CHAPTER-5 VOLATILITY & APPLICATION OF RALPH NELSON...

124

CHAPTER-5

VOLATILITY & APPLICATION OF RALPH NELSON

ELLIOTT WAVE THEORY

The Volatility in share prices of selected companies is measured by using statistical

tool- Standard Deviation. Monthly volatility of selected companies has been

depicted in the following Tables:

Table 5.1 Monthly Volatility of the Share Prices of State Bank of India

Months

Monthly Minimum

Prices

Monthly Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 551.77 632.63 597.34 19.70

May-05 555.97 644.09 599.74 24.40

Jun-05 618.19 650.18 636.08 10.45

Jul-05 663.86 755.57 684.93 22.41

Aug-05 729.11 771.14 751.04 13.85

Sep-05 754.53 887.10 835.27 40.55

Oct-05 764.96 903.33 847.22 33.04

Nov-05 783.64 880.92 831.85 26.69

Dec-05 819.73 888.80 853.20 16.90

Jan-06 833.60 888.14 859.34 15.45

Feb-06 804.63 840.72 820.98 8.81

Mar-06 831.90 931.44 888.75 33.88

Apr-06 832.51 949.75 884.15 32.59

May-06 784.07 944.70 866.38 47.08

Jun-06 668.96 793.26 720.56 34.61

Jul-06 650.56 764.30 697.99 26.08

Aug-06 762.27 879.03 820.12 35.03

Sep-06 866.01 970.74 913.99 28.55

Oct-06 948.14 1033.63 982.75 23.75

Nov-06 1042.59 1239.79 1125.68 65.77

Dec-06 1113.21 1283.38 1195.48 52.99

Jan-07 1072.69 1193.69 1134.70 36.37

Feb-07 980.46 1136.56 1074.28 52.05

Mar-07 862.75 993.10 925.12 32.74

Apr-07 874.41 1081.32 968.77 65.73

May-07 1020.42 1276.02 1171.92 87.12

Jun-07 1216.57 1439.15 1316.04 58.36

Jul-07 1415.33 1532.75 1478.82 25.08

Aug-07 1335.13 1609.60 1483.03 71.44

125

Sep-07 1504.40 1840.52 1621.69 98.01

Oct-07 1573.41 1998.23 1789.89 112.40

Nov-07 1953.89 2213.64 2121.58 58.04

Dec-07 2130.75 2307.71 2233.85 52.88

Jan-08 2162.25 2250.53 2245.49 71.32

Feb-08 2109.70 2185.55 2163.54 74.27

Mar-08 1598.85 1923.40 1741.18 110.15

Apr-08 1605.35 1793.50 1691.37 48.19

May-08 1443.35 1822.15 1642.18 106.74

Jun-08 1111.45 1394.10 1289.29 77.05

Jul-08 1024.65 1543.80 1272.25 135.77

Aug-08 1309.45 1592.60 1456.46 87.82

Sep-08 1405.00 1591.60 1517.85 51.59

Oct-08 1056.60 1543.90 1358.51 156.83

Nov-08 1072.15 3121.15 1178.45 76.47

Dec-09 1040.25 1295.85 1210.19 75.36

Jan-09 1041.75 1361.20 1177.62 90.82

Feb-09 1024.15 1194.00 1097.40 50.93

Mar-09 896.80 1125.35 990.04 59.19

Apr-09 1073.95 1307.80 1226.55 72.56

May-09 1260.70 1869.10 1528.95 224.85

Jun-09 1637.00 1909.50 1746.85 76.36

Jul-09 1543.60 1814.00 1676.03 75.17

Aug-09 1691.10 1856.60 1684.31 46.19

Sep-09 1733.40 2195.70 1979.25 160.12

Oct-09 2066.00 2465.25 2255.72 120.59

Nov-09 2103.50 2379.35 2279.71 75.18

Dec-09 2144.95 2353.95 2243.69 65.09

Jan-10 1987.15 2305.05 2171.74 96.37

Feb-10 1893.60 2021.10 1935.74 33.92

Mar-10 1988.50 2094.45 2044.83 24.84

Apr-10 2031.75 2297.95 2147.68 82.85

May-10 2154.60 2323.95 2258.30 45.80

Jun-10 2210.15 2386.95 2320.08 43.38

Jul-10 2261.80 2503.80 2405.46 77.13

Aug-10 2581.10 2865.10 2742.42 101.02

Sep-10 2758.10 3233.20 3039.86 156.11

Oct-10 3094.45 3304.90 3209.87 52.28

Nov-10 2826.10 3489.55 3114.94 195.15

Dec-10 2686.20 3105.10 2809.50 128.32

Jan-11 2502.25 2820.85 2618.20 82.59

Feb-11 2496.65 2791.50 2651.84 83.41

Mar-11 2563.45 2859.25 2660.36 75.78

126

Apr-11 2719.50 2934.30 2813.17 61.24

May-11 2175.75 2691.65 2454.52 191.83

Jun-11 2141.05 2405.95 2264.70 76.59

Jul-11 2342.00 2513.65 2446.88 44.84

Aug-11 1888.75 2344.25 2139.52 134.63

Sep-11 1831.45 2029.65 1950.08 56.25

Oct-11 1715.30 1948.60 1855.99 68.40

Nov-11 1653.25 1997.55 1787.73 105.14

Dec-11 1582.80 1936.70 1731.85 113.26

Jan-12 1629.65 2061.05 1824.72 148.10

Feb-12 2072.65 2451.75 2210.86 102.44

Mar-12 2061.60 2351.50 2195.93 80.32

Apr-12 2101.30 2299.95 2190.28 59.59

May-12 1829.20 2139.45 1970.83 100.90

Jun-12 2012.06 2215.45 2134.32 49.53

Source: Researcher Calculation

Table 5.1 shows the monthly minimum Prices, Monthly Maximum Prices, Monthly

Average Closing Prices and Standard Deviations of the share prices of State Bank of

India. The volatility of State Bank of India was analyzed with the help of Standard

Deviation. Monthly volatility was arrived at by applying the Standard Deviations.

During the different financial years (study period) the highly volatile months were:

September 2005 (S.D. 40.55, Minimum Price 754.53 and Maximum Price 887.10),

November 2006 (S.D. 65.77, Minimum Price 1042.59 and Maximum Price

1239.79), October 2007 (S.D. 112.40, Minimum Price 1573.41 and Maximum Price

1998.23) October 2008 (S.D. 156.83, Minimum Price 1056.60 and Maximum Price

1543.90), May 2009 (S.D. 224.85, Minimum Price 1260.70 and Maximum Price

1869.10), November 2010 (S.D. 195.15, Minimum Price 2826.10 and Maximum

Price 3489.55), May 2011 (S.D. 191.83, Minimum Price 2175.75 and Maximum

Price 2691.65), May 2012 (S.D. 100.90, Minimum Price 1829.20 and Maximum

Price 2139.45) found and Lower volatile months were: February 2006 (S.D. 8.81,

Minimum Price 804.63 and Maximum Price 840.72), October 2006 (S.D. 23.75,

Minimum Price 948.14 and Maximum Price 1033.63), July 2007 (S.D. 25.08,

Minimum Price 1415.33 and Maximum Price 1532.75), April 2008 (S.D. 48.19,

Minimum Price 1624.50 and Maximum Price 1776.35), March 2010 (S.D. 24.84,

Minimum Price 1988.50 and Maximum Price 2094.45), June 2010 (S.D. 43.38,


127

Minimum Price 2342 and Maximum Price 2513.65), June 2012(S.D. 49.53,

Minimum Price 2012.06 and Maximum Price 2215.45) found.

During the study period month of May, 2009 was found highly volatile (S.D.

224.85) and month of February, 2006 was found lower volatile (S.D. 8.81).

Table 5.2 Monthly Volatility of the Share Prices of HDFC Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 137.88 149.77 143.74 2.62

May-05 146.85 154.11 150.96 2.23

Jun-05 152.02 176.79 165.65 7.37

Jul-05 174.03 186.14 179.93 3.36

Aug-05 174.05 189.97 182.69 4.01

Sep-05 180.40 212.89 195.36 10.44

Oct-05 182.61 206.21 194.44 7.10

Nov-05 193.82 228.53 212.93 9.36

Dec-05 220.83 257.88 236.21 10.66

Jan-06 229.85 268.00 246.24 10.51

Feb-06 260.01 276.99 270.07 4.98

Mar-06 255.97 271.60 265.50 4.06

Apr-06 251.05 270.54 259.82 6.27

May-06 225.19 277.89 255.39 16.27

Jun-06 199.42 241.57 219.03 12.18

Jul-06 212.62 245.17 228.71 10.88

Aug-06 237.92 263.53 253.58 7.02

Sep-06 262.48 306.86 274.57 12.22

Oct-06 278.42 309.16 292.36 7.64

Nov-06 285.62 333.02 314.13 14.72

Dec-06 299.38 328.72 315.05 8.41

Jan-07 304.50 337.78 320.00 8.96

Feb-07 300.38 363.45 340.10 17.37

Mar-07 299.03 321.46 308.62 6.44

Apr-07 284.79 350.41 319.10 18.15

May-07 319.22 374.16 344.65 16.60

Jun-07 349.99 406.04 368.16 14.47

Jul-07 381.53 406.14 392.50 7.47

Aug-07 377.10 413.19 390.45 8.70

Sep-07 400.05 505.45 449.07 31.84

Oct-07 479.62 562.61 509.74 21.33

Nov-07 502.52 556.89 529.30 15.15

Dec-07 544.96 627.48 576.02 24.37

Jan-08 496.06 634.85 578.03 38.64

Feb-08 514.82 613.93 559.15 31.23

128

Mar-08 440.44 551.05 501.49 32.78

Apr-08 455.19 576.29 498.95 34.21

May-08 486.64 558.66 533.22 19.79

Jun-08 392.48 506.14 447.87 27.06

Jul-08 344.10 476.04 414.09 34.30

Aug-08 441.91 514.02 474.02 18.79

Sep-08 406.55 489.03 448.80 22.58

Oct-08 292.27 440.87 361.30 38.03

Nov-08 257.96 383.28 312.44 38.57

Dec-08 278.25 327.14 302.14 13.73

Jan-09 274.45 336.85 307.02 17.29

Feb-09 242.33 308.13 281.67 19.69

Mar-09 229.95 330.65 275.90 30.17

Apr-09 301.16 360.92 343.68 15.51

May-09 342.06 468.86 402.00 39.53

Jun-09 454.57 487.10 468.52 10.13

Jul-09 439.83 517.25 479.78 19.22

Aug-09 450.44 505.35 482.44 17.93

Sep-09 476.67 555.36 512.56 24.49

Oct-09 531.35 564.91 546.33 9.94

Nov-09 520.88 567.65 549.44 12.14

Dec-09 535.57 560.40 535.69 14.35

Jan-10 461.67 538.12 504.28 23.28

Feb-10 475.60 502.64 487.63 9.67

Mar-10 510.57 547.09 530.41 11.09

Apr-10 535.57 571.16 554.03 11.96

May-10 521.55 564.06 549.80 11.00

Jun-10 535.49 603.19 570.12 23.05

Jul-10 579.06 615.52 595.73 10.58

Aug-10 594.79 644.10 616.39 13.56

Sep-10 622.50 731.95 681.09 41.35

Oct-10 679.50 759.30 717.36 21.58

Nov-10 684.15 735.80 708.62 15.34

Dec-10 668.70 727.95 697.80 14.19

Jan-11 629.75 727.85 671.52 27.03

Feb-11 590.90 649.35 625.73 18.81

Mar-11 620.95 698.90 661.53 20.77

Apr-11 690.10 731.90 709.64 12.31

May-11 631.05 699.20 657.21 16.63

Jun-11 630.95 703.85 661.84 20.15

Jul-11 688.00 722.70 700.79 8.34

Aug-11 621.40 695.20 657.50 19.48

Sep-11 622.95 675.05 651.01 13.43

129

Oct-11 621.05 687.30 658.26 19.68

Nov-11 613.20 683.40 652.98 23.65

Dec-11 618.95 637.70 651.43 16.05

Jan-12 651.50 708.30 680.85 14.89

Feb-12 663.15 717.55 693.20 16.07

Mar-12 650.65 681.65 664.46 9.30

Apr-12 668.55 690.25 678.90 5.59

May-12 621.10 671.80 650.84 12.88

Jun-12 638.65 658.5 647.15 6.20


Table 5.2 depicts the monthly minimum Prices, Monthly Maximum Prices, Monthly

Average Closing Prices and monthly Standard Deviations of the share prices of

Housing Development Finance Corporation Ltd .The volatility in closing prices,

month to month closing prices of Housing Development Finance Corporation Ltd.

were analyzed with statistical tool- Standard Deviation and the result were found

that the highly volatile months during different financial years were: December 2005

(S.D. 10.66, Minimum Price 220.83 and Maximum Price 257.88), November 2006

(S.D. 14.72, Minimum Price 285.62 and Maximum Price 333.02), January 2008

(S.D. 38.64, Minimum Price 496.06 and Maximum Price 634.85), November 2008

(S.D. 38.57, Minimum Price 257.96 and Maximum Price 383.28), May 2009 (S.D.

39.53, Minimum Price 342.06 and Maximum Price 468.86), September 2010 (S.D.

41.35, Minimum Price 622.50 and Maximum Price 731.95), November 2011 (S.D.

23.65, Minimum Price 613.2 and Maximum Price 683.4), May 2012 (S.D. 12.88,

Minimum Price 621.10 and Maximum Price 671.80) found and Lower volatile

months were: May 2005 (S.D. 2.32, Minimum Price 146.85 and Maximum Price

154.11), April 2006 (S.D. 6.27, Minimum Price 251.05 and Maximum Price

270.54), July 2007 (S.D. 7.47, Minimum Price 381.53 and Maximum Price 406.14),

December 2008 (S.D. 13.73, Minimum Price 278.25 and Maximum Price 327.14),

Feburary 2010 (S.D. 9.6, Minimum Price 475.60 and Maximum Price 502.64), July

2010 (S.D. 10.58, Minimum Price 579.06 and Maximum Price 615.52), July 2011

(S.D. 8.34, Minimum Price 688 and Maximum Price 722.7), April 2012 (S.D. 5.59,


During the study period month of September, 2010 (S.D. 41.05) was found highly

volatile and month of May, 2005 (S.D. 2.32) was found lower volatile.

130

Table 5.3 Monthly Volatility of the Share Prices of Maruti Suzuki Ltd.

Months

Monthly Minimum

Prices

Monthly

Maximum Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 411.50 482.65 417.65 22.04

May-05 461.85 439.25 442.34 11.85

Jun-05 435.45 477.55 455.78 11.45

Jul-05 446.90 482.50 460.07 10.00

Aug-05 462.10 501.50 480.75 11.99

Sep-05 485.00 590.65 538.43 28.84

Oct-05 515.45 589.45 556.24 19.18

Nov-05 542.05 632.45 589.59 25.40

Dec-05 614.45 662.70 636.59 15.63

Jan-06 645.15 761.35 686.47 40.21

Feb-06 728.50 822.60 767.40 23.14

Mar-06 837.10 928.45 874.13 25.20

Apr-06 841.40 924.10 893.73 22.14

May-06 734.85 964.75 863.46 81.08

Jun-06 681.45 797.60 739.00 29.29

Jul-06 711.15 814.05 772.76 31.09

Aug-06 768.80 862.75 815.07 27.87

Sep-06 875.25 981.20 930.47 25.06

Oct-06 934.35 968.55 951.55 10.18

Nov-06 870.10 981.85 919.30 28.25

Dec-06 883.75 960.80 924.05 20.13

Jan-07 880.75 974.55 924.95 25.50

Feb-07 839.70 963.35 908.46 36.85

Mar-07 776.55 840.60 802.85 19.69

Apr-07 745.45 803.10 775.26 16.21

May-07 794.65 829.90 809.84 9.15

Jun-07 719.40 810.90 755.98 24.91

Jul-07 771.35 847.35 817.12 19.76

Aug-07 766.70 868.20 815.49 27.37

Sep-07 859.30 999.55 909.12 46.20

Oct-07 991.75 1188.45 1102.04 57.46

Nov-07 937.55 1053.50 994.69 32.20

Dec-07 984.20 1078.50 1022.39 28.19

Jan-08 797.60 994.35 882.84 61.22

Feb-08 763.35 904.75 821.84 37.27

Mar-08 806.55 940.15 855.19 38.83

Apr-08 722.35 815.15 756.25 24.09

May-08 759.85 822.07 784.11 20.47

Jun-08 617.75 786.45 724.63 42.83

Jul-08 547.85 648.20 583.27 26.43

131

Aug-08 560.50 715.50 637.82 34.83

Sep-08 633.75 741.65 694.16 22.97

Oct-08 518.85 723.65 640.40 63.43

Nov-08 482.85 616.00 555.66 39.48

Dec-08 460.05 549.55 506.85 18.94

Jan-09 515.35 596.55 559.47 24.68

Feb-09 566.60 696.05 619.38 33.43

Mar-09 649.10 775.10 711.71 37.70

Apr-09 754.25 851.55 810.32 23.19

May-09 809.20 1043.40 908.96 77.00

Jun-09 1026.90 1109.45 1065.45 20.48

Jul-09 1035.00 1413.25 1195.55 132.14

Aug-09 1251.40 1487.10 1369.73 67.84

Sep-09 1467.50 1698.90 1563.24 70.06

Oct-09 1378.75 1651.00 1510.87 62.59

Nov-09 1418.80 1620.80 1518.77 59.02

Dec-09 1524.50 1635.15 1575.74 26.27

Jan-10 1368.95 1550.75 1440.10 40.68

Feb-10 1334.65 1463.55 1370.79 27.74

Mar-10 1372.05 1499.90 1441.36 34.95

Apr-10 1271.05 1400.40 1351.42 40.65

May-10 1199.25 1294.70 1248.88 28.30

Jun-10 1259.20 1423.60 1350.62 44.34

Jul-10 1191.05 1423.10 1344.34 82.54

Aug-10 1208.40 1255.90 1232.51 15.40

Sep-10 1272.05 1481.05 1376.77 72.62

Oct-10 1480.45 1562.85 1513.69 24.61

Nov-10 1364.85 1513.60 1447.92 44.50

Dec-10 1381.70 1432.40 1407.58 13.41

Jan-11 1233.55 1429.25 1311.36 59.07

Feb-11 1158.05 1240.90 1201.00 26.30

Mar-11 1131.35 1328.25 1230.84 54.37

Apr-11 1237.85 1326.55 1285.55 26.85

May-11 1200.45 1291.20 1229.66 25.12

Jun-11 1099.75 1248.90 1189.11 44.83

Jul-11 1143.55 1207.90 1171.20 16.70

Aug-11 1080.00 1279.70 1178.23 56.37

Sep-11 1068.45 1154.65 1099.94 23.84

Oct-11 1028.45 1150.90 1089.42 33.32

Nov-11 940.70 1130.60 1018.61 73.77

Dec-11 914.35 998.95 957.21 26.24

Jan-12 932.70 1208.15 1051.25 100.47

Feb-12 1213.75 1357.20 1268.89 36.77

132

Mar-12 1275.15 1373.65 1331.69 28.95

Apr-12 1272.80 1397.10 1344.80 39.74

May-12 1103.70 1332.10 1209.42 73.60

Jun-12 1068 1169.75 1106.4 25.83


Table 5.3 depicts the monthly minimum Prices, Monthly Maximum Prices, Monthly

Average Closing Prices and Standard Deviations of the share prices Maruti Suzuki

Ltd. The volatility of Maruti Suzuki Ltd. Company was analyzed with the help of

Standard Deviation. Monthly volatility was arrived at by applying the Standard

Deviations. During the different financial years (study period) the highly volatile

months were: January 2006 (S.D. 40.21, Minimum Price 645.15 and Maximum

Price 761.35), May 2006 (S.D. 81.08, Minimum Price 734.85 and Maximum Price

984.75), January 2008 (S.D. 61.22, Minimum Price 797.60 and Maximum Price


723.65), July 2009 (S.D. 132.14, Minimum Price 1035.00 and Maximum Price

1413.25), July 2010 (S.D. 82.54, Minimum Price 1191.05 and Maximum Price

1423.10), January 2012 (S.D. 100.47, Minimum price 932.70 and Maximum Price

1208.15), May 2012 (S.D. 73.60, Minimum price 1103.70 and Maximum Price

1332.10) found and Lower volatile months were: July 2005 (S.D. 10, Minimum

Price 446.90 and Maximum Price 482.50), October 2006 (S.D. 10.18, Minimum

Price 934.35 and Maximum Price 968.55), May 2007 (S.D. 9.15, Minimum Price

794.65 and Maximum Price 829.90), December 2008 (S.D. 18.94, Minimum Price

460.50 and Maximum Price 549.55), June 2009 (S.D. 20.48, Minimum Price

1026.90 and Maximum Price 1109.45), December 2010 (S.D. 13.41, Minimum

Price 1381.70 and Maximum Price 1432.40), July 2011(S.D. 16.70, Minimum Price

1143.55 and Maximum Price 1207.90), June 2012(S.D. 25.83, Minimum Price 1068

and Maximum Price 1169.75) found.

During the study period month of July, 2009 was found highly volatile (S.D. 132.14)

and month of May, 2007 was found lower volatile (S.D. 9.15).

133

Table 5.4 Monthly Volatility of the Share Prices of Infosys Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 943.68 1121.80 1021.77 62.36

May-05 951.00 1125.35 1042.94 48.20

Jun-05 1100.63 1195.95 1142.02 29.53

Jul-05 1066.88 1197.43 1132.50 32.12

Aug-05 1125.73 1188.13 1147.90 16.08

Sep-05 1177.85 1263.80 1221.14 22.18

Oct-05 1208.35 1341.95 1280.05 32.09

Nov-05 1267.70 1377.60 1339.27 23.04

Dec-05 1383.40 1508.80 1459.02 39.90

Jan-06 1368.68 1527.55 1445.00 53.28

Feb-06 1378.20 1451.58 1412.70 19.32

Mar-06 1398.73 1519.05 1454.47 31.32

Apr-06 1510.40 1667.65 1291.81 39.24

May-06 1413.28 1627.60 1540.31 74.69

Jun-06 1241.75 1538.78 1422.73 65.91

Jul-06 1551.95 1693.23 1617.43 36.69

Aug-06 1658.70 1808.80 1739.77 48.93

Sep-06 1736.35 1856.45 1818.65 26.49

Oct-06 1803.20 2124.05 2006.66 102.17

Nov-06 2070.55 2253.10 2170.06 57.40

Dec-06 2150.50 2253.30 2204.88 32.64

Jan-07 2168.75 2312.60 2232.58 35.08

Feb-07 2078.35 2377.50 2291.17 75.03

Mar-07 1991.00 2153.45 2076.41 47.93

Apr-07 1921.20 2128.30 2031.80 46.83

May-07 1904.30 2081.30 1977.96 44.24

Jun-07 1916.45 2020.95 1956.10 27.75

Jul-07 1916.55 2034.95 1965.41 32.89

Aug-07 1761.00 1967.60 1877.74 56.50

Sep-07 1763.25 1911.75 1844.33 44.96

Oct-07 1839.10 2124.55 1922.58 75.32

Nov-07 1531.85 1908.35 1664.47 113.01

Dec-07 1600.70 1813.60 1696.06 74.67

Jan-08 1377.55 1749.70 1547.60 111.75

Feb-08 1480.90 1662.10 1575.28 42.86

Mar-08 1313.10 1526.10 1415.34 61.36

Apr-08 1421.35 1753.75 1571.65 107.51

May-08 1747.20 1957.55 1842.43 56.18

Jun-08 1707.60 1992.85 1861.53 74.32

Jul-08 1538.90 1821.10 1642.56 103.29

134

Aug-08 1603.70 1748.50 1683.65 32.57

Sep-08 1391.95 1789.55 1616.59 122.93

Oct-08 1202.55 1453.90 1307.94 61.05

Nov-08 1127.25 1378.50 1239.78 65.72

Dec-08 1101.10 1233.30 1153.65 36.19

Jan-09 1130.95 1309.65 1226.62 53.34

Feb-09 1177.65 1309.85 1245.09 44.56

Mar-09 1182.80 1380.65 1275.18 57.23

Apr-09 1341.30 1507.30 1410.46 38.50

May-09 1502.65 1769.85 1570.32 56.99

Jun-09 1627.00 1826.75 1736.75 49.31

Jul-09 1676.75 2603.90 1865.45 116.05

Aug-09 1950.70 2189.75 2067.45 64.99

Sep-09 2142.65 2405.60 2263.74 71.42

Oct-09 2165.45 2325.75 2235.10 45.70

Nov-09 2139.35 2433.60 2332.31 88.02

Dec-09 2376.70 2605.25 2491.37 74.69

Jan-10 2464.45 2689.10 2584.49 74.69

Feb-10 2352.20 2612.45 2495.37 72.04

Mar-10 2615.10 2805.60 2701.94 58.51

Apr-10 2644.05 2801.55 2714.60 45.53

May-10 2533.30 2702.15 2640.99 42.64

Jun-10 2625.25 2817.90 2730.83 67.14

Jul-10 2729.00 2894.95 2790.54 42.15

Aug-10 2696.00 2873.40 2789.10 51.24

Sep-10 2750.65 3058.50 2947.18 100.31

Oct-10 2969.60 3184.25 3059.48 55.01

Nov-10 2966.45 3082.90 3030.94 33.99

Dec-10 3054.55 3445.00 3254.96 126.16

Jan-11 3116.30 3475.85 3306.96 106.85

Feb-11 3003.05 3161.20 3084.04 42.45

Mar-11 2922.15 3236.75 3063.54 82.58

Apr-11 2886.70 3306.00 3074.41 172.45

May-11 2779.30 2923.35 2851.31 43.61

Jun-11 2708.90 2907.40 2829.32 56.04

Jul-11 2714.05 2995.15 2830.97 93.37

Aug-11 2189.65 2809.15 2422.81 192.79

Sep-11 2197.75 2550.00 2364.01 93.25

Oct-11 2440.70 2875.20 2681.08 142.96

Nov-11 2600.60 2839.15 2738.51 86.34

Dec-11 2652.80 2780.85 2724.36 35.44

Jan-12 2583.55 2864.60 2720.91 109.88

Feb-12 2725.05 2952.65 2841.67 78.48

135

Mar-12 2791.00 2881.80 2849.22 24.81

Apr-12 2311.95 2855.20 2533.27 216.04

May-12 2311.85 2484.35 2389.09 45.05

Jun-12 2387.8 2520.05 2457.30 40.27



Average Closing Prices and Standard Deviations of the share prices Infosys Ltd.

Company. The volatility of Infosys Ltd. Company was analyzed with the help of

Standard Deviation. Month to month volatility was arrived at by applying the

Standard Deviation. During the different financial years (study period) the highly

volatile months were: April 2005 (S.D. 62.36, Minimum Price 943.68 and

Maximum Price1121.80), October 2006 (S.D. 102.17, Minimum Price 1809.20 and

Maximum Price 2124.05), November 2007 (S.D. 113.01, Minimum Price 1531.85

and Maximum Price1908.35), September 2008 (S.D. 122.93, Minimum Price

1391.95 and Maximum Price 1789.55), July 2009 (S.D. 116.05, Minimum Price

1676.75 and Maximum Price 2603.90) December 2010 (S.D. 126.16, Minimum

Price 3054.55 and Maximum Price 3445), August 2011 (S.D. 192.79, Minimum

Price 2189.65 and Maximum Price 2809.15), April 2012 (S.D.. 216.04, Minimum

Price 2311.95 and Maximum Price 2855.20) found and Lower Volatility months

were: August 2005 (S.D. 16.08, Minimum Price 1125.73 and Maximum Price

1188.13), September 2006 (S.D. 26.49, Minimum Price 1736.35 and Maximum

Price 1856.45), June 2007 (S.D. 27.75, Minimum Price 1916.45 and Maximum

Price 2020.95), August 2008 (S.D. 32.57, Minimum Price 1603.70 and Maximum

Price 1748.50), April 2009 (S.D. 38.50, Minimum Price 1341.30 and Maximum

Price 1507.30), November 2010 (S.D. 33.99, Minimum Price 2966.45 and

Maximum Price 3082.90), March 2012 (S.D. 24.81, Minimum Price 2791 and

Maximum Price 2881.80), June 2012 (S.D. 40.27, Minimum Price 2387.8 and

Maximum Price 2520.05) found.

During the study period the month of April, 2012 was found highly volatile (S.D.

216.04) and month of August, 2005 was found lower volatile (S.D. 16.08).

136

Table 5.5 Monthly Volatility of the Share Prices of Tata Steel Ltd.

Months

Monthly

Minimum

Prices

Monthly Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 301.2 361.7 327.48 16.14

May-05 303.54 320.96 314.98 4.45

Jun-05 292.54 322.99 306.59 8.9

Jul-05 303.99 344.33 320.66 11.27

Aug-05 322.1 365.99 344.77 11.37

Sep-05 347.74 379.02 364.46 7.89

Oct-05 292.5 382.82 332.48 25.97

Nov-05 306.67 328.16 314.02 9.39

Dec-05 307.3 337.04 323.69 9.49

Jan-06 307.96 557.28 329.65 13.51

Feb-06 338.85 380.66 355.35 11.89

Mar-06 390.91 474.08 421.48 24.98

Apr-06 478.76 578.5 530.91 37.79

May-06 417.87 593.73 516.12 58.39

Jun-06 340.22 471.34 420 37.06

Jul-06 405.62 498.34 448.89 22.53

Aug-06 438.15 471.2 454.66 8.72

Sep-06 431.79 473.41 449.26 9.99

Oct-06 433.46 474.92 453.91 11.19

Nov-06 409.56 447.25 428.72 10.24

Dec-06 385.03 435.63 413.98 15.02

Jan-07 399.79 458.96 419.36 14.13

Feb-07 382.03 415.3 401.53 10

Mar-07 365.01 399.39 383.88 8.76

Apr-07 374.82 511.81 452.21 38.9

May-07 487.77 582.34 528.69 28.3

Jun-07 512.39 566.65 535.56 14.04

Jul-07 524.45 637.32 586.81 34.18

Aug-07 481.06 609.56 546.03 36.57

Sep-07 604 751.55 644.54 38.86

Oct-07 697.33 905.05 787.74 61.65

Nov-07 802.15 893.85 845.18 23.77

Dec-07 816.35 934.8 861.88 35.24

Jan-08 671.05 934.75 808.21 92.16

Feb-08 710.45 823.7 789.53 30.97

Mar-08 592.45 819.05 711.86 68.45

Apr-08 645.95 817.6 723.21 59.17

May-08 797 922.25 867.51 36.23

Jun-08 711.25 868.05 805.45 48.82

137

Jul-08 584.3 741.2 645.72 37.59

Aug-08 571.8 691.75 618.76 35.12

Sep-08 425.6 589.2 509.73 48.37

Oct-08 168.5 438.65 273.86 73.11

Nov-08 150.8 239.85 180.26 26.82

Dec-09 148.65 228.85 206.18 23.83

Jan-09 166.35 246.75 203.57 23.27

Feb-09 160.55 199.55 178.03 11.5

Mar-09 152.1 223.5 176.3 20.47

Apr-09 209.85 293.35 251.52 20.12

May-09 263 406.3 319.26 48.29

Jun-09 387.9 487.9 428.32 30.03

Jul-09 338.9 468.95 405.35 36.62

Aug-09 424.3 483.6 453.86 15.13

Sep-09 416.45 531.6 479.57 37.97

Oct-09 468.1 575.25 529.53 32.87

Nov-09 445.6 575.4 526.91 33.22

Dec-09 544.65 622.05 574.4 25.6

Jan-10 558.7 653.65 629.31 27.6

Feb-10 522.55 600.4 561.51 20.19

Mar-10 607.4 643.65 624.92 12.86

Apr-10 618.8 694.45 664.9 21.99

May-10 478.65 608.55 539.89 41.63

Jun-10 452.4 504.3 482.93 13.06

Jul-10 471.5 540.25 508.22 23.69

Aug-10 497.25 547.15 524.52 13.37

Sep-10 537.75 653.1 602.53 35.19

Oct-10 590 678.05 634.99 23.56

Nov-10 584.2 640 613.04 15.56

Dec-10 604.7 678.95 647.35 28.82

Jan-11 621.7 703.4 650.9 23.13

Feb-11 595.05 654.9 622.48 16.93

Mar-11 582 634.3 607.87 11.84

Apr-11 610.9 637.55 625.54 8.21

May-11 559.25 614 582.75 13.93

Jun-11 533.15 608.7 573.15 14.31

Jul-11 565.1 606.4 583.23 12

Aug-11 422.25 572.6 489.49 43.645

Sep-11 415.25 497.95 459.54 24.61

Oct-11 394.7 482.95 436.29 23.38

Nov-11 374.1 471.65 415.04 35.56

Dec-11 335.25 418.85 373.11 27.3

Jan-12 340.55 458.75 404.13 37.93

138

Feb-12 442.25 495.15 470.74 14.15

Mar-12 425.05 471.85 454.1 12.38

Apr-12 447.05 477.95 462.75 8.24

May-12 402.85 462.15 415.26 17.41

Jun-12 398 441.3 414.99 10.60


Table 5.5 portrays the monthly minimum Prices, Monthly Maximum Prices,

Monthly Average Closing Prices and Standard Deviations of the share prices of Tata

Steel Ltd. The volatility of Tata Steel Ltd. Company was analyzed with the help of

Standard Deviation. Monthly volatility was arrived at by applying the Standard

Deviations. During the different financial years (study period) the highly volatile

months were: October 2005 (S.D. 25.97, Minimum Price 292.5 and Maximum Price

382.82), May 2006 (S.D. 58.39, Minimum Price 417.87 and Maximum Price 593.

73), January 2008 (S.D. 92.16, Minimum Price 671.05 and Maximum Price 934.75),

October 2008 (S.D. 73.11, Minimum Price 168.5 and Maximum Price 438.65), May

2009 (S.D. 48.29, Minimum Price 263 and Maximum Price 406.3), May 2010 (S.D.

41.63, Minimum Price 478.65 and Maximum Price 608.55), August 2011(S.D.

43.65, Minimum Price 422.25 and Maximum price 572.6), May 2012 (S.D. 17.41,

Minimum Price 402.85 and Maximum Price 462.15) found and Lower Volatile

months were: May 2005 ( S.D. 4.45, Minimum Price 303.54 and Maximum Price

320.96), August 2006 (S.D. 8.72, Minimum Price 438.15 and Maximum Price

471.2), June 2007 (S.D. 14.04, Minimum Price 512.39 and Maximum Price 566.65),

February 2009 (S.D. 11.5, Minimum Price 160.55 and Maximum Price 199.55),

March 2010 (S.D. 12.86, Minimum Price 607.4 and Maximum Price 643.65), March

2011 (S.D. 11.84, Minimum Price 582 and Maximum Price 634.3), April 2011 (S.D.

8.21, Minimum Price 610.9 and Maximum Price 637.55), April 2012 (S.D. 8.24,


During the study period month of January, 2008 was found highly volatile (S.D.

92.16) and month of May, 2005 was found lower volatile (S.D. 4.45).

139

Table 5.6 Monthly Volatility of the Share Prices of Tata Motors Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 78.68 86.11 82.25 2.02

May-05 81.35 87.01 84.07 1.74

Jun-05 80.22 84.93 82.92 1.50

Jul-05 82.66 93.15 88.75 3.39

Aug-05 89.65 102.05 94.24 3.22

Sep-05 90.97 105.60 99.80 3.42

Oct-05 89.25 110.59 101.56 6.01

Nov-05 93.10 113.65 102.94 6.39

Dec-05 106.45 127.74 118.12 7.00

Jan-06 119.59 137.38 126.52 4.41

Feb-06 136.51 157.73 148.51 6.09

Mar-06 163.88 181.87 174.94 4.48

Apr-06 175.08 189.36 182.42 4.19

May-06 147.58 190.85 172.24 15.88

Jun-06 127.81 153.87 144.86 6.50

Jul-06 127.46 155.07 142.92 8.72

Aug-06 141.88 166.63 157.38 8.14

Sep-06 160.97 173.93 167.01 3.95

Oct-06 160.36 176.59 171.63 3.89

Nov-06 155.37 161.49 158.49 1.90

Dec-06 158.92 175.64 168.18 4.77

Jan-07 170.01 186.82 180.72 4.43

Feb-07 151.84 178.33 168.21 7.38

Mar-07 138.50 156.01 146.45 4.91

Apr-07 129.62 148.54 139.68 5.28

May-07 137.12 146.72 141.14 2.57

Jun-07 124.22 144.71 130.55 5.16

Jul-07 132.49 150.70 141.43 5.53

Aug-07 119.88 135.94 128.05 4.08

Sep-07 132.74 150.72 138.56 5.07

Oct-07 146.76 160.84 153.43 3.81

Nov-07 132.67 146.27 138.01 3.66

Dec-07 133.86 150.19 143.78 5.14

Jan-08 126.58 153.84 142.30 8.80

Feb-08 134.21 149.13 139.59 4.42

Mar-08 117.44 136.09 127.24 5.60

Apr-08 118.78 128.26 122.06 2.13

May-08 111.74 133.73 127.12 6.33

Jun-08 82.61 110.46 98.34 6.60

140

Jul-08 72.89 85.14 79.20 2.93

Aug-08 76.75 86.62 82.63 2.70

Sep-08 68.84 84.83 80.56 4.59

Oct-08 28.01 67.85 49.68 12.97

Nov-08 25.29 38.77 30.17 4.16

Dec-08 25.68 37.62 31.51 2.94

Jan-09 26.54 37.14 31.16 2.97

Feb-09 26.30 30.00 27.49 1.07

Mar-09 27.34 37.76 32.02 3.12

Apr-09 35.97 56.24 46.89 4.55

May-09 51.38 72.78 60.11 7.81

Jun-09 58.23 77.81 69.42 4.31

Jul-09 52.41 84.31 64.44 9.95

Aug-09 80.19 99.73 90.02 5.71

Sep-09 101.64 122.90 113.95 6.93

Oct-09 105.88 117.48 112.25 3.10

Nov-09 110.37 132.18 123.50 6.42

Dec-09 137.57 158.52 145.83 6.26

Jan-10 138.87 165.48 156.11 7.05

Feb-10 133.74 144.34 138.75 3.40

Mar-10 145.05 162.33 154.42 4.63

Apr-10 154.79 174.57 161.17 6.48

May-10 134.74 171.11 154.34 10.71

Jun-10 145.13 161.66 153.83 4.76

Jul-10 150.18 173.14 161.19 7.01

Aug-10 168.38 209.52 193.87 13.57

Sep-10 201.71 221.33 209.92 5.93

Oct-10 220.98 238.85 231.60 4.97

Nov-10 230.78 260.43 244.63 7.87

Dec-10 249.62 273.12 262.50 6.59

Jan-11 229.65 261.29 241.05 9.50

Feb-11 211.65 250.16 228.96 11.59

Mar-11 223.59 249.50 233.44 7.72

Apr-11 240.66 259.01 249.36 5.01

May-11 215.63 245.71 232.18 8.34

Jun-11 186.05 215.89 199.05 7.67

Jul-11 189.48 212.79 201.51 7.31

Aug-11 139.84 192.06 160.62 17.14

Sep-11 139.65 166.10 153.84 6.95

Oct-11 147.25 206.20 178.05 16.30

Nov-11 161.45 193.50 179.16 8.61

Dec-11 172.25 191.60 181.60 5.80

Jan-12 183.80 243.60 212.84 14.89

141

Feb-12 246.10 286.40 262.38 11.25

Mar-12 266.00 289.40 275.25 7.49

Apr-12 275.75 319.35 299.38 15.97

May-12 233.20 308.30 278.48 20.30

Jun-12 221.55 248.1 238.01 7.45



Average Closing Prices and Standard Deviations of the share prices of Tata Motors

Ltd .The volatility in closing prices, month to month closing prices of Tata Motors

Ltd. were analyzed with statistical tool- Standard Deviation and the result were

found that the highly volatile months during different financial years were:

December 2005 (S.D. 7.00, Minimum Price 106.45 and Maximum Price 127.74),

May 2006 (S.D. 15.88, Minimum Price 147.58 and Maximum Price 190.85),

January 2008 (S.D.. 8.80, Minimum Price 126.58 and Maximum Price 153.84),

October 2008 (S.D.. 12.97, Minimum Price 28.01 and Maximum Price 67.85), July

2009 (S.D. 9.95, Minimum Price 52.41 and Maximum Price 84.31), August 2010

(S.D.. 13.57, Minimum Price 168.38 and Maximum Price 209.52), October 2011

(S.D. 16.30, Minimum Price 147.25 and Maximum Price 206.20), May 2012 (S.D 20.30, Minimum Price 233.20 and Maximum Price 308.30) found and Lower

volatile months were: June 2005 2005 (S.D. 1.50, Minimum Price 80.22 and

Maximum Price 84.93), November 2006 (S.D. 1.90, Minimum Price 155.37 and

Maximum Price 161.49), May 2007 (S.D. 2.57, Minimum Price 137.12 and

Maximum Price 146.72), February 2009 (S.D. 1.07, Minimum Price 26.30 and

Maximum Price 30), October 2009 (S.D. 3.10, Minimum Price 105.88 and


Maximum Price 161.66), April 2011 (S.D. 5.01, Minimum Price 240.66 and

Maximum Price 259.01), June 2012 (S.D 7.47 , Minimum Price 221.55 and


During the study period month of May, 2012(S.D. 20.30) and highly volatile and

month of February, 2009 (S.D. 1.07) was found lower volatile.

142

Table 5.7 Monthly Volatility of the Share Prices of Bharti Airtel Ltd.

Months

Monthly

Minimum Prices

Monthly Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 101.08 108.63 104.27 2.14

May-05 103.18 113.63 109.44 2.38

Jun-05 109.48 121.65 115.12 4.59

Jul-05 120.73 141.55 128.31 5.69

Aug-05 141.90 159.98 152.29 6.30

Sep-05 158.13 181.40 170.02 6.67

Oct-05 155.88 175.45 166.23 5.42

Nov-05 162.68 186.48 176.51 6.57

Dec-05 166.60 180.58 174.99 3.39

Jan-06 165.08 179.20 171.94 4.17

Feb-06 175.23 185.18 182.19 2.25

Mar-06 188.75 207.70 196.18 5.24

Apr-06 197.98 210.68 204.09 3.47

May-06 180.28 212.15 199.30 10.62

Jun-06 160.93 185.00 176.37 7.78

Jul-06 176.53 197.90 185.64 5.99

Aug-06 195.48 208.45 203.66 3.98

Sep-06 206.15 239.00 222.55 11.29

Oct-06 229.55 270.98 244.01 12.07

Nov-06 268.88 319.10 291.74 18.54

Dec-06 288.55 323.40 309.66 8.47

Jan-07 306.55 359.83 331.29 15.76

Feb-07 359.38 403.15 381.50 14.00

Mar-07 345.48 391.83 372.38 12.91

Apr-07 365.30 436.85 399.07 22.31

May-07 406.95 429.60 417.35 6.73

Jun-07 398.58 425.00 411.82 6.79

Jul-07 418.68 473.40 444.27 14.64

Aug-07 397.25 442.90 428.18 13.17

Sep-07 407.13 482.40 439.84 24.90

Oct-07 463.83 563.38 508.86 28.09

Nov-07 416.55 474.00 451.12 15.60

Dec-07 452.38 526.75 477.52 21.09

Jan-08 414.13 487.08 451.09 25.89

Feb-08 412.80 467.98 435.40 14.26

Mar-08 371.35 417.18 394.11 14.85

Apr-08 391.93 463.93 420.11 21.07

May-08 407.90 449.30 424.80 12.45

Jun-08 360.83 438.85 398.36 18.77

Jul-08 353.60 408.00 379.32 18.69

143

Aug-08 395.80 434.85 410.88 9.86

Sep-08 373.33 418.23 397.28 12.58

Oct-08 267.23 395.00 344.27 34.90

Nov-08 296.10 358.65 325.76 16.76

Dec-08 325.58 372.43 352.84 13.54

Jan-09 291.80 359.80 319.75 16.68

Feb-09 307.85 337.10 321.73 7.17

Mar-09 275.15 312.90 295.67 11.11

Apr-09 307.53 374.65 345.08 19.46

May-09 373.83 468.80 402.51 26.90

Jun-09 393.18 427.30 404.90 7.73

Jul-09 383.10 427.55 406.90 13.47

Aug-09 374.15 434.80 405.10 13.61

Sep-09 405.35 442.60 419.21 8.66

Oct-09 292.15 435.35 339.67 31.72

Nov-09 275.80 319.90 296.49 12.03

Dec-09 342.35 304.25 320.85 9.83

Jan-10 306.50 330.90 322.59 6.29

Feb-10 272.45 315.30 293.34 15.93

Mar-10 288.15 316.30 301.10 9.11

Apr-10 294.50 320.50 305.05 7.10

May-10 258.65 297.50 272.69 14.40

Jun-10 256.95 285.25 267.43 6.34

Jul-10 246.60 322.55 296.74 18.44

Aug-10 310.15 328.65 319.99 4.87

Sep-10 334.05 373.10 355.18 11.60

Oct-10 321.30 365.15 339.74 12.82

Nov-10 306.05 360.40 328.75 11.37

Dec-10 330.90 358.40 343.62 7.69

Jan-11 318.55 359.35 341.34 10.14

Feb-11 314.60 339.80 329.15 5.98

Mar-11 314.20 359.50 331.83 13.58

Apr-11 353.25 386.75 369.77 10.72

May-11 350.75 383.95 368.77 6.43

Jun-11 370.80 401.35 383.47 8.73

Jul-11 381.95 437.00 401.75 18.06

Aug-11 383.50 440.25 405.56 14.58

Sep-11 372.00 408.65 388.19 10.75

Oct-11 354.80 392.85 378.49 10.53

Nov-11 364.85 405.30 389.54 10.85

Dec-11 322.85 390.30 350.25 19.31

Jan-12 321.20 374.85 344.19 13.92

Feb-12 338.35 388.60 355.86 16.28

144

Mar-12 322.80 350.20 335.70 7.97

Apr-12 306.35 339.95 320.60 9.92

May-12 281.95 317.95 303.70 8.69

Jun-12 287.05 314.75 305.13 6.51



Monthly Average Closing Prices and Standard Deviations of the share prices of

Bharti Airtel Industries Ltd. The volatility of Bharti Airtel Industries Ltd. was

analyzed with the help of Standard Deviation. Monthly volatility was arrived at by

applying the Standard Deviations. During the different financial years (study period)

the highly volatile months were: Sept 2005 (S.D. 6.67, Minimum Price 158.13 and


Maximum Price 319.10), October 2007 (S.D. 28.09, Minimum Price 463.83 and


Maximum Price 395), October 2009 (S.D. 6.29, Minimum Price 306.5 and

Maximum Price 330.9), July 2010 (S.D. 18.44, Minimum Price 246.6 and Maximum

Price 322.55), December 2011 (S.D. 19.31, Minimum Price 322.85 and Maximum

Price 390.3), April 2012 (S.D. 9.92 Minimum Price 306.35and Maximum Price

339.95) found and Lower volatile months were: April 2005 (S.D.. 2.14 Minimum

Price 101.08 and Maximum Price 108.63), April 2006 (S.D. 3.47, Minimum Price

197.98 and Maximum Price 210.68), May 2007 (S.D. 6.73, Minimum Price 406.95

and Maximum Price 429.6), February 2009(S.D. 7.17, Minimum Price 307.85 and

Maximum Price 337.1), January 2010 (S.D. 6.29, Minimum Price 306.5 and

Maximum Price 330.9), August 2010 (S.D. 4.87, Minimum Price 310.15 and


Maximum Price 383.95), June 2012 (S.D.. 6.51, Minimum Price 287.05 and


During the study period month of October, 2008(S.D. 34.90) was found highly

volatile and month of April, 2005 (S.D. 2.14) was found lower volatile.

145

Table 5.8 Monthly Volatility of the Share Prices of Larsen & Toubro Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly Average

Prices

Standard

Deviations

Apr-05 236.06 258.51 245.44 6.69

May-05 241.94 275.54 259.25 9.3

Jun-05 262.53 287.34 279.16 5.77

Jul-05 292.63 324.06 309.51 8.75

Aug-05 311.03 341.2 328.88 7.12

Sep-05 327.86 386.01 344.32 16.49

Oct-05 324.45 384.8 356.61 18.89

Nov-05 353.74 428.54 395.47 18.35

Dec-05 422.05 461.05 436.83 8.64

Jan-06 447.83 541.69 474.72 28.33

Feb-06 550.24 624.79 578.21 18.16

Mar-06 596.83 635.53 614.06 10.35

Apr-06 622.75 689.09 658.51 19

May-06 567.24 709.39 643.03 46.71

Jun-06 458.1 565.39 517.77 29.45

Jul-06 505.59 566.94 541.45 17.44

Aug-06 552.49 606.66 584.35 15.39

Sep-06 607.01 674.18 642.4 20.12

Oct-06 616.95 656.6 638.61 9.43

Nov-06 655.33 701.35 675.61 13.04

Dec-06 689.45 735.95 717.93 12.89

Jan-07 704.55 807.03 757.76 30.89

Feb-07 743.75 876.28 825.94 31.69

Mar-07 691.88 816.23 757.42 33.39

Apr-07 762.48 853.78 815.27 31.71

May-07 836.58 999.33 874.12 44.62

Jun-07 935.43 1098.03 1003.24 53.81

Jul-07 1117.45 1333.78 1211.44 56.32

Aug-07 1152.58 1294.2 1226.69 42.09

Sep-07 1282.7 1448.43 1338.46 57.5

Oct-07 1407.3 2126.5 1689.48 213.94

Nov-07 1970.95 2252.75 2116.4 77.07

Dec-07 1983.9 2154.8 2086.64 51.73

Jan-08 1769.18 2166.35 1992.7 117.99

Feb-08 1634.53 1927.53 1772.52 78.3

Mar-08 1351.75 1671.53 1487.09 85.74

Apr-08 1290.65 1503.7 1415.14 60.11

May-08 1354.55 1570.53 1457.05 59.51

Jun-08 1091.6 1458.13 1298.31 102.76

146

Jul-08 1070.18 1383.33 1234.67 81.41

Aug-08 1250.75 1444.95 1345.2 49

Sep-08 1172.68 1368.73 1291.77 49.33

Oct-08 723.8 1215.3 900.03 134.15

Nov-08 712.3 922.95 808.23 68.3

Dec-08 679.2 820.4 765.05 40.28

Jan-09 638.2 854.4 722.81 64.83

Feb-09 610.8 701.1 652.42 27.79

Mar-09 561.8 680 610.79 34.51

Apr-09 672.5 908.2 833.66 61.05

May-09 947.2 1405.6 1141.81 172.92

Jun-09 1397.75 1633.65 1514.84 70.89

Jul-09 1330.75 1607.7 1461.74 68.08

Aug-09 1411.9 1614.6 1505.24 55.84

Sep-09 1516 1683.6 1615.72 43.65

Oct-09 1556..80 1694.65 1638.77 48.07

Nov-09 1525.6 1656.2 1612.56 38.25

Dec-09 1609.35 1700 1656.45 27.56

Jan-10 1425.05 1693.25 1604.74 96.32

Feb-10 1396.8 1566.85 1461.88 39.57

Mar-10 1554.25 1659 1603.61 27.69

Apr-10 1570.6 1649.85 1608.76 28.26

May-10 1518.95 1657.95 1585.59 44.43

Jun-10 1592.95 1836.35 1722.41 73.84

Jul-10 1786.4 1937.3 1849.01 50.9

Aug-10 1775.5 1872.9 1819.68 27.61

Sep-10 1832.55 2046.2 1942.74 78.27

Oct-10 1989.45 2098.85 2032.13 29.51

Nov-10 1936.3 2171.25 2069.77 80.67

Dec-10 1935.4 2028.55 1977.68 28.5

Jan-11 1606.05 1979.65 1747.45 116.4

Feb-11 1528.05 1581.1 1582 61.7

Mar-11 1506.65 1662 1575.51 51.03

Apr-11 1597.9 1727.7 1682.93 32.14

May-11 1502.8 1651.9 1572.39 53.18

Jun-11 1646.2 1822.65 1713.73 49.74

Jul-11 1725.95 1861.25 1800.38 33.44

Aug-11 1531.35 1762.9 1622.48 57.18

Sep-11 1358.2 1705.95 1555.97 107.56

Oct-11 1294.4 1443.45 1374.52 40.38

Nov-11 1191.35 1392.85 1296.6 68.87

Dec-11 995.1 1331 1123.3 125.4

147

Jan-12 1008.75 1381.6 1194.09 111.14

Feb-12 1301.05 1449.1 1374.72 46.06

Mar-12 1236.05 1394.7 1305.3 38.9

Apr-12 1220.05 1358.05 1282.59 46.03

May-12 1138.85 1222.5 1177.73 24.17

Jun-12 1134.50 1397.35 1307.42 65.86




Larsen & Toubro Ltd. The volatility in closing prices, month to month closing prices

of Larsen & Toubro Ltd. were analyzed with statistical tool- Standard Deviation and

the result were found that the highly volatile months during different financial years

were: January 2006 (S.D. 28.33, Minimum Price 447.83 and Maximum Price






1979.65), December 2011 (S.D. 125.40, Minimum Price 995.1 and Maximum Price

1331), June 2012 (S.D. 65.86, Minimum Price 1134.50 and Maximum Price

1397.35) found and Lower volatile months were: June 2005 (S.D. 5.77, Minimum

Price 262.53 and Maximum Price 287.34), October 2006 (S.D. 9.43, Minimum Price

616.95 and Maximum Price 656.6), April 2007 (S.D. 31.17, Minimum Price 762.48,

and Maximum Price 853.78), February 2009 (S.D. 27.79, Minimum Price 610.8 and

Maximum Price 701.1), December 2009 (S.D. 27.56, Minimum Price 1609.35 and

Maximum Price 1700), August 2010 (S.D. 27.61, Minimum Price 1775.5 and




During the study period month of October, 2007 (S.D. 213.94) was found highly

volatile and month of June, 2005 (S.D. 5.77) was found lower volatile.

148

Table 5.9 Monthly Volatility of the Share Prices of ITC Ltd.

Months

Monthly Minimum

Prices

Monthly Maximum

Prices

Monthly Average

Prices

Standard

Deviations

Apr-05 45 48.39 46.28 0.86

May-05 46.92 53.32 49.55 1.61

Jun-05 51.27 94.98 52.61 0.91

Jul-05 54.48 58.95 56.52 1.19

Aug-05 55.43 57.94 56.86 0.68

Sep-05 57.63 71.58 64.63 4.36

Oct-05 57.63 68.33 61.97 3.21

Nov-05 60.78 69.63 65.12 2.29

Dec-05 66.7 72.35 69.66 1.58

Jan-06 70.28 78.33 73.62 2.62

Feb-06 76.28 86.3 81.18 2.49

Mar-06 86.6 99.43 90.31 4.02

Apr-06 94.63 102.78 99.66 2.08

May-06 82.55 104.65 96.11 7.12

Jun-06 72.98 91.13 81.54 5.05

Jul-06 81.93 92.33 96.68 3.31

Aug-06 84.05 95.63 89.07 2.89

Sep-06 90.9 95.33 92.96 1.36

Oct-06 92.15 97.25 93.92 1.55

Nov-06 89.18 95.45 92.24 1.78

Dec-06 84.18 95.13 89.09 3.45

Jan-07 81.33 89.58 85.86 2.55

Feb-07 82.6 88.68 86.87 1.59

Mar-07 70.48 86.25 75.57 4.42

Apr-07 73.3 80.88 78.14 2.33

May-07 79.98 85.5 82.07 1.52

Jun-07 75.35 82.38 77.55 1.74

Jul-07 76.13 85.9 78.56 3.04

Aug-07 76.1 86.18 82.07 2.73

Sep-07 85.33 96.95 91.08 3.1

Oct-07 87.45 94.8 91.49 1.79

Nov-07 84.45 102.58 91.33 4.84

Dec-07 93.55 105.15 97.97 3.08

Jan-08 91.98 115.55 105.28 6.81

Feb-08 92.4 104.8 100 3.04

Mar-08 91.63 103.18 96.11 3.18

Apr-08 100.4 109.9 104.87 1.84

May-08 102.85 114.23 110.48 3.08

Jun-08 91.98 111.18 101.04 5.47

Jul-08 80.15 95.85 89.57 4.72

149

Aug-08 91.05 97.75 93.91 2.06

Sep-08 92.02 98.25 95.7 1.54

Oct-08 74.53 96.15 83.3 5.56

Nov-08 79.3 87.4 84.45 2.13

Dec-08 82.75 90.18 86.33 1.89

Jan-09 82.43 89.85 85.72 1.6

Feb-09 88.95 91.9 90.41 0.75

Mar-09 79.1 93.33 86.39 3.73

Apr-09 90.25 96.6 93.86 1.53

May-09 91.08 102.83 94.61 3.04

Jun-09 91.93 101.5 97.73 2.26

Jul-09 95.68 125.03 109.54 8.22

Aug-09 110.83 124.15 116.7 3.93

Sep-09 112.33 117.38 114.96 1.35

Oct-09 116.25 132.25 125.92 3.93

Nov-09 124.2 134.58 128.7 2.63

Dec-09 122.08 129.23 126.42 2

Jan-10 122.08 128.23 126.11 1.78

Feb-10 116.03 126.68 123.54 2.01

Mar-10 120.98 134.48 128.52 3.91

Apr-10 131.03 135.58 133.24 1.34

May-10 129.48 141.58 133.15 3.49

Jun-10 138.78 152.63 145.97 4.3

Jul-10 145.43 154.93 150.39 2.44

Aug-10 153 165.05 158.83 3.27

Sep-10 162.6 178.8 169.92 6.06

Oct-10 167.25 178.8 172.11 2.77

Nov-10 167.8 177.5 173.33 2.92

Dec-10 166.65 174.65 169.42 2.6

Jan-11 162.95 179.9 172 4.18

Feb-11 169 159.3 157.04 3.49

Mar-11 167.8 181.45 172.93 3.73

Apr-11 182.5 193.3 188.03 3.75

May-11 182.55 193.35 187.34 2.62

Jun-11 185.05 202.45 193.03 3.94

Jul-11 195.85 208.3 202.54 3.27

Aug-11 194.95 208.9 200.94 3.47

Sep-11 189.4 203.2 197.52 3.8

Oct-11 191.6 215.15 203.91 6.38

Nov-11 192.25 212.85 204.26 7.48

Dec-11 195.5 206.4 201.11 3.3

Jan-12 198.4 209.35 203.7 3.32

Feb-12 198.8 212.3 204.99 3.57

150

Mar-12 205.05 226.85 215.43 7.99

Apr-12 224.05 249.1 238.70 8.58

May-12 227.3 244.5 234.59 4.92

Jun-12 225.85 258.95 243.55 8.06


Table 5.9 indicates the monthly minimum Prices, Monthly Maximum Prices,

Monthly Average Closing Prices and Standard Deviations of the share prices ITC

Ltd. The volatility of ITC Ltd. Company was analyzed with the help of Standard

Deviation. Monthly volatility was arrived at by applying the Standard Deviations.

During the different financial years (study period) the highly volatile months were:

September 2005 (S.D. 4.36, Minimum Price 57.63 and Maximum Price 71.58), May

2006 (S.D. 7.12, Minimum Price 82.55 and Maximum Price 104.65), January 2008

(S.D. 6.81, Minimum Price 91.88 and Maximum Price 115.55), October 2008 (S.D.

5.56, Minimum Price 74.53 and Maximum Price 96.15), July 2009 (S.D. 8.22,

Minimum Price 95.68 and Maximum Price 125.03), September 2010 ( S.D. 6.06,

Minimum Price 162.6 and Maximum Price 178.8), March 2012 (S.D. 7.99,

Minimum Price 205.05 and Maximum Price 226.85), April 2012 (S.D. 8.58,

Minimum Price 224.05 and Maximum Price 249.1) found and Lower volatile

months were: August 2005 (S.D. 0.68, Minimum Price 55.43 and Maximum price

57.94), September 2006 (S.D. 1.36, Minimum Price 90.9 and Maximum Price

95.33), May 2007 (S.D. 1.52, Minimum Price 79.98 and Maximum Price 85.5),



April 2010 (S.D. 1.34, Minimum Price 131.03 and Maximum Price 135.58), May

2011 (S.D. 2.62, Minimum Price 182.55 and Maximum Price 193.35), May 2012

(S.D. 4.92 , Minimum Price 227.3 and Maximum Price 244.5) found.

During the study period month of April, 2012 was found highly volatile (S.D. 8.58)

and month of August, 2005 (S.D. 0.68) was found lower volatile.

151

Table 5.10 Monthly Volatility of the Share Prices of Hindustan Unilever Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly Average

Prices

Standard

Deviations

Apr-05 127.55 143.40 133.32 4.06

May-05 127.85 144.50 133.11 4.07

Jun-05 142.50 163.60 151.73 6.54

Jul-05 155.35 166.95 160.81 3.24

Aug-05 160.20 174.05 166.36 3.84

Sep-05 164.90 184.40 172.80 6.08

Oct-05 157.40 184.85 172.65 7.45

Nov-05 162.55 191.95 174.06 7.97

Dec-05 184.50 197.25 190.25 3.88

Jan-06 184.40 196.30 190.66 3.94

Feb-06 190.30 248.40 221.04 20.90

Mar-06 242.20 273.25 254.88 9.34

Apr-06 271.95 290.65 281.51 5.55

May-06 228.30 249.05 262.31 21.62

Jun-06 186.15 241.75 215.40 12.95

Jul-06 223.85 245.35 235.96 6.32

Aug-06 219.45 239.80 230.26 6.04

Sep-06 229.10 258.65 245.91 9.16

Oct-06 224.95 249.95 235.82 7.30

Nov-06 235.50 252.80 243.11 5.35

Dec-06 216.55 240.45 227.52 8.21

Jan-07 208.20 224.10 216.24 5.20

Feb-07 176.15 209.00 199.37 9.07

Mar-07 167.80 205.25 185.10 10.74

Apr-07 195.80 214.70 205.71 5.19

May-07 185.45 202.50 195.90 4.52

Jun-07 186.70 201.25 190.55 3.60

Jul-07 189.05 208.75 199.68 4.49

Aug-07 192.20 208.60 200.07 3.67

Sep-07 209.20 227.05 216.43 4.59

Oct-07 204.55 225.75 217.21 6.17

Nov-07 192.20 210.25 201.17 5.85

Dec-07 205.50 218.60 211.55 3.92

Jan-08 186.25 237.25 213.08 15.06

Feb-08 193.05 227.35 211.04 9.39

Mar-08 221.75 244.95 229.93 7.26

Apr-08 232.40 253.00 243.04 5.82

May-08 231.25 251.10 242.03 6.40

Jun-08 206.10 237.85 227.35 9.55

Jul-08 196.45 239.70 219.44 12.94

152

Aug-08 234.00 247.50 230.41 3.55

Sep-08 238.00 254.50 246.87 4.58

Oct-08 208.20 256.15 236.59 14.35

Nov-08 233.55 251.80 238.99 5.73

Dec-08 232.20 265.45 246. 89 9.95

Jan-09 243.55 263.50 252.85 5.56

Feb-09 249.20 267.75 257.11 5.16

Mar-09 216.50 244.60 234.35 6.73

Apr-09 225.10 242.10 235.38 4.97

May-09 221.65 239.90 230.71 4.72

Jun-09 232.85 267.10 256.26 9.54

Jul-09 263.20 298.75 273.26 8.29

Aug-09 249.45 294.05 265.59 11.64

Sep-09 255.95 274.00 262.89 4.72

Oct-09 256.15 292.95 281.28 6.84

Nov-09 264.55 286.65 275.79 6.45

Dec-09 261.25 279.70 268.98 5.21

Jan-10 244.10 266.05 259.81 5.38

Feb-10 229.70 245.00 236.31 4.61

Mar-10 219.60 242.65 232.96 6.73

Apr-10 221.30 242.35 230.94 7.09

May-10 228.85 240.40 234.43 3.21

Jun-10 233.70 270.80 255.83 9.32

Jul-10 251.10 272.30 262.40 5.03

Aug-10 253.55 272.75 263.17 6.04

Sep-10 266.75 314.65 286.94 15.71

Oct-10 291.30 309.80 299.04 5.35

Nov-10 293.40 318.90 300.79 6.49

Dec-10 290.50 312.30 297.52 5.30

Jan-11 271.00 325.65 300.71 15.87

Feb-11 268.70 282.10 275.61 3.96

Mar-11 265.90 288.85 276.32 6.78

Apr-11 273.50 288.90 280.47 4.72

May-11 267.30 310.50 296.56 13.72

Jun-11 308.20 342.75 318.96 7.82

Jul-11 322.20 336.75 331.23 3.69

Aug-11 310.35 323.40 318.15 3.24

Sep-11 319.45 352.60 335.09 9.97

Oct-11 322.05 375.25 334.59 11.77

Nov-11 375.20 398.60 387.72 6.15

Dec-11 383.15 419.30 398.95 11.17

Jan-12 389.35 407.70 393.07 5.88

Feb-12 378.40 400.70 386.27 5.29

153

Mar-12 380.15 416.05 392.41 12.02

Apr-12 416.90 434.90 427.50 5.14

May-12 399.50 426.80 416.14 7.45

Jun-12 408.1 460.35 440.67 16.44




Hindustan Unilever Ltd. .The volatility in closing prices, month to month closing

prices of Hindustan Unilever Ltd. were analyzed with statistical tool- Standard

Deviation and the result were found that the highly volatile months during different

financial years were: February 2006 (S.D. 20.90, Minimum Price 190.30 and

Maximum Price 248.40), May 2006 ( S.D. 21.62, Minimum Price 228.30 and



Maximum Price 256.15), August 2009 (S.D. 11.64, Minimum Price 249.45 and

Maximum Price 294.05), January 2011 (S.D. 15.87, Minimum Price 271 and


Maximum Price 310.50), June 2012 (S.D.. 16.44, and Minimum Price 408.1 and

Maximum Price 460.35) found and Lower volatile months were: July 2005 (S.D.

3.24, Minimum Price 155.35 and Maximum Price 166.95), January 2007 (S.D. 5.20,

Minimum Price 208.20 and Maximum Price 224.10), June 2007 (S.D. 3.60,

Minimum Price 186.70 and Maximum Price 201.25), August 2008 (S.D. 3.55,

Minimum Price 234 and Maximum Price 247.50), February 2010 (S.D. 4.61,

Minimum Price 229.70 and Maximum Price 245), May 2010 (S.D. 3.21, Minimum

Price 228.85 and Maximum Price 240.40), August 2011 (S.D. 3.24, Minimum Price

310.35 and Maximum Price 323.40), April 2012 (S.D.. 5.14, Minimum Price 416.90


During the study period month of May, 2006 (S.D. 21.62) found highly volatile and

month of May 2010 (S.D. 3.21) was found lower volatile.

154

Table 5.11 Monthly Volatility of the Share Prices of Bharat Heavy Electricals

Ltd.

Months

Monthly

Minimum Prices

Monthly Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 76.74 82.68 79.54 1.52

May-05 79.30 90.99 84.76 2.84

Jun-05 84.70 88.86 86.91 1.20

Jul-05 85.58 100.66 91.47 5.19

Aug-05 99.28 112.10 106.49 3.03

Sep-05 107.38 122.41 111.54 4.32

Oct-05 108.97 127.84 117.50 5.02

Nov-05 112.25 146.78 129.82 9.67

Dec-05 132.74 145.53 133.97 2.87

Jan-06 138.92 179.75 153.60 11.50

Feb-06 179.43 202.62 187.24 4.93

Mar-06 208.23 224.70 213.78 4.11

Apr-06 228.33 239.48 233.82 3.16

May-06 189.37 240.19 217.32 20.56

Jun-06 160.47 199.51 184.08 9.57

Jul-06 175.93 204.51 189.98 7.81

Aug-06 210.36 228.38 221.30 5.76

Sep-06 222.97 239.29 229.61 5.13

Oct-06 230.16 247.46 239.14 5.80

Nov-06 238.39 252.87 245.96 3.81

Dec-06 227.79 264.93 243.74 13.28

Jan-07 214.41 251.73 230.17 9.70

Feb-07 217.68 251.12 237.81 10.99

Mar-07 195.58 228.15 212.48 10.51

Apr-07 215.36 255.39 245.72 10.36

May-07 242.96 285.62 260.48 13.13

Jun-07 262.31 307.65 279.94 13.32

Jul-07 306.60 367.09 328.88 17.33

Aug-07 311.77 377.83 342.17 17.72

Sep-07 376.46 408.14 387.50 10.19

Oct-07 398.01 530.91 458.02 37.53

Nov-07 497.02 574.77 540.59 20.87

Dec-07 473.77 564.51 520.36 28.84

Jan-08 397.04 516.89 462.28 39.38

Feb-08 375.62 464.72 422.63 25.05

Mar-08 359.21 419.89 393.64 20.10

Apr-08 326.82 379.40 360.99 15.57

May-08 319.98 381.85 349.67 16.92

Jun-08 272.29 319.13 291.30 14.14

155

Jul-08 271.06 354.40 307.41 23.36

Aug-08 325.78 365.45 346.75 11.06

Sep-08 301.90 358.11 334.13 14.98

Oct-08 216.05 318.20 261.30 34.87

Nov-08 238.84 302.54 265.79 14.98

Dec-09 253.96 287.57 271.51 9.64

Jan-09 264.06 294.17 277.10 7.96

Feb-09 261.56 293.36 277.40 7.94

Mar-09 256.86 314.03 281.87 15.94

Apr-09 294.41 334.10 318.53 13.19

May-09 321.16 434.98 374.32 40.20

Jun-09 406.59 470.56 435.31 15.22

Jul-09 392.37 455.12 431.77 18.11

Aug-09 429.68 468.71 451.70 13.69

Sep-09 439.33 465.03 450.95 6.07

Oct-09 443.42 503.43 481.00 17.10

Nov-09 430.70 455.90 448.24 6.83

Dec-09 439.93 481.96 460.64 14.24

Jan-10 459.48 486.66 476.28 7.29

Feb-10 459.01 480.87 471.08 6.29

Mar-10 467.34 490.96 479.35 6.54

Apr-10 483.82 512.75 499.26 7.30

May-10 450.98 493.50 470.93 13.05

Jun-10 455.18 495.50 476.91 12.76

Jul-10 471.95 494.75 484.88 6.87

Aug-10 481.64 505.02 496.21 5.37

Sep-10 478.52 500.13 491.25 5.85

Oct-10 489.14 533.29 509.49 11.95

Nov-10 420.01 507.97 471.09 28.51

Dec-10 441.94 468.04 457.09 9.02

Jan-11 430.65 468.82 447.94 11.26

Feb-11 395.00 439.85 419.28 14.12

Mar-11 384.38 425.27 403.54 12.76

Apr-11 398.50 446.20 427.09 16.12

May-11 384.18 414.88 401.43 10.90

Jun-11 381.32 409.31 388.58 7.96

Jul-11 364.98 409.94 389.51 11.63

Aug-11 336.65 364.99 351.56 7.22

Sep-11 317.94 358.01 336.80 11.54

Oct-11 314.95 336.75 323.69 6.59

Nov-11 255.70 334.85 296.58 27.44

Dec-11 228.75 288.80 253.30 18.93

Jan-12 236.45 281.65 263.33 13.32

156

Feb-12 254.90 317.95 281.46 22.34

Mar-12 248.95 299.05 273.63 15.77

Apr-12 224.90 273.55 249.16 14.81

May-12 201.40 227.20 214.14 6.80

Jun-12 206.70 232.1 217.41 5.68




Bharat Heavy Electricals Ltd. The volatility in closing prices, month to month

closing prices of Bharat Heavy Electricals Ltd. were analyzed with statistical tool-

Standard Deviation and the result were found that the highly volatile months during

different financial years were: January 2006 (S.D. 11.50, Minimum Price 138.92 and



Maximum Price 516.89), October 2008(S.D.34.87, Minimum Price 216.05 and

Maximum Price 318.20),May 2009 (S.D.40.20 , Minimum Price 321.16 and



Maximum Price 334.85), April 2012 (S.D. 14.81 , Minimum Price 224.90 and

Maximum Price 273.55) found and Lower volatile months were: June 2005

(S.D.1.20, Minimum Price 84.70 and Maximum Price 88.86), April 2006 (S.D. 3.16,

Minimum Price 228.33 and Maximum Price239.48), September 2007 (S.D. 10.19,

Minimum Price 376.46 and Maximum Price 408.14), February 2009 (S.D. 7.94,

Minimum Price 261.56 and Maximum Price 293.36), September 2009 (S.D. 6.07,

Minimum Price 439.33 and Maximum Price 465.03), August 2010 (S.D.5.37,

Minimum Price 481.67 and Maximum Price 505.02), October 2011 (S.D. 6.59,

Minimum Price 314.95 and Maximum Price 336.75), June 2012 (S.D.5.68,


During the study period month of May, 2009 (S.D. 40.20) was found highly volatile

and month of June, 2005 (S.D. 1.20) was found lower volatile.

157

Table 5.12 Monthly Volatility of the Share Prices of Reliance Industries Ltd.

Months

Monthly Minimum

Prices

Monthly Maximum

Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 208.98 232.03 221.62 6.33

May-05 211.55 224.98 217.60 3.32

Jun-05 215.33 266.46 241.62 17.82

Jul-05 249.53 285.73 267.58 11.06

Aug-05 278.56 301.61 288.39 5.20

Sep-05 295.43 328.54 309.09 10.12

Oct-05 301.32 327.64 313.64 7.69

Nov-05 311.42 344.76 331.38 10.69

Dec-05 338.33 362.48 347.74 6.61

Jan-06 344.05 377.89 360.27 11.10

Feb-06 346.65 360.20 353.21 4.45

Mar-06 353.95 398.13 378.49 15.65

Apr-06 414.28 510.85 455.99 37.28

May-06 465.80 585.05 514.64 38.32

Jun-06 412.63 529.38 470.44 28.71

Jul-06 483.78 549.18 513.86 22.08

Aug-06 477.50 564.63 521.13 29.09

Sep-06 543.83 589.15 568.48 11.87

Oct-06 571.60 589.15 568.48 11.87

Nov-06 622.50 616.38 593.10 14.48

Dec-06 604.03 653.03 634.54 8.08

Jan-07 636.65 650.38 632.23 10.71

Feb-07 677.30 690.90 665.74 21.11

Mar-07 629.60 709.13 695.84 10.00

Apr-07 656.75 689.60 663.42 16.92

May-07 790.70 799.93 730.31 46.84

Jun-07 830.08 887.63 836.82 36.60

Jul-07 842.25 970.50 900.19 44.92

Aug-07 869.58 979.75 908.28 28.87

Sep-07 977.78 1199.80 1057.44 78.81

Oct-07 1144.68 1413.83 1290.76 69.29

Nov-07 1327.75 1443.75 1387.14 39.08

Dec-07 1352.38 1466.10 1421.30 34.31

Jan-08 1179.03 1608.15 1408.03 133.58

Feb-08 1137.43 1308.00 1249.26 46.22

Mar-08 1072.68 1188.10 1134.25 32.78

Apr-08 1161.10 1326.50 1260.25 59.89

May-08 1200.83 1337.43 1289.13 40.64

Jun-08 1011.10 1203.40 1112.06 49.62

Jul-08 972.68 1153.28 1049.19 45.88

158

Aug-08 1036.85 1171.13 1120.95 34.45

Sep-08 936.80 1106.78 1011.96 48.45

Oct-08 507.75 953.63 716.03 119.30

Nov-08 529.30 727.60 596.11 54.99

Dec-09 534.75 693.40 617.91 48.33

Jan-09 540.45 684.03 606.26 41.99

Feb-09 626.65 700.75 656.28 24.77

Mar-09 574.55 783.28 670.29 71.90

Apr-09 789.73 912.78 865.51 29.28

May-09 929.68 1179.60 1028.32 81.60

Jun-09 976.23 1178.40 1073.01 65.23

Jul-09 873.93 1028.68 963.34 43.80

Aug-09 941.73 1037.63 998.99 26.61

Sep-09 966.05 1100.60 1047.42 40.22

Oct-09 965.63 1112.38 1056.00 41.12

Nov-09 910.33 1097.75 1038.72 49.22

Dec-09 1010.45 1101.55 1064.95 26.97

Jan-10 1025.85 1120.85 1076.08 26.66

Feb-10 964.35 1046.60 1000.10 23.23

Mar-10 983.60 1099.00 1047.94 39.24

Apr-10 1017.00 1129.00 1083.76 34.40

May-10 1045.05 1023.55 1028.69 27.56

Jun-10 1086.90 1011.55 1046.22 27.31

Jul-10 1009.60 1076.15 1055.40 18.71

Aug-10 918.85 1026.20 979.38 24.81

Sep-10 925.60 1039.70 987.37 32.82

Oct-10 1006.45 1096.50 1058.74 26.37

Nov-10 962.55 1112.00 1045.38 49.92

Dec-10 984.35 1071.45 1038.57 24.35

Jan-11 914.50 1084.00 1004.12 50.59

Feb-11 895.65 996.35 938.68 28.07

Mar-11 976.15 1047.80 1007.56 22.87

Apr-11 937.85 1049.85 1017.98 22.65

May-11 901.80 964.70 937.38 18.82

Jun-11 834.60 956.20 903.05 39.76

Jul-11 827.70 882.15 861.68 13.84

Aug-11 719.50 835.10 772.55 31.30

Sep-11 759.20 853.50 812.77 24.32

Oct-11 767.25 898.00 836.10 35.42

Nov-11 754.00 884.60 827.13 47.70

Dec-11 692.90 810.80 752.42 32.72

Jan-12 699.25 817.60 750.88 38.11

Feb-12 781.20 858.05 830.94 18.99

159

Mar-12 724.85 818.65 771.41 32.30

Apr-12 731.45 752.45 742.50 5.95

May-12 676.20 743.35 700.43 17.59

Jun-12 683.7 737.45 718.50 13.37




Reliance Industries Ltd. The volatility in closing prices, month to month closing

prices of Reliance Industries Ltd. were analyzed with statistical tool- Standard


financial years were: June 2005 (S.D. 17.82, Minimum Price 215.33 and Maximum

Price 266.46), May 2006 (S.D. 38.32, Minimum Price 465.80 and Maximum Price


1608.15), October 2008 (S.D.119.30, Minimum Price 507.75 and Maximum Price


1179.60), January 2011 (S.D. 50.59 , Minimum Price 914.50 and Maximum Price

1084), November 2011 (S.D. 47.70, Minimum Price 754 and Maximum Price

884.60), May 2012 (S.D.. 17.59, Minimum Price 676.20 and Maximum Price

743.35) found and Lower volatile months were: May 2005 (S.D. 3.32, Minimum

Price 211.55 and Maximum Price 224.98), December 2006 (S.D. 8.08, Minimum


656.75 and Maximum Price 689.60), February 2009 (S.D. 24.77, Minimum Price

626.45 and Maximum Price 700.75), February 2010 (S.D. 23.23, Minimum Price



827.70 and Maximum Price 882.15), April 2012 (S.D.. 5.95, Minimum Price

731.45 and Maximum Price 752.45) found.

During the study period month of January, 2008 (S.D. 133.58) was found highly


160

Table 5.13 Monthly Volatility of the Share Prices of Hindalco Industries Ltd.

Months

Monthly Minimum

Prices

Monthly

Maximum. Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 101.33 117.51 110.57 4.99

May-05 96.54 104.18 101.44 2.51

Jun-05 92.16 103.69 97.74 3.88

Jul-05 101.63 110.21 106.26 2.18

Aug-05 108.02 123.04 117.15 3.96

Sep-05 122.26 137.33 127.50 4.20

Oct-05 97.45 130.42 113.26 10.58

Nov-05 100.01 116.58 111.18 4.41

Dec-05 112.54 133.29 122.29 6.59

Jan-06 132.60 149.63 139.37 4.85

Feb-06 138.64 152.53 144.94 4.80

Mar-06 141.59 166.47 149.65 7.81

Apr-06 166.79 203.74 183.34 11.68

May-06 161.52 220.81 190.13 21.24

Jun-06 130.33 163.16 146.83 8.10

Jul-06 141.00 165.52 152.23 7.08

Aug-06 143.09 160.30 150.27 5.20

Sep-06 151.72 166.97 156.75 4.34

Oct-06 155.53 171.96 164.27 6.10

Nov-06 155.44 173.19 163.74 5.57

Dec-06 151.99 166.52 157.89 3.54

Jan-07 149.31 164.06 154.98 4.67

Feb-07 126.79 166.15 143.67 14.73

Mar-07 115.22 125.16 119.44 2.96

Apr-07 115.85 135.74 128.36 6.45

May-07 127.61 135.28 132.00 1.99

Jun-07 128.02 155.35 145.41 7.91

Jul-07 140.05 169.38 154.51 11.46

Aug-07 123.71 147.45 137.39 7.58

Sep-07 139.78 156.17 145.21 5.10

Oct-07 146.68 179.73 165.69 10.18

Nov-07 164.25 197.61 176.93 9.72

Dec-07 170.83 195.07 183.15 7.32

Jan-08 136.55 199.70 172.64 20.12

Feb-08 136.15 185.08 162.12 15.13

Mar-08 139.69 188.94 162.10 16.03

Apr-08 151.40 179.95 163.61 9.24

May-08 157.57 185.27 171.44 8.26

Jun-08 126.52 167.33 151.54 13.79

Jul-08 121.71 140.91 130.65 5.44

161

Aug-08 117.17 131.33 124.91 4.40

Sep-08 96.65 126.60 114.54 9.65

Oct-08 40.40 98.55 71.57 19.36

Nov-08 50.00 66.80 56.35 5.19

Dec-08 48.55 56.00 52.19 2.04

Jan-09 43.60 58.25 49.97 4.51

Feb-09 38.60 46.10 42.81 2.69

Mar-09 37.30 55.05 44.80 5.90

Apr-09 52.65 62.15 56.53 2.64

May-09 61.25 84.70 73.85 7.30

Jun-09 81.55 101.50 90.24 5.49

Jul-09 70.65 100.20 84.51 8.12

Aug-09 105.85 108.20 106.00 3.25

Sep-09 102.85 137.70 121.68 11.79

Oct-09 118.15 141.35 130.83 7.21

Nov-09 109.15 138.05 130.18 6.66

Dec-09 137.15 162.05 146.65 7.43

Jan-10 147.25 17.52 164.79 8.61

Feb-10 134.20 161.25 147.25 7.93

Mar-10 159.95 183.95 171.36 6.91

Apr-10 174.80 186.70 180.26 3.23

May-10 137.70 175.45 159.36 10.08

Jun-10 132.20 153.45 144.70 5.62

Jul-10 141.60 160.90 151.31 6.15

Aug-10 163.45 179.70 167.58 4.94

Sep-10 170.40 197.25 186.47 7.85

Oct-10 202.90 221.15 211.95 5.19

Nov-10 199.60 234.05 217.53 10.63

Dec-10 209.85 246.00 227.65 10.66

Jan-11 222.80 250.75 234.44 7.55

Feb-11 200.20 245.70 218.46 12.80

Mar-11 191.10 212.75 205.04 6.34

Apr-11 204.10 22.75 213.89 5.37

May-11 197.10 213.40 196.98 7.46

Jun-11 166.80 197.30 179.22 8.74

Jul-11 168.00 195.70 180.60 7.02

Aug-11 137.75 168.60 150.68 9.50

Sep-11 131.30 154.20 144.06 9.28

Oct-11 120.15 142.20 127.80 5.17

Nov-11 113.60 139.65 126.60 7.60

Dec-11 115.75 137.55 125.59 6.52

Jan-12 112.25 146.65 131.33 11.70

Feb-12 139.85 162.30 153.13 5.65

162

Mar-12 124.80 150.65 136.71 7.33

Apr-12 116.30 133.10 124.57 4.71

May-12 107.00 120.00 113.60 3.92

Jun-12 114.5 123.4 119.35 2.94


Table 5.13 reveals the monthly minimum Prices, Monthly Maximum Prices,


Hindalco Industries Ltd. The volatility in closing prices, month to month closing

prices of Hindalco Industries Ltd. were analyzed with statistical tool - Standard


financial years were: October 2005 (S.D. 10.58, Minimum Price 97.45 and

Maximum Price 130.42), May 2006 ( S.D. 21.24, Minimum Price 161.52 and



Maximum Price 98.55), September 2009 (S.D. 11.79, Minimum Price 102.85 and

Maximum Price 137.70), February 2011 (S.D. 12.80, Minimum Price 200.20 and


Maximum Price 146.65 ), April 2012 (S.D. 4.71, Minimum Price 116.30 and

Maximum Price 133.10) found and Lower volatile months were: July 2005 (S.D.

2.18, Minimum Price 101.63 and Maximum Price 110.21), March 2007 (S.D. 2.96,

Minimum Price 115.22 and Maximum Price 125.16) May 2007 (S.D. 1.99,

Minimum Price 127.61 and Maximum Price 135.28), December 2008 (S.D. 2.04,

Minimum Price 48.55 and Maximum Price 56), April 2009 (S.D. 2.64, Minimum


174.80 and Maximum Price 186.70), October 2011 (S.D. 5.17, Minimum Price

120.15 and Maximum Price 142.20), June 2012 (S.D. 2.94, Minimum Price 114.5


During the study period month of May, 2006 (S.D. 21.24) was found highly volatile

and month of May, 2007 (S.D. 1.99) was found lower volatile.

163

Table 5.14 Monthly Volatility of the Share Prices of ONGC Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 135.23 152.74 144.06 4.75

May-05 137.42 153.56 145.32 4.20

Jun-05 150.27 170.13 157.10 4.93

Jul-05 152.70 164.48 157.12 4.23

Aug-05 157.69 167.33 161.53 2.94

Sep-05 162.61 178.83 168.90 4.93

Oct-05 153.02 179.91 164.93 9.57

Nov-05 155.28 174.93 166.02 6.06

Dec-05 170.65 198.65 189.37 9.21

Jan-06 196.84 212.68 203.26 4.75

Feb-06 186.63 203.59 194.93 3.76

Mar-06 186.93 222.77 201.00 9.98

Apr-06 207.24 231.08 217.93 5.71

May-06 185.44 247.41 218.30 18.12

Jun-06 160.18 187.70 173.44 7.95

Jul-06 171.39 197.02 184.35 7.00

Aug-06 193.60 206.53 199.88 2.83

Sep-06 191.68 204.71 196.79 3.62

Oct-06 188.15 203.93 193.12 3.94

Nov-06 201.00 220.21 214.73 4.40

Dec-06 197.28 222.03 212.30 6.60

Jan-07 218.06 231.21 225.70 4.10

Feb-07 197.65 227.71 218.92 8.76

Mar-07 190.55 219.54 201.78 9.46

Apr-07 207.10 243.20 223.46 10.39

May-07 221.70 233.40 227.75 3.12

Jun-07 213.68 233.98 223.32 6.11

Jul-07 218.56 236.49 225.36 4.26

Aug-07 195.68 222.03 209.57 8.45

Sep-07 206.96 242.91 218.67 12.59

Oct-07 234.93 311.98 273.76 22.55

Nov-07 285.30 341.53 306.09 15.95

Dec-07 287.50 313.94 301.95 8.33

Jan-08 236.06 335.95 293.17 36.69

Feb-08 234.36 268.58 252.86 8.97

Mar-08 238.80 268.74 250.72 9.29

Apr-08 250.06 263.75 256.21 4.43

May-08 213.43 260.94 239.49 16.73

Jun-08 203.68 238.30 215.62 8.79

Jul-08 197.56 256.81 229.22 16.60

164

Aug-08 245.39 275.85 258.51 8.92

Sep-08 238.18 275.39 260.84 10.73

Oct-08 155.24 260.73 205.99 33.71

Nov-08 162.60 201.44 177.49 10.11

Dec-08 160.96 183.21 169.39 6.29

Jan-09 155.25 180.94 165.13 7.01

Feb-09 159.84 180.40 171.34 5.55

Mar-09 162.09 202.00 181.37 13.70

Apr-09 200.96 226.73 215.90 6.42

May-09 203.24 293.98 240.12 26.79

Jun-09 266.78 294.10 274.13 15.51

Jul-09 246.59 291.13 266.29 12.55

Aug-09 282.64 305.05 292.77 5.38

Sep-09 285.61 296.96 291.38 3.51

Oct-09 283.18 314.56 298.54 9.38

Nov-09 279.59 299.91 291.42 5.24

Dec-09 290.45 300.46 296.45 2.52

Jan-10 274.95 307.61 294.23 11.71

Feb-10 271.94 284.88 276.23 3.32

Mar-10 263.63 278.16 270.70 4.19

Apr-10 250.68 273.55 261.09 7.06

May-10 256.74 291.80 266.51 9.97

Jun-10 286.10 330.10 301.33 12.06

Jul-10 309.79 326.26 317.21 4.74

Aug-10 307.93 336.11 318.04 7.58

Sep-10 330.63 364.38 347.45 9.82

Oct-10 325.59 351.53 338.87 7.28

Nov-10 307.85 344.79 325.14 11.16

Dec-10 322.13 336.11 328.04 4.09

Jan-11 276.26 322.99 295.51 13.23

Feb-11 262.95 298.50 279.91 11.28

Mar-11 263.90 290.10 274.48 6.02

Apr-11 283.20 317.75 296.88 9.60

May-11 262.65 309.35 288.75 15.87

Jun-11 255.75 284.50 271.38 8.37

Jul-11 268.65 287.05 277.53 3.76

Aug-11 263.15 286.75 277.40 5.02

Sep-11 254.70 274.70 261.88 4.68

Oct-11 263.60 284.60 270.06 5.90

Nov-11 246.30 278.25 263.39 10.33

Dec-11 247.30 273.00 259.98 6.79

Jan-12 255.80 278.55 265.61 7.91

Feb-12 272.20 293.35 282.85 5.64

165

Mar-12 257.95 293.85 275.61 9.78

Apr-12 259.45 273.40 266.69 4.12

May-12 243.00 266.95 254.12 6.35

Jun-12 246.3 284.7 266.9 9.95


Table 5.14 depicts the monthly minimum Prices, Monthly Maximum Prices,

Monthly Average Closing Prices and Standard Deviations of the share prices of Oil

and Natural Gas Corporation Ltd. The volatility in closing prices, month to month

closing prices of Oil and Natural Gas Corporation Ltd. were analyzed with

statistical- tool Standard Deviation and the result were found that the highly volatile

months during different financial years were: March 2006 (S.D. 9.98, Minimum


185.44 and Maximum Price 247.41), January 2008 ( S.D. 36.69, Minimum Price

236.06 and Maximum Price 335.95), October 2008 ( S.D. 33.71, Minimum Price

155.24 and Maximum Price 260.73), May 2009 (S.D. 26.79, Minimum Price 203.49

and Maximum Price 293.98), January 2011 (S.D. 13.23, Minimum Price 276.26 and

Maximum Price 322.99), May 2011( S.D. 15.87, Minimum Price 262.65 and


Maximum Price 284.7) found and Lower volatile months were: August 2005 (S.D.

2.94, Minimum Price 157.69 and Maximum Price 167.33), August 2006 (S.D. 2.83,

Minimum Price 193.60 and Maximum Price 206.53), May 2007 ( S.D. 3.12,

Minimum Price 221.70 and Maximum Price 233.40), April 2008 ( S.D. 4.43,




Minimum Price 268.65 and Maximum Price 287.05), April 2012(S.D.. 4.12,


During the study period month of January 2008 (S.D. 36.69) was found highly

volatile and month of December 2009 (S.D. 2.52) was found lower volatile.

166

Table 5.15 Monthly Volatility of the Share Prices of HDFC Bank Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly

Average Prices

Standard

Deviations

Apr-05 104.21 112.44 108.97 2.17

May-05 106.00 109.36 107.80 0.78

Jun-05 107.03 126.82 116.18 4.78

Jul-05 123.59 140.61 129.92 4.27

Aug-05 127.16 136.83 131.47 2.59

Sep-05 126.41 145.83 135.94 5.29

Oct-05 121.20 141.99 131.63 6.16

Nov-05 124.03 139.85 133.66 5.94

Dec-05 136.22 148.53 141.09 3.31

Jan-06 142.65 153.53 147.21 3.19

Feb-06 142.30 154.42 147.86 3.17

Mar-06 147.01 154.70 151.04 2.19

Apr-06 154.55 169.98 164.93 3.69

May-06 148.04 176.17 164.59 9.72

Jun-06 128.33 158.23 144.75 6.80

Jul-06 139.65 161.30 151.85 6.95

Aug-06 155.90 170.89 165.20 5.09

Sep-06 164.53 185.51 175.03 4.85

Oct-06 178.49 209.31 193.76 7.60

Nov-06 198.79 228.95 212.69 9.69

Dec-06 201.11 224.12 211.63 6.49

Jan-07 199.87 219.18 210.67 5.35

Feb-07 186.52 221.97 208.55 11.95

Mar-07 180.84 204.65 190.71 6.07

Apr-07 180.32 206.29 195.73 7.36

May-07 198.00 229.08 211.09 10.99

Jun-07 216.50 233.00 221.92 4.97

Jul-07 225.93 250.23 237.32 7.12

Aug-07 213.85 236.41 227.09 5.77

Sep-07 234.78 287.81 253.36 18.66

Oct-07 271.45 330.62 293.69 17.18

Nov-07 295.10 351.75 327.83 14.52

Dec-07 329.34 356.80 342.28 7.69

Jan-08 287.93 357.58 328.10 20.20

Feb-08 279.78 313.68 298.83 10.88

Mar-08 246.34 288.23 267.62 12.49

Apr-08 258.43 309.50 278.04 17.64

May-08 264.88 308.59 288.64 15.08

Jun-08 200.46 261.31 229.78 16.58

Jul-08 180.72 242.84 209.37 15.88

167

Aug-08 221.46 261.74 243.12 10.45

Sep-08 236.88 268.29 252.26 8.33

Oct-08 186.47 258.73 217.45 19.97

Nov-08 164.45 222.15 194.16 20.52

Dec-08 176.36 212.07 191.89 11.28

Jan-09 174.47 220.09 191.80 12.38

Feb-09 171.38 189.37 179.42 5.49

Mar-09 159.77 199.32 174.34 13.97

Apr-09 199.43 223.10 214.49 5.99

May-09 228.70 288.47 256.05 22.76

Jun-09 274.92 311.12 295.90 11.97

Jul-09 272.08 303.28 286.92 9.09

Aug-09 275.83 298.74 288.46 7.14

Sep-09 287.12 328.45 303.25 12.97

Oct-09 323.00 344.99 334.31 6.52

Nov-09 321.26 360.41 343.87 10.98

Dec-09 329.90 365.97 347.30 11.93

Jan-10 318.98 355.66 338.89 9.79

Feb-10 313.33 340.93 326.50 10.43

Mar-10 348.93 392.99 367.31 12.71

Apr-10 380.25 398.32 390.18 4.44

May-10 360.63 394.19 379.39 10.53

Jun-10 370.98 400.31 387.14 10.24

Jul-10 381.43 425.49 404.85 13.16

Aug-10 414.99 446.23 427.49 10.19

Sep-10 429.96 498.28 469.49 24.61

Oct-10 451.22 499.88 475.83 14.15

Nov-10 457.84 479.49 469.57 7.12

Dec-10 432.29 478.49 453.44 15.44

Jan-11 408.57 478.10 432.05 21.77

Feb-11 400.82 440.14 415.79 11.94

Mar-11 427.26 468.59 442.25 11.89

Apr-11 458.50 480.76 471.25 6.43

May-11 444.05 477.66 454.30 7.12

Jun-11 460.70 500.52 474.98 9.58

Jul-11 487.40 514.40 503.42 7.43

Aug-11 438.70 487.95 465.82 13.25

Sep-11 450.15 493.40 473.43 11.96

Oct-11 438.35 491.10 470.46 15.40

Nov-11 426.70 484.70 458.63 20.27

Dec-11 406.05 465.95 438.67 15.95

Jan-12 427.20 490.90 466.67 18.89

Feb-12 496.70 532.95 518.52 11.41

168

Mar-12 498.65 527.05 513.94 7.13

Apr-12 522.95 554.20 536.02 9.34

May-12 487.00 552.55 509.60 18.04

Jun-12 491.45 563.5 534.82 18.12




HDFC Bank. The volatility in closing prices, month to month closing prices of

HDFC Bank were analyzed with statistical tool- Standard Deviation and the result

were found that the highly volatile months during different financial years were:

October 2005 (S.D. 6.16, Minimum Price 121.21 and Maximum Price 146.99),


January 2008 (S.D. 20.20, Minimum Price 287.93 and Maximum Price 357.58),

November 2008(S.D.20.52, Minimum Price 164.45 and Maximum Price 222 .15),

May 2009 (S.D. 22.76 , Minimum Price 228.70 and Maximum Price 288.47),

September 2010 (S.D.24.61, Minimum Price 429.96 and Maximum Price 498.28),

November 2011 (S.D. 20.27, Minimum Price 426.70 and Maximum Price 484.70),

June 2012 (S.D. 18.12 , Minimum Price 491.45 and Maximum Price 563.5) found

and Lower volatile months were: May 2005 (S.D. 0.78, Minimum Price 106 and



Maximum Price 233), February 2009 (S.D.5.49, Minimum Price 171.38 and

Maximum Price189.37), April 2009 (S.D. 5.99, Minimum Price 199.43 and



Maximum Price 480.76), April 2012 (S.D.. 9.34, Minimum Price 522.95 and


During the study period month of September, 2010 (S.D. 24.61) was found highly


169

Table 5.16 Monthly Volatility of the Share Prices of ICICI Bank Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly

Average

Prices

Standard

Deviations

Apr-05 360.20 424.55 398.50 16.79

May-05 361.50 402.70 388.95 12.07

Jun-05 392.25 432.55 412.77 11.84

Jul-05 421.30 536.00 455.20 33.62

Aug-05 471.75 533.30 496.25 16.49

Sep-05 481.75 600.35 543.15 41.72

Oct-05 480.65 593.30 519.55 31.69

Nov-05 497.15 545.65 523.78 16.89

Dec-05 529.95 587.80 562.91 18.22

Jan-06 559.25 619.35 589.19 18.39

Feb-06 570.60 627.95 597.53 13.73

Mar-06 589.25 620.15 602.15 8.96

Apr-06 561.60 621.60 586.09 16.98

May-06 536.05 661.30 604.62 40.94

Jun-06 454.50 551.00 501.65 23.38

Jul-06 467.00 554.05 502.55 26.26

Aug-06 547.30 600.10 582.55 17.13

Sep-06 596.35 708.40 642.35 33.13

Oct-06 687.15 785.45 723.60 29.90

Nov-06 767.75 887.75 838.95 44.80

Dec-06 805.60 898.85 865.47 23.72

Jan-07 882.80 985.75 940.84 37.62

Feb-07 831.90 997.90 944.25 41.31

Mar-07 810.65 899.30 851.75 25.00

Apr-07 803.95 964.05 882.34 48.46

May-07 841.45 950.70 895.13 36.76

Jun-07 901.90 955.30 929.52 18.85

Jul-07 914.25 1005.40 964.80 22.22

Aug-07 825.80 915.30 867.50 25.50

Sep-07 883.85 1063.15 943.70 52.70

Oct-07 1016.35 1257.00 1104.43 72.59

Nov-07 1103.10 1330.60 1191.52 62.24

Dec-07 1140.40 1316.05 1210.43 51.26

Jan-08 1124.75 1439.90 1268.55 90.98

Feb-08 1035.70 1217.80 1135.58 53.59

Mar-08 757.40 1024.45 857.23 73.86

Apr-08 756.55 916.15 833.85 48.02

May-08 788.30 941.15 882.07 49.19

Jun-08 630.20 820.25 741.08 45.63

170

Jul-08 519.16 738.25 616.55 52.71

Aug-08 633.90 770.75 679.97 37.34

Sep-08 493.30 720.75 631.42 66.21

Oct-08 310.00 551.45 412.67 64.11

Nov-08 319.95 471.10 389.00 51.73

Dec-09 323.75 471.95 409.16 46.07

Jan-09 364.30 523.15 427.78 42.67

Feb-09 324.75 435.40 384.32 35.76

Mar-09 262.95 385.20 321.01 35.64

Apr-09 349.45 477.75 414.85 35.95

May-09 520.60 758.60 627.60 87.66

Jun-09 689.35 754.35 727.43 18.41

Jul-09 628.95 787.10 719.97 49.18

Aug-09 704.85 773.40 743.82 22.69

Sep-09 736.00 904.80 819.93 40.94

Oct-09 771.25 958.50 898.22 53.64

Nov-09 787.20 924.65 882.45 35.87

Dec-09 808.80 892.80 856.65 26.24

Jan-10 830.40 878.90 851.96 29.89

Feb-10 871.85 832.65 828.24 18.81

Mar-10 897.50 960.40 931.55 19.78

Apr-10 918.10 997.95 952.65 23.70

May-10 809.40 937.90 880.31 38.80

Jun-10 816.90 902.00 860.00 23.52

Jul-10 840.10 926.50 887.17 27.79

Aug-10 939.75 1012.55 974.49 18.89

Sep-10 994.60 1128.40 1080.39 45.48

Oct-10 1090.30 1161.65 1132.59 17.80

Nov-10 1117.25 1269.70 1199.73 52.33

Dec-10 1057.20 1190.15 1125.76 30.43

Jan-11 1000.70 1143.60 1044.56 36.42

Feb-11 951.10 1057.95 1004.43 34.68

Mar-11 996.45 112.75 1037.03 38.37

Apr-11 1082.20 1128.05 1107.31 11.59

May-11 1006.50 1098.20 1054.16 26.65

Jun-11 1014.35 1093.10 1050.62 23.24

Jul-11 1017.55 1099.10 1059.91 22.86

Aug-11 820.15 1043.65 916.18 68.37

Sep-11 844.65 919.30 878.05 18.19

Oct-11 778.95 932.95 866.47 39.69

Nov-11 714.15 895.15 795.71 65.14

Dec-11 652.40 787.65 716.49 37.26

Jan-12 696.45 902.00 796.82 58.86

171

Feb-12 886.90 991.05 934.63 29.79

Mar-12 853.20 953.85 898.40 28.88

Apr-12 838.65 907.55 869.64 18.05

May-12 784.30 881.70 819.04 23.60

Jun-12 781.7 899.6 832.68 26.80


Table 5.16 depicts the monthly minimum Prices, Monthly Maximum Prices,


ICICI Bank. The volatility in closing prices, month to month closing prices of ICICI

Bank were analyzed with statistical tool- Standard Deviation and the result were

found that the highly volatile months during different financial years were:


November 2006 (S.D. 44.80, Minimum Price 767.75 and Maximum Price 887.75),

January 2008 (S.D. 90.98, Minimum Price 1124.75 and Maximum Price1439.90),


May 2009 (S.D. 87.66, Minimum Price 520.60 and Maximum Price 758.60),

November 2010 (S.D. 52.33, Minimum Price 1117.25 and Maximum Price

1269.70), August 2011 (S.D. 68.37, Minimum Price 820.15 and Maximum Price

1043.65), June 2012 (S.D. 26.80, Minimum Price 781.7 and Maximum Price 899.6)

found and Lower volatile months were: March 2006 (S.D. 8.96, Minimum Price

589.25 and Maximum Price 620.15), April 2006 (S.D. 16.98, Minimum Price

561.60 and Maximum Price 621.60), June 2007 (S.D. 18.85, Minimum Price 901.90

and Maximum Price 955.30), March 2009 (S.D. 35.64, Minimum Price 262.95 and




Maximum Price 1128.05), April 2012 (S.D.. 18.05, Minimum Price 838.65 and


During the study period month of January, 2008 (S.D. 90.98) was found highly

volatile and month of March 2006 (S.D. 8.96) was found lower volatile.

172

Table 5.17 Monthly Volatility of the Share Prices of Wipro Ltd.

Months

Monthly

Minimum Prices

Monthly

Maximum Prices

Monthly Average

Prices

Standard

Deviations

Apr-05 172.91 204.2 191.94 8.79

May-05 188.42 217.2 198.61 8.79

Jun-05 210.23 229.67 220.92 5.22

Jul-05 208.8 223.44 215.57 4.15

Aug-05 210.93 219.86 216.44 2.6

Sep-05 213.81 229.38 224.16 3.82

Oct-05 21393 242.55 228.87 7.35

Nov-05 218.61 267.24 246.52 14.65

Dec-05 253.35 279.27 268.45 7.98

Jan-06 269.55 317.94 288.51 13.42

Feb-06 293.79 316.53 306.94 6.24

Mar-06 304.68 338.28 317.41 7.88

Apr-06 309.21 342.09 326.25 8.75

May-06 263.97 326.76 305.26 21.84

Jun-06 234.24 308.25 268.73 17.82

Jul-06 268.56 309.87 290.62 9.7

Aug-06 296.13 315.57 306.26 4.58

Sep-06 299.85 315.84 309.47 4.03

Oct-06 305.46 344.82 352.60 11.85

Nov-06 317.7 360.99 334.17 14.61

Dec-06 333.27 364.71 348.18 10.41

Jan-07 347.79 390.24 370.94 11.18

Feb-07 336.51 407.25 382.60 15.91

Mar-07 322.29 360.54 343.25 8.86

Apr-07 310.95 351.96 335.76 10.14

May-07 319.14 342.36 326.55 6.05

Jun-07 305.19 328.62 316.78 6.91

Jul-07 296.07 315.15 304.62 4.9

Aug-07 268.08 289.35 280.93 6.35

Sep-07 260.1 287.04 273.46 7.99

Oct-07 272.37 305.82 292.86 9.24

Nov-07 261.93 299.64 276.78 10.37

Dec-07 289.92 329.58 303.46 11.44

Jan-08 243.75 309.36 274.78 20.56

Feb-08 245.91 278.55 257.19 8.98

Mar-08 213.3 272.4 242.17 17.09

Apr-08 243.78 239.16 262.40 14.56

May-08 287.19 307.5 298.97 5.39

Jun-08 262.77 317.04 288.93 11.93

Jul-08 219.33 364 244.90 13.1

173

Aug-08 284.4 272.07 259.34 5.98

Sep-08 203.79 270.66 241.99 20.63

Oct-08 132.27 209.46 168.04 18.94

Nov-08 131.76 165.75 147.64 9.91

Dec-08 133.8 156.99 242.82 5.56

Jan-09 128.31 150.39 140.64 6.15

Feb-09 124.41 135.72 131.21 3.42

Mar-09 120.3 152.76 136.18 10.13

Apr-09 150.96 198.3 171.58 13.59

May-09 209.64 254.79 224.58 9.28

Jun-09 224.76 259.62 235.93 9.99

Jul-09 222.66 294.39 253.72 24.37

Aug-09 289.41 341.07 309.68 14.93

Sep-09 325.35 361.05 337.20 8.38

Oct-09 331.71 375.06 353.13 11.33

Nov-09 348.69 389.97 374.65 12.81

Dec-09 380.31 416.43 397.27 11.69

Jan-10 388.44 448.5 419.22 17.48

Feb-10 381.96 406.02 396.70 6.82

Mar-10 412.05 443.76 427.11 8.41

Apr-10 404.1 433.29 423.31 8.12

May-10 380.28 407.22 395.05 7.78

Jun-10 378.15 414.55 397.26 10.59

Jul-10 375.1 416.75 403.69 11.06

Aug-10 396.5 437.15 414.76 11.69

Sep-10 401.35 448.35 423.19 16.96

Oct-10 419.6 491.1 456.95 18.86

Nov-10 401.65 438.15 423.48 10.91

Dec-10 414.55 491.4 460.48 25.56

Jan-11 437.65 485.3 464.68 16.63

Feb-11 418.05 450.25 431.86 8.34

Mar-11 433.6 478.3 449.05 11.78

Apr-11 445.25 480.55 462.39 11.41

May-11 432.05 447.9 439.68 4.45

Jun-11 402.3 448.1 426.31 15.07

Jul-11 389.95 430.7 413.02 11.36

Aug-11 319.25 392.45 347.58 21.78

Sep-11 321.9 355.5 339.04 9.3

Oct-11 327.9 373.3 352.03 13.8

Nov-11 365.05 386.55 374.02 5.41

Dec-11 386.1 414.65 402.74 7.71

Jan-12 391 418.9 408.91 7.76

Feb-12 411.6 449.2 433.97 9.84

174

Mar-12 421.4 439.3 429.13 5.04

Apr-12 403.75 445.05 426.38 14.88

May-12 381.5 414.9 400.21 10.41

Jun-12 393.5 408.5 399.51 3.15


Table 5.17 depicts month to month volatility of the share prices of Wipro Ltd. was

assessed by applying standard deviation during the different financial year (study

period) the highly volatile months were: November 2005 (S.D. 14.65, Minimum


263.97 and Maximum Price 326.76), January 2008 (S.D. 20.56, Minimum Price

243.75 and Maximum Price 309.36), September 2008 (S.D. 20.63, Minimum Price

203.79 and Maximum Price 270.66), July 2009 (S.D. 24.37, Minimum Price 222.66

and Maximum Price 294.39), December 2010 (S.D. 25.56, Minimum Price 414.55

and Maximum Price 491.4), August 2011 (S.D. 21.78, Minimum Price 319.25 and


Maximum Price 445.05) found and Lower volatile months were: August 2005 (S.D.

2.6, Minimum Price 210.93 and Maximum Price 219.86), September 2006 (S.D.

4.03, Minimum Price 299.85 and Maximum Price 315.84), July 2007 (S.D. 4.9,

Minimum Price 296.07 and Maximum Price 315.15), February 2009 (S.D. 3.42,

Minimum Price 124.41 and Maximum Price 135.72) , February 2010 (S.D. 6.82,

Minimum Price 381.96 and Maximum Price 406.02), May 2010(S.D. 7.78,

Minimum Price 380.28 and Maximum Price 407.22), May 2011 (S.D. 4.45,

Minimum Price 432.05 and Maximum Price 447.9), June 2012 (S.D. 3.15, Minimum

Price 393.5 and Maximum Price 408.5) found.

During the study period month of December, 2010 (S.D. 25.56) was found highly

volatile and month of August, 2005 (S.D. 2.6) was found lower volatile

175

Table No. 5.18 Comparison of Volatility of Share Prices Sensex Representative

Companies

Name of the

Company

Highly volatile

months

Lower volatile

months

Average of

Standard

Deviations

Ranks

State Bank of India May, 2009 February,2006 71.79 1

Infosys Ltd. April, 2012 August, 2005 65.07 2

L&T Ltd. October, 2007 June,2005 51.04 3

Maruti Suzuki Ltd. July, 2009 May, 2007 36.44 4

ICICI Bank January, 2008 April, 2011 35.86 5

Reliance Industries January, 2008 May, 2005 33.05 6

Tata Steel Ltd. January, 2008 May, 2005 26.15 7

HDFC Ltd. September, 2010 May, 2005 16.57 8

BHEL May, 2009 June, 2005 12.69 9

Bharti Airtel Ltd. October, 2008 April, 2005 12.18 10

Wipro Ltd. December, 2010 August, 2005 10.83 11

HDFC Bank September, 2010 May,2005 10.39 12

ONGC Ltd. October, 2008 August, 2006 8.79 13

Hindalco Industries May, 2006 May, 2007 7.44 14

HUL Ltd. May, 2006 July, 2005 7.43 15

Tata Motors Ltd. May,2012 February, 2009 6.46 16

ITC Ltd. April,2012 August, 2005 3.23 17


Table 5.18 shows the highly volatile months, lower volatile months, average of

standard deviations and ranks of volatility of the share prices of the companies under

study. The Share prices of SBI, Infosys Ltd. and Larsen & Toubro Ltd. were found

highly volatile and the lower volatile shares were ITC Ltd., Tata Motors Ltd. and

HUL Ltd. during the study period (from April, 2005 to June, 2012).

RALPH NELSON ELLIOTT WAVE THEORY

The cycles of the secondary capital market are used by investors as well as traders of

shares and bonds. Highs and lows are graphed in the form of Elliott wave. The

Elliott Waves - gyrations provide rhythm of waves which facilitate the market

players to project the trends to arrive. The Elliott waves, when were applied on the

share- prices (from April 2005 to June 2012) of the “Sensex representative

companies” under study, it was observed that as compared to originally developed

waves patterns of some decades. The present waves patterns show their presence

now in short- duration (as depicted in the Graphs Nos. 1 to 17 of all the sensex

representative companies). The market prices gyrated between an impulsive or

motive phase, and a corrective phase during the study period.

176

Note: MACP - Monthly Average Closing Prices.

EW - Elliott Waves.

The result based on waves and trends thereof showed that gyrations could be

subdivided into set of ups and downs in the form of trends. After putting the data on

graphical-figure, it was observed/found that the bull as well as bear position were

there. The Graph No. 5.1 shows that Waves 1, 3 and 5 were motive (dominant).

Wave 2 corrects wave 1 and wave 4 corrects wave 3. After wave 5 the corrective

trends start. Wave A (Bear Market) corrects wave 5 and wave B prices reverse

higher and now Bull Market. In wave C prices move to lower side. In case of State

Bank of India the five wave pattern (dominant trend) and three wave pattern

(corrective trend) have been completed. So, the Elliott wave theory was fully

implemented.

EW

B C 3 4 5 A 1 2

177


EW - Elliott Waves.







higher and now Bull Market. In wave C prices move to lower side. In case of HDFC

Ltd. the five wave pattern (dominant trend) and three wave pattern (corrective trend)

have been completed. So, the Elliott wave theory was fully implemented.

EW

5 B C A 1 3 4 2

178


EW - Elliott Waves.




there. The Graph No. 5.3 shows that Waves 1, 3 were motive and wave 2 was

corrective. Wave 2 corrects wave 1. After the wave 3 the trend has finished because

wave 4 extend beyond the starting point of wave 3. Again Waves 1, 3 were motive

and wave 2 was corrective. Wave 2 corrects wave 1. After the wave 3 the trend has

finished because wave 4 extend beyond the starting point of wave 3. In case of

Maruti Suzuki Ltd. only three waves of dominant trend (five wave pattern) of Elliott

wave’s theory have been completed. So, the Elliott wave theory was partially

implemented.

EW

3 4 1 2 1 2 3 4 1 2

179


EW - Elliott Waves.




there. The Graph No. 5.4 shows that Waves 1, 3 were motive and wave 2 corrects

wave 1. After wave 3 the trend has disturbed because wave 4 extends beyond the

starting point of wave 3. Again the trend start waves 1, 3 were motive and waves 2,

4 correct the dominant or motive waves. In case of Infosys Ltd. only three waves of

dominant trend (five wave pattern) of Elliott wave’s theory have been completed.

So, the Elliott wave theory was partially implemented.

EW

2 3 4 1 1 2 3 4

180


EW - Elliott Waves.








finished because wave 4 extend beyond the starting point of wave 3. In case of Tata

Steel Ltd. only three waves of dominant trend (five wave pattern) of Elliott wave’s

theory have been completed. So, the Elliott wave theory was partially implemented.

EW

4 3 1 2 3 2 4 1

181


EW - Elliott Waves.




there. The Graph No. 5.6 shows that Waves 1 and 3 were motive (dominant trend)

and wave 2 corrects waves 1. After wave 3 the trend has destroyed because wave 4

expands beyond the starting point of wave 3. Again the trend start wave 1, 3 were

motive and wave 2 corrects the wave 1. In case of Tata Motors Ltd. only three

waves of dominant trend (five wave pattern) of Elliott wave’s theory have been

completed. So, the Elliott wave theory was partially implemented.

EW

3 3 2 1 2 1 4

182


EW - Elliott Waves.







higher and now Bull Market. In wave C prices move lower side. In case of Bharti

Airtel Ltd. the five wave pattern (dominant trend) and three wave pattern (corrective

trend) have been completed. So, the Elliott wave theory was fully implemented.

EW

B 3 4 8 A C 1 2

183


EW - Elliott Waves.







higher and now Bull Market. In wave C prices move to lower side. In case of L&T

Ltd. the five wave pattern (dominant trend) and three wave pattern (corrective trend)

have been completed. So, the Elliott wave theory was fully implemented.

EW

5 A 4 C 3 B 1 2

184


EW - Elliott Waves.




there. The Graph No. 5.9 shows that Waves 1, 3, 5 were motive and waves 2, 4 were

corrective. In case of ITC Ltd. Company has completed the five wave pattern

(dominant trend). So, the Elliott Wave theory was partially implemented.

EW

5 3 1 2 4

185


EW - Elliott Waves.




there. The Graph No. 5.10 shows that Waves 1, 3, 5 were motive and waves 2, 4

were corrective. In case of HUL Ltd. Company has completed the five wave pattern

(dominant trend). So, the Elliott Wave theory was partially implemented.

EW

5 2 3 1 4

186


EW - Elliott Waves.






wave 4 extend beyond the starting point of wave 3. In case of BHEL only three

waves of dominant trend (five wave pattern) of Elliott wave’s theory have been

completed. So, the Elliott wave theory was partially implemented.

EW

2 1 3 4

187


EW - Elliott Waves.




there. The Graph No. 5.12 shows that Waves 1, 3 were motive and wave 2, 4 were

corrective. Wave 2 corrects wave 1 and wave 4 corrects wave 3. In case of Reliance

Industries Ltd. only four waves of dominant trend (five wave pattern) of Elliott

wave’s theory have been completed. So, the Elliott wave theory was partially

implemented.

EW

4 1 2 3

188


EW - Elliott Waves.








finished because wave 4 extend beyond the starting point of wave 3. . In case of

Hindalco Industries Ltd. only three waves of dominant trend (five wave pattern) of

Elliott wave’s theory have been completed. So, the Elliott wave theory was partially

implemented.

EW

2 3 4 1 3 4 1 2

189


EW - Elliott Waves.








finished because wave 4 extend beyond the starting point of wave 3. In case of

ONGC Ltd. only three waves of dominant trend (five wave pattern) of Elliott wave’s

theory have been completed. So, the Elliott wave theory was partially implemented.

EW

3 4 3 1 2 1 2 4

190


EW - Elliott Waves.




there. The Graph No. 5.15 shows that Waves 1, 3 were motive and 2 was corrective.

Wave 2 corrects wave 1. In case of HDFC Bank Ltd. only three waves of dominant

trend (five wave pattern) of Elliott Wave’s theory have been completed. Hence,

Elliott wave theory worked partially.

EW

2 3 1

191


EW - Elliott Waves.






wave 4 extend beyond the starting point of wave 3. Again wave 1 motive and wave

2 corrective. Wave 2 corrects wave 1. In case of ICICI Ltd. only three waves of

dominant trend (five wave pattern) of Elliott Wave’s theory have been completed.

Hence, Elliott wave theory worked partially.

EW

3 2 2 4 1 1

192


EW - Elliott Waves.






wave 4 extend beyond the starting point of wave 3. Again wave 1,3 were motive and

wave 2 was corrective. Wave 2 corrects wave 1. In case of Wipro Ltd. only three

waves of dominant trend (five wave pattern) of Elliott Wave’s theory have been

completed. Hence, Elliott wave theory worked partially.

EW

3 2 2 4 1 1 3

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