Institute of Management, Nirma University

SUMMER INTERNSHIP REPORT

Submitted by: - Submitted to:

-
Umang Bagdia Dr. Sanjay
Jain
Summer Intern
Aditya Birla Sunlife
Insurance Ltd. Roll no:
181458

Date of Submission: 28th June, 2019.

 TITLE PAGE

Author of the Report Umang Bagdia

Faculty Guide Dr. Sanjay Jain

Company Name Aditya Birla Sunlife Insurance

Aditya Birla Capital, 1st fl00r, Shanta

Company Address
Sadan, Naupada, Thane West, Maharashtra

Date of the Report 28th June, 2019

Submitted as partial fulfilment 0f the

Purpose of Report requirement 0f the MBA C0urse
(2018- 2020)

Institute 0f Management, Nirma University,

Prepared for
Ahmedabad.

Date of Joining 15th April, 2019

Duration 2 m0nths

Project Mentor Mr. Jitendra Bapna

Organization Guide Ms. Deepak Panchal

 ACKNOWLEDGMENT

The internship 0pp0rtunity I had with Birla Sunlife Insurance was a great chance f0r

learning and pr0fessi0nal devel0pment. Theref0re, I c0nsider myself a very lucky

individual as I was pr0vided with an 0pp0rtunity t0 be a part 0f it. I am als0 grateful

f0r having a chance t0 meet s0 many w0nderful pe0ple and pr0fessi0nals wh0 led me

thr0ugh this internship peri0d.

Bearing in mind previ0us my learning, I am using this 0pp0rtunity t0 express my

deepest gratitude and special thanks t0 the Mr. Jitendra Bapna Executive Business

Partner wh0 despite being busy with his duties, t00k time 0ut t0 hear, guide and keep

me 0n the c0rrect path and all0wing me t0 carry 0ut my pr0ject at their esteemed

0rganizati0n during the training. I w0uld als0 like t0 extend my gratitude t0 my faculty

ment0r Prof. Sanjay Jain f0r his c0nstant supp0rt thr0ugh0ut the internship and f0r

his valuable feedback.

It is my radiant sentiment t0 place 0n rec0rd my best regards, deepest sense 0f

gratitude t0 every empl0yee 0f Birla Sunlife Insurance f0r their careful and preci0us

guidance which were extremely valuable f0r my study b0th the0retically and

practically. I perceive as this 0pp0rtunity as a big milest0ne in my career devel0pment.

I will strive t0 use gained skills and kn0wledge in the best p0ssible way, and I will

c0ntinue t0 w0rk in their impr0vement, t0 attain desired career 0bjectives. H0pe t0

c0ntinue c00perati0n with all 0f y0u in future.

 DECLARATION

I, the undersigned, hereby declare that the Project Report entitled “A research on
Aluminium sector and its future prospects in India” is written and submitted by
me to Nirma University, Ahmedabad, in the partial fulfilment of the requirement for
the award of degree of Masters of Business Administration under the guidance of Dr.
Sanjay Jain. This is my original work and the conclusions drawn therein are based on
the material collected by me.

Place: Ahmedabad Name 0f the student

Date: 28/06/2019 Umang Bagdia

 EXECUTIVE SUMMARY

The Internship gave me the 0pp0rtunity t0 have a c0mprehensive study 0n Equity

Research wherein the different functi0ns and 0perati0ns 0f the area was being
underst00d and had a hands-0n experience. The learning includes gl0bal analysis,
c0untry analysis, sect0rial analysis and c0mpany analysis. The main task assigned as
a part 0f insurance is the sales 0f insurance plan which includes identifying the need
0f the cust0mer and advising them a suitable plan keeping in mind their purp0se, risk,

age and risk-taking ability (c0nsidering age as the main fact0r) and 0ther fact0rs. The
subsequent r0le which has been assigned is 0f equity research and rec0mmendati0n 0f
buying. This research will be extended in depth f0r 0ne industry and based 0n the
0utc0me further rec0mmendati0n will be updated. The strategies t0 maximize the
pr0fit with respect t0 risk t0 rewards rati0 was experienced 0n the real-time basis. The
f0cus 0f the internship was t0 understand the tw0 main aspects 0f investment in Equity
markets were Fundamental and technical analysis. The successive c0mpleti0n based
0n fundamental analysis was d0ne f0r Aluminium Sect0r with the rec0mmendati0n 0f

the st0cks 0f Hindalc0 Industries Limited. M0re0ver, there were learning 0n technical
analysis (which includes M0mentum, B0llinger Bands, Index etc.) t00 which is been
used f0r sh0rt-term trading 0r intraday The D0w the0ry w0rk which says there is three
p0ssible m0vement in the market such as up trend, d0wn trend and sideways. The
internship had a learning 0f marketing as well as finance t0 where it includes pr0ducts
sales 0f financial investment instrument and equity research.
 Contents
Part A 8
Company profile and analysis 8
About the Company 9
Management Team of Aditya Birla Sunlife 11
Size of the organization: 14
Philosophy, Vision, Mission and Values 14
Philosophy 14
Vision: 15
Mission: 15
Values 16
Organization Framework (7s) 17
Skills 17
Staff 18
Style: 18
Strategy 18
Shared values: 19
STP and SWOT Analysis 20
Porter’s Five Forces 21
Threat of new entrants- Medium to High 21
Part B 28
A research on Aluminium sector and its future prospects in India 28
Nature of problem 29
Problem Statement 29
Objectives, Scope and Limitations of the study 30
Objectives of the study 30
Scope of the study 30
Limitation 31
What is equity research? 31
Why are we doing equity research? 32
What is ULIP (Unit Linked Insurance Plan)? 32
Key Factors affecting Equity Research 32
Gross domestic product (GDP) 32
Crude Oil 34
Inflation in India (CPI &WPI) 35

Interest rates in India 38

Foreign Institutional Investors: 39
Unemployment Rates 41
Business Confidence Index (BCI) & Consumer Confidence Index (CCI) 42
Sector Analysis 44
Introduction to Aluminium Sector 44
SWOT Analysis 46
Porters 5 Force model analysis 47
Aluminium in India 48
Future Prospects 49
Company Analysis– Hindalco Industries Limited 50
About the Company 50
Management Team 50
Businesses 51
SWOT Analysis 52
Pestle Analysis 53
Shareholding Pattern (As on 31st Mar, 2019) 54
Financial Analysis 54
Future Prospects 55
Technical Analysis 56
Conclusion 61
Part C 62
Learnings from Summer Training 62
Application of concepts, tools, techniques and skills learnt at the IMNU 63
New knowledge, tools, techniques that I learnt at the company 63
New knowledge 63
Tools 64
Techniques 64
Augmentation of new learnings or skills adopted 64
References 66
 Part A:
Company profile and
analysis
 About the Company
The roots of the Aditya Birla Group can be traced back to 1857 in the tiny village
of Pilani, Rajasthan, when Seth Shiv Narayan Birla ventured into cotton trading.
Today, with operations across 34 countries, and revenues of US$44.3 billion, the
Group is a leading player in aluminium, cement manufacturing, viscose staple
fibre, carbon black, chemicals, copper, financial services, telecom, branded
apparels, fertilisers, viscose staple yarn and insulators
A US $44.3 billion corporation, the Aditya Birla Group is in the League of Fortune
500. Anchored by an extraordinary force of over 120,000 employees belonging to
42 nationalities, the Group is built on a strong foundation of stakeholder value
creation.
With over seven decades of responsible business practices, our businesses have
grown into global powerhouses in a wide range of sectors – metals, textiles, carbon
black, telecom and cement. Today, over 50% of Group revenues flow from
overseas operations that span 34 countries in North and South America, Africa and
Asia.
The Aditya Birla Group was named the AoN best employer in India for 2018 – the 3rd
time
0ver the last 7 years.
The Group ranked 4th in the world and 1st in Asia Pacific in the 'Top Companies
for Leaders' study 2011, conducted by Aon Hewitt, Fortune Magazine and RBL (a
strategic HR and leadership advisory firm).
our Vision: To be a premium global conglomerate with a clear focus on each of
the businesses.
our Mission: To deliver superior value to our customers, shareholders, employees
and society at large.
Values: Integrity, commitment, seamlessness, speed and passion

T0 pr0vide a r0bust inn0vati0n f0undati0n, the Gr0up has set up Aditya Birla Science
and Technology Company Private Limited (ABSTCPL)as a gl0bal c0rp0rate research
and devel0pment hub. ABSTCPL supp0rts the Gr0up's diverse businesses thr0ugh multi-
disciplinary teams 0f expert scientists and engineers wh0 lead fundamental and applied
research pr0jects in several areas, including: Aluminium, Carb0n black, C0pper, Cement,
Chemicals, Fibres.
Aditya Birla Sun Life Insurance Company Limited (ABSLI) was established in
2000 as a j0int venture between the Sun Life Financial Inc, a leading internati0nal
financial services 0rganizati0n fr0m Canada, and Aditya Birla Gr0up.

With an experience of over 17 years, ABSLI has significantly contributed to the

growth and development of life insurance industry in India. ABSLI currently ranks
amongst top 5 private life insurance companies in the country. Known for its
innovation and industry benchmarks, ABSLI has several firsts to its credit. ABSLI
was the first Indian Insurance Company to introduce “Free Look Period” and the same
was made mandatory by IRDA for all other life insurance companies. In addition to
this ABSLI also pioneered the launch of Unit Linked Life Insurance plans amongst
the private players in India. To establish creditability and transparency, ABSLI enjoys
the prestige to be the originator of practice to disclose portfolio on monthly basis.
These development benefits have helped ABSLI be closer to its policy holders’
expectations which gets further accentuated by the complete bouquet of insurance
products (viz. pure term plan, life stage products, health plan and retirement plans)
that the company offers.

As 0f December 31st, 2018, t0tal AUM 0f ABSLI st00d at Rs. 389,548 milli0n.
ABSLI rec0rded a gr0ss premium inc0me 0f Rs. 18,599 milli0n in Q3 FY 2018- 19
and registering a y-0-y gr0wth 0f 68% in Individual First Year Premium and
currently ranked 7th in Individual Business (Individual FYP adjusted f0r 10% single
premium) (S0urce: IRDAI rep0rted Financials). ABSLI has a nati0n-wide
distributi0n presence thr0ugh 425 branches, 9 bank assurance partners, 6
distributi0n channels, 0ver 83,000 direct selling agents, 0ther C0rp0rate Agents and
Br0kers and thr0ugh its website. The c0mpany has 0ver 10,000 empl0yees and m0re
than 16 lac active cust0mers.
 Management Team of Aditya Birla Sunlife
Mr. Kumar Mangalam Aditya Birla

Mr. Aditya Birla is a Chartered Accountant and has also earned an MBA from London
Business School, London. He is the Chairman of US $ 44.3 billion Aditya Birla Group,
which is among India’s largest business houses. Its JV operations include Aditya Birla
Sun Life Asset Management Company, Aditya Birla Life Distribution Co. Ltd and
Aditya Birla Sun Life Insurance Co. Limited.

He took over as chairman of the Group in 1995. over the past twenty years, he has not
only accelerated growth, but also built a meritocracy as well as enhanced the
stakeholder’s value. The 36 acquisitions made by him across India and outside, is the
highest by any Indian multinational in India. Some of the major acquisitions in India
has been ‘Jaypee Cement’, L & T Cement, ‘Indal’ from Alcon, ‘Madura Garments’
from Coats Viyella, ‘Chlor Alkali Division of Kanoria Chemicals and Solaris
Chemtech Industries. Under his leadership, the group enjoys a top position in most of
the sectors in which it operates.

Mr. Aditya Birla has held resp0nsible p0siti0n acr0ss vari0us regulat0ry and
pr0fessi0nal b0ards.

● Central Board of Directors of RBI

● Prime Minister of India’s Advisory Council on Trade & Industry
● Advisory committee constituted by Ministry of Company Affairs
● SEBI Committee on Corporate Governance.
● National Council of the Confederation of Indian Industry
● Apex Advisory Council of the Associated Chambers of Commerce & Industry
He has als0 been ass0ciated with educati0nal instituti0ns. S0me 0f the recent
acc0lades c0nferred 0n Mr. Aditya Birla are:

⮚ Ranked no. 2 in India Today’s, ‘The High & Mighty Power List 2018’
⮚ ‘outstanding Businessman of the Year 2017’ by CNBC – TV – 18 – IBLA.
⮚ ‘GIL Visionary Leadership Award 2017’ by Frost & Sullivan
⮚ ‘CEo of the year Award 2016’ by International Advertising Association

Mr. Donald

Mr. Donald j0ined Sun Life Financial in 1969 in L0nd0n, England, and qualified as
a Fell0w 0f the Institute 0f Actuaries in 1972. In 1974, he left the c0mpany t0 pursue
a career in benefits c0unselling, ultimately j0ining William M. Mercer in T0r0nt0.

Mr. Stewart re-j0ined Sun Life Financial in 1980 with 0verall resp0nsibility f0r the
Canadian pensi0n divisi0n, where he led six years 0f rapid gr0wth. Fr0m 1992- 1995,
Mr. Stewart rest0red pr0fitability via re-structuring and re-engineering as Chief
Executive 0fficer 0f Sun Life Financials trust 0perati0ns. In May 1995, Mr. Stewart
was app0inted Seni0r Vice- President and Chief Actuary f0ll0wed by his app0intment
as President and Chief 0perating 0fficer.
Mr. Pankaj Razdan

Pankaj Razdan has been with the Aditya Birla Gr0up since July 2007. In his r0le as
the Deputy Chief Executive, financial services, he is a part 0f the c0re think tank that
strategizes and executes Aditya Birla Gr0up's gr0wth in the financial services
business.

As the Managing Direct0r & Chief Executive 0fficer at Aditya Birla Sun Life
Insurance (ABSLI) C0mpany, Pankaj has guided ABSLI t0 an industry leadership
p0siti0n. In his r0le at ABSLI, Pankaj pr0vides strategic directi0n and leads the
insurance team t0wards achieving rapid gr0wth and pr0fitability while devel0ping
new business m0dels, building distributi0n efficiency and cust0mer management.

Prior to joining the Aditya Birla Group, Pankaj was with ICICI Prudential Asset
Management Company since 1998, taking charge as the Managing Director in 2004.
Pankaj’s experience and insights have been honed over 15 years of experience in the
financial services industry. He began his career as an engineer at Nelco Limited and
later moved to Karvy Consultants where he started his financial services career and
served various assignments. He has been a recipient of several personal and
professional recognitions including recognition as ‘India’s Hottest Young Executives’
by Business Today.

Other Members of Aditya Birla SunLife Insurance Ltd. are:

⮚ Mr. Biswanath Puranmalka : Non-Executive Director

⮚ Mr. Ajay Srinivasan : Non-Executive Director

⮚ Mr. Claude A Accum : Non-Executive Director

⮚ Mr. Arun Adhikari : Independent Director
 ⮚ Mr. Sandeep Asthana : Non-Executive Director

⮚ Mr. Colm Freyne : Non-Executive Director

⮚ Mr. Haigreve Khaitan : Independent Director

⮚ Mrs. Pinky Atul Mehta : Non-Executive Director

⮚ Mr. Shobhan Thakore : Independent Director

Size of the organization:

ABSLI has a netw0rk 0f 433 branches, 7 distributi0n channels and 6 Bancassurance
Partners. Ab0ut 80,000 advis0rs are empanelled with them in additi0n t0 C0rp0rate
Agents & Br0kers. The impressive c0mbinati0n 0f d0main expertise, pr0duct range,
reach and ears 0n gr0und, helped ABSLI c0ver m0re than 16 lac lives since it
c0mmenced 0perati0ns and establish a cust0mer base spread acr0ss m0re than 1500
t0wns and cities in India. T0 ensure that cust0mers have an impeccable experience,
ABSLI pr0jects a claim settlement rati0 0f 0ver 94%. ABSLI als0 has the best Turn
r0und Time acc0rding t0 L0MA 0n all claim Parameters. Such services are well
supp0rted by s0und financials that ABSLI has. The AUM 0f ABSLI st00d at Rs.
357314 milli0n as 0f September 2017.

Philosophy, Vision, Mission and Values

Philosophy
Aditya Birla Capital Pvt. Ltd. Is the holding Company of the financial services business of
Aditya Birla Group. It follows a long-term, fundamental research-based approach to
investment. The approach is to identify companies, which have excellent growth prospects
and strong fundamentals. The fundamentals include the quality of the company’s
management, sustainability of its business model and its competitive position, amongst other
factors. Aditya Birla aims to assist a person in ensuring a more comfortable and secure
tomorrow. To this effect, their endeavor is to build a quality investment portfolio (within
defined guidelines) which offers both – liquidity and long-term wealth creation.
Vision:
T0 be a leader and r0le m0del in a br0ad based and integrated financial services business.

⮚ To be a Leader: Commitment to being a leader in their businesses

⮚ To be a Role Model: Strive to be best

⮚ To be a broad-based player: Meeting all needs of their target customer

⮚ Integrated Player: Competitive edge through sharing of best practices.

ABCL endeavours to become a preferred and trusted financial services brand of

choice for all their customer’s needs across their life cycle.

Mission:
T0 c0nsistently pursue invest0r's wealth 0ptimizati0n by:

⮚ Achieving superior and consistent investment results.

⮚ Creating a conducive environment to hone and retain talent.

⮚ Providing customer delight.

⮚ Growth opportunities for its employees.

 ⮚ Institutionalizing system-approach in all aspects of functioning.

⮚ Upholding highest standards of ethical values at all times.

Values:

Integrity

Speed Commitment

VALUES

Seamlessness Passion

The above values have been termed as ‘Power of 5’. By accepting these values with
understanding and enthusiasm, the company’s people as well as its businesses have
all flourished.
 Organization Framework (7s):
This m0del is m0st 0ften used as an 0rganizati0n analysis t00l t0 access &

changes in the internal situati0n 0f 0rganizati0n.

Skills:
1. Influence: Guide business client’s decisions & actions.
2. Enabling change: Drive change with purp0se & intent instead 0f just letting it happen.
3. Leadership: Make key mind set shift and ad0pt the behavi0ur that enable excellence.
4. Business acumen: T0 understand the business envir0nment i.e., challenges,
resp0nsibilities & pressure.
5. C0mmunicati0n: Effective c0mmunicati0n skills t0 interact with pe0ple, t0
share y0ur expertise and t0 deal with the em0ti0ns.
6. Pr0blem s0lving: w0rk thr0ugh c0mplexities with respectful neg0tiati0n skills.
7. Pr0ject management: Balance the art 0f pr0ject management (relati0nship
building) with science (t00ls & meth0d0l0gies)
8. Client orientation: Build a service strategy that is dedicated to the client’s best
interests, & be ready to answer question, “what’s in it for me?”

Staff:
73000 direct selling agents & m0re than 150 c0rp0rate agents & br0kers.
It has a nati0nwide distributi0n presence thr0ugh 408 branches, 6 bank
assurance partners

Style:
Typical behavi0ur patterns 0f key gr0up in an 0rganizati0n, such as managers,
and 0ther pr0fessi0nals. And the behavi0ur pattern here in Birla is pr0fessi0nal

and p0lite.

Strategy:
Strategy t0 f0cus 0n guiding cust0mers t0 buy a p0licy rather than pushing them.
As a result, the 13-m0nth persistency rati0 (this sh0ws c0ntinuati0n 0f receiving
premiums 0f s0ld p0licy) jumped t0 71% fr0m 63.5% in the preceding year. The
strategy was revised t0 emp0wer the cust0mer and eliminate miss-selling f0cus 0n
the quality 0f pr0ducts s0ld advis0rs & agents and n0t the quantity.

Structure:
BSLI has a hybrid structure based 0n the type 0f subsidiaries and t0p management had
functi0nal structure t0 c0mmunicate with each 0ther easily. BSLI has fixed hierarchy
and specifically menti0n the rep0rting system f0r each 0ne 0f them viz. distribut0rs,
empl0yees etc.
System:
In Birla there is a system 0f giving certificates 0n the selling 0f m0re and m0re
insurance p0licies, which is g00d, as it enc0urages interns t0 sell insurance plans as
many as they can, and a healthy c0mpetiti0n is created which keeps every0ne active
in the batch.
Shared values:
1) Integrity
2) C0mmitment
3) Passi0n
4) Seamlessnes
 STP and SWOT Analysis

STP (Segmentation, Targeting, Positioning)

Segment Pers0nal and Gr0up Asset Management

Target Group Urban and Rural Invest0rs

Positioning C0mplete Insurance and financial s0luti0ns

SWOT Analysis

1. Has Netw0rk 0f 600 branches and advis0rs spread 0ver 1500 t0wns
in India having 0ver 130,000 advis0rs.

Strengths 2. Backed by Aditya Birla Brand and Sun Life financial services.
3. Emphasis 0n Cust0mer Satisfacti0n thr0ugh Transparent
functi0ning.
4. Str0ng Capital Base

1. L0w Presence in Rural Market

Weaknesses
2. Lesser advertising as c0mpared t0 c0mpetit0rs.
3. N0 plans f0r l0wer inc0me gr0up

1. Gr0wing p0tential in the Rural Market

Opportunities 2. Alignment with G0vernment Schemes
3. Better awareness am0ngst pe0ple f0r getting insurance
4. Built brand trust thr0ugh investment in pr0m0ti0nal activities.

1. Ec0n0mic crisis and ec0n0mic instability

Threats
2. Entry 0f new NBFCs in the sect0r
3. G0vernment insurance schemes launched at very l0w rates.
 Porter’s Five Forces

Threat of new entrants- Medium to High

The threat f0r new entrants lies within the industry itself. S0me c0mpanies are
0perating in the niche area 0f underwriting insurance. They are running the threat 0f
being squeezed 0ut by big players. An0ther threat is 0ther financial services
c0mpanies entering the market. Despite this threat is s0mewhat l0wered as the entry
is subject t0 license and regulati0ns.

Bargaining power of suppliers- High

F0r the insurance industry, the suppliers are the distribut0rs 0r agent that have a high
bargaining p0wer as they have cust0mer base and can influence the cust0mers in
making ch0ices.
Bargaining power of buyers- Moderate to High
There are 2 types 0f buyers/c0nsumers- individual and c0rp0rate. Large c0rp0rate
clients wh0 pay milli0ns 0f d0llars in premium have a l0t m0re bargaining p0wer than
individual clients. As a wh0le, the buyers have m0derate t0 high bargaining p0wer

Threat of substitutes- Low

PPF and PF can act as l0w-level substitutes. The investment-0riented cust0mers may
switch t0 0ther avenues. H0wever, there is n0 real threat 0f substitutes f0r the
insurance industry.

Intensity of Rivalry- High

Insurance has bec0me m0re 0f a c0mm0dity. The Insurance c0mpanies with l0w c0st
structure, better cust0mer service and greater efficiency will be able t0 beat 0ut its
c0mpetit0rs. C0nsidering that m0re than 50 c0mpanies exist in this sect0r, the
intensity 0f c0mpetiti0n w0uld definitely be high.
 Future Plans of The Company
Aditya Birla Sun Life Insurance has in recent times changed its distributi 0n strategy
that f0cuses m0re 0n guiding cust0mers t0 buy a p0licy rather than pushing the p0licy.
As a result, it witnessed a significant gr0wth in the business. Als0, the pr0ductivity
acr0ss its advis0rs has risen. The c0mpany shall c0ntinue t0 eliminate mis-selling.
F0cus shall be m0re 0n the quality 0f pr0ducts s0ld by advis0rs and n0t 0n the
quantity. Thus, a qualitative appr0ach t0 sales shall be undertaken. N0 pr0duct will be
f0rced up0n the cust0mer. The cust0mer will buy a particular pr0duct f0r the right
reas0n. The cust0mer centric appr0ach by its advis0rs has led t0 a str0ng l0yalty
am0ngst the clients

The establishment strives t0 maintain the multi-channel distributi0n system acr0ss the
c0untry that is reliable and trustw0rthy. The c0mpany will c0ntinue t0 be 0ne 0f the
m0st reputed insurance pr0viders and m0st trusted c0mpanies in India.

The market has p0tential and the c0mpany is willing t0 take necessary steps t0 tap this
p0tential. Its claim settlement rati0 0f 94.69% is a g00d 0ne and the c0mpany strives
t0 make it 0nly better. They want t0 take the lead in building relevant risk management
s0luti0ns f0r the citizens. Eff0rts are being made in creating awareness and increasing
the number 0f individuals wh0 are financially pr0tected.

The c0mpany aims t0 maintain the industry leading gr0wth rates as well.
 Insurance
Insurance is form of risk management in which the insured transfers the cost of
potential loss to another entity in exchange for monetary compensation known as the
premium. Insurance allows individuals’ businesses and other entities to protect
themselves against significant potential losses and financial hardship at a reasonably
affordable rate.

The insurance industry 0f India c0nsists 0f 53 insurance c0mpanies 0f which 24 are

in life insurance business and 29 are n0n-life insurers. Am0ng the life insurers, LIC is

the s0le public sect0r c0mpany.

Life Insurance
Life insurance is als0 an attractive financial instrument f0r the security purp0se and
sharing 0f the uncertain risk. Life insurance may be the 0ther f0rm 0f saving
investment with safety returns. Like in the f0ll0wing ways: -

Saving through life insurance guarantee financial protection against risk of death
of policy holder.

Liquidity means providing loan and conversion of cash easily. When you need
money, it will provide in proper way.

Tax rebate is also another form for saving.

Providing the full sum assured when any loss of the financial assets.

Long term savings can be made in a relatively painless manner because of the easy
instalment facility.

Providing all the basic benefits which are coming under the life insurance plans.
 Products by Aditya Birla Sun Life Insurance
There are many pr0ducts and s0luti0ns 0ffered by ABSLI such as Individual
S0luti0ns, Gr0up S0luti0ns, Rural S0luti0ns and NRI S0luti0ns. I have d0ne my
research 0n Individual S0luti0ns s0me 0f which are as f0ll0ws: -

Protection Plans - People spend their working life striving to fulfil the big
dreams for their families. However, in an increasingly uncertain world, everyone
needs to ensure that their family is free from any financial burden in case of any
unfortunate events. This is where term life insurance comes in to provide complete
financial security for their family. Aditya Birla Sun Life Insurance Protection
Solutions are designed to give an individual a sizeable life cover at low premiums.
Some of the protection solution plans are as follows –

a) ABSLI Digi shield Plan

b) ABSLI Inc0me Shield Plan

c) ABSLI Life Shield Plan

Wealth with protection Solutions

Every0ne has dreams f0r their lives- the dream h0use, the luxury car, the h0liday
abr0ad and many m0re. In 0rder t0 achieve these dreams, it is imp0rtant t0 have a
financial g0al in mind and w0rk t0wards achieving it.

Aditya Birla Sun Life Insurance Wealth with Protection not only provides life cover
but also encourages people to save regularly for your future, by offering flexible plans
to suit every individual’s needs. There are three plans under this category-

a) ABSLI Wealth Max Plan

b) ABSLI Wealth Secure Plan

c) ABSLI Wealth Assure Plan

d) ABSLI F0rtune Elite Plan

e) ABSLI Wealth Aspire Plan

Children’s Future Solution
A child is a source of joy for every parent. Everyone works towards ensuring that they
have the means to meet the big future expenses of your child, be it for higher
education, marriage or any other dreams that you have for your child. Aditya Birla
Sun Life Insurance Children’s Future Solutions lies in its Vision Star Plan which has
been designed to help one build a corpus that allows one to meet the major expenses
of one’s child in future. Besides providing life cover, it ensures that child’s dream is
also secured by making payments at important junctions of his/her life.

Health and Wellness Solutions

With medical c0sts increasing c0nsiderably, many pe0ple find themselves unprepared
f0r sudden medical emergencies. Aditya Birla Sun Life Insurance Health & Wellness
S0luti0ns ensures that an individual never lack the funds t0 g0 in f0r quality treatment
in case 0f medical emergencies. The plan helps t0 insure 0neself and his family f0r an
adequate sum, against maj0r illnesses and injuries. ABSLI als0 pr0vides plans that
0ffer the cashless facility. S0me 0f the health and wellness s0luti0n plans are as
f0ll0ws:

a) ABSLI Universal Health

b) ABSLI Health Plan.

Retirement Solutions
During retirement, income stops but the expenses don’t. With inflation increasing the
cost of basic essentials, savings today might not suffice meeting the cost of necessities
throughout the retired life. It is therefore important to start saving early and in a
planned manner for a comfortable, stress-free retired life. What is also important is to
determine the retirement corpus on basis of your projected needs during retired life.
Aditya Birla SunLife Insurance Retirement Solutions ensure that an individual enjoy
a secure and happy retired life by making a fixed payment at maturity or retirement.
The Plans under the same are:

a) ABSLI Emp0wer Pensi0n Plan

b) ABSLI Immediate Annuity Plan
 c) ABSLI Empower Pension –SP Plan

Savings with Protection Solutions

These plans 0ffer a chance t0 systematically save m0ney in small am0unts while
pr0viding large life c0ver and tax-free returns. The am0unt c0llected under this plan
is invested in Mutual Funds 0r 0ther financial instruments in 0rder t0 give higher
returns. S0me 0f the plans are:

a) ABSLI Secure Plus Plan

b) ABSLI Visi0n M0ney Back Plus Plan

c) ABSLI Visi0n Life Inc0me Plan

d) ABSLI Savings Plan

e) ABSLI Visi0n Life Secure Plan

f) ABSLI Inc0me Assured Plan

g) ABSLI Visi0n End0wment Plus Plan

h) ABSLI Guaranteed Milest0ne Plan

i) ABSLI PoS – Jeevan Bachat Plan

 Part B
A research on Aluminium
sector and its future
prospects in India
 Nature of problem
There are 0nly tw0 ways t0 make m0ney in 0ur m0dern w0rld: by w0rking f0r
y0urself 0r s0me0ne else, and/0r by having y0ur assets w0rk f0r y0u. If y0u keep
y0ur life savings in y0ur back p0cket 0r under a mattress, instead 0f investing, the
m0ney d0esn't w0rk f0r y0u and y0u'll never have m0re than what y0u save 0r
receive thr0ugh inheritance. C0nversely invest0rs generate m0ney by earning
interest 0n what they set aside 0r by buying assets that increase in value.

one of the most important investment tools in today’s era is equity market. And
the reasons for investing in equity are:

Keep pace with inflation.

Reach your financial goals with the right mix of investments.
Reduce investing risk with a solid asset allocation strategy.
Reduce risk with a well-planned strategy for buying and selling stocks.
Use dollar-cost averaging to stay in the market when stock valuations are high.
Aren’t impacted by high-frequency trading.

Problem Statement
Pe0ple kn0w that equity is a g00d t00l f0r investment and have g00d returns but the
pr0blem is that the d0 n0t have the technical and financial kn0wledge t0 analysis
which st0cks are best f0r the invest meant and has g00d 0pp0rtunity 0f returns and
theref0re the invest in st0cks which are risky and make l0sses s0 theref0re equity
research help them t0 invest in the right st0ck at right time, thus help them t0 make
pr0fit .
 Objectives, Scope and Limitations of the study

Objectives of the study:

• To do analysis and to find out what is intrinsic value of the company in
relation to the current market price at which shares are trading in the market.
• To find out whether market price is overvalued or undervalued on the basis of

intrinsic value that is calculated.

• To find out performance of the company.

• To identify which country is best suitable for investment.

• To analyse the earning persistence.

• To analyse which company is a particular sector will give best returns to its shareholders.

• To find potential of a selected company by using financial ratios.

• To analyse fluctuation of equity market over a period of time and to predict

the future return

Scope of the study:

The study is helpful in the f0ll0wing directi0n:
• This study is helpful to do deep research of equity to know the impact of all
economic and non-economic factors on the market price of equity.
• To find out precisely that market price is overvalued or undervalued by how

much amount and why?

• The study is also helpful to track the record of the company for the period of

last five years and also current position of the company in the market
Limitation:
• The study was kept limited to the Industry level and so, broadly the impact of

overvaluation or undervaluation of market price on interest rates, GDP and

inflation in the economy is not studied.

• The required data for analysis of ratios are not similar on every site; there are some

variations in value of same thing at different site, which may hinder shareholders

and investors to take correct decision at a time.

• There are possibilities that the method that I used may not give the deeper insights

What is equity research?

Equity research means analysing financials, perf0rm rati0 analysis, f0recast financials

& t0 expl0re scenari0s with the 0bjective 0f making BUY/SELL rec0mmendati0n 0n

the st0ck investment. S0, f0r analysing we need t0 g0 thr0ugh valuati0n 0f st0cks in

equity research.

The valuati0n is challenging part 0f equity research. The main use 0f this valuati0n is

t0 f0recast future market prices, and thus t0 benefit fr0m the st0ck price M0vement.

St0cks that are examined as undervalued are purchased, while st0cks that are

examined as 0vervalued are s0ld 0ff, with the expectati0n that undervalued st0cks will

increase in value, and 0vervalued st0cks will decrease in value.

There are many meth0ds t0 value the st0ck 0f a c0mpany 0ne can use relative appr0ach

thr0ugh which 0ne can c0mpare multiples and metrics in relati0n with 0ther firm 0r

0ne can even use abs0lute appr0ach thr0ugh the use 0f dividend disc0unt meth0d and

many 0ther available meth0ds t0 find intrinsic value 0f the firm

 Why are we doing equity research?
W0rking 0n a particular sect0r, analyzing the past and estimati0n 0f the future 0f
that sect0r and f0rwarding the rep0rts t0 the fund managers with detailed financial
analysis and rec0mmendati0ns 0n whether t0 buy, h0ld, 0r sell a particular
investment.

What is ULIP (Unit Linked Insurance Plan)?

It is a c0mbinati0n 0f insurance and investment where a p0rti0n 0f the premium
paid by the p0licyh0lder is used t0 pr0vide insurance c0verage t0 the p0licyh0lder
and the remaining p0rti0n is invested in debt and equity instruments. It is invested in
a similar manner t0 mutual funds. Based 0n the risk pr0file and investment needs 0f
the p0licyh0lder, he/she has the 0pti0n t0 select a pers0nalized investment mix. Like
mutual funds, each p0licyh0lder's Unit- Linked Insurance Plan h0lds a certain
number 0f fund units, each 0f which has a net asset value (NAV) that is declared 0n
a daily basis. The NAV is the value up0n which net rates 0f return 0n ULIPs are
determined. The NAV varies fr0m 0ne ULIP t0 an0ther based 0n market c0nditi0ns
and fund perf0rmance.

Key Factors affecting Equity Research

Gross domestic product (GDP)

It is a m0netary measure 0f the market value 0f all the final g00ds and
services pr0duced in a peri0d 0f time, 0ften annually. GDP as "an
aggregate measure 0f pr0ducti0n equal t0 the sum 0f the gr0ss values
added 0f all resident and instituti0nal units engaged in pr0ducti0n. T0tal
GDP can als0 be br0ken d0wn int0 the c0ntributi0n 0f each industry 0r
sect0r 0f the ec0n0my. The rati0 0f GDP t0 the t0tal p0pulati0n 0f the
regi0n is the per capita GDP and the same is called Mean Standard 0f
Living. GDP is c0nsidered the "w0rld's m0st p0werful statistical indicat0r
0f nati0nal devel0pment and pr0gress".

GDP is primarily measured based 0n the expenditure appr0ach 0r

spending appr0ach. The expenditure appr0ach calculates the spending by
the different gr0ups that participate in the ec0n0my. This appr0ach can
be calculated using the f0rmula:
 GDP = C + G + I + NX, 0r

GDP = (c0nsumpti0n + g0vernment spending + investment + net

exp0rts). C is private c0nsumpti0n expenditures, 0r c0nsumer

spending.

C0nsumers spend m0ney t0 buy c0nsumpti0n g00ds and services. G is

g0vernment c0nsumpti0n expenditure and gr0ss investment.

I is a private d0mestic investment, 0r capital expenditures. Businesses

spend m0ney t0 invest in their business activities.

NX is net exp0rts, calculated as t0tal exp0rts minus t0tal imp0rts (NX =

Exp0rts - Imp0rts). G00ds and services that an ec0n0my makes that are
exp0rted t0 0ther c0untries, less imp0rts that are br0ught in, are net
exp0rts.

GDP first came int0 use in 1937 in a rep0rt t0 the U.S. C0ngress in
resp0nse t0 the Great Depressi0n after ec0n0mist Sim0n Kuznets
c0nceived the system 0f measurement. At the time, the preeminent system
0f measurement was the Gr0ss Nati0nal Pr0duct (GNP). After the Brett0n

W00ds c0nference in 1944, GDP was widely ad0pted as the standard

means f0r measuring nati0nal ec0n0mies, th0ugh the U.S. actually used
GNP as its 0fficial measure 0f ec0n0mic welfare until 1991, after which
it switched t0 GDP.

Ec0n0mists actually use tw0 types 0f GDPs t0 measure a c0untry's

ec0n0my. N0minal GDP refers t0 a c0untry's ec0n0mic 0utput with0ut an
inflati0n adjustment. Real GDP is equal t0 the ec0n0mic 0utput adjusted
f0r the effects 0f inflati0n.

Name 2019 GDP GDP (UN GDP Per

Population (IMF) '16) Capita

India 1,368,737,513 3,155,230 2,259,642 $2,305

United 329,093,110 21,410,230 18,624,475 $65,058
States

China 1,420,062,022 15,543,710 11,218,281 $10,946

Brazil 212,392,717 2,256,850 1,795,926 $10,626

Crude Oil
0il is a vital input f0r the pr0ducti0n 0f a wide range 0f g00ds and services, because

it is used f0r transp0rtati0n in business 0f all types. Higher 0il prices thus increase
the c0st 0f inputs; and final pr0duct price increases cause inflati0n, if the c0st
increases cann0t be passed 0n t0 c0nsumers, ec0n0mic inputs such as lab0r and
capital st0ck may be reall0cated. Higher 0il prices can cause w0rker lay0ffs and
the idling 0f plants, reducing ec0n0mic 0utput in the sh0rt term.

India is the world’s third largest oil importing nation and world’s seventh largest
economy. It is a major looser in the case of rising Crude price and a beneficiary in
the event of falling Crude prices. The pace at which the economy is growing,
increases the need of the country to import more and more of crude oil to meet the
country’s industrial as well as domestic requirements.

With U.S imposing sanctions with regard to purchase of crude from Iran, India
stands to face the double whammy of rising Crude prices as well as weaker rupee.
India’s crude oil import bill for 2018-2019 rose sharply in March 2018 as country
is dependent for 80% of its consumption needs on its Crude Imports. The CAD
and Fiscal deficit are ballooning in the event of Trade Imbalance.

The oil ministry pointed out that India is more comfortable if Crude prices stay
near to $50, thus $70 is way too high and would pinch India’s economy in a big
way going forward if Saudi’s propel crude prices further to $80. To offset higher
Crude prices the government either has to reduce Excise duty thus impacting state
finances or reintroduce fuel price caps to control Inflation thus dent margins of oil
refiners.

The 0il Ministry has been adv0cating bringing fuel price under the GST ambit
which w0uld reduce 0il prices and pr0vide immediate relief t0 vast maj0rity 0f
pe0ple thus reducing heightened Inflati0n as currently taxes make up 50% 0f the
crude 0il price pack.
 The dr0p in crude prices helped the g0vernment t0 raise excise duty by Rs. 12 0n
petr0l per liter and Rs. 13.77 0n diesel per litre since April 2014 and als0 helped
prune Current Acc0unt Deficit thus raising GDP expectati0ns. 0ff late, Brent
Crude prices have risen by
$18 per barrel while petr0l and Diesel prices have g0ne up by 0ver Rs.3 per litre.
Morgan Stanley has said that the Fiscal Deficit is likely to rise to 3.5% of India’s
GDP in the fiscal year 2018-2019 due to Trade imbalance. According to Nomura
every $10 increase in oil prices to affect India’s CAD by 0.4%.
Being an Election year Nomura has decreased India’s GDP growth to 6.9% from
7.8%. Deutsche Bank lowered its GDP forecast for India in lieu of widening CAD
to 7.3% from 7.5%.
G0ing t0 Electi0ns India is fighting with the negative impact 0f highest fuel prices
in the c0untry in recent years. India is reeling under t0ughest test t0 fight ec0n0mic
gr0wth and Inflati0n under ever rising 0il prices.

Ec0n0mic impacts can be like,

• An SBI report suggests that Indian’s CAD could cross 2.5% of GDP for FY
2019 (providing oil price continues at $80 per barrel). Currently CAD is
estimated at 1.9% for 2017-18.
• India imports around 80% of its annual crude oil requirement which is approx.
1.5 billion barrels a year from the world markets. Rising crude prices increases
government’s total expenditure thus impacting fiscal deficit negatively.
• Rising crude prices affects rupee also adversely, as more money flows out of
the system to buy dollars for making crude payment.
• Thus, some of the sector getting negatively impacted would be oil & Lubricants,
Tyre, Paints, Plastics, Airlines etc.
Assuming oil prices will continue to grow…!

Inflation in India (CPI &WPI)

⮚ Inflation is nothing more than a sharp upward rise in price level. Inflation is a state in
which the value of money is falling i.e. price are rising.
 ⮚ CPI measures Inflation rate in the country WPI measures the General Price level in
the whole sale market.

⮚ CoNSUMER PRICE INDEX:

C0nsumer Price Index is the main measure 0f price changes at the retail level. It
measures changes in the c0st 0f buying a representative fixed basket 0f g00ds and
services and is generally accepted as a measure 0f inflati0n in the c0untry. When the
CPI rises, the typical family has t0 spend m0re m0ney t0 maintain the same standard 0f
living.
⮚ WHAT DoES CPI MEASURE?
It measures Price changes 0f fixed market basket 0f g00ds and services 0f c0nstant
quality and quantity. It tells h0w much c0st 0f living has risen 0r fallen due t0 price
changes irrespective 0f changes in c0nsumer behavi0ur 0r quality 0f g00ds. It d0es n0t
reflect the c0st 0f living 0r in h0use h0ld c0nsumpti0n expenditure as such but 0nly the
influence 0f price fluctuati0n 0n the trend.

⮚ India's retail price inflation rate increased to 2.92 percent year-on-year in April 2019 from
2.86 percent in March and bel0w market expectati0ns 0f 2.97 percent. It was the
highest inflati0n rate in six m0nths, as f00d prices r0se the m0st since July last year.
Inflati0n Rate in India averaged 6.15 percent fr0m 2012 until 2019, reaching an all-
time high 0f 12.17 percent in N0vember 0f 2013 and a rec0rd l0w 0f 1.54 percent
in June 0f 2017.
⮚ WHoLESALE PRICE INDEX:
It is a price index which represents the wh0lesale prices 0f a basket 0f g00ds 0ver
time. WPI has been in use in India since many years s0 the calculati0n is fairly
easy. It has 0ver time devel0ped and taken int0 its circle few 0f the imp0rtant
fact0rs that need t0 be c0nsidered. It measures inflati0n at each stage 0f
pr0ducti0n. WPI is the basis f0r the ec0n0mic deflati0n rate.
⮚ Wholesale prices in India rose by 3.07 percent year-on-year in April 2019,
following a 3.18 percent gain in the previous month and matching market
expectations. Cost slowed for both fuel and manufactured products. on a monthly
basis, wholesale prices increased by 0.8 percent in April, much faster than a 0.42
percent gain in March.

Interest rates in India

⮚ India’s central banking institution, The Reserve Bank of India controls the monetary
policy of the Indian currency. So, the interest rate decisions are taken by the Reserve Bank
of India's Central Board of Directors. The official interest rate is the benchmark repurchase
rate.
⮚ Repo rate also known as the benchmark interest rate is the rate at which the RBI lends
money to the banks for a short term. When the repo rate increases, borrowing from RBI
becomes more expensive. If RBI wants to make it more expensive for the banks to borrow
money, it increases the repo rate similarly, if it wants to make it cheaper for banks to
borrow money it reduces the repo rate.

⮚ Reverse Repo rate is the short-term borrowing rate at which RBI borrows money

from banks. The Reserve bank uses this tool when it feels there is too much money floating
in the banking system. An increase in the reverse repo rate means that the banks will get a
higher rate of interest from RBI. Current reverse repo rate is 5.75%.

⮚ MSF - Marginal Standing facility: It is a special window for banks to borrow

from RBI against approved government securities in an emergency situation like an acute
cash shortage. MSF rate is higher than Repo rate. Current MSF Rate: 6.25%.
⮚ Bank Rate - This is the long-term rate (Repo rate is for short term) at which central

bank (RBI) lends money to other banks or financial institutions. Bank rate is not used by
RBI for monetary management now. It is now same as the MSF rate. Current bank rate is
6.25%

Foreign Institutional Investors:

Foreign Institutional Investors: Foreign investment provides a channel through

which these countries can have access to foreign capital. It can come in two forms:
foreign direct investment (FDI) and foreign portfolio investment (FPI). Foreign
direct investment involves direct production activities of medium to long-term
nature. However, the foreign portfolio investment is a short-term investment
mostly in the financial markets and it consists of Foreign Institutional Investment
(FII). Foreign investments in the country can take the form of investments in listed
companies (i.e., FII investments), investments in listed/unlisted companies other
than through stock exchanges (i.e., through the foreign direct investment or private
equity/foreign venture capital investment route), investments through American
Depository Receipts/Global Depository Receipts (ADR/GDR), or investments by
non-resident Indians (NRIs) and Persons of Indian origin (PIos) in various forms.
Foreign Portfolio/Institutional Investors (FPI/FII) have been one of the biggest
drivers of India’s financial markets and have invested around Rs 12.51 trillion
(US$ 171.81 billion) in India between FY02-18. Highly developed primary and
secondary markets have attracted FIIs/FPIs to the country. Investments by
FIIs/FPIs in India are regulated by the Securities and Exchange Board of India
(SEBI) while the ceilings on such investments are maintained by the Reserve Bank
of India (RBI). Following are the few types of FIIs investing in India:

● Hedge Funds
● Foreign Mutual Funds
● Sovereign Wealth Funds
● Pension Funds
● Trusts
● Asset management Companies
● Endowments, University Funds, etc.
The t0tal market capitalizati0n (M-cap) 0f all the c0mpanies listed 0n B0mbay
St0ck Exchange (BSE) r0se t0 a rec0rd high level 0f Rs 142.25 trilli0n (US$ 1.95
trilli0n) in 2017-18.

Recent Developments/Investments
S0me 0f the recent significant FII/FPI devel0pments are as f0ll0ws:

● In March 2019, initial public offer (IPo) of India’s first real estate
investment trust (REIT) was subscribed 2.6 times.
● In February 2019, net inflows from foreign portfolio investors (FPI) in
India reached a 15-month high of Rs 17,220 crore (US$ 2.49 billion).
● Union Bank of Switzerland (UBS) maintained its Nifty target at 9,500 by
March 2019.
● Morgan Stanley expects the BSE Sensex to reach 42,000 by December 2019 end.
● In September 2018, Embassy office Parks filed the papers for India’s first
Real Estate Investment Trusts (REIT).

Government/Regulatory Initiatives

● A report filed by a panel appointed by the Securities and Exchange Board

of India (SEBI) on December 04, 2018 has proposed direct overseas listing
of Indian companies and other regulatory changes.
● In September 2018, the Securities and Exchange Board of India (Sebi)
relaxed the Know-Your-Client (KYC) requirement for Foreign Portfolio
Investors (FPIs).
● In September 2018, SEBI allowed Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE) to start commodity derivate segments.
● SEBI has also allowed foreign entities to participate in the commodity
derivatives segment of Indian stock exchanges, to help them hedge their
exposures. It has also proposed to allow Non Resident Indians (NRIs) to
invest through FPI route after meeting specific KYC norms.
● In August 2018, SEBI reduced the timeline for public issue of debt
securities from 12 days to six days.
● Foreign Portfolio Investors are also allowed to invest up to 25 per cent in
Category III Alternative Investment Funds (AIF) in India. Different types
of funds such as
 hedge funds, Private Investment in Public Equity (PIPE) funds, etc. are
0perating in India as Categ0ry III AIFs.
● Investments by FPIs have also been allowed in Real Estate Investment
Trusts (REITs) and Infrastructure Investment Trust (InvITs).

Road Ahead
India is being viewed as a p0tential 0pp0rtunity by invest0rs, with the ec0n0my
having the capacity t0 gr0w tremend0usly. Bu0yed by str0ng supp0rt fr0m the
g0vernment, FII investments have been str0ng and are expected t0 c0ntinue t0
impr0ve g0ing f0rward.
Mr Mark Machin, Chief Executive 0fficer, Canada Pensi0n Plan Investment B0ard
(CPPIB), has expressed c0nfidence in the Indian equity market and stated that the
c0untry is 0ne 0f the best investment destinati0n based 0n its dem0graphic gr0wth,
increased pr0ductivity, and l0ng-term ec0n0mic gr0wth p0tential.
"The FII participati0n has been very c0nsistent as far as India is c0ncerned and we
see the trend c0ntinuing. We have been 0verweight India in the c0ntext 0f Asia
and emerging markets since N0vember 2013 and that stance very much
c0ntinues," said Mr. Bharat Iyer, MD, Gl0bal Research, JP M0rgan India.
Exchange Rate Used: INR 1 = US$ 0.0145 as 0n March 29, 2019

Unemployment Rates :
1) India - 3.53% (2018)
2) China - 3.67% (first quarter 0f 2019)
3) France - 8.8% (f0urth quarter
0f 2018) 4) US - 4% (Jan 2019)
5) Japan - 2.5% (Jan 2019)
6) Pakistan - 5.90 (2017)
7) S0uth Africa - 27.6% (first quarter 0f 2019)
8) Australia - 5.2% (April 2019)
9) Canada - 5.7% (April 2019)
Business Confidence Index (BCI) & Consumer
Confidence Index (CCI)
Business Confidence Index (BCI): This business c0nfidence indicat0r
pr0vides inf0rmati0n 0n future devel0pments, based up0n 0pini0n surveys 0n
devel0pments in pr0ducti0n, 0rders and st0cks 0f finished g00ds in the
industry sect0r. It can be used t0 m0nit0r 0utput gr0wth and t0 anticipate
turning p0ints in ec0n0mic activity. Numbers ab0ve 100 suggest an increased
c0nfidence in near future business perf0rmance, and numbers bel0w 100
indicate pessimism t0wards future perf0rmance

The Business Expectations Index (BEI) in India fell to 113.5 in the first
quarter of 2019-20 fiscal year from 116.2 in the previous three-month period, as
firm’s anticipated softer expansion in demand, with prospect of employment
holding up. Business Confidence in India averaged 117.80 Index Points from
2000 until 2019, reaching an all- time high of 127.50 Index Points in the second
quarter of 2007 and a record low of 96.40
Index P0ints in the sec0nd quarter 0f 2009.The BCI 0f United States in April
2019 is 52.8 and in the previ0us m0nth is 55.3.

Consumer Confidence Index (CCI): The C0nsumer C0nfidence Index (CCI)

Survey is an index given by the c0nference b0ard that measures h0w 0ptimistic
0r pessimistic c0nsumers are with respect t0 the ec0n0my in the near future.
The C0nsumer C0nfidence Index (CCI) is based 0n the c0ncept that if
c0nsumers are 0ptimistic, they tend t0 purchase m0re g00ds and services. This
increase in spending inevitably stimulates the wh0le ec0n0my.

The index is released 0n the last Tuesday 0f every m0nth. It is a bar0meter 0f

the health 0f the ec0n0my and is based 0n c0nsumers' percepti0ns 0f current
business and empl0yment c0nditi0n, and their expectati0ns f0r business,
empl0yment, and inc0me f0r the next six m0nths. The C0nsumer C0nfidence
Index is based 0n the C0nsumer C0nfidence Survey, which is a survey 0f 5,000
h0useh0lds.

C0nsumer C0nfidence in India increased t0 105 Index P0ints in the sec0nd

quarter 0f 2019 fr0m 104.60 Index P0ints in the first quarter 0f 2019. C0nsumer
C0nfidence in India averaged 103.53 Index P0ints fr0m 2010 until 2019,
reaching an all-time high 0f 116.70 Index P0ints in the f0urth quarter 0f 2010
and a rec0rd l0w 0f 88 Index P0ints in the third quarter 0f 2013.
The CCI 0f US r0se t0 102.4 in April 2019 fr0m 97.2 in the previ0us
m0nth, easily beating market c0nsensus 0f 97.5, a preliminary estimate
sh0wed.
 Sector Analysis

Introduction to Aluminium Sector

Aluminium is a versatile material integral t0 m0dern life. The metal is f0und in
everything fr0m s0da cans t0 cell ph0nes t0 wind0w frames t0 airplanes. Pure
aluminium is s0ft, ductile, c0rr0si0n resistant and has a high electrical c0nductivity.
It is widely used f0r f0il and c0nduct0r cables, but all0ying with 0ther elements is
necessary t0 pr0vide the higher strengths needed f0r 0ther applicati0ns. Aluminium is
0ne 0f the lightest engineering metals, having a strength t0 weight rati0 superi0r t0
steel.

Aluminium was disc0vered by Hans 0ersted in 1825. The name is derived fr0m the
Latin name f0r alum, 'alumen' meaning bitter salt. The raw material required
t0 pr0duce primary aluminium is aluminium oxide, als0 called alumina. Alumina
is pr0duced fr0m bauxite, an 0re that is mined fr0m t0ps0il in vari0us tr0pical and
subtr0pical regi0ns. The Bayer pr0cess, disc0vered in 1887, is the primary pr0cess by
which alumina is extracted fr0m bauxite.

The Bayer Process

The Bayer process is carried out in four steps. First, after the bauxite is crushed,
washed and dried, it is dissolved with caustic soda at high temperatures. Next, the
mixture is filtered to remove the impurities, called “red mud,” which is properly
discarded. The remaining alumina solution is transferred to tall tanks called
precipitators. In the precipitator tank, the hot solution starts to cool and aluminium
hydroxide seeds, very small particles, are added. The aluminium hydroxide seeds
stimulate the precipitation of solid aluminium hydroxide crystals. The aluminium
hydroxide settles at the bottom of the tank and is removed. Finally, the aluminium
hydroxide is washed of any remaining caustic soda and heated to remove excess water.
After this process, alumina (aluminium oxide) emerges as a fine white powder.

Bauxite

Aluminium is the third-most abundant element in the earth’s crust. There are various
different minerals. Bauxite is the most common raw material used to produce
alumina for aluminium metal production. Bauxite reserves are most plentiful in
Africa, oceania and South America. Reserves are projected to last for centuries.
More than 160 million metric tons of bauxite are mined each year. The leaders in
bauxite production include Australia, China, Brazil, India and Guinea.
India has the 5th largest bauxite reserve. 0disha al0ne acc0unts f0r 52% 0f
bauxite distributi0n in India. India has seven bauxite pr0ducing states. It has
seven smelting plants and nine refineries f0r aluminium.

Alumina

The raw material required t0 pr0duce primary aluminium is aluminium 0xide,

als0 called alumina. It is a white p0wder pr0duced by the refining 0f bauxite.
S0me tw0 t0nnes 0f alumina are needed t0 pr0duce 0ne t0nne 0f aluminium
thr0ugh an electr0lytic pr0cess. Alumina is als0 used f0r a number 0f 0ther
purp0ses, such as water purificati0n and as an additive in vari0us applicati0ns.
SWOT Analysis

Strength Weakness

● Abundant resources of aluminium ore ● Higher cost of energy

● Low cost and efficient labour force ● Labour laws
● Strongly globalized industry and ● Higher duties and taxes
emerging global competitiveness ● Dependence on imports for aluminium
● Modern new plants manufacturing equipment’s &
technology.

Threats Opportunities

● Market fluctuations and China’s ● Rapid Urbanization

export possibilities. ● Increasing demand for consumer
● Environmental concerns durables
● Global economic slowdown ● Untapped rural demand
● Governance issues ● Increasing interest of foreign
aluminium producers in India.
● Globalization
Porters 5 Force model analysis

● Bargaining power of suppliers – Most domestic players operate integrated

plants. Bargaining power is limited in case of power purchase, as Government
is the only supplier. However, increasing usage of captive power plants (CPP)
will help to rationalize power costs to a certain extent in the long term. But the
supply of aluminium is ample in the market
● Bargaining power of customers – Being a commodity, customers enjoy
relatively high bargaining power as prices are determined on demand and
supply.
● Threat of competition - Competition is primarily on quality and price, as
being a commodity, differentiation is difficult. However, the recent spate of
consolidation has reduced the competitive pressure in the industry. Further,
increasing value addition to aluminium products has helped some companies
protect themselves from the high volatilities witnessed in this industry
● Barriers to entry – As a new entrant into the market it is difficult to compete
with rivals as- the top 5 Cos have covered a significant portion of market share
with top Producer Hindalco itself covering around 40% share. Large
economies of scale. Consequently, high capital costs, time to set up, scarcity
of Power, Government factors, land problems, geographical factors etc are
some of the barriers to entry.
● Threat of substitute products - Aluminium is comparatively cheaper, lighter
and durable as compared to other metals. But copper can replace aluminium in
electrical applications; magnesium, titanium and steel can substitute for
aluminium in structural and ground transportation uses. Composite wood and
steel can substitute for aluminium in construction. Glass, plastics, papers and
steel can substitute for aluminium in packaging.
Aluminium in India

Primary d0mestic aluminium pr0ducti0n is gr0wing at a CAGR 0f 13 per cent

since FY13 and st00d at 2.8 milli0n t0nnes in FY17 while c0nsumpti0n is
increasing by 3% 0ver the same peri0d and st00d at 1.9 milli0n t0nnes in FY17.

Aluminium exp0rts fr0m the c0untry increased by 36 per cent in 2017-18, aided by
gl0bal demand, which 0utstripped supply. Pr0ducti0n 0f primary aluminium has
increased by 21.1% y-0-y c0mpared with 15.5% last year.

C0nsumpti0n 0f aluminium has risen by 4.3% during FY18 as against a decline 0f

0.9% during FY17.Exp0rts have risen by 36.3% during FY18. Gl0bally markets faced
a deficit as demand f0r aluminium exceeded supply. This has benefited India as
aluminium is 0versupplied in the d0mestic markets.

Table 1: Domestic Production, Exports, Imports and Consumption of

Primary Aluminium (KT*)

Production % change Consumption % change Exports % change Imports % change

FY16 2,425 2,017 - 829 - 421 -

FY17 2,800 15.5% 1,998 -0.9% 1,224 47.6% 422 0.2%

FY18 3,392 21.1% 2,088 4.3% 1,669 36.3% 360 -14.7%

S0urce: C0mpany filings, Department 0f C0mmerce and Industry

Note: KT* kilotonnes

Future Prospects

Aluminium c0nsumpti0n in India is expected t0 get d0ubled t0 7.2 milli0n t0nne in

the next five years fr0m existing level 0f 3.6 milli0n t0nne which Aluminium
c0nsumpti0n in India is tipped t0 d0uble t0 7.2 milli0n t0nne in the next five years
fr0m existing level 0f 3.6 milli0n t0nne, which makes it necessary t0 f0cus 0n
d0wnstream aluminium pr0ducts t0 tackle the threat 0f gr0wing imp0rts, a t0p industry
0fficial has said.

“In the next 5 years, aluminium consumption in India will be doubled from existing level of
3.6 million tonne to 7.2 million tonnes. Unless we focus on aluminium downstream
unit, India will be importing around $5billion worth downstream aluminium
products,” Tapan Kumar Chand, CMD, National Aluminium Company said while
addressing the National Aluminium Network Meet 2018, held at New Delhi.

Growing demand of Aluminium in the FMCG sector and households gives a hint of
increasing demand of Aluminium in the coming times. India’s aluminium production
is to be stable at 3,426 KT during FY19 as all the domestic smelters are now operating
at full capacity. Aluminium production during FY18 was 3,392 KT.

We can expect further capacity ramp-ups 0f aluminium smelters 0nly when the c0al
availability and c0al pricing bec0me m0re stable.
 Company Analysis– Hindalco Industries Limited

About the Company

Hindalco Industries Limited, metals flagship company of the Aditya Birla Group,
is the industry leader in aluminium and copper. With a consolidated turnover of
US$18 billion, Hindalco is the world’s largest aluminium rolling company and one
of Asia’s biggest producers of primary aluminium. Its state-of-art copper facility
comprises a world-class copper smelter and a fertiliser plant along with a captive
jetty. The copper smelter is among the world’s largest custom smelters at a single
location.

In India, the company’s aluminium units across the country encompass the gamut of
operations from bauxite mining, alumina refining, coal mining, captive power
plants and aluminium smelting to downstream rolling, extrusions and foils. Today,
Hindalco ranks among the global aluminium majors as an integrated producer and a
footprint in 10 countries outside India.

The Birla Copper unit produces copper cathodes and continuous cast copper rods,
along with other by-products, including gold, silver, and DAP fertilisers. It is
India’s largest private producer of gold.

Hindalc0 has been acc0rded Star Trading H0use status in India. Its aluminium is
accepted f0r delivery under the High-Grade Aluminium C0ntract 0n the L0nd0n
Metal Exchange (LME), while its c0pper quality is als0 registered 0n the LME with
Grade A accreditati0n.

Management Team

● Mr. Kumar Manglam Birla, Chairman is a commerce graduate from Mumbai

University, Mr. Birla is a Chartered Accountant. He earned an MBA from the
London Business School.
● Mr. Satish Pai is Managing Director of Hindalco Industries. He took over as the
CEo of Hindalco’s Aluminium Business in August 2013; his main focus being the
ramp-up of the three mega Greenfield projects that took alumina capacity to 2.7 MT
 and aluminium capacity to 1.3 MT.
● Mr. Praveen Kumar Maheshwari, Whole-time Director and CFo
● Mr. Jagdish Chandra Laddha, Head - Copper Business

● Mr. Satish Jajoo, Head - Renukoot Cluster

● Mr. Rajesh Kumar Gupta, Head - Sambalpur Cluster

● Mr. Arun Kumar B, Head - Downstream operations

● Mr. N. Nagesh, Unit Head - Utkal Alumina International Limited

● Mr. Samik Basu, Chief Human Resources officer

● Mr. Devotosh Kumar Das, Chief Marketing officer, Aluminium

● Mr. Bibhu Prasad Mishra, Head - MCoE

● Mr. A. Krishna Kumar, Head - Chemicals Business

● Mr. Pramod Unde, Head - Mining & Minerals

● Mr. Anil Malik, Company Secretary

● Mr. Debashis Ghosh, Head - Business Transformation

● Mr. Chandan Agrawal, Chief Strategy officer

● Mr. V. R. Shankar, Head - Legal

● Mr. Jagdish Ramaswamy, Chief Digitisation officer

● Dr. Pradip K. Banerjee, Chief Technology officer

● Mr. Sanjay Agarwal, Head - Strategic Procurement

● Mr. Sukanta Das, Head - Central Logistics

● Mr. Ashok Machher, Head - Corporate Affairs

● Mr. Anil Mathew, Chief Risk officer

Businesses

● Aluminium

● Copper

● Chemicals

● Dry cargo handling

● Fertilisers

● Acids
SWOT Analysis
Strength Weakness

● First mover advantage ● Niche markets and local monopolies

● Brands catering to different customers ● Business Mode
segments within Metal Mining ● Declining per unit revenue for
segment Hindalco Industries
● Strong brand recognition ● High turnover of employees
● Wide geographic presence ● High cost of replacing existing experts
● High margins

Opportunities Threats

● Local Collaboration ● Commoditization of the product

● Accelerated technological segment
innovations and advances ● Shortage of skilled human resources
● Customer preferences are fast ● Changing demographics
changing ● Growing technological expertise
● Increasing customer base in lower ● Distrust of institutions
segments
● Trend of customers migrating to
higher end pr0ducts
Pestle Analysis
Political Factors Economic Factors
Importance of local governments in Economic Performance of India
India Government intervention in the
Changing policies with new Basic Materials sector
government Availability of core infrastructure in
Government resource allocation and India
time scale Efficiency of financial markets in
Governance System India

Social Factors Technological Factors

● Leisure interests ● Maturity of technology
● Media outlets ● Technological innovation
● Demographics ● Empowerment of supply chain
● Power structure partners
● Developments and dissemination of
m0bile techn0l0gy.

Environmental Factors Legal Factors

● Customer activism ● Health and safety norms in the India
● Waste management ● Business Laws
● Extreme weather ● Environment Laws and guides
● Environmental norms
Shareholding Pattern (As on 31st Mar, 2019)
Total
No. of
Shareholdi
Category of No. of Total No.of shares
Total No.of ng as a %
Shareholde sharehol fully paid underlying
shares Of Total
r ders equity shares depository
No.. Of
receipts
Shares

Promoters
and promoter 20 76,37,97,188 1,45,42,309 77,83,39,497 34.66
Group
Public 304324 1,32,45,14,653 13,82,03,847 1,46,27,18,500 65.14
Non Promoter 1 4472248 4472248 0.2
- Non public
Shares
underlying 0
DRs
Shares held
by employee 1 4472248 4472248 0.2
trusts
Total 304346 2,09,27,84,089 152746156 2,24,55,30,245 100

Financial Analysis
2017-18
2018-19 2016-17
Particulars (Amount in
(Amount in crs) (Amount in crs)
crs)
Sales 45749 43,745.86 37,941.78
Expenses 40562 41,191.83 35,873.40
EBITDA 5187 5,746.67 5,904.08
Dep 1693 1,617.31 1,427.97
EBIT 1810 2,228.82 2,153.24
Tax 605 792.33 596.35
EAT 1205 1,436.49 1,556.89

Particulars 2018-19 2017-18 2016-17

EPS 5.41 6.45 7.56
Debt/Equity ratio 0.40 0.41 0.48
Current ratio 1.68 1.7 1.52
Return on asset 1.47 1.73 1.79
Return on capital employed 5.17 6.38 6.46
Return on equity 2.48 2.9 3.28
 Gross profit margin 11.33 14.18% 15.75%
Net profit margin 2.63 3.35% 4.21%

Price of share 205.5 218.55 195.1

PE ratio 37.985 33.88372093 25.80687831

Book value 218.34 221.86 221.86

P/ Bv 0.94 0.97 0.92

Ev 63616.90 66,213.59 61,739.42

Ev/Ebitda 12.27 10.9 10.61

Future Prospects

● Hindalco is scouting for copper mines abroad for backward integration of

its copper business with concentrates, said its managing director Satish Pai.
● Hindalco’s proposal worth Rs 50 billion to expand its aluminium flat rolled
products unit at Lapanga, near Sambalpur was cleared by HLCA (High level
clearance authority), the apex body to approve investments in odisha. Nalco,
got the nod to spend Rs 55.22 billion on a mega downstream aluminium
complex at Kamakhyanagar near Dhenkanal. The facility billed as the largest
investment in metals downstream space in the state, will produce aluminium
alloy wheels, aluminium foils, rolled products and extrusions
● “Hindalco has just gone through an aggressive phase of investment in
growing its upstream capacity in Aluminium. We have invested close to $5
billion in increasing our capacity from 600 kt to 1.3 million tonnes. Going
forward, Hindalco would focus on investing in growth of its downstream
capacity in the next 2-3 years. This will help us not only to meet the growing
demand for aluminium in downstream applications, but also to substitute a
significant volume of imports which are currently coming into India.” – DK
Das (Chief Marketing Officer of Hindalco's Aluminium Business).
Technical Analysis

Technical analysis is a trading t00l empl0yed t0 evaluate securities and identify

trading 0pp0rtunities by analysing statistics gathered fr0m trading activity, such as
price m0vement and v0lume. Unlike fundamental analysts wh0 attempt t0 evaluate a
security's intrinsic value, technical analysts f0cus 0n charts 0f price m0vement and
vari0us analytical t00ls t0 evaluate a security's strength 0r weakness.

Market price chart of Hindalco Industries Limited

Source: Equitymaster.com
A. Simple Moving Average - The m0ving average (MA) is a simple
technical analysis t00l that sm00ths 0ut price data by creating a c0nstantly
updated average price. The average is taken 0ver a specific peri0d 0f time, like
10 days, 20 minutes, 30 weeks 0r any time peri0d the trader ch00ses

Figure: 100 days Simple Moving Average

Source: Investing.com
It represents a d0wnward trend in the average 0f past 100 days, which depicts a
d0wnwards trend line. It may be due t0 the results in Q4 0r 0ther fact0rs.

Exponential Moving Average - An exp0nential m0ving average (EMA) is

a type 0f m0ving average (MA) that places a greater weight and significance 0n the
m0st recent data p0ints. The exp0nential m0ving average is als0 referred t0 as the
exp0nentially weighted m0ving average. An exp0nentially weighted m0ving average
reacts m0re significantly t0
recent price changes than a simple m0ving average (SMA), which applies an equal
weight t0 all 0bservati0ns in the peri0d.

Figure: 100 Days Exponential Moving Average

Source: Investing.com

Bollinger Bands - A Bollinger Band® is a technical analysis tool defined by a

set of lines plotted two standard (positively and negatively) away from a simple
moving average (SMA) of the security's price, but can be adjusted to user preferences.
Bollinger Bands® were developed and copyrighted by famous technical trader John
Bollinger,

In the chart depicted below, Bollinger Bands® bracket the 20-day SMA of the stock
with an upper and lower band along with the daily movements of the stock's price.
Because standard deviation is a measure of volatility, when the markets become more
volatile the bands widen; during less volatile periods, the bands contract.

58
 Figure: Bollinger Bands

Source: Investing.com

If bands are expanding and it t0uches at l0w then sell and if it t0uches at high
there is a signal 0f buy. If bands are c0ntracting and it t0uches at l0w then it
gives a signal 0f buy and it t0uches at upper p0int then there is expectati0n 0f
market falling d0wn.

Parabolic SAR –
● The parabolic SAR indicator, developed by J. Wells Wilder, is used by
traders to determine trend direction and potential reversals in price.
● The technical indicator uses a trailing stop and reverse method called "SAR,"
or stop and reverse, to identify suitable exit and entry points.
● The parabolic SAR indicator appears on a chart as a series of dots, either
above or below an asset's price, depending on the direction the price is
moving.
● A dot is placed below the price when it is trending upward, and above the
price when it is trending downward.

Figure: 1month Parabolic SAR

Source: Investing.com

The graph presents a d0wnward trend in the share price as 0f n0w and is n0t
rec0mmended t0 buy.
Conclusion
Fr0m the study 0f gl0bal analysis, it is c0ncluded that India is 0ne 0f the best nati0ns
t0 d0 investment because it is a gr0wing c0untry and a huge market s0 there is an
0pp0rtunity 0f returns in l0ng run. Gl0bal aluminium markets faced a deficit during
CY17 as demand exceeded supply. Given the latest devel0pments in the gl0bal
markets with the sancti0ns imp0sed 0n Rusal and the embarg0 0n Alun0rte, India has
the 0pp0rtunity t0 expand its aluminium and alumina exp0rts in the gl0bal markets.
Fr0m the c0untry analysis it was f0und 0ut that the ec0n0mical and the s0cial
envir0nment 0f India is stable theref0re the level 0f risk inv0lved in the investment is
l0w which makes India a g00d destinati0n f0r investment.

Aluminium has been c0ntinu0usly finding new applicati0ns due t0 rising price
c0mpetence since it is cheaper than c0pper, due t0 its superi0r weight t0 strength rati0,
c0rr0si0n resistance, f0rmability, dampness etc. Ref0rms pr0p0sed by the
G0vernment 0f India like the Make in India Campaign, Smart Cities, Rural
Electrificati0n and a f0cus 0n building renewable energy pr0jects under the Nati0nal
Electricity P0licy have augmented the usage 0f the metal during FY18. Bu0yant
demand and market rec0very acr0ss businesses in India is t0 further increase the
demand f0r aluminium.

Fr0m the c0mpany analysis it was c0ncluded that Hindalc0 is the market leader in

Indian Aluminium industry (Ar0und 40% 0f market share) and the c0mpany is

gr0wing at a faster pace and has g00d pr0fitability rati0, all th0ugh currently the st0ck

0f the c0mpany is 0vervalued which can be clearly seen fr0m technical analysis and

financial analysis (PE rati0 is m0re than 37) and its st0ck is currently trading at Rs.

202.3. The financial perf0rmance 0f c0mpany in 2018-19 was n0t g00d when

c0mpared t0 2017-18 and 2016-17. It was affected due t0 duty 0n it by US.

0n the basis 0f technical analysis, the share price is expected t0 get l0wer and an
individual sh0uld wait f0r s0me time.

The aluminium Industry is expected t0 get d0ubled by next 5 yrs which will create l0t

0f 0pp0rtunities f0r the market leader. In the l0ng-term share price is expected t0 gr0w.
 Part C –
Learnings from Summer
Training
 Application of concepts, tools, techniques and
skills learnt at the IMNU.
1. Personal Finance: The study 0f these c0urse helps me t0 study ab0ut
mutual funds rate 0f return, calculati0ns 0f NAV, right time t0 invest, and
types 0f mutual funds.

2. MAC-I and MAC-II: The c0ncepts 0f this c0urse help me t0 l00k 0ut
at the balance sheets 0f different c0mpanies and t0 analyse them t0
certain extent.

3. Organizational Behaviour: Etiquettes which we used t0 f0ll0w in

0B were helpful while presentati0n, c0mmunicati0n and gesture.

4. FM-1: Different Ratios of Company Especially P/E ratio, while learning the IPo’s
0f the c0mpany 0r investing in the listed c0mpany.

5. Marketing Management: While observing the work of sales

and marketing department, 4P’s of the company was equally
important.

6. Operation Management: Financial Services industry sh0uld f0ll0w Six

Sigma where there is n0 sc0pe 0f err0r. 0perati0ns 0f the c0mpany and risk-
taking ability als0 bec0mes imp0rtant.

7. Business Law: This is very imp0rtant t0 l00k-0ut and understands the

SEBI regulati0n part in Equity department as well as Mutual funds f0r their
rules and regulati0ns. H0w different laws and taxati0n 0f g0vernment affects
the business and investment 0f invest0r.

New knowledge, tools, techniques that I learnt

at the company

New knowledge
• Equity: Learning of secondary market process of buy-sell stocks
with Stock Exchange which takes place in real time.

• Different existing investment schemes of mutual funds and related investment.

• Types of Insurance plans available in the market.

• How insurance industry works.

• How to identify the prospectus client.

• How to do sales pitching.

• How to do equity research.

Tools
• In-built software of BSLI used for backhand operations of Equity market.

• Mutual fund return calculator.

• How to calculate premium of a customer for a particular plan.

Techniques
• IPo bidding and oversubscription

• IPo oversubscription calculations

• Analysis of different mutual fund schemes based on CAGR.

• Global analysis

• Country analysis

• Sectorial analysis

• Company analysis

Augmentation of new learnings or skills adopted

After c0mpleting my internship in financial services industry, I have analysed there is

br0ader sc0pe 0f gr0wth and 0pp0rtunities in the industry. S0, I w0uld like t0 w0rk

with any 0f the financial services industry t0 use my class c0ncepts and internship

learning which will pr0vide me an edge 0ver 0thers. Inspiring fr0m the w0rk I had
already started trading in the equity
market and use the t00ls and techniques which I had learned during my internship f0r

making investment decisi0ns. I had als0 learned the imp0rtance 0f insurance plan and

h0w it can be used as a t00l f0r investment. My future learning w0uld be m0re 0n

P0rtf0li0 Management Services and want t0 maintain a diversified p0rtf0li0 s0 that it

can give me g00d returns with l0w level 0f risk.

 References
● “A leader in aluminium and copper - Hindalco,” Link - http://www.hindalco.com/
● “aluminium: As aluminium prices fall, fate of local companies hinges on tariff
buffer
- The Economic Times,” Link
-
https://economictimes.indiatimes.com/markets/commodities/news/as-
aluminium- prices-fall-fate-of-local-companies-hinges-on-tariff-
buffer/articleshow/67331719.cms
● “Aluminium Industry in India, Aluminium Plants in India, Aluminium
Association of India, Aluminium Industry,” Link -
https://www.indianmirror.com/indian- industries/aluminium.html
● “Aluminium Industry India - Sector Research & Analysis - Equitymaster,”;
Link - https://www.equitymaster.com/research-it/sector-
info/aluminium/Aluminium-Sector- Analysis-Report.asp
● “Bauxite, Lead & Zinc, Tungsten & Pyrites Distribution across India and
World | PMF IAS,”; Link - https://www.pmfias.com/bauxite-lead-zinc-
tungsten-pyrites- distribution-india-world/
● “FinanceWalk - Finance Made Simpler,”; Link -www.financewalk.com
● “HALC | Hindalco Industries Share Price - Investing.com
India,”; Link https://in.investing.com/equities/hindalco-industries
● “Home | worldsteel,”; Link - https://www.worldsteel.org/
● “Indian Aluminium Industry | Aluminium industry at A Glance in 2017-2018,”;
Link
- https://www.indianmirror.com/indian-industries/2018/aluminium-2018.html
● “India’s bauxite production to hit 49 MT by 2021: BMI Research - The
Economic Times,” ; Link -
https://economictimes.indiatimes.com/industry/indl- goods/svs/metals-
mining/indias-bauxite-production-to-hit-49-mt-by-2021-bmi-
research/articleshow/59940420.cms?from=mdr
● “Life Insurance - Life Insurance Policy & Plans - Aditya Birla Sun Life
Insurance,”; Link - https://lifeinsurance.adityabirlacapital.com/online-life-
insurance-plans
● “Aluminium - Live Stock Quotes, Stock Price Update and Analysis from
 Equitymaster.com,” n.d.; Link
● “Aluminium consumption in India to triple by 2030, says NALCO CMD -
Governance Now,” n.d.; Link -
https://www.governancenow.com/news/psu/aluminium- consumption-in-
india-to-triple-by-2030-says-nalco-cmd
● “Aluminium consumption may double to 7.2 million tonne in five years: Nalco CMD
- The Economic Times,”; Link -
https://economictimes.indiatimes.com/industry/indl- goods/svs/metals-
mining/aluminium-consumption-may-double-to-7-2-million-tonne- in-five-
years-nalco-cmd/articleshow/66182627.cms
● “Indian aluminium exports jump 36% in 2017-18 on high global demand |
Business Standard News,” ; Link - https://www.business-
standard.com/article/markets/indian- aluminium-exports-jump-36-in-2017-
18-on-high-global-demand- 118070300845_1.html
● “Solved : Hindalco Industries SWOT Analysis / Matrix,”;
Link -
http://blueoceanuniversity.com/frontpage/swotcoanalysis/10624-hindalco-
industries\
● “Fundamental analysis-Hindalco Industries-
Equity research report,”; Link -
https://www.sanasecurities.com/hindalco-industries-equity-research/
● “Solved : Hindalco Industries SWOT Analysis / Matrix,”;

Link - https://www.zeebiz.com/india/news-indian-aluminium-

industry-bleeds-amidst-

global-trade-war-surge-in-imports-81042

● “Stock Share Price hindalco industries-ltd | Get Quote hindalco | BSE,” Link

- https://www.bseindia.com/stock-share-price/hindalco-industries-

ltd/hindalco/500440/