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TABLE OF CONTENTS
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NO PARTICULAR PAGE NO.
CHAPTER-1. INTRODUCTION 2-5
CHAPTER-2 RESEAARCH DESIGN 6-15
CHAPTER-3 PROFILE OF THE COMPANY 16-31
CHAPTER-4 ANALYSIS AND INTERPRETATION OF
DATA
32-54
CHAPTER-5 SUMMARY OF FINDINGS CONCLUSION
AND RECOMMENDATOINS
55-59
BIBLIOGRAPHY 60
ANNEXURE 61-71
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CHAPTER I
INTRODUCTION
INDUSTRY PROFILE
What exactly is the finance and investment industry? It is a fairly broad ranginggroup
of institutions that provide various financial services. Examples of such institutions include
commercial banks, merchant (or investment) banks, insurance companies, brokerage firms,
asset managers, and an assortment of other institutions. Services provided range from money
management for private individuals to debt and equity underwriting for corporations to
issuance of insurance policies, and many other services. In todays global markets, this
industry is the engine of the global economy, enabling corporations and governments to grow
and expand.
The financial services industry includes firms that are engaged in activities such as
investing, lending, insurance, securities trading and securities issuance. This is not an
exhaustive list, but these companies can be characterized as being in one or more of the
following lines of business:
Banking
Insurance
Securities Brokerage
Investment Banking
Securities Trading
Investment Management (or Money Management)
Securities Analysis
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Financial Planning
Investment industry in India
Emerging strong even during the scariest phase of global financial meltdown, India
has become one of the favorite investment destinations for the foreign investors across the
globe. The investment scenario in India is getting better and better with each passing day due
to high confidence level of the investors. Today, India is considered the 4th biggest economyin the world. Its impressive GDP rate, especially in the field of purchasing power, has
catapulted it to second position among all the developing nations. According to forecasts,
Indian economy will grow to become 60% in size of the economy of US. It will also witness
macro-level stability in economic conditions.
Warren Buffett has always mentioned that investment in India should always be a
long-term story - as the industry has been growing from an emerging market to a developed
one. The next 11 years in India will surely give good returns. India's GDP growth would be
around 7% to 8% in 2011. The sustainable growth rate of India would however hover around
7%. Before becoming a mature economy, India has another 20 to 40 years to spare.
Current Investment Scenario in India
Globalization and Foreign Direct Investment form an integral part of all the developed
as well as developing economies. In fact, the growth of the underdeveloped economies is also
dependant on these key factors. These components equip any nation with new skills, newitems and provide smooth access to markets and technology. Today, every nation across the
globe is looking for foreign and overseas investors. Whether it's India or China, everyone
wants foreign investments. According to recent trends, India is only second to China in the
league of favorite investment destinations.
Global Investment Scenario
Along with India, the others who are participating in the race of investment among the
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are based; all major index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the
free-float methodology.
SENSEX Calculation Methodology
Since September 1, 2003,SENSEX is being calculated using the "Free-float Market
Capitalization" methodology, wherein, the level of index at any point of time reflects the
free-float market value of 30 component stocks relative to a base period. The market
capitalization of a company is determined by multiplying the price of its stock by the number
of shares issued by the company. This market capitalization is further multiplied by the free-
float factor to determine the free-float market capitalization.
The base period of SENSEX is 1978-79 and the base value is 100 index points. This
is often indicated by the notation 1978-79=100. The calculation of SENSEX involves
dividing the free-float market capitalization of 30 companies in the Index by a number called
the Index Divisor. The Divisor is the only link to the original base period value of the
SENSEX. It keeps the Index comparable over time and is the adjustment point for all Index
adjustments arising out of corporate actions, replacement of scrips etc. During market hours,
prices of the index scrips, at which latest trades are executed, are used by the trading systemto calculate SENSEX on a continuous basis.
CHAPTER-2
RESEARCH DESIGN
Statement of the problem
In today's financial marketplace, a well-maintained portfolio is vital to any investor's
success. As an individual investor, you need to know how to determine an asset allocation
that best conforms to your personal investment goals and strategies. In other words, yourportfolio should meet your future needs for capital and give you peace of mind.
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a) Firstly, the present study has been undertaken to construct an optimal portfolio using
Sharpes single index model.
b) Secondly, to find the proportion of investment in selected stocks.
Objectives
To study the stock market industry.
To study the company functions.
To study how Sensex is calculated.
To analyze the risk-return to beta ratio of all 30 scrips in Sensex.
To study the fundamentals of scrips listed in Sensex.
To suggest an optimal portfolio using Sharpes single index model.
Scope of the study
The study covers the period from Dec 1st 2009 to Dec 31th 2010.
The study covers companies that are listed in BSE.
The study covers specifically those companies that are traded in Sensex.
The study focuses on improving the knowledge of the investors.
Methodology
Research method
Exploratory research using Sharpes single index model was used for the study. The study
was conducted to construct an optimal portfolio.
Data sources
Mainly there are two sources of secondary data used for this study
a. Internal sources
b. External sources
a) Internal Sources: Internal records in the company are generally used as a starting point
in any marketing research. This includes information about the company background, its
history, market share etc. This type of information is usually maintained by the marketing
department of the company.
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b) External Sources: External sources include syndicated reports such as market share data
or industry analysis.
Sample frame
BSE Sensex
Sample unit
All 30 scrips of Sensex are selected for this study.
Data analysis technique
Sharpes Single Index Model
Operational definition of concepts
Portfolio construction based on Sharpes optimization
Every investor faces the dilemma, of which scrips to select for his portfolio to get adequate
return. Besides, the investor has to decide how much to invest in each scrip. Simple Sharpe
Portfolio optimisation model enables the investor to find a portfolio that best meets the goals,
objectives and risk tolerance of the investor. The method also stresses on portfolio
optimisation, which is an important component of the portfolio selection process. It helps to
select a set of scrips, which provides the highest rate of return for the lowest risk that the
investor is willing to take.
The steps for finding the stocks to be included in the optimal portfolio are:
1. Find out the excess return to beta ratio for each stock under consideration.
2. Rank them from the highest to the lowest.
3. Proceed to calculate Ci for all stocks according to the ranked order using the
following formula:
The formula for determining Ci
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+
=
2
2
2
2
2
1
)(
cj
jm
cj
i
m
i
RjRi
C
4. The cumulative values of Ci start declining after a particular Ci and that point is taken
as the cut-off point and that stock ratio is the cut-off ratio C.
Sharpes excess return to beta ratioIt is a single number that measures the desirability of any stock to be included in the optimal
portfolio. The excess return to beta ratio measures the additional return on a security (excess
of the riskless asset return) per unit of systematic risk or non-diversifiable risk.
Excess return to beta = (Ri RF) / iWhere: Ri = expected return on stock i
RF = return on riskless asset
bI = expected change in the rate of return on stock i associated with a 1% change in the
market return.
Stocks are ranked by excess return to beta (from the highest to the lowest). The higher the
excess return to beta ratio, the more is the desirability of the stock to be included in the
portfolio.
However, before selecting the stock it is necessary to determine the cut-off rate C*. Stocks
which have an excess return to beta greater than C* must be selected. After ranking the
security, in the following table cut off rate has been calculated. For the calculation of cut-off
rate we first calculate the Ci as if only the first ranked security is included in the portfolio.
Then we calculate Ci considering as if only the first and second ranked security is included in
the optimum portfolio, and so on.
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Determination of cut-off rate c*Cut-off rate of i stocks can be calculated using the simple formula
+
=
2
2
2
2
2
1
)(
cj
jm
cj
i
m
i
RjRi
C
Where: sm2 = variance in the market index
cj2 = unsystematic risk
Determination of optimal portfolioOnce the securities to be included in the portfolio are decided, the next step is to determine
the weight of each security to be included in the portfolio as follows -
Wi = Zi / Zj
where Zi = i/ ei2 [(Ri RF)/ I C*]
In the above formula the second expression determines the relative investment in each
security. The first determines the weight of each security in the portfolio so that they sum to
1. This ensures full investment.
SENSEX - Scrip Selection Criteria
The general guidelines for selection of constituents in SENSEX are as follows:
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1. Listed History: The scrip should have a listing history of at least 3 months at BSE.
Exception may be considered if full market capitalization of a newly listed company
ranks among top 10 in the list of BSE universe. In case, a company is listed on
account of merger/ demerger/ amalgamation, minimum listing history would not be
required.
2. Trading Frequency: The scrip should have been traded on each and every trading
day in the last three months at BSE. Exceptions can be made for extreme reasons like
scrip suspension etc.
3. Final Rank: The scrip should figure in the top 100 companies listed by final rank.
The final rank is arrived at by assigning 75% weightage to the rank on the basis of
three-month average full market capitalization and 25% weightage to the liquidity
rank based on three-month average daily turnover & three-month average impact cost.
4. Market Capitalization Weightage: The weightage of each scrip in SENSEX based
on three-month average free-float market capitalization should be at least 0.5% of the
Index.
5. Industry/Sector Representation: Scrip selection would generally take into account a
balanced representation of the listed companies in the universe of BSE.
6. Track Record: In the opinion of the BSE Index Committee, the company should
have an acceptable track record.
Understanding Free-float Methodology Concept
Free-float methodology refers to an index construction methodology that takes into
consideration only the free-float market capitalization of a company for the purpose of index
calculation and assigning weight to stocks in the index. Free-float market capitalization takes
into consideration only those shares issued by the company that are readily available for
trading in the market. It generally excludes promoters' holding, government holding, strategic
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holding and other locked-in shares that will not come to the market for trading in the normal
course. In other words, the market capitalization of each company in a free-float index is
reduced to the extent of its readily available shares in the market.
Subsequently all BSE indices with the exception of BSE-PSU index have adopted thefree-float methodology.
Major advantages of Free-float Methodology
A Free-float index reflects the market trends more rationally as it takes into
consideration only those shares that are available for trading in the market.
Free-float Methodology makes the index more broad-based by reducing the
concentration of top few companies in Index.
A Free-float index aids both active and passive investing styles. It aids active
managers by enabling them to benchmark their fund returns Vis-a -vis an investible
index. This enables an apple-to-apple comparison thereby facilitating better
evaluation of performance of active managers. Being a perfectly replicable portfolio
of stocks, a Free-float adjusted index is best suited for the passive managers as it
enables them to track the index with the least tracking error.
Free-float Methodology improves index flexibility in terms of including any stock
from the universe of listed stocks. This improves market coverage and sector
coverage of the index. For example, under a Full-market capitalization methodology,
companies with large market capitalization and low free-float cannot generally be
included in the Index because they tend to distort the index by having an undue
influence on the index movement. However, under the Free-float Methodology, since
only the free-float market capitalization of each company is considered for index
calculation, it becomes possible to include such closely-held companies in the index
while at the same time preventing their undue influence on the index movement.
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Globally, the Free-float Methodology of index construction is considered to be an
industry best practice and all major index providers like MSCI, FTSE, S&P and
STOXX have adopted the same. MSCI, a leading global index provider, shifted all its
indices to the Free-float Methodology in 2002. The MSCI India Standard Index,
which is followed by Foreign Institutional Investors (FIIs) to track Indian equities, is
also based on the Free-float Methodology. NASDAQ-100, the underlying index to the
famous Exchange Traded Fund (ETF)-QQQ is based on the Free-float Methodology.
Definition of Free-float
Shareholding of investors that would not, in the normal course come into the open market
for trading are treated as 'Controlling/ Strategic Holdings' and hence not included in free-
float. Specifically, the following categories of holding are generally excluded from the
definition of Free-float:
Shares held by founders/directors/ acquirers which has control element
Shares held by persons/ bodies with "Controlling Interest"
Shares held by Government as promoter/acquirer
Holdings through the FDI Route
Strategic stakes by private corporate bodies/ individuals
Equity held by associate/group companies (cross-holdings)
Equity held by Employee Welfare Trusts
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Locked-in shares and shares which would not be sold in the open market in normal
course.
The remaining shareholders fall under the Free-float category.
Determining Free-float Factors of Companies
BSE has designed a Free-float format, which is filled and submitted by all index
companies on a quarterly basis. (Format available on www.bseindia.com). BSE determines
the Free-float factor for each company based on the detailed information submitted by the
companies in the prescribed format. Free-float factor is a multiple with which the total market
capitalization of a company is adjusted to arrive at the Free-float market capitalization. Once
the Free-float of a company is determined, it is rounded-off to the higher multiple of 5 andeach company is categorized into one of the 20 bands given below. A Free-float factor of say
0.55 means that only 55% of the market capitalization of the company will be considered for
index calculation.
7. Limitations
The study was restricted only to the companies that are listed in BSE.
The study further limits the companies that are indexed only in Sensex.
The information collected was in nature of the secondary data; as a result the
recommendation and suggestions are acceptable only to a certain extent.
The study is based on the data collected for one year from mar 1st, 2009 to Feb. 28th,
1010.
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CHAPTER-3
COMPANY PROFILE
Background and Inception of the Company
Kotak Securities Ltd. is one of the oldest and leading stock broking houses in India. Kotak
Securities Ltd. has also been the largest in IPO distribution. The company was established in
the year 1995 by Mr. Uday Kotak CEO of the company. Kotak Securities Ltd. 100 %
subsidiary of Kotak Mahindra Bank is one of the oldest and largest broking firms in the
Industry. The companys offerings include stock broking through the branch and Internet,Investments in IPO, Mutual funds and Portfolio management service. The company has a
full-fledged research division involved in Macro Economic studies, Sectorial research and
Company Specific Equity Research combined with a strong and well networked sales force
which helps deliver current and up to date market information & news.
Kotak Mahindra is one of India's leading financial conglomerates, offering complete financial
solutions that encompass every sphere of life. From commercial banking, to stock broking, to
mutual funds, to life insurance, to investment banking, the group caters to the financial Needs
Of individual and corporate.Kotaksecurities.com is one-stop investment destination, offering
investment opportunities in a host of financial instruments; with products like Easy Equity,
Easy Mutual Fund, Easy IPO, and Easy Derivatives. Furthermore, Offerings are customized
to suit customer investment profile; hence they can meet their investment objectives.
The group has a net worth of over Rs. 5,609 crore, employs around 17,100 people in its
various businesses and has a distribution network of branches, franchisees, representative
offices and satellite offices across 400 cities and towns in India and offices in New York,
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London, Dubai, Mauritius and Singapore. The Group services around 3.6 million customer
accounts.
Kotak Securities Limited has Rs. 3300 crore of Assets Under Management (AUM) as of 31st
March, 2010. The portfolio Management Service provides top class service, catering to the
high end of the market. Portfolio Management from Kotak Securities comes as an answer to
those who would like to grow exponentially on the crest of the stock market, with the backing
of an expert.
Key executives
a) Chairman - Uday Kotak.b) Director - S. A. Narayanc) Managing Director - D. Kannan
d) Executive Vice President - Trivikram Kamath
e) Company Secretary sandeepchordia
Nature of business carried
Kotak Securities, Ltd. offers stock broking services and distributes financial products in
India. The company primarily provides secondary market broking services in equity shares
and global depository receipts. It also offers portfolio management services to high net-worth
individuals and corporates. In addition, the company distributes a range of financial products,
including company fixed deposits, mutual funds, initial public offerings, secondary debt,
equity, and small savings schemes. Further, it provides Internet broking services and
depository services
Kotak securities is one of the leading broking houses in India that provides a wide range of
services nationwide to a substantial and diversified client base that includes retail clients,
high net worth individuals, corporates and financial institutions.
Kotak securities are a 100% subsidiary of Kotak Mahindra Bank and one of the oldest and
largest broking firms in the Industry. They have been the first and only NBFC to receive the
license to be converted into a bank. They have been the first in providing many products and
services which have now become industry standards.
The company also a depository participant with National Securities Depository Limited(NSDL) and Central Depository Services Limited (CDSL), providing dual benefit services
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wherein the investors can avail the companys brokerage services for executing the
transactions and the depository services for settling them. The company process more than 4,
00,000 trades a day which is much higher even than some of the renowned international
brokers.
First to provide Margin Financing to the customers first to enable investing in IPOs and
Mutual Funds on the phone Providing SMS alerts before execution of depository transactions
Launching of Mobile application to track portfolio. AutoInvest - A systematic investing plan
in Equities and Mutual fund Provision of margin against securities automatically against
shares in your Demat account.
Vision, Mission and Quality policy
Vision statement
To build Kotak securities as the global Indian financial service brand.
Mission statement
To be most preferred employer in financial services.
The most trusted financial service company.
Value creation rather than size alone will be business driver.
Quality policy
Some of best people are with Kotak securities for over a decade and have
demonstrated ability, nurture and grow business.
The culture at Kotak is one of professional entrepreneurship.
Product profileThe company offers varied services like:
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1. Easy equity and derivatives.
2. Easy derivatives,
3. Easy IPO.
4. Easy Mutual Fund.
5. Easy insurance.
6. Portfolio management services.
Easy equity and derivatives.
Investing in equity & derivatives was never so easy. As the Best share broker in India
Kotaks products and services are focused at making investments in equity &
derivatives as simple as writing a cheque.
Easy Derivatives Trading
If you are not averse of taking risks, derivatives Derivatives - A financial contract between
two
or more parties and it is derived from the
future value of an underlying asset. can prove to be a good investment option. Kotak
Securities have strived to make trading in futures & options simpler. Their derivatives
seminars educate new entrants in the stock options & futures trading market to be more
equipped with knowledge and techniques. Once customers have the knowledge of trading inderivative instruments their daily derivative reports will provide them with strategies that
may yield good returns.
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Easy IPO
Investing in IPOs is not complex anymore, Kotak Securities has made buying IPOs very
simple. All have to do is make one phone call, and that's all. No IPO application forms, no
queues, simply pick the phone or log on to www.kotaksecurities.com and place an IPO orderwithin seconds. Kotak securities also provide with information on IPO News , Forthcoming
IPOs in India and a lots more. To start investing in IPOs, all need to do is open an online
trading account. Choose from their wide range of accounts that suits investment needs.
Easy Mutual Fund
Customers can now invest in over 3000 different mutual fund schemes (in the Indian stock
market) online or through your phone. And to make this choice of choosing between which
Scheme to invest in,Kotak securities offer exclusive mutual fund research.
Investment in mutual fund can be made simply by going online and logging on to
www.kotaksecurities.com or just making aphone call . No paperwork no queues. Simply
pick the phone or log on to www.kotaksecurities.com and place order.
Easy Insurance
Life with its various challenges gives you opportunities to tackle them too. One of them is
getting insurance. Kotak Securities offer a host of insurance options to help to stay protected
and financially secure. Clientscan choose from various plans based on their needs and make
an informed financial decision for them and their loved ones.
Portfolio Management services
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Kotak Securities is one of Indias oldest portfolio management companies with over a decade
of experience. It is also one of the largest, with Assets Under Management of over Rs. 3300
Crore. Kotak Portfolio Management comes as an answer to those who would like to grow
exponentially on the crest ofstock market, with backing of an expert. Kotak, measure success
through the success of its clients. Whatever be their requirement, they will tailor their stock
market portfolio to their specific investment need.
At the very base of a financially sound portfolio lies the identification of one's investment
objective. Kotak securities help you identify your investment objectives and also outline
important requirements like liquidity, capital appreciation, current income, time span and
fiscal implications and then suggest an appropriate scheme.
Area of operation
Kotak securities process more than 400000 trades a day which is much higher even than
some of the renowned international brokers. Kotak securities network spans over 400
cities with 1113 outlets. The group has a net worth of over Rs. 5,609 crore, employs
around 17,100 people in its various businesses and has a distribution network of branches,
franchisees, representative offices and satellite offices across 400 cities and towns in India
and offices in New York, London, Dubai, Mauritius and Singapore. The Group services
around 3.6 million customer accounts.
Ownership pattern
Category
Code
Category of
Shareholder
Number
of
shareholders
Total
Numb
er of
Share
s
Number of shares
held in dematerialized
form
(A) Shareholding of
premotor and premotor
group [2]
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KOTAK SECURITIES LTD.
(1) Indian
(a) Individuals/ Hindu
Undivided Family
13 308,8
96,20
8
842,886
(b) Central Government/
State Government(s)
(c) Bodies Corporate 1 26,89
7,060
(d) Financial Institutions/
Banks
(e) Any Other (specify)
Sub-Total (A)(1) 14 335,793,26
8
842,886
(2) Foreign
(a) Individuals (Non-
Resident Individuals/
Foreign
Individuals)
(b) Bodies Corporate
(c) Institutions
(d) Any Other (specify)
Sub-Total (A)(2)
Total Shareholding ofPromoter and
Promoter
Group (A)= (A)(1)+
(A)(2)
14 335,793,26
8
842,886
(B) Public shareholding
[3]
(1) Institutions
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(a) Mutual Funds/ UTI 129 25,14
3,666
25,124,666
(b) Financial Institutions/
Banks
41 20,53
4,647
20,534,647
(c) Central Government/
State Government(s)
(d)
(e) Venture Capital Funds
(e) Insurance
Companies
(f) Foreign Institutional
Investors
328 183,5
55,34
3
183,510,643
(g) Foreign Venture
Capital Investors
(h) Any Other (specify)
Sub-Total (B)(1) 498 229,2
33,65
6
229,153,156
(2) Non- Institutional
(a) Bodies Corporate 1,523 870,2
81
28,785,841
(b) Individuals
i. Individual
shareholders holding
nominal share
Capital up to Rs. 1
lakh.
77,389 37,72
2,399
31,237,517
ii. Individual
shareholders holding
nominal share
Capital in excess of
Rs. 1 lakh.
291 57,93
0,004
57,396,474
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(c) Any Other (specify)
Non Resident Indians 2499 4,476,
567
3,234,189
Overseas Bodies
Corporate
2 4,358,
680
4,358,480
Foreign Bank 1 32,80
0,000
32,800,000
Foreign Bodies 1 76,12
4
76124
Trust 5 104,7
07
104,707
HUF 1,358 1,250,804
1,250,804
Clearing Members 309 771,9
52
771,952
Sub-Total (B)(2) 83,405 168,3
61,51
8
160,025,088
Total Public
Shareholding (B)= (B)(1)+(B)(2)
83,902 397,5
95,174
389,178,244
TOTAL (A)+(B) 83,917 733,3
88,44
2
390,021,130
(C) Shares held by
custodians and against
which depository
receipts has been
issued
(a) Bank of New York
Depository
1 18,26
2
18,262
GRAND TOTAL (A)
+(B)+(C
83,918 733,4
06,70
4
390,039,392
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Competitors information
Kotak Securities is not the only firm carrying on the business of stock broking. There aremany competitors in this industry,the profile of the major ones are given below:
Karvy Stock Broking Ltd
Karvy was established as Karvy and company by five chartered accountants during the
year 1979-80, and then its work was confined to audit and taxation only. Later on it
diversified into financial and accounting services. Karvy became a known name during the
year 1985-86 when it forayed into capital market as registrar.
Religare Securities
Religare is a global financial services group with a presence across Asia, Africa, Middle
East, Europe and the Americas. In India, Religares largest market, the group offers a wide
array of products and services ranging from insurance, asset management, broking and
lending solutions to investment banking and wealth management. The group has also
pioneered the concept of investments in alternative asset classes such as arts and films
.With 10,000 plus employees across multiple geographies, Religare serves over a million
clients, including corporates and institutions, high net worth families and individuals, and
retail investors.
Religare Enterprises Limited is part of a family of companies that fall under the broader
Religare brand, which includes other global businesses such as diagnostics, aviation and
travel, wellness retail, and IT products and solutions. A diversified financial services group
Religare Enterprises Limited (REL) offers a comprehensive suite of customer-focused
financial products and services targeted at retail investors, high net worth individuals and
corporate and institutional clients.
REL, along with its joint venture partners, offers a range of products and services in India,
including asset management, life insurance, wealth management, equity and commodity
broking, investment banking, lending services, private equity and venture capital. Religare
has also ventured into the alternative investments sphere through its holistic arts initiative
and film fund.
Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a
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leading equity and securities firm in India. The company currently handles sizeable
volumes traded on NSE and in the realm of online trading and investments; it currently
holds a reasonable share of the market.
Reliance Securities Ltd
Reliance Securities Limited is a Reliance Capital company and part of the Reliance Anil
Dhirubhai Ambani Group. Reliance Money is a brand owned by Reliance Capital
Limited. Reliance Securities with the permission of Reliance Capital Limited uses the
Reliance Money brand to market its various services.
Reliance Securities endeavors to change the way investors transact in equities markets and
avails services. It provides customers with access to Equity, Derivatives, Portfolio
Management Services, Investment Banking, Mutual Funds and IPOs. It also offers secured
online share trading platform and investment activities in secure, cost effective and
convenient manner. To enable wider participation, it also provides the convenience of
trading offline through variety of means, including Call & Trade, Branch dealing Desk and
its network of affiliates.
Reliance Money through its pan India presence with 6,233 outlets has more than 3.5
million customers. Reliance Capital is one of India's leading and fastest growing private
sector financial services companies, and ranks among the top 3 private sector financial
services and banking groups, in terms of net worth.
The list of other competitors is given below.
India infoline
Way 2 wealth securities.
Motilal oswal securities ltd.
Share khan.
Hdfc securities.
ICICI direct
India bulls financial services
\
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KOTAK SECURITIES LTD.
Infrastructural facilities
Kotak securities have its Head Office located in Mumbai and have 400 Branch Offices
spread over various cities in India. The main server at the Head Office in is connected by
VSAT to NSE and BSE. And all the Branch Offices are connected by the branch network,
VPN, VSAT and the internet.
Kotak securities are well equipped with latest in terms of information technology and all
the branches are inter-connected with state of the art networking technology. Internet
based client-trading services in Equities and Derivatives Segment is also available. Other
infrastructure includes a large network of trading terminals connected by VSATs all across
the country.
Kotak securities backbone is based on VSAT technology, Leased Line as well as
broadband Internet which gives a client maximum benefit for trading and watching their
online positions. Their groups of professionals ensure to provide the best available services
for Trading, Depository and Commodity Exchange.
At Kotak securities branches around in India they have computers, Telephones and a fast
broadband internet service as their basic necessity. They have a very comfortable and
spacious office to work with very good infrastructure provided to both the front desk as
well as the back office executives. For trading they use the ODIN and NOW software and
also have their own separate Accounting software for retrieving all the data and
information about their clients. While for Portfolio Management Service and Mutual Fund,
there is different software.
All in all, the company provides their employees and the clients with a good infrastructure
facility which keeps them happy, healthy and satisfied at all the times.
Future growth and prospectus
Since the inception of the company, Kotak securities has always been growing and
strengthening its services.
Now Kotak securities will selectively partner with entities in different countries for
distribution and complement them with their fund management expertise. Kotak securities
did an AUD 75 million fund for Australia and are looking at a shariah-complement fund
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KOTAK SECURITIES LTD.
for UAE.
Kotak securities continued to be Indias leading stock broking firm and do around 10
percent of Indias avg daily volumes up from 9.5 last year. Expected to reach 12.5 in 2011.
Kotak securities also planning to use its outlets as a channel to sell third-party products
such as mutual fund and life insurance. Kotak securities continued to focus on building
research because they think it will be a key differentiator over a period of time.
According to Kotak securities the alternate asset businesses can be linked to acorns today
but have potential to be tomorrows oaks. Kotak securities focus will be to launch new
products in the year ahead and provide value to its investors and investee companies.
Work flow model
Places the Order
Executes the Order.
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THE CLIENT
THE DEALER
SELLBUY
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Functional analysis
1. Finance departmentImportance of a finance department cannot be over-emphasized. It is, indeed, the key to
successfulbusiness operations. Without proper administration of finance, no business
enterprise can reach itsfull potentials for growth and success. The finance department
looks after overall financialactivities in the organization. Maintaining accounts, preparing
budgets, finding new avenues ofraising capital and investing opportunities, and ensuring
proper financial health of the organization,are some of the responsibilities of this
department.
Organization chart for finance department
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The client makes the payment
either directly via his Demat A/c
or pays by cheque to the dealer.
The dealer takes the delivery of
the shares to be sold from the
client.
The A/cs Back Office transfers
the amount to the sellers
broker.
The dealer receives the amount of
the shares sold from the buyers
broker.
The dealer receives
the delivery in the
name of the client
from the sellers
broker.
Simultaneously,
the dealer then
makes the
delivery of the
shares to the
The A/cs back
office deposits
the amount in
the sellers
Demat A/c
Transaction is settled.
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KOTAK SECURITIES LTD.
The finance department comprises of two primary teams accounts and corporate
investments. Theaccounts team is further divided into two sub-groups one maintains
corporate accounts for thebroking house and the other maintains general accounts of the
clients and the business associates.
Accounts process flow
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KOTAK SECURITIES LTD.
2. Business development/marketing department
The main function of the Business development department, as the name suggests, is to
develop the business of the broking house and increase its client base. No doubt, it is one
of the most important departments for the firm as it a strong business development team
directly translates into revenues for the firm. The function of this department does not is
not just to acquire new clients but to also maintain good relationship with existing clients
and encourage them to do more business with the firm.
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KOTAK SECURITIES LTD.
Organization chart for business development department
The business development department comprises of three divisions, namely marketing,sales and leads management. Although they are three distinct divisions, their work is
highly inter-related and hence their work process is cannot be separate from each other.
CHAPTER -4
ANALYSIS AND INTERPRETAION OF DATA
Analysis, observations and inference
Beta ( )Beta describes the relationship between the stock return and the market index
return. This can be positive or negative. If beta is one, one percent changes in
the market index return causes exactly one percent change in the stock return. It
indicates that the stock moves in random with the market. If the portfolio is
efficient, the beta measures the systematic risk effectively.
= n XY- X Y
n X2
- (
X)
2
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KOTAK SECURITIES LTD.
Returns (Ri)
Ri is the expected return on security i.
Unsystematic risk (USR)
The variance not explained by the index is called unsystematic risk.
Unsystematic risk = total variance- systematic risk
Return on a riskless asset (Rf)
Rf is the minimum return an investor gets when he invests in an risk less asset.
Table showing results of Sensex 30 scrips
CompanyBeta
ValuesReturns (1 year) in
percentage USR
Rf(1 yr.)percentag
eACC LTD. 0.66 23.96 4.095065 7.59BHARTI AIRTEL LTD. 0.77 20.29 5.807232 7.59BHEL 0.79 -1.73 2.44036 7.59DLF LIMITED 1.56 -12.61 8.6903 7.59GRASIM INDUSTRIES LTD 0.59 -5.0 3.897234 7.59HDFC 1.05 24.74 3.329408 7.59HDFC BANK LTD 0.86 29.15 1.860129 7.59HERO HONDA MOTORS LTD. 0.50 14.67 3.5332 7.59
HINDALCO INDUSTRIES LTD 1.83 49.26 7.287084 7.59HINDUSTAN UNILEVER LTD. 0.49 4.79 3.027923 7.59ICICI BANK LTD. 1.47 32.32 3.737549 7.59INFOSYS TECHNOLOGIES LTD. 0.79 27.92 2.85144 7.59ITC LTD. 0.66 32.66 3.530759 7.59
JAIPRAKASH ASSOCIATES LTD 1.58 -26.64 6.69124 7.59LARSEN & TOUBRO LTD. 0.96 20.80 2.52 7.59MAHINDRA & MAHINDRA LTD 1.18 49.05 5.817164 7.59MARUTI SUZUKI INDIA LIMITED 0.69 -8.83 4.048448 7.59NTPC LTD. 0.61 -12.16 2.286144 7.59ONGC CORPN 0.63 4.10 3.365793 7.59RELIANCE COMMN 1.11 -23.20 6.539063 7.59RELIANCE INDUSTRIES LTD. 1.11 -7.15 2.193436 7.59
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KOTAK SECURITIES LTD.
RELIANCE INFRA 1.12 -19.42 5.426031 7.59STATE BANK OF India 1.09 33.78 2.95885 7.59STERLITE INDUSTRIES. 1.61 -24.58 6.261575 7.59SUN PHARMA 0.43 44.80 4.43556 7.59
TATA MOTORS LTD. 1.52 87.18 10.06936 7.59
TATA POWER CO. LTD. 0.71 -4.35 3.162456 7.59TATA STEEL LIMITED. 1.56 1.53 7.834368 7.59TCS 0.82 56.68 3.972672 7.59WIPRO LTD. 0.94 11.36 3.860712 7.59
Sensex 1 15.33 0
Inference
There are 30 scrips listed in Sensex.The beta, expected return (Ri), Riskless return (Rf) and
unsystematic risk of one year is calculated for all the 30 scrips in Sensex.
Brief introduction to 30 scrips in Sensex
Acc
ACC (ACC Limited) is India's foremost manufacturer of cement and concrete. ACC's
operations are spread throughout the country with 16 modern cement factories, more than 40
Ready mix concrete plants, 20 sales offices, and several zonal offices. It has a workforce of
about 10,000 persons and a countrywide distribution network of over 9,000 dealers.
Bharti Airtel
Bharti Airtel is one of Asias leading providers of telecommunication services with presence
in all the 22 licensed jurisdictions (also known as Telecom Circles) in India, and in Srilanka.
Bharti Airtel served an aggregate of 113,439,670 customers as of September 30, 2009; of
whom 110,511,416 subscribe to our GSM services and 2,928,254 use Bharti Airtel Telemedia
Services either for voice and/or broadband access delivered through DSL.
Bharath Heavy Electricals Limited
BHEL is the largest engineering and manufacturing enterprise in India in the energy-
related/infrastructure sector, today. BHEL was established more than 40 years ago. The
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KOTAK SECURITIES LTD.
company has been earning profits continuously since 1971-72 and paying dividends since
1976-77.
BHEL manufactures over 180 products under 30 major product groups and caters to core
sectors of the Indian Economy viz., Power Generation & Transmission, Industry,Transportation, Telecommunication, Renewable Energy, etc. The wide network of BHEL's
14 manufacturing divisions, four Power Sector regional centers, over 100 project sites, eight
service centers and 18
Regional offices, enables the Company to promptly serve its customers and provide them
with suitable products, systems and services -- efficiently and at competitive prices. The high
level of
Quality& reliability of its products is due to the emphasis on design, engineering and
manufacturing to international standards by acquiring and adapting some of the best
technologies from leading companies in the world, together with technologies developed in
its own R&D centers.
Grasim
Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks among
India's largest private sector companies, with consolidated net turnover of Rs.184 billion and
a consolidated net profit of Rs.27.6 billion (FY2010).Starting as a textiles manufacturer in
1948, today Grasim's businesses comprise viscose staple fiber (VSF), cement, chemicals and
textiles. Its core businesses are VSF and cement, which contribute to over 90 per cent of its
revenues and operating profits.
The Aditya Birla Group is the worlds largest producer of VSF, commanding a 23 per cent
global market share. Grasim, with an aggregate capacity of 333,975 tpa has a global market
share of 12 per cent. It is also the second largest producer of caustic soda (which is used in
the production of VSF) in India.
In cement, Grasim along with its subsidiary UltraTech Cement Ltd. has a capacity of 45.7
million tpa as on 30 June 2009 and is a leading cement player in India. In July 2004, Grasim
acquired a majority stake and management control in UltraTech Cement Limited. One of the
largest of its kind in the cement sector, this acquisition catapulted the Aditya Birla Group to
the top of the league in India
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KOTAK SECURITIES LTD.
HDFC
Housing Development Finance Corporation Limited (HDFC) provides housing finance.
HDFC's distribution network spans 283 outlets, which include 66 offices of the wholly
owned distribution company, HDFC Sales Private Limited (HSPL).
In addition, HDFC covers over 2,400 locations through outreach programs.
For the fiscal year ended 31 March 2009, Housing Development Finance Corporation's
revenues increased 33% to RS117.06B. Net income decreased 15% to RS23.05B. Revenues
reflect an increase in income from Housing business and higher contribution from Asset
management segment. Net income was offset by an increase in interest & other charges,
higher staff cost and increased provision for depreciation expense.
Hero Honda Motors Limited
The Company's principal activity is to manufacture and market two wheelers and spare parts.
It has two manufacturing facilities at Dharuhera and Gurgaon in Haryana and its third plant is
at Haridwar. During the fiscal year ended 31-Mar-2019, it launched eight models: Passion
Pro (100 cubic capacity-4 Stroke), CBZ-Extreme (150 cubic capacity - 4 Stroke), Pleasure
New Aesthetics, Splendor NXG (Self Start), CD Deluxe (Self Start), Glamour FI, Glamour
(Carb.) and HUNK Special Edition. The models offered by the Company include CD Dawn,
CD Deluxe, Pleasure, Splendor Plus, Splendor NXG, Passion PRO, Passion Plus, Super
Splendor, Glamour, Glamour PGM-FI, Achiever, CBZ X-TREME, Karizma and Hunk.
During fiscal 2010, the Company exported 98,194 two-wheelers.
Hindalco
Hindalco Industries Limited is an India-based company. The Company has three operating
segments: Aluminum, Copper and Others. Aluminum comprises of Alumina, Aluminum
Metal and Aluminum Metal products. Copper comprises of continuous Cast Copper Rods,
Copper Cathodes, Sulphuric Acid, DAP & Complexes, Gold and Silver. Other segment
comprises of Caustic, Cellular Services and Others. Its products include Aluminum ingots,
aluminum rolled products, aluminum redraw rods, copper cathodes and continuous cast
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KOTAK SECURITIES LTD.
copper rods. The Companys subsidiaries include Novelis Belgique SA, Novelis Benelux
NV, Novelis do Brazil Ltda., Novelis No. 1 Limited Partnership and Novelis PAE SAS.
For the fiscal year ended 31 March 20010, Hindalco Industries Limited's revenues increased
to RS61044 crore. Net income is RS 3925.47 crore. Revenues reflect higher revenue fromAluminum segments. Net income was offset by an increase in consumption of raw materials,
higher employee costs, an increase in power and fuel expenses, higher depreciation, and an
increase in interest expenses and increased other expenditure.
Hindustan Unilever Limited
Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods
company, with leadership in Home & Personal Care Products and Foods & Beverages. HUL's
brands, spread across 20 distinct consumer categories, touch the lives of two out of three
Indians. They endow the company with a scale of combined volumes of about 4 million tones
and sales of Rs.10, 000crore. The mission that inspires HUL's 36,000 employees, including
about 1,350 managers, is to "add vitality to life". With 35 Power Brands, HUL meets every
day needs for nutrition, hygiene, and personal care with brands that help people feel good,
look good and get more out of life. It is a mission HUL shares with its parent company,Unilever, which holds 51.55% of the equity. A Fortune 500 transnational, Unilever sells
Foods and Home and Personal Care brands in about 100 countries worldwide.
Industrial Credit and Investment Corporation of India Limited
ICICI Bank is India's second-largest bank with total assets of Rs. 3,634 billion (US$ 81
billion) at December 31, 2010 and profit after tax Rs. 40.25 billion (US$ 648.8 million) for
the nine months ended December 31, 2009. The Bank has a network of 2528 branches and
about 5808 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of
banking products and financial services to corporate and retail customers through a variety of
delivery channels and through its specialized subsidiaries and affiliates in the areas of
investment banking, life and non-life insurance, venture capital and asset management.
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KOTAK SECURITIES LTD.
The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in
United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International
Finance Centre and representative offices in United Arab Emirates, China, South Africa,
Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches
inBelgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National
Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on
the New York Stock Exchange (NYSE).
Infosys
Infosys Technologies Limited (Infosys) is a global technology services firm that defines
designs and delivers information technology (IT)-enabled business solutions to its clients.The Company provides end-to-end business solutions that leverage technology for its clients,
including technical consulting, design, development, product engineering, maintenance,
systems integration, package-enabled consulting, and implementation and infrastructure
management services. Infosys also provides software products to the banking industry.
Infosys BPO is a majority owned subsidiary. Through Infosys BPO, it provides business
process management services, such as offsite customer relationship management, finance and
accounting, and administration and sales order processing. On April 1, 2008, Infosys
Australia acquired Mainstream Software Pty Limited (MSPL). On March 5, 2009, the
Company incorporated a wholly owned subsidiary, Infosys Technologies (Sweden) AB.
For the nine months ended 31 December 2010, Infosys Technologies Limited's revenues
increased to 21,140 crore rupees.. Net income increased to 7,424 crore rupees. Revenues
reflect an increase in revenues from the Financial Services segment, higher income from
Manufacturing segment and a rise in income from Retail segment. Net income also reflect an
a significant fall in telephone expenses and lower professional expenses.
Jai Prakash associates limited
JaiPrakash Associates Limited is a diversified infrastructural industrial conglomerate in
India. The Company is engaged in the business of heavy civil engineering construction,
expressways, cement, and real estate and hospitality. It is engaged in the business of
integrated engineering construction and operates at the locations of its clients and uses
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KOTAK SECURITIES LTD.
electric energy for implementation of various projects undertaken by it. The Company is also
engaged in the business of manufacture and marketing of cement and owns five star hotels at
New Delhi, Mussoorie and Agra and a Golf Course with associated recreational and
residential facilities at Greater Noida as part of its real estate business. As of March 31, 2010,
the Company had seventeen subsidiaries, which include Jaiprakash Hydro Power Limited,
Jaiprakash Power Ventures Limited, Jaypee Infratech Limited, Jaypee Power grid Limited
and Himalayan Expressway Limited. On May 15, 2008, the Company acquired Bina Power
Supply Company.
For the fiscal year ended 31 March 2010, Jaiprakash Associates Ltd.'s revenues increased
to6525.55 crore rupees. Net income decreased to 1393.78 crores rupees. Revenues reflect an
increase in cement sales and higher hotel revenue. Net income was offset by an increase in
power expenses, higher personnel expenses, rise in selling expenses and an increase in other
expenses. Jaiprakash Associates Limited is a well-diversified infrastructural industry.
Larsen & Toubro Limited
Larsen & Toubro Limited (L&T) is India's largest engineering and construction
conglomerate with additional interests in electrical, electronics and IT. A strong customer-
focus approach and constant quest for top-class quality have enabled L&T to attain and
sustain leadership over 6 decades.EPC project business constitutes a critical part of the L&T's
engineering core. L&T has integrated its strengths in basic and detailed engineering, process
technology, project management, procurement, fabrication and erection, construction and
commissioning, to offer single point responsibility under stringent delivery schedules.
Strategic alliances with world leaders enable L&T to access technical know-how and execute
process intensive, large scale turnkey projects to maintain its leadership position.
L&T's international presence is on the rise, with a global spread of over 30 offices and joint
ventures with world leaders. Its large technology base and pool of experienced personnel
enable it to offer integrated services in world markets.
L&T enjoys a brand image in India and several countries offshore. With factories and offices
located all over the country and abroad, L&T operations are supplemented by a
comprehensive distribution network and nationwide ramifications for customer service
and delight!
Maruti Suzuki
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Maruti Suzuki India Ltd. The Group's principal activity is to manufacture, purchase and sale
of Motor Vehicles and Spare parts. The Group is a subsidiary of Suzuki Motor Corporation.
The other activities of the Group comprises of facilitation of Pre-Owned Car Sales, Fleet
Management and Car Financing. The Group also provides services like framing of
customized car policies, economical leasing of cars, maintenance management, registration
and insurance management, emergency assistance and accident management. The product
range includes ten basic models with more than 50 variants. The Groups operations are in
1200 towns and cities with 2628 workshops and also exports cars to other countries.
Mahindra and Mahindra
The Company was Incorporated and converted into Public Limited in 1955 at Mumbai. The
Company Manufacture Jeep type vehicles, petrol industrial engines, industrial process control
instruments and flow meters. Trading in steel and manufacture of professional grade
electronic components. Jeeps are manufactured under a license and an agreement with
Willys Motors Inc., Toledo, Ohio, U.S.A., for whom the Company also acts as exclusive
distributors for the whole of India for their entire range of vehicles including utility vans,
cargo/personnel carriers and pick-up trucks.
NTPC
NTPC Limited is the largest thermal power generating company of India. And it's a public
sector company; it was incorporated in the year 1975 to accelerate power development in the
country as a wholly owned company of the Government of India. At present, Government of
India holds 89.5% of the total equity shares of the company and the balance 10.5% is held by
FIIs, Domestic Banks, Public and others. Within a span of 30 years, NTPC has emerged as a
truly national power company, with power generating facilities in all the major regions of the
country . Based on 1998 data, carried out by Datamonitor UK, NTPC is the 6th largest in
terms of thermal power generation and the second most efficient in terms of capacity
utilization amongst the thermal utilities in the world.
Reliance communications
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KOTAK SECURITIES LTD.
Late Dhirubhai Ambani dreamt of a digital India an India where the common man
would have access to affordable means of information and communication. Dhirubhai, who
single-handedly built Indias largest private sector company virtually from scratch, had stated
as early as 1999: Make the tools of information and communication available to people at an
affordable cost. They will overcome the handicaps of illiteracy and lack of mobility.
Make the tools of information and communication available to people at an affordable
cost. They will overcome the handicaps of illiteracy and lack of mobility. Reliance
Communications has a reliable, high-capacity, integrated and convergent (voice, data and
video) digital network.
Today, Reliance Communications is revolutionizing the way India communicates and
networks, truly bringing about a new way of life.
Reliance infrastructure limited
Reliance Infrastructure Ltd is not only Indias largest private sector enterprise in power
utility but also the largest private sector player in many other infrastructure sectors of India.
In the power sector we are involved in generation, transmission, distribution and trading of
electricity and constructing power plants as EPC partners. In the infrastructure space the
company is focused on roads, urban infrastructure which includes MRTS, Sealink and
Airports, Specialty Real Estate which includes business districts, trade towers, convention
centre and SEZ which includes IT &ITES SEZ and non IT SEZ as well as free trade
zones.
Power Utility
Reliance Infrastructure distributes more than 28 billion units of electricity to cover 25
million consumers across different parts of the country including Mumbai and Delhi in an
area that spans over 1, 24,300 sq. kms. We also generate 941 MW of electricity, from our
power stations located in Maharashtra, Andhra Pradesh, Kerala, Karnataka and Goa.
STATE BANK OF INDIA
State Bank of India is an India-based commercial bank. In addition to banking, through its
various subsidiaries, it also provides a whole range of financial services, which include life
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insurance, merchant banking, mutual funds, security trading, pension fund management and
primary dealership in the money market. It operates in four business segments: Treasury,
Corporate/ Wholesale Banking, Retail Banking and Other Banking Business. The Treasury
segment includes the entire investment portfolio and trading in foreign exchange contracts
and derivative contracts. The Corporate/ Wholesale Banking segment comprises the lending
activities of Corporate Accounts Group, Mid Corporate Accounts Group and Stressed Assets
Management Group.
The Retail Banking segment consists of branches in National Banking Group, which
primarily includes
Personal banking activities, including lending activities to corporate customers having
banking relations with branches in the National Banking Group.
For the nine months ended 31 December 2010, State Bank of India's interest income rose
11% to RS746.07B. Net interest income after loan loss provision rose 14% to RS207.2B. Net
income rose 20% to RS91.14B. Net interest income reflects an increase in interest income on
advances and lower provision for contingencies. Net income also reflects the absence of
exceptional items. State Bank of India is an India-based commercial bank.
Sterlite
Sterlite Industries India Limited (SIIL) is the principal subsidiary of Vedanta Resources plc, a
diversified and integrated FTSE 100 metals and mining company, with principal operations
located in India and Australia. Sterlites principal operating companies comprise Hindustan
Zinc Limited (HZL) for its fully integrated zinc and lead operations; Sterlite Industries India
Limited (Sterlite) and Copper Mines of Tasmania Pty Limited (CMT) for its copper
operations in India/Australia; and Bharat Aluminum Company (BALCO), for its aluminum
and alumina operations and Sterlite Energy for its commercial power generation business.
Sterlite is India's largest non-ferrous metals and mining company and is one of the fastest
growing private sector companies. Sterlite is listed on BSE, NSE and NYSE. It was the first
Indian Metals & Mining Company to list on the New York Stock Exchange.
Sun Pharma
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Sun Pharma makes specialty pharmaceuticals and active pharmaceutical ingredients. their
brands are prescribed in chronic therapy areas like cardiology, psychiatry, neurology,
gastroenterology, diabetology and respiratory. We have the same drive for growth that
marked our early days. Sun Pharma came into existence as a startup with just 5 products in
1983. In the time since, we have crossed several milestones to emerge as a leading pharma
company in India, a rank that we have now been at for more than 5 years. (IMS-ORG Retail
Store Audit, March 2006).
We have reached leadership in each of the therapy areas that we operate in, and are rated
among the leading companies by key customers. Strengthening market share and keeping this
customer focus remains a high priority area for the company.
Tata Motors
Tata Motors is India's most reliable, dynamic and futuristic automobile manufacturer. With
more than 130 models spanning a wide range of Commercial Vehicles, Passenger Cars and
Multi-Utility Vehicles, Tata Motors provides the wheels for India's growth. True to the
tradition of the Tata Group, Tata Motors is committed in letter and spirit to Corporate Social
Responsibility. It is a signatory to the United Nations Global Compact, and is engaged in
community and social initiatives on labor and environment standards in compliance with the
principles of the Global Compact. In accordance with this, it plays an active role in
community development, serving rural communities around its manufacturing locations.
Tata Power
Recognized as Indias largest private sector power utility, with a reputation fortrustworthiness, built up over nearly nine decades, Tata Power surges ahead into yet another
year with plans of sustained growth, greater value to consumer and reliable power supply.
Led by a powerful vision, Tata Power pioneered the generation of electricity in India. It has
now successfully served the Mumbai consumers for over ninety years and has spread its
footprints across the nation. Today, it is the countrys largest private player in the sector.
Apart from Mumbai and Delhi, the company has generation capacities in Jojobera, Jharkhand
and Karnataka.
Tata Steel
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The Tata Steel Group has always believed that mutual benefit of countries, corporations and
communities is the most effective route to growth. Tata Steel has not limited its operations
and businesses within India but has built an imposing presence around the globe as well.
With the acquisition of Corus in 2007 leading to commencement of Tata Steel's European
operations, the Company today, is among the top ten steel producers in the world with an
existing annual crude steel production capacity of around 30 million tons per annum and
employee strength of above 80,000 across five continents.
The Group recorded a turnover of Rs.147, 329Crores (US$ 28,962 million) in 2009- 2010.
The Company has always had significant impact on the economic
Development in India and now seeks to strengthen its position of pre-eminence in
international domain by continuing to lead by example of responsibility and trust.
Tata Steels overseas ventures and investments in global companies have helped the
Company create a manufacturing and marketing network in Europe, South East Asia and the
Pacific-rim countries. The Groups South East Asian operations comprise Tata Steel
Thailand, in which it has 67.1% equity and Nat Steel Holdings, which is one of the largest
steel producers in the Asia Pacific with presence across seven countries.
Tata Consultancy Services
Tata Consultancy Services started in 1968. Mr.F.C Kohli who is presently the Deputy
Chairman was entrusted with the job of steering TCS. The early days marked TCS
responsibility in managing the punch card operations of Tesco. The company, which was into
management consultancy from day one, soon felt the need to provide solutions to its clients
as well.TCS was the first Indian company to make forays into the US market with clients
ranging from IBM,American Express, Sega etc. TCS is presently the top software services
firm in Asia.
During the Y2K buildup, TCS had setup a Y2Kfactory in Chennai as a short-term strategy.
Now, with E-business being the buzzword, the factory is developing solutions for the dotcom
industries. Today, about 90 percent of TCS' revenue comes from consulting, while the rest
from products. TCS has great training facilities. In addition to training around 5 percent of
the revenue is spent upon its R&D centers like the Tata Research Design and Development
Centre at Pune, along with a host of other centers at Mumbai and Hyderabad. It benchmarked
its quality standing, invested heavily in software engineering practices and built intellectualproperty-in terms of patents, code and branded products. At the same time, it expanded its
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relationships with technology partners and organizations, increased linkages with academic
institutions and incubated technologies and ideas of people within TCS and outside. TCS has
already patented 12 E-Commerce solution product packages and has filed six more
applications for patent licenses.
Wipro
Wipro Technologies is the No.1 provider of integrated business, technology and process
solutions on a global delivery platform. Wipro Technologies is a global services provider
delivering technology-driven business solutions that meet the strategic objectives of our
clients. Wipro has
40+ Centers of Excellence that create solutions around specific needs of industries. Wipro
delivers unmatched business value to customers through a combination of process excellence,
quality frameworks and service delivery innovation. Wipro is the World's first CMMi Level 5
certified software services company and the first outside USA to receive the IEEE Software
Process Award. Wipros complete range of IT Services addresses the needs of both
technology and business requirements to help organizations leverage leading-edge
technologies for business improvement. Wipro takes charge of the IT needs of the entire
enterprise. The gamut of services extends from Enterprise Application Services (CRM, ERP,
e-Procurement and SCM), to e-Business solutions. Wipros enterprise solutions have served
and continue to serve clients from a range of industries including Energy and Utilities,
Finance, Telecom, and Media and Entertainment.
Sharpes excess return to beta ratio
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It is a single number that measures the desirability of any stock to be included in the
optimal portfolio. The excess return to beta ratio measures the additional return on a security
(excess of the riskless asset return) per unit of systematic risk or non-diversifiable risk.
Excess return to beta = (Ri RF) / iWhere: Ri = expected return on stock i
RF = return on riskless asset
I = expected change in the rate of return on stock i associated with a 1% change in the
market return.
Stocks are ranked by excess return to beta (from the highest to the lowest). The higher
the excess return to beta ratio, the more is the desirability of the stock to be included in the
portfolio.
Table showing ranking of stocks according to excess return to beta
Company (Ri-Rf)/betaSUN PHARMA 121.8372
TATA CONSULTANCY SERVICES LIMITED 59.8658
TATA MOTORS LTD. 52.3618
ITC LTD. 37.9848
MAHINDRA & MAHINDRA LTD 35.1355
INFOSYS TECHNOLOGIES LTD. 25.7341
HDFC BANK LTD 25.0697
ACC LTD. 24.8030
STATE BANK OF INDIA 24.0275
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HINDALCO INDUSTRIES LTD 22.7704
ICICI BANK LTD. 16.8231
BHARTI AIRTEL LTD. 16.4935
HOUSING DEVELOPMENT FIN. CORPN. LTD 16.3333
HERO HONDA MOTORS LTD. 14.1600
LARSEN & TOUBRO LTD 13.7604
WIPRO LTD. 04.0106
TATA STEEL LIMITED. -3.8846
ONGC CORPN -05.5396
HINDUSTAN UNILEVER LTD. -06.3265
BHARAT HEAVY ELECTRICALS LTD. -11.8734
DLF LIMITED -12.9487
RELIANCE INDUSTRIES LTD. -13.2792TATA POWER CO. LTD. -17.0704
STERLITE INDUSTRIES. -19.9813
GRASIM INDUSTRIES LTD -21.3389
JAIPRAKASH ASSOCIATES LIMITED -21.6645
MARUTI SUZUKI INDIA LIMITED -23.7971
RELIANCE INFRASTRUCTURE LTD -24.1160
RELIANCE COMMUNICATIONS LTD. -27.7387
NTPC LTD. -32.3770
Inference
The 30 scrips are ranked and arranged from descending order based on excess return to beta
ratio.
1) SUN PHARMA
2) TATA CONSULTANCY SERVICES LIMITED3) TATA MOTORS LTD.
4) ITC LTD.
5) MAHINDRA & MAHINDRA LTD
6) INFOSYS TECHNOLOGIES LTD.
7) HDFC BANK LTD
8) ACC LTD.
9) STATE BANK OF INDIA
10) HINDALCO INDUSTRIES LTD
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11) ICICI BANK LTD.
12) BHARTI AIRTEL LTD.
13) HOUSING DEVELOPMENT FIN. CORPN. LTD
14) HERO HONDA MOTORS LTD.
15) LARSEN & TOUBRO LTD
16) WIPRO LTD.
17) TATA STEEL LIMITED.
18) ONGC CORPN
19) HINDUSTAN UNILEVER LTD.
20) BHARAT HEAVY ELECTRICALS LTD.
21) DLF LIMITED
22) RELIANCE INDUSTRIES LTD.
23) TATA POWER CO. LTD.
24) STERLITE INDUSTRIES.
25) GRASIM INDUSTRIES LTD
26) JAIPRAKASH ASSOCIATES LIMITED
27) MARUTI SUZUKI INDIA LIMITED
28) RELIANCE INFRASTRUCTURE LTD
29) RELIANCE COMMUNICATIONS LTD.
30) NTPC LTD.
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Table showing calculations of Ci
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COMPANY NAME
SUN PHARMA
TCS
TATA MOTORS LTD.
ITC LTD.
MAHINDRA & MAHINDRA
INFOSYS .
HDFC BANK
ACC LTD.
SBI
HINDALCO
ICICI BANK
BHARTI AIRTEL
HDFC LTD
HERO HONDA
L&T TD
WIPRO
TATA STEEL
ONGC CORPN
HUL LTD.
BHEL.
DLF
RELIANCE IND.
TATA POWER
STERLITE
GRASIM
JP ASSOCIATES
MARUTI SUZUKI
RELIANCE INFRA
RELIANCE COMM.
NTPC LTD.
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Inference
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Ri-Rf)*B/usr Ri-Rf)*B/usr B2/usr B2/usr
3.607278453.6072784
50.0416858
30.0416858
310.1326764
513.739954
90.1692563
590.2109421
8912.0143484
825.754303
370.2294485
450.4403907
344.68630116
130.440604
530.1233729
070.5637636
418.41007748
838.850682
020.2393606
230.8031242
645.63248744
544.483169
470.2188718
681.0219961
329.96791082
854.451080
30.3976068
331.4196029
65
2.6383464
57.089426
7
0.1063719
38
1.5259749
039.64803893
466.737465
630.4015411
391.9275160
4210.4645561
977.202021
820.4595665
432.3870825
859.72645442
286.928476
240.5781596
442.9652422
29
1.6839347988.612411
030.1020968
343.0673390
63
5.4086191994.021030
220.3311399
53.3984790
13
1.001924601 95.02295483 0.070757387 3.46923645.03238095
2100.05533
580.3657142
863.8349506
860.91791358
7100.97324
940.2288697
014.0638203
87-
1.206683168
99.7665662
0.310631311
4.374451697
-0.65324872
999.113317
470.1179216
94.4923733
88
-0.45311588
298.660201
590.0792952
794.5716686
67-
3.017095838
95.64310575
0.255740956
4.827409623
-3.62611187
292.016993
880.2800363
625.1074459
86-
3.61829567
9
88.398698
2
0.5617214
27
5.6691674
13-
2.68063808 85.718060 0.1594014 5.8285688
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The above table shows the data required for calculating optimal portfolio such as:
(Ri-Rf)* /usr
sum(Ri-Rf)*/ usr
2/usr
2/usr, are calculated for all 30 scrips in Sensex.
Table determining Ci
Company Ci
SUN PHARMA 3.5296
TCS 11.5350
TATA MOTORS LTD. 18.1298
ITC LTD. 19.7158MAHINDRA & MAHINDRA 21.7850
INFOSYS 22.2175
HDFC BANK LTD 22.6894
ACC LTD. 22.7798
STATE BANK OF INDAI 22.9515
HINDALCO 22.9275
ICICI BANK LTD. 22.0322
BHARTI AIRTEL LTD. 21.6309HOUSING DEVELOPMENT
FIN. CORPN. LTD 21.4724HERO HONDA MOTORS 21.3517
LARSEN & TOUBRO LTD 20.7794
WIPRO LTD. 20.0184
TATA STEEL LIMITED. 18.6316
ONGC CORPN 18.1111
HINDUSTAN UNILEVER 17.7708BHARAT HEAVYELECTRICALS LTD. 16.4684
DLF LIMITED 15.1153RELIANCE INDUSTRIES
LTD. 13.2949TATA POWER CO. LTD. 12.5893
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STERLITE INDUSTRIES. 10.7225
GRASIM INDUSTRIES LTD 10.3309JAIPRAKASH ASSOCIATESLIMITED 08.7776MARUTI SUZUKI INDIA
LIMITED 08.2866RELIANCEINFRASTRUCTURE LTD 07.3542RELIANCECOMMUNICATIONS LTD. 06.5501
NTPC LTD. 05.7944
Inference
The above table shows the calculations of Ci using the sharpes single index model
formula:
+
=
2
2
2
2
2
1
)(
cj
j
m
cj
i
m
i
RjRi
C
The stocks ranked above C* have high excess returns to beta ratio than the cut-off Ci and all
the stocks ranked below C* have low excess returns to beta. Here, the cut-off rate is 22.9515.
Hence, the first NINE securities are selected.
The securities which come under optimal portfolio are:
1) SUN PHARMA
2) TATA CONSULTANCY SERVICES LIMITED
3) TATA MOTORS LTD.
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4) ITC LTD.
5) MAHINDRA & MAHINDRA LTD
6) INFOSYS TECHNOLOGIES LTD.
7) HDFC BANK LTD
8) ACC LTD.
9) STATE BANK OF INDIA
CHAPTER-5
SUMMARY OF FINDINGS CONCLUSIONS AND
RECOMMENDATIONS
FINDINGS
The excess return to beta ratio of all 30 scrips in Sensex was calculated, out of which
14 companies having negative returns are negative.
Scrips like icici bank ltd, Bharti Airtel ltd, Housing Development Fin. Corps. Ltd,
Hero Honda Motors Ltd, Larsen & Toubro ltd moved along with the market in equal
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proportion.
Scrips like DLF, Hindalco, ICICI Bank, J.P Associates, L&T, Reliance Infrastructure,
Reliance Communications, SBI, Sterlite industries and Tata Steel has a very high risk.
Scrips like BHEL, Wipro, TCS, RNRL,ONGC, NTPC, Maruti Suzuki, Infosys,
HUL,HDFC, HDFC Bank, Grasim, Tata Power, ACC, Bharti Airtel, Sun Pharma,
ITC, Hero Honda has low risk.
Out of 30 scrips in Sensex, it is only 9 scrips, which form an optimal
portfolio,namely:
Sun pharma
Tata consultancy services limited
Tata motors ltd.
ITC ltd.
Mahindra & Mahindra ltd
Infosys technologies ltd.
HDFC bank ltd
ACC ltd.
State bank of India.
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SUGGESTIONS
People who are willing to take high risk for high returns can invest in these scrips:Hindalco, ICICI Bank, L&T, Bharti Airtel, HDFC ,
Risk averse people can invest on these scrips: Wipro, TCS, ONGC, Infosys, HUL,
HDFC, HDFC Bank, Grasim, ACC, Sun Pharma, ITC, Hero Honda.
Investors are suggested to make their investment decision based on Sharpes single
index model as it helps in building an optimal portfolio.
Investors are suggested to invest in scrips which form an optimal portfolio.
Investors are suggested to avoid investing on scrips which gives negative return.
Finally, it is suggested to start ones investment early with an optimal portfolio as it
helps in wealth creation by means of capital appreciation.
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RECOMMENDATION
Investors are recommended to think before they invest, as wrong investment decisionswould land them empty handed.
Investors are recommended to diversify their portfolio in order to diversify their risk.
Investors are recommended to look at the previous performance of scrips, before
investing on them.
From this study, Investors are recommended not to invest in these scrips, .as they are
giving negative returns.
Tata steel limited. ONGC corps
Hindustan unilever ltd.
Bharat heavy electrical ltd.
DLF limited
Reliance industries ltd.
Tata power co. Ltd.
Sterlite industries.
Grasim industries ltd
Jaiprakash associates limited
Maruti Suzuki India limited
Reliance infrastructure ltd
Reliance communications ltd.
NTPC Ltd
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CONCLUSION
Stock market is a volatile industry which is affected by anything and everything. For
e.g.; change in RBI rates, M and A of companies, terrorist attacks, festivals, IPL
matches, etc. All these micro and macro-economic factors affect stock market.
Hence, investment in stock industry itself is a risky decision but yet it is the most
attractive investment options among investors because of its high returns.
It is always recommended to all investors to make use of any portfolio model to
construct their portfolio as it helps in getting an optimal return with minimum risk.
From this study, scrips like Sun pharma
Tata consultancy services limited
Tata motors ltd.
ITC ltd.
Mahindra & Mahindra ltd
Infosys technologies ltd.
HDFC bank ltd
ACC ltd.
State bank of India.
form an optimal portfolio, hence investment in these scrips will fetch optimal returns.
BIBLIOGRAPHY
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BOOKS :
1. Punithavathy pandyan, security analysis and portfolio management (1st ed; newdelhi:vikas publishing house,2009)
2. V.Raghunathan, prabina rajib, syock exchanges, investments and derivatives-2006edition bharath law house publication.
3. K.shaker, bharats guide to investor servicing, 2001 edition, bharath law housepublication
4. annual reports of KOTAK SECURITIES.
WEBSITE