason that reach and scale are vital to translate our dreams into fact, it is the zeal to
make a difference that drives our devoted area pressure. Our sales pressure of over 3500
connects with greater than 3 lakh doctors on an everyday basis to ensure that high-quality
medicines are to be had throughout the duration and breadth of the united states. Ensuring
premiere inventory and reduced stock-out conditions, our precise, intake-primarily based
replenishment machine – VIVA (viable imaginative and prescient) guarantees all-time
availability at every deliver node till the stockist.
Human life, we experience, is more essential than business and that is why we sell affordability
in big ways. Be it selling generics, or developing inexpensive and similarly effective familiar
biosimilars, all our efforts are our earnest attempts to lessen the disorder burden inside the
country.

Brand

Ask any of the 20000 personnel at Dr. Reddy's why they arrive to work each day, and you are
certain to listen, because 'suitable fitness Can't-Wait.' These easy words describe the deep-rooted
perception that drives us. On occasion, the most effective words describe the maximum profound
truths.

Excellent fitness is always our purpose. We see drug treatments not simply as molecules,
however as a manner to assist sufferers to regain their health. As a leader in the pharmaceutical
enterprise, we realize our specific position; we have got the ethical and moral vital to ensure
desirable health may be delivered to those who want it and to promote wellbeing among them.

29
Cannot Waitdisplays our commitment to behave with velocity to locate revolutionary answers
that deal with the unmet desires of patients, and to boost up access to tonswished drugs for
human beings around the world.
Our notion is guided through our principles Empathy and Dynamism which provide both
steerages for our modern behavior and suggestion for our future actions.

Quality

World elegance medicines for everybody

Our patient-centric method extends to our excellent policy as well. Our awareness of excellent
allows making certain product safety and efficacy, irrespective of the drug shape. That is handiest
possible with a high diploma of teamwork all through the companywith a commonplace aim of
exceptional.

We set up uniform standards for all merchandise, irrespective of geography. At Dr. Reddy's, we
trust assembly pharmacopeia requirements are minimal standard. Our coverage of non-stop
procedure and product improvement drives us to work toward exceeding those minimum
standards.

Consistency is not often an accident. Alternatively, Its miles the result of a properlyconceived,
carefully implemented fine monitoring device (QMS). Our QMS focuses on chronic
improvement aimed at optimizing techniques and putting off noncostincluding efforts in
production. These efforts are generally directed in the direction of reducing variability in manner
and product exceptional characteristics.

To gain this, we comply with a 4-step method:

• Undertake nicely by layout (QbD) technique in production and without a doubt discover assets
of variability and minimize them on an ongoing foundation.

• Be proper the primary time. Identify and dispose of defects. Improve performance.

30
• Undertake chancebased method to production and mitigate dangers anywhere they are in
all likelihood to effect firstrate
• Broaden transparency in all areas of operations and build sturdy quality culture
throughout the agency.

Research Philosophy

As an organization that was commenced using a scientist, Dr. Reddy's fosters a culture in which
scientific temperament is rooted in our humans and our approach to research. Our research
efforts are geared modernday accelerating get right of entry to inexpensive and innovative drug
treatments. We attended our paintings on being first to marketplace with merchandise which can
be difficult to make. Why? those difficulttomake products are likely to be very highlypriced, and
our specific competencies permit us to improve accessibility to them. Further, in our
patientcentric technique manner, we tend towards awareness on growing differentiated
merchandise that quality address unmet affected person needs.

At the heart modern day our studies and development organization are our R&D center spread
over three hundredsq. toes. The center homes over 70 laboratories and has over 800 research
scientists operating on numerous initiatives. This R&D middle works in close conjunction with
other facilities across the United Kingdom and the Netherlands.

Work at the R&D center effects in an extensiveranging suite brand new abilities and
offeringsfrom artificial organic chemistry to formulations improvement; from intellectual
property control to regulatory technology; from polymorphism to bio-pharmaceutics. For our
enterprise clients, we are capable of offer services and solutions for beginning fabric,
intermediates, energetic ingredients and completed-dosage bureaucracy.

The fulfillment ultramodern our studies enterprise can be judged by using the reality that we
have over a hundred and seventy ANDAs, over 500 DMFs and 86 patents filed inside the
remaining five years

31
 Cipla is one of the top pharmaceutical companies in India,
whose goal is to ensure that no affected person will be
denied to get entry to excessive great & affordable
medicinal drugs and guide. Our mission is to be a leading
international healthcare enterprise that uses technology and
innovation to fulfill the ordinary wishes of all patients. Online Pharmacy warning: Cipla does
now not promote its merchandise online and no tips for online income are relevant.

Cipla is a worldwide pharmaceutical company whose aim is to make sure that no affected person shall be
denied get right of entry to excessive nice & affordable medicinal drug and assist.
Mission:

32
Ciplas assignment is to be a main international healthcare employer which uses era and
innovation to satisfy every days wishes of all the patients.
Highlights

• Nonstop innovation in R & D with 35+ world firsts.

• Over 1000 products throughout diverse healing classes, with 60+ dosage bureaucracy.

• Presence in over one hundred nations

Approvals

US FDA, WHOGeneva, MHRAUnited Kingdom, TGAAustralia, SUKLSlovak Republic,

APVMAAustralia, MCCSouth Africa, percentGermany, Danish medical agency, ANVISA-
Brazil, INVIMA Colombia, NDAUganda, branch of fitnessCanada and MOHSaudi Arabia,
amongst others

Listing
Fairness stocks: BSE restrained and countrywide inventory alternate of India confined
Global Depository Receipts: Luxembourg inventory exchange

Ciplas best control (quality control) team ensures the shipping of high general merchandise
by engaging in little by little overview. Quality control, as a center of excellence, ensures
compliance and follows systematic interventions like streamlining SOPs around critical
exceptional parameters, bulletproofing complicated techniques and centered potential
building.
RESOURCES AND INFRASTRUCTURE
•Advanced, state-of-the-art machinery and instruments

• 49a2d564f1275e1c4e633abc331547db production centers and laboratories

• Ready corporate team to assist and awareness on key features

• Complete quality regulations and techniques

• A ready, enthusiastic and dedicated team of workers

•Continual monitoring using devoted quality warranty and self-inspection team

• Controlled automatic systems

33
 Lupin prescribed drugs, Inc. is the U.S. thoroughly owned subsidiary
contemporary Lupin restricted, that is a few of the pinnacle 5
pharmaceutical agencies in India. Through our income and marketing
headquarters in Baltimore, MD, Lupin prescription drugs, Inc. is devoted to
turning in 86f68e4d402306ad3cd330d005134dac, branded and popular
medications relied on via healthcare professionals and patients throughout
geographies.

Lupin confined, based in Mumbai, India, is strongly research targeted. It

has a program for growing New Chemical Entities. The agency has an R&D center in Pune and
is a main global player in Anti-TB, Cephalosporins (anti-infectives) and Cardiovascular tablets
(ACE-inhibitors and cholesterol-lowering sellers) and has a great presence inside the areas
modernday diabetes, and breathing therapy.

We are building on our parent companys strengths cuttingedge vertical integration in discovery
research, procedure chemistry, energetic pharmaceutical aspect production, components
improvement and regulatory filings. Lupin prescription drugs, Inc. is dedicated to attaining its
imaginative and prescient and mission modernday turning into an innovationled transnational
pharmaceutical enterprise.

Vinita Gupta, CEO trendy Lupin pharmaceuticals, Inc. says "based at the strengths modern day
our determine corporation Lupin limited, Lupin prescription drugs, Inc. intends to carry a
portfolio latest generic as well as branded merchandise to America market."

For the economic year ended 31st March 2015, Lupins Consolidated turnover and earnings after
Tax have been Rs. one hundred twenty-five,997 million (USD 2.06 billion) and Rs. 24,032
million (USD 393 million) respectively. Please visithttp://www.lupinworld.com for more
information.

Production / R&D

Lupin prescribed drugs, Inc. offers superior production abilities and techniques that create
firstrate strong points and ordinary merchandise. Lupin is among the sector's biggest producers
of modernday merchandise in its selected healing regions. Lupin has production operations in
five cities in India and additionally a domain in Thailand. Our flora is placed at Mandideep,
Aurangabad, Tarapur, Ankleshwar, and Goa, in India.

For extra facts go to www.lupin.com

34
The new tablet/tablet facility in Goa, India permits Lupin to record and manufacture extensive
range latest finished products for the united states market:

Numerous / incorporated manufacturing capability;

Synthetic API's; Fermentation merchandise;

Oral and injectable finished merchandise.

We have price management with massive scale, complex merchandise.

Asuccess US FDA inspection at eleven production centers

Asias simplest US FDA approved fermentation plant for rifampicin.

WHO certified finished product manufacturing facility for tuberculosis merchandise.

Commercial enterprise improvement

Lupin became based to meet the very primary want for effective treatment of tuberculosis. Our
achievement is tied to continually assembly the need for basic products to promote human
fitness. Our organization strives to carry critical new products to the market every 12 months. We
anticipate our products to come back from:

• In-house product improvement;

• Licensing and acquisitions;

• Marketing alliances.

Lupin is likewise searching for to be the associate of desire for product development. Our
scientists practice recognizes how and understanding to expand NCEs or to remedy difficult
formulation demanding situations.

We attempt for the endured increase and are avidly interested in gaining knowledge of
prospective opportunities within the strong point pharmaceutical market. We are also open to
participating to increase modern products formulated with Lupins drug shipping and taste
protecting generation. Our API commercial enterprise unit is looking for partners for Lupin
evolved API.

35
Please contact us concerning commercial enterprise or product collaboration possibilities

GLOBAL LEADERSHIP POSITION IN ANTI-

INFECTIVES

Among the most important Vertically incorporated

pharmaceutical organizations in India, Aurobindo has
strong product portfolio unfold over major product
regions encompassing CVS, CNS, Anti-Retroviral,
Antibiotics, Gastroenterological, Anti-Diabetics and Anti-Allergic with permitted production
facilities by using USFDA, UKMHRA, WHO, MCC-SA, ANVISA-Brazil for each APIs &
Formulations
based in 1986 with the aid of Mr. P.V. Ramaprasad Reddy, Mr. k. Nityananda Reddy and a small
organization of highly dedicated experts, Aurobindo Pharma become born off an imaginative and
prescient. The enterprise commenced operations in 1988-89 with a single unit production Semi-
synthetic Penicillin (SSP) at Pondicherry.

Aurobindo Pharma has become a public organization in 1992 and listed its stocks in the Indian
stock exchanges in 1995. Further to be the marketplace chief in Semisynthetic Penicillins, it has
a presence in key healing segments inclusive of neurosciences, cardiovascular, anti-retrovirals,
anti-diabetics, gastroenterology, and cephalosporins, amongst others...
OVERVIEW
Based in 1986 by Mr. P.V. Ramaprasad Reddy, Mr. okay. Nityananda Reddy and a small
institution of tremendously devoted specialists, Aurobindo Pharma was born off an imaginative
and prescient. The organization started operations in 1988-89 with an unmarried unit production
Semiartificial Penicillin (SSP) at Pondicherry.

Aurobindo Pharma became a public business enterprise in 1992 and listed its shares within the
Indian inventory exchanges in 1995. Similarly, to being the market leader in Semi-artificial
Penicillins, it has a presence in key healing segments including neurosciences, cardiovascular,
anti-retrovirals, anti-diabetics, gastroenterology and cephalosporins, amongst others.

Via price-powerful production capabilities and some loyal clients, the enterprise entered the
excessive margin specialty widely wide-spread formulations section. In less than a decade
Aurobindo Pharma today has evolved right into expertise pushed organization production lively
pharmaceutical substances and method merchandise. It is far R&D targeted and has a multi
product portfolio with manufacturing centers in several countries.

36
The components of a commercial enterprise are systematically organized with a divisional shape
and have a centered crew for key international markets. Leveraging on its large manufacturing
infrastructure for APIs and formulations, extensive and diversified basket of products and self-
assurance of its customers, it aims to obtain USD 2 billion sales using 2015-16. Aurobindos nine
units for APIs / intermediates and seven units for formulations are designed to fulfill the
requirements of both advanced in addition to rising market possibilities.

A nicely included pharma employer, Aurobindo Pharma functions some of the top 10 companies
in India in terms of consolidated revenues. Aurobindo exports to over a hundred twentyfive
international locations throughout the globe with more than 70% of its revenues derived out of
global operations. Our customers consist of premium multicountrywide groups. With a couple of
centers authorized through main regulatory groups which include USFDA, EU GMP, United
Kingdom MHRA, South Africa-MCC, health Canada and Brazil ANVISA, Aurobindo makes use
of in-residence R&D for speedy submitting of patents, Drug grasp documents (DMFs),
Abbreviated New Drug packages (ANDAs) and method dossiers internationally. Aurobindo
Pharma is amongst the most important filers of DMFs and ANDAs from India.

CORE STRENGTHS

SCALES AND LEADERSHIP

• Big production facilities approved by using leading regulatory bodies
• Big diversified product portfolio
• Huge R&D facility in India for formulations and lively elements

OPERATIONAL EXCELLENCE

• Vertical integration

• Proven regulatory expertise

• Technology for uniqueness formulations

SERVICE DELIVERY

• Worldwide marketing network

•Customercentric method and courting oriented advertising

• Pace and effectiveness in execution with TQA

37
 sun pharmaceuticals changed into established through Mr. Dilip
Shanghvi in 1983 in Vapiwith 5 merchandise to treat psychiatry ailments.
Cardiology merchandise has been added in 1987 accompanied by using
gastroenterology merchandise in 1989. Today its miles the most
important chronic prescription organization in India and a marketplace
chief in psychiatry, neurology, cardiology, orthopedics, ophthalmology,
gastroenterology and nephrology.

The 2014 acquisition of Ranbaxy will make the organization the most important pharma
employer in India, the most important Indian pharma organization in the US, and the 5th largest
specialty regular organization globally.

Over 72% of sun Pharma income is from markets outside India, mostly within the US. The USA
is the unmarried largest marketplace, accounting for about 50% turnover; in all, formulations or
completed dosage bureaucracy, account for ninetythree % of the turnover. Production is across
26 places, including flora in the US, Canada, Brazil, Mexico and Israel. in the US, the
organization markets a huge basket of generics, with a robust pipeline watching for approval
from the U.S. meals and Drug management (FDA).

Sun Pharma became listed on the inventory alternate in 1994 in an issue oversubscribed fiftyfive
times. The founding own family continues to preserve a majority stake within the organization.
These days solar Pharma is the second largest and the most profitable pharmaceutical
organization in India, in addition to the largest pharmaceutical agency using market
capitalization on the Indian exchanges.

The Indian pharmaceutical industry has become the 0.33 biggest producer within the world in
phrases of volumes and is poised to develop into an enterprise of $20 billion in 2015 from the
modern turnover of $12 billion. In phrases of cost India still stands at range 14 inside the global.

38
solar Pharma has complemented growth with pick acquisitions over the last two decades. In
1996, the sun bought a bulk drug manufacturing plant at Ahmednagar from Knoll
pharmaceuticals and MJ Pharmas dosage plant at Halol which can be both U.S. FDA permitted
today. In 1997, the sun received Tamil Nadu Dadha prescription drugs restrained (TDPL) based
in Chennai, especially for their sizeable gynecology and oncology brands. Additionally, in 1997,
solar Pharma initiated its first foray into the profitable US marketplace with the acquisition of
Caraco pharmaceuticals, primarily based in Detroit.

In 1998, the sun received several respiratory brands from Natco Pharma. Other great acquisitions
encompass Milmet Labs and Gujarat Lyka Organics (1999), Pradeep Drug business enterprise
(2000), Phlox Pharma (2004), a formulation plant at Bryan, Ohio and ICN, Hungary from
Valeant Pharma and able Labs (2005), and Chattem chemicals (2008). In 2010, the business
enterprise acquired a big stake in Taro pharmaceuticals among the biggest normal derma
companies within the US, with operations across Canada and Israel. The agency presently owns
~ sixtynine% stake in Taro, for about $260 million.

In 2011, sun Pharma entered right into a joint challenge with MSD to deliver complicated or
differentiated generics to rising markets (apart from India).

In 2012, solar introduced acquisitions of two US corporations: DUSA Pharmaceuticals, a

dermatology tool organization; and commonplace pharma organization URL Pharma In 2013, the
corporation introduced an R&D joint task for ophthalmology with the research business
enterprise, Intrexon. On 6 April 2014, solar Pharma announced that it might collect 100% of
Ranbaxy Laboratories Ltd, in an all-inventory transaction, worth $4 billion. Japans Daiichi
Sankyo held a sixtythree .4% stake in Ranbaxy. After this acquisition, that is predicted to close
by way of stop 2014, solar Pharma could be the most important pharmaceutical business
enterprise in India, the most important Indian Pharma corporation in the US, and the 5th biggest
accepted business enterprise international

In December 2014, the competition commission of India authorized sun Pharmas $three.2 billion
bid to shop for Ranbaxy Laboratories but ordered the companies to divest seven merchandise to
make certain the deal does not harm the opposition.

In March 2015, sun Pharma announced it had agreed to shop for GlaxoSmithKlines opiates
enterprise in Australia to reinforce its ache control portfolio.

39
 Ranbaxy Laboratories confined (BSE: 500359) is an
Indian multinational pharmaceutical organization that
changed into integrated in India in 1961. The agency went public in 1973 and jap pharmaceutical
organization Daiichi Sankyo obtained a controlling proportion in 2008.[2] In 2014, sun Pharma
received the entire sixtythree .4% share of Ranbaxy making the conglomerate the worlds 5th
largest strong point widely widespread pharma company.
As of 2013, Ranbaxy changed into exporting its merchandise to a hundred twentyfive
international locations with floor operations in 43 and production facilities in eight international
locations.[4] In 2011, Ranbaxy global consumer fitness Care received the OTC business
enterprise of the year award. Inside 2012, 2013 and 2014 emblem agree with reports, Ranbaxy
becomes ranked 161st, 225th and 184th respectively among Indias maximum depended on
manufacturers.

Formation

Ranbaxy turned into commenced through Ranbir Singh and Gurbax Singh in 1937 as a
distributor for a jap business enterprise Shionogi. The call Ranbaxy is a portmanteau of the
names of its first owners Ranbir and Gurbax. Bhai Mohan Singh offered the enterprise in 1952
from his cousins Ranbir and Gurbax. After Bhai Mohan Singhs son Parvinder Singh joined the
agency in 1967, the business enterprise saw a boom in scale.

Trading

In 1998, Ranbaxy entered America, the arenas largest prescribed drugs marketplace and a
widespread market for Ranbaxy, accounting for 28% of Ranbaxy's sales in 2005.
For the one-year finishing on 31 December 2005, the business enterprises worldwide income has
been US$1,178 million, with foreign places markets accounting for seventyfive % of worldwide
sales (united states: 28%, Europe: 17%, Brazil, Russia, and China: 29%). For the one year ending
on 31 December 2006, the organizations international sales were US$1,300 million.
A lot of Ranbaxys products are synthetic under license from foreign pharmaceutical developers,
even though a substantial percentage of their products are offpatent drugs which might be
synthetic and distributed without licensing from the original producer due to the fact the patents
on such capsules have expired. In December 2005, Ranbaxys proportion rate turned into a hit by
a patent ruling disallowing production of its version of Pfizers cholesterolcutting drug Lipitor,
which has annual sales of more than $10 billion. In June 2008, Ranbaxy settled the patent dispute
with Pfizer permitting them to sell Atorvastatin Calcium, the generic version of Lipitor and

40
Atorvastatin Calciummlodipine Besylate, the widely wide-spread version of Pfizers Caduet
within the US starting on 30 November 2011. The agreement also resolved numerous other
disputes in different international locations. On 23 June 2006, Ranbaxy obtained from the USA
food & Drug administration a 180day exclusivity duration to sell simvastatin (Zocor) within the
US as an established drug at eighty mg electricity. Ranbaxy competes with the maker of
brandname Zocor, Merck & Co.; IVAX agency (which became obtained through and merged into
Teva Pharmaceutical Industries Ltd.), which has one hundred eightyday exclusivity at strengths
other than 80 mg; and Dr. Reddy's Laboratories, also from India, whose authorized popular
model (certified using Merck) is exempt from exclusivity.
On 1 December 2011, Ranbaxy got approval from America food and Drug Administration to
release the everyday version of drug Lipitor inside the USA of the united states after its patent
expired
Acquisition by Daiichi-Sankyo

In June 2008, DaiichiSankyo acquired a 34. Eight% stake in Ranbaxy for a price of $2. Four
billion. In November 2008, DaiichiSankyo finished the takeover of the company from the
founding Singh own family in a deal worth $four.6 billion by using acquiring a sixtythree .92%
stake in Ranbaxy. Ranbaxys Malvinder Singh remained as CEO after the transaction.

The addition of Ranbaxy Laboratories extended DaiichiSankyo's operations, with the mixed
business enterprise worth approximately US$30 billion.

In 2009 it became said that former Novartis Senior VicePresident Yugal Sikri might lead the
India operations of Ranbaxy Laboratories.
At Biocon, we are pushed via our passion to broaden
research pushed cutting side treatment plans. Our tryst
with innovation has enabled us to address the
tremendously unmet desires of our sufferers via
differentiated products in tough therapeutic areas. We
have got earned the belief of sufferers and docs through our products which might be safe,
efficacious and less costly. We are continuously engaged in the pursuit of excellence to locate
answers that heal theworld.

Biocon is Indias largest and completelyincorporated, innovationled biopharmaceutical

enterprise. We are devoted to lessening therapy prices of chronic diseases like autoimmune,
diabetes, and most cancers.

41
via progressive products and research offerings we are continuously enabling get admission to
affordable healthcare for sufferers, companions and healthcare structures across the globe. We
have efficaciously advanced and brought various novel biologics, biosimilars, differentiated
small molecules and less costly recombinant human insulin and analogs from 'Lab to market'. A
number of our key brands are INSUGEN®(RH-insulin), BASALOG® (Glargine), CANMAb™
(Trastuzumab), BIOMAb-EGFR™ (Nimotuzumab) and ALZUMAb™(Itolizumab), a 'first in
magnificence' anti-CD6 monoclonal antibody.

We have a wealthy pipeline of biosimilars and novel biologics at various ranges of development
inclusive of a high capability Insulin Tregopil. As the biggest Indian Insulins enterprise, we trust
we have made a big difference to hundreds of thousands of diabetic patients in India. Through
the years Biocon has also emerged as a leading Indian oncology agency making cancercare
cheap and available to patients in India.

We aim to develop novel biopharmaceuticals by leveraging our exceptional scientific talent

pool and developmental capabilities.

Biocons discoveryled R&D makes a specialty of the entire drug development pathway from
method development to non medical and clinical research. The intensity and breadth of our
technological and medical knowhow allow us to increase new and less costly therapeutics for the
arenas maximum debilitating sicknesses. R&Ds capacity to leverage frontier science, to expand
answers for small molecules to biosimilars to novel molecules, keeps boosting Biocons
recognition as an emerging global biopharma focusing on delivering inexpensive innovation.

Our R&D team can boast of brilliant scientists from the best institutes around the sector. The
excessive pleasant clinical skills pool is engaged in continuous interaction with global notion
leaders and participation in technical applications to permit an understanding introduction and
the location of Biocons R&D for challenging biopharmaceutical improvement.

To navigate the challenges of innovation we have adopted a welldefined strategic

framework that will transform scientific discoveries into advances in human healthcare
and generate incremental value for our shareholders.

The everincreasing fee of drug discovery and improvement, prolonged time to market, fierce
opposition and pressures to keep margins are making remarkable demands on the biopharma
enterprise. R&D gives Biocon the aggressive side, to grow its enterprise exponentially.

42
Our R&D initiative is stimulated via a 4dimensional innovation matrix ranging from
acknowledged tendencies to unknown ideas. Creativity in the recognized realm builds on current
knowledge main to two types of innovation (incremental and evolutionary). The creativity that
pushes unknown limitations and creates new information is experimental and step forward in its
impact on human life.

Using gambling in all four quadrants of this innovation matrix, Biocon is capable of creating a
balanced riskreward profile. Our work on doubtlessly the arenas first oral insulin and primary
inmagnificence anti-CD6 antibody, Itolizumab, can exchange the treatment paradigm in diabetes
and immunology, respectively. This leap forward innovation includes massive risks but the
rewards, each monetary and societal, are wonderful.

43
 CHAPTER - III
REVIEW OF LITERATURE

44
Inside the closing decades, forecasting inventory has emerged as a crucial area of research. In the
modernday uncertainty and no matter, the surprising rally in the marketplace, technical analysts
maintain to forecast precise target ranges for shares and indices. Survey proof suggests that it
dominates essential evaluation at quick horizons. Those findings were first established for buyers
within the London market. (Christopher J.Neely and Paul A, Weller)[12].

Taylor and Allen (1992) [9] analyses that 90% of the respondents to their survey file the usage of
a few shapes of technical evaluation to tell their trading decisions.

Yingzi Zhu and Guofu Zhou [1] analyses the usefulness of technical evaluation, particularly the
extensively used shifting average trading rule from an asset allocation perspective. The technical
analysis adds cost to commonly used allocation regulations that invest fixed proportions of
wealth in shares.

Blume, Easley and O' Hara (1994) [3] suggest that investors who use records contained in
market facts do better than investors who do now not.

Gehrig and Menkhoffe (2006) [4] argue that technical evaluation is as critical as an essential
evaluation of currency managers.

Jack Clark Francis (1986) revealed the importance of the technical analysis by stating the rate of
going back in investments and the possibility of default and financial disaster danger. He opined
that in an unsure world, traders can formulate a chance distribution of the feasible prices of
return.

Rajagopala Nair and Elsamma Joseph (2000) [7] discovered that numerous risks experienced by
way of traders in company securities and the measures adopted for lowering dangers. They
opined that calculated risk would possibly lessen the intensity of the loss of investing in
company securities.

The technical method to investment analysis is largely a mirrored image of the concept that
expenses flow in traits that can be determined by using the converting attitudes of traders toward
A ramification of financial, financial, political and psychological forces…… (Ping (1991; pp2-
3)) [8].
45
Technical analysis of stocks is a have a look at of beyond charge and extent traits to judge the
route of future charge moves of scrips. All traders would love to invest in securities or shares that
yield an excessive return. Normally the percentage costs observe a random pattern. This invests a
volatile and unpredicted project. Technical evaluation is a series of photographs, ratios, averages
generated with the aid of market hobby to forecast price upward thrust or fall in projected on the
idea that charge patterns and tendencies exist within the market and that they can be identified.

46
 CHAPTER – IV

DATA ANALYSIS

47
DR. REDDY’S RETURNS FOR THE YEAR 2019
(Deviation)
2
Month Start End Returns Avg.Ret Deviation

0.06861233 0.05456 0.01404433 0.00019724

January 454 485.15 5 8 5 3

- 0.05456 - 0.07564310
February 471.05 367.2 0.22046492 8 0.27503292 6

0.15324324 0.05456 0.09867524 0.00973680

March 370 426.7 3 8 3 4

0.14279009 0.05456 0.08822209 0.00778313

April 426.15 487 7 8 7 8

0.32846938 0.05456 0.27390138

May 490 650.95 8 8 8 0.07502197

0.16876876 0.05456 0.1142017 0.01304181

June 666 778.4 9 8 69 6

- 0.05456 - 0.02444934
July 780 700.6 0.10179487 8 0.15636287 8

0.09165467 0.05456 0.03708667 0.00137542

August 695 758.7 6 8 6 2

Septembe 0.02549186 0.05456 - 0.00084542

r 764.95 784.45 2 8 0.02907614 2

- 0.05456 -
October 785.1 769.55 0.01980639 8 0.07437439 0.00553155

Novembe 0.05456 0.00364056

r 745.35 741.05 -0.0057691 8 -0.0603371 6

Decembe 0.02361889 0.05456 0.00095784

r 749.4 767.1 5 8 -0.0309491 7

48
 0.65481397 0.21822423
Total 9 2

Standard Deviation 0.134853

AUROBINDO PHARMA RETURNS FOR THE YEAR 2019

(Deviation)
2
Month Start End Returns Avg.Ret Deviation

- - 0.00407767
January 715 633.95 0.11335664 -0.0495 0.06385664 1

0.01397490 0.06347490 0.00402906

February 629.7 638.5 9 -0.0495 9 4

- 0.03851533 0.00148343
March 632.7 625.75 0.01098467 -0.0495 1 1

0.20170817 0.25120817 0.06310554

April 626.4 752.75 4 -0.0495 4 7

0.07160122 0.12110122 0.01466550

May 765.35 820.15 8 -0.0495 8 7

- - 0.00081159
June 870 802.15 0.07798851 -0.0495 0.02848851 5

- - 0.19349929
July 803.15 410.1 0.48938554 -0.0495 0.43988554 2

0.01578947 0.06528947 0.00426271

August 418 424.6 4 -0.0495 4 5

Septembe 0.00023886 0.04973886 0.00247395

r 418.65 418.75 3 -0.0495 3 4

49
 - - 0.06919987
October 426 292.85 0.31255869 -0.0495 0.26305869 2

Novembe 0.02585616 0.07535616 0.00567855

r 292 299.55 4 -0.0495 4 2

Decembe 0.08150213 0.13100213 0.01716155

r 304.9 329.75 2 -0.0495 2 9

0.38044875
Total -0.5936031 9

Standard Deviation 0.1780563

LUPIN RETURNS FOR THE YEAR 2019

(Deviation)
2
Month Start End Returns Avg.Ret Deviation

- - 0.00762282
January 1372 1320.8 0.03731778 0.049991 0.08730878 4

February 1315 1403.85 0.06756654 0.049991 0.01757554 0.0003089

0.09064981 0.04065881
March 1385 1510.55 9 0.049991 9 0.00165314

0.08927631 0.03928531 0.00154333

April 1520 1655.7 6 0.049991 6 6

0.27851964 0.22852864 0.05222534

May 1703.65 2178.15 9 0.049991 9 3

50
 - 0.00030469
June 2134.6 2204.05 0.03253537 0.049991 0.01745563 9

0.00058322 - 0.00244112
July 2229 2230.3 1 0.049991 0.04940778 9

0.02644444 -
August 2250 2309.5 4 0.049991 0.02354656 0.00055444

Septembe - 0.00209246
r 2319 2328.85 0.00424752 0.049991 0.04574348 6

- - 0.00742168
October 2301 2217.8 0.03615819 0.049991 0.08614919 3

Novembe 0.01529446 -
r 2209.95 2243.75 4 0.049991 0.03469654 0.00120385

0.06825202 0.01826102 0.00033346

December 2249.75 2403.3 8 0.049991 8 5

0.59989339 0.07770527
Total 5 4

Standard Deviation 0.08047

CIPLA RETURNS FOR THE YEAR 2019

Month Start End Returns Avg.Ret Deviation (Deviation)2

January 187 191.95 0.026470588 0.05324 -0.02676941 0.000716601

February 192 191.5 -0.00260417 0.05324 -0.05584417 0.003118571

March 188 220.05 0.170478723 0.05324 0.117238723 0.013744918

April 218.5 240.75 0.101830664 0.05324 0.048590664 0.002361053

May 243.05 222.8 -0.08331619 0.05324 -0.13655619 0.018647593

June 225 253.35 0.126 0.05324 0.07276 0.005294018

July 253.35 275.05 0.08565226 0.05324 0.03241226 0.001050555

51
August 277 270.85 -0.02220217 0.05324 -0.07544217 0.00569152

September 271 279.9 0.032841328 0.05324 -0.02039867 0.000416106

October 283 287.1 0.014487633 0.05324 -0.03875237 0.001501746

November 284.2 320 0.125967628 0.05324 0.072727628 0.005289308

December 315.1 335.05 0.063313234 0.05324 0.010073234 0.00010147

Total 0.638919535 0.057933459

Standard Deviation 0.0694823

SUN PHARMA RETURNS FOR THE YEAR 2019

(Deviation)
2
Month Start End Returns Avg.Ret Deviation

- - 0.01381411
January 116.5 116.1 0.00343348 0.1141 0.11753348 8

- - 0.04520535
February 111.15 100.2 0.09851552 0.1141 0.21261552 9

0.04132653 - 0.00529597
March 98 102.05 1 0.1141 0.07277347 8

0.29139731 0.17729731 0.03143433

April 100.55 129.85 5 0.1141 5 8

52
 0.02700677
May 130.55 166.9 0.27843738 0.1141 0.16433738 5

0.08110465 - 0.00108869
June 172 185.95 1 0.1141 0.03299535 3

0.29569892 0.18159892 0.03297816

July 186 241 5 0.1141 5 9

0.23966942 0.12556942
August 242 300 1 0.1141 1 0.01576768

Septembe 0.13979933 0.02569933 0.00066045

r 299 340.8 1 0.1141 1 6

- - 0.04780002
October 342 306.25 0.10453216 0.1141 0.21863216 3

Novembe 0.11438016 0.00028016 7.84926E-

r 302.5 337.1 5 0.1141 5 08

Decembe 0.09369024 - 0.00041655

r 339.95 371.8 9 0.1141 0.02040975 8

1.36902280 0.22146822
Total 8 5

Standard Deviation 0.1358517

RANBAXY LABORATORIES RETURNS FOR THE YEAR 2019

Month Start End Returns Avg.Ret Deviation (Deviation)2

January 1116 1306.65 0.170833333 0.1459 0.024933333 0.000621671

February 1292 1231.25 -0.04702015 0.1459 -0.19292015 0.037218174

March 1218 1323.9 0.086945813 0.1459 -0.05895419 0.003475596

April 1331.15 1509.25 0.133794088 0.1459 -0.01210591 0.000146553

May 1520.1 1605.1 0.055917374 0.1459 -0.08998263 0.008096873

June 1615.35 1776.5 0.099761662 0.1459 -0.04613834 0.002128746

53
July 1770.55 2064.35 0.165937138 0.1459 0.020037138 0.000401487

August 2064 2131.15 0.032533915 0.1459 -0.11336609 0.012851869

September 2139.95 2306.4 0.077782191 0.1459 -0.06811781 0.004640036

October 2330 2206.2 -0.05313305 0.1459 -0.19903305 0.039614154

November 2203 2379.35 0.080049932 0.1459 -0.06585007 0.004336231

December 2427 2601.1 0.071734652 0.1459 -0.07416535 0.005500499

Total 0.875136926 0.11903189

Standard Deviation 0.09959580

BIOCON PHARMA RETURNS FOR THE YEAR2019

(Deviation)
2
Month Start End Returns Avg.Ret Deviation

0.09510869 0.00052355
January 276 302.25 6 0.11799 -0.0228813 4

0.05661016 - 0.00376748
February 295 311.7 9 0.11799 0.06137983 4

0.25786885 0.13987885 0.01956609

March 305 383.65 2 0.11799 2 3

0.26789658 0.14990658 0.02247198

April 384.85 487.95 3 0.11799 3 4

0.33512974 0.21713974 0.04714966

May 501 668.9 1 0.11799 1 7

54
 0.02559347 - 0.00853711
June 674 691.25 2 0.11799 0.09239653 8

0.22949763 0.11150763 0.01243395

July 698.7 859.05 8 0.11799 8 3

- - 0.01764093
August 876.65 863.65 0.01482918 0.11799 0.13281918 4

Septembe 0.02098144 -
r 865.05 883.2 6 0.11799 0.09700855 0.00941066

0.03357623 - 0.00712568
October 892 921.95 3 0.11799 0.08441377 4

Novembe 0.10682795 - 0.00012459

r 930 1029.35 7 0.11799 0.01116204 1

0.00171455 -
December 1079 1080.85 1 0.11799 0.11627545 0.01351998

1.41597615 0.16227170
Total 9 3

Standard Deviation 0.11628689

GLENMARK PHARMA RETURNS FOR THE YEAR 2019

Avg.R (Deviatio
Month Start End Returns et Deviation n)2

-
654.9 0.018065 0.638 0.620694 0.3852610
January 667 5 97 76 033 83

55
Februar 0.062586 0.638 0.701346 0.4918869
y 650.3 691 499 76 499 11

664.0 0.174911 0.638 0.813671 0.6620613

March 5 780.2 528 76 528 55

864.7 0.108653 0.638 0.747413 0.5586274

April 780 5 846 76 846 57

1169. 0.301045 0.638 0.939805 0.8832352

May 898.7 25 955 76 955 34

-
1171. 1069. 0.086926 0.638 0.551833 0.3045198
June 1 3 82 76 179 58

1065. 1164. 0.092799 0.638 0.731559 0.5351792

July 2 05 474 76 474 64

1185. 0.017596 0.638 0.656356 0.4308039

August 1165 5 567 76 567 42

-
Septem 1175. 0.003019 0.638 0.635740 0.4041655
ber 55 1172 86 76 137 22

-
1175. 1131. 0.037134 0.638 0.601625 0.3619529
October 45 8 71 76 286 84

Novemb 1144. 1199. 0.047908 0.638 0.686668 0.4715130

er 9 75 114 76 114 99

-
Decemb 0.021594 0.638 0.617165 0.3808930
er 1204 1178 68 76 316 27

5.8700997
Total 0.63876 36

56
 0.6994104
Standard Deviation 5

IPCA LABORATORIES RETURNS FOR THE YEAR 2019

Avg.R (Deviatio
Month Start End Returns et Deviation n)2

0.0674193 0.0072 0.0601893 0.0036227

January 1240 1323.6 55 3 55 58

- -
Februar 1266.0 0.0185658 0.0072 0.0257958 0.0006654
y 1290 5 9 3 9 28

1524.7 0.2409457 0.0072 0.2337157 0.0546230

March 1228.7 5 15 3 15 35

1806.2 0.1859816 0.0072 0.1787516 0.0319521

April 1523 5 15 3 15 4

0.0072 0.0484706
May 1851 2271.9 0.2273906 3 0.2201906 9

- -
0.1315879 0.0072 0.1388179 0.0192704
June 2330 2023.4 8 3 8 32

- -
0.0367013 0.0072 0.0439313 0.0019299
July 2029.9 1955.4 2 3 2 6

57
 2015 . 0.0183859 0.0072 0.0111559 0.0001244
August 1968.9 1 01 3 01 54

Septemb 2201.6 0.0873419 0.0072 0.0801119 0.0064179

er 2024.8 5 6 3 6 26

- -
1931.1 0.1221646 0.0072 0.1293946 0.0167429
October 2199.9 5 4 3 4 74

- -
Novemb 1920.0 0.4461081 0.0072 0.4533381
er 5 1063.5 7 3 7 0.2055155

Decemb 1090.5 0.0144651 0.0072 0.0072351 5.23469E-

er 1075 5 16 3 16 05

0.0868022 0.3893876
Total 54 46

Standard Deviation 0.180136

ASTRAZENECA RETURNS FOR THE YEAR 2019

(Deviation)
2
Month Start End Returns Avg.Ret Deviation

- - 0.54839314
January 175 53.85 0.69228571 0.04825 0.74053571 4

- - 0.08787182
February 55 41.35 0.24818182 0.04825 0.29643182 3

- - 0.02060491
March 42.5 38.45 0.09529412 0.04825 0.14354412 4

58
 0.20184043 0.15329043 0.02349795
April 38.95 46.8 6 0.04825 6 8

0.12910052 0.08085052 0.00653680

May 47.25 53.35 9 0.04825 9 8

0.30514705 0.25689705 0.06599609

June 54.4 71 9 0.04825 9 9

0.17683869
July 71.25 104.65 0.46877193 0.04825 0.42052193 3

0.17596153 0.12771153 0.01631023

August 104 122.3 8 0.04825 8 7

Septembe - - 0.00626780
r 122.9 119.1 0.03091945 0.04825 0.07916945 1

- - 0.03588238
October 119 102.2 0.14117647 0.04825 0.18942647 8

Novembe - - 0.02287204
r 100.5 90.15 0.10298507 0.04825 0.15123507 8

0.07857142 0.03032142 0.00091938

December 91 98.15 9 0.04825 9 9

0.04825027 1.01199130
Total 9 2

Standard Deviation 0.29040077

TABLE-1

59
SELECTED COMPANIES AVG RISK & AVG RETURN FOR THE YEAR 2015

S.No. Name of the company Avg.Returns Avg.Risk

1 DR. REDDY’S 0.046 0.077
2 AUROBINDO PHARMA 0.050 0.108
3 LUPIN 0.024 0.114
4 CIPLA -0.037 0.264
5 SUN PHARMA 0.003 0.069
6 RANBAXY LABORATORIES 0.023 0.063
7 BIOCON PHARMA 0.020 0.055
8 GLENMARK PHARMA -0.001 0.086
9 IPCA LABORATORIES 0.006 0.157
10 ASTRAZENECA 0.013 0.085

INTERPRETATION:

CIPLA is loss and threat is greater, DR. REDDY'S is displaying less hazard compared to other
businesses in 2015

TABLE-2

SELECTED COMPANIES AVG. RISK & AVG. RETURNS

60
FOR THE YEAR 2016

S.No. Name of the company Avg.Returns Avg.Risk

1 DR. REDDY’S 0.055 0.089
2 AUROBINDO PHARMA 0.006 0.093
3 LUPIN 0.049 0.113
4 CIPLA 0.049 0.128
5 SUN PHARMA 0.037 0.096
6 RANBAXY LABORATORIES 0.029 0.077
7 BIOCON PHARMA 0.044 0.110
8 GLENMARK PHARMA 0.030 0.080
9 IPCA LABORATORIES 0.004 0.087
10 ASTRAZENECA 0.048 0.048

INTERPRETATION:

DR. REDDY'S earned greater returns than other organizations and chance is less compared to
other corporations within the year 2016.

TABLE-3

SELECTED COMPANIES AVG. RISK & AVG. RETURN

61
FOR THE YEAR 2017

S.No. Name of the company Avg.Returns Avg.Risk

1 DR. REDDY’S 0.057 0.150
2 AUROBINDO PHARMA 0.004 0.054
3 LUPIN 0.035 0.108
4 CIPLA -0.010 0.208
5 SUN PHARMA 0.018 0.089
6 RANBAXY LABORATORIES 0.022 0.177
7 BIOCON PHARMA 0.047 0.059
8 GLENMARK PHARMA -0.009 0.113
9 IPCA LABORATORIES -0.006 0.073
10 ASTRAZENECA -0.022 0.150

INTERPRETATION:

ASTRAZENECA, loss chance is greater. CIPLA, GLENMARK PHARMA and CIPLA

additionally earned loss and danger is excessive. DR. REDDY'S returns are high evaluated to
different organizations in the 12 months 2016.

TABLE-4

SELECTED COMPANIES AVG. RISK & AVG. RETURN

FOR THE YEAR 2018

62
 S.No. Name of the company Avg.Returns Avg.Risk
1 DR. REDDY’S -0.028 0.239
2 AUROBINDO PHARMA 0.050 0.044
3 LUPIN 0.043 0.191
4 CIPLA -0.014 0.072
5 SUN PHARMA -0.032 0.171
RANBAXY
6 LABORATORIES -0.021 0.065
7 BIOCON PHARMA -0.003 0.066
8 GLENMARK PHARMA 0.035 0.102
9 IPCA LABORATORIES 0.128 0.177
10 ASTRAZENECA -0.010 0.089

INTERPRETATION:

DR. REDDY’S, HCL earned extra loss CIPLA, RANBAXY LABORATORIES,

ASTRAZENECA, and BIOCON PHARMA also earned loss chance is excessive. RANBAXY
earned excessive returns and risk is much less examine to different groups in the yr 2018

TABLE-5

SELECTED COMPANIES AVG. RISK & AVG. RETURN

FOR THE YEAR 2019

63
 S.No. Name of the company Avg.Returns Avg.Risk
1 DR. REDDY’S 0.055 0.13485
2 AUROBINDO PHARMA -0.050 0.17806
3 LUPIN 0.050 0.08047
4 CIPLA 0.053 0.06948
5 SUN PHARMA 0.114 0.13585
RANBAXY
6 LABORATORIES 0.146 0.09959
7 BIOCON PHARMA 0.118 0.11629
8 GLENMARK PHARMA 0.639 0.69941
9 IPCA LABORATORIES 0.007 0.18014
10 ASTRAZENECA 0.048 0.29041

INTERPRETATION:

DR. REDDY’S, BIOCOPHARMA and RANBAXY LABORATORIES are in large losses.

GLENMARK PHARMA earned excessive returns and threat is much less evaluate to other
groups inside the year 2018.

64
NSE INDEX

Year Avg.Returns Avg.Risk

2015 0.0113 0.1071
2016 0.0256 0.1008
2017 0.0179 0.1287
2018 0.01613 0.1137
2019 0.1041 0.1774

65
 CHAPTER – 5
FINDINGS, SUGGECTIONS & CONCLUSION

FINDINGS

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After the statistics are analyzed the following records have been located.

2015: From chancego back evaluation of 2015, it is observed that the hazard of all groups is

better than their returns, however in contrast returns of DR. REDDY'S and AUROBINDO

PHARMA has higher, whereas CIPLA has poor returns.

2016: From the evaluation, the threat of all groups is better than their returns except for

AstraZeneca. In assessment returns of DR. REDDY’S and LUPIN is higher, RANBAXY

LABORATORIES persevered its poor returns in conjunction with IPCA

LABORATORIESIANCE.

2017: From the evaluation, the DR. REDDY'S is appearing higher than different groups. This

year’s maximum of the organizations has negative returns. AstraZeneca, in particular, has terrible

returns and better threat that is due to AstraZeneca.

2018: From the analysis, AUROBINDO PHARMA is acting better observed using IPCA

LABORATORIESIANCE industries. In this 12 months overall software program industry is not

doing properly because of monetary disaster in the united states, accompanied by the excessive

inflation rate. In this yr PHARMA enterprise is appearing higher while in comparison to other

industries.

2019: From the analysis, overall software program enterprise having started recovering, so their

stocks had been going alongside their threat. This 12 months turned into true as all of the

agencies are doing well.

SUGGESTIONS

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After looking at the statistics located out after the analysis and interpretations the following hints

are made to the traders.

1. While theres more chance, the go back will also be highs however this does not hold in

all conditions mainly in the case of monetary disaster.

2. As the world financial system is stimulated by using the US economic system, the worst

scenario folks economic system is influencing the other countrys stock markets.

3. The feelings and emotions occasionally play a critical role in causing fluctuations within

the stock markets. Consequently, it is not useful to make investments in the time of crisis.

4. While markets are sliding down steeply, the buyers will no longer be blanketed towards

the danger of funding. Therefore, it isnot always really useful to invest when the markets are

very volatile.

5. Constantly its miles felt that market position never remains for a long time. In this opinion

Bullish and Bearish markets give up after some time. Therefore, you will invest the time of

Bearish and shortly once they reach bullish fashion, they can promote them off.

CONCLUSION

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The existing undertaking work has been undertaken to look at the threatgo back pica laboratories

of character securities as well as a nifty index to take a look at whether or not the inventory

prices have any pica laboratories with chance and go back. As this task work is done with the aid

of analyzing 15 man or woman shares of the nifty and nifty index, there are tons of scope for the

evaluation, interpretation and conclusion.

Because the economy is fluctuations very badly, the inventory expenses are tormented by those

fluctuations and the marketplace has ended up so volatile. In this situation buyers ought to be

very careful. The firm which is dealing with the trading of share market needs to be warning

enough so that traders won't go through losses.

BIBLIOGRAPHY

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 Investing management

- By Putih Sing.

 Security analysis and portfolio management

- By Punithvathy Pandiyam

 NSEindia.com

 Investopedia.com

 Glossary.reuters.com

 Capitalmarket.com

 Answers.com

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