INVESTMENT ANALYSIS

A SUMMER INTERNSHIP REPORT

SUBMITTED TO PUNJAB TECHNICAL UNIVERSITY, JALANDHAR

IN PARTIAL FULFILEMENT OF THE REQUIREMENT FOR THE AWARD

OF DEGREE OF MASTERS OF BUSINESS ADMINISTRATION

SUBMITTED TO: SUBMITTED BY:

ATUL CHIKERSAL Akshit Kumar
EXECUTIVE

2022-2023

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 CERTIFICATE

Certified that the summer internship project report

“INVESTMENT ANALYSIS” is the bonafide work of, a student of

carries out under my supervision during June 21 to 3 Aug 2023.

Signature of the Industry Executive

Date: 29 july,2023
Name of the supervisor: Mr. Atul Chikersal
Designation: Executive

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PREFACE

This project has been carried out in Ludhiana Stock and Capital Limited. This report
is prepared during the summer training which is life’s greatest treasure as it is based
on experience which provides face to face interaction with the real life situations,
observations and knowledge.

The objective of the study is to get practical knowledge of investment avenues in our
Stock Market and to know the various tactics to select a good share from the various
investment avenues available through a detailed study on technical and fundamental
analysis.

The successful completion of this project was a unique experience. I achieved a

better knowledge about this project. The experience which I gained by doing this
project was essential at this turning point of my carrier.

3
ACKNOWLEDGMENT

This project has been carried out in Ludhiana Stock and Capital Limited. This report is
prepared during the summer training which is life’s greatest treasure as it is based on
experience which provides face to face interaction with the real life situations,
observations and knowledge.

The objective of the study is to get practical knowledge of investment avenues in our
Stock Market and to know the various tactics to select a good share from the various
investment avenues available through a detailed study on technical and fundamental
analysis.

The successful completion of this project was a unique experience. I achieved a

better knowledge about this project. The experience which I gained by doing this
project was essential at this turning point of my carrier

4
ABOUT COMPANY

Ludhiana Stock and Capital Limited (Formerly Ludhiana Stock Exchange Limited) was
established in 1981, by Sh. S.P. Oswal of Vardhman Group and Sh. B.M. Munjal of
Hero Group, leading industrial luminaries, to fulfill a vital need of having a Stock
Exchange in the region of Punjab Himachal Pradesh Jammu & Kashmir and Union
territory of Chandigarh Ludhiana Stock and Capital Limited (Formerly Ludhiana Stock
Exchange Limited) was one of the leading Regional Stock Exchange and has been in
the forefront of other Stock Exchanges in every spheres, whether it was formation of
Subsidiary for providing the platform of trading to investors, for brokers etc. in the
era of Screen based trading introduced by National Stock Exchange and Bombay
Stock Exchange, entering into the field of Commodities trading or imparting
education to the Public at large.
It played an important role in channelising savings into capital for various industrial
and commercial units of the state of Punjab and other parts of the country thereby
facilitated the mobilization of funds by entrepreneurs from the public which
contributed in the overall, economic, industrial and social development of region
under its jurisdiction. Keeping in view the changing Business environments and
recent Regulatory guidelines,
Shareholders of the Company approved resolution for Voluntary surrender of re-
cognition and Exit as an Exchange in the EGM held on 15th July, 2013. SEBI allowed
the Exit of Ludhiana Stock Exchange Limited as Stock Exchange, vide EXIT order dated
30.12.2014. In the light of above and in terms of Clause 3 of SEBI circular no.
MRD/DOP/SE/Cir-36/2008 dated December 29, 2008 upon de-recognition of
Ludhiana Stock Exchange Ltd, SEBI registration certificates as Trading Members of
Exchange stand cancelled. However, SEBI registration certificates of the Trading
Members as Sub-Brokers of L.S.E. Securities Limited on NSE and/ or BSE shall

5
continue to be valid. All the Investors of Sub-Brokers shall continue to trade through
LSC Securities Limited and avail DP Services without any interruption.
The Company has 295 members out of which 171 are registered with National Stock
Exchange as Sub-Broker and 124 with Bombay Stock Exchange as Sub-Brokers
through our subsidiary.

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8
INDEX

1. Introduction
1.1 Financial Revolution 5
1.2 Financialisation of savings 6
1.3 Financial assets or Physical assets? Which are more preferred?-----6
1.4 Investment options available in India------------------------------------8
1.5 Factors affecting Investment decisions----------------------------------14
2. Review of Literature (ROL)------------------------------------ 16-21
3. Research Methodology
3.1 Statement of the Problem 22
3.2 Scope of the Study 22
3.3 Objectives of the Study 23
3.4 Design of the Study 23
3.5 Variables included in the study-----------------------------------------23
3.6 Data collection 23
3.7 Primary Data collection 24
3.8 Secondary Data Collection 24
3.9 Samples for the study 24
3.10 Sample Size 24
4. Findings 25-37

5. Limitations---------------------------------------------------------38
6. Conclusion--------------------------------------------------------- 38
7. References--------------------------------------------------------- 39
8. Questionnaire----------------------------------------------------- 40

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INTRODUCTION

Savings and Investments form an integral part of one’s life. Investments refer to the
employment of funds with an objective of earning a favourable return on it. In other
words, investment is a process, where money is being utilized with a hope of making
more money. Investment is the commitment of money that have been saved by
deferring the consumption and purchasing an asset, either real or financial with an
expectation that it could yield some positive future returns.

The balance sheet pattern of Indian households is unique compared to other countries. In
India, household assets are departed in favour of physical assets - 69% in real estate and 8%
in gold. However, an economy's productive capacity is determined by aggregate stock of
disposable income available for consumption purposes, which is relatively lower in India - as
low as only 20% of wealth is concentrated in financial assets.

There is a sea change in how our investment habits have evolved in past couple of decades.
Twenty years back, mutual fund was something to be flirted with after all modes or options
for investing were exhausted. When we started earning, our parents told us to open a PPF
account with the largest PSU bank. Nowadays when youngsters start earning, they open an
SIP. But the fun fact is - India's MF industry penetration is still amongst the lowest in the
world. With the world allocating a large chunk to investments and retirement savings, it
provides an opportunity for a long runway for the growth of financial products in India.

1.1 Financial sector revolution has just begun

Currently, in India, household debt is extremely low, and there is a lot of scope for it to rise.
Government policies will only help it rise further. Massive drive towards financial inclusion –
JAM trinity opening of accounts (Jan Dhan), credible identification mechanism (Aadhaar)
and enabling transactions (mobile) – augurs well for the financial sector. This, along with a
young population, is an indication of a big leverage cycle among households in India,
something which was seen in the US in the 1980s.

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1.2 Financialisation of savings
• Investors are gradually awakening to the power of investing and are open to exploring
new avenues of investment.
• Regulators and organisations, on their part, are doing their bit to educate investors
about financial investments.
• This will be leveraged with a strong sense of direction to promote financial products –
mutual funds, insurance, etc.
And the change, though gradual, is gathering speed. Mutual funds are now a favoured avenue
for investing in equity. This is amply reflected in the 50% jump in mutual fund folios over the
past 3 years from 40mn to 60mn. Monthly SIP flows are now around Rs.60bn, an annual
inflow of more than Rs.700bn. Moreover, higher market returns and stronger flows have
markedly improved the domestic mutual funds market's CAGR over the past three years.
To conclude, financialisation and diversification of savings will be important themes that are
likely to play out over the next ten years. Indian households will benefit immensely by
reallocating assets in favour of financial markets rather than gold. For e.g. If households
reallocate a quarter of their existing gold holdings to financial assets, on an average, they
could earn an amount equivalent to 0.8% of their annual income per year (on an ongoing flow
basis).

1.3 Financial assets or Physical assets. Which are more preferred?

Before we move into the preference, its better to know what financial assets and physical
assets are. Savings and investments in banks, post office schemes, stock markets, company
deposits etc. Are considered as Financial assets or Financial savings. Investments in
properties such as real estate, gold, silver etc. are termed as Physical assets or Physical
savings.
• From 1990 to 2000, Indian households preferred to invest in Financial assets to
Physical assets.
• From 2000 to 2007, more savings were routed to Physical assets.
• Interestingly in 2007/08, more investments were made in Financial assets. This shows
that retails/small investors participated in stock markets when their valuations were at
peak. The markets eventually crashed in 2008.
• From 2008 to till 2015, we preferred physical savings to financial savings.
• The Gross Financial Savings during 2014-15, 2015-16 & 2016-17 were Rs 12,572
billion, Rs 15,207 billion and Rs 14,048 billion. As per the data for 2017-18, around
Rs 18,800 billion were invested in Financial assets.
• The savings in Physical Assets were around Rs 14,164 billion, Rs 15,000 & 12,700
billion during 2013-14, 2014-15 and 2015-16 respectively. The data for 2016-17 was
around Rs 13,900 billion were invested in physical assets.

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 • The above recent years data clearly indicates that there has been a slight uptick of
savings in Physical Assets and steep increase of savings in Financial Assets
Figure 1
Financial assets of household sector(2012-2018)
Based on the above data, we can observe that there has been a steep decrease of savings in
Bank deposits and a steep increase of investments in Shares during 2017-18.
We can also infer that Pension and Provident Funds have been receiving steady in-flows.
The Domestic Savings rate has been Declining
Gross domestic savings have been falling as a percentage of GDP. The two main reasons the
gross domestic savings rate has come down are that there has been a deterioration in both
household savings and government savings. The former is especially interesting. One
possible reason is that households have reduced savings to maintain consumption levels
despite lower income growth.
Financial assets are growing in importance
The amount of money going into the financial markets shot up in the fiscal year ended March
2016. Ninety per cent of Indian household financial savings continue to be put away in banks,
but the share of equities plus mutual funds doubled in fiscal year 2016—from 5.29% to
11.04%. It is quite likely that this trend will continue, thanks to the persistent rise in equity
prices as well as the spread of mutual fund systematic investment plans (SIPs).
Corporate Savings are also improving
Corporate financials are improving if we check the savings of private non-financial
corporations in the national savings account. One important reason for this is that there are
not enough new investment projects to absorb cash flows.

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Take a look at the chart. The financial savings of Indian households as a percentage of GDP
have more or less been the same over the latest five years for which detailed data is available.

Meanwhile, private non-corporate savings have been increasing. The two were at broadly

similar levels by the end of fiscal 2016.

1.4 Investment options available in India

• Direct Equity
Investing in stocks may not be everyone's cup of tea as it's a volatile asset class and there is

no guarantee of returns. Further, not only is it difficult to pick the right stock, timing your

entry and exit is also not easy. The only silver lining is that over long periods, equity has been

able to deliver higher than inflation-adjusted returns compared to all other asset classes.

At the same time, the risk of losing a considerable portion of capital is high unless one opts

for stop-loss method to curtail losses. In stop-loss, one places an advance order to sell a stock

at a specific price. To reduce the risk to certain extent, you could diversify across sectors and

market capitalisations. Currently, the 1-, 3-, 5 year market returns are around 13 percent, 8

percent and 12.5 percent, respectively. To invest in direct equities, one needs to open a demat

account.

• Equity Mutual Funds

Equity mutual funds predominantly invest in equity stocks. As per current Securities and
Exchange Board of India (Sebi) Mutual Fund Regulations, an equity mutual fund scheme
must invest at least 65 percent of its assets in equities and equity-related instruments. An
equity fund can be actively managed or passively managed.

In an actively traded fund, the returns are largely dependent on a fund manager's ability to
generate returns. Index funds and exchange-traded fund (ETFs) are passively managed, and
these track the underlying index. Equity schemes are categorised according to market-
capitalisation or the sectors in which they invest. They are also categorised by whether they
are domestic (investing in stocks of only Indian companies) or international (investing in

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stocks of overseas companies). Currently, the 1-, 3-, 5-year market return is around 15
percent, 15 percent, and 20 percent, respectively.

This offers 2 advantages:

• Automatic diversification: By diversifying your capital across multiple securities or

even asset types, a Mutual Fund significantly reduces your risk and helps deliver
more stable, less volatile returns.
• Intelligent Investing: Mutual Fund schemes are run by fund managers with extensive
experience in the markets. These fund managers research and study the markets
before taking investment decisions for the schemes. This helps individual investors
avoid the stress of trying to time or study the market too much.
As an investor, you can buy any number of units of these mutual fund schemes at their
prevailing rate – called the Net Asset Value (NAV). These can later be cashed out at
higher Net Asset Value (NAV) for a profit, provided market conditions have been
favourable. Most mutual fund schemes have no minimum investment period. which
makes them quite popular among investors.

• Debt Mutual Funds

Debt funds are ideal for investors who want steady returns. They are are less volatile and,
hence, less risky compared to equity funds. Debt mutual funds primarily invest in fixed-
interest generating securities like corporate bonds, government securities, treasury bills,
commercial paper and other money market instruments. Currently, the 1-, 3-, 5-year market
return is around 6.5 percent, 8 percent, and 7.5 percent, respectively.

• National Pension System (NPS)

The National Pension System (NPS) is a long term retirement - focused investment product
managed by the Pension Fund Regulatory and Development Authority (PFRDA). The
minimum annual (April-March) contribution for an NPS Tier-1 account to remain active has
been reduced from Rs 6,000 to Rs 1,000. It is a mix of equity, fixed deposits, corporate
bonds, liquid funds and government funds, among others. Based on your risk appetite, you
can decide how much of your money can be invested in equities through NPS. Currently, the
1-,3-,5-year market return for Fund option E is around 9.5 percent, 8.5 percent, and 11
percent, respectively.

• Public Provident Fund

The Public Provident Fund (PPF) is one product a lot of people turn to. Since the PPF has a
long tenure of 15 years, the impact of compounding of tax-free interest is huge, especially in
the later years. Further, since the interest earned and the principal invested is backed by
sovereign guarantee, it makes it a safe investment.

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 PPF INTEREST RATE 2012-2019

Financial Year Interest Rate

2012-13 8.80%
2013-14 8.70%
2014-15 8.70%
2015-16 8.70%
2016-17 8.10%
2017-18 7.60%
2018-19 7.60%

• Bank Fixed Deposit (FD)

A bank fixed deposit (FD) is a safe choice for investing in India. Under the deposit insurance
and credit guarantee corporation (DICGC) rules, each depositor in a bank is insured up to a
maximum of Rs 1 lakh for both principal and interest amount. As per the need, one may opt
for monthly, quarterly, half-yearly, yearly or cumulative interest option in them. The interest
rate earned is added to one's income and is taxed as per one's income slab.

• Senior Citizen's Saving Scheme (SCSS)

Probably the first choice of most retirees, the Senior Citizens' Saving Scheme (SCSS) is a
must-have in their investment portfolios. As the name suggests, only senior citizens or early
retirees can invest in this scheme. SCSS can be availed from a post office or a bank by
anyone above 60. SCSS has a five-year tenure, which can be further extended by three years
once the scheme matures. Currently, the interest rate that can be earned on SCSS is 8.3 per
cent per annum, payable quarterly and is fully taxable. The upper investment limit is Rs 15
lakh, and one may open more than one account.

• RBI Taxable Bonds

The government has replaced the erstwhile 8 percent Savings (Taxable) Bonds 2003 with the
7.75 per cent Savings (Taxable) Bonds. These bonds come with a tenure of 7 years. The
bonds may be issued in demat form and credited to the Bond Ledger Account (BLA) of the
investor and a Certificate of Holding is given to the investor as proof of investment.

• Real Estate
The house that you live in is for self-consumption and should never be considered as an
investment. If you do not intend to live in it, the second property you buy can be your
investment.
The location of the property is the single most important factor that will determine the value
of your property and also the rental that it can earn. Investments in real estate deliver returns
in two ways - capital appreciation and rentals. However, unlike other asset classes, real estate
is highly illiquid. The other big risk is with getting the necessary regulatory approvals, which

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has largely been addressed after coming of the real estate regulator. Different types of real
estate investments available are:

• Real estate

• Residential Property

• Commercial Property

• Agriculture Land

• Gold
Possessing gold in the form of jewellery has its own concerns like safety and high cost. Then
there's the 'making charges', which typically range between 6-14 per cent of the cost of gold
(and may go as high as 25 percent in case of special designs). For those who would want to
buy gold coins, there's still an option. One can also buy ingeniously minted coins. An
alternate way of owning paper gold in a more cost-effective manner is through gold ETFs.
Such investment (buying and selling) happens on a stock exchange (NSE or BSE) with gold
as the underlying gold.

• Post Office Schemes

If you are looking for a short-term investment plan, consider post office schemes. One of the
best schemes provided by Indian Postal Service is the monthly income scheme. It offers very
high returns with minimal risk. The returns are given on a monthly basis at a rate of 8.5% per
annum. Various Post Office Schemes are:

• Monthy Income Scheme(MIS)

• Senior Citizens Savings Scheme (SrCSS)

• Term Deposits

• Recurring Deposits

• Sukanya Samriddhi Savings Deposit Scheme

• Public Provident Fund (PPF)

• Kisan Vikas Patra (KVP)

• National Savings Certificate (NSC)

• Initial Public Offerings (IPO)

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Also known as a stock market listing of a company, initial public offerings are offerings by
which new companies invite the public to buy their shares before they get listed on
exchanges. As the initial rates are low, investors tend to keep an eye out for promising
companies that are likely to have their stock value inflate over time once they are listed.

• Unit Linked Insurance Plans (ULIP)

A Unit Linked Insurance Plan is an option that offers investments in bonds and equities,
along with protection via insurance. In this type of plan, a part of your premium is invested in
the stocks and bonds as determined you, and the rest is paid towards a life insurance cover.
Just like any other investment option, it involves some amount of risk. The fluctuations are
measured in terms of Net Asset Value (NAV).

Different types of insurance investments are:

• Endowment Assurance Policy

• Money Back Policy

• Whole Life Policy

• Term Assurance Policy

• Unit Linked Insurance Policy

• Life Insurance

• Pension Plans

Period Absolute Returns Annualised Returns Performance

Ranks(within
fund class)
1 week 1.3 -- 32
1 month 2.7 -- 23
3 months 3.2 -- 14
6 months 1.3 -- 6
1 year 2 2 7
2 years 26.1 12.3 22
3 years 37.6 11.2 25
5 years 55.7 9.3 7

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Investment Options Maximum Amount Minimum Amount Minimum
Investment Period
Public Provident 1,50,000 ( one FY) 500 (per FY) 15 years
Fund
Mutual Fund (SIP) No Limit As low as 500 Only applicable in
case of close-ended
and ELSS schemes
Equity Shares No Limit No Limit Not applicable in this
case
Real Estate No Limit No Limit Not applicable in this
Investment case
Gold ETF No Limit Variable Not applicable in this
case
Post Office Monthly 4,50,000 1,500 5 years
Income Account
Schemes (single)
Company Fixed No Limit As low as 2000 12 months
Deposits
Initial Public No Limit No Limit Not applicable in this
Offerings case
Unit Linked No Limit 1,00,000 ( for plans 45 years or below
Insurance Plans 45 years and below)
Bank Fixed Deposit No Limit 1000 7 days
(FD)
Senior Citizens’ 15,00,000 No Limit 5 years
Saving Scheme
(SCSS)
RBI Taxable Bonds No Limit 100 7 years
National Pension No Limit No Limit Variable, until the
System (NPS) age of 60
Sukanya Samriddhi 1,50,000 (per FY) 1000 21 years
Yojana
Recurring Deposits No Limit No Limit 6 months

TABLE: BEST INVESTMENT OPTIONS IN INDIA

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1.6 FACTORS AFFECTING INVESTMENT DECISIONS
New investors today choose from a wide selection of Investment options through financial
institutions and online Investment firms. Whether we prefer to make our Investment
decisions on our own or with the help of a professional, there are several factors to consider
when selecting options for our portfolio.

• Interest rates
Investment is financed either out of current savings or by borrowing. Therefore investment is
strongly influenced by interest rates. High interest rates make it more expensive to borrow.
High interest rates also give a better rate of return from keeping money in the bank.
With higher interest rates, investment has a higher opportunity cost because you lose out
the interest payments.

Interest rate Quantity of Investment

5% 80

2% 100

Evaluation

The marginal efficiency of capital states that for investment to be worthwhile, it needs to give
a higher rate of return than the interest rate. If interest rates are 5%, an investment project
needs to give a rate of return of at least 5% or more. As interest rates rise, fewer investment
projects will be profitable. If interest rates are cut, then more investment projects will be
worthwhile.

• Economic Growth
Firms invest to meet future demand. If demand is falling, then firms will cut back on
investment. If economic prospects improve, then firms will increase investment as they
expect future demand to rise. There is strong empirical evidence that investment is cyclical.
In a recession, investment falls, and recover with economic growth.

The accelerator theory states that investment depends on the rate of change of economic
growth. In other words, if the rate of economic growth increases from 1.5% a year to 2.5% a
year, then this increase in the growth rate will cause an increase in investment spending as the
economy is on an up-turn. The accelerator theory states that investment is dependent on
economic cycle.

• Confidence
Investment is riskier than saving. Firms will only invest if they are confident about future
costs, demand and economic prospects. Keynes referred to the ‘animal spirits’ of

19
businessmen as a key determinant of investment. Keynes noted that confidence that wasn’t
always rational. Confidence will be affected by economic growth and interest rates, but also
the general economic and political climate. If there is uncertainty (e.g. political turmoil) then
firms may cut back on investment decisions as they wait to see how event unfold.

• Inflation
In the long-term, inflation rates can have an influence on investment. High and variable
inflation tends to create more uncertainty and confusion, with uncertainties over the cost of
investment. If inflation is high and volatile, firms will be uncertain at the final cost of the
investment, they may also fear high inflation could lead to economic uncertainty and future
downturn. Countries with a prolonged period of low and stable inflation have often
experienced higher rates of investment.

• Productivity of Capital
Long-term changes in technology can influence the attractiveness of investment. In the late
nineteenth century, new technology such as Bessemer steel and improved steam engines
meant firms had a strong incentive to invest in this new technology because it was much
more efficient than previous technology. If there is a slowdown in the rate of technological
progress, firms will cut back investment as there are lower returns on the investment.

• Availability of Finance
In the credit crunch of 2008, many banks were short of liquidity so had to cut back lending.
Banks were very reluctant to lend to firms for investment. Therefore despite record low-
interest rates, firms were unable to borrow for investment – despite firms wishing to do that.

Another factor that can influence investment in the long-term is the level of savings. A high
level of savings enables more resources to be used for investment. With high deposits – banks
are able to lend more out. If the level of savings in the economy falls, then it limits the
amounts of funds that can be channelled into investment.

• Government Policies
Some government regulations can make investment more difficult. For example, strict
planning legislation can discourage investment. On the other hand, government subsidies/tax
breaks can encourage investment.

• Investment Knowledge
An investor's experience and knowledge are important factors in his/her investment choices.
No vice investor will choose to rely on the advice of family, friend when deciding the
investment options. More experienced investors often choose their options themselves.

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REVIEW OF LITERATURE (ROL)

1. PUNEET BHUSHAN (2014)

In their study of relationship between financial literacy and investment behaviour of salaried
individuals , they found that financial awareness is a must for a lay man so that he can invest
wisely in the modern financial products available in the market and not go for the traditional
financial products which offer low returns than the modern ones.

Traditional financial products include Post Office Savings, Bank Fixed Deposits which have
a very low or no risk factor whereas modern financial products include Mutual Funds, Stock
Market Investments and Bonds , Debentures. These products have high risk factors as
compared to traditional ones but offer high returns too. Most of the unawared investors are
risk averse and therefore prefer investing in traditional financial products.

So, the writer concludes the study by telling the need of financial education in India and how
the financial literacy is important for the economic growth of the country.

2. ABHIJEET BIRAI AND UMESH PATIL (2014)

This study was conducted to know the spending and saving habits of youth in Aurangabad.
Three categories of youth were taken- junior college, graduation level and post graduation
students.

It was found that a huge difference in spending pattern of youth has come up. The youth has
started spending more and saving less. The major areas of spending include entertainment,
lifestyle, branded products, mobile phones, sports accessories and the latest gizmos and
travel. It was found that none of the junior college students save or invest money and also
don’t spend money on shopping and eating out.

3. D AGRAWAL (2011)

In this article , the researcher measured performance of Mutual Funds in India. Since
liberalisation, there have been enormous changes in the financial market of the economy,
mutual funds being one of them. This tool has come up with great significance. He found that
its performance is affected by the saving and investment habits of people as well as the
financial security the fund-manager offers. He concluded the research paper by telling that
there have been an enormous increase in the mutual fund industry and preference of people in
investing in mutual funds due to hedging, low-risk, facilities they offer and also the high-
return they offer as compared to other financial products such as Fixed Deposits in banks. So

21
the literate and middle-income population is preferring mutual funds over other financial
products.

4. AK JAIN, A JOY (1997)

In this study, the researchers took 36 professional south-asian families, i.e., Indian families
living in Canada and analysed their consumption, saving and investment habits. They found
that the investment habits of Hindu families are derived by more socio-cultural factors than
the economic factors. Like most of the Hindu families invest with the motive of providing for
their children’s education , their marriage and their future. So, they believe in long term
investments and are ready to take long term risks. Their aim is to get an accumulated sum,
which is doubled amount of the original amount they invested or somewhat nearer to it , so
that it can help their children in their future endeavours.

So, he found that it is necessary to study the socio-cultural habits of Indian families to
understand their investment and saving patterns.

5. J BRENSON (2014)

In this , the researcher studied the saving habits of households in Gold ornaments in India.
The survey was conducted through a sample size of 500 respondents in Kandipuram.

Gold in India serves different functions. It is used in various wedding ceremonies, serves as a
status symbol, the richer families own more and more gold , especially the Indian house
wives. The study was conducted with the objective of finding the main reason behind buying
gold in Indian families, and the impact of rising prices on the demand of gold.

He found that the main reason of buying gold was investment purpose. Due to the inflation
problem and the rising prices of gold, people find it better to invest in gold, where its
value will increase in the future and not decline.

So, the main motive of buying gold is wealth accumulation. He also interpreted that despite
the rising prices of gold, the demand for gold will rise.

6. MARKOWITZ (1952)

He proposes that how rational investors will use diversification to optimize their portfolios ,
and how a risky asset should price. The modern portfolio theory models and assets return as a
random variable, and model a portfolio as a weighted combination of assets. The return of a
portfolio is thus the weighted combination of the assets returns. He finds that economic and
other forces ( interest rates, oil prices, weather etc.) affect the assets differently. Risk can be
reduced by investing in a diversified group of stocks; especially those whose individual

22
movements help nullify the overall impact of the variability of the others. Stated another way,
the important asset characteristic one refers to as risk (i.e., volatility, as measured by
standard deviation) depends not upon individual volatility , but on how asset behave is
related to each other. Markowitz’s grand contribution is , therefore, in providing the formal
conceptual framework to implement a rather simple idea. The investors are concerned with
the return of their entire portfolio of assets and the risk of any individual asset is relevant to
only in , so far as it contributes to the risk of the overall portfolio.

7. S VERMA , M SHARMA (2014)

In this study, the researchers studied the factors affecting gold as an investment option. Gold
is now the most popular investment option after the traditional banking and the modern
mutual funds. India is the world’s 2nd largest gold consumer, accounting for 20% of the
world’s gold demand. There is a drastic shift in the end user of gold in India, from a domestic
user to a investor. The researchers tried studying the main causes of this shift and came up
with the following conclusions. The first one was the volatile price of gold. The price of gold
is increasing because of a huge difference in gold’s demand and supply worldwide. The
second reason being the use of gold as a hedging instrument by investors. And the third
reason being the low amount of risk associated with gold investment as compared to other
investment options such as mutual funds or equity stocks.

8. FAMA, EUEGEN F (1972)

Through this study, he has suggested alternative method for evaluating investment
performance with finer breakdowns of performance. He develops methods for distinguishing
part of an observed return due to the ability to pick up the best securities at a given level of
risk (selectively) from the part that is due to the prediction of general market price
movements (timing). He also suggests methods for measuring effects of foregone
diversification in the event of an investment manager deciding to concentrate his holdings in
what he considered a few winners. The study also presents a multi period model that allows
evaluation of both return and portfolio that can be subdivided in two parts, via, the return for
security selection and return from risk bearing. Various finer subdivisions of both selectivity
and risk are also presented. To a large extent, the suggested models are an attempt to combine
concepts from modern theories of portfolio selection and capital market equilibrium with
more traditional concepts of what constituted good portfolio management.

9. C SHAH, R ABRAHAM, N PANDYA (2015)

In this study, the researchers studied the gold investment habits of Indian consumers. The
objectives of their study were to find out how much amount they are willing to invest in gold

23
and in what schemes they prefer of investing in. The survey was conducted by a
questionnaire with a sample size of 35 respondents. It was found that 61% of them prefer in
investing in gold and 54% of them were males within the age group of 18-30 years. They
found that Indians buy gold as a status symbol, emotional factor and also because of liquidity
of gold. Since gold can be easily converted into cash, gold liquidity is one of the major
reasons. Males buy gold to gift their wives or daughters which also serves the idea of long-
term investments.

They concluded the study by finding that Indian families prefer investing in Gold Deposit
Schemes (GDS) than Gold ETF because GDSs have fixed rates of interest whereas ETFs
have a fluctual rate since there are linked to stock market.

9. MADHUSUDHAN V. JAMBODEKAR (1996)

The researcher conducted a study to assess the awareness of MFs among investors to identify
the information sources influencing the buying decision and the factors influencing the
choice of a particular fund. The study reveals among other things that Income Schemes and
Open Ended Schemes are more preferred than Growth Schemes and Close Ended Schemes
during the then prevalent market conditions. Investors lookm for safety of principal, liquidity
and capital appreciation in the order of importance. Newspapers and magazines are the first
source of information through which investors get to know about MFs and Schemes and
investor service is a major differentiating factor in the selection of Mutual Fund Schemes.

10. N MAHESWARI (2018)

In this research paper, the researcher studied investment habits of people living in Sivagangai
district. Investment is a crucial part of one’s life. Investment is a method of creating more
money with the money available. It means allocating it in such avenues where it gives
positive returns and appreciate the money. In this study, women respondents were taken with
a sample size of 120 living in Sivagangai district. It was found that a number of factors need
to be considered to take a balanced investment decision such as safety, liquidity, returns, risk,
tax benefits, time period and so on. So , he gave suggestions such as the Government shoukd
encourage investment awareness through advertising, providing them the financial education
required to take financial decisions. Also, the government should encourage investments and
saving patterns of people. It was also found that people invest in various investment avenues
considering their income and decide the risk factor associated with various avenues related
to the age of investors.

11. MS. LUBNA ANSARI, MS SANA MOID

24
Investors have different mindset when they decide about investing in a particular avenue.
Every individual wants his saving to be invested in most secure and liquid way. However, the
decision varies for every individual depending upon their risk aptitude. Investment behaviour
is related to activities of individual investors regarding searching, evaluating, acquiring,
reviewing the investment products and if necessary, disposing such investment products.
Investment behaviour reveals how the individual investor allocates the surplus financial
resources to various instruments available. This paper analyses the trading or investing
behaviour of professionals who are in the age bracket of 25 years to 35 years. These young
investors generally take trading decisions based on their self-perceived competence but
sometimes with the help of financial advisors too. Their investment objective also differs
from financial stability to additional income and so on. This paper attempts to find out the
factors responsible for increased investing activities among young professionals. Based on
the findings of the survey, the study examines the factor affecting the investment behaviour
in the stock market. On the basis of age, income and gender, it can be concluded that for
young investor’s investment is independent of age, income and gender.

12. MALMENDIER AND SHANTIKUMAR (2003)

In their study of small investors, they found that while large investors adjust their reaction to
hold and buy recommendations downward, small investors take recommendations lightly.
Small investors also fail to account for the additional distortion due to the underwriter
affiliation. Potential reasons for their trading behaviour are : (1) higher costs of information;
and (2) naivete about analysts’ distortions. Small investors may be naïve about the distortions
and trust analysts too much.

13. D KOWSALYA (2014)

The researcher studied the problem of income and indebtedness in Sri Lanka Estate sector
through investigating the saving habits of Indian origin Tamils in Sri Lanka. The problem of
indebtedness in the estate sector has increased many folds and has become the main reason of
dominating the politico-intellectual environment of the country. So, the researcher studied the
main reason was poor savings and low investment in different money-generation activities. It
was found that the average monthly income of respondents was around 27,000 and their
monthly expenses exceed 26,000. So, there is not much money left with them to save. Also,
only 12.5% of the people had extra earning option such as small shops etc. and rest of them
used sources such as lending from neighbours or moneylenders. 42.5% of the people had no
money in their bank accounts as a saving and 7.5% of the people had an average amount of
5000 only. So, he concluded by saying that there are poor saving habits of people because of
low salary, raised cost of living, inflation , unemployment and so on.

25
14. ASHLY LYNN JOSEPH, DR. M. PRAKASH
How and where the people invest their hard earned money is an important decision.
Investment is the application of money for earning more money. The investment basically
refers to the buying of a financial product or any valued item with anticipation that positive
returns will be received in the future. People are earning but they do not know where, when
and how to invest their funds or money earned by them. A proper understanding of money, its
value, the available investment avenues, various financial institutions providing the facility of
investments, the rate of return/risk etc., are very important to successfully manage one’s
finance for achieving future goal. The study basically focuses on the various investment
avenues available to the investor , factors considered fpr investment. The study is based on
using a structured questionnaire.

15. SMITA SRIVASTAVA , GUNJAN SAXENA (2012)

The paper attempts to know the awareness level of the investment alternatives available
amongst the investors and compares the investment trend now from 20 years back. The area
of the study is Moradabad, a city in Uttar Pradesh and the sample size is 150. The data used
in the study comprises of both primary and secondary data. Most of the investors are risk
averse and thus ignore risky investments like derivatives, equities and prefer safe heaven
like bank deposits, post office deposits, gold, etc. There is very little enhancement in the
awareness level for newer financial instruments amongst investors over the years.

26
RESEARCH METHODOLOGY
The Literature Review undertaken on the topic- FACTORS AFFECTING INVESTMENT
CHOICES OF YOUTH, revealed that there is a need to study the topic in Indian Context, as
there are not much research papers available on this topic.

This paper is an attempt to study the factors affecting investment choices of youth. In today’s
world, there are a plethora of investment options available to people, but which option is the
best for them , is the major tickling question for the youth. There is a need to study the factors
carefully and then decide that which investment avenue best suits their investment needs.

In this Chapter, the methodology associated with each of the research objectives has been
discussed in detail, covering areas like questionnaire development, validity and reliability,
respondents of the study, increasing response- quality and quantity, data analysis and
limitations.

3.1 Statement of the Problem:

A problem statement is a clear concise description of the issues that need to be addressed by a
problem solving team and should be presented to them ( or created by them) before they try
to solve the problem. When bringing together a team to achieve a particular purpose
efficiently provide them with a problem statement. Youth in India has employed itself in
diversified activities, and is earning income from varied sources. So this research paper is to
analyse that in what investment avenues the youth is investing their money and what are the
factors they keep in mind before employing their money and hence, the Statement of Problem
is “Preferences of youth of Delhi in deciding the best Investment avenue”.

3.2 Scope of the Study:

 The study is mainly planned to know the various investment opportunities available
to youth and which of them are the most preferred ones.
 The study also covered all the people investing online, or physically trading off,
or through brokers.
 This research will definitely provide a better understanding of the investment options
available in India from various financial institutions.
 All the different occupations are also covered in this study, whether businessmen,
service going, self employed and so on.
 The level of knowledge about various investment options is also considered.
 The research also undertakes the factors considered by investors before investing in a
particular avenue.
 Their level of risk bearing capacity is also considered.
 How much the return factor they consider while investing is also taken
 This research paper also provides a comparison among the selected investment
options.

27
3.3 Objectives of the Study:
The main objective is to know the factors affecting investment choices of youth. The sub
objectives are:

 To know the various investment options available to youth to make an investment.

 To know that for how much time period, they prefer to invest their money.
 To find that whether they are risk averse or risk lover.
 To analyse that how much money they are willing to invest and how frequently they
invest.
 To find out how frequently they monitor their investments.
 To analyse what are their purposes of investment.
 To know that whether factors like market movement, return factor, risk factor
affect their investment choices or not and if they do, then by what degree.

3.4 Design of the Study

The research design refers to the overall strategy that we choose to integrate the different
components of the study in a coherent and logical way. A research design is purely and
simply the framework of plan for a study that guides the collection and analysis of data.
The study is done to find the factors affecting investment decisions of youth. The study
design is “Exploratory” in nature.

Exploratory research is a research conducted for a subject which has few or no earlier
studies to refer to or to rely upon to predict an outcome, or it has not been studied more
precisely.

This research project is Exploratory in nature because there has been no study conducted
till date studying factors affecting investment choices of youth of Delhi. This study is
conducted for the first time to know the investment choices they make and how their
investment decisions are affected.

3.5 Variables Included in the Study

The variables included in the study are as follows:

Dependent Variable: Preference of an investment option and the return rate of that
particular investment option.

Independent Variable: Money invested annually, frequency of observing the investments,

knowledge of investments.

3.6 Data Collection

Data collection was done from primary as well as secondary sources.

28
 3.7 Primary Data Collection:
Primary research involves the collection of data that does not already exist, but is
researched and original data is collected.

The Questionnaire method was used to collect primary information from the respondents. A
structured questionnaire was prepared and the concerned respondents were requested to fill
that. The questionnaire was floated to different places of Delhi and the respondents were
asked to fill up the questionnaires based on their personal thoughts and practices. The
questionnaire had close ended questions and rating scales ranging from 1 to 5 were taken to
get a more clear and precise view. The questionnaire was filled by people of the age group
of 20 to 35 years.

3.8 Secondary Data Collection:

Secondary research includes data that has been previously collected and assembled for
projects other than the one in hand. This method allows researchers to evaluate and identify
gaps in literature with the help of various sources.

The secondary data for understanding the various aspects of investment behaviour of
youth has been collected and reviewed from the books, journals, periodicals, magazines,
research papers as well as from the internet.

3.9 Samples for the Study:

The present study is restricted to Delhi only. In this research, the sample consists of youth
only of the age group 20-35 years. The questionnaire was filled by youth living and earning
in Delhi only.

3.10 Sample Size:

Out of the sample population for the survey, a sample size of 30 respondents has been taken
into consideration. So the study is done on a sample size of 30 only. Since the main objective
of research paper is to study the investment habits of youth, the sample consists of people of
age group of 20-35 only living in Delhi.

29
FINDINGS OF THE STUDY

1. Investment Options Preferences

Investment Options
8
7
6
5
4
7 7
3
2 4 4
3 3
1 Investment Options
1 1
0 0 0 0

INVESTMENT OPTIONS PREFERENCES

Insurance Plans 4

Mutual Funds 7

Equity Shares 3

Public Provident Fund 4

Post Office Saving Schemes 0

Real Estate Investment 3

Gold ETF 1

Bonds and Debentures 0

Bank Fixed Deposits 7

Company Fixed Deposits 0

Others 1

Total 30

30
INTERPRETATION
From the above bar graph and pie chart, we get to know the preferences of the investment
options available to youth. The 2 most preferred investment options were Mutual Funds
and Bank Fixed Deposits with 7 respondents preferring them. After these, Insurance
plans and Public Provident Fund were more preferred with 4 respondents preferring them.
Equity shares were preferred by 3, Gold ETF and Others by 1 and Post Office
Saving Schemes and Company Fixed Deposits were preferred by none of the
respondents.

2. Frequency of Investment of Respondents

Frequency of Investment

3 Monthly
Quaterly
Half Yearly
16
Yearly

FREQUENCY OF INVESTMENT NUMBER OF RESPONDENTS

Monthly 4

Quaterly 3

Half Yearly 7

Yearly 16

TOTAL 30

31
INTERPRETATION
From the above pie chart and table, we got to know how frequently the investors invest
their money in different options available. Most of the investors invest annually with 16
respondents investing annually. 7 out of the 30 respondents invest semi-annually, 4 invest
monthly and the remaining 3 invest quarterly.

3. Money Invested by Respondents Annually

Money Invested Annually

1.2
5
4
less than10,000
10,000-50,000
50,000-1,00,000
more than 1,00,000

12

MONEY INVESTED ANNUALLY NUMBER OF RESPONDENTS

Less than10,000 5

10,000-50,000 12

50,000-1,00,000 4

More than 1,00,000 9

TOTAL 30

32
INTERPRETATION
From the above pie chart and table, we got to know the money invested by investors
annually. Most of the investors invested money ranging from Rs. 10,000- 50,000 ,i.e., 12
of the respondents . 9 out of the 30 respondents invested an amount of more than
Rs.1,00,000 annually. 5 invested a sum of less than Rs 10,000 and 4 invested between Rs
50,000-1,00,000.

4. Frequency of Monitoring the Investment

MONITORING INVESTMENT
12

10

6
10
4 MONITORING INVESTMENT
7
5
2 4
2 2
0

Monitoring Investment Number of Respondents

Daily 2

Weekly 2

Monthly 5

Occassionally 10

Half yearly 4

Yearly 7

Total 30

33
 MONITORING INVESTMENT

2
4
2
Daily
Weekly
Monthly
Occassionally
5
Half yearly
Yearly
10

INTERPRETATION
From the above diagrams, we have interpreted that how frequently the investors monitor
their investments. 10 of the 30 respondents answered that they occasionally monitor their
investments, following which 7 of them monitor annually, 5 monitor monthly, 4 monitor
half yearly , 2 monitor weekly and 2 daily.

5. Source of Investment Advice

SOURCE OF ADVICE NUMBER OF RESPONDENTS

Newspaper 2

News channel 0

Family and Friends 12

Internet 5

Financial advisors 10

Others 1

Total 30

34
 SOURCE OF ADVICE
14

12

10

6 12
10 SOURCE OF ADVICE
4

2 5
2
1
0 0
Newspaper News Family Internet Financial Others
Channel annd advisors
Friends

INTERPRETATION
The above table and bar graph gives us information about the various sources through
which investors seek advice for investing in various avenues. The most preferred source
of advice is family and friends ,i.e., 12 of the respondents take advice from family and
friends. The next preferred source is Financial Advisors , with 10 of the respondents
consulting Financial Advisors for investment advice, 5 of the respondents referring
Internet , 2 referring Newspapers, 1 others and none of the respondents refer News
Channel.

6. Primary Investment Objective

PRIMARY INVESTMENT OBJECTIVE NUMBER OF RESPONDENTS

Capital Protection from Inflation 4

Regular Income Generation 12

Capital Appreciation 11

Others 3

Total 30

35
 Investment Objective
14

12

10

6 12
11 Investment Objective
4

2 4
3
0
Capital Regular Income Capital Others
Protection from Generation Appreciation
Inflation

INTERPRETATION
From the above bar graph and table, we have interpreted the primary investment objectives of
our respondents. The most common objective of investors is generating regular income from
investments, with 12 of the respondents having this objective. The next common objective is
appreciating capital , with 11 of the respondents having this as their primary investment
objective. 4 of the respondents invest to protect their capital from inflation and 3 have some
other investment objectives.

7. Investment Duration

INVESTMENT PERIOD NUMBER OF RESPONDENTS

Short term( less than 1 year) 1

Medium term( 1-5 years) 17

Long term( more than 5 years) 12

Total 30

36
 INVESTMENT DURATION

12
Short term(less than 1 year)
Medium term(1-5 years)
Long term( more than 5 years)
17

INTERPRETATION
From the above pie chart , we got to know the preference of investment duration of
respondents. Most preferred duration lis medium term ,i.e., 1-5 years, with 17bof the
respondents preferring it. After this long term period is preferred with 12 of the respondents
preferring it. The least preferred duration is short term ,i.e., less than 1 year. This might be so
because the investors know very well that they will not be getting good returns in such a short
period.

8. Market Movement Affecting Investment Decision

Degree of effect Number of respondents

0 3

1 5

2 5

3 5

4 4

5 8

Total 30

37
 MARKET MOVEMENT
AFFECTING
9 INVESTMENT DECISIONS
8
7
6
5 MARKET MOVEMENT
4 8 AGGECTING INVESTMENT
DECISIONS
3
5 5 5
2 4
3
1
0
0 1 2 3 4 5

*where 5 means it mostly affects your decision and 0 means it not at all affects
your investment decision

INTERPRETATION
This graph tells us about the degree by which the investment decisions are effected by market
movement. 8 of the respondents are highly affected by the market movement while 3 of the
respondents are not at all affected by the market movement. 3 are neutral about market
movement. 4 of the respondents are also affected by the market movement but by a slightly
lower degree.

9. Risk Factor Affecting Investment Decisions

Degree of Risk Factor Affecting Number of Respondents

Investment Decisions

0 3

1 0

2 4

3 7

4 7

5 9

38
 RISK FACTOR AFFECTING
INVESTMENT
DECISIONS
0
3
0
9
4
1
2
3
4
7 5
7

*where 5 means risk affects you and 0 means you don’t consider the risk factor

INTERPRETATION
From the above pie chart, we got to know the degree by which risk factor affects
respondents’ investment decisions. Most of the respondents are highly affected by the risk
factor in taking their investment decisions, i.e., 9 of the respondents. 7 of the respondents
answered 4 degree by which they are affected, 7 were neutral with the risk factor , 4 of the
respondents are affected by a very less degree, and 3 of the respondents are not at all affected
by the risk factor.

10. Risk of Losing the Principal Amount

Risk of Losing Principal Amount Number of Respondents

Yes 3
No 21
May be 6
Total 30

39
 Risk of Losing Principal Amount
25

20

15

Risk of Losing Principal Amount

10 21

5
6
3
0
Yes No May be

INTERPRETATION
The above bar graph tells us about the risk bearing capacity of the respondents that the
respondents can bear the risk of losing their capital or not. From the above graph, it is clearly
visible that most of the respondents, i.e., 21 out of 30 cannot bear the risk of losing their
capital. Only 3 of the respondents can bear the risk of losing their capital and 6 of the
respondents are neutral about this risk taking.

11. Knowledge of Investment

Degree of Knowledge of Investment Number of Respondents

0 0
1 4
2 9

3 7
4 8
5 2
Total 30

40
 Knowledge of Investment
10
9
8
7
6
5
9 Knowledge of Investment
4 8
7
3
2 4
1 2
0 0
0 1 2 3 4 5

*where 5 means you have full knowledge about the investment products and 0 means you
have no knowledge about the investment avenues

INTERPRETATION
From the above bar graph, we got to know the degree of knowledge the respondents have
regarding the investment decisions. Most of the respondents had less degree of knowledge,
i.e., 9 of the respondents have 2 degree of knowledge. 8 of the respondents have high degree
of knowledge ,i.e., 8 of the respondents have 4 degree of knowledge. 2 of the respondents
have very high degree of knowledge, and 4 of the respondents have very less degree of
knowledge .

12. Return Factor Affecting Investment Decisions

Degree of Return Factor Affecting Frequency
Investment Decisions
0 1
1 0
2 2
3 8
4 8
5 11
Total 30

41
 Return Factor Affecting Investment Decisions
0
1
2

0
11 1

8 2
3
4
5

*where 5 means that it affects your investment decisions and 0 means the return
factor doesn’t affect your investment decisions.

INTERPRETATION
The above pie chart tells us about how much the return factor affects the investment decisions
of respondents. As it is clearly visible, that most of the respondents, i.e., 11 are very highly
affected by the return factor of the investments. 8 of the respondents are also highly affected
by the return factor. 8 of the respondents are neutral about this, 2 are affected by this factor
by a lesser degree and 1 of the respondent is not at all affected by the return factor whie
deciding for the investments.

42
LIMITATIONS OF THE STUDY
 Sample size taken is small and may not be sufficient to predict the results with 100%
accuracy and hence cannot be generalised.
 Time constraint is the major limitation of the study as evaluating such a huge youth
population in a month or two is not possible.
 The study is limited to the extent of availability of data.
 The study has been restricted to Delhi only.
 The information given by respondents might be biased as they might not be
comfortable in providing their financial information to others.
 The lack of knowledge of respondents about the various financial products can also
be a limitation for the study.
 All the variables were incorporated to the best of the knowledge. Yet the chances
of some variable not appearing in the study are not ruled out.

CONCLUSION
After collecting the responses and analysing the findings, the following conclusions are
drawn:

 30 responses were collected in this research study, out of which 22 were females
and 8 were males.
 The most common occupation among the respondents was Service, after which
Business was the second most common occupation among the respondents.
 It can be concluded that there is no relation between the occupation and
the investment option preferred by the respondents.
 Annual income has a significant affect on the choice of investment.
 Most of the respondents invest annually and monitor their investment
occasionally.
 The most common source of investment among the youth is family and friends,
following which, financial advisors are preferred.
 The main investment objective of the respondents is generating regular income
and they prefer investing money for a medium period of time ,i.e., 1-5 years.
 The respondents are highly affected by the market movement.
 Most of the youth is risk averse with 21 out of 30 respondents saying that they
can’t bear the risk of losing their original capital.
 Return on investment highly persuades the decision of investment choices of
youth.
 Most of the youth have a good knowledge about the investment choice available
in the market.
 It is observed that the most preferred investment option by the youth is Mutual
funds and Bank Fixed Deposits.

43
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