Indiainfoline Stock Prices as on 2007

8/10/2019 Indiainfoline Stock Prices as on 2007

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A STUDY ON RISK RETURN ANALYSIS IN EQUITIES WITH REFERENCE TO

INDIAINFOLINE LTD

Introduction of the study: Over the decades, investors have been presented

with a number of products and a good equity portfolio can have a combination

of all of them. When one thinks of aggressive investment option, equity is

bound to top the list for many. While some think that equity allows them to

earn quick returns in a short period of time, the reward is always higher over

the long term. No doubt, markets do offer opportunities of doubling the capital

at regular intervals as was the case in 2008-09, but it was a not a planned

exercise for many.

In fact, the turnaround in quick time was beyond everyone's expectation but it

only proved the fact that equity has the ability to bounce back in quick time. As

a matter of fact, the turnaround for most assets has come down in recent times

and with economies getting globalised at a faster pace, the cycles are likely to

get shorter going forward.

For those looking at equity allocation in their portfolio, trading in stocks is not

the only option. Today, there is a larger basket of products which allows

investors to have equity allocation. These include direct stocks, mutual funds,

futures and options, insurance and pension plans etc.

The present study on the equity and portfolio management in INDIAINFOLINE

Ltd. brings into surface the risk and return involved and the options for the

various investments for the efficient management of the portfolio.


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Need for the study:

Companies need to invest in diverse areas in order to minimize their risk and

get optimum returns. However, a company cannot blindly invest in everything

in order to reduce its risk since it involves huge money and effort. So, it is

important for a company to properly decide its portfolio and invest carefully.

The present study gives an insight into this issue by analyzing the Risk and

Return analysis of the INDIAINFOLINE LTD.

Objectives of the Study

To observe the rate of fluctuations of INDIAINFOLINE LTD.

The amount of risk involved in the securities of INDIAINFOLINE LTD.

To observe the degree of volatility in INDIAINFOLINE LTD.

To understand the price fluctuations & the factors influencing the

fluctuations of INDIAINFOLINE LTD

Scope of the Study

The study covers all the information related to the Equities it also covers the

risk and returns in INDIAINFOLINE LTD. The study is confined only one

company and the entire study is based upon their Stock prices for a period of

last five years.


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RESEARCH METHODOLOGY

Method of data collection:

The data that is used in this project is of secondary nature. The data is to be

collected from secondary sources such as Company reports and Annual

records and various websites, journals, newspapers, books, etc., the analysis

used in this project has been done using selective technical tools. In Equity

market, risk is analyzed and trading decisions are taken on basis of technical

analysis. It is collecting share prices of the company for a period of five years.

LIMITATIONS OF THE STUDY

The present project work has been undertaken to provide information

regarding risk return on equities. The following are the limitations of the study.

The study is based on the secondary data which is available from

various.

The study is limited to only one Company.

The time taken to undertaken the project work is very short; hence only

One Company was chosen for the study.


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CHAPTER II

LITERATURE REVIEW

According to Kevin Return and risk are two important characteristics of every

investment. Investors base their investment decision on the expected return

and risk of investments. Risk is measured by the variability in returns.

Investors attempt to reduce the variability of returns through diversification of

investment. This results in the creation of a portfolio. With a given set of

securities, any number of portfolios may be created by altering the proportion

of funds invested in each security. Among these portfolios some dominate

others or some are more efficient than the vast majority of portfolios because of

lower risk or higher returns.

Diversification helps to reduce risk, but even a well diversified portfolio does

not become risk free. If we construct a portfolio including all the securities in

the stock market, that would be the most diversified portfolio. Even such a

portfolio would be subject to considerable variability. This variability is

undiversifiable and is known as the market risk or systematic risk because it

affects all he securities in the market.

The real risk of a security is the market risk which cannot be eliminatedthrough diversification. This is indicated by the sensitivity of a security to the

movements of the market and is measured by the beta coefficient of the

security.


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A rational investor would expect the return on a security to be commensurate

with its risk. The higher the risk of security, the higher would be the return

expected from it. And since the relevant risk of a security is its market risk or

systematic risk, the return is correlated with this risk only. The capital asset

pricing model gives the nature of the relationship between the expected return

and the systematic risk of a security.

According to Charles investment of funds in various assets is only part of the

overall financial decision making and planning that most individuals must do.

Before investing, each individual should develop an overall financial plan. Such

a plan should include the decision on whether to purchase a house, which for

most individuals represents a major investment.

Investors should expect a risk premium for buying a risky asset such as a

stock. The greater the riskiness of that stock, the higher the risk premium

should be. If investors hold well-diversified portfolios, they should be interested

in portfolio risk rather than individual security risk. Different stocks will affect

a well diversified portfolio differently. The relevant risk for an individual stock

is its contribution to the riskiness of a well diversified portfolio is market risk,

or systematic risk, which is non diversifiable.


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CONCEPTUAL FRAME WORK

Investment is the activity, which is made with the objective of earning some

sort of positive returns in the future. It is the commitment of the funds to earn

future returns and it involves sacrificing the present investment for the future

return. Every person makes the investment so that the funds he has increases

as keeping cash with himself is not going to help as it will not generate any

returns and also with the passage of time the time value of the money will

come down. As the inflation will rise the purchasing power of the money will

come down and this will result that the investor who does not invest will

become more poor as he will not have any funds whose value have been

increased. Thus every person whether he is a businessman or a common man

will make the investment with the objective of getting future returns.

Types of Investments:-

There are basically three types of investments from which the investors can

choose. The three kinds of investment have their own risk and return profile

and investor will decide to invest taking into account his own risk appetite. The

main types of investments are: -

Economic investments:-

These investments refer to the net addition to the capital stock of the society.

The capital stock of the society refers to the investments made in plant,

building, land and machinery which are used for the further production of the

goods. This type of investments are very important for the development of the


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economy because if the investment are not made in the plant and machinery

the industrial production will come down and which will bring down the overall

growth of the economy.

Financial Investments:-

This type of investments refers to the investments made in the marketable

securities which are of tradable nature. It includes the shares, debentures,

bonds and units of the mutual funds and any other securities which is covered

under the ambit of the Securities Contract Regulations Act definition of the

word security. The investments made in the capital market instruments are of

vital important for the country economic growth as the stock market index is

called as the barometer of the economy.

General Investments:-

These investments refer to the investments made by the common investor in

his own small assets like the television, car, house, motor cycle. These types of

investments are termed as the household investments. Such types of

investment are important for the domestic economy of the country. When the

demand in the domestic economy boost the over all productions and the

manufacturing in the industrial sectors also goes up and this causes rise in the

employment activity and thus boost up the GDP growth rate of the country.

The organizations like the Central Statistical Organization (CSO) regularly

takes the study of the investments made in the household sector which shows

that the level of consumptions in the domestic markets.


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Characteristics of Investment

Certain features characterize all investments. The following are the main

characteristic features if investments: -

1. Return: -

All investments are characterized by the expectation of a return. In fact,

investments are made with the primary objective of deriving a return.

The return may be received in the form of yield plus capital appreciation.

The difference between the sale price & the purchase price is capital

appreciation. The dividend or interest received from the investment is the

yield. Different types of investments promise different rates of return. The

return from an investment depends upon the nature of investment,

the maturity period & a host of other factors.

2. Risk: -

Risk is inherent in any investment. The risk may relate to loss of capital,

delay in repayment of capital, nonpayment of interest, or variability of

returns. While some investments like government securities & bank

deposits are almost risk less, others are more risky. The risk of an

investment depends on the following factors.

The longer the maturity period, the longer is the risk.

The lower the creditworthiness of the borrower, the higher is the

risk.


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The risk varies with the nature of investment. Investments in ownership

securities like equity share carry higher risk compared to investments in

debt instrument like debentures & bonds.

3. Safety: -

The safety of an investment implies the certainty of return of capital

without loss of money or time. Safety is another features which an

investors desire for his investments. Every investor expects to get back

his capital on maturity without loss & without delay.

4. Liquidity: -

An investment, which is easily saleable, or marketable without loss of

money & without loss of time is said to possess liquidity. Some

investments like company deposits, bank deposits, P.O. deposits, NSC,

NSS etc. are not marketable. Some investment instrument like

preference shares & debentures are marketable, but there are no buyers

in many cases & hence their liquidity is negligible. Equity shares of

companies listed on stock exchanges are easily marketable through the

stock exchanges.

An investor generally prefers liquidity for his investment, safety of his funds, agood return with minimum risk or minimization of risk & maximization of

return.


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IMPORTANCE

In the current situation, investment is becomes necessary for everyone & it is

important & useful in the following ways:

1. Retirement planning: -

Investment decision has become significant as people retire between the

ages of 55 & 60. Also, the trend shows longer life expectancy. The

earning from employment should, therefore, be calculated in such a

manner that a portion should be put away as a savings. Savings by

themselves do not increase wealth; these must be invested in such a way

that the principal & income will be adequate for a greater number of

retirement years. Increase in working population, proper planning for life

span & longevity have ensured the need for balanced investments.

2. Increasing rates of taxation: -

Taxation is one of the crucial factors in any country, which introduce an

element of compulsion, in a persons saving. In the form investments,

there are various forms of saving outlets in our country, which help in

bringing down the tax level by offering deductions in personal income.

For examples: -

Unit linked insurance plan,

Life insurance,

National saving certificates,


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Development bonds,

Post office cumulative deposit schemes etc.

3. Rates of interest: -

It is also an important aspect for sound investment plan. It varies

between investment & another. This may vary between risky & safe

investment, they may also differ due different benefits schemes offered by

the investments. These aspects must be considered before actually

investing. The investor has to include in his portfolio several kinds of

investments stability of interest is as important as receiving high rate of

interest.

4. Inflation: -

Since the last decade, now a days inflation becomes a cont inuous

problem. In these years of rising prices, several problems are associated

coupled with a falling standard of living. Before funds are invested,

erosion of the resource will have to be carefully considered in order to

make the right choice of investments. The investor will try & search

outlets, which gives him a high rate of return in form of interest to cover

any decrease due to inflation. He will also have to judge whether the

interest or return will be continuous or there is a likelihood of

irregularity. Coupled with high rate of interest, he will have to find an

outlet, which will ensure safety of principal. Beside high rate of interest

& safety of principal an investor also has to always bear in mind the


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taxation angle, the interest earned through investment should not

unduly increase his taxation burden otherwise; the benefit derived from

interest will be compensated by an increase in taxation.

5. Income: -

For increasing in employment opportunities in India., investment

decisions have assumed importance. After independence with the stage

of development in the country a number of organization & services came

into being.

For example: -

The Indian administrative services.

Banking recruitment services.

Expansion in private corporate sector.

Public sector enterprises. Establishing of financial institutions, tourism, hotels, and

education.

More avenues for investment have led to the ability & willingness of

working people to save & invest their funds.

6. Investment channels: -

The growth & development of country leading to greater economic activity

has led to the introduction of a vast array of investment outlays. Apart

from putting aside saving in savings banks where interest is low, investor


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have the choice of a variety of instruments. The question to reason out is

which is the most suitable channel? Which media will give a balanced

growth & stability of return? The investor in his choice of investment will

give a balanced growth & stability of return? The investor in his choice of

investment will have try & achieve a proper mix between high rates of

return to reap the benefits of both .

For example: -

Fixed deposit in corporate sector

Unit trust schemes.

RISK RETURN OF VARIOUS INVESTMENT AVENUES

The risk/return relationship is a fundamental concept in not only financial

analysis, but in every aspect of life. If decisions are to lead to benefit


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maximization, it is necessary that individuals/institutions consider the

combined influence on expected (future) return or benefit as well as on

risk/cost. The requirement that expected return/benefit be commensurate with

risk/cost is known as the "risk/return trade-off" in finance.

This session discusses the trade-off and, using conventional statistical tools,

provides a method for quantifying risk. Two categories of risk borne by the

firm's stockholders, business risk and financial risk, are discussed and

demonstrated, as is the concept of leverage. The session also examines risk

reduction via portfolio diversification and what requirements need to be met for

firms to experience the benefits of diversification. The Capital Asset Pricing

Model (CAPM) is used to demonstrate the risk/return trade-off by relating the

required return on the firm's investments to its beta (or market) risk.

Every investment is characterized by return & risk. Investors intuitively

understand the concept of risk. A person making an investment expects to get

some return from the investment in the future. But, as future is uncertain, so

is the future expected return. It is this uncertainty associated with the returns

from an investment that introduces risk into an investment. Risk arises where

there is a possibility of variation between expectation and realization with

regard to an investment.

Meaning of Risk

Risk & uncertainty are an integrate part of an investment decision. Technically

risk can be defined as situation where the possible consequences of the


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decision that is to be taken are known. Uncertainty is generall y defined to

apply to situations where the probabilities cannot be estimated. However, risk

& uncertainty are used interchangeably.

Types of risks

1. Systematic risk: -

Systematic risk is non diversifiable & is associated with the securities market

as well as the economic, sociological, political, & legal considerations of prices

of all securities in the economy. The affect of these factors is to put pressure on

all securities in such a way that the prices of all stocks will more in the same

direction.

Example: -

During a boom period prices of all securities will rise & indicate that the

economy is moving towards prosperity. Market risk, interest rate risk &

purchasing power risk are grouped under systematic risk.

RISK

SYSTEMATIC UNSYSTEMATIC

i. Market Risk i. Business Risk

ii. Interest Rate Risk ii. Financial Risk

iii. Purchasing power Risk


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1. Systematic Risk

(A) Market risk

Market risk is referred to as stock variability due to changes in investors

attitudes & expectations. The investor reaction towards tangible and intangible

events is the chief cause affecting market risk.

(B) Interest rate risk

There are four types of movements in prices of stocks in the markets. These

may termed as (1) long term, (2) cyclical (bull and bear markets), (3)

intermediate or within the cycle, and (4) short term. The prices of all securities

rise or fall depending on the change in interest rates. The longer the maturity

period of a security the higher the yield on an investment & lower the

fluctuations in prices.

( C) Purchasing Power risk

Purchasing power risk is also known as inflation risk. This risk arises out of

change in the prices of goods & services and technically it covers both inflation

and deflation periods. During the last two decades it has been seen that

inflationary pressures have been continuously affecting the Indian economy.

Therefore, in India purchasing power risk is associated with inflation and rising

prices in the economy.


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2. Unsystematic Risk: -

The importance of unsystematic risk arises out of the uncertainty surrounding

of particular firm or industry due to factors like labour strike, consumer

preferences and management policies. These uncertainties directly affect the

financing and operating environment of the firm. Unsystematic risks can owing

to these considerations be said to complement the systematic risk forces.

(A) Business risk

Every corporate organization has its own objectives and goals and aims at a

particular gross profit & operating income & also accepts to provide a certain

level of dividend income to its shareholders. It also hopes to plough back some

profits. Once it identifies its operating level of earnings, the degree of variation

from this operating level would measure business risk.

(B) Financial Risk: -

Financial risk in a company is associated with the method through which it

plans its financial structure. If the capital structure of a company tends to

make earning unstable, the company may fail financially. How a company

raises funds to finance its needs and growth will have an impact on its future

earnings and consequently on the stability of earnings. Debt financing providesa low cost source of funds to a company, at the same time providing financial

leverage for the common stock holders. As long as the earnings of the company

are higher than the cost of borrowed funds, the earning per share of common

stock is increased. Unfortunately, a large amount of debt financing also


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Phase III: Portfolio Selection

The proper goal of portfolio construction is to generate a portfolio that provides

the highest returns at a given level of risk. A portfolio having this characteristic

is known as an efficient portfolio. The inputs from portfolio analysis can be

used to identify the set of efficient portfolios. From this set of efficient

portfolios, the optimal portfolio has to be selected for investment. Harry

Markowitz portfolio theory provides both the conceptual framework and

analytical tools for determining the optimal portfolio in a disciplined and

objective way.

Phase IV: Portfolio Revision

Having constructed the optimal portfolio, the investor has to constantly

monitor the portfolio to ensure that it continues to be optimal. Portfolio revision

is as important as portfolio analysis and selection.

Phase V: Portfolio Evaluation

It is the process, which is concerned with assessing the performance of the

portfolio over a selected period of time in terms of returns and risk. This

involves quantitative measurement of actual return realized and the risk born

by the portfolio over the period of investment. It provides a feedback

mechanism for improving the entire portfolio management process.

MODELS

Some of the financial models used in the process of Valuation, stock selection,

and management of portfolios include:


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Maximizing return, given an acceptable level of risk.

Modern portfolio theory a model proposed by Harry Markowitz among

others.

The single-index model of portfolio variance.

Capital asset pricing model.

Arbitrage pricing theory.

The Jensen Index.

The Treynor Index.

The Sharpe Diagonal (or Index) model. Value at risk model.

BETA:

The Beta coefficient, in terms of finance and investing, is a measure of a stock

(or portfolio)s volatility in relation to the rest of the market. Beta is calculated

for individual companies using regression analysis.

The beta coefficient is a key parameter in the capital asset pricing model

(CAPM). It measures the part of the asset's statistical variance that cannot be

mitigated by the diversification provided by the portfolio of many risky assets,

because it is correlated with the return of the other assets that are in the

portfolio.

For example, if every stock in the New York Stock Exchange was uncorrelated

with every other stock, then every stock would have a Beta of zero, and it would


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be possible to create a portfolio that was nearly risk free, simply by diversifying

it sufficiently so that the variations in the individual stocks' prices averaged

out. In reality, investments tend to be correlated, more so within an industry,

or when considering a single asset class (such as equities). This correlated risk,

measured by Beta, is what actually creates almost all of the risk in a diversified

portfolio.

The formula for the Beta of an asset within a portfolio is

Where

r a measures the rate of return of the asset,

r p measures the rate of return of the portfolio of which the asset is a part

And Cov ( r a , rp ) is the covariance between the rates of return.

Formulas:

1.

2. ( ) ( )

3. ( ) ( )

= Square root (( mean return -expected return)^2/N)

4. Covariance: COV (X, Y)=1/N [(RX-RX)(RY-RY)]


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CHAPTER III

COMPANY PROFILE

The IIFL (India Infoline) group, comprising the holding company, India Infoline

Ltd (NSE: INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading

players in the Indian financial services space. IIFL offers advice and execution

platform for the entire range of financial services covering products ranging

from Equities and derivatives, Commodities, Wealth management, Asset

management, Insurance, Fixed deposits, Loans, Investment Banking, GoI

bonds and other small savings instruments. IIFL recently received an in-

principle approval for Securities Trading and Clearing memberships from

Singapore Exchange (SGX) paving the way for IIFL to become the first Indian

brokerage to get a membership of the SGX. IIFL also received membership of

the Colombo Stock Exchange becoming the first foreign broker to enter Sri

Lanka. IIFL owns and manages the website, www.indiainfoline.com, which is

one of Indias leading online destina tions for personal finance, stock markets,

economy and business.

IIFL has been awarded the Best Broker, India by Finance Asia and the Most

improved brokerage, India in the Asia Money polls. India Infoline was also

adjudged as Fastest Growing Equity Broking House - Large firms by Dun &

Bradstreet. A forerunner in t he field of equity research, IIFLs research is

acknowledged by none other than Forbes as Best of the Web and a must

read for investors in Asia. Our research is available not just over the Internet


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but also on international wire services like Bloomberg, Thomson First Call and

Internet Securities where it is amongst one of the most read Indian brokers.

A network of over 2,500 business locations spread over more than 500 cities

and towns across India facilitates the smooth acquisition and servicing of a

large customer base. All our offices are connected with the corporate office in

Mumbai with cutting edge networking technology. The group caters to a

customer base of about a million customers, over a variety of mediums viz.

online, over the phone and at our branches.

History and milestones

1995 - Commenced operations as an Equity Research firm

1997 - Launched research products of leading Indian companies, key sectors

and the economy Client included leading FIIs, banks and companies.

1999 - Launched www.indiainfoline.com

2000 - Launched online trading through www.5paisa.com Started distribution

of life insurance and mutual fund

2003 - Launched proprietary trading platform Trader Terminal for retail

customers

2004 - Acquired commodities broking license and launched Portfolio

Management Service

2005 - Maiden IPO and listed on NSE, BSE

2006 - Acquired membership of DGCX and commenced the lending business


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2007 - Commenced institutional equities business under IIFL, Formed

Singapore subsidiary, IIFL (Asia) Pte Ltd

2008 - Launched IIFL Wealth, Transitioned to insurance broking model

2009 - Acquired registration for Housing Finance, SEBI in-principle approval

for Mutual Fund, Obtained Venture Capital license

2010 - Received in-principle approval for membership of the Singapore Stock

Exchange, Received membership of the Colombo Stock Exchange

Products and services:

We are a one-stop financial services shop, most respected for quality of its

advice, personalized service and cutting-edge technology.

Equities

IIFL is a member of BSE and NSE registered with NSDL and CDSL as a

depository participant and provides broking services in the cash, derivatives

and currency segments, online and offline. IIFL is a dominant player in the

retail as well as institutional segments of the market. It recently became the

first Indian broker to get a membership of the Colombo Stock Exchange and is

also the first Indian broker to have received an in-principle approval for

membership of the Singapore Stock Exchange. IIFLs Trader Terminal, it s

proprietary trading platform, is widely acknowledged as one of the best

available for retail investors. Investors opt for IIFL given its unique combination


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of superior Service, cutting-edge proprietary Technology, Advice powered by

world-acclaimed research and its unparalleled Reach owing to its over 2500

business locations across over 500 cities in India.

IIFL received the BQ1 broker grading (highest grading) from CRISIL. The

assigned grading reflects an effective external interface, robust systems

frame work and strong risk management. The grading also reflects IIFLs

healthy regulatory compliance track record and adequate credit risk profile.

IIFLs analyst team won Zee Business Indias best market analysts awards

2009 for being the best in the Oil and Gas and Commodities sectors and a

finalist in the Banking and IT sectors.

IIFL has rapidly emerged as one of the premier institutional equities houses in

India with a team of over 25 research analysts, a full-fledged sales and trading

team coupled with an experienced investment banking team.

The Institutional equities business conducted a very successful Enterprising

India global investors conference in Mumbai in March 2010, which was

attended by funds with aggregate AUM over US$5 trillion and CEOs and other

executives representing corporates with a combined market capitalization of

over US$500 billion. The Discover Sri Lanka global investors conference, held

in Colombo in July 2010, was attended by more than 50 leading global and

major local investors and 25 Sri Lankan corporates, along with senior

Government officials.


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Commodities

IIFL offers commodities trading to its customers vide its membership of the

MCX and the NCDEX. Our domain knowledge and data based on in depth

research of complex paradigms of commodity kinetics, offers our customers a

unique insight into behavioral patterns of these markets. Our customers are

ideally positioned to make informed investment decisions with a high

probability of success.

Credit and finance

IIFL offers a wide array of secured loan products. Currently, secured loans

(mortgage loans, margin funding, and loans against shares) comprise 94% of

the loan book. The Company has discontinued its unsecured products. It has

robust credit processes and collections mechanism resulting in overall NPAs of

less than 1%. The Company has deployed proprietary loan-processing software

to enable stringent credit checks while ensuring fast application processing.

Recently the company has also launched Loans against Gold.

Insurance

IIFL entered the insurance distribution business in 2000 as ICICI Prudential

Life Insurance Co. Ltds corporate agent. Later, it became an Insurance broker

in October 2008 in line with its strategy to have an open architecture model.

The Company now distributes products of major insurance companies through


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its subsidiary India Infoline Insurance Brokers Ltd. Customers can choose

from a wide bouquet of products from several insurance companies including

Max New York Life Insurance, MetLife, Reliance Life Insurance, Bajaj Allianz

Life, Birla Sunlife, Life Insurance Corporation, Kotak Life Insurance and others.

Wealth Management Service

IIFL offers private wealth advisory services to high-net-worth individuals (HNI)

and corporate clients under the IIFL Private Wealth brand. IIFL Private Wealth

is managed by a qualified team of MBAs from IIMs and premier institutes with

relevant industry experience. The team advises clients across asset classes like

sovereign and quasi-sovereign debt, corporate and collateralised debt, direct

equity, ETFs and mutual funds, third party PMS, derivative strategies, real

estate and private equity. It has developed innovative products structured on

the fixed income side.

It also has tied up with Interactive Brokers LLC to strengthen its execution

platform and provide investors with a global investment platform.

Investment Banking

IIFLs investment banking division was launched in 2006. The business

leverages upon its strength of research and placement capabilities of the

institutional and retail sales teams. Our experienced investment banking team

possesses the skill-set to manage all kinds of investment banking transactions.


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Our close interaction with investors as well as corporates helps us understand

and offer tailor-made solutions to fulfill requirements.

The Company possesses strong placement capabilities across institutional, HNI

and retail investors. This makes it possible for the team to place large issues

with marquee investors.

INDUSTRY OVERVIEW:

Stock Market

The term the stock market is a concept for the mechanism that enables the

trading of company stocks (collective shares) and other securities. The size of

the 'stock market' is estimated at about $51 trillion. The stocks are listed and

traded on stock exchanges which are entities specialized in the business of

bringing buyers and sellers of stocks and securities together.

Participants in the stock market range from small individual stock investors to

large hedge fund traders, who can be based anywhere. Their orders usually end

up with a professional at a stock exchange, who executes the order.

Some exchanges are physical locations where transactions are carried out on a

trading floor, by a method known as open outcry (e.g.: -New York stock

exchange). This type of auction is used in stock exchanges and commodity

exchanges where traders may enter "verbal" bids and offers simultaneously.

The other type of exchange is a virtual kind, composed of a network of


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computers where trades are made electronically via traders at computer

terminals.

Actual trades are based on an auction market paradigm where a potential

buyer bids a specific price for a stock and a potential seller asks a specific price

for the stock. (Buying or selling at market means you will accept any bid price

or ask price for the stock.) When the bid and ask prices match, a sale takes

place on a first come first served basis if there are multiple bidders or askers at

a given price.

The purpose of a stock exchange is to facilitate the exchange of securities

between buyers and sellers, thus providing a market place (virtual or real). The

exchanges provide real-time trading information on the listed securities,

facilitating price discovery.

Market participants

Many years ago, worldwide, buyers and sellers were individual investors, such

as wealthy businessmen, with long family histories (and emotional ties) to

particular corporations. Over time, markets have become more

institutionalized"; buyers and sellers are largely institutions (e.g., pension

funds, insurance companies, mutual funds, hedge funds, investor groups, and

banks). The rise of the institutional investor has brought with it some

improvements in market operations.


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The First Stock Market

The Dutch started joint stock companies, which let shareholders invest in

business ventures and get a share of their profits - or losses. In 1602,The

Dutch East India Company issued the first shares on the Amsterdam Stock

Exchange It was the first company to issue stocks and bonds. Amsterdam

Stock Exchange (or Amsterdam Beurs) is also said to have been the first stock

exchange to introduce continuous trade. The Dutch "pioneered short selling,

option trading, debt-equity, merchant banking, unit trusts and other

speculative instruments ". There are now stock markets in virtually every

developed and most developing economy, with the world's biggest markets

being in the United States, Canada, China, India, UK, Germany, France and

Japan

In general, the financial market divided into two parts, Money market and

capital market. Securities market is an important, organized capital market

where transaction of capital is facilitated by means of direct financing using

securities as a commodity. Securities market can be divided into a primary

market and secondary market.

Primary Market

The primary market is an intermittent and discrete market where the initially

listed shares are traded first time, changing hands from the listed company to

the investors. It refers to the process through which the companies, the issuers


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of stocks, acquire capital by offering their stocks to investors who supply the

capital. In other words primary market is that part of the capital markets that

deals with the issuance of new securities. Companies, governments or public

sector institutions can obtain funding through the sale of a new stock or bond

issue. This is typically done through a syndicate of securities dealers. The

process of selling new issues to investors is called underwriting. In the case of

a new stock issue, this sale is called an initial public offering (IPO). Dealers

earn a commission that is built into the price of the security offering, though it

can be found in the prospectus.

Secondary Market

The secondary market is an on-going market, which is equipped and organized

with a place, facilities and other resources required for trading securities after

their initial offering. It refers to a specific place where securities transaction

among many and unspecified persons is carried out through intermediation of

the securities firms, i.e., a licensed broker, and the exchanges, a specialized

trading organization, in accordance with the rules and regulations established

by the exchanges.

A bit about history of stock exchange they say it was under a tree that it all

started in 1875.Bombay Stock Exchange (BSE) was the major exchange in

India till 1994.National Stock Exchange (NSE) started operations in 1994.

NSE was floated by major banks and financial institutions. It came as a result

of Harshad Mehta scam of 1992. Contrary to popular belief the scam was more


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of a banking scam than a stock market scam. The old methods of trading in

BSE were people assembling on what as called a ring in the BSE building. They

had a unique sign language to communicate apart from all the shouting.

Investors weren't allowed access and the system was opaque and misused by

brokers. The shares were in physical form and prone to duplication and fraud.

NSE was the first to introduce electronic screen based trading. BSE was forced

to follow suit. The present day trading platform is transparent and gives

investors prices on a real time basis. With the introduction of depository and

mandatory dematerialization of shares chances of fraud reduced further. The

trading screen gives you top 5 buy and sell quotes on every scrip.

A typical trading day starts at 10 ending at 3.30. Monday to Friday. BSE has

30 stocks which make up the Sensex .NSE has 50 stocks in its index called

Nifty. FII s Banks, financial institutions mutual funds are biggest players in the

market. Then there are the retail investors and speculators. The last ones are

the ones who follow the market morning to evening; Market can be very

addictive like blogging though stakes are higher in the former.

Origin of Indian Stock Market

The origin of the stock market in India goes back to the end of the eighteenth

century when long-term negotiable securities were first issued. However, for all

practical purposes, the real beginning occurred in the middle of the nineteenth

century after the enactment of the companies Act in 1850, which introduced


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the features of limited liability and generated investor interest in corporate

securities.

An important early event in the development of the stock market in India was

the formation of the native share and stock brokers 'Association at Bombay in

1875, the precursor of the present day Bombay Stock Exchange. This was

followed by the formation of associations/exchanges in Ahmedabad (1894),

Calcutta (1908), and Madras (1937). In addition, a large number of ephemeral

exchanges emerged mainly in buoyant periods to recede into oblivion during

depressing times subsequently.

Stock exchanges are intricacy inter-woven in the fabric of a nation's economic

life. Without a stock exchange, the saving of the community- the sinews of

economic progress and productive efficiency- would remain underutilized. The

task of mobilization and allocation of savings could be attempted in the old

days by a much less specialized institution than the stock exchanges. But as

business and industry expanded and the economy assumed more complex

nature, the need for 'permanent finance' arose. Entrepreneurs needed money

for long term whereas investors demanded liquidity the facility to convert

their investment into cash at any given time. The answer was a ready market

for investments and this was how the stock exchange came into being.

Stock exchange means anybody of individuals, whether incorporated or not,

constituted for the purpose of regulating or controlling the business of buying,

selling or dealing in securities. These securities include:


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i. Shares, scrip, stocks, bonds, debentures stock or other marketable

securities of a like nature in or of any incorporated company or other

body corporate;

ii. Government securities; and

iii. Rights or interest in securities.

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India

Ltd (NSE) are the two primary exchanges in India. In addition, there are 22

Regional Stock Exchanges. However, the BSE and NSE have established

themselves as the two leading exchanges and account for about 80 per cent of

the equity volume traded in India. The NSE and BSE are equal in size in terms

of daily traded volume. The average daily turnover at the exchanges has

increased from Rs 851 crore in 1997-98 to Rs 1,284 crore in 1998-99 and

further to Rs 2,273 crore in 1999-2000 (April - August 1999). NSE has around

1500 shares listed with a total market capitalization of around Rs 9, 21,500

crore.

The BSE has over 6000 stocks listed and has a market capitalization of around

Rs 9, 68,000 crore. Most key stocks are traded on both the exchanges and

hence the investor could buy them on either exchange. Both exchanges have a

different settlement cycle, which allows investors to shift their positions on thebourses. The primary index of BSE is BSE Sensex comprising 30 stocks. NSE

has the S&P NSE 50 Index (Nifty) which consists of fifty stocks. The BSE

Sensex is the older and more widely followed index.


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Both these indices are calculated on the basis of market capitalization and

contain the heavily traded shares from key sectors. The markets are closed on

Saturdays and Sundays. Both the exchanges have switched over from the open

outcry trading system to a fully automated computerized mode of trading

known as BOLT (BSE on Line Trading) and NEAT (National Exchange

Automated Trading) System.

It facilitates more efficient processing, automatic order matching, faster

execution of trades and transparency; the scrip's traded on the BSE have been

classified into 'A', 'B1', 'B2', 'C', 'F' and 'Z' groups. The 'A' group shares

represent those, which are in the carry forward system (Badla). The 'F' group

represents the debt market (fixed income securities) segment. The 'Z' group

scrip's are the blacklisted companies. The 'C' group covers the odd lot

securities in 'A', 'B1' & 'B2' groups and Rights renunciations. The key regulator

governing Stock Exchanges, Brokers, Depositories, Depository participants,Mutual Funds, FIIs and other participants in Indian secondary and primary

market is the Securities and Exchange Board of India (SEBI) Ltd.

Brief History of Stock Exchanges

The world's foremost marketplace New York Stock Exchange (NYSE), started its

trading under a tree (now known as 68 Wall Street) over 200 years ago?

Similarly, India's premier stock exchange Bombay Stock Exchange (BSE) can

also trace back its origin to as far as 125 years when it started as a voluntary

non-profit making association.


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News on the stock market appears in different media every day. You hear about

it any time it reaches a new high or a new low, and you also hear about it daily

in statements like 'The BSE Sensitive Index rose 5% today'. Obviously, stocks

and stock markets are important. Stocks of public limited companies are

bought and sold at a stock exchange. But what really are stock exchanges?

Known also as the stock market or bourse, a stock exchange is an organized

marketplace for securities (like stocks, bonds, options) featured by the

centralization of supply and demand for the transaction of orders by member

brokers, for institutional and individual investors.

The exchange makes buying and selling easy. For example, you don't have to

actually go to a stock exchange, say, BSE - you can contact a broker, who does

business with the BSE, and he or she will buy or sell your stock on your

behalf.

Market Basics

Electronic trading: Electronic trading eliminates the need for physical trading

floors. Brokers can trade from their offices, using fully automated screen-based

processes. Their workstations are connected to a Stock Exchange's central

computer via satellite using Very Small Aperture Terminus (VSATs). The orders

placed by brokers reach the Exchange's central computer and are matched

electronically.

Exchanges in India: The Stock Exchange, Mumbai (BSE) and the National

Stock Exchange (NSE) are the country's two leading Exchanges. There are 20


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other regional Exchanges, connected via the Inter-Connected Stock Exchange

(ICSE). The BSE and NSE allow nationwide trading via their VSAT systems.

BSE INDICES

INDEX:

An Index is used to summarize the price movements of a unique set of goods in

the financial, commodity, forex or any other market place. Financial indices are

created to measure price movements of stocks, bonds, T-bills and other type of

financial securities. More specifically, a stock index is created to provide

investors with the information regarding the average share price in the stock

market. Broad indices are expected to capture the overall behavior of equity

market and need to represent the return obtained by typical portfolios in the

country

SENSEX:

SENSEX is India's first Index compiled in 1986. It is a basket of 30 constituent

stocks representing a sample of large, liquid and representative companies.

The base year of BSE-SENSEX is 1978-79 and the base value is 100. The index

is widely reported in both domestic and international markets through print as

well as electronic media. Due to its wide acceptance amongst the investors,

SENSEX is regarded to be the pulse of the Indian stock market. All leading


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business newspapers and the business channels report SENSEX, as it is the

language that all investors understand.

As the oldest index in the country, it provides the time series data over a fairly

long period of time (from 1979 onwards) to be used for various research

purposes. The Index Cell of the exchange is responsible for the day-to-day

maintenance of the index within the broad index policy set by the Index

Committee. The Index Cell ensures that the SENSEX and all other BSE indices

maintain their benchmark properties by striking a delicate balance between

frequent replacements in index and maintaining its historical continuity.

SENSEX is calculated using a market capitalization weighted method. As per

this methodology, the level of the index reflects the total market value of all 30-

component stocks from different industries related to particular base period.

The total market value of a company is determined by multiplying the price of

the stock by the number of shares outstanding Statisticians call the index of a

set of combined variables (such as price and No. of shares) a composite index.

An indexed number is used to represent the results of this calculation in order

to make the value easier to work with and track over a time. It is much easier

to graph a chart based on indexed values than one used on actual values.

World over majority of the well known i ndices are constructed using Market

Capitalization Weighted Method.

In practice, the daily calculation of SENSEX is done by dividing the aggregate

market value of the 30 Companies in the index by a number called the Index


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Divisor. The Divisor is the only link to the original based period value of the

SENSEX. The Divisor keeps the Index comparable over a period of time and the

reference point for the entire index maintenance adjustments. SENSEX is

widely used to describe the mood in the Indian Stock Markets.


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CHAPTER IV

ANALYSIS & INTERPRETATION

INDIAINFOLINE STOCK PRICES AS ON 2007

Series Month Open

Price

High

Price

Low

Price

Close

Price

No. of

Shares

Total Turnover

(Rs.)

EQ Jan-07 306 399 304.15 315.85 6744678 2347990466

EQ Feb-07 320 398 294.85 295.9 4510814 1562295689

EQ Mar-07 299 368 255.1 333.55 1425054 441676003

EQ Apr-07 330 477.8 321.55 427.4 2708724 1124922540

EQ May07 434.4 676 403 660.4 9637724 5647122429

EQ Jun-07 665 793.8 583 713 15044910 10513550602

EQ Jul-07 719.8 853 698 751.85 15269898 11928987905

EQ Aug-07 749 752 508.1 678.7 9761943 6060595210

EQ Sep-07 689.9 888.75 660 838.55 8539837 6755557814

EQ Oct-07 846.8 1150.5 791 1100.1 6497107 6176334340

EQ Nov-07 1135.65 1318 910 1241.9 2096500 2416961018

EQ Dec-07 1255 1967 1251 1927.9 2272256 3482516223


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41

DETEMINATION OF RISK AND RETURNS (2007)

Month BSE-500 Indiainfoline Index returns Indiainfoline returns

Jan 5,408.71 315.85 0.095306 0.067421

Feb 4,938.08 295.9 -0.00349 -0.11288

Mar 4,955.39 333.55 -0.06696 -0.21958

Apr 5,311.03 427.40 -0.05948 -0.35282

May 5,646.90 660.40 -0.02326 -0.07377

Jun 5,781.37 713.00 -0.04648 -0.05167

Jul 6,063.20 751.85 0.019006 0.10778

Aug 5,950.11 678.70 -0.12157 -0.19063

Sep 6,773.54 838.55 -0.12995 -0.23775

Oct 7,785.22 1,100.10 -0.01027 -0.11418

Nov 7,865.98 1,241.90 -0.08455 -0.35583

Dec 8,592.43 1,927.90

0

500

1000

1500

2000

2500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Closed price


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Index

variance

Indiainfoline

Variance

Covariance Beta Sdx Sdy Alpha Co. of

correlation

Co. of

determination

0.004 0.022 0.006 1.59 0.06 0.15 -1.5 0.752 0.56

Systematic risk Unsystematic risk Total risk Returns

0.01 0.01 0.02 -1.5

Interpretation: From the above table, it is understood that the - value of

INDIAINFOLINE is around 1.59 and that explains high volatility in the stock

price. This high volatility in the stock price indicates the high risk in the

investments. Also the risk and returns values of INDIA INFOLINE are 0.02 and

-1.5respectively.


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Series Month Open

Price

High

Price

Low

Price

Close

Price

No. of

Shares

Total

Turnover

(Rs.)

EQ Jan-08 1931 1974.9 1000 1178.7 2206055 3291932426

EQ Feb-08 1180 1282.4 970.25 1117.05 1298409 1464432233

EQ Mar-08 1071 1071 660 770.15 2606405 2192487858

EQ Apr-08 780 1063.15 730 944.85 2947070 2553850505

EQ May-08 972.35 1009.9 705 723.8 1781274 1547397736

EQ Jun-08 727 740 496.1 502 2001036 1259639084

EQ Jul-08 490 738 475 647.4 3259187 1975462006

EQ Aug-08 640 767.7 124.3 128.6 4865307 1158213376

EQ Sep-08 127.65 143.25 85.35 97.35 7214924 808381025

EQ Oct-08 100 105 35.6 56.75 14868180 889680490

EQ Nov-08 59 66 34.4 35.9 10285699 520827263

EQ Dec-08 37 54.2 35 51.1 21913727 1007657685


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Index

variance

Indiainfoline

variance


correlation

Co. of

determination

0.043 1.44 -0.029 -

0.68

0.20 1.2 6.19 -0.12 0.016

Systematic Risk Unsystematic Risk Total Risk Returns

0.020 1.420 1.440 6.19

Interpretation:

From the above table, it is understood that the - value of INDIAINFOLINE is

around -0.06 8 and that explains low volatility in the stock price. This low

volatility in the stock price indicates the low risk in the investments. Also the

risk and returns values of INDIAINFOLINE are 1.44 and 6.19 respectively.


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Jan 3,426.76 45.45 0.060224 -0.08274

Feb 3,232.11 49.55 -0.08271 -0.15731

Mar 3,523.53 58.8 -0.14899 -0.23037

Apr 4,140.42 76.40 -0.24996 -0.49671

May 5,520.25 151.80 0.005138 0.246305 Jun 5,492.03 121.80 -0.07547 -0.10769

Jul 5,940.38 136.50 -0.01724 0.005155

Aug 6,044.61 135.80 -0.07755 -0.08675

Sep 6,552.75 148.70 0.066801 0.153607

Oct 6,142.43 128.90 -0.06721 -0.02274

Nov 6,584.98 131.90 -0.0376 0.016179

Dec 6,842.25 129.80

Index

variance

Indiainfoline

variance


correlation

Co. of

determination

0.008 0.038 0.013 1.6 0.09 0.19 -0.76 0.84 0.71


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0.022 0.015 0.037 -0.76

Interpretation:


around 1.6 and that explains high volatility in the stock price. This high

volatility in the stock price indicates the high risk in the investments. Also the

risk and returns values of INDIAINFOLINE are 0.037 and -0.76 respectively.


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Series Month Open

Price

High

Price

Low

Price

Close

Price

No. of

Shares

Total

Turnover (Rs.)

EQ Jan-10 130.15 146.4 111.1 45.45 11230886 1523534881

EQ Feb-10 117.7 121.7 107 49.55 5248605 600231859

EQ Mar-10 114.8 124.8 113.2 58.8 4993102 595359981

EQ Apr-10 115.7 123.1 106.25 76.4 4722627 538461534

EQ May-10 108.4 112.2 94 151.8 8264856 844019513

EQ Jun-10 96 101.9 90.1 121.8 7177462 694150248

EQ Jul-10 97.6 104.4 89 136.5 8363662 817371295

EQ Aug-10 90.45 109.9 90 135.8 17652200 1764582527

EQ Sep-10 93.6 117.5 92.3 148.7 13199021 1413271938

EQ Oct-10 113 129.6 110 128.9 6419323 772364913

EQ Nov-10 117.45 123.95 72.55 131.9 14640660 1414731487EQ Dec-10 83 92 74.1 129.8 18495077 1507657062

0

20

40

60

80

100

120

140


Closed price


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Jan 6,509.90 41 -0.0013 -0.00122

Feb 6,518.38 41.05 -0.05798 0.02625

Mar 6,919.55 40 -0.01748 -0.29577

Apr 7,042.68 56.8 0.03838 -0.26425

May 6,782.37 77.2 -0.04369 -0.29977

Jun 7,092.20 110.25 -0.01569 0.025581

Jul 7,205.22 107.5 -0.01159 -0.11157

Aug 7,289.74 121 -0.08701 -0.06202

Sep 7,984.45 129 -0.00652 0.022187

Oct 8,036.88 126.2 0.04077 0.042975

Nov 7,722.05 121 -0.03002 0.084229

Dec 7,961.06 111.6 -0.83

Index

variance

Indiainfoline

variance


correlation

Co. of

determination

0.001 0.021 -0.00023 -0.16 0.03 0.14 -0.83 -0.047 0.002


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3.87E-05 0.021072 0.021 -0.83

Interpretation:


around -0.16 and that explains low volatility in the stock price. This high

volatility in the stock price indicates the low risk in the investments. Also the

risk and returns values of INDIAINFOLINE are 0.021 and -0.83 respectively.


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Series Month Open

Price

High

Price

Low

Price

Close

Price

No. of

Shares

Total Turnover (Rs.)

EQ Jan-11 83.5 85.85 72.4 76.05 11860777 931410257

EQ Feb-11 76.65 79.75 62.1 74.25 6646853 476384682

EQ Mar-11 74.75 83.2 66.8 74.05 3821781 276560096

EQ Apr-11 74.5 84 70.9 72.15 2048515 157869563

EQ May-11 72.05 80.3 66.7 78.55 5559249 421713237

EQ Jun-11 78.15 91.2 74 88.05 7406521 633160447

EQ Jul-11 89.15 90.75 79.65 83.55 1190763 103127864

EQ Aug-11 83 83 66.5 73.9 2394961 178042623

EQ Sep-11 74 78.7 67.9 69.75 3256252 246760888

EQ Oct-11 69 77.85 67 74.25 1996690 140174296

EQ Nov-11 73.35 74 53.5 59.5 1339032 81874271EQ Dec-11 61 62.35 42.9 43.55 712507 37670405

0

20

40

60

80

100


Closed price


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Month Bse-500 Indiainfoline Index returns Indiainfoline returns

Jan 7,128.29 76.05 0.040566 0.024242

Feb 6,850.40 74.25 -0.07891 0.002701

Mar 7,437.26 74.05 0.001363 0.026334

Apr 7,427.14 72.15 0.02672 -0.08148

May 7,233.85 78.55 -0.00433 -0.10789 Jun 7,265.32 88.05 0.021657 0.05386

Jul 7,111.31 83.55 0.096203 0.130582

Aug 6,487.22 73.9 0.015888 0.059498

Sep 6,385.76 69.75 -0.05582 -0.06061

Oct 6,763.26 74.25 0.10565 0.247899

Nov 6,117.00 59.5 0.058546 0.366246

Dec 5,778.68 43.55

Index

variance

Indiainfoline

variance

Co-

variance

Beta Sdx Sdy Alpha Co. of

correlation

Co. of

determination

0.003 0.020 0.004 1.47 0.056 0.142 0.66 0.63 0.408


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0.006 0.013 0.019 0.66

Interpretation:


around 1.47 and that explains high volatility in the stock price. This high

volatility in the stock price indicates the high risk in the investments. Also the

risk and returns values of INDIAINFOLINE are 0.019 and 0.66 respectively.


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CHAPTER V

FINDINGS & SUGGESTIONS

Findings:

The values of Beta, Risk and Returns of INDIAINFOLINE in the following table

Year Beta Risk Returns

2007 1.59 0.02 -1.5

2008 -0.68 1.44 6.19

2009 1.6 0.03 -0.76

2010 -0.16 0.02 -0.83

2011 1.47 0.019 0.66

Suggestions:

The Company showed a beta value of 1.47. This indicates low volatility in the

stock price. Hence, investors who seek high returns with less risk will invest in

this company. Each and every investor wants high return with minimum risk,

so the company needs to maintain the beta value in the same manner i.e.,

constant in order to attract more number of investors.

The company shows negative returns in the last two years. This shows that

investors who want to have safe return must think twice before selecting sector

portfolio for a long term investment.


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CHAPTER VI

CONCLUSION

The study on Risk and Return analysis in Equities at Indiainfoline was

undertaken with an objective of getting an insight into the concept of

investments, the risks and the returns involved. The study aims to determine

the risk involved in the investment and the factors affecting the risk. The study

is confined to only one company.

The study is done using the NIFTY values and other related data from theStock Exchanges. The data of the Indiainfoline is collected. The entire study is

based on the secondary data only. The analytical tools used for the study are

risk and return analysis. The study is done at Hyderabad for a period of

60days. The study had few limitations which were taken care of.

The information collected was analyzed using appropriate technique risk and

return analysis. Form the analysis; it was found that the company showed low

level of risk and negative returns in the years 2007, 09 and 10. Later on, the

risk increased greatly and so the returns. In 2008, the company showed high

return of 6.19 with a risk of 1.44.

Finally, it is suggested to the company to maintain a low beta value around 1

in order to attract more number of the investors. It should also see that the

stock prices do not fluctuate a lot which may cause suspicion in the investors

and reduce their interest to invest in the company. The company should also

go for frequent portfolio checking to maintain the higher returns.


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CHAPTER VII

Bibliography

1. S. Kelvin, Security analysis and portfolio management, Prentice-Hall of

India, 1 st edition, 2009.

2. Rohini singh, Security analysis and portfolio management, Excel books,

1 st edition, 2009

3. Dr. Maheswari S.N, Management Accounting and Financial control,

sultan chand and sons, 1992.

Webliography

1. www.indiainfoline.com

2. www.bse.com

3. www.nse.com

4. www.moneycontrol.com

5. www.wikipedia.com

6. www.investopedia.com
http://www.indiainfoline.com/http://www.bse.com/http://www.nse.com/http://www.moneycontrol.com/http://www.wikipedia.com/http://www.investopedia.com/http://www.investopedia.com/http://www.wikipedia.com/http://www.moneycontrol.com/http://www.nse.com/http://www.bse.com/http://www.indiainfoline.com/

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