A STUDY ON EQUITY ANALYSIS OF NABIL BANK LIMITED

A Project Work Report Proposal

By:
SABINA THAPA
T.U. Regd. No.:7-2-927-355-2018

Shwoyambhu International College

New baneshwor, kathmandu

[Group: Finance]

Submitted to

Faculty of Management, Research Committee

Tribhuvan University

Kathmandu, Nepal

In partial fulfillment of the requirement for the degree of

BACHELOR OF BUSINESS STUDIES (BBS)

Kathmandu, Nepal

October, 2022
Table of contents
1. Background.............................................................................................................................................1
2. Company Profile......................................................................................................................................3
2.1 Capital Structure:...............................................................................................................................4
2.2 Board Composition:...........................................................................................................................4
2.3 Organizational Structure of NABIL Bank............................................................................................5
3. Objective of the Study:............................................................................................................................6
4. Rationale.................................................................................................................................................6
5. Review....................................................................................................................................................6
5.1 Conceptual Review............................................................................................................................6
5.2 Literature Review..............................................................................................................................7
6. Methods.................................................................................................................................................11
6.1 Research Methodology....................................................................................................................11
6.2 Types of data used:..........................................................................................................................11
6.3 Tools and techniques of analysis:....................................................................................................12
6.4 Financial tools:.................................................................................................................................12
6.5 Statistical Tools:...............................................................................................................................13
7. Limitations............................................................................................................................................14
BIBLIOGRAPHY...........................................................................................................................................15
1. Background
Equity is the ownership interest of investors in a business firm. Investors can own equity shares
in a firm in the form of common stock or preferred stock. Equity ownership in the firm means
that the owner no longer owns 100% of the firm but shares ownership with others. On a
company’s balance sheet, equity is represented by these accounts: common stock, preferred
stock, paid-in capital and retained earnings. Equity can be calculated by subtracting total
liabilities from total assets.

Stock analysis is a term that refers to the evaluation of particular trading instrument sector or the
market as a whole. Stock analysis attempt to determine the future activity of an instrument,
sector or market. There are two basic types of stock analysis: fundamental analysis and technical
analysis. Fundamental analysis concentrates on data from sources including records, economic
reports, company assets and market share. Technical analysis focuses on the study of past market
action to predict future price movement.

For the purpose of equity investment, equity analysis is needed to be done. Equity investment
generally refers to buying and holding of shares of stock on a stock market by individuals and
firms in anticipation of income from dividend and capital gain as the value of the stock rises.
Investors can buy equity shares of a company from security market that is from primary market
or secondary market. Equities have the potential to increase in value over time. Research studies
have proved that investments in some shares with a longer tenure of investment have yielded far
superiors returns than any other investment. Purpose of equity analysis/research is to study
companies, analyze financials, and look at quantitative and qualitative aspects mainly for
decision: whether to invest or not.

The shareholders are the owners of the company they have to pay regular interest and principal at
the end. Stock/shares are playing a major role in acquiring capital to the business in return
investors are paid dividends to the shares they won. The more shares you own the more
dividends you receive. The role of equity analysis is to provide information to the market. An
efficient market relies on information a lack of information creates in efficiencies that results in
stocks being misrepresented. This study fills information gaps so that each individual investor

1
not needs to analyze every stock thereby making the markets more efficient. The study is need to
the performance of stocks through analysis in order to know the trend of a share, which helps in
2deciding whether to invest or not to invest in the security. The research studies provided that
investments in some shares with a longer tenure of investment have yielded far superior returns
than any other investment. However, this does not mean all equity investments would guarantee
similar high returns. Equities are high risk investments. One needs to study them carefully before
investing.

Grewal S.S & Navjot Grewall (1984) revealed some basic investment rules they warned the
investors not to buy unlisted shares, as stock exchanges do not permit trading in unlisted shares.
Another rule that they specify is not to buy inactive shares and the third rule according to them is
not buy shares in closely held companies because these shares tend to do less active than the
widely held ones since they have few number of shareholders.

Preethi Singh (1986) disclosed the basic rule for selecting the company to invest in the stocks.
The opinion and understanding that measures the return and risk is fundamental to the
investment process. Most of the investors are risk aware and to get more returns the investors has
to face greater risk. She concludes that the risk is fundamental to the process of investment. The
investor should evaluate the financial statements with special references to solvency,
profitability, EPS and efficiency of the company.

S.P. Kothari and Jay Shanken and Sloan (1995) shows that beta significantly explains cross
sectional variation in average returns, but that size also has incremental explanatory power. The
findings shown that statistically significant, the incremental benefit of size given beta is
surprisingly small economically.

Shalini Shukla (2015) conducted a study on performance of the Banking industry in India on the
bases of financial parameters. The study is conducted on 46 commercial Banks public and
private Banks sectors were in included on the size, growth, profitability and soundness and
suggested eleven financial performance indicators. The findings highlighted that public and
private sector Banks were not very much different in terms of size and growth parameters.

2
Kithinji (2010) has assessed the effect of credit risk management on the profitability of
commercial Banks in Kenya. Data on the amount of credit, level of non-performing loans and
profits were collected for the period 2004 to 2008. The findings revealed that the bulk of the
profits of commercial Banks are not influenced by the amount of credit and non- performing
loans, therefore suggesting that other variables other than credit and non- performing loans
impact on profits.

Kargi (2011) has evaluated the impact of credit risk on the profitability of Nigerian Banks.
Financial ratios as measures of Bank performance and credit risk were collected from the annual
reports and accounts of sampled Banks from 2004-2008 and analyzed using descriptive,
correlation and regression techniques. The findings revealed that credit risk management has a
significant impact on the profitability of Nigerian Banks. It concluded that Banks‟ profitability is
inversely influenced by the levels of loans and advances, non- performing loans and deposits
thereby exposing them to great risk of illiquidity and distress.

2.Profile of the Company

Commercial banks refer to those banks categorized into class ‘A’ under ‘Bank and Financial
Institution Act 2063’. Finance is the life blood of trade, commerce and industry. An institution
which accepts deposits, makes business loans, and offers related services. Commercial banks
also allow for a variety of deposit accounts, such as checking, savings, and time deposit.
These institutions are run to make a profit and owned by a group of individuals. In Nepal, Nepal
Rastra Bank is central bank of Nepal. Nepal Rastra bank, the governing body of banking and
financial institution has categorized the bank and financial institution in four distinct categories.
i.e. ‘A’ Class, ‘B’ Class, ‘C’ class and ‘D’ class institutions. Commercial banks are categorized
under ‘A’ class banks in Nepal. These categories of banks in Nepal differ according to capital
and service provided by them. Banks are guided by Companies Act and Banking and Financial
Instituition Act (BAFIA) in Nepal. Banks are under the proper control of Nepal Rastra Bank.

NABIL Bank Limited is the nation’s first private sector Bank, commencing its business since
July 1984. NABIL Bank was incorporated with the objective of extending international standard
modern Banking services to various sectors of the society. Pursuing its objective, The Bank
strives to be a one-stop solutions provider by offering a complete line of commercial banking

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products such as branch banking, treasury, trade, cards, remittance and investment
banking. Nabil Bank operates through its wide network of 230 branch offices, 254 ATMs,
numerous POS terminals, remittance agents spread across the nation. The Bank also has over 170
international correspondent banking relationships. The Bank operates its investment banking arm
through its subsidiary NabilInvestment Banking Ltd.

NABIL Bank, as a pioneer in introducing many innovative products and marketing concepts in
the domestic Banking sector, represents a milestone in the Banking history of Nepal as it started
an era of modern Banking with customer satisfaction measured as a focal objective while doing
business. Operations of the Bank including day-to-day operations and risk management are
managed by highly qualified and experienced management team. Bank is fully equipped with
modern technology which includes international standard Banking software that supports the E-
channels and E-transactions.

NABIL Bank is moving forward with a Mission to be “To be the 'Bank of 1st Choice'" for all its
stakeholders; Customers, Shareholders, Regulators, Communities and Staff. NABIL Bank is
determined in delivering excellence to its stakeholders in an array of avenues, not just one
parameter like profitability or market share. It is reflected in its Brand Promise “Together
Ahead”.  The entire NABIL Bank Team embraces a set of Values “C.R.I.S.P”, representing the
fact that NABIL Bank consistently strives to be Customer Focused, Result Oriented, Innovative,
Synergistic and Professional.

2.1 Capital Structure:

Authorized Share Capital: Rs. 8,000,000,000

Paid Up share Capital: Rs. 22,832,909,000

2.2 Board Composition:

NABIL Bank is managed by a team of professional Board of Directors. They are highly qualified
and experienced in the banking sector. Nabil Bank is directed in right path by these qualified

4
professionals. Formation of the Board is guided by Acts and Bye-Laws of the bank. The Board
of Directors consists of the following personalities:

Designation Name

Chief Executive Officer: Mr. Gyanendra Prasad Dhungana

Chief Finance Officer: Ms. Anjuli Shrestha

Chief Operating Officer: Mr. Ramesh Prasad Lohani

2.3 Organizational Structure of NABIL Bank

Organization Structure

Executive Board Risk

Board of Director Audit Committee
Committee Committee

Chairman Chief Executive Officer Director, Member Chairman

Director
Head Global Banking & Head Internal Audit, Member Secretary
Director Commercial Banking Member Secretary

Director Head Transaction Banking

Head Financial Markets &

Financial Market Sales

Head Human Resource

Senior Credit Officer & Chief

Risk Officer

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 Financial Controller

Communication officer

3. Objective of the Study

The study is mainly limited to the equity analysis of NABIL Bank Limited. Further objectives
are:

 To analyze the performance of stocks using financial ratios.

 To analyze the equity stocks using fundamental and technical analysis of the Bank.
 To find the risk involved in equity stocks of the Bank.
 To help the investors for choosing to make their investment in this Bank.

4. Rationale of the study

Stock/shares are playing a major role in acquiring capital to the business in return investors are
paid dividends to the shares they own. The role of equity analysis is to provide information to the
market. An efficient market relies on information; a lack of information creates in efficiencies
that result in stocks being misrepresented. This study fills information gaps so that each
individual investor not needs to analyze every stock thereby making the markets more efficient.
The study is need to the performance of stocks through analysis in order to know the trend of a
share, which helps in deciding whether to invest or not to invest in the security. The research
studies provided that investments in some shares with a longer tenure of investment have yielded
far superior returns than any other investment. However, this does not mean all equity
investments would guarantee similar high returns. Equities are high risk investments. One needs
to study them carefully before investing.

5. Review of the literature

5.1 Conceptual Review

Equity and shareholders' equity is not the same thing. While equity typically refers to the
ownership of a public company, shareholders' equity is the net amount of a company's total

6
assets and total liabilities, which are listed on the company's balance sheet. A stock or any other
security is representing an ownership interest. On a company balance sheet funds contributed by
the owners and the retained earnings also refereed as equity. In terms of investment strategies
equity is one of the principal assets. In finance the equity is ownership in any asset after all debts
associated with the asset are paid off. Dividend is a percentage of the face value of a share that a
company returns to its shareholders from its annual profits. Comparing the most other forms of
investments investing in equity shares offers the highest rate of returns if invested over a long
duration. Banks are the major part of any economic system. They provide a strong base to
Nepalese economy as well. Even in the share markets, the performance of Banks shares is of
great importance. Thus, the performance of the share market, the rise and the fall of market is
greatly affected by the performance of the Banking sector shares and this study revolves around
all factors, their understanding and a theoretical and technical analysis.

5.2 Literature Review

Grewal S.S & Navjot Grewall (1984) revealed some basic investment rules they warned the
investors not to buy unlisted shares, as stock exchanges do not permit trading in unlisted shares.
Another rule that they specify is not to buy inactive shares and the third rule according to them is
not buy shares in closely held companies because these shares tend to do less active than the
widely held ones since they have few number of shareholders.

Preethi Singh (1986) disclosed the basic rule for selecting the company to invest in the stocks.
The opinion and understanding that measures the return and risk is fundamental to the
investment process. Most of the investors are risk aware and to get more returns the investors has
to face greater risk. She concludes that the risk is fundamental to the process of investment. The
investor should evaluate the financial statements with special references to solvency,
profitability, EPS and efficiency of the company.

R. Thamaraiselvi, Anupama (2008) studied in their paper that the equity market at present is
booming, and with the Bull Run in our market and with FII's pouring money into our market
with Industrial expansion and Retail participants increasing, everything seems to be set right for
an "EQUITY BOOM" in India. So an individual who wants to earn superior return with

7
substantial amount of risk has to necessarily participate in equity market to get superior returns
in the short span of time. Therefore this project is all about guiding those investors who would
like to invest in NIFTY 50 with some useful insights about the Banking sector in the Indian
market and some company specific information which would help them in selecting their stock
and also it would help them in identifying the timing of the purchase, so that one can improve his
odd of making money. Hence, the study is an attempt to analyze, the stock price movements
based on the fundamental and technical approach in the Banking sector over a period of three
years and indicate the impact of various factors that affects the stock price. The fundamental
analysis basically throws light on the company on a broad scale, its management, its performance
over the years, its growth and its future prospects. Through the technical analysis tools like
Moving average, MACD and through various trends, it is possible to suggest the short and long
term trend of each stock. To conclude, some suggestions can be recommended based on the
findings for an easy and profitable investment experience in the current complex investors'
world.

S.P. Kothari and Jay Shanken and Sloan (1995) shows that beta significantly explains cross
sectional variation in average returns, but that size also has incremental explanatory power.
The findings shown that statistically significant, the incremental benefit of size given beta is
surprisingly small economically.

Sahil Jain (july-aug. 2012) analysed equity based mutual funds in India. An attempt has been
made to analyze the performance of equity based mutual funds. A total of 45 schemes offered by
2 private sector companies and 2 public sector companies, have been studied over the period
April 1997 to April 2012(15 years). The analysis has been made using the risk return relationship
and capital asset pricing model (CAPM). The overall analysis found that HDFC and ICICI have
been the best performance. UTI an average performer and LIC the worst performance which
gave below expected returns on the risk return relationship.

M.S. Annapoorna and Pradeepak gupta (Oct 2013) made a comparative analysis of returns of
mutual funds scheme ranked 1 by CRISIL. The main aim was to evaluate the performance of
mutual fund schemes ranked 1 by CRISIL and to compare these returns with SBI domestic term

8
deposit rates. The results obtained from the study clearly depicted that, in most of the cases the
mutual fund schemes have failed even to provide the return of SBI domestic term deposits.

T. Naryanaswamy & A.P. Muthulakshmi (2014) examined the relative efficiency of all the
private sector Banks in India form 2008 to 2013 data envelopment analysis methodology. Axis
Bank, Kotak Mahindra Bank, and ICICI Bank were relatively efficient in terms of technical
efficiency, pure technical efficiency, and scale efficiency. The average (overall) technical
inefficiency score during the study period was found to be 6%. In terms of pure technical
efficiency, apart from the above three Banks, HDFC Bank and National Bank were also
relatively efficient. The average (overall) pure technical inefficiency score during the study
period was found to be 5%. Positive correlation ranging from 0.7 to 0.95 was observed between
return on assets and different types of efficiencies during the study period (except for the year
2008-09). Negative correlation ranging from -0.3 to 0.5 was observed between non - performing
assets ratio and different types of efficiencies during the study period (except for the year 2008-
09).

Hanumantha Rao P, Subhendu Dutta (2014) observed that the last 5-6 years have been very
volatile for not only the Indian economy, but also for the entire world economy. Lots of investors
have lost their money as the stock prices have fallen flat all over the world during this period.
The Banking sector has always been one of the important sectors for investment. In the time of
uncertainty, when some are arguing that the economies are in the process of recovery, and while
others are opining that the world is set for another recession soon, the present article attempted to
study the fundamentals of the Banking sector in India. Their article considered the variables like
net operating margin (OPM), net profit margin (NPM), return on equity (RoE), earnings per
share (EPS), price earnings ratio (PER), dividends per share (DPS), and dividend payout ratio
(DPR) for a period of 6 years from 2006-07 to 2011- 12 for three major Banks in India - SBI,
ICICI Bank, and HDFC Bank. The paper also compared the fundamentals of SBI, ICICI Bank,
and HDFC Bank.

Shalini Shukla (2015) conducted a study on performance of the Banking industry in India on the
bases of financial parameters. The study is conducted on 46 commercial Banks public and

9
private Banks sectors were in included on the size, growth, profitability and soundness and
suggested eleven financial performance indicators. The findings highlighted that public and
private sector Banks were not very much different in terms of size and growth parameters. They
were not totally independent with the size, growth, profitability and soundness. Similarity has
been seen on these banks. This study focuses that banks are not totally indifferent among them.
Felix and Claudine (2008) have investigated the relationship between Bank performance and
credit risk management. It could be inferred from their findings that return on equity (ROE) and
return on assets (ROA) both measuring profitability were inversely related to the ratio of non-
performing loan to total loan of financial institutions thereby leading to a decline in profitability.
Fredrick (2012) has analyzed the impact of credit risk management on the financial performance
of commercial Banks in Kenya. The study has used CAMEL model as a proxy for credit risk
management. The author found that the strong impact of CAMEL (credit risk components) on
the financial performance of commercial Banks.

Paudel (2012) has examined the impact of credit risk management on the financial performance
of commercial Banks in Nepal using the financial report of 31 Banks for eleven years (2001-
2011). The methods of data analysis in the study were descriptive, correlation and multiple
regressions. The financial performance indicator used in the study was return on assets (ROA).
The predictors of the Banks‟ financial performance used in the study were: default rate, cost per
loan assets and capital adequacy ratio. The author asserts that all these parameters have an
inverse impact on Banks’ financial performance. However, among the risk management
indicators, default rate (NPLR) is the single most influencing predictor of Bank financial
performance in Nepal whereas cost per loan assets is not significant predictors of Bank
performance. The author concludes that credit risk management is crucial on the Bank
performance since it have a significant relationship with Bank performance.

Ahmed, Takeda and Shawn (1998) have found that loan loss provision has a significant positive
influence on non-performing loans. Therefore, an increase in loan loss provision indicates an
increase in credit risk and deterioration in the quality of loans consequently affecting Bank
performance adversely.

10
Mekasha (2001) has investigated credit risk management and its impact performance on
Ethiopian Commercial Banks. The researcher used 10 years panel data from the selected
commercial Banks for the study to examine the relationship between ROA and loan provision,
non-performing loans and total assets. The study revealed that there is a significant relationship
between Bank performance and credit risk management.

6. Methods

6.1 Research Methodology

The rationale behind the study is to evaluate and asses the financial performance or profitability
of NABIL Bank limited. Thus, this chapter includes those methods and techniques used for
finding out aforesaid purpose.

Research methodology refers to the various sequential steps to be adopted by a researcher in

studying a problem with certain objective in view. It is a way to systematic solving of the
research problem. It may be understood as a science of studying how research is done
scientifically. It includes the various steps that are generally adopted by a researcher studying
his/her research problem along with logic behind them. So, it would be appropriate to mention
here that research project is not meaningful to anyone unless they are in sequential order which
will be determined by the particular problem at hand therefore, this study aims at analyzing and
interpreting the profitability position of NABIL Bank.

This study is based on secondary data. The secondary data was collected form books, journals,
and company websites. The entire secondary data were collected form official websites of the
Bank. The period of the study is five years 2073/74 to 2078/79.

6.2 Types of data used:

Secondary data are those which are not collected by researcher himself and are collected earlier
by someone else. In this report the following secondary data are used:

11
i. Annual general report published by the NABIL Bank Limited.
ii. The website of NABIL Bank Limited.
iii. Newspapers
iv. Various books and articles.

A main source of data is the publication from NABIL Bank, which is secondary source, and
some publications of NRB, MOF, CBS as secondary sources and also taken primary date from
interview with Bank officials are also collected wherever necessary. Besides, formal and
informal talk with the concerned authorities and employees of the Bank will also be used to get
additional information.

6.3 Tools and techniques of analysis:

The collected and observed data is tabulated after adjusting necessarily amounts of each
overhead, however for the analysis of the data following tools are used.

 Financial Tools
 Statistical tools

6.4 Financial tools:

Financial tools are those, which are used for the analysis and interpretation of financial data.
These tools can be used to get the precise knowledge of a business, which in turn, are fruitful in
exploring the strengths and weaknesses of the financial policies and strategies. For the sake of
analysis, following various financial tools have been used:

There are different types of financial tools that can be applied to the analysis the financial
performance of NABIL Bank. For our fieldwork following Ratio analysis tools are used.

a) Leverage ratio or solvency Ratio:

 Debt Assets ratio
 Debt equity ratio
b) Profitability ratio:

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  Exchange gain to Total Income ratio
 Return on assets
 Return on Equity
 Earnings per share

6.5 Statistical Tools:

For our fieldwork study selected statistical tools are taken to examine the economics data of
NABIL Bank.
 Mean
 Standard deviation
 Coefficient of variation.

Arithmetic Mean
An average is a single value selected from a group of values to represent then in same way,
which is used to stand for whole group of which it is a part, as typical of all the values in the
group Out of various measures of the control tendency, arithmetic mean is one of the useful tools
applicable here. Arithmetic mean is easy to calculate and understand and based on all
observations. Arithmetic mean of a given set of observations is their sum divided by the number
of observation. It is calculated as:
Mean = Sum of observations(Σ x i ¿ / Number of observations(n)
The simple mean formula is:

x̄ = (Σ x i) / n

Where,
 x̄ just stands for the “sample mean”
 Σ means “add up”
 x i “all of the x-values”
 n means “the number of items in the sample”

Standard deviation
Standard deviation is the most popular and most useful measure of dispersion and gives uniform,
correct and stable results. The chief characteristic of standard deviation is that it is based on

13
mean, which gives uniform and dependable results. Furthermore, a standard deviation is always a
positive number and is superior to the mean deviation, quartile deviation and the range.
A standard deviation is the positive square root of average sum of squares of deviations of
observations from the arithmetic mean of the distribution. It is calculated as:

√
N

Standard Deviation (σ) = ∑ (x i−x)2

i=1
N −1

Where,
 Σ means “add up”
N
 ∑ (x i−x)2 represents the sum of the squared deviations of the scores from their
i=1

population mean.
 ' N ' represents the total number of individuals or cases in the population.

Coefficient of Variation
The square of the standard deviation is known as variance. According to Prof. Karl Pearson, the co-
efficient of variation is the percentage variation in mean, standard deviation being considered as
the total variation in the mean. It is one of the relative measures of dispersion that is useful in
comparing the amount of variation in data groups with different mean. It is calculated as:

Standard Deviation(σ )
Coefficient of Variation (CV) = x100
Mean ¿ ¿

7. Limitations
This study is conducted in partial fulfillment of the requirement for the BBS 4th year so, it
possesses some limitation of its own. They are listed as below:

i. Sample techniques have been used in analysis.

ii. The study is not representing overall company. It is micro study only.
iii. Limitation of time.

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 iv. This study will cover data of few consecutive financial years

BIBLIOGRAPHY

Ahmed, A.S., Takeda, C. and T. Shawn. 1998. "Bank Loan Loss Provision: A Reexamination of
Capital Management and Signaling Effects." Working Paper, Department of Accounting,
Syracuse University, 1-37.

Annapoorna MS, Gupta P. A Comparative Analysis Of Returns Of Mutual Fund Schemes Ranked
1 By CRISIL. Tactful management research journal 2013; 2(1).

Felix, A.T and Claudine, T.N (2008). Bank Performance and Credit Risk Management,
Unpublished Masters Dissertation in Finance, University of Skovde.

Hanumantha Rao P, Dutta S. Fundamental Analysis of the Banking Sector in India. Indian
Journal of Finance 2014.

Jain S. Analysis Of Equity Based Mutual Funds In India. OSR journal of business and
management (IOSRJBM) 2012; 2(1): 1-4.

Kargi, H. S. 2011. Credit Risk And The Performance Of Nigerian Banks, Zaria: Department of
accounting, Faculty of Administration, Ahmadu Bello University.

Kithinji, A. M. 2010. Credit Risk Management and Profitability of Commercial Banks in Kenya,
Nairobi: School of Business, University of Nairobi.

Kothari, S.P. and Shanken, Jay and Sloan: The Journal of Finance, Vol. 50, No. 1 (Mar., 1995)

15
Kothari SP, Shanken J. Beta and Book-to-Market: Is the Glass Half Full or Half Empty. Sloan
School of Management 1998.

Mekasha, G. 2001. Credit Risk Management And Its Impact On Performance On Ethiopian
Commercial Banks, Addis Ababa University.

Mishra, P., P. J. Montiel & A. Spilimbergo. 2010. "Monetary Transmission in Low Income
countries", IMF Working Paper, 10 (223).

Narayanaswamy T, Muthulakshmi AP. Efficiency of Private Sector Banks in India. Indian

Journal of Finance 2014.

Shah R. Investment Perception Regarding Indian Financial Markets. Abhinav International

Monthly Refereed Journal of Research in Management & Technology 2015; 4(6).

Singh, Preethi (1986), Investment Management: Security Analysis and Portfolio Management .

Shukla, Shalini (2015), Performance of the Indian Banking Industry: A Comparison of Public
and Private Sector Banks

S.S, Grewal & Grewall, Navjot (1984), An Overview Of Indian Stock Market.

Thamaraiselvi R, Anupama. An Analytical Study on Equity Research of Stocks in Banking

Sector. Indian Journal of Finance 2008.

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