Final Project.....

A portfolio construction using selected sector
INTRODUCTION
B.R.C.M College Of Business Administration

Capital market theory & evaluation

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It is the market where financial assets which have a long term or indefinite maturity
i.e. a maturity period of above one year are traded. Capital market may be further divided
into three parts.
Capital market
Industrial Government Long term

securities securities
loans market
market
market
Primary Secondar
market y market
 Industrial security market.

 Government security market
 Long term loans market
1) Industrial security market:
Industrial securities like equity shares, preference shares & debentures are traded in
this market. It can be seen from the name itself. This market can be further divided into
two parts.

 Primary or new issue market

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 Secondary market or stock exchange
a. Primary market:
It is a market for new issues or new financial claims. In this market the securities
are issued to the public for the first time. Borrowers exchange new financial securities
for long term funds and thus primary market facilitates capital formation. In this
market company may raise fund in following ways.
 Public issue
 Right issue
 Private placement
b. Secondary market:
Secondary market refers to the market where securities are traded after being
initially offered to the public in the primary market and/or listed on the stock exchange.
Majority of the trading is done through the secondary market. Secondary market
comprises of equity market & debt market. For the general investor, the secondary
market provides an efficient platform for trading of his securities.
For the management of the company, secondary equity market serves as a
monitoring controlling unit – by facilitating value enhancing control activities ,
enabling implementation of incentive based managementcontracts, and aggregating
information (via price discovery) that guides management decisions.
1) Government securities market:
It is also called guilt edged securities market. It is a market where government
securities are traded. Government securities may be for long term or short term. Long
term securities are traded in this market while short term securities are traded in money
market. Generally these securities are issued by the central government, state
government, semi government authorities like city corporation port, trusts, etc
2) Long term loan market:

In this market the loans are supplied by development banks and commercial banks
to the corporate customers. This market may be classified into
 Term loan market
 Mortgages market
 Financial guaranties market

Indian capital market: an overview

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Evolution
Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly
200 years ago. The earliest records of security dealings in India are meager and obscure.
The East India Company was the dominant institution in those days and business in its
loan securities used to be transacted towards the close of the eighteenth century. By 1830's
business on corporate stocks and shares in Bank and Cotton presses took place in Bombay.
Though the trading list was broader in 1839, there were only half a dozen brokers
recognized by banks and merchants during 1840 and 1850. The 1850's witnessed a rapid
development of commercial enterprise and brokerage business attracted many men into the
field and by 1860 the number of brokers increased into 60.
Indian Stock Exchanges - An Umbrella Growth
The Second World War broke out in 1939. It gave a sharp boom which was
followed by a slump. But, in 1943, the situation changed radically, when India was fully
mobilized as a supply base. On account of the restrictive controls on cotton, bullion, seeds
and other commodities, those dealing in them found in the stock market as the only outlet
for their activities. They were anxious to join the trade and their number was swelled by
numerous others. Many new associations were constituted for the purpose and Stock
Exchanges in all parts of the country were floated.
In Delhi two stock exchanges - Delhi Stock and Share Brokers' Association
Limited and the Delhi Stocks and Shares Exchange Limited - were floated and later in
June 1947, amalgamated into the Delhi Stock Exchange Association Limited.

Stock Exchanges in India

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The Second World War broke out in 1939. It gave a sharp boom which was
followed by a slump. But, in 1943, the situation changed radically, when India was fully
mobilized as a supply base.
On account of the restrictive controls on cotton, bullion, seeds and other

commodities, those dealing in them found in the stock market as the only outlet for their
activities. They were anxious to join the trade and their number was swelled by numerous
others. Many new associations were constituted for the purpose and Stock Exchanges in all
parts of the country were floated. The Uttar Pradesh Stock Exchange Limited (1940),
Nagpur Stock Exchange Limited (1940) and Hyderabad Stock Exchange Limited (1944)
were incorporated.
In Delhi two stock exchanges - Delhi Stock and Share Brokers' Association
Limited and the Delhi Stocks and Shares Exchange Limited - were floated and later in
June 1947, amalgamated into the Delhi Stock Exchange Association Limited. However,
many stock exchanges were established: Cochin Stock Exchange (1980), Uttar Pradesh
Stock Exchange Association Limited (at Kanpur, 1982), and Pune Stock Exchange
Limited (1982), Ludhiana Stock Exchange Association Limited (1983), Gauhati Stock
Exchange Limited (1984), Kanara Stock Exchange Limited (at Mangalore, 1985), Magadh
Stock Exchange Association (at Patna, 1986), Jaipur Stock Exchange Limited (1989),
Bhubaneswar Stock Exchange Association Limited (1989), Saurashtra Kutch Stock
Exchange Limited (at Rajkot, 1989), Vadodara Stock Exchange Limited (at Baroda, 1990)
and recently established exchanges - Coimbatore and Meerut. Thus, at present, there are
totally twenty one recognized stock exchanges in India excluding the Over the Counter
Exchange of India Limited (OTCEI) and the National Stock Exchange of India Limited
(NSEIL).

A very common name for all traders in the stock market, BSE, stands for Bombay
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Stock Exchange. It is the oldest market not only in the country, but also in Asia. The
early days of BSE was known as "The Native Share & Stock Brokers Association." It was
established in the year 1875 and became the first stock exchange in the country to be
recognized by the government. In 1956, BSE obtained a permanent recognition from the
Government of India under the Securities Contracts (Regulation) Act,1956.
In the past and even now, it plays a pivotal role in the development of the country's
capital market. This is recognized worldwide and its index, SENSEX, is also tracked
worldwide. Earlier it was an Association of Persons (AOP), but now it is a demutualised
and corporatized entity incorporated under the provisions of the Companies Act, 1956,
pursuant to the BSE (Corporatization and Demutualization) Scheme, 2005 notified by the
Securities and Exchange Board of India (SEBI).
BSE Network
The Exchange reaches physically to 417 cities and towns in the country. The
framework of it has been designed to safeguard market integrity and to operate with
transparency. It provides an efficient market for the trading in equity, debt
instruments and derivatives. Its online trading system, popularly known as BOLT, is
a proprietary system and it is BS 7799-2-2002 certified. The BOLT network was
expanded, nationwide, in 1997. The surveillance and clearing & settlement functions
of the Exchange are ISO 9001:2000 certified.
Vision:-
"Emerge as the premier Indian stock exchange by establishing global benchmarks"
Bombay Stock Exchange Profie
Address Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai

400001
Telephone 91-22-22721233/4

Web Site www.bseindia.com

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Trading Hours Monday - Friday, 9:55 am - 3:30 pm IST
Holidays Bakri-Id, Republic Day, Good Friday, Ambedkar Jayanti,

Independence Day, Ganesh Chaturthi, Dasera, Diwali
(Laxmi Poojan), Diwali (Bhaubeej), Ramzan Id, Guru
Nanak Jayanti.
Securities Stocks, bonds, derivatives
Trading System Electronic
The National Stock Exchange of India (NSE) was incorporated in November 1992
as a tax-paying company. It is recognized under Securities Contracts (Regulation) Act,
1956 in 1993 as a stock exchange. In June 1994, it commenced operations in the
Wholesale Debt Market (WDM). In November, the same year, the Capital Market
(Equities) segment commenced operations and the Derivatives segment in June 2000.
Mission:-
NSE's mission is setting the agenda for change in the securities markets in India. The NSE
was set-up with the main objectives of:
 establishing a nation-wide trading facility for equities, debt instruments and

hybrids,

 ensuring equal access to investors all over the country through an appropriate
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communication network,
 providing a fair, efficient and transparent securities market to investors using
electronic trading systems,
NSE Group
National Securities Clearing Corporation Ltd. (NSCCL)
It is a wholly owned subsidiary, which was incorporated in August 1995 and commenced
clearing operations in April 1996. It was formed to build confidence in clearing and
settlement of securities, to promote and maintain the short and consistent
Settlement cycles, to provide a counter-party risk guarantee and to operate a tight risk
containment system.
NSE.IT Ltd.
It is also a wholly owned subsidiary of NSE and is its IT arm. This arm of the NSE
is uniquely positioned to provide products, services and solutions for the securities
industry. NSE.IT primarily focus on in the area of trading, broker front-end and back-
office, clearing and settlement, web-based, insurance, etc. Along with this, it also provides
consultancy and implementation services in Data Warehousing, Business Continuity Plans,
Site Maintenance and Backups, Stratus Mainframe Facility Management, Real Time
Market Analysis & Financial News.
India Index Services & Products Ltd. (IISL)

It is a joint venture between NSE and CRISIL Ltd. to provide a variety of indices
and index related services and products for the Indian Capital markets. It was set up in
May 1998. IISL has a consulting and licensing agreement with the Standard and Poor's
(S&P), world's leading provider of investible equity indices, for co-branding equity
indices.
National Securities Depository Ltd. (NSDL)
NSE joined hands with IDBI and UTI to promote dematerialization of securities.
This step was taken to solve problems related to trading in physical securities. It
commenced operations in November 1996.

SENSEX, first compiled in 1986, was calculated on a "Market Capitalization-

Weighted" methodology of 30 component stocks representing large, well-established and
financially sound companies across key sectors. The base year of SENSEX was taken as
1978-79. SENSEX today is widely reported in both domestic and international markets
through print as well as electronic media. It is scientifically designed and is based on
globally accepted construction and review methodology. Since September 1, 2003.
SENSEX is being calculated on a free-float market capitalization methodology.
The "free-float market capitalization-weighted" methodology is a widely followed index
construction methodology on which majority of global equity indices are based; all major
index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the free-float
methodology.
Why does Sensex go up & down?
As the company’s performance change the shares go up or down. If the company is doing
well or some news come that it will do well in future , sensex will go up. If there is a bad
news, sensex will go down. Moreover, if there is some positive news about the country
like India , becoming a nuclear power. Sensex will go up because India’s economy is
going up.
So, both companies & the country are responsible for the Sensex movements.

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Portfolio:
Portfolio consist different sets of assets of financial nature such as gold, silver, real
estate, insurance policies, post office certificates, etc. For making the provision for future.
Basket of all the investment or assets held by an individual or any corporate body or any
economic unit is called portfolio. A portfolio is a basket of investments or assets held by
an individuals or a corporate body.
Portfolio management:
Each of the investment avenues has their own risk and return. Investor plans his
investment as per this risk – return profile or his preferences while managing his portfolio
efficiently so as to secure the highest return for lowest possible risk. This in short is the
portfolio management. Portfolio management is the process of encompassing many
activities of investment in assets and securities which includes planning, supervision,
timing, rationalization, etc. in selection of securities to meet investors’ objectives.
Investment management is the another word which can be used for “portfolio
management”
Investment management is the professional management of various securities

(shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the
benefit of the investors. Investors may be institutions (insurance companies, pension funds,
corporations etc.) or private investors (both directly via investment contracts and more
commonly via collective investment schemes e.g. mutual funds
Objective of portfolio management:

The main objective of the portfolio is to
1. maximize the return
2. minimize the risk.

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PROCESS OF PORTFOLIO MANAGEMENT

Portfolio management is a process encompassing many activities aimed at optimizing the
investment of one’s funds. Five phases can be identified in this process:
Security analysis
Portfolio analysis
Portfolio selection
Portfolio revision
Portfolio Evaluation
1) Security Analysis:
Security analysis is the initial phase of the portfolio management process. This step
consists of examining the risk-return characteristics of individual securities. A basic
strategy in securities investment is to buy underpriced securities and sell overpriced
securities. But the problem is how to identify underpriced and overpriced securities, or,
in other words, mispriced securities. This is what security analysis is all about. There
are two alternative approaches to security analysis, namely fundamental analysis and
technical analysis.
 Fundamental Analysis
 Technical Analysis

On the fundamental factors affecting the company such as the EPS of the
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company, the dividend pay-out ratio, the competition faced by the company, the
market share, quality of management, etc. A fundamental analyst studies not only
the fundamental factors affecting the company, but also the fundamental factors
affecting the industry to which the company belongs as also the economy
fundamentals. Fundamental analysis helps to identify fundamental strong
companies whose shares are worthy to be included in the investor’s portfolio.
The second alternative approach to security analysis is technical analysis. A
technical analyst believes that share price movements are systematic and exhibit
certain consistent patterns. The current market price is compared with the future
predicted price to determine the extent of mispricing. Technical analysis is an
approach which concentrates on price movements and ignores the fundamental of
the shares.
2) Portfolio Analysis:
Analysis provides the investor with a set of worthwhile or desirable securities.

From this set of securities an indefinitely large number of portfolios can be constructed
by choosing different sets of securities and also by varying the proportion of
investment in each security. Each individual security has its own risk-return
characteristics which can be measured and expressed quantitatively. Each portfolio
constructed by combining the individual securities has its own specific risk and return
characteristics which are not just the aggregates of the individual security
characteristics. The return and risk of each portfolio has to be calculated
mathematically and expressed quantitatively.
3) Portfolio Selection:
Portfolio analysis provides the input for the next phase in portfolio
management which is portfolio selection. The goal of portfolio construction is to
generate a portfolio that provides the highest returns at a given level of risk. A
portfolio having this characteristic is known as an efficient portfolio. From this set
of efficient portfolio, the optimal portfolio has to be selected for investment. Harry
Markowitz’s portfolio theory provides both the conceptual framework and the

analytical tools for determining the optimal portfolio in a disciplined and objective
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way.
4) Portfolio Revision :
Having constructed the optimal portfolio, the investor has to constantly

monitor the portfolio to ensure that it continues to be optimal. As the economy and
financial markets are dynamic, changes take place almost daily. As time passes,
securities which were once attractive may cease be so.
New securities with promises of high returns and low risk may emerge. The
investor now has to revise his portfolio in the light of the developments in the
market. This revision leads to purchase of some new securities and sale of some of
the existing securities from the portfolio.
5) Portfolio Evaluation:
The objective of constructing a portfolio and revising it periodically is earn

maximum returns whit minimum risk. Portfolio evaluation is the process which is
concerned with assessing the performance of portfolio over a selected period of time in
terms of return and risk. These have to be compared with objective norms to assess the
relative performance of the portfolio. Alternative measures of performance evaluation have
been developed for use by investors and portfolio managers.
Return:
Interest, dividend or appreciation of investment is called return which is used to
evaluate the performance of the investment. There can be of two types of return.
Expected return: Expected return is the anticipated return.
Realized return: Realized return is actually earned income of the investors.
Risk:
Risk is uncertainty of the income/capital appreciation or loss of both. The two major types
of risk are: Systematic or market related risk and unsystematic or company related risk.

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Systematic risk:
These risks are market problems, raw material availability, tax policy or any Government
policy, inflation risk, interest rate risk and financial risk.
Unsystematic risk:
These risks are mismanagement, increasing inventory, wrong financial policy, defective
marketing, etc.
How to measure the risk?
The can be measured by the alpha and beta.
The regression equation is as follows:
Y= α+ β(x) +e
Where, α show the unsystematic risk.
β shows the systematic risk.
e shows the error term.
Diversification
Definition
Diversification is a techniques of reducing the risk involved in investment and portfolio

management. This is a process of conscious selection of assets, instruments and scrips of
companies/government securities, in a manner that the total risks are brought down. This
process helps in the reduction of risk, under category of what is know as “unsystematic
risk” and promotes the optimisation of returns for a given level of risk in portfolio
management.

Risk Return relationship

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The higher the risk taken, the higher is the return. But proper management of risk involves
the right choice of investments whose risks are compensating.
Equity of venture capital funds
Equity of blue chip companies
Mutual funds
Return
Fixed Deposits of companies
Debentures /Bonds
Insurance companies/post office service
GOVT. Bond
Risk free Return
Risk
How to minimize the risk?

The unsystematic risk can be reduced by diversifying into a few companies
belonging to various industry groups, assets groups or different types of instruments like
equity shares, bonds, debentures, etc.
The systematic risk is managed by the use of Beta of different company shares.
The systematic risk cannot be eliminated by diversifying.

Markowitz model
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Dr. Harry M. Markowitz is credited with developing the first modern portfolio
analysis model since the basic elements of modern portfolio theory emanate from a series
of propositions concerning rational investor behavior set forth by Markowitz, then of the
Rand Corporation, in 1952, and later in a more complete monograph sponsored by the
Cowels Foundation.
Markowitz used mathematical programming and statistical analysis in order to

arrange for the optimum allocation of assets within the portfolio. To reach this objective,
Markowitz generated portfolios within a reward-risk context.
Markowitz’s model is a theoretical framework for the analysis of risk return choices.
Decisions are based on the concept of efficient portfolios.
Efficient portfolios:
This yields highest return with given level of risk or minimum risk with expected
return. It is prepared on the basis of addition and deletion of different securities or assets.
Set of efficient portfolios is generated with different combinations of securities or assets.
Assumptions:
 Investor considers each alternative with probability distribution of expected return.

 Investors maximize one period expected utility and possess utility curve which
demonstrates diminishing marginal utility of wealth.
 Risk is on the basis of the variability of expected return.
 Decisions are solely on expected return and variance (or standard deviation) of
returns only.
 For given level of risk, investor prefer higher to lower level of return and for a
given level of return, less risk to high risk.

Sharpe model
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Markowitz model had practical limitation related to compiling expected return,
standard deviation, variance, covariance of each security to every other security in the
portfolio. Sharpe model has simplified this process by relating the return in a security to a
single market index. Firstly, this will theoretically reflect all well traded securities in the
market. Secondly, it will reduce and simplify the work involved in compiling elaborate
matrices of variance as between individual securities. The market index is used as a
surrogate (representative) for other individual securities in the portfolio, the relation of any
individual security with market index can be represented in a regression line.
Optimal portfolio of sharpe:

If Ri is expected return on stock “i” Rf is the risk free return than the excess return
= (Ri – Rf). This has to be adjusted to βi namely (Ri– Rf/ βi) which is the equation for
ranking the securities in the order of their return adjusted for risk.
The method involves selecting a cut off rate for inclusion of securities in a portfolio.
Then only those securities which have (Ri – Rf / βi) > cut off point will be selected in a
portfolio.
Formula for cut off rate:
Ci = σ2m * £ [(Ri – Rf)*βim] / σ2e

1 + σ2m* £( βi2m / σ2ei)
Where:
Ci= Cut off rate
σ2m = variance of market index
σ2ei = residual variance S

Formula for weightage:

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Xi = Zi / £Z
Zi = βi2m[(Ri – Rf/ βim) – C*

σ 2 ei

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LITERATURE
REVIEW

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Banking, as a sector, will have to do well. We are getting into a soft interest rate
environment and it is only a matter of time. As far as PSU versus private is concerned,
currently, private banks would do well because public sector banks are facing some
challenges in terms of growth. Most of the banks are either not having leadership in place
or government is trying to work out a plan around that and get the lending side right.
Hence perhaps PSUs in a shorter to medium term might lag in terms of performance, but
over a period of time, it will match up because they are very large franchises and they will
also benefit from the interest rates coming down.
India’s pharmaceutical sector has seen unwavering growth in the past few years,
going up to 23 billion USD in 2012 from 23 billion USD in 2002. Various industry reports
suggest that the pharmaceutical sector in India has been growing consistently at the rate of
13-14 % every year since the last five years. According to the consulting firm McKinsey &
Company, India’s pharmaceutical sector will touch 55 billion USD by 2020 and generics
are expected to continue to dominate the market while patent-protected products are likely
to constitute 10 per cent of the market till 2015.
The Textile Industry occupies a vital place in the Indian economy and contributes
substantially to its exports earnings. Textiles exports represent nearly 30 per cent of the
country's total exports. It has a high weight age of over 20 per cent in the National
production. It provides direct employment to over 15 million persons in the mill, power
loom and handloom sectors. India is the world’s second largest producer of textiles after
China. It is the world’s third largest producer of cotton-after China and the USA-and the
second largest cotton consumer after China. The textile industry in India is one of the
oldest manufacturing sectors in the country and is currently it’s largest1.

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RESEARCH
METHODOLOGY

Objectives
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1. Primary objective
 To prepare optimal portfolio.
2. Secondary objectives
 Identification of combination of securities.
 To indentify risk and return of the portfolio.
 Research design:
The project is totally based on Descriptive research design. Project is prepared on
more structured way to find out probable question. Under this research I calculated and
interpreted the risk and return position of the company.
 Population:
All equity market companies listed on NSE & BSE in sector.
 Sampling method:
In this project judge mental sampling technique is use to choose sample. I take
two companies from each sector on the basis of EPS value and on the basis of literature
review we have selected the sector.
 TOP 5 EPS PUBLIC BANK

Public Bank EPS OF BANK
Bank of Baroda 108.46

State B Bikaner 103.26
PNB 97.83
State BK Mysore 76.77
Canara Bank 53.20

 TOP 5 EPS PRIVATE BANK

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Private Bank EPS OF BANK
Yes Bank 42.37

HDFC Bank 38.35
Karur vysya 36.30
ING Vysya Bank 33.03
Induslnd Bank 30.15
 TOP 5 EPS PHARAMACEUTICALS

Pharamaceuticals EPS OF COMPANY
Strides Arcolab 645.04

Piramal Enter 130.67
Dr Reddys Labs 125.08
Sanofi India 114.59
Abbott India 97.19
 TOP 5 EPS TEXTLIES-GENERAL

Textiles-General EPS OF COMPANY
Sutlej Textiles 66.34

Voith Paper Fab 32.50
Premco Global 29.60
Mandhana Ind 26.84
Sudar Ind 22.91

 Sample:
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I have take four sector namely BANKING, PHARMACEUTICAL, TEXTILES
sector. Companies’ names are as follow:
PUBLIC BANK PRIVATE BANK PHARMACEUTICAL TEXTILES
BANK OF YES BANK STRIDES SUTLEJ

BARODA ARCOLAB TEXTILES
STATE B HDFC BANK PIRAMAL VOITH PAPER

BIKANER ENTER FAB
 Source of data:
1. Secondary data:
The entire data used in the project are secondary data.
 Data Analysis:
The analysis of the data will be done by using different tools like mean which
measure return and stander deviation for the risk and to measure the unsystematic
risk and systematic risk beta and alpha is used. The other tools like variance,
correlation, regression, etc will also be used.
Following techniques are use for data analysis.
 Risk & Return analysis
 Markowitz model
 Sharpe model
Limitation of the project:

 This analysis cannot be used for long future as it is based on market related factors
due to which fluctuations may be there in the value of shares and companies
 only two securities from each industry is selected which does not show much
accurate picture.

Scope of future study:

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The topic portfolio management in different sector has a lot of potential in
the future. Today in the fast growing economy of India, there are people who want
to invest in different manner but because of the limitation of time or any other
reason they are not able to do so. Therefore they give the amount of money which
they want to invest to some person who will invest this money in different avenues.

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COMPANY
PROFILE

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1. BANK OF BARODA
Type public
Industry Banks-Public Sector
BSE Code 532134

Market Lot 1400
NSE Code BANKBARODA
Founded July 20, 1908
Headquarters 1. Vadodara, India
2. Mumbai, India
Slogan Indies international bank
Key people Mr. R Dhawan, MR. P Srinipas,
MR. Dhimant Trivedi,
MR.B.B JOSHI.
website www.bankofbaroda.com

Company History
29
The Bank was brought into existence by a Ordinance issue on 19th July, by the
Central Government. The Bank is a Government of India Undertaking and carries on all
types of banking business including foreign exchange. The Ordinance was replaced by the
Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969. Due to closure
of 2 branches in U.K. and 1 branch in UAE, non-operative branch in Bangladesh was not
taken into account. Bank of Baroda (BOB) has informed that the Bank and Infrastructure
Development Finance Company Ltd (IDFC) have on February 16, 2006, entered into a
Memorandum of Understanding (MOU) to enhance the provision of financing and other
banking products and services to entities involved in infrastructure development. The Bank
of Baroda unveiled its first SME loan factory in Pune on Oct 13. Bank of Baroda and India
Infrastructure Finance Company Ltd (IIFC) on January 10, 2007, have entered into an
Memorandum of Understanding (MOU) to enhance the provision of financing and other
banking products and services to entities involved in infrastructure development.
BoB hikes FD interest rates of diff maturities. Bank of Baroda hikes Benchmark
Prime Lending Rate (BPLR) & Base Rate. Bank of Baroda hikes interest rates on domestic
term deposits by up to 2.5%. Bank of Baroda announced the reduction in home loan rates
by 25 basis points across all the categories for both new and existing customers.
- The Bank was brought into existence by a Ordinance issue on 19th July, by the Central
Government. The Bank is a Government of India Undertaking and carries on all types of
banking business including foreign exchange.

2.STATE BANK OF BIKANER & 30
JALPUR
Type public
Industry Banking Insurance capital market

and industries
BSE Code 501061
Market Lot 1400
NSE Code SBBJ
Founded Jaipur, 1963
Headquarters Tilak Marg, Jaipur.
Slogan The nation bank on us
Key people Arundhati Bhattacharya(chairman)
Jyoti Ghose(Managing director)
website www.sbbjbank.com

Company History
31
The Bank was incorporated at Bikaner. The Bank transacts General banking
business of every description. The Bank also transacts Government Treasury work. The
name of the Bank at the time of incorporation was The Bank of Bikaner Ltd. The
Company has splits its face value from Rs100/- to Rs10/-.State Bank of Bikaner and Jaipur
(SBBJ) slashed its benchmark-lending rate by 0.5 per cent to 12.25 per cent. The bank
revised its Benchmark Prime Lending Rate (BPLR) from 12.75 per cent to 12.25 per cent.
State Bank of Bikaner declared a dividend of 144 % i.e. Rs 14.40 per share. State Bank Of
Bikaner and Jaipur Issues Rights in the Ratio of 2:5. State Bank Of Bikaner have declared
interim dividend at the rate of 145% being Rs. 14.50/- per share on equity shares of Rs.
10/- each.

3.Yes bank 32
Type Public
Industry Banking & financial services
BSE Code 532648
NSE Code YESBANK
Founded 2004
Headquarters Mumbai, India.
Slogan Experience our experties
Key people Rana Kapoor (Managing director)
website www.yesbank.com

Company History
33
Yes Bank was incorporated as a Public Limited Company on November 21,

2003. Subsequently, on December 11, 2003, RBI was informed of the participation
of three private equity investors namely {Citicorp International Finance
Corporation, ChrysCapital II, LLC and AIF Capital Inc.), to achieve the financial
closure of the Bank. RBI by their letter dated February 26, 2004 provided their no-
objection to the participation of the three private equity investors namely Citicorp
International Finance Corporation, ChrysCapital II, LLC and AIF Capital Inc. in
the equity of the Bank at 10%, 7,5% and 7.5%, respectively, and also advised the
Bank to infuse a sum of Rs. 2000 million as the paid up capital. Additionally, the
RBI advised the Bank to submit an application for final approval after completion
of all formalities for incorporation as a banking company and setting out the capital
structure of the Bank as approved by RBI. RBI by their letter dated December
29,2003 decided to further extending `In Principle' approval for a period up to
February 29, 2004 to allow the Bank to complete all financial arrangements

4. HDFC BANK 34
Type Public
Industry Banking & financial services
BSE Code 500180
Market lot 400
NSE Code HDFCBANK
Founded August 1994

Headquarters Mumbai, Maharashtra, India
Slogan We understand your world.

Key people Aditya puri (Managing director)
website HDFCbank.com

Company History
35
HDFC Bank Ltd is a major Indian financial services company based in

Mumbai. The Bank at present has an enviable network of 1,725 branches spread in
780 cities across India. HDFC Bank repurchases HDFC loans worth Rs 208 cr.
HDFC Bank launches new scheme for Maruti 800 buyers, providing 85 per cent
finance on the on-road price of the car for seven years. HDFC Bank unveils credit
card for farmers. HDFC sets up two more branches in AP. HDFC Bank have
signed an agreement with Tata Pipes to offer credit facilities to farmers across the
country. HDFC Bank Wins ‘Nasscom IT User Award The Year'. HDFC Bank
Opens Its First Overseas Branch In Bahrain. HDFC Bank and Centurion Bank of
Punjab merger at share swap ratio of 1:29.HDFC Bank Bags Asia money Award
for the Best Domestic Bank. The Asian Banker declares HDFC Bank the Best
Retail Bank. The total number of branches and the ATM network stood at 1725
branches and 4393 ATMs respectively.

5.Strides Arcolab Limited 36
Type MNC(several JVs, and subsidries)
Industry Pharmaceutical
BSE Code 532531

Market lot 850
NSE Code STAR
Founded 1990
Headquarters Bannerghatta Road, Bangalore, India
Slogan Leadership through partnering
Key people Deepak Vaidya (chairman)
website www.stridesarco.com

Company History
37
Board approves for the allotment of 210,955 shares of the company at Rs.10 each
to the share holders of Bombay Drugs & Pharmas Ltd. Zenith Pharmaceuticals Ltd
acquires 71% shares through preferential issue route.Board approves for the proposal of
restructuring its Cram division by hiving off into two separate company under the
provisions of the companies act. Strides Arcolab Receives US FDA NOD To
Commercialize First Sterlite . Strides announces First European Approval for Oncology
Product. Strides Arcolab receives US FDA Nod to Commercialize First Liquid. Strides
Arcol Update on acquisition of outstanding minority shareholding in Ascent Pharmahealth
Limited. Strides Arcolab joins the Malaysian Bio-xcell Ecosystem
Strides Arcolab Announces US FDA approval for its 'Brazilian Sterile. Strides Arcolab
receives US FDA approval for Methotrexate Injection. Strides Arcolab Announces Health
Canada Approval For Tobramycin Injection.Strides Arcolab acquires Sterile Formulations
facility to expand core injectable biz. Strides collaborates with Gilead Sciences

38
6. PIRAMAL ENTER
Type Public company
Industry Diversified conglomerate
BSE Code 500302

NSE Code PEL
Founded 1984
Headquarters Mumbai, Maharashtra, India
Slogan Knowledge Action care
Key people Ajay piramal, Swati piramal,
Nandini piramal, Anand piramal
website http://www.piramal.com

39
7.SUTLEL TEXTILES
Type Public company
Industry Textiles
BSE Code 532782

NSE Code SUTLEJTAX
Founded 2005
Headquarters Rajasthan, Mumbai, India
Key people C S Nopany
website www.sutlejTAX.com

40
Sutlej Textiles & Industries Ltd was incorporated on 22nd June 2005, was created by the corporate
restructuring in which textile division of Sutlej Industries Ltd and Damanganga Processors Ltd was
demerged and involved in textile business.The home textiles unit had started commercial production
since July 2006. The garments unit had alsostarted commercial production since 2006.Sutlej Textiles
and Industries was ready for Rs 393 crore expansion and modernization programme to be executed
over a period of next two years. The company had been listed on NSE and BSE on December 2006.
The Board of Directors has recommended a dividend of Re 1/- per share (previous year Re 1/- per share)
on ordinary shares of Rs 10 each.The Board of Directors of the Company at its meeting held on May
recommended a dividend of Rs.2.50 per share (previous year Re.1/per share) on 10921908 ordinary
shares of Rs.10 each.

41
8. VOITH PAPAR FAB
Type Gmbh (100 %family owned)
Industry Industrial machinery, automotive

industry, Mechanical engineer
BSE Code 522122
NSE Code PORRITSPEN
Founded 1867
Headquarters Mumbai, India
Key people Dr. Hubert Lienhard
website voith.com

Company History 42
Johann matthaus voith hands over the business to his son Friedrich . 1 January 1867 is the
official date of the foundation of J.M.Voith. Voith enters the first patent in the company history.
Voith develops the frist turbine control unit. Construction of frist complete paper machine for
raitelhuber, bezner & cie. Voith received an order for the delivery on the turbines for Ontario power
company on the Niagara falls ; voith supplies a total of 12 francestwin tur-bines, each rated at 12,000 HP
. Voith opens its first training workshop in heidenheim. Voith takes over the us-american premier group,
a specialist for manufacturing support serices in the automotive industry. Voith acquires Ermo, a
Genman company specializing in sevices for power station and refineries in the petrochemical industry.
In kunshan voith celebrates the official opening of its new production and sevice center for of its new
production and serives center for paper industry in asia-voith paper city.

43
DATA ANALYSIS

Here we count return, risk, beta, alpha, standard error of public bank is count .on this basis
44
of annexure 1.1.
PUBLIC BANK
BANK OF BARODA
BOB INDEX
MEAN 0.071752 0.041292
S.D 2.12429 1.84683
R 0.82060
BETA 0.943589045
ALPHA 0.032789332
Standard Error 1.218346542
Observations 243
STATE B BIKANER
STATE B INDEX
BIKANER
MEAN 0.061799773 0.041292

S.D 2.36853 1.8468
R 0.476718
BETA 0.611328306
ALPHA 0.03655685
Observations 243

Here we count return, risk, beta, alpha, standard error of private bank is count .on this
45
basis of annexure 1.2.
PRIVATE BANK
YES BANK
YES BANK INDEX
MEAN 0.11775 0.077245
S.D 2.1546 1.193
R 0.677477
BETA 1.224329371
ALPHA 0.023176179
Observations 243
HDFC BANK
HDFC index
mean 0.11164 0.07725
S.D 1.193 1.51959
R 0.332998
BETA 0.423904
ALPHA 0.078890468
Observations 243

Here we count return, risk, beta, alpha, standard error of pharmaceutical is count .on this
46
basis of annexure 1.3.
PHARMACEUTICAL SECTOR
STRIDES PHARMA
STOCK INDEX
MEAN 0.268276 0.009563
S.D 2.426719 1.01524
R 0.148603
BETA 0.353039485
ALPHA 0.264900545
Observations 243
PIRAMAL ENTERPRICE
STOCK INDEX
MEAN 0.078404422 0.009563
S.D 1.909 1.015
R 0.151005
BETA 0.283732243
ALPHA 0.075691224
Observations 243

Here we count return, risk, beta, alpha, standard error of textiles is count .on this basis of
47
annexure 1.4.
TEXTILES SECTOR
SUTEJ TEXTILES
STOCK INDEX
MEAN -0.00106 0.004491
S.D 0.03014 0.6984
R 0.19967
BETA 0.861551762
ALPHA -0.109896929
Observations 243
VOITH PAPER FAB
STOCK INDEX
MEAN -0.00056 0.004491
S.D 2.0249 0.6984
R 0.134001
BETA 0.003885062
ALPHA -0.000576
Observations 243

48
For The Various Securities Return:
Expected Return
0.3
0.268276
0.25
0.2
0.15
0.11775
0.11164
0.1
0.078404
0.071752
0.0618
0.05
0
BOB STATE B YES BANK HDFC PIRAMAL STRIDES -0.00106
SUTLEJ -0.00056
VAITH
BIKANER BANK
-0.05

49
For The Various Securities Risk:
Risk
1.4
1.224329
1.2
1 0.943589
0.861552
0.8
0.611328
0.6
0.423904
0.4 0.353039
0.2837322
0.2
0.003885
0
BOB STATE B YES BANK HDFC PIRAMAL STRIDES SUTLEJ VAITH
BIKANER BANK

50
Markowitz Model
BOB STATE B YES HDFC PIRAMAL STRIDES SUTLEJ VOITH

BIKANER BANK BANK ENTER ARCOLAB TEXTILES PAPER
FAB
BOB 1
STATE B 0.17946 1
BIKANER
YES 0.51438 0.19859 1
BANK
HDFC 0.281411 0.130459 0.332353 1
BANK
PIRAMAL 0.080677 -0.0309 0.041591 0.060098 1
ENTER
STRIDES 0.223214 0.082263 0.247613 0.094436 -0.00813 1
ARCOLAB
SUTLEJ 0.116804 0.056949 0.195258 0.203577 0.067298 0.154094 1
TEXTILES
VOITH 0.032314 -0.00809 -0.03969 -0.05359 0.009071 -0.02378 -0.11016 1
PAPER
FAB
According to Markowitz model, the securities which have least correlation will be
selected to construct portfolio. In this case, two securities SUTLEJ TEXTILES and
VOITH PAPER FAB are select because the correlation between them is which -0.11016
is least than all other combination.

51
VOITH PAPER
SUTEJ(x)
FAB(y)
Mean -0.00106 -0.00056
S.D 0.861552 0.003885
Variance 0.742271849 1.50932
RI -0.11016
Calculation of weightage:
Wx = σ2y – σx * σy * rxy
σ2x + σ2y – 2 *σx*σy*rxy
= (1.50)– (0.8615)*(0.003885)*(-0.11016)
(0.7422) + (1.50) – 2*(0.8615) (0.003885) (-0.11016)
wx = 0.66
Wy = 1 - wx
= 1 - 0.66
Wy = 0.33

Portfolio Risk:
52
σ2p = w2Xσ2X + w2Yσ2Y + 2wXwY rXYσXσY
= (0.66)2 (0.742) + (0.33)2(1.509) + 2(0.66)(0.33)(0.8615)(0.003885)(-
0.1101)
σ2p = 2.795
σp = 1.671
Portfolio Return:
w Expected W
Return *Expected
return
SUTEJ(x) 0.66 -0.00106 -0.0007
VOITH 0.33 -0.00056 -0.00018
PAPER
FAB(y)
-0.00088
Portfolio Return

53
Sharpe model
expected stander (Ri-Rf)* βim Σ(Ri-Rf) βim

Security Beta ei2 Ri-Rf Ri-Rf /βim
return error /ei /ei
STRIDES 0.268276 0.353039 2.394942 5.735747183 0.178276 0.504975371 0.010973005 0.010973005
YES BANK 0.11775 1.224329 1.589041 2.5250513 0.02775 0.022665476 0.013455224 0.024428228
HDFC BANK 0.11164 0.423904 1.434918 2.058989667 0.02164 0.051049294 0.004455235 0.028883463
PIRAMAL 0.078404 0.283732 1.89346 3.585188878 -0.011596 -0.04086952 -0.00091771 0.027965755
BOB 0.071752 0.943589 1.2183 1.48425489 -0.018248 -0.01933893 -0.01160085 0.016364909
STATE B BIKANER 0.0618 0.611328 2.089987 4.36804566 -0.0282 -0.04612908 -0.00394672 0.01241819
VAITH -0.00056 0.003885 0.02015 0.000406023 -0.09056 -23.3101673 -0.8665175 -0.85409931
SUTLEJ -0.00106 0.861552 2.965116 8.791912893 -0.09106 -0.10569298 -0.00892331 -0.86302261

54
According to Sharpe model, the securities is selected to construct portfolio. In this

case, two securities STRIDES and YES BANK are select.
Strides(x) Yes bank(y)
Mean 0.268 0.1168
S.D 2.4267 2.1546

5.888873 4.642301
Variance
0.223214
RI
Calculation of weightage:
Wx = σ2y – σx * σy * rxy
σ2x + σ2y – 2 *σx*σy*rxy
= (4.642)– (2.4267)*(2.1546)*(0.223214)
(5.888) + (4.642) – 2*(2.4267) (2.1546) (0.223214)
wx = 0.42
Wy = 1 - wx
= 1 – 0.42
Wy = 0.58

55
Portfolio Risk:
σ2p = w2Xσ2X + w2Yσ2Y + 2wXwY rXYσXσY
=(0.42)2 (4.642) + (0.58)2(5.888) + 2(0.42)(0.58)(2.4267)(2.1546)(0.22314)
σ2p = 3.083
σp = 1.755
Portfolio Return:
w Expected W
Return *Expected
return
strides(x) 0.42 0.268 0.11256
Yes bank(y) 0.58 0.11775 0.0682
0.18085
Portfolio Return

56
Conclusion
In this project, I have made a portfolio by using two techniques. They are;
 Markowitz model
 Sharpe model
According to the Markowitz model, two securities namely SUTLEJ TEXTILES

and VOITH PAPER FAB are selected in a portfolio out of the 8 securities. But
both the companies are negative return for the year 2013-2014. In which return is
-0.00088 and risk is 1.671.
According to the Sharpe model calculations found that STRIDES ARCOLAB
AND YES BANK are selected in portfolio. Both the companies are return is
0.180855 and risk is 1.755.

BIBLIOGRAPHY
57
Bibliography
(n.d.). Retrieved from https://in.finance.yahoo.com/q/hp?s
AVADHANI, V. (n.d.). SECURITIES ANALYSIS AND PRIFOLIO MANAGEMENT.

2003.
V.K.BHALLAH. (n.d.). INVESTMENT MANAGEMENT. 2003.

58
ANNEXURE

59
PUBLIC BANK RETURN(1.1)
date Bob return state b bikaner return(x)

01-Jan-14 0 0 0
02-Jan-14 -1.396054628 -4.672057502 -2.18028
03-Jan-14 1.065318818 -1.40367114 0.759063
06-Jan-14 -1.961538462 -0.062695925 -1.8665
07-Jan-14 -3.504380476 -0.515625 -1.90719
08-Jan-14 1.753535354 0.141509434 0.978763
09-Jan-14 -1.273378432 0.376884422 -1.54112
10-Jan-14 -1.169732172 -0.298601289 -1.80963
13-Jan-14 0.276018834 0.031466331 1.073083
14-Jan-14 0.445199935 0 -0.4465
15-Jan-14 3.360128617 -0.109717868 1.487854
16-Jan-14 -0.726654298 -0.375 -0.75663
17-Jan-14 -2.049883087 -1.00046897 -1.4945
20-Jan-14 0.306081353 -0.332225914 1.050226
21-Jan-14 1.18418947 -1.459968603 0.729264
22-Jan-14 0.134461757 -0.28708134 0.076088
23-Jan-14 -0.278307888 1.623011409 0.369873
24-Jan-14 -3.352582611 -0.558659218 -2.72057
27-Jan-14 -4.14664981 -1.009771987 -2.31502
28-Jan-14 -0.456140351 -0.393442623 -0.4417
29-Jan-14 -3.339130435 -0.931372549 -2.73363
30-Jan-14 -2.549289317 -2.088815789 -2.63561
31-Jan-14 3.014933784 -0.216666667 1.551382
03-Feb-14 -3.172866521 -1.016327891 -2.36441
04-Feb-14 3.610315186 1.203389831 3.397884
05-Feb-14 0.193655478 0.537092984 -0.08763
06-Feb-14 -0.88389651 -0.579086698 -1.21459
07-Feb-14 2.207566181 -0.363036304 0.350764
10-Feb-14 0.053380783 0.166333999 -0.82052
11-Feb-14 -0.390382397 0.316350316 -0.07391
12-Feb-14 -0.575221239 -0.15 -0.24125
13-Feb-14 -5.975177305 -2.20735786 -3.0666
14-Feb-14 0.449522382 -0.95890411 -0.67889
17-Feb-14 -0.993684993 0.672413793 -0.10253
18-Feb-14 0.900393922 -0.308219178 1.662334
19-Feb-14 -1.208178439 0.379310345 -0.07514
20-Feb-14 -2.818233403 0.103430443 -1.21914
21-Feb-14 0.974658869 0.500086222 1.029398
24-Feb-14 2.445889547 -0.582890451 1.061934

25-Feb-14 1.367924528 -1.25 -0.69717

26-Feb-14 0.504060487 -0.24137931 0.468323 60
28-Feb-14 1.519616872 -0.206504904 0.790007
03-Mar-14 -0.862538587 -1.667526216 -0.64973
04-Mar-14 5.092930029 -0.889897051 2.965607
05-Mar-14 5.335051546 -0.368550369 2.13235
06-Mar-14 0.008123477 -0.456140351 -0.09202
07-Mar-14 5.020210186 0.280455741 3.577978
10-Mar-14 0.439069481 1.986754967 2.605863
11-Mar-14 -1.083969466 -1.389830508 -0.89563
12-Mar-14 -0.642315431 0.571725572 -1.08491
13-Mar-14 -0.124175398 -0.051957049 0.01685
14-Mar-14 3.448818898 0.295961003 1.525337
18-Mar-14 -0.490307008 1.723537604 2.096121
19-Mar-14 -0.558069382 0.789120215 -0.22562
20-Mar-14 -2.06185567 2.619363395 -1.86484
21-Mar-14 2.045101089 -1.105769231 0.441702
24-Mar-14 1.055990276 0.12755102 0.955726
25-Mar-14 -0.112781955 3.695408735 0.498547
26-Mar-14 1.403928011 0.906298003 0.735969
27-Mar-14 1.696030412 -0.046845721 2.772308
28-Mar-14 3.634946503 1.191950464 3.585167
31-Mar-14 -2.99461642 -0.090909091 -1.00848
01-Apr-14 0.938356164 -2.128935532 -1.56499
02-Apr-14 4.180107527 0.106544901 2.212107
03-Apr-14 -2.929487179 1.504682942 -2.2445
04-Apr-14 0.232095491 1.994518879 0.376535
07-Apr-14 -0.61589404 -0.909090909 0.036165
09-Apr-14 4.92020396 5.533536585 3.308592
10-Apr-14 -0.968797182 -0.502873563 0.687636
11-Apr-14 0.238402062 -0.315276584 -0.29333
15-Apr-14 -3.849345675 1.390498262 -2.44847
16-Apr-14 0.61752988 -1.850258176 -0.67095
17-Apr-14 0.955497382 -1.218804411 2.352606
21-Apr-14 1.642737033 0.454412196 2.326268
22-Apr-14 -0.95177665 -0.381231672 -1.42656
23-Apr-14 3.271446863 3 1.27846
25-Apr-14 0.340958403 1.855524079 1.109167
28-Apr-14 1.408972933 0.361412288 1.463513
29-Apr-14 -0.408287629 -2.843150592 -2.25173
30-Apr-14 -0.018357606 -1.539969201 0.107746
02-May-14 -2.405602923 0.254309127 -1.86448
05-May-14 1.2 0.197183099 0.551455
06-May-14 -1.110565714 -2.109822551 -0.94469

07-May-14 -0.304347826 0.057364119 -0.05413

08-May-14 0.483870968 -1.383484652 -0.55232 61
09-May-14 3.014888337 5.613577023 4.283845
12-May-14 0.580838323 -2.178914603 1.728715
13-May-14 3.764775414 0.46961326 0.299824
14-May-14 7.993686228 2.108393026 2.870187
15-May-14 -4.271017354 -1.779359431 -1.02418
16-May-14 -1.771819138 0.671052632 2.194242
19-May-14 2.010526316 13.98294133 5.13446
20-May-14 -3.892307692 2.367192709 -2.49438
21-May-14 -0.964545021 -0.30094583 -1.81344
22-May-14 -1.058823529 -3.238095238 0.96429
23-May-14 2.524167562 8.293991416 7.524084
26-May-14 -5.744570838 3.522504892 -4.68425
27-May-14 -2.768640351 -1.516314779 -2.45052
28-May-14 -1.460059755 0.614094941 -1.11397
29-May-14 0.781609195 0.394990366 0.181838
30-May-14 -3.916761688 -2.83269962 -2.8834
02-Jun-14 3.178066038 1.393395686 4.120121
03-Jun-14 -1.394874121 -2.609992543 -1.17646
04-Jun-14 2.674351585 1.252270337 3.224781
05-Jun-14 -0.884658455 5.918214219 0.071744
06-Jun-14 2.06511313 -1.710296684 0.920871
09-Jun-14 -0.664105379 1.285890435 -0.93218
10-Jun-14 -1.894504281 0.820395201 -1.89644
11-Jun-14 0.490417136 0.05024284 -0.33719
12-Jun-14 -0.753968254 -3.588235294 -0.18105
13-Jun-14 -4.012557078 -6.03155234 -4.10247
16-Jun-14 2.402691014 0.575471698 -0.40113
17-Jun-14 3.551169936 3.005617978 3.716106
18-Jun-14 -1.794285714 -1.54954955 -0.95607
19-Jun-14 -2.737909966 -1.256880734 -1.65432
20-Jun-14 -1.007151371 -2.62962963 -1.30081
23-Jun-14 0.25210084 -0.245283019 1.099439
24-Jun-14 3.167690747 -0.112149533 2.224879
25-Jun-14 0.341040462 -2.042338898 0.37827
26-Jun-14 -2.44519878 -0.285171103 -1.56878
27-Jun-14 -0.767968109 -0.613207547 -0.76265
30-Jun-14 3.105699665 3.5 3.074386
01-Jul-14 -0.408232693 -0.796091912 -0.83546
02-Jul-14 -0.676513699 1.730769231 -0.53881
03-Jul-14 -0.685941043 -0.517949634 -0.32843
04-Jul-14 -0.511363636 10.59821429 -0.40848
07-Jul-14 -1.80476731 -1.648 -1.02055

08-Jul-14 -4.107142857 -3.569386588 -4.71946

09-Jul-14 0.505871725 0.618450438 -0.82655 62
10-Jul-14 -1.214768715 -0.008605852 -1.07414
11-Jul-14 -4.827628139 -2.738582283 -4.73633
14-Jul-14 2.094006148 2.204255319 1.045532
15-Jul-14 2.590897848 -0.148723457 3.078434
16-Jul-14 0.197368421 -0.729508197 0.909381
17-Jul-14 1.762300012 2.757763975 1.48141
18-Jul-14 -0.369047619 5.366449511 -0.46631
21-Jul-14 0.137518685 -0.78030303 -1.26685
22-Jul-14 -0.490371965 1.251908397 -0.49505
23-Jul-14 1.73121542 1.565349544 0.008353
24-Jul-14 3.01050175 2.160819154 0.742066
25-Jul-14 -2.581920904 -3.722702623 -1.78892
28-Jul-14 0.300925926 1.041587471 -0.24994
30-Jul-14 1.755996786 0.415533394 0.232103
31-Jul-14 -1.829748902 0.098039216 -0.97101
01-Aug-14 3.473830477 0.807630182 1.292874
04-Aug-14 0.172798216 -0.64491654 0.488873
05-Aug-14 1.044444444 -0.007575758 0.337459
06-Aug-14 -1.261061947 -0.508345979 -1.51771
07-Aug-14 -1.142310506 -0.507692308 0.136146
08-Aug-14 -0.7450618 -1.28125 -0.53412
11-Aug-14 2.603448276 -0.070866142 0.260462
12-Aug-14 1.702269693 -3.652214892 0.412588
13-Aug-14 -3.089700997 -2.257226372 -2.71511
14-Aug-14 -0.198863636 -1.045469632 -0.02945
18-Aug-14 1.523482245 3.974789916 2.767659
19-Aug-14 -0.370557521 -1.144274626 0.111789
20-Aug-14 -0.418552036 -1.593495935 -0.95499
21-Aug-14 2.443459484 -0.239669421 2.753795
22-Aug-14 1.193619362 -0.156275703 1.565785
25-Aug-14 -2.952649258 -1.144726083 -1.79026
26-Aug-14 -0.480098253 -2.607198491 -0.39233
27-Aug-14 -0.815596894 0.155942219 -0.30763
28-Aug-14 -1.968503937 -2.491190691 -2.03921
01-Sep-14 1.570889981 1.853088481 1.86572
02-Sep-14 -0.056167153 0.06514658 -0.10883
03-Sep-14 -0.694911455 0.420066241 -0.59958
04-Sep-14 -0.068395554 -0.490235474 -0.87339
05-Sep-14 1.479103365 0.608097296 0.484045
08-Sep-14 0.028089888 -0.00792393 0.640164
09-Sep-14 1.41042931 -0.904761905 0.165669
10-Sep-14 1.353467562 1.162790698 0.490018

11-Sep-14 1.510739988 2.223974763 1.628981

12-Sep-14 2.417868373 2.485806353 1.251312 63
15-Sep-14 0.796178344 2.410447761 1.147541
16-Sep-14 -2.826315789 -5.473469685 -3.29065
17-Sep-14 -0.402231042 -2.842987805 -0.6138
18-Sep-14 3.879544221 0.175746924 3.112059
19-Sep-14 -1.109259452 0.221064267 -2.10911
22-Sep-14 1.021218054 2.342677114 1.406435
23-Sep-14 -2.655562539 -2.37007874 -2.63996
24-Sep-14 -2.413793103 -3.042071197 -2.94462
25-Sep-14 -1.863628823 -2.621035058 -5.09978
26-Sep-14 1.099210823 0.327586207 3.735059
29-Sep-14 -0.64640884 -2.891156463 -0.74131
30-Sep-14 1.149038731 -1.502636204 -0.0326
01-Oct-14 0.223064912 0.223134595 -0.50762
07-Oct-14 -2.651685393 -2.390722569 -1.46973
08-Oct-14 -0.23255814 0.868611137 2.186717
09-Oct-14 0.705202312 1.702702703 2.317064
10-Oct-14 -0.394202899 1.398916968 -0.12558
13-Oct-14 1.668331081 1.44265233 2.383364
14-Oct-14 -0.405691103 -1.483106626 0.537983
16-Oct-14 -0.264367816 -1.397849462 -1.19651
17-Oct-14 0.212619239 0.54525627 1.424878
20-Oct-14 -1.399469556 0.107142857 -0.13471
21-Oct-14 1.005714286 3.095892841 0.016782
22-Oct-14 -0.754527163 -1.36130137 -1.14332
23-Oct-14 0 0 -0.44131
27-Oct-14 1.303131991 -1.648917898 0.392315
28-Oct-14 1.110378188 3.531933133 1.201608
29-Oct-14 -2.000432526 0.024602263 -1.56644
30-Oct-14 0.974529347 -2.663793103 0.246349
31-Oct-14 1.352088104 -0.237487906 1.86972
03-Nov-14 2.155913978 -1.663763066 1.008304
05-Nov-14 -0.036726128 0.272049144 0.7259
07-Nov-14 0.685218119 -0.334801762 -0.81097
10-Nov-14 1.551546392 0.638184719 -0.60721
11-Nov-14 2.740977615 -1.50877193 1.142343
12-Nov-14 0.671936759 -0.983606557 -0.27738
13-Nov-14 -1.965686275 -0.324324324 -1.84925
14-Nov-14 1.48 3.509090909 1.612818
17-Nov-14 4.702970297 -3.037752414 4.344428
18-Nov-14 -0.104058273 -1.207207207 0.04227
19-Nov-14 -1.323529412 1.640086988 -1.81002
20-Nov-14 -1.772030651 6.861002488 -0.27472

21-Nov-14 0.74199806 0.362438221 1.561172

24-Nov-14 -0.292341608 -3.045395167 0.261585 64
25-Nov-14 -2.744928372 -0.722789116 -2.37661
26-Nov-14 0.212976721 2.794896276 0.521639
27-Nov-14 0.123274162 0.684873594 0.43447
28-Nov-14 6.296441142 2.319179111 4.842606
01-Dec-14 -0.765352887 -1.672131148 -0.9025
02-Dec-14 0.855535407 1.174398121 0.960801
03-Dec-14 0.382488479 2.909241608 -0.17732
04-Dec-14 -0.458631444 -0.150937401 0.257081
05-Dec-14 1.339510987 0.031555696 -0.14149
08-Dec-14 -2.075812274 -2.804107425 -1.6552
09-Dec-14 -3.088357492 -3.670103093 -2.42726
10-Dec-14 2.494981359 2.542665058 3.752327
11-Dec-14 0 1.141952155 -0.12712
12-Dec-14 -1.61095636 -3.027823241 -1.36006
15-Dec-14 0.227488152 -2.351443124 0.573614
16-Dec-14 -4.04376784 -5.493554806 -3.60945
17-Dec-14 1.01 3.804496223 2.148364
18-Dec-14 2.144240077 2.603448276 0.06461
19-Dec-14 -2.492970947 -3.377483444 -2.4661
22-Dec-14 1.169478528 0.659246575 0.596796
23-Dec-14 -0.72633552 -0.425278557 -0.62848
24-Dec-14 0.113367974 -0.11130137 0.17408
26-Dec-14 0.300469484 -0.444444444 0.866173
29-Dec-14 -0.876745373 3.641933288 -1.0534
30-Dec-14 1.433859707 7.589869281 0.75106
31-Dec-14 -0.101382488 -1.888059701 0.257142
15.01734475 10.03394

PRIVATE BANK(1.2)
65
date YES BANK HDFC BANK return(x)

01-Jan-14 0 0.00 0
02-Jan-14 -3.55431 -0.06 -1.76215
03-Jan-14 3.289657 0.00 0.75147
06-Jan-14 -1.22642 0.74 -1.12132
07-Jan-14 -0.97627 0.49 -0.55011
08-Jan-14 -2.08219 0.80 -0.16303
09-Jan-14 -1.59798 -0.14 -0.88943
10-Jan-14 -2.83326 0.66 -1.49553
13-Jan-14 -1.79191 1.95 1.913608
14-Jan-14 1.34621 0.89 -0.36627
15-Jan-14 0.871429 2.72 1.138161
16-Jan-14 0.126192 1.37 -0.84739
17-Jan-14 -1.36083 -1.40 -1.523
20-Jan-14 2.657523 -1.14 0.8946
21-Jan-14 0.512465 0.02 0.943793
22-Jan-14 -1.02754 0.35 0.386054
23-Jan-14 -0.47334 2.39 0.136359
24-Jan-14 -2.01494 -0.51 -0.73035
27-Jan-14 -5.79795 -0.24 -2.42448
28-Jan-14 1.199377 -0.16 -0.32159
29-Jan-14 -2.10494 -1.30 -1.62254
30-Jan-14 -2.01278 2.21 -1.30931
31-Jan-14 0.309446 -2.46 0.433608
03-Feb-14 -2.48619 -1.65 -1.01269
04-Feb-14 2.378543 0.79 2.078899
05-Feb-14 0.099043 -0.39 0.156622
06-Feb-14 0.180921 -0.56 -0.50599
07-Feb-14 0.43881 -0.93 -0.47275
10-Feb-14 -0.98087 -2.28 -0.71398
11-Feb-14 -0.43895 1.41 0.032708
12-Feb-14 -1.9722 0.83 0.399705
13-Feb-14 -3.44037 -1.82 -2.17167
14-Feb-14 1.161616 0.98 0.341725
17-Feb-14 1.044603 1.60 1.070749
18-Feb-14 0.718954 3.16 2.429693
19-Feb-14 -0.64704 0.21 0.58066
20-Feb-14 -0.90312 -0.98 -0.82737
21-Feb-14 0.658111 1.05 1.199026

24-Feb-14 -0.66993 1.66 1.660965

25-Feb-14 -1.19281 -0.45 -0.70191 66
26-Feb-14 -0.13201 0.63 0.667968
28-Feb-14 -0.11472 0.87 -0.26775
03-Mar-14 -0.01652 -0.30 -0.49975
04-Mar-14 4.893617 1.34 2.510458
05-Mar-14 1.974699 0.38 1.01205
06-Mar-14 3.672062 0.95 1.172898
07-Mar-14 7.727599 1.24 4.638622
10-Mar-14 1.561249 1.09 2.745544
11-Mar-14 -2.9281 0.34 -0.73236
12-Mar-14 -1.28378 0.99 0.218789
13-Mar-14 -1.78038 0.85 0.655759
14-Mar-14 -0.15428 0.18 0.595352
18-Mar-14 1.182033 -0.88 0.179026
19-Mar-14 -0.31335 1.37 -0.03527
20-Mar-14 -1.3624 -2.32 -1.17921
21-Mar-14 -0.30433 -1.06 0.073654
24-Mar-14 3.622198 1.79 2.253876
25-Mar-14 -0.17105 1.81 0.37368
26-Mar-14 5.019608 -0.76 -0.08859
27-Mar-14 -2.33019 0.53 0.350691
28-Mar-14 1.669805 -0.48 0.484116
31-Mar-14 1.422615 0.34 -0.8825
01-Apr-14 -1.61774 0.43 -1.69957
02-Apr-14 1.434599 1.03 0.323093
03-Apr-14 -1.7855 0.56 -1.45884
04-Apr-14 2.850183 -0.76 0.226777
07-Apr-14 1.457864 0.08 -0.44498
09-Apr-14 3.975286 2.27 2.733629
10-Apr-14 -0.23438 0.24 0.092754
11-Apr-14 -0.23649 -0.15 0.139991
15-Apr-14 -5.73034 -3.06 -1.95316
16-Apr-14 -2.80095 -1.49 0.04579
17-Apr-14 1.682927 0.78 1.772447
21-Apr-14 4.198565 -0.01 0.881256
22-Apr-14 -0.95781 -0.26 -0.01886
23-Apr-14 0.580866 0.87 1.240226
25-Apr-14 5.203416 1.03 -0.76135
28-Apr-14 -1.4155 -0.33 0.326713
29-Apr-14 -2.887 0.71 -1.50295
30-Apr-14 -2.38122 0.90 -0.69712

02-May-14 -0.10135 1.45 -0.60641

05-May-14 -0.82393 -2.59 0.305652 67
06-May-14 1.248581 -1.62 0.035104
07-May-14 -2.16368 -3.22 -0.05176
08-May-14 0.968771 -0.99 0.420943
09-May-14 9.988636 3.58 5.583027
12-May-14 0.920245 1.50 2.058184
13-May-14 3.651237 0.04 -0.72674
14-May-14 -0.00957 -2.32 0.584443
15-May-14 -0.33327 1.94 0.35563
16-May-14 1.624953 -3.72 1.208809
19-May-14 2.543143 1.86 1.264968
20-May-14 -4.02173 2.07 -1.56628
21-May-14 -2.8 0.08 -1.1536
22-May-14 3.572754 -2.22 0.304133
23-May-14 0.561497 0.64 1.28415
26-May-14 -2.94376 -0.17 -1.65922
27-May-14 -0.70729 -2.54 -0.37975
28-May-14 2.344035 -1.09 0.648399
29-May-14 -1.7948 -0.36 -0.916
30-May-14 1.633054 -2.47 -1.98568
02-Jun-14 0.174216 2.44 3.386885
03-Jun-14 -0.21552 1.64 -0.51089
04-Jun-14 0.198276 -1.79 0.736468
05-Jun-14 -1.16179 0.97 0.206877
06-Jun-14 0.181034 2.44 0.891875
09-Jun-14 -2.73504 0.43 -0.37119
10-Jun-14 -0.09692 1.50 -1.0112
11-Jun-14 -2.18599 0.58 0.093936
12-Jun-14 -1.96836 3.16 0.055641
13-Jun-14 -3.43312 -0.03 -2.57855
16-Jun-14 1.704545 -1.37 -0.16738
17-Jun-14 3.721455 0.87 2.608736
18-Jun-14 -1.63043 -0.68 -0.9701
19-Jun-14 -0.3142 0.93 -1.40459
20-Jun-14 0.473274 -0.08 -0.44343
23-Jun-14 0.944088 -0.35 0.413941
24-Jun-14 0.522523 2.41 1.103858
25-Jun-14 -2.8853 -0.35 -0.54239
26-Jun-14 -1.54412 -2.32 -1.2927
27-Jun-14 0.234962 -0.40 -0.66193
30-Jun-14 1.622128 0.90 1.213884

01-Jul-14 2.628424 -0.62 0.212901

02-Jul-14 1.583184 1.69 0.166833 68
03-Jul-14 -1.79976 0.03 -0.39387
04-Jul-14 -0.49107 1.34 0.630064
07-Jul-14 -2.76882 0.75 -1.42339
08-Jul-14 -2.99815 0.49 -2.84957
09-Jul-14 -2.92088 -0.45 -0.51405
10-Jul-14 2.845765 0.97 -0.79183
11-Jul-14 -3.96422 -2.50 -2.36333
14-Jul-14 2.735294 -0.45 -0.12648
15-Jul-14 0.97723 -0.97 1.986392
16-Jul-14 0.622677 -0.71 1.539848
17-Jul-14 1.468401 -0.17 0.066191
18-Jul-14 1.587156 1.05 1.452634
21-Jul-14 0.441441 2.46 -0.79981
22-Jul-14 -2.60412 2.21 -0.08419
23-Jul-14 -2.97425 -0.07 -0.3252
24-Jul-14 1.405959 0.23 0.407204
25-Jul-14 -0.90107 2.18 -1.11392
28-Jul-14 -0.85952 0.13 -1.2166
30-Jul-14 1.072761 2.01 1.286035
31-Jul-14 0.566914 -1.36 -1.16715
01-Aug-14 -0.14898 -1.83 -0.06474
04-Aug-14 0.817692 -1.25 0.000656
05-Aug-14 0.018365 1.78 0.06314
06-Aug-14 -1.16749 -0.73 -1.31764
07-Aug-14 -1.19688 0.18 -0.11996
08-Aug-14 -0.8086 0.79 -0.44499
11-Aug-14 0.735988 3.00 -0.08042
12-Aug-14 1.469767 3.59 0.755497
13-Aug-14 0.211397 2.06 -0.64202
14-Aug-14 -1.45919 -2.35 0.905766
18-Aug-14 3.710575 -0.66 2.252031
19-Aug-14 2.557272 -2.86 0.113497
20-Aug-14 0.47373 -1.97 -0.54636
21-Aug-14 -0.93103 -1.26 1.206423
22-Aug-14 1.17851 -1.92 0.765014
25-Aug-14 -1.48464 0.98 -0.93915
26-Aug-14 0.477876 0.56 0.601713
27-Aug-14 0.262077 0.77 -0.17751
28-Aug-14 -0.75521 0.56 -0.11201
01-Sep-14 4.118674 -2.34 1.409414

02-Sep-14 1.508333 0.68 0.503435

03-Sep-14 2.315876 -0.67 -0.60801 69
04-Sep-14 -0.55386 1.33 -0.43067
05-Sep-14 -1.35484 -2.31 -0.29912
08-Sep-14 0.935872 -1.23 0.761617
09-Sep-14 0.927419 -0.44 -0.09306
10-Sep-14 -0.05634 -1.42 -0.13448
11-Sep-14 0.555019 -0.73 0.042291
12-Sep-14 1.264101 0.89 0.284736
15-Sep-14 -3.792 -1.51 0.055079
16-Sep-14 -2.43696 -0.85 -1.95907
17-Sep-14 1.060345 -0.06 -0.5541
18-Sep-14 2.520066 4.04 2.396261
19-Sep-14 -1.9697 1.18 -0.27998
22-Sep-14 0.92845 2.14 0.884595
23-Sep-14 -1.63727 -0.99 -1.80031
24-Sep-14 -2.00017 -0.90 -0.90125
25-Sep-14 -3.33215 0.40 -2.49482
26-Sep-14 6.241897 -0.80 2.256124
29-Sep-14 -1.12174 -0.68 -1.0418
30-Sep-14 -1.67254 2.34 -0.31798
01-Oct-14 -0.42819 0.03 -0.35457
07-Oct-14 -0.9246 -2.60 -0.22347
08-Oct-14 1.213947 -0.14 1.412063
09-Oct-14 3.232143 1.72 1.988098
10-Oct-14 -0.24403 -2.76 -0.95908
13-Oct-14 3.126376 1.58 2.062406
14-Oct-14 -0.33163 -1.87 -0.24951
16-Oct-14 0.719178 -1.96 -0.94803
17-Oct-14 2.265926 1.44 2.00066
20-Oct-14 0.367888 0.90 -0.26507
21-Oct-14 1.620257 -0.18 0.892399
22-Oct-14 -1.06688 0.28 -0.75858
23-Oct-14 0 0.00 -0.23231
27-Oct-14 3.564819 -0.31 0.10702
28-Oct-14 -0.36519 0.93 0.358272
29-Oct-14 -0.69984 -0.47 -0.81186
30-Oct-14 3.248423 1.89 0.924638
31-Oct-14 2.648162 3.67 1.383499
03-Nov-14 -1.03574 1.11 0.275648
05-Nov-14 -1.12832 -2.24 0.88074
07-Nov-14 0.237142 -0.11 -0.11401

10-Nov-14 -0.76482 1.68 -0.58884

11-Nov-14 0.170244 1.40 0.717874 70
12-Nov-14 3.14271 1.12 0.719299
13-Nov-14 -1.75637 -1.39 -1.08981
14-Nov-14 -0.88362 -0.67 0.665787
17-Nov-14 -0.14486 0.00 0.39097
18-Nov-14 0.528986 -2.50 0.168054
19-Nov-14 -1.87986 1.01 -0.8656
20-Nov-14 -1.00278 0.61 -0.02436
21-Nov-14 1.846087 1.19 1.62401
24-Nov-14 -1.11127 0.50 0.845901
25-Nov-14 -3.14775 1.25 -1.23152
26-Nov-14 1.372505 0.61 0.343858
27-Nov-14 1.346999 0.01 0.187896
28-Nov-14 2.363112 0.49 2.382151
01-Dec-14 0.591216 -2.03 -0.33168
02-Dec-14 0.560224 -0.97 0.656912
03-Dec-14 3.293872 -1.59 0.518066
04-Dec-14 2.331379 0.27 0.128206
05-Dec-14 -0.92763 -0.46 -0.37631
08-Dec-14 -1.96667 -1.11 -1.5682
09-Dec-14 -2.24796 -0.43 -1.13135
10-Dec-14 0.160637 -0.83 1.539066
11-Dec-14 -1.69456 -0.85 -0.1221
12-Dec-14 -1.15113 -1.72 -0.61883
15-Dec-14 1.774425 5.97 1.078028
16-Dec-14 -1.76802 -3.45 -2.293
17-Dec-14 -0.12368 0.09 0.582696
18-Dec-14 3.076923 -0.39 0.485799
19-Dec-14 -0.20604 0.56 -0.36019
22-Dec-14 1.905089 2.35 0.996641
23-Dec-14 -1.15591 -2.23 -0.76306
24-Dec-14 0.902307 -2.41 -0.25508
26-Dec-14 -0.06064 0.66 -0.24378
29-Dec-14 -0.45576 0.51 -0.32949
30-Dec-14 3.144358 0.84 0.400038
31-Dec-14 0.907429 0.07 0.412924
28.61322 27.13 18.77061

Pharmaceutical sector(1.3)
71
Date Strides piramal return(x)

01-Jan-14 0 0 0
02-Jan-14 1.616245 -1.18456 -0.48549
03-Jan-14 0.136986 -1.14765 0.615132
06-Jan-14 -0.59995 1.535649 -0.08632
07-Jan-14 0.027382 -0.01805 -0.18568
08-Jan-14 -1.59422 -0.6401 0.784291
09-Jan-14 0.595403 0.191257 0.544809
10-Jan-14 -0.44432 -0.28146 0.148691
13-Jan-14 -0.49143 -0.00909 -0.65672
14-Jan-14 1.8 0.925756 0.853793
15-Jan-14 1.388503 2.793651 -0.16009
16-Jan-14 1.780822 0.241632 -1.13201
17-Jan-14 0.040541 0.936853 0.044799
20-Jan-14 3.63388 0.115875 0.040976
21-Jan-14 -1.16829 -2.50379 -0.77807
22-Jan-14 -0.35639 2.438134 1.483981
23-Jan-14 3.095238 -2.2913 0.235992
24-Jan-14 -1.82421 -0.61807 -0.79938
27-Jan-14 -1.66274 1.023702 -0.06711
28-Jan-14 0.106525 -3.65809 -1.1177
29-Jan-14 0.79565 2.210773 0.09989
30-Jan-14 0.507886 -0.51941 -0.25444
31-Jan-14 -0.27881 0.306859 -0.08628
03-Feb-14 -0.41196 -0.90909 1.234889
04-Feb-14 1.428379 -0.71949 -0.77398
05-Feb-14 0.41383 -0.99109 -0.14898
06-Feb-14 0.797554 0.523897 -0.37777
07-Feb-14 -3.01679 -2.19751 1.007898
10-Feb-14 -2.65759 -2.19314 0.30791
11-Feb-14 1.341261 -2.0822 -0.99499
12-Feb-14 1.124366 -2.65649 -0.82395
13-Feb-14 -0.71135 -0.65672 -1.32005
14-Feb-14 -0.71972 -2.43493 -0.83115
17-Feb-14 -0.92695 -0.96701 0.540635
18-Feb-14 0.872871 -0.35258 0.171505
19-Feb-14 0.365477 0.365349 0.89987
20-Feb-14 -0.40616 -1.2464 0.428334
21-Feb-14 -0.76816 2.635122 -0.45407
24-Feb-14 -1.52405 -1.0848 1.433821
25-Feb-14 -0.21246 -1.45368 -0.22756

26-Feb-14 -1.41323 -0.57848 0.635405

28-Feb-14 -0.35511 9.878254 2.175859 72
03-Mar-14 -0.92593 -1.52995 -1.97961
04-Mar-14 0.071839 -0.48671 -0.38828
05-Mar-14 6.460876 -1.09472 -0.66075
06-Mar-14 1.245647 -1.27846 -0.38442
07-Mar-14 -2.60629 -1.73091 -2.24465
10-Mar-14 0.702893 -0.39844 -1.63941
11-Mar-14 0.96206 -0.64762 -0.95991
12-Mar-14 -1.86327 -1.21881 1.067579
13-Mar-14 -1.2076 0.566075 -1.61958
14-Mar-14 -1.70812 0.097838 1.293028
18-Mar-14 -0.02771 -1.32634 -0.42727
19-Mar-14 -0.79912 -0.50212 -0.08638
20-Mar-14 -0.29086 0.359084 0.49664
21-Mar-14 0.167271 -0.29693 -0.68615
24-Mar-14 2.485606 -0.01923 -0.53379
25-Mar-14 3.841388 0.421456 -0.10195
26-Mar-14 3.171053 0.961905 -2.49994
27-Mar-14 0.604891 0.569692 -1.33437
28-Mar-14 0.153649 0.364895 0.177851
31-Mar-14 -1.76396 1.199262 -0.60895
01-Apr-14 -1.20544 -2.79174 0.022194
02-Apr-14 9.624352 -0.37618 1.030982
03-Apr-14 -1.58638 0.787919 0.867731
04-Apr-14 0.224057 -1.91667 -0.20168
07-Apr-14 7.735452 -0.79887 -0.76845
09-Apr-14 0.806452 1.691871 1.934137
10-Apr-14 -3.67021 2.803825 -2.0875
11-Apr-14 0.29476 3.53024 0.713803
15-Apr-14 -1.9027 -0.86993 -1.2116
16-Apr-14 0.1541 1.322594 -0.62009
17-Apr-14 -1.12323 0.865225 0.627209
21-Apr-14 1.040982 -2.12888 -0.69399
22-Apr-14 -0.41121 -1.7893 0.356985
23-Apr-14 1.779282 0.111397 0.559269
25-Apr-14 12.02256 -1.58974 -0.15871
28-Apr-14 3.248106 -0.48759 1.604964
29-Apr-14 -1.76364 -0.04448 -0.50566
30-Apr-14 -4.22833 -3.04905 0.397251
02-May-14 0.52361 1.111008 0.722973
05-May-14 -2.27704 1.940492 -0.74577
06-May-14 -0.71298 -2.79439 -0.31738
07-May-14 0.126152 2.566372 -0.24536

08-May-14 -2.90944 0.042416 -0.5376

09-May-14 -1.46385 1.601363 -0.3149 73
12-May-14 -1.45325 -0.95557 -1.02865
13-May-14 2.153307 1.020321 -1.49195
14-May-14 2.625755 -1.07625 -0.4478
15-May-14 -1.87126 0.403904 -0.5186
16-May-14 -1.96835 0.803383 -1.51007
19-May-14 0.444984 -0.11758 -3.93073
20-May-14 1.913444 2.335188 1.539522
21-May-14 2.896282 1.177924 -0.57392
22-May-14 0.518966 2.401639 -0.13435
23-May-14 0.055866 2.231464 0.457399
26-May-14 -2.94004 -3.15994 -1.8574
27-May-14 1.498994 -1.88604 0.269723
28-May-14 2.073413 -1.7534 -0.44069
29-May-14 -2.2758 3.188973 0.299514
30-May-14 -0.60158 7.565632 2.83044
02-Jun-14 1.560481 3.281481 -1.681
03-Jun-14 4.466575 1.004263 -0.41652
04-Jun-14 -0.45429 1.156069 -0.09389
05-Jun-14 2.824806 1.457143 0.171514
06-Jun-14 8.565755 0.076923 0.466803
09-Jun-14 1.482702 -0.27855 0.335889
10-Jun-14 -0.70343 -0.75335 1.17325
11-Jun-14 0.323572 -1.78323 0.157783
12-Jun-14 1.472236 0.816385 0.963249
13-Jun-14 -4.29534 -0.35758 -0.01628
16-Jun-14 3.465267 0.173888 0.671271
17-Jun-14 -1.88518 1.386659 -0.0199
18-Jun-14 -2.00664 4.841378 0.115088
19-Jun-14 -3.25675 -1.77112 0.546759
20-Jun-14 -2.19008 -0.34626 -0.85968
23-Jun-14 0.951178 -0.50265 0.212647
24-Jun-14 0.207022 -1.88693 -0.38258
25-Jun-14 3.683073 -0.5286 0.682
26-Jun-14 -0.04811 0.944363 0.358958
27-Jun-14 0.398089 0.532031 1.830538
30-Jun-14 -0.94295 0.369244 1.417471
01-Jul-14 1.698446 0.889628 -0.52332
02-Jul-14 1.926101 -0.33668 1.720876
03-Jul-14 2.937117 -0.22987 0.934407
04-Jul-14 -1.5037 0.624955 0.306171
07-Jul-14 -0.76324 0.712179 0.585398
08-Jul-14 -4.67919 0.077959 -1.15146

09-Jul-14 -1.67227 -0.88527 -1.15994

10-Jul-14 2.327448 -1.08511 0.425216 74
11-Jul-14 0.57744 -1.95125 1.73264
14-Jul-14 -0.64184 -0.16429 -0.53811
15-Jul-14 1.754247 -2.7079 -0.34946
16-Jul-14 1.728972 2.316206 0.426886
17-Jul-14 1.316691 0.607477 0.762413
18-Jul-14 -1.54391 -0.80371 -0.0034
21-Jul-14 1.411443 -0.41696 -0.3627
22-Jul-14 0.074239 0.477669 0.726061
23-Jul-14 -0.37666 0.443705 -0.40004
24-Jul-14 -1.26106 -0.17206 -0.14445
25-Jul-14 -0.38806 -2.43387 2.609401
28-Jul-14 -3.24651 2.282258 0.258157
30-Jul-14 2.544747 -0.07813 1.588622
31-Jul-14 1.471715 1.51681 0.320518
01-Aug-14 0.467791 1.407465 -0.92976
04-Aug-14 1.030534 0.022971 -0.48074
05-Aug-14 -0.2968 -0.90069 0.214177
06-Aug-14 1.090127 4.592951 -0.75283
07-Aug-14 2.162411 -2.30312 -0.09097
08-Aug-14 1.182535 -0.81184 0.948053
11-Aug-14 -1.66855 0.6621 -0.65947
12-Aug-14 0.764117 -1.43656 1.133278
13-Aug-14 -0.72948 2.653525 1.204813
14-Aug-14 0.752284 0.217066 1.025397
18-Aug-14 -0.58927 2.8125 1.796015
19-Aug-14 0.216836 0.58832 0.621553
20-Aug-14 2.577279 1.737712 3.169637
21-Aug-14 3.193111 -0.15972 0.427625
22-Aug-14 -2.58544 -0.49295 0.257287
25-Aug-14 1.254724 -1.70613 0.271234
26-Aug-14 -1.44245 -1.13861 1.238553
27-Aug-14 -0.6773 -3.09205 -0.31422
28-Aug-14 -0.4922 1.308343 -0.32525
01-Sep-14 0.667071 -0.25009 -0.22526
02-Sep-14 -0.12048 -3.78056 2.049586
03-Sep-14 -0.30075 5.198238 -0.05223
04-Sep-14 3.326529 0.982168 0.4004
05-Sep-14 -0.19622 1.583368 -0.07938
08-Sep-14 3.154002 0.568105 0.557213
09-Sep-14 -1.34535 0.733627 -0.02713
10-Sep-14 -0.50562 -2.42779 -0.29439
11-Sep-14 0.258128 0.094403 -1.63424

12-Sep-14 0.116598 0.006739 0.894623

15-Sep-14 -0.00677 -0.88012 0.669968 75
16-Sep-14 -4.49393 2.497663 -1.30684
17-Sep-14 0.076902 1.171171 -0.51936
18-Sep-14 1.743375 0.669643 1.214802
19-Sep-14 -1.83068 -2.2554 0.146617
22-Sep-14 0.354167 -2.29517 -0.52937
23-Sep-14 -3.39123 -0.07171 -2.70843
24-Sep-14 0.277817 3.214355 1.251593
25-Sep-14 -9.06026 -2.00498 0.066982
26-Sep-14 -0.20218 -3.1904 1.388319
29-Sep-14 7.638462 1.105263 1.693869
30-Sep-14 -0.76415 -1.73718 0.997202
01-Oct-14 -0.70932 -0.8039 -0.5847
07-Oct-14 2.667313 -2.30636 -2.09979
08-Oct-14 -0.12733 -4.6875 -3.36442
09-Oct-14 0.306299 1.652304 0.925682
10-Oct-14 1.3249 0.460047 0.453153
13-Oct-14 2.122396 -0.29494 -1.03856
14-Oct-14 0.745891 0.262225 0.455214
16-Oct-14 -5.94477 0 -0.78818
17-Oct-14 2.046154 -3.65088 1.240339
20-Oct-14 -3.26866 -0.48655 0.57782
21-Oct-14 1.079193 0.65581 -0.35509
22-Oct-14 -1.08149 -0.34682 0.875335
23-Oct-14 0.684932 -0.13858 -0.09226
27-Oct-14 -1.48402 7.015279 -0.4743
28-Oct-14 0.809528 -0.65364 1.167429
29-Oct-14 2.990136 3.852642 -0.88212
30-Oct-14 0.32907 2.75799 0.184059
31-Oct-14 -1.27407 2.101665 1.643152
03-Nov-14 0.380597 1.079477 -0.23205
05-Nov-14 -1.24104 0.483486 0.89714
07-Nov-14 0.312036 0.55918 2.921817
10-Nov-14 0.272099 1.16308 0.326148
11-Nov-14 0.102677 -1.12546 -0.10964
12-Nov-14 0.662686 3.411043 -1.06455
13-Nov-14 1.092582 -2.47017 0.492541
14-Nov-14 -1.31171 -0.41639 -1.65845
17-Nov-14 2 -0.03071 0.016539
18-Nov-14 1.601399 -0.93276 -0.66167
19-Nov-14 -0.41068 1.871102 -0.30041
20-Nov-14 0.169377 0.130332 0.566203
21-Nov-14 0.977089 -0.14787 -0.29583

24-Nov-14 0.13231 -0.14718 -0.67993

25-Nov-14 -2.94195 -2.228 0.4294 76
26-Nov-14 0.183673 -1.98403 -0.48755
27-Nov-14 6.318421 -0.31404 0.622087
28-Nov-14 6.560385 -0.5344 0.019996
01-Dec-14 5.992908 -2.62346 -0.46831
02-Dec-14 1.115427 1.256313 0.730654
03-Dec-14 0.975477 3.24574 -0.05781
04-Dec-14 0 0.379518 -0.43535
05-Dec-14 -3.70408 1.989051 -1.39553
08-Dec-14 -0.56854 0.508982 -0.43589
09-Dec-14 -4.51485 -3.64146 -1.10234
10-Dec-14 2.573198 2.930335 0.349409
11-Dec-14 3.589095 -3.28485 0.495224
12-Dec-14 -2.61855 -1.00249 -0.15305
15-Dec-14 0.539216 -0.10692 -0.12195
16-Dec-14 -2.68141 -1.14542 -2.17337
17-Dec-14 -2.16685 0.193287 -1.39881
18-Dec-14 -0.6637 2.719638 0.484502
19-Dec-14 0.75264 1.782554 -0.26811
22-Dec-14 1.157254 1.132898 0.623661
23-Dec-14 0.092896 -0.19827 0.135342
24-Dec-14 -1.84153 0.445545 -1.20018
26-Dec-14 0.876706 -0.89963 0.120745
29-Dec-14 0.284651 0.771096 0.311776
30-Dec-14 -0.31556 1.958955 0.241716
31-Dec-14 4.9295 0.822349 0.593004
65.19119 19.05227 2.323694

Textiles sector(1.4)
77
DATE return return RETURN(X)
01-Jan-14 0 0 0
02-Jan-14 0 0.15534 -1.27118
03-Jan-14 0 0.178891 0.267977
06-Jan-14 0 0 -0.4726
07-Jan-14 0 -1.80676 -0.67135
08-Jan-14 0 0 -0.05584
09-Jan-14 0.025102 0 -0.21596
10-Jan-14 0 0 -0.11976
13-Jan-14 -0.00294 0.84 1.344201
14-Jan-14 -0.06467 0.441767 -0.29392
15-Jan-14 0.07275 0.74 0.876962
16-Jan-14 0.011762 -0.69513 -0.35403
17-Jan-14 0.012621 -0.05996 -0.70723
20-Jan-14 -0.03855 0 0.673933
21-Jan-14 0 -2.55682 -0.10047
22-Jan-14 -0.01495 -2.87584 0.473922
23-Jan-14 0.067708 -0.38783 0.311416
24-Jan-14 0.049235 -2.04918 -0.55382
27-Jan-14 0.034184 0.51053 -0.81551
28-Jan-14 0.07169 1.702128 -0.09133
29-Jan-14 -0.06435 0.847458 -0.66142
30-Jan-14 -0.02045 -1.68067 0.110433
31-Jan-14 0.014939 0 0.11097
03-Feb-14 -0.02523 0 -0.94078
04-Feb-14 0.024132 -0.84388 0.89616
05-Feb-14 0.008974 0.212314 0.302286
06-Feb-14 0.018541 -0.21177 0.131877
07-Feb-14 0.009489 0 -0.23776
10-Feb-14 0.016992 -0.02125 -0.31863
11-Feb-14 -0.01893 0.214133 -0.16056
12-Feb-14 0.007143 0 -0.02218
13-Feb-14 0.001654 4.246862 -1.42011
14-Feb-14 0.021879 -3.49515 0.408383
17-Feb-14 0 -1.18812 0.267455
18-Feb-14 -0.0099 4.329638 0.919078
19-Feb-14 0.014493 0 0.337571
20-Feb-14 0.024286 0 -0.58265
21-Feb-14 0.010905 -0.02005 0.771901
24-Feb-14 0.023875 -2 0.735228
25-Feb-14 0.055333 1.449275 -0.09105
26-Feb-14 -0.03736 -1.5121 0.586059
28-Feb-14 0.007234 -6.50888 0.778685

03-Mar-14 0.009735 2.457309 -0.68483

04-Mar-14 0.007807 2.43701 1.306149 78
05-Mar-14 -0.00925 -0.16136 0.00316
06-Mar-14 -0.02137 2.97275 0.888924
07-Mar-14 -0.07524 -0.56135 1.757108
10-Mar-14 0.013553 1.282565 0.701665
11-Mar-14 -0.00917 -0.02 -0.3893
12-Mar-14 -0.00909 0 0.298576
13-Mar-14 -0.03736 0.302358 0.020796
14-Mar-14 -0.09364 0 0.883322
18-Mar-14 -0.02392 -3.34429 -0.24187
19-Mar-14 0.005673 -1.58 -0.09112
20-Mar-14 -0.07561 0.4 -0.38796
21-Mar-14 0.02338 1.2 -0.33767
24-Mar-14 -0.0236 -1.3215 1.121266
25-Mar-14 -0.02281 1.938837 0.605334
26-Mar-14 0.023679 1.6 -0.2154
27-Mar-14 -0.00688 0 0.433231
28-Mar-14 0.003636 0 0.342422
31-Mar-14 -0.0268 -3.15869 -0.28186
01-Apr-14 0.010646 0 -0.12557
02-Apr-14 -0.02045 0 -0.07473
03-Apr-14 0.004608 -0.82692 -0.53086
04-Apr-14 -0.01407 -0.38536 -0.70455
07-Apr-14 -0.02182 -1.34007 0.011951
09-Apr-14 0.009767 0.059725 1.103838
10-Apr-14 0.013017 -1.81641 -0.09775
11-Apr-14 0.013182 1.170403 0.265597
15-Apr-14 0.002045 1.40625 -0.87741
16-Apr-14 0.006157 2.333333 -0.77223
17-Apr-14 0.036895 -1.38143 1.253837
21-Apr-14 0.03658 0.691909 0.418308
22-Apr-14 -0.00275 1.032282 -0.11066
23-Apr-14 0.002122 0.633147 0.257209
25-Apr-14 -0.01632 1.949246 -1.06552
28-Apr-14 0.039139 3.267857 -0.25522
29-Apr-14 0.00279 -1.6899 -0.79406
30-Apr-14 -0.02742 -3.49375 -0.42454
02-May-14 0.0106 -0.58929 -0.22578
05-May-14 -0.01674 -1.49648 0.264905
06-May-14 -0.00442 2.722323 -0.05879
07-May-14 0.007755 1.932624 -0.83549
08-May-14 -0.00242 -1.64388 -0.15068
09-May-14 0.009442 0.178412 3.075524

12-May-14 0.017115 -2.84229 2.19789

13-May-14 -0.07588 0.660714 0.406073 79
14-May-14 -0.02539 1.321267 -0.0457
15-May-14 -0.05769 0.991885 0.166636
16-May-14 -0.00615 -1.07143 -0.92432
19-May-14 0.079334 4.270794 -0.18277
20-May-14 0.005714 0 -0.47128
21-May-14 0.002867 1.737871 -0.30172
22-May-14 0.042907 -0.01771 -0.18587
23-May-14 0.000817 0.086207 0.829398
26-May-14 -0.0402 -2.94456 -0.93825
27-May-14 0.006143 -3.64407 -0.61251
28-May-14 0.036139 -0.83481 0.064164
29-May-14 0.007258 1.028324 -1.10639
30-May-14 0.016054 -1.07914 -0.34322
02-Jun-14 0.018197 1.407434 1.355305
03-Jun-14 -0.01975 1.06383 0.549126
04-Jun-14 0.068081 1.261077 -0.20627
05-Jun-14 -0.00419 2.525424 1.004764
06-Jun-14 0.027519 1.368078 0.822974
09-Jun-14 0.035714 5.369236 0.432321
10-Jun-14 -0.01026 -1.51515 -0.29496
11-Jun-14 0.002632 -0.92879 -0.59369
12-Jun-14 -0.01135 -2.80374 0.112546
13-Jun-14 -0.0626 0.952381 -1.64445
16-Jun-14 -0.01521 1.781003 -0.01659
17-Jun-14 0.020296 0.354381 1.417266
18-Jun-14 0.020912 1.048387 -1.01951
19-Jun-14 -0.01588 0 -0.51913
20-Jun-14 -0.01895 2.167934 -0.42223
23-Jun-14 -0.03869 0 -0.27482
24-Jun-14 -0.01096 0 0.864914
25-Jun-14 0 2.224026 -0.25433
26-Jun-14 -0.00213 -2.2868 -0.80618
27-Jun-14 0.026964 0.177563 -0.07186
30-Jun-14 0.01237 0.290651 1.026009
01-Jul-14 0.00526 4.023726 0.074715
02-Jul-14 -0.01299 0.798935 0.547959
03-Jul-14 -0.02539 -2.04678 -0.25277
04-Jul-14 0.008622 -3.9233 0.434045
07-Jul-14 0.070939 -0.90361 0.086756
08-Jul-14 -0.07476 -4.98525 -2.31739
09-Jul-14 -0.02962 0 -0.69325
10-Jul-14 0.025556 -0.10849 -0.28658

11-Jul-14 -0.06853 -4.16923 -1.64159

14-Jul-14 -0.03577 4.370515 -0.19882 80
15-Jul-14 0.00158 -0.30211 0.471881
16-Jul-14 0.026293 1.840102 0.79652
17-Jul-14 0.019413 0.61194 0.364522
18-Jul-14 -0.00014 -1.98784 0.441008
21-Jul-14 0.013934 -5.13264 -0.22657
22-Jul-14 0.006264 -0.0597 0.773851
23-Jul-14 -0.02493 -3.60606 0.010905
24-Jul-14 -0.00233 0.90625 0.440596
25-Jul-14 -0.00452 0.625 -0.48223
28-Jul-14 -0.01709 -0.01562 -0.56718
30-Jul-14 0.007793 0 0.583512
31-Jul-14 -0.00945 4.625 -0.81378
01-Aug-14 0.006657 0.909091 -0.78173
04-Aug-14 0.046467 -0.11038 0.577259
05-Aug-14 -0.0345 2.4 0.517735
06-Aug-14 0.019715 -1.23077 -0.70022
07-Aug-14 0.009936 -0.92879 -0.02483
08-Aug-14 -0.06174 -2.61398 -0.26553
11-Aug-14 0.023307 0 0.080054
12-Aug-14 -0.03153 0.652174 0.497477
13-Aug-14 -0.04107 -0.92187 0.288313
14-Aug-14 0.011411 1.61802 0.458346
18-Aug-14 0.001171 -2.69461 1.143187
19-Aug-14 0.004532 2.685624 -0.0443
20-Aug-14 -0.00902 -0.625 -0.51163
21-Aug-14 0.023565 3.076435 0.199991
22-Aug-14 -0.01881 0.22187 0.109431
25-Aug-14 0.009587 2.949527 -0.32086
26-Aug-14 -0.02014 3.610848 0.384151
27-Aug-14 0.023333 0.015152 0.027099
28-Aug-14 -0.01634 2.983944 0.15235
01-Sep-14 -0.00814 1.835821 0.467439
02-Sep-14 -0.00259 3.478916 0.552957
03-Sep-14 -0.02255 -2.72981 0.046234
04-Sep-14 -0.01133 0.995384 -0.22491
05-Sep-14 0.044959 2.681118 -0.16111
08-Sep-14 0.041418 4.104683 0.503507
09-Sep-14 -0.00267 0 -0.10966
10-Sep-14 0.059946 0 -0.50949
11-Sep-14 0.002382 0.54023 -0.3629
12-Sep-14 -0.003 -6.09865 0.228143
15-Sep-14 0.028141 3.159145 -0.35129

16-Sep-14 -0.09247 -6.11364 -1.29035

17-Sep-14 -0.03575 -4.27184 0.050179 81
18-Sep-14 0.110135 -0.24331 2.063982
19-Sep-14 -0.02579 -0.1218 -0.09779
22-Sep-14 0.026827 1.95122 0.765049
23-Sep-14 0.016462 0.049739 -1.55751
24-Sep-14 -0.04574 -1.77113 -0.16406
25-Sep-14 -0.06345 1.376623 -1.14265
26-Sep-14 0.004489 0.172643 1.052518
29-Sep-14 -0.00628 0.651596 -0.24504
30-Sep-14 0.008462 0.01266 0.201288
01-Oct-14 -0.013 -3.20513 -0.1878
07-Oct-14 -0.02851 -2.25 -0.56981
08-Oct-14 -0.01007 0 0.178189
09-Oct-14 -0.01725 3.270908 0.938946
10-Oct-14 -0.01173 -0.54499 -0.6453
13-Oct-14 -0.0451 0.545068 0.67999
14-Oct-14 0.009319 -0.01316 -0.7478
16-Oct-14 -0.02046 -0.93421 -1.13687
17-Oct-14 -0.01709 1.829105 0.594149
20-Oct-14 -0.06098 0.723208 -0.22224
21-Oct-14 -0.01509 -2.23684 0.273205
22-Oct-14 0.011286 5.938436 -0.02376
23-Oct-14 0 0 -0.16381
27-Oct-14 0.044118 -3.80769 -0.90088
28-Oct-14 -0.03162 -0.26316 0.314906
29-Oct-14 -0.04931 0.529101 0.165902
30-Oct-14 -0.00343 -0.53792 1.038935
31-Oct-14 0.006756 3.504043 1.480343
03-Nov-14 -0.01739 -1.84211 -0.28749
05-Nov-14 -0.02585 0.255651 -0.15507
07-Nov-14 0.033955 -1.54242 0.061811
10-Nov-14 0.018 -0.81579 0.077359
11-Nov-14 -0.01582 -1.56168 0.102345
12-Nov-14 0.011198 1.289474 0.052513
13-Nov-14 -0.00956 0.581934 -0.56393
14-Nov-14 -0.02172 1.184211 0.349253
17-Nov-14 0.010104 0.76746 0.624821
18-Nov-14 0.01386 -0.02501 -0.18185
19-Nov-14 0.001471 -1.45679 -0.6913
20-Nov-14 -0.00814 2.945777 -0.05472
21-Nov-14 0.017377 0.992556 0.822411
24-Nov-14 -0.01283 1.629151 0.461668
25-Nov-14 -0.01662 -1.9802 -0.79359

26-Nov-14 0.008185 0.244499 0.301173

27-Nov-14 0.012798 0.113924 0.193446 82
28-Nov-14 -0.00704 -1.125 0.83893
01-Dec-14 0.011891 0 -0.57175
02-Dec-14 -0.00029 1.53944 -0.12595
03-Dec-14 0.101036 -0.13781 0.10494
04-Dec-14 0.010096 0.474881 -0.20973
05-Dec-14 -0.02592 1.25 -0.53528
08-Dec-14 -0.03235 -1.72457 -1.17583
09-Dec-14 -0.00086 0.191034 -1.16834
10-Dec-14 0.025626 1.518987 0.452029
11-Dec-14 0.010703 0.743399 -0.55104
12-Dec-14 -0.02192 0.344388 -0.93833
15-Dec-14 0.037291 0 0.721135
16-Dec-14 -0.05192 -2.64781 -1.28478
17-Dec-14 0.018513 -1.97299 -0.14177
18-Dec-14 0.013636 -3.84714 0.250648
19-Dec-14 -0.01407 -3.65085 -0.06379
22-Dec-14 -0.01022 0 0.835857
23-Dec-14 -0.00285 -1.06846 -0.69193
24-Dec-14 -0.00475 -3.15722 -1.18411
26-Dec-14 0.012544 1.351351 -0.04997
29-Dec-14 0.008542 -3.04925 0.384676
30-Dec-14 -0.00228 2.054974 -0.14588
31-Dec-14 -0.00042 0 0.470651
-0.25765 -0.13495 1.091432

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A portfolio construction using selected sector

B.R.C.M College Of Business Administration

Capital market theory & evaluation

Industrial Government Long term

 Industrial security market.

B.R.C.M College Of Business Administration

 Primary or new issue market

2) Long term loan market:

B.R.C.M College Of Business Administration

Indian capital market: an overview

Indian Stock Exchanges - An Umbrella Growth

B.R.C.M College Of Business Administration

Stock Exchanges in India

On account of the restrictive controls on cotton, bullion, seeds and other

B.R.C.M College Of Business Administration

Address Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai

B.R.C.M College Of Business Administration

Web Site www.bseindia.com

Trading Hours Monday - Friday, 9:55 am - 3:30 pm IST

Holidays Bakri-Id, Republic Day, Good Friday, Ambedkar Jayanti,

Securities Stocks, bonds, derivatives

Trading System Electronic

 establishing a nation-wide trading facility for equities, debt instruments and

B.R.C.M College Of Business Administration

India Index Services & Products Ltd. (IISL)

B.R.C.M College Of Business Administration

SENSEX, first compiled in 1986, was calculated on a "Market Capitalization-

B.R.C.M College Of Business Administration

B.R.C.M College Of Business Administration

Investment management is the professional management of various securities

Objective of portfolio management:

B.R.C.M College Of Business Administration

PROCESS OF PORTFOLIO MANAGEMENT

B.R.C.M College Of Business Administration

Analysis provides the investor with a set of worthwhile or desirable securities.

B.R.C.M College Of Business Administration

Having constructed the optimal portfolio, the investor has to constantly

The objective of constructing a portfolio and revising it periodically is earn

Expected return: Expected return is the anticipated return.

Realized return: Realized return is actually earned income of the investors.

B.R.C.M College Of Business Administration

Diversification is a techniques of reducing the risk involved in investment and portfolio

B.R.C.M College Of Business Administration

Risk Return relationship

Equity of venture capital funds

Equity of blue chip companies

Fixed Deposits of companies

Insurance companies/post office service

Risk free Return

How to minimize the risk?

B.R.C.M College Of Business Administration

Markowitz used mathematical programming and statistical analysis in order to

 Investor considers each alternative with probability distribution of expected return.

B.R.C.M College Of Business Administration

Optimal portfolio of sharpe:

Ci = σ2m * £ [(Ri – Rf)*βim] / σ2e

B.R.C.M College Of Business Administration

Formula for weightage:

Zi = βi2m[(Ri – Rf/ βim) – C*

B.R.C.M College Of Business Administration

B.R.C.M College Of Business Administration

B.R.C.M College Of Business Administration