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DECLARATION

I Rahul Chawla, Roll No 1173/11, MBA (Semester-IV) of the Tilak Raj Chadha

Institute of Management and Technology, Yamuna Nagar hereby declare that the

Research Report entitled To Study the Impact of Dividend Announcement On Stock

Market Return with Special Reference to Companies Listed On BSE100 (TCS,

Reliance, Coal India) has been an original work and the same has not been submitted

to any other institute for the award of any other degree.

(RAHUL CHAWLA)

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ACKNOWLEDGEMENT

Gratitude is hardest of emotions to express and often does not find adequate words to

convey what one feels. The researcher is extremely grateful to TIMT, Yamuna Nagar for

giving her the opportunity to conduct the research and the help provided to complete the

research report.

At the outset, the researcher would take this excellent opportunity to render his sincere

gratitude to Dr. Vikas Daryal, Director, TIMT, Yamuna Nagar for his kind assistance in

the successful completion of the synopsis.

The researcher pays his hearty thanks to Mrs. Vandana Madaan, H.O.D, TIMT, and

Yamuna Nagar for her pinpoint guidance. Her enthusiastic collaboration with sustained

interest made it possible to undertake and complete this project.

He is very thankful to his mentor, Ms. Madhuri Gupta, Assistant Professor, TIMT,

Yamuna Nagar for her full cooperation and support where and when needed during the

research.

The deepest gratitude is also expressed to all those persons who supported the researcher

all through the project and has left a long lasting impression that will influences the

project and his behaviour for all times to come.

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EXECUTIVE SUMMARY

An index is used to give information about the price movements of products in the

financial, commodities or any other markets. Financial indexes are constructed to

measure price movements of stock, bonds, T-bills and other forms of investments. Stock

market indexes are meant to capture the overall behaviour of equity markets. A stock

market index is created by selecting a group of stocks that are representative of the whole

market or a specific sector or segment of the market. An index is calculated with

reference to base period and base index.

The intended research on To Study the Impact of Dividend Announcement On Stock

Market Return with Special Reference to Company Listed On BSE100 (TCS,

Reliance, Coal India) has to be submit.

The study will be conducted with the objective of finding out the impact of Dividend

announcement on Stock Market Return.

The research will be Descriptive in nature as it tends to gain familiarity with a

phenomenon or to achieve new insights into it. Study setting is Non-contrived because

the study will be conducted with no interference of research. It is a Cross sectional study

as data will be collected at one particular time.

The data will be collected by researcher through secondary data.

The hypothesis testing for the difference between the means of two samples will be

conducted.

To test the hypothesis t-test will be applied. Various tools and models like correlation,

regression and impulse response will applied to analyze the data.

Some limitations can be occurring in the study like time constraint, complex calculation,

resource constraint, wide area of study.

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CONTENTS

Introduction

a. Company Profile

b. Topic

Theoretical Frame work

a. Construct

b. Independent and DependentVariables

Literature Review

Research Objective

Research Methodology

a. Research design

Type of Research Design

Time Horizon

Study Setting

Flow Chart for solution of Statistical Tools

i. Hypothesis Development & testing

ii. Sample and Sample design

iii. Data collection

iv. Analytical Tools

v. Statistical tools

vi. Limitations of Study

Data Analysis

Result and Finding

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Policy Implications

Recommendations

Bibliography

Annexure

BOMBAY STOCK EXCHANGE (BSE)

INTRODUCTION TO BSE

The Bombay Stock Exchange Limited (formerly, The Stock Exchange, Mumbai;

popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in

Asia. It is located at Dalal Street, Mumbai, India.

Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich

heritage. It is the first stock exchange in the country to obtain permanent recognition in1956 from the Government of India under the Securities Contracts (Regulation) Act,

1956.The Exchange's pivotal and pre-eminent role in the development of the Indian

capital market is widely recognized and its index, SENSEX, is tracked worldwide. Earlier

an Association of Persons (AOP), the Exchange is now a demutualised and corporatised

entity incorporated under the provisions of the Companies Act, 1956, pursuant to the

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BSE(Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and

Exchange Board of India (SEBI).

BSE 100

CompanyCurr.

val(Rs.)Chg(%) MCap(Cr)

TCS1,288.1

00.78 252,106.93

Reliance Inds. 773.10 0.89 249,873.65

Coal India 358.00 0.92 226,125.69

ITC 286.40 -0.88 225,428.30

O N G C 251.10 -0.04 214,828.10

HDFC Bank 669.50 0.04 158,243.02

St Bk of India2,089.7

0-0.47 140,227.23

Infosys2,376.0

0-0.37 136,439.42

NTPC 159.50 -2.57 131,515.09

H D F C 778.45 0.39 119,924.11

ICICI Bank 1,025.35

-0.74 118,229.01

Hind. Unilever 529.65 1.04 117,317.48
http://www.indiainfoline.com/Markets/Company/Tata-Consultancy-Services-Ltd/532540http://www.indiainfoline.com/Markets/Company/Reliance-Industries-Ltd/500325http://www.indiainfoline.com/Markets/Company/Coal-India-Ltd/533278http://www.indiainfoline.com/Markets/Company/ITC-Ltd/500875http://www.indiainfoline.com/Markets/Company/Oil-and-Natural-Gas-Corpn-Ltd/500312http://www.indiainfoline.com/Markets/Company/HDFC-Bank-Ltd/500180http://www.indiainfoline.com/Markets/Company/State-Bank-of-India/500112http://www.indiainfoline.com/Markets/Company/Infosys-Ltd/500209http://www.indiainfoline.com/Markets/Company/NTPC-Ltd/532555http://www.indiainfoline.com/Markets/Company/Housing-Development-Finance-Corporation-Ltd/500010http://www.indiainfoline.com/Markets/Company/ICICI-Bank-Ltd/532174http://www.indiainfoline.com/Markets/Company/Hindustan-Unilever-Ltd/500696http://www.indiainfoline.com/Markets/Company/Reliance-Industries-Ltd/500325http://www.indiainfoline.com/Markets/Company/Coal-India-Ltd/533278http://www.indiainfoline.com/Markets/Company/ITC-Ltd/500875http://www.indiainfoline.com/Markets/Company/Oil-and-Natural-Gas-Corpn-Ltd/500312http://www.indiainfoline.com/Markets/Company/HDFC-Bank-Ltd/500180http://www.indiainfoline.com/Markets/Company/State-Bank-of-India/500112http://www.indiainfoline.com/Markets/Company/Infosys-Ltd/500209http://www.indiainfoline.com/Markets/Company/NTPC-Ltd/532555http://www.indiainfoline.com/Markets/Company/Housing-Development-Finance-Corporation-Ltd/500010http://www.indiainfoline.com/Markets/Company/ICICI-Bank-Ltd/532174http://www.indiainfoline.com/Markets/Company/Hindustan-Unilever-Ltd/500696http://www.indiainfoline.com/Markets/Company/Tata-Consultancy-Services-Ltd/532540

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Company Profile

On the basis of BSE 100 index Market Capitalization Companies selected are:

Tata Consultancy Services Limited

Tata Consultancy Services Limited (TCS) is the world-leading information technology

consulting, services, and business process outsourcing organization that envisioned and

pioneered the adoption of the flexible global business practices that today enable

companies to operate more efficiently and produce more value.

TCS commenced operations in 1968, when the IT services industry didnt exist as it does

today. Now, with a presence in 34 countries across 6 continents, & a comprehensive

range of services across diverse industries, we are one of the world's leading Information

Technology companies. Six of the Fortune top 10 companies are among our valued

customers.

TCS are part of one of Asia's largest conglomerates - the TATA Group - which, with its

interests in Energy, Telecommunications, Financial Services, Chemicals, Engineering &Materials, provides us with a grounded understanding of specific business challenges

facing global companies.

Culture

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At TCS we have an energetic and open workplace environment, and a collaborative

culture that's based on teamwork. Pulling together is a central tenet of our work ethic.

Energetic and full of enthusiasm, we enjoy our day (and night) at work. Life at TCS is a

stimulating and exciting experience. Not only do our offices have the best infrastructure

and technology, our colleagues have a knack of working hard and partying harder.

TCS is an equal-opportunity employer and TCS come from many nationalities and speak

many languages. And, since we believe in celebrating everything under the sun, you will

find us singing carols at Christmas and doing the dandiya dance at Navrathri with equal

enthusiasm.

Services and solutions

TCS is a leading IT services provider, with a wide breadth of services across the entire

Information technology spectrum. To know more about how TCS can help you identify

opportunities of improvement, build the roadmap to getting there & leverage technology

to make it possible, read more about our services & solutions:

Consulting.

IT Services.

BPO.

IT Infrastructure Services.

Engineering and Industrial Services.

Product Based Solutions.

Product

TCS products are popular all over the world. They are known to be user-friendly,

flexible, comprehensive, and trailblazers in their respective areas

Banking.

Accounting.

Insurance.

Financial Services.

E Security.

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Manufacturing.

Life Sciences and Healthcare.

Tools.

S-Governance.

Energy & Utilities.

Reliance

Reliance Industries Limited (RIL) is Indias largest private sector company on all major

financial parameters. It has emerged as the only Indian company in the list of global

companies that create most value for their shareholders, published by Financial Times

based on a global survey and research conducted by PricewaterhouseCoopers in 2004.

RIL features in the Forbes Global list of worlds 400 best big companies and in FT

Global 500 list of worlds largest companies.

Reliance Infocomm is the outcome of late Dhirubhai Ambanis dream of bringing about adigital revolution in India that will bring to every Indians doorstep an affordable means

of information and communication.

"Make the tools of infocomm available to people at an affordable cost. They will

overcome the handicaps of illiteracy and lack of mobility", was how Dhirubhai, as he was

fondly called, spelt out Reliance Infocomms mission in late 1999. He firmly believed the

country could use information and communication technology to overcome its

backwardness and underdevelopment.

The Company from time to time seeks to further diversify into other industries. The

Company now has operations that span from the exploration and production of oil and

gas to the manufacture of petroleum products, polyester products, polyester

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intermediates, plastics, polymer intermediates, chemicals and synthetic textiles and

fabrics.

The Company's operations can be classified into four segments namely:

Petroleum Refining and Marketing business

Petrochemicals business

Oil and Gas Exploration & Production business

Others

The Company is:

Largest producer of Polyester Fibre and Yarn

5th largest producer of Paraxylene (PX)

5th largest producer of Polypropylene (PP)

8th largest producer of Purified Terephthalic Acid (PTA) and Mono Ethylene

Glycol (MEG)

COAL INDIA

With the Government's national energy policy the near total national control of coal

mines in India took place in two stages in 1970s. The Coking Coal Mines (Emergency

Provisions) Act 1971 was promulgated by Government on 16 October 1971 under which

except the captive mines of IISCO, TISCO, and DVC, the Government of India took over

the management of all 226 coking coal mines and nationalised them on 1 May, 1972.

Bharat Coking Coal Limited was thus born. Further by promulgation of Coal Mines

(Taking over of Management) Ordinance 1973 on 31 January 1973 the Central

Government took over the management of all 711 non-coking coal mines. In the next

phase of nationalization these mines were nationalized with effect from 1 May 1973 and

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a public sector company named Coal Mines Authority Limited (CMAL) was formed to

manage these non coking mines.

Corporate Structure and Subsidiary Companies

Coal India is a holding company with seven wholly owned coal producing subsidiary

companies and one mine planning & Consultancy Company. It encompasses the whole

gamut of identification of coal reserves, detailed exploration followed by design and

implementation and optimizing operations for coal extraction in its mines. The producing

companies are:

1. Eastern Coalfields Limited (ECL), Sanctoria, West Bengal

2. Bharat Coking Coal Limited (BCCL), Dhanbad, Jharkhand

3. Central Coalfields Limited (CCL), Ranchi, Jharkhand

4. South Eastern Coalfields Limited (SECL), Bilaspur, Chattisgarh

5. Western Coalfields Limited (WCL), Nagpur, Maharashtra

6. Northern Coalfields Limited (NCL), Singrauli, Madhya Pradesh

7. Mahanadi Coalfields Limtied (MCL), Sambalpur, Orissa

8. Coal India Africana Limitada, Mozambique

9. The consultancy company is Central Mine Planning and Design Institute Limited

(CMPDIL), Ranchi, Jharkhand.

North Eastern Coalfields (NEC) a small coal producing unit operating in Margherita,

Assam is under direct operational control of CIL.

Coal India's major consumers are Power and Steel sectors. Others include Cement,

Fertiliser, Brick Kilns, and small scale industries.

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INTRODUCTION

Dividends are payments made by a corporation to its shareholder members. It is the

portion of corporate profits paid out to stockholders. When a corporation earns a profit or

surplus, that money can be put to two uses: it can either be re-invested in the business

(called retained earnings), or it can be distributed to shareholders. There are two ways to

distribute cash to shareholders: share repurchases or dividends. Many corporations retain

a portion of their earnings and pay the remainder as a dividend.

A dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a

dividend in proportion to their shareholding. For the joint stock company, paying

dividends is not an expense; rather, it is the division of after tax profits amongshareholders. Retained earnings (profits that have not been distributed as dividends) are

shown in the shareholder equity section in the company's balance sheet - the same as its

issued share capital.

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Public companies usually pay dividends on a fixed schedule, but may declare a dividend

at any time, sometimes called a special dividend to distinguish it from Dividends are

usually paid in the form of cash, store credits (common among retail consumers'

cooperatives) and shares in the company (either newly created shares or existing shares

bought in the market.) Further, many public companies offer dividend reinvestment

plans, which automatically use the cash dividend to purchase additional shares for the

shareholder.

Dividend policy is concerned with taking a decision regarding paying cash dividend in

the present or paying an increased dividend at a later stage. The firm could also pay in the

form of stock dividends which unlike cash dividends do not provide liquidity to the

investors; however, it ensures capital gains to the stockholders. The expectations ofdividends by shareholders helps them determine the share value, therefore, dividend

policy is a significant decision taken by the financial managers of any company investors

don't really choose between future gains and cash dividends.

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FACTORS AFFECTING DIVIDEND ANNOUNCEMENT

1. Stability of Earnings. The nature of business has an important bearing on the dividend

policy. Industrial units having stability of earnings may formulate a more consistent dividend

policy than those having an uneven flow of incomes because they can predict easily their

savings and earnings. Usually, enterprises dealing in necessities suffer less from oscillating

earnings than those dealing in luxuries or fancy goods.

2. Age of corporation. Age of the corporation counts much in deciding the dividend policy.

A newly established company may require much of its earnings for expansion and plant

improvement and may adopt a rigid dividend policy while, on the other hand, an older

company can formulate a clear cut and more consistent policy regarding dividend.

3. Liquidity of Funds. Availability of cash and sound financial position is also an important

factor in dividend decisions. A dividend represents a cash outflow, the greater the funds and

the liquidity of the firm the better the ability to pay dividend.

The liquidity of a firm depends very much on the investment and financial decisions of the

firm which in turn determines the rate of expansion and the manner of financing. If cash

position is weak, stock dividend will be distributed and if cash position is good, company can

distribute the cash dividend.

4. Extent of share Distribution. Nature of ownership also affects the dividend decisions. A

closely held company is likely to get the assent of the shareholders for the suspension of

dividend or for following a conservative dividend policy.

On the other hand, a company having a good number of shareholders widely distributed and

forming low or medium income group, would face a great difficulty in securing such assent

because they will emphasise to distribute higher dividend.

5. Needs for Additional Capital. Companies retain a part of their profits for strengthening

their financial position. The income may be conserved for meeting the increased

requirements of working capital or of future expansion. Small companies usually find

difficulties in raising finance for their needs of increased working capital for expansion

programmes. They having no other alternative, use their ploughed back profits. Thus, such

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Companies distribute dividend at low rates and retain a big part of profits.

6. Trade Cycles. Business cycles also exercise influence upon dividend Policy. Dividend

policy is adjusted according to the business oscillations. During the boom, prudent

management creates food reserves for contingencies which follow the inflationary period.

Higher rates of dividend can be used as a tool for marketing the securities in an otherwise

depressed market. The financial solvency can be proved and maintained by the companies in

dull years if the adequate reserves have been built up.

7. Government Policies. The earnings capacity of the enterprise is widely affected by the

change in fiscal, industrial, labour, control and other government policies. Sometimes

government restricts the distribution of dividend beyond a certain percentage in a particular

industry or in all spheres of business activity as was done in emergency. The dividend policy

has to be modified or formulated accordingly in those enterprises.

8. Taxation Policy. High taxation reduces the earnings of he companies and consequently the

rate of dividend is lowered down. Sometimes government levies dividend-tax of distribution

of dividend beyond a certain limit. It also affects the capital formation. N India, dividends

beyond 10 % of paid-up capital are subject to dividend tax at 7.5 %.

9. Legal Requirements. In deciding on the dividend, the directors take the legal

requirements too into consideration. In order to protect the interests of creditors an outsider,

the companies Act 1956 prescribes certain guidelines in respect of the distribution and

payment of dividend.

Moreover, a company is required to provide for depreciation on its fixed and tangible assets

before declaring dividend on shares. It proposes that Dividend should not be distributed out

of capita, in any case. Likewise, contractual obligation should also be fulfilled, for example,

payment of dividend on preference shares in priority over ordinary dividend.

10. Past dividend Rates. While formulating the Dividend Policy, the directors must keep in

mind the dividend paid in past years. The current rate should be around the average past rat.

If it has been abnormally increased the shares will be subjected to speculation. In a new

concern, the company should consider the dividend policy of the rival organisation.

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11. Ability to Borrow. Well established and large firms have better access to the capital

market than the new Companies and may borrow funds from the external sources if there

arises any need. Such Companies may have a better dividend pay-out ratio. Whereas smaller

firms have to depend on their internal sources and therefore they will have to built up good

reserves by reducing the dividend payout ratio for meeting any obligation requiring heavy

funds.

12. Policy of Control. Policy of control is another determining factor is so far as dividends

are concerned. If the directors want to have control on company, they would not like to add

new shareholders and therefore, declare a dividend at low rate. Because by adding new

shareholders they fear dilution of control and diversion of policies and programmes of the

existing management. So they prefer to meet the needs through retained earnings.

13. Repayments of Loan. A company having loan indebtedness are vowed to a high rate of

retention earnings, unless one other arrangements are made for the redemption of debt on

maturity. It will naturally lower down the rate of dividend.

Sometimes, the lenders (mostly institutional lenders) put restrictions on the dividend

distribution still such time their loan is outstanding. Formal loan contracts generally provide a

certain standard of liquidity and solvency to be maintained. Management is bound to hour

such restrictions and to limit the rate of dividend payout.

14. Time for Payment of Dividend. When should the dividend be paid is another

consideration. Payment of dividend means outflow of cash. It is, therefore, desirable to

distribute dividend at a time when is least needed by the company because there are peak

times as well as lean periods of expenditure. Wise management should plan the payment of

dividend in such a manner that there is no cash outflow at a time when the undertaking isalready in need of urgent finances.

15. Regularity and stability in Dividend Payment. Dividends should be paid regularly

because each investor is interested in the regular payment of dividend. The management

should, in spite of regular payment of dividend, consider that the rate of dividend should be

all the most constant. For this purpose sometimes companies maintain dividend equalization

Fund.

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THEORETICAL FRAMEWORK

CONSTRUCT: - To study the impact of Dividend Announcement on Stock Market Return.

Dependent variables:

Stock Market Return

Independent variables:

Dividend Announcement

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LITERATURE REVIEW

Empirical literature:-

Empirical literature consists of study made by other in the same field. The published data in

Newspapers, Books & Magazines available for discussion with people of organization.

BOOKS:-

Dr. P Periasamy, (2nd Edition), Financial Management, this book referred to study

the factor affecting of dividend announcement.

R.K. Mittal , (Edition-6th) ,Management Accounting & Financial Management.

This book is referred for understanding the basic concept of dividend policy and

approaches to dividend decisions.

D.K Goel, Rajesh Goel and Shelly Goel, (7th Revised Edition), Management

Accounting and Finance Management.- The information about the different types of

Ratios like liquidity ratio, profitability ratio etc.

Sekran Uma, (Edition 4th) , Research Methods for Business:

This book helps in getting the information about the study setting of the research.

Prasanna Chandra, (7th Edition) ,Financial Management, This book is referred

to study the dividend policy.

Pandey I.M., (Edition-3rd) ,Financial Management.- This book gives the

information about the various dividend policy theories such as MM Approach etc.

Nargundkar Rajendra, (Edition-3rd ) , Marketing Research:

The book helped in understanding the different sampling techniques used here.

Cooper R. Donald, (Edition-8th), Business Research Methods.

The various type of research design and the other concepts of research methodology

are studied from this book.

Kothari C.R., (II Revised Edition), Research Methodology Methods and

Techniques. Gives information regarding the basics of research and research

methodology, what are the different types of research designs, what is problem

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statement, what are the sources of data collection and what are the methods of data

collection is given in this section.

James C. Van Horne, (Edition 11th),Financial Management Policy.

The information regarding financial ratio analysis is studied from this book.

Gupta Shashi K. and Sharma R. K., (Edition-6th), Management Accounting.

This book is referred to know about the leverages.

D.K Goel, Rajesh Goel and Shelly Goel, (7th Revised Edition), Management

Accounting and Finance Management, This book gives the information about model

of dividend policy.

A.K. Vashisht and J.S. Pasricha, Management Accounting , This book gives

the information about kinds of dividend policy.

Jain T.R. and Aggarwal S.C., (Edition-3rd), Statistics for MBA.- This gives

information about how to find the values of Correlations, Regression, Hypothesis and

Trend analysis.

Bhalla V.K , (Edition-9th) ,Working capital management. This book helps in

knowing about profitability and liquidity.

JOURNALS:

MUKESH BAJAJ and ANAND M. VIJH0,(March 1995) Trading Behavior and

the Unbiasedness of the Market Reaction to Dividend Announcements the journal of

finance-Researcher studied about the M M approach of dividend policy.

Solanki Ashvin H.,(Aug. 2012) An Empirical Study of Corporate Dividend Policy

Advances In Management- Researcher studied about the objective and finding of

dividend policy.

Renuka Sharma, (September 2011) Stock Price Behaviour around Dividend

Announcements: An Event Study MethodologyJournal of Management- Researcherstudied about the dividend policy and market model.

T. Mallikarjunappa & T . Manjunatha, (July-December 2009) Stock Price

Reactions to Dividend Announcements Journal of Management & Public Policy-

Researcher studied about the model and the hypothesis development.

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Dar-Hsin Chen, Hsiang-Hsi Liu, and Cheng-Ting Huang,(janfeb 2009) TheAnnouncement Effect of Cash Dividend Changes on Share Prices chinese economy-

Researcher studied about the dividend policy and dividend payout ratio.

Sahu, chinmoy ,(2000) , empirical test of association between dividend payout andstock return, paradigm- Researcher has studied about the association between

dividend payout and stock return.

Suman Banerjee, Vladimir A, Gatchev, and Paul A, Spind, (June 2007) Stock

Market Liquidity and Firm Dividend Policy, Journal of financial- Researcher has

studied about the association between dividend policy and stock market liquidity of

the firm.

HASSAN ALISINAEI, LEILA HABIBI(February 2012), An investigation of

factors relevant to payout ratio in listed firms on the tehran stock exchange

International Journal of Multidisciplinary Management Studies, Researcher has

studied about the various dividend policies followed by the firm.

WEBSITES:

http://www.vyoms.com/company-profiles/tcs.asp This website gave me the

information about TCS company profile and products.

http://www.ril.com/html/aboutus/about_brands.html This website gave me the

information about the Reliance Company and its products.

http://www.coalindia.in/Company.aspx?tab=0 This website gave me the information

about Coal India.

http://www.xlstat.com/demo_pca.htm33: this website gave me information about tools.

http://www.spss.com/corpinfo/fags.htm38: this website gave me information about

spss.

http://www.moneycontrol.com/india/stockpricequote/computers-software/tata-

consultancy-services/TCS: this website gave me information about TCS share price.

http://www.moneycontrol.com/india/stockpricequote/diversified/reliance-

industries/RI : this website gave me information about Reliance share price.
http://www.vyoms.com/company-profiles/tcs.asphttp://www.ril.com/html/aboutus/about_brands.htmlhttp://www.coalindia.in/Company.aspx?tab=0http://www.xlstat.com/demo_pca.htmhttp://www.spss.com/corpinfo/fags.htmhttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/diversified/reliance-industries/RIhttp://www.moneycontrol.com/india/stockpricequote/diversified/reliance-industries/RIhttp://www.vyoms.com/company-profiles/tcs.asphttp://www.ril.com/html/aboutus/about_brands.htmlhttp://www.coalindia.in/Company.aspx?tab=0http://www.xlstat.com/demo_pca.htmhttp://www.spss.com/corpinfo/fags.htmhttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/diversified/reliance-industries/RIhttp://www.moneycontrol.com/india/stockpricequote/diversified/reliance-industries/RI

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RESEARCH OBJECTIVES

1. To Analyse the impact of Dividend Announcement on Stock Market Return in the pre

and post period Announcement of dividends.

2. To examine the Market reaction to Dividend information.

3. To check whether the markets are efficient when any news about dividend

announcement decisions of a company is received.

4. To determine the volatility in share price of TCS, Reliance and Coal India

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RESEARCH METHODOLOGY

Research is defined as a scientific & systematic search for pertinent information on a

specific topic. Research is an art of scientific investigation. Research is a systemized effort

to gain new knowledge. It is a careful inquiry especially through search for new facts in any

branch of knowledge. The search for knowledge through objective and systematic method of

finding solution to a problem is a research.

So we should consider the following steps in research methodology:

Meaning of research2

Problem statement2

Research design1

2

PRELIMINARY

DATA

GATHERING

Interviewing

Literature Survey

3

PROBLEM

DEFINITION

Research

Problem

Delineated

4

THEORETICAL

FRAMEWORK

Variables

clearly

identified and

labelled

5

GENERATION

OF

HYPOTHESES

6

SCIENTIFIC

RESEARCH

DESIGN

1

OBSERVATION

Broad area of

research

interest

identified

7

DATA

COLLECTION,

ANALYSIS AND

INTERPRETATION

8

DEDUCTION

Hypotheses

substantiated?

Research

question

answered?

9

Report

writing

10

Report

Presentat

ion

11

Managerial

decision

making

YesNO

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Sample design

Data collection2

Analysis and Interpretation of data

MEANING OF RESEARCH2

Research is defined as a scientific & systematic search for pertinent information on a

specific topic. Research is an art of scientific investigation. Research is a systemized effort

to gain new knowledge. It is a careful inquiry especially through search for new facts in any

branch of knowledge. The search for knowledge through objective and systematic method of

finding solution to a problem is a research

PROBLEM STATEMENT

2

The research problems, in general refers to some difficulty with a researcher experience in

the contest of either a particular a theoretical situation and want to obtain a solution for same.

The present project has been undertaken To studying the Impact of Inventory in terms of

Cost of holding inventory, Cost of Goods sold, Stock of work in Progress & Stock of Raw

Material on Profitability (Net Profit) of Hindustan Dorr Oliver Limited (2006-2011)

RESEARCH DESIGN1

A research is the arrangement of the conditions for the collections and analysis of the data in

a manner that aims to combine relevance to the research purpose with economy in procedure.

In fact, the research design is the conceptual structure within which research is conducted; it

constitutes the blue print of the collection, measurement and analysis of the data. The design

in such studies must be rigid and not flexible and most focus attention on the following;

o What is the study about?

o Why is the study being made?

o Where will the study be carried out?

o What type of data is required?

o Where can be required data be found?

o What period of time will the study include?

o What will be sample design?

o What techniques of data collection will be used?

o How will the data be analyzed?

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RESEARCH DESIGN CAN BE CATEGORIZED AS: 1

The present study is Descriptive in nature, as it seeks to discover ideas and insight to bring

out new relationship. Research design is flexible enough to provide opportunity for

considering different aspects of problem under study. It helps in bringing into focus some

inherent weakness in enterprise regarding which in depth study can be conducted by

management.

Time Horizon:

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The time horizon for my study is Cross Sectional ,the four years time period.

STUDY SETTING:

This includes field study and lab experiment. My study is using Non Contrived as in same

natural environment/data.

Purpose of Study:

The purpose of my study is Descriptive. A descriptive study is undertaken in order to

ascertain be able to describe the characteristics of variables of interest in a situation. It is also

Hypothesis testing also. Because studies that engage in hypothesis testing usually explain the

nature of certain relationship or establish the difference among groups or independence of the

two or more factors in the situation.

Measurements and scaling:

A. Operational definition

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B. Items (measures)

C. Scaling

D. Categorization

E. Coding

FLOW CHART FOR SELECTION OF STASTICAL TOOLS

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HYPOTHESIS DEVELOPMENT AND TESTING16

HYPOTHESIS DEVELOPMENT

There are two types of hypothesis :

Null hypothesis

Alternative hypothesis

Null hypothesis (H0): In test of hypothesis we always begin with an assumption or

hypothesis this is called null hypothesis. The null hypothesis asserts that there is no

significant difference between the sample static and the population parameter and whatever

the observed difference is there, is merely due to fluctuations in sampling from same

population.

Alternative hypothesis (H1): Any hypothesis different then the null hypothesis is called an

alternative hypothesis. The two hypothesis H0 & H1 are such that if one is accepted, the other

is rejected.

T-test

T-test is a small sample test. It was developed by William Gosset in 1908. He published this

test under the pen name of Student. Therefore, it is known as Students t-test.

Applications of t-test:

Test of hypothesis about the population mean.

Test of hypothesis about the difference between the two means in case of

independent samples.

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Test of hypothesis about the difference between the two means in case of

dependent samples.

Test of hypothesis about an observed coefficient of correlation.

TEST OF HYPOTHESIS ABOUT THE POPULATION MEAN

We use t-test and the appropriate test statistic t to used is :

HYPOTHESIS TESTING

Ho: There is no significant impact of Dividend announcement on stock market return.

H1: There is a significant impact of Dividend announcement on stock market return.


Paired Samples Statistics

Mean N Std. Deviation Std. Error Mean

Pair 1 before_dividend_a

nnouncement -.153450 15 1.3638178 .3521362

after_dividend_an

nouncement-.009667 15 1.0057904 .2596940

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Paired Samples Test

Paired Differences

t dfSig. (2-tailed)Mean

Std.Deviation

Std. ErrorMean

95% Confidence Interval

of the Difference

Lower Upper

Pair 1 before_dividend

_announcement -

after_dividend_a

nnouncement

-

1.4378298

E-1

1.6434596 .4243394 -1.0539006 .7663346 -.339 14 .040

INTERPRETATION:

As the significant value is less than .05 so there is significant impact of before dividend

announcement on after dividend announcement.

Reliance


Mean N

Std.

Deviation

Std. Error

Mean


_announcement -.404515 15 .9660090 .2494224

after_dividend_

announcement.166570 15 1.0367643 .2676914

Paired Samples Test

Paired Differences

t df

Sig. (2-

tailed)Mean

Std.

Deviation

Std. Error

Mean


of the Difference

Lower Upper


_announcement -

after_dividend_a

nnouncement

-

5.7108484

E-1

1.5483780 .3997895 -1.4285480 .2863783 -1.428 14 .017

INTERPRETATION:



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COAL INDIA


Mean N Std. Deviation

Std. Error

Mean

Pair 1 before_dividend_

announcement.350255 15 1.1805843 .3048255

after_dividend_a

nnouncement-.956398 15 1.4056076 .3629263

Paired Samples Test

Paired Differences

t df

Sig. (2-

tailed)Mean

Std.

Deviation

Std. Error

Mean


of the Difference

Lower Upper


_announcement -

after_dividend_a

nnouncement

1.3066538

E01.8170811 .4691683 .3003878 2.3129198 2.785 14 .015

INTERPRETATION:



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SAMPLE AND SAMPLING DESIGN 1

SAMPLE DESIGN:

A sample design is a definite plan for obtaining a sample from the sampling frame. It refers to

the technique or the procedure that is adopted in selecting the sampling units from which

inferences about the population is drawn. Sampling design is determined before the collection

of the data.

Several decisions have to be taken in context to the decision about the appropriate sample

selection so that accurate data is obtained and efficient results are drawn.

Following questions have to be considered while sampling design

What is the relevant population?

What is the parameter of interest?

What is the sampling frame?

What is the type of sample?

What sample size is needed?

How much will it cost?

Sample Unit: - In this study, the sampling unit is analysis of top three companies of

BSE100 on the basis of market capitalization.

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Sample Size: - It indicates the numbers of years to be studied. Though large samples give

more reliable results than small samples but due to limitations of time and money, the

sample size will be restricted to four quarters of top three companies on BSE100 TCS,

Reliance, and Coal India.

TYPES OF INVESTIGATION18

Type of investigation in my study will be Correlation39. Because my main motive is to check

whether there is significant relationship between the cost of holding inventory on sales and

profitability. So investigation type will be correlation type.

DATA COLLECTION2

After the research problem has been identified and selected the next step is to gather the

requisite data. While deciding about the method of data collection to be used for the

researcher should keep in mind two types of data primary and secondary

PRIMARY DATA3: -

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The primary data are those, which are collected afresh and for the first time, and thus

happened to be original in character. We can obtain primary data either through observation

or through direct communication with respondent in one form or another or through personal

interview.

SECONDARY DATA2: -

Secondary data means that data that are already available i.e. refers to data which has alreadybeen collected and analyzed by someone else. The sources used in this case are-

Magazines

Journals

Websites

Company profile

Capital line

DATA ANALYSIS:

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For data analysis mostly the Hypothesis Testing will be used. By using SPSS and Eview

Software it will be performed. Statistical tools36 will also be used.

Research Design of the Study1

Study Setting Non-Contrived

Purpose of study Descriptive

Time Horizon Cross-Sectional

Data Collection Secondary Data

Sampling Period 15days Pre and Post announcement

STATISTICAL TOOLS

Introduction:

An educated citizen needs an understanding of basic statistical tool to function in a world that

is becoming increasingly dependent on quantitative information. Statistics means numerical

description to most people. In fact the term statistics is generally used to mean numerical

facts and figures such as agriculture production during a year, rate of inflation and so on.

However as a subject of study, statistics refers to the body of principles and procedures

developed for the collection, classification, summarization and interpretation of numerical

data and for the use of such data.

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MEANING:-

Broadly speaking, the term statistics has been generally used in two senses:-

Plural Sense

Singular Sense

Plural sense refers to the numerical data. Singular Sense refers to a Science in which we deals

with the techniques of collecting, classifying, presenting, analyzing and interpreting the data,

the concept in its singular sense, refers to Statistical Method.

PURPOSE:

Without the assistance of Statistical Method, an organization would find it impossible to

make sense of the huge data. The purpose of statistics is to:-

Analyze

Summarize

Investigate

Record

TOOLS USED:-

Statistical tools are the basic measures, which helps in defining the relation between different

items, present, past and future trend of the future trend of the particular business etc. A wide

variety of statistical tools are available and any of them can be used by any businessman

depending upon the nature of his trade. Statistical tools are (classification):-

CORRELATION

REGRESSION

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IMPULSE RESPONSE

CORRELATION

According to Croxton and Cowden, when the relationship is of a quantitative nature, theappropriate statistical tool for discovering and measuring the relationship and expressing it in

a brief formula is known as correlation

TYPES OF CORRELATION

Correlation is classified in several different ways. Three of the most important ways are:-

Positive and Negative Correlation: When two variable X and Y move in same

direction is Positive Correlation and when both variables move in opposite

direction that is Negative Correlation.

Simple, Partial and Multiple Correlations: When we study the relationship

between two variables only that is Simple Correlation. When three or more

variables are taken but relationship between any two of the variable is studied,

assuming other variables as constant that is Partial Correlation and when we

study the relationship among three or more variables that is Multiple Correlation.

Linear and Curvi-Linear Correlation: when the ratio of change of two

variables X and Y remains constant throughout, then they are said to be Linear

Correlated and when the ratio of change between the two variables is not

constant but changing, then it is said to be Curvi-Linear.

DEGREE OF CORRELATION:-

Sr. No. Degree of

correlation

Positive Negative

1 Perfect correlation +1 -1

2 High Degree of

correlation

Between +.75

to+1

Between -.75 to-1

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3 Moderate Degree

of Correlation

Between +.25

to+.75

Between -.25

to-.75

4 Low Degree of

Correlation

Between 0

to+.25

Between 0 to-.25

5 Absence of

Correlation

0 0


Correlation between Before Dividend Announcement and After Dividend

Announcement

Correlations

before_dividend_an

nouncement

after_dividend_ann

ouncement

Before_Divi

dend_annou

ncement

Pearson Correlation 1 .826

Sig. (2-tailed) .016

N 15 15

after_Dividend_announce

ment

Pearson Correlation .826 1Sig. (2-tailed) .016

N 15 15

Interpretation:-

The correlation between before dividend announcement and after dividend announcement is

found to be significant. As it can be seen that its value is .826 which shows that they are

highly positively correlated to each other.

Reliance

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Correlations

before_

dividend_announce

ment

after_

dividend_announce

ment

before_dividend_anno

uncement

Pearson Correlation 1 -.694


N 15 15

after_dividend_annou

ncement

Pearson Correlation -.694 1


N 15 15

Interpretation:-


found to be significant. As it can be seen that its value is -.694 which shows that they are

moderate negative correlated to each other.

COAL INDIA

Correlations

before_

dividend_announce

ment

after_

dividend_announce

ment

before_dividend_annou

ncement



N 15 15

after_dividend_announc

ement

Pearson Correlation .942 1


N 15 15

Interpretation:-


found to be significant. As it can be seen that its value is .942 which shows that they are

highly positive correlated to each other.

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REGRESSION

Regression It is the study of the nature of relationship between the variables so that one

may be able to predict the unknown value of on variable for a known value of another

variable.


Model Summary

Model R R Square Adjusted R Square

Std. Error of the

Estimate

1 .826a

.683 -.073 1.0417367

a. Predictors: (Constant), before_ dividend_announcement

ANOVAb

Model

Sum of

Squares df Mean Square F Sig.

1 Regression .055 1 .055 .050 .016a

Residual 14.108 13 1.085

Total 14.163 14


b. Dependent Variable: after_ dividend_announcement

Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients

t Sig.B Std. Error Beta

1 (Constant) -.003 .271 -.010 .042

before_tcs .046 .204 .062 .225 .016

a. Dependent Variable: after_ dividend_announcement

Interpretation:

As R square value is .683 which means that after dividend announcement impacts before

dividend announcement to the extent of 68.3%.

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Reliance

Model Summary


Std. Error of the

Estimate

1 .694a .481 -.036 1.0553724


ANOVAb

Model

Sum of


1 Regression .569 1 .569 .511 .027a

Residual 14.480 13 1.114

Total 15.048 14



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients


1 (Constant) .082 .297 .277 .017

before_reliance -.209 .292 -.194 .715 .027


Interpretation:



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COAL INDIA

Model Summary

Model R R Square Adjusted R SquareStd. Error of the

Estimate

1 .942a .887 -.076 1.4583642


ANOVAb

Model

Sum of


1 Regression .012 1 .012 .005 .012a

Residual 27.649 13 2.127

Total 27.660 14



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients


1 (Constant) -.965 .394 2.450 .029

before_coal_indi

a.024 .330 .020 .074 .012


Interpretation:



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IMPULSE RESPONSE

Impulse response function (IRF), of a dynamic systemis its output when presented with a

brief input signal, called an impulse. More generally, an impulse response refers to the

reaction of any dynamic system in response to some external change. In both cases, the

impulse response describes the reaction of the system as a function of time (or possibly as a

function of some otherindependent variablethat parameterizes the dynamic behaviour of the

system).

http://en.wikipedia.org/wiki/Dynamic_systemhttp://en.wikipedia.org/wiki/Dirac_delta_functionhttp://en.wikipedia.org/wiki/Function_(mathematics)http://en.wikipedia.org/wiki/Independent_variablehttp://en.wikipedia.org/wiki/Dynamic_systemhttp://en.wikipedia.org/wiki/Dirac_delta_functionhttp://en.wikipedia.org/wiki/Function_(mathematics)http://en.wikipedia.org/wiki/Independent_variable

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Interpretation

With announcement in dividend there is the response to stock market return and

vice versa.

Reliance

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Interpretation


vice versa.

COAL INDIA

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Interpretation


vice versa.

LIMITATIONS OF THE STUDY

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However I have tried my best in collecting the relevant information yet there are always

present some limitations under which research has to work. Financial analysis is a powerful

mechanism to determining financial strength and weakness of a firm. But, the analysis is

based on the information available in the financial statements. Thus, the financial analysis

suffers from serious inherent limitations of financial statements, changes in accounting

policies of the firm, accounting concepts & conventions and personal judgment etc. Here

following are some limitations under which I had to work as show below:

Sample Size : The sample size analyzed was limited over fifteen days, which may not

be fully represented of the universe. A large sample size could not be taken due to

time & cost constraints.

Time and Resource Constraints: I had a limited time for conducting this analysis

report, which was of 6 weeks only so some short falls may be present. Along with the

resource constraint also create limitation in study.

Lack of Experience : The lack of experience may have caused some errors in

administration of this research.

Non-coverage of certain aspects: Due to confidential nature of some documents the

same were not available for the study.

Only Interim Report: Financial statements do not give a final picture of the concern

the data given in these statements in only approximately the actual position can only

be determined when the business is solid or liquidated.

Lack of proper response: Getting the informations from the employees is also a

tedious task. As there are many employees that are not in a position to tell us correct

information about the project or study and also sometimes they do not show any

interest.

Lack of adequate standards: There are not accepted standards or rules of thumb for

all ratios , which can be accepted as norms. It renders interpretation of the financial

statements difficult.

RESULTS AND FINDING

In correlation test on TCS researcher found that before dividend announcement has high

degree positive correlation with after dividend announcement.

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In correlation test on Reliance researcher found that before dividend announcement has

moderate degree negative correlation with after dividend announcement.

In correlation test on Coal India researcher found that before dividend announcement has

high degree positive correlation with after dividend announcement.

In regression analysis on TCS researcher depict that after dividend announcement have

effect on before dividend announcement i.e. 68.2%.

In regression analysis on Reliance researcher depict that after dividend announcement

have effect on before dividend announcement i.e. 48.1%.

In regression analysis on Coal India researcher depict that after dividend announcement

have strong effect on before dividend announcement i.e. 88.7%.

After applying T-TEST on TCS, Reliance, Coal India researcher find significant value is

less than .05 which shows so alternate hypothesis is accepted which means the after

dividend announcement has significant impact on before dividend announcement.

RECOMMENDATIONS

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BIBLIOGRAPHY

BOOKS:

1. Donald R. Cooper and Pamela S. Schindler (2000), Business Research

Methodology 5th edition, Tata Mc Graw Hill pp.144-148.

2. Kothari C.R (1995). Research Methodology Methods and Techniques 4th edition,

New Age International Publishers pp.27-42.

3. Beri G.C (1998).Marketing Research, 4thedition, Tata Mc Graw Hill pp.121-123.

4. Chandra Parsanna (1997) Financial Management7th edition, Tata Mc Graw Hill

pp.21-22.

5. Jain, T.R., and Aggarwal, Dr. S.C6 (2004) Statistics for M.B.A10th edition, V.K

Publications pp.1-3.

6. Jain T.R. & Aggarwal S.C(2002) Statistics for MBA,3rd edition, V.K Publications

pp.73-75

7. Pandey I.M (2001), Financial Management, Vikas Publishing House Ltd. 9th

edition 2005 pp -605-623.

8. Uma Sekaran (2000), Business Research 4

th

edition John Wiley & Sons pp. 25-45.

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9. D.K Goel, Rajesh Goel and Shelly Goel,(2010), Management Accounting and

Finance Management, Avichal Publishing Company,7th Revised Edition pp13.1-

13.27

10. D.K Goel, Rajesh Goel and Shelly Goel,(2010), Management Accounting and

Finance Management, Avichal Publishing Company,7th Revised Edition pp4.1-4.139

11. R.K. Mittal , ,Management Accounting & Financial Management, 6th Edition VK

Publishing

12. Dr. P Periasamy, Financial Management, 2nd Edition, Tata McGraw Hill

Education Private Limited

13. A.K. Vashisht and J.S. Pasricha, Management Accounting, Unistar book Pvt.

Ltd. Pp18.1-18.40.

14. Gupta Shashi K. and Sharma R. K., Management Accounting 6th Edition.

JOURNALS

MUKESH BAJAJ and ANAND M. VIJH0,(March 1995) Trading Behavior

and the Unbiasedness of the Market Reaction to Dividend Announcements the

journal of finance, vol. L, no. 1 pp 255- 279.

Solanki Ashvin H.,(Aug. 2012) An Empirical Study of Corporate Dividend

Policy Advances In Management, Vol5 (8) pp 38-46.

Renuka Sharma, (September 2011) Stock Price Behaviour around Dividend

Announcements: An Event Study Methodology Journal of Management, pp 23-32.

T. Mallikarjunappa & T . Manjunatha, (July-December 2009) Stock Price

Reactions to Dividend Announcements Journal of Management & Public Policy,

Vol. 1 No. 1, pp 43- 56.

Dar-Hsin Chen, Hsiang-Hsi Liu, and Cheng-Ting Huang,(janfeb 2009)TheAnnouncement Effect of Cash Dividend Changes on Share Prices chinese

economy, vol. 42, no. 1, pp. 6285.

Suman Banerjee, Vladimir A, Gatchev, and Paul A, Spindr, (June

2007)Stock Market Liquidity and Firm Dividend Policy Journal of finance, Vol.

42, No. 2, pp. 369-398.

Bhatia parul, (2010), A study of dividend announcements on stock return

International research & educational consortium

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Aivazian varouj , booth Laurence ,(2003) ,Do emerging market firm follow

different dividend policies from us firms? journal of finance research

WEBSITES:

http://www.vyoms.com/company-profiles/tcs.asp

http://www.ril.com/html/aboutus/about_brands.html

http://www.coalindia.in/Company.aspx?tab=0

http://www.xlstat.com/demo_pca.htm

http://www.spss.com/corpinfo/fags.htm

http://www.moneycontrol.com/india/stockpricequote/computers-software/tata-

consultancy-services/TCS

ANNEXURE I

Correlation


Correlations

before_dividend_ann

ouncement

after_dividend_anno

uncement

Before_Divid

end_announc

ement



N 15 15

after_Dividen

d_announcem

ent

Pearson Correlation .826 1


N 15 15
http://www.vyoms.com/company-profiles/tcs.asphttp://www.ril.com/html/aboutus/about_brands.htmlhttp://www.coalindia.in/Company.aspx?tab=0http://www.xlstat.com/demo_pca.htmhttp://www.spss.com/corpinfo/fags.htmhttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.vyoms.com/company-profiles/tcs.asphttp://www.ril.com/html/aboutus/about_brands.htmlhttp://www.coalindia.in/Company.aspx?tab=0http://www.xlstat.com/demo_pca.htmhttp://www.spss.com/corpinfo/fags.htmhttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCShttp://www.moneycontrol.com/india/stockpricequote/computers-software/tata-consultancy-services/TCS

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Reliance

Correlations

before_

dividend_announce

ment

after_

dividend_announce

ment

before_dividend_ann

ouncement

Pearson Correlation1 -.694


N 15 15

after_dividend_annou

ncement

Pearson Correlation-.694 1


N 15 15

COAL INDIA

Correlations

before_

dividend_announce

ment

after_

dividend_announce

ment

before_dividend_announ

cement

Pearson Correlation1 .942


N 15 15

after_dividend_announce

ment

Pearson Correlation.942 1


N 15 15

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ANNEXURE II

Regression


Model Summary


Std. Error of the

Estimate

1 .826a

.683 -.073 1.0417367


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ANOVAb

Model

Sum of


1 Regression .055 1 .055 .050 .016a

Residual 14.108 13 1.085

Total 14.163 14



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients


1 (Constant) -.003 .271 -.010 .042

before_tcs .046 .204 .062 .225 .016


Reliance

Model Summary


Std. Error of the

Estimate

1 .694a .481 -.036 1.0553724


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ANOVAb

Model

Sum of


1 Regression .569 1 .569 .511 .027a

Residual 14.480 13 1.114

Total 15.048 14



Coefficients

a

Model

Unstandardized

Coefficients

Standardized

Coefficients


1 (Constant) .082 .297 .277 .017

before_reliance -.209 .292 -.194 .715 .027


COAL INDIA

Model Summary


Std. Error of the

Estimate

1 .942a .887 -.076 1.4583642


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ANOVAb

ModelSum ofSquares df Mean Square F Sig.

1 Regression .012 1 .012 .005 .012a

Residual 27.649 13 2.127

Total 27.660 14



Coefficientsa

Model

Unstandardized

Coefficients

Standardized

Coefficients


1 (Constant) -.965 .394 2.450 .029

before_coal_indi

a .024 .330 .020 .074 .012


ANNEXURE III

IMPULSE RESPONSE


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Reliance

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COAL INDIA

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ANNEXURE IV

Snapshot

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Documents

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