RKDF SCHOOL OF ENGINEERINGINDORE

MAJOR PROJECT REPORT

On

“A COMPARATIVE ANALYSIS OF RISK AND RETURN ON EQUITY WITH SPECIAL REFERENCE TO INFOTECH AND

WIPRO”

MBA (2009-2011)

Submitted To: - Submitted By:-

RASHMI DUBEY RAJESH LODHI MBA (FT) 4th SEM

ROLL NO. 9150515

DECLARATION

We hereby declare that the Major Research Project on “A Comparative Analysis of

Risk and Return on Equity with Special Reference to InfoTech and Wipro” is a

record of independent work carried out by our team, towards partial fulfillment of the

requirements for MBA course of RKDF SCHOOL OF ENGINEERING Indore.

This has not been submitted in part or full towards any other degree or RKDF

SCHOOL OF ENGINEERING INDORE.

Date: 20/08/2011 RAJESH LODHI

Place: Indore

CERTIFICATION OF SUPERVISOR

This is to certify that the major research project work entitled “A Comparative

Analysis of Risk and Return on Equity with Special Reference to InfoTech and

Wipro” is being submitted by RAJESH LODHI for the partial fulfillment of the

requirement for the award of the degree of MBA from RKDF School of engineering is

completed under my supervision and to my entire satisfaction this project report

submitted embodies their genuine work.

During this project, I found them responsible, sincere and hard working. I wish them

all the best for their future endeavors.

Date 20/08/2011 Guided by

Place Indore RASHMI DUBEY

ACKNOWLEDGEMENT

A teacher is a perennial source of inspiration and guidance in all the academic

activities of his students throughout. We whole-heartedly extend our Deep and sincere

gratitude to Dr. Karuna Jain HOD of MBA department, for her continuous guidance

and help provided for completing this research study. We are also thankful to

RASHMI BUBEY from R.K.D.F. for sharing his expertise in the field of Statistics

with us whenever we approached her.We also express our gratitude to all friends and

family members for extending their helping hand whenever we approached them.

Without their help this research could not have been presented in a proper manner.

RAJESH LODHI

CONTENTS

CHAPTER -1 INTRODUCTION

1.1 Introduction

1.1.1 Equity1.1.2 Return on equity1.1.3 Risk on equity1.1.4 Wipro1.1.5 Infotech

1.2 Literature Review

1.3 Rationale

1.4 Objectives

CHAPTER -2 RESEARCH METHODOLOGY

2.1 The Study

2.2 Tools for Data Collection

2.3 Tools for Data Analysis

CHAPTER-3 ANALYSIS & INTERPRETATION

3.1 Table and Graphs

3.2 Interpretation

CHAPTER-4 Finding & Result

4.1 Finding

4.2 Result

CHAPTER- 5 CONCLUSION

5.1 Conclusion

5.2 Suggestions

5.3 Scope

5.4 References

5.1.1 Bibliography

5.1.2 Webliography

CHAPTER-1

INTRODUCTION OF STUDY

1.1 INTRODUCTION

A capital market is a market for securities (debt or equity), where business enterprises (companies)

and governments can raise long-term funds. It is defined as a market in which money is provided for

periods longer than a year, as the raising of short-term funds takes place on other markets (e.g.,

the money market). The capital market includes the stock market (equity securities) and the bond

market (debt). Financial regulators, such as the UK's Financial Services Authority (FSA) or the U.S.

Securities and Exchange Commission (SEC), oversee the capital markets in their designated

jurisdictions to ensure that investors are protected against fraud, among other duties.

Capital markets may be classified as primary markets and secondary markets. In primary markets,

new stock or bond issues are sold to investors via a mechanism known as underwriting. In the

secondary markets, existing securities are sold and bought among investors or traders, usually on a

securities exchange, over-the counter, or elsewhere to gain satisfactory return where the risk factor

also present.

Equity is the term commonly used to describe the ordinary share capital of a business. Ordinary

shares in the equity capital of a business entitle the holders to all distributed profits after the holders

of debentures and preference shares have been paid.

Ordinary (equity) shares

Ordinary shares are issued to the owners of a company. The ordinary shares of UK companies

typically have a nominal or 'face' value (usually something like £1 or 5Op, but shares with a nominal

value of 1p, 2p or 2Sp are not uncommon).However, it is important to understand that the market

value of a company's shares has little (if any) relationship to their nominal or face value. The market

value of a company's shares is determined by the price another investor is prepared to pay for them.

In the case of publicly-quoted companies, this is reflected in the market value of the ordinary shares

traded on the stock exchange (the "share price").In the case of privately-owned companies, where

there is unlikely to be much trading in shares, market value is often determined when the business is

sold or when a minority shareholding is valued for taxation purposes. In your studies, you may also

come across "Deferred ordinary shares". These are a form of ordinary shares, which are entitled to a

dividend only after a certain date or only if profits rise above a certain amount. Voting rights might

also differ from those attached to other ordinary shares.

1.1.1 Meaning of equity

In accounting and finance, equity is the residual claim or interest of the most junior class of investors

in assets, At the start of a business, owners put some funding into the business to finance operations.

This creates a liability on the business in the shape of capital as the business is a separate entity from

its owners. Businesses can be considered to be, for accounting purposes, sums

of liabilities and assets; this is the accounting equation. After liabilities have been accounted for, the

positive remainder is deemed the owner's interest in the business. This definition is helpful in

understanding the liquidation process in case of bankruptcy. At first, all the secured creditors are

paid against proceeds from assets. Afterward, a series of creditors, ranked in priority sequence, have

the next claim/right on the residual proceeds. Ownership equity is the last or residual claim against

assets, paid only after all other creditors are paid. In such cases where even creditors could not get

enough money to pay their bills, nothing is left over to reimburse owners' equity. Thus owners'

equity is reduced to zero. Ownership equity is also known as risk capital, liable capital or simply,

1.1.2 Return on Equity

Disarmingly simple to calculate, return on equity is a critical weapon in the investor's arsenal, as

long as it's properly understood for what it is. ROE encompasses the three pillars of corporate

management -- profitability, asset management, and financial leverage. By seeing how well the

executive team balances these components, investors can not only get an excellent sense of whether

they will receive a decent return on equity but can also access management's ability to get the job

done. The shareholder-equity number is located on the balance sheet. Simply the difference between

total assets and total liabilities, shareholder equity is an accounting convention that represents the

assets that the business has generated. It's assumed that assets without corresponding liabilities are

the direct creation of the shareholder capital that got the business started in the first place. The usual

way investors will see shareholder equity displayed is as "book value" -- the amount of shareholder

equity per share, or the accounting book value of the business beyond its market value or intrinsic

economic value. A business that creates a lot of shareholder equity is a sound investment, because

the original investors will be repaid with the proceeds that come from the business operations.

Businesses that generate high returns relative to their shareholder equity pay their shareholders

handsomely and create substantial assets for every dollar invested. These businesses are typically

self-funding and require no additional debt or equity investments.

If return on equity is simply:

ROE = one year's earnings / shareholder equity

Then how is it that we can see the profit margin, asset management, and financial leverage through

this one calculation? If we expand the equation, we can start to take into account other variables.

(We apologize if this gives you a flashback to high school algebra.)

ROE = (one year's earnings / one year's sales) x (one year's sales / assets) x (assets / shareholder

equity)    

Because the sales and the assets are both in the numerator and the denominator of the entire equation,

they cancel one another out. When we break the equation apart in this manner, the three component

parts of ROE come to light. Earnings over sales are profit margin, sales over assets are asset

turnover, and assets over equity are the amount of leverage the company has. We'll discuss each one,

and after we complete our analysis, we'll come back to ROE and how this composite number can be

used to evaluate companies. We'll also explore its limitations as an analytical tool.

Return on equity (ROE) measures the rate of return on the ownership interest of the common stock

owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity

(also known as net assets or assets minus liabilities). ROE shows how well a company uses

investment funds to generate earnings growth. ROEs between 15% and 20% are considered desirable

.

1.1.3 Risk on equity

The issue of risk is addressed across a range of disciplines but has a particularly tenuous history in

relationship to schooling and equity. Rest’s (1970) study, written almost 40 years ago, provided a

provocative analysis of the ways in which classroom experience mirrored structural hierarchies in

society and in which teacher interactions often disadvantage poor Structure, Merton

(1957) described a self-fulfilling prophecy effect, that is, when a false definition of a situation

evokes a new behavior that then makes the original false conception come true. A decade later,

Rosenthal and Jacobson (1968) found that students’ performance was consistent with teachers’

expectations of those who had been identified as high achievers, irrespective of their actual

performance. In other words, once an expectation is set, even if it is not accurate, we tend to act in

ways that are consistent with that expectation. Aside from the various caveats raised about this

study, the idea of self-fulfilling prophecy calls attention to the ways in which strong beliefs are

likely to become enacted in classroom practices and interactions such that students fulfill low

expectations and, as a result, are placed at risk. More recently, Steele and Aronson (1995) offered

evidence about the roles social contexts of assessment and stereotype threats play in individuals’

performance. The common reference to “placing students at risk” has been used widely, as

institutions, most notably schools, are studied to determine their role in both contributing to

students’ school difficulty and failure and serving as agents and sites of positive change The risk

on equity arises at many levels and situations: Risk on their own stock for corporations.

Corporations may not have chosen the appropriate capital design, weighting debt versus equity too

much or too little. Corporate may be exposed to equity risk, in the case of mergers or acquisitions.

Private equity and venture capital groups bear also an important equity risk, but with very freshly

or even not yet issued equity stocks. Risk on equity for equity stock or index position holders like

funds (mutual and hedge funds), equity trading desk of banks. Also relative value trading desk also

referred to as risk arbitrage desks may have important equity exposure. Risk on specific stocks

and indexes for equity derivatives holders, like trading institution but also corporations using

derivatives for various purposes like return enhancement or hedging. Traditionally, one split the

risk between Financial risks: Market risk: any type of risk due to the market conditions and

evolution. As such, equity risk, interest rates risk, and any other product risk belongs to this

category as well as liquidity risk Model risk: this refers to the inaccurate modeling of derivatives

due to modeling errors. For any non-liquid derivatives, one is doomed to have a residual model

risk. The goal of financial engineers is precisely to minimize it. Credit risk: this relates to risk of

counterparty’s default, change of credit environment and so on. Non financial risk: Operational

risk: risk of running a business, risk in execution of deals and other risky business. Other non-

operational business risk like reputation risk, impact of a brand, depreciation risk of non-financial

assets, risk on human capital. Other non-directly business and financial oriented risk like political

risk, economic exposure and so on. So to cut it short, equity risk is in most cases one component of

market risk. Optimal Portfolio theory aims at reducing the systemic risk in a large portfolio. Using

optimization-computing techniques, it looks for the less risky portfolio (in a sense of a risk

measure to be defined, often the variance) for a given return. Alternatively, it can also search

numerically for the best-performing portfolio for a given level of risk

RISK IN EQUITY MARKETS

Equity markets like any other financial markets always bear an important risk in terms of market

correction. Highly publicized because of financial impact, the various equity crashes (1929, 1973,

and 1987) have had important macroeconomic consequences, general recessions and rising

unemployment. For equity derivatives traders, market correction can end in big losses because of

Unchangeable skew and correlation positions as well as important barrier risks, triggered by the

market change. Productivity, general outlook and general business and growth conditions are the

most important factors for the overall level of the equity markets. Specific industries are also

sensitive to their particular sector’s competitive environment. In addition, equity markets are

widely influenced by general macroeconomics factors like monetary policy of central banks and

the impact of interest rate and inflation levels on business cycles.

RISK IN EQUITY DERIVATIVES MARKETS

When holding equity derivatives, the trader, investor, speculator bear an equity risk that can be

quantified by risk ratio like the Greeks. The most common way of determining how many equity

she is long or short is to look at the delta of the portfolio, which is the price change with respect to

the equity underlying. The delta provides a good estimate of the number of forward or futures

contract to buy or sell in order to have a portfolio neutral at first order with respect to small move

of the equity underlying. However, for very convex portfolio, it is also interesting to quantify the

second order risk by looking at the gamma of the portfolio. This can provide a good understanding

of the evolution of the delta as well as the break-even strategy. To gain a detailed understanding of

the delta and gamma, it helps to split the risk arising from simple equity spot risk, the one from the

joint move of equity spot and volatility1, and the various cross gamma effect such as quanta and

convexity correction. One may also assess the equity risk by various value-at-risk analyses. These

risk scenarios are very appropriate for portfolio presenting large gap risk, as for instance capital

guaranteed structure on illiquid asset and various crash puts.

EVOLUTION OF THE EQUITY DERIVATIVES MARKETS

It is true that the cross gamma risk on equity is becoming more and more relevant with the

globalization of equity derivatives models. Equity derivatives markets are tailored markets to

hedge or take position on a particular equity risk. In the recent years, financial institutions have

developed sophisticated hybrid instrument to hedge not only equity risks but also global cross

assets risks, including underlying such as commodity, fixed income, foreign exchange, inflation,

funds and credit at the same time as equity. The trend towards correlation products linking equity

to foreign exchange, interest rates or other equity products, as well as credit products comes from a

growing demand from private investors and retails. These latter are very keen in getting exposure

to leveraged multiple asset class structures, such as composite fixed income and equity indexes, for

longer dated products with1 This risk is very much model dependent as it is related to the

assumption on the smile. This risk will change when using models with deterministic volatility,

inflation-protected capital guarantees as well as options on funds. Exotic products such as digital,

range accrual and more general barrier or callable features in guaranteed and or convertible

products, with Asian and clique type structures as well as worst-of/best-of or Rainbow-like

features are becoming more and more popular as they can answer very specific views on the

markets. This increase complexity that involves development of more sophisticated models in

addition to the change of regulation forces various institutions to develop or buy appropriate

systems to monitor their positions and risks.

ACTIVE EQUITY PORTFOLIO MANAGEMENT

To hedge equity risk in large portfolio, one can use various tools more or less sophisticated. First,

advanced versions of the capital asset pricing models based on a portfolio optimization under

constraints can help to decide the appropriate asset allocation. Like for any investment strategy,

there is a tradeoff between risk and return. When doing historical back testing, it is important to

use a risk adjusted performance measurement. Last but not least, over the last few years, portfolio

managers have shown growing interest toward two alternatives investment decision methods:

behavioral finance, emphasizing the individuality of traders and investors, and artificial

intelligence expert systems analyzing millions of rules, often inspired from technical analysis to

provide the best performing ones. Compared to models with stochastic volatility, jumps or a

combination of the Entry category: source of risk. Key words: capital asset pricing models, sources

of risk, market risk. Related articles: currency risk, interest rate risk.

   

1.1.4 WIPRO

What Wipro Does: transforming your business Wipro IT Business, a division of Wipro Limited

(NYSE:WIT), is amongst the largest global IT services, BPO and Product Engineering companies. In

addition to the IT business, Wipro also has leadership position in niche market segments of consumer

products and lighting solutions. The company has been listed since 1945 and started its technology

business in 1980. Today, Wipro generates USD 6 billion (India GAAP figure 2009-10) of annual

revenues. Its equity shares are listed in India on the Mumbai Stock Exchange and the National Stock

Exchange; as well as on the New York Stock Exchange in the US. Wipro makes an ideal partner for

organizations looking at transformational IT solutions because of its core capabilities, great human

resources, commitment to quality and the global infrastructure to deliver a wide range of technology

and business consulting solutions and services, 24/7. Wipro enables business results by being a

‘transformation catalyst’. It offers integrated portfolio of services to its clients in the areas of

Consulting, System Integration and Outsourcing for key-industry verticals. Leadership at Wipro:

building trust With more than 100,000 associates from over 70 nationalities and 72 plus global

delivery centers in over 55 countries, Wipro’s services span financial services, retail, transportation,

manufacturing, healthcare services, energy and utilities, technology, telecom and media. Wipro’s

unwavering focus has been on business transformation with matchless innovation in service delivery

and business models. More than 800 active clients that include governments, educational institutes,

utility services, and over 150 Global Fortune 500 enterprises have benefited from this approach.

Innovation at Wipro: delivering enhanced business performance Wipro is at the forefront of

technological and business co-innovation with 136 patents and invention disclosures. With enhanced

business performance at the core of its deliveries due to its strong R&D and Innovation focus, Wipro

gets an enviable 95 percent repeat business. We make our clients business more efficient through a

combination of process transformation, outsourcing, consulting and technology products and

services. As the world’s first SEI CMM Level 5 Company, Wipro endeavors to deliver reliability and

effectiveness to its customers by maintaining high standards in service offerings through robust

internal processes and people management systems. One of the world’s largest third party R&D

services provider, Wipro caters to product engineering requirements in multiple domains. Most of

the technology that you come across in daily life - airplanes, automobile navigation systems, cell

phones, computing servers, drug delivery devices, microwaves, printers, refrigerators, set top boxes,

TVs - will find a Wipro component in them. Our service portfolio includes product strategy and

architecture, application and embedded software, electronic and mechanical hardware, system

testing, compliance and certification and product sustenance and support. Wipro believes that certain

core technologies have a significant impact on business competitiveness going forward. Towards that

direction, Wipro’s Research and Development activity is currently focused on Cloud Computing,

Collaboration, Green Technologies, Mobility Applications, Social Computing, Information

Management and Security. World over, businesses are transforming constantly, in order to get better

and better. Wipro provides the right insight, technology and support to help businesses transform,

making business functions simpler, faster and better. In other words, Wipro transforms businesses

that help transform lives.

1.1.5 INFOTECH

In August, 1991, InfoTech incorporated as a Private limited company. The company receives its first

ISO 9002 certification from Bevin London for its conversion services. In 1997, Infotech Acquires

M/s SRG Infotech 16-year-old local software company providing software services in oracle and

Visual basic client server environments. Infotech did Partnership with IBM for developing Enterprise

wide Information System. Infotech diversifies into business software development by adding 50

developers, creating an independent profit center. It had Becomes a public limited company, IPO of

Equity shares at Rs.20/- per share and listed in all major stock exchanges in India. Infotech Board

recommends issue of bonus shares at 1:1 ratio, subject to Shareholders’ Approval. Infotech Bags the

Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPPCI) best Information

Technology (IT) industry of the state of Andhra Pradesh -2001-2002. Infotech Enterprises provides

leading-edge engineering solutions, including product development and life-cycle support, process,

network and content engineering to major organizations worldwide. With nearly two decades of

continuous growth, Infotech leverages a "Global Delivery and Collaborative Engineering" model to

achieve measurable and substantial benefits for our clients. Whether your organization needs to

design innovative products faster, optimize R&D costs, increase market-share, enhance operational

efficiency or maximize the return on investment in your networks, Infotech Enterprises is the ideal

partner.

With global headquarters in Hyderabad, India, Infotech has 8,700+ associates across 30 global

locations. We adopt a proactive approach to serve our clients with our best-in-class delivery centers

in North America, Europe, Middle East and Asia Pacific. Our clients span multiple industries such as

Aerospace, Consumer, Energy, Medical, Heavy Equipment, Hi-tech, Transportation, Telecom and

Utilities and include 22 'Fortune 500' and 27 'Global 500' blue chip organizations.

In order to consistently create and deliver services that exceed clients' expectations and enhance their

business agility, Infotech employs a framework of robust internal processes to ensure IP Security,

quality-of-solution and On-time delivery. Infotech aligns with industry best practices and

internationally renowned standards and frameworks like International Standards Organization (ISO)

9001:2008, Information Security 27001:2005, Aerospace (AS9100 C), Medical Devices (ISO 13485)

and Capability Maturity Model Integration (CMMi) Level 5.

Corporate Social Responsibility

Infotech believes in giving back to society in some measure that is proportionate to its success in

business. Our policy for Corporate Social Responsibility (CSR) is designed to balance the needs of

all stakeholders. InfoTech’s CSR initiative goes well beyond charity and is based on the idea that a

responsible company should take into account its impact on the society along with its obligations to

stakeholders.

Infotech carries out a wide range of CSR activities through Infotech Enterprises Charitable Trust

(IECT). Recently, our main activities have been focused on the improvement and expansion of

primary education programs in India for underprivileged children. An IECT project - "Adopt A

School" -- has included financial support, infrastructure improvements in schools and volunteer work

by Infotech employees.

Group Companies

Infotech Enterprises Europe

Infotech Enterprises America Inc

Infotech Enterprises GmbH

Infotech Enterprises Japan KK

Infotech Enterprises Information Technology Services Private Limited

TTM Institute of Information Technology Private Limited

Infotech Geospatial (India) Ltd

April Acquires M/s SRG Infotech a 16-year-old local software company providing software services

in oracle and Visual basic client server environments. October Partners with IBM for developing

Enterprise wide Information System. Infotech diversifies into business software development by

adding 50 developers, creating an independent profit center. March Becomes a public limited

company, IPO of Equity shares at Rs.20/- per share and listed in all major stock exchanges in India

April Infotech Europe acquires European GIS distributor Map Centric a leading independent GIS

distributor in Europe May Infotech bags a contract worth USD 7 million to provide photogrammetric

services to Triathlon, a leading fully fledged geometrics company in Canada May Infotech ranks 5th

among Top Ten Exporters from Andhra Pradesh for the Year 2000-2001 June Infotech acquires 10-

acres of land to set up a software development campus at Mankind, Hyderabad. July Infotech

achieves the ISO 9001:2000 for BVQi and joins the list of top few companies in India and certainly

the first company in the GIS sector August Infotech attains the coveted SEI CMM LEVEL 4

certification for its software development center at Info city Hyderabad November Infotech receives

ISO 9001:2000 for Software and Engineering Services lines of business by BVQi London December 

Infotech announces the opening of the state-of-the-art Engineering services facility in Bangalore -

India

February Infotech announces strategic business relationship with Pratt & Whitney Division of United

Technologies Corporation, a Fortune 100 company. Pratt & Whitney to participate with up to ~18%

equity stake in Infotech, demonstrating long term partnering intent and endorsing Infotech Business

competence April Infotech achieves SEI CMM Level 5 for Its Software Development & Services

Division April Infotech Board recommends issue of bonus shares at 1:1 ratio, subject to

Shareholders’ Approval September Infotech Bags The Federation Of Andhra Pradesh Chambers of

Commerce & Industry (FAPPCI) best Information Technology (IT) industry of the state of Andhra

Pradesh -2001-2002

Quality

Infotech is committed to creating and delivering engineering services and solutions that exceed

customer expectations and enhance the level of business profitability.

Our quality implementation efforts are all pervasive, beginning with a stated goal.

Quality Policy

Infotech Enterprises is committed to deliver innovative solutions that delight customers through

deployment of robust processes

Quality Objectives:

Delight customers through delivery excellence.

Attract, train and retain talented professionals through active employee engagement.

Deliver solutions / services based on cutting edge tools, technologies and methodologies.

Continuous process improvement and achieve operational excellence.

By emphasizing and reinforcing the need for continuous improvement in all spheres of activity, we

ensure that clients receive high quality products and services that help them capitalize on market

opportunities.

Our Credentials

True to our image as a global player, we have developed a reputation for providing our customers

with world-class quality. Infotech customers trust the strength of quality processes that have always

assured them of timely defect-free delivery of products and solutions. The Quality management

System (QMS) is a quality testimony derived and optimized with experiences and best practices that

are aligned with the internationally renowned standard quality models and certifications like ISO

9001:2008, ISO 27001:2005, AS 9100 C, ISO 13485, IRIS and CMMI Level 5.

A brief on the Standards that are meticulously followed: ISO 9001:2008 Quality Management

System

Infotech is the first Indian company to gain ISO accreditation for GIS services. It specifies the

requirements for a quality management system to enhance customer satisfaction. The Quality

Management System of Infotech is certified as ISO 9001:2008. Infotech is certified by Bureau

VERITAS Certification and is accredited to ANSI, UKAS, and RAB.

This is the most widely recognized security standard for Information Security Management. It is an

assurance that the confidentiality, integrity and availability of vital corporate and customer

information will be maintained. The Certification is provided by Bureau VERITAS Certification and

is accredited to ANSI, UKAS, and RAB.

The Aerospace industry faces challenges in integrating products procured from suppliers at all the

stages of global supply chain and also in ensuring quality of the end products. With the objective of

achieving significant improvements in quality, safety and cost optimization throughout the value

stream, Aerospace industry has established the International Aerospace Quality Group (IAQG) with

AS9100 as International standard.

The AS 9100 is based on ISO 9001:2008, supplemented with over 100 additional requirements

specific to the Aerospace industry, AS9100 provides suppliers with a comprehensive quality

management system for providing safe and reliable products to their customers. Infotech is certified

as AS9100C compliant by Underwriters Laboratories, India.

International Railway Industry Standard (IRIS) is internationally renowned standard specific to the

railway industry. The objective of this standard is to enhance quality and safety of products and

services with optimized cost. IRIS is based on internationally recognized quality management

standard ISO 9001:2008, supplemented by the specific requirements of the railway industry. Infotech

is certified as IRIS compliant by Underwriters Laboratories, India.

ISO13485:2003 is an international standard that specifies requirements for medical device

manufacturers. The main goal of ISO 13485:2003 is to provide a harmonized model for quality

management system requirements in the international market. Infotech is certified as ISO

13485:2003 compliant by Underwriters Laboratories, India.

The EOHS Management System is intended to achieve and demonstrate sound environmental,

occupational health & safety performance by controlling the impacts of their activities, products and

services on the Environment and Occupational Health & Safety risks, consistent with the EOHS

policy and objectives, including processes for continual improvement of the system. Infotech has

established, implemented & maintaining the EOHS Management System (EOHSMS) in accordance

with ISO 14001: 2004 and BS OHSAS 18001:2007 Standards.

Capability Maturity Model Integration (CMMI) is developed and managed by Software Engineering

Institute (SEI) of Carnegie Mellon University, Pittsburgh, USA. CMMI is accepted worldwide as an

excellent model for benchmarking and for improving processes of software and system engineering.

The best practices of CMMI have been seamlessly integrated into Infotech QMS and are

institutionalized across all services and verticals. This has resulted in business excellence for the

company. InfoTech’s endeavor is to appraise service groups across all centers for CMMI 1.3 in a

phased manner.

1.2

LITERATURE REVIEW

REVIEW OF LITERATURE

During the course of literature review about the an analysis of risk and return on equity. It was

evident that there is hardly any significant research done applying the concept of different technique.

Leroy Raputsoane (2009), “risk return relationship in the south African stock market”

“Several challenges to successfully estimating the risk return trade of remain these are issue of the

mythological approached volatile characteristics of the risk premium as well as data span and

frequency.”

N.Gregory mankiw and Mathew D (2007), “risk and return: consumption beta versus

market beta”

“The data will examine in the paper provide no support for the consumption CAPM as compared to

the traditional formulation. A stock market beta contains must more information on its return than

does it consumption beta since the conception beta CAPM applying preferable on theoretical

grounds.”

Jim picerno (2010) “equity risk premium”

“Market hypothesis is a kind of investing. Information that is predictable is worthless because it is

already reflected in stock prices. The information that is valuable and can be used to make money is

that information which cannot be predicted some assets offer higher average returns than other ssets,

or, equivalently, they attract lower prices. These "risk premium" should reflect aggregate,

acroeconomic risks; they should reflect the tendency of assets to do badly in bad economic times.”In

the area of risk and return analysis two well known economist made effort to study the relation

between risk and return and they are the people who quantify the risk and return aspects of an

strument .they are Harry markowitz and William Sharpe. Very broadly the investment process

onsists of two tasks. The first task is security analysis which focuses on assessing the risk and return

characteristics of the available investment alternatives. The second task is portfolio selection which

involves choosing the best possible portfolio from the set of feasible portfolio. Portfolio theory,

originally proposed by Harry markowitz in the 1950’s was the first formal attempt to quantify the

risk of portfolio and develop a methodology for determining the optimal portfolio .prior to the

development of portfolio theory ,investors dealt with the concept of return and risk somewhat loosely

.Harry markowitz was the first person to show quantitatively why and how diversification reduce

risk .in recognition of his seminal contribution in this field he was awarded the Nobel prize in

economics in 1990. Harry markowitz developed an approach that helps the investors to achieve his

optimal portfolio position .in this contest William Sharpe and others try to find out an answer for a

question ,what is the relationship between risk and return and they developed capital asset pricing

theory .(CAPM) The CAPM, in essence, predicts the relationship between the risk of an asset and its

expected return .this relationship is very useful in two important ways .first, it produces a bench

mark for evaluating various instrument .second it helps us to make an informal guess about the return

that can be expected from an assets that has not yet been traded in the market. De Bondt and Thayler

study the price in relation to book value in a universe of all NYSE and American Stock Exchange

equity issue. It has explained the relation between the market price and book value, with stock being

assigned in quintiles from lowest price to book ratios. The earning yields effect on stock return is

significantly positive only in January for the sub period. Piotroski investigates whether fundamental

analysis can be used to provide abnormal returns, and right shift the returns spectrum earned by a

value investor. He focused on high book to 20 market securities, and show that the mean return

earned by a high book to market investor can be shifted to the right by at least 7.5% annually. The

authors developed portfolio based on four fundamental conditions namely: Single Value P/E, Market

Price <Book Value, established track recode on the shareholders return. Barely and Myers supported

Quality of earning as a key performance measure. It is based on the following argument “the

problem is that the earnings that firms report are book, or accounting figures, and as such reflect a

series of more or less arbitrary choices of accounting methods. A switch in the depreciation method

used for reporting purposes directly affects earning per share. other accounting choices which affect

reported earnings are the valuation of inventory, the procedures by which the account for two

merging companies are combined the choice between expensing and capitalizing. The total value of

the company’s existing stock is equal to the discounted value of that portion of the total dividend

stream which will be paid to the stock outstanding today. The net cash flow to share holders after

paying for future investment is sometime s knows as “company’s cash flow”. This analysis is done at

portfolio return on the excess returns for the market factors using CAPM.

Yen Take Pea (Lewis University) and Navix Sabbath (Illinois Institute of Tech.) | Sep 3, 2010

this paper suggests a number of implications for both academia and industry. First, equally weighted

portfolios outperform value weighted portfolios in the efficient market. Our theoretical results are

based on the Modigliani-Miller theorem and the Capital Asset Pricing Model. Since these two

theories assume the efficient market, market inefficiency is not the only explanation for the positive

return difference as suggested by the literature. Second, the return difference is not purely due to the

weighting methods but is due to the positive market premium and tax shield. If the market premium

is negative or firms in the portfolios are financially distressed, the results may not hold. Investors

need to take the market premium and the financial structures of firms into account when they choose

weighting methods. Third, the differences with respect to return, volatility, and correlation to the

market premium between two weighting methods can be found with as little as 20 equities, or with

fewer equities if they have varying market capitalization. Beyond Cap-Weight: The Search for

Efficient beta

RobArnott(ResearchAffiliates),etal.Nov.16,2009

for practitioners, the elegant simplicity of an equally weighted portfolio is compromised by

implementation issues. Because Equal Weight means that we hold small companies on the same

scale as large ones, the strategy results in higher transaction costs and lower capacity than Cap

Weight. Still, absent trading costs and any view on forecasting return or risk, equal weighting has

considerable appeal on a risk-return basis. One nuance that has received startlingly little attention in

the academic and practitioner journals is: Equal weighting of what index? If Cap Weight has a bias

towards including overvalued companies, then Equal Weight may exacerbate this bias. For instance,

a clairvoyant might assert that the future prospects of 150 companies in the S&P 500 do not justify

inclusion in the index. Their “clairvoyant value” market cap is too low. Because they will assuredly

underperform eventually, they will pull down the S&P 500 return relative to our mythical clairvoyant

value.

Standard & poor’s July, 2010

Equal weighting is factor indifferent. It randomizes factor mispricing, and is thus an

attractive option for proponents of the theory that the market is inefficient and, at times,

misprices factors… Historically, the S&P Equal Weight Indices have outperformed their market cap

weighted equivalents in the long-run. The level of performance has also varied considerably

under different market conditions… The outperformance of the S&P Equal Weight Indices is a result

of the differing weighting and rebalancing processes. In terms of risk factor exposures, a complex

and dynamic combination of size and style risk factors have contributed to the difference in returns.

It may be difficult to replicate equal weighted index return outcomes through a simplistic

combination of style and sector indices… Equal weighting demonstrates long term outperformance

internationally… Criticism of equal weighted indices has centered on increased turnover and

capacity constraints relative to market capitalization weighted indices. While true in abstract theory,

neither is a serious hurdle in practice. Portfolio Return Metric: Equal Weights Versus Value Weights

Kevin CH may 22, 2011

Whereas the existing literature focuses on the relation between weighting schemes and abnormal

portfolio return metrics, this study extends the literature and investigates the relation between

weighting schemes and raw portfolio return metrics. We show that the equal-weight portfolio return

metric systematically yields higher estimates of portfolio returns for event samples than the value-

weight portfolio return metric. We also demonstrate that value-weight portfolio return metric can be

a biased estimator of the counterpart of the population. These results imply that the commonly used

testing procedure based on the matching portfolio method and the Fama-French three factor

regression can produce misleading inferences. Several remedies are proposed in this study.

1.3

RATIONALE OF THE STUDY

RATIONALE

Indian security market moving to newer heights since from the last few years and the investors also

getting reasonable income, that some time more than expected but the next day the price would be

crumbling down like a glass house this is the picture of Indian stock market, means market is highly

volatile and is still in the hands of speculators and gamblers. In this case where is the common

investor who investing their hard earned money expecting a regular income and security of his

investment so here it’s come the importance of risk and return analysis on equity

The purpose of the study is to identify the risk and return on equity. This study will help in

minimizing risk and increasing profitability. The study will help the investor by suggesting them the

areas for investing which have less risk and high return.

1.4

OBJECTIVE OF STUDY

OBJECTIVE OF STUDY

Today the avenues for investment are investment are abundant like bank deposits, property

insurance, shares etc. but taking an investment decision would be more critical. Analysis the risk

associated with every investment option and evaluates the return out of that investment option and

evaluates the return out of that investment become very crucial, since globalization and the

privatization move of the Indian economy during the last decades of the 20 th century pumped billions

of foreign capital into the Indian economy as in the form of FDI and FII that could be one reason to

drive the Indian economy into newer heights.

• To analyze the risk and return of the companies.

• To find out explicit information about the available returns.

• To find out relative expected returns.

• To analyze actual return and expected return with the help of standard deviation and beta

• To analyze the volatility of companies in comparison with the market and to find out the risk less companies to invest.

CHAPTER -2RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

2.1 The study :

The research is completely analytical in nature as it will be dealing with risk on the equity market on

current scenario and the investors move more profitability so that researcher may study in

exploratory analysis of the capital market,

2.2 Tools for data Collection.

In this research secondary data will be used.

2.3 Tools for Data Analysis :

The researcher will use the following statistical tool for analyzing data.

Mean method of data analysis

For a data set, the mean is the sum of the values divided by the number of values. The mean of a set

of numbers x1, x2, an is typically denoted by , pronounced "x bar". This mean is a type of arithmetic

mean. If the data set was based on a series of observations obtained by

Sampling a statistical population, this mean is termed the "sample mean" to distinguish it from the

"population mean"

Standard deviation method of data analysis

Standard deviation is a widely used measurement of variability or diversity used in statistics and

probability theory. It shows how much variation or "dispersion" there is from the "average" (mean,

or expected/budgeted value). A low standard deviation indicates that the data points tend to be very

close to the mean, whereas high standard deviation indicates that the data are spread out over a large

range of values.

Computation of standard deviation:

Rate of return = (closing stock- opening stock)/(opening stock)*100

Standard deviation calculated as per the excel formula

Variance = square of the standard deviation

Beta

In finance, the Beta (β) of a stock or portfolio is a number describing the relation of its returns with

that of the financial market as a whole.

An asset has a Beta of zero if its returns change independently of changes in the market's returns. A

positive beta means that the asset's returns generally follow the market's returns, in the sense that

they both tend to be above their respective averages together, or both tend to be below their

respective averages together. A negative beta means that the asset's returns generally move opposite

the market's returns: one will tend to be above its average when the other is below its average.

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 removed by the diversification provided by the

portfolio of many risky assets, because of the correlation of its returns with the returns of the other

assets that are in the portfolio. Beta can be estimated for individual companies using regression

analysis against a stock market index.

Computation of beta

Stock price (Y) =(closing- opening)/(opening)*100 (of stock price)

Market return(x)=(closing-opening)/(opening)*100 (of index price)

N= co-relation coefficient

Beta = N*(X*Y) – (X*Y)/ (N*(X^2)-(X) ^2)

Chapter- 3

ANALYSIS AND

INTERPRETATION

3.1 Table

WIPRO

Date CLOSE P WIPRO CLOSE P NIFTY

03-Jan-11 483.25 6157.6

04-Jan-11 483.9 6146.35

05-Jan-11 487 6079.8

06-Jan-11 483.25 6048.25

07-Jan-11 475 5904.6

10-Jan-11 462.35 5762.85

11-Jan-11 469.2 5754.1

12-Jan-11 470 5863.25

13-Jan-11 452.85 5751.9

14-Jan-11 462.05 5654.55

17-Jan-11 468.55 5654.75

18-Jan-11 479.1 5724.05

19-Jan-11 477.8 5691.05

20-Jan-11 478 5711.6

21-Jan-11 456.5 5696.5

24-Jan-11 444 5743.25

25-Jan-11 444.1 5687.4

27-Jan-11 443 5604.3

28-Jan-11 437.9 5512.15

31-Jan-11 441.3 5505.9

01-Feb-11 426.3 5417.2

02-Feb-11 436.15 5432

03-Feb-11 441 5526.75

04-Feb-11 438 5395.75

07-Feb-11 425.45 5396

08-Feb-11 423.9 5312.55

09-Feb-11 424 5253.55

10-Feb-11 419.15 5225.8

11-Feb-11 419.15 5310

14-Feb-11 424 5456

15-Feb-11 424.65 5481

16-Feb-11 436.95 5481.7

17-Feb-11 433 5546.45

18-Feb-11 434.65 5458.95

21-Feb-11 453.6 5518.6

22-Feb-11 451 5469.2

23-Feb-11 434 5437.35

24-Feb-11 428.8 5262.7

25-Feb-11 432.2 5303.55

28-Feb-11 437.1 5333.25

01-Mar-11 443.2 5522.3

03-Mar-11 444.65 5536.2

04-Mar-11 442 5538.75

07-Mar-11 449.1 5463.15

08-Mar-11 448.3 5520.8

09-Mar-11 449.9 5531

10-Mar-11 454 5494.4

11-Mar-11 447.3 5445.45

14-Mar-11 455.35 5531.5

15-Mar-11 443.25 5449.65

16-Mar-11 445.9 5511.15

17-Mar-11 443 5446.65

18-Mar-11 441 5373.7

21-Mar-11 431.65 5364.75

22-Mar-11 433.9 5413.85

23-Mar-11 437.9 5480.25

24-Mar-11 439.65 5522.4

25-Mar-11 456.6 5654.25

28-Mar-11 463.3 5687.25

29-Mar-11 462.55 5736.35

30-Mar-11 469.95 5787.65

31-Mar-11 476 5833.75

CALCULATION

STDAV 18.19989

COVER(X,Y) 3346.026

VAR(Y) 44527.95

BETA(β) 0.075144

stock return -1.50%

market return -5.25%

GRAHHICAL REPRESENTATON OF STOCK AND MARKET RETURNS

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 610

1000

2000

3000

4000

5000

6000

7000

WIPRONIFTY

3.2 INTERPRETATION

Standard deviation (total risk associated with stock) is 18.19989 where as the beta value is 0.075144

the beta values less than 1 it shows that this stock is less risky and less volatile than the index. The

average stock return and market return show a decreasing trend and also decrease in stock return is

above the market return. Frequent fluctuation in the stock price makes the investor more vigilant.

3.1 Table

INFOTECH

Date close price Infotech Close p nifty

03-Jan-11 171.25 6157.6

04-Jan-11 173.7 6146.35

05-Jan-11 173.75 6079.8

06-Jan-11 173.7 6048.25

07-Jan-11 172.25 5904.6

10-Jan-11 173.5 5762.85

11-Jan-11 172.4 5754.1

12-Jan-11 171.8 5863.25

13-Jan-11 170.1 5751.9

14-Jan-11 170.45 5654.55

17-Jan-11 168.2 5654.75

18-Jan-11 170.75 5724.05

19-Jan-11 172.2 5691.05

20-Jan-11 166.9 5711.6

21-Jan-11 162.65 5696.5

24-Jan-11 169.1 5743.25

25-Jan-11 165.05 5687.4

27-Jan-11 165.05 5604.3

28-Jan-11 165.6 5512.15

31-Jan-11 166.4 5505.9

01-Feb-11 164.7 5417.2

02-Feb-11 162.9 5432

03-Feb-11 164.7 5526.75

04-Feb-11 163.95 5395.75

07-Feb-11 165 5396

08-Feb-11 165.15 5312.55

09-Feb-11 162.55 5253.55

10-Feb-11 160.1 5225.8

11-Feb-11 160.6 5310

14-Feb-11 164.15 5456

15-Feb-11 160.2 5481

16-Feb-11 159.25 5481.7

17-Feb-11 160.5 5546.45

18-Feb-11 160 5458.95

21-Feb-11 162.95 5518.6

22-Feb-11 161.8 5469.2

23-Feb-11 159.7 5437.35

24-Feb-11 160.2 5262.7

25-Feb-11 160.05 5303.55

28-Feb-11 159.4 5333.25

01-Mar-11 165.1 5522.3

03-Mar-11 162.9 5536.2

04-Mar-11 162.75 5538.75

07-Mar-11 165.3 5463.15

08-Mar-11 161.5 5520.8

09-Mar-11 161.15 5531

10-Mar-11 159.65 5494.4

11-Mar-11 160.7 5445.45

14-Mar-11 161.55 5531.5

15-Mar-11 159.45 5449.65

16-Mar-11 159.7 5511.15

17-Mar-11 160.05 5446.65

18-Mar-11 159.95 5373.7

21-Mar-11 159.95 5364.75

22-Mar-11 162.95 5413.85

23-Mar-11 160 5480.25

24-Mar-11 163.35 5522.4

25-Mar-11 161.45 5654.25

28-Mar-11 158.95 5687.25

29-Mar-11 158.15 5736.35

30-Mar-11 159.95 5787.65

31-Mar-11 161.75 5833.75

CALCULATION

standard deviation 4.621047

Co-variance 673.5844

Variance 44527.95

Beta 0.015127

stock return -5.54%

market return -5.25%

Graphical representation of stock and market returns

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 610

1000

2000

3000

4000

5000

6000

7000

infotechnifty

3.2 INTERPRETATION

Standard deviation (total risk associated with stock) is 4.621047where as the beta value is

0.015127.it shows that although the stock is less volatile would help the investor to eliminate not

considerable part but to some extent of risk associated with this stock. When we camper it with the

total risk. Here the beta is less than 1 it shows that the low volatility of the price of the stock in

comparison with market returns. The above graph reveals that the average stock return is well

beneath the market return and negative returns in price put the stock under the scanner.

Chapter -4

Finding & Result

4.1 FINDINGS

• When comparing the beta value companies the average beta greater than one that means the risk

associated with those stocks are pretty high and the price of the shares are more fluctuating one of

the reason for this fluctuation may the inflationary trend in the economy are more bound to interest

rate risk .

• companies beta value less than one means risk is comparatively low so diversification of portfolio

may help the investor to eliminate the controllable risk associated with this stocks .the growth in

mainly because of the growing strength of the Indian companies .they are largely venturing out of the

country through mergers and acquisitions and the increasing consideration of global players India is

a low cost hub of research and development.

• The beta value of companies is less than one but the price of the stocks are highly fluctuating

because of the ups and downs of crude oil price in the international market.

• IT company’s shares are promising one they are more bound to international risk since most of the

IT companies largely depends on the US market any downward trend in the US economy may have a

negative impact on these companies shares but for the long term investment this shares are promising

One .

• The stocks of automobile companies are subjected to less risk since the beta is less than one. Stock

price of auto companies are growing mainly because of the strong bottom line of these

companies .increasing strength of Indian middle class largely responsible for this growth.

4.2 RESULT

As a whole the stock market is sometime highly volatile .it depends upon the investors how he can

make use of this in order to get the money which he has put in the market .an investor should be in a

position to analyze the various investment option available to him and thus minimize the risk and

maximize the returns .

The investor should analyze the market on a continuous basis which will help them to pick the right

companies to invest their funds. The beta value, standard deviation and variance helps the investors

in arriving at decision .the investors should be in a position to interpret the data in the right manner to

arrive at important conclusions and investment decision.

I hope this dissertation will help the investors as a guiding record in future and help them to make

appropriate investment decisions.

Chapter -5

Conclusion

5.1 CONCLUSIONS

As a whole the stock market is sometime highly volatile .it depends upon the investors how he can

make use of this in order to get the money which he has put in the market .an investor should be in a

position to analyze the various investment option available to him and thus minimize the risk and

maximize the returns .

The investor should analyze the market on a continuous basis which will help them to pick the right

companies to invest their funds. The beta value, standard deviation and variance helps the investors

in arriving at decision .the investors should be in a position to interpret the data in the right manner to

arrive at important conclusions and investment decision.

I hope this dissertation will help the investors as a guiding record in future and help them to make

appropriate investment decisions.

5.2 SUGGESTION

• Based on the finding derived at ,risk less investment can be made in the stocks .they are volatile but

still the risk associated with that stocks are less .

• In the IT sector I would suggest you is the best one

Anybody can blindly invest in that shares return is must.

• In my view InfoTech shares are more volatile next to banking investment in info shares could be

more risky since Indian IT companies are more service based rather than product based so anybody

can enter in to that sooner or later but the advantage of Indian IT companies are the talent pool

available in India.

• When an investor opts to enter the stock market he should first gather sufficient information about

the type of investment options available to him.

• The investor should be in a position to decide where and how much of funds are he ready to invest

in particular security.

• He should diversify his investment portfolio so that he is exposed to minimum risk.

• Investor should not depend entirely on the past returns as the future is uncertain and the stock

market is highly volatile.

• The investor must be in a position to determine the degree of risk involved and then invest in any

security.

• He should not follow the foot of others while investing because usually people tend to go by the

trend.

5.3 SCOPE

The complete research will help the researcher to understand the reasons for the investor to know

minimum risk and more profitability preference towards.

The research will help them to pick the right companies to invest their fund.

The beta value standard deviation and variance helps the investors in arriving at decision

The investors will be in position to interpret the data in the right manner to arrive at import

conclusion investment decision.

5.4

REFERENCES

5.4.1 BIBLIOGRAPHY

• Wooldridge, J. Randall and Gray, Gary; Applied Principles of Finance (2006)

• Bodie, Kane, Markus, "Investments"

• Adèr, H.J. (2008). Chapter 14: Phases and initial steps in data analysis. In H.J. Adèr & G.J.

Mellenbergh (Eds.) (with contributions by D.J. Hand), Advising on Research Methods: A

consultant's companion (pp. 333–356). Huizen, the Netherlands: Johannes van Kessel Publishing.

•  Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River,:

Pearson Prentice Hall. pp. 283. ISBN 0-13-063085-3.

• http://www.infotech-enterprises.com/cor-about-infotech.aspx

• http://www.wipro.com/index.htm

• http://www.wipro.com/corporate/aboutus/index.htm

• http://www.infotech-enterprises.com/cor-history-milestones.aspx

• Bodia zvi ,kane alex ,alan j marcus,mohanty pitabas(2006) “investments’’ – McGraw hill, sixth

edition

• .murray f roger (1964) “research in the capital market’’ McGraw hill publishing, second edition,

• Hyzer Jack (2001) “The complete investment and financial dictionary” Published by Adams Media

Corporation.

• Prasad G B R K (2001) “How to Choose Winning Stocks” Published by SAGE pvt.Ltd.

• Reilly frank k (2002)”Investment Analysis and Portfolio Management “published by South-Western

College Pub; 7 edition.

• Boone Norman M (2002) “Creating an Investment Policy Statement” published by South-Western

College Pub.

• Pinto Jerald E (2002) “Equity Asset Valuation” published by South-Western College Pub.

• Febozzi Frank J (2005) “Bond Markets, Analysis, and Strategies” published by South-Western

College Pub

• Katsenelson Vitaliy N (2007) “Active Value Investing” Published by SAGE pvt.Ltd.

Pandey I m (2009) “financial management”- vikas publishing house, ninth edition.

• Chandra prassana (2007) “Investment analysis and portfolio management”- vikas publishing house.

• Edwin j Elton, martin j gruber (2006) “Modern portfolio theory and investment analysis”- McGraw-

hill publication.

• Fisher e, Ronald j jordan (2006) “Security analysis and investment and portfolio management:

Donald”- McGraw –hill publication.

• Khan m.y and P.k Jain (2007) “financial management” – vikas publication house.

• Dr. Maheshwari s.n (2009) “financial management and accounting” – vikas publicatin house.

• Balwani nitin (2007) “ accounting and finance” - McGraw-hill publication

• Singh preeti (2009) “investment management” - McGraw-hill publication

• C.v kothari (200&) “research methodology“- Himalaya publication.

5.4.2 WEBLIOGRAPHY

• www.indiainfoline.com

• www.wikipedia.org

• www.personaluniq.edu

• www.invetopedia.com

• www.mscibrarra.com

• www.europejornals.com