samiya equity stock analysis of select of banking scripts listed in nse.doc

8/9/2019 Samiya EQUITY STOCK ANALYSIS OF SELECT OF BANKING SCRIPTS LISTED IN nse.doc

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A STUDY ON

“EQUITY STOCK ANALYSIS OF SELECT OF BANKING SCRIPTS LISTED IN NSE/NIFTY”WITH

REFERENCE TO MERFIN INDIA LTD


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DECLARATION

I hereby declare that this project titled “EQUITY ANALAYSIS OF SELECT

BANIN! SC"I#TS LISTE$ IN NSE%NIFTY& s'b(itted by (e to the depart(e)t o*

A"ISTOTLE #+! COLLE!E is a bo)a*ide ,or- ')der ta-e) by (e a)d it is )ot

s'b(itted to a)y other ')i.ersity or i)stit'tio) *or the a,ard o* a)y de/ree

diplo(a%certi*icate or p'blished a)y ti(e be*ore.

Na(e a)d Address o* the st'de)t si/)at're o* the st'de)t

+ "A0EEN$"A "E$$Y

A"ISTOTLE #+! COLLE!E

C1ILU" 0

2OINABA$ 2

"" 3$IST4+

$ate5


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ACKNOWLEDGEMENT

I wish to express my deep sense of gratitde profond

regards to Dr!"!#AMAK#I$%NA &%!O!D' A#I$TOTLE (!G COLLEGE$T) for

his *onstant gidan*e + en*oragement to nder ta,e and *omp-ete

this pro.e*t wor,! My sin*ere than,s to assistant manager %# and staff

to MI#/IN INDIA LTD for their ,ind of he-p in *omp-eting this pro.e*t

wor, and gi0ing re1isite information!


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CONTENTS

SL.NO PATICULARES PAGE NO

1. INTRODUCTION 1-2

1.1 OBJECTIE

1.2 DATA COLLECTION METHOD

1.! TIME PERIOD

2. LITERATURE REIEW !

!. COMPANY PROFILE

!.1 HDFC BANK "-11

!.2 ING YSYABANK 12-2"

!.! ICICI BANK 2#-"!

!." MERFIN INDIA LTD ""-"$

". METHODOLOGY "%

#. DATA ANALYSIS #&-'%

(. LIMITATIONS $&

'. CONCLUSIONS $1

$. GLOSSARY $2-$#

%. BIBILOGRAPHY $(


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OBJECTIES

1. Study the volatility in the banking industries stock prices during six

months time period

2. Return and risk of investing in an banking industry stocks

3. Correlation among three different banks

4. o find !hether the stock prices of banking industries can varies on the

same !ay or not


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DATA COLLECTION METHODS

"or the purpose of the study data !as collected through secondary source of data

collection method. #a$or source of the data are published net stocks of %&"C' (C(C( and

()* +,S,- -)/S

TIME PERIOD

( collected daily stock prices data pertains to financial year 0-pr214Sep214


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LITERATURE REIEW

(nvesting is a business of relative changes. !hen the economic out look is assessed along

!ith the direction of changes in the overall market for stocks' the analyst must realie that

even though industry groups and or individual companies may find it difficult to 5buck

the trend6' they do not necessarily respond to the same degree.

"or the analyst industry analysis demands insight into

1. he key sectors or sub divisions of overall economic activity that influence particular

industries' and

2. he relative strength or !eakness of particular industry or other groupings under

specific sets of assumptions about economic activity. the analyst !ith an economic fore

cast that he has developed from scratch' or a set of figures that he has developed from

fore casts prepared by others' is no! ready to apply this information to an appropriate

industry.


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COMPANY PROFILE

HDFC BANK

%&"C ank !as incorporated in -ugust 1774 in the name of 8%&"C ank

9imited8' !ith its registered office in #umbai' (ndia. he ank commenced

operations as a Scheduled Commercial ank in :anuary 177;.

he %ousing &evelopment "inance Corporation 9imited 0%&"C !as amongst

the first to receive an 8in principle8 approval from the Reserve ank of (ndia 0R(

to set up a bank in the private sector' as part of the R(8s liberaliation of the

(ndian anking industry in 1774

%&"C ank has a net!ork of over ;31 branches spread over 22< cities across

(ndia. -ll branches are linked on an online realtime basis. Customers in over 12

locations are serviced through elephone anking. he ank also has a net!ork

of about over 1;4 net!orked -#s across these cities. %&"C ank8s -#

net!ork can be accessed by all domestic and international +isa = #asterCard' +isa

>lectron = #aestro' ?lus = Cirrus and -merican >xpress Credit = Charge

cardholders %elping (ndians experience the $oy of home o!nership.


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he road to success is a tough and challenging $ourney in the dark !here only

obstacles light the path. %o!ever' success on a terrain like this is not !ithout a solution.

-s !e found out over t!o decades ago' in 17@@' the solution for success is customer

satisfaction. -ll you need is the courage to innovate' the skill to understand your clientele

and the desire to give them your best.

oday' over a million satisfied customers !hose dream !e helped realise' stand testimony

to our success.

Aur ob$ective' from the beginning' has been to enhance residential housing stock and

promote home o!nership.

)o!' our offerings range from hasslefree home loans and deposit products' to property

related services and a training facility.

Be also offer specialied financial services to our customer base through partnerships

!ith some of the best financial institutions !orld!ide.


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REUTERS ABRIDGED BUSINESS SUMMARY

%&"C ank 9imited' a private sector bank' provides financial services to

corporations' and middle and upperincome individuals in (ndia. (t operates in

three divisions Retail anking' Bholesale anking' and reasury Aperations.

he Retail anking division provides various deposit products' loans' credit

cards' debit cards' third party mutual funds and insurance' investment advisory

services' and depositary services. he Bholesale anking division offers

loans' deposit products' documentary credits' guarantees' bullion trading'

foreign exchange' and derivative products' as !ell as cash management

services' clearing and settlement services for stock exchanges' tax and other

collections for the government' custody services for mutual funds' and

correspondent banking services. he reasury Aperations division manages

debt securities' money market operations' foreign exchange' and derivative

products. (n addition' it provides telephone' (nternet' and mobile banking

services. -s of &ecember 22' 214' the bank operated ;D7 branches. he

company !as incorporated in 1774 and is headEuartered in #umbai' (ndia


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HDFC ADISOR

,our (nvestment -dvisor designs a comprehensive investment plan to help meet your

long and shortterm financial goals across multiple asset categories. -lso' the -dvisor

offers continuous advice on the basis of performance on each asset category and analysis

of future expectations.

M4490 F45:

,our (nvestment -dvisor assists you in selecting the right #utual "unds based on your

investment needs and risk profile. -lso' the -dvisor helps you purchase' restructure and

monitor your #utual "und portfolio.

#ore...

D,+* E;4,< A5),*

ased on your risk profile' your (nvestment -dvisor consults you on direct eEuity to

generate a portfolio inclined to!ards an optimum allocation across sectors and stocks.

-lso' the -dvisor helps you restructure your portfolio in accordance !ith the stock

performance and your needs.

#ore...

I:4+9*

"or your insurance needs' your (nvestment -dvisor suggests an insurance plan. his plan

accounts for your investment needs and provides adeEuate risk cover.


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B35:

,our (nvestment -dvisor suggests a proportionate allocation of onds in your portfolio

to secure your investment needs' tax planning needs and interest income. #ore...

NET BANKING

)et anking is %&"C ank8s (nternet anking service. ?roviding uptothesecond

account information' )et anking lets you manage your account from the comfort of

your mouse anytime' any!here.

Aur industry leading service provides a host of features at your fingertips

+ie! -ccount alances F Statements

ransfer "unds bet!een accounts

Create "ixed &eposits Anline

ReEuest a &emand &raft

?ay ills

Arder a CheEue ook

ReEuest Stop ?ayment on a CheEue

-nd lots more

+ie! our )etanking &emo to find out more about !hat you can do online

(nternet anking is the most convenient and po!erful !ay to manage your account.

)etanking is Real ime' giving you uptothesecond details on your account.


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(t can be accessed anytime' from any!here' giving you complete control over your

finances

here are no Eueues to stand in' or turns to !ait for. Bith )etanking you are in control.

%&"C ank8s )etanking service is secure. Gsing industrystandard technologies and

infrastructures' our service gives you peace of mind.


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ING YSYA BANK

C3=>9< P+37,0*

()* +ysya ank 9imited

icker;31xchanges A% A#

214 Sales 14'44;''

#a$or (ndustry "()-)C(-9

Sub (ndustry CA##>RC(-9 -)/S

Country ()&(-

>mployees 47D3

BUSINESS DISCRIPTION

Counters in (ndia ()* +ysya ank 9imited. he *roup8s principal activity is to provide

banking services in (ndia. he banking services of the *roup include retail banking'

corporate banking' commercial banking' treasury management and rural banking. he

*roup also offers dematerialisation and other financial services. Ather financial services

includes housing finance' insurance products' mutual funds etc. he *roup operates

through 3@@ branch offices and ;D extension


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()* +ysya ank 9td. is a $oint venture bet!een +ysya ank 9td' a premier bank in the

(ndian ?rivate Sector and ()*' a global financial po!erhouse of &utch origin. ()*

+ysya ank !as founded in Actober 22.

+ysya ank !as founded in 173 to extend a helping hand to those !ho !ere deprived of

banking services. Since then the ank has made rapid strides and has carved a distinct

identity of being (ndia8s ?remier ?rivate Sector ank. (n 17


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angalore' 1@th :anuary 214L()* +ysya ank has tiedup !ith >uronet Services (ndia

?vt 9td' a leading electronic payments provider' to open 2 JSelf ankK outlets across

the country' as part of its strategic initiatives.

he 8Self ank8 concept is uniEue to ()* and is being adopted for the first time in (ndia'

by ()* +ysya ank. he 8Self ank8 outlets !ill offer seated kiosk to the clients. he

state of the art kiosks are located next to the bank8s -#8s' !ith a secure and convenient

service area. his Self Service area is accessible on a 24=@' basis and allo!s the client to

complete the full range of operational service reEuired' such as alance >nEuiry'

Statement vie! and print' ReEuest for a cheEue book' ?() change' ReEuest for a demand

draft' stop payment' payment of utility bills and -ccount to account transfer' as also top

ups for prepaid cards of mobile phones.

he bank has also decided to strategically depute' next to all the 8Self ank8 outlets

certified -dvisors of ()* +ysya "inancial Services !ho !ould offer Bealth #anagement

Services dealing !ith both #utual "unds and 9ife (nsurance. he loan products of the

bank and credit cards !ill also be made available to the prospects. %o!ever' each of the

8Self ank8 is linked to a base branch of the bank.

-ccording to the multi year agreement' ()* +ysya ank' has tied up !ith >uronet' to

deploy 2 Selfank sites in ma$or cities like &elhi' #umbai' %yderabad' etc.' across

(ndia by 2@' strengthening the bankKs Retail Reach. >uronet !ill select these sites'

install the -#s and /iosks and all related eEuipment' drive the -#s and /iosks from

>uronetKs Aperations Center in #umbai and provide all of the daytoday outsourcing


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services. hese services include comprehensive maintenance' net!ork management and

monitoring' security' cash forecasting and replenishment' help desk and full

reconciliation and settlement services.

(n addition to the outsourcing of JSelf ankK outlets' ()* +ysya ank !ill $oin Cashnet'

(ndiaKs largest shared -# net!ork' !hich is operated by >uronet and has more than

;3 -#s. he ank !ill also provide +alue -dded Services to its customers through

>uronet' in the form of online mobile phone recharge. >uronet !ill also provide gate!ay

services to )ational "inancial S!itch 0set up by (&R and +isa' for ()* +ysya ank.

o commence !ith' the ank !ill have 12 8Self ank8 outlets opened at angalore in the

follo!ing three !eeks.

Shantanu *hosh' Country %ead Retail anking' ()* +ysya ank said' 5he banking

relationship in the current trends is moving in the direction of freedom and flexibility for

the customers to operate accounts. Aur 8Self ank8 therefore !ill meet this need

adeEuately and effectively. "urther our partnership !ith >uronet !ill not only give us

their professional help and management but !ould enable us to utilise our scarce capital

prudently for optimising the resourcesH.

5Be are very pleased to !ork !ith ()* +ysya ank and look for!ard to ensuring the

success of their innovative Self ank initiative as a strategic partner'6 said 9oney -ntony'

#anaging &irector' >uronet Services (ndia ?vt 9td. 5Bith the addition of ()* +ysya

ank' !e no! provide -# outsourcing services for more than 1'4 -#s of leading


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banks in (ndia. Be have established a strong and leading presence in the (ndian banking

industry !ith our innovative high Euality -# outsourcing and deployment services.6

A634 ING


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()* *roup is a global financial services company of &utch origin !ith 1; years of

experience' providing a !ide array of banking' insurance and asset management services

in over ; countries. Aur 12' employees !ork daily to satisfy a broad customer base

individuals' families' small businesses' large corporations' institutions and governments.

ased on market capitalisation' ()* is one of the 2 largest financial institutions

!orld!ide and ranked in the top1 in >urope.

B4:,*::

()* is the number one financial services company in the enelux home market. ()*

services its retail clients in these markets !ith a !ide range of retailbanking' insurance

and asset management services. Aur !holesale banking activities operate !orld!ide but

!ith a primary focus on the enelux countries. (n the Gnited States' ()* is a top;

provider of retirement services and life insurance. (n Canada' !e are the top property and

casualty insurer. ()* &irect is a leading direct bank !ith over 1; million customers in

nine large countries. (n the gro!th markets of -sia' Central >urope and South -merica

!e' for example' provide life insurance. Be are also a large asset manager !ith assets

under management of around >GR ; billion.

M,::,3


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Be strive to deliver our financial products and services in the !ay our customers expect

!ith exemplary service' maximum convenience and at competitive rates. his is reflected

in our mission statement to set the standard in helping our customers manage their

financial future.

S9?*305*+:

()* conducts its business on the basis of clearly defined business principles. (n all our

activities !e carefully !eigh the interests of our stakeholders customers' employees'

shareholders' business partners and society at large. ()* strives to be a good corporate

citien.

S9+98<

Be are a customerorientated company !ith a clear organisation and strategy !hich is

founded on value based management. Be have a strong position in mature markets !here

!e !ant to generate further gro!th through proper execution of our business

fundamentals 0such as customer satisfaction and managing costs' risk and our reputation

and !e focus on gro!th in retirement services' direct banking and life insurance in

developing markets. hat !ay !e try to offer our shareholders a higher return than the

average of our peers.


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B4:,*:: 0,*:

()* has a structure of six business lines. - clear client focus and strong business logic

are the key elements in this structur

ING YSYA BUSINESS PRINCPLES

-s a global provider of financial products and services' ()* plays an important role in

society. (n order to fulfill this role it needs to maintain the confidence of its customers'

shareholders' employees' and other stakeholders by acting !ith professionalism and

integrity.

()* *roup attaches paramount importance to upholding its reputation' and the ()*

usiness ?rinciples play an important role in this respect. ()* expects the highest levels

of integrity from its employees' regardless of their position in the organisation.

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23/79

he ()* usiness ?rinciples !ere first introduced in 1777. hey !ere updated in 24.

he ()* usiness ?rinciples are

•

Be are committed to our integrity

• Be aim for an above average return

• Be are open and clear

• Be promote sustainable development and respect human rights

• Be respect each other

• Be are involved in the communities !e operate in

R*:>3:,6,0,,*:

• he usiness ?rinciples apply to the !hole of ()* *roup' its subsidiaries and

business units and to every employee.

• (t is the responsibility of all those in authority at ()* to ensure that these

?rinciples are fully communicated to all present and future staff. hey must also

ensure that these are strictly observed.

• he members of the >xecutive oard and all #anagers are responsible for

applying the usiness ?rinciples !ithin their areas of responsibility.

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24/79

he >xecutive oard receives regular reports' including an annual revie!' on the

effective operation of the usiness ?rinciple

@YEAR -2&1"PROFIT CONTRIBUTION BUSINESS LINES


25/79

ICICI BANK

COMPANY PROFILE

(C(C( ank is (ndia8s secondlargest bank. he ank has a net!ork of about ;@3 branches

and extension counters and over 2' -#s. (C(C( ank !as originally promoted in

1774 by (C(C( 9imited' an (ndian financial institution' and !as its !hollyo!ned

subsidiary.

(C(C( !as formed in 17;; at the initiative of the Borld ank' the *overnment of (ndia

and representatives of (ndian industry. he ob$ective !as to create a development

financial institution for providing mediumterm and longterm pro$ect financing to (ndian

businesses.

(n the 177s' (C(C( transformed its business from a development financial institution

offering only pro$ect finance to a diversified financial services group offering a !ide

variety of products and services' both directly and through a number of subsidiaries and

affiliates like (C(C( ank.

(n 1777' (C(C( become the first (ndian company and the first bank or financial institution

from non:apan -sia to be listed on the ),S>. (n 21' (C(C( bank acEuired ank of

http://www.icicibank.com/


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#adura 9imited.

(C(C( ank set up its international banking group in fiscal 22 to cater to the cross

border needs of clients and leverage on its domestic banking strengths to offer products

internationally. (C(C( ank currently has subsidiaries in the Gnited /ingdom' Canada

and Russia' branches in Singapore and ahrain and representative offices in the Gnited

States' China' Gnited -rab >mirates' angladesh and South -frica.

oday' (C(C( ank offers a !ide range of banking products and financial services to

corporate and retail customers through a variety of delivery channels and through its

specialised subsidiaries and affiliates in the areas of investment banking' life and nonlife

insurance' venture capital and asset management.

BUSINESS SUMMARY

(C(C( ank 9imited provides banking products and financial services to corporate and

retail customers primarily in (ndia. (t offers various products and services in the areas of

commercial banking' investment banking' and insurance. he companyMs deposit

products comprise savings accounts' current accounts' time deposits' and certificates of

deposits. (ts lending activities include home loans' automobile loans' commercial vehicle

loans' t!o !heeler loans' personal loans' loans against time deposits' loans against

shares' and credit cards. (C(C( ank also offers trade finance' letters of credit' debit

cards' distribution of third party investment products' and issuance of unsecured


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redeemable bonds' as !ell as cash management services' including collection' payment'

and remittance servicesN escro!N trust and retention account facilitiesN online payment

facilitiesN custodialN and tax collection services. (n addition' the company provides

agricultural and rural banking productsN investment banking services' including corporate

advisory services and eEuity under!ritingN venture capital fundingN various life and

general insurance productsN and asset management products and services. -s of "ebruary

1;' 2@' (C(C( ank had a net!ork of D@ branches and 2'Dmirates' China' South -frica' and

angladesh. he company !as founded in 17;; and is headEuartered in #umbai' (ndia.

ICICI ,)*:=* >09,8

(nvestment planning is an alien concept for the (ndian populace. "or a country !hich till

no! !as !orried about making ends meet this emerging trend is definitely a ne!

experience. ut' the truth is that if only they !ould have been introduced to the -rt of

#anaging #oney' life could have been so much easier. #ost of us spend more than half

of our lives !orking and saving because money is important' in fact crucial. %o!ever'

most of us spend almost no time planning to make that hardearned money !ork more

effectively for us. So' ho! do you plan your financial lifeM

(n a series of articles (C(C(direct8s (nvestment ?lanning &esk !ill discuss concepts' ideas

and methods of planning' goals' return' risk and various investment options. Concepts

such as inflation' po!er of compounding' stock market $argon etc !ill be explained in a

phased manner.


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R*,+*=* >09,8

Retirement planning is an essential element of any financial plan. Retirement planning is

a comprehensive process for determining ho! much money you !ill need !hen you

retire. Retirement planning also helps you identify the best !ays to save for retirement

given your financial situation.

(f you are like most people' you probably think retirement planning is only important

!hen you retire. %o!ever' proper planning reEuires a much longer period of time from

the day you start !orking until !ell beyond your actual retirement date. (n fact' it8s never

too early to start planning for your retirement.

-t age D;' the average man !ill live almost 17 more years' !hile the average !oman !ill

live another 22 years. Be !ill probably spend 2; per cent to 3 per cent of your life in

retirement' reEuiring vast sums of money to support yourself. (n (ndia' many of us put

off retirement planning because !e are too busy trying to meet our immediate financial

needs to think about !hat !ill happen 2 or 3 years hence.

(t8s easy to understand !hy meeting your monthly bills seem more important' especially

if your retirement is still far off. ut here8s something to think about -s you move

through your life' you !ill experience many life events that !ill affect your future

financial security such as getting married' starting a family' purchasing a home' and


29/79

sending your children to college. >ach of these events !ill affect your ability to plan for

your future financial security. (f you develop a flexible longterm plan' you !ill can

overcome these obstacles and ensure financial independence in your retirement years

M4490 745:

#utual fund is the best investment tool for the retail investor as it offers the t!in benefits

of good returns and safety as compared !ith other avenues such as bank deposits or stock

investing. %aving looked at the various types of mutual funds' one has to no! go about

selecting a fund suiting your reEuirements. Choose the !rong fund and you !ould have

been better off keeping money in a bank fixed deposit. /eep in mind the points listed

belo! and you could at least marginalise your investment risk.

P9: >*+73+=9*

Bhile past performance is not an indicator of the future it does thro! some light on the

investment philosophies of the fund' ho! it has performed in the past and the kind of

returns it is offering to the investor over a period of time. -lso check out the t!oyear and

oneyear returns for consistency. %o! did these funds perform in the bull and bear

markets of the immediate pastM racking the performance in the bear market is

particularly important because the true test of a portfolio is often revealed in ho! little it

falls in a bad market.

ICICI 745 =998*+


30/79

he success of a fund to a great extent depends on the fund manager. he same fund

managers manage most successful funds. -sk before investing' has the fund manager or

strategy changed recentlyM "or instance' the portfolio manager !ho generated the fund8s

successful performance may no longer be managing the fund.

T9 6*,7,:

ax benefits of a housing loan

Repaying a housing loanM here is a lot to look for!ard to by !ay of deductions and

rebate.

(nterest paid on capital borro!ed for the acEuisition or construction of property is entitled

to a deduction. he maximum amount eligible for deduction is Rs 1;'. ,ou also get a

2O rebate on repayment of principal of the housing loan. Bhile this !as earlier sub$ect

to a maximum of Rs 2'.

C35,,3:

,ou should be residing in the home for !hich the loan is taken. (f you are residing in a

city but buying property in your home to!n to prepare for retirement' this !ill not be

applicable.

P3,: 3 3*


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,ou may find it more convenient and cheaper to finance the property out of your o!n

resources. ut do remember' you !ould be losing the tax shelter on account of the

deduction available as !ell as the tax rebate. ,ou can claim a rebate for housing loan only

on producing the interest certificate from the lending institution. aking a loan from a

family member or a friend may get a you a cheaper rate of interest' or no interest at all'

but !ill not Eualify for such deductions. Anly loans taken and interest paid thereon' to

specified financial institutions !hich offer housing loans' Eualify for deduction under the

(ncome ax -ct' 17D1.

(f the loan is $ointly taken by you and your spouse' you both are entitled to tax benefits.

Since both !ill be claiming the deductions and rebate' you !ill have to approach the

financial institution and ask for a certificate. his certificate !ill state ho! much of the

loan is your responsibility and ho! much you are contributing to!ards the repayment.

,our tax deduction and rebate can be calculated based on this amount.

O)*+),*

(C(C( ank is (ndia8s secondlargest bank !ith total assets of about Rs. 2';13.


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and asset management. (C(C( ank set up its international banking group in fiscal 22

to cater to the cross border needs of clients and leverage on its domestic banking

strengths to offer products internationally. (C(C( ank currently has subsidiaries in the

Gnited /ingdom' Russia and Canada' branches in Singapore' ahrain' %ong /ong' Sri

9anka and &ubai (nternational "inance Centre and representative offices in the Gnited

States' Gnited -rab >mirates' China' South -frica and angladesh. Aur G/ subsidiary

has established a branch in elgium. (C(C( ank is the most valuable bank in (ndia in

terms of market capitalisation.

(C(C( ank8s eEuity shares are listed in (ndia on the ombay Stock >xchange and the

)ational Stock >xchange of (ndia 9imited and its -merican &epositary Receipts 0-&Rs

are listed on the )e! ,ork Stock >xchange 0),S>.

(C(C( ank has formulated a Code of usiness Conduct and >thics for its directors and

employees.

A J4* # 2&1" ICICI B9? , 7+** 7039 =9+?* 9>,90,9,3 37 9634 R:.

"$&.&& 6,00,3 @US 1&.$ 6,00,3 +9?*5 ,+5 9=38: 900 * 3=>9,*: 0,:*5 3

* I5,9 :3? *98*:.

(C(C( ank !as originally promoted in 1774 by (C(C( 9imited' an (ndian financial

institution' and !as its !hollyo!ned subsidiary. (C(C(8s shareholding in (C(C( ank !as

reduced to 4DO through a public offering of shares in (ndia in fiscal 177


33/79

market sales by (C(C( to institutional investors in fiscal 21 and fiscal 22. (C(C( !as

formed in 17;; at the initiative of the Borld ank' the *overnment of (ndia and

representatives of (ndian industry. he principal ob$ective !as to create a development

financial institution for providing mediumterm and longterm pro$ect financing to (ndian

businesses. (n the 177s' (C(C( transformed its business from a development financial

institution offering only pro$ect finance to a diversified financial services group offering a

!ide variety of products and services' both directly and through a number of subsidiaries

and affiliates like (C(C( ank. (n 1777' (C(C( become the first (ndian company and the

first bank or financial institution from non:apan -sia to be listed on the ),S>.

-fter consideration of various corporate structuring alternatives in the context of the

emerging competitive scenario in the (ndian banking industry' and the move to!ards

universal banking' the managements of (C(C( and (C(C( ank formed the vie! that the

merger of (C(C( !ith (C(C( ank !ould be the optimal strategic alternative for both

entities' and !ould create the optimal legal structure for the (C(C( group8s universal

banking strategy. he merger !ould enhance value for (C(C( shareholders through the

merged entity8s access to lo!cost deposits' greater opportunities for earning feebased

income and the ability to participate in the payments system and provide transaction

banking services. he merger !ould enhance value for (C(C( ank shareholders through

a large capital base and scale of operations' seamless access to (C(C(8s strong corporate

relationships built up over five decades' entry into ne! business segments' higher market

share in various business segments' particularly feebased services' and access to the vast

talent pool of (C(C( and its subsidiaries. (n Actober 21' the oards of &irectors of

(C(C( and (C(C( ank approved the merger of (C(C( and t!o of its !hollyo!ned retail


34/79

finance subsidiaries' (C(C( ?ersonal "inancial Services 9imited and (C(C( Capital

Services 9imited' !ith (C(C( ank. he merger !as approved by shareholders of (C(C(

and (C(C( ank in :anuary 22' by the %igh Court of *u$arat at -hmedabad in #arch

22' and by the %igh Court of :udicature at #umbai and the Reserve ank of (ndia in

-pril 22. ConseEuent to the merger' the (C(C( group8s financing and banking

operations' both !holesale and retail' have been integrated in a single entity.

Q"ree float holding excludes all promoter holdings' strategic investments and cross

holdings among public sector entities.

P*+73+=9* R*),*

uarter ended September 3' 214 3O yearonyear gro!th in profit after tax he

oard of &irectors of (C(C( ank 9imited 0),S> () at its meeting held at #umbai

today' approved the audited accounts of the ank for the Euarter ended September 3'

214 022@.

H,80,8:

I Aperating profit excluding treasury income increased D;O in 22@ to Rs. 1'32;

crore 0GSP 2


35/79

I "ee income increased D2O to Rs. 1'13< crore 0GSP 24< million for 2 2@ from Rs.

@4 crore 0GSP 1;3 million for 2214.

I ?rofit after tax increased 24O to Rs. 1'3@; crore 0GSP 277 million for the sixmonth

period ended September 3' 214 0%12@ from Rs. 1'11 crore 0GSP 242 million for

the sixmonth period ended September 3' 2; 0%1214.

I Retail assets increased ;@O to Rs. 1@'D@7 crore 0GSP 23.4 billion at September 3'

214 from Rs. D


36/79

purposes' as !ell as rural infrastructure. he ankKs rural retail delivery channels include

its o!n branches' as !ell as various partnerships' including microfinance institution

0#"( partners. he ank has also initiated banking correspondent models. he ankKs

rural portfolio gre! by about @O on a yearonyear basis.

I*+9,390 3>*+9,3:

he ank no! operates in 14 countries through branches' representative offices and

!hollyo!ned subsidiaries. &uring the Euarter' the ankKs Canadian subsidiary opened

its sixth branch and the ank opened a representative office in (ndonesia. he loan

portfolio of the ankKs international branches 0including foreign currency financing to

(ndian companies increased to about Rs. 1;' crore 0GSP 3.3 billion at September 3'

214 from Rs. 7'D crore 0GSP 2.1 billion at September 3' 2;. he loan portfolio of

the ankKs international banking subsidiaries 0including foreign currency financing to

(ndian companies increased to about Rs. 7'4 crore 0GSP 2. billion at September 3'

214' from Rs. 4'1 crore 0GSP .7 billion at September 3' 2;. he ankKs

remittance volumes gre! by @4O in %12@ compared to %1214. he ank has

launched remittances services to Sri 9anka and the ?hilippines through its G/ and

Canada subsidiaries. (C(C( ank G/Ks unaudited profit after tax of for %12@ !as GSP

1D.1 million 0approximately Rs. @4 crore' translating into a return on eEuity of 21O

C9>,90 95*;49<

he ankKs capital adeEuacy at September 3' 214 !as 14.3O 0including ier 1 capital

adeEuacy of 7.4O' !ell above R(Ks reEuirement of total capital adeEuacy of 7.O. he


37/79

ankKs unaudited capital adeEuacy estimated based on R(Ks draft guidelines issued in

"ebruary 2; on implementation of the revised capital adeEuacy frame!ork 0asel (('

!as about 14.7O 0including ier 1 capital adeEuacy of about 1.;O at September 3'

214. -sset Euality -t September 3' 214' the ankKs net nonperforming assets

constituted .7O of customer assets against 1.O at September 3' 2;. he ankKs

net restructured loans at September 3' 214 !ere Rs. 4'742 crore 0GSP 1.1 billion'

do!n from Rs. ;'@13 crore 0GSP 1.2 billion at September 3' 2;. /ey domestic

subsidiaries (C(C( Securities achieved a profit after tax of Rs. 3; crore 0GSP < million in

22@. (C(C( 9ombard *eneral (nsurance Company 0(C(C( 9ombard enhanced its

leadership position !ith a market share of 3;O among private sector general insurance

companies and an overall market share of 12O in %12@. (C(C( 9ombardKs unaudited

profit after tax for 22@ !as Rs. 1< crore 0GSP 4 million. (C(C( ?rudential 9ife

(nsurance Company 0(C(C( ?rudential 9ife continued o maintain its market leadership

among private sector life insurance companies. 9ife insurance companies !orld!ide

make losses in the initial years' in vie! of business setup and customer acEuisition costs

in the initial years as !ell as reserving for actuarial liability. Bhile the gro!ing

operations of (C(C( ?rudential 9ife had a negative impact of Rs. 112 crore 0GSP 24

million on the ankKs consolidated profit after tax in 22@ on account of the above

reasons' the companyKs unaudited )e! usiness -chieved ?rofit 0)-? for 22@

!as Rs. 1D1 crore 0GSP 3; million as compared to Rs. 1 crore 0GSP 22 million in

2214. )-? is a metric for the economic value of the ne! business !ritten during a

defined period. (t is measured as the present value of all the future profits for the

shareholders' on account of the ne! business based on standard assumptions of mortality'


38/79

expenses and other parameters. -ctual experience could differ based on variance from

these assumptions especially in respect of expense overruns in the initial years. ?rudential

(C(C( -sset #anagement Company continues to be among the


39/79

MERFIN INDIA LTD

ABOUT US

#erfin (ndia ltd is one of the (ndiaKs leading !ealth management' capital markets and

advisory companies' !ith offices in @ states and territories and total client assets of

approximately Rs. ; Crores.

#erfin (ndia ltd offers a broad range of services to private clients' small businesses' and

institutions and corporations' organiing its activities into t!o interrelated business

segments *lobal #arkets F (nvestment anking *roup and *lobal Bealth

#anagement' !hich is comprised of *lobal ?rivate Client and *lobal (nvestment

#anagement.

-s an investment bank' it is a leading )ational trader and under!riter of securities and

derivatives across a broad range of asset classes and serves as a strategic advisor to

corporations' governments' institutions and individuals !orld!ide.

BeKre gro!ing our business by helping clients gro! theirs.

Aur client relationships are among our greatest competitive assets. Be deepen and enrich

these relationships through disciplined gro!th' innovation' and seamless

execution.Corporate *overnance #erfin (ndia ltd demonstrates its commitments to

clients and shareholders through the firm8s emphasis on excellence' integrity and ethical

behavior. Be maintain a strong and engaged board of independent directors to oversee


40/79

our business practices and make recommendations for improvement' if needed. Bith the

exception of our C>A' all members of our board are independent.

C3+>3+9* C,,*:,>

#erfin (ndia ltd is committed to corporate social responsibility. Be implement a range of

initiatives to help ensure that the communities in !hich !e live and !ork are thriving

!ith opportunities.

C3=>9< O)*+),*

#erfin (ndia ltd through its subsidiaries' offers capital markets services' investment

banking and advisory services' !ealth management' investment management' insurance'

banking and related products and services on a global basis' including

Securities origination' brokerage' dealer and related activities in

>Euities

"utures

"ixed income

"or!ards

#utual funds

Commodities

S!aps

Currencies

Aptions

Ather derivatives


41/79

(nvestment banking

Securities origination

Strategic advisory services' including

#ergers and acEuisitions

Strategic valuation

Ather corporate finance and advisory activities

?rivate eEuity and other principal investing activities

Securities clearance' settlement' financing and services' including prime brokerage

Bealth management products and services' including financial' retirement and

generational planning

anking' trust' lending and related services' including

#ortgage loans

rust

Commercial loans

&eposittaking

Securitiesbased loans

Cash management

(nsurance and annuity products and annuity under!riting

(nvestment management and investment advisory services


42/79

*lobal investment research encompassing

>Euities

>conomics

"ixed income

>Euity strategy

>Euitylinked securities

Bealth management strategy

S+9*8, P3:,,3,8

#erfin (ndia ltd has positioned itself to be the preeminent global investment bank' !ealth

management and advisory company' an essential partner to its clients.

/ey facets of this positioning include

&elivering valueadded advice' products and services to clients !ith unmatched

levels of Euality and integrity

(nvesting in opportunities for gro!th and diversification that take advantage of

the firm8s strengths and global client franchise

Aperating !ith discipline and focus throughout the firm to ensure that the

appropriate resources are committed to each business opportunity

#anaging risk and capital to ensure efficient deployment of' and appropriate

returns on' stockholders8 eEuity

&eveloping employee talent and leadership to its full potential to achieve superior

results


43/79


44/79

RETURNS ARIANCE AND STANDARD DEIATION OF ICICI BANK FOR

@APR-2&1" T960* 3-1

S.NO DATE CLOSE RETURN(X) (X-AVG) (X-AVG)^2

0 603

1 3-Apr-14 604 0.17 0.24 0.142 4-Apr-14 613.75 1.61 1.69 2.85

3 4-Apr-14 630 2.65 2.72 7.41

4 5-Apr-14 621.9 -1.29 -1.21 1.47

5 7-Apr-14 599.7 -3.57 -3.50 12.22

6 10-Apr-14 597.45 -0.38 -0.30 0.09

7 12-Apr-14 582.55 -2.49 -2.42 5.86

8 13-Apr-14 563.35 -3.30 -3.22 10.38

9 14-Apr-14 563.35 0.00 0.07 0.01

10 17-Apr-14 580.7 3.08 3.15 9.94

11 18-Apr-14 586.5 1.00 1.07 1.15

12 19-Apr-14 588.05 0.26 0.34 0.11

13 20-Apr-14 588.65 0.10 0.18 0.03

14 21-Apr-14 591.6 0.50 0.57 0.33

15 24-Apr-14 569.05 -3.81 -3.74 13.97

16 25-Apr-14 559.8 -1.63 -1.55 2.41

17 26-Apr-14 567.5 1.38 1.45 2.10

18 27-Apr-14 566.15 -0.24 -0.16 0.0319 28-Apr-14 576.8 1.88 1.95 3.82

20 29-Apr-14 591.75 2.59 2.67 7.11

AVE -0.07

4.07 VARIANCE

2.02 SD


@MAY-2&1" T960* 3-2


45/79


1 2-May-14 621.95 0.30 0.92 0.85

2 3-May-14 649.1 4.37 4.99 24.87

3 4-May-14 659.9 1.66 2.29 5.23

4 5-May-14 638.2 -3.29 -2.67 7.11

5 8-May-14 634.55 -0.57 0.05 0.00

6 9-May-14 639.15 0.72 1.35 1.81

7 10-May-14 660.75 3.38 4.00 16.01

8 11-May-14 662.55 0.27 0.89 0.80

9 15-May-14 619.3 -6.53 -5.91 34.88

10 16-May-14 618.6 -0.11 0.51 0.26

11 17-May-14 626.05 1.20 1.83 3.34

12 18-May-14 593.75 -5.16 -4.54 20.59

13 19-May-14 555.45 -6.45 -5.83 33.97

14 23-May-14 577.35 3.94 4.56 20.84

15 24-May-14 615 6.52 7.14 51.03

16 25-May-14 558.95 -9.11 -8.49 72.11

17 26-May-14 563.75 0.86 1.48 2.19

18 29-May-14 569.3 0.98 1.61 2.58

19 30-May-14 580.75 2.01 2.63 6.93

20 31-May-14 537.5 -7.45 -6.83 46.58

AVG -0.62

17.60 VARIANCE

4.20 SD


@JUN-2&1" T960* 3-!



46/79

1 1-Jun-14 534.3 -0.03 -0.74 0.55

2 2-Jun-14 551.95 5.52 4.81 23.15

3 5-Jun-14 538.1 5.38 4.67 21.83

4 6-Jun-14 542.7 5.43 4.72 22.26

5 7-Jun-14 533.25 -0.01 -0.72 0.52

6 8-Jun-14 498.85 -0.53 -1.24 1.54

7 9-Jun-14 485 -0.53 -1.24 1.54

8 12-Jun-14 474.2 -0.69 -1.39 1.94

9 13-Jun-14 459.65 -0.74 -1.44 2.09

10 14-Jun-14 451.2 -0.48 -1.18 1.40

11 15-Jun-14 482.55 -0.02 -0.73 0.54

12 16-Jun-14 514.7 0.33 -0.38 0.15

13 20-Jun-14 490.45 0.31 -0.40 0.16

14 21-Jun-14 494.4 0.43 -0.28 0.08

15 22-Jun-14 512.25 0.30 -0.41 0.17

16 26-Jun-14 490.75 -0.16 -0.87 0.75

17 27-Jun-14 498.6 0.08 -0.63 0.39

18 28-Jun-14 488.9 -0.14 -0.76 0.58

19 29-Jun-14 479.05 -0.33 -1.04 1.08

20 30-Jun-14 487.9 -0.03 -0.74 0.54

AVG 0.71

4.25 VARIANCE

2.14 SD


@JUL-2&1" T960* 3-"


47/79


1 3-Jul-14 489.1 0.01 -0.82 0.68

2 4-Jul-14 490.35 4.90 4.07 16.54

3 5-Jul-14 498 4.98 4.14 17.17

4 6-Jul-14 485.55 4.86 4.02 16.16

5 7-Jul-14 498.95 0.10 -0.74 0.54

6 10-Jul-14 493 0.03 -0.81 0.66

7 11-Jul-14 487.95 -0.10 -0.94 0.88

8 13-Jul-14 495.75 0.10 -0.73 0.54

9 14-Jul-14 485.9 -0.13 -0.97 0.93

10 17-Jul-14 477.25 -0.16 -0.99 0.99

11 18-Jul-14 472.6 -0.15 -0.99 0.98

12 19-Jul-14 467.75 -0.28 -1.12 1.25

13 20-Jul-14 505 0.19 -0.64 0.42

14 20-Jul-14 492.05 0.15 -0.69 0.47

15 21-Jul-14 484.75 0.12 -0.71 0.51

16 24-Jul-14 514.85 0.47 -0.36 0.13

17 24-Jul-14 520 0.15 -0.69 0.47

18 25-Jul-14 542.4 0.50 -0.33 0.11

19 27-Jul-14 543.6 0.59 -0.25 0.14

20 31-Jul-14 553.85 0.39 -0.45 0.20

AVG 0.84

2.98 VARIANCE

1.73 SD


@AUG-2&1" T960* 3-#


1 1-Aug-14 549.65 -0.04 -0.94 0.89


48/79

2 2-Aug-14 548 5.48 4.58 20.95

3 3-Aug-14 557.6 5.58 4.67 21.84

4 4-Aug-14 547 5.47 4.57 20.86

5 7-Aug-14 567.85 0.18 -0.72 0.52

6 8-Aug-14 595.55 0.48 -0.43 0.18

7 10-Aug-14 599.25 0.42 -0.49 0.24

8 11-Aug-14 584.5 0.38 -0.53 0.28

9 14-Aug-14 576.75 0.09 -0.81 0.66

10 16-Aug-14 590.7 -0.05 -0.95 0.90

11 17-Aug-14 591.5 -0.08 -0.98 0.96

12 18-Aug-14 588.35 0.04 -0.86 0.75

13 21-Aug-14 594.65 0.18 -0.72 0.52

14 22-Aug-14 595.15 0.04 -0.86 0.74

15 23-Aug-14 590.6 -0.01 -0.91 0.83

16 24-Aug-14 589.15 0.01 -0.89 0.80

17 25-Aug-14 588.95 -0.14 -0.96 0.92

18 28-Aug-14 587.75 -0.07 -0.98 0.95

19 29-Aug-14 588 -0.03 -0.93 0.86

20 30-Aug-14 593.9 0.05 -0.85 0.73

AVG 0.90

3.77 VARIANCE

1.94 SD


@SEP-2&1" T960* 3-(


1 1-Sep-14 609.6 0.16 -0.93 0.87


49/79

2 4-Sep-14 622.75 6.23 5.14 26.39

3 5-Sep-14 613.15 6.13 5.04 25.41

4 6-Sep-14 610.45 6.10 5.01 25.14

5 7-Sep-14 620 0.10 -0.99 0.97

6 7-Sep-14 607.1 -0.16 -1.25 1.56

7 11-Sep-14 596.75 -0.16 -1.25 1.57

8 12-Sep-14 604.75 -0.14 -1.15 1.32

9 13-Sep-14 631.75 0.12 -0.97 0.95

10 14-Sep-14 650.35 0.43 -0.66 0.43

11 18-Sep-14 643.65 0.47 -0.62 0.39

12 19-Sep-14 646.75 0.42 -0.67 0.45

13 20-Sep-14 651.2 0.19 -0.90 0.80

14 21-Sep-14 663.4 0.13 -0.96 0.92

15 22-Sep-14 654.9 0.11 -0.98 0.96

16 25-Sep-14 658.65 0.12 -0.97 0.94

17 26-Sep-14 678.25 0.27 -0.82 0.67

18 27-Sep-14 688.25 0.25 -0.84 0.71

19 28-Sep-14 708.8 0.54 -0.55 0.30

20 29-Sep-14 699.6 0.41 -0.68 0.46

AVG 1.09 4.63 VARIANCE

2.15 SD

MONTHLY AERAGE RETURNS ARIANCE AND STANDARD DEIATIONOF ICICI BANK @APR2&1"-SEP2&1"

MONTH RETURN VARIANCE SD

APRIL -0.07 4.07 2.02

MAY -0.62 17.60 4.2

JUN 0.71 4.25 2.14


50/79

JUL 0.84 2.98 1.73

AUG 0.9 3.77 1.94

SEP 1.09 4.63 2.15

RETURN

ARIANCE

STANDERD DIIATION


51/79

&uring april 214september214return on (C(C( stock varies bet!een .D2 to 1.7 and

the risk for the same period varies bet!een 1.@3 to 4.2 the highest volatility !as found in

the month of may 14'!here the return is lo! and the risk is high in the study period.he

reason for this may be investors expectations to!ards the financial performance of the

company.investors may be expecting lesser profits

RETURNS ARIANCE AND STANDARD DEIATION OF HDFC BANK FOR

@APR-2&1" T960* 3-1


52/79

SNO Date Close RETURN(X) (X-AVG) (X-AVG)2

0 30-Mar-14 1,335.00

1 3-Apr-14 1,340.00 0.37 0.45 0.21

2 4-Apr-14 1,348.10 0.60 0.68 0.47

3 5-Apr-14 1,351.70 0.27 0.35 0.12

4 7-Apr-14 1,335.80 -1.18 -1.10 1.21

5 8-Apr-14 1,335.80 0.00 0.08 0.01

6 10-Apr-14 1,329.55 -0.47 -0.39 0.15

7 12-Apr-14 1,286.35 -3.25 -3.17 10.05

8 13-Apr-14 1,258.00 -2.20 -2.13 4.52

9 17-Apr-14 1,273.60 1.24 1.32 1.74

10 18-Apr-14 1,282.15 0.67 0.75 0.56

11 19-Apr-14 1,299.05 1.32 1.40 1.95

12 20-Apr-14 1,275.45 -1.82 -1.74 3.02

13 21-Apr-14 1,272.65 -0.22 -0.14 0.02

14 24-Apr-14 1,261.55 -0.87 -0.79 0.63

15 25-Apr-14 1,254.55 -0.55 -0.48 0.23

16 26-Apr-14 1,296.45 3.34 3.42 11.68

17 27-Apr-14 1,296.45 0.00 0.08 0.01

18 28-Apr-14 1,299.65 0.25 0.33 0.11

19 29-Apr-14 1,311.75 0.93 1.01 1.02

20 30-Apr-14 1,311.75 0.00 0.08 0.01

AVG -0.0

!. VARIENCE

!."# SD


@MAY-2&1" T960* 3-2


53/79


2-May-14 1,308.00 -0.29 0.21 0.05

2 3-May-14 1,298.25 -0.75 -0.25 0.14

3 4-May-14 1,293.30 -0.38 0.12 0.01

4 5-May-14 1,287.15 -0.48 0.02 0.00

5 8-May-14 1,340.95 4.18 4.68 21.89

6 9-May-14 1,355.00 1.05 1.55 2.39

7 10-May-14 1,362.80 0.58 1.07 1.16

8 11-May-14 1,390.70 2.05 2.55 6.48

9 12-May-14 1,380.75 -0.72 -0.22 0.05

10 16-May-14 1,343.35 -2.71 -2.21 4.88

11 17-May-14 1,354.35 0.82 1.32 1.74

12 18-May-14 1,292.30 -4.58 -4.08 16.67

13 19-May-14 1,255.30 -2.86 -2.36 5.59

14 22-May-14 1,210.35 -3.58 -3.08 9.50

15 23-May-14 1,246.55 2.99 3.49 12.18

16 24-May-14 1,174.65 -5.77 -5.27 27.76

17 25-May-14 1,153.30 -1.82 -1.32 1.74

18 26-May-14 1,176.00 1.97 2.47 6.09

19 29-May-14 1,203.40 2.33 2.83 8.00

20 30-May-14 1,179.10 -2.02 -1.52 2.31

AVG -0.$0

%.&" VARIENCE

2.$& SD


@JUN-2&1" T960* 3-!



54/79

1 1-Jun-14 1,105.15 -6.27 -6.25 39.03

2 2-Jun-14 1,178.50 6.64 6.66 44.38

3 6-Jun-14 1,163.45 -1.28 -1.25 1.57

4 8-Jun-14 1,109.65 -4.62 -4.60 21.16

5 9-Jun-14 1,207.75 8.84 8.87 78.59

6 12-Jun-14 1,117.30 -7.49 -7.46 55.72

7 13-Jun-14 1,016.70 -9.00 -8.98 80.63

8 14-Jun-14 998.05 -1.83 -1.81 3.28

9 15-Jun-14 1,059.75 6.18 6.21 38.52

10 16-Jun-14 1,044.45 -1.44 -1.42 2.01

11 19-Jun-14 1,053.15 0.83 0.86 0.74

12 20-Jun-14 1,013.95 -3.72 -3.70 13.67

13 21-Jun-14 1,020.30 0.63 0.65 0.42

14 22-Jun-14 1,123.70 10.13 10.16 103.20

15 23-Jun-14 1,105.45 -1.62 -1.60 2.56

16 26-Jun-14 1,043.20 -5.63 -5.61 31.43

17 27-Jun-14 1,089.05 4.40 4.42 19.53

18 28-Jun-14 1,051.85 -3.42 -3.39 11.50

19 29-Jun-14 1,087.45 3.38 3.41 11.62

20 30-Jun-14 1,139.80 4.81 4.84 23.41

AVG -0.02

2'.!$ VARIENCE

$.&0 SD


@JUL-2&1" T960* 3-"



55/79

1 3-Jul-14 1,131.55 -0.72 -0.70 0.49

2 4-Jul-14 1,160.55 2.56 2.36 5.55

3 5-Jul-14 1,214.95 4.69 4.48 20.07

4 6-Jul-14 1,221.10 0.51 0.30 0.09

5 7-Jul-14 1,166.50 -4.47 -4.68 21.89

6 10-Jul-14 1,198.85 2.77 2.57 6.58

7 11-Jul-14 1,199.60 0.14 -0.15 0.02

8 12-Jul-14 1,204.15 0.38 0.17 0.03

9 13-Jul-14 1,164.85 -3.26 -3.47 12.05

10 14-Jul-14 1,143.20 -1.86 -2.07 4.27

11 17-Jul-14 1,081.30 -5.41 -5.62 31.61

12 18-Jul-14 1,144.15 -1.59 -1.79 3.22

13 19-Jul-14 1,143.25 -0.08 -0.29 0.09

14 20-Jul-14 1,080.25 1.60 1.39 1.94

15 21-Jul-14 1,071.35 -0.82 -1.03 1.14

16 24-Jul-14 1,077.40 0.56 0.36 0.13

17 25-Jul-14 1,097.15 1.83 1.63 2.64

18 27-Jul-14 1,191.30 8.58 8.37 70.12

19 28-Jul-14 1,185.25 -0.51 -0.72 0.51

20 31-Jul-14 1,177.40 -0.66 -0.87 0.76

AVG 0.21

'.!% VARIENCE

".0" SD


@AUG-2&1" T960* 3-#


1-Aug-14 1,194.15 1.42 0.28 0.08

2 2-Aug-14 1,191.60 -0.21 -1.36 1.84


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3 3-Aug-14 1,225.35 2.83 1.69 2.86

4 4-Aug-14 1,242.10 1.37 0.22 0.05

5 5-Aug-14 1,242.10 0.00 -1.14 1.30

6 7-Aug-14 1,235.30 -0.55 -1.69 2.86

7 8-Aug-14 1,246.05 0.87 -0.27 0.07

8 9-Aug-14 1,240.15 -0.47 -1.62 2.61

9 10-Aug-14 1,274.05 2.73 1.59 2.53

10 11-Aug-14 1,267.45 -0.52 -1.66 2.76

11 14-Aug-14 1,301.65 2.70 1.56 2.42

12 15-Aug-14 1,301.65 0.00 -1.14 1.30

13 16-Aug-14 1,285.70 -1.23 -2.37 5.61

14 17-Aug-14 1,294.50 0.68 -0.46 0.21

15 18-Aug-14 1,314.05 0.89 -0.25 0.14

16 21-Aug-14 1,291.30 -1.13 -2.27 5.16

17 22-Aug-14 1,324.35 2.56 1.42 2.01

18 23-Aug-14 1,278.40 -3.47 -4.61 21.27

19 25-Aug-14 1,291.30 1.01 -0.13 0.02

20 28-Aug-14 1,314.05 1.14 0.00 0.00

AVG 0.53 2.'0 VARIENCE

!.#0 SD


@SEP-2&1" T960* 3-(


1 1-Sep-14 1,320.00 1.07 -0.07 0.01

2 4-Sep-14 1,319.65 -0.03 -1.17 1.37


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3 5-Sep-14 1,324.55 0.37 -0.77 0.59

4 6-Sep-14 1,316.40 -0.62 -1.76 3.09

5 7-Sep-14 1,355.20 2.95 1.81 3.26

6 8-Sep-14 1,339.00 -1.20 -2.34 5.46

7 11-Sep-14 1,335.70 -0.25 -1.39 1.93

8 12-Sep-14 1,329.80 -0.44 -1.58 2.51

9 13-Sep-14 1,353.00 1.74 0.60 0.36

10 14-Sep-14 1,335.30 -1.31 -2.45 6.00

11 18-Sep-14 1,376.90 3.12 1.97 3.89

12 19-Sep-14 1,348.10 -2.09 -3.23 10.46

13 20-Sep-14 1,373.90 1.91 0.77 0.60

14 21-Sep-14 1,405.85 2.33 1.18 1.40

15 22-Sep-14 1,408.80 0.21 -0.93 0.87

16 25-Sep-14 1,397.10 -0.83 -1.97 3.89

17 26-Sep-14 1,418.50 1.53 0.39 0.15

18 27-Sep-14 1,447.65 2.05 0.91 0.83

19 28-Sep-14 1,498.40 3.51 2.36 5.59

20 29-Sep-14 1,533.15 2.32 1.18 1.39

AVG 0.82 2.#$ VARIENCE

!.%% SD

MONTHLY AERAGE RETURNS ARIANCE AND STANDARD DEIATION

OF HDFC BANK @APR2&1"-SEP2&1"

MONTH RETURN(X) VARIANCE SD

APR -0.08 1.88 1.37

MAY -0.5 6.43 2.54

JUN -0.02 29.15 5.4

JUL 0.21 90.16 3.03

AUG 0.53 2.90 1.7

SEP 0.82 2.75 1.66


58/79

RETURN

ARIANCE

STANDARD DEIATION


59/79

&uring april 214september214return on (C(C( stock varies bet!een .2 to.


60/79

S.NO DATE CLOSE RETURN(X) (X-AVG) (X-AVG)^

0 30-Mar-14 143

1 3-Apr-14 144.8 1.26 1.27 1.61

2 4-Apr-14 151.35 4.52 4.53 20.55

3 5-Apr-14 151.65 0.20 0.21 0.04

4 7-Apr-14 150.45 -0.79 -0.78 0.61

5 8-Apr-14 150 -0.30 -0.29 0.08

6 10-Apr-14 147.8 -1.47 -1.46 2.12

7 12-Apr-14 147.8 0.00 0.01 0.00

8 13-Apr-14 146.15 -1.12 -1.11 1.22

9 17-Apr-14 146.5 0.24 0.25 0.14

10 18-Apr-14 146 -0.34 -0.33 0.11

11 19-Apr-14 147 0.68 0.70 0.48

12 20-Apr-14 143.55 -2.35 -2.34 5.46

13 21-Apr-14 146 1.71 1.72 2.95

14 24-Apr-14 144.2 -1.23 -1.22 1.49

15 25-Apr-14 140.05 -2.88 -2.87 8.22

16 26-Apr-14 140.15 0.07 0.08 0.01

17 27-Apr-14 140.15 0.00 0.01 0.00

18 28-Apr-14 137.4 -1.96 -1.95 3.81

19 29-Apr-14 142.65 3.82 3.83 14.68

20 30-Apr-14 142.26 -0.27 -0.26 0.07

AVG -0.01

3.26 VARIANCE

1.81 SD

RETURNS ARIANCE AND STANDARD DEIATION OF ING YSYA BANK

FOR @MAY-2&1" T960* 3-2

s.o DATE CLOSE RETURN(X) (X-AVG) (X-AVG)^

1 2-May-14 140.45 -1.29 -0.15 0.02


61/79


62/79


63/79

4 6-Jul-14 96.3 0.31 -4.85 23.56

5 7-Jul-14 94.35 -0.58 -5.75 33.14

6 10-Jul-14 93.95 0.48 -4.69 21.98

7 11-Jul-14 96.15 0.16 -5.01 25.11

8 12-Jul-14 97.15 0.87 -4.29 18.40

9 13-Jul-14 100.4 6.03 0.86 0.74

10 14-Jul-14 102.55 8.39 3.22 10.36

11 17-Jul-14 101.6 5.36 0.20 0.04

12 18-Jul-14 102.1 4.85 -0.32 0.10

14 20-Jul-14 104.8 4.20 -0.97 0.94

15 21-Jul-14 103.1 0.53 -4.63 21.47

16 24-Jul-14 116.35 12.68 7.51 56.41

17 25-Jul-14 121.3 15.83 10.66 113.67

18 26-Jul-14 117.8 11.04 5.87 34.44

19 27-Jul-14 120 14.08 8.92 79.50

20 28-Jul-14 129.65 10.26 5.09 25.92

21 31-Jul-14 129.15 6.08 0.91 0.83

AVG 5.17

27.20 VARIANCE

5.22 SD


FOR @AUG-2&1" T960* 3-#

s.o DATE CLOSE RETURN(X) (X-AVG) (X-AVG)^

1 1-Aug-14 125.25 -3.11 -4.05 16.39

2 2-Aug-14 123.75 -1.20 -2.13 4.54

3 3-Aug-14 125.6 1.49 0.56 0.31

4 4-Aug-14 123.75 -1.47 -2.41 5.79


64/79

5 7-Aug-14 121.75 -2.87 -3.81 14.51

6 8-Aug-14 129.7 4.59 3.65 13.35

7 9-Aug-14 128.05 1.91 0.98 0.96

8 10-Aug-14 128.85 3.96 3.02 9.14

9 11-Aug-14 129.7 6.13 5.20 26.99

10 14-Aug-14 144.1 9.99 9.14 82.14

11 16-Aug-14 137.05 6.57 5.63 31.73

12 17-Aug-14 135.3 4.77 3.83 14.69

13 18-Aug-14 132.4 2.04 1.10 1.22

14 21-Aug-14 132.65 -8.63 -9.57 91.51

15 22-Aug-14 130.7 -4.86 -5.79 33.56

16 23-Aug-14 127.7 -5.95 -6.89 47.41

17 24-Aug-14 127.7 -3.68 -4.61 21.30

18 25-Aug-14 132.65 0.00 -0.93 0.87

19 27-Aug-14 135.3 3.40 2.47 6.08

20 26-Aug-14 135.3 5.62 4.68 21.93

AVG 0.93

22.52 VARIANCE

4.75 SD


FOR @SEP-2&1" T960* 3-(

S.NO DATE CLOSE RETURN(X) (X-AVG) (X-AVG)^

1 1-Sep-14 141.25 4.21 4.57 20.91

2 4-Sep-14 141.2 -0.04 0.33 0.11

3 5-Sep-14 138.95 -1.59 -1.23 1.52

4 6-Sep-14 139.1 0.11 0.47 0.22

5 7-Sep-14 137.25 -2.91 -2.55 6.52

6 8-Sep-14 137 -3.07 -2.70 7.32


65/79

7 11-Sep-14 132.25 -5.07 -4.71 22.14

8 12-Sep-14 135.1 -2.96 -2.60 6.76

9 13-Sep-14 137.45 0.15 0.51 0.26

10 14-Sep-14 139.5 1.79 2.15 4.63

11 15-Sep-14 137.8 4.03 4.39 19.26

12 18-Sep-14 138.45 2.42 2.78 7.73

13 19-Sep-14 135.55 -1.40 -1.04 1.08

14 20-Sep-14 136.7 -2.05 -1.69 2.85

15 21-Sep-14 133.15 -3.49 -3.13 9.81

16 22-Sep-14 132.35 -4.61 -4.25 18.05

17 25-Sep-14 130.9 -3.55 -3.19 10.19

18 26-Sep-14 137.95 0.91 1.27 1.60

19 27-Sep-14 140.35 5.13 5.49 30.15

21 29-Sep-14 139 4.78 5.14 26.47

AVG -0.36

9.30 VARIANCE

3.05 SD

MONTHLY AERAGE RETURNS ARIANCE AND STANDARD DEIATION

OF ING YSYA BANK @APR2&1"-SEP2&1"

MONTH RETURN VARIANCE SD

APR -0.01 3.26 1.81

MAY -1.14 7.48 2.74

JUN -3.39 73.37 8.57

JUL 5.17 27.2 5.22

AUG 0.93 22.52 4.75

SEP -0.36 9.3 3.05

RETURN


66/79

ARIANCE

STANDERD DEIATION


67/79

&uring april 214september214return on (C(C( stock varies bet!een 3.37 to ;.1@ and

the risk for the same period varies bet!een 1.


68/79

MONTH*EARHD+C

RETURN(X)ICICI

RETURN(*) ,(X-AVG!) (*-AVG2) (,)2 ()2 X/

Ar-14 -0.08 -0.07 -0.24 -0.55 0.14 0.30 0.13

Ma!-14 -0.5 -0.62 -0.66 -1.10 0.44 1.20 0.72

Ju"-14 -0.02 0.71 -0.18 0.24 0.03 0.14 -0.04

Ju#-14 0.21 0.84 0.05 0.37 0.00 0.13 0.02

Aug-14 0.53 0.90 0.37 0.43 0.14 0.18 0.16

S$-14 0.82 1.09 0.66 0.62 0.44 0.38 0.41

AVG! 0.16

AVG2 0.48

ARL 1EARSONS COE++ICIENT O+ CORRELATION

s3 , s3 s3 (,)2 s3 ()2 s3 ,/

0 0 1.1014 2.24335 1.3926

a4l 5a4sos 6oe77868et o7 6o44elat8o (4) 0.'


69/79

-bove table and chart depict that' correlation bet!een %&"C -)/ and (C(C(

-)/ .%ere %&"C -)/ and (C(C( -)/ can move in same track. he correlation

bet!een %&"C -)/ and (C(C( -)/ exit positive correlation .


70/79

MONTH*EARICICIRETURN(X)

ING V*S*ARETURN(*) ,(X-AVG!)

(*-AVG2) (,)2 ()2 ,/

Ar-14 -0.07 -0.01 -0.55 -0.33 0.30 0.11 0.1

Ma!-14 -0.62 -1.14 -1.10 -1.46 1.20 2.13 1.60

Ju"-14 0.71 -3.39 0.24 -3.71 0.14 13.76 -0.8

Ju#-14 0.84 5.17 0.37 4.85 0.13 23.52 1.7

Aug-14 0.90 0.93 0.43 0.61 0.18 0.37 0.2

S$-14 1.09 0.36 0.62 0.04 0.38 0.00 0.02

AVG2 0.48

AVG2 0.32

KARL PEARSONS COEFFICIENT OF CORRELATION

s3 , s3 s3 (,)2 s3 ()2 s3 ,/

0.00 0.00 2.24 39.90 2.96

9a4l 5ea4sos 6oe77868et o7 6o44elat8o (4) 0."!


71/79

-bove table and chart depict that' correlation bet!een (C(C( -)/ -)& ()* +,S,-

-)/ .%ere (C(C( -)/ -)& ()* +,S,- can move in same track. he correlation

bet!een (C(C( -)/ -)& ()* +,S,- -)/ exit positive correlation .31 he

returns of (C(C( -)/ can volatile bet!een .D2 and 1.7 and .the returns of ()*

,+S,- -)/ can volatile bet!een 3.37 and ;[email protected] !e can conclude that' 31O of the

times the price movements of (C(C( -)/ -)& ()* +,S,- are in the same direction.


72/79

KARL PEARSONS COEFFICIENT OF CORRELATION BETWEEN HDFC

BANK AND ING YSYA @APR2&1"-SEP2&1"

MONTH*EAR

HD+CRETURN(X)

ING V*S*ARETURN(*) ,(X-AVG!)

(*-AVG2) (,)2 ()2 ,/

Ar-14 -0.08 -0.01 -0.24 -0.21 0.14 0.04 0.00

Ma!-14 -0.5 -1.14 -0.66 -1.34 0.44 1.80 0.78

Ju"-14 -0.02 -3.39 -0.18 -3.59 0.03 12.89 0.42

Ju#-14 0.21 5.17 0.05 4.97 0.00 24.70 0.14

Aug-14 0.53 0.93 0.37 0.73 0.14 0.53 0.07

S$-14 0.82 -0.36 0.66 -0.56 0.44 0.31 0.14

AVG! 0.16

AVG2 0.20

ARL 1EARSONS COE++ICIENT O+ CORRELATION

s3 , s3 s3 (,)2 s3 ()2 s3 ,/

0 -8.88178E-16 1.1014 40.2752 1.47358838

9a4l 5ea4sos 6oe77868et o7 6o44elat8o (4) 0.2$'


73/79

-bove table and chart depict that' correlation bet!een (C(C( -)/ -)& ()* +,S,-

-)/ .%ere (C(C( -)/ -)& ()* +,S,- can move in same track. he correlation

bet!een (C(C( -)/ -)& ()* +,S,- -)/ exit positive correlation .31 the

returns of (C(C( -)/ can volatile bet!een .D2 and 1.7 and .the returns of ()*

,+S,- -)/ can volatile bet!een 3.37 and ;[email protected] !e can conclude that' 31O of the

times the price movements of (C(C( -)/ -)& ()* +,S,- are in the same direction.


74/79

LIMITATIONS

1. he number of scrips considered is only three ICICI BANK HDFC

BANK ING YSYA BANK

2. he time period taken for doing the data analysis has taken from

0april214 september214

3. he data for doing this pro$ect has been collected from internet' company

!ebsites' books !here there can be some hitches


75/79

CONCLUSION

1. &uring the year -pr214Sep214 the price of %&"C -)/ and (C(C(

-)/ has increased. (n the mean !hile the price of ()* +,S,- -)/

has been decreased.

2. he returns of %&"C -)/ and (C(C( -)/ are very high !hen

compare !ith ()* +,S,- -)/.

!. &uring the year -pr214Sep214 the risk levels of %&"C -)/ and

(C(C( -)/ are lo!.

". &uring the year -pr214Sep214 the risk level of ()* +,S,- -)/ is

very high.

#. &uring the year -pr214Sep214 the correlation bet!een %&"C -)/

and (C(C( -)/ has positive correlation .


76/79


77/79

!. COEFFICIENT OF DETERMINATION @+2 his gives the percentage variation in

the dependent variable that is accounted by the independent variable i.e. it gives the ratio

of explained variance to the total variance.

". COEFFICIENT OF NON DETERMINATION @1-+2 his gives the

extent to !hich a variable is dependable.

#. KARL PEARSONS COEFFICIENT OF CORRELATION

a. "or -ctual #ean

sum xQy

R TTTTTTTTTTTTTTTTTTTTTTTT

SErt 0sum xQQ2 Q sErt 0sum yQQ2

x U-vg 0-vg1 -verage of first series

y ,-vg 0-vg2 -verage of second series

b. "or -ssumed #ean

R )QSum uQv V Sum u Q Sum v

TTTTTTTTTTTTTTTTTTTTTTTTTTT

0SErt 00) Q Sum u2 V uQQ2 Q 0sErt 00) Q Sum v2 V vQQ2

u U-1 0-1 -ssumed mean for USeries

v ,-2 0-2 -ssumed mean for ,Series

(. RETURN (t refers to the benefits from an investment. (t is considered as percentage.

(t is of four types


78/79

Single ?eriod Return

#ulti ?eriod Return

>x?eriod Return

>x-nte Return

'. RISK (t refers to the variability in returns from a security. he most common measure

of risk of a security is the standard deviation and variance of returns.

• Standard deviation of returns measures the extent of deviation of

returns from the

average value of returns.

• +ariance is referred as the sEuare of standard deviation.

Risk is of t!o types

Systematic risk

Gnsystematic risk

$. SENSE Sensex is sensitive index. -n index is a number used to represent the

changes in a set of values bet!een a base and another time period.

OBJECTIES OF SENSE

1. o measure market movements.

2. enchmark for funds performance.

FORMS OF SENSE

S>')S>'SF? 1'9'>;'ChS>'%S>'CS>'aS>

S> consist of S>3'S>1'S>>C/'S> ('S>?SG'-)/>U


79/79

BIBILIOGRAPHY

1. S*4+,< A909

!. .:*,5,9.3=

". .,,,5,+*.3= #. .57.3=

(. .,8 )

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