Project End Doc (1)

8/9/2019 Project End Doc (1)

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1.1.2 STOCK EXCHANGE & SHARES:

The market or place, where securities, vi!. shares are exchange, traded or simply

where buying and selling takes place, is called stock exchange or stock market. 5resently, the

stock market in India consists of twenty three regional stock exchanges and two national

exchanges, namely, the 6ational 0tock 7xchange %607* and 8ver the Counter 7xchange of

India %8TC*.

The 2ombay 0tock 7xchange %207* is the largest 0tock 7xchange, in the country,

where maximum transactions, in terms of money and shares take place. The other ma9or stock

exchanges are Calcutta, adras and /elhi 0tock 7xchanges. 8ther one at $hmadabad,

:aipur, 2angalore, ;anpur, 1a9kot, Hyderabad, Cochin, 5une, 2hubaneswar, ;uwaiti, Indore,

angalore, roup ?2? when a share is shifted from >roup ?$? to >roup ?2?, its market price

declines. There are some criteria and guide lines, laid down by stock exchange, for shifting

stocks from the non)specified list to the specified list.

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1.1.5 PRIMARY MARKET

The primary is that part of the capital markets that deals with the issuance of new

securities. Companies, governments or public sector institutions can obtain funding through

the sale of a new stock or bond issue. This is typically done through a syndicate of securities

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

new stock issue, this sale is an initial public offering %I58*. /ealers earn a commission that is

built into the price of the security offering, though it can be found in the prospectus.

1.1. SECONDARY MARKET

The secondary market is the financial market for trading of securities that have

already been issued in an initial private or public offering. $lternatively, secondary market

can refer to the market for any kind of used goods. The market that exists in a new security

9ust after the new issue is often referred to as the aftermarket. 8nce a newly issued stock is

listed on a stock exchange, investors and speculators can easily trade on the exchange, as

market makers provide bids and offers in the new stock.

1.1.! MARKET VALUE

The current @uoted price at which investors buy or sell a share of common stock or a

bond at a given time. $lso known as ?market price The market capitali!ation plus the market

value of debt. 0ometimes referred to as ?total market value?. In the context of securities,

market value is often different from book value because the market takes into account future

growth potential. ost investors who use fundamental analysis to pick stocks look at a

companyAs market value and then determine whether or not the market value is ade@uate or if

itAs undervalued in comparison to its book value, net assets or some other measure.

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1.1." LIST OF STOCK EXCHANGES IN INDIA

". 2ombay 0tock 7xchange

4. 6ational 0tock 7xchange3. $hmedabad 0tock 7xchangeB. 2angalore 0tock 7xchange. 2hubaneshwar 0tock 7xchange'. Calcutta 0tock 7xchange-. Cochin 0tock 7xchange&. Coimbatore 0tock 7xchange#. /elhi 0tock 7xchange"(. >uwahati 0tock 7xchange"". Hyderabad 0tock 7xchange"4. :aipur 0tock 7xchange

"3.


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1.2 ORGANI#ATIONAL STUDY

1.2.1 A$OUT ALICE $LUE COMMODITY %P LTD

$lice 2lue Commodities %5*


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1.2.4 SERVICES

They are constantly thinking creatively, searching for innovations, and working hard to

introduce new services. Fe offer online trading in more than 4 commodity future contracts.

To enhance client relationship, they offer 5ro)active 1elationship anagementG

". 7ducating and providing awareness about commodities futures markets to clients.4. /edicated relationship team to answer client @ueries round the clock related to any of

the Commodities.3. 0tudying price movements and advising clients in trading opportunities on real time

basis using various tools.B. Trading 1ecommendations $lerts to clients on actively traded commodities via

online messenger lash on 8/I6 terminals.

1.2.5 TARGET CLIENTS OF THE COMPANY

". 2ank 7mployees4. >overnment and 5eriod 7mployee3. 2usiness peopleB. Insurance $gents. House wifes

1.2. OFFERINGS OF THE COMPANY

1. 7@uity %)*+,- AUTOMO$ILE4. 5recious etals )) %G/0- S/3. 2ase etals %C *+0 #+6B. 7nergy %C70 O/ *+0 N*87*/ G*9. >rains%W*8'. 0pices %R0 C/- C*0*;;- '*- $/*6, P- T7;6-. 5ulses %C*+*- U*0- T7&. 8il 1ef. 0oya 8il, entha 8il, 8thers >aur 0eed, 5otato, 0ugar, ai!e, Castor

seed, >aur gum.

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1.2.! SIGNIFICANT MILESTONE OF ALICE $LUE COMMODITIES

T 0/;+8 < 8 6;*+= 87> =*9

2??5 They started their operations in the year 4(( with number of ten CTCross national product or >65 is a measure of the national income. It is

the total value of the final output of goods and services produced in the economy. It is a

measure of the total economic activities over a specified period of time and is an indicator of

the level ad rate of growth of economic activities. $n investor would be particularly

interested in forecasting the various components or the national income, especially those

components that have a bearing on the particular industries and companies that he is

analy!ing

The performance of a company depends on the performance of the economy. 8f the

economy is booming, incomes rise, demand of goods increases, and hence the industries and

companies in general tend to be prosperous. 8n the other hands, if the economy is in

recession, the performance of companies will be generally bad.

Investors are concerned with those variables in the economy which affect the

performance of the company I which they intend to invest. $ study of these economic

variables would give an idea about future corporate earnings and the payment of dividends

and interest to investors.


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3.3.2 VARIA$LE ECONOMIC ANALYSIS

1. GROSS DOMESTIC PRODUCT %GDP

>/5 indicates the rate of growth of the economy. >/5 represents the aggregate valueof the goods and services produced in the. 7conomy. >/5 consists of personal consumption

expenditure, gross private domestic investment and government expenditure on goods and

services and net export of goods and services. The estimates of >/5 are available on an

annual basis. The rate of growth of >/5 is around 'J in the nineties. The >/5 growth in

"##&)## has accelerated to .& J compared to J of the previous year. The growth rate of

economy point out the prospects for the industrial sector and the return investors can expect

from investment in shares. The higher growth rate is more favorable to the stock market.

7conomic growth is the increase in value of the goods and services produced by an

economy. It is conventionally measured as the percent rate of increase in real gross domestic

product, or >/5. >rowth is usually calculated in real terms, i.e. inflation)ad9usted terms, in

order to net out the effect of inflation on the price of the goods and services produced.

2. INFLATION

Inflation prevailing in the economy has considerable impact on the performance of

companies. Higher rates of inflation upset business plans, lead to cost escalation and result in

s@uee!e on profit margins. 8n the other hand, inflation leads to erosion of purchasing power

in the hands of consumers. This will result in lower demand for products. Thus, high rates of

inflation in an economy are likely to affect the performance of companies adversely.

Industries and companies prosper during times of low inflation.

Inflation is measured both in terms of wholesale prices through the wholesale priceindex. %F5I* and in terms of retail prices through the consumer price index %C5I*. These

figures are available on weekly or monthly basis. $s part of the fundamental analysis, an

investor should evaluate the inflation rate prevailing in the economy currently as also the

trend of inflation likely to prevail in the future.

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3. EXCHANGE RATES

The performance and profitability of industries and companies that are ma9or

importers or exporters are considerably affected by the exchange rates of the rupee against

ma9or currencies of the world. $ depreciation of the rupee improves the competitive position

of Indian products in foreign markets, thereby stimulating exports. 2ut it would also make

imports more expensive. $ company depending heavily on imports may find devaluation of

the rupee affection its profitability adversely.

The exchange rates of the rupee are influenced by the balance of trade deficit, the

balance of payments deficit and also the foreign exchange reserves of the country. The excess

of imports over exports is called balance of trade deficit. The balances of payments deficit

represents the net difference payable on account of all transactions such as trade, services and

capital transactions. If these deficits increase, there is a possibility that the rupee may

depreciate in value.

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3.3.3 L*98 F F+*+6*/ Y* GDP G8 R*8

1.1 TA$LE

M7$10

2??!B?" 2??"B?@ 2??@B1? 2?1?B11 2?11B12

>18FTH

1$T7

P" G #.4J P" G -.&J P" G '.(J P" G &.J P" G &.(J

P4 G #.3J P4 G -.J P4 G &.'J P4 G -.'J P4 G '.-J

P3 G &.&J P3 G '."J P3 G '.J P3 G &.4J P3 G '."J

PB G &.&J PB G .&J PB G &.'J PB G#.4J PB G .3J

I+88*8+

". >/5 growth rate is a sub tool for economic analysis. The >/5 growth rate will also

reflect in the Indian stock market. 2ecause if total production of the product and

services decreases in the year the economic growth rate will also decreasing.4. IndiaAs economy grew at a dismal rate of .3 per cent in the @uarter ended arch

4("4, against expectations of '." per cent.3. Fhen compared to 4((-)(&, >/5 is in decreasing trend during 4((-)(& >/5 was

#.(4J which was gradually decreased to '.4J.B. Mear 4((-)(& had the highest >/5 growth when compared to remaining B years.

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1.1 CHARTS

4((-)(& 4((&)(# 4((#)"( 4("()"" 4("")"4

#."

-.&

'

&.&

#.3

-.

&.'

-.'

'.-

&.&

'."'.

&.4

'."

&.&

.&

&.'#.4

.3

GDP GROWTH

P" P4 P3 PB

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3.3.4 L*98 F Y* I+9

1.2 TA$LE

2??" 2??@ 2?1? 2?11 2?12'*+ B.4&J (.(3J 4.'3J ".'3J 4.#3J

F) B.(3J (.4BJ 4."BJ 4.""J 4.&-J

M* 3.#&J )(.3&J 4.3"J 4.'&J 4.'J

A 3.#BJ )(.-BJ 4.4BJ 3."'J 4.3(J

M*= B."&J )".4&J 4.(4J 3.-J ".-(J

'7+ .(4J )".B3J ".(J 3.'J ".''J

'7/ .'(J )4."(J ".4BJ 3.'3J ".B"J

A7> .3-J )".B&J "."J 3.--J ".'#J

S B.#BJ )".4#J "."BJ 3.&-J ".##J

O68 3.''J )(."&J "."-J 3.3J 4."'JN ".(-J ".&BJ "."BJ 3.3#J ".-'J

D6 (.(#J 4.-4J ".(J 4.#'J ".-BJ

I+88*8+:

$verage inflation rate during the year 4((& to 4("4 was 3.&J, )(.3BJ,

".'BJ, 3."'J, 4.(-J respectively.

8n seeing the above chart we can identify that inflation rate wasdecreasing trend from 4((& onwards.

/uring the year 4((# there occurred deflation.

2oth high and low rate of inflation effects the growth of economy in

favorable as well as in unfavorable way.

7ven increase in inflation effects the nations over all >/5 rate.

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C*8 1.2

2008 2009 2010 2011 2012

-3

-2

-1

0

1

2

3

4

5

6

jan

feb

mar

apr

may

jun

jul

aug

sep

oct

novdec

year

percentage

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3.3.5 L*98 *8

1.3 TA$LE

Y*D//* *8 F/7687*8+9

A*> M+ M*

4((& B3. 3#." (.4

4((# B&.B B'.( 4.3

4("( B.- BB.( B-.-

4("" B'.- BB." 3.#

4("4 3.B B&.& -.4

I+88*8+

luctuation of dollar rate effects the economy vibrantly.

Increase in dollar rate helps exporters but it effects badly to importers in

India.

7ven increase in dollar rate increases the prices of goods which we

import.

luctuation of dollar rate needs to maintained or else it effects the balance

of payment. 8n seeing the above chart we can say that from the year 4((& to 4("",

dollar rate doesnt fluctuated much.

2ut in year 4("4 on an average dollar rate reached its maximum with 1s

3.B

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C*8 1.3

4((& 4((# 4("( 4("" 4("4

B3.B&.B

B.- B'.-

3.B

3#."

B' BB BB."B&.&(.4

4.3B-.-

3.#-.4

U+80 98*8 I+0*

$verage in ax

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3.4 INDUSTRY ANALYSIS

3.4.1 INTRODUCTION

$n investor ultimately invests his money in the securities of one or more specific

companies. 7ach company can be characteri!ed as belonging to an industry. The performance

of companies would, therefore, be influenced by the fortunes of the industry to which it

belongs. or this reason an analyst has to undertake an industry analysis so as to study the

fundamental factors affecting the performance of different industries.

$t any stage in the economy, there are some industries which are fast growing while

others are stagnating or declining. If an industry is growing, the companies within the

industry may also be prosperous. The performance of companies will depend, among other

things, upon the state of the industry to which they belong. Industry analysis refers to an

evaluation of the relative strengths and weaknesses of particular industries.

$n industry is a group of firms that have similar technological structure of production

and produce similar products. or the convenience of the investors, the broad classification of

the industry is given in financial dailies and maga!ines. Companies are distinctly classified to

give a clear picture about their manufacturing process and products.

3.4.2 CONCEPT OF INDUSTRY

$n industry is generally described as a homogenous group of companies. Fe may

define an industry +as a group of firms producing reasonably similar products which serve the

same needs of a common set of buyers. Industries are traditionally classified on the basis of

products. $ccording to this product)wise classification we gave cement industry, steel

industry, cotton textile industry, pharmaceutical industry, and so forth. However, industry

classification becomes difficult when dealing with firms having a diversified product line.

$nd such firms are now on the increase. Fhen though classification of industry poses

practical difficulties, each country fellows a standardi!ed classification to facilitate data

collection and reporting.

The past performance of an industry is not a good predictor of the future) if one look

very far into the future. Therefore, it is important to study industry analysis. or an industry

analyst) industry life cycle analysis, characteristics and classification of industry is important.

ollowing the analysis of banking industry, beverage industry and pharmaceutical industry.

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3.4.3 CLASSIFICATION OF INDUSTRY

These industries can be classified on the basis of the business cycle. The classified

according to their reactions to the different phases of the business cycle. They are classified

into growth, cyclical, defensive and cyclical growth industry.

1. G8 I+0798=: The growth industries have special features of high rate of

earnings and growth in expansion, independent of the business cycle. The expansion

of the industry manly depends on the technological change. or instance, inspire of

the recession in the Indian economy in "##-)#&, there was a spurt in the growth of

information technology industry. It defied the business cycle and continued to grow.


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3.4.4 CHARACTERISTICS OF INDUSTRY

In an industry, there are a number of key characteristics that should be considered by

the analyst. These features broadly relate to the operational and structural aspects of the

industry. They have a bearing on the prospects of the industry.

1. D;*+0 S7/= G*: $n industry is likely to experience under)supply and over)

supply of capacity at different times. 7xcess supply reduces the profitability of

industry through a decline in the unit price reali!ation. 8n the contrary, insufficient

supply tends to improve the profitability through higher unit price reali!ation.

Therefore, the gap between demand and supply in an industry is fairly good indicator

of its short)term of medium) term prospects. $s part of industry analysis, an investor

should estimate the demand supply gap in the industry.2. P;*++6: In this age of rapid technological change, the degree of permanence of

an industry is an important consideration in industry analysis. 5ermanence is a

phenomenon related to the products and the technology used by the industry. If an

analyst feels that the need for a particular industry will vanish in a short period, or that

the rapid technological changes would render the products obsolete within a short

term, it would be foolish to invest in such an industry.3. L*)7 C+08+9: The state of labour conditions in the industry under analysis is

an important consideration in an economy such as ours where the labour unions are

very powerful. u the labour in a particular industry is rebellious and is inclined to

resort to strikes fre@uently, the prospects of that industry cannot become bright.4. A88870 < G+;+8: The attitude of the government towards an industry has a

significant impact on its prospects. The government may encourage the growth of

certain industries and can assist such industries through favorable legislation.5. C98 S87687: $nother factor to be considered in industry analysis is the cost

structure of the industry, vi!. the proportion of fixed costs to variable costs. The

higher the fixed cost component, higher id the sales volume necessary to achieve to

variable cost, lower would be the break)even point lower break)even point provides

higher margin of safety. $n analyst would consider favorably an industry that has a

lower break)even point.

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3.4.5 INDUSTRY LIFE CYCLE

arketing experts believe that each product has a life cycle. They have identified four

stages in the life of a product, namely introduction stage, growth stage, maturity stage and the

decline stage. In the same way, an industry id also said to have a life cycle. This industry life

cycle theory id generally attributed to :ulius >rodinsky.

I+0798= L 98*>: this is a first stage of industrial life cycle of a new industry. The

pioneering stage is characteri!ed by rapid growth in demand for output of industry. $s

a result there is a great opportunity for profit.II. E*+9+ 98*>: once an industry has established itself it enters the second stage of

expansion or growth. The industry now includes only those companies that have

survived the pioneering stage. These companies continue to become stronger. 7ach

company finds a market for itself and develops its own strategies to sell and maintain

its position in the market.III. S8*>+*8+ 98*>: this is the third stage in the industry life cycle. In this stage, the

growth of the industry stabili!es. The ability of the industry to grow appears to have

been lost. 0ales may be increasing but at a slower rate than that experienced by

competitive industries or by the over economy.IV. D6*= 98*>: form the stagnation stage the industry passes to the decay stage. This

occurs when the products of the industry are no longer in demand. 6ew product and

new technologies have come to the market.

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$ANKING INDUSTRY

2?11B12 Y* S86, S*/9 V*/7

T*)/ 2.1

%1s.illion)

C;*+= S*/9 C;*+= S*/9

02I "('4" $llahabad 2ank "433

562 3'B4&( 0yndicate 2ank "4'&B

Canara 2ank 3(&(' C8 2ank "B'34B

2ank 8f 2aroda 4#'-3- Corporation 2ank "3("-&

2ank 8f India 4&B&(- Indian 2ank "443"3

I/2I 433'## $ndhra 2ank ""33&-

nion 2ank 8f India 4""BB3 =i9aya 2ank -#&&".3Central2ank of India "#"B# nited 2ank -#'"(.#

Indian 8verseas 2ank "--" 2ank of aharashtra -4"3#.'

8riental 2ank "&"B# /ena 2ank '-#B"

I+88*8+

". It is the growth industries have special features of high rate of earnings and growth in

expansion.4. The high sale of stock is "('4"%1s.illion)in02I bank for last financial year.

3. The low sale stock is '--B"%1s.illion* in /enabank.B. aximum the banking industry is getting the high level of profitability.. 0o that industry stock sale position is positive level.

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Chart 2.1

S!

"n#on

an%&

f!nd#a

an%

&faroda

&r#en

talan%

"'&an%

(nd)ra

an%

an%

of*a)aras)tra

0

200000

400000

600000

800000

1000000

1200000

BANKN! ND"STR#S

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PHARMACEUTICALS INDUSTRY

2?11B12 Y* S86, S*/9 V*/7

T*)/ 2.2

%1s.illion)

C;*+9 S*/9 C;*+9 S*/9

Cipla '#-- Ipca


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$EVERAGES- FOOD & TO$ACCO INDUSTRY

2?11B12 Y* S86, S*/9 V*/7

T*)/ 2.3

%1s.illion)

C;*+= S*/9 C;*+= S*/9

nited 0pirits -B4'.-B ;hoday India "'B-.-B

nited 2reweries 3'4-'.# I2 $gro Inds &B'.4#

1adico ;haitan ""B3&.'- illennium 2eer Inds 4&B.#"

0haw Fallace "&.B3 7mpee /istilleries ##-&.#"

Tilaknagar Inds B-4.'- 0kol 2reweries lobus 0pirits '(B.-' Indage =intners "&&.&'

I+88*8+

". It is a growth and the profitability of industry.4. The top position stock of 0ale Company is united spirits. The sale level is

-B4'%illion*.

3. The stock position is positive level in last financial year.B. 2ut some company sale level is less than 4((%illion*. The indage vintners sale level

is "&&%illion*.

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C*8 2.3

"n#tedS

p#r#ts

*#llenn#

umeer!nds

0#la%

nagar!nds

1agatj#t!nds.

2*re3

er#es

0

10000

20000

30000

40000

50000

60000

70000

80000

B#V#RA!#S) *++D , T+BACC+ ND"STR&

Be-erages Co'panies

Sales Val(e

.

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3.5 COMPANY ANALYSES

3.5.1 INTRODUCTION

Company analysis is the final stage of fundamental analysis. 6ow he has to decide the

company in which he should invest his money. Company analysis provides the answer to this

@uestion.

Company analysis deals with the estimation of return and risk of individual shares. This calls

for information. any pieces of information influence investment decisions. Information

regarding companies can broadly classified into two broad groups.

1. I+8+*/ +


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3.5.2 WOCKHARD LID.-

S+*989

D*8 < E98*)/9;+8 "###

C*8 A0099 Fockhardt Towers,2andra)kurla Complex,2andra

7astumbai)B(((", aharashtra

www.wockhardt.com

M*+*>;+8 D8*/9

C*9+ ) Habil ;horakiwalaMD) urta!a ;horakiwala

D689) $bid Hussain, $man ehta, 2harat 5atel,

/avinder 0ingh, /avinder 0ingh 2rar, H

;horakiwala, Habil ;horakiwala, Hu!aifa

;horakiwala, urta!a ;horakiwala, 1 $ 0hah,

0an9aya 2aru, 0hekhar /atta, = 1 ;hetan

$79+99 O*8+ 5harmaceuticals E /rugs

$*6,>7+0Fockhardt, in corporated in "###, is engaged the

pharmaceutical and biotechnology segments. The

company has "B manufacturing unit located in India,

rance, ;, Ireland and

F+*+6*/9 T8*/ I+6; ) 1s. 4&(.4 illion % year ending

ar 4("4*

N8 P


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3.5.3 C;*+= H98=

Fockhardt, in corporated in "###, is engaged the pharmaceutical and biotechnology

segments. The company has "B manufacturing unit located in India, rance, ;, Ireland and

0.

FockhardtAs subsidiaries are located in the 0, ;, Ireland and rance. The company

has market presence in formulations, biopharmaceuticals, nutrition products, vaccines and

active pharmaceutical ingredients %$5Is*.

The company holds strong position in leading markets such as 7urope and nited

0tates, which contributes 'J to FockhardtAs revenue.

The company has two subsidiaries 6egma rove

5harmaceuticals, 0$.

3.5.4 $79+99 **

$*;*6786*/) nder this the company has developed a basket of products such as

7rythropoietin, 1ecombinant Human Insulin, >largine are among others. The company sells

43 products under generic segment in 0 market.

Fockhardt has set up Fockhardt 2iotech 5ark a biopharmaceuticals manufacturing

complex located at $urangabad, India. This complex comprises six manufacturing facilities

developed as per 0/$ and 77$ standards. It has capacity to serve "()"J of global

demand for ma9or biopharmaceuticals.

In new drug discovery area, it has developed number of lead molecules in the anti)

infective field.

Currently the company has a significant presence in pain management, cough therapy,

psychotic drugs, diabetology, vaccines, nutrition and animal health.

It has produced brands like Fosulin, Fepox, 5roxyvon, /exolac, =iscodyne,


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TREND ANALYSIS OF WOCKHARD LIDS-

L*98 F Y*9 T+0 A+*/=99

T*)/ 3.1

%P6+8*>

Y*9 2??!B?" 2??"B?@ 2??@B1? 2?1?B11 2?11B12

6et 0ales "(( ""- "" "BB 4(#

Total 7xpenditure "(( "-B 43 "'( 4(3

profit "(( )'& )"#( )" "B(

I+88*8+

6et sales is in increasing trend from the year 4((& onwards.

7ven though 6et sales is in increasing trend the company made losses from 4((&)(#

to 4("()"".

The reason for losses maybe assumed to be increase in expenditure of the company.

Mear 4("")"4 has made dramatic changes when compared to other previous years.

The company made profit during the year 4("")"4 and in all other years company was

running in losses.

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C*8 3.1

4((-)(& 4((&)(# 4((#)"( 4("()"" 4("")"4

"((

"-""" "BB

4(#

"((

"-B

43

"'(

4(3

"((

)'&

)"#(

)"

"B(

6et 0ales Total 7xpenditure 5rofit

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3..1 UNITED SPIRITS LIDS.-

S+*989

D*8 < E98*)/9;+8 "###

C*8 A0099 2 Tower 4B,=ittal allya 1oad , 2engaluru)

'(((", ;arnataka

www.unitedspirits.in

M*+*>;+8 D8*/9

C*9+ ) =i9ay allya

MD) $shok Capoor

D689) $shok Capoor, 2 6 2a9pai,

>hyanendra 6ath 2a9pai, 1 /oraiswamy Iyengar,

5 $ urali, 1avi 6edungadi, 0 1 >upte, 0reedhara

enon, 0udhindar ;rishan ;hanna, = ; 1ekhi, = 0

=enkataraman, =i9ay allya

$79+99 O*8+ 2reweries E /istilleries

$*6,>7+0

nited 0pirits %0


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3..2 C;*+= H98=

nited 0pirits %0


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TREND ANALYSIS OF UNITED SPIRITS LID9-

L*98 F Y*9 T+0 A+*/=99

T*)/ 3.2

%P6+8*>

Y*9 2??!B?" 2??"B?@ 2??@B1? 2?1?B11 2?11B12

6et 0ales "(( "3( "- 4(4 43-

Total 7xpenditure "(( "B( "' 4"& 4'"

profit "(( # ""4 "4( "(B

I+88*8+

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C*8 3.2

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46


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3.!.1 STRIDES ARCOLA$ LTD.-

0napshot

D*8 < E98*)/9;+8 "##(

M*+*>;+8 D8*/9

C*9+ ) /eepak =aidya

MD) $run ;umar

D689) $ ; 6air, $; 6air, $run ;umar, /eepak=aidya, >igi :oseph ;:, :ohn athew, ; 1

1avishankar, ;annan 6, 1 mar9i, ukul 0arkar,

5 Thampi, 1onald 7+0

0trides $rcolab, incorporated in "##(, is engaged in

the manufacture of pharmaceutical dosage forms inbranded as well generic categories. The dosages are

manufactured in form of tablets, capsules, soft gelatin

capsules, parenterals and semi)solids.

The company manufactures soft gels and steriles. It

has "3 manufacturing facilities located across the

world )) in India

F+*+6*/9 T8*/ I+6; ) 1s. --3".&B illion % year ending/ec 4(""*

N8 Pigi :oseph ;:

A7089 /eloittee Haskins E 0ells

47


48/153

3.!.2 C;*+= H98=

0trides $rcolab, incorporated in "##(, is engaged in the manufacture of

pharmaceutical dosage forms in branded as well generic categories. The dosages are

manufactured in form of tablets, capsules, soft gelatin capsules, parenterals and semi)solids.

The company manufactures soft gels and steriles. It has "3 manufacturing facilities

located across the world )) in India, 0ingapore, 2ra!il, exico, 5oland and Italy.

These facilities have received approval from various regulatory authorities namely

HH1$, T>$, CC, $6=I0$. The companys 2angalore plant is pre)@ualified by FH8

to manufacture of HI= $I/0 and anti)T2 drugs.

The company is among the top soft gelatin capsule manufacturers in world.

0trides $crolab has partnered with ma9or pharmaceutical companies located in

$ustralia, 0outh $frica, 7urope, and 0$.

The company has a 9oint venture with $korn )) $korn)0trides,


49/153

TREND ANALYSIS OF STRIDES ARCOLA$ LTDS.-

T*)/ 3.3

%P6+8*>

Y*9 2??!B?" 2??"B?@ 2??@B1? 2?1?B11 2?11B12

6et 0ales "(( "B3 "&' "44 "-4

Total 7xpenditure "(( "3& "4 ## ""B

profit )"(( ((3 (#& (- "('

I+88*8+

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C*8 3.3

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51/153

3.".1 DENA $ANK

S+*98

D*8 < E98*)/9;+8 4')( "#3&

C*8 A0099 /ena Corporate Centre,C"( , > 2lock,2andra ;urla

Complex , 2andra %7ast*umbai)B(((",

aharashtra

www.denabank.com

M*+*>;+8 D8*/9

C*9+ ) $shwani ;umar

MD) $shwani ;umar

D689) $ >opalakrishnan, $ ; /utt, $; /utt,

$nil ; >upta, $nup ehta, $shwani ;umar, 2 5

=i9ayendra, 2haskar 0en, C /ixit, Chandra

;ishore, / < 1awal, I $lmedia, Ignatius arshal,

: 2alasubramanian, ;amlesh ;umar >oel, >

0hinde, 0urya 6aik, ohan oyal, 6 0

=iswanathan, 6upur itra, 5ritam 0ingh, 1 Tiku,1akesh >oel, 1ohit ;hanna, 1ohit /esai, 0 ;

:indal, 0 5 0harma, 0an9eev :indal, 0atya 5rakash

0harma, 0unil >upta, Tarsem Chand, 0 ;ohli, = 0

0ivakumar, = =asanthan, =i9ay ;apoor, =ilas / 5atil,

=; 0umbly

$79+99 O*8+ 2ank ) 5ublic

$*6,>7+0

/ena 2ank was founded on ay 4', "#3& by the

family of /evkaran 6an9ee under the name /evkaran

6an9ee 2anking Company.

It became a 5ublic


52/153

52


53/153

3.".2 C;*+= H98=

/ena 2ank was founded on ay 4', "#3& by the family of /evkaran 6an9ee under

the name /evkaran 6an9ee 2anking Company.

It became a 5ublic


54/153

TREND ANALYSIS OF DENA $ANK

T*)/ 3.4

%P6+8*>

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Interest 7arned "(( "4# "B# "&& 43

Total 7xpenditure "(( "4- "B "-' 43B

profit "(( ""- "B4 "-( 443

I+88*8+

54


55/153

C*8 3.4

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55


56/153

[email protected] DEN NETWORKS

S+*98

[email protected] C;*+= H98=

DEN N8,9 L;80 %207G 33"3-* is IndiaAs leading cable T= distribution

company reaching an estimated "" million households across key states and cities of India.

/76 serves the ma9ority of cable T= households in states like /elhi, ttar 5radesh and

;arnataka and has a significant presence in important cities in aharashtra %including

umbai*, >u9arat, 1a9asthan, Haryana and ;erala. /76 also has a ()( 9oint venture with

6ews CorporationAs 0tar T= group called 0tar /76 which is the exclusive distributor of over

4 leading channels in India. /76As digital cable offering, with its feature)rich user interface

56

T= 5ublic company

I+0798= Telecommunications, 2roadcastingF7+00 4((-

H*07*89 6ew /elhi, India

K= / 0.6, 0harma, C78,

P07689 Cable television, broadband internet

W)98 dennetworks.com


57/153

and a portfolio of cutting edge value added services is widely regarded as IndiaAs best. /76As

digital cable offering includes over "&( leading channels, a multi)genre digital music service,

and blog. Tally ) IndiaAs first micro blogging service on T= and interactive games. It also

offers internet services in few cities in India.

57


58/153

TREND ANALYSIS OF DEN NETWORK

T*)/ 3.5

%P6+8*>

Y*9 2??!B?" 2??"B?@ 2??@B1? 2?1?B11 2?11B12

6et 0ales "(( #B4 ""B' ""-" 4B3

Total 7xpenditure "(( 4B B' '(' --B

profit )"(( )B- # 43 3&

I+88*8+

58


59/153

C*8 3.5

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)"(( )B-

# 43 3&


59


60/153

3.1? TECHNICAL ANALYSIS

3.1?.1 INTRODUCTION

$ technical analyst believes that share prices are determined by the demand and

supply force operating in the market. These demand and supply forces in turn are influenced

by a number of fundamental factors as well as certain psychological of emotional factors.

any of these factors cannot be @uantified. The combined impact of all these factors is

reflected in the share price movement. $ technical analyst therefore concentrated on the

movement of share prices. He claims that by examining past share price movements future

share prices can be accurately predicted. Technical analysis is the name given t forecasting

techni@ues that utili!e historical share price data.

The rationale behind technical analysis is that share price behaviour repeats itself over

time and analysis attempt to derive method to predict this repetition. $ technical analyst looks

past share price data to see if he can establish patterns. He then looks at current price data to

see if any of the established patterns are applicable and, if so, extrapolations can be made to

predict the future price movements. $lthough past share prices are the ma9or data used by

technical analysis, other statistics such as volume f trading and stock market indices are also

utili!ed to some extent.

The basic premise of technical analysis is that price move in trends or waves which

may be upward or downward. It is believed that the present trends are influenced by the past

trends and that the pro9ection of future trends is possible by an analysis of past price trends. $

technical analyst, therefore, analysis the price and volume movements of individual securities

as well as the market index. Thus, technical analysis is really a study of past of historical

price and volume movements so as to predict the future stock price behaviour.

The technical analysis calculates the risk and return. How much risk getting and how

much return getting to calculate the technical analysis.

60


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3.1?.2 RISK

The risk is the potential of variability in returns. $n investment whose returns

are fairly stable is considered to be a low)risk investment, whereas an investment whose

returns fluctuate significantly is considered to be a high)risk investment. 7@uity shares whosereturns are likely to fluctuate widely are considered risky investments. >overnment securities

whose returns are fairly stable are considered to possess low risk.

They are two components of total risk. Thus,

T8*/ 9, S=98;*86 R9, J U+9=98;*86 R9,

". S=98;*86 R9,:$s the society is dynamic, changes occur in the economic,

political and social systems constantly. These changes have an influence on

the performance of companies and thereby on their stock prices, but these

changes affect all companies and all securities in varying degrees. or

example, economy and political instability adversely affects all industries and

companies. Fhen an economy moves into recession corporate profits will

shift downwards and stock prices of most companies may decline. 0ystematic

risk is further subdivided into interest rate risk, market risk, and purchasing

power risk4. U+9=98;*86R9,:The returns from a security may sometimes vary because

of certain factors affecting only the company issuing such security. 7xamples

are raw material scarcity, labor strike, and management inefficiency. Fhen

variability of returns occurs because of such firm)specific factors, it is known

as unsystematic risk. This risk is uni@ue or peculiar to a company or industry

and affects it in addition to the systematic risk affecting all securities.

The unsystematic or uni@ue risk affecting specific securities arises from two sourcesG

1. The operating environment of the company and2. The financing pattern adopted by the company.

These two types of unsystematic risk are referred to as business risk and financial risk

respectively.

61


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3.1?.3 MEASUREMENT OF SYSTEMATIC RISK

The systematic risk of a security is measure by statistical measure called $8*. The

input data re@uired for the calculation of beta are the historical data of returns of the

individual security as well as the returns of representative stock market index. The model

helps to calculate the values of two constants, namely 2eta %R* and $lpha %R*.

1. $8* %

2eta measurers the change in the dependent variable in response to unit changes in the

independent variable.

F;7/* < $8* %

=

m2

W

Covariance of arket 1eturn with 0tock 1eturn

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DEN NETWORK

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STRIDES ARCOLAP

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129


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STRIDES ARCOLAP

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DENA $ANK

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136/153

STATEMENT OF PROFIT & LOSS IN WOCKHARD %P LTD.- %R9. + C9

P*867/*9 M*B12 M*B11 M*B1? D6B?@ D6B?"

INCOME :

0ales Turnover 4,''.3

4

",-&.#

(

",&3.

&

",B3&.

#

",43'.4

(7xcise /uty .#4 3.#& B.B& &.& "B.3

6et 0ales 4,'(.B(

",-B.#4

",&B#."(

",B3(.("

",44".&

8ther Income 4(."4 "-.(# 44-.4' '."B &4.&&

0tock $d9ustments #(."( )"&.B" 4#.43 )"B.(4 (.#3

Total Income 4,'-(.'4

",-3.'(

4,"(.#

",B-4."3

",3.''

EXPENDITURE :

1aw aterials ",('(.44

&(B.4& #.'- ''4.3" '('.(3

5ower E uel Cost ''."' B4.'( 3#.B' 3'.B" 4#.-4

7mployee Cost 43B.-4 "-".#B "".#B "3#.4( """.(

8ther anufacturing7xpenses

B3.'- 3'.&- 34.B( 4-.3( 43.4#

0elling and $dministration7xpenses

44'.3# "&(.-# 44#.4& "#".' "-3.&B

iscellaneous 7xpenses B4&.'" 3&B.3 ",4B3."'

-(B.-3 ''.--

ross 5rofit B(.(& )-(.B# )-44.4# )B"".( 3(-.''

/epreciation ''.3- '".& -".( B'.(3 3B.B

5rofit 2efore Tax 3&3.-" )"34.(- )-#3.3B )B-.(& 4-3."4

Tax ).B3 (.(( (.(( (.(( 4."&

ringe 2enefit tax (.(( (.(( (.&- 3.&( 3.'"

/eferred Tax 4(."B (.(( (.(( )""4."4 3(.B

1eported 6et 5rofit "&B.(( )"34.(- )-#B.4" )3B&.-' 4"3.&&

7xtraordinary Items )-.'' )4#4.&& )#3(.4 )BB3.&3 (.((

$d9usted 6et 5rofit 4#.'' "'(.&" "3'.3" #.(- 4"3.&&

$d9ust. below 6et 5rofit (.(( (.(( (.(( (.(( (.((

5 E < 2alance broughtforward

)3B3.'- )4"".'( )4#'.-' 4.(( 34."'

0tatutory $ppropriations (.(( (.(( (.(( (.(( (.((

$ppropriations "4.-' (.(( )&-#.3' (.(( "#B.(B

5 E < 2alance carrieddown

)"-4.B3 )3B3.'- )4"".'" )4#'.-' 4.((

/ividend (.(( (.(( (.(( (.(( "43."4

5reference /ividend (.44 (.(( (.(( (.(( (.((7@uity /ividend J (.(( (.(( (.(( (.(( 44.((

136


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7arnings 5er 0hare)nitCur

"'.-# (.(( (.(( (.(( "-.'3

7arnings 5er 0hare%$d9*)nit Cur

"'.-# (.(( (.(( (.(( "-.'3

2ook =alue)nit Cur "(.#& )'.-B )"(.'# '". #3.-

STATEMENTS OF $ALANCE SHEET IN WOCKHARD %P LTD.- %R9. + C

P*867/*9 M*B12 M*B11 M*B1? D6B?@ D6B?"

SOURCES OF FUNDS :

0hare Capital &"'.(# -##.#3 -43.3( B.-4 B.-4

1eserves Total '.B# )"4&.B )"-".'' '44. #-".3"

Total 0hareholders unds &&".& '-".B& ".'B '--.4- ",(4'.(3

0ecured


138/153


139/153

STATEMENTS OF PROFIT & LOSS IN UNITED SPIRITS %P LTD.- %R9. + C9

P*867/*9 M*B12 M*B11 M*B1? M*B?@ M*B?"

INCOME :

0ales Turnover "',(B'.B

3

"4,&3'.'

(

#,"&3.&

-

-,BB.#

'

,(-.B

37xcise /uty &,(3.-' ',B'-.-" B,4B.#

B3,3'.B4

4,3-(.(-

6et 0ales -,B4.'- ',3'&. B,#4&.#3

B,(.B

3,"3-.3'

8ther Income "--.# "33.3 "3".&" '&.( B.""

0tock $d9ustments "-#.&4 4--.33 "B".(' "-.B" -.3(

Total Income -,#((.(& ',--#.- ,4(".&(

B,333.B

3,4B&.--

EXPENDITURE :

1aw aterials 4,#-B."' 4,B3B.&B ",&-."&

",3#.B-

#B#.'-

5ower E uel Cost 4#.#- 4'.'" "#.3B "#.'& "'.(B

7mployee Cost B4".(" 3'#.&4 4&.-# 4B.## 44B.&"

8ther anufacturing7xpenses

",-".3" ",B'."3 ",(3#."3

#'#.#( '-'.#B

0elling and$dministration7xpenses

",4'.34 ",33.B" ",(4'."'

&(.&& '&3.&'

iscellaneous 7xpenses &".3( #.#B '(."" B&.'' B-.4(

ross 5rofit 'B.-B '4#.3 &".(3 B#B.(4 "'.33

/epreciation '(.& B-.- 3&.'3 3'."' 34.'"

5rofit 2efore Tax (3. &".'( B4.B( B-.&' B&3.-4

Tax "'#.( "-#.3 "".44 "-B.-# "'#.-

ringe 2enefit tax (.(( (.(( (.(( .(" B.((

/eferred Tax )&.B( "'.-& "."' )"&.'( )".3"

1eported 6et 5rofit 3B4.-# 3&.B- 3-'.(4 4#'.'' 3"".4&

7xtraordinary Items )'.#( 4B.'' B&.#( 4.## )(.B#

$d9usted 6et 5rofit 3B#.'# 3'(.&" 34-."4 4#3.'- 3"".--

$d9ust. below 6et 5rofit (.(( (.B" (.(( "(.B( (.((

5 E < 2alance broughtforward

",3.&( ",43&.( #B&.'B -(".&3 BB"."4

0tatutory$ppropriations

(.(( (.(( (.(( (.(( (.((

$ppropriations &&.(( &&."3 &'.'" '(.4 (.-

5 E < 2alance carried

down

",-#(.# ",3.&( ",43&.(

#B&.'B -(".&3

/ividend 34.-( 34.-( 3".B( 4".& ".(B

139


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5reference /ividend (.(( (.(( (.(( (.(( (."#

7@uity /ividend J 4.(( 4.(( 4.(( 4(.(( ".((

7arnings 5er 0hare)nitCur

4.&( 4#.(' 4#.3 4#.4 3(.&(

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4.&( 4#.(' 4#.3 4#.4 3(.&(

2ook =alue)nit Cur BB#.B3 3#(.4( 3&".(' 3('.'" 4((.'"

STATEMENTS OF $ALANCE SHEET IN UNITED SPIRITS %P LTD.- %R9. + C

P*867/*9 M*B12 M*B11 M*B1? M*B?@ M*B?"

SOURCES OF

FUNDS :

0hare Capital "3(.&( "3(.&( "4.# "(-.#" "((."'

1eserves Total ,-B-.'# B,#-4.#-

B,''(."#

4,#-(.&(

",#(#."'

Total 0hareholdersunds

,&-&.B# ,"(3.--

B,-&.-&

3,(-&.-"

4,((#.34

0ecured


141/153


142/153

KEY RATIOS OF UNITED SPIRITS %P LTD.-

Mears ar)"4 ar)"" ar)"( ar)(# ar)(&

/ebt)7@uity 1atio (.- (.- (.- (.' (.&


143/153

STATEMENTS OF PROFIT & LOSS IN STRIDES ARCOLA$ LTD.- %R9. + C9

P*867/*9 D6B

11

D6B

1?

D6B

?@

D6B

?"

D6B

?!

INCOME :

0ales Turnover -"B.34 (.B4 --(.&& #'.(3 B"3."(7xcise /uty B.&" ".BB 4.3 4. (.43

6et 0ales -(#." (3.#& -'&.3 #3."B B"4.&-

8ther Income ""#.- 4(#.'- #4.'- 4('.' B4.B

0tock $d9ustments )'.'4 -.& "".## B.B4 #.3&

Total Income &44.B' -4".( &-3.(" &(B."4 B'B.-(

EXPENDITURE :

1aw aterials B4.( 3(".B BB-.3B 3B'.B# 4B".&-

5ower E uel Cost "(.(" &.&( "'.( "B.(4 "3.""

7mployee Cost (."" B-.4( -#.&' #.# B-.'4

8ther anufacturing 7xpenses ".-# "B.' 3&.4- 3&.3 3(.3B0elling and $dministration7xpenses

&"."# '3."" '&.B4 3.3" BB.('

iscellaneous 7xpenses "4.(( -&.( 4".B3 4(3.(& "B".3B


144/153

STATEMENTS OF $ALANCE SHEET IN STRIDES ARCOLA$ LTD.- %R9. + C

P*867/*9 D6B11 D6B1? D6B?@ D6B?" D6B?!

SOURCES OF FUNDS :

0hare Capital &.3& -.- .3& .4" &B."'

1eserves Total ",4#&.(-

",3B'.4-

&4(.# 4.-3 "'(.33

Total 0hareholders unds ",3'.B

",B(B.(4

#"(.33 3-&.#B 4BB.B#

0ecured


145/153

Contingent


146/153

KEY RATIOS OF STRIDES ARCOLA$ LTD.-

Y*9 D6B11 D6B1? D6B?@ D6B?" D6B?!

/ebt)7@uity 1atio ".( "." ".& 3. 4.3


147/153

STATEMENTS OF PROFIT & LOSS IN DENA $ANK %R9. + C

P*867/*9 M*B12 M*B11 M*B1? M*B?@ M*B?"

INCOME :

Interest 7arned ',-#B."

3

,(33.

3

B,("(.3

'

3,BB-.

(

4,'-.#

(8ther Income &4."- 33.&B &&.'3 B.'3 B&'.4(

Total I -,3-'.3(

,'-.3-

B,#&.##

3,##3."3

3,"'4."(

II. E+087

Interest expended B,'#3."3

3,4-(."'

4,#"(.3B

4,3&3.(-

",&"-."B

5ayments to5rovisionsfor 7mployees

-"B.'& '&&.4( "".# B'-. 3-(.&

8perating 7xpenses E

$dministrative 7xpenses

43.## 44.#3 "##.4- "-3.#B "".4-

/epreciation 3.'( 3(. 4-.'" 4'.&B 4#.B

8ther 7xpenses,5rovisions EContingencies

-"4.#& BB.B- 4'3.3# 3##.#' B-.&

5rovision for Tax "(4.- "&'.B4 -B." 4B3.#" )B".4

ringe 2enefit tax (.(( (.(( (.(( 4.-& ".

/eferred Tax '(.4" "((.(" "(".(3 )"4-.#4 )4.

Total II ',-3."'

B,#.-B

B,(&-.-B

3,-(.B-

4,&(4.3"

III. P


148/153

148


149/153

STATEMENTS OF $ALANCE SHEET IN DENA $ANK %R9. + C

P*867/*9 M*B12 M*B11 M*B1? M*B?@ M*B?"

SOURCES OF

FUNDS :

Capital 3(.(' 333.3# 4&'.&4 4&'.&4 4&'.&41eserves Total B,"4-.4- 3,344.3 4,3"B.&- ",&&3.'- ","3.&B

/eposits --,"''.&(

'B,4(#.'4

",3BB.4&

B3,((.'"

33,#B3."&

2orrowings 3,&&(.# ",'#".'' ",'".#" ",BB3."3 3#B.'4

8ther


150/153

KEY RATIOS OF DENA $ANK

Y*9 M*B12 M*B11 M*B1? M*B?@ M*B?"

Credit)/eposit -".& '#. '&.4 '-.B '-."

Investment /eposit 4#.' 4#.& 4#.& 4#.' 3".-

Cash /eposit -.( -.# #.# ""." &.#Interest 7xpended Interest 7arned '#." '.( -4.' '#." '-.#

8ther Income Total Income -.# #.' "4.& "3.- ".B

8perating 7xpenses Total Income ".- "#.3 "&.B 4(.& 4(.&

Interest Income Total unds &.' -.# -.' &.( -.-

Interest 7xpended Total unds '.( ." . . .4

6et Interest Income Total unds 4.- 4.& 4." 4. 4.

6on Interest Income Total unds (.- (.& "." ".3 ".B

8perating 7xpenses Total unds ". ".- ".' ".# ".#

5rofit before 5rovisions Total unds ".# ".# ".' ".& 4.(

6et 5rofit Total funds ".( ".( ".( ".( ".(186F 4(.- 4(.# 43.' 4B." 4.'

57 B.( .& B. 4.4 B."

72I/T$ ,B#'.3 3,&&".& 3,B4".' 4,&(.- 4,"-'.#

/iv.Mield 3.3 4." 4. 3.- 4.(

52= (.- ".( (.# (. (.#

750 44. "&.( "-. "B. "4.B

150


151/153

STATEMENTS OF PROFIT & LOSS IN DEN NETWORKS %R9. + C

P*867/*9 M*B

12

M*B11 M*B

1?

M*B

?@

M*B

?"

INCOME :0ales Turnover B3(.44 34&.4B 34".#' 4'B.'' 4&.(B

7xcise /uty (.(( (.(( (.(( (.(( (.((

6et 0ales B3(.44 34&.4B 34".#' 4'B.'' 4&.(B

8ther Income 44."4 4'.3( "4.&" '.B' ".#-

0tock $d9ustments (.(( (.(( (.(( (.(( (.((

Total Income B4.3B 3B.B 33B.-- 4-"."4 3(.("

EXPENDITURE :

1aw aterials B.( 4.B (.B# ".#' 3."&

5ower E uel Cost 3.3- 3."# 4.## 4.3' (.((

7mployee Cost 4.3& 34.B( 34.- 4&.3- &.BB

8ther anufacturing 7xpenses 4B#.34 "#".' "-(.(# "'".'B 3&.-3

0elling and $dministration 7xpenses '#.4& '&. '4.'' &."& (.((

iscellaneous 7xpenses &.'# .' B.' #.' (.((


152/153

STATEMENTS OF $ALANCE SHEET IN DEN NETWORK %R9. + C

P*867/*9 M*B12 M*B11 M*B

1?

M*B

?@

M*B

?"

SOURCES OF FUNDS :0hare Capital "3(.B# "3(.B# "3(.B# 44."4 4".34

1eserves Total '4'.'4 '(4.'# #.3 "#'.B( "-".-'

Total 0hareholders unds --."" -33."& -4'.(4 4"&.4 "#3.(&

0ecured ross 2lock 4#4.4B 44B.4 "&B.(( "3".-# "".B-


153/153

KEY RATIOS OF DEN NETWORKS

Y*9 M*B12 M*B11 M*B1? M*B?@

/ebt)7@uity 1atio (.3 (.4 (.3 (.3

Documents

Project End Doc (1)