ACKNOWLEDGEMENT

It gives me great satisfaction on completion of Summer Internship Projects entitled “Hedging Risk through Derivatives” and “Equity Analysis”. On the submission of my project report I would like to express my sincere gratitude to my guide Prof. Parvaiz Talib (Training Advisor) for mentoring me and taking active interest throughout the project and for sharing his insights on the topics and for being a constant source of inspiration & courage during the entire project work. He was always available, correcting mistakes, intelligently directing me to proper sources of information advising to aim for simplicity, brevity, clarity and accuracy. I would like to give special thanks to all faculty staff and I would also like express my sincere gratitude to Prof. Javed Akhtar (Dean Faculty), Prof. Khalid Azam (Chairman), Prof. Valeed Ahmad Ansari, Faculty of Management Studies & Research, AMU. I am indeed thankful to them for their valuable guidance.

I would also like to express my special thanks to the Mr. Mahesh C. Gupta (Chairman), Mr. Suman (Company Secretary), SMC Global Securities Limited and Mr. Naresh Gogia (Branch Head-Corporate Client Group) for appointing me as project trainee and for his help & co-operation during the Project work.

I would like to thank the entire team of SMC Global Securities Limited, for sharing their immense experience and extending their support in carrying out this project work. I am greatly acknowledged for their kind help.

Gulzar Siraj Signatures:

Certificate

PREFACE
As a part of MBF program, a student has pursued a project duly approved by the director of the institute. I had the privilege of undertaking projects on “Hedging Risk through Derivatives” and “Equity Research”.

My project is divided into five chapters and they are given as under.

1. Chapter one of this study contains, concept of Financial Market. It discuss about the introduction of the financial market and basic terminology of financial market. It also discuss about Capital Markets. 2. Chapter two deals with the review of “Hedging Risk through Derivatives”, as derivatives are the instruments which are generally used for hedging by an investor.

3. Chapter three deals with Different type of Derivatives Instruments wiz. Future trading & Option trading. It also discusses the about the trading strategy by the help of examples.

4. Chapter four deals with the Analysis and Interpretation of Derivative Instruments and how they are used to hedge risk. Chapter four also includes the equity analysis. In this part fundamental and technical analysis of five equity shares has been done.

5. Chapter deals with the summary of major findings, discussion of results, suggestion and limitations of the study.

Signature.......................................... Name............................................... Enrolment No...................................

110002 Company Guide : Dealing Head. CCG Topic : “Equity Research and Hedging Risk through Derivatives” Duration : 8 Weeks (May 28. Pusa Road Karol Bagh. Address : 11\6B. AMU.EXECUTIVE SYNOPSIS Trainee : Gulzar Siraj Organization : SMC Global Securities Limited Educational Institute : Master of business Administration (MBA) 2009-11 FMSR. New Delhi . 2010) . 2010–July 27.

which I have tried to put across. The second part of the project deals with Equity Analysis work which is Project II. It also explains about the different stock markets working in India and about their different Indices. Pusa Road. The entire work has not been done till date. includes both fundamental analysis and technical analysis. Quarterly results and daily news.Executive Summary This project had been initiated for the purpose of acquainting me with. It‘s about the ways in which investors can invest in stock market. Application of these ways to analyze stocks is yet to be done. This work is a detailed study of stock market and stocks. I have carried out two projects in my summer training. right from the basics of the financial terminology used in the stock markets. This risk arises due to number of reasons. The focus in this project is on Hedging Risk through Derivatives and Equity Analysis. . The first half of the project which contains Project “Hedging Risk through Derivatives” examines the working of a stock market and the role of the Regulatory Authority in maintaining the proper working of stock markets and how one can hedge risk using derivative instruments. All this has been done with the help of Annual report. Karol Bagh (New Delhi). it‘s in progress. All these calculations give a better insight to my work. The initial phase of the document explains what I have understood about the functioning of stock market. Second part of project is as important as Project I. further up to gaining in depth knowledge of all the issues concerning the management of various risks faced by Investors and brokerage companies. The project had been carried out at SMC Global Securities Limited. I have tried to explain the entire cash and derivative market in detail with the help of live examples. The project is divided into two parts. because whole project contains the work which is carried out by me in these two months of summer training and I am glad to present it in my summer training project.

COMPANY PROFILE  Company Profile  Vision & Approach  Product and Services  Achievements by SMC 15 16 18 19 21 III. INTRODUCTION  Introduction  Introduction of Stock Market  Understanding of Stock Market Risk 1 2 4 13 II. ACKNOWLEDGEMENT I. REVIW OF LITERATURE RESEARCH METHODOLOGY  Research Objectives  Research Design  Data Collection Method  Sampling Technique 23 26 27 28 28 28 . IV.TABLE OF CONTENTS CHAPTER DESCRIPTION PAGE NO.

THEORITICAL BACKGROUND OF EQUITY ANALYSIS  Equity Analysis Tools  Fundamental Analysis  Technical Analysis 29 30 31 39 VI.V. ANALYSIS AND INTERPRETATION  Virtual Future Trading  Virtual Option Trading  Technical Analysis of Shares by Charts  Fundamental Analysis of Shares 54 55 63 66 81 VII. CONCLUSION & SUGGESTIONS  Conclusion  Suggestion & Recommendation  Limitation 104 110 113 114 REFERENCES & BIBLIOGRAPHY ANNEXURES 115 118 .

5 RELAINCE INDUSTRIAL INFRASTRUCTURE LTD.3 DLF INDIA LTD.2.2.3 JP ASSOCIATE LIMITED 3. VIRTUAL OPTION TRADING: 2.2. 1.1 NIFTY 1. 55 55 56 57 58 59 60 61 63 63 64 81 81 82 83 83 88 93 98 103 .1.5 JP ASSOCIATE LTD. 1.2 REPORT CARD 3. 2.2 ANALYSIS 3.6 UNITECH LTD. Page No.1 NIFTY 2.2.1 DLF INDIA LIMITED 3.2 GMR IFRASTRUCTURE LIMITED 3.2 FUNDAMENTAL ANALYSIS 3. EQUTIY RESEARCH: 3.1. VIRTUAL FUTURE TRADING: 1.2 CNX IFRASTRUCTURE 1.1 COMPANY‘S BASIC INFORMATION 3.7 RELAINCE INDUSTRIAL INFRASTRUCTURE LTD.Table of Content (Tables): 1.4 UNITECH LIMITED 3.2. 1.1 FUNDAMENTAL ANALYSIS 3.4 GMR INFRASTRUCTURE LTD. 1.

1.8 WILLIAMS’ %R TREND 1.2 GMR INFRASTRUCTURE LIMITED 2. TECHNICAL ANALYSIS BY CHARTS 2.6 CENTER LINE CROSSOVER (RSI) 1. LIMITED 66 67 70 72 75 78 .1.1.5 RELAINCE IND.1.1 DLF INDIA LIMITED 2.7 WILLIAMS’ %R INDICATOR 1.5 BEARISH CENTERLINE CROSSOVER (MACD) 1. INFRA.1 POSITIVE DIVERGENCE (MACD) 1. 29 41 42 42 43 44 45 49 50 51 52 2. EQUITY RESEARCH 1.1.1.1.1 TECHNICAL INDICATORS 1.Table of Content (Charts): 1.9 EASE OF MOVEMENT (EXAMPLE) Page No.4 BEARISH MOVING AVERAGE CROSSOVER 1.2 BULLISH MOVING AVERAGE CROSSOVER 1.1.1.4 UNITECH LIMITED 2.3 JP ASSOCIATE LIMITED 2.3 BULLISH CENTERLINE CROSSOVER (MACD) 1.

CHAPTER .ONE INTRODUCTION .

For speculators it can be risky. apart from that value at risk is another factor that helps one in making decisions. I have tried to show all combinations that can be used for analyzing the equity.INTRODUCTION The time one talks about stock market. They are the speculators. price to sales. and market trend came unexpectedly. Investor can surely take out profit from market very easily by just Analyzing the current situation through Fundamental and Technical Analysis. it was a slow moving market.com and www. So it's high time when everybody should look at trend of the markets and stocks. NSE‘s site www. Initially I have tried to show how people suffer losses and make gains in the absence of analysis and then come understanding those strategies that would help one to gain profit. The future prospects of a company can also seen using this analysis. Hedgers always keep risk involved in mind and try to minimize it using different strategies.nseindia. It also has detailed study of some companies that would help one to compare those companies and decide which is better to invest in.icharts. Stocks are just like gamble for those who don‘t know how to invest.in proved . price to operating profits. who mostly lose the most.com. For this some ratios like PE ratio. another word also clicks and that is risk. If I talk about wise people these are always hedgers. One can hedge risk using derivative instruments whether using future trading or option trading. The market behaves differently to different people. EPS will be used. It helps one to take out his money with sufficient if not unlimited profits.moneycontrol. When I started to learn Equity Analysis at that time the stock market was going through its Fluctuating phase. For my understanding I referred to a book Fundamental and Technical Analysis of Equity Shares. This was that book that actually helps me understanding the analysis Part. People have lost their millions in this stock market. For all the data collection www.

The following work is the detailed explanation of my work. The only limitation of this project is that in initial phases I have chosen companies of Infrastructure sector. I have tried to cover everything but due to time constraint I have to limit its study. And I have not been able to keep a track of all those companies because Infrastructure sector is a toughest sector as far as equity analysis is concerned.  It's was really not possible to analyze 30 of companies. But before I give all the details it's important to know what are stocks. And then it shifts to its major focus risk with each step I have understood it better. There are two reasons for this. . The companies I have decided to choose for analysis are some top notch companies though there are some midcaps too but they are very few and banking sector has lot more things to do in equity analysis. The project begins with stock market its scenario and gives explanation why people prefer investing in Indian markets.  Derivatives and Analysis are huge project to understand. This may be a major limitation of this project.to be a great help for me. It helps me track all the historic information about companies and to track the current trends of the market and stocks.

options and futures. Stock exchanges. bonds. interested investors can become part-owners of the company by buying ‗shares‘. The company issues a prospectus. Intro to stock market includes working of stock market. financial sector of India. The first function is to provide companies with a way of issuing shares to people who want to invest in the company. This can be illustrated by an example: Suppose a company has a mining lease over an area with some rich ore deposits. If the company operates at a profit. One way to raise money is through the stock market. Companies that have shares traded OTC are usually smaller and riskier because they do not meet the requirements to be listed on a stock exchange. it is referred to as "listed". which is a sort of advertisement informing people about the prospects of the company and inviting them to invest some money in it. To buy the equipment it needs money.g. if the price of the product dips). If a particular company is traded on an exchange. Stock Market A stock market (also known as a stock exchange) has two main functions. It wants to exploit these deposits. related to the first.INTRODUCTION TO STOCK MARKET Before Moving to stock market‘s derivative segment we need to understand the basics of stock market. the shareholders will probably lose money. and commodities are traded. but it doesn‘t have any equipment. or association which hosts a market where stocks. On the other hand. Exchanges impose rules and regulations on the firms and brokers that are involved with them. Buyers and sellers come together to trade during specific hours on business days. and through growth in the value of the shares. When the company is ‗floated‘ (established) on the stock market. shareholders benefit in two ways – through the issuing of dividends in the form of cash or more shares. The second function of the stock market. After that we can easily understand the concept of derivatives segment. etc. Companies that are not listed on a stock exchange are sold OTC (short for Over-The-Counter). organization. . is to provide a venue for the buying and selling of shares.. Stock Exchange An exchange is an institution. if the company does not operate at a profit (e.

most shares have a face value (i. Most trading is done in the secondary market. So. mutual funds. A share is issued by a company or can be purchased from the stock market. However.What Is A Share? In finance a share is a unit of account for various financial instruments including stocks. The difference between the offer price and the face value is called the premium. where previously issued securities are bought and sold. Secondary Market The market where securities are traded after they are initially offered in the primary market is known as secondary market. PRIMARY AND SECONDARY MARKETS There are two ways for investors to get shares from the primary and secondary markets. limited partnerships. which entitles its holder to be one of the owners of the company.e. a share or stock is a document solely to stocks is so common that it almost replaces the word stock itself. Primary Market It is a Market for new issues of securities. your return is the dividend plus the capital gain. In simple Words. securities are bought by way of public issue directly from the company. you also run a risk of making a capital loss if you have sold the share at a price below your buying price. By owning a share you can earn a portion in the firm and by selling shares you get capital gain. A company‘s aim is to raise money and simultaneously serve the equity capital. Companies can offer a share with a face value of Rs. In a buoyant stock market when good . It is issued by a company. Generally. A market is primary if the proceeds of sales go to the issuer of the securities sold. In primary markets.10 to the public at a higher price. Thus the companies seek to make premium issues.10 though not always offered to the public at this price. As far as accounting is concerned. as distinguished from the Secondary Market. bonds. In Secondary market share are traded between two investors. premium is credited to reserves and surplus and it does not increase the equity. the value as in a balance sheet) of Rs.

Most investors adopt a ―buy and hold‖ approach to assets. or sometimes seconds. on the other hand. companies realize that it‘s easy to command a high premium. which simply means they buy shares of some company and hold onto them for a long time. The biggest difference between them is the length of time you hold onto the assets. The amount of time an active trader holds onto an asset is very short: in many cases minutes.shares trade at very high prices. Initial Public Offerings: Corporate may raise capital in the primary market by way of an initial public offer. Traders. An investor relies mostly on Fundamental Analysis. counting on that historical rise in market equity. this percentage would be 90 and 10 respectively. This Initial Public Offering can be made through the fixed price method. In case the issuer chooses to issue securities through the book building route then as per SEBI guidelines. This approach can be dangerous. rights issue or private placement. An investor is more interested in the long-term appreciation of his assets. you can make a comfortable living as a Trader. which is the analytical method of predicting long-term prospects of a particular asset. are attempting to profit on just those short-term price fluctuations. in an extremely volatile market such as today‘s BSE or NSE Indexes Show. even devastating. What most investors need to remember is this: investing is not about weathering storms with your ―beloved‖ company – it‘s about making money. because he‘ll ride them out over the long haul. book building method or a combination of both. If you can catch just two index points on an average day.  Under the 90% scheme. An Initial Public Offer (IPO) is the selling of securities to the public in the primary market. an issuer company can issue securities in the following manner:  100% of the net offer to the public through the book building route. He‘s not generally concerned about short-term fluctuations in prices.  75% of the net offer to the public through the book building process and 25% through the fixed price portion. .

Paradoxically this is a positive outcome of the Securities Scam of 1990-91. merchant bankers. Since its inception SEBI has been working targeting the securities and is attending to the fulfillment of its objectives with commendable zeal and dexterity. prescribed registration norms. margining. bankers to issue. surveillance system etc. the eligibility criteria. In place of Government Control. SEBI has introduced the comprehensive regulatory measures. brokers and sub-brokers.  To promote the development of Securities Market. It has framed bye-laws. The improvements in the securities markets like capitalization requirements. and independent powers have been set up. risk identification and risk management systems for Clearing houses of stock exchanges. and was subsequently upgraded as a fully autonomous body (a statutory Board) in the year 1992 with the passing of the Securities and Exchange Board of India Act (SEBI Act) on 30th January 1992.  To regulate the securities market and  For matters connected therewith or incidental thereto. the code of obligations and the code of conduct for different intermediaries like. registrars. to cover both development & regulation of the market.SEBI (Securities and Exchange Board of India) In 1988 the Securities and Exchange Board of India (SEBI) was established by the Government of India through an executive resolution. establishment of clearing corporations etc. credit rating agencies. portfolio managers. . which has made dealing in securities both safe and transparent to the end investor. reduced the risk of credit and also reduced the market. The basic objectives of the Board were identified as:  To protect the interests of investors in securities. statutory and autonomous regulatory boards with defined responsibilities. underwriters and others.

making it the second largest stock exchange in South Asia. the NSE VSAT terminals. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. it was recognized as a stock exchange under the Securities Contracts (Regulation) Act. It is the large stock exchange in India in terms daily turnover and number of trades. cover more than 1500 cities across India. NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India and between them are responsible for the vast majority of share transactions. 1956. In October 2007. 2799 in total. and was incorporated in November 1992 as a tax-paying company. The National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India.  It can be used for passive fund management as in case of Index Funds. is a Mumbai-based stock exchange.6%. It is the second fastest growing stock exchange in the world with a recorded growth of 16. Though a number of other exchanges exist.46 trillion.Another significant event is the approval of trading in stock indices (like S&P CNX Nifty & Sensex) in 2000. A market Index is a convenient and effective product because of the following reasons:  It acts as a barometer for market behavior. NSE commenced operations in the Wholesale Debt Market (WDM) .  It is used to benchmark portfolio performance. NSE is mutually-owned by a set of leading financial institutions. As of 2006. NSE (National Stock Exchange): The National Stock Exchange of India Limited (NSE). insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. In April 1993.  It is used in derivative instruments like index futures and index options. the equity market capitalization of the companies listed on the NSE was US$ 1. banks. for both equities and derivative trading.

It is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulation) Act. it was established as "The Native Share & Stock Brokers Association" in 1875. The Capital Market (Equities) segment of the NSE commenced operations in November 1994. NSE has the following major segments of the capital market:     Equity Futures and Options Retail Debt Market Wholesale Debt Market NSE Indices       S&P CNX Nifty CNX Nifty Junior CNX IT Bank Nifty Mini nifty CNX 100 CNX Midcap BSE (Bombay Stock Exchange): Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich heritage.segment in June 1994. 1956.The Exchange's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized and its index. Popularly known as "BSE". is tracked worldwide. Earlier an Association of Persons (AOP). while operations in the Derivatives segment commenced in June 2000. the Exchange is now a demutualised and corporatized entity incorporated under the . SENSEX. Markets Currently.

There are around 3. In terms of organization structure. debt instruments and derivatives. Bombay Stock Exchange is the largest. The BSE accounts for over two thirds of the total trading volume in the country. the trading rights and ownership rights have been de-linked effectively addressing concerns regarding perceived and real conflicts of interest. with over 6. giving it one of the highest per hour rates of trading in the world.000 deals are executed on a daily basis. The Exchange is professionally managed under the overall direction of the Board of Directors. The BSE `Sensex' is a widely used market index for the BSE.500 companies in the country which are listed and have a serious trading volume. Of the 22 stock exchanges in the country. . The surveillance and clearing & settlement functions of the Exchange are ISO 9001:2000 certified. 1956. During the year 2004-2005. The Exchange provides an efficient and transparent market for trading in equity.provisions of the Companies Act. The BSE's On Line Trading System (BOLT) is a proprietary system of the Exchange and is BS 7799-2-2002 certified. The Exchange has a nation-wide reach with a presence in 417 cities and towns of India. The Board comprises eminent professionals. 2005 notified by the Securities and Exchange Board of India (SEBI). the Board formulates larger policy issues and exercises overall control. Mumbai's (earlier known as Bombay). pursuant to the BSE (Corporatization and Demutualization) Scheme. The committees constituted by the Board are broad-based.000 stocks listed. representatives of Trading Members and the Managing Director of the Exchange. The day-to-day operations of the Exchange are managed by the Managing Director and a management team of professionals. Approximately 70. The systems and processes of the Exchange are designed to safeguard market integrity and enhance transparency in operations. With demutualization. The Board is inclusive and is designed to benefit from the participation of market intermediaries.5 trillion. the trading volumes on the Exchange showed robust growth. The market capitalization of the BSE is Rs.

Nowadays. make cheque payments etc. If you wish to have securities in demat mode. 200 of GMR Infra and 100 of RIL. Let's say your portfolio of shares looks like this: 150 of DLF. forged or stolen. to open your demat account. They are all held electronically in your account. 50 of Axis Bank. As you buy and sell the shares. BSE uses other stock indices as well:            BSE 100 BSE 200 BSE PSU BSE MIDCAP BSE SMLCAP BSE BANKEX BSE CAPITAL GOODS BSE AUTO BSE DOLLEX 200 BSE REALTY BSE TECH Demat Form of Shares: There are two forms of shares physical or dematerialized (demat) shares. you need to indicate the name of the depository and also of the depository participant with whom you have depository account in your application. they are . You have to approach the DPs (they are like bank branches).Other Indices Apart from BSE SENSEX. which is the most popular stock index in India. Though the company is under obligation to offer the securities in both physical and demat mode. however desirable that you hold securities in demat form as physical securities carry the risk of being fake. you need to open a demat account if you want to buy or sell stocks So it is just like a bank account where actual money is replaced by shares. you have the choice to receive the securities in either mode. All these will show in your demat account. So you don't have to possess any physical certificates showing that you own these shares. just as you have to open an account with a bank if you want to save your money. It is.BSE .

practically all trades have to be settled in dematerialized form. Broker can also provides the facility of DP but he need to take a permission of either NSDL or CDSL two DP service provider in India. as are many brokers. Although the market regulator. the Securities and Exchange Board of India (SEBI). Is a demat account a must? Nowadays. Difference between a Broker and a DP: A broker is separate from a DP. A DP will just give you an account to hold those shares in dematerlized form. A broker is a member of the stock exchange. Just like a bank passbook or statement. So a demat account is a must for trading and investing.adjusted in your account. has allowed trades of up to 500 shares to be settled in physical form. nobody wants physical shares any more. Most banks are also DP participants. . the DP will provide you with periodic statements of holdings and transactions. who buys and sells shares on his behalf and on behalf of his clients.

. defined as a persistent increase in prices. This is the first risk many people think of when they think of the stock market. Historically. offsetting most of the returns from investment in cash reserves and bonds. One is to diversify your investments among different kinds of assets: divide your money among fixed-income and growth investments. you can't possibly stay ahead of inflation. It is the specific risk associated with the underlying business of the issuer of a particular stock. If the company's product suddenly loses value. stocks offer a way to help protect your money against inflation risk. or other investment. and can have a very significant affect on the value of an investment. bond. The second way is to steadily invest on a regular basis and ignore market ups and downs and focus on long-term results. Business Risk Business risk is the risk of losing your money in an investment that seemed like a winner but wasn't. Because stocks' real returns are often generally higher than inflation. There are two ways to reduce market risk. for example. the value of your investment declines. but less than half of that of stocks. one needs to understand several different kinds of risk: Market Risk Market risk is the risk associated with fluctuations in stock prices. A good way to reduce inflation risk is to invest in growth assets like stocks. Inflation Risk Inflation. If your principal doesn't grow. is a serious risk for any long-term investor. changes in the outlook for the economy as a whole.1%. Examples include actual or anticipated developments within a particular company or industry. inflation in the United States has averaged 3. or shifts in investor attitude toward the stock market in general. Downward and upward trends in stock prices can occur over short or extended periods.UNDERSTANDING STOCK MARKET RISK As a long term investor. You can reduce business risk by diversifying your investments. Many factors can cause stock prices to fluctuate.

Currency Risk Currency risk is the risk associated with the price fluctuations in the dollar value of international stocks due to changing currency exchange rates. lower the beta of your portfolio. One should not enter into the hedging strategy hoping to make excess profits for sure. it is wise to raise cash. it has a high beta. A portfolio of high beta stocks in a down market can create extreme downward movements. apart from that there are other methods with the help of which risk is minimized. but what the stock is worth in terms of dollars. . The hedged position will make less profit than the no hedged position. the value of any stock held internationally is not what the stock is worth in its domestic market. To an American. while still allowing the business to profit from an investment activity. This is done by hedging funds in market in way that maximizes the returns. Beta This refers to how a stock moves vs. Creating portfolios wisely is another method of risk hedging. Technology generally has a high beta while Utilities have low betas. All above are different types of risks that influence the stock market. A hedge is an investment that is taken out specifically to reduce or cancel out the risk in another investment. If a market is demonstrating extreme risk. while up-markets can cause tremendous performance. After looking at all the risks one thing is very clear that controlling price fluctuations is not in our hand. and even consider some hedging of exposure. If a stock moves more than the market. But one thing has to be kept in mind hedging does not always make money. half the time. If it moves less than the market it has a low beta. The best that can be achieved using hedging is the removal of unwanted exposure. Hedging The word hedge literally means to surround in a way as to provide complete protection. Defining it in simple words ‗Hedging‘ is a strategy designed to minimize exposure to an unwanted risk. Our major job is to maximize our returns keeping all the above risks in mind. the market.

CHAPTER-TWO COMPANY PROFILE .

online trading.500 offices across 700+ cities in the next 3 years. Hyderabad and 3000+ offices across 425+ cities in India.COMPANY PROFILE ABOUT SMC GLOABL SECURITIES It's one of the leading firms in financial services in India.000 satisfied investors. Its products and Services include Institutional and retail brokerage of equity. Existing network includes regional offices at Mumbai. GOI Taxable Bonds. averaging over 3. wealth advisory.000 trades per day. NABARD Bonds and Life and General Insurance. It basically deals in Mutual Fund. The company has expanded internationally and has established office in Dubai Gold and Commodities Exchange (DGCX). depository services. SMC has plans to grow its network to 5. a leading financial services provider in India is a vertically integrated investment solutions company. IPOs and mutual funds distribution. So I would like you to have a look at the profile of the company SMC Global Securities Limited SMC: A ONE STOP INVESTMENT SHOP SMC Group. with a pan-India presence. equity and commodity research. Cochin. Kolkata.50. Over the years.000 employees & one of the largest retail network in India currently serving the financial needs of more than 5. Bangalore. insurance broking. derivatives. SMC is one of the most active trading organizations in India. . SMC has a highly efficient workforce of over 6. Ahmadabad Jaipur. clearing services. Capital Gain Bonds. commodity. Fixed Deposit Schemes.50. investment banking. Portfolio management. currency. Chennai. SMC has expanded its domestic & international operations. I am working for SMC Global Securities Limited which is one of the leading companies of financial services. Currently.

Subhash Chand Agarwal and Mr. with a rich experience of more than 20 years in the capital market. Their exceptional leadership skills. Mahesh Chand Gupta are the visionaries who planted the sapling of the ―Kalpavriksha‖ called SMC. honesty & integrity and nourished it with their rock solid commitment for excellence. To shape their vision into a reality they watered the sapling with their principles of transparency. Subhash C. Professionally Mr."THE STRENGTH OF A TREE IS IN DIRECT PROPORTION TO THE STRENGTH OF ITS ROOTS" Mr. . outstanding commitment and disciplined style of working have fostered SMC into a financial hub. justifying the words that ―the future belongs to those who believe in the beauty of their dreams‖. Agarwal Professionally both are chartered accountants.

convenience and hassle free trading experience. . through superior efficiency and complete transparency. Mahesh C. which has been built over years by giving personalized attention. OUR APPROACH: VALUE FOR INVESTOR‘S TRUST: SMC values the trust reposed in by the clients and committed to uphold it at all cost. PERSONALISZED ATTENTION: The most valued asset is our relationship with the clients. Gupta Vision OUR VISION is to be a global major in providing complete investment solutions.Mr. honesty and transparency are the underlying principles in all our dealings. RESEARCH BASED ADVISORY SERVICES: SMC offers proactive and timely world class research based advice and guidance to its clients to enable them to take informed decisions. is INTEGRITY AND HONESTY: Integrity. NETWORK WHICH WORKS: SMC has a vast network extending to 375+ cities/towns ensuring easy accessibility. with relentless focus on investor care.

charts. and online assistance helps you to take informed decisions. . integrated trading application for fast. advice. efficient and reliable execution of trades. You can also trade through our branch network by registering with us as our client. You can access a multitude of resources like live quotes. which is a high -end. You can also trade through us on phone by calling our designated representatives in the branches where you are registered as a client.Main Focus: Investor Care Investment at your finger tips Products and Services Equity & Derivative Trading: SMC Trading Platform offers online equity & derivative trading facilities for investors who are looking for the ease and convenience and hassle free trading experience. You can now trade in the NSE and BSE simultaneously from any destination at your convenience. research. We provide ODIN Application.

net based Application. To ensure easy accessibility to back office accounting reports to our clients. all on a single screen. In this segment. i. National Commodity and Derivative Exchange (NCDEX). NCDEX and DGCX. MCX. You can get Real-Time streaming quotes.Clearing Services: Being a clearing member in NSE(F&O & Currency). We provide trading platform to trade in DGCX and also clear trades of trading members being a clearing member. We have a distinction of being leading distributors of IPOs. We use technology using ODIN application to provide you with live Trading Terminals. Commodity Trading: SMC is a member of 3 major national level commodity exchanges. SMC have spread our wings globally by acquiring Membership of Dubai Gold and Commodities Exchange. SMC is registered with AMFI as an approved distributor of Mutual Funds. place orders and watch the confirmation. easily comprehendible back office reports. BSE (F&O & Currency). MCX and NMCE. SMC is clearing massive volumes of trades of our trading members in this segment. MCX-SX. . Distribution of Mutual Funds & IPOs: SMC offers distribution and collection services of various schemes of all Major Fund houses and IPOs through its mammoth network of branches across India.e. Shortly we will be providing the facility of online investment in Mutual Funds and IPOs Online back office support: To provide robust back office support backed by excellent accounting standards to our branches we have ensured connectivity through FTP and . We are registered with all major Fund Houses including Fidelity. we have offered facilities to view various user friendly. We assure you a hassle free and pleasant transaction experience when you invest in mutual funds and IPOs through us. Multi Commodity Exchange (MCX) and National Multi Commodity Exchange of India (NMCE) offers you trading platform of NCDEX. Franklyn Templeton etc.

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These findings are consistent with the underlying focus of fundamental analysis . we form portfolios that earn an average 12-month cumulative size adjusted abnormal return of 13. and labor force sales productivity. Bushee American Accounting Association. We find evidence that the fundamental signals provide information about future returns that is associated with future earnings news. Abnormal Returns to a Fundamental Analysis Strategy. Using a collection of signals that reflect traditional rules of fundamental analysis related to contemporaneous changes in inventories. a significant portion of the abnormal returns is generated around subsequent earnings announcements. capital expenditures. Abstract: We examine whether the application of fundamental analysis can yield significant abnormal returns.2 percent. accounts receivables. gross margins. inventory methods. audit qualifications. Moreover. by Jeffery S. effective tax rates. selling expenses.REVIEW OF LITERATURE Review of Literature of Equity Research 1. Abarbanell and Brian J.

and then cover their positions as the ratios mean-revert. The most probable distribution of aggregate particles. This relation is derived for one particle projecting from one of the crack faces with an arbitrary diameter and an arbitrary embedment depth. Dechow. Research Engr. (Sr. Hutton. 2. firms with prior bad news). The general relations between stresses and displacements for a unit crack area are obtained by integrating all particles contributions. compared with experiments. Univ. Sloan Abstract: Firms with low ratios of fundamentals (such as earning and book values) to market values are known to have systematically lower future stock returns. The relation between displacements and stresses across the crack faces are defined to be a function of deformation and sliding at particle level. Short-sellers. Fundamental Analysis of aggregate interlock by Joost C.g.. indicating little support for the idea that the signals capture information about multiple-year-ahead earnings not immediately impounded in price or about long-term shifts in firm risk. 3. The Netherlands) Abstract: A model for aggregate interlock has been developed based on the behavior of micro scale. and stock returns by Patricia M. Additional analysis on a holdout sample suggests that the strategy continues to generate abnormal returns in a period subsequent to the introduction of the fundamental signals in the literature. Lisa Meulbroek and Richard G. Delft. and contextual analyses indicate that the strategy performs better for certain types of firms (e. The model proves to give adequate results. of Technology.on the prediction of earnings. Amy P. Our evidence is consistent with short-sellers using information in these ratios to take positions in stocks with lower expected future returns. fundamental analysis. Walraven.. We also show that short-sellers refine their trading strategies to minimize transactions costs and maximize their investment returns. Using this model. Significant abnormal returns to the fundamental strategy are not earned after the end of one year of return cumulation. carried out on several types of (cracked) concrete. crossed by the plane of cracking and their positions with regard to this plane are assessed by a statistical analysis. further analysis of the mechanism of . We document that short-sellers position themselves in the stock of such firms.

Tarpley Abstract: This study examines the usefulness of contextual fundamental analysis for the prediction of extreme stock returns. Lee and Robin L. and that the incremental forecasting power of accounting variables with respect to future returns increases after controlling for these attributes. We show that extreme performers share many common market-related attributes. C. explaining tendencies observed in tests of other investigators. Collectively.aggregate interlock has been carried out. by Messod D. Specifically. in the second stage we develop a context-specific forecasting model to separate winners from losers. In the first stage. CHAPTER – FOUR . Contextual Fundamental Analysis Through the Prediction of Extreme Returns. we define the context for analysis by identifying extreme performers. Charles M. Beneish. 4. we use a two-stage approach to predict firms that are about to experience an extreme (up or down) price movement in the next quarter. these results illustrate the usefulness of conducting fundamental analysis in context.

. Primary Objective: a) To evaluate the performance of selected equity shares in terms of risk and future returns. A comprehensive study is proposed with the following objectives. b) To evaluate the shares pattern on the basis of technical analysis. In order to appraise the equity shares I have conducted a study of five different companies.RESEARCH METHODOLOGY RESEARCH METHODOLOGY RESEARCH OBJECTIVES  The present study includes different strategy of derivatives used in present scenario.

Balance Sheet. statement of Profit & Loss Accounts etc. Secondary Objectives: In addition to the above objectives.g. 2007-08. The plan is overall scheme of the research. A. following secondary objectives are also there.c) To examine the different strategies which are used by the investors for the purpose of hedging risk. Descriptive Research Design has been adopted while doing the research. RESEARCH DESIGN  A research design specifies the methods and procedures for conducting survey . DATA COLLECTION METHOD  Data required for the project e. . d) To study the recent and proposed Derivative Instrument and there usage. of different firms were collected from the annual reports of period of 2006-07. To understand the basic terminology behind working of capital market. B. To understand the concept of valuating a company on the basis of its financials.Research design is the plan and structure of investigation so conceived as to obtain answer to research questions.

GMR 3. JAI PRAKASH ASSOCIATE 5. Besides for Explanation of several issues. SAMPLING TECHNIQUE  Sample of 5 companies has been selected From infrastructure industry on the basis of active trade in NSE. different articles. UNITECH 4.  Secondary Data (3 months) for Technical Analysis. Internet data‘s.2008-09 and 2009-10.FIVE . The data collected is a Secondary Data. DLF 2. RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED CHAPTER . 1. books etc were consulted.  Secondary data (1 year) for calculating Beta value.

Profits can be made by trading the mispriced .THEORITICAL BACKGROUND OF EQUITY ANALYSIS EQUITY ANALYSIS EQUITY ANALYSIS TOOLS Analysis is a tool to determine the good and bad of one company by the way of checking each and everything from financial statement to future prospect of that company. The objective of the equity analysis is to determine what stock to buy and at what price and for that investor may use one method out of two available methods or he can use both the methods at the same time. Fundamental analysis maintains that markets may misprice a security in the short run but that the "correct" price will eventually be reached.

Their price predictions are only extrapolations from historical price patterns. such as: Is the company‘s revenue growing? Are they carrying too much debt? Is the stock currently undervalued? The practice enables you to make your own decision on value. stable earnings. Investors may use fundamental analysis within different portfolio management styles. Technical analysis maintains that all information is reflected already in the stock price. company management. 2) Managers may use fundamental analysis to correctly value 'good' and 'bad' companies. ignoring the market‘s opinion. 1) Buy and hold investors believe that latching onto good businesses allows the investor's asset to grow with the business. The analysis is performed on historical and present data with the goal of making financial forecasts.security and then waiting for the market to recognize its "mistake" and re-price the security. You might think of fundamental analysis as a process for conducting an examination on a company to assess its health and value. Fundamental analysis lets them find 'good' companies. Fundamental analysis is a type of stock selection discipline that many consider to be the cornerstone of investing. Investors can use both these different but somewhat complementary methods for stock picking. It serves to answer questions. Fundamental analysis is the practice of studying the fundamentals (e. Many fundamental investors use technical‘s for deciding entry and exit points. . so fundamental analysis is a waste of time. 3) Managers may also consider the economic cycle in determining whether conditions are 'right' to buy fundamentally suitable companies.g. creating opportunities for profits. industry. so they lower their risk and probability of wipe-out. Fundamental analysis can help identify companies with valuable assets. Technical analysis does not care what the 'value' of a stock is. Many technical investors use fundamentals to limit their universe of possible stock to 'good' companies. financial strength. stock valuation) of a company to determine if the business is a good investment. and staying power. a strong balance sheet. Investors' emotional responses to price movements lead to recognizable price chart patterns. Even 'bad' companies' stock goes up and down. Trends 'are your friend' and sentiment changes predate and predict trend changes. The choice of stock analysis is determined by the investor's belief in the different paradigms for "how the stock market works".

7) Managers may also include fundamental factors along with technical factors into computer models (quantitative analysis). believing that 'it's hard to fall out of a ditch'. The fundamental information that is analyzed can include a company's financial reports. the amount of debt a company has. and nonfinancial information such as estimates of the growth of demand for products sold by the company. and ignore the market. not a weighing machine".4) Contrarian investors distinguish "in the short run. and its competitors and markets. First of all we prepare a due diligence report of the company and check if the item shown in financial statement are true/correct or not. among others. industry comparisons. changes in government policies etc. 5) Value investors restrict their attention to under-valued companies. Company factors to consider might include dividends paid. The value comes from fundamental analysis. The Goal of the Fundamental Investor . and the growth of a company‘s revenues. 6) Managers may use fundamental analysis to determine future growth rates for buying high priced growth stocks. its management and competitive advantages. Fundamental Analysis: Definition Fundamental analysis is a stock valuation method that uses financial and economic analysis to predict the movement of stock prices. the way a company manages its cash. and economy-wide changes. the market is a voting machine. ratios and valuation measures. The fundamental analysis of a business involves analyzing these financial statements and health. Fundamental analysis allows you to make your own decision on value. The Elements of Fundamental Analysis The elements of the research include financial statements. Thorough fundamental analysis helps you find ‗good‘ companies and minimize the risk of losses. expenses and earnings.

and entry or exit from the industry. the fundamental investor takes action by acquiring or selling the stock. the investor starts with the big picture. Only then does he narrow his search to the best business in that area. Their argument is that even companies with strong management and fundamentals will have a difficult time producing profits and growth if conditions are not right for the sector in which they operate. Top-down and Bottom-up Approach Investors can use either a top-down or bottom-up approach for equity analysis. The top-down investor starts his analysis with global economics. inflation. studying global economic trends to identify industries and then the companies within those industries that may offer good investment opportunities. Fundamental analysis is typically viewed as a more conservative approach to stock investing than technical analysis. exchange rates. If the market price of the stock deviates from this value. depending on the circumstances. and energy prices. Most fund management companies utilize this approach in their investing activities and many financial experts recommend this approach to individual investors for building and managing their portfolios. price levels. He or she narrows his search down to regional/industry analysis of total sales. including both international and national economic indicators. interest rates. productivity. such as GDP growth rates. the effects of competing products. The Top-Down Investing Philosophy Top-down investors believe that you must first develop and understanding of economic conditions and emerging trends before picking individual stocks. which is the forecasting of future financial price movements based on an examination of past price. The process is an extremely valuable exercise for anyone who runs businesses or is looking to invest in one.The goal of this analysis is to verify financial strength and determine the true or ―intrinsic‖ value of a security. Top-Down Approach Under the Top-Down approach to stock picking. foreign competition. Steps in the Top-Down Investing Process: . Fundamental analysis is primarily utilized to address the long-term future share price of a company as it cannot account for short term stock volatility.

Analyze Global Economic Health and Trends: The top-down process starts with the world economy and an assessment of economic health to determine which regions are struggling and which are demonstrating strong growth prospects. Bottom-up choose stocks based on efficiency. To make this assessment. and leadership as the best way to ensure attractive returns. performance. With a bottom-up strategy for picking stocks. the investor will look at gross domestic product (GDP) figures and trends. bottom-up investors look for those companies that seem to be best positioned to outperform their industry competitors. Assess the State of the Domestic Economy: The next step is to look at the major indicators within the domestic economy. While top-down investors analyze the ―big picture‖. Bottom-Up Approach The bottom-up investor starts with specific businesses. It starts with a narrow approach and sometime ends with nothing. regardless of industry and macroeconomic factors. the investor can start to narrow down a focus to those specific industries that seem to be positioned for growth. unemployment levels. economy and the specific sectors that might benefit from these global factors. Identify Specific Stocks within a Sector: The final step is identifying specific stocks within the selected sector(s) that seem to present the most attractive investment opportunity. regardless of their industry/region and look for financial of that company and look if the is good for investment or not. By combining this information and its impact on various stock sectors with the global trends data. and inflation.S. including interest rates. . The investor also takes note of any geopolitical unrest that could impact a country or region. The investor performs this analysis without regard to current economic climate or trends. The focus then shifts to an analysis of the U. the investors can identify those companies in strong financial positions with valuations that present good upside potential. By conducting fundamental analysis. the investor chooses companies based on such things as strong fundamentals and the quality of the management team.

the bottom-up investor might seek the following qualities in an investment candidate: Return on Equity (ROE): This measure of profitability indicates how efficiently the company is using its assets to generate earnings. While the average P/CF measure varies by industry. Having sufficient cash on hand ensures that employees and creditors are paid in a timely manner and keeps the business out of bankruptcy. A high measure indicates that the company has been aggressive in funding expansion through debt. while companies in less capital-intensive industries might see a ratio of under 0. even if their industry and competitors are struggling. The risk is in that strategy is that the debt financing may eventually outweigh the return it generates. Screening for Bottom-Up Investment Candidates: Using a stock screener. ROE compares net income to shareholder‘s equity with the understanding that a company cannot grow its earnings faster than its ROE without increased borrowing. The average debt/equity ratio varies by industry. and a strong market position are bound to perform well. sound financials. .5. bottom-up investing is closely tied to fundamental analysis. Many bottom-up investors will look for a minimum of 15% on this measure.Bottom-Up Investing and Fundamental Analysis Bottom-up investors believe that companies with solid leadership. Capital-intensive industries often see a ratio greater than 2. many fundamental and bottomup investors look for a ratio of 7.5 or lower. This is an important measure because cash flows dictate the solvency of the business. 1. Debt to Equity Ratio: This ratio provides a measure of the company‘s financial leverage and is calculated by dividing the company‘s total liabilities by stockholder‘s equity. Specifically. Price to Cash Flow Ratio (P/CF): The P/CF is used to compare the company‘s market value or ―market cap‖ to its operating cash flow in the most recent year. For this reason.

This stage of industry growth. there are multiple companies in the industry seeking to differentiate themselves and earn market share. When searching out stocks for potential investment. Maturity: This is the stage where the industry will start to see diminished growth with the rate of sales growth often slowing to the rate of overall economic growth. There are usually five stages in this life cycle: Introduction: In this stage of the industry life cycle. from inception to its eventual decline. There is significant risk to investors during the introduction stage as the company will need a significant amount of cash to promote and differentiate its product. but the funding is used toward more focused marketing efforts and expansion. Like the introduction stage. while still presenting risk to investors. The revenues are measured on a quarter v. focusing on (what is often referred to in marketing as) ―early adopter‖ customers. demonstrates the viability of the industry. It is during this phase that a firm may start to benefit from economies of scale in production. quarter basis and a minimum of 20% growth is considered strong. the growth stage requires a significant cash outlay from the firm. a new product has been developed or patented. the industry is in its infancy.Revenue Growth: Generally speaking. During this phase. it‘s the company‘s revenues that drive those earnings. the strongest stock candidates are those with fast-growing revenues. Stock Investing and the Industry Life Cycle: The growth of an industry‘s sales over time is used to track the life cycle of that industry. Late entrants appear in this . Often. it is best to have some familiarity with the industry in which the company operates and an understanding of the current life cycle phase of that industry. the firm that developed the product may be alone in the industry. Stages of the Industry Life Cycle The industry life cycle describes the various stages an industry goes through. 2. Growth: In the growth stage. While the news regarding a company tends to focus on its earnings.

Reviewing the Financial Statements Financial statements provide valuable information to a variety of users including the company management team. It looks at dividends paid. 1) Dividends received by the investor.a basic understanding of some simple concepts is all this is required to interpret and utilize the valuable data these reports offer. Decline: A decline is inevitable in any industry as technological innovations and changing consumer tastes adversely affect sales. operating cash flow. and government agencies. maturity of an industry can mean relatively stable stock investments with the possibility of income through dividends. The Balance Sheet The company Balance Sheet is a financial statement that summarizes a company‘s assets. The earnings estimates and growth rate projections and others can be considered either 'fundamental' (they are facts) or 'technical' (they are investor sentiment) based on your perception of their validity. new equity issues and capital financing. liabilities and shareholders‘ equity at a specific point in time. Procedures The analysis of a business' health starts with financial statement analysis that includes ratios. 3. investors. along with the eventual sale price. thus requiring the existing firms to continue their marketing efforts. At this stage. (Gordon model) . The foremost is the discounted cash flow model. we outline the purpose of the three primary financial statements: the balance sheet. In reviewing financial statements. For investors. the income statement. it is not necessary that the user be extremely knowledgeable of accounting practices. investors can learn what the company owns and owes at that point in time. which calculates the present value of the future. firms exit the industry and existing competitors often merge and consolidate. The determined growth rates (of income and cash) and risk levels (to determine the discount rate) are used in various valuation models. An investor should approach stocks in declining industries with caution.stage seeking to capture market share through lower-cost offerings. In analyzing the balance sheet. and the cash flow statement. In this paper.

If the ―intrinsic/real value‖ of a stock is above the current market price.2) Earnings of the company or 3) Cash flows of the company. . the investor would sell the stock because he knows that the stock price is going to fall and come closer to its intrinsic value. the investor would purchase the stock because he knows that the stock price would rise and move towards its ―intrinsic or real value‖. the fundamentalist analyzer makes an examination of the current and future overall health of the economy as a whole. you will be able to compare this price to the market price of the company and decide whether you want to buy it (or sell it if you already own that stock). low cost producer. brand name etc. If the intrinsic value of a stock was below the market price. history of performance. the market price of a stock tends to move towards its ―real value‖ or ―intrinsic value‖. After you analyzed the overall economy. Find out as much as possible about the company and its products. you have to analyze firm you are interested in. All this seems simple. To start finding out the intrinsic value. There are two types of analytical model to find the future share price of a company: 1) Fundamental Analysis 2) Technical Analysis General Strategy To a fundamentalist. You should analyze factors that give the firm a competitive advantage in its sector such as management experience. Now the next obvious question is how do you find out what the intrinsic value of a company is? Once you know this. Add all the discounted value to get the future price of the company‘s share and look how much one is going to get if he invest in company‘s share at this point of time. growth potential.

 Makes a buy/sell decision based on those factors. Do they have any ―core competency‖ or ―fundamental strength‖ that puts them ahead of all the other competing firms? II. TECHNICAL ANALYSIS OF EQUITY SHARES: Technical Analysis is:  Looks for peaks. Or do they constantly have to employ a large part of their profits and resources in marketing and finding new customers and fighting for market share? After you understand the company & what they do. you will be in a much better position to decide whether the price of the company‘s stock is going to go up or down and by that way you can make profit out of it. patterns.   The world of technical analysis is huge Hundreds of different patterns and indicators investors claim to be successful  Method of evaluating securities by analyzing statistics generated by . Do they have a strong market presence and market share? IV. and other factors affecting a stock‘s price movement. What advantage do they have over their competing firms? III. bottoms.I. trends. how they relate to the market and their customers.

Another advantage of chart analysis is that the market price itself is usually a leading indicator of the known fundamentals. to forecast future price direction. Consider the following: A rising price reflects bullish fundamentals. which are readily apparent on a price chart. The chartist simply reasons that rising prices are indicative of a bullish fundamental situation and that falling prices reflect bearish fundamentals. in one form or another. Chart action. To accomplish that task. falling prices would mean that supply exceeds demand. and psychological factors— are quickly discounted in market activity. Whether the market participant is a short-term trader or long-term investor. These shifts in the fundamental equation cause price changes. therefore. most important step in the decision making process. In other words. using price charts. Consider the fact that all decisions in various markets are based. there are two methods of forecasting available to the market analyst—the fundamental and the technical. The cornerstone of the technical philosophy is the belief that all of the factors that influence market price—fundamental information. Chart analysis. The impact of these external factors will quickly show up in some form of price movement. . identifying a bearish fundamental situation. on a market forecast. is simply a short-cut form of fundamental analysis. WHY IS CHART ANALYSIS SO IMPORTANT? Successful participation in the financial markets virtually demands some mastery of chart analysis. political events.   Market activity Past Prices Volume WHAT IS CHART ANALYSIS? Chart analysis (also called technical analysis) is the study of market action. either up or down. natural disasters. therefore. can alert a fundamental analyst to the fact that something important is happening beneath the surface and encourage closer market analysis. where demand exceeds supply. The chartist is quickly able to profit from these price changes without necessarily knowing the specific reasons causing them. price forecasting is usually the first.

For reasons that will soon become apparent. the precise timing of entry and exit points is an indispensable aspect of any market commitment. . For short-term traders. Charting can be used by itself with no fundamental input. This being the case. And also need to know which indicator to use and at what time. Chart analysis is extremely useful in the price-forecasting process. Technical or chart analysis. Therefore. step is market timing. In financial markets. Market Timing The second. timing is everything in the stock market. Technical Indicators Before moving to technical analysis we need to understand the basics of technical analysis we need to understand what does an indicator means and what its usage while doing technical analysis. timing is almost purely technical in nature. That‘s where the study of price charts comes in. . Price forecasting. is based on the study of the market action itself. the price movement itself. While fundamental analysis studies the reasons or causes for prices going up or down. The intention of this approach is to arrive at an Estimate of the intrinsic value of a market in order to determine if the market is over or under-valued. technical analysis studies the effect.Fundamental analysis is based on the traditional study of supply and demand factors that cause market prices to rise or fall. is only the first step in the decision-making process. however. it can be seen that the application of charting principles becomes absolutely essential at some point in the decision making process. minor price moves can have a dramatic impact on trading performance. But before moving to these indicators we need to understand the basic charting style and for that purpose I have taken SENSEX and NIFTY‘s data for the year 2010. And their usages are also explained in this project. To put it bluntly. and changes in the money supply. trade deficits. or in conjunction with fundamental information. For the purpose of understanding some of indicators are explained in this project. by contrast. and often the more difficult. the fundamentalist would look at such things as corporate earnings. Some of the indicators which are used by me are explained below.

Moving Average Convergence/Divergence (MACD) Introduction Moving Average Convergence/Divergence (MACD) is one of the simplest and most reliable indicators available. Bullish Moving Average Crossover 3. MACD is a centered oscillator and the guidelines for using centered oscillators apply. A positive MACD indicates that the 12-day EMA is trading above the 26-day EMA. then the negative gap between the faster moving average (blue) and the slower moving average (red) is expanding. MACD centerline crossovers occur when the faster moving average crosses the slower moving average. Bullish Signals MACD generates bullish signals from three main sources. then the gap between the 12-day EMA and the 26-day EMA is widening. which are lagging indicators. indicating a bearish period of trading. to include some trend-following characteristics. Positive momentum is increasing. Downward momentum is accelerating. These lagging indicators are turned into a momentum oscillator by subtracting the longer moving average from the shorter moving average. The resulting plot forms a line that oscillates above and below zero. This indicates that the rate-of-change of the faster moving average is higher than the rate-of-change for the slower moving average. If MACD is negative and declining further. without any upper or lower limits. Positive Divergence 2. MACD has two type of signals wiz. indicating a bullish period for the price plot. MACD uses moving averages. A negative MACD indicates that the 12-day EMA is trading below the 26-day EMA. Bullish signals and Bearish signals. If MACD is positive and rising. 1. Bullish Centerline Crossover . What Does MACD Do? MACD measures the difference between two Exponential Moving Averages (EMAs).

icharts. MACD can either form as a series of higher Lows or a second Low that is higher than the previous Low. and lead to the biggest moves. A positive divergence can be considered valid when a Bullish Moving Average Crossover occurs after the MACD Line makes its second "higher Low". but are usually the most reliable. Source: www.in Bullish Moving Average Crossover: Bullish Moving Average Crossover occurs when MACD moves above its 9-day EMA. Bullish Moving Average Crossovers are used occasionally to confirm a positive divergence. these crossovers can lead to whipsaws and many false signals. . or trigger line. Bullish Moving Average Crossovers are probably the most common signals and as such are the least reliable. If not used in conjunction with other technical analysis tools. Positive Divergences are probably the least common of the three signals.Positive Divergence: A Positive Divergence occurs when MACD begins to advance and the security is still in a downtrend and makes a lower reaction low.

Source: www. moving average crossover are probably the second most common signals.icharts. After a Positive Divergence and Bullish Centerline Crossover. Source: www.in Bearish Signals .in Bullish Centerline Crossover: A Bullish Centerline Crossover occurs when MACD moves above the zero line and into positive territory. This is a clear indication that momentum has changed from negative to positive or from bearish to bullish.icharts. the Bullish Centerline Crossover can act as a confirmation signal. Of the three signals.

icharts. moving average crossovers should be confirmed with other signals to avoid whipsaws and false readings. As such. Bearish Moving Average Crossover 3. Bearish Centerline Crossover Negative Divergence: A Negative Divergence forms when the security advances or moves sideways. Source: www. Negative Divergence 2. Negative Divergences are probably the least common of the three signals.in Bearish Moving Average Crossover: The most common signal for MACD is the moving average crossover. Not only are these signals the most common.MACD generates bearish signals from three main sources. A Bearish Moving Average Crossover occurs when MACD declines below its 9-day EMA. . These signals are mirror reflections of the bullish signals: 1. and the MACD declines. The Negative Divergence in MACD can take the form of either a lower High or a straight decline. but are usually the most reliable. but also they produce the most false signals. and can warn of an impending peak.

at least for the short term. or confirm a prior signal such as a moving average crossover or negative divergence. This is a clear indication that momentum has changed from positive to negative or from bullish to bearish.in .in Bearish Centerline Crossover: A Bearish Centerline Crossover occurs when MACD moves below zero and into negative territory.icharts. momentum.icharts.Source: www. The centerline crossover can act as an independent signal. Once MACD crosses into negative territory. Source: www. has turned bearish.

MACD divergences can be key factors in predicting a trend change. two types of divergences have been identified: the slant divergence and the peak-trough divergence. Slant Divergences generally cover a shorter time frame than divergences formed with two peaks or two troughs. Keep in mind that a centerline crossover for the MACD Histogram represents a moving average crossover for the MACD. As a trend-following indicator. a peak-trough divergence can cover a time frame as short as two weeks or as long as several months. Generally speaking. Divergences can take many forms and varying degrees. as opposed to Simple Moving Averages (SMAs). Slant Divergence: A Slant Divergence forms when there is a continuous and relatively smooth move in one direction (up or down) to form the divergence. A series of two or more rising troughs (higher lows) can form a Positive Divergence and a series of two or more declining peaks (lower highs) can form a Negative Divergence. Peak-trough Divergences usually cover a longer time frame than slant divergences. As a momentum indicator. The use of moving averages ensures that the indicator will eventually follow the movements of the underlying security. A bullish signal is generated when a Positive Divergence forms and there is a Bullish Centerline Crossover. 2. MACD has the ability to foreshadow moves in the underlying security. some of the lag has been taken out. By using Exponential Moving Averages (EMAs). MACD Benefits One of the primary benefits of MACD is that it incorporates aspects of both momentum and trend in one indicator. On a daily chart.MACD Signals The main signal generated by the MACD-Histogram is a divergence followed by a moving average crossover. it will not be wrong for very long. 1. Peak-Trough Divergence: A peak-trough divergence occurs when at least two peaks or two troughs develop in one direction to form the divergence. A Negative Divergence . A bearish signal is generated when there is a Negative Divergence and a Bearish Centerline Crossover.

there can still be some lag in the indicator itself. exponential or weighted are lagging indicators. MACD calculates the absolute difference between two moving averages and not the percentage difference. MACD represents the convergence and divergence of two moving averages. MACD Drawbacks One of the beneficial aspects of the MACD is also one of its drawbacks. However. a faster set of moving averages may be appropriate. slower moving averages may be needed to help smooth the data. The set of moving averages used in MACD can be tailored for each individual security. For weekly charts. This is more likely to be the case with weekly charts than daily charts. Even though MACD represents the difference between two moving averages. and there could be a potential change in trend from bullish to bearish. objectives and risk tolerance. . or for aggressive traders to consider initiating a short position. be they simple. the difference (both positive and negative) between the two moving averages is destined to grow. One solution to this problem is the use of the MACD-Histogram. Moving averages. each individual should adjust the MACD to suit his or her own trading style. especially for stocks that have grown exponentially. The standard setting for MACD is the difference between the 12 and 26-period EMA. This can serve as an alert for traders to take some profits in long positions. For volatile stocks.signals that bullish momentum is waning. any combination of moving averages can be used. Given that level of flexibility. MACD is calculated by subtracting one moving average from the other. MACD can be applied to daily. As a security increases in price. This makes it difficult to compare MACD levels over a long period of time. weekly or monthly charts.

the number of time periods to use in the calculation. To calculate RSI values for a given dataset.going back 28+ periods is even better. New Concepts in Technical Trading Systems. The RSI compares the magnitude of a stock's recent gains to the magnitude of its recent losses and turns that information into a number that ranges from 0 to 100. Usually 14 days are taken as parameter and author also recommend 14 days. and then dividing by 14. The next values for the "averages" are calculated by taking the previous value. Finally. Welles Wilder and introduced in his 1978 book. It takes a single parameter. The RS value is simply the Average Gain divided by the Average Loss for each period. To start the running calculation. adding in the next Gain (or Loss). the First Average Gain is calculated as the total of all gains during the past 14 periods divided by 14. The first RSI value is an estimate subsequent values improve on that estimate.Relative Strength Index (RSI) Introduction Developed by J. the First Average Loss is calculated as the total magnitude of all losses during the past 14 periods divided by 14. just substitute that number in for "14" throughout this discussion). It is important to understand that the RSI is a "running" calculation and the accuracy of the calculation depends on how long ago the calculations started. If a different number is specified. the Relative Strength Index (RSI) is an extremely useful and popular momentum oscillator.(100 / RS + 1) RS = Average of x days' up closes Average of x days' down closes . You should calculate at least 14 values prior to the start of any values that you will rely on . multiplying it by 13. the RSI is simply the RS converted into an oscillator that goes between zero and 100 using this formula: RSI = 100 . (Note: 14 is the standard number of periods used when calculating the RSI. Similarly. first find the magnitude of all gains and losses for the 14 periods prior to the time where you wish to start the calculation.

Because of how the RSI is constructed. Some traders look for a move above 50 to confirm bullish signals or a move below 50 to confirm bearish signals. Some traders identify the long-term trend and then use extreme readings for entry points. Divergences Buy and sell signals can also be generated by looking for positive and negative divergences between the RSI and the underlying stock. On the whole.RSI Signal Overbought/Oversold Wilder recommended using 70 and 30 and overbought and oversold levels respectively. Conversely. Readings above and below can give the indicator a bullish or bearish tilt. if the RSI falls below 70. As in that example. the underlying stock will often reverse its direction soon after such a divergence. if the RSI rises above 30 it is considered bullish for the underlying stock. For example. consider a falling stock whose RSI rises from a low point of (for example) 15 back up to say. 55. Example Source: www.icharts. divergences that occur after an overbought or oversold reading usually provide more reliable signals.in . If the long-term trend is bullish. a reading above 50 indicates that average gains are higher than average losses and a reading below 50 indicates that losses are winning the battle. it is a bearish signal. then oversold readings could mark potential entry points. Generally. Centerline Crossover The centerline for RSI is 50.

So this tool was very helpful in current market situation. the Williams %R indicator can help identify strong trends. . Williams‘ %R indicator gives easily interpreted buy and sells signals. But it is only important in choppy market conditions cause in rally market it fails to indicate the turnaround in rally.Williams’ %R Williams‘ %R is an overbought and oversold technical indicator that can give easy to interpret buy and sell signals.icharts. this is discussed on the next page. William‘s %R is very similar to the Stochastic Fast indicator. Williams %R Sell Signal: Sell when the Williams %R indicator is above the overbought line (80) and then falls below the 80 line. In addition to giving clear buy and sell signals. then buy. as is demonstrated in the chart below: Source: www.in Williams %R Buy Signal: When the Williams %R indicator is below the oversold line (20) and it rises to cross over the 20 line.

or trending strongly. Nevertheless.Williams’ %R and Trends The Williams % R indicator is extremely useful and profitable during sideways. leading to losses.icharts. fails to go above 80). . non-trending markets. when the Williams % R indicator stays in the oversold area (below 20) and any bullish rally barely registers with the Williams %R (i. then the downtrend is strong and a trader should not go long the market. However. when the Williams %R indicator stays in the overbought area (above 80) and any attempt at a downturn fails to send the indicator into oversold territory (i. the indicator gives easily interpreted buy and sells signal. The Williams %R is a versatile technical indicator used by many.in As the chart illustrate. the Williams % R indicator does not fare as well.e. Williams‘ %R indicator works in a fluctuating market condition where markets are unexpected and can go either side. during trends. then the uptrend is strong and a trader should not go short. Similarly. the Williams % R indicator does give tell tale signs of strong trends that can easily be identified by traders for profit. oversold. and also informs traders whether or not a market is likely overbought. fails to go below 20).e. The following chart illustrates Williams‘ % R's ability to detect such trends: Source: www. Generally we use 14 days Williams‘ %R for medium term period and 3 days Williams‘ %R for short term periods.

3) Low values if price is not moving or if it takes heavy volume to move prices.   Go long when Ease of Movement crosses to above zero (from below). They are more effective in a trending market. Example Coca Cola Corporation plotted with Ease of Movement indicator smoothed by a 10 day exponential moving average. Go short when Ease of Movement crosses to below zero (from above).icharts. 2) High negative values when prices move down on light volume. The indicator shows 1) High positive values when prices move upward on light volume. Source: www. It highlights the relationship between volume and price changes and is particularly useful for assessing the strength of a trend.Ease of Movement Ease of Movement was developed by Richard W Arms and performs a similar function to Equivolume charts. signaling distribution or accumulation.in . Trading Signals Signals are normally taken from an exponential moving average plotted on the Ease of Movement indicator.

     

Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Ease of Movement crosses to below zero. Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Ease of Movement crosses to below zero. Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Note that we are whipsawed more frequently in a ranging market.

What Does Ease Of Movement Mean?
It is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. This indicator attempts to identify the amount of volume required to move prices. Generally a value greater than zero is an indication that the stock is being accumulated (bought) and negative values are used to signal increased selling pressure. A high positive value appears when prices move upward on low volume. Strong negative numbers indicate that price is moving downward on low volume.

Source: www.icharts.in

A moving average of the indicator can be added to act as a trigger line, which is similar to other indicators like the MACD. Transaction signals can be generated when the indicator crosses over a 9-day moving average, but are generally made when the indicator crosses over the zero line. Traders use the smoothed version of this indicator in an attempt to eliminate false signals. Indicators are generally used by the technical experts to forecast the market price of shares on the basis of historical prices. Above mentioned are the indicators which I have used for my study ―Technical Analysis of Equity Shares.‖ You will come to know about the concepts of technical analysis when only you go through the study.

CHAPTER – SIX ANALYSIS & INTERPRETATION

VIRTUAL FUTURE TRADING
NIFTY:
Date of Purchase: 1-Jun-10 Total No. of shares 5,000

Lot Size 50

No. of Lot 100

Settlement Date 24/06/2010 29/07/2010
Span Margin* 11.24 Exposure Margin 3.00 Total Margin* 14.24 Margin Money In account 1,000,000

5250.00 5300.00 Total Worth 2,26,50,000 2,65,00,000

Total Margin Paid

3738000.00

3773600.00

Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10

Close
4970.2 5019.85 5110.5 5135.5 5034 4987.1 5000.3 5078.6 5119.35 5197.7 5222.35 5233.35 5274.85 5262.6 5353.3 5316.55 5323.15 5320.6 NET GAIN/LOSS 4972.2 5020.35 5110.5 5136.5 5035.1 4988 5001 5079.2 5119.85 5198.1 5222.85 5233.75 5275.1 5262.8 5353.45 5316.6 5323.2 5320.6

MTM G/L
-1399000 248250 453250 125000 -507500 -234500 66000 391500 203750 391750 123250 55000 207500 -61250 453500 -183750 33000 -12750 353000 -1639000 240750 450750 130000 -507000 -235500 65000 391000 203250 391250 123750 54500 206750 -61500 453250 -184250 33000 -13000 103000 NET ACCOUNT STATUS

Daily Accounts status
-399000 -150750 284500 409500 -98000 -332500 -266500 125000 328750 720500 843750 898750 1106250 1045000 1498500 1314750 1347750 1335000 10011250 -639000 -398250 52500 182500 -324500 -560000 -495000 -104000 99250 490500 613750 668250 875000 813500 1266750 1082500 1116000 1103000 5842750

* Margin is variable item and changes on daily basis.

Source: Self Generated

CNX INFRASTRUCTURE:
Date of Purchase: 1-Jun-10 Lot Size 50 Settlement Date 24/06/2010 3350.00 Total Worth 1,67,50,000 Span Margin* 11.14 Exposure Margin 3.00 Total Margin* 14.14 Total Margin Paid 2368450.00 Margin Money In account 1,000,000 No. of Lot 100 Total No. of shares 5,000

Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10

Close
3155.71 3214.3 3274.49 3280 3214.7 3177.35 3199.57 3266.53 3266.29 3291.85 3341.23 3335.45 3362.11 3353.56 3396.01 3371.94 3359.16 3358.64

MTM G/L
-971450 292950 300950 27550 -326500 -186750 111100 334800 -1200 127800 246900 -28900 133300 -42750 212250 -120350 -63900 -2600

Net Account Status
28550 321500 622450 650000 323500 136750 247850 582650 581450 709250 956150 927250 1060550 1017800 1230050 1109700 1045800 1043200

Net Gain\Loss

43200

Net Account Status

12594450

* Margin is variable item and changes on daily basis.

Source: Self Generated

00 Total Worth 26. of Lot 100 Total No.2 278.50.2 262.2 MTM G/L -195500 11500 25750 17000 -89250 -33000 4500 22750 -1750 10000 40500 25250 27250 -1750 37500 -9500 17750 -13000 Net Account Status 804500 816000 841750 858750 769500 736500 741000 763750 762000 772000 812500 837750 865000 863250 900750 891250 909000 896000 Net Gain/Loss -104000 Net Account Status 14841250 * Margin is variable item and changes on daily basis.000 50 No. of shares 5.4 272.000 10.76 15.00 36.65 290.9 273.15 288.3 258.000 Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 Close Price 270.76 569780.35 281. Source: Self Generated .75 262.00 Span Margin* Exposure Margin Total Margin* Total Margin Paid Margin Money In account 1.9 257.000.25 291.4 264.55 283 282.5 277.8 289.DLF INDIA LTD: Date of Purchase: 1-Jun-10 Lot Size Settlement Date 24/06/2010 310.75 263.

45 56.4 57.9 55 55.00.45 55.65 56.000 Span Margin* 21.00 Total Worth 3.00 1.45 56.8 56.3 57.25 55.00 Total Margin* 31.15 56.05 56.6 57.36 Exposure Margin 10.05 56.05 55.000 Settlement Date 24/06/2010 60. Source: Self Generated .1 57. of Lot 100 Total No. of shares 5.GMR INFRASTRUCTURE LTD: Date of Purchase: 1-Jun-10 Lot Size 50 No.000.2 54.000 Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 Close Price 57.85 MTM G/L -13500 -1000 2500 -1750 -9000 -1250 -1500 500 250 2000 3500 -500 3750 -2000 3250 -3000 1000 1000 Net Account Status 986500 985500 988000 986250 977250 976000 974500 975000 975250 977250 980750 980250 984000 982000 985250 982250 983250 984250 NET GAIN/LOSS -15750 Net Account Status 17663500 * Margin is variable item and changes on daily basis.36 Margin Total Margin Money In Paid account 94080.

45 126.85 122.05 123.45 130.2 MTM G/L -63250 11500 12250 2250 -12000 -1750 -4750 16000 5500 1500 13750 3000 17500 -7750 23750 -15250 1750 -6250 -1750 Net Account Status 936750 948250 960500 962750 950750 949000 944250 960250 965750 967250 981000 984000 1001500 993750 1017500 1002250 1004000 997750 996000 NET GAIN/LOSS -4000 Net Account Status 18523250 * Margin is variable item and changes on daily basis.000 10.50.58 Span Margin* Exposure Margin Total Margin* Margin Total Margin Money In Paid account 224770.000 No. of Lot 100 Total No.2 126.58 6.00 1.5 130.000 Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 Close Price 117. of shares 5.65 122.55 129.1 122.00 34.15 119. Source: Self Generated .JP ASSOCIATE LTD: Date of Purchase: 1-Jun-10 Lot Size 50 Settlement Date 24/06/2010 130.15 123.35 119.55 120.75 133.8 129.000.3 128.8 118.00 Total Worth 24.8 130.

35 MTM G/L -30000 9750 3500 -2000 -9250 -9750 8000 8250 -12250 2250 9500 -1250 -750 2000 14250 4000 8750 -8250 Net Account Status 970000 1009750 1003500 998000 990750 990250 1008000 1008250 987750 1002250 1009500 998750 999250 1002000 1014250 1004000 1008750 991750 NET GAIN/LOSS -3250 Net Account Status 996750 * Margin is variable item and changes on daily basis.00 Total Worth 3.25 68.05 70.7 68. of shares 5.25 69.UNITECH LTD: Date of Purchase: 1-Jun-10 50 Settlement Date 24/06/2010 75.75. of Lot Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 Close Price 69 70.00 Total Margin* 30.000.50 1.35 70.65 71.6 70.19 Exposure Margin 10.6 73.19 Margin Total Margin Money In Paid account 113212.7 70.95 71.25 76 74.45 69.000 100 Total No.45 74. Source: Self Generated .2 70.4 67.000 Lot Size No.000 Span Margin* 20.

9 1011.55 998.50 1.35 963.000.05 900.8 1006.35 985.19 Margin Total Margin Money In Paid account 113212.000 Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 Close Price 757.85 771 765.65 738. Source: Self Generated .RELIANCE INDUSTRIAL INFRASTRUCTURE LTD: Date of Purchase: 1-Jun-10 Lot Size 50 No.35 770.25 993.95 760.95 MTM G/L -710250 14500 50750 -27750 -84000 -52000 17500 83000 58500 651500 316000 176250 40000 5500 16000 -83250 -11000 5500 -37000 Net Account Status 289750 304250 355000 327250 243250 191250 208750 291750 350250 1001750 1317750 1494000 1534000 1539500 1555500 1472250 1461250 1466750 1429750 NET GAIN/LOSS 429750 Net Account Status 16834000 * Margin is variable item and changes on daily basis.19 Exposure Margin 10.45 992.00 Total Margin* 30.000 Settlement Date 24/06/2010 900 Total Worth 4500000 Span Margin* 20.1 994.45 748. of shares 5. of Lot 100 Total No.8 1007.25 741.75 758.

Generally manager used to use some strategies which are as follow: 1. Buy this month future and sell next month future of that share. 3. Calculation of Mark to Mark Loss/Gain is done by a simple formula: (Today’s Settlement price – Previous day Settlement price) * Lot Size By applying this formula we can easily calculate the mark to mark loss/gain which to be paid by an investor on a daily basis. It gives liquidity into the Indian capital market. 2. Buy share in cash market and sell future of that share. . Future trading is generally used by portfolio manager to hedge the fluctuation risk in share price. It is not possible to show actual trading of futures as the margin money changes on daily basis and calculation of Mark to mark Loss/Gain is done on the daily basis. Future derivative are the most tradable instrument in the Indian capital market and the best instrument to hedge risk. Calculation of settlement is done by the exchange. Future derivative is the most important tool in Indian stock market. As we already understand the virtual working of future trading. Derivatives are generally used by portfolio managers to hedge their client‘s portfolio from risk because they are investing a huge amount and lit bit of risk would give a huge amount of loss to their clients. This has been already shown in the virtual future trading.Analysis Derivatives (as we have already understood) are a tool to hedge risk of a portfolio or of an individual investor. In bullish market buy future only and in bearish market sell future only. Calculation of settlement price is done by taking last half an hour prices of trading hours. There might be other way round like if the price of security increases then the gain on margin money would be credited to the trading account. Volume and time into consideration and then calculated the weighted average price which is known as settlement price.

5 5034 4987.3 5316.OPTION TRADING Virtual Option Trading: NIFTY: Instrument OPTSTK Symbol Nifty Option CA Date 27/5/09 Buy /Sell Buy Strike Price 5400 Call Rate 86 Lot Size 50 Lot 10 Expiry 24/06/10 Source: Self Generated Date 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 Data source: www.1 5000.2 5019.3 5078.85 5110.6 Strike Price 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 Buy Price 85 90 95 72 55 49 45 50 55 65 60 50 40 20 40 10 15 0 MTM G/L -500 2500 2500 -11500 -8500 -3000 -2000 2500 2500 - Sell Rate 64 - Net Account Status 6750 9250 11750 250 -8250 -11250 -13250 -10750 -8250 - Book Profit - Net Gain/Loss -15500 Source: Self Generated Total Sale 32000 Net Account Status -23750 Net Book Profit 16500 Data source: www.7 5222.35 5233.85 5262.15 5320.55 5323.nseindia.com Close 4970.com .6 5119.nseindia.35 5274.5 5135.6 5353.35 5197.

Analysis
By analyzing the option instrument one can find that option are the cheapest instrument in terms of hedge risk. Here in option one is only liable to pay premium price which is determined by the demand and supply of the respective security. In option there is nothing like mark to mark loss/gain like in future derivatives. Option trading is also used to hedge risk but portfolio manager generally avoid to use option instrument because they are short term instrument and return is also less as compared to future instrument. Some of the strategies generally used by the investor are as follow:

1) In bullish market buy call or sell put. 2) In bearish market buy put or sell call. 3) In volatile market buy and sell call at the same time. 4) In Bullish market sell call and buy future of that share. 5) Bearish market sell put/buy call and sell future of that share. 6) Some time investors buy or sell naked call/put.

Here I have shown only one virtual trading example but for the purpose of my understanding I have carried out many actual trading on my client‘s behalf, here I have used theta strategy which I have mentioned in my project.

Some of the important conclusions that can be said by analyzing various scripts are: Price Volume Open Interest Market
Strong Weak Weak (Not much) Strong

↑ ↑ ↓ ↓
Source: Self Generated

↑ ↓ ↑ ↓

↑ ↓ ↑ ↓

 If prices are up and volume and open interest are rising, the market is strong, because here even at higher price, people buying power is very strong which indicates that they are very bullish about the script.  If prices are up and volume and open interest are declining, the market is weak, as people have started building profits or they are exiting their existing position.

 If prices are down and volume and open interest are rising, the market is weak as people are building at lower level, they are buying at lower prices or they are building short positions which may indicate market is not that much weaker. Price fluctuation will not be very high.  If prices are down and volume and open interest are declining, the market is strong as this indicates people are exiting their existing positions and rolling over to next month or fresh buyers may enter into the market next day

Other things, which can be useful  In a bull market, volume has a tendency to increase on rallies and to decrease on reactions.  In a bear market, volume has a tendency to increase on declines and decrease on rallies

This can be useful in case of future stocks only that too to some extent because this cannot be always true as stock market depends on various factors as discussed above. So these things can predict day-to-day movements for various scripts for most of the time. Hedging is not the only way to minimize risk. It‘s always said that prevention is better than cure, by this I mean it's better to first look at the stock see its market value and then buy it, one basic thing is that one should invest wisely. Keeping that in mind I decided to do fundamental analysis that begins with economy then comes industry, after that company and last one is ratio analysis. This work is still in progress.

Technical Analysis by Charts
Now we have understood the basic terminology of technical analysis, which I am going to use in this part of project. Technical analysis is nothing but to understand the basics of charting and trending. Tools which are used in this project are William %R, MACD, RSI and Ease of Movement. These technical tools are very useful at this point of time because they are 80% correct in these types of volatile and choppy conditions.

I have chosen five companies for technical analysis and analysis of these companies has been done using chart and tools. In this part of project analysis of these companies has been done on the basis of charts and any detail regarding company‘s prices are of mine and the level & prices which I have suggested might get wrong.

For the data collection I have used www.icharts.in and the data or the charts are for 3 months. Charts are from date 22 March, 2010 to 09 July 2010.

Basic terms which are used for the purpose of Technical Analysis are:
 EMA: Exponential Moving Average  WMA: Weighted Moving Average  MACD: Moving Average Convergence and Divergence (Faster Moving average) (Red Line)  EXP: Slower Moving Average (Blue Line)  RSI: Relative Strength Index  EMA (Close, 20): 20 days EMA  Williams’ R%: 14Days

closing date.icharts. chart‘s duration and indicators because these information are very essential cause one should know which company one is looking for and which industry it belongs to. Before knowing this basic information we cannot analyse a company properly. If look you at . we should look at the chart‘s basic information like company‘s name. chart type.in Firstly looking at the chart.DLF India Ltd: OVERBOUGHT OVERSOLD Source: www.

Support Level Price: 300. As far as prices are concern this indicator has little bit to do with the prices it only shows the change in trend of the share prices. Currently it is red is rising above the blue line as it has already crossed the blue line from above and indicating negative signs of changes. In last two to three months. hence gave a better result in comparison to market. four in total. share market showed a positive trend as Nifty increased by 56 points (1%) and continued to bullish trend DLF price exhibit a 4. now prices are looking for new support level because earlier support of 20 days WMA support level has broken down for short term of period as market has made a correction in share prices in last week of June 2010 and first week of July 2010.426 is above the blue line (slower moving average) which is at 0. When red line (faster moving average) crosses blue line (slower moving average) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. Now. Currently it is ranging above 20 days and also 50 days EMA. It only shows the change in trend due to change moving averages of the stock prices.8 Resistance Level Price: 287. If we look at two month ago share prices of DLF which is getting support are at 20 days WMA and at 20 days EMA but now it has breached the level of 20 days WMA and 20 days EMA. As red line has crossed the blue line from below the prices will continued to go up until red line comes below again from blue lines.0 – 305.8 – 286. Currently red line (faster moving average) is at 1.the chart at a glance you will find three separate indicators and one price chart with three indicators.8 and last day it gains marginally. But if we look at the price trend with WMA indicator we will find share price of DLF has already cross down the WMA level.748 which is known as Positive Divergence. So it shows that for short term period and long term period share price is looking positive.0 MACD is a good indicator for every kind of market situations.9 278. if we look at the support and resistance level we will find 20 days WMA is resistance level and 50 days EMA is support level for Prices. . But now the time has changed. First of all we will start from price chart where we can see that last closing price is 295.678 and creating a gap of 0.63% high.

every time when it touches or crosses the -20 level mark it again come back to the range of -80 and again bounce back to -20 level but some time it moves down back before reaching the level of -20 or above. If we look at the indicator chart. It shows positivity for short term horizon. It is currently at level of 59.342. When it ranges at -80 it gives the Buy signal. RSI (14) indicator indicate for medium term horizon. if market is moving in trend it will show false indication of sell at some point of time. Williams’ %R works properly in fluctuating market condition However. This indicator attempts to identify the amount of volume required to move prices. Currently the EMV is indicating 12. So investor should keep track on it before investing. similarly when it bounces back to the level of -20. Strong negative numbers indicate that price is moving downward on low volume. it produces Sales signal.89 and moving from 30 marks to 70 marks. which itself indicate positivity in stock price. hence giving strong buy signal. . A high positive value appears when prices move upward on low volume. which is greater than zero. So it‘s a best indicator for analysis for now.62. Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. Here the market conditions are suitable for Williams‘ %R. 70 marks level is overbought situation and 30 marks level is oversold situation.Now if we look at Williams’ %R it is currently at a level of -7. Generally a value greater than zero is an indication that the stock is being accumulated (bought) and negative values are used to signal increased selling pressure. If DLF’s RSI touches the level of 70 marks it would probably the best time to sell the DLF’s share. It‘s a 14 days Williams‘ %R which is an indicator of short term. Currently this indicator is indicating strong positive sign for this stock for short term period.

icharts. it is a good share to buy at this point of time. which is a good indication for the company‘s share price. 126. However. Last quarter the price of JP share was 150.Jai Prakash Associate Ltd: OVERBOUGHT OVERSOLD Source: www.2. but now the market has started showing positive sign. we will find share price of JP Associate would cross down the 20 days WMA and 20 days EMA. It indicates negatively for short term horizon but if one takes a long term view.3. But if we look at the price trend with WMA indicator. It has its 3 month high of approx.in Last closing price of JP Associate on 9 July 2010 is 125. market is looking .4 and currently ranging near to its three months high but still below 20 days EMA and 20 days WMA.

127. It indicate fresh sell for short term period. Currently the EMV is indicating 0. .127.35. It shows negativity for medium term horizon. But if we talk about the support level and resistance level they will support it from going down in long term. Currently red line (faster moving average) is at -0.6 .2 .48. Currently if we talk about JP it would be better to hold the decision regarding the JP shares at this point of time and let the move from any of the side to execute the decision. As far as prices are concern this indicator has little bit to do with the prices it only shows the change in trend of the share prices. RSI (14) indicator is for the purpose of short to medium term horizon. So investor should keep track on it before investing. Now we take a look at Williams’ %R which is currently at a level of -80.205. Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. but before looking at the other indicators it would be a foolishness to buy share at this level of market. Support Level Price: 123.8 – 122. This shows a bit of positivity in assets prices. hence giving buy signal. 70 marks level is an overbought situation where investor feels that share is overvalued due to excess buy and 30 marks level is oversold situation where investor feels that prices are undervalued due to oversold conditions. When red line (faster moving average) crosses blue line (slower MA) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. Here the market condition is something like latter condition where it would come down before reaching -20 levels.232 and creating a gap of -0.666 is below the blue line (slower moving average) which is at -0. Currently indicator is indicating strong fresh buy signals. which is greater than zero. It is currently at level of 46.3 Resistance Level Price: 126.434 which is known as Negative divergence. which indicates strong negativity in stock price for a short term.9 MACD which is generally used by every analyst for the purpose of technical analysis shows the change in trend of stock prices.negative but indicators are positive.

a fundamentally strong company but what if we look about the technical aspect.in Unitech India Ltd.icharts.Unitech Ltd: OVERBOUGHT OVERSOLD Source: www. market condition is not supportive and even company’s . Fundamentally strong company can be week at some point of time where economic condition is not supportive.

58 and closing price as on 21 June 2010 is 75. We can call it as a helping indicator to others. Currently 20 days WMA is around 73.485 is above the blue line (slower moving average) which is at 0.34 . It has already crossed down 20 days WMA and 20 days EMA.279 which is known as Positive Divergence. Unitech has its 3 month high of 76. Sometimes it gives false indication of positive trend but in reality there is nothing like positive trend.77. However. It means market is shuffling from negative to positive area. Elliot Waves and many more.71 Resistance Level Price: 76.207 and creating a gap of 0.55. So you need to analyze a stock before investment to get fruitful returns.historical data are not supportive.74. Support Level Price: 74. As far as support level and resistance level is concerned both are normal and showing nothing extra ordinary about the share.12 Other indicators which are not shown in this project are also taken into consideration for the purpose of technical analysis is like Volume. As far as prices are concern this indicator has little bit to do with the prices it only works with other indicator.35 and currently ranging near to its three months high. short term and long term horizon Unitech is a better mode of investment. MACD is generally used for the purpose of technical analysis.73. Currently indicator is about to indicating very strong fresh . For both. indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. It indicates that. market is looking negative but indicators are positive.78 . Currently red line (faster moving average) is at 0. Looking at Williams’ %R which is currently at a level of -20.15 indicating very strong of positivity in stock price for short term.01. Unitech is has broken the resistance level and now market is looking for new resistance level. Momentum Oscillators.

Currently is indicating 0. It shows negativity for medium term. . which is greater than zero.132. Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. hence giving some a bit of buy signal. Strong positive numbers indicate that price is moving upward on low volume. it would be better to sell the shares. RSI is around 58 and very near to its overbought level. As 70 marks level is an overbought situation where investor feels that share is overvalued due to excess buy and 30 marks level is oversold situation where investor feels that prices are undervalued due to oversold conditions. RSI (14) indicator is used for short to medium term horizon.17. It is currently at level of 57.sell signs but looking at the other indicators it would be a foolishness to sell share at this level of market. Investor should analyze a share before investing. Currently if we talk about Unitech it is showing the positive signs.

8 and it is near to its 20 days EMA. If we look at past record we will find 50 days EMA as a supportive line. Sometimes in market due to speculations the price of share goes below its fundamental price.in Reliance Industrial Infrastructure Ltd. every time when there is a correction in the market then .Reliance Industrial Infrastructure Ltd: OVERBOUGHT OVERSOLD Source: www. (RIIL). RIIL currently trading at 942. At that point of time if prices further goes down than it‘s became necessary to take the help of technical analysis.icharts. a Mukesh Dhirubhai Ambani group company with very strong fundamental.

8 Other indicators which are not shown in this project are also taken into consideration for the purpose of technical analysis is like Volume. We can call it as a helping indicator to others.the share prices got support to its 50 days EMA and 20 days EMA. Right now MACD indicator is showing -10. It indicates EMA as a supportive line.1 Resistance Level Price: 952. Williams’ %R works properly in fluctuating market condition However. which is indicating further downturn. Here the market conditions are suitable for Williams‘ %R. which itself indicate negativity in stock price.42.93 . So it‘s a best indicator for analysis for now. MACD is generally used for the purpose of technical analysis. . Now if we look at Williams’ %R it is currently at a level of -78.898.06 . But now the prices has slipped below the EMA line and from last 5 to 10 days it‘s getting resistance over there and if we talk about the support level it‘s also near to its resistance level. Support Level Price: 936. Elliot Waves and many more. as 50 days EMA is indicating the support we can assume it a positive sign for medium term investment. Currently Red Line (Faster Moving Average) is falling Below the Blue Line (Slower Moving Average).43 .06 . As far as prices are concern this indicator has little bit to do with the prices it works with other indicator.963.972. In every market condition we can have support level and resistance level whether it‘s very low or not. indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. However. Currently this indicator is indicating Buy signal for this stock for short term period.74 divergences but if it increases from this level it would be harmful for the share price. Momentum Oscillators. Sometimes it gives false indication of positive trend but in reality its nothing like positive movement. It‘s a 14 days Williams‘ %R which is an indicator of short term. Indian market condition is looking so good even foreign markets are supportive.930. if market is moving in trend it will show false indication of sell at some point of time.

hence giving strong buy signal. It is currently at level of 54. It only shows the overbought and oversold condition nothing in relation to the exact share price. It shows negative indication for medium term. Currently is indicating 425. Currently if we look at the indicator it‘s showing mixed indication and one should use wait & watch policy and should look for intraday trading with stop loss. which is greater than zero. .Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume.36. Strong positive numbers indicate that price is moving upward on low volume. RSI (14) indicator is used for short to medium term horizon.

it itself indicates a negative sign.95. If we look at past record we will find 20 days WMA as a supportive line. every time when there is a correction in the market then the share prices got support to its 20 days EMA and 20 days EMA.GMR Infrastructure Ltd: OVERBOUGHT OVERSOLD Source: www.icharts. Prices are changing negatively from last week. First of all we will start from price chart where we can see that last closing price is 58. But if we look at the price trend with WMA indicator we . Now the prices has got over the WMA line and from last 5 to 10 days it‘s getting resistance over there and if we talk about the support level it‘s also near to its resistance level. It indicates WMA as a supportive line.in Looking at the chart at a glance.

Now if we look at the support and resistance level. hence showing no signal at the moment.00. GMR is looking strong from both fundamental and technical point of view. It shows positivity for medium term horizon. Though it indicates positivity for short term horizon. to enter the market. Sometimes it gives false indication of positive trend but in reality its nothing like positive movement. we follow a pattern that past trends repeats itself in near future. Right now MACD indicator is showing 0. 70 marks level is overbought situation and 30 marks level is oversold situation. RSI (14) indicator indicate for medium term horizon. GMR‘s RSI would probably touch the level of 70 marks and that time would be the best time to sale. The investor should wait for market correction.will find share price of GMR has already got over the WMA price and 20 days EMA. indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. but prices showed a slight movement for the last 3 months even it is unable to give a similar change as compare to Nifty.207 positive divergences and. Looking at Williams’ %R which is currently at a level of -38. Currently it is ranging above 20 days EMA and. We can call it as a helping indicator to others. It is currently at level of 54. So investor should keep track on it before investing.Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. .54 indicates some strong positivity in stock price for short term. But I am still bullish on GMR Infra because it is working in infrastructure sector and government has plans to boost infrastructure in India. At the moment. 50 days EMA. Currently is indicating 0.88 and moving from 30 marks to 70 marks. Currently indicator is about to indicating some bit of fresh sell signals. When red line (faster moving average) crosses blue line (slower moving average) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. MACD is generally used for the purpose of technical analysis. As far as prices are concern this indicator has little bit to do with the prices it works with other indicator. if it continues to show the same performance than it would be beneficial for the share price.

same condition is with fundamental indicators. Rating Meter Short Term Medium Term . Some of the factors which are important are:  Current economic condition  Current market condition  Global market perspective  Other investment opportunities Only looking at the charts you cannot predict the share price accurately because technical indicators are unable to show the change in trend. If these five companies are taken into consideration and are only investment options available to an investor then we can rate them on the basis of their future performance. It gives the mixed results so before making investment of your valuable money into share market you should also need to analyze the other factors with these technical indicators. which can have a huge impact on share prices.Rating of Companies on the basis of Technical Analysis Now we have properly examined these shares with the help of technical indicators. With the help of fundamental indicators technical indicators works properly. Company Name GMR Infrastructure Limited JP Associate Limited Unitech Limited Reliance Industrial Infrastructure limited DLF India Ltd.

The detailed view of my research work. . which I have completed. is taken from annual report of the company.FUNDAMENTAL ANALYSIS Stock Information For the purpose of equity analysis.5 Extreme Loss * 5 Applicabl e Margin Rate 12. Company’s Basic Information: Security Name Security Code** Face Value 1 Series ISIN Code Security Margin/VA R Margin* 7. which is related to the financials of the company. * VaR and ELR are of specific date and changes on daily basis. ISIN Code.5 GMR Infrastructure Limited Reliance Industrial Infrastructure Limited Jaiprakash Associates Limited GMRINFRA EQ INE776C01039 RIIL 10 EQ INE046A01015 9. I have chosen five realty & infrastructure companies in total and currently working on it. Calculations which have been done for company specific are true and the data has been collected from the official website of the company and from the official websites of the NSE and BSE. Other information regarding market price.24 ** Stock name given are of NSE and are different for BSE.24 5 14.2 JPASSOCIAT 2 EQ INE455F01025 7. is presented in this project with other important information related to company‘s financials.24 DLF Limited DLF 2 EQ INE271C01023 7.72 5 12.2 5 14. Margin Rate and Security Code are taken from Official Website of NSE.72 Unitech Limited UNITECH 2 EQ INE694A01020 9.5 5 14. Stock Information.

44 23860.708.36 69.03(Cr) 2 DLF Ltd.3 2.316. Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend Total debt/equity Market Cap.85(Cr) 2 JP Associate Mar ' 10 10.55 64.5 72.5 21.77 100 0.92 0.401.56 15.16 31.04 1532. Data Source: www.04 16. Data Source: www. Mar ' 10 1.23 - Source: Self Generated .45 0.69 20614.82 88.24 54 2.36 8.53 70.29 769.88 10.98 14.rediff.4 13.44 23.93 21.67 78.05 10 2.32 54.50 544.41 6.23 37.47 35 1416.money.51 13.Report Card: GMR Ltd. : Face Value Data Source: SMC Global Securities Ltd. Mar ' 10 2.38(Cr) 10 Mar ' 10 169.06 24.91 12.77 54418.33 89.84 14.com Unitech Ltd.33 -2.com 22.50 0 0.67 120.04 1.61 4.16 76.money.63(Cr) 1 Source: Self Generated OTHER RATIOS: Other Important Ratios DLF JP ASSOCIAT UNITECH RELIANCE GMR Price/sales Price\Book return on net worth (%) Dividend payout ratio (cash profit) Cash earnings retention ratio Data Source: SMC Global Securities Ltd.5 11.937.1 27694.rediff.89(Cr) 2 RIIL Mar ' 10 51.32 32.

65 (Cr) Average 2437.77 54418.62 1473.12 26.117.66 120.401.FUNDAMENTAL ANALYSIS: DLF INDIA LTD: Report Card of DLF Ltd.769.12 35.53 70.77 9. Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend% Total debt/equity Market Cap.673492 Data Source: SMC Global Securities Ltd.574. I have calculated 1 year returns of DLF by dividing current close price by previous close price and then subtract the value from 1(one).432 1971.23 100 10.7 15.11 620.807.48 1.21 21.15 100 0.69 1.48 986.133.532.90 2.84 3.6 Mar ' 09 2.91 2.324 34. .08 100 1.455 1065.65 498.116 9.632.85 2 320. This sensitivity is called as Beta.17 348.547.59 2.53 100 4.37 Mar ' 07 1. First.74 Mar ' 08 5.42 406.1 21.384 - Data Source: SMC Global Securities Ltd.77 100 0.827.61 4.29 769. Source: Self Generated BETA Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share.59 15. : Face Value Market Price Mar ' 10 2.67 Mar ' 06 291. Calculation of Beta Value is done using MS Excel: BETA VALUE 1. Beta is nothing but how sensitive a share price is to the market movement. Source: Self Generated Calculation of BETA 1.72 3.

Here I have taken Cnx s&p nifty as benchmark.00% `13% 0.547 weighted average cost of capital Data Source: SMC Global Securities Ltd.673 15% 26. After finding out the returns. Beta =slope(Return of your stock.75% . I have calculated nifty 1 year returns by dividing nifty current closings by previous closings. I have calculated DLF Beta by entering Slope function into MS Excel. Debt and Retained earnings) which are used by company in its capital structure. 3.2. WACC may be defined as weighted average cost of all finance instruments (Equity.015 0. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (DLF) Equity share capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning 339.437 0. Same process I followed in calculating Benchmark Return. and then subtract the value from 1(one). Source: Self Generated 19. return for your benchmark) I have attached all the Details of Beta calculation at the end of the report WACC Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process.48 12% 7% 1.

09 1553.e. further adding Risk free return into it. debt and retained earnings. After discounting the cash flow of the company. equity.37 1053.00% 20.56 34. I calculated the intrinsic value of the company. Lastly. The weights have been assigned according to the proportion in the capital structure.47 19. Calculation of Intrinsic Value Step: 3 Calculation of the discounted cash flow (DCF) is the last step of this Process.Calculation of WACC 1.86 0 877. I have made an assumption about the rate of each component.89 1358.55% 769. 3.91% 41. I have multiplied the DLF beta by the Market Rate of return.67 152.04% 14.79 169.79 184.06 37. I multiplied all the Rates with their respective weights and summed up all.07 138.75% 59033. Calculation of Intrinsic value is done using MS Excel: Discounted cash flow Projections of Company financials Periods Growth in Net Profit Net Profits Depreciation Other write offs Net Change In working capital Free cash Flows Discount Rate Discounted Cash Flow (Fair Market Capitalization) Stocks Intrinsic Value No.60 24.84 0 0 0 0 933.74 Source: Self Generated . i.07 30. of Shares Outstanding Data Source: SMC Global Securities Ltd. First. I have assigned weights to all the components of Capital Structure of DLF.67 27.53 167. Intrinsic value may be defined as Real worth of the company on the basis of future growth and cash flow.53 1050.99 2132.61 126.12% 28. For this I have divided each component by the total funds 2.11 1237.60 1923.91 347. To calculate the required rate of Return on Equity. because then it would be very difficult to me to find out these calculations with in short span of time. 4. DLF INDIA LIMITED 10E 11E 12E 13E 14E 32.

Calculation of Intrinsic Value 1. I made an assumption of 10% increase annually. 4. For e. and 2013(13E) etc. Finally. 3. and lastly divide by the No. These cash flows than discounted on the basis of WACC (1. This Average N/P Ratio. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. of years in between the current N/P and initial net profit. of Equity shares of DLF to find out the Intrinsic Value of Stock. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. 2. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. 2011(11E).g. While projecting the future Deprecations and other write offs. and then this Fair Market Capital has divided by the No. . to know the Present Value ―PV‖. This growth rate provides one‘s to project the future cash flows of a company. which has been determined by subtracting the initial net profit from the current net profit and then further divide by the initial N/P itself.975%). then summed up by percentage% annual growth. all the present values of projected cash flows added up with Market Capital of the DLF to determine the Fair Market Capitalization. 2012(12E).

The Debt/Equity Ratio of the firm 0. The company has declaring 100% dividend throughout 5 years.077 which is far below the standards. it comes to 70.But if we talk about the P/E Ratio.e 1. DLF has nice track record paying Dividends. One will mean that the beta is moving with the market and greater than 1 means more swing. 2010 is 4. Though its current sales have been declined by 15%. it implies that the firm could not be able to take the benefits of leverage in the long run. more volatility and probably more risk.673. it provides a hint as to how many year it takes to repay the company its Market Value. which is above than the Market Return . which is the best among all the five companies after Jaiprakash Associate who has 8. The Company‘s Earnings per Share at the end of Mar.48% down from its Intrinsic Value. BUY HOLD SELL . P/E is considered to be one of the best financial tools to scale the company performance.77 that gives an idea about the earning capacity to its market price. but its Operating Ratio has increased by 16%.19.Interpretation: DLF has a good sales record in the previous year even when the industry is facing the Global Economic Crunch. And very high beta probably means low-liquidity The Difference between the Market Price of the share and its Intrinsic Value is 27. which tells that Market Price is still 8.53. The Beta Value of DLF Stocks is 1. which tells that the company has successfully controlling its operations.04.i.

54 0 0.124 1744.36 69.39 31 10.63 1 61.45 0. Here I have taken Cnx s&p nifty as benchmark.432 73.07 Mar ' 08 102.77 89.00 0 0.59 0 0.17 360. and then subtract the value from 1(one). 2.GMR INFRASTRUCTURE LIMITED: Report Card of GMR Ltd.96 42. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.92 41.2 126.12 35.08 Mar ' 07 33.3 Mar ' 09 159.04 0 0.13 471. .33 97. Beta is nothing but how sensitive a share price is to the market movement.12 Mar ' 06 57.210864 Data Source: SMC Global Securities Ltd. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings.44 53.50 0 0.23 102.88 0.5 64.54 35. First.33 -2. : Face Value Market Price Mar ' 10 169. Source: Self Generated BETA Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share.51 13. Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend Total debt/equity Market Cap.55 0.01 6130. Source: Self Generated Calculation of BETA 1.448 0.44 23860. This sensitivity is called as Beta.76 (Cr) Average 104.69 0.85 2. I have calculated 1 year returns of GMR by dividing current close price by previous close price and then subtract the value from 1(one).333 Data Source: SMC Global Securities Ltd. Same process I followed in calculating Benchmark Return.01 62.04 1532.67 0.27 227.

Calculation of WACC is done using MS Excel: Calculation of Weighted Average Cost of Capital (GMR) Equity share capital 366. I have calculated GMR Beta by entering Slope function into MS Excel.74 Cost of debt 12% Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning 7% 1. The weights have been assigned according to the .93% Calculation of WACC 1. First.e.650 weighted average cost of capital Data Source: SMC Global Securities Ltd. After finding out the returns. Beta = slope(Return of your stock. equity. Source: Self Generated 19. debt and retained earnings. I have assigned weights to all the components of Capital Structure of GMR.306 0. return for your benchmark) I have attached all the Details of Beta calculation at the end of the report WACC Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process.218 15% 18. WACC may be defined as weighted average cost of all finance instruments (Equity. i.28% `13% 0. Debt and Retained earnings) which are used by company in its capital structure.3.044 0.

Calculation of Intrinsic value is done using MS Excel: Discounted cash flow Projections of Company financials Periods Growth in Net Profit Net Profits Depreciation Other write offs Net Change In working capital Free cash Flows Discount Rate Discounted Cash Flow (Fair Market Capitalization) GMR INDIA LIMITED 10E 40. of Shares Outstanding Data Source: SMC Global Securities Ltd.38 0 0 42.93% 23940.25 0 0 28. 4. Calculation of Intrinsic Value Step: 3 Calculation of the discounted cash flow (DCF) is the last step of this Process.87 12E 25. 61. I have made an assumption about the rate of each component. because then it would be very difficult to me to find out these calculations with in short span of time.65% 27. I have multiplied the GMR beta by the Market Rate of return. further adding Risk free return into it. 3.864 11E 17.24 Source: Self Generated .51 389.45 0. For this I have divided each component by the total funds 2.88 1.84 1.75% 15.84 Stocks Intrinsic Value No. Intrinsic value may be defined as Real worth of the company on the basis of future growth and cash flow.39 19.51% 19.41 (Cr) 14E 52. After discounting the cash flow of the company. Lastly.14 0 0 21.16 1.01 13E 36. To calculate the required rate of Return on Equity. I multiplied all the Rates with their respective weights and summed up all.94 0 0 14.03 0 0 16.65% 41.proportion in the capital structure.46 1. I calculated the intrinsic value of the company.64% 13.

2012(12E). of Equity shares of GMR to find out the Intrinsic Value of Stock. This growth rate provides one‘s to project the future cash flows of a company. and lastly the ―derived value‖ divide by the No. to know the Present Value ―PV‖. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. This Average N/P Ratio then summed up by percentage% annual growth. and 2013(13E) etc. 2. Finally. and then this Fair Market Capital has divided by the No. Its current sales have been increased by 6. 2011(11E). all the present values of projected cash flows added up with Market Capital of the GMR to determine the Fair Market Capitalization. but its Operating Ratio has decreased by 39. 3.Calculation of Intrinsic Value: 1. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. Interpretation GMR has been showing a good sales record in the previous years even when the industry is facing the Global Economic Crunch. I made an assumption of 10% increase annually. which has been determined by subtracting the initial net profit from the current net profit and then further divide by the initial N/P itself.11Cr in comparison to last year of Rs. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. 69. These cash flows than discounted on the basis of WACC (19.93%).38%. 23. 4.g. While projecting the future Deprecations and other write offs.15%. it‘s because that the company has paid a hefty amount of interest of amount to Rs. of years in between the current N/P and initial net profit. For e.79Cr on loan which has been taken by the firm .

07. If we talk about the P/E Ratio. The Debt/Equity Ratio of the firm has increased from 0.34% down from its Intrinsic Value. The Beta Value of GMR Stocks is 1.44 which is indicating that firm is firm is organizing financial resources from outside to take the advantage of leverage in the long run. GMR will take 1% profit till 2014 and will take 10% profit from 2015-25. The reason behind this little increase is that GMR has Split its share face value from Rs.The Company‘s Earnings per Share at the end of Mar. It was the highest bidder with USD 78 million for the project. 0. ―I think in GMR lot of accumulation has taken place and stock has not moved. it comes to 1532. The company has received Male International Airport expansion project. 1.e. last year to 0. 1. BUY HOLD SELL . it provides a hint as to how many year it takes to repay the company its Market Value.21 which tells that Market Price is still 0. 2010 is 0.04. which is the least among all the five companies.5 that give an idea about the earning capacity to its market price. One will mean that the beta is moving with the market and greater than 1 means more swing. And very high beta probably means low-liquidity The Difference between the Market Price of the share and its Intrinsic Value is Rs. so I would suggest going long here in the range of Rs 55-56". more volatility and probably more risk. 2 to Rs. It is because that the company has split its stock face value form Rs. The company has not declared any dividend throughout 5 years. 1. reason being it has huge opportunities for investment in various segments in which it is operating. P/E is considered to be one of the best financial tools to scale the company performance. 2 to Rs.218. which is little above than the Market Return .i.

04 16.00 868. . Source: Self Generated Calculation of BETA: 1.427.141.92 1. I have calculated 1 year returns of JP Associate by dividing current close price by previous close price and then subtract the value from 1(one).57 - (Cr) Average 5372.985.82 36 2.199 Source: Self Data Source: SMC Global Securities Ltd.006 23.1 27694. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings.46 2. and then subtract the value from 1(one).57 418.7 1387.6 Mar ' 09 5.12 Mar ' 07 3.92 851.59 19.46 30 1.265.4 20.04 1.36 8. Here I have taken Cnx s&p nifty as benchmark.096.474 6.87 897.07 610 5. 2.12 Mar ' 08 3.442.80046 Data Source: SMC Global Securities Ltd.01 6.38 840.79 34.41 35 2.159.98 627 6.89 2 130.00 1. Calculation of Beta Value is done using MS Excel: BETA VALUE 1. First. : Face Value Market Price Mar ' 10 10.988 789. Generated BETA Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share.08 634.00 1.93 Mar ' 06 3.24 54 2.979. Beta is nothing but how sensitive a share price is to the market movement.76 415 3.07 35 2. Same process I followed in calculating Benchmark Return.JP ASSOCIATE LIMITED: Report Card of Jaiprakash Associate Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend% Total debt/equity Market Cap.708.21 25. This sensitivity is called as Beta.316.

Beta =slope(Return of your stock.64% Calculation of WACC 1. After finding out the returns.307 19. Debt and Retained earnings) which are used by company in its capital structure. debt and retained earnings.00% `13% 0. I have calculated JP Associate Beta by entering Slope function into MS Excel. return for your benchmark) I have attached all the Details of Beta calculation at the end of the report WACC Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process.3.8 15% 27.022 0. Source: Self Generate 424. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (JP) Equity share capital Calculation of Weighted average Cost of Capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning weighted average cost of capital Data Source: SMC Global Securities Ltd. equity. I have assigned weights to all the components of Capital Structure of JP Associate.671 0. i. First.e.93 12% 7% 1. WACC may be defined as weighted average cost of all finance instruments (Equity. The weights have been assigned according to the .

64% 36619.35% 1934.29 551. Calculation of Intrinsic value is done using MS Excel: Discounted cash flow Projections of Company financials Periods Growth in Net Profit Net Profits Depreciation Other write offs Net Change In working capital Free cash Flows Discount Rate Discounted Cash Flow (Fair Market Capitalization) Stocks Intrinsic Value No.22 0 3076. of Shares Outstanding Data Source: SMC Global Securities Ltd.85% 1. I calculated the intrinsic value of the company. further adding Risk free return into it. 3.39 12E 9. I have multiplied the JP Associate beta by the Market Rate of return. To calculate the required rate of Return on Equity.69 212.74 11E 7.proportion in the capital structure.36 456. I multiplied all the Rates with their respective weights and summed up all.39 172. After discounting the cash flow of the company. Intrinsic value may be defined as Real worth of the company on the basis of future growth and cash flow.30 0 2303.31% 2408.64 607.67 0. JP ASSOCIATE LIMITED 09E 15.02 0.78 501. Lastly.90 (Cr) 13E 13.46 667.27 0 2486.708. I have made an assumption about the rate of each component.75 19. 4.83 0.72 0.058 Source: Self Generated . For this I have divided each component by the total funds 2. Calculation of Intrinsic Value: Step: 3 Calculation of the discounted cash flow (DCF) is the last step of this Process.47% 1801.65 10E 5.89% 2125.33 0 2164.06 0.24 0 2732. because then it would be very difficult to me to find out these calculations with in short span of time.

Its current sales have been increased by 72. to know the Present Value ―PV‖. This Average N/P Ratio then summed up by percentage% annual growth. which tells that the company has successfully controlling its operations.78%. all the present values of projected cash flows added up with Market Capital of the JP Associate to determine the Fair Market Capitalization. 2011(11E). Finally. 3.52% which is the highest percentage change among all the five firms. 2. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. 2012(12E). and 2013(13E) etc. Interpretation JP Associate has a magnificent sales record in the previous years even when the industry is facing the Global Economic Crunch. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. of Equity shares of JP Associate to find out the Intrinsic Value of Stock. 4. of years in between the current N/P and initial net profit. While projecting the future Deprecations and other write offs. .g. For e. and lastly the ―derived value‖ divide by the No.Calculation of Intrinsic Value 1. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. I made an assumption of 10% increase annually. which has been determined by subtracting the initial net profit from the current net profit and then further divide by the initial N/P itself. Similarly its Operating Ratio has increased by50.64%). This growth rate provides one‘s to project the future cash flows of a company. and then this Fair Market Capital has divided by the No. These cash flows than discounted on the basis of WACC (19.

08 on the face value of Rs. P/E is considered to be one of the best financial tools to scale the company performance.23% from its Intrinsic Value. The Beta Value of JP Associate Stocks is 1.8.i. more volatility and probably more risk and very high beta probably means low-liquidity. 1. the stock will start looking attractive because atleast on their businesses they have very good volume growth coming on all the side.09 which tells that Market is still devaluating the share prices by 32. I think somewhere closer to these levels. it implies that the firm enjoying the benefits of leverage. One will mean that the beta is moving with the market and greater than 1 means more swing.24 that give an idea about the earning capacity to its market price.The Company‘s Earnings per Share at the end of Mar. So this is a stock that one may look at Holding. The company has declared Rs. 2. JP Associate has nice track record paying Dividends. 2010 is 8. because I think that the numbers will look better by the end of this year and FY12 should be better than FY11 for them. "In case of Jaiprakash Associates. which 54% of the ace value of a share in the current year. The Difference between the Market Price of the share and its Intrinsic Value is Rs." BUY HOLD SELL . The Debt/Equity Ratio of the firm is 2. it comes to 16. which is the best among all the five companies.e. it provides a hint as to how many year it takes to repay the company its Market Value. The firm is also following the policy to retain adequate amount of its earning to finance its future projects.04. But if we talk about the P/E Ratio.1 almost close to the standard. which is far above than the Market Return . 42. 1.

This sensitivity is called as Beta.030.824 1168.282 16.UNITECH LIMITED: Report Card of Unitech Ltd.3 2.03 2 82.11 983. Beta is nothing but how sensitive a share price is to the market movement.13 148.413. : Face Value Market Price Mar ' 10 1.011.65 11.12 6.56 18. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings.86 - (Cr) Average 1949.06 Mar ' 06 653.804 Data Source: SMC Global Securities Ltd. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.79 Mar ' 08 2.50 544.81 25 3.35 1.937.4 10 1.255.05 69. Here I have taken Cnx s&p nifty as benchmark.51 1.11 Mar ' 07 2. 2.27 1.29 108.25 1.08 824. and then subtract the value from 1(one).56 12. I have calculated 1 year returns of Unitech by dividing current close price by previous close price and then subtract the value from 1(one).55 1. Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend Total debt/equity Market Cap. .01 739.15 7. Same process I followed in calculating Benchmark Return.17 925.474 - Data Source: SMC Global Securities Ltd.503. First.453.57 7.66 4.62 Mar ' 09 1.11 5 3.05 10 2.00 13 3.35 13.802.23 37.852. Source: Self Generated BETA Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share.657.69 20614.93 673.97 1. Source: Self Generated Calculation of BETA 1.68 6.

68 12% 7% 1. debt and retained earnings. Beta =slope(Return of your stock.2405 weighted average cost of capital Data Source: SMC Global Securities Ltd.e.3. The weights have been assigned according to the . After finding out the returns.0308 0. equity. return for your benchmark) I have attached all the Details of Beta calculation at the end of the report WACC Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. Source: Self Generated 20. WACC may be defined as weighted average cost of all finance instruments (Equity.06% 13% 0. I have assigned weights to all the components of Capital Structure of Unitech.19% Calculation of WACC 1. Debt and Retained earnings) which are used by company in its capital structure.7286 0. I have calculated Unitech Beta by entering Slope function into MS Excel. i. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (Unitech) Equity share capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning 324. First.804 15% 27.

I have multiplied the Unitech beta by the Market Rate of return.92 0 0 832.46 249. further adding Risk free return into it. After discounting the cash flow of the company.62% 1. Unitech Limited 10E 33.proportion in the capital structure.48% 690. I calculated the intrinsic value of the company. Intrinsic value may be defined as Real worth of the company on the basis of future growth and cash flow.19% 23073.99 7.00% 544.89% 603. 4. Calculation of Intrinsic Value Step: 3 Calculation of the discounted cash flow (DCF) is the last step of this Process. Lastly.20 0 0 698.24 8.25 20.26% 824.19 13E 19.035.12 12E 14.55 0 0 610. Calculation of Intrinsic value is done using MS Excel: Discounted cash flow Projections of Company financials Periods Growth in Net Profit Net Profits Depreciation Other write offs Net Change In working capital Free cash Flows Discount Rate Discounted Cash Flow (Fair Market Capitalization) Stocks Intrinsic Value No.90 11E 10.3 5. 3. of Shares Outstanding Data Source: SMC Global Securities Ltd.02 (Cr) 14E 25. For this I have divided each component by the total funds 2. because then it would be very difficult to me to find out these calculations with in short span of time. I multiplied all the Rates with their respective weights and summed up all. I have made an assumption about the rate of each component.57 6.71 0 0 1043. To calculate the required rate of Return on Equity.56 Source: Self Generated .95 0 0 550.95 92.10 7.

and 2013(13E) etc. 2011(11E). 2012(12E). I made an assumption of 10% increase annually. and then this Fair Market Capital has divided by the No.700Cr to Rs.g.Calculation of Intrinsic Value: 1. Here I have assumed again the Average Net Profit ratio as percentage% annual growth.42%. 1064. which tells that the company has not been able to control its operations. This growth rate provides one‘s to project the future cash flows of a company. For e. which has increased from Rs. This Average N/P Ratio then summed up by percentage% annual growth.2Cr. Though the company has showed little improvement of 4. Interpretation: If we talk about Unitech Limited the company has been exhibiting haphazardness in terms of its sales record over the last five years. While projecting the future Deprecations and other write offs. . 2. of Equity shares of Unitech to find out the Intrinsic Value of Stock. 3. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. These cash flows than discounted on the basis of WACC (20. to know the Present Value ―PV‖. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. 4. but the operating profit ratio has declined by 25.6% in its sales.19%). because Unitech has been showing a sloppy trend of generating net profits. Finally. all the present values of projected cash flows added up with Market Capital of the Unitech to determine the Fair Market Capitalization. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. The reason behind declining of operating profit ratio might be increase in the Other Expenses.

The Beta Value of Unitech Stocks is 1. So this is a stock that one may look at Selling. more volatility and probably more risk and very high beta probably means low-liquidity. 2010 is2.18% from its Intrinsic Value.20 on the face value of Rs. P/E is considered to be one of the best financial tools to scale the company performance. as the firm is not generating consistent returns. The Difference between the Market Price of the share and its Intrinsic Value is Rs. as the firm has the fix liability towards its Debtholders . it provides a hint as to how many year it takes to repay the company its Market Value.The Company‘s Earnings per Share at the end of Mar.23.69 far above than standard.04 which tells that Market is still devaluating the share prices by 12." BUY HOLD SELL . nor the company has any big project in near future. The firm is also following the policy to retain adequate amount of its earning to finance its future projects.05 that give an idea about the earning capacity to its market price. Unitech has declared Rs. That‘s‘ why company is on the way to cutting down its long term Debts. "In case of Unitech Limited. 1. I personally feel that the firm is facing Overcapitalization. which is far above than the Market Return .i.The firm‘s EPS has also been showing diminishing trend. But if we talk about the P/E Ratio.e. which 10% of the face value of a share in the current year.804. I am diffident about the company stock prices. 0. 10. it comes to 37. One will mean that the beta is moving with the market and greater than 1 means more swing. it indicating that any further sign of negative performance would deflate the earnings of Equity Shareholders. 2. The Debt/Equity Ratio of the firm is 2. as the firm itself is not sure about its future.

26 53. First. and then subtract the value from 1(one).98 Market Cap.44 0.06 41.79 19.00 35 1.378 20.09 - (Cr) Average 61.47 21. Beta is nothing but how sensitive a share price is to the market movement. Mar ' 06 64.000 - Source: Self Generated BETA Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share.43 12.16 0.66 P/E Ratio 0. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings.23 0.00 0.00 0.93 Adjusted PBDIT 31.93 34.55 14. Same process I followed in calculating Benchmark Return.98 22.74 Adjusted PBT 24.31 25.6 38.99 67. : Rs.68 18.09 Net profit / loss 21. Source: Self Generated Calculation of BETA 1. Here I have taken Cnx s&p nifty as benchmark. I have calculated 1 year returns of RIIL by dividing current close price by previous close price and then subtract the value from 1(one).46 12.00 0.75 0.RELAINCE INDUSTRIAL INFRASTRUCTURE LIMITED: Report Card of Reliance Industrial Infrastructure Limited (RIIL) Annual results in brief Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Sales 51.11 EPS (Rs) 14.562 39. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.88 30.00 Equity dividend% 35 35 35 35 Total debt/equity 0. 1416. 2.88 14. This sensitivity is called as Beta.38 Face Value 10 Market Price 938 Data Source: SMC Global Securities Ltd.16 70.762 13. .548 27.421 Data Source: SMC Global Securities Ltd.47 39.47 46.87 21.

I have calculated RIIL Beta by entering Slope function into MS Excel. i.3. Source: Self Generated 15.1 12% 7% 1. First. I have assigned weights to all the components of Capital Structure of RIIL. After finding out the returns.76% Calculation of WACC: 1.e. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (RIIL) Equity share capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning weighted average cost of capital Data Source: SMC Global Securities Ltd. WACC may be defined as weighted average cost of all finance instruments (Equity. The weights have been assigned according to the .42 15% 21. Beta =slope(Return of your stock.30% `13% 0.908 20.092 0. equity. debt and retained earnings. return for your benchmark) I have attached all the Details of Beta calculation at the end of the report WACC: Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. Debt and Retained earnings) which are used by company in its capital structure.

62 (Cr) 14E 2. Lastly.76% 1489. I calculated the intrinsic value of the company.44 5.63 0 0 26.07% 2.93 5.51 Source: Self Generated . of Shares Outstanding Data Source: SMC Global Securities Ltd.16 0 0 29.09 0 0 27. For this I have divided each component by the total funds 2.05 6.78 0 0 30.63 1. I multiplied all the Rates with their respective weights and summed up all. further adding Risk free return into it. I have multiplied the RIIL beta by the Market Rate of return.46 6. Calculation of Intrinsic Value Step: 3 Calculation of the discounted cash flow (DCF) is the last step of this Process. To calculate the required rate of Return on Equity. After discounting the cash flow of the company.61 20. Intrinsic value may be defined as Real worth of the company on the basis of future growth and cash flow.6 0 0 28. 4.34% 21.83 Stocks Intrinsic Value No.48% 24.07% 2. 3. Calculation of Intrinsic value is done using MS Excel: Discounted cash flow Projections of Company financials Periods Growth in Net Profit Net Profits Depreciation Other write offs Net Change In working capital Free cash Flows Discount Rate Discounted Cash Flow (Fair Market Capitalization) Reliance Industrial Infrastructure Limited 10E 11E 12E 13E 33. 986.98 4.proportion in the capital structure.82 22. because then it would be very difficult to me to find out these calculations with in short span of time.20% 2.53 23. I have made an assumption about the rate of each component.53 22.

and lastly the ―derived value‖ divide by the No. This growth rate provides one‘s to project the future cash flows of a company. and 2013(13E) etc. 3. to know the Present Value ―PV‖. 2012(12E). which has been determined by subtracting the initial net profit from the current net profit and then further divide by the initial N/P itself. all the present values of projected cash flows added up with Market Capital of the RIIL to determine the Fair Market Capitalization.5%. and then this Fair Market Capital has divided by the No. 2011(11E). The Company‘s Earnings per Share at the end of Mar. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. which is the best among all the five companies. Finally. of years in between the current N/P and initial net profit. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. For e. 4. I made an assumption of 10% increase annually.93%.g. These cash flows than discounted on the basis of WACC (19. 2. By looking at company‘s sales record one can easily find out that the sales figures are having stagnancy in their trend.55. which has also decreased by 31.47 that give an idea about . Interpretation If we look at RIIL‘s sales record in the previous years the company doesn‘t shows any significant improvement in its sales. This Average N/P Ratio then summed up by percentage% annual growth. But if we talk about the P/E Ratio it comes to 64.64%). of Equity shares of RIIL to find out the Intrinsic Value of Stock. The same thing happened with its Operating Ratio.Calculation of Intrinsic Value: 1. 2010 is 14. While projecting the future Deprecations and other write offs. Its current sales have been declined by 27. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year.

but still they have performed consistently in past years. which tells that Market Price is still 5. till September quarterly results. I think that firm‘s past records are demonstrating a mix picture of its future growth. The firm is purely relying on equity capital.1.42. In case of Reliance Industrial Infrastructure Limited. 48. If the firm would not able to make out its sales with significant improvement. I think one should hold the RIIL shares if he has. more volatility and probably more risk. BUY HOLD SELL . it doesn‘t have any Debt/Equity Ratio that makes one‘s long term investment decision more complicated. The Beta Value of DLF Stocks is 1. RIIL has consistent track record paying Dividends.63. The company has declaring 35% dividend throughout 5 years. P/E is considered to be one of the best financial tools to scale the company performance. And very high beta probably means low-liquidity The Difference between the Market Price of the share and its Intrinsic Value is Rs. Though the company doesn‘t have any significant improvement in its Sales and Net Earnings. then sell it.the earning capacity to its market price.e. it provides a hint as to how many year it takes to repay the company its Market Value.i. which is above than the Market Return . The firm is also following the policy to retain adequate amount of its earning to finance its future projects. as the firm fails to get benefitted from financial leverage in the long run.18% down from its Intrinsic Value. One will mean that the beta is moving with the market and greater than 1 means more swing.

It may differ from analyst to analyst. But still it contains the genuine work done by me on fundamental research. . growth and cost of capital into consideration. depreciation and change in working capital which are the most important figure for the calculation of intrinsic value. The project contains one major limitation which mainly affect the calculation part of project is data availability and future projects. In chapter 4th and section Equity Research I have calculated the intrinsic value of five different companies on their future earnings. While calculating the WACC the average market return is only on assumption basis. HOLD or SELL. Taking this limitation into consideration some part of project has been modified.Analysis As we have already discussed about fundamental analysis in detail and now I am trying to analyze what we have already discuss so far. While calculating the intrinsic value one need to predict the net profit. Fundamental analysis is nothing but a tool to calculate the intrinsic value of a share price taking company‘s future cash flow. On the basis of intrinsic value the position of company‘s share has been described and suggestion has been made regarding BUY. These suggestions may vary from actual cause the data‘s are predicted and not have any back support.

CHAPTER – SIX CONCLUSION & SUGGESTIONS .

which includes both future trading and option trading. For that purpose I have chosen National Stock Exchange for my project work. R (Security Return). Higher the beta higher the risk. 2) Future earnings of the company. lower the beta lower the risk. Risk is also a measure of company‘s future value. (_) Beta is a measure of risk. which shows how sensitive a share value is to its Index value. Both are very specific and different from each other. But high beta . Starting with my first project “hedging risk through derivatives” I started working on F&O segment in share market only not for commodities market. In this part of project I have taken NSE indices with five companies for the purpose of hedging risk and have shown the virtual stock trading analysis. But risk is a technical tool to analyze the market value of the share. Second Project “equity analysis” which is very specific for me and I have put a lot of time in doing equity research.CONCLUSION Project which are carried by me are “HEDGING RISK THROUGH DERIVATIVES” and “EQUITY ANALYSIS”. P/E Ratio (Price earnings Ratio) and other factors which are also important for analysis are: 1) Future prospect of the company. 3) Opportunities for the industry in which company is working. EPS (Actual earning). While doing equity research many problems come to way but still I manage to complete it by time. Time is the main factor while doing summer training but I have successfully completed these projects. 4) Economic condition of the country. Here I have chosen five companies for the purpose of equity research and all five are of Realty and infrastructure sector. Live examples are given for the purpose of understanding. Stocks and their relative study can be done using _ (Risk Factor).

companies has more return compared to low beta companies in a bullish market but at the same time has high risk of loss in bearish market. Technical analysis works on the basis of past data and trends. Financial modeling may be one of the very helpful tools in evaluating the price and risk involved in a share. Relative Strength Index (RSI). Ratios are also helpful in comparison of peers companies of the same industry with the specified company. in which stock investor must invest. In order to gain profits amid speculation is to look at the technical indicators and charts. in the past. for short term and for short to medium term. which are very helpful in predicting the share prices on the basis of historical prices and trends. Some indicator works for fluctuating market like Williams’ %R. But it might not be helpful every time. Technical Indicator always provides two prices which are known as Support level and Resistance level. There are 20 to 30 odd indicators which analyst usually use for the purpose of technical analysis. As Stock market is one of the most volatile markets in a country and has high risk involved in investment but still has fruitful returns. Further detailed study of market can be done using specified ratios. which are mentioned in this project earlier. some are for change in trend for short term like Ease of Movement. so that it can maximize its return Vis-à-vis low risk. The 20 indicators which are generally used are for different market conditions and for different time period. Technical analysis tools are helpful for every type of investor as it gives the price for intraday. most of the time losses occur due to the speculation done by the investor. Support level shows the bottom value at which . If look for the total technical indicators there might be 100‘s of indicator available but analyst don‘t use them in practical. Relative study can be done to see. which can give good return with low risk factor. Technical analysis feels that price always follows the same pattern and trend as it was shown in the past. at the same time some are generally used for weekly price prediction like simple charts and candlestick charts. It shows how market has worked in the conditions which are prevailing right now in the economy. It helps investor to know about the best company in the sector/segment.

But still fundamental analysis has lots of importance in analyzing the share prices as it let us know the book value and the real worth of the company. he should look at both fundamental price for long term and technical price for intraday/short term of period. Fundamental analysis is helpful when price are moving in trend and there is no sign of speculation in the market. where there was an upper circuit in market on the next day of election‘s result declaration. It is not so perfect for long term analysis.the share price may get support and resistance level shows the highest value at which price may touch and every time when a support level or a resistance level is broken new levels are calculated. Technical analysis is very helpful at the time of fluctuating market but not the fundamental analysis. If investor wants to have fruitful profit from market. So with the good knowledge of analysis you need some bit of luck too. . This type of situation may be seen in the recent past too. Fundamental analysis shows the sign of change in trend but technical analysis shows the trends pattern. Some time both indicators fail to do correct analysis. Both the indicators are looking for a turnaround in the market but speculation does it other way around. Technical analysis tools are helpful in short term and in intraday trading. FII and Institutional investors always looks for the fundamental price of the company instead of technical price because they have their view for long term and fundamental analysis fulfill that requirement.

Time is the main constraint which hinder me to estimate the growth of Infrastructure Sector in depth and to find out the over all growth rate of the Five firm. While doing project on hedging you must take other variables into consideration like investor‘s response. For the purpose of equity research one must take 8 to 10 companies so that the actual trend of that sector can be determined and the comparison of the companies can be done correctly. 7. For the purpose of research company should be taken of that sector in which you have good knowledge and where you can predict the future profits of the company. I suggest the company to look for the growth rate of the sector and also the company into which is going to invest 3. Old data might not help to do Equity Analysis. So. .SUGGESTIONS & RECOMMENDATIONS 1. market sentiment and global market conditions other than the variables which are mentioned in the project. 5. For the purpose of intrinsic value calculation one must look at the fundamental value instead of technical value. 6. The Company currently is not employing the Discounted Cash Flow Techenique in doing the Fundamental Analysis. Company data taken for the purpose of research should be of current year or of previous year. 8. So. The company should also apply the Gorden‘s Dividened Discounted Method in order to know the expected Future Value 4. its my suggestion that compny should apply DCF Techenique. 2.

The project required a thorough study of the various areas of the Derivatives and Equity Research and hence.  Data collected for the purpose of Equity Analysis may differ from websites to websites. .  Company was unwilling to divulge information.  Time seems to be one of the biggest limitations.LIMITATIONS  Data available for the purpose of research is not sufficient to carry out fundamental analysis of a company. it‘s impossible to show actual trading and actual functioning of these instruments. But we had a restricted time frame. more the time devoted the better might be the findings.  For the Purpose of Equity Analysis I have chosen only 4-5 companies but there are more 20-25 companies in these sectors. As financial results of June 2010 has not yet published in company‘s website and not even in the stock exchange‘s website. which was a hindrance for the research process.  In project one ―Hedging risk through derivatives‖.  Some of the research report which have been prepared using excel sheet cannot be added to this project.

New Delhi. M. and Agarwal. Journal of Business Research 7(). Myers.Analysis of Equity Investments: Valuation Damodaran Aswath . & Ethardt Michael C. Delhi 2004.. Tata McGraw-Hill.Vikas Publishing House – 10th Edition Hull John C.2nd Edition Khan M. 2nd ed. III. 1976 Stock trading and portfolio performance. RA and SC Myers. Barnea. Financial & Markets. 1997. A. S. Agarwal J. Principles of Corporate Finance. “Literature in Finance”.D – Securities analysis – IIF Publication . . – Option. New Delhi.. Future and Other Derivatives – Prentice hall – 5th Edition Murphy John J.Financial Management.Investment valuation – Tata McGraw Hill . Bauman.Delhi 2005 Brigham Eugene F. Essential of Financial Management.Fundamentals of Corporate Finance.McGraw Hill Publishers – 3rd Edition Brown Reilly – Investment Analysis and Portfolio Management – 7th Edition CFA.Y & Jain P.GrawHill Publishers – 3rd Edition Pandey I. 230. IIF Publication. 1974.Corporate Finance – Thomson Publishers11th Edition Brealey. pp. – Charting Made Easy – Marketplace Books – 2nd Edition Steve Nison – Candlestick Charting Techniques – 1st Edition Damodaran Aswath – Security Analysis For Investment and Corporate Finance – Tata McGraw Hill Publishers – 2nd Edition Walker.K. E. and D. E. Brealey. Marcus. Vol. 150-157. Aman. Van Horne. D.Financial management – Tata Mc. Journal of Finance 23(2). 276-295.W.BIBLIOGRAPHY The books referred for the project work are:                   Agarwal J. James C-Financial Management &Policy-Prentice Hall of India. Prentice Hall of India. Logue. W. 1968 Evaluation of prospective investment performance.

D. Annul Report & Financial Statement. Vol. 29-34. Journal of Portfolio Management 1(2). March 2008. Journal of Finance 23(2). and Agarwal Aman. 2004. J. 561-571. Agarwal.. Evans. Annual Report & Financial Statement. 267-275. L. 1987 Performance fees for investment management. B308-B324. 94-100. pp. Financial Analysts Journal 43(1). 14-20. 119Sharpe. William F. D. 1966 Mutual fund performance. DLF INDIA LIMITED. . XXII No. “ Money Laundering The Real Estate Bubble” Finance India Vol. Annul Report & Financial Statement. Delhi. risk and timing. 1992 Selecting equity mutual funds. William F. “ Literature in Finance”. 1968 Mutual fund performance and the theory of capital asset pricing: Reply. Sharpe. Grant. 198. Peter. Journal of Business 41(2). 2008 09 JP ASSOCIATE LIMITED. IIF Publication. Simon. J. 1977 Portfolio performance and the "cost" of timing decisions. Davanzo. Nesbitt. J. 837-838. Journal of Portfolio Management 18(). and Agarwal. Bogle. Journal of Business 39(1). 235-236. 1969 Does "good portfolio management" exists? Management Science 15(6). Annul Report & Financial Statement. L. 1970 An Analysis of portfolio maintenance strategies. Journal of Finance 25(3). Aman. E. 1. Dietz. 1968 Components of a measurement model: Rate of return. 2008-09 Sharpe. 2008-09 GMR INFRASTRUCTURE LIMITED. William F. J. 2008-09 UNITECH LIMITED. Journal of Finance 32(3).                  Agarwal. and S. 2008-09 RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED. 1975 Adjusting for risk in performance measurement. Annul Report & Financial Statement. J. D. 1 Corporate Finance.

equitymaster.in www.economictimes.com www.moneycontrol.google.sebi.com www.co.google.myiris.rediff.com www.dlf.in www.co.com www.com www.jilindia.unitechgroup.com www.com www.The web sites referred are as follows:                    www.com www.money.wikipedia.yahoofinance.in www.icharts.com www.com www.com  .in www.gmrgroup.com www.riil.finance.nseindia.finance.com www.yahoo.bseindia.com ww.edu/ www.iif.com www.

ANNEXURES .

115.1 33.04 15.71 11.42 406.69 543.91 305.827.57 1.33 2.51 1.06 28.12 Mar ' 08 5.11 11.65 3.19 113.44 213.64 447.66 9.84 55.143.419.08 40.6 26.547.16 847.39 107.88 21.03 25.66 Mar ' 03 291.25 629.24 1.1 Mar ' 07 1.01 15.61 15.77 339.51 Mar ' 09 2.45 60.62 144.82 398.90 1.89 42.84 3.02 44.86 1.96 2017.88 250.42 4.77 2.13 809.532.48 126.35 5.721.31 Mar ' 08 525.87 44. shares (Lacs) Agg.38 339.06 -6.922.065.01 1.44 1944.48 690 356.97 230.323.88 261.22 130.14 4.64 60.19 340.of non-prom.59 0.34 41.18 2.58 999.47 Mar ' 03 14.48 3625.of non promoter Holding (%) OPM (%) GPM (%) NPM (%) Mar ' 10 801.65 46.7 3.21 1.86 50.9 11.133.65 765.069.76 Mar ' 09 1.41 51.574.24 1.173.ANNEXURES FINANCIAL STATEMENTS OF DLF: Annual results in brief Sales Operating profit Interest Gross profit EPS (Rs) Mar ' 10 2.89 - .36 46.2 23.05 171.66 9.21 Annual results in details Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.011.5 Mar ' 07 296.52 2.

91 2.64 16.02 67.12 59.65 -0.762.16 982.574.233.76 26.22 543.28 156.577.17 146.34 71.05 Mar ' 05 96.91 930.47 227.31 10.67 340.15 33.95 531.117.67 986.05 1.96 6.90 958.94 -5.23 3.11 46.365.151.29 103.90 778.03 Mar ' 07 1.86 114.93 5.79 3.843.42 214.13 646.86 -1.Cash flow Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin.146.54 -222.74 3.86 1.9 -64.36 2.05 24.61 191.89 23.424.72 447.53 1.06 2.44 327.9 348.78 45.44 28.56 498.36 -2.52 40.632.065.33 -2.046.574.46 2.86 -0.95 33.69 261 1.3 -0.39 1.141.11 67.69 28.88 550.83 -628.37 -21.48 809.55 1.4 Mar ' 08 3.56 405.81 345.48 29.85 982.58 577.96 .22 33.44 620.006.81 -6.19 1.68 41.58 3.83 133.76 Mar ' 05 412.32 23.807.117.22 658.24 1.12 120.808.4 0.66 8.76 1. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 09 1.97 57.68 -2.74 23.72 237.42 88.482.505.55 0.59 543.312.14 1.19 Mar ' 08 5.769.496.75 44.25 759.52 545.62 0.52 2.43 5.11 228.34 3.7 326.51 443.12 66.101.00 8.16 2.18 68.77 1.98 560.7 128.07 0.64 -579.25 Mar ' 07 620.65 25.11 Profit loss account Mar ' 09 Income Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Administrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnings before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 2.92 -1.72 2.59 2.944.8 46.15 3.86 681.82 63.85 306.827.93 115.4 97.18 324.17 -437.945.16 0.89 2.24 406.251.071.54 339.626.98 3.08 37.25 9.25 Mar ' 06 347.09 24.07 3.11 356.76 Mar ' 06 953.546.07 256.23 2.

559.34 1.345.63 173.32 7.16 3.52 1.44 12.345.10 3.875.73 1.440.017.17 3.17 108.79 18.657.718.58 37.808.035.40 15.08 18.8 26.22 21.158.40 152.25 3.01 328.88 346.85 630.818.979.39 1.85 1.96 10.92 37.95 1.57 665.99 16972.03 1.00 21.533.77 607.68 173.Balance sheet Mar ' 09 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets.989.658.15 2.55 6.92 30.560.12 1.786.010.28 1.24 79.79 1.397.79 72 406.28 98.928.72 59.81 15294.95 1.655.655.19 3.42 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 .91 35.79 4.48 7.57 1.366.73 2.62 3.725.83 365.92 3. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 2.10 3.092.442.67 456.09 1.422.815.38 14.242.92 17048.98 10.32 1.03 769.474.93 2.635.39 340.989.33 758.99 3.51 380.82 364.82 502.397.956.782.017.658.55 9.839.422.19 305.91 29.710.32 4.781.047.956.643.94 3.03 339.21 1.56 19.82 7.97 1.659.81 526.36 377.91 3.49 19.93 5.945.37 1.87 1.968.

055.31 1. of non promoter Holding (%) OPM (%) GPM (%) NPM (%) 39.46 1.4 Mar ' 08 3.823.979.47 -66.32 1.21 Mar ' 07 3. shares (Lacs) Agg.11 52.927.78 -0.36 280.54 456.708.852.1 453.42 54. of non-prom.00 255 677 203 234 610 234 6496.047.39 83.97 897.00 904 257 783 3.73 16.06 31.442.FINANCIAL STATEMENTS OF JP ASSOCIATE Annual results in brief Mar ' 10 Sales Operating profit Interest Gross profit EPS (Rs) 10.018.97 19.53 24.68 24.00 1.04 2.69 55.07 .00 618 237 914 6.79 1.316.32 26.06 673.04 Mar ' 09 5.5 14.88 11.35 6.39 308.01 27.36 1.65 8.141.41 57.79 3.3 14.01 4.36 6737.00 150 137 627 190.79 Mar ' 06 3.65 17.891.44 504.776.13 48.985.00 339 1.383.45 27.00 5.7 424.88 17.93 11475.18 1102.5 Mar ' 09 168.59 6.63 25.555.05 1.97 353.835.59 Annual results in details Mar ' 10 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.002.16 330.27 Mar ' 07 136 -15 1.6 Mar ' 06 533 17 123 2.097.26 21.59 Mar ' 08 289 -62 2.00 161 616 163 205 415 219 1147.

47 222.67 114.427.64 121.91 764.98 843.04 3.33 1.6 19.719.3 0.16 764.48 163.68 606.09 15.41 693.86 265.458.14 959.70 Mar ' 08 3.23 100.358.84 161.108.31 1.93 705.20 1.72 2.814.109.37 Mar ' 06 3.768.002.35 619.41 278.85 414.57 294.259.81 1.31 840.4 1.39 3.76 205.22 1.50 385.57 2.82 12.93 2.815.92 584.839.159.224.80 727.46 0.585.7 179.60 Mar ' 07 3.61 418.08 297.23 917.59 .164.159.908.53 330.99 937.12 1.52 -2.93 399.75 939.30 990.85 2.29 140.7 203.15 4.56 328.47 1.12 -614.069.28 -0.004.183.97 911.79 416.025.75 -14.429.75 308.37 792.978.191.23 623.59 1.07 207.05 236.225.501.57 297.41 345.35 879.83 1.93 1.31 298.63 -239.265.08 124.63 1.Cash flow Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin.05 0.08 345.44 4.05 295.34 0.06 268.09 1.56 447.70 255.50 58.007.12 210.86 105.04 8.31 634.28 78.3 331.29 1.04 2.01 429.02 763.34 1.39 271.819.85 2.136.96 163.41 12.52 561.9 -6.06 609.07 233.89 -0.21 1.712.9 1.09 1.80 732.315.32 1.429.23 Profit loss account Mar ' 09 Income Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Administrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 5.16 639.09 868.32 Mar ' 05 2.060.87 353.468.53 2.97 0.48 969.27 -2.58 -0.38 383.27 368.33 504.66 -4.61 1.69 808.76 1.669.4 169.6 185.477.21 -3.82 42.83 2.52 151.98 124.603.250.27 251.39 -238. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 1.764.669.37 1.096.39 395.03 133.976.36 127.44 1.75 523.3 5.81 1.

95 1.403.66 0.727.51 6.557.111.37 1.71 2150.37 4.619.24 3.226.510.524.59 1.891.22 1.28 5.20 5.13 1.31 1.785.640.801.31 6.13 6.4 1.042.02 176.425.545.166.721.52 609.196.657.23 2.46 4.48 3.98 12.38 4.127.24 2.31 2.283.24 308.191.374.06 1.888.54 236.745.85 219.67 215.868.930.81 2.15 4.778.292.4 3.33 2.95 4.Balance sheet Mar ' 09 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets.602.86 1.24 2.18 3.404.266.297.10 2.15 2.25 1.15 4.763.78 3.927.593.73 3.51 5.22 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 .07 234.04 3.3 398.661.11 7.338.900.995.47 1.228.14 7.951.675.995.201.292.5 2.24 1.374.71 8. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 3.13 1.454.90 741.350.41 910.299.60 5.53 19.67 396.04 0.024.931.51 1.20 876.01 2.224.27 5.71 5.663.239.648.30 3.13 1.98 7.769.1 12.271.279.15 3.90 165.344.97 2.51 4.539.16 11715.85 2.76 202.93 308.84 2.58 5.86 19.77 1762.72 9.38 1.511.73 2192.06 1.83 4.74 3.38 1.80 1.54 2.14 1.17 8.43 0.10 2.25 4.375.09 1.849.613.76 536.47 11838.059.22 307.465.031.58 1.049.510.549.524.685.404.

68 4.47 24.565.064.58 334.04 216.18 35.937.5 487.FINANCIAL STATEMENTS OF UNITECH Annual results in brief Mar ' 10 Sales Operating profit Interest Gross profit EPS (Rs) 1.34 49.45 19.61 4.37 12.54 361.65 39.852.39 32.68 Mar ' 09 602.09 6.18 87.67 -1.91 37.32 284.76 1.11 Mar ' 07 95.35 Mar ' 07 2.35 721. shares (Lacs) Agg.13 122.030.47 1.66 3.23 Mar ' 09 1.83 86.41 51.23 11.44 55.3 324.68 2064.65 Mar ' 08 167.12 Mar ' 06 653.037.52 111.52 345.68 4130.49 55.15 Annual results in details Mar ' 10 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.13 5.1 38.71 1.44 56.34 685.48 10.130.42 55 40.05 8.97 1.38 510.95 171.50 782.27 1.72 18.56 3.802.412.7 16.66 324.13 544.08 358.57 1.38 2.04 .34 Mar ' 06 21.98 739.62 -4.72 25.83 1.04 700.74 99.44 1.21 4.374.38 30.20 10.503.32 966.76 5760.68 162.48 56.049.25 1.13 32.46 158.56 12.56 Mar ' 08 2.27 983.52 25.6 39. of non-prom.27 34.49 25.349.48 69.85 46. of non promoter Holding (%) OPM (%) GPM (%) NPM (%) 13414.

255.133.98 65.508.657.19 635.51 393.41 -1.74 345.68 1.44 3.44 984 1.Cash flow Mar ' 09 Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin.66 1.13 42.79 45.44 58.69 20.062.24 116.96 -0.24 23.63 795.63 739.84 21.25 -34.98 708.04 925.83 -1.25 48.1 31.37 87.4 526.35 60.387.44 171.32 2.84 89.05 .43 11.35 1.95 715.05 38.030.413.51 -3.46 -121.35 193.912.12 10.62 1.51 69.44 -771.92 83.31 -42.57 0.51 1.033.81 Mar ' 06 653.62 27.154.87 568.5 110.07 -0.64 795.11 361.002. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year 956.74 78.46 309.9 64.464.69 65.62 13.201.486.41 49.98 757.29 37.58 6.30 1.18 103.119.64 826.14 3.68 -117.4 1.89 160.25 98.83 525.005.58 1.28 140.82 Mar ' 06 108.453.25 83.051.03 371.011.071.83 676.755.72 0.06 106.07 396.38 1.417.066.58 6.686.05 347.35 5.61 654.47 2.45 148.38 8.66 2.97 853.55 334.19 160.26 194.29 126.13 -260.77 Mar ' 08 2.56 1.3 -18.04 1.93 1.56 16.89 Profit loss account Mar ' 10 Income Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Administrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnings before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 1.47 2.71 4.82 371.63 Mar ' 05 43.01 216.66 -93.03 Mar ' 07 2.45 952.17 722.93 -268.1 108.03 31.37 Mar ' 09 1.11 128.51 40.344.21 4.11 10.44 16.18 Mar ' 07 1.14 158.57 981.01 -424.054.48 69.767.13 61.9 1.54 1.96 194.1 2.23 2.365.15 Mar ' 08 1.109.27 893.285.441.27 1.13 544.29 40.72 353.83 764.9 1.78 8.

87 30.3 487.03 1.59 518.016.54 1.87 -1.17 7.506.30 1.538.66 12.35 2.017.538.907.683.136.51 8116.95 0.01 4.99 99.46 1.41 0.261.99 6.3 151.68 1.66 282.325.87 10.408.083.02 1.Balance sheet Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets.954.63 40.08 7.68 2.749.386.93 83.666.645.64 7.624.39 4.84 8.40 2.88 174.07 9.415.94 132.67 10.654.75 1.22 0.79 107.02 13.931.44 54.08 10.35 4.14 162.36 6.15 148.47 0.04 -212.63 4.24 69.75 13.227.2 7.76 225.747.87 124.261.397.688.73 1.01 4.766.02 1.611.56 8.640.06 1.01 1.13 0.88 8.020.29 16233.065.609.396.01 4.654.250.227.39 3.051.47 324.03 107.05 35.89 324.819.09 44.396.90 1.98 10.56 5.839.05 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 .953.49 212.248.99 5.48 911.67 765.96 96.45 2.41 1.824.34 998.01 434.534.06 632.766.051.69 16233.29 24388.2 911. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 1.17 28.57 54.02 2.10 -231.08 4.75 301.

72 24.52 19.1 81.33 8.25 32.82 14.88 Mar ' 08 67.38 8.95 21. of non-prom.1 81.16 25.02 38.22 12.2 49.46 15.77 53.79 15.55 21.88 6.84 35.13 20.88 37.74 6.58 12.4 54.47 15.5 .77 42.88 9.66 Mar ' 06 64.23 Annual results in details Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.94 Mar ' 06 10.08 Mar ' 09 8.1 82.56 14.06 27.95 1.FIANANCIAL STATEMENS OF RIIL Annual results in brief Mar ' 10 Sales Operating profit Interest Gross profit EPS (Rs) 51.51 27.67 14.4 35.35 7.41 18.43 4.28 50.63 2.63 2.1 82.67 7.55 Mar ' 09 70.5 29.39 14.3 23.38 5.51 2.01 12.11 8.14 39.4 54.2 53.93 22.1 82.09 7.08 4.57 38.47 34.34 22.52 25.2 53.43 Mar ' 07 53.57 44.1 44.4 54. of non promoter Holding (%) OPM (%) GPM (%) NPM (%) Mar ' 10 8. shares (Lacs) Agg.16 22.99 33.44 Mar ' 08 12.26 25.85 28.2 Mar ' 07 19.87 49.11 15.04 47.35 5.02 10.98 15.57 47.

81 5.99 6 14.46 37.98 45.53 -32.74 1.97 6.52 1.88 1.3 .16 2.84 5.88 1.67 10.81 30.06 5.63 23.36 5.03 17.55 21.93 6.5 27.13 0.29 0.45 Profit loss account Mar ' 10 Income Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Adminstrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 51.74 28.13 16.77 25.72 13.2 0.31 8.02 -12.4 7.Cash flow Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin.51 39.7 41.27 0.9 40.07 21.48 10.64 18.74 54.13 6.5 4.1 1.21 30.68 5.7 21.65 0.32 21.41 33.58 30.02 41.29 0.87 9.55 -0.14 4.74 40.88 12.99 36.34 22.26 3.76 0.79 6.09 8.23 18.87 6. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 24.63 24.38 8.42 5.26 -0.94 0.47 3.6 2.47 2.9 5.28 -0.08 2.28 -59.61 2.29 0.63 -42.52 16.66 0.84 38.07 Mar ' 07 53.29 0.1 1.25 6.63 12.18 16.25 21.56 1.47 46.43 -3.16 7.31 19.47 Mar ' 08 67.65 10.09 -12.26 7.95 21.34 27.24 34.71 5.02 27.75 34.79 40.23 -18.45 1.63 10.79 37.29 Mar ' 09 70.59 8.33 25.74 34.16 2.88 39.37 0.39 46.04 19.5 9.68 18.63 25.93 34.61 -0.2 22.53 7.74 7.84 32.16 2.9 34.05 Mar ' 06 64.53 22.41 16.

1 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 .35 12.68 169.69 2.46 0.59 229.45 209.32 163.47 0.03 151 9.61 312.29 39.2 172.7 15.Balance sheet Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets. loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 5.51 1.71 55 59 218.19 19.92 27.14 385.61 206.32 19.81 6.2 151 163.01 339.1 116.71 6.35 15.58 151 13.99 36.92 339.06 346.96 16.3 11.32 7.1 132.29 151 5.45 148.51 15.38 277.41 144.86 185.43 183.77 385.71 21.53 397.61 19.32 208.11 59.15 48.45 11.95 134.01 332.01 3.09 40.61 59 190.61 15.71 226.23 218.32 55 59 229.65 21.02 30.43 25 172.59 383.5 7.22 15.65 151 10.82 16.56 190.1 100.22 17.64 5.99 18.97 62.32 21.1 89.52 148.33 15.8 25.

17 0.88 9.53 55.FINANCIAL STATEMENTS OF GMR Annual results in brief Sales Operating profit Interest Gross profit EPS (Rs) Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 169.05 43.47 35.07 81. of non promoter Holding (%) OPM (%) GPM (%) NPM (%) 9188.08 69.58 104.11 23.88 264.74 1.73 0.13 Mar ' 07 0.29 14. shares (Lacs) Agg.87 73.02 27.74 4568.07 87.42 10.36 159.32 97.69 331.39 2.18 58.96 Mar ' 08 9.12 15.34 0.13 4864.94 .85 8.27 0.19 25.2 2.85 62.21 26.36 19.19 13.82 5.73 42.67 5.22 -0.1 65.94 0.16 7.72 79.19 0.08 59.94 16.03 8.55 Mar ' 09 5.68 63.04 35.52 366.6 24.21 0.4 58.13 2.23 Mar ' 06 2.13 36.44 0.67 364.96 17.45 364.43 0.44 74.36 6.39 57.19 59.9 76.27 122.14 25.01 0.79 25.11 6.69 50.04 0. of non-prom.2 102.13 Annual results in details Mar ' 10 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.44 16.34 8.77 33.01 0.

45 125.67 247.79 0.45 264.073.77 -210.04 3.39 1.21 9.39 1.71 -4.96 0.34 16.95 -1.16 0.32 96.5 0.92 5.54 2.77 0.55 73.9 30.17 64.62 88.223.72 7.27 35.29 144.84 61.16 1.21 4.31 1.64 103.29 247.32 2.13 10.87 -67.3 13.12 0.39 Mar ' 08 102.92 108.12 69.96 2.49 Mar ' 09 159.84 0.14 1.88 63.2 35.99 65.49 264.55 -7.48 63.19 -2.33 6.29 52.08 -3.23 0.58 35.21 1.9 0.19 1.22 53.41 32. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 13.29 0.250.51 0.48 126.69 15.01 2.Cash flow Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin.05 6.6 - - - .371.79 -26.22 Mar ' 07 33.17 73.04 35.2 0.51 34.75 0.97 5.146.33 70.331.01 1.263.19 -822.37 0.15 -56.246.331.34 0.54 18.75 2.99 -43.78 1.48 62.54 5.11 102.46 -5.97 14.15 319.57 33.01 Mar ' 06 59.29 113.53 1.94 -2.11 60.84 1.48 68.02 1.92 108.83 -111.29 Profit loss account Mar ' 10 Income Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Adminstrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnings before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 152.39 8.12 2.095.7 144.51 31 19.12 -0.23 23.66 97.97 316.12 2.5 25.85 2.32 42.36 89.75 22.34 92.2 10.15 319.

Balance sheet
Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 8,985.00 36673.54 6,252.50 7,202.10 18206.58 4,061.87 4,773.72 11.98 3,132.29 18206.58 1,344.03 14.4 834.73 3310.84 260.16 2644.37 438.24 8,415.02 2,211.92 81.58 2,130.34 6,122.53 2,078.22 18.38 2,059.84 6,083.74 1,324.06 21.3 1,302.76 1,836.95 493.89 1.78 492.12 651.13 214.4 2.63 211.77 1.78 23.71 8.48 6,252.50 4,061.87 25.49 0.85 0.81 4,780.31 1.66 1.03 0.68 1,344.03 1.71 0.9 0.81 438.24 1.71 1.11 1.11 2.22 1,275.00 1,300.00 8,415.02 6,122.53 420.3 469.18 10 6,083.74 177.17 20 1,836.95 175.89 106.76 651.13 5,473.28 366.74 5,338.09 364.13 5,240.44 364.13 1,308.70 331.08 104.04 264.44 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

CALCULATION OF NIFTY RETURN
Date (Rs. Cr) 1-Jul-09 2-Jul-09 3-Jul-09 6-Jul-09 7-Jul-09 8-Jul-09 9-Jul-09 10-Jul-09 13-Jul-09 14-Jul-09 15-Jul-09 16-Jul-09 17-Jul-09 20-Jul-09 21-Jul-09 22-Jul-09 23-Jul-09 24-Jul-09 27-Jul-09 28-Jul-09 29-Jul-09 30-Jul-09 31-Jul-09 3-Aug-09 4-Aug-09 5-Aug-09 6-Aug-09 7-Aug-09 10-Aug-09 11-Aug-09 12-Aug-09 13-Aug-09 14-Aug-09 15-Aug-09 16-Aug-09 17-Aug-09 18-Aug-09 19-Aug-09 20-Aug-09 21-Aug-09 22-Aug-09 23-Aug-09 24-Aug-09 25-Aug-09 1-Sep-09 2-Sep-09 3-Sep-09 4-Sep-09 7-Sep-09 8-Sep-09 9-Sep-09 10-Sep-09 11-Sep-09 14-Sep-09 15-Sep-09 Open 4292.3 4373.5 4347.3 4429.6 4166 4201.85 4078.75 4081.4 4003.4 3974.1 4120.8 4223.5 4231.45 4377.9 4501.5 4469.3 4409.7 4524.8 4568.65 4572.8 4565.8 4513.1 4571.6 4633.8 4706.25 4680.95 4694.35 4591.9 4486.5 4435 4473.8 4458.55 4605.15 4578.8 4389.5 4457.75 4394.35 4453.45 4536.95 4641.65 4659.45 4679 4688.4 4730.85 4662.2 4624 4608.75 4608.7 4682.4 4782.85 4804.9 4814.35 4819.4 4830.35 4808.35 Historical Data for S&P CNX NIFTY For the period 01-07-2009 to 31-07-2009 High Low 4362.3 4383.65 4434.45 4479.8 4231.8 4201.85 4114.9 4129.95 4003.4 4128.9 4249.55 4305 4390.4 4510.3 4524 4557.95 4532.4 4578.75 4596.75 4599.9 4573.85 4582.35 4669.75 4723.75 4731.45 4717.2 4718.15 4591.9 4562.5 4510.8 4473.8 4614.15 4619 4578.8 4491.45 4477.55 4492.8 4538.7 4656.3 4672.9 4697.8 4707.9 4743.75 4730.85 4735.9 4650.45 4647.35 4697.2 4790 4842.2 4825.05 4889.05 4856.15 4832.25 4899.45 4249.7 4288.75 4298.95 4133.7 4155.5 4061.1 4039.85 3976.8 3918.75 3974.1 4118.75 4205.5 4230.15 4377.9 4436.6 4380.45 4405.95 4504.85 4528.5 4529.15 4420.8 4474.5 4571.6 4617.75 4642.6 4629.85 4559.2 4463.95 4399.85 4398.9 4359.4 4458.55 4559.35 4374.6 4372.65 4353.45 4394.35 4400.9 4536.95 4582.5 4659.1 4645.15 4651.4 4635 4600.65 4576.6 4581.05 4580.35 4679.3 4782.65 4783.5 4807.9 4791.55 4786.25 4808.35 Close 4340.9 4348.85 4424.25 4165.7 4202.15 4078.9 4080.95 4003.9 3974.05 4111.4 4233.5 4231.4 4374.95 4502.25 4469.1 4398.9 4523.75 4568.55 4572.3 4564.1 4513.5 4571.45 4636.45 4711.4 4680.5 4694.15 4585.5 4481.4 4437.65 4471.35 4457.5 4605 4580.05 4387.9 4458.9 4394.1 4453.45 4528.8 4642.8 4659.35 4680.85 4688.2 4732.35 4662.1 4625.35 4608.35 4593.55 4680.4 4782.9 4805.25 4814.25 4819.4 4829.55 4808.6 4892.1 Return S&P #DIV/0! 0.001831 0.017338 -0.05844 0.00875 -0.02933 0.000503 -0.01888 -0.00746 0.034562 0.029698 -0.0005 0.033925 0.029097 -0.00736 -0.01571 0.028382 0.009903 0.000821 -0.00179 -0.01109 0.012839 0.014219 0.016165 -0.00656 0.002916 -0.02315 -0.0227 -0.00976 0.007594 -0.0031 0.03309 -0.00542 -0.04195 0.016181 -0.01453 0.013507 0.016919 0.025172 0.003565 0.004614 0.00157 0.009417 -0.01484 -0.00788 -0.00368 -0.00321 0.018907 0.0219 0.004673 0.001873 0.00107 0.002106 -0.00434 0.017365

16-Sep-09 17-Sep-09 18-Sep-09 22-Sep-09 23-Sep-09 24-Sep-09 25-Sep-09 29-Sep-09 30-Sep-09 1-Oct-09 5-Oct-09 6-Oct-09 7-Oct-09 8-Oct-09 9-Oct-09 12-Oct-09 14-Oct-09 15-Oct-09 16-Oct-09 17-Oct-09 20-Oct-09 21-Oct-09 22-Oct-09 23-Oct-09 26-Oct-09 27-Oct-09 28-Oct-09 29-Oct-09 30-Oct-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 12-Nov-09 13-Nov-09 16-Nov-09 17-Nov-09 18-Nov-09 19-Nov-09 20-Nov-09 23-Nov-09 24-Nov-09 25-Nov-09 26-Nov-09 27-Nov-09 30-Nov-09 1-Dec-09 2-Dec-09 3-Dec-09 4-Dec-09 7-Dec-09 8-Dec-09 9-Dec-09 10-Dec-09 11-Dec-09 14-Dec-09 15-Dec-09 16-Dec-09 17-Dec-09 18-Dec-09

4894.65 4958.55 4963.95 4977.1 5019.95 4977.15 4985.1 4959.15 5007.65 5087.2 5076.05 5003.65 5031.7 5011.25 4993 4945.45 5054.35 5118.55 5108.65 5159.35 5145.6 5114.85 5063.35 4986.55 4997.15 4970.55 4846.55 4826.1 4751.1 4712.25 4567.3 4711.65 4767.5 4796.15 4898.9 4882.3 5004.4 4952.35 4996.5 5058.95 5061.5 5043.95 4988.75 5052.95 5105 5091.55 5116.45 5005.05 4942.25 5039.7 5122.75 5124.55 5131.7 5108.85 5068.55 5147.65 5112.4 5136.05 5117.45 5105.75 5032.95 5046.65 5042

4966.3 5003.05 4980.85 5036.3 5030.75 5016.7 4994.35 5020.25 5087.6 5110.5 5076.05 5034.7 5077 5043.05 5032.6 5068.05 5127.4 5152.25 5149.65 5176.8 5181.95 5117.45 5064.25 5054.95 5033.75 4970.55 4867 4826.1 4853.65 4729.85 4717.8 4776.35 4836.2 4905.25 4947.7 5016.7 5014.4 5017.9 5073.2 5074 5079.3 5053.45 5063.3 5113.1 5112.85 5138 5116.45 5005.05 5066.35 5130.35 5161.75 5181 5161.8 5131.3 5152.55 5147.65 5146.45 5182.55 5156.7 5129.45 5067.25 5064.2 5043.4

4894.65 4944.15 4931.9 4977.1 4957.05 4904.05 4931.25 4959.1 5004.35 5057.05 4991.95 4921.05 4972.95 4971.75 4934.55 4945.45 5054.35 5077.1 5093.2 5124.25 5102.65 5051.65 4968.45 4983.25 4961.35 4829.5 4784.1 4738.4 4687.5 4538.5 4565 4610.6 4764.85 4789.9 4860.1 4870.05 4924.75 4942.65 4994 5010.15 5041.65 4963.7 4932.8 5052.1 5053.5 5078.35 4986.05 4806.7 4942.25 5038.85 5111.75 5106.6 5081.85 5051.55 5058.9 5090.6 5084.65 5088.4 5090.15 5018.25 5001.8 5013.15 4979.05

4958.4 4965.55 4976.05 5020.2 4969.95 4986.55 4958.95 5006.85 5083.95 5083.4 5003.2 5027.4 4985.75 5002.25 4945.2 5054.25 5118.2 5108.85 5142.15 5141.8 5114.45 5063.6 4988.6 4997.05 4970.9 4846.7 4826.15 4750.55 4711.7 4563.9 4710.8 4765.55 4796.15 4898.4 4881.7 5003.95 4952.65 4998.95 5058.05 5062.25 5054.7 4989 5052.45 5103.55 5090.55 5108.15 5005.55 4941.75 5032.7 5122 5123.25 5131.7 5108.9 5066.7 5147.95 5112 5134.65 5117.3 5105.7 5033.05 5042.05 5041.75 4987.7

0.013552 0.001442 0.002115 0.008872 -0.01001 0.00334 -0.00553 0.009659 0.015399 -0.00011 -0.01578 0.004837 -0.00828 0.003309 -0.0114 0.022052 0.012653 -0.00183 0.006518 -6.8E-05 -0.00532 -0.00994 -0.01481 0.001694 -0.00523 -0.02499 -0.00424 -0.01566 -0.00818 -0.03137 0.032187 0.011622 0.006421 0.021319 -0.00341 0.025043 -0.01025 0.009349 0.011822 0.00083 -0.00149 -0.013 0.012718 0.010114 -0.00255 0.003457 -0.02009 -0.01275 0.018404 0.017744 0.000244 0.001649 -0.00444 -0.00826 0.016036 -0.00698 0.004431 -0.00338 -0.00227 -0.01423 0.001788 -5.9E-05 -0.01072

4 5202.75 5287.1 5122.4 5137 5128.85 5144.00235 0.9 4853.8 5080.7 4805.05 5232.85 5279.3 4819.95 5169.4 5282 5302.05 5193.65 5269.3 4884.2 5300.65 4712.9 5214.011204 0.9 4997.00076 -0.85 5292.5 4929.55 5232.3 5017 5088.35 4748.001844 -0.85 5302.5 5259.8 5251.15 5035.65 4757.15 5036 5007.65 4953.02615 0.4 5187.9 5253.021066 -0.75 5167.01094 0.8 4951.75 4844.35 5131.25 5118.8 5205.006714 0.3 5150.6 5178.45 5128.1 5101.15 4882.25 4882.003222 -0.6 4985.85 5238.3 4827 4768.00357 0.6 4869.55 5283.01754 -0.4 5237.15 5214.5 5242.4 5260.05 5102.00452 0.00534 -0.05 4899.00158 0.1 5151.9 5277.00516 0.15 4952.3 5260.35 5092.8 5180.55 5246.9 5198.1 5131.05 5129.15 4814.2 5225.5 5116.8 5200.1 4887.6 5197.000662 0.1 5168.15 4931.35 5310.15 4834.85 4845.01142 -0.9 4801.004958 -0.75 4914 4887.4 4826.55 5092.95 5243.75 4675.45 5232.05 4833.9 5245.9 4870.001663 0.55 4793 4757.7 5220.55 5242.00349 0.1 5212.05 5101.9 4791.75 5329.25 5260.00146 0.95 5260.003352 0.75 5188.25 4827.5 4863 4866.5 5287.00877 0.55 4859 4858.8 4858.8 5256.9 5252.15 5278.2 4826.45 4954.75 5234.7 5094.15 5121.1 5088.03184 0.15 5094.4 4739.15 5034.1 4867.95 5218.2 5200.7 4918.8 4845.9 4893.75 4755.35 5094.85 5225.00933 -0.15 5281.000739 -0.55 4833.011996 -0.000701 -0.1 4931.00558 -0.05 5209.004106 0.7 4922.019239 0.1 5220.85 4843.002891 0.1 5231.6 4858.6 5197.0074 0.003041 0.45 5288.4 4792.8 5137.4 5152.002811 -0.85 4983.45 5228.2 5094.00657 0.55 5276.15 4992 5029.05 5092.55 4943.25 4760.85 5225.00704 0.005989 0.85 5160.5 5255.03091 0.000237 0.0142 0.00354 -0.1 4831 4832.7 5124 5101.35 4760.006113 0.85 4801.7 5177.45 5093.00439 0.05 4824.05 4887.15 4799.1 5242.2 5125.6 4873.003947 .85 -0.95 5169.1 4757.65 4757.8 5264.65 4835.014172 0.5 5239.1 5244.003615 -0.25 5263.95 5205.75 4922.35 4990.75 5171.95 4953.65 5274.5 4935.35 4692.9 5281.4 5210.00743 0.95 4855.6 5234.006775 -0.006502 0.014641 -0.012871 0.6 5015.55 5008.2 5274.05 4810.05 5175.2 5226.02443 -0.25 4783.006717 0.3 5293.35 4857.95 5259.1 4880.65 5201.21-Dec-09 22-Dec-09 23-Dec-09 24-Dec-09 29-Dec-09 30-Dec-09 31-Dec-09 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10 22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10 29-Mar-10 4983.3 4856.6 5158.35 5015.15 4949.00818 0.002916 0.05 5221.65 5221.4 5233.35 4990.05 4858.008734 0.35 4718.2 5277.006937 -0.55 4880.7 5227.004312 -0.35 4712.85 4997.002676 0.6 5116.8 5134.75 5249.05 5244.85 4831 4931.1 5068.3 5260.013492 0.6 4859.95 5260.6 4880 4929.1 5187.05 5144.8 5263.05 4907.9 5262.2 5272.95 4766 4827.8 5260.65 4915.25 5133.7 4830.7 5008.4 5085.6 5267.45 4935.45 5201.65 5147.95 5198.000887 -0.003862 0.

6 5269.9 5093.9 5206.001245 -0.8 5278.004315 -0.05 4967.6 5269.6 5086.2 5065.6 4925.9 5059.35 5050.004742 0.65 5365.15 4924.010802 -0.3 5230.55 5105.5 5034 4987.65 5285.6 5004.25 5320.7 4944.5 5135.004892 -0.1 5308.7 5172.0143 0.85 5212.1 5269.85 5323.00283 0.1 5333.014725 -0.15 5091.15 5340.6 4931.1 5086.4 5351.45 5255.75 5020.3 4923.1 4924.00254 0.15 5171.95 5031.9 5085.1 4997.85 5262.6 5126.4 5003.8 5311.35 5197.5 5339.75 5133.25 4970.012682 0.6 5038.4 5223.15 5278 5222.6 5026.95 4966.95 5260.75 5339.05 4999.012232 -0.6 5078.5 5256.004662 0.6 5076.7 5029.75 4984.00793 -0.0145 0.3 4897.75 5157.015305 0.25 5266.55 5208.9 5132.6 5078.2 4919.15 5249.018058 0.5 5311.6 5377.25 5264.001612 0.15 5323.35 5301.5 5373.65 5299.65 5361.75 5354.002106 0.25 4946.15 5356.6 5136.55 5245.85 5018.02302 0.05 5333.00686 0.005681 -0.65 5203.6 5353.6 5085.55 5254.00927 -0.55 5065.7 4985.55 5093.55 5308.1 5290.05 5288.4 5369.5 5098.75 5148.4 5354.35 5330.85 5037.35 5251.75 5094.007887 0.00314 -0.3 4980.25 5097.75 5120.010721 .004539 -0.25 5254.25 5324.65 5299.05 5257.5 5266.45 4807.8 5210 5262.3 5206.01106 0.6 5077.001241 -0.8 5147.95 5273.7 5345.4 5208.005083 0.3 5273.55 5323.55 5302.6 5189.0175 0.3 4842.5 5271.6 5132.02283 0.2 5215.65 5377.05 5233.7 5250.3 5366.9 5270.15 5283.1 5322.05 5020.95 5316.01976 -0.6 5005.25 5325 5293.05 5302.55 4946.35 5233.2 5210.45 5308.0066 0.3 4807.95 5071.3 5316.00999 0.95 5266.45 5249.2 5291.002647 0.15 4943.45 5334.6 5262.4 5072.25 4967.05 5134.65 4947.4 5249.3 5331.05 5342.2 5019.55 5086.45 5382.1 5244.002596 -0.8 5254.95 5036.00045 0.7 5147.5 5368.45 5254.15 5320.9 5269.3 5320.00346 -0.3 4945.15 5312.003898 -0.15 5005.3 4946.5 5059.75 5294.6 5119.7 5222.017235 -0.4 5202.3 5225.3 4915.15 5124.25 5024.003991 0.3 5230.45 5016.5 -0.00664 -0.9 5066.017428 0.2 5278.00411 -0.15 5284.7 5302.95 5070.3 5348.55 5259.00969 0.5 5090.015659 0.35 5274.55 5388.05 5193.01649 -0.95 4806.008024 0.2 5139.4 5366 5374.9 5124.006595 0.1 5066.65 5178.15 5112.45 5214.2 5291.35 5215.05 5214.9 5301.15 5320.15 5156.85 5110.65 5399.25 5231.55 5180.25 4908.7 5192.02775 0.75 5235.7 5322.55 4961.75 4917.1 5000.35 5322.02893 0.3 5248.3 5221.5 5353.35 5235.15 5201.01422 -0.00265 -0.6 5230.00332 0.75 5120.00232 0.2 5125.3 5237.01047 -0.35 5304.30-Mar-10 31-Mar-10 1-Apr-10 5-Apr-10 6-Apr-10 7-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10 5302.65 5274.00742 0.1 4980.00762 -0.3 5026.00209 0.7 5265.00932 0.00048 -0.45 4786.034984 -0.35 5333.3 5078.05 5201.9 5298.3 4970.

9 360.35 412.9 392.4 422.35 374.55 434 437 417.15 407 427 405.0677389 0.1 310.7 259.6 398.4 372 380 383 372.1 377 380 359.0152594 -0.6 409 409.25 373.55 369.55 395.65 379.9 398.2 304.0771414 -0.0202829 0.3 349.2 400 407.2 323.07965 -0.5 401.4 305 327.55 396.15 413.65 309 308.85 414.9 305 305.95 374 396.5 375 375.9 380.0205274 0.3 432 433.85 Return DLF #DIV/0! 0.5 388.0061241 -0.9 395 414.8 367.4 425.9 420 422 389.0147789 BETA VALUE 1.95 412.5 400 400.25 398.1 362.05 372.3 420.7 390.8 447.1 413.75 320 337.05 274.0501973 0.75 337.0116206 -0.7 388.CALCULATION OF BETA VALUE OF DLF Symbol DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF Series EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ Date 1-Jul-09 2-Jul-09 3-Jul-09 6-Jul-09 7-Jul-09 8-Jul-09 9-Jul-09 10-Jul-09 13-Jul-09 14-Jul-09 15-Jul-09 16-Jul-09 17-Jul-09 20-Jul-09 21-Jul-09 22-Jul-09 23-Jul-09 24-Jul-09 27-Jul-09 28-Jul-09 29-Jul-09 30-Jul-09 31-Jul-09 3-Aug-09 4-Aug-09 5-Aug-09 6-Aug-09 7-Aug-09 10-Aug-09 11-Aug-09 12-Aug-09 13-Aug-09 14-Aug-09 17-Aug-09 18-Aug-09 19-Aug-09 20-Aug-09 21-Aug-09 24-Aug-09 25-Aug-09 26-Aug-09 27-Aug-09 28-Aug-09 31-Aug-09 1-Sep-09 2-Sep-09 3-Sep-09 4-Sep-09 7-Sep-09 8-Sep-09 9-Sep-09 10-Sep-09 11-Sep-09 14-Sep-09 15-Sep-09 16-Sep-09 Historical Security-wise Price Volume Data Data for DLF .9 308.15 424.0039966 0.05 392.75 398.0319121 -0.8 369.0730759 -0.0179817 0.0113336 -0.0799416 -0.25 397.0178748 -0.75 418.0347836 -0.0329308 -0.4 316.45 408.1 393.9 302.018154 -0.8 395 398.05 412.1 362.95 393.1 394.8 374.75 339 344 343.1 372.5 368.1 406.15 396.2 399.55 420.35 304.5 387.0032953 0.15 372.0166939 -0.35 400.5 411 414 412.0237254 -0.5 388.5 376 372.7 379.35 435.6 376.05 416 394.0133234 0.6 269.0544115 -0.15 416.029826 0.15 393.4 417.65 406 405.95 380.9 401.85 315.1 397.35 425.55 393.25 336.55 330 332.2 405.75 332.65 383.1 401.5 419 438.05 384.5 391.2 412.7 372.5 356 363.7 414 424.25 312.25 412 411.0010393 -0.0448254 0.55 367.2 392.25 416.5 435.0319569 0.35 399.1 415 390 413.9 384.55 316.6 332.4 411.2 281 281.3 408.1 340 316.0180655 0.6 389.0065493 0.25 329.4 385.7 414.6734915 .064333 0.85 322.9 339.0176603 0.9 336.5 437.05 431 405.9 Close Price 326.6 299.3 282 278.75 389.85 416 418.75 362.4 409.1 423 424.55 316.9 397.75 343.0130868 0.2 395.5 399.0334387 -0.4 380.5 269.8 414.75 395.15 364.0535509 0.0303804 -0.7 362.7 418.75 329.0170955 -0.15 346.35 283.6 269.5 362.55 391.0072581 0.55 276 278.65 422.1 415 390.65 340 354.6 297.45 322.85 390.1 395.0321839 0.75 372 392.0256692 -0.9 394.25 328.75 391.55 382.35 396.5 395.0118496 -0.5 326.3 394.25 308.9 400.7 278.65 350.45 305 324.5 393.0512666 -0.5 435.7 376 350.5 333.5 270.15 416.4 367 381.7 382.0269981 -0.25 333.8 314.05 394 407.15 397.15 395.2 365.35 391.5 414.8 342.1 339 356.75 411.65 395.1 399.0698381 0.05 401.7 383.5 388.0546825 0.5 364.1 353 350.5 394.25 374.55 345.9 385 393.4 312.45 425.7 408 412.0352455 -0.95 362.95 345.0116897 0.8 349.EQ from 01-07-2009 to 30-06-2010 Prev Close Open Price High Price Low Price Last Price 310.7 391.05 398.4 425.75 439.95 299.5 365 366 367.65 376.9 414.9 392.6 396.4 414 433.35 411 417 420.9 365.0786346 0.3 389 398.2 382.4 376.4 372 374.55 406.6 337.4 398.0012552 -0.3 269 269.6 335.5 302.45 411 412.7 287 289 271.85 320 337.75 435.8 374.15 428 441.75 419.75 352 352.2 352.0266247 -0.95 326.0045012 0.15 393.85 284.5 390.15 403 406.85 278.1107196 0.000459 -0.0017919 0.65 283.6 352.1 409.1 359.1 310.55 345.1 291 274.75 360.

0182876 -0.85 475.5 371.5 383.5 411.65 385.9 418 419 435 429 436.55 382.6 383.0204082 0.5 410 410.5 367 375.0488399 0.0041489 -0.0558794 -0.0361049 -0.6 369.0240273 -0.7 384.55 382.55 429.8 422.6 351.5 387.45 426.0104431 0.5 463.1 374.9 379.15 350.4 519.15 385.5 374.0471275 -0.45 426.002865 0.85 427.1 360.45 365.0056544 0 0.4 380 390.35 413.85 426.15 361 356.0078656 0.7 382.1 373.15 423.05 372.85 420.6 368.45 366.0125863 -0.65 371.6 424.45 365.8 390 383 385 379.3 350.65 365 372.8 422.4 350.55 456.25 427 397.3 362 350 352 353.0036164 -0.35 416.3 418.25 382.5 428.55 382.55 416.75 368 384.35 413.45 379.15 400.15 423.1 374.8 387.5 377 380.0351779 0.6 430.25 396 386.85 438 439.8 417 428 430.4 432.8 361.6 351.7 386.0027451 -0.3 423.9 390.65 365 372.8 375.4 476.35 376.75 461.9 354.25 382 376.85 0.15 325.7 433.05 382.5 383.7 423.4 460.5 429.5 349.55 434.05 428.0541809 0.5 366.05 428.031919 0.6 350.0139814 -0.85 382 365 380 380.0091512 -0.85 438 439.15 367.1 353.3 490.55 429.35 377.9 381 363 381.2 428.9 454.8 395 397.95 362.0039379 0.45 375.0631057 0.65 385.0658278 0.35 416.05 377.2 367 365 378 379.5 436 428.6 350 420.15 360.9 418.0400648 -0.9 383.1 370.15 365.25 360.9 390 394.0203547 0.45 366.9 427.55 383.0386539 -0.75 369.15 385.85 428.5 383.5 377 380.2 378 377.6 383.0669648 -0.95 380.9 454.3 425 420 417 422 418.0264474 -0.7 433.0028523 0.25 375.0183268 .9 373.25 369.1 341 362.75 357.2 372.35 460.25 390.0030906 -0.15 385.25 431.0014358 -0.9 402.9 459 429 408.75 461.8 467.25 425.15 375.15 383.8 424.35 380.6 359.0040208 -0.55 352.0874423 0.4 422 414 428 430.5 381.DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ 17-Sep-09 18-Sep-09 22-Sep-09 23-Sep-09 24-Sep-09 25-Sep-09 29-Sep-09 30-Sep-09 1-Oct-09 5-Oct-09 6-Oct-09 7-Oct-09 8-Oct-09 9-Oct-09 12-Oct-09 14-Oct-09 15-Oct-09 16-Oct-09 17-Oct-09 20-Oct-09 21-Oct-09 22-Oct-09 23-Oct-09 26-Oct-09 27-Oct-09 28-Oct-09 29-Oct-09 30-Oct-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 12-Nov-09 13-Nov-09 16-Nov-09 17-Nov-09 18-Nov-09 19-Nov-09 20-Nov-09 23-Nov-09 24-Nov-09 25-Nov-09 26-Nov-09 27-Nov-09 30-Nov-09 1-Dec-09 2-Dec-09 3-Dec-09 4-Dec-09 7-Dec-09 8-Dec-09 9-Dec-09 10-Dec-09 11-Dec-09 14-Dec-09 15-Dec-09 16-Dec-09 17-Dec-09 18-Dec-09 21-Dec-09 418.45 376.6 370.5 435 439.036873 -0.55 372.25 382 383 368 375 385.35 362.0096367 -0.7 470 471.017977 0.05 425.9 353.5 460.8 388.1 373.6 383.7 384 382 378.9 418.4 471 450.6 430.9 384 381.0128903 -0.35 375 368.25 335.1 372 382.0091826 -0.75 435 439.65 384.05 331 341 349.3 350.5 370.5 370.3 388.1 412 425 419 409.9 402.8 417.0099269 -0.25 388.15 355.25 444.7 381.8 386.4 460.75 363.15 422 416.0038663 -0.35 370.25 360.7 355.5 426.0006535 0.0221127 0.05 425.75 369.85 430 435 430 459.0228298 -0.0330877 -0.0039232 0.2 401.6 424.0373242 0.5 381.25 394 373.0020619 0.25 431.65 368.0151675 0.95 445.45 375.45 419.15 400.0152272 0.7 470 453 459 429 395 385.55 371.0162871 -0.45 371.9 396 380.0054978 0.95 380.9 468.9 465.7 470 471.0220493 0.8 450.6 433.1 422.65 378 365.2 417 414.75 357.5 380 385 393.7 437 441 464 468.0082664 0.55 382.5 373 369 340.1 373.05 372.7 438 436.25 375.55 376 379.85 426.4 386.0934504 0.0020066 0.5 365.4 401.8 417.0281394 0.95 448.25 369.45 348.5 372.3 430 455.1 454.7 425.05 377.7 383.8 395 394.95 448.020274 0.55 369.75 376.4 380 390.6 383.9 354.9 426 430.0261216 0.4 432.8 386.5 356.5 413.5 372 367.6 370.0107514 -0.45 375.8 355.9 361 416.7 403.05 382.25 335.8 370.0052432 -0.45 379.0041096 -0.7 380 377.65 434.4 372.6 368.5 427.3 385.95 426.

25 372.55 362.45 311.65 307 303.0044814 0.4 389.65 314.0288313 -0.020774 0.05 311.9 310.5 400.1 292 355.05 364.3 314 312.35 308.55 304.5 312 323.4 361 367.1 307.15 317.75 361.1 316 312 308 310 314.05 378.5 353 344.5 312.85 312.65 355 353 368 373.35 365.75 335 323.35 309.3 300.0298759 -0.2 317 311.7 354.8 368.1 284.35 291.85 370.7 300.9 399.45 383.1 363.85 289.7 314.5 389.45 294.35 336.1 321.45 315 318 306 303.7 367.85 312.8 342.0309154 -0.75 311.3 311.55 311.7 373.0097196 -0.95 387.85 317.45 378.0246312 -0.1 339.35 308.8 386.25 288.5 388.7 363.35 309.0165947 0.8 306.35 375 393.0411215 0.2 316.8 318.65 294.6 365.0090505 -0.1 297 305.6 315 315.3 361.8 316.75 305.4 318.2 292.9 338.5 298.0215782 0.2 310.4 310.95 363.2 342.6 364.8 314.15 310 304 302.65 307 303.55 374.8 319.55 311.5 292.5 305.004166 -0.75 361.8 292.9 369.7 317.45 290.7 281.6 302.7 291.95 312 310 309.7 383.0068672 -0.4 313.45 364.0133936 .4 324 327.0040225 0.55 352.9 368 361 368 369.0140546 0.00937 0.8 295.9 312.0297071 -0.65 314.0388034 0.9 359.05 301.75 317.6 304.45 382 371 356.3 379.05 304 301.1 308 309.6 364.6 332.8 290.5 318.0140917 -0.35 326.15 382.017817 -0.6 369.45 292.6 283 287.1 321.25 288.9 399.8 316.85 307 320 319.5 364.5 305.75 309.3 306.2 294 300 358.75 317.55 352.8 378.6 369.2 363.6 365.85 311.95 301.003567 -0.4 340.0117313 0.5 308 304 310 306 313 307.4 316.0118893 0.85 289.75 305.9 338.2 293.0133022 0.0244935 -0.8 400 380 390 385 384.3 379.95 290 291.2 364.55 316.05 310.8 377 375 395.65 332.8 369.8 335 323.8 302.7 363.5 298.45 392.8 358.5 312.5 373.55 367.3 335.4 300.55 304.019623 -0.65 316.4 313.7 291.1 320 330.7 314.3 285.8 327.3 386.35 352 353 366.05 310.3 333.7 298.45 383.75 344.2 310.9 313.7 288.95 325.0414883 -0.95 301.55 304.25 286.0215569 0.45 365.7 389.0271608 -0.7 375 382.5 392 389.15 317.0243799 -0.0210977 -0.0438857 -0.5 369.9 312.0288245 0.4 300.95 334.8 320 317.0189504 -0.0104284 -0.5 298.3 386.75 309.65 0.0367471 -0.3 388.25 288.95 301.0123087 -0.25 298.45 365.5 298.05 384 379.0048234 0.35 373.0101576 -0.1 350.0135385 0.4 316.55 374.85 383.0230552 0.6 305 306 311.45 294.25 298.1 284.85 378 373.3 311.0129835 -0.1 291.95 387.3 346.3 282.0178065 0.8 303.0775824 0.45 301.0017364 -0.45 324.0038963 -0.0078268 0.8 303.6 316.2 289 287.0195947 0.0094131 0.85 383.1 392 383.45 292.65 310.35 326.2 307.15 301.1 311.1 370.65 332.0025887 -0.15 355.3 333.0177358 -0.8 298.8 313.2 364.7 291.55 367.15 302.4 316.8 403.0096964 -0.05 335.9 322.9 319.3 331 336.45 294.45 398.85 355.7 295.35 319.05 303.DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ 22-Dec-09 23-Dec-09 24-Dec-09 29-Dec-09 30-Dec-09 31-Dec-09 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10 22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 22-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 4-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10 350.9 305.05 310.8 373 380.45 378.0180533 0.45 376 374.7 394.0106987 0.0127522 -0.0393652 0.45 326.9 315 300.45 324.0158019 -0.85 363.5 389.6 310.05 293.75 344.7 290.4 306.75 299 293 299.85 383.9 318 314 326.9 308.7 290.9 302 298.35 336.3 387.4 283 291.6 316.7 314.75 323 308.3 393.7 373.0022503 0.2 301.95 301.5 383.3 387.0405716 0.5 299.4 315.0219856 0.0124402 0.85 370.6 311.0194942 -0.

55 280 298.6 292.007622 0.15 282.0297278 -0.55 270.8 289.0213616 -0.95 294 287 286.2 262.0119086 -0.7 307 301.0209613 0.4 285.5 292.15 288.2 263.05 275.6 295 282.0055913 0.45 332.4 272.3 258.4 310.2 261.0070137 -0.15 269.0332832 0.2 283.6 331.3 322.15 284.7 289 298.35 274.4 325.1 326.9 333.9 259.95 297 293.7 279.022929 -0.25 291.05 324.7 283 291.4 298 306.0349119 -0.0452792 0.035305 -0.0277145 0.0250095 0.25 336.1 284.75 262.9 287.9 311.4 264.5 271.5 284.5 295.0152845 0.55 291.0195702 -0.7 256.75 294.2 286.25 345.0308703 0.95 282.0098596 -0.0185321 0.6 283.0065483 0.7 335 345 338.95 298.75 305.4 264.5 275 277.95 316.9 257.55 280.0213655 -0.95 309.5 297.55 270.0119194 .0086692 0.25 295 299.6 273.35 254.9 269.7 294.017622 -0.6 299.65 334.35 280 264.65 325.0192182 0.7 270.75 285.0012367 0.3 279.75 302.75 287 288.1 296.9 291.5 293.65 308.5 280.0123157 -0.65 290.0265346 -0.2 282.5 278.5 292.1 301.9 273.55 287.4 264.5 306.95 297.0013321 0.7 338 330.55 265 272 260 260 263.063354 -0.75 330 325.15 263.65 290.05 306.15 291.9 268 263.1 296.DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ 29-Mar-10 30-Mar-10 7-Apr-10 8-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 19-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 5-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10 294.0078384 -0.8 281.75 263.65 334.9 307 297.4 337.35 266.05 289.7 288.05 289.5 322.1 304.65 325.7 270.7 272.95 280 285.7 274.75 263.15 334.5 271.3 263.7 307 301.55 291.6 295.25 316.4 298.4 292.95 308.0385195 0.55 287.0089102 -0.65 304.8 289.1 260.15 288.5 270.05 276.45 273.0188507 0.7 338 330.65 304.0034979 0.2 264.75 331.25 261.75 259.15 258 259.65 289.7 330 315 326.55 283 282.0290902 0.35 335 320 312 308.0079818 0.2 286.2 262.05 306.1 315 313.5 282 301.5 278.0009963 -0.4 314.15 291.0196361 -0.3 336 340 323.85 293.95 328.7 266.8 307.75 305.6 333.8 311 312.65 287.15 284.9 330.5 260.25 329 345 335 334 333.8 278.8 275.2 278.4 335.45 278.85 292.1 315.4 298.0084902 0.65 278.25 316.75 262.6 333.0042017 -0.35 315.4 272 264.5 312.9 331.5 333.8 284.55 283 282.010783 -0.4 302 294.5 294.7 271 277 276.7 311.25 300.8 290.5 277.75 308.1 263.5 256.9 269 263.0310025 -0.35 321.2 307 309.7 311 307 307 300 301.25 289.1 299.1 301.95 309.8 297 285.4 286.35 281.5 298 296.25 288.55 285.0105463 0.003147 0.05 307.55 279.75 303.85 271.4 294.9 273.3 258.9 269 263.5 295.45 286.5 305.9 257.85 335.0263707 0.05 336.2 270.2 278.0411809 0.5 277.8 284.25 325.4 325.85 269.0119621 -0.45 307 301.6 329 328.5 261 273.024187 -0.0222793 0.7 269.95 280.8 333 333.95 260.65 0.8 334.2 331 335.65 298.35 332.1 255 254.4 272.75 305.1 325 317 326 328 325.0023966 0.9 315.4 328.2 270.4 256.95 316.25 327.0281372 -0.75 285.4 281.5 265.0122148 -0.05 276.5 258 260 264 265 266 273.5 326 324.1 263.9 288.4 310.25 291.65 273.6 260.8 290 304.0287929 0.5 278 282 284 289.95 298.35 332.3 322.35 313.8 333 333.0138079 -0.0208178 -0.0306354 0.5 275.0145936 0.001952 0.4 256.55 280 284.65 270.3 279.05 274.9 330.7 333.0697348 -0.0066345 -0.15 281.0292121 0.3 292 284.35 281.55 335 337.4 274 262.05 330.5 280.3 276 269.8 306.

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